NINETEENTH AMENDMENT
TO
GENERAL AGENT SALES AGREEMENT
This NINETEENTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of January 1, 2020, is by and between AXA EQUITABLE LIFE INSURANCE COMPANY, a New York life insurance company, formerly known as The Equitable Life Assurance Society of the United States, a New York stock life insurance company, having offices at 1290 Avenue of the Americas, New York, New York 10104 (“AXA Equitable”), and AXA NETWORK, LLC, a Delaware limited liability company having offices at 1290 Avenue of the Americas, New York, New York 10104 (“General Agent”).
AXA Equitable and the General Agent hereby modify and amend the General Agent Sales Agreement, dated as of January 1, 2000, between AXA Equitable and General Agent (as previously amended, the “Sales Agreement”) to amend and restate Schedule 1 of Exhibit A of the Sales Agreement to reflect: (i) the replacement of the Incentive Life Optimizer® III, Incentive Life Legacy® III, Survivorship Incentive Life Legacy, and Corporate Owned Incentive Life products with the VUL OptimizerSM Series 160, VUL Legacy Series 160, VUL Survivorship Series 160, and COIL Institutional Series 160 products, respectively; and (ii) additional clean-up revisions to more accurately reflect the marketing names of the current product suite.
Except as modified and amended hereby, the Sales Agreement is in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Nineteenth Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.
AXA EQUITABLE LIFE INSURANCE | AXA NETWORK, LLC COMPANY | |||||||
COMPANY
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By: |
| By: |
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| Name: | Anders Malmstrom | Name: | Frank Massa | |||||
| Title: | Senior Executive Director and Chief Financial Officer | Title: | President and Chief Executive Officer | |||||
684804 | 1 |
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF JANUARY 1, 2020
General Agent Compensation for Life Insurance Sales and Servicing
This Amended and Restated Schedule 1 of Exhibit A is effective as of January 1, 2020 and is attached to and made part of the General Agent Sales Agreement dated January 1, 2000 by and between AXA Equitable Life Insurance Company and AXA Network, EEC.
Compensation to the General Agent in connection with the sale and servicing of life insurance policies will be calculated on a policy by policy basis. Compensation paid hereunder will be allocated to commissions and expense allowances as the parties may from time to time agree consistent with the provisions of Section 4228 of the New York State Insurance Law. Total compensation to the General Agent in respect of the sale and servicing of each life insurance policy will be a percentage of the premiums received by AXA Equitable and, where applicable, fund-based basis points, in respect of such policy as more particularly set forth in the following tables:
Compensation on Variable Life Insurance Products other than COLI 04, VUE (PHI Code: 6550), Incentive Life Legacy® II and III, VUL LegacySM Series 160, Incentive Life Optimizer® II and III, VUL OptimizerSM Series 160, Survivorship Incentive Life LegacySM, VUL Survivorship Series 160, Corporate Owned Incentive Life®, and COIL Institutional Series 160:
Type of Premium | Percentage | |||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 99.0 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals | 11.0 | % | ||
Compensation on COLI ‘04
Type of Premium | Percentage | |||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 50.0 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals | 11.0 | % | ||
684804 | 2 |
Exhibit A
Amended and Restated Schedule 1
Effective as of January 1, 2020
Compensation on VUL (PHI Code: 6550)
Type of Premium | Percentage | |||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 40.0 | % | ||
Excess Premiums | 0.0 | % | ||
Renewals | 11.0 | % | ||
Compensation on renewals and 2014 and later sales of Incentive Life Legacy® II and III, VUL LegacySM Series 160, Incentive Life Optimizer® II, Survivorship Incentive Life LegacySM, VUL Survivorship Series 160, and Corporate Owned Incentive Life®:
Type of Premium | Percentage | |||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 99.0 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals for Incentive Life Legacy® II and III, VUL | ||||
LegacySM Series 160 and Incentive Life Optimizer® II | ||||
Policy Years 2-5 | 5.8 | % | ||
Policy Years 6-10 | 3.8 | % | ||
Policy Years 11 et seq. | 2.5 | % | ||
Renewals for Survivorship Incentive Life LegacySM and | ||||
VUL Survivorship Series 160 | ||||
Policy Years 2-5 | 7.0 | % | ||
Policy Years 6-10 | 5.0 | % | ||
Policy Years 11 et seq. | 3.3 | % | ||
Renewals for Corporate Owned Incentive Life® | ||||
Policy Years 2-4 | 10.0 | % | ||
Policy Years 5-7 | 7.5 | % | ||
Policy Years 8-10 | 3.5 | % | ||
Policy Years 11-15 | 3.0 | % | ||
Policy Years 16 et seq. | 2.0 | % | ||
684804 | 3 |
Exhibit A
Amended and Restated Schedule 1
