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Title: |
Commission Agreement |
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Entities: |
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Date: |
2002 |
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Preview shows 6KB of 25KB total |
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Price: |
$39 |
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ID: |
#994625 |
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COMMISSION AGREEMENT
THIS COMMISSION AGREEMENT (the Agreement) is entered into as of the 12th day of September, 2002, by and between ABC BANCORP, a Georgia corporation (the Company), and JERRY L. KEEN, an individual resident of the State of Georgia (Keen).
W I T N E S S E T H:
WHEREAS, upon the terms and conditions set forth herein, the Company wishes to compensate Keen for the provision of certain brokerage, investment services and certain life insurance products to certain of the customers of the Company and its subsidiaries introduced thereto by Keen;
WHEREAS, Keen desires to be so compensated; and
WHEREAS, the Company desires reasonable protection of its confidential business and customer information which it has developed over the years at substantial expense and also desires assurance that Keen will not compete with the Company for a reasonable period of time after the termination or expiration of this Agreement, except as otherwise provided herein.
NOW, THEREFORE, in consideration of these premises, the mutual covenants and undertakings herein contained, the Company and Keen, each intending to be legally bound, covenant and agree as follows:
1. Term. The term of this Agreement shall begin on the date (the Effective Date) that Keen satisfies all sponsorship requirements of Raymond James Financial Services (Raymond James), including, without limitation, a physical examination, drug screen test and credit check, and, unless otherwise earlier terminated pursuant to Section 3 hereof, shall end on the date which is three (3) years following the Effective Date (hereinafter referred to as the Term).
2. Fees and Commissions.
(A) On the Effective Date, the Company shall make a one-time payment in the amount of One Hundred Thousand and No/100 Dollars ($100,000.00) to Keen by delivery of cash or a Company check made payable to Keen.
(B) On the first regular payroll payment date of the Company following the first, second and third anniversaries of the Effective Date, Keen will be paid (a) Twenty-Five Thousand and No/100 Dollars ($25,000.00) if, during the twelve (12) month period immediately preceding such anniversary, The First Bank of Brunswick, a wholly-owned subsidiary of the Company (First Bank), earns between $240,000 and $279,999 of gross commissions and fees from the provision of brokerage and investment services (other than sales of fixed annuities
through PFIC and credit life and accident & health insurance) to its customers during such year, or (b) Fifty Thousand and No/100 Dollars ($50,000.00) if, during the twelve (12) month period immediately preceding such anniversary, First Bank earns between $280,000 and $349,999 of gross commissions and fees from the provision of brokerage and investment services (other than sales of fixed annuities through PFIC and credit life and accident & health insurance) to its customers during such year, or (c) Seventy-Five Thousand and No/100 Dollars ($75,000.00) if, during the twelve (12) month period immediately preceding such anniversary, First Bank earns $350,000 or more of gross commissions and fees from the provision of brokerage and investment services (other than sales of fixed annuities through PFIC and credit life and accident & health insurance) to its customers during such year (each such yearly payment pursuant to this Section 2(B) shall be hereinafter referred to as the Yearly Commission Fee); provided, however, that if, during the first year or the second year of the Term, First Bank earns more than $350,000 of gross commissions and fees from the provision of such brokerage and investment services to its customers, then the Yearly Commission Fee for any such year will be increased by an amount equal to the product obtained by multiplying $75,000 by a fraction, the numerator of which shall be the actual amount of such gross commissions and fees, and the denominator of which shall be $350,000.
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