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paid to CLIENT within sixty (60) days of the date of termination. <br />1. Payment. The annual FEE for each applicable policy year shall be paid <br />in quarterly installments, with $15,625 (25%) due on January 1st, April <br />1st, July 1st, and October 1st for each year during the term. <br />2. Fee Reduction. When marketing and placing insurance under this <br />AGREEMENT, ALLIANT will request all carriers to quote premiums <br />net of commissions. The PARTIES acknowledge that when premiums <br />are not rendered net of commissions, the premium total includes broker <br />commissions, all of which is paid by CLIENT. In such case, the carrier <br />will pass the commission portion of the premium to ALLIANT as <br />compensation for its broker services. If any of CLIENT’S premiums <br />include commissions and, as a result, ALLIANT receives <br />COMMISSIONS in addition to the FEE, ALLIANT shall reduce the <br />FEE for the relevant period by the amount of COMMISSIONS it <br />received that period so as to avoid overpayment by CLIENT <br />(“REDUCED FEE”). Notwithstanding the above, the FEE shall not be <br />reduced to an amount below zero. If CLIENT paid part or all of the FEE <br />before ALLIANT received the COMMISSIONS, ALLIANT will return <br />to CLIENT any amounts it paid over the REDUCED FEE. If <br />COMMISSIONS exceed the FEE, ALLIANT will not return or give the <br />excess amount to CLIENT. <br /> <br />B. Commissions. COMMISSIONS shall be collected as agreed by both <br />PARTIES in writing. <br />C. Revenue from Pool or JPA membership. Revenue Alliant may receive <br />for placing reinsurance or excess insurance for a pool or a joint power <br />authority shall not be considered compensation paid by the CLIENT when <br />the CLIENT participates in a pool or joint power authority placement. <br />D. Disclosures. <br />1. Exclusions. COMMISSIONS for Notary and Fidelity Bonds are not <br />included in the annual FEE or COMPENSATION. <br />2. Transparency and Disclosure. During the time of this AGREEMENT, <br />ALLIANT will, upon request, disclose COMMISSIONS received by <br />ALLIANT, where possible, in connection with any insurance <br />placements on behalf of CLIENT under ALLIANT’S “Transparency <br />and Disclosure” policy, a copy of which is made available upon request. <br />Pursuant to its policy, ALLIANT will conduct business in conformance <br />with all applicable insurance regulations and in advancement of the best <br />interests of its clients. In addition, ALLIANT’S conflict of interest <br />policy precludes it from accepting any form of broker incentives that <br />would result in business being placed with carriers in conflict with the <br />interests of ALLIANT’S clients. <br />Docusign Envelope ID: 900D8F9B-814C-40AE-852C-9F135EC6ECAE