Document:

Ex-10.15

 Exhibit 10.15 

 
 

 
 February 22, 2013 
 Michel Khalaf 
 President, EMEA 

Dear Michel: 

MetLife continues to make progress toward achieving its long-term goals and objectives and transforming the company into a world class
global insurance and employee benefits powerhouse. We recognize and appreciate that you engage in extensive travel to advance MetLife’s business interests, and that business travel is a necessary part of your role. We also recognize that your
business travel may result in individual income tax liability in a variety of jurisdictions. As a result, MetLife, Inc. is willing to provide you with a tax equalization arrangement as described in this letter (the “Arrangement”),
retroactively effective as of January 1, 2012 (the “Effective Date”). 
  

	1.	 The purpose of the Arrangement is to provide you with the following “Tax Equalization”: the cost to you of individual income taxes you owe
on account of your MetLife business travel on payments made to you by MetLife on and after the Effective Date and during the period covered by the Arrangement will equal the cost to you of income taxes you would have owed had that income been
taxable solely in your country of residence. For purposes of the Arrangement, your country of residence and taxing jurisdiction is defined as Dubai International Financial Center in the United Arab Emirates (“DIFC”).

  

	2.	 MetLife will pay amounts on your behalf (or reimburse you) and, to the extent necessary, take deductions or withhold amounts from your compensation
as MetLife reasonably determines necessary to effectuate Tax Equalization. You consent to such deductions or withholding. 

  

	3.	 To effectuate the purposes of the Arrangement, you agree to use a firm chosen by MetLife for tax return preparation, audit response/defense, and
related services during the term of the Arrangement. MetLife will bear the expense for the actual costs of such services and will gross up your compensation for any taxes you owe as a result of receiving such services. Due to certain tax law
requirements, all data MetLife needs to determine any amounts for a tax year must be provided within a time frame that permits MetLife to determine any tax amounts it is reimbursing or paying by the later of the end of your tax year following the
tax year in which (i) you remit taxes, or (ii) you conclude any tax audit or tax litigation. 

  

	4.	 MetLife will apply the Arrangement exclusively to compensation paid (and therefore taxable) to you during the period described in this letter as
covered by the Arrangement. MetLife will not bear the cost of any taxes, interest, penalties, or fees for tax return preparation, audit response/defense, or related services you incur for tax periods outside those covered by the Arrangement.
Consequently, the Arrangement does not apply to calendar years or tax periods prior to January 1, 2012, or to amounts like long-term incentives, that are paid in tax periods outside the Arrangement regardless of whether the compensation was fully or
partially earned or vested during the period covered by the Arrangement. 

	5.	 The Arrangement shall continue until the earliest of (a) the date your employment with MetLife is terminated for any reason, (b) the date MetLife
relocates or reassigns you to country other than DIFC; (c) the date you decline to accept relocation from MetLife to country other than DIFC; or (d) December 31, 2014. MetLife reserves the right to terminate the Arrangement if you do not comply with
the immigration and/or work permit documentation requirements of any jurisdiction to which you travel on behalf of the Company, or if at any time your job performance fails to meet MetLife’s expectations. 

 

	6.	 Upon termination of the Arrangement, your entitlement to Tax Equalization on payments made to you thereafter shall cease. You will be personally
liable for any and all tax liability for payments made to you by MetLife on and after the date of the termination of the Arrangement as a result of business-related travel or otherwise at applicable rates, regardless of your continued employment
with MetLife and/or residence in the DIFC or otherwise. 

  

	7.	 Neither this letter nor the Arrangement itself should be construed as a guarantee of employment for any specific period of time. At all times, the
terms of your employment contract (as amended from time to time) govern. This letter is the entire agreement between you and MetLife regarding the Arrangement, and cannot be amended except by a written document signed by you and an officer of
MetLife, Inc. For purposes of this letter, “MetLife” shall refer to MetLife, Inc. and all of its affiliates. MetLife, Inc. may provide you the Arrangement either itself or through an affiliate incorporated in the United States or a
jurisdiction that has a comprehensive tax treaty with the United States, 

  

	8.	 The terms of this letter have been approved by the MetLife, Inc. Compensation Committee. 

Please sign below to acknowledge the terms of the Arrangement and return an original to me at your earliest convenience. 

