Document:

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                                                                    EXHIBIT 10.3

                                  LISA M. WEBER

                              AMENDED AND RESTATED
                        EMPLOYMENT CONTINUATION AGREEMENT

                             DATED NOVEMBER 30, 2001

                                  METLIFE, INC.

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             AMENDED AND RESTATED EMPLOYMENT CONTINUATION AGREEMENT

         THIS AMENDED AND RESTATED AGREEMENT between METLIFE, INC., a Delaware
corporation (the "Company"), and Lisa M. Weber (the "Executive"), dated as of
this 30th day of November, 2001.

                                   WITNESSETH:

         WHEREAS, the Company or an Affiliate has employed the Executive in an
officer position and has determined that the Executive holds a critical position
with the Company or an Affiliate;

         WHEREAS, the Company believes that, in the event it is confronted with
a situation that could result in a change in ownership or control of the
Company, continuity of management will be essential to its ability to evaluate
and respond to such situation in the best interests of its shareholders;

         WHEREAS, the Company understands that any such situation will present
significant concerns for the Executive with respect to the Executive's financial
and job security;

         WHEREAS, the Company desires to assure itself or its Affiliate of the
Executive's services during the period in which it is confronting such a
situation, and to provide the Executive certain financial assurances to enable
the Executive to perform the responsibilities of the Executive's position
without undue distraction and to exercise judgment without bias due to personal
circumstances;

         WHEREAS, to achieve these objectives, the Company and the Executive
desire to enter into an agreement providing the Company and the Executive with
certain rights and obligations upon the occurrence of a Change of Control (as so
defined);

         NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, it is hereby agreed by and between the Company and the
Executive as follows:

         1. Operation of Agreement. (a) Term. The initial term of this Agreement
shall commence on the date hereof and continue until the third anniversary of
the date hereof. Thereafter, this Agreement will automatically renew for
successive and consecutive additional three year periods following the end of
its initial term and any extended term, unless the Company or the Executive
gives the other party written notice at least 180 days prior to the date the
term hereof would otherwise renew that it or the Executive does not want the
term to be so extended; provided, however, that, the Company may not deliver a
notice of nonrenewal after a Change of Control (as defined in Section 2(a)
hereof). Notwithstanding anything to the contrary in this Agreement, the

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term of this Agreement shall in all events expire (regardless of when the term
would otherwise have expired) on the third anniversary of a Change of Control.

         (b) Effective Date. Notwithstanding the provisions of Section 1(a)
hereof, this Agreement shall govern the terms and conditions of the Executive's
employment and the benefits and compensation to be provided to the Executive
commencing on the date on which a Change of Control occurs (the "Effective
Date") and ending on the date the term of this Agreement otherwise expires. If
the Executive is not employed by the Company or an Affiliate on the Effective
Date, this Agreement shall be void and without effect and shall neither
constitute a contract of employment or a guarantee of employment for any period
of time or limit in any way the right of the Company or any Affiliate to change
the terms and conditions of the Executive's employment or terminate the
Executive's employment.

         2. Definitions. (a) Change of Control. For the purposes of this
Agreement, a "Change of Control" shall be deemed to have occurred if:

                  (i) any Person acquires "beneficial ownership" (within the
         meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as
         amended (the "Exchange Act")), directly or indirectly, of securities of
         the Company representing 25% or more of the combined Voting Power of
         the Company's securities;

                  (ii) within any 24-month period, the persons who were
         directors of the Company at the beginning of such period (the
         "Incumbent Directors") shall cease to constitute at least a majority of
         the Board of Directors of the Company (the "Board") or the board of
         directors of any successor to the Company; provided, however, 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 subclause 2(a)(ii);

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

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

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         (b) Person. For purposes of the definition of Change of Control,
"Person" shall have the meaning ascribed to such term in Section 3(a)(9) of the
Exchange Act, as supplemented by Section 13(d)(3) of the Exchange Act, and shall
include any group (within the meaning of Rule 13d-5(b) under the Exchange Act);
provided, however, that "Person" shall not include (x) the Company or any
Affiliate, (y) the MetLife Policyholder Trust (or any person(s) who would
otherwise be described herein solely by reason of having the power to control
the voting of the shares held by that trust), or (z) any employee benefit plan
(including an employee stock ownership plan) sponsored by the Company or any
Affiliate.

         (c) Voting Power. "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, and "Voting Securities"
shall mean all securities entitling the holders thereof to vote in an annual
election of directors of a company.

         (d) Affiliate. An "Affiliate" shall mean 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 Company.

         3. Employment Period. Subject to Section 6 hereof, the Company agrees
to continue the Executive in its employ or the employ of an Affiliate, and the
Executive agrees to remain in the employ of the Company or an Affiliate, for the
period (the "Employment Period") commencing on the Effective Date and ending on
the expiration of the term of this Agreement.

         4. Business Time. During the Employment Period, the Executive agrees to
devote full attention during normal business hours to the business and affairs
of the Company and Affiliates and to use the Executive's best efforts to perform
faithfully and efficiently the responsibilities assigned to the Executive
hereunder, to the extent necessary to discharge such responsibilities, except
for (i) time spent in managing the Executive's personal, financial and legal
affairs and serving on corporate, civic or charitable boards or committees, in
each case only if and to the extent not substantially interfering with the
performance of such responsibilities, and (ii) periods of vacation and sick
leave to which the Executive is entitled. It is expressly understood and agreed
that the Executive's continuing to serve on any boards and committees on which
the Executive is serving or with which the Executive is otherwise associated
immediately preceding the Effective Date shall not be deemed to interfere with
the performance of the Executive's services to the Company or Affiliates.

         5. Compensation and Location. (a) Base Salary. During the Employment
Period, the Executive shall receive a base salary at a monthly rate at least
equal to the monthly salary paid to the Executive by the Company and any
Affiliate immediately prior to the Effective Date. The base salary shall be
reviewed at least once each year after the Effective Date, and may be increased
(but not decreased) at any time and from time to time by action of the Board or
any committee thereof, or the Board of Directors of an Affiliate or any
committee thereof, or any individual having authority to take such

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action in accordance with the regular practices of the Company or an Affiliate.
The Executive's base salary, as it may be increased from time to time, shall
hereafter be referred to as the "Base Salary". Neither the Base Salary nor any
increase in the Base Salary after the Effective Date shall serve to limit or
reduce any other obligation of the Company hereunder. During the Employment
Period, the Executive's Base Salary shall be paid no less frequently than
monthly, except as electively deferred by the Executive pursuant to any deferral
programs or arrangements that the Company or an Affiliate may make available to
the Executive.

         (b) Total Incentive Compensation.

                  (i) During the Employment Period, in addition to the Base
         Salary, the Executive shall be afforded the opportunity to (x) receive
         an annual bonus in an amount which provides the Executive with at least
         the same bonus opportunity as other executives of the Company and
         Affiliates of a rank comparable to that of the Executive, and (y)
         participate in all long-term incentive compensation programs for key
         executives, including but not limited to those awards or grants made in
         the form of cash, stock awards, restricted stock, stock options, and
         other forms of long-term incentive compensation ("Long-Term
         Compensation"), at a level that is at least commensurate with the level
         made available from time to time to executives of the Company and
         Affiliates of a rank comparable to that of the Executive.

