Document:

Form of Performance Unit Agreement

 Exhibit 10.47 
 PERFORMANCE UNIT AGREEMENT 
 [Company] (the “Global
Affiliate”) confirms that, on [date], [year] (the “Grant Date”), you were granted [amount in words] ([number]) Performance Units under the MetLife International Performance Unit Incentive Plan (the
“Plan”), and approves and ratifies such grant. Your Performance Units are subject to the terms and conditions of this Performance Unit Agreement (this “Agreement”) and of the Plan (which is incorporated in this Agreement by
reference). Any payment due under this Agreement may be made on behalf of the Global Affiliate by any one or more Affiliates (each such Affiliate(s) making any such payment will be known as a “Paying Affiliate”). Unless otherwise
specified, the word “Section” refers to a Section in this Agreement. Any other capitalized word used in this Agreement but not defined here is defined in 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 Units except in so far as Sections 2 (Change of Status) or 3 (Change of Control) apply. 

(b) The Performance Period for your Performance Units will begin on [date], [year] and end on the December 31
immediately preceding the third anniversary of the beginning of the Performance Period. The Administrator will determine your Final Performance Units in accordance with this Section 1 (your “Final Performance Units”). Each Final
Performance Unit will be paid in cash equal to the Closing Price of Common Stock on the date designated by the Administrator following the last day of the Performance Period. Your Final Performance Units will be due and payable in cash at the time
specified in Section 16. 
 (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 Units. The “Section 162(m) Goals” shall be the following: 

(1) Positive Company income from continuing operations before provision for income tax, excluding net investment gains
(losses) (defined in accordance with Section 3(a) of Article 7.04 of United States Securities and Exchange Commission Regulation S-X ), which includes total net investment gains (losses) and net derivatives gains (losses), as presented in the
financial statements in the Company’s Annual Report on Form 10-K for the calendar year preceding the beginning of the Performance Period (“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 Administrator will
determine your Final Performance Units by multiplying your Performance Units 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. 

  
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 (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: 

(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. 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 Common Stock 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. 

  
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 (e) For purposes of Section 1(d)(1), the companies in the Index refers to each
company, other than the Company and other than Berkshire Hathaway Inc. (and any company that the Committee determines in its discretion is a successor to Berkshire Hathaway Inc.), 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; 
 (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, excluding Berkshire Hathaway Inc. (and any company that the Committee determines in its discretion is a successor to
Berkshire Hathaway Inc.), 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. Changes 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) Disability. In the event of your qualification for Disability benefits, Section 1 will continue to apply to your
Performance Units. Notwithstanding any other terms of this Section 2, if you qualify for Disability benefits no subsequent Termination, other than a Termination for Cause, shall affect your Performance Units. 

(b) Death. In the event of your Termination due to your death, each of your Performance Units (without being transformed into
Final Performance Units) will be valued at the Closing Price on the date of death and due and payable in cash. Any payment will be made at the time specified in Section 16. 

(c) Approved Retirement. In the event of your Termination by reason of an Approved Retirement, Section 1 will continue
to apply to your Performance Units. Subject to Section 2.1(e) of the Plan, you do not need special approval from the Administrator for an Approved Retirement.  
 (d) Termination for Cause. Notwithstanding any other terms of this Section 2, in the event of your Termination for Cause, all of your Performance Units will be forfeited immediately.

 (e) Other Terminations. Unless the Administrator determines otherwise, if no other provision of this Section 2
applies (including, for example, your voluntary Termination other than due to Approved Retirement or your involuntary Termination other than for Cause or due to 

  
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Approved Retirement), all of your Performance Units will be forfeited immediately unless you are offered a separation agreement by the Company or an Affiliate under a severance program. To the
extent you are offered a separation agreement by the Company or an Affiliate, and your separation agreement becomes final, your Prorated Performance Units will be due and payable to you. Any payment will be made at the time specified in
Section 16. The number of your “Prorated Performance Units” 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 Units, and rounding to the nearest whole number, and, if you were subject to the reporting requirements of Section 16 of the United States Securities Exchange Act of
1934, as amended from time to time, or any successor act thereto (the “Exchange Act”), or were an “executive officer” of the Company under the Exchange Act 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 Units shall be zero (0). Payment for each of your Prorated Performance Units will be made in cash at a value equal to the Closing Price on the Grant Date and shall be rounded to the nearest US one-hundred
dollars (US$100.00) in value; provided, however, that if you were subject to the reporting requirements of Section 16 of the Exchange Act, or were an “executive officer” of the Company under the Exchange Act and the rules
promulgated thereunder, at any time during the Performance Period, payment for each of your Performance Units 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 Performance
Factor is determined, and shall be rounded to the nearest US one-hundred dollars (US$100.00) in value. If your separation agreement does not become final, your Performance Units will be forfeited. 

