Exhibit 1.(3)(c) Exhibit 1.(3)(c) Schedule of Sales Commissions I. Introduction This Schedule of Sales Commission relates to Flexible Premium Variable Universal Life Insurance Policies issued by Great-West Life & Annuity Insurance Company on Form J355 (and any variation of that form as may be required by insurance regulatory authorities) through its separate account, COLI VUL-2 Series Account. Capitalized terms used herein have the meaning given to them in the Prospectus. II. Commissions as a Percentage of Premium The first year commissions on a 7-pay premium are equal to 15% of the premium. The target premium is equal to .10/.35 of the 7-pay premium. The targets will change if there is an increase or decrease in the Total Face Amount. Commissions will be calculated as a percentage of premium and will be paid based on the following schedule: 1. Policy Year 1: 40% of the amount of the target premium plus 5% of the amount of premium paid in excess of the target premium. 2. Policy Years 2-4: 25% of the amount of the target premium plus 5% of the amount of premium paid in excess of the target premium. 3. Policy Years 5-10: 2.5% of the amount of the target premium plus 2.5% of the amount of premium paid in excess of the target premium. III. Asset-Based Compensation Asset-based compensation will be calculated as a percentage of Account Value, less the value of the Loan Account, and will be paid based on the following schedule: 1. Policy Years 1-4: None 2. Policy Years 5-15: 0.20% of Account Value less the value of the Loan Account. 3. Policy Years 16+: 0.10% of Account Value less the value of the Loan Account. IV. Chargebacks If a Policy is surrendered at any time before the end of the second Policy Year, there shall be a chargeback of 100% of commissions paid. Thereafter, there shall be no chargebacks.