Form AMP-Mentor-CA 10/20 555196...Form AMP-Mentor-CA– 10/20 555196 4 Eligible Council Credits in...

Form AMP-Mentor-CA– 10/20 555196

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NEW YORK LIFE INSURANCE COMPANY

51 Madison Avenue, New York, NY 10010

AGENT MENTORING PROGRAM AGREEMENT

(FORM AMP-Mentor-CA–10/20)

New York Life Insurance Company (“the Company”) hereby authorizes the

Mentor Agent (“the Mentor”) named above to actively assist in the development of

the New Organization Mentee Agent (the “Mentee”) named above for and on

behalf of the Company under the following conditions:

1. The Mentor will provide active assistance with the development of agents,

and, in certain instances, recruiting services to the Company as an

independent contractor and as such is free to exercise the Mentor’s own

judgment and discretion in developing the Mentee under this Agent

Mentoring Program Agreement (the “AMP Agreement”) as well as in the

time, place and manner of any mentoring activities. The actual appointment

of any Agent will be subject to the approval of the Company. Any such

appointment must meet the Company’s standards for such appointments.

MENTOR NAME/CODE: _______________________________________________________

MENTEE NAME/CODE: ________________________________________________________

MENTEE’S MANAGING PARTNER: _____________________________________________

EXTERNAL MANAGING PARTNER (if applicable): ________________________________

MENTEE’S RECRUITER (if not Managing Partner): ________________________________

MENTEE’S RECRUITER #2 (if applicable): ________________________________________

MENTEE’S GENERAL OFFICE CODE: _____________

MENTOR’S GENERAL OFFICE CODE: _____________

EFFECTIVE DATE (to be filled in by the Home Office): ______________________________

Check One: □ TRACK ONE □ TRACK TWO


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Nothing contained in this AMP Agreement or in the performance of any of

the services provided hereunder shall be construed as creating a relationship

of employer and employee between the Company and the Mentor, nor shall

any Agent of the Company, whether or not recruited by the Mentor, be

considered as having employee status with the Mentor.

2. This AMP Agreement supplements the Mentor’s Agent’s Contract with the

Company. In the event that any provisions contained in this AMP

Agreement are directly and explicitly contrary to the provisions of the

Agent’s Contract, the provisions of this AMP Agreement shall be

controlling.

3. A Mentor will sign a separate AMP Agreement and AMP Mentor-Mentee

Obligations Agreement for each Mentee. Any and all AMP Agreements and

AMP Mentor-Mentee Obligations Agreements entered into by Mentor shall

be deemed separate agreements between Mentor, Mentee(s) and the

Company.

4. Nothing in this AMP Agreement shall have the effect of creating a

partnership or employer-employee relationship between Mentor, Managing

Partner or Recruiter(s) and the Company.

5. Rules and conditions for Mentor’s initial and continued eligibility to remain

under and participate in the arrangement set forth herein shall be as

described in all pages hereto, including Appendix I, and incorporated herein

by reference, and subject to such other rules and conditions as the Company,

in its sole discretion, may from time to time prescribe.

6. Mentor compensation will be determined by the amount of Recruiting

Credits (“RCs”) generated to the Mentor and the Recruiter. RCs will be

allowed with respect to a Mentor and Recruiter based on results of the

Mentee at the end of each Qualifying Period, provided the following

conditions are met:

i. The Mentee must be under an Agent’s Contract at the end of the

Qualifying Period.

ii. The Mentee must be an active producing Agent at the end of the

Qualifying Period and during that Qualifying Period had

credited to the Mentee combined First Year Commissions and


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Eligible Council Credits in an amount at least equal to the

minimum established and announced by the Company for that

Qualifying Period. A Mentee on leave of absence as of the last

day of a Contract Month will not be considered an active

producing Agent for such Qualifying Period.

iii. The combined First Year Commissions and Eligible Council

Credits credited to the Mentee from the effective date of the

Agent’s Contract to the end of any Qualifying Period must

equal or exceed the minimum amount established and

announced as the Cumulative First Year Commissions

Requirement by the Company. If such Cumulative First Year

Commissions and Eligible Council Credits are less than the

Cumulative First Year Commissions and Eagle Council Credit

Requirement at the end of any Qualifying Period, no RCs will

be awarded to the Mentor or the Recruiter for that Mentee for

that period.

iv. If the Mentee becomes a Company Employee during the

qualifying period, no RCs will be allowed with respect to First

Year Commissions under the Mentee’s Agent’s Contract

7. The Mentee is not eligible to be credited with RCs or any other

compensation under the AMP Agreement.