3. Change of Control. Notwithstanding any other terms of this Plan, in the event of a Change of Control, unless the
Administrator reasonably determines in good faith prior to the occurrence of a Change of Control that an Alternative Award has been granted to you with regard to a Performance Unit, your Performance Units will be valued at the Change of Control
Price and be immediately due and payable in cash. Any payment will be made at the time specified in Section 16. 
 4.
Nontransferability of Awards. You may not sell, transfer, pledge, assign or otherwise alienate or hypothecate any of your Performance Units, other than by will or by the laws of descent and distribution. 

5. Estate. Benefits remaining unpaid at your death will be paid to your estate, except as otherwise required by law.

 6. Tax Withholding. The Paying Affiliate may withhold, or require you to remit, an amount sufficient to satisfy
any applicable withholding tax requirements relating to the payment on account of your Performance Units, and the Paying Affiliate may defer payment until this requirement is satisfied. Regardless of any action any Affiliate takes with respect to
any or all tax withholding (including social insurance contributions and payment on account obligations, if any), you acknowledge that the ultimate liability for all such taxes is and remains your responsibility (or that of your estate) and that no
Affiliate makes any representations or 

  
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undertakings regarding the treatment of any tax withholding in connection with any aspect of any of your Performance Units, including the grant or payment on account of the Performance Units, and
that neither the Administrator nor any Affiliate commits to structure the terms of the grant of or any aspect of any Performance Unit to reduce or eliminate your (or you estate’s or any heir’s) liability for such tax. 

7. Adjustment of the Number of Performance Units. The Administrator will make appropriate adjustments in the terms and
conditions of your Performance Units in recognition of unusual or nonrecurring events affecting the Company or its financial statements as provided in the Plan. The Administrator’s determinations in this regard will be conclusive. No additional
Performance Units will be credited to you on the occasion of the payment of any cash dividend on Common Stock or any other payment in connection with such Common Stock. 
 8. Governing Law; Choice of Forum. This Agreement will be construed in accordance with and governed by the laws of the State of Delaware of the United States of America, regardless of the
law that might be applied under principles of conflict of laws. Any action to enforce this Agreement or any other action regarding this Agreement must be brought in a court in the State of New York of the United States of America, to which
jurisdiction the Administrator, the Global Affiliate, and you consent, to the maximum extent consistent with law. 
 9.
Interpretation; Construction. Any determination or interpretation by the Administrator 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. 
 10. Entire Agreement. This Agreement and the Plan represent the entire agreement
between you and the Global Affiliate regarding your Performance Units. No promises, terms, or agreements of any kind regarding your Performance Units that are not set forth in this Agreement or in the Plan, or to which there is no reference in this
Agreement or the Plan, are part of this Agreement. 
 11. Amendments. The Administrator has the exclusive right to
amend this Agreement as long as the amendment is consistent with the Plan. The Administrator will give written notice to you (or, in the event of your death, to your estate) of any amendment as promptly as practicable after its adoption. 

12. No Right to Future Grants; No Right 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 any Affiliate to terminate your employment at any time. This Agreement does not give you any right to continue in the
employ of any Affiliate. In accepting this Agreement, you acknowledge that: (a) the Plan is established voluntarily, and this Agreement is established voluntarily by the Global Affiliate, and that each is discretionary in nature and may be
modified, suspended or terminated by the Administrator at any time, as provided in the Plan and this Agreement, respectively; (b) the grant of your Performance Units is voluntary and occasional and does not create any contractual or other right
to receive future grants of Performance Units, or benefits in lieu of Performance Units, even if Performance Units have been granted repeatedly in the past; (c) all decisions with respect to future Performance Unit grants, if any, will be at
the sole discretion of the 

  
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Administrator, including, but not limited to, the timing of any grants, the number of Performance Units and vesting provisions; (d) your participation in the Plan is voluntary; (e) the
Performance Units are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company, and which is outside the scope of your employment contract, if any; (f) the Performance Units are
not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, Termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement
benefits or similar payments; (g) the Performance Unit grant will not be interpreted to form an employment contract or relationship with any Affiliate or the Company; (h) the future Closing Price of Common Stock and the applicable
Performance Factor applicable to your Performance Units are unknown and cannot be predicted with certainty; (i) your Performance Units will have no value unless the applicable Performance Factor is greater than zero; (j) to the fullest
extent permitted by law, no claim or entitlement to compensation or damages arises from termination of the Performance Units or diminution in value of the Performance Units and you irrevocably release the Administrator, the Company, and each
Affiliate from any such claim that may arise; and (k) in the event of your Termination, neither your eligibility, nor any right to receive Performance Units, nor any period within which payment may be made on account of your Performance Units,
if any, will be extended beyond the period specified under this Agreement by any notice period mandated under law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law);
furthermore, in the event of your Termination, your right to payment on account of your Performance Units, if any, will not be extended by any notice period mandated under law. 

