Document:

EX-10.29

 

Exhibit 10.29

AMENDMENT TO RESTRICTED STOCK UNIT AGREEMENTS

     Pursuant to the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “Plan”),
MetLife, Inc. hereby amends each of your Restricted Stock Unit Agreements (the “Agreements”) as of
December 31, 2007, as follows (this “Amendment”):

     1. Section 2(a) of each Agreement is restated in its entirety as follows:

     (a) Long-Term Disability. In the event you qualify for long-term disability
benefits under a plan or arrangement offered by the Company or an Affiliate for its
Employees, each of your Units will be due and payable in the form of Shares. Once this
provision applies, no other change of status described in this Section 2 (except the
provision regarding termination for Cause) will affect your Units, even if you subsequently
return to active service or your employment with the Company or an Affiliate terminates
other than for Cause.

     2. Section 2(f) of each Agreement is restated in its entirety as follows:

     (f) Other Termination of Employment. Unless the Committee determines
otherwise, if no other provision in this Section 2 regarding change of status applies,
including, for example, your voluntary termination of employment, your termination without
Retirement or Bridge Eligibility, or the termination of your employment by the Company or an
Affiliate without Cause, your Units will be forfeited immediately unless you are offered a
separation agreement by the Company or an Affiliate under a severance program. To the
extent your separation agreement becomes final, your Prorated Units will be due and payable
to you. The number of your “Prorated Units” will be determined by dividing the number of
calendar months, beginning with the month of the Grant Date, that have ended as of the end
of the month of the termination of your employment by thirty-six (36), multiplying the
result by the number of your Units, and rounding to the nearest whole number; provided,
however, that if the date of the termination of your employment is prior to the first
anniversary of the Grant Date , then the number of your Prorated Units shall be zero (0).
Payment for each of your Units will be made in cash at a value equal to the Closing Price on
the Grant Date, and shall be rounded to the nearest one-hundred dollars ($100.00). If your
separation agreement does not become final, your Units will be forfeited.

     3. Section 3 of each Agreement is restated in its entirety as follows:

     3. Change of Control.

     (a) Except as provided in Section 3(b), and unless otherwise prohibited under law or
by applicable rules of a national security exchange, if a Change of Control occurs, your
Units will be due and payable in the form of cash equal to the number of your Units
multiplied by the Change of Control Price.

     (b) The terms of Section 3(a) will not apply to your Units if the Committee reasonably
determines in good faith, prior to the Change of Control, that you have been granted an
Alternative Award for your Units pursuant to Section 15.2 of the Plan. Any such Alternative
Award shall not accelerate the timing of payment or otherwise violate Code Section 409A, to
the extent such Code section is applicable to your Units.

     4. Section 8 of each Agreement is restated in its entirety as follows:

 

 

     8. Timing of Payment.

     (a) To the extent applicable, this Agreement is intended to comply with Code Section
409A and shall be interpreted accordingly. If Shares are to be paid to you, you will
receive evidence of ownership of those Shares.

     (b) If payment is due and payable under Section 2(a), it will be made upon your
qualification for long-term disability benefits under a plan or arrangement offered by the
Company or an Affiliate for its Employees.

     (c) If payment is due and payable under Section 2(b), it will be made upon your death.

     (d) If payment is due and payable under Section 2(f), it will be made six (6) months
after the termination of your employment (or six (6) months after your “separation from
service” under Code Section 409A, if that is a different date).

     (e) If payment is due and payable under Section 3(a), and the Change of Control that
causes payment to be due and payable is a “change of control” as defined under Code Section
409A, such sum shall be paid to you within thirty (30) days of the Change of Control. If
payment is due and payable under Section 3(a), and the Change of Control that causes payment
to be due and payable is not a “change of control” as defined under Code Section 409A, such
sum shall be paid to you at the time determined under Section 8(e).

