Document:

EX-10.63

 

Exhibit 10.63

This document constitutes part of a prospectus covering securities

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

Amendment Number One to the

MetLife Leadership Deferred Compensation Plan

          The MetLife Leadership Deferred Compensation Plan (the “Plan”) is hereby amended as
follows:

1. Section 10.3.9 of the Plan is hereby amended and restated in its entirety as follows:

	 	10.3.9	 	Payment(s) of a Participant’s Deferred Compensation Account shall be made on the
earlier of the date payable or after any delays in payment required under Legal
Deferral Requirements have passed. A Participant who is a “Specified Employee” as
determined under the provisions of the MetLife Auxiliary Pension Plan who has elected
to commence distributions upon separation from service or at retirement from active
service shall have his/her payments delayed until the earlier of (a) the date six
months after the Participant’s separation from service, or (b) the date of death of the
Participant. 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.

2. Section 22.2 of the Plan is hereby amended and restated in its entirety as follows:

	 	22.2	 	“Cash Incentive Compensation” shall mean compensation payable in the form of
cash under the MetLife Annual Variable Incentive Compensation Plan, the Institutional
Regional Executive Plan, the International Long Term Performance Compensation Plan, the
Long Term Performance Compensation Plan (and, in the case of each incentive
compensation plan, any successor plan(s)), payments of the nature of incentive
compensation to an 090 Employee, or any other compensation payable in the form of cash
(other than salary) to any Eligible Participant to the extent deemed covered by this
definition from time to time by the Plan Administrator in its discretion, but (for
greater clarity) shall not include any payments in lieu of compensation payable under
any such plans contingent on a separation agreement, release, or similar agreement.

3. This amendment shall be effective on December 31, 2007.

In witness where, the Plan Administrator has executed this amendment on the date noted below.

PLAN ADMINISTRATOR

/s/ Margery Brittain

Date: December 13, 2007

Witness: /s/ Bonita HaskinsEX-10.68

 

Exhibit 10.68

The MetLife Non-Management

Director Deferred Compensation Plan

December 2007

 

 

Important Notices

This Program Description provides an overview of the MetLife 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 was effective on
January 1, 2005, and the Plan will continue in effect until it is amended,
suspended, or terminated according to its terms. This Plan was designed to
replace the MetLife Deferred Compensation Plan for Outside Directors and
Article VII of the MetLife, Inc. 2000 Directors Stock Plan, respectively,
beginning with 2005 compensation deferrals; earlier deferrals will remain
governed by the earlier plans.

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 Cash Accounts” and “MetLife Deferred Stock Accounts”
below. Shares of MetLife, Inc. common stock paid under the Plan may be shares
of treasury common stock or authorized but unissued common stock.

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 Prospectus is December 2007.

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Plan At-a-Glance

	 	 	 
	Purpose
	 	To provide eligible directors with the opportunity to defer their cash and MetLife Stock
	 
	 	compensation, thereby deferring payment of federal and most state income taxes on such
	 
	 	compensation.
	 
	 	 
	Eligibility
	 	Directors of MetLife, Inc. who are not employees of MetLife, Inc. or any of its affiliates.
	 
	 	 
	Election Options
	 	•            Deferral amount
	 
	 	 
	 
	 	•            Investment tracking funds (for cash deferrals)
	 
	 	 
	 
	 	•            Distribution date
	 
	 	 
	 
	 	•            Number of distribution payments
	 
	 	 
	Annual Enrollment
	 	The 2008 annual enrollment will be open December 6, 2007 — December 28, 2007.
	Period
	 	 
	 
	 	 
	Enrollment Period
	 	Newly-appointed directors may make a deferral election for fees payable in the calendar
	for New Directors
	 	year in which they are elected, but must do so by the earlier of the next Directors meeting
	 
	 	attended for which they earn fees or the 30th day after appointment.
	 
	 	 
	Investment Tracking
	 	Your deferred cash compensation accounts will be credited with gains and losses reflecting
	 
	 	the performance of the investment tracking funds and indices you select.
	 
