Document:

exv4w1

Exhibit 4.1

This document constitutes part of a prospectus covering securities

that have been registered under the Securities Act of 1933 as amended.

MetLife Individual Distribution Sales Deferred Compensation Plan

(effective January 1, 2010)

	1.	 	Purpose. The purpose of the Plan is to provide an opportunity for Participants in a
select group of highly compensated employees within the meaning of Sections 201(2) and
301(a)(3) of ERISA, to delay receipt of certain compensation until a later date, at which time
payment of the compensation will be made after adjustment for the simulated investment
experience of such compensation from the date of deferral. The Plan is intended to comply
with Legal Deferral Requirements and to be consistent with the requirements for registration
with the U.S. Securities and Exchange Commission on a Form S-8 of debt incurred by MetLife,
Inc. and shall be interpreted and administered consistent with that intent.
	 
	2.	 	Plan Administration.

	 	2.1.	 	The Plan Administrator shall administer the Plan.
	 
	 	2.2.	 	The Plan Administrator may establish, amend, and rescind rules and regulations relating
to the Plan, provide for conditions necessary or advisable to protect the interest of the
Affiliates, construe all communications related to the Plan, and make all other
determinations it deems necessary or advisable for the administration and interpretation of
the Plan. The Plan Administrator may conform any provision of this Plan to the extent such
provision is inconsistent with Legal Deferral Requirements.
	 
	 	2.3.	 	Determinations, interpretations, and other actions made by the Plan Administrator shall
be final, binding, and conclusive for all purposes and upon all individuals.
	 
	 	2.4.	 	The Plan Administrator may prescribe forms as the sole and exclusive means for
Participants to take actions authorized or allowed under the Plan. The Plan Administrator
may issue communications to Eligible Associates and Participants as it deems necessary or
appropriate in connection with the Plan (including but not limited to communications
explaining the risks and potential benefits of the Investment Tracking Funds). Subject to
the provisions of Section 20, the Plan Administrator may, in its discretion, adjust the
value of Deferred Compensation Accounts on a basis other than as prescribed in Deferral
Elections or Reallocation Elections, including but not limited to the use of Investment
Tracking Funds other than those selected by the Participant.
	 
	 	2.5.	 	Except to the extent prohibited by law, communication by the Plan Administrator (and by
an Eligible Associate or Participant to the extent authorized by the Plan Administrator) of
any document or writing, including any document or writing that must be executed by a
party, may be in an electronic form of communication.
	 
	 	2.6.	 	The Plan Administrator may appoint such agents, who may be officers or employees of an
Affiliate, as it deems necessary or appropriate to assist it in administering the Plan and
may grant authority to such agents to execute documents and take action on its behalf. The
Plan Administrator may consult such legal counsel, consultants, or

 

 

	 	 	 	other professional as it deems desirable and may rely on any opinion received from any
such professional or from its agent. All expenses incurred in the administration of the
Plan shall be paid by one or more of the Affiliates.

	3.	 	Eligibility to Participate. Each Eligible Associate shall be eligible to participate
in this Plan; provided, however, that unless the Plan Administrator determines otherwise, no
otherwise Eligible Associate who, at the individual’s election or request, receives an
accelerated payment pursuant to the terms of any non-qualified deferred compensation plan in
which the individual participated by virtue of employment with any MetLife Company shall be
eligible to participate in this Plan with regard to Compensation payable in any calendar year
prior to the calendar year next beginning after the third anniversary of such payment.
	 
	4.	 	Deferral Elections.

	 	4.1.	 	At such times as are determined by the Plan Administrator, each Eligible Associate may
complete and submit to the Plan Administrator a Deferral Election applicable to the
Eligible Associate’s Compensation payable for services performed in such periods on and
after January 1, 2010 and following the date of the Deferral Election (or other such
periods consistent with Legal Deferral Requirements) determined by the Plan Administrator.
Within thirty (30) days after attaining the status of Eligible Associate, such Eligible
Associate may complete and submit to the Plan Administrator a Deferral Election applicable
to the Eligible Associate’s Compensation payable for services following the date of the
Deferral Election (consistent with Legal Deferral Requirements) determined by the Plan
Administrator. The Plan Administrator shall prescribe the form(s) of Deferral Election.
	 
	 	4.2.	 	The Plan Administrator may offer an Eligible Participant the opportunity to indicate
each or any of the following, either separately or in combination, in a Deferral Election:
(a) the percentage, in increments of 5%, of Compensation that would otherwise be paid the
receipt of which the Eligible Associate wishes to defer into a Deferred Cash Compensation
Account, which shall be no greater than 75% of such Compensation; (b) the Investment
Tracking Fund(s) which the Eligible Participant selects to adjust the value of the Deferred
Cash Compensation Account and the value of the Matching Contribution Account, in increments
of 5%; (c) the date on which the Eligible Participant wishes the payment of the Deferred
Compensation Accounts to begin; (d) whether the Deferred Compensation Accounts are to be
paid in a single lump sum or annual installments; and (e) if the Deferred Compensation
Accounts are to be paid in annual installments, the number (not to exceed fifteen (15)) of
such installments.
	 
	 	4.3.	 	Each Deferral Election shall indicate the date(s) on which the Eligible Associate
wishes the payment of a Deferred Compensation Account to begin by indicating a single date
certain that is no earlier than January 1 of the calendar year following the calendar year
in which the third anniversary of the latest date any Compensation subject to the Deferral
Election would have otherwise been paid.
	 
	 	4.4.	 	The Plan Administrator may, in its discretion, reject and/or reform any Deferral
Election, in whole or in part, due to (a) inconsistency of the Deferral Election with this
Plan; (b) inconsistency of the Deferral Election with employer compliance with

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	 	 	 	legal requirements (including those regarding sufficient tax withholding and those
regarding payroll taxation for FICA or otherwise); (c) inconsistency of the Deferral
Election with requirements for employee contributions or premium payments from
compensation under the terms of any ERISA plan; (d) inconsistency of the Deferral
Election with Legal Deferral Requirements; or (e) any other lawful basis.
	 