                  (ii) For each fiscal year that ends during the Employment
         Period, the aggregate of the value of the annual bonus awarded or
         granted to the Executive attributable to that fiscal year (the "Annual
         Bonus") plus the value of the Long-Term Compensation ("Total Incentive
         Compensation") awarded or granted to the Executive attributable to that
         year, shall be no lower than the aggregate value of Total Incentive
         Compensation awarded or granted to the Executive attributable to any of
         the prior three (3) fiscal years.

                  (iii) If any fiscal year commences but does not end during the
         Employment Period, the Executive shall be awarded or granted at least a
         pro-rated Annual Bonus attributable to the portion of the fiscal year
         occurring during the Employment Period, and such amount shall be no
         lower than the same pro-rated portion of the any of the three (3) prior
         Annual Bonuses awarded or granted to the Executive attributable to
         complete fiscal years.

                  (iv) Each Annual Bonus shall be paid as soon as practicable
         following the year for which the amount (or any prorated portion) is
         awarded or granted, unless electively deferred by the Executive
         pursuant to any deferral programs or arrangements that the Company may
         make available to the Executive.

                  (v) For all purposes of determining the value of Total
         Incentive Compensation or any of its components pursuant to this
         Section 5(b), (w) all compensation awarded or granted to the Executive
         (or, with reference to Section 5(b)(i), which the Executive has the
         opportunity to receive) prior to the beginning

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         of the Employment Period shall be valued using the methods as were used
         by the Company or Affiliate (as applicable) in valuing that
         compensation for purposes of communicating that annual Total Incentive
         Compensation to the Executive in writing; (x) all compensation awarded
         or granted to the Executive (or, with reference to Section 5(b)(i),
         which the Executive has the opportunity to receive) during the
         Employment Period shall be valued using the same methods as were used
         by the Company or Affiliate (as applicable) in valuing compensation for
         purposes of communicating annual Total Incentive Compensation to the
         Executive in writing for the final fiscal year that began prior to the
         Employment Period and, should that communication fail to value a
         particular form of compensation that must be valued for purposes of
         this Section 5(b)(x), otherwise using such methods as were presented or
         produced by the Board or the committee thereof charged with
         responsibility for executive compensation in writing in valuing the
         executive compensation programs of enterprises competitive to the
         Company or any Affiliates for the final fiscal year that began prior to
         the Employment Period; (y) with regard to fiscal years or portions
         thereof during to the Employment Period, only to the extent those
         awards or grants provided to the Executive within that fiscal year or
         in the first quarter of the following fiscal year free of Company or
         Affiliate discretion to reduce the amount or value of the award or
         grant shall such awards or grants be attributable to fiscal years or
         portions thereof; and (z) notwithstanding any other subclause of this
         Section 5(b)(v), with regard to the Metropolitan Life Insurance Company
         Long-Term Performance Compensation Plan, opportunities set shall be
         considered to constitute awards or grants and such opportunities set
         within four months after the end of the fiscal year shall be attributed
         to the prior fiscal year.

         (c) Benefit Plans. During the Employment Period, the Executive (and, to
the extent applicable, the Executive's dependents) shall be entitled to
participate in or be covered under all pension, retirement, deferred
compensation, savings, medical, dental, health, disability, group life,
accidental death and travel accident insurance plans and programs of the Company
or Affiliate, whichever is applicable, at the level made available from time to
time to other similarly situated officers.

         (d) Expenses. During the Employment Period, the Executive shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by
the Executive in accordance with the policies and procedures of the Company or
Affiliate, whichever is applicable, as in effect from time to time with respect
to expenses incurred by other similarly situated officers.

         (e) Vacation and Fringe Benefits. During the Employment Period, the
Executive shall be entitled to paid vacation and fringe benefits at a level that
is commensurate with the paid vacation and fringe benefits available from time
to time to other similarly situated officers.

         (f) Indemnification. During and after the Employment Period, the
Company (if the Executive is an officer or employee of the Company at the time
of the events giving rise to the need for indemnity) and/or each Affiliate of
which the Executive is an

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officer or employee at the time of the events giving rise to the need for
indemnity, shall indemnify the Executive and hold the Executive harmless from
and against judgments, fines, amounts paid in settlement and reasonable
expenses, including attorneys' fees, on the same terms and conditions applicable
from time to time with respect to the indemnification of its other senior
officers of comparable rank.

         (g) Location. During the Employment Period, the Executive's services
shall be performed at the location where the Executive was employed immediately
preceding the Effective Date or at any other office or location not more than 50
miles from such pre-Effective Date, except for travel reasonably required in the
performance of the Executive's responsibilities.

         6. Termination. (a) Death, Disability or Retirement. Subject to the
provisions of Section 1 and Section 7 hereof, this Agreement shall terminate
automatically upon the Executive's death, termination due to "Disability" (as
defined below) or voluntary retirement under any of the Company's (or
Affiliate's, as applicable) retirement plans as in effect from time to time. For
purposes of this Agreement, "Disability" shall mean the Executive's inability to
perform the duties of the Executive's position, as determined in accordance with
the policies and procedures applicable with respect to the Company's (or
Affiliate's, as applicable) long-term disability plan, as in effect immediately
prior to the Effective Date; provided, however, that the Executive's employment
may not be terminated for Disability hereunder unless the Executive has
requested that the Executive be considered for, and has qualified to receive,
long-term disability benefits under such plan and that such termination is
consistent with law.

         (b) Voluntary Termination. Notwithstanding anything in this Agreement
to the contrary, the Executive may voluntarily terminate employment during the
Employment Period for any reason (including early retirement under the terms of
any of the Company's (or Affiliate's, as applicable) retirement plans as in
effect from time to time), upon not less than 60 days' written notice to the
Company, provided that any termination by the Executive pursuant to Section 6(d)
hereof on account of Good Reason (as defined therein) shall not be treated as a
voluntary termination under this Section 6(b).

         (c) Cause. The Company (or Affiliate, as applicable) may terminate the
Executive's employment for Cause. For purposes of this Agreement, "Cause" means
(i) the Executive's conviction or plea of nolo contendere to a felony; (ii) an
act of dishonesty or gross misconduct on the Executive's part which results or
is intended to result in material damage to the Company's business or
reputation; or (iii) repeated material violations by the Executive of the
Executive's obligations under Section 4 hereof, which violations are
demonstrably willful and deliberate on the Executive's part.