	 	 
	Investment Tracking
	 	Limited to a total of six times per year for future deferrals and existing account balances.
	Fund Changes
	 	 
	 
	 	 
	Changes in Amounts
	 	None allowed, except for hardship.
	Deferred
	 	 
	 
	 	 
	Form of Distribution
	 	Your deferred cash compensation will be paid in cash at the end of the deferral period.
	 
	 	Your deferred awards of MetLife Stock will be paid in the form of such stock, with imputed
	 
	 	reinvested dividends, at the end of the deferral period.
	 
	 	 
	Distribution:
	 	 
	 
	 	 
	—      Number
	 	Lump-sum payment or up to 15 annual installments.
	 
	 	 
	—      Timing
	 	Beginning upon earlier of 60 days after termination of service as a director or on a
	 
	 	designated future date.
	 
	 	 
	—      Hardship
	 	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 date of payment you originally selected.

	 
	 	 
	Taxes
	 	Deferred compensation is taxable as ordinary income at the time of distribution.
	 
	 	Rollover to an IRA, qualified plan or non-qualified plan is not permitted.
	 
	 	 
	Beneficiary
	 	Upon your death, any existing account balances will be paid to your designated beneficiary
	 
	 	or beneficiaries in a lump sum.
	 
	 	 
	Plan Funding
	 	The Plan is a non-qualified, unfunded plan.  Your accounts are maintained for
	 
	 	record-keeping purposes only.

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MetLife Non-Management Director Deferred Compensation Plan

The MetLife Non-Management Director Deferred Compensation Plan (the “Plan”) allows eligible
directors to defer receiving a portion of their annual retainer, committee chair fees, and meeting
fees, if any, payable in cash or shares of MetLife, Inc. common stock (“MetLife Stock”) for
services in 2005 and thereafter, thereby deferring payment of federal and most state income taxes
until a later date when the deferred payments are received. Participation in the Plan is
completely voluntary.

Eligibility

Members of the Board of Directors of MetLife, Inc. (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

Prior to each year in which you will provide services as a Non-Management Director, you may defer
all or a portion of fees payable as compensation for such services. Deferrals begin with the first
fees payable for such services during a calendar year and end with the last fees payable during the
calendar year. Designations do not carry over from year to year; you must make a new designation
each year.

When you are elected to the Board, you may defer all or a portion of your fees payable in that
calendar year by submitting a deferral election before the earlier of (1) the first meeting that
you attend for which you earn fees; or (2) the thirtieth day after you become eligible to
participate in the Plan.

The MetLife Non-Management Director Deferred Compensation Plan is a non-qualified plan that is
unfunded and subject to the risks described in this document. Amounts credited to an account are
solely for record-keeping purposes. The Plan is not subject to full protection under the Employee
Retirement Income Security Act of 1974 (ERISA).

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

	•	 	The percentage of your cash fees you want deferred into a Deferred Cash Account (if you
choose to defer any of your cash fees, your deferral must equal at least $10,000.00);

	•	 	The investment tracking funds that will be used to adjust the value of that Deferred Cash
Account; and

	•	 	A future distribution date and number of payments for that Deferred Cash Account (paid in
cash).

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

	•	 	The percentage of your MetLife Stock fees you want deferred into a MetLife Deferred Stock
Account; and

	•	 	The future distribution date and number of payments for your MetLife Deferred Stock
Account.

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

Compensation is not subject to current taxation under federal and most state income tax laws at the
time it is deferred. Deferred compensation to Non-Management Directors is not subject to Social
Security or Medicare taxes, but it is subject to tax under the Self-Employment Contributions Act
(SECA) when the amounts are includible in your income. You should consult with a tax or personal
financial advisor to determine whether you must pay SECA on these amounts when received.

Deferral Amounts

During the annual enrollment period, you may elect to defer all or a portion of your fees payable
in the following year for services as a director of MetLife, Inc. If you choose to defer any of
your cash 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 Cash Account in your name for that
year’s deferrals will be established for record-keeping purposes. If you defer any of your MetLife
Stock compensation, a MetLife Deferred Stock Account in your name for that year’s deferrals will be
established for record-keeping purposes. You will receive account statements annually.

