EX-99.(4)(H) 3 d120613dex994h.htm EIGHTH AMENDMENT TO THE GENERAL AGENT SALES AGREEMENT, DATED AS OF 11/1/19 Eighth Amendment to the General Agent Sales Agreement, dated as of 11/1/19

EIGHTH AMENDMENT

TO

GENERAL AGENT SALES AGREEMENT

This EIGHTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of November 1, 2019 is by and between MONY LIFE INSURANCE COMPANY OF AMERICA, an Arizona life insurance company (“MONY America”), and AXA NETWORK, LLC, a Delaware limited liability company (“General Agent”).

MONY America and General Agent hereby modify and amend the General Agent Sales Agreement, dated as of June 6, 2005, between MONY America 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 product with the VUL OptimizerSM S160 product for product sales after the date of this Amendment; (ii) the replacement of the Incentive Life Legacy® III product with the VUL LegacySM S160 product; and (iii) 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 Eighth Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.

 

MONY LIFE INSURANCE COMPANY OF AMERICA                        AXA NETWORK, LLC
By:  

LOGO

 

       By:  

LOGO

 

Name:   Anders Malmstrom       Name:   Frank Massa
Title:   Senior Executive Director       Title:   President and Chief Executive Officer
  and Chief Financial Officer        

 

654942       1

EXHIBIT A

AMENDED AND RESTATED SCHEDULE 1

EFFECTIVE AS OF NOVEMBER 1, 2019

General Agent Compensation for Life Insurance Sales and Servicing

This Amended and Restated Schedule 1 of Exhibit A is effective as of the date set forth above and is attached to and made part of the General Agent Sales Agreement dated June 6, 2005 by and between MONY Life Insurance Company of America and AXA Network, LLC.

Compensation to General Agent in connection with the sale and servicing of life insurance policies will be calculated on a policy by policy basis. Total compensation to General Agent in respect of the sale and servicing of each life insurance policy will be a percentage of the premiums received by MONY America and, where applicable, fund-based basis points in respect of such policy as more particularly set forth in the following tables:

Commissions on renewals and 2014 and later Sales of Individual Permanent Life Insurance Products (other than Incentive Life Optimizer® III and VUL OptimizerSM Series 160):

 

Type of Premium

    Percentage  

MONY VUL

   

First policy year up to Target

      110.0 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals1

     5.0 % 

Asset Based Trailer

      0.0 % 

MONY ISWL

   

First policy year up to Target

      110.0 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals1

     4.0 % 

Group UL

   

First Policy Year up to Target

      110 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals1

     4.8 % 

 

 

1 

Policy Year 2 and later.

 

654942       2

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2019

 

Type of Premium

    Percentage  

Corporate Owned Life Insurance

   

First Policy Year up to Target

      30.8 % 

Excess Premiums (Policy Year 1)

      13.6 % 

Renewals2

      15.0 % 

Asset Based Trailer2

      0.20 %3 

Bank Owned Life (BOLI)

   

Single Premium

      5.0 % 

Asset Based Trailer2

      0.25 %3 

Incentive Life Legacy® II and III and VUL LegacySM Series 160

   

First Policy Year up to Target

      99.0 % 

Excess Premiums (Policy Year 1)

      8.5 % 

Renewals for Policy Year 2-5

      5.8 % 

Renewals for Policy Year 6-10

      3.8 % 

Renewals for Policy Year 11 +

      2.5 % 

Athena IUL 153

   

First Policy Year up to Target

      99.0 % 

Excess Premiums (Policy Year I)

      8.5 % 

Renewals for Policy Year 2-5

      8.0 % 

Renewals for Policy Year 6+

      3.0 % 

IUL Protect and BrightLife® IUL and SIUL

   

First policy year up to Target

      99.0 % 

Excess Premiums (Policy Year 1)

      8.5 % 

Renewals for Policy Year 2-5

      5.0 % 

Renewals for Policy Year 6-10

      3.0 % 

Renewals for Policy Year 11 +

   

BrightLife® Protect and IUL Protect

      1.0 % 

BrightLife® Grow

      2.0 % 

All Other MLOA Products

   

First Policy Year up to Target

      110.0 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals2

     5.0 % 

Asset Based Trailer

      0.0 % 

 

 

2 

Policy Year 2 and later.