         (d) Good Reason. After the Effective Date, the Executive may terminate
the Executive's employment at any time for Good Reason. For purposes of this
Agreement, "Good Reason" means the occurrence of any of the following, without
the express written consent of the Executive, after the Effective Date:

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                  (i) any failure by the Company (or Affiliate, as applicable)
         to comply with any of the provisions of Section 5 hereof, other than an
         insubstantial or inadvertent failure remedied by the Company promptly
         after receipt of notice thereof given by the Executive;

                  (ii) any failure by the Company to obtain the assumption and
         agreement to perform this Agreement by a successor or to cause an
         Affiliate, as applicable, to comply with the terms of this Agreement as
         contemplated by Section 12(b) hereof; or

                  (iii) any failure to make any payment when due under the terms
         of the letter agreement between the Company and the Executive dated as
         of February 4, 1998 (the "Offer Letter").

In no event shall the mere occurrence of a Change of Control, absent any further
impact on the Executive, be deemed to constitute Good Reason.

         (e) Notice of Termination. Any termination during the Employment Period
by the Company (or Affiliate, as applicable) for Cause or by the Executive for
Good Reason shall be communicated by Notice of Termination to the other party
hereto given in accordance with Section 13(e) hereof. For purposes of this
Agreement, a "Notice of Termination" means a written notice given, (i) in the
case of a termination for Cause, within 10 business days of the Company's having
actual knowledge of the events giving rise to such termination or (ii) in the
case of a termination for Good Reason, within 120 days of the Executive's having
actual knowledge of the events giving rise to such termination. Any such Notice
of Termination shall (i) indicate the specific termination provision in this
Agreement relied upon, (ii) set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive's
employment under the provision so indicated, and (iii) if the termination date
is other than the date of receipt of such notice, specify the termination date
of this Agreement (which date shall be not more than 15 days after the giving of
such notice). The failure by the Executive to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good
Reason shall not waive any right of the Executive hereunder or preclude the
Executive from asserting such fact or circumstance in enforcing the Executive's
rights hereunder.

         (f) Date of Termination. For the purpose of this Agreement, the term
"Date of Termination" means (i) in the case of a termination for which a Notice
of Termination is required, the date of receipt of such Notice of Termination
or, if later, the date specified therein, as the case may be, and (ii) in all
other cases, the actual date on which the Executive's employment terminates
during the Employment Period.

         (g) Transfer of Employment. For purposes of this Agreement, in no event
shall the mere transfer of employment from the Company or an Affiliate to the
Company or an Affiliate, absent any further impact on the Executive, be deemed
to constitute a termination of employment or Good Reason, notwithstanding any
technical termination of employment in connection with such a transfer.

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         7. Obligations of the Company upon Termination. (a) Death or
Disability. If the Executive's employment is terminated during the Employment
Period by reason of the Executive's death or Disability, this Agreement shall
terminate without further obligations to the Executive or the Executive's legal
representatives under this Agreement other than those obligations accrued
hereunder at the Date of Termination, and the Company shall pay to the Executive
(or the Executive's beneficiary or estate), at the times determined below, (i)
the Executive's full Base Salary through the Date of Termination (the "Earned
Salary"), (ii) any vested amounts or benefits owing to the Executive under or in
accordance with the terms and conditions of the Company's and Affiliates'
otherwise applicable employee benefit plans and programs and any accrued
vacation pay not yet paid by the Company or Affiliate (the "Accrued
Obligations"), and (iii) any other benefits payable due to the Executive's death
or Disability under the Company's and Affiliates' plans, policies or programs
(the "Additional Benefits"). Any Earned Salary shall be paid in cash in a single
lump sum as soon as practicable, but in no event more than 30 days (or at such
earlier date required by law), following the Date of Termination. Accrued
Obligations and Additional Benefits shall be paid in accordance with the terms
of the applicable plan, program or arrangement.

         (b) Cause and Voluntary Termination. If, during the Employment Period,
the Executive's employment shall be terminated for Cause or voluntarily
terminated by the Executive (other than on account of Good Reason), the Company
shall pay the Executive (i) the Earned Salary in cash in a single lump sum as
soon as practicable, but in no event more than 30 days, following the Date of
Termination, and (ii) the Accrued Obligations in accordance with the terms of
the applicable plan, program or arrangement.

         (c) Termination by the Company or an Affiliate other than for Cause and
Termination by the Executive for Good Reason. The terms of this Section 7(c)
shall apply if and only if (x) the Company or an Affiliate terminates the
Executive's employment other than for Cause during the Employment Period or (y)
the Executive terminates employment at any time during the Employment Period for
Good Reason.

                  (i) Lump Sum Payments. The Company shall pay to the Executive,
         at the times determined below, the following amounts:

                  (A)      the Executive's Earned Salary;

                  (B)      a cash amount (the "Severance Amount") equal to three
                           times the sum of

                           (1)      the Executive's annual rate of Base Salary
                                    as then in effect;

                           (2)      the average of the annual bonuses awarded or
                                    granted to the Executive under the Annual
                                    Variable Incentive Plan (or any successor
                                    plan thereto), and any other Annual Bonus,
                                    for the each of the three fiscal years of
                                    the Company (or, if less, the number of
                                    prior fiscal years during which Executive
                                    was an employee of the Company or an

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                                    Affiliate) ended immediately prior to the
                                    Effective Date for which an annual bonus
                                    amount had been determined by the Board (or
                                    any committee thereof) prior to the
                                    Effective Date. If the Executive was
                                    employed by the Company or Affiliates (taken
                                    as a whole) for only a portion of any fiscal
                                    year included in the period for which the
                                    average referred to in the immediately
                                    preceding sentence is determined and the
                                    bonus awarded or granted for such fiscal
                                    year took into account such partial period
                                    of employment, such bonus for such fiscal
                                    year shall be annualized for purposes of
                                    calculating such average; and

                           (3)      if the Effective Date is on or prior to
                                    December 31, 2003, the average of the
                                    long-term incentive compensation amounts
                                    awarded or granted to the Executive with
                                    respect to each of the last three
                                    performance periods (or, if the Executive
                                    participated in the long-term compensation
                                    program in respect to a lesser number of
                                    such performance periods, such lesser
                                    number) ended prior to the Effective Date
                                    for which the amount awarded or granted had
                                    been determined by the Board (or any
                                    committee thereof) prior to the Effective
                                    Date; provided, however, that, the amount
                                    determined under this subclause (3) shall be
                                    reduced (but not below zero) by the
                                    "Determined Value" (as defined below) of any
                                    vested stock options, restricted stock or
                                    similar equity-based award or grant relating
                                    to the Company's common equity on the
                                    earlier to occur of the Executive's Date of
                                    Termination or the date on which a Change of
                                    Control occurs. For purposes of this
                                    Agreement, Determined Value shall mean the
                                    excess of the "Equity Value" over the price,
                                    if any, payable by the Executive in respect
                                    of such stock option or other award and
                                    Equity Value shall be determined to be (x)
                                    in the case of a Change of Control occurring
                                    by reason of a merger, recapitalization or
                                    similar transaction or as a result of a
                                    tender offer, the value received by the
                                    Company's equity holders in such transaction
                                    or the price paid in such tender offer (with
                                    the value of any non-cash consideration to
                                    be determined in good faith by the
                                    Compensation Committee of the Board as
                                    constituted immediately prior to the
                                    Effective Date) and (y) in the case of any
                                    other Change of Control or where the date as
                                    of which such Determined Value is measured
                                    is the Executive's Date of Termination, the
                                    average of the high and low reported sales
                                    prices of such equity on the principal
                                    securities market on which such equity is
                                    traded on the relevant date; and

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                  (C)      the Accrued Obligations.

