Document:

exv10w8

Exhibit 10.8

AMENDMENT 6

TO THE

GROUP LONG TERM DISABILITY REINSURANCE AGREEMENT

This Amendment No. 6 (“Amendment”) is hereby made a part of and incorporated into the Group Long
Term Disability Reinsurance Agreement originally effective January 1, 1999 between Symetra Life
Insurance Company (“Insurer”) of Bellevue, Washington and Reliance Standard Life Insurance Company
doing business as Custom Disability Solutions, as Managing Agent (“Managing Agent”) for each of the
participating reinsurers collectively referred to in the Reinsurance Agreement as the American
Disability Reinsurance Underwriters Syndicate (ADRUS) (“Reinsurance Agreement”) as of the date
written below. Capitalized terms not otherwise defined herein shall have the meaning ascribed to
them in the Reinsurance Agreement.

Intending to be legally bound, Insurer and Managing Agent agree to amend the Reinsurance Agreement
as follows:

	1.	 	The Managing Agent and the Insurer hereby agree that the Profit Sharing Agreement
originally effective in 1999, that is attached to and part of the Reinsurance Agreement,
shall be terminated effective December 31, 2010 and there shall be no profit sharing
calculation or payout for any calendar years after 2009.
	 
	2.	 	Effective January 1, 2011, the Managing Agent and the Insurer hereby agree as follows:

	 	a.	 	The Insurer and the Managing Agent hereby agree that the effective date of
termination of the Reinsurance Agreement shall be 12:01 am on June 1, 2011, in
accordance with Article VI, and that during 2011, the Reinsurer shall accept
reinsurance under this Agreement for all cases underwritten by the Managing Agent prior
to March 1, 2011;
	 
	 	b.	 	The Managing Agent shall be the sole and exclusive party providing Insurer with
LTD quotes during January and February of 2011; and
	 
	 	c.	 	The Managing Agent shall cease underwriting LTD policies on behalf of the
Insurer on February 28, 2011.

All provisions of the Reinsurance Agreement not in conflict with the provisions of this Amendment
will continue unchanged.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed in duplicate by
the signatures of their duly authorized representatives as indicated
below as of the 19th day of January, 2011.

	 	 	 	 	 	 	 	 	 	 	 

	CUSTOM DISABILITY SOLUTIONS  	 	SYMETRA LIFE INSURANCE COMPANY
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Paul K. Fields
 

	 	 
	 	By:
	 	/s/ Michael Fry
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Paul K. Fields
 

	 	 
	 	Name:
	 	Michael Fry
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	CFO
 

	 	 
	 	Title:
	 	EVP
 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	1/19/2011
 

	 	 
	 	Date:
	 	1-14-2011
 

	 	 

 

 

APPENDIX A — 12

AGREEMENT YEAR 2011

January 1, 2011 to December 31, 2011

Member Reinsurer who has contracted with Custom Disability Solutions as Managing Agent of ADRUS and
their levels of participation are as follows:

	 	 	 	 	 
	 	 	Dollar	 	Percentage
	Reinsurer	 	Participation	 	Participation
	 
	 	 	 	 
	Reliance
Standard Life Insurance Company
	 	$30,000	 	100%
	 
	 	 	 	 
	TOTAL
AUTHORIZED PARTICIPATION
	 	$30,000	 	100%exv10w12

Exhibit 10.12

AMENDMENT NUMBER 5 TO THE

INVESTMENT MANAGEMENT AGREEMENT

     This AMENDMENT Number 5, dated as of September 19, 2009, to the Investment Management
Agreement (“Agreement”) dated as of March 14, 2004 originally made by and among WHITE MOUNTAINS
ADVISORS LLC, a Delaware limited liability company (the “Advisor”), and Occum Acquisition Corp., a
Delaware Corporation, now known as SYMETRA FINANCIAL CORPORATION and its SUBSIDIARIES (the
“Client”). Capitalized terms used but not defined herein have the meaning set forth in the
Agreement.

WITNESSETH

     WHEREAS, Advisor and Client are parties (“Parties”) to the Agreement; and

     WHEREAS, pursuant to the terms of paragraph 17 of the Agreement, the Parties may amend the
Agreement in writing; and

     WHEREAS, Advisor and Client desire to modify certain terms of the Agreement and of Amendment
Four.