	 	4.5.	 	Notwithstanding any other provisions of this Plan, no Compensation payable to a
Participant less than one-hundred eighty (180) days after the first day of the second
calendar month following a hardship payment to the Participant under SIP or other qualified
deferred compensation plan in which the individual participates by virtue of employment
with any Affiliate shall be deferred under this Plan.
	 
	 	4.6.	 	For purposes of applicable determinations pursuant to Legal Deferral Requirements, to
the extent any Deferred Compensation Account is to be paid in annual installments, such
payments shall constitute a single payment.

	5.	 	Investment Tracking. Except as provided in Sections 2.4 of this Plan, the value of
each Participant’s Deferred Cash Compensation Account and Matching Contribution Account shall
be adjusted to reflect the simulated investment performance on a Total Return Basis using the
Investment Tracking Funds described in Section 6 of this Plan, on the same basis as if the
value of such Deferred Compensation Accounts had been invested in such Investment Tracking
Funds, for such period(s) of time determined under the Plan until they are paid. To the
extent permitted by the Plan Administrator, each Participant may select from among the
Investment Tracking Funds for purposes of such valuation in the Participant’s Deferral
Election and Reallocation Elections.
	 
	6.	 	Investment Tracking Funds. The Plan Administrator shall determine in its discretion
any method(s) of Investment Tracking that shall be available for Deferral Elections and
Reallocation Elections from time to time. At the Plan Administrator’s discretion, the
Investment Tracking options shall include, but not be limited to, a MetLife Common Stock Fund.
To the extent the methods of Investment Tracking are changed, or otherwise as the Plan
Administrator determines in its discretion, the Plan Administrator may require the Participant
to make an appropriate change in the Participant’s Investment Tracking or may unilaterally
impose a method of Investment Tracking.
	 
	7.	 	Reallocation Elections.

	 	7.1.	 	The Participant may change the Investment Tracking Funds used to adjust either (a) the
value of new contributions to his/her Deferred Compensation Cash Account and credits to
his/her Matching Contribution Account, from the date(s) Compensation is deferred rather
than paid and any Matching Contributions are credited, as the case may be; and/or (b) the
value of the Participant’s existing Deferred Cash Compensation Account and Matching
Contribution Account.
	 
	 	7.2.	 	Unless the Plan Administrator determines otherwise, a Reallocation Election shall be
effective on the date it is received by the Plan Administrator, or on the following
business day if it is received by the Plan Administrator at a time when the Plan
Administrator determines it is not practicable or convenient to the operation of the Plan
to apply such Reallocation Election on the date it is received. The number of

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	 	 	 	Reallocation Elections by a Participant for (a) and (b) of Section 7.1 of this Plan,
shall not exceed six (6) in any calendar year for each of (a) and (b) of Section 7.1;
provided, however, that the number of such Reallocation Elections submitted by a
Participant on a single day shall be aggregated as a single election for purposes of the
limit expressed in this sentence.

	8.	 	Matching Contribution. If a Participant makes contributions to SIP throughout a
calendar year, the Participant’s Matching Contribution Account shall be credited with the
amount of matching contributions (if any) with which the Participant’s SIP account would have
been credited under the terms and provisions of such plan, in each case with relation to
deferred Compensation in that calendar year had the Compensation not been deferred.
Notwithstanding the foregoing, no Matching Contributions shall be credited in favor of a
Participant during the suspension of such Participant’s deferrals pursuant to Section 4.5 of
this Plan. A Participant’s Matching Contribution Account shall vest or be forfeited to the
same extent, and on such date(s), that such Matching Contributions would have vested under the
terms of SIP.
	 
	9.	 	Beneficiary Designation. The Plan Administrator shall prescribe the form by which
each Eligible Associate and Participant may designate a beneficiary or beneficiaries (who may
be named contingently or successively, and among whom payments received under this Plan may be
split as indicated by the individual) for purposes of receiving payment of Deferred
Compensation Accounts under this Plan after the death of such individual. Each designation
will be effective only upon its receipt by the Plan Administrator during the life of the
individual making the designation and shall revoke all prior beneficiary designations by that
individual related to this Plan. Beneficiary designations submitted by an Eligible Associate
or Participant pursuant to the terms of the MetLife Deferred Compensation Plan for Officers,
MetLife Individual Business Special Deferred Compensation Plan or MetLife Individual Business
Sales Deferred Compensation Plan during or prior to 2009 shall be effective for purposes of
this Plan.
	 
	10.	 	Payment of Deferred Compensation Accounts.

	 	10.1.	 	Amount. Except as provided in Section 2.4 of this Plan, the amount of
payment(s) of each Deferred Compensation Account shall reflect the value of those Deferred
Compensation Accounts through the date each payment of Deferred Compensation Accounts is
payable, as adjusted for Investment Tracking. If payment of Deferred Compensation Accounts
is to be made in installments, then the amount of each installment payment will be
determined by dividing the value of each of the Deferred Compensation Accounts at the time
each payment is due by the remaining number of installments in which the Deferred
Compensation Accounts is to be paid.
	 
	 	10.2.	 	Medium. The form of payment of all Deferred Compensation Accounts shall be
cash.
	 
	 	10.3.	 	Timing and Number of Payments.

	 	10.3.1.	 	If a Participant dies on any date prior to completion of all payments from a
Participant’s Deferred Compensation Accounts, the unpaid portions of the Participant’s
Deferred Compensation Accounts shall become immediately payable in a lump sum.

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	 	10.3.2.	 	If any of a Participant’s Deferred Compensation Accounts are payable pursuant to
Section 12 or 13 of this Plan, payment shall be made in a single lump sum.
	 