         The Earned Salary and Severance Amount shall be paid in cash in a
         single lump sum as soon as practicable, but in no event more than 30
         days (or at such earlier date required by law), following the Date of
         Termination. Accrued Obligations shall be paid in accordance with the
         terms of the applicable plan, program or arrangement.

                  (ii) Continuation of Benefits and Additional Pension Credit.
         The Executive (and, to the extent applicable, the Executive's
         dependents) shall be entitled, after the Date of Termination until the
         third anniversary of the Date of Termination (the "End Date"), to
         continue participation in all of the Company's (or Affiliate's, as
         applicable) employee and executive plans providing medical, dental and
         long-term disability benefits (collectively, the "Continuing Benefit
         Plans"); provided, however, that the participation by the Executive
         (and, to the extent applicable, the Executive's dependents) in any
         Continuing Benefit Plan shall cease on the date, if any, prior to the
         End Date on which the Executive becomes eligible for comparable
         benefits under a similar plan, policy or program of a subsequent
         employer ("Prior Date"). The Executive's participation in the
         Continuing Benefit Plans will be on the same terms and conditions that
         would have applied had the Executive continued to be employed by the
         Company (or Affiliate, as applicable) through the End Date or the Prior
         Date. To the extent any such benefits cannot be provided under the
         terms of the applicable plan, policy or program, the Company shall
         provide a comparable benefit under another plan or from the Company's
         general assets. In addition, the Company (or Affiliate, as applicable)
         shall grant the Executive service credit, for purposes of all pension
         and defined benefit plans and arrangements of the Company and any
         Affiliate in which the Executive participates, through the earlier of
         (x) the third anniversary of the effective date of the Notice of
         Termination, or (y) the sixty-fifth birthday of the Executive, such
         that when the Executive's pension or defined benefit is determined such
         credited service will be taken into account.

                  (iv) Offer Letter Deferred Compensation Benefit. In the event
         that, during the Employment Period, the Executive terminates employment
         hereunder for Good Reason or the Company or an Affiliate terminates the
         Executive's employment other than for Cause, the Executive shall be
         vested in the deferred compensation benefit described in the Offer
         Letter and such benefit shall be paid to the Executive at the same time
         and on the same basis as though she had continued in the employ of the
         Company until the fifth anniversary of her date of hire (regardless of
         the date on which her employment terminates). The benefit provided
         under this Section 7(c)(iv) shall be in lieu of (and not in addition
         to) the deferred compensation benefit provided under the Offer Letter.

         (d) Discharge of the Company's Obligations. Except as expressly
provided in the last sentence of this Section 7(d) hereof, the amounts payable
to the Executive pursuant to this Section 7 following termination of the
Executive's employment shall be in full and complete satisfaction of the
Executive's rights under this Agreement and any

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other claims the Executive may have in respect of the Executive's employment by
the Company or any of its Affiliates. Such amounts shall constitute liquidated
damages with respect to any and all such rights and claims and, upon the
Executive's receipt of such amounts, the Company shall be released and
discharged from any and all liability to the Executive in connection with this
Agreement or otherwise in connection with the Executive's employment with the
Company and its Affiliates.

         (e) Modification of Payments by the Company.

                  (i) Application of Section 7(e) Hereof. In the event that any
         amount or benefit paid or distributed to the Executive pursuant to this
         Agreement, taken together with any amounts or benefits otherwise paid
         or distributed to the Executive by the Company or any Affiliate under
         any other plan, agreement, or arrangement that would be taken into
         account for purposes of determining if an "excess parachute payment" as
         defined in Section 280G of the Internal Revenue Code of 1986, as
         amended, has been made (collectively, the "Covered Payments"), would be
         an "excess parachute payment" as defined in Section 280G of the
         Internal Revenue Code of 1986, as amended (the "Code"), and would
         thereby subject the Executive to the tax (the "Excise Tax") imposed
         under Section 4999 of the Code (or any similar tax that may hereafter
         be imposed), the Company shall pay to the Executive an additional
         amount (the "Tax Reimbursement Payment") such that the net amount
         retained by the Executive with respect to such Covered Payments, after
         deduction of any Excise Tax on the Covered Payments and any Federal,
         state and local (including foreign) income tax and Excise Tax on the
         Tax Reimbursement Payment provided for by this Section 7(e), but before
         deduction for any Federal, state or local (including foreign) income or
         employment tax withholding on such Covered Payments, shall be equal to
         the aggregate value of the Covered Payments.

                  (ii) Calculation of Benefits. Promptly after delivery of any
         Notice of Termination, the Company shall notify the Executive of the
         aggregate present value of all Covered Payments to which the Executive
         would be entitled under this Agreement and any other plan, program or
         arrangement as of the projected Date of Termination, together with the
         projected maximum payments, determined as of such projected Date of
         Termination that could be paid without the Executive being subject to
         the Excise Tax.

                  (iii) Application of Section 280G. For purposes of determining
         whether any of the Covered Payments will be subject to the Excise Tax
         and the amount of such Excise Tax,

                  (A)      such Covered Payments will be treated as "parachute
                           payments" within the meaning of Section 280G of the
                           Code, and all "parachute payments" in excess of the
                           "base amount" (as defined under Section 280G(b)(3) of
                           the Code) shall be treated as subject to the Excise
                           Tax, unless, and except to the extent that, in the
                           good faith judgment of the Company's independent
                           certified public

                                       11
<PAGE>

                           accountants appointed prior to the Effective Date or
                           tax counsel selected by such Accountants (the
                           "Accountants"), the Company has a reasonable basis to
                           conclude that any amount or benefit paid or
                           distributed to the Executive pursuant to this
                           Agreement, or any amounts or benefits otherwise paid
                           or distributed to the Executive by the Company or any
                           Affiliate under any other plan, agreement, or
                           arrangement (in whole or in part), either do not
                           constitute "parachute payments" or represent
                           reasonable compensation for personal services
                           actually rendered (within the meaning of Section
                           280G(b)(4)(B) of the Code) in excess of the portion
                           of the "base amount allocable to such Covered
                           Payments," or such "parachute payments" are otherwise
                           not subject to such Excise Tax, and

                  (B)      the value of any non-cash benefits or any deferred
                           payment or benefit shall be determined by the
                           Accountants in accordance with the principles of
                           Section 280G of the Code.