     NOW, THEREFORE, the Parties agree as follows:

	 	1.	 	The definition of “Subsidiaries” in the preamble of the Agreement is revised to
remove the text “as defined in Schedule B” and replaced with the text “defined as those
subsidiaries who are signatories to this Agreement by execution of an Accession
Instrument in the form attached hereto and acknowledged by Advisor.” Schedule
B of the Agreement is deleted in its entirety.
	 
	 	2.	 	Paragraph 1 of Amendment Four and Schedule A of the Agreement, is
deleted it in its entirety and replaced with the following Management Fee schedule that
is retroactive to April 1, 2009:

SCHEDULE A

	 	1.	 	a. Investment Account.

	 	 	 	 	 	 	 
	Assets Under Management	 	Value	 	Annual Fee	 	Quarterly Fee
	Investment Grade Fixed Income:
	 	 	 	 	 	 
	Up to $1 billion

	 	Book
	 	10.0 basis points
	 	2.5 basis points
	 

	 	 	 	(0.1% or 0.001)
	 	(0.025% or 0.00025)
	$1 billion — $2 billion

	 	Book
	 	8.5 basis points
	 	2.125 basis points
	$2 billion — $5 billion

	 	Book
	 	7.5 basis points
	 	1.875 basis points
	Greater than $5 billion

	 	Book
	 	2.5 basis points
	 	0.625 basis points
	High Yield Debt

	 	Market
	 	25.0 basis points
	 	6.25 basis points
	Equities

	 	Market
	 	100.0 basis points
	 	25.0 basis points
	Fully Funded Hedge Funds,

	 	Market
	 	100.0 basis points
	 	25.0 basis points

 

 

	 	 	 	 	 	 	 
	Assets Under Management	 	Value	 	Annual Fee	 	Quarterly Fee
	Private Equities & Other
Deferred
Fundings:
	 	 	 	 	 	 
	First 2 Years of Fund’s Life

	 	Committed
	 	100.0 basis points
	 	25.0 basis points
	Thereafter

	 	Market
	 	100.0 basis points
	 	25.0 basis points
	Affordable Housing Credit Funds
	 	 	 	 	 	 
	First Year of Fund’s Life

	 	Committed
	 	100.0 basis points
	 	25.0 basis points
	Thereafter

	 	Market
	 	10.0 basis points
	 	2.5 basis points

	 	b.	 	In consideration for the services provided by sub-advisers, the Advisor shall
pass-through all investment advisory fees and charges to the Client in accordance
with the terms of the sub-adviser contracts.

	 	2.	 	Aggregate Investment Account. The Advisor will be paid a quarterly fee
for the Portfolio Management Services computed at the annual rate of one-half basis
point (0.005%) of the aggregate value of the net assets of the Aggregate Investment
Account utilizing the value methodologies described in Paragraph 1 (a) and (b) of
Schedule A.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment Number 5 to the Agreement.

	 	 	 	 	 	 	 	 	 

	ADVISOR: 

WHITE MOUNTAINS ADVISORS LLC	 	 	 	CLIENT:

SYMETRA FINANCIAL CORPORATION
	 
	 	 	 	 	 	 	 	 
	By:  

	/s/ Mark J. Plourde
	 	 	 	By:  
	/s/ Margaret Meister
	 

	 
	 	 	 	 	 
	 

	Name:  Mark J. Plourde

Title:    Chief Financial Officer
	 	 	 	 	Name:  Margaret Meister

Title:    Chief Financial Officer

 

 

ACCESSION INSTRUMENT

     This Accession Instrument is made effective as of [insert date] (“Effective Date”) by [insert
name of company] (“Subsidiary”), a [state of domicile and type of entity] and [direct or indirect]
subsidiary of Symetra Financial Corporation.

WITNESSETH:

	 	 	WHEREAS, Symetra Financial Corporation (“Parent”) entered into an Investment
Management Agreement with White Mountains Advisors LLC (“Adviser”) on March 14,
2004, whereby Adviser will invest the assets of Parent and its participating
subsidiaries; and

	 	 	NOW, THEREFORE, by its execution hereof, Subsidiary hereby agrees to become, and
will be deemed for all purposes to be, a party to the Investment Management
Agreement, and to any amendment to the Investment Management Agreement hereafter
entered into by Parent, from the Effective Date.

IN WITNESS WHEREOF, Subsidiary has caused this Accession Instrument to be executed by its duly
authorized representative.