     (f) If payment is due and payable under the Standard Settlement Terms and you have
chosen to defer payment under an applicable deferred compensation plan offered by the
Company or an Affiliate, payment will be made at the time determined under that plan. If
payment is due and payable under the Standard Settlement Terms and you have not chosen to
defer payment under an applicable deferred compensation plan offered by the Company or an
Affiliate, payment will be made within thirty (30) days after the Period of Restriction for
your Units expires.

2

 

     5. Any capitalized word used in this Amendment is defined in the Plan or each Agreement.
This Amendment will be construed in accordance with and governed by the laws of the State of
Delaware, regardless of the law that might be applied under principles of conflict of laws. This
Amendment, the Agreements, and the Plan represent the entire agreements between you and the
Company, and you and all Affiliates, regarding your Units and no other promises, terms, or
agreements of any kind regarding your Units apply. In the event any provision of this Amendment is
held illegal or invalid, the rest of the Amendment will remain enforceable. In no event will this
amendment be construed in a manner that would cause you to incur a penalty under Code Section 409A.

     IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this
Amendment.

     METLIFE, INC.

	 	 	 	 	 
	By:

	 	Gwenn L. Carr
 

	 	 
	 

	 	Name	 	 
	 

	 	Senior Vice President
 
	 	 
	 

	 	Title	 	 
	 
	 	 	 	 
	 

	 	/s/ Gwenn L. Carr
 
	 	 
	 

	 	Signature	 	 

3EX-10.54

 

Exhibit 10.54

December 11, 2007

ON MOTION, it was RESOLVED:

	(1)	 	That the measures to be used to determine performance results for establishing the maximum
amount to be available for payment of awards under the MetLife Annual Variable Incentive Plan
(“AVIP”) for 2008 are approved substantially in form described in the memorandum attached as
Appendix A to these resolutions;
	 
	(2)	 	That the Chief Executive Officer of the Company (“CEO”) shall be eligible for an AVIP award
for 2007 equal to one percent (1%) of the Company’s net income excluding: (1) after-tax net
investment gains and losses, (2) after-tax adjustments related to net investment gains and
losses, (3) after-tax discontinued operations other than discontinued real estate, and (4)
preferred stock dividends, determined according to generally accepted accounting principles
(“Net Operating Income Available to Common Shareholders”), subject to the maximum award limit
under AVIP; provided, however, that the Compensation Committee (the “Committee”) shall
retain the ability, in its discretion, to reduce the amount of the award payable (including
reducing the amount payable to zero) based on such factors or considerations that the
Committee shall deem appropriate, including but not limited to the amounts that would have
been payable to the CEO, respectively, under the methodology applicable to other employees
under AVIP; and;
	 
	(3)	 	That each of the Company’s Officers subject to the reporting requirements of Section 16 of
the Securities Exchange Act of 1934, other than the CEO (“Section 16 Officers”), shall be
eligible for an AVIP award for 2008 equal to one-half of one percent (0.5%) of Net Operating
Income, subject to the maximum award limit under AVIP; provided, however, that the
Committee shall retain the ability, in its discretion, to reduce the amount of the award
payable (including reducing the amount payable to zero) based on such factors or
considerations that the Committee shall deem appropriate, including but not limited to the
amounts that would have been payable to each of the Section 16 Officers under the methodology
applicable to other employees under AVIP;
	 
	(4)	 	That if the Company’s Net Operating Income is zero, neither the CEO nor any of the Section 16
Officers shall be eligible for any AVIP award for 2008; and

 

 

	(5)	 	That the Officers of the Company be and hereby are authorized in the name and on behalf of
the Company, to (a) take or cause to be taken any and all such further actions and to prepare,
execute and deliver or cause to be prepared, executed and delivered, and where necessary or
appropriate, file or cause to be filed with the appropriate governmental authorities, all such
other instruments and documents, including but not limited to all certificates, contracts,
bonds, agreements, documents, instruments, receipts or other papers, (b) incur and pay or
cause to be paid all fees and expenses and (c) engage such persons, in each case as such
Officer shall in that Officer’s judgment determine to be necessary or appropriate to carry out
fully the intent and purposes of the foregoing resolutions and each of the transactions
contemplated thereby.EX-10.57

