Document:

EX-10.2

 Exhibit 10.2 

Brighthouse Financial, Inc. 2017 Non- 

Management Director Stock 
 Compensation Plan 

(Effective August 9, 2017) 

 Brighthouse Financial, Inc. 2017 Non-Management Director Stock
Compensation Plan 
 Article 1. Establishment, Purpose, and Duration 

1.1 Establishment of the Plan. Brighthouse Financial, Inc., a Delaware corporation (hereinafter referred to as the
“Company”), establishes an incentive compensation plan to be known as the Brighthouse Financial, Inc. 2017 Non-Management Director Stock Compensation Plan (hereinafter referred to as the
“Plan”), as set forth in this document. 
 The Plan permits the grant of Options, Restricted Stock, Restricted Stock Units, and
Stock-Based Awards. 
 The Plan shall become effective on the date the Board approves the Plan (the “Effective Date”) and shall
remain in effect as provided in Section 1.3 hereof. 
 1.2 Purpose of the Plan. The purpose of the Plan is to promote the
long-term interests of the Company and its shareholders by strengthening the Company’s ability to attract, motivate, and retain well qualified individuals as Non-Management Directors of the Company upon
whose judgment, initiative, and efforts the financial success and growth of the business of the Company largely depend, and to provide an additional incentive for such individuals through stock ownership and other rights that promote and recognize
the financial success and growth of the Company and create value for shareholders. 
 1.3 Duration of the Plan. The Plan shall
commence as of the Effective Date and shall remain in effect until all Shares subject to the Plan have been purchased or acquired according to the Plan’s provisions, subject to the right of the Committee or the Board to amend or terminate the
Plan at any time pursuant to Article 11 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, individually or collectively, a grant of Options, Restricted Stock, Restricted Stock Units, or Stock-Based Awards, in each case under and subject to the terms of this Plan.

  

	 	2.3	“Award Agreement” means either (i) a written agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to Awards granted under this Plan; or
(ii) a written statement issued by the Company to a Participant describing the terms and provisions of such Award. In either case, such writing may take electronic form. 

	 	2.4	“Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in rule 13d-3 of the General Rules and Regulations under the
Exchange Act. 

  

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

  

	 	2.6	“Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Delaware law. 

 

	 	2.7	“Change of Control” shall occur if any of the following events occur after the Effective Date: 

(i) Any Person acquires (other than directly from the Company) Beneficial Ownership, directly or indirectly, of securities of
the Company representing thirty percent (30%) or more of the combined Voting Power of the Company’s securities; 
 (ii)
Within any twenty-four (24) month period, the individuals 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 of Directors or the
Board of Directors of any successor to the Company; provided, that any Director elected or nominated for election to the Board by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for
purposes of this Section 2.7(ii); provided, further, notwithstanding the foregoing, that no individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election or removal
of Directors of the Company or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by reason of any agreement intended to avoid or settle any such election contest or
solicitation of proxies or consents, shall be considered an Incumbent Director for purposes of this Section 2.7(ii); or 

(iii) The shareholders of the Company approve a merger, consolidation, share exchange, division, sale or other disposition of
all or substantially all of the assets of the Company which is consummated (a “Corporate Event”), and immediately following the consummation of which the shareholders of the Company immediately prior to such Corporate Event do not hold,
directly or indirectly, a majority of the Voting Power of (i) in the case of a merger or consolidation, the surviving or resulting corporation, (ii) in the case of a share exchange, the acquiring corporation, or (iii) 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 thirty percent (30%) of the consolidated assets of the Company
immediately prior to such Corporate Event. 
 Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because
any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the combined Voting Power of the Company’s securities as a 

  
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result of acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of securities over which such Person
has Beneficial Ownership; provided, that if a Change of Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the Company, the
Subject Person becomes the Beneficial Owner of any additional securities that increase the then outstanding combined Voting Power of the Company’s securities Beneficially Owned by such Subject Person, then a Change of Control shall occur. 

 

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

  

	 	2.9	“Committee” means the Board or, solely to the extent the Board has delegated its responsibility to fix the amount which a Non-Management Director shall be
entitled to receive as compensation for such Director’s services to a committee of the Board of the Board of Directors, such committee of the Board of Directors, its successor committee of the Board, or any other duly authorized committee of
the Board appointed by the Board to administer the Plan. 

  

	 	2.10	“Company” means Brighthouse Financial, Inc., a Delaware corporation, and any successor thereto as provided in Article 13 herein. 

 

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

  

	 	2.12	“Disability” means a total and permanent disability as defined in Section 22(e)(3) of the Code. 

  

	 	2.13	“Effective Date” means August 9, 2017. 

  

	 	2.14	“Employee” means any employee of the Company or an Affiliate. 

  

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

 

	 	2.16	“Fair Market Value” or “FMV” means a price that is based on the opening, closing, actual, high, low, or average selling prices of a Share on the National Association of Securities
Dealers Automated Quotations or other established stock exchange (or exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, or an average of trading days, as determined by the Committee in its discretion. Such
definition(s) of FMV shall be specified in each Award Agreement and may differ depending on whether FMV is in reference to the grant, exercise, vesting, settlement, or payout of an Award. If, however, the accounting standards used to account for
equity awards granted to Participants are substantially modified subsequent to the Effective Date of the Plan, the Committee shall have the ability to determine an Award’s FMV based on the relevant facts and circumstances. If Shares are not
traded on an established stock exchange, FMV shall be determined by the Committee based on objective criteria. 

  
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	 	2.17	“Non-Management Director” means a Director who is not an Employee. 

  

	 	2.18	“Option” means the conditional right to purchase Shares at a stated Option Price for a specified period of time, subject to the terms of this Plan. Each Option shall be a Nonqualified Stock Option, in
that no Option shall be an Incentive Stock Option intended to meet the requirements of Section 422 of the Code. 

  

	 	2.19	“Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option, as determined by the Committee. 

 

	 	2.20	“Participant” means a Non-Management Director who has received an Award, or who has an outstanding Award granted under the Plan. 

 

	 	2.21	“Period of Restriction” means the period when an Award of Restricted Stock or Restricted Stock Unit is subject to forfeiture based on the passage of time, the achievement of performance goals, and/or
upon the occurrence of other events as determined by the Committee, in its discretion. 

  

	 	2.22	“Restricted Stock” means an Award of Shares subject to a Period of Restriction, granted under Article 7 herein and subject to the terms of this Plan. 

 

	 	2.23	“Restricted Stock Unit” means an Award denominated in units subject to a Period of Restriction, granted under Article 7 herein and subject to the terms of this Plan. 

 

	 	2.24	“Retirement” means a Non-Management Director’s retirement from the Board pursuant to any Non-Management
Director retirement policy that the Company may adopt from time to time. 

  

	 	2.25	“Share” means a share of common stock of the Company, $.01 par value per Share. 

  

	 	2.26	“Stock-Based Award” means an equity-based or equity-related Award granted under Article 8 herein and subject to the terms of this Plan, and not otherwise described by the terms of this Plan.

  

	 	2.27	“Voting Power” shall mean 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.

  

	 	2.28	“Voting Securities” shall mean all securities entitling the holders thereof to vote in an annual election of directors of a company. 

Article 3. Administration 
 3.1
General. The Committee and/or its delegate shall engage in administrative determinations. All actions taken and all interpretations and determinations made by the Committee or its delegate shall be final, conclusive, and binding upon the
Participants, the Company, and all other interested parties. 

  
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 3.2 Authority of the Committee. The Committee and/or its delegate shall have the
ability to interpret the terms and the intent of the Plan and any Award Agreement or other agreement ancillary to or in connection with the Plan, and to adopt such rules, regulations, and guidelines for administering the Plan as the Committee may
deem necessary or proper. However, only the Committee can establish all Award terms and conditions and, subject to Article 11 and Section 6.3, adopt modifications and amendments to the Plan or any Award Agreement. Likewise, only the Committee
can grant Awards under this Plan. 
 3.3 Delegation. The Committee may delegate to one or more of its members or to one or
more Directors or officers of the Company or its Affiliates, or to any other individual(s) such administrative duties or powers as it may deem advisable, and the Committee or any individual to whom it has delegated duties or powers as aforesaid may
employ one or more individuals to render advice with respect to any responsibility the Committee or such individual may have under the Plan. 
 Article
4. Shares Subject to the Plan and Maximum Awards 
 4.1 Number of Shares Available for Awards. Subject to adjustment as
provided in Section 4.2 herein, the number of Shares hereby reserved for issuance to Participants under the Plan shall be four hundred thousand (400,000) (such total number of shares, including any adjustment, the “Total Share
Authorization”). Any Shares issued in connection with any Award shall be counted against the limit as one (1) Share for every one (1) Share issued. 

Awards that are not settled in Shares shall not reduce any of the Total Share Authorization. If any Option granted under this Plan expires,
terminates or is canceled for any reason without having been exercised in full, the number of Shares underlying such unexercised Option shall again be available for the purposes of Awards under this Plan. If any Shares of Restricted Stock,
Restricted Stock Units or Stock-Based Award granted under this Plan to a Participant are forfeited or repurchased by the Company for any reason, the number of forfeited or repurchased Shares of Restricted Stock, or Shares underlying any Restricted
Stock Unit or Stock-Based Award shall again be available for the purposes of Awards under this Plan. 
 Notwithstanding anything else
herein, (i) the total number of Options or other Award (subject to exercise) that have been exercised, regardless of whether any of the Shares underlying such Awards are not actually issued to the Participant as the result of a net settlement,
(ii) any Shares used to pay any exercise price on any Award granted under the Plan that is subject to exercise (including, without limitation, any Options or other Stock-Based Awards (subject to exercise)) and (iii) any Shares used to
satisfy tax withholding obligation with respect to any and all Awards granted under the Plan, shall in each case be counted against the Total Share Authorization and shall no longer be available for purposes of granting Awards under this Plan. In
addition, Shares repurchased by the Company on the open market using proceeds from the exercise of any Award shall not increase the Total Share Authorization available for future grant of Awards hereunder. 