	 	10.3.3.	 	Notwithstanding any other terms of this Plan, no portion of a Participant’s Matching
Contribution Account shall be paid prior to the date the amount is vested pursuant to
the terms of Section 8 of this Plan. To the extent the applicable date of payment
occurs prior to the vesting of any portion of a Participant’s Matching Contribution
Account, the portion of the Matching Contribution Account not yet vested on that date
will be payable when it vests, if any.
	 
	 	10.3.4.	 	Except as otherwise provided in this Section 10.3, a Participant’s Deferred
Compensation Accounts shall be payable beginning on the date determined by the
Participant’s Deferral Election and in the number of payments determined by the
Participant’s Deferral Election.
	 
	 	10.3.5.	 	Payment(s) of a Participant’s Deferred Compensation Accounts shall be made on the
earlier of the date payable or after any delays in payment required under Legal
Deferral Requirements have passed as determined by the Plan Administrator in its
discretion. In no event shall MetLife, Inc., any Affiliate, or the Plan have any
liability to anyone on account of payment being made later than the date payable due to
administrative considerations or otherwise.
	 
	 	10.3.6.	 	Notwithstanding any other terms of this Plan, no payment of any Deferred
Compensation Account shall be made at a time inconsistent with Legal Deferral
Requirements.

	 	10.4.	 	To Whom Paid. Except as otherwise provided in this Section 10.4 of this Plan,
all payments of a Participant’s Deferred Compensation Accounts will be made to the
Participant. If a Participant dies on any date prior to the date of the completion of all
such payments, all unpaid value in the Participant’s Deferred Compensation Accounts shall
be paid to the beneficiary designated for that purpose by the Participant. If the
Participant’s designated beneficiary has not survived the Participant, or the Participant
has designated no beneficiary for purposes of this Plan, such payment will be made to the
Participant’s estate.
	 
	 	10.5.	 	Withholding and Effect of Taxes. Payments under this Plan will be made after
the withholding of any Federal, state, or local income, employment or other taxes legally
obligated to be withheld, as determined by the Plan Administrator in its discretion. All
tax liabilities arising out of deferrals under this Plan shall be the sole obligation of
the Participant or his/her beneficiary, including but not limited to any tax liabilities
arising out of Legal Deferral Requirements. Withholding of any taxes or other items
required by law may be made from each payment of a Participant’s Deferred Compensation
Account or from other payments due to the Participant from any Affiliate to the extent
consistent with law.

	11.	 	No Loans and Assignments. The Plan shall make no loan, including any loan on account
of any Deferred Compensation Account, to any Participant or any other person nor permit any
Deferred Compensation Account to serve as the basis or security for any loan to any

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	 	 	Participant or any other person. Except as provided in Section 20 of this Plan, no Participant
or any other person may sell, assign, transfer, pledge, commute, or encumber any Deferred
Compensation Account or any other rights under this Plan.

	12.	 	Hardship Accommodations.

	 	12.1.	 	Upon the written request of an Eligible Associate or Participant, the Plan
Administrator may, in its discretion and in light of any facts or considerations it deems
appropriate, find that the Eligible Associate or Participant has suffered an Unforeseeable
Emergency. In light of such a finding, the Plan Administrator may, to the extent the Plan
Administrator determines necessary for the Eligible Associate or Participant to address the
Unforeseeable Emergency, (a) suspend the deferral of receipt of Compensation by the
Eligible Associate or Participant pursuant to a Deferral Election; and/or (b) to the extent
the Plan Administrator finds, in its discretion, that such a suspension of deferral is
insufficient to address the Participant’s Unforeseeable Emergency, make payment of all or a
portion of the Participant’s Deferred Compensation Accounts. The Plan Administrator shall
provide the Eligible Associate or Participant with written notice of its determinations in
response to the Eligible Associate’s or Participant’s request.
	 
	 	12.2.	 	The total amount of deferrals suspended or payment advanced shall not exceed the
amount necessary to satisfy the financial consequences of the Unforeseeable Emergency and
amounts equal to the withholding required by Section 10.5 of this Plan, and shall not
exceed the total value of the Deferred Compensation Accounts under the Plan.
	 
	 	12.3.	 	If the Eligible Associate or Participant participates in any other deferred
compensation plan by virtue of employment with any Affiliate, the Plan Administrator may
coordinate the operation of this Section 12 with the operation or similar provisions of
any such other plan, including but not limited to reducing the value of deferrals in
ascending order of the value of deferrals in each plan beginning with the plan in which
the individual’s deferrals have the lowest value.
	 
	 	12.4.	 	In the event that a payment from the Participant’s Deferred Compensation Accounts is
made pursuant to this Section 12, (a) the value of the Participant’s Deferred Cash
Compensation Account shall be reduced, and (b) if the reduction in the value of the
Participant’s Deferred Cash Compensation Account is less than the payment made, the Plan
Administrator may in its discretion reduce the value of the Participant’s Matching
Contribution Account in amounts determined by the Plan Administrator in its discretion,
equal to a total reduction equal to the difference between the payments made and the value
by which the Participant’s Deferred Cash Compensation Account was reduced.
	 
	 	12.5.	 	To the extent that the value of the Participant’s Deferred Cash Compensation Account
or Matching Contribution Account is reduced, the value tracked according to each
Investment Tracking Fund shall be reduced proportionate to the total value of the

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	 	 	 	Deferred Cash Compensation Account or Matching Contribution Account, respectively, being
tracked in that Investment Tracking Fund.

	13.	 	Unilateral Payment Consistent with Law. In circumstances permitted by law consistent
with Legal Deferral Requirements, the Plan Administrator may, in its discretion and regardless
of the Participant’s wishes, pay a Participant the value of the Participant’s Deferred
Compensation Accounts in whole or in part. No payment pursuant to this Section 13 shall be
made in a manner or at a time when prohibited or punishable by any applicable Affiliate policy
or law, including but not limited to law regarding trading of securities on inside information
or the exemptions therefrom.
	 