 

Exhibit 10.57

METROPOLITAN LIFE AUXILIARY SAVINGS AND INVESTMENT PLAN

(Amended and Restated, Effective January 1, 2008)

 

 

METROPOLITAN LIFE AUXILIARY SAVINGS AND INVESTMENT PLAN

     Metropolitan Life Insurance Company hereby amend and restate the Metropolitan Life Auxiliary
Savings and Investment Plan (“Plan”) effective January 1, 2008.

Article 1 — Purpose of Plan and Construction

     The purpose of this Plan is to provide Company Contributions on behalf of employees and their
Beneficiaries whose Company matching contributions under the Savings and Investment Plan for
Employees of Metropolitan Life and Participating Affiliates (“Savings and Investment Plan”) are
reduced or eliminated solely because of the application of the limitations of sections 415(c)
and/or 401(a)(17) of the Internal Revenue Code of 1986, as amended (“Code”). This Plan shall be
construed and administered as a nonqualified deferred compensation plan as defined in section
409A(d)(1) of the Code that is intended to satisfy the requirements of Code section 409A(a)(2), (3)
and (4) and the Treasury Regulations thereunder.

Article 2 — Definitions

2.1 “Administrative Participant” means any Participant in this Plan who is not classified by the
Company as a commissioned employee.

2.2. “Affiliate” means, except as otherwise provided in this Plan document, any corporation,
partnership, joint venture or other business entity which is considered to be a single employer
with the Company under Code § 414(b) or (c).

 

2.3. “Beneficiary” means one or more persons designated by a Participant or otherwise determined
under Section 4.10 to receive that portion of the Participant’s vested account balance which has
not been distributed as a result of his or her death.

2.4. “Commissioned Participant” means any Participant in this Plan who is compensated primarily by
commissions.

2.5. “Company” means any Participating Company, as defined under the Savings and Investment Plan.

2.6. “Default Commencement Date” means the date as of which the Participant’s vested account
balance shall commence to be distributed in the absence of an election designating an alternative
commencement date. The Default Commencement Date shall be as follows:

     (a) For purposes of Section 4.6, the Default Commencement Date shall be as soon as
administratively practicable following the date that the Participant has a Termination of
Employment (except that with respect to a Participant who is a Specified Employee, as soon as
administratively practicable following the date that is six months after the date that such
Participant has a Termination of Employment);

     (b) For purposes of Sections 4.7 and 4.9, the Default Commencement Date shall be as soon as
administratively practicable following the date that constitutes the first anniversary of the date
on which an Administrative Participant has a Termination of Employment; and

     (c) For purposes of Sections 4.8 and 4.10, the Default Commencement Date shall be the October
1st following the date of the Commissioned Participant’s attainment of his or her
sixtieth (60th) birthday.

 

 

2.7. “Default Mode of Payment” means the Mode of Payment in which a Participant’s vested account
balance is required to be distributed in the absence of a Mode of Payment Election. The Default
Mode of Payment shall be a single sum.

2.8 “Deferral Period” means the period of years following a Participant’s Termination of Employment
or other payment triggering event over which commencement of his or her vested account balance is
deferred prior to commencing distribution.

2.9. “Deferral Period Election” means a Participant’s election to specify a Deferral Period for his
or her vested account balance under this Plan.

2.10. “Minimum Deferral Period” means the minimum period of time that a Participant may elect
following the later of (a) the Participant’s Termination of Employment or other payment triggering
event (after taking into account the Default Commencement Date) or (b) the date that payment was
scheduled to commence under a valid election that had been made by the Participant, prior to the
commencement of distribution of his or her vested account balance. The Minimum Deferral Period
shall be as follows:

     (a) For purposes of Sections 4.6 and 4.7, zero years; and

     (b) For purposes of Sections 4.8, 4.9 and 4.10, five years.

