EX-99.(C)(4)(K) 4 d263486dex99c4k.htm ELEVENTH AMENDMENT TO THE GENERAL AGENT SALES AGREEMENT, DATED AS OF NOV 1, 2021 Eleventh Amendment to the General Agent Sales Agreement, dated as of Nov 1, 2021

ELEVENTH AMENDMENT

TO

GENERAL AGENT SALES AGREEMENT

This ELEVENTH AMENDMENT TO GENERAL AGENT SALES    AGREEMENT, dated as of November 1,2021, is by and between EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA (f/k/a MONY Life Insurance Company of America), an Arizona life insurance company (“Equitable America”), and EQUITABLE NETWORK, LLC (f/k/a AXA Network, LLC), a Delaware limited liability company (“General Agent”).

Equitable America and General Agent hereby modify and amend the General Agent Sales Agreement, dated as of June 6, 2005, between Equitable 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 the addition of an individual term life insurance product, Term-in-10SM.

Except as modified and amended hereby, the Sales Agreement is in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.

 

EQUITABLE FINANCIAL LIFE     EQUITABLE NETWORK, LLC
INSURANCE COMPANY OF AMERICA      
By:  

/s/ Robin M. Raju

     By:  

/s/ Frank Massa

Name:   Robin M. Raju     Name:   Frank Massa
Title:   Senior Executive Vice President     Title:   President and Chief Executive Officer
  and Chief Financial Officer      

EXHIBIT A

AMENDED AND RESTATED SCHEDULE 1

EFFECTIVE AS OF NOVEMBER 1, 2021

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 Equitable Financial Life Insurance Company of America and Equitable 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 Equitable 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  

Equitable America VUL

   

First policy year up to Target

      110.0 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals1

     5.0 % 

Asset Based Trailer

      0.0 % 

Equitable America 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.

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2021

 

Type of Premium

    Percentage  

Corporate Owned Life Insurance (COLI)

   

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 1)

      8.5 % 

Renewals for Policy Year 2-5

      8.0 % 

Renewals for Policy Year 6+

      3.0 % 

IUL Protect and BrightLife® IUL and SIUL Series

   

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 % 

Equitable AdvantageSM

  

Policy Year 1 up to Target

      8.5 % 

Excess Premiums (Policy Year 1)

      3.5 % 

Policy Year 2 up to Target

      14.0 % 

Policy Year 2 Excess Premiums

      5.0 % 

Policy Years 3-5 up to Target

      12.75 % 

Policy Years 3-5 Excess Premiums

      5.0 % 

Policy Years 6-7 up to Target

      10.75 % 

Policy Years 6-7 Excess Premiums

      3.0 % 

Policy Years 8-10

      3.0 % 

Policy Years 11+

      2.0 % 

All Other Equitable America 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.

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2021

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

 

Type of Premium

   

Percentage

  

First Policy 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 10SM

     0.25 % 

Term 15SM

     0.25 % 

Term 20SM

     0.25 % 

Renewals for Term Series 156

   

Policy Year 2-5

   

Term 10SM

     7.0 % 

Term 15SM

     10.5 % 

Term 20SM

     14.25 % 

ARTSM

     7.65 % 

Policy Year 6-10

   

Term 10SM

     0.0 % 

Term 15SM

     1.0 % 

Term 20SM

     1.0 % 

ARTSM

     3.15 % 

Renewals for Term-in-10SM

  

Policy Year 2-5

  

10-year level premium plan

      6.5 % 

15-year level premium plan

      9.0 % 

20-year level premium plan

      11.75 % 

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2021

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, IUL Protect and BrightLife® IUL and SIUL Series, and Equitable AdvantageSM):

 

Type of Premium

    Percentage  

Renewals4

     5.0 % 

Asset Based Trailer

      0.0 % 

Commissions on In-force COLI:

 

Type of Premium

    Percentage  

Renewals4

     15.0 % 

Asset Based Trailer4

     0.20 %5 

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  

Renewals6

     3.0 % 

Renewals7

     0.0 % 

 

4 

Policy Year 2 and later.

5

Based on unloanedpolicy account value.

6 

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

7 

Applies to policies issued on or after 7/29/02 and before 2014.

Exhibit A

Amended and Restated Schedule 1

Effective as of November 1, 2021

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 % 

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