	14.	 	Nature of Liability. All Deferred Compensation Accounts under this Plan are
unsecured obligations of MetLife, Inc. and any successor thereto, are neither obligations,
debts, nor liabilities of any other entity or party. This Plan and the liabilities created
hereunder are unfunded. Investment Tracking, any other means for adjusting or communicating
the value of Deferred Compensation Accounts, and any communication or documentation regarding
this Plan or any Participant’s Deferred Compensation Accounts are for recordkeeping purposes
only and do not create any right, property, security, or interest in any assets of MetLife,
Inc. or any other party. All Deferred Compensation Accounts are subject to the claims of
general creditors of MetLife, Inc. Notwithstanding the foregoing, if any Affiliate employing
a Participant ceases to be an Affiliate, the Plan Administrator may determine on or before the
date of the transaction in which the Affiliate ceased to be an Affiliate (or afterward, with
the consent of an officer of MetLife, Inc.), that the liabilities associated with some or all
of the employees of that Affiliate who are Participants shall transfer from MetLife, Inc. to
that Affiliate as of the date that Affiliate ceases or ceased to be an Affiliate. Although
the Plan is intended to be designed and administered in complete accordance with Legal
Deferral Requirements, in no event shall MetLife, Inc., any Affiliate, or the Plan have any
liability to anyone for any taxes, penalties, or other losses on account of the Plan or its
administration failing to comply with Legal Deferral Requirements.
	 
	15.	 	No Guarantee of Employment; No Limitation on Employer Action. Nothing in this Plan
shall interfere with or limit in any way the right of any employer to establish the terms and
conditions of employment of any individual, including but not limited to compensation and
benefits, or to terminate the employment of any individual, nor confer on any individual the
right to continue in the employ of any employer. Nothing in this Plan shall limit the right
of any employer to establish any other compensation or benefit plan. No Deferred Compensation
Account shall be treated as compensation for purposes of a Participant’s right under any other
plan, policy, or program, except as stated or provided in such plan, policy, or program.
Nothing in this Plan shall be construed to limit, impair, or otherwise affect the right of any
entity to make adjustments, reorganizations, or changes to its capital or business structure,
or to merge, consolidate, dissolve, liquidate, sell, or transfer all or any part of its
business or assets.
	 
	16.	 	Term of Plan. This Plan shall be effective on January 1, 2010, and shall continue in
effect unless and until it is terminated pursuant to its terms. The Plan Administrator may
solicit and receive Deferral Elections prior to the dates this Plan, any amended and restated
terms, and any amendment to the Plan are effective.

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	17.	 	Governing Law. The Plan shall be construed in accordance with and governed by New
York law, without regard to principles of conflict of laws.
	 
	18.	 	Entire Plan; Third Party Beneficiaries. This Plan document is the entire expression
of the Plan, and no other oral or written communication, other than documents authorized under
this Plan and fulfilling its express terms, shall determine the terms of the Plan or the terms
of any agreement between an Eligible Associate or Participant and a Affiliate with regard to
the Plan or Deferred Compensation Accounts. There are no third party beneficiaries to this
Plan, other than Participants’ respective beneficiaries designated under the terms of this
Plan.
	 
	19.	 	Amendment and Termination Consistent with Law. To the extent permissible under law,
including Legal Deferral Requirements, the Plan Administrator may amend, modify, suspend, or
terminate this Plan at any time. Any such amendment or termination will not reduce the amount
in Deferred Compensation Accounts accrued under this Plan prior to the execution of such
amendment or termination. For further clarification, except as otherwise stated in this
Section 19, amendments may otherwise be made to any and all provisions of the Plan, including
but not limited to amendments affecting the time of distribution of Deferred Compensation
Accounts, affecting forms of distribution of Deferred Compensation Accounts, or affecting any
of the Investment Tracking Funds or any other means for adjusting the value of Deferred
Compensation Accounts.
	 
	20.	 	Qualified Domestic Relations Orders. The Plan Administrator will distribute,
designate, or otherwise recognize the attachment of any portion of a Participant’s Deferred
Compensation Accounts in favor of the Participant’s spouse, former spouse or dependents to the
extent such action is mandated by the terms of a qualified domestic relations order as defined
in Section 414(p) of the Code, and otherwise as determined by this Plan.
	 
	21.	 	Claims. Claims for benefits and appeals of denied claims under the Plan shall be
administered in accordance with Section 503 of ERISA, regulations thereunder (and any other
law that amends, supplements, or supersedes said section of ERISA), and any procedures adopted
by the Plan Administrator. The claims procedures referenced above are incorporated in this
Plan by this reference.
	 
	22.	 	Definitions. Capitalized terms in this Plan, and their forms, shall have the
following meanings:

	 	22.1.	 	“Affiliate” shall mean any corporation, partnership, limited liability company, trust or
other entity which directly, or indirectly through one or more intermediaries, controls, or is
controlled by, MetLife, Inc.
	 
	 	22.2.	 	“Associate” shall mean each individual who is (a) an agent of Metropolitan Life
Insurance Company who exclusively sells products for Metropolitan Life Insurance Company or
one or more Affiliates who is also; (b)(1)employed by Metropolitan Life Insurance Company
as a common law employee, or (2) engaged by Metropolitan Life Insurance Company as a
statutory employee; and (c) is in the Individual Business field force, including sales
office management and sales personnel, but excluding regional management.
	 
	 	22.3.	 	“Code” shall mean the Internal Revenue Code of the United States.

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	 	22.4.	 	“Compensation” shall mean annual compensation for commissioned employees under the
Retirement Plan payable by Metropolitan Life Insurance Company.
	 
	 	22.5.	 	“Deferral Election” shall mean a written document executed by the Eligible Associate
specifying the Eligible Associate’s instructions regarding the matters addressed by Section
4 of this Plan.
	 