8. All compensation paid under the AMP Agreement and paid by the Company

in general is subject to the rules and limits set forth in Section 4228 of the

New York Insurance Law.

9. Recruiting Credit Tracks. The schedule for RCs credited to the Mentor and

Recruiter will be determined based on the manner in which the Mentee was

recruited and appointed as an agent of the Company.

Recruiter understands and agrees that the RCs a Recruiter will receive for a

Mentee are set forth in this AMP Agreement, which supplements and

modifies the Employment Agreement and/or Compensation Plan, including

Supplement A Recruiting and Development Credits, Recruiter has with the

Company. In the event that any provisions in this AMP Agreement are

directly and explicitly contrary to the provisions of the Employment

Agreement and/or Compensation Plan, including Supplement A Recruiting


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and Development Credits, Recruiter has with the Company, the provisions

of this AMP Agreement shall be controlling. If a Mentee has more than one

Recruiter, the percentage of “RCs for the Recruiter” listed in the Tables

below will be shared by all Recruiters. In no event will the aggregate

amount of RCs paid to all Recruiters of one Mentee exceed the total

percentage of “RCs for Recruiter” listed in Tables I and II below.

i. Track One: A Recruiter or Third-Party Nominator brings the

Mentee to New York Life – Either a recruiter or a Third-Party

Nominator (who is not the Mentor) may propose the Mentee as an

Agent to New York Life. If the Mentee is brought in by an Third-

Party Nominator, the Third-Party Nominator will receive standard

ARD, which will be deducted from the Recruiter’s RCs. Details for

percentage of RCs for Track One are listed in Table I.

ii. Track Two: The Mentor brings the Mentee to New York Life –If

the Mentor brings the Mentee as an Agent to New York Life, in

addition to RCs, the Mentor will receive the standard ARD Credits,

which will be deducted from the Recruiter’s RCs. Details for

percentage of RCs for Track Two are listed in Table II.

TABLE I

TRACK ONE:

RECRUITING CREDIT SCHEDULE FOR MENTORS WHERE THE

MENTEE WAS PROPOSED BY A THIRD-PARTY NOMINATOR

OR A RECRUITER

MENTEE WITH THIRD-PARTY NOMINATOR MENTEE W/O THIRD-PARTY

NOMINATORS

RCs for Mentor RCs for Recruiter RCs for Mentor RCs for Recruiter

Months 0-12 20% 10% 20% 20%

Months 13-24 10% 15% 10% 15%

Months 25-36 5% 10% 5% 10%

Months 37+ 0% 0% 0% 0%


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TABLE II

TRACK TWO:

RECRUITING CREDIT SCHEDULE FOR MENTORS WHERE THE

MENTEE WAS PROPOSED BY THE MENTOR

MENTEE WITH MENTOR AS NOMINATOR

RCs for Mentor RCs for Recruiter

Months 0-12 20% (+ 10%ARD) 10%

Months 13-24 15% 10%

Months 25-36 10% 5%

Months 37+ 0% 0%

10. RC Calculation and Credit.

i. Mentors. RCs allowed with respect to a particular Mentee as of the end

of a particular Qualifying Period will be calculated and credited to

the Mentor’s ledger account by the last day of the following calendar

month, provided that:

1. As of the end of the Qualifying Period, such Mentee’s Agent

Contract is not terminated or such former Mentee is under an

Employment Agreement as a Company Employee; and

2. As of the date of calculation, the Mentor is:

a. still operating under this AMP Agreement; or

b. on a Company approved paid leave of absence; or

c. Deceased, having died while in a status referred to under

(a) or (b), above.

ii. Recruiters. RCs allowed with respect to a Mentee as of the end of a

particular Qualifying Period will be calculated as of the end of the

following calendar month and will be payable (unless otherwise

prospectively allocated to a Discretionary Account and thus not earned

or payable to the Company Employee except for the purpose of paying


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reasonable and necessary business expenses) as of the last pay period in

the next succeeding month, subject to any applicable adjustments,

provided that:

1. As of the end of the Qualifying Period, such Mentee’s Agent

Contract is not terminated or such former Mentee is under an

Employment Agreement as a Company Employee; and

2. As of the date of the calculation, the Recruiter is:

a. still operating under this AMP agreement; or

b. on a Company approved paid leave of absence; or

c. deceased, having died while in a status referred to under

(a) or (b) above.

