Seventh Amendment to General Agent Sales Agreement, dated as of April 1, 2016 by and between MONY Life Insurance Company of America (MONY America) and AXA NETWORK, LLC and the additional affiliated entities of AXA Network, LLC
Exhibit (1)(c)(vii)
SEVENTH AMENDMENT
TO
GENERAL AGENT SALES AGREEMENT
This SEVENTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of April 1, 2016, is by and between MONY LIFE INSURANCE COMPANY OF AMERICA (“MONY America”), an Arizona life insurance company, 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 (the “Sales Agreement”) to establish the compensation rates payable by MONY America to General Agent on sales of Incentive Life Optimizer® III, effective from and after the date hereof, as more particularly set forth on the Schedule 1 of Exhibit A attached hereto and made a part hereof.
Except as modified and amended hereby, the Sales Agreement is in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Seventh 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 | ||||||
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| By: | /s/ Anders Malmstrom |
| By: | /s/ Frank Massa | |||
| Name: | Anders Malmstrom |
| Name: | Frank Massa | |||
| Title: | Senior Executive Director and Chief Financial Officer |
| Title: | President and Chief Executive Officer | |||
1
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF APRIL 1, 2016
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):
| Type of Premium |
| Percentage |
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| MONY VUL |
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| First policy year up to Target |
| 110.0 | % |
| Excess Premiums (Policy Year 1) |
| 4.0 | % |
| Renewals(1) |
| 5.0 | % |
| Asset Based Trailer |
| 0.0 | % |
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| MONY ISWL |
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| First policy year up to Target |
| 110.0 | % |
| Excess Premiums (Policy Year 1) |
| 4.0 | % |
| Renewals(1) |
| 4.0 | % |
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| Group UL |
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| First Policy Year up to Target |
| 110 | % |
| Excess Premiums (Policy Year 1) |
| 4.0 | % |
| Renewals(1) |
| 4.8 | % |
(1) Policy Year 2 and later.
2
| Type of Premium |
| Percentage |
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| Corporate Owned Life Insurance |
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| First Policy Year up to Target |
| 30.8 | % |
| Excess Premiums (Policy Year 1) |
| 13.6 | % |
| Renewals(2) |
| 15.0 | % |
| Asset Based Trailer(2) |
| 0.20 | %(3) |
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| Bank Owned Life (BOLI) |
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| Single Premium |
| 5.0 | % |
| Asset Based Trailer(2) |
| 0.25 | %(3) |
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| Incentive Life Legacy II and III |
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| 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 Years 6-10 |
| 3.8 | % |
| Renewals for Policy Year 11+ |
| 2.5 | % |
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| Athena IUL 153 |
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| First Policy Year up to Target |
| 99.0 | % |
| Excess Premiums (Policy Year 1) |
| 8.5 | % |
| Renewals for Policy Year 2-5 |
| 8.0 | % |
| Renewals for Policy Years 6+ |
| 3.0 | % |
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| BrightLife® IUL and SIUL Product Series |
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| First policy year up to Target |
| 99.0 | % |
| Excess Premiums (Policy Year 1) |
| 8.5 | % |
| Renewals for Policy Years 2-5 |
| 5.0 | % |
| Renewals for Policy Years 6-10 |
| 3.0 | % |
| Renewals for Policy Years 11+ |
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| BrightLife® Protect |
| 1.0 | % |
| BrightLife® Grow |
| 2.0 | % |
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| All Other MLOA Products |
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| First Policy Year up to Target |
| 110.0 | % |
| Excess Premiums (Policy Year 1) |
| 4.0 | % |
| Renewals(2) |
| 5.0 | % |
| Asset Based Trailer |
| 0.0 | % |
(2) Policy Year 2 and later.
(3) Based on unloaned policy account value.
3
Commissions on renewals and 2014 and later sales of Individual Term Life Insurance Products:
| Type of Premium |
| Percentage |
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| First Year |
| 99.0% |
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| One Year Term Life (GF #148-51) |
| 10% (5% for issue ages 80 and above) |
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| Renewals for Simplified Issue Term |
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| Policy Years 2-5 |
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| Term 10 SM |
| 0.25% |
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| Term 15 SM |
| 0.25% |
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| Term 20 SM |
| 0.25% |
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| Renewals for Term Series 156 |
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| Policy Years 2-5 |
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| Term 10 SM |
| 7.0% |
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| Term 15 SM |
| 10.5% |
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| Term 20 SM |
| 14.25% |
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| ART SM |
| 7.65% |
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| Policy Years 6-10 |
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| Term 10 SM |
| 0.0% |
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| Term 15 SM |
| 1.0% |
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| Term 20 SM |
| 1.0% |
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| ART SM |
| 3.15% |
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Commissions on In-force Permanent Life Insurance Products (other than COLI, BOLI, Incentive Life Legacy II and III, Incentive Life Optimizer® III, Athena IUL 153, and BrightLife® IUL and SIUL):
| Type of Premium |
| Percentage |
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| Renewals(4) |
| 5.0 | % |
| Asset Based Trailer |
| 0.0 | % |
(4) Policy Year 2 and later.
4
Commissions on In-force COLI:
| Type of Premium |
| Percentage |
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| Renewals(5) |
| 15.0 | % |
| Asset Based Trailer(4) |
| 0.20 | %(6) |
Commissions on In-force BOLI:
| Type of Premium |
| Percentage |
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| Asset Based Trailer(4) |
| 0.25 | %(5) |
Commissions on In-force Term Life Insurance Products:
| Type of Premium |
| Percentage |
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| Renewals(7) |
| 3.0 | % |
| Renewals(8) |
| 0.0 | % |
Commissions on Incentive Life Optimizer® III
| Type of Premium |
| Percentage |
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| Heaped Compensation |
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| 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 Years 6-10 |
| 3.8 | % |
| Renewals for Policy Year 11+ |
| 2.5 | % |
| Asset Based Commissions on Unloaned Account Value (Policy Years 11 et seq.) |
| 10 | bps |
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| Semi-Heaped Compensation |
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| 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.
5
| 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 Years 8-10 |
| 2.0 | % |
| Renewals for Policy Year 11+ |
| 1.5 | % |
| Asset Based Commissions on Unloaned Account Value (Policy Years 8 et seq,) |
| 30 | bps |
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| Liquidity Rider Compensation |
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| 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 Years 8-10 |
| 2.0 | % |
| Renewals for Policy Year 11+ |
| 1.5 | % |
| Asset Based Commissions on Unloaned Account Value (Policy Years 8 et seq.) |
| 30 | bps |
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