	 	22.6.	 	“Deferred Cash Compensation Account” shall mean a record-keeping account established
for the benefit of a Participant in which is credited Compensation otherwise payable in
cash to a Participant, but accounted for to the credit of the Participant under the terms
of this Plan rather than paid to the Participant as and when originally earned.
	 
	 	22.7.	 	“Deferred Compensation Account” shall mean a Deferred Cash Compensation Account or a
Matching Contribution Account (and, when used in the plural, all such Deferred Compensation
Accounts to the credit of a Participant under the terms of this Plan). The value of each
Deferred Compensation Account shall be adjusted as provided in this Plan.
	 
	 	22.8.	 	“Eligible Associate” shall mean an Associate who, at such times that Associate is
eligible to participate in this Plan as provided in Section 3 of this Plan, either:

	 	(a)	 	is in the first calendar year as an Associate who is found by the Plan
Administrator in its discretion to have earned annual total cash compensation in
excess of the compensation limit under Section 401(a)(17) of the Code (as indexed
annually for inflation) from any or all employers or principals in the prior
calendar year (or in the second prior calendar year, should the Plan Administrator
anticipate or determine that information on the individual’s earnings in the prior
calendar year that the Plan Administrator would find sufficiently reliable is not
available), and is selected by the Plan Administrator for eligibility and is so
notified;
	 
	 	(b)	 	is in the second or later calendar year as an Associate who earned
annual total cash compensation in excess of the compensation limit under Section
401(a)(17) of the Code (as indexed annually for inflation) from the MetLife
Companies (or other employers or principals, if applicable) for the twelve (12)
months immediately preceding October 1 of the year prior to the year subject to the
Deferral Election;
	 
	 	(c)	 	is in the second or later calendar year as an Associate, earned annual
total cash compensation from the MetLife Companies in the twelve (12) months
immediately preceding October 1 of the year prior to the year subject to the
Deferral Election in an amount that exceeded the amount determined under Code
Section 414(q)(1)((B)(i) (as indexed annually for inflation) on such October 1
date, and who qualified for Chairman’s Conference, Leaders Conference, President’s
Conference, or any other performance recognition conference designed for these
purposes by the Plan Administrator, in each case based on performance for the
second year prior to the year subject to the Deferral Election; or
	 
	 	(d)	 	is deemed to be an Eligible Associate by the Plan Administrator in its
discretion.

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	 	22.9.	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended
from time to time.
	 
	 	22.10.	 	“Fair Market Value” shall mean, on any date, the closing price of MetLife Stock as
reported in the principal consolidated transaction reporting system for the New York Stock
Exchange (or on such other recognized quotation system on which the trading prices of
MetLife Stock are quoted at the relevant time) on such date. In the event that there are
no MetLife Stock transactions reported on such tape (or such other system) on such date,
Fair Market Value shall mean the closing price on the immediately preceding date on which
MetLife Stock transactions were so reported.
	 
	 	22.11.	 	“Investment Tracking” shall mean the adjustment of value to reflect simulated investment
performance.
	 
	 	22.12.	 	“Investment Tracking Funds” shall mean those funds and vehicles described in Section 6 of
this Plan.
	 
	 	22.13.	 	“Legal Deferral Requirements” shall mean requirements under law to achieve deferral of
income taxation, including but not limited to Code Section 409A and any regulations
promulgated thereunder.
	 
	 	22.14.	 	“Matching Contributions” shall mean the matching contributions described in Section 8 of
this Plan.
	 
	 	22.15.	 	“Matching Contribution Account” shall mean a record-keeping account established for the
benefit of a Participant in which is credited Matching Contributions
	 
	 	22.16.	 	“MetLife Common Stock Fund” shall mean Fair Market Value, plus the value of reinvested
dividends payable on MetLife Stock.
	 
	 	22.17.	 	“MetLife Companies” shall mean MetLife Group, Inc.; Metropolitan Life Insurance Company;
Metropolitan Property and Casualty Insurance Company; MetLife Securities, Inc.; MetLife
Bank, National Association; and SafeGuard Health Plans, Inc.(of California).
	 
	 	22.18.	 	“MetLife Stock” shall mean shares of common stock of MetLife, Inc.
	 
	 	22.19.	 	“Participant” shall mean each Eligible Associate who has had compensation deferred by
operation of a deferral election under this Plan.
	 
	 	22.20.	 	“Plan” shall mean this MetLife Individual Distribution Sales Deferred Compensation Plan.
	 
	 	22.21.	 	“Plan Administrator” shall mean the Plan Administrator of the Retirement Plan, including
any person to whom such office has been delegated consistent with the Retirement Plan.
	 
	 	22.22.	 	“Reallocation Election” shall mean a written document executed by the Participant
specifying the Participant’s instructions regarding the matters addressed by Section 7 of
this Plan.
	 
	 	22.23.	 	“Retirement Plan” shall mean the Metropolitan Life Retirement Plan for United States
Employees.

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	 	22.24.	 	“SIP” shall mean each and all of the Savings and Investment Plan for Employees of
Metropolitan Life and Participating Affiliates, the Metropolitan Life Auxiliary Savings and
Investment Plan, and the Metropolitan Life Supplemental Auxiliary Savings and Investment
Plan (and/or any successor plan(s)).
	 
	 	22.25.	 	“Total Return” shall mean the change (plus or minus) in price or value, plus dividends
(if any) on a reinvested basis, during the applicable period, less any management fees or
other expenses applicable to the fund or investment serving as the basis for Investment
Tracking Fund, as determined by the Plan Administrator in its discretion.
	 