Effective as of January 1, 2020
Compensation on Non-Variable Life Insurance Products other than Simplified Issue Term, Term Series 15IX, 156, and 160, BrightLife® Term Series 157, and IUL Protect and BrightLife® IUL and SIUL Series:
Type of Premium | Percentage | |||
First Policy Year | ||||
Scheduled Premiums | ||||
One Year Term Life (including all Term One and BrightLife Term One Series) | | 10% (5% for issue ages 80 and above) |
| |
Other non-variable life insurance products | 99.0 | % | ||
Qualifying First Year Premiums up to Target | 99.0 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals – Policy Years 2-5 | 8.0 | % | ||
Renewals – Policy Years 6 et seq. | ||||
All Athena UL and Indexed UL Series | 3.0 | % | ||
AXA Equitable Universal Life products | 3.0 | % | ||
AXA Equitable Interest Sensitive Whole Life | 3.0 | % | ||
Other non-variable life insurance products | 8.0 | % | ||
Compensation on renewals and 2014 and later sales of Term Series 15IX and 156
Type of Premium | Percentage | |||
First Policy Year | 99.0 | % | ||
Renewals – Policy Years 2-5 | ||||
Term 10SM | 7.0 | % | ||
Term 15SM | 10.5 | % | ||
Term 20SM | 14.25 | % | ||
ARTSM | 7.65 | % | ||
Renewals – Policy Years 6-10 | ||||
Term 10SM | 0.0 | % | ||
Term 15SM | 1.0 | % | ||
Term 20SM | 1.0 | % | ||
ARTSM | 3.15 | % | ||
684804 | 4 |
Exhibit A
Amended and Restated Schedule 1
Effective as of January 1, 2020
Compensation on renewals and 2014 and later sales of Simplified Issue Term
Type of Premium | Percentage | |||
First Policy Year | 99.0 | % | ||
Renewals – Policy Years 2-5 | ||||
Term 10SM | 0.25 | % | ||
Term 15SM | 0.25 | % | ||
Term 20SM | 0.25 | % | ||
Compensation on IUL Protect and BrightLife® IUL and SIUL Series:
Type of Premium | Percentage | |||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 99.0 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals | ||||
Policy Years 2-5 | 5.0 | % | ||
Policy Years 6-10 | 3.0 | % | ||
Policy Years 11 et seq. | ||||
BrightLife® Protect and IUL Protect | 1.0 | % | ||
BrightLife® Grow | 2.0 | % | ||
Compensation on Incentive Life Optimizer® III and VUL OptimizerSM Series 160:
Type of Premium | Percentage | |||
Heaped Compensation | ||||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 99.0 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals | ||||
Policy Years 2-5 | 5.8 | % | ||
Policy Years 6-10 | 3.8 | % | ||
Policy Years 11 et seq. | 2.5 | % | ||
Asset Based Commissions on Unloaned Account Value | 10 bps | |||
Policy Years 11 et seq. | ||||
684804 | 5 |
Exhibit A
Amended and Restated Schedule 1
Effective as of January 1, 2020
Semi-Heaped Compensation | ||||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 58.7 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals | ||||
Policy Years 2-5, up to Target | 15.0 | % | ||
Policy Years 2-5, Excess Premiums | 7.0 | % | ||
Policy Years 6-7, up to Target | 13.0 | % | ||
Policy Years 6-7, Excess Premiums | 5.0 | % | ||
Policy Years 8-10 | 2.0 | % | ||
Policy Years 11 et seq. | 1.5 | % | ||
Asset Based Commissions on Unloaned Account Value | ||||
Policy Years 8 et seq. | 30 bps | |||
Liquidity Rider (only applies to Incentive Life Optimizer® III, not VUL Optimizer Series 160) First Policy Year | ||||
Qualifying First Year Premiums up to Target | 36.7 | % | ||
Excess Premiums | 8.5 | % | ||
Renewals | ||||
Policy Years 2-5, up to Target | 8.0 | % | ||
Policy Years 2-5, Excess Premiums | 7.0 | % | ||
Policy Years 6-7, up to Target | 6.0 | % | ||
Policy Years 6-7, Excess Premiums | 5.0 | % | ||
Policy Years 8-10 | 2.0 | % | ||
Policy Years 11 et seq. | 1.5 | % | ||
Asset Based Commissions on Unloaned Account Value | 30 bps | |||
Policy Years 8 et seq. | ||||
Compensation on COIL Institutional Series 160: | ||||
Type of Premium | ||||
First Policy Year | ||||
Qualifying First Year Premiums up to Target | 99.0 | % | ||
Excess Premiums | 6.0 | % | ||
Renewals | ||||
Policy Years 2-4, up to Target | 8.6 | % | ||
Policy Years 2-4, Excess Premiums | 4.75 | % | ||
684804 | 6 |
Exhibit A
Amended and Restated Schedule 1 Effective as of January 1, 2020
Policy Years 5-7, up to Target | 6.2 | % | ||
Policy Years 5-7, Excess Premiums | 3.75 | % | ||
Policy Years 8-10, up to Target | 3.45 | % | ||
Policy Years 8-10, Excess Premiums | 2.75 | % | ||
Policy Years 11-15, up to Target | 2.25 | % | ||
Policy Years 11-15, Excess Premiums | 1.2 | % | ||
Policy Years 16 et seq., up to Target | 1.2 | % | ||
Policy Years 16 et seq., Excess Premiums | 0.5 | % | ||
Asset Based Commissions on Account Value | ||||
Policy Years 2-10 | 15 bps | |||
Policy Years 11 -20 | 10 bps | |||
Policy Years 21 et seq. | 5 bps | |||
Compensation on BrightLife® Term Series 157 and Term Series 160
Type of Premium | Percentage | |||
First Policy Year | 99.0 | % | ||
Renewals – Policy Years 2-5 | ||||
Term 10 | 6.5 | % | ||
Term 15 | 9.0 | % | ||
Term 20 | 11.75 | % | ||
ART | 5.15 | % | ||
Renewals – Policy Years 6-10 | ||||
ART | 3.15 | % | ||
684804 | 7 |