	 	 	 	 	 
	 	[INSERT NAME OF COMPANY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Acknowledged By:

	 	 	 	 	 
	WHITE MOUNTAINS ADVISORS LLC

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:exv10w16

Exhibit 10.16

Portions marked [***] have been omitted pursuant to a Confidential Treatment Request by Symetra
Financial Corporation, this information has been filed separately with the Securities and Exchange
Commission.

September 21, 2010

Symetra Life Insurance Company

777 108th Ave NE, Suite 1200

Bellevue, WA 98004-5135

Chase Insurance Agency Inc.

Attn: Annuity Sales Program Manager

111 E. Wisconsin Ave, Suite 110

Milwaukee, WI 53222

			
	Re:	 	Amendment to Symetra Select 5 Fixed Annuity Base Commissions

Dear Annuity Sales Program Manager:

As we had discussed and agreed, effective as of October 4, 2010, Symetra is amending the current
Sales Agreement for fixed products between you and Symetra Life Insurance Company (“Agreement”) by
replacing your current base commission schedule for the Select 5 Fixed Annuity product, with the
enclosed schedule.

Any Select 5 application signed and submitted prior to October 4, 2010 will be paid in accordance
with the commission schedule in effect at the time of submission.

All other provisions of the Agreement remain unchanged.

All of us at Symetra thank you for your business and look forward to continuing to help you to
“reach for great things.” If you would like to learn more about our products, please contact your
key account manager or visit us online at www.symetra.com/financial.

	 

	Sincerely,

	 

	

	Pat McCormick

	Senior Vice President

	Symetra Life Insurance Company

Enclosure

Stat: 24-33-9916

 

 

Portions marked [***] have been omitted pursuant to a Confidential Treatment Request by Symetra
Financial Corporation, this information has been filed separately with the Securities and Exchange
Commission.

COMMISSION SCHEDULE

FOR FIXED ANNUITY PRODUCTS

Effective as of October 4, 2010

	 	 	 	 	 	 	 	 	 
	Product Name	 	Compensation Rate	 	 	Internal LSA Code	 
	Select 5
	 	For Attained Ages 80 and under:	 	3018	 

	 	•	 	[***] on purchase payments between $10,000 and $49,999.99
	 
	 	•	 	[***] on purchase payments between $50,000 and $99,999.99
	 
	 	•	 	[***] on purchase payments of $100,000 and above

	 	 	 

	 

	 	 	 For Attained Ages 81 through 86:

	 	•	 	[***] on purchase payments between $10,000 and $49,999.99
	 
	 	•	 	[***] on purchase payments between $50,000 and $99,999.99
	 
	 	•	 	[***] on purchase payments of $100,000 and above

	 	 	 

	 

	 	 	 For Attained Ages 87 through 90:

	 	•	 	[***] on purchase payments between $10,000 and $49,999.99
	 
	 	•	 	[***] on purchase payments between $50,000 and $99,999.99
	 
	 	•	 	[***] on purchase payments of $100,000 and above

	 	 	 	 	 	 	 	 	 

	 

	•	 
	 	If the contract owner replaces the contract to a five year term
at 
any time after the fifth contract year*, Company will pay Agency:
	 	3010	 	 

(a) [***] of the contract value upon replacement for Attained 
Ages up
to and including 80; or

 

(b) [***] of the contract value upon replacement for Attained
 Ages 81
to 86;

 

(c) [***] of the contract value upon replacement for Attained 
Ages 87
to 90.

	 	 	 	 	 	 	 

	 

	•	 
	 	If the contract owner replaces the contract to a new three year
term at
 any time after the fifth contract year*, Company will pay
Agency
 [***] of the contract value upon replacement for Attained Ages
up to
 and  including 90.
	 	               3010ie

 

			
	*	 	Upon replacement, the Company will issue a new contract to the contract owner.

CHARGEBACKS:

In the event that a contract is surrendered under the “free look” provision, or otherwise
rescinded, then charge backs will be made against all compensation paid with respect to such
contract.

In the event of a withdrawal within twelve (12) months from a contract’s issue date, Agency will be
charged back compensation paid on the amount that exceeds 10% of such contract’s policy value. In
the event of a full withdrawal within twelve (12) months from a contract’s issue date, Agency will
be charged back all compensation paid with respect to such contract. The chargeback will be waived
if the withdrawal:

	 	•	 	Does not exceed the amount withdrawn under the 10%-Free Withdrawal provision of the
contract;
	 
	 	•	 	Is a non-commissionable transfer or rollover between Company products;
	 
	 	•	 	Is made after the Owner is deceased or is eligible for a hospital or nursing home
waiver;
	 
	 	•	 	Is part of a series of systematic withdrawals pursuant to Internal Revenue Code Section
72(t) or 401(a)(9) for qualified plans and Section 72 (q) or 72 (s) for non-qualified
plans;
	 
	 	•	 	Is a payout under an annuitization option of the contract.