11. In the event Recruiter:

i. returns to the field,

ii. is reassigned to another General Office,

iii. becomes an employee of the Company in a position not eligible for

RCs or

iv. leaves the Company

no further compensation will be paid to Recruiter under this AMP

Agreement. If Recruiter separates from Mentee under (ii) or (iii) above,

Recruiter will be eligible to receive RCs generated by the Mentee according

to the standard Company recruiting credit reassignment policy, which may

be amended from time to time, based on AMP RC rates and which is

published on the Company’s intranet site for agents and recruiters.

12. A Recruiter who assumes responsibility for a reassigned orphan agent

Mentee operating under an existing AMP Agreement, will receive RCs

pursuant to the Recruiting Credit Track and RC Calculation and Credit

paragraphs of the AMP Agreement under which the Mentee operates

provided Recruiter executes an Addendum to Agent Mentoring Agreement

for Reassigned Recruiter, which, when executed, becomes incorporated into

the AMP Agreement.


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13. Should any payment of RCs be made to a Mentor, which is not due under

the conditions hereof, that payment shall be an indebtedness to the Company

and shall be charged against any future RCs or other compensation payable

to such individual by the Company.

14. Adjustments to RCs.

Certain adjustments will be made where a Mentee, on whom RCs were

previously based, leaves the Company. These adjustments will be made

before any compensation is earned and otherwise payable to Mentors and

Recruiters as follows:

i. RCs Percentage Adjustment for Mentee Terminations. If a recruited

Mentee terminates within 36 Contract Months of the effective date of

his or her Agent’s Contract, a percentage of the RCs credited as a result

of that Mentee will be offset from the future RCs to be credited

hereunder to the Mentor and Recruiter who were credited any such RCs

(or apportioned and charged as an offset to the Mentor and Recruiter

and any Company Employee(s) who were credited RCs with respect to

the Mentee). The percentage adjustment will be determined by the

Contract Month in which the Mentee’s Contract terminated, as follows:

Contract Month Percentage

Adjustment

1-12 20%

13-24 15%

25-36 10%

1. The percentage adjustment shown above will be waived if the

former Mentee ever qualified for and attained Council within

the Mentee’s first 36 Contract Months.

2. RCs Percentage Adjustments will be recouped in three equal

monthly installments beginning in the calendar month

immediately following the calendar month in which the

Mentee’s Contract terminated.

ii. RCs Interest Adjustment for Agent Terminations. If a Mentee

terminates within 24 Contract Months from the effective date of his or


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her Agent’s Contract, an adjustment will be offset from the RCs to be

paid hereunder to the Recruiter as follows:

Contract Month Offset Amount

0-6 $500

7-12 $250

13-24 $100

15. Termination. The Company may revise or terminate this AMP Agreement at

any time without notice. In addition, this AMP Agreement shall terminate

upon:

i. Written notification from Mentor or Mentee to the other parties

participating in this AMP Agreement on thirty (30) days’ advance

notice; or

ii. The full retirement, disability, death or Contract termination of the

Mentor; or

iii. The full retirement, disability, death or Contract termination of the

Mentee; or

iv. If either Mentor or Mentee otherwise becomes ineligible to participate

under this AMP Agreement.

16. Adjustments. If this Contract terminates, the Recruiter will be the sole

recipient of RCs going forward under Supplement A Recruiting and

Development Credits (with no retroactive adjustment).

17. Credits after Termination. Except as provided in Section 16, above, no

further RCs shall be allowed following the termination of this AMP

Agreement.

18. Personal Services. This AMP Agreement is personal to the Mentor and may

not be assigned.

19. Non-Benefittable Earnings. RCs generated pursuant to this AMP Agreement

shall not be counted as eligible compensation or credited towards any

pension, retirement, health insurance, disability or other benefit plan or


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arrangement maintained or provided by the Company to the Mentor or

Recruiter.

20. Lien. The Company is hereby given a paramount and prior lien upon any

RCs generated pursuant to this AMP Agreement as security of the payment

of any claim or indebtedness or reimbursement whatsoever due or to become

due to the Company from the Mentor. Any RCs generated to the Mentor at

any time may be applied directly by the Company to the liquidation of any

indebtedness or obligation of the Mentor to the Company, but the failure to

so apply any sum shall not be deemed a waiver of the Company’s lien on

any other sums becoming due or impair its right to so apply such sums.