13. Employee Data Privacy. You hereby explicitly and unambiguously consent to the collection, use and transfer, in
electronic or other form, of your personal data as described in this document by the Administrator, any Affiliate, or the Company, for the exclusive purpose of implementing, administering and managing your participation in the Plan. You understand
that the Administrator, Affiliates, and the Company hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number,
salary, nationality, job title, or shares of stock or directorships held in Affiliates, and the Company, details of all Performance Units awarded, forfeited, on which payment has been made, and/or outstanding in your favor, for the purpose of
implementing, administering and managing the Plan (“Data”). You understand that the Administrator, Affiliates, or the Company will transfer Data amongst themselves as necessary for the implementation, administration and management of the
Plan, that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, and that the recipient’s country may have
different data privacy laws and protections than your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the
recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be
required to a broker or other third party. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan, including but not limited to any applicable retention period necessary
for effective or lawful administration of the Plan. You understand that you may, at any time, view Data, request additional information about the storage and processing of 

  
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Data, require any amendments to Data that are required by applicable law or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources
representative. You are not obligated to consent to the collection, use, processing and transfer of Data. However, you understand that if you refuse to grant consent under this Section 13 by failing to accept this Agreement you will not receive
any Performance Units pursuant to this Agreement, and that if you subsequently withdraw your consent under this Section 13 you will forfeit all of your Performance Units. You understand that you may contact your local human resources
representative for more information on the consequences of your refusal to consent or withdrawal of consent. 
 14.
Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and
enforceable. 
 15. Nature of Obligation. You acknowledge that, subject to the terms of Section 19 of this
Agreement, the obligation to make payments due under this Agreement, if any, shall be the sole obligation of the Global Affiliate, but may be satisfied by any Affiliate on behalf of the Global Affiliate, and shall be unfunded and unsecured. In no
event shall the Company be obligated to make payments due under this Agreement. The Global Affiliate and you agree and acknowledge that, to the extent consistent with applicable law, neither the Performance Units, this Agreement, the Plan nor any
rights, obligations, terms and conditions set forth therein or in connection therewith, constitute securities, negotiable instruments, or derivatives instruments or transactions. 

16. Timing of Payment. 
 (a) This Agreement is intended to comply with Code Section 409A and shall be interpreted accordingly. 
 (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(e), 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 subject to the reporting requirements of Section 16 of the Exchange Act, or were an “executive officer” of the Company under
the Exchange Act 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 (6) 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, 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, 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 16(e). 

  
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 (e) If payment is due and payable under the Standard Performance Terms (and you have not
been offered or 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. 

17. Currency; Exchange Rate. Payments pursuant to Section 3 will be made in your then-current payroll currency (or
another currency of your choosing) at a reasonable US currency exchange rate chosen in good faith by the Paying Affiliate. Otherwise, any payment due to you will be made in your then-current payroll currency (or other currency of the Paying
Affiliate’s choosing) at a United States currency exchange rate determined by the Paying Affiliate in its discretion. 

18. Consideration. To the extent any separate or additional consideration is necessary under applicable law to effectuate
the parties’ intentions to be bound by the terms of this Agreement, you agree to pay US$1.00 (One Dollar 00/100 currency of the United States of America) to the Global Affiliate, which shall not be refundable to you. 

19. Substitution of Award. Notwithstanding anything in this Agreement to the contrary, the Administrator may, at any time
prior to payment for your Performance Units, in its sole discretion, find that the Company or an Affiliate has made an award to you intended to substitute for the Performance Units (including but not limited to a contingent right to acquire Common
Stock), and that such substitute award is subject to such material terms and conditions that are no less favorable than the material terms and conditions governing your Performance Units and that provide for the same timing for payment as apply to
your Performance Units. Upon such a finding, the Administrator may, in its sole discretion, cancel your Performance Units in light of that substitute award without additional compensation to you. 

