Document:

MET-2014.12.31-EX10.47

Exhibit 10.47
MANAGEMENT PERFORMANCE SHARE AGREEMENT
MetLife, Inc. confirms that, on [grant date] (the “Grant Date”), it granted you, [name], [number] Performance Shares (your “Performance Shares”).  Your Performance Shares are subject to the terms and conditions of this Management Performance Share Agreement (this “Agreement”) and the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “Plan”).
1.  Standard Performance Terms.  
(a)  The terms of this Section 1 shall be referred to as the “Standard Performance Terms” and will apply to your Performance Shares except in so far as Sections 2 (Change of Status) or 3 (Change of Control) apply.    
(b)  The Performance Period for your Performance Shares will begin on [date], [year] and end on the December 31 immediately preceding the third anniversary of the beginning of the Performance Period.  After the conclusion of the Performance Period, the Committee shall certify in writing the number of Performance Shares payable in accordance with this Section 1 (your “Final Performance Shares”), and your Final Performance Shares will be due and payable in Shares at the time specified in Section 8.  
(c)  If the Committee determines in writing that the Company met one or more of the Section 162(m) Goals, then you will be eligible for a payment of up to 200% of your Performance Shares.  The “Section 162(m) Goals” shall be the following:
(1)  Positive Company income from continuing operations before provision for income tax, excluding total net investment gains (losses) (defined in accordance with Section 3(a) of Article 7.04 of SEC Regulation S-X), as defined on the Company Statement of Income for 2009 (“Adjusted Income”), for the Performance Period.
(2)  Positive Adjusted Income for the third calendar year of the Performance Period. 
(3)  Positive Company Proportionate Total Shareholder Return for the Performance Period, as defined for the Company in Section 1(d)(2).
(4)  Positive Company Proportionate Total Shareholder Return for the third calendar year of the Performance Period, as defined for the Company in Section 1(d)(2) with respect to the third calendar year of the Performance Period.
(d)  If, under Section 1(c), you are eligible for a payment, the Committee will determine your Final Performance Shares by multiplying your Performance Shares by the “Performance Factor.”  The Performance Factor means a percentage (from zero to 200%) which is the sum of two other percentages (each from zero to 100%), described in (1) and (2) below, multiplied by the factor determined by (3) below, if applicable.
(1)  The first percentage will be based on the Company’s average percentile performance with respect to Change in Annual Net Operating Income Available to Common 

Shareholders Per Share during the Performance Period relative to the other companies in the Index, determined in the following manner:
(a) First, the Net Operating Income Available to Common Shareholders Per Share will be determined for the Company and for each of the other companies in the Index, for each calendar year of the Performance Period and the calendar immediately preceding the first calendar year of the Performance Period.  For this purpose, “Net Operating Income Available to Common Shareholders Per Share” for each calendar year will have the meaning of that term, or its substantial equivalent, defined in or derived from the Company’s quarterly financial supplement for the fourth quarter of the prior year filed with or furnished to the United States Securities and Exchange Commission.
(b)  Second, the Change in Annual Net Operating Income Available to Common Shareholders Per Share will be determined for the Company and for each of the other companies in the Index for each calendar year of the Performance Period.  For this purpose, “Change in Annual Net Operating Income Available to Common Shareholders Per Share” means Net Operating Income Available to Common Shareholders Per Share for each calendar year of the Performance Period divided by Net Operating Income Available to Common Shareholders Per Share in the immediately preceding calendar year.
(c)  Third, the Company’s Change in Annual Net Operating Income Available to Common Shareholders Per Share for each calendar year of the Performance Period will be compared to the Change in Annual Net Operating Income Available to Common Shareholders Per Share for each of the other companies in the Index for the same calendar year to determine the percentage of the other companies in the Index whose performance was less than that of the Company, rounded down to the nearest whole number percentile appearing on the left-hand column of Table 1 of Schedule A to this Agreement (Company performance greater than every other company in the Index being deemed to be performance in the ninety-ninth percentile), producing the Company’s percentile performance relative to the other companies in the Index.
(d)  Fourth, a percentage for each calendar year of the Performance Period will be determined using the percentile determined under Section 1(d)(1)(c) and the corresponding percentage on the right-hand column of Table 1 of Schedule A to this Agreement.
(e)  Finally, the three percentages referenced in Section (1)(d)(1)(d) will be averaged.
(2)  The second percentage will be based on the Company’s performance with respect to Proportionate Total Shareholder Return during the Performance Period as a percentage of that of the Index, determined according to Table 2 of Schedule A to this Agreement, determined in the following manner:

2

(a)  First, the Initial Closing Price of the Company and the Index will each be determined.  For this purpose, “Initial Closing Price” means, in the case of the Company the average Closing Price, and in the case of the Index the value of the Index, in each case for the twenty (20) trading days prior to the first day of the Performance Period.
(b)  Second, the Final Closing Price of the Company and the Index will each be determined.  For this purpose, “Final Closing Price” means, in the case of the Company the average Closing Price, and in the case of the Index the value of the Index, in each case for the twenty (20) trading days prior to and including the final day of the Performance Period.
(c)  Third, the Total Shareholder Return of the Company and the Index will each be determined, and expressed as a percentage.  For this purpose, “Total Shareholder Return” means the change (plus or minus) from the Initial Closing Price to the Final Closing Price, plus (in the case of the Company) dividends (if any) actually paid on Shares on a reinvested basis from the first day of the Performance Period to and including the last day of the Performance Period.
(d)  Fourth, the Proportionate Total Shareholder Return of the Company and the Index will each be determined.  For this purpose, “Proportionate Total Shareholder Return” means Total Shareholder Return divided by Initial Closing Price.
(e)  Fifth, the Proportionate Total Shareholder Return of the Index will be subtracted from the Company’s Proportionate Total Shareholder Return, and the result rounded up or down to the nearest percentage appearing on the left-hand column of Table 2 of Schedule A to this Agreement (any result precisely halfway between two percentages being rounded up to the next highest percentage).
(f)  Finally, a percentage will be determined using the result produced under Section 1(d)(2)(e) and the corresponding percentage on the right-hand column of Table 2 of Schedule A to this Agreement.
(3)  If the Total Shareholder Return of the Company, as determined under Section (1)(d)(2)(c), is zero percent or less, then the sum of the percentages described under Sections (1)(d)(1) and (1)(d)(2) will be multiplied by a factor of seventy-five hundredths (0.75) and rounded up or down to the nearest whole percentage (any result precisely halfway between two percentages being rounded up to the next highest percentage) to determine the Performance Factor.
(e)  For purposes of Section 1(d)(1), the companies in the Index refers to each company, other than the Company, that: 
(1)  does not adopt International Financial Reporting Standards with respect to a reporting period earlier than the reporting period with respect to which the Company does so, 

3

(2)  has publicly reported its earnings in conformity with accounting principles generally accepted in the United States of America for each of the two calendar years being compared under Section 1(d)(1)(b); and 
(3) is included in the Standard & Poor’s Insurance Index derived from Fortune 500 companies for the entirety of the second of the two calendar years being compared under Section 1(d)(1)(b)..
(f)  For purposes of Section 1(d)(2), the Index refers to the Standard & Poor’s Insurance Index derived from Fortune 500 companies, including any weighting of the stock of the companies included in that index that is applied by Standard & Poor’s, from time to time.
2.  Change of Status.  For purposes of this Section 2, your transfer between the Company and an Affiliate, or among Affiliates, will not be a termination of employment.  In the event of a Change of Control, any applicable terms of Section 3 (Change of Control) will supersede the terms of this Section 2.
(a)  Long-Term Disability.  In the event you qualify for long-term disability benefits under a plan or arrangement offered by the Company or an Affiliate for its Employees, the Standard Performance Terms will continue to apply to your Performance Shares.  Once this provision applies, no other change of status described in this Section 2 (except the provision regarding termination for Cause) will affect your Performance Shares, even if you subsequently return to active service or your employment with the Company or an Affiliate terminates other than for Cause.
(b)  Death.  In the event that your employment with the Company or an Affiliate terminates due to your death, your Performance Shares will be due and payable in Shares (or cash at a value equal to the Closing Price on the date of your death, if so determined by the Committee).  Any payment will be made at the time specified in Section 8.
(c)  Retirement.  If your employment with the Company or an Affiliate terminates (other than for Cause) on after your early retirement date or normal retirement date (in each case determined under any ERISA qualified pension plan offered by the Company or an Affiliate in which you participate) (“Retirement”), the Standard Performance Terms will continue to apply to your Performance Shares.
(d)  Bridge Eligibility.  If your employment with the Company or an Affiliate terminates (other than for Cause) with bridge eligibility for retirement-related medical benefits (determined under an ERISA qualified benefit plan offered by the Company or an Affiliate in which you participate, if any) (“Bridge Eligibility”), and your separation agreement (offered to you under the severance program offered by the Company or an Affiliate to its Employees) becomes final, the Standard Performance Terms will continue to apply to your Performance Shares.
(e)  Termination for Cause.  In the event that your employment with the Company or an Affiliate terminates for Cause, your Performance Shares will be forfeited immediately. 
(f)  Other Termination of Employment.  Unless the Committee determines otherwise, if no other provision in this Section 2 regarding change of status applies, including, for example, your voluntary termination of employment, your termination without Retirement or Bridge Eligibility, or your termination by the Company or an Affiliate without Cause, your Performance Shares will be 