3 

Based on unloaned policy account value.

 

654942       3

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2019

 

Commissions on renewals and 2014 and later sales of Individual Term Life Insurance Products:

 

Type of Premium

    Percentage  

First Year

      99.0 % 

One Year Term Life (Including all Term One and BrightLife Term One Series)

     
 10% (5% for issue ages 80 and
above)		  
 

Renewals for Simplified Issue Term

   

Policy Year 2-5

   

Term 1QSM

      0.25 % 

Term 15SM

      0.25 % 

Term 20SM

      0.25 % 

Renewals for Term Series 156

   

Policy Year 2-5

   

Term lOSM

      7.0 % 

Term 15SM

      10.5 % 

Term 20SM

      14.25 % 

ARTSM

      7.65 % 

Policy Year 6-10

   

Term lOSM

      0.0 % 

Term DSM

      1.0 % 

Term 2QSM

     1.0 % 

ARTSM

      3.15 % 

Commissions on In-force Permanent Life Insurance Products (other than COLI, BOLI, Incentive Life Legacy® II and III, VUL LegacySM Series 160, Incentive Life Optimizer® III, VUL OptimizerSM Series 160, Athena IUL 153, and IUL Protect and BrightLife® IUL and SIUL):

 

Type of Premium

    Percentage  

Renewals4

     5.0 % 

Asset Based Trailer

      0.0 % 

 

 

4 

Policy Year 2 and later.

 

654942       4

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2019

 

Commissions on In-force COLI:

 

Type of Premium

    Percentage  

Renewals5

      15.0 % 

Asset Based Trailer4

     0.20 %6 

Commissions on In-force BOLI:

 

Type of Premium

    Percentage  

Asset Based Trailer4

      0.25 %5 

Commissions on In-force Term Life Insurance Products:

 

Type of Premium

    Percentage  

Renewals7

      3.0 % 

Renewals8

     0.0 % 

Commissions on Incentive Life Optimizer® III and VUL OptimizerSM Series 160

 

Type of Premium

    Percentage  

Heaped Compensation

   

First Policy Year up to Target

      99.0 % 

Excess Premiums (Policy Year 1)

      8.5 % 

Renewals for Policy Year 2-5

      5.8 % 

Renewals for Policy Year 6-10

      3.8 % 

Renewals for Policy Year 11+

      2.5 % 

Asset Based Commissions on Unloaned Account Value (Policy Year 11 et seq.)

      10 bps  

Semi-Heaped Compensation

   

First Policy Year up to Target

      58.7 % 

Excess Premiums (Policy Year 1)

      8.5 % 

Renewals for Policy Year 2-5 (up to Target)

      15.0 % 

 

 

5 

Policy Year 2 and later.

6 

Based on unloaned policy account value.

7 

Applies to policies issued prior to 7/29/02.

8 

Applies to policies issued on or after 7/29/02.

 

654942       5

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2019

 

Renewals for Policy Year 2-5 (Excess Premiums)

      7.0 % 

Renewals for Policy Year 6-7 (up to Target)

      13.0 % 

Renewals for Policy Year 6-7 (Excess Premiums)

      5.0 % 

Renewals for Policy Year 8-10

      2.0 % 

Renewals for Policy Year 11+

      1.5 % 

Asset Based Commissions on Unloaned Account Value (Policy Year 8 et seq.)

      30 bps  

Liquidity Rider Compensation (only applies to Incentive Life Optimizer® III, not to VUL Optimizer Series 160)

   

First Policy Year up to Target

      36.7 % 

Excess Premiums (Policy Year 1)

      8.5 % 

Renewals for Policy Year 2-5 (up to Target)

      8.0 % 

Renewals for Policy Year 2-5 (Excess Premiums)

      7.0 % 

Renewals for Policy Year 6-7 (up to Target)

      6.0 % 

Renewals for Policy Year 6-7 (Excess Premiums)

      5.0 % 

Renewals for Policy Year 8-10

      2.0 % 

Renewals for Policy Year 11+

      1.5 % 

Asset Based Commissions on Unloaned Account Value (Policy Year 8 et seq.)

      30 bps  

 

654942       6