The maximum number of Shares available for issuance under the Plan shall not be reduced to reflect any dividends or dividend equivalents that
are reinvested into additional Shares or credited as Restricted Stock or Restricted Stock Units. The Shares available for issuance under the Plan may be authorized and unissued Shares or treasury Shares. 

  
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 The maximum aggregate number of Shares that may be granted in any one calendar year to any one
Participant under the Plan shall be that number of Shares with an aggregate Fair Market Value on the grant date equal to two million dollars ($2,000,000). The limitation in this section shall be applied in the context of Options by using the value
of one-third (1/3) the number of Shares the Participant may acquire upon exercise as the value of such Option and, with respect to all other awards, by using the value of the maximum number of Shares that the
Participant may receive as a result of the grant. The dollar value limit in this section shall be adjusted for inflation, as reasonably determined by the Committee, from the date the Company’s shareholders approve the Plan to the date the Share
is granted. 
 4.2 Adjustments in Authorized Shares. In the event of any corporate event or transaction (including, but not
limited to, a change in the Shares of the Company or the capitalization of the Company) such as a merger, consolidation, reorganization, recapitalization, separation, stock dividend, extraordinary dividend, stock split, reverse stock split, split
up, spin-off, or other distribution of stock or property of the Company, combination of securities, exchange of securities, dividend in kind, or other like change in capital structure or distribution (other
than normal cash dividends) to shareholders of the Company, or any similar corporate event or transaction, the Committee, in order to prevent dilution or enlargement of Participants’ rights under the Plan, shall substitute or adjust, as
applicable, the number and kind of Shares that may be issued under the Plan, the number and kind of Shares subject to outstanding Awards, the Option Price applicable to outstanding Awards, the annual Participant Share Award limit, and any other
value determinations applicable to outstanding Awards or to this Plan. The Committee shall also make appropriate adjustments in the terms of any Awards under the Plan to reflect, or related to, such changes or distributions and may modify any other
terms of outstanding Awards. The determination of the Committee as to the foregoing adjustments, if any, shall be final, conclusive, and binding on Participants under the Plan. 

Subject to the provisions of Article 11 and any applicable law or regulatory requirement, without affecting the number of Shares reserved or
available hereunder, the Committee may authorize the issuance, assumption, substitution, or conversion of Awards under this Plan in connection with any such corporate event or transaction upon such terms and conditions as it may deem appropriate.

 4.3 Minimum Restriction and Vesting Period. Notwithstanding any other provision of the Plan to the contrary, with
respect to any Award of Restricted Stock, Restricted Stock Units, or Stock-Based Award which by its terms does not require the recipient of the Award to pay a per share exercise price or purchase price equal to the Fair Market Value of the
underlying Common Stock at the grant date (collectively, “Full-Value Awards”), (i) the Period of Restriction with respect to any such Award of Restricted Stock or Restricted Stock Units and (ii) the vesting period with respect to any
such other Stock-Based Award that is payable in shares of Common Stock shall be no less than (x) with respect to any Award granted as of the date of annual meeting (or a pro-rated award granted to
a newly elected director following the date of any annual meeting), the period of service from the date of grant until the next annual meeting or (y) in the case of any other Award, one (1) year, if the lapsing of restrictions or
vesting of the Full-Value Award is based solely on the continued performance of services by the Participant; provided, that, subject to the terms of the Plan, the Committee may (at the time of grant or thereafter) provide for the earlier
lapsing of restrictions or the vesting of the Full-Value Award in the event of a Change of Control or a Participant’s death, Disability or Retirement; and provided further, that, subject to the limitations set forth in Section 4.1,
Full-Value Awards with respect to up to five percent (5%) of the Total Share Authorization may be granted that are not subject to the foregoing limitation. 

  
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 Article 5. Eligibility and Participation 

5.1 Eligibility. Individuals eligible to participate in the Plan include all
Non-Management Directors. 
 5.2 Participation. Subject to the provisions of the Plan,
the Committee from time to time may make Awards and determine in its discretion, the nature, terms, and amount of each Award. 
 Article 6. Stock Options

 6.1 Grant of Options. Subject to the terms and provisions of the Plan, Options may be granted to Participants in such
number, and upon such terms, and at any time and from time to time as shall be determined by the Committee in its discretion. 

6.2 Award Agreement. Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the
duration of the Option, the number of Shares to which the Option pertains, the conditions upon which an Option shall become vested and exercisable, and any such other provisions as the Committee shall determine. 

6.3 Option Price. The Option Price for each grant of an Option under this Plan shall be determined by the Committee and shall be
specified in the Award Agreement. The Option Price may include an Option Price based (i) on one hundred percent (100%) of the FMV of the Shares on the date of grant, (ii) an Option Price that is set at a premium to the FMV of the Shares on
the date of grant, or (iii) an Option Price that is indexed to (but in no event less than 100% of) the FMV of the Shares on the date of grant, with the index determined by the Committee in its discretion. Without the prior approval of the
Company’s shareholders, except as provided in Section 11.2. Options issued under the Plan will not be repriced, replaced, or regranted through cancellation, by lowering the exercise price of a previously granted Option, or by the grant of
another Award or payment in cash in substitution of such Options. 
 6.4 Duration of Options. Each Option granted to a
Participant shall expire at such time as the Committee shall determine at the time of grant; provided, however, no Option shall be exercisable later than the tenth (10th) anniversary date
of its grant. 
 6.5 Exercise of Options. Options granted under this Article 6 shall be exercisable at such times
and on the occurrence of such events, and be subject to such restrictions and conditions, as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. 

6.6 Payment for Options. Options granted under this Article 6 shall be exercised by the delivery of a notice of exercise to the
Company or an agent designated by the Company in a form specified or accepted by the Committee, or by complying with any alternative procedures which may be authorized by the Committee, setting forth the number of Shares with respect to which the
Option is to be exercised, accompanied by full payment for the Shares. 

  
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 The Option Price upon exercise of any Option shall be payable to the Company in full in a form
and method approved or accepted by the Committee in its sole discretion, including, without limitation, settling the portion of the Option then being exercised by the delivery of a net number of Shares having a value determined by the difference
between the value of the underlying Shares and the Option Price of the Shares as to which the Option is being exercised, subject to such rules and regulations as the Committee may establish. 

Subject to Section 6.7 and any governing rules or regulations, as soon as practicable after receipt of a notification of exercise and
full payment, the Committee shall cause to be delivered to the Participant Share certificates, evidence of book entry Shares, or other evidence of Share ownership determined by the Company, in each case in an appropriate amount based upon the number
of Shares purchased under the Option(s). Unless otherwise determined or accepted by the Committee, all payments in cash shall be paid in United States dollars. 

6.7 Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares acquired pursuant to the
exercise of an Option granted pursuant to this Plan as it may deem advisable, including, without limitation, requiring the Participant to hold the Shares acquired pursuant to exercise for a specified period of time, or restrictions under applicable
laws or under the requirements of any stock exchange or market upon which such Shares are listed and/or traded. 
 6.8
Termination of Directorship. The following rules apply with regard to Options upon a Participant’s termination as a Non-Management Director: 

(i) Termination due to Death, Disability, Retirement or Otherwise Ceasing to be a Non-Management
Director. Upon a Participant’s termination as a Non-Management Director by reason of death, Disability, Retirement, resignation, failure to stand for reelection or failure to be reelected or otherwise,
all outstanding Options that are exercisable at the time of such termination shall remain exercisable to the extent exercisable on the date of such termination by the Participant or, in the event of the Participant’s death or Disability, by the
Participant’s legal representative, estate or by the person given authority to exercise such Options by the Participant’s will or by operation of law, at any time prior to the expiration of the stated term of such Option. 

(ii) Except as provided herein or in Section 6.8(iii), no Options that were not exercisable as of the date of the Participant’s
termination shall thereafter become exercisable upon a termination for any reason or no reason whatsoever, and such Options shall terminate and be cancelled upon a termination. Notwithstanding the foregoing, the Committee shall be authorized, in its
sole discretion, at any time on or prior to the date of termination, to provide, based on such factors, if any, as the Committee may determine, that any outstanding Options that are not exercisable as of the date of termination shall thereafter
continue to become exercisable in accordance with the terms of the Award Agreement as if a termination never occurred. Notwithstanding anything herein to the contrary, if a Participant’s termination is for Cause, all Options held by the
Participant will immediately terminate and expire as of the date of termination. 
 (iii) All Options granted to a Participant and not
previously exercisable shall become fully exercisable upon (a) the Participant’s death, Disability or Retirement or (b) a Change of Control, subject to Article 15 hereof. In addition, the Committee may accelerate the vesting and
exercisability of any Option at any time at or after grant in whole or in part, based on such factors, if any, as the Committee shall determine, in its sole discretion. 

  
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 6.9 Nontransferability of Options. Except for transfers without consideration for which
the Committee may provide in a Participant’s Award Agreement or otherwise, each Option granted under this Article 6 may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws
of descent and distribution. Further, except as otherwise provided herein or otherwise by the Committee consistent with this Section 6.9, all Options granted to a Participant under the Plan shall be exercisable during the Participant’s
lifetime only by such Participant. 
 6.10 Dividends and Other Distributions. Holders of Options granted hereunder shall not be
credited with dividends, dividend equivalents, or other additional rights or benefits on account of dividends declared or paid with respect to the underlying Shares, except as provided in Section 4.2. 