4

forfeited immediately unless you are offered a separation agreement by the Company or an Affiliate under a severance program.  To the extent your separation agreement becomes final, your Prorated Performance Shares will be due and payable to you.  Any payment will be made at the time specified in Section 8.  The number of your “Prorated Performance Shares” will be determined by dividing the number of calendar months in the Performance Period that have ended as of the end of the month of the termination of your employment by thirty-six (36), multiplying the result by the number of your Performance Shares, and rounding to the nearest whole number, and, if you were an Insider or an “executive officer” of the Company under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, at any time during the Performance Period, further multiplying the result by the lesser of 100% or the Performance Factor; provided, however, that if the date of the termination of your employment is prior to the first anniversary of the beginning of the Performance Period, then the number of your Prorated Performance Shares shall be zero (0).  Payment for each of your Prorated Performance Shares will be made in cash at a value equal to the Closing Price on the Grant Date, and shall be rounded to the nearest one-hundred dollars ($100.00); provided, however, that if you were an Insider or an “executive officer” of the Company under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, at any time during the Performance Period, payment for each of your Prorated Performance Shares will be made in cash at a value equal to the lesser of the Closing Price on the Grant Date or the Closing Price on the date the Committee determines the Performance Factor, and shall be rounded to the nearest one-hundred dollars ($100.00).  If your separation agreement does not become final, your Performance Shares will be forfeited.
3.  Change of Control.
(a)  Except as provided in Section 3(b), and unless otherwise prohibited under law or by applicable rules of a national security exchange, if a Change of Control occurs, your Performance Shares will be due and payable in the form of cash equal to the number of your Performance Shares multiplied by the Change of Control Price.  Any payment will be made at the time specified in Section 8.
(b)  The terms of Section 3(a) will not apply to your Performance Shares if the Committee reasonably determines in good faith, prior to the Change of Control, that you have been granted an Alternative Award for your Performance Shares pursuant to Section 15.2 of the Plan.  Any such Alternative Award shall not accelerate the timing of payment or otherwise violate Code Section 409A.
4.  Nontransferability of Awards.  Except as provided in Section 5 or as otherwise permitted by the Committee, you may not sell, transfer, pledge, assign or otherwise alienate or hypothecate any of your Performance Shares, and all rights with respect to your Performance Shares are exercisable during your lifetime only by you. 
5.  Beneficiary Designation.  You may name any beneficiary or beneficiaries (who may be named contingently or successively) who may then exercise any right under this Agreement in the event of your death.  Each beneficiary designation for such purpose will revoke all such prior designations.  Beneficiary designations must be properly completed on a form prescribed by the Committee and must be filed with the Company during your lifetime.  If you have not designated a beneficiary, your rights under this Agreement will pass to and may be exercised by your estate.

5

6.  Tax Withholding.  The Company will withhold from payment made under this Agreement an amount sufficient to satisfy the minimum statutory Federal, state, and local tax withholding requirements relating to payment on account of your Performance Shares.
7.  Adjustments.  The Committee will make appropriate adjustments in the terms and conditions of your Performance Shares in recognition of unusual or nonrecurring events affecting the Company or its financial statements (such as a Common Stock dividend, Common Stock split, recapitalization, 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), or in recognition of changes to applicable laws, regulations, or accounting principles, to prevent unintended dilution or enlargement of the potential benefits of your Performance Shares.  The Committee’s determinations in this regard will be conclusive.
8.  Timing of Payment.  
(a)  This Agreement is intended to comply with Code Section 409A and shall be interpreted accordingly.  If Shares are to be paid to you, you will receive evidence of ownership of those Shares.
(b)  If payment is due and payable under Section 2(b), it will be made upon your death.
(c)  If payment is due and payable under Section 2(f), it will be made six (6) months after the termination of your employment (or six (6) months after your “separation from service” under Code Section 409A, if that is a different date); provided, however, that if you were an Insider or an “executive officer” of the Company under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, at any time during the Performance Period, payment will be made in the calendar year after the end of the Performance Period but in no event earlier than six (6) months after the termination of your employment (or six months after your “separation from service” under Code Section 409A, if that is a different date).
(d)  If payment is due and payable under Section 3(a), and the Change of Control that causes payment to be due and payable is a “change of control” as defined under Code Section 409A, such sum shall be paid to you within thirty (30) days of the Change of Control.  If payment is due and payable under Section 3(a), and the Change of Control that causes payment to be due and payable is not a “change of control” as defined under Code Section 409A, such sum shall be paid to you at the time determined under Section 8(e).
(e)  If payment is due and payable under the Standard Performance Terms and you have chosen to defer payment under an applicable deferred compensation plan offered by the Company or an Affiliate, payment will be made at the time determined under that plan.  If payment is due and payable under the Standard Performance Terms and you have not chosen to defer payment under an applicable deferred compensation plan offered by the Company or an Affiliate, payment will be made in the calendar year after the end of the Performance Period.
9.  Closing Price.  For purpose of this Agreement, “Closing Price” will mean the closing price of a Share 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 Shares are quoted at the relevant time), or in the event that there are no Share transactions reported on 