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

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Investment Tracking For Your Deferred Cash Accounts

Investment tracking funds are used as a device for adjusting the value of your Deferred Cash
Accounts from the time contributions are made until the time payments are distributed from your
Deferred Cash Accounts based on fund performance. Your deferred cash account will not actually be
invested in the funds.

Each investment tracking fund reflects the investment performance of the actual fund or index,
including any management fees and/or other expenses that apply to the fund. Gains or losses,
measured each day the relevant stock market is open, will be credited or debited from your account,
in effect “mirroring” the performance of the specified fund or index, determined on a Total Return
basis. “Total Return” reflects the change (positive or negative) in the value of your account,
including dividends (if any) on a reinvested basis. If the aggregate performance of the funds
mirrored by the investment tracking funds you choose is positive, the value of your account will
increase; if it is negative, the value of your account will decrease.

You may change your allocation among investment tracking funds  — either with regard to future
deferrals or your existing account — at any time during the year by accessing the Plan’s website
at www.benefitplanservices.com/metlife (click on Change Allocations) or by calling Benefit Plan
Services, Inc. (BPSI) at 1-800-340-8151. Keep in mind, you can make no more than six fund
allocation changes per year. For this purpose, all changes submitted on the same day will count as
a single change. You can elect to allocate your account among one or more of the investment
tracking funds in 5% increments. If you have provided BPSI with your e-mail address, you will
receive confirmation of your changes shortly after they are made.

Allocations into and out of the MetLife Common Stock Fund must be pre-cleared with the Corporate
Secretary in accordance with the MetLife Insider Trading Policy.

Following is a list of the investment tracking funds currently available in the Plan.

The Plan, however, may be amended by the Plan Administrator to change, eliminate or replace any
investment tracking fund or index at any time. See the “Plan Administrator” section for more
information.

	 	 	 
	Actively Managed Funds	 	Market Indexes
	MetLife SIP Fixed Income Fund

	 	S&P 500® Index
	Lord Abbett Bond Debenture Fund

	 	Russell 2000® Index
	Oakmark Fund®

	 	MSCI EAFE® Index
	MetLife SIP Small Company Stock Fund

	 	Lehman Brothers® Aggregate Bond Index
	Oakmark International Fund

	 	Merrill Lynch US High Yield Master II Index

MSCI Emerging Markets IndexSM
	 
	 	 
	Single-Stock Fund
	 	 
	MetLife Common Stock Fund*
	 	 

 

			
	*	 	This investment tracking fund may be used to adjust the
value of any or all of your Deferred Cash Compensation Account. Values are
tracked in this investment tracking fund using the value and performance of
MetLife Stock, but payment is made in cash. Your MetLife Deferred Stock
Account, which consists of deferred MetLife Stock payments, is paid out in the
form of MetLife Stock.

6

 

MetLife Deferred Stock Accounts

Your MetLife Deferred Stock Accounts will reflect the number of shares of MetLife Stock you
deferred, plus imputed reinvested dividends (on the same basis as such dividends are paid on actual
shares of MetLife Stock).

The value of your MetLife Deferred Stock Account will depend on the price of MetLife Stock, which
is affected by market conditions and other factors, such as declared dividends. As a result, the
value of your MetLife Deferred Stock Account is anticipated to have a relatively high risk profile.

Your MetLife Deferred Stock Accounts will be appropriately adjusted (as determined by the
Governance Committee of the Board, or its successor) in the event of any MetLife Stock dividend,
MetLife 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 Stock (other than
ordinary cash dividends), exchange of shares, or other similar corporate change.

The performance of MetLife Deferred Stock Awards will be identical to that of the MetLife Common
Stock Fund, and is labeled the “MetLife Deferred Shares Fund” in the “Total Return Historic Fund &
Index Performance by Calendar Year” chart.