	 	22.26.	 	“Unforeseeable Emergency” shall mean severe financial hardship to the Participant
resulting from a sudden and unexpected illness or accident of the Participant or a
dependent of the Participant, loss of the Participant’s property due to casualty, or other
similar extraordinary and unforeseeable circumstances arising as a result of events beyond
the control of the Participant, in any case that is not or can not be relieved by the
Participant through reimbursement or compensation by insurance or otherwise, liquidation of
the Participant’s assets (to the extent such liquidation would not itself cause severe
financial hardship), and in any case solely to the extent consistent with the grounds for
action by the Plan Administrator under Section 12 of the Plan consistent with Legal
Deferral Requirements.

IN WITNESS WHEREOF, pursuant to authorization by the Board of Directors of MetLife, Inc., this
MetLife Individual Distribution Sales Deferred Compensation Plan, effective January 1, 2010, is
approved.

	 	 	 	 	 
	MetLife, Inc.

 	 	 
	 	By:  	/s/
Steven J. Brash	 
	 	 	Vice
President and Tax Director – Steven J. Brash	 

	 	 	 	 	 
	 	Date: 	August
31, 2009	 

	 	 	 	 	 
	 	Witness: 	/s/
Angela Layne	 
	 	 	
Angela Layne	 
	 

11exv4w1

Exhibit 4.1

The MetLife Bank Non-Management Director

Deferred Compensation Plan

Program Description and Plan Document

November 2009

 

 

Important Notices

This Program Description provides an overview of the MetLife Bank
Non-Management Director Deferred Compensation Plan (the “Plan”). It is also
the official plan document that legally governs the Plan. This Plan document
will govern in every respect and instance, and replaces and supersedes prior
Plan documents.

This Program Description may be updated from time to time to implement changes
in the Plan. Fund performance data will be updated periodically. These
updates will constitute part of the Prospectus distributed with respect to the
Plan.

The Plan Administrator may amend, alter or terminate the Plan in accordance
with its terms at any time and for any reason.

The Plan, (effective on January 1, 2010), will continue in effect until it is
amended, suspended, or terminated according to its terms.

MetLife, Inc. will have the obligation to pay amounts deferred under the Plan.
MetLife, Inc.’s obligations are registered under the Securities Act of 1933, as
amended. Since this is an unfunded plan, your rights or claims against assets
or property are no greater than those of a general unsecured creditor of
MetLife, Inc.

Your deferrals may gain or lose value over time; see “Investment Tracking for
Your Deferred Accounts” below.

This document constitutes part of a prospectus covering securities

that have been registered under the Securities Act of 1933, as amended.

The date of this document is November 2009.

Page 1

 

MetLife Bank Non-Management Director Deferred Compensation Plan

Plan At-a-Glance

	 	 	 
	Purpose

	 	To provide eligible directors with the opportunity to defer their cash
compensation, thereby deferring payment of federal and most state income taxes
on such compensation.
	 
	 	 
	Eligibility

	 	Directors of MetLife Bank, N.A. who are not employees of MetLife, Inc. or any
of its affiliates.
	 
	 	 
	Election Options

	 	•    Deferral amount
	 

	 	•    Distribution date
	 

	 	•    Number of distribution payments
	 
	 	 
	Annual Enrollment Period for 

Incumbent Directors

	 	Eligible Directors will be notified of the annual enrollment in the calendar
year before deferrals begin.
	 
	 	 
	Enrollment Period 

for New Directors

	 	Newly-appointed directors may make a deferral election for retainer fees
payable in the calendar year in which they are appointed, but must generally do
so by the earlier of:
	 

	 	
•   the day before the first Directors meeting on or after the day of
appointment or,

	 

	 	
•   the 30th day after appointment.

	 
	 	 
	Investment Tracking

	 	The value of your deferred cash compensation accounts will fluctuate daily
based on the performance of the MetLife Common Stock Fund.
	 
	 	 
	Changes in Amounts 

Deferred

	 	None allowed, except for hardship.
	 
	 	 
	Form of Distribution

	 	Your deferred cash compensation will be paid in cash at the end of the deferral
period.
	 
	 	 
	Distribution:
	 	 
	•   Number

•   Timing

•   Hardship

	 	A single lump-sum payment or up to 15 annual installments.

Beginning upon earlier of termination of service as a director or on a
designated future date.

Immediate lump-sum payment (availability strictly limited).

	 
	 	 
	Changes to
Distribution Date
and/or Number of
Payments

	 	You may change the distribution date to a date at least five years later than
the date you originally selected, and/or change the number of payments. Your
change will only be effective if you submit your request no later than one year
before the earlier of the end of your service as a director or the distribution
date you originally selected.
	 
	 	 
	Taxes

	 	Deferred compensation is taxable as ordinary income at the time of distribution.
Rollover to an IRA, qualified plan or other nonqualified plan is not permitted.
	 
	 	 
	Beneficiary

	 	Upon your death, any existing account balances will be paid to your designated
beneficiary or beneficiaries in a single lump sum.
	 
	 	 
	Plan Funding

	 	The Plan is a nonqualified, unfunded plan. Your accounts are maintained for
recordkeeping purposes only.

Page 2

 

MetLife Bank Non-Management Director Deferred Compensation Plan

The MetLife Bank Non-Management Director Deferred Compensation Plan (the “Plan”) allows eligible
directors to defer receiving a portion of their retainer fees payable in cash for services in 2010
and thereafter, thereby deferring payment of federal and most state income taxes until a later date
when the deferred payments are received. Deferrals count toward your share ownership guidelines as
adopted by the MetLife Bank Board of Directors. Participation in the Plan is completely voluntary.

The Plan is a nonqualified plan that is unfunded and subject to the risks described in this
document. Amounts credited to an account are solely for recordkeeping purposes. The Plan is not
subject to protection under the Employee Retirement Income Security Act of 1974 (ERISA).

Eligibility

Members of the Board of Directors of MetLife Bank, N.A. (the “Board”) who are not employees of
MetLife, Inc. or any of its affiliates (“Non-Management Directors”) are eligible to participate.
In this Program Description, “you” refers to a director who is eligible to participate in the Plan.