Article 7. Restricted Stock and Restricted Stock Units 

7.1 Grant of Restricted Stock or Restricted Stock Units. Subject to the terms and provisions of the Plan, the Committee, at any
time and from time to time, may grant Shares of Restricted Stock and/or Restricted Stock Units to Participants in such amounts and upon such terms as the Committee shall determine. 

7.2 Restricted Stock or Restricted Stock Unit Agreement. Each Restricted Stock and/or Restricted Stock Unit grant shall be
evidenced by an Award Agreement that shall specify the Period(s) of Restriction, the number of Shares of Restricted Stock or the number of Restricted Stock Units granted, and any such other provisions as the Committee shall determine. 

7.3 Nontransferability of Restricted Stock and Restricted Stock Units. Except for transfers without consideration for which the
Committee may provide in a Participant’s Award Agreement or otherwise, each of the Shares of Restricted Stock and/or Restricted Stock Units granted under the Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated until the end of the applicable Period of Restriction specified in the Award Agreement (and in the case of Restricted Stock Units until the date of delivery or other payment), or upon earlier satisfaction of any other conditions, as
specified by the Committee in its sole discretion in the Award Agreement or otherwise. All rights with respect to the Restricted Stock and/or Restricted Stock Units granted to a Participant under the Plan shall be available during his or her
lifetime only to such Participant, except as otherwise provided herein or otherwise by the Committee consistent with this Section 7.3. 

7.4 Other Restrictions. The Committee shall impose, in the Award Agreement or otherwise, such other conditions and/or
restrictions on any Shares of Restricted Stock or Restricted Stock Units granted pursuant to this Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of
Restricted Stock or each Restricted Stock Unit, time-based restrictions on vesting following the attainment of the performance goals, time-based restrictions, restrictions under applicable laws or under the requirements of any stock exchange or
market upon which such Shares are listed or traded, or holding requirements or sale restrictions placed on the Shares by the Company upon the lapse of restriction or vesting of such Restricted Stock or Restricted Stock Units. 

  
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 To the extent deemed appropriate by the Committee subject to Section 14.4, the Company may
retain any certificates issued to represent Shares of Restricted Stock, or Shares delivered in consideration of Restricted Stock Units, in the Company’s possession until such time as all conditions and/or restrictions applicable to such Shares
have been satisfied or lapse, and may make appropriate notations in any book entry register of the restrictions on transferability and potential for forfeiture. 

Except as otherwise provided in this Article 7, Shares of Restricted Stock covered by each Restricted Stock Award shall become freely
transferable by the Participant after all conditions and restrictions applicable to such Shares have been satisfied or lapse, and Restricted Stock Units shall be paid in cash, Shares, or a combination of cash and Shares as the Committee, in its sole
discretion, shall determine. 
 7.5 Certificate Legend. In addition to any legends placed on certificates pursuant to
Section 7.4 herein, each certificate representing Shares of Restricted Stock granted pursuant to the Plan may bear a legend such as the following (or legend of similar effect determined by the Committee): 

The sale or other transfer of the Shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is
subject to certain restrictions on transfer as set forth in the Brighthouse Financial, Inc. 2017 Non-Management Director Stock Compensation Plan, and in the associated Award Agreement. A copy of the Plan and
such Award Agreement may be obtained from Brighthouse Financial, Inc. 
 7.6 Voting Rights. To the extent required by law,
Participants holding Shares of Restricted Stock granted hereunder shall be granted the right to exercise full voting rights with respect to those Shares during the Period of Restriction. A Participant shall have no voting rights with respect to any
Restricted Stock Units granted hereunder. 
 7.7 Dividends and Other Distributions. During the Period of Restriction,
Participants holding Shares of Restricted Stock or Restricted Stock Units granted hereunder may, if the Committee so determines, be credited with dividends paid with respect to the underlying Shares or dividend equivalents while they are so held in
a manner determined by the Committee in its sole discretion, provided that any dividends, dividend equivalents, or other distributions shall be withheld until the end of the Period of Restriction with respect to such Restricted Stock or
Restricted Stock Units. The Committee may apply any restrictions to the dividends or dividend equivalents that the Committee deems appropriate. The Committee, in its sole discretion, may determine the form of payment of dividends or dividend
equivalents, including cash, Shares, Restricted Stock, or Restricted Stock Units. 
 7.8 Termination of Directorship. The
following rules apply with regard to Restricted Stock and Restricted Stock Units upon a Participant’s termination as a Non-Management Director: 

(i) All unvested Restricted Stock or Restricted Stock Units granted to a Participant shall become fully vested upon (a) the
Participant’s death, Disability or Retirement or (b) a Change of Control, subject to Article 15 hereof. In addition, the Committee may accelerate the vesting of any unvested Restricted Stock or Restricted Stock Units at any time at or
after grant in whole or in part, based on such factors, if any, as the Committee shall determine, in its sole discretion. 

  
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 (ii) Except as otherwise provided herein, Restricted Stock or Restricted Stock Units that are not
vested as of the date of a Participant’s termination for any reason shall terminate and be forfeited in their entirety as of the date of such termination. Notwithstanding the foregoing, the Committee shall be authorized, in its sole discretion,
at any time on or prior to the date of termination, to provide, based on such factors as the Committee may determine, in its sole discretion, that any Restricted Stock or Restricted Stock Units that are not vested as of the date of termination shall
thereafter continue to vest in accordance with the original terms set forth in the Award Agreement as if a termination never occurred. Notwithstanding anything herein to the contrary, in the event of a Participant’s termination for Cause, all
Restricted Stock or Restricted Stock Units (whether vested or unvested) shall be forfeited in their entirety as of the date of such termination. 

7.9 Payment in Consideration of Restricted Stock Units. When and if Restricted Stock Units become payable, a Participant having
received the grant of such units shall be entitled to receive payment from the Company in cash, Shares of equivalent value (based on the FMV, as defined in the Award Agreement or otherwise by the Committee), in some combination thereof, or in any
other form determined by the Committee at its sole discretion. The Committee’s determination regarding the form of payout shall be set forth or reserved for later determination in the Award Agreement pertaining to the grant of the Restricted
Stock Unit. 
 Article 8. Stock-Based Awards 

8.1 Stock-Based Awards. The Committee may grant other types of equity-based or equity-related Awards not otherwise described by
the terms of this Plan (including the grant or offer for sale of unrestricted Shares) in such amounts and subject to such terms and conditions, or in satisfaction of any obligation of the Company or an Affiliate to a
Non-Management Director, as the Committee shall determine. Such Awards may entail the transfer of actual Shares to Participants, or payment in cash or otherwise of amounts based on the value of Shares and may
include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

8.2 Termination of Directorship. The following rules apply with regard to Stock-Based Awards upon a Participant’s
termination as a Non-Management Director: 
 (i) All unvested Stock-Based Awards granted to a
Participant shall become fully vested upon (a) the Participant’s death, Disability or Retirement or (b) a Change of Control subject to Article 15 hereof. In addition, the Committee may accelerate the vesting of any unvested
Stock-Based Awards at any time at or after grant in whole or in part, based on such factors, if any, as the Committee shall determine, in its sole discretion. 

(ii) Except as otherwise provided herein, Stock-Based Awards that are not vested as of the date of a Participant’s termination for any
reason shall terminate and be forfeited in their entirety as of the date of such termination. Notwithstanding the foregoing, the Committee shall be authorized, in its sole discretion, at any time on or prior to the date of the Participant’s
termination, to provide, based on such factors as the Committee may determine, in its sole discretion, that any Stock-Based Awards that are not vested as of the date of termination shall thereafter continue to vest in accordance with

  
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the original terms set forth in the Award Agreement as if a termination never occurred. Notwithstanding anything herein to the contrary, in the event of a Participant’s termination for
Cause, all Stock-Based Awards (whether vested or unvested) shall be forfeited in their entirety as of the date of such termination. 

8.3 Nontransferability of Stock-Based Awards. Except for transfers without consideration for which the Committee may provide in
a Participant’s Award Agreement or otherwise, each Stock-Based Award granted under the Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant’s Award Agreement or otherwise by the Committee consistent with this Section 8.3, a Participant’s rights under the Plan shall be exercisable during the Participant’s lifetime
only by the Participant. 
 Article 9. Beneficiary Designation 

A Participant’s “beneficiary” is the person or persons entitled to receive payments or other benefits or exercise rights that
are available under the Plan in the event of the Participant’s death. To the extent permitted by the Committee in the Award Agreement or otherwise, a Participant may designate a beneficiary or change a previous beneficiary designation at such
times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. Except to the extent otherwise determined by the Committee in the Award Agreement or otherwise, if no beneficiary
designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, the beneficiary shall be the Participant’s estate. 

Notwithstanding the provisions above, the Committee may in its discretion, after notifying the affected Participants, modify the foregoing
requirements, institute additional requirements for beneficiary designations, or suspend the existing beneficiary designations of living Participants or the process of determining beneficiaries under this Article 9, or both, in favor of another
method of determining beneficiaries. 
 Article 10. Rights of Non-Management Directors 

10.1 Directorship. Nothing in the Plan or an Award Agreement shall be construed to confer a right to be elected or to continue to
serve as a Director. No Participant shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed to create any obligation on the part of the Board to nominate any of its members for re-election by the Company’s shareholders. Nothing in the Plan or an Award Agreement shall interfere with or limit in any way the right of the Board to otherwise remove the Participant from the Board at any
time, nor confer upon any Participant a right to remain a member of the Board for any period of time, or at any particular rate of compensation. 