The Distribution Dates

For each of your Deferred Cash Accounts and your MetLife Deferred Stock Accounts separately, you
may choose to have your distributions begin either (1) on a specific date no less than three years
after the year of deferral (for example: for payments attributable to services performed in 2008,
the date you may choose may not be earlier than 2012), or (2) upon the termination of your service
as a Non-Management Director of MetLife, Inc. (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 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 each of your MetLife Deferred Stock Accounts, each annual
installment will be a fraction of the number of shares of MetLife Stock represented in the account,
with one being the numerator and the number of payments remaining being the denominator and
disregarding any fraction of a share until the last installment. For example, if you elect to
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 Rules, any payment option selected under this plan will be
considered to be a single payment form of benefit.

7

 

Form of Payments

All payments from your Deferred Cash Accounts (including portions invested in the MetLife Common
Stock Fund) will be made in cash. All payments from your MetLife Deferred Stock Account will be
made in MetLife Stock, except that fractional shares will be paid in cash at the Closing Price of
MetLife Stock on the date of payment.*

Taxation of Payments

Generally, payments are subject to federal, state and local tax income taxes in the year you
receive the amounts. Rollover to an IRA, qualified plan or non-qualified plan is not permitted.

Changing the Distribution Date And/Or Number of Payments

For each of your Deferred Cash Account and your MetLife Deferred Stock Account for a given year,
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 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 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. Unless or
until you submit a new beneficiary designation form, your last beneficiary designation (if any)
under the MetLife Deferred Compensation Plan for Outside Directors (or, if you have not designated
a beneficiary under that plan, the beneficiary you have designated under the MetLife, Inc. 2000
Directors Stock Plan, if any) will apply under this Plan.

 

			
	*	 	“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.

8

 

You may designate your beneficiary(ies) during each annual enrollment period. If you wish to
change your beneficiary designations during the year you may access the website
www.benefitplanservices.com/metlife (by clicking on Beneficiary Detail) or contact BPSI at
1-800-340-8151 and they will send you a form on which you can make your new beneficiary elections.

Loans

No loans may be taken from your accounts.

Hardship Exceptions

In cases of extreme hardship, and consistent with legal 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.

Assignment

No assignment or pledge of the right to receive the payment of amounts deferred or any other rights
under the Plan may be made.

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 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.

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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 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 those selected by the participant.
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.

Investment Tracking Funds and Indices — Additional Information

Each investment tracking fund and index mirrors the performance of the actual fund or index to
which it refers. Following are descriptions and historic performance data for the actual funds and
indices, determined on a Total Return basis. Total Return means the change in price or value, plus
dividends (if any) on a reinvested basis, less any management fees or expenses that apply under the
actual fund.

There is no guarantee that any of the funds will achieve its objectives or increase in value.
Except to the extent you choose the investment tracking fund for the MetLife SIP Fixed Income Fund,
your deferrals may lose value. Each actively managed fund has investment management fees and/or
other expenses associated with it. The descriptions below are derived from information provided by
the funds and other sources deemed to be reliable by the Plan Administrator.

Actively Managed Funds

MetLife SIP Fixed Income Fund: The fund seeks to generate a predictable return through a specified
interest rate, with preservation of original principle invested. The Fixed Income Fund crediting
rate is re-evaluated during the year. Changes may be made to the rate, up or down as appropriate,
based on market conditions and the performance of the Fixed Income Fund Assets. The fund invests
in several MetLife issued GIC (Guaranteed Investment Contracts) Alternatives, which consist of
bonds, international securities, public utilities and similar corporate issues. Participants
receive a blended rate of return based on a weighted average of all the separate interest rates
payable under the various underlying assets.