                  (iv) Adjustments in Respect of the Payment Cap. If the
         Executive receives reduced payments and benefits under this Section
         7(e) (or this Section 7(e) is determined not to be applicable to the
         Executive because the Accountants conclude that Executive is not
         subject to any Excise Tax) and it is established pursuant to a final
         determination of a court or an Internal Revenue Service proceeding (a
         "Final Determination") that, notwithstanding the good faith of the
         Executive and the Company in applying the terms of this Agreement, the
         aggregate "parachute payments" within the meaning of Section 280G of
         the Code paid to the Executive or for the Executive's benefit are in an
         amount that would result in the Executive being subject an Excise Tax,
         then the Accountants shall determine whether the Executive should have
         received the Tax Reimbursement Payment described in Section 7(e)(i). If
         the Tax Reimbursement Payment would have been due, the Accountants
         shall determine the amount of any interest and penalties that may be
         imposed on the Executive by reason having failed to have timely paid
         any Excise Tax (the "Penalty Amount"), and the amount of the Tax
         Reimbursement Payment due, treating the Penalty Amount as a Covered
         Payment. In the event a Tax Reimbursement Payment is due, the Company
         shall promptly (but in no event later than ten (10) business days after
         the Accountants have determined and informed the Company of the amounts
         due hereunder) pay the Executive such Tax Reimbursement Payment (as
         calculated in accordance with the immediately preceding sentence) and
         the Penalty Amount. For greater clarity, if the Executive receives
         increased payments and benefits under this Section 7(e)(i), then this
         Section 7(e)(iv) shall not apply.

         (f) Notwithstanding anything else in this Section 7 to the contrary,
nothing in this Section 7 shall be construed to release the Company from (or to
otherwise waive or modify) the Company's obligation to indemnify the Executive
pursuant to Section 5(f) hereof.

                                       12
<PAGE>

         8. Non-exclusivity of Rights. Except as expressly provided herein,
nothing in this Agreement shall prevent or limit the Executive's continuing or
future participation in any benefit, bonus, incentive or other plan or program
provided by the Company or any Affiliate and for which the Executive may
qualify, nor shall anything herein limit or otherwise prejudice such rights as
the Executive may have under any other agreements with the Company or any
Affiliate, including employment agreements or stock option agreements. Amounts
which are vested benefits or which the Executive is otherwise entitled to
receive under any plan or program of the Company or any Affiliate at or
subsequent to the Date of Termination shall be paid in accordance with such plan
or program.

         9. No Offset; Deferrals. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be diminished or otherwise affected by any circumstances,
including, but not limited to, any set-off, counterclaim, recoupment, defense or
other right which the Company may have against the Executive or others whether
by reason of the subsequent employment of the Executive or otherwise. For
purposes of this Agreement, except for Section 7(e), the value of an amount or
property awarded, granted, or paid to the Executive shall be determined
notwithstanding any elective deferrals of payment.

         10. Legal Fees and Expenses. If the Executive asserts any claim in any
contest (whether initiated by the Executive or by the Company) as to the
validity, enforceability or interpretation of any provision of this Agreement,
the Company shall pay the Executive's legal expenses (or cause such expenses to
be paid) including, but not limited to, the Executive's reasonable attorney's
fees, on a quarterly basis, upon presentation of proof of such expenses in a
form acceptable to the Company, provided that the Executive shall reimburse the
Company for such amounts, plus simple interest thereon at the 90-day United
States Treasury Bill rate as in effect from time to time, compounded annually,
if the Executive shall not prevail, in whole or in part, as to at least one
material issue as to the validity, enforceability or interpretation of any
provision of this Agreement.

         11. Surviving Agreements. The Agreement to Protect Corporate Property
previously executed by the Executive, any written stock option agreement into
which the Executive entered with the Company, and any Compensation Protection
Agreement into which the Executive entered with the Company are incorporated
herein and made a part hereof. The Executive and the Company hereby reaffirm
their respective commitments under the agreements to which reference is made in
this Section 11, and again agree to be bound by each of the covenants contained
therein for the benefit of the Company and Affiliates in consideration of the
benefits made available to the Executive hereby.

         12. Successors. (a) This Agreement is personal to the Executive and,
without the prior written consent of the Company, shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

                                       13
<PAGE>

         (b) This Agreement shall inure to the benefit of and be binding upon
the Company and its successors. The Company shall cause each Affiliate, as
applicable, to comply with the terms of this Agreement. The Company shall
require any successor to all or substantially all of the business and/or assets
of the Company, whether direct or indirect, by purchase, merger, consolidation,
acquisition of stock, or otherwise, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent as the Company would
have been required to perform if no such succession had taken place.

         13. Miscellaneous. (a) Applicable Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York, applied
without reference to principles of conflict of laws.

         (b) Arbitration. Except to the extent provided in Section 11(c) hereof,
any dispute or controversy arising under or in connection with this Agreement
shall be resolved by binding arbitration. The arbitration shall be held in New
York City and except to the extent inconsistent with this Agreement, shall be
conducted in accordance with the Expedited Employment Arbitration Rules of the
American Arbitration Association in effect at the time of the arbitration (or
such other rules as the parties may agree to in writing), and otherwise in
accordance with principles which would be applied by a court of law or equity;
provided for greater clarity, however, that in no event shall the arbitrator(s)
be bound to follow the rules of evidence, discovery, or procedure that would
applied by a court of law or equity. The arbitrator shall be acceptable to both
the Company and the Executive. If the parties cannot agree on an acceptable
arbitrator, the dispute shall be heard by a panel of three arbitrators, one
appointed by each of the parties and the third appointed by the other two
arbitrators.

         (c) Amendments. This Agreement may not be amended or modified other
than by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

         (d) Entire Agreement. This Agreement and, to the extent provided under
Section 7(d), the Offer Letter constitutes the entire agreement between the
parties hereto with respect to the matters referred to herein, and completely
supersedes and replaces any prior Employment Continuation Agreement (including
any such amended and restated agreement) between the Executive and the Company
and/or an Affiliate. No other agreement relating to the terms of the Executive's
employment by the Company, oral or otherwise, shall be binding between the
parties unless it is in writing and signed by the party against whom enforcement
is sought. There are no promises, representations, inducements or statements
between the parties other than those that are expressly contained herein. The
Executive acknowledges entering into this Agreement of the Executive's own free
will and accord, and with no duress, that the Executive has read this Agreement
and understands it and its legal consequences.

         (e) Notices. All notices and other communications hereunder shall be in
writing and shall be given by hand-delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:

                                       14
<PAGE>

         If to the Executive:      at the home address of the Executive noted
                                   on the records of the Company

         If to the Company:        MetLife, Inc.
                                   One Madison Avenue
                                   New York, New York 10010
                                   Attn.:  Secretary

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

         (f) Tax Withholding. The Company shall withhold from any amounts
payable under this Agreement such Federal, state or local taxes as shall be
required to be withheld pursuant to any applicable law or regulation.

         (g) Severability; Reformation. In the event that one or more of the
provisions of this Agreement shall become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby.

         (h) Waiver. Waiver by any party hereto of any breach or default by the
other party of any of the terms of this Agreement shall not operate as a waiver
of any other breach or default, whether similar to or different from the breach
or default waived. No waiver of any provision of this Agreement shall be implied
from any course of dealing between the parties hereto or from any failure by
either party hereto to assert its or the Executive's rights hereunder on any
occasion or series of occasions.