If the contract owner replaces the contract, the chargebacks above will apply during the first
twelve (12) months from the new contract’s issue date.

THIS SCHEDULE MAY BE MODIFIED OR CANCELED BY COMPANY AT ANY TIME BY PROVIDING WRITTEN NOTICE.

 

 

AMENDMENT

This Amendment to the Agency Agreement dated as of September 26, 2006 between Symetra Life
Insurance Company and Chase Insurance Agency, Inc. (“Amendment”) is made and entered into between
Symetra Life Insurance Company (“Symetra”) and Chase Insurance Agency, Inc. (“Chase”), and is
effective as of January 1, 2011 (“Effective Date”).

WHEREAS, Symetra and Chase entered into an Agency Agreement dated as of September 26, 2006 (the
“Agency Agreement”); and

WHEREAS, Symetra and Chase desire to amend the Agency Agreement as set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, Symetra
and Chase agree as follows:

Symetra Life Insurance Company Terms and Conditions, LSA-282_JPM 09/2006, is hereby deleted in
its entirety, and is hereby replaced by Symetra Life Insurance Company Terms and Conditions,
LSA-282_JPM 01/2011, a copy of which is attached hereto as Exhibit A.

All other provisions of the Agency Agreement remain unchanged.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed on the
date indicated below, effective as of the Effective Date.

	 	 	 	 	 

	SYMETRA LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ Richard LaVoice
 

Richard LaVoice
	 	 
	 
	Title:

	 	Executive Vice President	 	 
	 
	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 

	CHASE INSURANCE AGENCY, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Laura Pantaleo
 

	 	 
	 
	 	 	 	 
	Title:

	 	President of Chase Insurance Agency	 	 
	 
	 	 	 	 
	Date: 2/17/11	 	 

 

 

Exhibit A

Symetra Life Insurance Company

Terms and Conditions

General

	1.	 	Values Statement

	 	 	 	The Company has a history, tradition and reputation for high ethical standards. Agency agrees to
adhere to the Values Statement, will avoid conflicts of interest, and will comply with all
applicable laws.

	 	 	 	Agency shall:

	 	a.	 	Act with integrity, which includes being honest with customers and Company.
	 
	 	b.	 	Understand Company’s customers’ financial and insurance objectives and
satisfy those objectives with suitable financial and insurance products and
first-rate service.
	 
	 	c.	 	Provide clear and accurate advertising and sales materials to Company
customers.
	 
	 	d.	 	Resolve customers’ complaints and disputes fairly and promptly.
	 
	 	e.	 	Take appropriate actions, including having adequate supervision, to comply
with applicable laws.
	 
	 	f.	 	Compete actively and fairly so as to provide customers with needed services and
products at reasonable prices. However, it is understood that Agency does not set product
pricing.

	2.	 	Confidentiality

	 	 	Each party may furnish the other party with personal customer information that is non-public and
confidential in nature. Except as required in order to perform its obligations and duties under
this Agreement, to perform joint marketing efforts, or as permitted by law, neither party shall
use or disclose such non-public or confidential information received from the other party.
	 
	 	 	Each party will maintain and enforce safety and physical security procedures with respect to its
access and maintenance of personal customer information that provide reasonably appropriate
technical and organizational safeguards against accidental or unlawful destruction, loss,
alteration or unauthorized disclosure or access. Each party will notify the other of any breach
of security and use diligent efforts to remedy any breach of security or unauthorized access in
a timely manner. Each party agrees to cooperate with the other’s efforts to remedy any breach
of security or unauthorized access.

	3.	 	Company agrees that during the term of this Agreement and following its termination, Company
shall not solicit any customer of Agency who purchases any product from the Company under this
Agreement for any additional product or service without Agency’s prior written consent;
provided, however, that Company may offer additional products or services to any such
customers who become a customer of the Company through another agency relationship.
	 
	4.	 	Status and Authority of Agency

	 	a.	 	Agency is an independent contractor, not an employee of Company, which has retained its
right to exercise exclusive and independent control of its time, energy and skill in the
conduct of its business.
	 
	 	b.	 	Agency is authorized to solicit applications for those life and health insurance
products issued by the Company that are listed on the attached agency agreement pages; and
to collect initial policy premiums and account deposits, and such other premiums as may be
specifically authorized by the Company.