21. The Company may prescribe such rules, regulations and procedures as it

deems appropriate to administer the provisions governing the compensation

set forth herein, and such rules, regulations and procedures shall be deemed

a part of this AMP Agreement, as though their complete terms were set out

herein.

22. The Company reserves the right to amend, change or modify this AMP

Agreement in any way including, but not limited to, adjusting compensation

and/or the calculation, basis and/or rate of RCs, by giving written notice of

any such amendment, change or modification to the Mentor and Recruiter.

Any such amendment, change or modification will be effective as of the date

of the written notice, or when such notice specifies, and any RCs thereafter

generated with respect to Mentor or Recruiter will be calculated in

accordance with any such amendment, change or modification.

23. The Company also reserves the right to assign and reassign Agents,

Managing Partners, Executive Partners, Senior Partners, Partners and

management and/or development responsibilities, in whole or in part, at any

General Office to any other manager at the same or any other General Office

and to make a commensurate assignment of compensation.

24. The Company reserves the right to interpret and construe this AMP

Agreement and to, in its discretion, resolve ambiguities, determine relevant

fact, rectify errors and supply omissions.

25. Definitions. As used herein, the following terms shall have the meaning

attributed to them in this section except where there is express language to

the contrary:


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i. “Agent” means Training Allowance Subsidy Agent and other full time

Agents under Contract with the Company.

ii. “Auxiliary Recruiting and Developing (ARD)” means incentive

compensation paid to either Third-Party Nominators or Mentors who

nominate new agents to be Mentees and is based on Weighted Net

Eligible First Year Commissions which are credited to such Mentee

during a Qualifying Period, subject to the terms and conditions of this

AMP Agreement.

iii. “Company Employee” means any salaried, non-Agent employee of the

Company with a full-time position. Such titles include: Managing

Partner, Executive Partner, Senior Partner, Partner, Development

Manager, Senior Vice President, Corporate Vice President and any

other job title that the Company may designate as such.

iv. “Contract Month” means the calendar month in which an Agent’s full

time Agent’s Contract takes effect and each calendar month thereafter,

provided, however, that if the Agent has a break in his or her service as

an Agent with the Company, “Contract Month” shall be that time which

is stated in an amendment to that Agent’s Contract.

v. “Eagle Council Credits” means all net Council Credits (for the

specified time period as determined as of the end date of the specified

period) from new contributions into Eagle Advisory accounts and all

net Council Credits on Financial Planning fees for Eagle Strategies

Financial Advisors.

vi. “Eligible Council Credits” means all combined net Eagle Council

Credits and all net NYLSEC Council Credits.

vii. “Employment Agreement and/or Compensation Plan” means the

contract and compensation structure under which the Recruiter operates

for the Company.

viii. “External Mentor Agent” means a Mentor who is associated with a

different General Office than the Mentee. An External Mentor Agent

must be housed in a General Office which is located no more than 50


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miles from the Mentee’s General Office. If detached, the External

Mentor Agent’s office must be located no more than 50 miles from the

Mentee’s General Office.

ix. “First Contract Month” means the month in which the Agent’s full

time Agent’s Contract takes effect and the first Contract Month

immediately following thereafter; “Second Contract Month” means the

Contract Month immediately following the end of the First Contract

Month; and each subsequently numbered Contract Month means the

Contract Month immediately following the end of the preceding

Contract Month.

x. “First Contract Year” means the First Contract Month and the 11

Contract Months immediately following thereafter; “Second Contract

Year” means the 12 Contract Months immediately following the end of

the First Contract Year; “Third Contract Year” means the 12 Contract

Months immediately following the end of the Second Contract Year;

“Fourth Contract Year” means the 12 Contract Months immediately

following the end of the Third Contract Year.

xi. “First Year Commissions” means all Net Commissions (for the


period) on first year premiums from all Company insurance policies,

and annuities. Commissions on all annuity renewal premiums that are

credited to original writing agents will be treated as First Year

Commissions. For the purpose of calculating RCs, the General Office

First Year Commission Report is deemed to reflect the current

reporting of commissions entered into the ledger account of an Agent

during the Qualifying Period. All net First Year Commissions

generated by Asset Preserver cases, single premium universal life

cases, and by single premium variable universal life cases will be

treated as if the net First Year Commissions under each had been

generated under the highest First Year Commission Option. All net

First Year Commissions generated by non-single premium variable

universal life cases will be treated as if the net First Year Commissions

under each had been generated under the highest First Year

Commission Option, with no net First Year Commissions generated

after the first policy year. All net First Year Commissions generated by

annuity cases with application sign dates prior to October 1, 2016 will

be treated as if the net First Year Commission had been generated


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under the highest First Year Commission Option. All net First Year