10.2 Participation. No Non-Management Director, having received an Award, shall have the
right to receive a future Award or (if receiving such a future Award) the right to receive such a future Award on terms and conditions identical or in proportion in any way to any prior Award. 

10.3 Rights as a Shareholder. A Participant shall have none of the rights of a shareholder with respect to Shares covered by any
Award until the Participant becomes the record holder of such Shares. 

  
 12 

 Article 11. Amendment, Modification, Suspension, and Termination 

11.1 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; provided however, that to the extent necessary under any applicable law, regulation or exchange requirement, no amendment shall be effective unless approved by the
shareholders of the Company in accordance with applicable law, regulation, or exchange requirement. 
 11.2 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 (other than those described
in Section 4.2 hereof) 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. 
 11.3 Awards Previously Granted. Notwithstanding any other provision of the Plan to the
contrary, 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 12. Withholding 
 The Company or
any Affiliate shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company or any Affiliate, an amount sufficient to satisfy any applicable federal, state, and local taxes, domestic or foreign, that the
Company or any Affiliate determines is required by law or regulation to be withheld with respect to any taxable event arising or as a result of this Plan. The Committee may provide for Participants to satisfy withholding requirements by having the
Company withhold Shares or the Participant making such other arrangements, in either case on such conditions as the Committee specifies. 
 Article 13.
Successors 
 Any obligations of the Company under the Plan with respect to Awards granted hereunder, shall be binding on any successor
to the Company, respectively, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company, as applicable. 

Article 14. General Provisions 

14.1 Forfeiture Events. Without limiting in any way the generality of the Committee’s power to specify any terms and
conditions of an Award consistent with law, and for greater clarity, the Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation,
forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award, to the extent consistent with law. If all or any portion of an Award granted under the
Plan, or the delivery of Shares pursuant thereto, would fail to comply with applicable law, listing rule or other regulation, such Award may be settled in cash in the sole discretion of the Committee. 

  
 13 

 14.2 Legend. The certificates for Shares may include any legend that the Committee
deems appropriate to reflect any restrictions on transfer of such Shares. 
 14.3 Delivery of Title. The Company shall have no
obligation to issue or deliver evidence of title for Shares issued under the Plan prior to: 
  

	 	(a)	Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and 

  

	 	(b)	Completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable.

 14.4 Uncertificated Shares. To the extent that the Plan provides for issuance of certificates to reflect the
transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis to the extent not prohibited by applicable law or the rules of any stock exchange. 

14.5 Unfunded Plan. Participants shall have no right, title, or interest whatsoever in or to any investments that the Company or
an 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 an Affiliate and any Participant, beneficiary, legal representative, or any other person. Awards shall be general, unsecured obligations of the Company. To the extent that any individual acquires a right to receive payments from the
Company, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, 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. 

14.6 No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award Agreement. In
such an instance, unless the Committee determines to round payments up to the nearest whole Share, determines that payment shall be made in cash, or determines otherwise, fractional Shares and any rights thereto shall be forfeited or otherwise
eliminated. 
 14.7 Other Compensation and Benefit Plans. Nothing in this Plan shall be construed to limit the right of the
Company or an 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. 

  
 14 

 14.8 No Constraint on Corporate Action. Nothing in this Plan shall be construed
(i) to limit, impair or otherwise affect the Company’s or an 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. 

14.9 Investment Representations. The Committee may require each Participant receiving Shares pursuant to an Award under this
Plan to represent and warrant in writing that the Participant is acquiring the Shares for investment and without any present intention to sell or distribute such Shares or make such other representations, warranties, or covenants that the Committee
shall determine to be necessary or appropriate to assure that the grant, terms, and/or payment of any Award complies with applicable law. 
 Article 15.
Change of Control 
 15.1 Alternative Awards. Notwithstanding Section 15.2 below, no cancellation, acceleration of
vesting, lapsing of restrictions, payment of Award, cash settlement or other payment shall occur with respect to any Award if the Committee reasonably determines in good faith prior to the occurrence of a Change of Control that such Award shall be
honored or assumed, or new rights substituted therefor (such honored, assumed or substituted Award hereinafter called an “Alternative Award”) by any successor as described in Article 13; provided that any such Alternative Award
must: 
 (a) Be based on stock which is traded on an established U.S. securities market, or that the Committee reasonably believes will be so
traded within sixty (60) days after the Change of Control; 
 (b) Provide such Participant with rights and entitlements substantially
equivalent to or better than the rights, terms and conditions applicable under such Award, including, but not limited to, an identical or better exercise or vesting schedule and identical or better timing and methods of payment; 

(c) Have substantially equivalent economic value to such Award (determined at the time of the Change of Control); and 

(d) Have terms and conditions which provide that in the event that the Participant’s service is terminated, any conditions on a
Participant’s rights under, or any restrictions on transfer or exercisability applicable to, each such Alternative Award shall be waived or shall lapse, as the case may be. 

15.2 Subject to Section 15.1, unless otherwise determined by the Committee (or unless otherwise set forth in an Award Agreement), if a
Participant’s service as a Non-Management Director is terminated by the Company or any successor entity thereto on or within one (1) year after a Change of Control, each Award granted to such
Participant prior to such Change of Control shall become fully vested (including the lapsing of all restrictions and conditions) and, as applicable, exercisable as of the date of such termination of service, and any shares of Common Stock
deliverable pursuant to restricted stock units shall be delivered promptly following such Participant’s termination of service. 

  
 15 

 Legal Construction 

15.1 Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the
feminine, the plural shall include the singular, and the singular shall include the plural. 
 15.2 Severability. In the event
any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not
been included. 
 15.3 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject
to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. The Company shall receive the consideration required by law for the issuance of Awards under the
Plan. 
 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 counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority
shall not have been obtained. 
 15.4 Governing Law. The Plan and each Award Agreement 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. 

  
 16EX-10.3

 Exhibit 10.3 

BRIGHTHOUSE SERVICES, LLC 

TEMPORARY INCENTIVE DEFERRED COMPENSATION PLAN 

(Restated as of March 13, 2018) 

1. Purpose Of The Plan 

The purposes of the Plan are to promote the growth and success of Brighthouse Financial through a plan sponsored by Brighthouse Services, LLC,
the primary employing entity of the Brighthouse group of companies, including any successor thereto and all Affiliates (collectively referred to as the “Company”), in attracting and retaining highly-qualified employees at this
critical juncture. This Plan will advance those goals by providing cash incentives to a select group of management or highly compensated Employees who: (i) due to the Disaffiliation (defined below) forfeited, or are anticipated to forfeit,
incentive equity awards granted by MetLife, Inc., (ii) due to the anticipated Disaffiliation, would otherwise have been eligible for incentive Equity but were not granted incentive equity awards by MetLife, Inc. in 2017, or (iii) are entitled
to receive, pursuant to the terms of an employment letter with the Company, cash incentive compensation in the event that Brighthouse Financial, Inc. is unable to timely issue incentive equity awards or the Company otherwise determines that granting
of a cash incentive is preferable. 
 2. Definitions 

Whenever used herein, the following terms shall have the respective meanings set forth below. 

(a) “2017 LTI Credit” means the amount credited to a Participant, as determined by the Plan Administrator in its sole
discretion, who was not granted a MetLife Award in 2017 by MetLife, Inc. or its Affiliates solely due to the Disaffiliation, as determined by the Plan Administrator. 

(b) “2017 LTI Deferred Compensation” means, with respect to a Participant, all 2017 LTI Credits credited to such Participant
plus interest credited thereon as provided in this Plan. 
 (c) “Affiliate” means any corporation, partnership, limited
liability company, trust or other entity which, directly or indirectly through one or more intermediaries, controls or is controlled by the referenced company. 

(d) “Anniversary Vesting Date” has the meaning set forth in Section 8(c). 

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

(f) “Cause” means “Cause” as defined in the Brighthouse Financial, Inc. 2017 Stock and Incentive Compensation Plan.

 (g) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(h) “Committee” means a compensation committee of the Board comprised of two or more Outside Directors; provided, however,
that until such time as committee meeting the requirements specified herein has been appointed, the Board shall exercise all powers of the Committee. 

(i) “Company” has the meaning set forth in Section 1. 

 (j) “Covered Employee” means the CEO and his or her direct reports. 

(k) “Credit Date”, with respect to an Initial Credit, means the date on which the Initial Credit is credited to a
Participant. The Credit Date of any Forfeiture Initial Credit is August 7, 2017; provided, however, that the Credit Date of any Forfeiture Initial Credit for a Participant that was hired by the Company after the Disaffiliation Date, as
described in Section 2(o) of the Plan, is September 30, 2017. The Credit Date of any 2017 LTI Credit is the Effective Date of the Plan. The Credit Date of New Hire Initial Credit will be the date the Plan Administrator, in his sole
discretion, allocates the New Hire Initial Credit to the Participant. 
 (l) “Deferred Compensation” means, with respect to
a Participant, the Forfeiture Initial Credit, New Hire Initial Credit, and/or 2017 LTI Credit credited to such Participant plus interest credited thereon as provided in this Plan. 