Sincerely yours, 
 MetLife, Inc. 
  

			
		
	By:	 	 /s/ Frans Hijkoop

		 	 Frans Hijkoop

		 	 Executive Vice President and
 Chief Human Resources Officer

  

			
	 Accepted & Agreed:

		
	By:	 	 /s/ Michel Khalaf

		 	 Michel KhalafEX-10.17

 EXHIBIT 10.17 
 METLIFE, INC. 
 2000 STOCK INCENTIVE PLAN 

(AS AMENDED EFFECTIVE FEBRUARY 8, 2002) 
 ARTICLE I. 
 PURPOSE 
 The purpose of the “METLIFE, INC. 2000 STOCK INCENTIVE PLAN” as it may be amended from time to time (the “Plan”) is to foster and promote the long-term financial success of the Company
and materially increase shareholder value by (a) motivating superior performance by means of performance-related incentives, (b) encouraging and providing for the acquisition of an ownership interest in the Company by the Company’s
and its Subsidiaries’ employees and Agents, and (c) enabling the Company to attract and retain the services of an outstanding management team upon whose judgment, interest, and special effort the successful conduct of its operations is
largely dependent. 
 ARTICLE II. 
 DEFINITIONS 
 2.1 Definitions. Whenever used herein, the following terms shall
have the respective meanings set forth below: 
 (a) “Act” means the Securities Exchange Act of 1934, as amended.

 (b) “Agent” means an “insurance agent” as defined in Section 2101 of the New York Insurance Law.

 (c) “Approved Retirement” means termination of a Participant’s employment (i) on or after the normal
retirement date or (ii) with the Committee’s approval, on or after any early retirement date established under any retirement plan maintained by the Company or a Subsidiary and in which the Participant participates; provided that in each
case, the Committee may require, as a condition to a Participant’s retirement being an “Approved Retirement” for purpose of the Plan, that the Participant enter into a general release of claims, non-solicitation and/or non-competition
agreement in form and substance satisfactory to the Company. 
 (d) “Board” means the Board of Directors of the
Company. 
 (e) “Cause” means (i) the willful failure by the Participant to perform substantially his duties as
an Employee of the Company (other than due to physical or mental illness) after reasonable notice to the Participant of such failure, (ii) the 

 
Participant’s engaging in serious misconduct that is injurious to the Company or any Subsidiary in any way, including, but not limited to, by way of damage to their respective reputations or
standings in their respective industries, (iii) the Participant’s having been convicted of, or having entered a plea of nolo contendere to, a crime that constitutes a felony or (iv) the breach by the Participant of any written
covenant or agreement with the Company or any Subsidiary not to disclose or misuse any information pertaining to, or misuse any property of, the Company or any Subsidiary or not to compete or interfere with the Company or any Subsidiary. 

(f) “Change of Control” shall be deemed to have occurred if: 

(i) any person (within the meaning of Section 3(a)(9) of the Act), including any group (within the meaning of Rule 13d-5(b) under
the Act), but excluding the MetLife Policyholder Trust (and any person(s) who would otherwise be described herein solely by reason of having the power to control the voting of the shares held by such Trust) and any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Subsidiary thereof, acquires “beneficial ownership” (within the meaning of Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 25% or more of the
combined Voting Power (as defined below) of the Company’s securities; or 
 (ii) within any 24-month period, the persons
who were directors of the Company at the beginning of such period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company; provided, however, that any
director elected to the Board, or nominated for election, by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this subclause (ii); or 

(iii) upon the consummation of a merger, consolidation, share exchange, division, sale or other disposition of all or substantially all
of the assets of the Company which has been approved by the shareholders of the Company (a “Corporate Event”), and immediately following the consummation of which the stockholders of the Company immediately prior to such Corporate Event do
not hold, directly or indirectly, a majority of the Voting Power of (x) in the case of a merger or consolidation, the surviving or resulting corporation, (y) in the case of a share exchange, the acquiring corporation or (z) in the
case of a division or a sale or other disposition of assets, each surviving, resulting or acquiring corporation which, immediately following the relevant Corporate Event, holds more than 25% of the consolidated assets of the Company immediately
prior to such Corporate Event; or 

  
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 (iv) any other event occurs which the Board declares to be a Change of Control.