         (i) Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original but all of which together shall constitute
one and the same instrument.

                      (THIS SPACE INTENTIONALLY LEFT BLANK)

                                       15
<PAGE>

         (j) Captions. The captions of this Agreement are not part of the
provisions hereof and shall have no force or effect.

                  IN WITNESS WHEREOF, the Executive has hereunto set the
Executive's hand and the Company has caused this Agreement to be executed in its
name on its behalf.

                                    METLIFE, INC.

                                    By:
                                       ----------------------------------------

                                    Title:
                                          -------------------------------------

WITNESSED:

--------------------

                                    EXECUTIVE:

                                    -------------------------

WITNESSED:

--------------------

                                       16<PAGE>
                                                                   EXHIBIT 10.17

                                  METLIFE, INC.
                            2000 DIRECTORS STOCK PLAN
                     (AS AMENDED EFFECTIVE FEBRUARY 8, 2002)

                                   ARTICLE I.
                                     PURPOSE

         The purposes of the "METLIFE, INC. 2000 DIRECTORS STOCK PLAN" (the
"Plan") are to enable the Company to attract, retain and motivate the best
qualified non-employee directors and to enhance a long-term mutuality of
interests between the non-employee directors and stockholders of the Company by
granting stock and stock options as provided herein.

                                   ARTICLE II.
                                   DEFINITIONS

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

                  (a) "Award" means any Option or Share Award.

                  (b) "Board" means the Board of Directors of the Company.

                  (c) "Cash Fees" means the amount of any fees that would,
         absent an election to receive an Elective Share Award pursuant to the
         terms of the Plan, be payable by the Company in cash to a Participant
         for any services to be performed by the Participant.

                  (d) "Code" means the Internal Revenue Code of 1986, as
         amended.

                  (e) "Committee" means the Nominating and Corporate Governance
         Committee of the Board or such other committee of the Board as the
         Board shall designate from time to time, which committee shall consist
         of at least two members, each of whom shall qualify as a Non-Employee
         Director within the meaning of Rule 16b-3 (or any successor rule
         thereto), as promulgated under the Securities Exchange Act of 1934, as
         amended.

                  (f) "Common Stock" means the common stock of the Company, par
         value $0.01 per share.

                  (g) "Company" means MetLife, Inc., a Delaware corporation, and
         any successor thereto.

<PAGE>

                  (h) "Deferred Share" means a contractual right to receive one
         Share on a deferred basis in accordance with the terms of the Plan.

                  (i) "Elective Share Award" means any award of Shares made by
         reason of the election of a Participant to receive Shares in lieu of
         Cash Fees; provided that in no event shall any Elective Share Awards be
         issued prior to the second anniversary of the Plan Effective Date.

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

                  (k) "Family Member" means, as to a Participant, any (i) child,
         stepchild, grandchild, parent, stepparent, grandparent, spouse,
         sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
         brother-in-law, or sister-in-law (including adoptive relationships), of
         such Participant, (ii) trust for the exclusive benefit of such persons
         and (iii) other entity owned solely by such persons.

                  (l) "Fee Share Award" means any award of Shares made at the
         direction of the Committee in lieu of Cash Fees.

                  (m) "Option" means the right to purchase one Share at a stated
         purchase price on the terms specified in Article V of the Plan. The
         Options are nonstatutory stock options not intended to qualify under
         Section 422 of the Code.

                  (n) "Participant" means a member of the Board who is not an
         officer or employee of the Company or any entity controlling,
         controlled by, or under common control with the Company, and is not the
         beneficial owner of a controlling interest in the voting stock of the
         Company or of any entity that holds a controlling interest in the
         Company's voting stock.

                  (o) "Plan" means the MetLife, Inc. 2000 Directors Stock Plan,
         as set forth herein and as amended from time to time.

                  (p) "Plan Effective Date" means the "Plan Effective Date"
         determined under Section 5.2(b) of the Plan of Reorganization, dated
         September 28, 1999, of Metropolitan Life Insurance Company, as amended.

                  (q)  "Share" means a share of Common Stock.

                  (r) "Share Award" means any Elective Share Award or Fee Share
         Award.

                                       2
<PAGE>

                  (s) "Stock Account" means a memorandum account established to
         record the deferral of certain compensation otherwise payable to a
         Participant which shall be deemed invested in Deferred Shares.

                  (t) "Stock Incentive Plan" means the MetLife, Inc. 2000 Stock
         Incentive Plan, as the same may be amended from time to time.

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

                                  ARTICLE III.
                                 ADMINISTRATION

         3.1 Rules, Interpretation and Determinations. The Plan shall be
administered by the Committee. The Committee shall have full authority to
interpret and administer the Plan, to establish, amend and rescind rules for
carrying out the Plan, to construe the respective option agreements and to make
all other determinations and to take all other actions that it deems necessary
or advisable for administering the Plan. Each determination, interpretation or
other action made or taken by the Committee shall be final and binding for all
purposes and upon all persons.

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

               ARTICLE IV. SHARES; ADJUSTMENT UPON CERTAIN EVENTS

         4.1 Source of Shares. Shares to be issued under the Plan may consist,
in whole or in part, of treasury shares or authorized but unissued Shares not
reserved for any other purpose.

         4.2 Number of Share Awards. Subject to the provisions of Section 4.5
hereof, the aggregate number of Shares that may be issued under the Plan as
Share Awards under Article VI shall not exceed 500,000 Shares.

         4.3 Number of Options. Subject to the provisions of Section 4.5 hereof,
the aggregate number of Shares issuable under the Plan pursuant to Options shall
not exceed 0.05% of the total number of Shares outstanding immediately after the
Plan Effective

                                       3
<PAGE>

Date. In addition, Shares issuable pursuant to Options granted under the Plan
shall reduce the number of Shares issuable under the Stock Incentive Plan.

         4.4 Canceled, Terminated, or Forfeited Options. In the event Options
are for any reason canceled, terminated or otherwise settled without the
issuance of any Common Stock (including, but not limited to, shares tendered to
exercise outstanding Options or shares tendered or withheld for taxes), the
Shares subject to such Options shall again be available for the granting of
Options under the Plan and the Stock Incentive Plan.

                  4.5 Adjustment in Capitalization. In the event of any Share
dividend or Share split, recapitalization, merger, consolidation, combination,
spin-off, distribution of assets to stockholders (other than ordinary cash
dividends), exchange of shares, or other similar corporate change, the aggregate
number of Shares available for Awards pursuant to either Section 4.2 or Section
4.3, distributable in respect of Deferred Shares or subject to outstanding
Options, and the respective exercise prices applicable to outstanding Options
shall be appropriately adjusted by the Committee and the Committee's
determination shall be conclusive; provided that any fractional shares resulting
from any such adjustment shall be disregarded.