	5.	 	Agency has no authority to:

	 	a.	 	Make, alter or discharge any policy;
	 
	 	b.	 	Extend the time for payment of premiums;
	 
	 	c.	 	Waive or extend any policy provision;
	 
	 	d.	 	Incur any liability or expense on behalf of Company;
	 
	 	e.	 	Receive any money due or to become due to Company except initial policy premiums and
account deposits and other such premiums as may be specifically authorized by the Company.

	6.	 	Agency shall promptly submit applications and remit premiums and deposits to Company at its
Home Office.
	 
	 	 	Agency shall be responsible to Company for the fidelity and acts of Agency representatives.
Agency is responsible for ensuring that no business is solicited by any representative until
that representative is authorized to represent the Company according to the applicable state
regulations and after the Agreement effective date. Compensation is earned on premiums received
after the Agency is appointed with the Company.
	 
	7.	 	Agency shall not pay or allow, or offer to allow, as an inducement to any person to insure or
enroll, any illegal rebate of premium or other consideration due, or any other inducement not
specified in the policy; nor make any misrepresentations or incomplete comparison for the
purpose of inducing a policyholder in any other company to lapse, forfeit or surrender
insurance.

Symetra Life Insurance Company § 777 108th Avenue NE, Suite 1200 § Bellevue, WA 98004-5135 § www.symetra.com 

Mailing Address: PO Box 34690 §  Seattle, WA 98124-1690 §  Phone 1-800-796-3872 §  TTY/TDD 1-800-833-6388

VL-148 8/07

 

 

	 	 	Agency shall not use any sales material, illustrations or advertisement in which Company is
identified, unless the written consent of Company is obtained. Company shall not use the name
“Chase Insurance Agency, Inc.,” “JPMorganChase,” “JPMorgan,” “Chase” or any derivative thereof,
in any manner whatsoever without the prior written consent of Agency, which consent may be
withheld in Agency’s sole and absolute discretion.
	 
	8.	 	Agency must notify Company immediately if it becomes aware of any written or verbal complaint
involving a Company product. A complaint is any communication primarily expressing a
grievance. The distinction between an inquiry and a grievance lies in the language used and a
reasonable interpretation of that language.
	 
	9.	 	Without liability to the Agency, the Company may withdraw from doing business in any
jurisdiction, and may at its discretion withdraw, substitute, add or change rates on any plan
or plans.
	 
	10.	 	Cost of Marketing Material. Company shall be responsible for all costs associated with
creating and producing advertising and promotional material as well as for costs associated
with providing such materials to Agency.
	 
	11.	 	Contact with Agency’s Representatives. Company, its affiliates and subsidiaries, shall not
make any contact with the Agency’s representatives except as permitted under Agency’s
guidelines as published by Agency from time to time, unless such contact is in regard to
claims or servicing issues related to the products issued by Company.
	 
	12.	 	Service Level Requirements. Company shall maintain disaster recovery and contingency plans
and information security policies and procedures acceptable to Agency. Company shall also
exercise commercially reasonable efforts to achieve operational and service level requirements
as set forth in Schedule attached hereto and as may be amended by Agency from time to time.

Suitability

Agency shall be responsible for reviewing the suitability of Company product sales by Agency
representatives under all applicable state and federal laws, rules and regulations (“applicable
laws”). Agency shall require Agency representatives to complete Agency’s suitability form, which
form will comply with NAIC / FINRA suitability requirements, and shall provide a copy to the
Company upon request. Agency shall meet or exceed the requirements established by the Suitability
in Annuity Transactions Model Regulation adopted by the National Association of Insurance
Commissioners (the “NAIC”) and any successor thereto. The suitability of Company product sales will
also be reviewed by Agency’s affiliated broker-dealer.

Agency shall also be responsible for the training, supervision and control of Agency
representatives in connection with their solicitation activities regarding Company products. Agency
shall do each of the following:

	1.	 	Ensure that Agency representatives complete all state and federally mandated continuing
education and other training requirements, and use training materials furnished by the
Company to provide or make provisions for providing training to Agency representatives
regarding the sale of Company products. Such training shall also include but not be limited to
general product training on requirements regarding suitability, replacement, and anti-money
laundering. Agency shall maintain records regarding the training provided to Agency
representatives, and shall provide proof of the training upon request by the Company.
	 