10

 

Lord Abbett Bond Debenture Fund: This fund (the Lord Abbett Bond Debenture Portfolio of the Met
Investor Series Trust) is a mutual fund investment choice available under various variable
insurance contracts issued by Metropolitan Life Insurance Company and its affiliates. The fund
seeks to provide high current income and the opportunity for capital appreciation to produce a high
total return. Under normal circumstances, the fund invests substantially all (at least 80%) of its
net assets in bond, debenture and other fixed income securities. The fund normally invests
substantially all of its assets in high-yield and investment-grade debt securities. It may also
invest in securities convertible into common stocks. Up to 80% of the fund’s assets may be
invested in high-yield/high-risk debt securities (“junk bonds”). In no event will the Portfolio
invest more than 10% of its gross assets at the time of investment in debt securities which are in
default as to interest or principal. At least 20% of the fund’s assets must be invested in any
combination of investment-grade debt securities, U.S. Government securities, and cash equivalents.
The fund may also invest up to 20% of its net assets in equity securities including common stocks,
preferred stocks, convertible preferred stocks, warrants and similar instruments. The fund may
invest up to 15% of its assets in credit default swaps. The fund may also invest up to 20% of its
net assets in debt and equity securities primarily traded in foreign countries. The fund attempts
to invest in securities selling at reasonable prices in relation to the adviser’s assessment of its
potential value. A, D 

Oakmark Fund®: This fund is a mutual fund and seeks to achieve long-term capital
appreciation following a value style by investing primarily in the common stocks of U.S. companies.
A, D, E, F, G, H

MetLife SIP Small Company Stock Fund: This fund is an individually managed fund that seeks to
generate long-term growth of capital by investing in the stocks of smaller U.S. companies with
strong growth potential. The fund seeks to outperform the Russell 2000 Growth® Index which
measures the performance of small company stocks with lower market capitalization. Assets are
diversified in the stocks of small companies which generally have market capitalization under $2
billion. Small companies generally reinvest their profits back into the company to support
future growth and therefore normally pay little or no dividends. Historically, however, their
stock prices have had more potential to increase than those of larger companies. The fund’s
growth strategy focuses on companies that show an established pattern of business success,
typically including accelerated growth, strong balance sheets, unique market positions and
excellent management. The fund normally holds approximately 40 to 60 individual stocks.G

Oakmark International Fund: This mutual fund seeks to achieve long-term capital appreciation
following a value style by investing primarily in the common stocks of non-U.S. companies. The
fund may invest in mature markets (e.g., Japan, Canada, United Kingdom) and in less developed
markets (e.g., Mexico, Brazil, South Korea). Ordinarily, the fund will invest in the securities of
at least five countries outside the U.S. There are no geographic limits on the fund’s foreign
investments, but the fund does not expect to invest more than 35% of its assets in securities of
companies based in emerging markets. B, E, F, G, H

Market Indexes

S&P 500® Index: This index measures the stock performance of 500 leading companies in
leading industries of the U.S. economy and is one of the most widely recognized and used benchmarks
of U.S. equity performance. C, E, H

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Russell 2000® Index: This index measures stock performance of 2,000 smaller U.S.
companies with market capitalization under $5.2 billion as of September 30, 2007. C,G,H

MSCI EAFE® Index: The Morgan Stanley Capital International Europe, Australasia, Far East
Index is a benchmark for developed market equity performance, excluding the United States and
Canada. As of June 2007, the MSCI EAFE Index consisted of the following 21 developed market country
indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong,
Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, and the United Kingdom. B, E, F, G

Lehman Brothers® Aggregate Bond Index: This index covers the U.S. dollar denominated,
investment-grade, fixed-rate, taxable bond market of SEC registered securities. The index includes
bonds from the Treasury, Government-Related, Corporate, Mortgage Backed Securities (agency
fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and
commercial mortgage-backed securities sectors. U.S. Agency Hybrid Adjustable Rate Mortgage
securities were added to the index in April 2007. Lehman Brothers refers to this index as the
Lehman Brothers U.S. Aggregate Index.A, B

Merrill Lynch US High Yield Master II Index: The Merrill Lynch U.S. High Yield Master II Index
tracks the performance of below investment-grade U.S. dollar-denominated corporate bonds publicly
issued in the U.S. domestic market. A,D 

MSCI Emerging Markets IndexSM: The MSCI Emerging Markets Index is designed to measure
equity market performance in global emerging markets. As of June 2007, the MSCI Emerging Markets
Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile,
China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia,
Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and
Turkey. B, E, F, G

Single-Stock Fund

MetLife Common Stock Fund: The performance of this fund will depend on the price of MetLife, Inc.
common stock, which is affected by market conditions and other factors, such as declared dividends.
Like other individual stock funds, this fund is anticipated to have a relatively high risk
profile. The performance of this fund also includes the value of reinvested dividends on MetLife,
Inc. common stock, if any.