6

such tape or other system on the applicable date, the closing price on the immediately preceding date on which Share transactions were reported.  Closing Price shall constitute “Fair Market Value” under the Plan for all purposes related to your Performance Shares.
10.  No Guarantee of Employment.  This Agreement is not a contract of employment and it is not a guarantee of employment for life or any period of time.  Nothing in this Agreement interferes with or limits in any way the right of the Company or an Affiliate to terminate your employment at any time.  This Agreement does not give you any right to continue in the employ of the Company or an Affiliate.
11.  Governing Law; Choice of Forum.  This Agreement will be construed in accordance with and governed by the laws of the State of Delaware, regardless of the law that might be applied under principles of conflict of laws.  Any action to enforce this Agreement or any action otherwise regarding this Agreement must be brought in a court in the State of New York, to which jurisdiction the Company and you consent.
12.  Miscellaneous.  For purposes of this Agreement, “Committee” includes any direct or indirect delegate of the Committee as defined in the Plan and (unless otherwise indicated) the word “Section” refers to a Section in this Agreement.  Any other capitalized word used in this Agreement and not defined in this Agreement, including each form of that word, is defined in the Plan.  Any determination or interpretation by the Committee pursuant to this Agreement will be final and conclusive.  In the event of a conflict between any term of this Agreement and the terms of the Plan, the terms of the Plan control.  This Agreement and the Plan represent the entire agreement between you and the Company, and you and all Affiliates, regarding your Performance Shares.  No promises, terms, or agreements of any kind regarding your Performance Shares that are not set forth, or referred to, in this Agreement or in the Plan are part of this Agreement.  In the event any provision of this Agreement is held illegal or invalid, the rest of this Agreement will remain enforceable.  If you are an Employee of an Affiliate, your Performance Shares are being provided to you by the Company on behalf of that Affiliate, and the value of your Performance Shares will be considered a compensation obligation of that Affiliate.  Your Performance Shares are not Shares and do not give you the rights of a holder of Shares.  You will not be credited with additional Performance Shares on account of any dividend paid on Shares.  The issuance of Shares or payment of cash pursuant to your Performance Shares is subject to all applicable laws, rules and regulations, and to any approvals by any governmental agencies or national securities exchanges as may be required.  No Shares will be issued or no cash will be paid if that issuance or payment would result in a violation of applicable law, including the federal securities laws and any applicable state or foreign securities laws.  Your Performance Shares are subject to the Company’s performance-based compensation recoupment policy (which currently covers only officers or officer-equivalent employees of the Company and its Affiliates) in effect from time to time.
13.  Amendments.  The Committee has the exclusive right to amend this Agreement as long as the amendment does not adversely affect any of your previously-granted Awards in any material way (without your written consent) and is otherwise consistent with the Plan.  The Company will give written notice to you (or, in the event of your death, to your beneficiary or estate) of any amendment as promptly as practicable after its adoption.

7

14.  Agreement to Protect Corporate Property.  If you have not previously executed an Agreement to Protect Corporate Property (“Property Agreement”), the grant of your Performance Shares is subject to your execution of the Property Agreement provided to you by the Company with respect to this Agreement, and if you do not return a signed copy of the Property Agreement then this Agreement and the Performance Shares granted to you will be void.  The Company may in its sole discretion allow an extension of time for you to return your signed Property Agreement.
IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this Agreement, and you have executed this Agreement.
	