Making a Deferral Election

Incumbent Directors — Prior to each year in which you receive retainer fees for services you
provide as a Non-Management Director, you may defer all or a portion of the retainer fees payable
as compensation for such services. Designations do not carry over from year to year; you must make
a new designation each year.

New Directors — In general, you may defer all or a portion of your retainer fees for services in
the calendar year you are appointed to the Board by submitting a deferral election by the earlier
of:

	 	•	 	the day before the first Directors meeting on or after the day of your appointment or,
	 
	 	•	 	the thirtieth (30th) day after your appointment.

If a Directors meeting occurs before the thirtieth (30th) day after your appointment and
before you have filed a deferral election, then, at the discretion of the Plan Administrator, you
may defer a prorated portion of your retainer fees. The proration will be determined according to
the number of scheduled meetings for the year of your appointment. You must submit your deferral
election no later than the thirtieth (30th) day after your appointment.

All Directors

To defer your cash compensation, you need to complete a deferral election form specifying:

	•	 	The percentage of your cash retainer fees you want deferred into a Deferred Account (if you
choose to defer any of your cash retainer fees, your deferral must equal at least $10,000 );
	 
	•	 	A future distribution date and number of payments for that Deferred Account (to be paid in
cash).

Page 3

 

Your deferral election form must be submitted during the enrollment period. If you submit an
election form that does not specify when payment is to be made, payment will be made upon the
termination of your service as a Non-Management Director. If you submit an election form that does
not specify the number of installments in which payment should be made, payment will be made in a
single lump sum.

Before making your elections, you may wish to consult a tax or personal financial advisor regarding
all of the ramifications of deferral of compensation under Internal Revenue Code Section 409A and
all other requirements under law for deferral of income taxation (“Legal Deferral Requirements”).

All deferrals are subject to the terms of this Plan.

Income Taxes

Deferred compensation is not subject to current taxation under federal and most state income tax
laws at the time it is deferred. However, income and self-employment taxes will be due at the
time payment is made. Consult your financial advisor with any questions regarding how and when
you should make payment of your tax obligations arising from payments under the Plan. Note that
amounts payable under the Plan may not be rolled-over into an IRA, qualified plan or other
nonqualified plan.

Neither MetLife, Inc. nor any of its affiliates will be entitled to claim a tax deduction for any
compensation (plus earnings) the payment for which is deferred under the terms of this Plan until
the taxable period in which the payments are includible in the taxable income of a participant.
The deduction can be claimed only in the amount that such income is included in such participant’s
income.

Deferral Amounts

During the annual enrollment period, you may elect to defer all or a portion of your retainer fees
payable in the following year for services as a director of MetLife Bank, N.A. If you choose to
defer any of your cash retainer fees, you must defer at least $10,000.

Once you elect your deferral amount, you may not change it. You may, however, suspend deferrals in
cases of extreme hardship as provided in the Plan. See “Hardship Exceptions,” below.

Deferred Compensation Accounts

If you defer any or all of your cash compensation, a Deferred Account in your name for that year’s
deferrals will be established for recordkeeping purposes. You will receive account statements
annually.

Your accounts will be credited effective on the date on which your retainer fees would have been
payable had you not elected to defer receipt of such retainer fees.

Page 4

 

Investment Tracking For Your Deferred Accounts

Investment tracking is used as a device for adjusting the value of your Deferred Accounts, from the
time contributions are made until the time payments are made from your Deferred Accounts, based on
fund performance. The exclusive investment tracking fund for amounts deferred under this Plan is
the MetLife Common Stock Fund. This fund tracks the performance of MetLife, Inc. common stock,
plus dividends on a reinvested basis.

The performance of the fund, and therefore the value of your Deferred Accounts, will fluctuate
based on the price of MetLife, Inc. common stock, which is affected by market conditions and other
factors, such as declared dividends. Returns are measured each day the relevant stock exchange is
open. Your account will fluctuate based on the performance of the MetLife Common Stock Fund, in
effect “mirroring” the performance of the stock. As a result, the value of your Deferred Account
is anticipated to have a relatively high risk profile. However, your Deferred Account will not
actually be invested in MetLife, Inc. common stock.

Your Deferred Account will be appropriately adjusted (as determined by the Governance Committee of
the MetLife, Inc. Board, or its successor) in the event of any MetLife, Inc. common stock dividend,
stock split, recapitalization (including, but not limited, to the payment of an extraordinary
dividend), merger, consolidation, combination, or spin-off affecting MetLife, Inc. capitalization,
distribution of MetLife, Inc. assets to holders of MetLife, Inc. common stock (other than ordinary
cash dividends), exchange of shares, or other similar corporate change.

The Plan Administrator may change, eliminate or replace the investment tracking funds at any time.
When the Plan Administrator makes such a change, you will be informed and you will be given an
opportunity to change your investment tracking selections to the extent they are affected by the
change.

Distribution Dates

For each of your Deferred Accounts you may choose to have your distributions begin either (1) on a
specific date no less than three years after the year of deferral, or (2) upon the termination of
your service as a Non-Management Director of MetLife Bank, N.A.. (the date of your termination of
service will be determined in accordance with Legal Deferral Requirements). If you choose to
receive your account on a specific date, your account will be paid to you on the earlier of (a) the
date you selected, or (b) on the date of the termination of your service as a director.

Once you have designated a distribution date, you cannot change it except as described below under
“Changing the Distribution Date And/Or Number of Payments.”

Number of Payments

You may elect to receive each of your account balances in either a single lump-sum payment or up to
15 annual installments. For each of your Deferred Cash Accounts, each annual installment will be a
fraction of the account’s cash value with one being the numerator and the number of payments
remaining being the denominator. For example, if you elect to

Page 5

 

receive 10 annual payments, the first payment is equal to 1/10th of the account; the
second payment is equal to 1/9th of the account; and so on until final payment is made.
For purposes of Legal Deferral Requirements, any payment option selected under this plan will be
considered to be a single payment form of benefit.