 Notwithstanding the foregoing, a Change of Control shall not be deemed to have occurred merely as a result of (i) the
conversion of the Company from a mutual life insurance company to a stock company whose shareholders are either (x) primarily persons who were policyholders of the Company immediately prior to such transaction and/or a trust holding the shares
of the Company for the benefit of such policyholders or (y) another corporation the shares of which are held primarily by the persons and/or trust described in subclause (x); (ii) the Company becoming a direct or indirect subsidiary of a
mutual holding company whose members are primarily persons who were policyholders of the Company immediately prior to such transaction, (iii) an underwritten offering of the equity securities of the Company (including, without limitation, any
offering of any class of convertible preferred securities) effected in connection with the Demutualization or (iv) any other transaction that would constitute an “Other Capital Raising Transaction” within the meaning of the plan of
reorganization adopted by Metropolitan Life Insurance Company in connection with the Demutualization. 
 (g) “Change of
Control Price” means the highest price per share of Common Stock offered in conjunction with any transaction resulting in a Change of Control (as determined in good faith by the Committee if any part of the offered price is payable other than
in cash) or, in the case of a Change of Control occurring solely by reason of a change in the composition of the Board, the highest Fair Market Value of the Common Stock on any of the 30 trading days immediately preceding the date on which a Change
of Control occurs. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended. 

(i) “Committee” means the Compensation Committee of the Board or such other committee of the Board as the Board shall designate
from time to time, which committee shall consist of two or more members, each of whom shall be a “Non-Employee Director” within the meaning of Rule 16b-3 (or any successor rule thereto), as promulgated under the Act, and an “outside
director” within the meaning of section 162(m) of the Code and the Treasury Regulations promulgated thereunder. 
 (j)
“Common Stock” means the common stock of the Company, par value $0.01 per share. 
 (k) “Company” means
MetLife, Inc., a Delaware corporation, and any successor thereto. 
 (l) “Demutualization” means the demutualization
of Metropolitan Life Insurance Company pursuant to a plan of reorganization approved by the New York State Superintendent of Insurance under Section 7312 of the New York Insurance Law. 

  
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 (m) “Directors Plan” means the Company’s 2000 Directors Stock Plan, as the
same may be amended from time to time. 
 (n) “Disability” has the meaning given in the Company’s long-term
disability insurance policy or program as in effect from time to time. 
 (o) “Employee” means any officer or other
employee of the Company, Metropolitan Life Insurance Company or any Subsidiary (as determined by the Committee in its sole discretion); provided, however, that with respect to Incentive Stock Options, “Employee” means any person who is
considered an employee of the Company or any Subsidiary for purposes of Treasury Regulation Section 1.421-7(h). 
 (p)
“Fair Market Value” means, on any date, the closing prices of the Common 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 the Common Stock are quoted at the relevant time) on such date. In the event that there are no Common 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 Common Stock transactions were so reported. 
 (q) “Family Member” means,
as to a Participant, any (i) child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships), of such
Participant, (ii) trust for the exclusive benefit of such persons and (iii) other entity owned solely by such persons. 
 (r) “Option” means the right to purchase Common Stock at a stated price for a specified period of time. For purposes of the Plan, an Option may be either (i) an “Incentive Stock
Option” (ISO) within the meaning of Section 422 of the Code or (ii) an option which is not an Incentive Stock Option (a “Nonstatutory Stock Option” (NSO)). 

(s) “Participant” means any Employee or Agent designated by the Committee to participate in the Plan. 

(t) “Plan Effective Date” means the “Plan Effective Date” determined under Section 5.2(b) of the Plan of
Reorganization, dated September 28, 1999, of Metropolitan Life Insurance Company, as amended. 
 (u) “Subsidiary”
means any corporation or partnership in which the Company owns, directly or indirectly, 50% or more of the total combined voting power of all classes of stock of such corporation or of the capital interest or profits interest of such partnership.

 2.2 Gender and Number. Except when otherwise indicated by the context, words in the masculine gender used in the Plan shall
include the feminine gender, the singular shall include the plural, and the plural shall include the singular. 

  
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 ARTICLE III. 
 ELIGIBILITY AND PARTICIPATION 
 Participants in the Plan shall be those Employees
or Agents selected by the Committee to be granted Options pursuant to Article VI. 
 ARTICLE IV. 