Commissions generated by annuity cases with application sign dates of

October 1, 2016 or later will reflect the actual net First Year

Commissions generated. First Year Commissions will not include

commissions generated under or from proprietary or non-proprietary

mutual funds, Sponsored Marketing Agreements, Specialty Products or

other marketing or Brokerage agreements where separate overrides are

paid. In addition, First Year Commissions shall not include any

additional Long-Term Care credits that are applied in certain states to

equalize council credits. Company-approved year-end First Year

Commission adjustments will not be included. First Year Commissions

will not include any First Year Commissions generated by premiums

paid under the Option to Purchase Paid-Up Additions (OPP) Rider to

the extent such commissions are generated by OPP premiums where

such commissions are levelized and paid to agents over a period of

years. Company-approved year-end First Year Commission

adjustments will not be included.

xii. “Net Commissions” means First Year Commissions that have been

reduced by any reversals, chargebacks or adjustments under the

Company’s applicable commission rules and programs, except for

Company–approved year-end first year commission adjustments.

xiii. “NYLSEC Council Credits” means all net Council Credits (for the


period) from new investments, not assets under management, into new

Mutual Funds that qualify for commission purposes as defined in the

Council Rule Book which is published annually and may be found on

the Company’s intranet site for agents.

xiv. “Qualifying Period” means an Agent’s First Contract Month and each

Contract Month thereafter through the end of the Agent’s 12th Contract

Month, 24th Contract Month, 36th Contract Month and 48th Contract

Month.

xv. “Recruiter” means any of the following field management personnel

who are employees of the Company: Managing Partner, Executive

Partner, Senior Partner and Partner.


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xvi. “Specialty Products” means Private Placement products, COLI, BOLI.

Specialty Products are not included in the calculation of Rs.

xvii. “Third-Party Nominator” means eligible Agents and Development

Managers who nominate newly appointed Agents and received ARD.

Third-Party Nominators must be registered representatives in order to

receive compensation generated from registered product sales by the

Mentees they have nominated. Third Party Nominators without Series 6

or 7 registration at the time of calculation will only be eligible to

receive payments on non-registered products. The reduction of ARD

payments to the non-registered nominator is not recoverable. The

registered product First Year Commissions that are not paid in the

calculation of ARD payments to the non-registered Third-Party

Nominator will generate compensation to the recruiter as if the Third-

Party Nominator was not listed for that Mentee.

xviii. “Weighted First Year Commissions" means 100% of all Life First Year

Commissions, 100% of Long Term Care First Year Commissions,

100% of Guaranteed Lifetime Income First Year Commissions (i.e.,

life-contingent income annuity products, including Lifetime Income

Annuity and Personal Pension), 100% of Investment Annuity First Year

Commissions on cases with applications signed October 1, 2016 or

later, 80% of Investment Annuity First Year Commissions on cases

with applications signed October 1, 2016, and 50% of proprietary and

non-proprietary mutual fund First Year Commissions. All references to

First Year Commissions herein (e.g., Life First Year Commissions,

Long Term Care First Year Commissions, etc.) refer to the Net

Commissions for the specified product.

xix. “Weighted Net Eligible First Year Commissions,” when used with

respect to a Qualifying Period, means for the purposes of this AMP

Agreement the cumulative Weighted First Year Commissions credited

to the Mentee’s ledger from the effective date of the Agent’s Contract

to the end of a particular Qualifying Period, less any Weighted First

Year Commissions on which RCs, and/or any Recruiting Credits of a

Company Employee(s), have already been allowed.


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26. Confidential Information

i. In the course of performing the duties as a Mentor and an agent of the

Company or as a Recruiter, the Company may disclose to the Mentor

and/or the Recruiter, the Mentor and/or the Recruiter may be given

access to, or the Mentor and/or the Recruiter may develop, certain

confidential information, proprietary information and/or trade secrets of

the Company (hereinafter collectively, “Confidential Information”).

Unless otherwise excluded in this provision, Confidential Information

shall mean any and all information provided by the Company to the

Mentor and/or the Recruiter or to which the Mentor and/or the

Recruiter has or is given access, in whatever form, verbal or otherwise.

