Producer Compensation & Equity at Summit Commercial Solutions (Canada)

Introduction#

This page details Summit Commercial Solutions' approach to producer (sales/broker) compensation and equity opportunities in Canada. It provides an overview of compensation structure, commission splits, equity vesting, example scenarios, FAQs, and disclosures, ensuring complete transparency in alignment with our How We Get Paid statement.

Compensation Structure Overview

Summit Commercial Solutions offers producers a competitive blend of base salary (where applicable), commission splits, and the opportunity to participate in the firm's growth through equity awards. Our compensation model is designed to attract, retain, and reward top insurance professionals.

1. Commission Splits#

• Standard Split: Producers receive a defined percentage split on new business and renewal commissions, based on annual gross written premium they generate.

• Typical Ranges: New business splits commonly range from 30–50%. Renewal splits are slightly lower (principally 20–35%) but may escalate with tenure.

• Tiering: High producers or senior brokers may qualify for tiered splits based on achieving higher sales volumes.

Example Commission Table#

Note: These splits are representative; your specific offer may vary by role, tenure, geography, or segment.

2. Equity Participation & Vesting#

• Purpose: Equity is awarded to select producers and leadership as incentive alignment for growth and retention.

• Form: Most commonly in the form of stock options or restricted share units in Summit Commercial Solutions Inc. or, where applicable, at the operating unit level.

• Typical Vesting Schedule:

  • 4-year vesting with 1-year cliff: 25% of equity vests after 12 months, with the remaining balance vesting monthly/quarterly over the next three years.

  • Early departure prior to completion of vesting may result in forfeiture of unvested shares.

• Eligibility: Equity grants are typically reserved for senior hires, partners, and high-producing brokers. Awards and vesting schedules are detailed in individual employment agreements.

Example Equity Grant Table#

3. Other Incentives#

• Team Bonuses: Additional discretionary or formulaic bonuses for joint sales, cross-selling, or exceeding team-wide objectives.

• Residuals: Continued payout for renewal commissions on active accounts, as per contract.

Frequently Asked Questions (FAQs)

Q: What is the difference between base salary and commission?#

A: A base salary is fixed pay. Commission is variable pay, typically a % of the revenue from accounts you bring or service.

Q: Who is eligible for equity at Summit?#

A: Equity awards are at the discretion of the company and are generally granted to senior producers, leaders, and key hires. Details will be outlined in your offer letter or compensation agreement.

Q: What happens to my equity if I leave before vesting is complete?#

A: Unvested equity is typically forfeited if employment ends before the vesting schedule is satisfied. Please refer to your grant agreement for specifics.

Q: Where can I learn more about broker commission transparency?#

A: Please see our How We Get Paid for full details on Summit's commission, fee, and compensation disclosure.

Q: Do I get paid on both new business and renewals?#

A: Yes. The commission split table specifies splits paid on both new business and renewal transactions, subject to ongoing employment and book servicing requirements.

Q: May I buy more equity?#

A: In some cases, senior hires may be able to participate in additional equity purchase programs, subject to Board approval and securities regulations. This is case-dependent and is not a standard offering.

Q: Are there circumstances where my commission or equity is at risk?#

A: Yes. Failure to remain in good standing, meet compliance requirements, or service accounts may impact payout and equity status. Details are outlined in all compensation agreements.

Compliance & Disclosure

• Summit's producer pay and equity practices comply with the Insurance Brokers Act and provincial regulatory requirements in Canada.

• All compensation terms—including splits, vesting, repurchase/forfeiture, and eligibility—are specified in individual terms of employment and option award documents.

• For additional regulatory and commission transparency, visit How We Get Paid.

Contact Human Resources

For further information on Summit's producer compensation and equity plans, or for a confidential discussion about sales/broker opportunities, please contact:

• Email: hello@summitcover.ca

• Phone: (250) 900-8749

This page is intended as a summary guide. The actual compensation and equity structure for your role at Summit will be detailed in your offer letter and subsequent agreements. Please consult those documents and your manager for questions regarding your specific arrangement.