 

			
	A 	 	 Bond and other fixed-income securities involve both credit risk and market risk
which includes interest rate risk. Credit risk is the risk that the security’s issuer will
not pay the interest, dividends or principal that it has promised to pay. Market risk is the
risk that the value of the security will fall because of changes in market rates of interest
or other factors. Interest rate risk reflects the fact that the values of fixed-income
security tend to fall as interest rates rise. When interest rates go down, interest earned
on fixed-income securities will tend to decline.
	 
	B	 	Foreign securities pose additional risks that are not associated with U.S.
domestic issues, such as changes in currency exchange rates and different governmental
regulations, economic conditions and accounting standards.
	 
	C 	 	 Invests in growth stocks, the prices of which may be more sensitive to changes in
current or expected earnings than the prices of other stocks. Growth stocks may not
perform as well as value stocks or the stock market in general.
	 
	D 	 	 Lower rated high yield, high risk securities generally involve more credit risk.
These securities may also be subject to greater market price fluctuations than lower yielding,
higher rated debt securities.
	 
	E 	 	 Invests in the common stock of large capitalization companies. These investments
may not be able to attain the growth rates as high as those of successful smaller
capitalization companies, especially during extended periods of economic expansion.
	 
	F 	 	 The common stocks of medium-sized companies may be more volatile than those of larger,
more established companies.
	 
	G 	 	 Investments in small capitalization and emerging growth companies involve greater than
average risk. Such securities may have limited marketability and the issuers may have limited
product lines, markets and financial resources. The value of such investments may fluctuate more
widely than investments in larger, more established companies.

12

 

			
	H 	 	Invests in stocks that tend to trade at lower prices relative to their fundamental
financial characteristics and are therefore considered undervalued. Value stocks can perform
differently than other categories of stocks (e.g., growth stocks) and can continue to be
undervalued by the market for long periods of time.

13

 

Total Return

Historic Fund & Index Performance by Calendar Year

As of September 30, 2007

These figures are past performance and are not an indication of future performance. Note: Unit
values fluctuate and amounts received upon distribution may be more or less than deferrals. Current
performance may be lower or higher than the performance figures quoted. More information regarding
the performance of the investment tracking funds may be found at the “Plan Information” link
located on your participant account Home page at www.benefitplanservices.com/metlife.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	YTD	 	2006	 	2005	 	2004	 	2003
	 
	Actively Managed Funds	 	 	 	 	 	 	 	 	 	 
	MetLife SIP Fixed Income Fund1
	 	 	3.38	%	 	 	5.00	%	 	 	4.77	%	 	 	4.51	%	 	 	5.00	%
	Lord Abbett Bond Debenture Fund2
	 	 	6.43	%	 	 	9.35	%	 	 	1.81	%	 	 	8.43	%	 	 	19.52	%
	Oakmark Fund®3
	 	 	2.96	%	 	 	18.26	%	 	 	-1.31	%	 	 	11.73	%	 	 	25.30	%
	MetLife SIP Small Company Stock Fund1
	 	 	11.30	%	 	 	11.42	%	 	 	6.04	%	 	 	10.79	%	 	 	45.11	%
	Oakmark International Fund3
	 	 	4.48	%	 	 	30.60	%	 	 	14.12	%	 	 	19.09	%	 	 	38.04	%
	Market Indexes
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	S&P500® Index 4, 8
	 	 	9.13	%	 	 	15.80	%	 	 	4.91	%	 	 	10.88	%	 	 	28.70	%
	Russell 2000® Index 5, 8
	 	 	3.16	%	 	 	18.37	%	 	 	4.55	%	 	 	18.33	%	 	 	47.25	%
	Nasdaq Composite® Index 6
	 	 	.15	%	 	 	10.28	%	 	 	2.17	%	 	 	9.16	%	 	 	50.01	%
	MSCI EAFE® Index 7, 8
	 	 	13.15	%	 	 	26.34	%	 	 	13.54	%	 	 	20.25	%	 	 	38.59	%
	Lehman Brothers® Aggregate Bond
Index 9
	 	 	3.85	%	 	 	4.33	%	 	 	2.43	%	 	 	4.34	%	 	 	4.10	%
	Merrill Lynch US High Yield Master II Index
9
	 	 	3.39	%	 	 	11.77	%	 	 	2.72	%	 	 	10.87	%	 	 	28.15	%
	MSCI Emerging Markets IndexSM 7, 8
	 	 	34.50	%	 	 	32.17	%	 	 	34.00	%	 	 	25.55	%	 	 	55.82	%
	MetLife Deferred Shares Fund 10