Confidential Information includes, but is not limited to, customer and

prospective customer information, lists and files; agent and prospective

agent information, lists and files; equipment; material; supplies;

manuals; business and marketing plans; rate books; forms; lists;

records; files; data; reports; research; agreements; proprietary

information; trade secrets and intellectual property whether or not

identified as “Confidential Information,” in whatever media, electronic

or otherwise, and any other materials identified in writing as

“Confidential Information.”

ii. The term “Confidential Information” shall not apply to information

that:

1. has been legally in the Mentor’s and/or the Recruiter’s

possession prior to its disclosure to the Mentor and/or

Recruiter by the Company and is not subject to any non-

disclosure obligations;

2. has become part of the public domain through no fault of the

Mentor and/or the Recruiter;

3. has been developed subsequent to, and independent of,

disclosure to the Mentor and/or the Recruiter by the Company;

or

4. has been released in writing by the Company for public

disclosure, or is otherwise deemed by the Company, in

writing, to no longer be confidential.


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iii. The Mentor and/or the Recruiter will not use the Confidential

Information other than for the purposes of performing the duties

specified in this AMP Agreement or the Mentor’s Agent’s Contract.

iv. The Mentor and/or the Recruiter will hold all Confidential Information

in strictest confidence, and take all steps required by the Company to

maintain this confidentiality. The Mentor and/or the Recruiter will not

copy, reproduce or alter, either in whole or in part by any method

whatsoever, such Confidential Information unless agreed upon in

advance and in writing by an executive officer of the Company.

v. The Mentor and/or the Recruiter will not divulge Confidential

Information to, share such information with, or permit access to it by,

any individual or organization not then currently engaged or employed

by the Company and/or its subsidiary or affiliated companies.

vi. The Mentor and/or the Recruiter will not, without the prior written

consent of the Company, remove from the Company’s premises, copy

or disclose Confidential Information to any third party, or otherwise

jeopardize the confidential nature of the Confidential Information.

vii. The Mentor and/or the Recruiter will establish administrative, physical

and technical safeguards to ensure the security and confidentiality of all

Confidential Information that the Mentor and/or Recruiter collects,

uses, discloses or maintains on behalf of the Company and to protect

against unauthorized access to or disclosure of Confidential

Information. The Mentor and/or the Recruiter will abide by the

Company’s policies and procedures for the proper safeguarding of

Confidential Information maintained on any computers or portable

devices.

viii. The Mentor and/or the Recruiter will report to the Company within

three days any unauthorized use or disclosure, actual or suspected, of

Confidential Information. The Mentor and/or Recruiter will comply

with all applicable laws, rules and regulations related to the

Confidential Information. The Company will have the right to perform

audits of the Mentor’s and/or Recruiter’s performance and procedures

under this AMP Agreement.


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ix. The Mentor and/or the Recruiter will require that any of the Mentor’s

and/or the Recruiter’s employees or representatives, with whom the

Company permits the Mentor and/or the Recruiter to provide access to

Confidential Information, agree to the same restrictions and conditions

that apply to the Mentor and/or the Recruiter with respect to such

Confidential Information.

x. Upon the voluntary or involuntary termination of this AMP Agreement

and the Mentor’s Agent’s Contract or termination of this AMP

Agreement and the Recruiter’s Employment Agreement and/or

Compensation Plan, including Supplement A Recruiting and

Development Credits, for any reason, including but not limited to the

Mentor’s and/or the Recruiter’s resignation or retirement, the Mentor

and/or Recruiter agree(s) to immediately surrender to the Company or

its designee the original and any copies, notes, recordings,

transcriptions or any other reproductions of Confidential Information,

in any form whatsoever, regardless of whether or not the Mentor and/or

Recruiter has retained it in the Mentor’s and/or Recruiter’s personal

possession.

xi. The Mentor’s and Recruiter’s obligations in this Section 26 will survive

the return of such Confidential Information, and the voluntary or

involuntary termination of this AMP Agreement and the Mentor’s

Agent’s Contract and/or the Recruiter’s Employment Agreement and/or

Compensation Plan, including Supplement A Recruiting and

Development Credits, for any reason, including but not limited to the

Mentor’s or Recruiter’s resignation or retirement.

