Common use of Override Clause in Contracts

Override. The Executive shall receive an override or fee equal to three percent (3%) ("Override") of the first twelve month's gross production generated by any and all brokers recruited by Executive and engaged by the Company as independent registered representatives who remain with the Company for no less than twelve months from their date of hire by the Company, such override period to commence on the date of hire of each such broker and to terminate on the date that is the last day of twelve consecutive months thereafter. Any and all payments made by the Company to third parties for the recruitment of the subject brokers shall be included with the twelve months' gross production for purposes of determining the amount of the Override.

Override. The Executive shall receive an override or fee equal to three percent (3%) ("Override") of the first twelve month's gross production generated by any and all brokers recruited by Executive and/or ESA and engaged by the Company as independent registered representatives who remain with the Company for no less than twelve months from their date of hire by the Company, such override period to commence on the date of hire of each such broker and to terminate on the date that is the last day of twelve consecutive months thereafter. Any and all payments made by the Company to third parties for the recruitment of the subject brokers shall be included with the twelve months' gross production for purposes of determining the amount of the Override.