                                   ARTICLE V.
                           AWARDS AND TERMS OF OPTIONS

         5.1 Grant. The Committee shall, subject to the approval of the Board,
determine the Participants to whom Options shall be granted and, subject to
Section 5.2, the terms and conditions of any and all Options granted to
Participants. In making such determination, the Committee shall give due
consideration to such factors as it deems appropriate, including, but not
limited to, the performance of the Company. Any Options granted hereunder prior
to the fifth anniversary of the Plan Effective Date shall be granted in
substitution for a portion of the fees that would otherwise have been payable in
cash to the Participant for services as a director and not subject to a Share
Award, in such manner and on such basis as the Committee shall reasonably
determine (including, without limitation, by application of the Black-Scholes
option valuation methodology). Notwithstanding any other contrary provision in
the Plan, no Options shall be granted prior to the first anniversary of the Plan
Effective Date.

         5.2 Option Agreement. Options shall be evidenced by a written option
agreement embodying the following terms:

                  (a) Exercise Price. The exercise price per Share of an Option
         shall be not less than the Fair Market Value on the date such Option is
         granted.

                  (b) Period of Exercisability. Each Option granted hereunder
         shall be immediately exercisable; provided that in no event shall any
         Option be or become exercisable hereunder prior to the second
         anniversary of the Plan Effective Date and, if and to the extent this
         proviso limits the exercisability of any Option, the portion so limited
         shall become exercisable on such second anniversary. Each Option shall,
         if not previously exercised in accordance with the terms of the Plan,

                                       4
<PAGE>

         in all events expire upon the tenth (10th) anniversary of the date of
         the grant thereof. In the event a Participant ceases to provide
         services to the Company for any reason, the Participant or, after the
         Participant's death, the Participant's estate or beneficiary, may
         exercise any Option held by the Participant at the date his or her
         service terminates until the tenth (10th) anniversary of the date the
         Option was granted; provided, however, that if the Participant's
         service as a member of the Board terminates prior to the second
         anniversary of the Plan Effective Date, the Option may not be exercised
         prior to such second anniversary.

                  (c) Procedure for Exercise. A Participant electing to exercise
         one or more Options shall give written notice to the Secretary of the
         Company of such election and of the number of Shares he has elected to
         purchase. No shares shall be delivered pursuant to any exercise of an
         Option unless arrangements satisfactory to the Committee have been made
         to assure full payment of the option price therefor. Without limiting
         the generality of the foregoing, payment of the option price may be
         made (i) in cash or its equivalent, (ii) by exchanging shares of Common
         Stock owned by the optionee (which are not the subject of any pledge or
         other security interest), (iii) through an arrangement with a broker
         approved by the Company whereby payment of the exercise price is
         accomplished with the proceeds of the sale of Common Stock or (iv) by
         any combination of the foregoing; provided that the combined value of
         all cash and cash equivalents paid and the Fair Market Value of any
         such Common Stock so tendered to the Company, valued as of the date of
         such tender, is at least equal to such option price. The Company may
         not make a loan to a Participant to facilitate such Participant's
         exercise of any of his or her Options.

                                   ARTICLE VI.
                                  SHARE AWARDS

         6.1 Fee Share Awards. Commencing with respect to fees payable for
services rendered after the first anniversary of the Plan Effective Date, the
Committee may require that up to one-half of the Cash Fees otherwise payable to
a Participant be payable in Shares, issuable as of the first day of the calendar
quarter (or, with respect to the first Fee Share Award, the first day of the
first calendar month after the twelve month anniversary of the Plan Effective
Date) with respect to which the Cash Fees would otherwise have been payable to
the Participant in cash (the "Date of Issuance"). Notwithstanding the foregoing,
if the Date of Issuance determined in the preceding sentence is not a business
day, the grant of Shares shall be made on the next following business day. The
number of Shares to be issued as a Fee Share Award as of each Date of Issuance
shall equal the greatest number of whole Shares derived from the quotient of (i)
the dollar amount of the Cash Fees the Committee has determined to pay in Shares
and (ii) the Fair Market Value on the Date of Issuance. If, after the
application of the preceding formula as of any Date of Issuance, there is a cash
remainder, the Company shall pay the Participant the amount of such cash
remainder as soon as practicable following such Date of Issuance. In no event
shall any Shares acquired pursuant to any Fee Share Award be sold by a
Participant prior to the second anniversary of the Plan Effective Date.

                                       5
<PAGE>

                  6.2 Elective Share Awards. Commencing with respect to Cash
Fees payable for services rendered after the second anniversary of the Plan
Effective Date, a Participant may elect to have any portion of the fees that
would otherwise have been payable to the Participant in cash for services as a
director (less any amounts paid as Fee Share Awards or, until the fifth
anniversary of the Plan Effective Date, granted as Options) paid in Shares. The
Date of Issuance in respect of any Cash Fees which are part of the Participant's
annual retainer fees shall be the first day of the calendar quarter with respect
to which the related Cash Fees would otherwise have been payable to the
Participant, and in respect of any other Cash Fees, as of the first day of the
calendar quarter following the quarter with respect to which such Cash Fees
would otherwise have been payable to the Participant. Notwithstanding the
foregoing, if the Date of Issuance determined in the preceding sentence is not a
business day, the grant of Shares shall be made on the next following business
day. The number of Shares to be issued as an Elective Share Award as of each
Date of Issuance shall equal the greatest number of whole Shares derived from
the quotient of (i) the dollar amount of the Cash Fees elected to be paid in
Shares at such Date of Issuance in accordance with the second preceding sentence
and (ii) the Fair Market Value on the Date of Issuance. If, after the
application of the preceding formula as of any Date of Issuance, there is a cash
remainder, the Company shall pay the Participant the amount of such cash
remainder as soon as practicable following such Date of Issuance.

                                  ARTICLE VII.
                             RECEIPT OF SHARE AWARDS

         7.1 Election. A Participant may elect to defer receipt of all or any
part of the Shares issuable to the Participant in respect of any Share Award.
Any such election shall be made (i) as to which the Date of Issuance is in the
same calendar year in which the Plan becomes effective, within thirty days of
the date this Plan is adopted and (ii) with respect to any other Fee Share Award
or Elective Share Award, by December 31 of the calendar year prior to the year
in which the Date of Issuance would otherwise occur. Notwithstanding the
immediately preceding sentence, any person who becomes a Participant after the
adoption of the Plan may elect, not later than the end of the calendar month in
which the Participant becomes a member of the Board, to defer delivery of all or
any part of the Shares deliverable in respect of any Share Award to be made
following such election.

         7.2 Form and Duration of Election. An election to defer receipt shall
be made by written notice filed with the Secretary of the Company. Such election
shall continue in effect (including with respect to Share Awards for subsequent
calendar years) unless and until the Participant revokes or modifies such
election by written notice filed with the Secretary of the Company. Any such
revocation or modification of a deferral election shall become effective as of
the end of the calendar year in which such notice is given and only with respect
to Share Awards to be made in subsequent calendar years. Amounts credited to the
Participant's Stock Account prior to the effective date of any such revocation
or modification of a deferral election shall not be affected by such revocation
or modification and shall be distributed only in accordance with the otherwise

                                       6
<PAGE>

applicable terms of the Plan. A Participant who has revoked an election to
participate in the Plan may file a new election to defer Share Awards with
respect to Shares to be granted in the calendar year following the year in which
such election is filed.