Form of Payments

All payments from your Deferred Accounts will be paid in cash at the Closing Price of the MetLife
Common Stock Fund on the date of payment.*

Changing the Distribution Date And/Or Number of Payments

For each of your Deferred Accounts you may make changes only once, at which time you may change
either or both: (1) the date you have selected to receive payment of your deferred compensation to
a date at least five (5) years later than your original selection; and/or (2) the number of
payments you have chosen to receive (your change may increase or decrease the number of payments).
You must make all changes to any particular account at the same time; provided, however,
that your changes are only effective if you submit them no later than one year before the earlier
of the original date you had selected for payment or the date your service as a Non-Management
Director ends, and otherwise will not be effective. All changes will only be effective to the
extent consistent with Legal Deferral Requirements.

Payment to Beneficiaries

If you die before your distributions begin or are completed, the balance in your accounts will be
paid as a single lump sum to your beneficiary. If you have not designated a beneficiary, or your
beneficiary (or beneficiaries) die(s) before you do, the balance in your accounts will be paid to
your estate.

You may designate an individual, entity, trustee, or your estate as your beneficiary, and you may
change your beneficiary at any time. Each beneficiary designation will apply to all of your
deferrals under the Plan, and will supersede your previous beneficiary designations.

You may update or designate your beneficiary(ies) during each annual enrollment period. If you
wish to change your beneficiary designations during the year you may do so by accessing the Plan
recordkeeper’s website or by calling the Participant Service Center.

Loans

No loans may be taken from your accounts.

 

			
	*	 	“Closing Price” means the closing price of a share of
MetLife Stock as reported in the principal consolidated transaction reporting
system for the New York Stock Exchange (or on such other recognized quotation
system on which the trading prices of shares of MetLife Stock are quoted at the
relevant time) on such date. In the event that there are no transactions of
MetLife Stock reported on such tape (or such other system) on such date,
Closing Price shall mean the closing price on the immediately preceding date on
which MetLife Stock transactions were so reported.

Page 6

 

Hardship Exceptions

In cases of extreme hardship, and consistent with Legal Deferral Requirements for deferral of
income taxation, the Plan Administrator may suspend deferrals or make payments to you, reducing the
value of your account. However, the total amount suspended and advanced cannot exceed the amount
required to satisfy the financial consequences of the hardship and tax withholding requirements.

Unfunded, Unsecured Obligations of MetLife, Inc.

Deferrals under the Plan are unfunded and unsecured obligations of MetLife, Inc. Your rights are
those of a general unsecured creditor of MetLife, Inc. The Plan is intended to be designed and
administered in complete accordance with Legal Deferral Requirements, but in no event will MetLife,
Inc., any affiliate, or the Plan be liable for any taxes, penalties, or other losses on account of
the Plan or its administration failing to comply with Legal Deferral Requirements. The total
amount of deferrals under the Plan will depend on participant elections. There are no fees charged
to you for participation in the Plan.

Assignment

No assignment, hypothecation, or pledge of the right to receive the payment of amounts deferred or
any other rights under the Plan may be made. The Plan does not provide for the creation of a lien
on any account.

Qualified Domestic Relations Orders (“QDROs”)

Deferred compensation will be distributed or attached to the extent required by a QDRO.

Plan Administrator

The Plan is administered by a Plan Administrator who may establish, amend or rescind rules and
regulations relating to the Plan. The Plan Administrator of this Plan is also the Plan
Administrator of the Metropolitan Life Retirement Plan for U.S. Employees. The Plan Administrator
acts through an individual who is an employee of an affiliate of MetLife, Inc. and an officer of
one or more affiliates of MetLife, Inc. The Employee Benefits Committee of the Metropolitan Life
Insurance Company appoints the Plan Administrator of the Retirement Plan, who serves until such
time as the Committee appoints a new Plan Administrator.

To the extent consistent with law, including Legal Deferral Requirements, the Plan Administrator
may amend, modify, suspend, or terminate the Plan at any time and for any reason. The Plan
Administrator may not amend, modify or terminate the Plan in a way that will reduce the amount that
has been accrued in your deferred compensation account prior to the effective date of the
amendment, modification or termination.

The determinations and interpretations of the Plan made by the Plan Administrator shall be final,
binding, and conclusive for all purposes under the Plan. The Plan Administrator may prescribe
forms for participants to take action authorized or allowed under the Plan and may appoint agents
and consult legal counsel and other professionals to assist in administration of the Plan. The
Plan Administrator may, in his or her discretion, adjust the value of a deferred

Page 7

 

compensation account on a basis other than as prescribed in deferral or reallocation elections,
including but not limited to the use of investment tracking funds other than the one currently
applicable. The Plan Administrator will administer any claims under the Plan by following Section
503 of ERISA, any applicable regulations, and any other procedures the Plan Administrator adopts.

The Plan Administrator may reject or reform a deferral election on any lawful basis, and may
conform any provision of the Plan to Legal Deferral Requirements. Where consistent with such
requirements, the Plan Administrator may pay deferred compensation regardless of the participant’s
election for payment at another time.

Additional Information

Additional information about the Plan will be provided to you from time to time. To the extent
that information is part of a prospectus for the Plan, it will include a notice to that effect.

IN WITNESS WHEREOF, this MetLife Bank Non-Management Director Deferred Compensation Plan is hereby
effective January 1, 2010.

	 	 	 	 	 
	MetLife, Inc.

 	 	 
	By:  		 	 
	 	 	 	 
	/s/
Steven J. Brash	 	 
	Vice President and Tax Director –
Steven J. Brash	 	 
	 	 	 	 

			
	Date:
	 	August 31, 2009
	 

	 	 

	 	 	 
	Witness:
	 	/s/ Angela Layne 
	 

	 	 
Angela Layne 

Page 8

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