20. Miscellaneous Terms. Your Performance Units are not Common Stock and do not give you the rights of a holder of Common
Stock. Any payment attributable to your Performance Units is subject to all applicable laws, rules and regulations, and to any approvals by any governmental agencies as may be required, and to any Company policy on insider trading. No payment
will be made on account of your Performance Units if that payment would result in a violation of applicable law. Your Performance Units 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. As a condition of the grant confirmed in this Agreement, you agree to take any and all actions, and consent to any and all actions taken by the
Administrator, Company, Global Affiliate, or any Affiliate as may be required to comply with any laws, rules and regulations. In addition, you agree to take any and all actions as may be required to comply with your personal legal and tax
obligations under laws, rules and regulations. Any or all documents related to awards granted to you under the Plan may be delivered to you by electronic means. You hereby consent to receive such documents by electronic delivery and agree to engage
in any transaction under the Plan through any on-line or electronic system as may be established and maintained for that purpose. You acknowledge and agree that it is your express intent that this Agreement, the Plan and all other documents, notices
and legal proceedings entered into, given or instituted pursuant to the award, be drawn up in English. If you have received this Agreement, the Plan or any other documents related to the award translated into a language other than English, and if
the meaning 

  
 9 

 
of the translated version is different than the English version, the English version will control except as otherwise required by law. The Administrator and the Global Affiliate reserve the right
to impose other requirements on awards granted to you under the Plan to the extent that either the Administrator or the Global Affiliate determines, in their respective sole discretion, that such other requirements are necessary or advisable in
order to comply with law or to facilitate the administration of the Plan. 
 IN WITNESS WHEREOF, the Global Affiliate has caused
its duly authorized officer to execute, and you have executed, this Agreement effective on the Grant Date. 
  

											
	[COMPANY	 		 	EMPLOYEE	 	
					
	By:	 	  
	 		 		 	
		 	Signature	 		 		 	  

		 		 		 		 	Signature	 	
	  
	 		 		 		 	
	Name	 		 		 		 	
		 		 		 		 	  
	 	
		 		 		 		 	Date	 	
	  
	 		 		 	
	Title	 		 		 		 	

  
 10 

 Schedule A 
 to Performance Unit Agreement 
  

							
	Table 1	  	Table 2
				
	 Company Change in Net
 Operating Income Company
Performance (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 the number of
Performance Units granted to determine the number of Final Performance Units. See Section 1 of this Agreement. 

 IN WITNESS WHEREOF, the Administrator has approved this form of Performance Unit Agreement pursuant to the
MetLife International Performance Unit Incentive Plan, effective February 23, 2011. 
  

					
	ADMINISTRATOR	 	
	
	 /s/ Dennis J. Shiel

	 Dennis J. Shiel
	 	
			
	Date:	 	 7/21/11MetLife International Unit Option Incentive Plan

 Exhibit 10.48 
 METLIFE INTERNATIONAL UNIT OPTION INCENTIVE PLAN 
 (as amended and
restated effective February 23, 2011 
 ARTICLE I. 

PURPOSE 
 The
purpose of the MetLife International Unit Option Incentive Plan, as it may be amended from time to time (the “Plan”), is to foster and promote the long-term financial success of each Affiliate and materially increase the value of each
Affiliate by (a) motivating superior performance, and (b) enabling each Affiliate to attract and retain the services of an outstanding management team upon whose judgment, interest, and special effort the successful conduct of its
operations is largely dependent. 
 ARTICLE II. 
 DEFINITIONS 
 2.1. Definitions. Whenever used herein, the following terms
shall have the respective meanings set forth below: 
 (a) “Act” means the Securities Exchange Act of
1934, as amended. 
 (b) “Administrator” means the Chief Executive Officer of the Company, or such
individual(s) as he shall designate in writing for such purpose from time to time. 
 (c) “Affiliate”
includes each corporation, partnership, joint venture, limited liability company, or other entity (not including the Company): 
 (i) that is within the meaning of that term in Rule 12b-2 of the General Rules and Regulations of the Act, with reference to the Company; 

(ii) in which the Company owns, directly or indirectly, at least twenty percent (20%) of the total combined Voting
Power of such corporation or of the capital interest or profits interest of such partnership or other entity; or 

(ii) which is a partner in a partnership with the Company or any Affiliate as defined in parts (i) or (ii) of
this definition. 
 (d) “Alternative Award” means new rights that: 

(i) are based on stock which is traded on an established securities market, or that the Administrator reasonably believes
will be so traded within 60 days after the Change of Control; 
 (ii) provide such Participant with rights and
entitlements substantially equivalent to or better than the rights, terms and conditions applicable under the Unit Option with regard to which it is granted, including, but not limited to, an identical or better exercise, eligibility, or vesting
schedule and identical or better timing and methods of payment; 

 (iii) have substantially equivalent economic value to the Unit Options with
regard to which it is granted (determined at the time of the Change of Control); and 
 (iv) have terms and
conditions which provide that in the event that of the Participant’s involuntary Termination or is Constructively Terminated, any conditions on a Participant’s rights under, or any restrictions on transfer or exercisability applicable to,
the rights shall be waived or shall lapse, as the case may be. 
 (e) “Approved Retirement” means
Termination: 
 (i) on or after any of the dates indicated below, with credit for purposes of reaching any such
date to include credit for service: (x) with any Affiliate; and (y) with American Life Insurance Company and any of its affiliates as of October 31, 2010 (collectively, “Alico”) (to the extent the Participant was an employee
of Alico as of October 31, 2010 and to the extent such service was recognized by Alico for any of its retirement plan purposes as of October 31, 2010): 
  