		
	METLIFE, INC.
	EMPLOYEE

	By:  C. Robert Henrikson    
	[name]

	Name
	 

	 
	 

	Chairman of the Board, 
President, and Chief Executive Officer
	 

	Title
	 

	 
	 

	_______________________________
	________________________________

	Signature
	Signature

	 
	Date: ___________________________

8

Schedule A
to Management Performance Share Agreement
    	
				
	Table 1
	Table 2

	Company Change in Annual Net Operating Income Available to Common Shareholders Percentile Relative to Other Companies in the Index
	First Percentage (Averaged For Each Year of Performance Period) For Purposes of Determining Performance Factor*
	Index Proportionate Total Shareholder Return subtracted from Company Proportionate Total Shareholder Return
	Second Percentage For Purposes of Determining Performance Factor*

	0-24
	0
	-26.0% or less
	0

	25
	25
	-25.0%
	25

	26
	26
	-24.0%
	26

	27
	27
	-23.0%
	27

	28
	28
	-22.0%
	28

	29
	29
	-21.0%
	29

	30
	30
	-20.0%
	30

	31
	31
	-19.0%
	31

	32
	32
	-18.0%
	32

	33
	33
	-17.0%
	33

	34
	34
	-16.0%
	34

	35
	35
	-15.0%
	35

	36
	36
	-14.0%
	36

	37
	37
	-13.0%
	37

	38
	38
	-12.0%
	38

	39
	39
	-11.0%
	39

	40
	40
	-10.0%
	40

	41
	41
	-9.0%
	41

	42
	42
	-8.0%
	42

	43
	43
	-7.0%
	43

	44
	44
	-6.0%
	44

	45
	45
	-5.0%
	45

	46
	46
	-4.0%
	46

	47
	47
	-3.0%
	47

	48
	48
	-2.0%
	48

	49
	49
	-1.0%
	49

	50
	50
	0.0%
	50

	51
	52
	1.2%
	52

	52
	54
	2.4%
	54

	53
	56
	3.6%
	56

	54
	58
	4.8%
	58

	55
	60
	6.0%
	60

	56
	62
	7.2%
	62

	57
	64
	8.4%
	64

	58
	66
	9.6%
	66

	59
	68
	10.8%
	68

	60
	70
	12.0%
	70

	61
	72
	13.2%
	72

	62
	74
	14.4%
	74

	63
	76
	15.6%
	76

	64
	78
	16.8%
	78

	65
	80
	18.0%
	80

	66
	82
	19.2%
	82

	67
	84
	20.4%
	84

	
				
	68
	86
	21.6%
	86

	69
	88
	22.8%
	88

	70
	90
	24.0%
	90

	71
	92
	25.2%
	92

	72
	94
	26.4%
	94

	73
	96
	27.6%
	96

	74
	98
	28.8%
	98

	75-99
	100
	30.0% or greater
	100

*  First percentage is determined for each calendar year of the Performance Period and averaged, and added to second percentage.  The total is multiplied by 0.75 if the Total Shareholder Return of the Company is zero percent or less, and then multiplied by the number of Performance Shares granted to determine the number of Final Performance Shares.  See Section 1 of this Agreement.

2MET-2014.12.31-EX10.66

Exhibit 10.66
MetLife Annual Variable Incentive Plan

Article 1.  Purpose, Effectiveness, and Duration
1.1    Purpose of the Plan.  The purpose of the MetLife Annual Variable Incentive Plan (the “Plan”) is to align total annual pay with the Company’s annual financial business results, provide competitive levels of pay for competitive levels of Company performance, and make a competitive portion of total compensation variable based on Company, business unit, and individual performance.
1.2    Effective Date.  The Plan shall become effective on the Effective Date and shall amend, restate, and supersede the prior Annual Variable Incentive Plan if approved by the Board and shareholders of the Company.  In the absence of shareholder approval, the Plan and any Awards granted pursuant to the Plan prior to the date of such approval shall be null and void.
1.3    Duration of the Plan.  The Plan shall remain in effect indefinitely, subject to the right of the Committee or the Board to amend or terminate the Plan at any time pursuant to Article 9 herein.
Article 2.  Definitions
Whenever used in the Plan, the following terms shall have the meaning set forth below, and when the meaning is intended, the initial letter of the word shall be capitalized. 
		
	2.1
	“Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange Act, with reference to the Company, and shall also include any corporation, partnership, joint venture, limited liability company, or other entity in which the Company owns, directly or indirectly, at least fifty percent (50%) of the total combined Voting Power of such corporation or of the capital interest or profits interest of such partnership or other entity.

		
	2.2
	“Award” means an annual incentive compensation award payable under this Plan and subject to its terms.

		
	2.3
	“Beneficiary” means the person or persons entitled to receive payments or other benefits or exercise rights that are available under the Plan, if any, in the event of the Participant’s death.

		
	2.4
	“Board” or “Board of Directors” means the Board of Directors of the Company.

