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September 16, 1996. In part, the agreement provides the
following with respect to cancellation:
E. In the event of cancellation * * * of the agency
created hereby for any reason whatsoever, * * *
(1) the Companies may at their option elect to pay
“Contract Value”, as hereinafter defined, to the
District Manager, his/her personal representative
or heirs, or (2) the Companies agree to give
consideration to a written nomination of his/her
successor by the District Manager, or in case of
the District Manager’s death, by his/her heirs or
personal representative, provided such nominee is
in all respects acceptable to the Companies.
If the Companies do not elect to pay “Contract
Value” it is agreed that the District Manager, or
his/her heirs or personal representative, may
negotiate with such nominee for compensation in an
amount not exceeding “Contract Value” for the
nomination and the District Manager’s interest
under his/her Appointment Agreement. * * *
* * * * * * *
CONTRACT VALUE
“Contract Value” will be based upon (1) the service
commission overwrite paid to the District Manager
during the six months immediately preceding
termination, and (2) the number of years of service as
District Manager for the Companies in this district all
in accordance with the following schedule:
SCHEDULE
* * * * * * *
7. 10 or more years as a District Manager-–5 times
the last 6 months’ service commission overwrite.
* * * * * * *
Payment of “Contract Value” by either the Companies or
the nominee will be based on the following schedule:
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Last modified: May 25, 2011