			
	 Participant Age:
	  	Minimum
Years of
Service:
	 55 to
57 1/2
	  	15
	 58
	  	14
	 59
	  	12
	 60
	  	10
	 61
	  	8  
	 62 but less than 65
	  	5  
	 65 or older
	  	1; 

 (ii) on or after any date as of which the Participant’s Termination is required
under applicable law or employer policy (excluding agreements or contractual obligations in either case applicable solely to an individual employee) in either case due to the Participant attaining a particular age, so long as the Participant has
service (as defined in Section 2.1(e)(i)) of at least one year; or 
 (iii) at times and under such
circumstances as determined by the Administrator in its sole discretion; 
 provided that, in each case, the Administrator
may require, as a condition to a Participant’s retirement being an “Approved Retirement” for purpose of the Plan, that the Participant enter into a general release of claims, non-solicitation and/or non-competition agreement in form
and substance satisfactory to the Administrator. 

  
 2 

 (f) “Board” means the Board of Directors of the Company.

 (g) “Cause” means (i) the willful failure by the Participant to perform substantially
his duties as an Employee (or, should the Participant’s employment transfer to the Company, as an employee of the Company)), other than due to physical or mental illness, after reasonable notice to the Participant of such failure,
(ii) the Participant’s engaging in serious misconduct that is injurious to the Company or any Affiliate in any way, including, but not limited to, by way of damage to their respective reputations or standings in their respective
industries, (iii) the Participant’s having been convicted of, or having entered a plea of nolo contendere to, a crime that constitutes a felony or (iv) the breach by the Participant of any written covenant
or agreement with the Company or any Affiliate not to disclose or misuse any information pertaining to, or misuse any property of, the Company or any Affiliate or not to compete or interfere with the Company or any Affiliate. 

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

(i) any person (within the meaning of Section 3(a)(9) of the Act), including any group (within the meaning of
Rule 13d-5(b) under the Act), but excluding the MetLife Policyholder Trust (and any person(s) who would otherwise be described herein solely by reason of having the power to control the voting of the shares held by such Trust) and any employee
benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate thereof, acquires “beneficial ownership” (within the meaning of Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing 25% or more of the combined Voting Power of the Company’s securities; or 
 (ii) within any
24-month period, the persons who were directors of the Company at the beginning of such period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board or the board of directors of any successor to the
Company; provided, however, that any director elected to the Board, or nominated for election, by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this subclause
(ii); or 
 (iii) upon the consummation of a merger, consolidation, share exchange, division, sale or other
disposition of all or substantially all of the assets of the Company which has been approved by the shareholders of the Company (a “Corporate Event”), and immediately following the consummation of which the stockholders of the Company
immediately prior to such Corporate Event do not hold, directly or indirectly, a majority of the Voting Power of (x) in the case of a merger or consolidation, the surviving or resulting corporation, (y) in the case of a share
exchange, the acquiring corporation or (z) in the case of a division or a sale or other disposition of assets, each surviving, resulting or acquiring corporation which, immediately following the relevant Corporate Event, holds more than
25% of the consolidated assets of the Company immediately prior to such Corporate Event; or 

  
 3 

 (iv) any other event occurs which the Board declares to be a Change of
Control. 
 (i) “Change of Control Price” means the highest price per share of Common Stock offered in
conjunction with any transaction resulting in a Change of Control (as determined in good faith by the Administrator if any part of the offered price is payable other than in cash) or, in the case of a Change of Control occurring solely by reason of
a change in the composition of the Board, the highest Closing Price of the Common Stock on any of the 30 trading days immediately preceding the date on which a Change of Control occurs. 

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

(k) “Code” means the United States Internal Revenue Code. 

(l) “Committee” means the Compensation Committee of the Board of Directors of the Company, or the successor
committee to such committee, or any other duly authorized committee of such Board of Directors of the Company appointed by the Board of Directors of the Company to administer the Plan, or the Board of Directors of the Company, and the
Committee’s designee or delegate. 
 (m) “Common Stock” means the common stock of the Company, par
value United States Dollars $0.01 per share. 
 (n) “Company” means MetLife, Inc., a Delaware
corporation, and any successor thereto. 
 (o) “Constructively Terminated” means a voluntary
Termination by an Employee within ten (10) business days after any of the following actions by the Company, Affiliate, or person acting on behalf of either: 

(i) Requiring the Employee to be based as his/her regular or customary place employment at any office or location more
than fifty (50) miles from the location at which the Employee performed his/her duties immediately prior to the Change of Control, except for travel reasonably required in the performance of the individual’s responsibilities; 

(ii) reducing the Employee’s base salary below the rate in effect at the time of a Change of Control; or 

(iii) failing to pay the Employee’s base salary, other wages, or employment-related benefits as required by law.