	2.	 	Establish and maintain a system which will ensure that recommendations by Agency
representatives to customers will be reviewed by Agency’s affiliated broker-dealer, to achieve
compliance with all applicable laws.
	 
	3.	 	Establish and maintain procedures for capturing customer information which is required for
making a suitability determination in accordance with all applicable laws, and for assuring
Agency’s compliance with all applicable laws.
	 
	4.	 	Maintain accurate records and conduct periodic reviews of its records to verify that Agency
is in compliance with all applicable laws, and provide such records to Company upon written
request.
	 
	5.	 	Submit to Company a certification signed by an officer of the Agency, upon written request,
which certifies that Agency has a reasonable basis to believe that it is in compliance with
its policies and procedures and with all applicable laws.
	 
	6.	 	Company shall have the right at its expense, upon reasonable notice to Agency, to audit
Agency records and practices in order to determine whether the Agency is in compliance with
its policies and procedures and with all applicable laws.

 

 

Compensation

	1.	 	Compensation will be paid in accordance with the most current Schedule(s) in effect at the
time the business is approved by the Company. The right to receive compensation is
conditioned on Agency’s satisfactory service to customers and on Agency’s continuing status as
servicing agency, as determined by the Company.
	 
	2.	 	The Company may establish a reasonable minimum amount for compensation payments. If the
amount due is less than such sum, the balance will be carried forward to the next payment date
until the minimum amount is reached.
	 
	3.	 	Undistributed compensation in the hands of Company and its affiliates may be applied at any
time to and as an offset on any due and unpaid obligations of Agency to Company and its
affiliates. If compensation owed by Agency to Company exceeds compensation payable to Agency,
then Agency will immediately repay Company compensation owed to Company.
	 
	4.	 	Neither this Agreement, nor any of the benefits to accrue hereunder, shall be assigned or
transferred, either in whole or in part, without prior written consent of the Company with the
exception of an assignment or transfer resulting by (a) a consolidation or merger of the
Agency or their parent corporation into or with any other entity where the Agency or their
parent corporation, or any entity controlled by the Agency or their parent coporation is the surviving entity; or (b) a
sale, transfer or other disposition of all, or substantially all, of the assets of Agency or their parent corporation, in a single transaction
or series of related transactions, to any person or entity, or group of related persons or
entities, controlled by the Agency or their parent corporation, or any entity controlled by the
Agency or their parent corporation.
	 
	5.	 	Company at any time, by written notice to Agency may change the compensation allowed under
this Agreement as to new business effective on or after the date of such notice.
	 
	6.	 	If Company returns any portion of the premiums on a policy previously issued, Agency will pay
to Company the compensation previously received with respect to the returned premiums. In
addition, Agency will refund to Company compensation on canceled insurance, and on reductions
in premiums, at the same rate as those on which compensation was originally received.

Termination

	1.	 	Commissions, sales fees, service fees and any other compensation payable after this
Agreement has been terminated shall be as specified in the applicable schedules, subject to
any offset on any due and unpaid obligation to the Company and affiliates. Payment of any
compensation will be subject to all terms and
conditions of the most current Schedule(s) in effect, regardless of whether such schedule(s) was
part of the Agreement at the time of termination.
	 
	2.	 	This Agreement shall terminate immediately and the Agency shall forfeit any and all
compensation accruing hereunder, if any of the following acts are committed by the Agency
representatives:

	 	a.	 	Withholding any property belonging to the Company after demand for its relinquishment
has been made by the Company;
	 
	 	b.	 	Willfully misappropriating funds belonging to the Company;
	 
	 	c.	 	Committing any other fraudulent act against the Company or its policyholders;
	 
	 	d.	 	Doing any act which results in having the required license to act as an insurance agent
or broker canceled by any state insurance department;
	 
	 	e.	 	Encouraging Company customers to replace their Company products through systematic
campaigns of replacement evidenced by written memoranda, instructions, sales guides, or
incentive compensation designed to encourage such replacement; and
	 
	 	f.	 	Making any representation or doing any act injuring the business or reputation of the
Company.

THE FAILURE OF THE COMPANY TO ENFORCE ANY PROVISION OF THIS AGREEMENT SHALL NOT CONSTITUTE A

WAIVER BY THE COMPANY OF ANY SUCH PROVISION. THE PAST WAIVER OF A PROVISION BY THE COMPANY SHALL
NOT CONSTITUTE A COURSE OF CONDUCT OR A WAIVER IN THE FUTURE OF THAT SAME PROVISION.

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