(m) “Disaffiliation” means the disaffiliation of Brighthouse Financial, Inc. and its affiliates (as determined immediately
after the disaffiliation), including the Company, from MetLife, Inc. and all of its affiliates (as determined immediately after the disaffiliation) such that MetLife, Inc. and all its affiliates no longer own 80% or more of the common stock of
Brighthouse Financial, Inc. and its affiliates, including the Company. Such disaffiliation may be effected in any manner, including, but not limited to, a spin-off of Brighthouse Financial, Inc. and its
affiliates, including the Company, into a public entity. 
 (n) “Disaffiliation Date” means the date of consummation of the
Disaffiliation from MetLife, Inc. and each of its Affiliates. 
 (o) “Disaffiliation Forfeiture” means the partial or
complete forfeiture, on or prior to the Disaffiliation Date, of a MetLife Award due to the actual or anticipated termination of employment of a Participant with an affiliate of MetLife, Inc. as a result of the Disaffiliation. Notwithstanding any
other provision of the Plan to the contrary, the partial or complete forfeiture of a MetLife Award due to the termination of employment of an individual with an affiliate of MetLife, Inc. after the Disaffiliation Date who is subsequently hired by
the Company on or prior to September 12, 2017, shall be considered a Disaffiliation Forfeiture. 
 (p) “Effective
Date” has the meaning set forth in Section 17. 
 (q) “Employee” means any individual
employed (within the meaning of the Code and regulations and interpretive guidance issued thereunder) by the Company or any of its Affiliates. 

(r) “End of Accrual Date” means: 

(i) With respect to any portion of a Participant’s Forfeiture Initial Credit and the interest credited on such amount, the date(s) on
which “Period of Restriction” or “Performance Period” applicable to such portion was scheduled to end under the “Standard Settlement Terms” or “Standard Performance Terms” of the MetLife Award that generated
such Forfeiture Initial Credit (as each such term is defined in the MetLife Award). 
 (ii) With respect to any portion of a
Participant’s New Hire Initial Credit and the interest credited on such amount, the third (3rd) anniversary of the Participant’s date of hire. 

(iii) With respect to any Tranche of a Participant’s 2017 LTI Credit and the interest credited on such amount, the Anniversary Vesting
Date of such Tranche. 

  
 -2- 

 (s) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended from time to time. 
 (t) “Forfeiture Deferred Compensation” means, with respect to a Participant, all Forfeiture
Initial Credits credited to such Participant plus interest credited thereon as provided in this Plan. 
 (u) “Forfeiture Initial
Credit” means the amount credited to a Participant, as determined by the Plan Administrator in its sole discretion, because a Disaffiliation Forfeiture of a MetLife Award. Unless otherwise determined by the Plan Administrator, the
Forfeiture Initial Credit shall be equal to the number of Restricted Stock Units or Performance Shares underlying the applicable MetLife Award, less any number of Restricted Stock Units or Performance Shares in such MetLife Award that have been
either issued in shares of MetLife, Inc. common stock or were included in any formula for a pro rata payment of the MetLife Award, multiplied by the “Closing Price” of MetLife, Inc. common stock on the “Credit Date”, as such
terms are defined in the MetLife Award. Stock Options or Unit Options (collectively “Options”) issued by MetLife that are subject to a Disaffiliation Forfeiture will also be part of the Forfeiture Initial Credit. The value of forfeited
Options taken into account for purposes of this Forfeiture Initial Credit is equal to the number of Stock Options or Unit Options in an Award that were not yet exercisable as of the Disaffiliation Date, multiplied by
one-third (1/3) of the “Exercise Price” of the Award, as such term is defined in the terms of the MetLife Award. 

(v) “Initial Credit” means a Forfeiture Initial Credit, 2017 LTI Credit or New Hire Initial Credit, as applicable. 

(w) “Legal Deferral Requirements” means requirements under law to achieve deferral of income taxation, including but not
limited to Code Section 409A and any regulations promulgated thereunder. 
 (x) “MetLife Award” means an award of
Restricted Stock Units, Performance Shares, Stock Options and Unit Options under the MetLife, Inc. 2005 Stock and Incentive Compensation Plan or the MetLife, Inc. 2015 Stock and Incentive Compensation Plan. 

(y) “Negative Discretion” means the discretion authorized by the Plan to be applied by the Committee to eliminate or
reduce the size of Performance-Based Compensation in accordance with Section 9(d) of the Plan; provided, that, the exercise of such discretion would not cause the Performance-Based Compensation to fail to
qualify as performance-based compensation under Section 162(m) of the Code. 
 (z) “New Hire Initial Credit” means the
amount, as determined by the Plan Administrator in its sole discretion, credited to a Participant who is entitled to receive, pursuant to the terms of an employment letter with the Company, cash incentive compensation in the event that Brighthouse
Financial, Inc. were unable to timely issue incentive equity awards or the Company otherwise determines that granting of a cash incentive is preferable. 

(aa) “New Hire Deferred Compensation” means, with respect to a Participant, all New Hire Amounts credited to such Participant
plus interest credited thereon as provided in this Plan. 
 (bb) “Outside Director” means a member of the Board who is an
“outside director” within the meaning of Section 162(m) of the Code and Treasury Regulations Section 1.162-27(e)(3) or any successor to such statute and regulation. 

  
 -3- 

 (cc) “Participant” means any Employee designated by the Plan Administrator to
participate in the Plan. 
 (dd) “Performance-Based Compensation” means all or a portion of a Participant’s Deferred
Compensation that is credited in order to provide remuneration solely on account of the attainment of one or more Performance Goals and that is intended to satisfy the requirements of Section 162(m) of the Code for performance-based
compensation. 
 (ee) “Performance Goals” means one or more goals established by the Committee for a Performance
Period based upon one or more Performance Metrics. 
 (ff) “Performance Metrics” means the criterion or criteria that the
Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Performance-Based Compensation under the Plan. The Performance Metrics that will be used to establish the Performance
Goal(s) shall be based on performance of the Company or Brighthouse Financial, Inc. (or division, business unit, operational unit, product, product segment or product sub-segment thereof) and shall be one or
more of the following: 
 (i) Operating Earnings (on a Consolidated basis or by Company); 

(ii) Operating ROE; 

(iii) Cash Flow (including free cash flow, gross cash flow, statutory cash flow and return on capital); 

(iv) Decrease in Fixed Expenses; 

(v) Number of Transition Service Agreements with MetLife exited 

(vi) Value of New Business; 

(vii) VA Target Funding; 

(viii) Risk Based Capital Ratio(s); 

(ix) Ratings from Rating Agencies (including maintaining a minimum rating or an increase in rating); 

(x) Earnings Per Share; and 

(xi) Share Price (including but not limited to total shareholder return). 

All Performance Metric terms not defined in this Plan are as defined in the Form 10 filed by the Company or, alternatively, if these definitions are modified,
added or updated by later financial statements (including but not limited to the Quarterly Financial Statement or any equivalent), then as defined in the financial statements of the Company (subject to any modifications noted in the Committee’s
resolution setting the Performance Goals for any Performance Period). 
 (gg) “Performance Period” means the period over
which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of Performance-Based Compensation. Unless otherwise determined by the Committee, (i) the
Performance Period for a Participant’s Forfeiture Deferred Compensation shall be the remainder of the 

  
 -4- 

 
“Period of Restriction” or “Performance Period” of the MetLife Award that generated such Forfeiture Deferred Compensation (as such terms are defined in such MetLife Award),
(ii) the Performance Period for a Participant’s New Hire Deferred Compensation shall be the three (3)-year period commencing on the applicable Credit Date, and (iii) the Performance Period for a Tranche of a Participant’s 2017
LTI Deferred Compensation shall be the period from the Credit Date through the Anniversary Vesting Date applicable to such Tranche. Notwithstanding the prior language of this definition, the Committee shall have the ability to set supplementary
Performance Goals with a Performance Period shorter than the periods described in (i) through (iii) above. 
 (hh)
“Plan” means this Brighthouse Services, LLC Temporary Incentive Deferred Compensation Plan, as amended or restated from time to time. 

(ii) “Plan Administrator” shall mean the Plan Administrator of the Brighthouse Services, LLC Savings Plan and Trust including
any person to whom such office has been delegated. 
 (jj) “Pro-Rated Portion” has
the meaning set forth in Section 8(f). 
 (kk) “Restricted Stock Units” has the meaning ascribed
to such term in the MetLife, Inc. 2005 Stock and Incentive Compensation Plan or the MetLife, Inc. 2015 Stock and Incentive Compensation Plan. 

(ll) “Rule of 65 Date” means the date that the sum of a Participant’s total age plus total Service is equal to or
greater than sixty-five (65), so long as the Participant’s Service is equal to or greater than five (5). 

(mm) “Service” means the whole number of the Participant’s completed years of employment with the Company. Completed
years of employment will be computed based on the anniversaries of the date the Participant was first employed by the Company and ending on the date of termination of employment. However, if the Participant incurred any break in service, the period
of Service will be determined in the sole discretion of the Plan Administrator. Once a Participant has completed five years of Service, the Plan Administrator, may in its discretion, count partial years of Service but only in completed months.
“Service” shall also include the years of service with MetLife Group, Inc. and its affiliates recognized at the time the Participant directly transitioned employment from MetLife Group, Inc. or its affiliates to the Company, based on the
Participant’s adjusted benefits service date, as provided by MetLife Group, Inc. or its affiliates. Notwithstanding the forgoing, in no event will prior service with MetLife Group, Inc. or its affiliates be counted as Service for a Participant
that was hired by the Company after the Disaffiliation Date. 
 (nn) “Specified Employee” has the meaning set forth in the
Brighthouse Services, LLC Auxiliary Savings Plan. 
 (oo) “Tranche” has the meaning set forth in
Section 8(b). 
 (pp) “Termination of Employment” and any similar term means, as applied after
the Effective Date, the termination of a Participant’s employment with, and performance of services for, the Company and/or any of its Affiliates for any reason, whether voluntary or involuntary. Whether a Termination of Employment has occurred
shall be determined in the discretion of the Plan Administrator consistent with Company policies and Internal Revenue Code Section 409A. 