MetLife Common Stock Fund 11
	 	 	18.17	%	 	 	21.64	%	 	 	22.21	%	 	 	21.68	%	 	 	25.38	%

 

			
	1	 	All performance shown for the MetLife SIP Fixed Income Fund and the MetLife SIP Small
Company Stock Fund are net of investment management fees and other expenses. Both funds have been
available as tracking funds in the Plan since January 1, 1998. Returns in the MetLife SIP Fixed
Income Fund are credited to participants’ balances by crediting a daily interest factor that
produces the effective annual return that is declared for the fund. The effective annual interest
rate for the MetLife SIP Fixed Income Fund is 5.15% effective January 1, 2007.
	 
	2	 	The Lord Abbett Bond Debenture Fund (Lord Abbett Bond Debenture Portfolio of the Met
Investors Series Trust, Class A shares) is a mutual fund investment choice available under various
variable insurance contracts issued by Metropolitan Life Insurance Company and its affiliates. The
Loomis Sayles High Yield Bond Portfolio of the Metropolitan Series Fund was merged into the Lord
Abbett Bond Debenture Portfolio after the close of business on April 26, 2002. Performance for the
Lord Abbett Bond Debenture Portfolio includes performance of the Loomis Sayles High Yield Bond
Portfolio prior to April 27, 2002, and performance of the Lord Abbett Debenture Portfolio after
April 26, 2002. All performance is shown net of the Lord Abbett Bond Debenture Portfolio’s
investment management fees and other expenses.
	 
	3	 	The Oakmark Fund and the Oakmark International Fund are mutual funds. All performance
is shown net of investment management fees and other expenses. The Oakmark Fund and Oakmark
International Fund have been available as tracking funds in the Plan since January 1, 1998.
	 
	4	 	The S&P 500 Index Fund has been available as a tracking fund in the Plan since January
1, 2001. The MetLife SIP Common Stock Index Fund was available in the Plan from January 1, 1998
through December 31, 2000. The MetLife SIP Common Stock Index Fund was converted to the S&P 500
Index Fund after the close of business on December 31, 2000.

14

 

			
	5	 	The Russell 2000 Index has been available as a tracking fund in the Plan since January
1, 2001. Returns on amounts that were formerly in the Nasdaq tracking fund prior to March 1, 2007
are not reflected in the Russell 2000 Index returns
	 
	6	 	The Nasdaq Composite Index was made available as tracking fund in the Plan since
January 1, 2001 and was eliminated as a tracking fund at the close of business on February 28,
2007. The “YTD” column reflects returns from December 31, 2006 through February 28, 2007.
Investment-tracking on participants’ accounts was done using the Total Return measure (the
percentage change in the unit prices, plus the impact of reinvested dividends) for all periods
shown, except for 2004 returns which reflect the Total Return measure and for the 2003 return,
which reflects the Price Return Measure. Total Return information on the Nasdaq Composite Index
was not available prior to 2004. Investment-tracking for periods prior to January 2005 was done
using the Price Return measure (the percentage change in the unit price, without reinvested
dividends). The preceding sentence applies only to the MetLife Deferred Compensation Plan for
Outside Directors, which provided for deferral of compensation prior to January 2005; performance
charts in the program descriptions for elections that were offered under those plans reflected the
Price Return measure.
	 