  
 4 

 (p) “Disability” has the meaning given in such long-term
disability plan, program, or arrangement maintained by the Company or an Affiliate in which the Participant participates, or in such other long-term disability plan, program, or arrangement in which the Participant participates designated for
purposes of this definition at any time, and from time to time, by the Administrator. 
 (q) “Employee”
means any employee of any Affiliate, as determined by the Administrator in its sole discretion. Notwithstanding the foregoing, the Administrator may revise the definition of Employee so as to conform to the laws of any jurisdiction in accordance
with Section 4.3(c) below. For greater clarity, no employee of the Company shall be an Employee. 
 (r)
“Family Member” means, as to a Participant, any (i) child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
(including adoptive relationships), of such Participant, (ii) trust for the exclusive benefit of such persons and (iii) other entity owned solely by such persons. 

(s) “Participant” means any Employee designated by the Administrator or the Committee to participate in the
Plan. 
 (t) “Surrender” means a request in writing by the Participant (or another individual in lieu
of the Participant pursuant to Section 10.2 of the Plan) to receive payment pursuant to Section 6.4 of the Plan, made consistent with such procedures or rules regarding the form of such a request established from time to time by the
Administrator and received by the Plan Administrator or his designee. 
 (u) “Surrender Date” means the
next business day in New York City, New York after the date of actual receipt by the Plan Administrator or his designee of a notice of Surrender consistent with the terms of the Plan. 

(v) “Grant Value” means a number determined for each Unit Option by the Administrator at the time of the grant
of such Unit Option under this Plan, consistent with Section 6.2 of this Plan. 
 (w)
“Termination” means the termination of employment, except that no transfer of employment between an Affiliate and the Company, or between an Affiliate and any other Affiliate will be considered a Termination. 

(x) “Unit Option” means the conditional right to receive a cash payment equal to the difference between the
Closing Price of one share of Common Stock on the Surrender Date and the Grant Value, if such difference is greater than zero. 
 (y) “Unit Option Agreement” means an agreement in writing between the Participant and one or more Affiliates that shall specify the Grant Value of each Unit Option, the duration of each Unit
Option, the number of Unit Options granted, the effect of any Termination on Restricted Units, and such other terms and conditions as the Administrator shall determine which are not inconsistent with the provisions of the Plan. 

  
 5 

 (z) “Voting Power” means such number of Voting Securities as shall
enable the holders thereof to cast all the votes which could be cast in an annual election of directors of a company, and “Voting Securities” shall mean all securities entitling the holders thereof to vote in an annual election of
directors of a company. 
 2.2. Gender and Number. Except when otherwise indicated by the context, words in the masculine
gender used in the Plan shall include the feminine gender, the singular shall include the plural, and the plural shall include the singular. 
 ARTICLE III. 
 ELIGIBILITY AND PARTICIPATION 

Participants in the Plan shall be those Employees selected by the Committee or the Administrator to be granted Units Options pursuant to
the Plan. 
 ARTICLE IV. 
 POWERS OF THE COMMITTEE AND THE ADMINISTRATOR 
 4.1. Power to Grant.

 (a) The Committee and the Administrator shall determine the Employees to whom Unit Options shall be granted. The number of
Unit Options the Committee may grant shall be unlimited. The number of Unit Options the Administrator may grant to any individual Participant shall be limited to 50,000 in any 12-month period. The Administrator may not grant any Unit Options to any
individual who is (x) subject to Section 16 of the Act; (y) an executive officer of the Company; or (z) subject to Section 4230 of the New York Insurance Law, in each case unless the Committee approves or ratifies such a
grant. 
 (b) The Administrator shall determine the terms and conditions of any and all such Unit Options, including the terms
of any Unit Option Agreements. The Administrator may establish different terms and conditions for different Participants and for the same Participant for each Unit Option such Participant may receive, whether or not granted at different times.
Notwithstanding any other terms of this Plan, no grant of Unit Options shall be effective unless one or more Affiliates approves or ratifies the grant. The Committee’s or Administrator’s grant of Unit Options to an employee of MetLife
Group, Inc. shall constitute approval of the grant by MetLife Group, Inc. 
 4.2. Repricing or Substitution of Unit
Options. The Administrator shall not have the right to reprice or otherwise change the Grant Value of any outstanding Unit Options or to grant new Unit Options under the Plan in substitution for or upon the cancellation of Unit Options
previously granted. 