(qq) “Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in rule 13d-3 of the General Rules and Regulations under the Securities and Exchange Act of 1934, as amended from time to time. 

  
 -5- 

 (rr) “Change of Control” shall occur if any of the following
events occur after March 12, 2018: 
 (i) Any Person acquires (other than directly from Brighthouse Financial, Inc.) Beneficial
Ownership, directly or indirectly, of securities of Brighthouse Financial, Inc. representing thirty percent (30%) or more of the combined Voting Power of Brighthouse Financial, Inc.’s securities; 

(ii) Within any twenty-four (24) month period, the individuals who were Directors of Brighthouse Financial, Inc. at the beginning of such
period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board of Directors or the Board of Directors of any successor to Brighthouse Financial, Inc.; provided, that any Director elected or nominated
for election to the Board of Directors of Brighthouse Financial, Inc. by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this Section 2(rr)(ii); provided,
further, notwithstanding the foregoing, that no individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election or removal of Directors of Brighthouse Financial, Inc. or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, including by reason of any agreement intended to avoid or settle any such election contest or solicitation of proxies or consents, shall be
considered an Incumbent Director for purposes of this Section 2(rr)(ii); 
 (iii) The shareholders of Brighthouse Financial, Inc.
approve a merger, consolidation, share exchange, division, sale or other disposition of all or substantially all of the assets of Brighthouse Financial, Inc. which is consummated (a “Corporate Event”), and immediately following the
consummation of which the shareholders of Brighthouse Financial, Inc. immediately prior to such Corporate Event do not hold, directly or indirectly, a majority of the Voting Power of (i) in the case of a merger or consolidation, the surviving
or resulting corporation, (ii) in the case of a share exchange, the acquiring corporation, or (iii) 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 thirty percent (30%) of the consolidated assets of Brighthouse Financial, Inc. immediately prior to such Corporate Event; or 

(iv) The stockholders of Brighthouse Financial, Inc. approve a plan of complete liquidation or dissolution of Brighthouse Financial, Inc., or
the approval by the Board of a plan of complete or partial liquidation or dissolution of an affiliate of Brighthouse Financial, Inc. that is a life insurance operating company, which affiliate’s assets represent fifty percent (50%) or more of
the combined assets of all affiliates of Brighthouse Financial, Inc. that are life insurance operating companies measured as of the date immediately preceding the date the liquidation or dissolution is approved. For purpose of this section 2(rr)(iv)
only, “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 Brighthouse Financial Inc., and shall also include any corporation, partnership,
joint venture, limited liability company, or other entity in which Brighthouse Financial Inc. 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. 
 Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because any Person
(the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the combined Voting Power of Brighthouse Financial, Inc.’s securities as a result of acquisition of Voting Securities by Brighthouse Financial,
Inc. which, by reducing the number of Voting Securities outstanding, increases the proportional number of securities over which such Person has Beneficial Ownership; provided, that if a Change of Control would occur (but for the operation of
this sentence) as a result of the acquisition of Voting Securities by Brighthouse Financial, Inc., and after such share acquisition by 

  
 -6- 

 
Brighthouse Financial, Inc., the Subject Person becomes the Beneficial Owner of any additional securities that increase the then outstanding combined Voting Power of Brighthouse Financial,
Inc.’s securities Beneficially Owned by such Subject Person, then a Change of Control shall occur. 
 (ss) “Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof; provided, however, that
“Person” shall not include (i) Brighthouse Financial, Inc. or any Affiliate or (ii) any employee benefit plan (including an employee stock ownership plan) sponsored by Brighthouse Financial, Inc. or any Affiliate. 

(tt) “Voting Power” shall mean 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. 
 (uu) “Voting Securities” shall mean all securities
entitling the holders thereof to vote in an annual election of directors of a company. 
 3. Plan Administration 

(a) The Plan Administrator shall administer the Plan. 

(b) The Plan Administrator may establish, amend, and rescind rules and regulations relating to the Plan. 

(c) Except for those powers specifically reserved to the Committee in Section 3(h), the Plan Administrator
shall also have the sole and absolute discretion to construe and interpret the provisions of the Plan, determine eligibility to participate in the Plan and grant Awards, determine amounts due and owing under the Plan, provide for conditions
necessary or advisable to protect the interest of the Company and its Affiliates, construe all communications related to the Plan, and make all other determinations it deems necessary or advisable for the administration and interpretation of the
Plan. The Plan Administrator may conform any provision of this Plan to the extent such provision is inconsistent with any provision of law that the Plan Administrator determines is applicable to the Deferred Compensation in the Plan including, but
not limited to, Legal Deferral Requirements. 
 (d) Determinations, interpretations and other actions made by the Plan Administrator and,
with respect to actions set forth in Section 3(h), the Committee, shall be final, binding, and conclusive for all purposes and upon all individuals. 

(e) The Plan Administrator may prescribe forms as the sole and exclusive means for Participants to take actions authorized or allowed under
the Plan. The Plan Administrator may issue communications to any person as it deems necessary or appropriate in connection with the Plan. 

(f) Except to the extent prohibited by applicable law, communication by the Plan Administrator (and by a Participant to the extent authorized
by the Plan Administrator) of any document or writing, including any document or writing that must be executed by a party, may be in an electronic form of communication. 

(g) The Plan Administrator may appoint such agents, who may be officers or employees of Brighthouse Financial, Inc. or any of its Affiliates,
as it deems necessary or appropriate to assist it in administering the Plan and may grant authority to such agents to execute documents and take action on its behalf. The Plan Administrator may consult such legal counsel, consultants, or other
professionals as it deems desirable and may rely on any opinion received from any such professional or from its agent. All expenses incurred in the administration of the Plan shall be paid by the Company or any of its Affiliates. 

  
 -7- 

 (h) Notwithstanding anything herein to the contrary, the Committee shall have the exclusive
authority under the Plan to (i) designate Awards that are intended to constitute qualified performance-based compensation under Section 162(m) of the Code; (ii) establish the Performance Periods over which performance will be
measured; (iii) determine the Performance Goal(s) and (iv) certify the achievement of the Performance Goals pursuant to Section 9(d) of the Plan in accordance with Section 162(m) of the Code. 

4. Crediting of Deferred Compensation 

(a) Crediting. Each Participant’s Initial Credit(s) shall be credited for a Participant effective upon the applicable Credit Date,
and shall be, along with interest thereon thereafter credited under the Plan, Deferred Compensation.  
 (b) Interest. Each
Participant’s Deferred Compensation shall earn interest calculated from the date an Initial Credit is credited until the applicable End of Accrual Date, reflecting an interest rate that will be re-set
effective each December 1st of each year based upon 120% AFR\Long Term\Monthly rate for November of the reset year. Deferred Compensation credited to a Participant between the Effective Date and
December 31, 2017, will be credited with interest at a rate of 3.2%. Interest will be credited on a daily basis. 
 5. Payment In
Cash. All amounts of Deferred Compensation shall be paid in cash. 
 6. Forfeiture Deferred Compensation 

(a) Eligibility. Forfeiture Deferred Compensation may be credited only to Participants who experienced a Disaffiliation Forfeiture, as
determined by the Plan Administrator. 
 (b) Vesting - General. Any portion of Participant’s outstanding Forfeiture Deferred
Compensation shall vest upon the End of Accrual Date applicable to such portion. 
 (c) Vesting - Death. If the Participant’s
employment terminates due to the Participant’s death, all of the Participant’s outstanding Forfeiture Deferred Compensation shall vest effective immediately prior to such termination. 

(d) Vesting - Certain Separations. If the Participant’s employment (i) is terminated by the Company or an Affiliate thereof,
(ii) in connection with such termination, the Company agrees to enter with the Participant into a separation agreement under a severance program of the Company or such Affiliate, and (iii) such separation agreement becomes effective no
later than March 15th of the year after the year the separation agreement is offered to the Participant, then the Participant’s Forfeiture Deferred Compensation shall vest as and when the
separation agreement is final and effective. 
 (e) Forfeiture. Unless otherwise provided by the Plan Administrator in its
discretion, any unvested portion of a Participant’s Forfeiture Deferred Compensation shall be forfeited upon his or her termination of employment. Unless otherwise provided by the Plan Administrator in its discretion, notwithstanding anything
in this Section 6 to the contrary, upon a Participant’s termination of employment for Cause, all of Participant’s then outstanding Forfeiture Deferred Compensation, vested and unvested, shall be forfeited. 

  
 -8- 

 (f) Timing of Payment. Any vested portion of a Participant’s Forfeiture Deferred
Compensation that remains outstanding on the applicable End of Accrual Date shall be paid as soon as administratively practicable following such End of Accrual Date. Notwithstanding the foregoing, with respect to a Participant who is a Covered
Employee, the determination as to whether or not such Participant becomes entitled to payment in respect of any vested portion of Forfeiture Deferred Compensation shall be subject to the additional terms and conditions of
Section 9. Furthermore, any Participant who was a Specified Employee prior to termination and who’s vesting was accelerated under (d) above in this Section 6, shall not be paid until six months after
the later of, their date of termination, or if they continued to provide services to the Company, separation from service date as defined under 409A. 