	7	 	The MSCI EAFE Index and the MSCI Emerging Markets Index have been available as
tracking funds in the Plan since January 1, 2001. The name of the MSCI EMF Index tracking fund has
been changed to MSCI Emerging Markets Index to reflect the corresponding change of name in this
MSCI market index.
	 
	8	 	Investment-tracking on participants’ accounts will be done using the Total Return
measure (the percentage change in the unit price, plus the impact of reinvested dividends) for all
funds, including the S&P 500 Index, Russell 2000 Index, MSCI EAFE Index, and MSCI Emerging Markets
Index tracking funds. Returns in this chart reflect the Total Return measure for all periods shown
for all funds. Investment-tracking for periods prior to January 2005 was done using the Price
Return measure (the percentage change in the unit price, without reinvested dividends) for the S&P
500 Index, Russell 2000 Index, MSCI EAFE Index, and MSCI Emerging Markets Index tracking funds. The
preceding sentence applies only to the MetLife Deferred Compensation Plan for Outside Directors,
which provided for deferral of compensation prior to January 2005; performance charts in the
program descriptions for elections that were offered under those plans reflected the Price Return
measure.
	 
	9	 	The Lehman Brothers Aggregate Bond Index (Lehman Brothers refers to this index as the
Lehman Brothers U.S. Aggregate Index), and Merrill Lynch US High Yield Master II Index have been
available as tracking funds in the Plan since January 1, 2001.
	 
	10	 	The MetLife Deferred Shares Fund has been available as a tracking fund since May 1,
2001. The Performance data is obtained from MetLife, Inc. Returns reflect the MetLife stock price
(MET), including reinvested dividends, as reported by MetLife, Inc.
	 
	11	 	The MetLife Common Stock Fund was made available as a tracking fund for participants
since November 2003. The Performance data is obtained from MetLife, Inc. Returns reflect the
MetLife stock price (MET), including reinvested dividends, as reported by MetLife, Inc.

15

 

PROSPECTUS INFORMATION

In connection with the obligations of MetLife, Inc. under the Plan, the following constitute the
prospectus meeting the requirements of Section 10(a) of the Securities Act of 1933, as amended:

	1.	 	The information set forth in this Program Description;

	2.	 	Any other written documents delivered to participants updating or revising the information in
item 1 above. Those documents will contain a legend indicating that they constitute a part of
the prospectus covering the obligations being offered as permitted by the Plan;

	3.	 	Each of the following documents filed by MetLife, Inc. with the Securities and Exchange
Commission (the “Commission”), which are incorporated by reference in this prospectus:

	 	a)	 	MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2006;
	 
	 	b)	 	All other reports filed by MetLife, Inc. with the Commission pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as amended, since December 31, 2006; and
	 
	 	c)	 	All documents subsequently filed by MetLife, Inc. pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a
post-effective amendment which indicates that all securities offered have been sold or
which de-registers all securities then remaining unsold.

You may obtain a copy of the above filings described in items 1 and 2, at no cost, by calling BPSI
at 1-800-340-8151. Filings described in item 3 and any other documents MetLife, Inc. provides to
its shareholders may be obtained, at no cost, at www.metlife.com (by clicking on Investor
Relations) or by calling 1-800-649-3593. You may also request copies of any of the above documents
by writing to the MetLife Corporate Secretary, 200 Park Avenue, New York, NY 10166-0188.

16

 

IN WITNESS WHEREOF, this MetLife Non-Management Director Deferred Compensation Plan, as amended and
restated effective January 1, 2005, is approved.

	 	 	 	 	 
	PLAN ADMINISTRATOR

 	 	 
	/s/ Margery
Brittain	 	 
	 	 	 
	Date:
 	12-5-2007	 	 
	 
	Witness:       	/s/ Bonita
Haskins	 	 
	 

Page 17

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