27. Arbitration.

i. The Mentor, Recruiter and New York Life (which includes New York

Life, NYLIFE Securities LLC and their affiliates, successors,

employees and agents) agree that any dispute, claim, request for

equitable relief, or controversy arising between them, including but not

limited to those alleging wrongful or unlawful discharge, or

employment discrimination or harassment based on sex, race, age,

disability, or status in any other group or class, or retaliation, in

violation of any federal, state or local statute, regulation, common law


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or rule (hereinafter “the Claim”), as well as any dispute as to whether

such Claim is arbitrable, shall be resolved by a final and binding

arbitration proceeding, conducted in California, as applicable, and

administered by the Financial Industry Regulatory Authority

(“FINRA”) in accordance with its applicable arbitration rules

(“FINRA’s arbitration rules”) then in effect. These rules may be found

at www.finra.org.

ii. The following disputes and claims are not covered by this AMP

Agreement and shall therefore be resolved in any appropriate forum as

required by the laws then in effect: (1) claims for workers’

compensation benefits (except for claims of retaliation or

discrimination), unemployment insurance, or state or federal disability

insurance; (2) claims for benefits or breach of fiduciary duty arising

under or relating to a plan that is governed by the Employee Retirement

Income Security Act of 1974 (“ERISA”); (3) matters within the

jurisdiction of the National Labor Relations Board; (4) representative

claims brought under the California private attorneys general act and

(5) any other dispute or claim that has been excluded from arbitration

by applicable law that is not preempted by the Federal Arbitration Act.

iii. In the event that a Claim is not arbitrable under FINRA’s arbitration

rules, or FINRA refuses to arbitrate the Claim, the Mentor, and/or

Recruiter and New York Life agree that the Claim, as well as any

dispute as to whether such Claim is arbitrable, shall be resolved by a

sole arbitrator in a final and binding arbitration proceeding, conducted

in California, as applicable, administered by the American Arbitration

Association (hereinafter “AAA”) in accordance with its rules for the

resolution of employment disputes then in effect. These rules may be

found at www.adr.org.

iv. The Mentor, Recruiter and New York Life agree that no Claim may be

initiated or maintained on a class action, collective action or

representative action basis either in court or arbitration. All Claims

must be brought in a party’s individual capacity, and not as a plaintiff

or class representative or class member or otherwise on behalf of others

in any purported class, collective, or representative proceeding, such

that the Mentor and/or Recruiter, as applicable, may not be a plaintiff,

class representative or class member in any action against New York

Life. The Mentor, Recruiter and New York Life further agree that if,

http://www.finra.org/

http://www.adr.org/


19

for any reason, the waiver of any ability to initiate or maintain a claim

as a class, collective or representative action or to participate in such

action as a class member is found to be unenforceable or invalid, then

any such class, collective or representative action or Claim shall be

litigated and decided in a court of competent jurisdiction and not in

arbitration. Any issue concerning the enforceability or validity of the

waiver must be decided by a court, and not by an arbitrator.

v. Claims may not be joined or consolidated in arbitration with claims

brought by other individuals, and no damages or penalties may be

sought or recovered on behalf of other individuals, unless agreed to in

writing by all parties. The parties agree that in the arbitration of any

claims between them, the arbitrator will be required to resolve the

dispute based the applicable law and the facts presented as a matter of

record. Neither party will request, nor will the arbitrator be permitted,

to treat as binding or preclusive any decision or ruling by a different

arbitrator resulting from a dispute between New York Life and any

other agent or person.

vi. Exclusive of Claims alleging employment discrimination including

employment discrimination or harassment based on sex, race, age,

disability, or status in any other group or class, or retaliation, in

violation of any federal, state or local statute, regulation or rule, or

alleging a violation of a federal, state or local wage and hour statute,

regulation or rule or any other Claims as to which New York Life is

required under applicable law to bear the costs and expenses of the

arbitrator(s) and/or any other type of cost or expense that the Mentor

and/or Recruiter would not be required to bear if the claims were

brought in court, the costs and expenses of the arbitrator or arbitrators

for any arbitration shall, to the extent permitted by FINRA or AAA’s

rules, be split evenly between the Mentor and/or Recruiter and New

York Life.

vii. Nothing in this AMP Agreement should be interpreted as restricting or

prohibiting the Mentor or Recruiter from filing a charge or complaint

with the U.S. Equal Employment Opportunity Commission, the

National Labor Relations Board, the Department of Labor, the

Occupational Safety and Health Commission, the California

Department of Fair Employment and Housing, the California Labor

Commissioner, any other federal, state, or local administrative agency


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charged with investigating and/or prosecuting complaints under any

applicable federal, state or municipal law or regulation. Any dispute or

claim that is covered by this Agreement but not resolved through the

federal, state, or local agency proceedings must be submitted to

arbitration in accordance with this AMP Agreement.

viii. This section shall survive the termination of this AMP Agreement by

any party.

