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EX-99.(3)(S)
5
e11133_ex99-3s.txt
EIGHTH AMENDMENT TO GENERAL SALES AGREEMENT
EIGHTH AMENDMENT
TO
GENERAL AGENT SALES AGREEMENT
EIGHTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT dated as of November
1, 2008 by and between AXA EQUITABLE LIFE INSURANCE COMPANY ("AXA Equitable"),
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, and AXA NETWORK, LLC, a Delaware limited
liability company having offices at 4251 Crums Mill Road, Harrisburg,
Pennsylvania 17112 and the AXA Network subsidiaries executing this Agreement
below (collectively, the "General Agent").
AXA Equitable and the General Agent hereby modify and amend the General
Agent Sales Agreement dated as of January 1, 2000 between them, as previously
amended (the "Sales Agreement") by restating Schedule 1 of Exhibit A of the
Sales Agreement in its entirety as more particularly set forth on the restated
Schedule I attached hereto to establish the compensation rate payable by AXA
Equitable to the General Agent on sales of AXA Equitable's Interest Sensitive
Whole Life Insurance policies from and after the date 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 Eighth
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 AXA NETWORK OF CONNECTICUT,
MAINE AND NEW YORK, LLC
By: /s/Richard Dziadzio AXA NETWORK OF PUERTO RICO, INC.
------------------- AXA NETWORK INSURANCE AGENCY
Richard Dziadzio OF TEXAS, INC.
Executive Vice President and
Chief Financial Officer By: /s/ Andrew McMahon
------------------
Andrew McMahon
Chairman of the Board
EXHIBIT A
AMENDED AND RESTATED SCHEDULE 1
EFFECTIVE AS OF NOVEMBER 1, 2008
General Agent Compensation for Life Insurance Sales and Servicing
This Amended and Restated Schedule 1 of Exhibit A is effective as of November 1,
2008 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, LLC.
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 in respect of such policy as more particularly set forth in the
following tables:
Compensation on Variable Life Insurance Products other than COLI 04 and VUL
(PHI Code: 6550)
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%
Exhibit A
Amended and Restated Schedule 1 (cont.)
Effective as of November 1, 2008
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 Non-Variable Life Insurance Products
Type of Premium Percentage
--------------- ----------
First Policy Year
Scheduled Premiums
One Year Term Life (#148-51) 0% (5% for issue
ages 80 and above)
Other non-variable life insurance products 99.0%
Qualifying First Year Premiums up to Target
Athena Universal Life 90.0%
Other Athena Universal Life Series 99.0%
Other non-variable life insurance products 99.0%
Excess Premiums 8.5%
Renewals - Policy Years 2-5 8.0% Renewals -Years 6 et seq.
All Athena Universal Life 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%
RECOVERY OF COMPENSATION IN SPECIFIED CIRCUMSTANCES
---------------------------------------------------
In the event that an Athena UL--DB Policy with a Cash Value Plus Rider lapses or
is surrendered at any time prior to the sixth Policy Year, the General Agent
shall, promptly following demand therefore,
Exhibit A Exhibit A
Amended and Restated Schedule 1 (cont.)
Effective as of November 1, 2008
repay to AXA Equitable the following portion of the compensation paid by AXA
Equitable to the General Agent on account of the First Year Premium up to
Target:
----------------------------------------------------------------------------------------------------------------------
Lapse or Lapse or Lapse or Lapse or Lapse or
Surrender in Surrender in Surrender in Surrender in Surrender in
Policy Year 1 Policy Year 2 Policy Year 3 Policy Year 4 Policy Year 5
----------------------------------------------------------------------------------------------------------------------
Percentage of
Compensation
Paid on First 70% 56% 42% 28% 14%
Year Premium
Up to Target
-----------------------------------------------------------------------------------------------------------------------
In the event that an Athena UL--ESLI Policy lapses or is surrendered at
any time prior to the sixth Policy Year, the General Agent shall, promptly
following demand therefore, repay to AXA Equitable the following portion of the
compensation paid by AXA Equitable to the General Agent on account of the First
Year Premium up to Target:
-----------------------------------------------------------------------------------------------------------------------
Lapse or Lapse or Lapse or Lapse or Lapse or
Surrender in Surrender in Surrender in Surrender in Surrender in
Policy Year 1 Policy Year 2 Policy Year 3 Policy Year 4 Policy Year 5
-----------------------------------------------------------------------------------------------------------------------
Percentage of
Compensation
Paid on First 42.5% 34% 25.5% 17% 8.5%
Year Premium
Up to Target
-----------------------------------------------------------------------------------------------------------------------
In the event that the face amount of an Athena UL--ESLI policy is
reduced at any time prior to the sixth Policy Year, the General Agent shall,
promptly following demand therefore, repay to AXA Equitable an amount equal to
(a) the portion of the compensation payable by the General Agent to AXA
Equitable to on account of the First Year Premium up to Target as provided above
in cases of lapse or surrender multiplied by (b) the percentage of such
reduction in the face amount as compared to the initial face amount at issue of
the policy.
AXA Equitable may offset any amounts due and payable hereunder on
account of the lapse, surrender or reduction of the face amount of an Athena
UL--DB policy with a Cash Value Plus Rider or an Athena UL--ESLI policy against
any sums due and payable by AXA Equitable to the General Agent pursuant to this
General Agent Sales Agreement.