(g) Notwithstanding any provision of this Section 6 to the contrary, in the event a Participant’s Forfeiture Deferred Compensation
vests on the last day of a calendar year, then such Forfeiture Deferred Compensation shall vest on January 1 of the subsequent calendar year. 
 7.
New Hire Deferred Compensation 
 (a) Eligibility. New Hire Deferred Compensation may be credited only to Employees
who are entitled to receive, pursuant to the terms of an employment letter with the Company, cash incentive compensation in the event that Brighthouse Financial, Inc. was unable to timely issue incentive equity awards or the Company otherwise
determines that granting of a cash incentive is preferable. 
 (b) Vesting. A Participant’s outstanding New Hire Deferred
Compensation shall vest on the third (3rd) anniversary of the Participant’s employment with the Company. Notwithstanding the first sentence, if a Participant’s employment with the
Company or any Affiliate thereof terminates due to the Participant’s death, then all of the Participant’s outstanding New Hire Deferred Compensation shall vest effective immediately prior to such termination. 

(c) Forfeiture. Unless otherwise provided by the Plan Administrator in its discretion, any unvested portion of a Participant’s New
Hire Deferred Compensation shall be forfeited upon his or her termination of employment for any reason. 
 (d) Timing of Payment. Any
vested portion of a Participant’s New Hire Deferred Compensation that remains outstanding on the third (3rd) anniversary of the Participant’s employment with the Company shall be paid as
soon as administratively practicable following such anniversary date. Notwithstanding the foregoing, with respect to a Participant who is a Covered Employee, the determination as to whether or not such Participant becomes entitled to payment in
respect of any vested portion of New Hire Deferred Compensation shall be subject to the additional terms and conditions of Section 9. Furthermore, any Participant who was a Specified Employee prior to termination and
who’s vesting was accelerated under (ii) above in Section 7(b), shall not be paid until six months after the later of, their date of termination, or if they continued to provide services to the Company, separation from service date as
defined under 409A. 
 8. 2017 LTI Deferred Compensation 

(a) Eligibility. 2017 LTI Deferred Compensation may be credited only to Employees who, as determined by the Plan Administrator, were not
granted incentive equity awards by MetLife, Inc. in 2017 due to the anticipated Disaffiliation. 
 (b) Tranches. A Participant’s
2017 LTI Credit shall be divided into three portions, each representing one third (1/3) of the total 2017 LTI Credit. Each such portion of the 2017 LTI Credit and interest credited thereon shall be referred to as a “Tranche”. 

  
 -9- 

 (c) Vesting - General. Each Tranche of a Participant’s 2017 Award Deferred
Compensation will be subject to a separate vesting date (each, an “Anniversary Vesting Date”). One Tranche shall vest on the first (1st) anniversary of the Credit Date.
Another Tranche shall vest on the second (2nd) anniversary of the Credit Date. The remaining Tranche shall vest on the third (3rd) anniversary
of the Credit Date. 
 (d) Death and Rule of 65. If a Participant’s employment with the Company or any Affiliate thereof
terminates (i) due to the Participant’s death or (ii) on or after the Participant’s Rule of 65 Date (other than by the Company or its Affiliates for Cause), then the remaining unvested 2017 LTI Deferred Compensation Credits shall
become vested effective immediately after such termination of employment. 
 (e) Certain Terminations of Employment. If the
Participant’s employment (i) is terminated by the Company or an Affiliate thereof, (ii) in connection with such termination, the Company agrees to enter with the Participant into a separation agreement under a severance program of the
Company or such Affiliated, and (iii) ) such separation agreement becomes effective no later than March 15th of the year after the year the separation agreement is offered to the Participant, then the Participant’s 2017 LTI Deferred
Compensation shall vest as and when the separation agreement is final and effective. 
 (f) Definition of “Pro-Rated Portion”. For purposes of this Section 8, “Pro-Rated Portion” of an unvested Tranche means the 2017 LTI
Credit under such Tranche plus interest credited thereon up to the date credits can no longer be applied to facilitate processing of payment of the deferred compensation. 

(g) Forfeiture. Unless otherwise provided by the Plan Administrator in its discretion, any unvested portion of a Participant’s
2017 LTI Deferred Compensation shall be forfeited upon his or her termination of employment. Unless otherwise provided by the Plan Administrator in its discretion, notwithstanding anything in this Section 8 to the contrary,
upon a Participant’s termination of employment for Cause, all of a Participant’s then outstanding 2017 LTI Deferred Compensation, vested and unvested, shall be forfeited. 

(h) Timing of Payment; Covered Employees. Any vested portion of a Tranche of 2017 LTI Deferred Compensation (including any portion that
became vested under paragraphs (d) or (e) above) shall be paid as soon as administratively practicable after that Tranche’s applicable Anniversary Vesting Date. Notwithstanding the foregoing, with respect to a Participant who is a Covered
Employee, the determination as to whether or not such Participant becomes entitled to payment in respect of any vested portion of 2017 LTI Deferred Compensation shall be subject to the additional terms and conditions of
Section 9. Furthermore, any Participant who was a Specified Employee prior to termination and who’s vesting was accelerated due to application of Section 7(e) or termination under the Rule of 65, shall not be paid
until six months after the later of, their date of termination, or if they continued to provide services to the Company, separation from service date as defined under 409A. 

9. Performance-Based Compensation 

(a) Designation of Performance-Based Compensation. Deferred Compensation credited under the Plan to Participants who are Covered
Employees is intended to qualify as performance-based compensation under Section 162(m) of the Code. Unless otherwise determined by the Committee, including by the imposition of supplementary Performance Goals subsequent to the Credit Date, the
Committee shall, within the first 90 days of a Performance Period (or prior to the expiration of 25% of the Performance Period, if the Performance Period is less than one year), designate any portion or all of a Covered Employee’s
Participant’s Deferred Compensation as Performance-Based Compensation in order to qualify such amount as “performance-based compensation” under Section 162(m) of the Code. Without limiting the generality of the foregoing,
following the appointment of a Committee whose members would meet the conditions to be Outside Directors, the Committee shall impose supplementary Performance 

  
 -10- 

 
Goals consistent with the requirements of this Section 9 and Section 162(m) of the Code on any Deferred Compensation allocated to any Covered Employee, and the vesting of any such
Deferred Compensation shall in all events be contingent upon the satisfaction of such Performance Goals, in additional to any other vesting conditions otherwise applicable thereto. The Committee may establish different Performance Goals and
different Performance Periods (including with respect to any supplementary Performance Goals) as to specified portions of a Covered Employee’s Forfeiture Initial Credit, 2017 LTI Credit or New Hire Initial Credit. 

(b) Establishment of Performance Metrics and Goals. Within the first 90 days of a Performance Period (or prior to the expiration of 25%
of a Performance Period, if the Performance Period is less than one year), the Committee shall select the kind(s) and/or level(s) of the Performance Goal(s) that is (are) to apply to payments of deferred compensation under this Plan and shall record
the same in writing. 
 (c) Adjustments. The Committee shall adjust or modify the calculation of a Performance Goal for a Performance
Period, in such manner as it shall, it its sole discretion, deem necessary or appropriate in connection with any one or more of the following events: (i) asset write-downs; (ii) the effect of changes in tax laws, accounting principles, or
other laws or regulatory rules affecting reported results; (iii) any reorganization and restructuring programs; (iv) extraordinary, unusual or infrequently occurring items as described 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; (v) acquisitions or divestitures; (vi) any other specific unusual or nonrecurring events, or objectively
determinable category thereof; or (vii) a change in the Company’s fiscal year No adjustment shall be made if the effect would be to cause Performance-Based Compensation to fail to qualify as performance-based compensation under
Section 162(m) of the Code. 
 (d) Certification by Committee. Following the completion of a Performance Period, the Committee
shall review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing the amount of a Participant’s Performance-Based Compensation
earned for the period. The Committee may apply Negative Discretion in accordance with Section 9(f) hereof to reduce a Participant’s Performance-Based Compensation for the Performance Period, if and when it deems
appropriate. 
 (e) Achievement of Performance Goal Requirement. Notwithstanding anything in the Plan to the contrary, unless
Deferred Compensation vests on account of a Participant’s death, a Participant shall be eligible to receive payment in respect of Performance-Based Compensation only to the extent that the Performance Goal(s) for the applicable Performance
Period are achieved. 
 (f) Negative Discretion. In determining the actual amount of Performance-Based Compensation payable to a
Participant for a Performance Period, the Committee may reduce or eliminate the amount of the Performance-Based Compensation earned through the use of Negative Discretion if, in its sole judgment, such reduction or elimination is appropriate.
Except as expressly provided in Section 9(c), the Committee shall not have the discretion to (A) provide payment in respect of Performance-Based Compensation for a Performance Period if the Performance Goals for such Performance Period
have not been attained or (B) increase the amount payable in respect of any Performance-Based Compensation. 
 (g) Maximum
Performance-Based Compensation Payable. Notwithstanding any provision contained in this Plan to the contrary, the maximum payout that each Covered Employee may receive under the Plan for a Performance Period with
respect to Deferred Compensation designated as Performance-Based Compensation is $7,000,000 (seven million dollars) 

  
 -11- 

 (h) Shareholder Approval. Notwithstanding any provision contained in this Plan to the
contrary, no portion of a Participant’s Performance-Based Compensation shall be paid on or after the first regularly scheduled meeting of the shareholders of the Company that occurs more than 12 months after the Disaffiliation Date, and
the Participant shall not have any right to any such payment, unless and until shareholder approval of the material terms of the Plan is obtained in accordance with Section 162(m) of the Code. 