28. This AMP Agreement contains the entire understanding between the parties

with respect to the subject matter hereof, and may not be altered, varied,

revised or amended except in writing signed by the Mentor, the Recruiter

and a duly authorized representative of the Company.

29. This AMP Agreement shall take effect as of the effective date stated on Page

1 hereof, when fully signed by the Mentor, the Recruiter and countersigned

on behalf of the Company.

IN WITNESS WHEREOF, Mentor Agent, the Recruiter(s) and New York Life

agree to the terms contained in this AMP Agreement and accordingly sign their

names below.

MENTOR AGENT

______________________________

Mentor Agent Signature

____________________

Print Name

______________________________

Mentor Agent Code Number


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MANAGING PARTNER (of

External Mentor, if applicable)

______________________________

Managing Partner Signature

______________________________

Print Name

NEW YORK LIFE INSURANCE COMPANY

MANAGING PARTNER (of GO

where Mentee is located)

RECRUITER (if not Managing

Partner)

______________________________

Managing Partner Signature

______________________________

Print Name

________________________________

Recruiter Signature

________________________________

Print Name

RECRUITER # 2 (if applicable)


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________________________________

Recruiter # 2 Signature

________________________________

Print Name

This document is one of two. Please send fully executed contract documents to

[email protected]


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Appendix I

Requirements to be a Mentor

1. Notwithstanding anything to the contrary set forth herein, a Mentor Agent is

required to meet the following rules and conditions to be eligible to

participate in the AMP.

Mentors must:

(a) be an agent who is in at least their 37th Contract Month;

(b) have qualified for Executive Council level or higher at least three

times in the last five years;

(c) have a Compliance rating of one or two*;

(d) be licensed to sell all insurance products in the state of the Mentee*ǂ;

(e) have approval from their Managing Partner to participate;

(f) show leadership in the General Office by attending all General Office

meetings as requested by the Managing Partner*;

(g) be an active user of Sales Central*;

(h) have a successor agreement on file*; and

(i) have their own staff member. This requirement can be waived by the

Managing Partner provided the Mentor Agent production does not

incur a negative impact as a result of managing time spent with any

mentees.*

*The above conditions are also required for Mentor Agent’s continued

participation.

ǂ Mentors without Series 6 or 7 registration will only be eligible to receive

payments on non-registered products sold by Mentee.


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2. As a requirement of the AMP Agreement, Mentors and Mentees are required

to split the cases of five client IDs, which are the individual identifiers for

each client. Clients may purchase more than one policy as a result of

Mentor consultation; however, they will have one ID.

As part of this AMP Agreement:

(a) The Mentor share of the split cases should not be more than 40% of

the total value of the case (1-40% total).

(b) The five splits should occur in the first 12 months of the Mentee’s

TAS contract, which may cross over a calendar year.

(c) The first split case should occur in the first 3 months of the AMP

Obligations Agreement.

(d) Cases will include the split of Council Credits.

(e) Subsequent sales within the first twelve months to those clients as

mentioned above should also be split at a value of no more than 40%

for the Mentor.

(f) Mentors who are not registered cannot share commissions on

registered products sold by Mentee.

3. Mentors may not be in the following New York Life programs:

(a) District Agent

(b) Associate Partner Program

(c) Management Associate Program

(d) Agency Associate Program

(e) Professional Alliance Agent (Corporate Agent Referring Broker)

(f) PEA, TEA or MTEA Agents

4. Mentees may not be the following:

(a) District Agent or DA Unit Agent

(b) Associate Partner or AP Unit Agent

(c) Agency Associate or AA Unit Agent


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(d) Junior Agent or Senior Agent in ABCS

(e) PEA

(f) Partners returning to the Field

(g) Agents who are beyond their 36th month

(h) Professional Alliance Agent (Corporate Agent Referring Broker)

5. Agents in Successor agreements can participate as both Mentors and

Mentees. Mentors are encouraged to select Mentees as one of their

successors. Mentees are required to select their Mentors as one of their

successors.

6. Notwithstanding anything to the contrary set forth herein, Mentors may have

a maximum of six Mentees at one time.

Form AMP-Mentor-CA 10/20 555196...Form AMP-Mentor-CA– 10/20 555196 4 Eligible Council Credits in...

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Transcript of Form AMP-Mentor-CA 10/20 555196...Form AMP-Mentor-CA– 10/20 555196 4 Eligible Council Credits in...