         7.3 Stock Account. Any Share Award as to which a Participant has
elected to defer delivery of the Shares shall be credited to the Participant's
Stock Account and shall be deemed to be invested in a number of Deferred Shares
equal to the number of Shares that would otherwise have been delivered to the
Participant. Whenever a dividend other than a dividend payable in the form of
Shares is declared with respect to the Shares, the number of Deferred Shares in
the Participant's Stock Account shall be increased by the number of Deferred
Shares determined by dividing (i) the product of (A) the number of Deferred
Shares in the Participant's Stock Account on the related dividend record date
and (B) the amount of any cash dividend declared by the Company on a Share (or,
in the case of any dividend distributable in property other than Shares, the per
share value of such dividend, as determined by the Company for purposes of
income tax reporting) by (ii) the Fair Market Value on the related dividend
payment date. In the case of any dividend declared on Shares which is payable in
Shares, the Participant's Stock Account shall be increased by the number of
Deferred Shares equal to the product of (i) the number of Deferred Shares
credited to the Participant's Stock Account on the related dividend record date
and (ii) the number of Shares (including any fraction thereof) distributable as
a dividend on a Share. In the event of any change in the number or kind of
outstanding Shares by reason of any recapitalization, reorganization, merger,
consolidation, stock split or any similar change affecting the Shares, other
than a stock dividend as provided above, the Committee shall make an appropriate
adjustment in the number of Deferred Shares credited to the Participant's Stock
Account.

                  7.4 Distribution from Accounts Upon Termination of Service as
a Director. All distributions from the Participant's Stock Account shall be made
in Shares. At the time a Participant makes a deferral election pursuant to
Section 7.1, the Participant shall also file with the Secretary of the Company a
written election with respect to whether such distribution (i) shall commence
immediately following the date the Participant ceases to be a Participant or on
the first business day of any calendar year following the calendar year in which
the Participant ceases to be a Participant and (ii) shall be in one lump-sum or
in such number of annual installments (not to exceed ten) as the Participant may
designate. If installments are elected, the number of Shares distributable with
respect to each installment shall be equal to the number of Deferred Shares then
credited to the Stock Account times a fraction, the numerator of which is one
(1) and the denominator of which is the number of installments (including the
current installment) remaining to be paid. A Participant may at any time, and
from time to time, change any distribution election applicable to the
Participant's Stock Account; provided that no election to change the timing of
any such distribution shall be effective unless it is made in writing and
received by the Secretary of the Company at least one full calendar year prior
to the time at which the Participant ceases to provide services to the Company.
If a Participant fails to specify a commencement date for a distribution in
accordance with this Section 7.4, such distribution shall commence on the first
business day of the calendar year immediately following the year in which the
Participant ceases to be a Participant. If a Participant fails to specify
whether distribution shall be made in a

                                       7
<PAGE>

lump-sum or in a number of installments, such distribution shall be made in a
lump-sum. In the case of any distribution being made in annual installments,
each installment after the first installment shall be paid on the first business
day of each subsequent calendar year until the entire amount subject to such
installments shall have been paid.

                                  ARTICLE VIII.
                            TRANSFERABILITY OF AWARDS

         No Award shall be transferable by the Participant otherwise than by
will or under the applicable laws of descent and distribution; provided that the
Committee may, in the Option agreement or otherwise, permit transfers of Options
by gift or a domestic relations order to Family Members. In addition, no Award
shall be assigned, negotiated, pledged or hypothecated in any way (whether by
operation of law or otherwise), and no Award shall be subject to execution,
attachment or similar process. Upon any attempt to transfer, assign, negotiate,
pledge or hypothecate any Award, or in the event of any levy upon any Award by
reason of any attachment or similar process contrary to the provisions hereof,
such Award shall immediately become null and void.

                                   ARTICLE IX.
                     TERMINATION, MODIFICATION AND AMENDMENT

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

                                   ARTICLE X.
                               GENERAL PROVISIONS

         10.1 No Right to Remain as a Director. The Plan shall not impose any
obligations on the Company to retain any Participant as a director nor shall it
impose any obligation on the part of any Participant to remain in service to the
Company.

         10.2 Investment Representation; Registration. If the Committee
determines that the law so requires, the holder of an Option granted hereunder
or the recipient of Shares in respect of any Share Award shall execute and
deliver to the Company a written statement, in form satisfactory to the Company,
representing and warranting that he is purchasing or accepting the Shares then
acquired for his own account and not with a view to the resale or distribution
thereof, that any subsequent offer for sale or sale of any such Shares shall be
made either pursuant to (i) a registration statement on an appropriate form

                                       8
<PAGE>

under the Securities Act of 1933, as amended, which Registration Statement shall
have become effective and shall be current with respect to the Shares being
offered and sold, or (ii) a specific exemption from the registration
requirements of the Securities Act, and that in claiming such exemption the
holder will, prior to any offer for sale or sale of such Shares, obtain a
favorable written opinion from counsel approved by the Company as to the
availability of such exemption. If at any time the Board shall determine in its
discretion that the listing, registration or qualification of the Shares covered
by the Plan upon any national securities exchange or under any state or federal
law, or the consent or approval of any governmental regulatory body, is
necessary or desirable as a condition of, or in connection with, the sale of
Shares under the Plan, no Shares will be delivered unless and until such
listing, registration, qualification, consent or approval shall have been
effected or obtained, or otherwise provided for, free of any conditions not
acceptable to the Company.

         10.3 No Right to Specific Assets. Nothing contained in the Plan and no
action taken pursuant to the Plan (including, without limitation, the grant of
any Award hereunder) shall create or be construed to create a trust of any kind
or any fiduciary relationship between the Company and any Participant, the
executor, administrator or other personal representative or designated
beneficiary of such Participant, or any other persons. To the extent that any
Participant or his executor, administrator, or other personal representative, as
the case may be, acquires a right to receive any payment from the Company
pursuant to the Plan, such right shall be no greater than the right of an
unsecured general creditor of the Company.

         10.4 Rights as a Stockholder. A Participant shall have no rights as a
stockholder with respect to any Shares covered by his Option or related to
Deferred Shares until he shall have become the holder of record of such Shares.

         10.5 Headings and Captions. The headings and captions herein are
provided for reference and convenience only, shall not be considered part of the
Plan, and shall not be employed in the construction of the Plan.

         10.6 Controlling Law. The Plan shall be construed and enforced
according to the laws of the State of Delaware without regard to conflict of
laws.

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

                                       9
<PAGE>

person may be entitled under the Company's Certificate of Incorporation or
By-Laws, by contract, as a matter of law, or otherwise.

                  10.8 Term of Plan. The Plan shall be effective upon its
adoption by the Board and approval by Metropolitan Life Insurance Company, the
sole shareholder of the Company and by the New York Superintendent of Insurance.
The Plan shall continue in effect, unless sooner terminated pursuant to Article
IX, until no more shares are available for issuance under the Plan.

                                       10

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