Effective with tax year 1998, exclude from NESE any amount received during a taxable year from an insurance company on account of services performed by such individual as an insurance salesman if:

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  the amount received after termination of the individual's agreement to perform services for the company;

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  the individual performs no services for the company after such termination and before the close of the taxable year;

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  the individual enters into a covenant not to compete against such company which applies to at least the 1-year period beginning on the date of such termination and

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  the amount of such payment -

  depends primarily on policies sold by or credited to the account of such individual during the last year of such agreement or the extent to which such policies remain in force for some period after such termination, or both, and

  does not depend to any extent on length of service or overall earnings from services performed for such company (without regard to whether eligibility for payment depends on length of service).