10. Headings; Interpretation 
 The
use of headings in the Plan is for convenience. The headings shall not provide substantive rights. 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. 
 11. Withholding and Effect of Taxes 

Payments under this Plan will be made after the withholding of any federal, state, or local income taxes, employment taxes (such as, but not
limited to FICA and/or SUTA) or other taxes or amounts obligated to be withheld, as determined by the Plan Administrator in its discretion. All tax liabilities arising out of deferrals under this Plan shall be the sole obligation of the Participant
or his or her beneficiary, including but not limited to any tax liabilities arising out of Code Section 409A. Withholding of any taxes or other items required by law, may, at the sole discretion of the Plan Administrator, be made from Deferred
Compensation amounts prior to the Deferred Compensation being credited to the Participant under the Plan. Alternatively, at the sole discretion of the Plan Administrator taxes or any other items required by law to be withheld may be made from
Deferred Compensation payable under the Plan or from any other payments due to the Participant from the Company and/or any of its Affiliates. 
 12.
Section 409A  
 This Plan is intended to comply with Section 409A of the Code to the extent subject thereto and shall be
construed and administered to be in compliance therewith. Notwithstanding any other provision of the Plan, if any payment to a Participant in connection with his or her termination of employment is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and the Participant is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the
six (6)-month anniversary of the date of termination of employment or date of separation from service, as applicable. However if the Participant dies before the six month period is complete, payment shall be made as soon as administratively
practicable after Participant’s death. The aggregate of any payments that would otherwise have been paid and interest thereon calculated as set forth in Section 4 shall be paid to the Participant in a
lump sum as soon as reasonably practicable following such six (6)-month anniversary. Notwithstanding anything herein to the contrary, neither the Company nor the Plan Administrator shall have any obligation to take any action to prevent the
assessment of, nor shall be liable for, any excise tax or penalty on any Participant under Section 409A of the Code. 
 13. Beneficiary
Designation 
 The Plan Administrator shall prescribe the form by which each Participant may designate a beneficiary or beneficiaries
(who may be named contingently or successively) for purposes of receiving any payment of Deferred Compensation after the death of the Participant. Each designation will be effective only upon its receipt by the Plan Administrator during the life of
the individual making the 

  
 -12- 

 
designation and shall revoke all prior beneficiary designations by that individual related to this Plan. To the extent a Participant has not designated a beneficiary or beneficiaries, any payment
of Deferred Compensation after the death of the Participant shall be paid to the beneficiary named under the Participant’s employer provided life insurance coverage. If the participant has no beneficiary for employer provided life insurance
coverage for any reason then the Deferred Compensation will be paid to the Participant’s estate. 
 14. Loans and Assignments 

The Plan shall make no loan, including any loan on account of any Deferred Compensation, to any Participant or any other person nor permit any
Deferred Compensation to serve as the basis or security for any loan to any Participant or any other person. No Participant or any other person may sell, assign, transfer, pledge, commute, or encumber any Deferred Compensation or any other rights
under this Plan, except as provided in Section 13, “Beneficiary Designation.” 
 15. Nature of Liability

 All Deferred Compensation amounts accrued under this Plan are unsecured obligations of the Company, and are not obligations, debts,
nor liabilities of any other entity or party. This Plan and the liabilities created hereunder are unfunded. Any means for adjusting or communicating the value of Deferred Compensation, and any documentation regarding this Plan or any
Participant’s Deferred Compensation, are for recordkeeping purposes only and do not create any right, property, security, or interest in any assets of the Company or any other party. All Deferred Compensation credited under this Plan is subject
to the claims of general creditors of the Company. 
 16. No Guarantee of Agency; No Limitation on Principal Action 

No Deferred Compensation shall be treated as compensation or benefit eligible compensation for purposes of a Participant’s right under any
other plan, policy, or program, except as explicitly stated or provided in such plan, policy, or program. Nothing in this Plan shall be construed to limit, impair, or otherwise affect the right of any entity to make adjustments, reorganizations, or
changes to its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell, or transfer all or any part of its business or assets. 

17. Effectiveness and Term of the Plan 

This Plan shall be effective as of March 28, 2017 (the “Effective Date”), following its adoption by the Board and shall
continue in effect unless and until it is terminated pursuant to its terms. 
 18. Governing Law 

This Plan shall be construed in accordance with and governed by North Carolina law, without regard to principles of conflict of laws. 

19. Claims 
 Claims for benefits
and appeals of denied claims under the Plan shall be administered in accordance with the ERISA claims and appeals procedures in Section 24 of the Plan. 

  
 -13- 

 20. Entire Plan; Third Party Beneficiaries  

This Plan document is the entire expression of the Plan, and no other oral or written communication, other than documents authorized under this
Plan and fulfilling its express terms, shall determine the terms of the Plan or the terms of any agreement between any person and the Company or any of its Affiliates with regard to the Plan or Deferred Compensation. There are no third party
beneficiaries to this Plan, other than Participants’ respective beneficiaries designated under the terms of this Plan whose rights do not arise unless and until the Participant dies. 

21. Amendment and Termination  

Except to the extent otherwise required by law, including but not limited to Legal Deferral Requirements and Section 162(m) of the Code,
the Plan Administrator or its authorized delegate may amend, modify, suspend, or terminate the Plan at any time in its sole discretion without providing prior notice to or receiving consent from Participants. 

Except to the extent otherwise required by law, the Plan Administrator or its authorized delegate may amend, modify, suspend, or terminate the
Plan at any time in its sole discretion without providing prior notice to or receiving consent from Participants; provided that, no amendment that requires shareholder approval in order for the Plan to comply with applicable law, including to
continue to comply with Section 162(m) of the Code, shall be effective unless approved by the requisite shareholder vote. 
 (a)
Limitations on Amendment After a Change of Control. Notwithstanding any other provision of this Plan, no amendments can be made to this Plan after the occurrence of a Change of Control that would, in any way, decrease the amount of 2017 LTI
Deferred Compensation, Forfeiture Deferred Compensation or New Hire Deferred Compensation credited on behalf of a Participant under the Plan as of the date the Change of Control occurred. Further, no amendments or modifications to the timing and
form of distributions available under this Plan can be made after a Change of Control has occurred. 
 22. Qualified Domestic Relations Orders 

 The Plan Administrator will distribute, designate, or otherwise recognize the attachment of any portion of a Participant’s
Deferred Compensation in favor of a Participant’s spouse, former spouse or dependents to the extent such action is mandated by the terms of a qualified domestic relations order as defined in Section 414(p) of the Code, and consistent with
the terms of Sections 4 through 9 of the Plan. 
 23. Right of Offset 

The Company and/or its Affiliates, at any time, may offset against any amounts as they become due and payable under the Plan any indebtedness
due from a Participant to the Company or any of its Affiliates regardless of the source of such debt or the circumstances under which it arose. If the Plan pays any benefits to any individual while that individual owes a debt to the Company or any
of its Affiliates, such payment by the Plan is not intended to waive the right of the Company or any of its Affiliates to offset against Deferred Compensation under the Plan and shall not be deemed a waiver of such right. 

24. Claims and Appeals 
 (a)
Participants, beneficiaries, alternate payees or their authorized representatives disputing an adverse benefit determination, payment amount or plan interpretation that relates to their current receipt of Plan benefits, exercise of a current right
available under the Plan or to assert a failure to administer the Plan in accordance with its terms must file a claim. 

  
 -14- 

 (b) Claims must be filed in a timely manner as determined by the Plan Administrator and must be
sent to the location below in writing to be considered a claim. If a Participant is about to receive a withdrawal or distribution from the Plan, the Participant shall have six (6) months from the date that the distribution (first benefit
payment) is made to bring a claim hereunder challenging the calculation of the benefit distributed to the Participant. Claims must be made in writing and sent to: 

Brighthouse Human Resources 

11225 North Community House Road 

Charlotte, North Carolina 28277 

(c) Responses to these requests will be made within 90 days. Response time can be extended by the Plan Administrator in writing if the Plan
Administrator determines that investigating the claim will take additional time. 
 (d) Participants whose claims are denied will receive a
written explanation for the denial. The explanation will include the reason(s) for the denial, plan provision(s) upon which the decision was based, additional material or information that may be needed and appropriate steps to be taken to submit an
appeal for a full and fair review. 
 (e) Participants receiving a denial have 60 days from the date on the letter to appeal the
determination and to provide additional information bearing on the claim for benefits that has not been previously disclosed. After that period no further administrative appeals can be made. Appealing participants can submit written comments,
documents, records and other information relating to the claim as part of the review and are entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the
claim for benefits. Appeals must be made in writing and sent to: 
 Brighthouse Plan Administrator 

11225 North Community House Road 

Charlotte, North Carolina 28277 

(f) The review by the Plan Administrator or his, her or its designee will take into account all comments, documents, records and other
information submitted by the claimant at the time of the appeal. The initial adverse decision will not receive deference in the appeal decision making process. 

(g) The Plan Administrator will review the appeal documentation and make a determination within 60 days. The appeal response time can be
extended for another 60 days by the Plan Administrator in writing for cases that the Plan Administrator determines that additional time is needed to resolve. 

(h) Participants whose appeals are denied will receive a written explanation for the denial. The explanation will include the reason(s) for
the denial and the plan provision(s) upon which the decision was based. The Plan Administrator or his or her designee has full discretion in making all required determinations. 

(i) Upon exhaustion of the administrative review process, the Plan Administrator is no longer required to respond to the Participant’s
written inquiries on the issue that was the subject of the appeal as the appeal determination is final and binding. Participants have the right to file a civil suit under Section 502(a) of ERISA, no later than six (6) months from the date
of the final appeal denial, to further challenge entitlement to the request being denied. 

  
 -15- 

 IN WITNESS WHEREOF, this Brighthouse Services, LLC Temporary Incentive Deferred Compensation Plan is hereby
restated. 
  

			
	Brighthouse Services, LLC
		
	By:	 	 /s/ Vonda Huss

		 	     Vonda Huss
		 	     Chief Human Resources Officer

			
		
	Date:	 	3/15/18

			
		
	Witness:	 	 /s/ Andrea McKee

  
 -16-

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