AMENDMENT
to the
COMPENSATION ADMINISTRATION AND PAYMENT AGREEMENT
Pursuant to the Compensation Administration and Payment Agreement, made
and entered into as of the 31st day of August, 1999, by and among Columbus Life
Insurance Company and Capital Analysts Incorporated with its affiliated
insurance agencies, the parties hereby agree to an amended and restated Exhibit
I as attached hereto.
IN WITNESS WHEREOF, each of the parties hereto has caused this
Amendment to the Compensation Administration and Payment Agreement to be
executed in its name and on its behalf by its duly authorized representative.
The Amendment shall take effect on May 1, 2005.
COLUMBUS LIFE INSURANCE COMPANY CAPITAL ANALYSTS INCORPORATED
By: By:
------------------------------------- ----------------------------------
Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Vice President & Chief Title: President
Marketing Officer
COLUMBUS LIFE INSURANCE COMPANY CAPITAL ANALYSTS AGENCY, INC. (OHIO)
By: By:
------------------------------------ ----------------------------------
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: President & Chief Executive Title: President
Officer
CAPITAL ANALYSTS AGENCY, INC. (TEXAS)
By:
----------------------------------
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: President
CAPITAL ANALYSTS INSURANCE AGENCY,
INC. (MASSACHUSETTS)
By:
----------------------------------
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: President
EXHIBIT I
SCHEDULE OF OVERRIDE COMMISSIONS
TO BE PAID TO MANAGING ASSOCIATES
COLUMBUS LIFE VARIABLE UNIVERSAL LIFE (policy series CL 72 9908)
POLICY YEAR % OF PREMIUM
Year 1 15% of target
In the event of policy lapse or surrender within twelve months from the issue
date of a Policy, Managing Associate shall refund override commissions in
accordance with the following chargeback scale:
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
# of completed months in force 0-6 7 8 9 10 11 12+
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
% of commissions recovered 100% 95% 90% 80% 60% 30% 0%
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
In the event that any Policy shall terminate due to the Owner's election to
return a Policy under its "Free Look" provision, Managing Associate shall refund
100% of the override commission paid thereon to Company.
Chargebacks may be applied against current and future commissions payable to
Managing Associate.
PINNACLE VARIABLE UNIVERSAL LIFE (policy series CL 75 0101)
POLICY YEAR % OF PREMIUM
Year 1 Up to 30% of target
In the event of policy lapse or surrender within twelve months from the issue
date of a Policy, Managing Associate shall refund override commissions in
accordance with the following chargeback scale:
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
# of completed months in force 0-6 7 8 9 10 11 12+
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
% of commissions recovered 100% 95% 90% 80% 60% 30% 0%
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
In the event that any Policy shall terminate due to the Owner's election to
return a Policy under its "Free Look" provision, Managing Associate shall refund
100% of the override commission paid thereon to Company.
Chargebacks may be applied against current and future commissions payable to
Managing Associate.
LEGACY VARIABLE UNIVERSAL LIFE (policy series CL 79 0203)
POLICY YEAR % OF PREMIUM
Year 1 Up to 30% of target
In the event of policy lapse or surrender within twelve months from the issue
date of a Policy, Managing Associate shall refund override commissions in
accordance with the following chargeback scale:
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
# of completed months in force 0-6 7 8 9 10 11 12+
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
% of commissions recovered 100% 95% 90% 80% 60% 30% 0%
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
In the event that any Policy shall terminate due to the Owner's election to
return a Policy under its "Free Look" provision, Managing Associate shall refund
100% of the override commission paid thereon to Company.
Chargebacks may be applied against current and future commissions payable to
Managing Associate.
PINNACLE II VARIABLE UNIVERSAL LIFE (policy series CL 84 0503)
POLICY YEAR % OF PREMIUM
Year 1 Up to 30% of target
In the event of policy lapse or surrender within twelve months from the issue
date of a Policy, Managing Associate shall refund override commissions in
accordance with the following chargeback scale:
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
# of completed months in force 0-6 7 8 9 10 11 12+
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
% of commissions recovered 100% 95% 90% 80% 60% 30% 0%
--------------------------------------------- ---------- --------- ---------- ---------- --------- ---------- ---------
In the event that any Policy shall terminate due to the Owner's election to
return a Policy under its "Free Look" provision, Managing Associate shall refund
100% of the override commission paid thereon to Company.
Chargebacks may be applied against current and future commissions payable to
Managing Associate.
