Vested Compensation definition
Examples of Vested Compensation in a sentence
Each Party (in such capacity, a “Payor”) hereby agrees to pay to the other Party, or cause payment to such other Party of, all FP Vested Compensation payments paid or payable by such other Party’s Affiliated Obligor (MLIC or NELICO, as applicable) with respect to insurance policies or annuity contracts issued by such Obligor or its Affiliates, in each case in accordance with the procedures set forth on Schedule 5.9(e) hereto and to the extent consistent with applicable Law.
FP Vested Compensation relating to insurance policies or annuity contracts that are subject to regulation under the federal securities Laws shall be paid by each Obligor through, and disbursed to the FP by or on behalf of, an Affiliate of such Obligor that is a registered broker-dealer and member of FINRA.
If the Company terminates the Agreement under Article II, Section II.1(10), Representative will be entitled to receive Vested Compensation, if any; however, Representative will forfeit all other rights to receive compensation, specifically including, but not limited to, the Advancement Privileges.
Vested Compensation is defined as compensation identified as vested on the Compensation Product Schedule and that may be paid to the Representative after the Termination Date if: (1) the policy related to the sale of the Company Product remains in force; (2) the commission becomes Earned Commission; (3) the Representative's termination was not due to a violation of the Agreement; and (4) the Representative is the writing agent and remains the producer of record.