		
	2.5
	“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

		
	2.6
	“Committee” means the Compensation Committee of the Board, or such other committee as may be appointed by the Board for the purpose of administering the Plan.

		
	2.7
	“Company” means MetLife, Inc., a Delaware corporation, or any successor thereto.

1

		
	2.8
	“Director” means any individual who is a member of the Board of Directors.

		
	2.9
	“Effective Date” means January 1, 2004. 

		
	2.10
	“Employee” means any employee of the Company or an Affiliate.  Directors who are not otherwise employed by the Company or an Affiliate shall not be considered Employees under this Plan.  For greater clarity, and without limiting the generality of the foregoing, individuals described in the first sentence of this definition who are foreign nationals or are employed outside of the United States, or both, are Employees to whom Awards may be granted on the terms and conditions set forth in the Plan, or (in the case of any individuals who are not Insiders) on such other terms and conditions as may, in the judgment of the Committee, be necessary or desirable to further the purposes of the Plan.

		
	2.11
	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

		
	2.12
	“Insider” means an individual who is, on the relevant date, subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

		
	2.13
	“Participant” means an Employee of the Company or an Affiliate who has been selected to receive an Award under the terms of the Plan.

		
	2.14
	“Performance-Based Compensation” means compensation to an Insider pursuant to an Award that is granted in order to provide remuneration solely on account of the attainment of one or more preestablished, objective Performance Measures under circumstances that satisfy the requirements of Code Section 162(m).

		
	2.15
	“Performance Goal” means a performance criterion selected by the Committee for a given Award for purposes of Article 11 based on one or more of the Performance Measures.

		
	2.16
	“Performance Measures” means measures as described in Article 5, the attainment of one or more of which shall, as determined by the Committee, determine whether Awards shall be payable as Performance-Based Compensation. 

		
	2.17
	“Plan” means the MetLife Annual Variable Incentive Plan.

		
	2.18
	“Voting Power” shall mean such number of Voting Securities as shall enable the holders thereof to cast a specified percentage of the votes which could be cast in an annual election of directors of a company.

		
	2.19
	"Voting Securities" shall mean all securities entitling the holders thereof to vote in an annual election of directors of a company

Article 3.  Eligibility and Participation
3.1    Eligibility.  Each Employee is eligible to participate in the Plan. 

2

3.2    Participation.  Subject to the provisions of the Plan, the Committee may from time to time select from all eligible Employees those to whom Awards shall be granted.
Article 4.  Award Terms
4.1Grant of Awards.  The Committee shall grant all Awards on and after the Effective Date and determine in its discretion the amount, nature, and any and all terms and conditions permissible by law of each Award.  Subject to the requirements of Code Section 162(m) with regard to Awards intended to be Performance-Based Compensation, the Committee may grant Awards (a) in advance of and contingent upon the attainment of any performance criteria or other contingencies applicable to the Award; (b) following the attainment of any performance criteria or other contingencies the Committee previously made prospectively applicable to an anticipated or possible Award; or (c) that are and were not contingent upon the attainment of any performance criteria or other contingencies.
4.2Maximum Limit Regarding Awards.  The maximum aggregate amount awarded or credited with respect to an Award to any one Participant in any one-year period may not exceed ten million dollars ($10,000,000.00) determined as of the date the Award is payable.
4.3Form of Payment.  All Awards granted under this Plan shall, if payable, be payable in cash unless otherwise determined by the Committee.
4.4Deferral of Award. Notwithstanding any other provision of the Plan, the Committee may permit or require a Participant to defer such Participant’s receipt of any Award under the terms of this Plan or another plan.  To the extent such deferral is permitted by the Committee under the terms of this Plan rather than another plan, the Committee shall establish rules and procedures for such deferrals as it sees fit.
Article 5. Performance-Based Compensation
Notwithstanding any other terms of this Plan, the vesting, payability, or value (as determined under the performance formula set by the Committee) of each Award that the Committee intends, at time of grant, to be Performance-Based Compensation to an Insider shall be determined by the attainment of one or more Performance Goals as determined by the Committee in conformity with Code Section 162(m).  The Committee shall specify in writing, by resolution or otherwise, the Participants eligible to receive such an Award (which may be expressed in terms of a class of individuals) and the Performance Goal(s) applicable to such Awards within ninety (90) days after the commencement of the period to which the Performance Goal(s) relate(s) or such earlier time as required to comply with Code Section 162(m).  No such Award shall be payable unless the Committee certifies in writing, by resolution or otherwise, that the Performance Goal(s) applicable to the Award were satisfied.  In no case may the Committee increase the value of an Award of Performance-Based Compensation above the maximum value determined under the performance formula by the attainment of the applicable Performance Goal(s), but the Committee may retain discretion to reduce the value below such maximum.
Unless and until the Committee proposes for shareholder vote and the shareholders approve a change in the general Performance Measures set forth in this Article 5, the Performance Goal(s) upon which the payment of an Award to an Insider that is intended to qualify as Performance-Based Compensation shall be limited to the following Performance Measures:

3

		
	(a)
	Net earnings or net income (before or after taxes);

		
	(b)
	Earnings per share;

		
	(c)
	Net sales growth;

		
	(d)
	Net operating profit;

		
	(e)
	Operating earnings;

		
	(f)
	Operating earnings per share

		
	(g)
	Return measures (including, but not limited to, return on assets, capital, equity, or sales);

		
	(h)
	Cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital);

		
	(i)
	Earnings before or after taxes, interest, depreciation, and/or amortization and including/excluding capital gains and losses;

		
	(j)
	Gross or operating margins;

		
	(k)
	Productivity ratios;

		
	(l)
	Share price (including, but not limited to, growth measures and total shareholder return);

		
	(m)
	Expense targets;

		
	(n)
	Margins;

		
	(o)
	Operating efficiency;

		
	(p)
	Customer satisfaction;

		
	(q)
	Employee and/or Agent satisfaction; 

		
	(r)
	Working capital targets;

		
	(s)
	Economic Value Added

		
	(t)
	Revenue growth;

		
	(u)
	Assets under management growth; and

		
	(v)
	Rating Agencies’ ratings.

Any Performance Measure may be used to measure the performance of the Company as a whole, any Affiliate, any business unit of the Company or any Affiliate, or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparator companies, or published or special index that the Committee, in its sole discretion, deems appropriate.  The Committee also has the authority to provide for accelerated vesting or payability of any Award based on the achievement of Performance Goal(s)s.
The Committee may provide that any evaluation of attainment of a Performance Goal may include or exclude any of the following events that occurs during the relevant period:  (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders for the applicable year; (f) acquisitions or divestitures; and (g) foreign exchange gains and losses.  To the extent such inclusions or exclusions affect Awards to Insider, they shall be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility.
In the event that applicable tax and/or securities laws change to permit Committee discretion to alter the governing Performance Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder 

4

approval.  In addition, in the event that the Committee determines that it is advisable to grant Awards to Insiders that shall not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Code Section 162(m).
Article 6. Termination of Employment
The Committee shall determine the extent to which the Participant shall have the right to receive an Award following termination of the Participant’s employment with the Company or an Affiliate.  Such terms need not be uniform among all Participants and Awards, and may reflect distinctions based on the reasons for termination or any other bases permissible by law.
Article 7. Beneficiary Designation
A Participant may designate a Beneficiary or change a previous Beneficiary by using forms and following procedures approved or accepted by the Company or an Affiliate for that purpose.  If, at the Participant’s death, no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan, the Beneficiary shall be the Participant’s surviving spouse or, should the Participant have no surviving spouse, the Participant’s estate.  The Committee may, in its discretion, modify the foregoing, institute additional requirements for beneficiary designations, or suspend the existing beneficiary designations of living Participants or the process of determining beneficiaries under this Article 7, or both, in favor of another method of determining beneficiaries.
Article 8. Administration
8.1    General.  The Committee shall be responsible for administering the Plan.  The Committee may employ attorneys, consultants, accountants, and other individuals, any of whom may be an Employee, and the Committee, the Company, and its officers and directors shall be entitled to rely upon the advice, opinions, or valuations of any such persons.  All actions taken and all interpretations and determinations made by the Committee shall be final, conclusive, and binding upon the Participants, the Company, Affiliates, and all other interested parties.
8.2    Authority of the Committee.  The Committee shall have full and exclusive discretionary power to interpret the terms and the intent of the Plan or other agreement or document ancillary to or in connection with the Plan, to determine eligibility for Awards, to determine the terms and conditions of Awards, and to adopt such rules, regulations, and guidelines for administering the Plan or exercising any of its rights or responsibilities as the Committee may deem necessary or proper.  Such authority shall include, but not be limited to, selecting Award recipients, establishing all Award terms and conditions and, subject to Article 9, adopting modifications and amendments.
8.3    Delegation. The Committee may delegate to one or more of its members or to one or more officers of the Company or its Affiliates, any of its duties or powers as it may deem advisable; provided, however, that the Committee may not delegate any of its non-administrative powers with respect to Awards intended to be Performance-Based Compensation, and provided further, that the member(s) or officer(s) shall report periodically to the Committee regarding the nature and scope of the Awards granted pursuant to the authority delegated pursuant to this Section 3.3.  Subject to the terms of the previous sentence, the Committee may delegate to any person(s) such administrative duties or powers as it may deem advisable.