  
 6 

 4.3. Administration. 

(a) Rules, Interpretations and Determinations. The Plan shall be administered by the Administrator. The Administrator shall have
full authority to interpret and administer the Plan, to establish, amend, and rescind rules and regulations relating to the Plan, to provide for conditions deemed necessary or advisable to protect the interests of any Affiliate, to construe Unit
Option Agreements and to make all other determinations it determines necessary or advisable for the administration and interpretation of the Plan in order to carry out its provisions and purposes. Determinations, interpretations, or other actions
made or taken by the Administrator shall be final, binding, and conclusive for all purposes and upon all persons. 
 (b)
Agents and Expenses. The Administrator may appoint agents (who may be officers or employees of the Company or any Affiliate) to assist in the administration of the Plan and may grant authority to such persons to execute agreements or other
documents on the Administrator’s behalf. The Administrator may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or
consultant and any computation received from any such consultant or agent. All expenses incurred in the administration of the Plan, including, without limitation, for the engagement of any counsel, consultant or agent, shall be paid by the Company
or an Affiliate. 
 (c) Adjustments to Conform With Law. Notwithstanding anything in the Plan to the contrary, the
Administrator may, in its sole discretion, amend or vary the terms of the Plan in order to conform such terms with the requirements of local law or to meet the goals and objectives of the Plan, and may, in its sole discretion, establish
administrative rules and procedures to facilitate the operation of the Plan. The Administrator may, where it deems appropriate in its sole discretion, establish one or more sub-plans of the Plan for these purposes. 

ARTICLE V. 

ADJUSTMENTS TO UNIT OPTIONS 
 The Administrator will make appropriate adjustments in the terms and conditions of Units Options 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 Unit Options. The Administrator’s determinations
in this regard will be conclusive. 

  
 7 

 ARTICLE VI. 
 UNIT OPTIONS 
 6.1. Grant of Unit Options. Unit Options may be granted to
Participants at such time or times as shall be determined by the Committee or the Administrator. Except as otherwise provided herein, the Committee or the Administrator shall have complete discretion in determining the number of Unit Options, if
any, to be granted to a Participant. Notwithstanding any other terms of this Plan, no grant of Unit Options shall be effective unless one or more Affiliates approves or ratifies the grant and the terms thereof. The Committee’s or the
Administrator’s grant of Unit Options to an employee of MetLife Group, Inc. shall constitute approval of the grant by MetLife Group, Inc. Each Unit Option shall be evidenced by a Unit Option Agreement. Any Affiliate that approves or ratifies a
grant of Unit Option shall execute the applicable Unit Option Agreement through a representative. 
 6.2. Grant Value.
Each Unit Option granted pursuant to the Plan shall have a Grant Value no less than the Closing Price of one share of Common Stock on the date the Unit Option is granted. 
 6.3. Surrender of Unit Options. One-third of each grant of Unit Options made pursuant to the Plan shall become eligible for Surrender on each of the first three anniversaries of the date such Unit
Options were granted; provided, further, that the Administrator may at the time of grant establish longer periods of service for Unit Options to become eligible for Surrender and may establish performance-based criteria for eligibility
for Surrender. Subject to the provisions of Article VII, once any Unit Option has become eligible for Surrender it shall remain eligible for Surrender for its full term. The Administrator shall determine the term of each Unit Option granted, but in
no event shall any such Unit Option remain eligible for Surrender for more than 10 years after the date on which it is granted. 

6.4. Payment. Following Surrender of a Unit Option, a cash payment equal to the Closing Price of one share of Common Stock on the
Surrender Date less the Grant Value of the Unit Option, if the result is greater than zero, shall be made to the Participant (or another individual in lieu of the Participant pursuant to Section 10.2 of the Plan). The Affiliate making payment
may make such payment in any currency chosen by it in its discretion. 
 6.3 Substitution. The Administrator may, at any
time prior to payment for Unit Options, in its sole discretion, may: 
 (a) find that the Company or an Affiliate has made an
award to the Participant, intended to substitute for Unit Options; that is in substantially the same form as the Unit Options and on the same material terms, but with payment due in Common Stock rather than cash (i.e., stock-payable share
appreciation rights); and 
 (c) in light of such findings, cancel the Unit Options without additional compensation to the
Participant. 