POWERS OF THE COMMITTEE 
 4.1 Power to Grant. The Committee shall determine the Participants to whom Options shall be granted and the terms and conditions of any and all such Options. The Committee may establish different terms
and conditions for different Participants and for the same Participant for each Option such Participant may receive, whether or not granted at different times. Notwithstanding any other contrary provision in the Plan, Options shall not be granted
prior to the first anniversary of the Plan Effective Date. 
 4.2 Certain Rules Relating to Grants. 

(a) Maximum Individual Grants. During any consecutive five year period, no individual Participant may be granted Options to acquire more
than 5% of the total shares available under the Plan. 
 (b) Cumulative Grant Limits. The maximum number of Options (expressed
as a percentage of the total number of shares available under the Plan as set forth in Section 5.1) that may be awarded, on a cumulative basis (but excluding any forfeited, canceled or expired Options), shall be as follows: 

 

							
		 	 prior to the second

anniversary of the Plan Effective Date
	 	        60%        	 	
		 	 	
		 	 prior to the third
 anniversary of the Plan Effective Date
	 	80%	 	
		 	 	
		 	 prior to the fourth

anniversary of the PlanEffective Date
	 	100%	 	

 (c) Repricing or Substitution of Options. The Committee shall not have the right to reprice outstanding
Options or to grant new Options under the Plan in substitution for or upon the cancellation of Options previously granted. 

4.3 Administration. 
 (a) Rules, Interpretations and Determinations. The Plan shall be administered by the Committee. The Committee shall have full authority to interpret and administer the Plan, to establish, amend, and
rescind rules and regulations relating to the Plan, to provide for conditions deemed necessary or advisable to protect the interests of the Company, to construe the respective option agreements and to make all other determinations it determines
necessary or advisable for the administration and interpretation of the Plan in order to carry out its provisions and purposes. Determinations, interpretations, or other actions made or taken by the Committee shall be final, binding, and conclusive
for all purposes and upon all persons. 

  
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 (b) Agents and Expenses. The Committee may appoint agents (who may be officers or employees
of the Company) to assist in the administration of the Plan and may grant authority to such persons to execute agreements or other documents on its behalf. The Committee may employ such legal counsel, consultants and agents as it may deem desirable
for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. All expenses incurred in the administration of the Plan, including, without
limitation, for the engagement of any counsel, consultant or agent, shall be paid by the Company. 

  
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 4.4 Delegation of Authority. The Committee may delegate its duties, powers and authorities
under the Plan to the Company’s Chief Executive Officer with respect to individuals who are below the position of Senior Vice President (or analogous title), pursuant to such conditions or limitations as the Committee may establish; provided
that only the Committee or the Board may select, and grant Options to, Participants who are subject to Section 16 of the Act. Notwithstanding the foregoing, in no event shall the Chief Executive Officer grant (i) Options which, in the
aggregate, represent more than 1.5% of the total number of shares authorized for issuance under the Plan or (ii) to any single Participant in any twelve month period more than 5% of the total number of shares that the Chief Executive Officer is
authorized to grant. The Chief Executive Officer shall report periodically to the Committee regarding the nature and scope of the Options granted pursuant to the authority granted to him under this Section 4.4. 

ARTICLE V. 
 STOCK
SUBJECT TO PLAN 
 5.1 Number. Subject to the provisions of Section 5.3, the number of shares of Common Stock issuable
under the Plan shall not exceed 5% of the total number of shares of Common Stock outstanding immediately after the Plan Effective Date; provided that the number of shares issuable under the Plan shall be reduced by the number of shares issuable
pursuant to any “Options” granted pursuant to the Directors Plan (as such term is defined in the Directors Plan). The shares to be delivered under the Plan may consist, in whole or in part, of treasury Common Stock or authorized but
unissued Common Stock, not reserved for any other purpose. 
 5.2 Canceled, Terminated, or Forfeited Options. Any shares of
Common Stock subject to an Option which for any reason is canceled, terminated or otherwise settled without the issuance of any Common Stock (including, but not limited to, shares tendered to exercise outstanding Options or shares tendered or
withheld for taxes) shall again be available for Options under the Plan. 