5

Article 9.  Amendment and Termination of the Plan
9.1    Amendment, Modification, Suspension, and Termination.  The Committee or Board may, at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan in whole or in part.  No amendment of the Plan shall be effective without shareholder approval if shareholder approval is required by law, regulation, or stock exchange rule.
9.2    Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.  The Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.  The determination of the Committee as to the foregoing adjustments, if any, shall be conclusive and binding on Participants under the Plan.  Adjustment to Awards constituting Performance-Based Compensation shall be made only if such Awards subsequent to such adjustments meet the requirements of Code Section 162(m) for deductibility.
9.3    Awards Previously Granted.  Notwithstanding any other provision of the Plan to the contrary with the exception of Section 1.2, no termination, amendment, suspension, or modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan without the written consent of the Participant holding such Award.
Article 10. General Provisions
10.1    Interpretation. The Plan is designed and intended to comply, to the extent applicable to Performance-Based Compensation, with Code Section 162(m), and all provisions hereof shall be construed in a manner to so comply.
10.2    Nontransferability. Except as otherwise provided by the Committee, Awards may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.  Except as otherwise provided by the Committee, a Participant’s rights under the Plan, if any, shall be exercisable during the Participant’s lifetime only by the Participant.
10.3    Participant Rights.  No Participant shall have any right to an Award under the Plan.  The Committee is not obligated to set terms of Awards that are uniform among Participants or Awards.
10.4    No Right to Continued Employment.  Neither eligibility to participate nor participation in the Plan shall confer upon a Participant any right to continuation of employment by the Company or any Affiliate, nor shall the Plan interfere in any way with the Company’s or any Affiliate’s or any employee’s right to terminate a Participant’s employment at any time.
10.5    Withholding Taxes. The Company and each Affiliate shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company or Affiliate, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign (including the Participant’s FICA obligation), required by law or regulation to be withheld with respect to any taxable event arising or as a result of this Plan.

6

10.6    Requirements of Law.  Awards shall be subject to all applicable laws, rules, and regulations.  The inability of the Company or an Affiliate to obtain authority from any regulatory body having jurisdiction which authority is deemed by the Company’s or the Affiliate’s counsel to be necessary to the lawful payment hereunder shall relieve the Company or Affiliate of any liability for the failure to make a payment as to which such requisite authority shall not have been obtained.
10.7    Unfunded Plan.  Participants shall have no right, title, or interest whatsoever in or to any investments that the Company or any Affiliate may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company or any Affiliate and any Participant, beneficiary, legal representative, or any other person.  Awards shall be general, unsecured obligations of the Company or Affiliate employing the Participant at the time payment pursuant to an Award is due.  Should neither the Company nor an Affiliate employ the Participant at the time payment pursuant to an Award is due, the Award shall be the general, unsecured obligation of the last of the Company or Affiliate to employ the Participant (as such employment is specified in the Human Resources records of the Company and Affiliates) prior to the time payment is due.  To the extent that any person acquires a right to receive payments from the Company or any Affiliate, such right shall be no greater than the right of an unsecured general creditor of the Company or Affiliate, as applicable.  All payments made under the Plan shall be paid from the general funds of the Company or Affiliate, as applicable, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan.  The Plan is not intended to be subject to ERISA.  Notwithstanding any of the other terms of this Plan, no Affiliate shall be liable for an Award unless the Affiliate has approved or ratified the Plan or the Award.
10.8    Other Compensation and Benefit Plans.  Nothing in this Plan shall be construed to limit the right of the Company or any Affiliate to establish other compensation or benefit plans, programs, policies, or arrangements.  Except as may be otherwise specifically stated in any other benefit plan, policy, program, or arrangement, no Award shall be treated as compensation for purposes of calculating a Participant’s rights under any such other plan, policy, program, or arrangement.
10.9    No Constraint on Corporate Action.  Nothing in this Plan shall be construed (i) to limit, impair or otherwise affect the Company’s or any Affiliate’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) to limit the right or power of the Company or an Affiliate to take any action which such entity deems to be necessary or appropriate.
10.10    Governing Law.  The Plan shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction.
10.11    Successors.  Any obligations of the Company or an Affiliate under the Plan with respect to Awards granted hereunder, shall be binding on any successor to the Company or Affiliate, respectively, whether the existence of such successor is the result of a direct or indirect purchase, 

7

merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company or Affiliate, as applicable.

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]