  
 8 

 ARTICLE VII. 
 CHANGES OF STATUS 
 The applicable Unit Option Agreement will specify the effect
of changes of status including Disability, Termination (including Termination for Cause or Approved Retirement) on Units Options. 
 ARTICLE VIII. 
 CHANGE OF CONTROL 

8.1. Accelerated Vesting and Payment. Subject to the provisions of Section 8.2, in the event of a Change of Control each Unit
Option shall be fully eligible for Surrender regardless of the Surrender eligibility schedule otherwise applicable to such Unit Option and, in the even of the Participant’s involuntarily Termination for any reason other than Cause within twelve
(12) months of such Change of Control, the Participant shall have until the earlier of (i) twelve (12) months following such termination date, or (ii) the term of the Unit Option, to exercise the Unit Option. In connection with
such a Change of Control, the Administrator may, in exercise of discretion, provide that each Unit Option shall, upon the occurrence of such Change of Control, be canceled in exchange for a payment in an amount equal to the excess, if any, of the
Change of Control Price over the Grant Value for such Unit Option. 
 8.2. Alternative Awards. Notwithstanding
Section 8.1, no cancellation, acceleration of eligibility for Surrender, vesting, cash settlement or other payment shall occur with respect to any Unit Option if the Administrator reasonably determines in good faith prior to the occurrence of a
Change of Control that such Unit Option shall be honored or assumed, or an Alternative Award substituted therefor, by a Participant’s employer (or the parent or an affiliate of such employer) immediately following the Change of Control.

 ARTICLE IX. 
 AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN 
 The Administrator may amend or
terminate the Plan at any time in its sole discretion. No amendment or termination of the Plan shall in any manner adversely affect any Unit Option theretofore granted under the Plan without the consent of the Participant. 

  
 9 

 SECTION X. 
 MISCELLANEOUS PROVISIONS 
 10.1. Nature and Transferability of Unit
Options. No Unit Option shall be considered a property interest of any Participant, and such Unit Option shall have no value except as a means of determining, in part, the amount of payments, if any, under the Plan. Without limiting the
generality of the foregoing, no Unit Option may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution; provided that the Administrator may, in the Unit
Option Agreement or otherwise, permit transfers of rights regarding Unit Options by gift or a domestic relations order to Family Members. 
 10.2. No Guarantee of Employment or Participation. Nothing in the Plan shall interfere with or limit in any way the right of any Affiliate to terminate any Participant’s employment or service
at any time, nor confer upon any Participant any right to continue in the employ of any Affiliate. No Employee shall have a right to be selected as a Participant, or, having been so selected, to receive any future Unit Options. 

10.3 Tax Withholding and Currency. Each Affiliate shall have the power to withhold, or require a Participant to remit to the
Affiliate, an amount sufficient to satisfy any applicable withholding tax requirements imposed by any competent authority on any Unit Option under the Plan, and the Affiliate may defer any payment until such requirements are satisfied. Any Affiliate
may make any payment under this Plan in any currency chosen by the Affiliate in its discretion. 
 10.4. No Limitation on
Compensation. Nothing in the Plan shall be construed to limit the right of the Company or any Affiliate to establish other plans, programs, agreements, or arrangements. 
 10.5. Requirements of Law. The granting of Unit Options and payments upon Surrender thereof shall be subject to all applicable laws, rules, and regulations, to such approvals by any governmental
agencies as may be required, and to any Company policy on insider trading. 
 10.6. Term of Plan. The Plan as amended and
restated shall be effective upon its execution by the Administrator. The Plan shall continue in effect until terminated pursuant to Article IX. 
 10.7. Governing Law. The Plan and all Unit Option Agreements hereunder shall be construed in accordance with and governed by the laws of the State of Delaware of the United States of America,
without regard to principles of conflict of laws. 
 10.8. No Impact on Benefits. Except as may otherwise be specifically
stated under any employee benefit plan, policy or program, Unit Options shall not be treated as compensation for purposes of calculating an Employee’s right under any such plan, policy or program. 

  
 10 

 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) except as provided in Article IX, to limit the right or power of the Company or any Affiliate to take any action which such entity deems to be
necessary or appropriate. 
 10.10. Unfunded Plan. This Plan shall be unfunded and shall not create (or be construed to
create) a trust or separate fund. Likewise, this Plan shall not establish any fiduciary relationship between the Company or any Affiliate or the Administrator and the Participant. To the extent that any Participant holds any rights by virtue of
being granted a Unit Option under this Plan, such right shall be no greater than the right of an unsecured general creditor of any Affiliate that approves or ratifies the grant of Unit Options to such Participant. 

10.11. Obligor. The obligation to make payments due under each Unit Option Agreement, if any, shall be the sole obligation of the
Affiliate that enters into such Unit Option Agreement. In no event shall the Company be obligated to make payments due under this Plan pursuant to any Unit Option Agreement. Payment due from any Affiliate in relation to any Performance Units may be
made on behalf of that Affiliate by any other Affiliate. 
 IN WITNESS WHEREOF, the Plan Administrator has adopted this Plan, as amended and
restated effective February 23, 2010. 
  

					
	PLAN ADMINISTRATOR	 	
	
	 /s/ Dennis J. Shiel

	Dennis J. Shiel	 	
			
	Date:	 	 7/21/11
	 	

  
 11

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