  
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 5.3 Adjustment in Capitalization. In the event of any Common Stock dividend or Common Stock
split, recapitalization (including, but not limited, to the payment of an extraordinary dividend), merger, consolidation, combination, spin-off, distribution of assets to stockholders (other than ordinary cash dividends), exchange of shares, or
other similar corporate change, the aggregate number of shares of Common Stock available for Options under Section 5.1 or subject to outstanding Options and the respective exercise prices applicable to outstanding Options shall be appropriately
adjusted by the Committee and the Committee’s determination shall be conclusive; provided, however, that no adjustment shall occur by reason of the issuance of Common Stock in accordance with the Demutualization and that any fractional shares
resulting from any such adjustment shall be disregarded. 
 ARTICLE VI. 

STOCK OPTIONS 

6.1 Grant of Options. Subject to the provisions of Section 4.1, Options may be granted to Participants at such time or times as
shall be determined by the Committee. Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Nonstatutory Stock Options. Except as otherwise provided herein, the Committee shall have complete discretion in
determining the number of Options, if any, to be granted to a Participant. Each Option shall be evidenced by an Option agreement that shall specify the type of Option granted, the exercise price, the duration of the Option, the number of shares of
Common Stock to which the Option pertains, and such other terms and conditions as the Committee shall determine which are not inconsistent with the provisions of the Plan. Notwithstanding the foregoing, any Options granted to a Participant who is an
Agent shall comply with the provisions of Section 4228 of the New York Insurance Law and any regulations thereunder. 
 6.2
Option Price. Nonstatutory Stock Options and Incentive Stock Options granted pursuant to the Plan shall have an exercise price no less than the Fair Market Value of a share of Common Stock on the date the Option is granted. 

6.3 Exercise of Options. One-third of each Nonstatutory Stock Option or Incentive Stock Option granted pursuant to the Plan shall become
exercisable on each of the first three anniversaries of the date such Option is granted; provided that in no event shall any Option be or become exercisable hereunder prior to the second anniversary of the Plan Effective Date and, if and to the
extent this proviso limits the exercisability of any Option, the portion so limited shall become exercisable on such second anniversary; provided, further, that the Committee may at the time of grant establish longer periods of service for Options
to become exercisable and may establish performance-based criteria for exercisability. Subject to the provisions of Article VII, once any portion of any Option has become exercisable it shall remain exercisable for its full term. The Committee shall
determine the term of each Nonstatutory Stock Option or Incentive Stock Option granted, but in no event shall any such Option be exercisable for more than 10 years after the date on which it is granted. 

  
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 6.4 Payment. The Committee shall establish procedures governing the exercise of Options. No
shares shall be delivered pursuant to any exercise of an Option unless arrangements satisfactory to the Committee have been made to assure full payment of the option price therefor. Without limiting the generality of the foregoing, payment of the
option price may be made (i) in cash or its equivalent, (ii) by exchanging shares of Common Stock owned by the optionee (which are not the subject of any pledge or other security interest), (iii) through an arrangement with a broker
approved by the Company whereby payment of the exercise price is accomplished with the proceeds of the sale of Common Stock or (iv) by any combination of the foregoing; provided that the combined value of all cash and cash equivalents paid and
the Fair Market Value of any such Common Stock so tendered to the Company, valued as of the date of such tender, is at least equal to such option price. The Company may not make a loan to a Participant to facilitate such Participant’s exercise
of any of his or her Options. 
 6.5 Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, no Option
that is intended to be an Incentive Stock Option may be granted after the tenth anniversary of the effective date of the Plan and no term of this Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any
discretion or authority granted under the Plan be exercised, so as to disqualify the Plan under Section 422 of the Code, or, without the consent of any Participant affected thereby, to disqualify any Incentive Stock Option under such
Section 422. 
 ARTICLE VII. 
 TERMINATION OF EMPLOYMENT 
 7.1 Termination of Employment Due to Death. In the
event a Participant’s employment terminates by reason of death, any Options granted to such Participant shall become immediately exercisable in full and may be exercised by the Participant’s designated beneficiary, and if none is named, in
accordance with Section 10.2, at any time prior to the expiration of the term of the Options (or such shorter period as the Committee shall determine at the time of grant). 

7.2 Termination of Employment Due to Approved Retirement or Qualification for Disability Benefits. In the event a Participant’s
employment terminates by reason of Approved Retirement or a Participant qualifies for Disability benefits, any Options granted to such Participant which are then outstanding shall continue to become exercisable in accordance with Section 6.3
notwithstanding such qualification for benefits or termination of employment and may be exercised by the Participant or the Participant’s designated beneficiary, and if none is named, in accordance with Section 10.2, at any time prior to
the expiration date of the term of the Options (or such shorter period as the Committee shall determine at the time of grant). Notwithstanding any other terms of Article VII of this Plan, if a Participant qualifies for Disability no subsequent
termination of employment, other than a termination of employment for Cause, shall affect any Options previously granted to such Participant which are then outstanding. 

  
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 7.3 Certain Divestitures, etc. In the event that a Participant’s employment is
terminated in connection with a sale, divestiture, spin-off or other similar transaction involving a Subsidiary, division or business segment or unit, the Committee may provide at the time of grant or otherwise that all or any portion of any Options
granted to such Participant which are then outstanding shall continue to become exercisable in accordance with Section 6.3 notwithstanding such termination of employment and may be exercised by the Participant or the Participant’s
designated beneficiary, and if none is named, in accordance with Section 10.2, at any time prior to the expiration date of the term of the Options or within three (3) years (or such shorter period as the Committee shall determine at or
following the time of grant) following the Participant’s termination of employment, whichever period is shorter. 
 7.4
Termination of Employment for Cause. In the event a Participant’s employment is terminated for Cause, any Options granted to such Participant that are then not yet exercised shall be forfeited. 

7.5 Termination of Employment for Any Other Reason. Unless otherwise determined by the Committee at or following the time of grant, in
the event the employment of the Participant shall terminate for any reason other than one described in Section 7.1, 7.2, 7.3 or 7.4, any Options granted to such Participant which are exercisable at the date of the Participant’s termination
of employment may be exercised at any time prior to the expiration of the term of the Options or the thirtieth day following the Participant’s termination of employment, whichever period is shorter, and any Options that are not exercisable at
the time of termination of employment shall be forfeited. 
 ARTICLE VIII. 

CHANGE OF CONTROL 

8.1 Accelerated Vesting and Payment. Subject to the provisions of Section 8.2, in the event of a Change of Control each Option shall
be fully exercisable regardless of the exercise schedule otherwise applicable to such Option and, in connection with such a Change of Control, the Committee may, in its discretion, provide that each Option shall, upon the occurrence of such Change
of Control, be canceled in exchange for a payment in an amount equal to the excess, if any, of the Change of Control Price over the exercise price for such Option. 
 8.2 Alternative Awards. Notwithstanding Section 8.1, no cancellation, acceleration of exercisability, vesting, cash settlement or other payment shall occur with respect to any Option if the Committee
reasonably determines in good faith prior to the occurrence of a Change of Control that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award hereinafter called an “Alternative
Award”), by a Participant’s employer (or the parent or an affiliate of such employer) immediately following the Change of Control; provided that any such Alternative Award must: 

  
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 (i) be based on stock which is traded on an established securities market, or that the
Committee reasonably believes will be so traded within 60 days after the Change of Control; 
 (ii) provide such Participant
with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Option, including, but not limited to, an identical or better exercise or vesting schedule and identical or better timing
and methods of payment; 
 (iii) have substantially equivalent economic value to such Option (determined at the time of the
Change of Control); and 
 (iv) have terms and conditions which provide that in the event that the Participant’s
employment is involuntarily terminated or constructively terminated, any conditions on a Participant’s rights under, or any restrictions on transfer or exercisability applicable to, each such Alternative Award shall be waived or shall lapse, as
the case may be. 
 For this purpose, a constructive termination shall mean a termination of employment by a Participant following a material
reduction in the Participant’s base salary or a Participant’s incentive compensation opportunity or a material reduction in the Participant’s responsibilities, in either case without the Participant’s written consent. 

ARTICLE IX. 

AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN 
 The Board at any time may terminate the Plan, and from time to time may amend or modify the Plan; provided, however, that any amendment which would (i) increase the number of shares available for
issuance under the Plan, (ii) lower the minimum exercise price at which an Option may be granted or (iii) extend the maximum term for Options granted hereunder shall be subject to the approval of the Company’s shareholders and no
amendment made prior to the fifth anniversary of the Plan Effective Date shall be or become effective without the consent of the New York Superintendent of Insurance. No amendment, modification, or termination of the Plan shall in any manner
adversely affect any Option theretofore granted under the Plan, without the consent of the Participant. 
 SECTION X. 

MISCELLANEOUS PROVISIONS 
 10.1 Transferability of Options. No Options granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution; provided that the Committee may, in the Option agreement or otherwise, permit transfers of Nonstatutory Stock Options by gift or a domestic relations order to Family Members. 

  
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 10.2 Beneficiary Designation. Each Participant under the Plan may from time to time name any
beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case of his death. Each designation will revoke all prior
designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when received by the Committee in writing during his lifetime. In the absence of any such effective designation, benefits remaining
unpaid at the Participant’s death shall be paid to or exercised by the Participant’s surviving spouse, if any, or otherwise to or by his estate. 
 10.3 Deferral of Payment. The Committee may, in the Option agreement or otherwise, permit a Participant to elect, upon such terms and conditions as the Committee may establish, to defer receipt of shares
of Common Stock that would otherwise be issued upon exercise of a Nonstatutory Stock Option. 
 10.4 No Guarantee of Employment
or Participation. Nothing in the Plan shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment or service at any time, nor confer upon any Participant any right to continue in
the employ of the Company or any Subsidiary or any other affiliate of the Company. No Employee shall have a right to be selected as a Participant, or, having been so selected, to receive any future Options. 

10.5 Tax Withholding. The Company shall have the power to withhold, or require a Participant to remit to the Company, an amount
sufficient to satisfy Federal, state, and local withholding tax requirements on any Option under the Plan, and the Company may defer issuance of Common Stock until such requirements are satisfied. The Committee may, in its discretion, permit a
Participant to elect, subject to such conditions as the Committee shall impose, (i) to have shares of Common Stock otherwise issuable under the Plan withheld by the Company or (ii) to deliver to the Company previously acquired shares of
Common Stock having a Fair Market Value sufficient to satisfy such withholding tax obligation associated with the transaction. 

10.6 Indemnification. Each person who is or shall have been a member of the Committee or of the Board shall be indemnified and held
harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit, or proceeding to which he may be made a party or in
which he may be involved by reason of any action taken or failure to act under the Plan (in the absence of bad faith) and against and from any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him in
satisfaction of any judgment in any such action, suit, or proceeding against him; provided that he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his
own behalf. The foregoing right of indemnification shall not be exclusive and shall be independent of any other rights of indemnification to which such person may be entitled under the Company’s Certificate of Incorporation or By-Laws, by
contract, as a matter of law, or otherwise. 

  
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 10.7 No Limitation on Compensation. Nothing in the Plan shall be construed to limit the
right of the Company to establish other plans, provided that the Company shall not be permitted to establish any other stock option or stock incentive plans prior to the fifth anniversary of the Plan Effective Date without the advance approval of
the New York Superintendent of Insurance. Nothing in this Section 10.7 shall be construed to limit the ability of the Company to use stock in connection with any compensation arrangement, approved by the New York Superintendent of Insurance
pursuant to Section 10.1 and Schedule 3(c) of the Plan of Reorganization. 
 10.8 Requirements of Law. The granting of
Options and the issuance of shares of Common Stock shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

10.9 Term of Plan. The Plan shall be effective upon its adoption by the Board and approval by Metropolitan Life Insurance Company, the
sole shareholder of the Company and by the New York Superintendent of Insurance pursuant to Section 7312(w) of the New York Insurance Law. The Plan shall continue in effect, unless sooner terminated pursuant to Article IX, until no more shares
are available for issuance under the Plan. 
 10.10 Governing Law. The Plan, and all agreements hereunder, shall be construed in
accordance with and governed by the laws of the State of Delaware, without regard to principles of conflict of laws. 
 10.11 No
Impact on Benefits. Except as may otherwise be specifically stated under any employee benefit plan, policy or program, Options shall not be treated as compensation for purposes of calculating an Employee’s right under any such plan, policy or
program. 
 10.12 No Constraint on Corporate Action. Nothing in this Plan shall be construed (i) to limit, impair or
otherwise affect the Company’s right or power to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its
business or assets or (ii) except as provided in Article IX, to limit the right or power of the Company or any of its Subsidiaries to take any action which such entity deems to be necessary or appropriate. 

  
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