2.11. “Mode of Payment” means the optional form of distribution under which a Participant’s vested
account balance becomes payable.

2.12. “Mode of Payment Election” means a Participant’s election to designate a Mode of Payment for
his or her vested account balance under this Plan.

 

 

2.13. “Participant” means any employee of the Company eligible to participate in the Savings and
Investment Plan who is enrolled to contribute before-tax 401(k) contributions, Roth 401(k)
contributions and/or after-tax contributions to the Savings and Investment Plan equal to at least
3% of his or her compensation (as defined in the Savings and Investment Plan) and who either
satisfies the requirements of Article 3 or any former employee of the Company who continues to
maintain an account balance under this Plan.

2.14. “Plan” means the Metropolitan Life Auxiliary Savings and Investment Plan.

2.15. “Plan Administrator” means Metropolitan Life Insurance Company.

2.16. “Plan Year” means the calendar year.

2.17. “Savings and Investment Plan” means the Savings and Investment Plan for Employees of
Metropolitan Life and Participating Affiliates, a plan that is intended to satisfy the requirements
of sections 401(a) and (k) of the Code.

2.18. “Specified Employee” shall have the meaning set forth in Section 4.4(b) of the MetLife
Auxiliary Pension Plan. The procedure for identifying a Specified Employee contained in Section 4.4(b) of the MetLife Auxiliary Pension Plan
is incorporated by reference as if the same were fully set forth herein.

2.19 “Termination of Employment” means the Participant’s death, retirement or other termination of
employment sufficient to constitute a “separation from service” within the meaning of Code §
409A(a)(2)(A)(i) and Treasury Regulation § 1.409A-1(h)(1). In addition, a Participant shall be
treated as having experienced a Termination of Employment as of the

 

 

twenty-four-month anniversary
in which she or he commenced receiving disability benefits (both long-term and short-term) under
the Company’s disability plans.

Article 3 — Participation

     Each participant in the Savings and Investment Plan whose compensation exceeds the limitation
of Section 401(a)(17) of the Code and whose Company matching contributions under the Savings and
Investment Plan are reduced or eliminated because of the application of the limitations of (i)
section 415(c) of the Code; and/or (ii) section 401(a)(17) of the Code, shall be a Participant
under this Plan.

Article 4 — Vesting and Payment of Benefits

4.1 Company Contributions.

     (a) In General. Except as provided in subsection (b), for each Plan Year, the Company
shall contribute to this Plan, on behalf of each Participant, the amount of Company contributions
equal to the amount of Company matching contributions that would have been made to the Savings and
Investment Plan had the limitations of Sections 401(a)(17) and/or 415(c) of the Code not applied to the Participant’s account under the Savings and Investment Plan.

     (b) Suspension for Savings and Investment Plan Withdrawals. Notwithstanding
subsection (a), no Company Contributions shall be made for the six-month period beginning on the
first day of the second month following the date that the Participant receives (1) a hardship
withdrawal of his or her 401(k) contributions under the provisions of the Savings and Investment
Plan or (2) a withdrawal of Company matching contributions under the provisions of the Savings and
Investment Plan.

 

 

4.2. Vesting of Company Contributions. Company Contributions under this Plan shall vest in
accordance with the vesting schedule applicable to Company matching contributions under the Savings
and Investment Plan.

4.3 Elections and Tracking of Investment Performance. Subject to the Company’s consent, a
Participant may make an election with respect to the investment allocation of future Company
contributions as well as existing balances. Such allocation shall be pegged to the performance of
one or more of the Core Funds under the Savings and Investment Plan (other than the NEF Frozen
Accumulation Account). No investment allocation election shall represent an actual investment in
any such fund, but shall merely reflect the performance of such fund. Thus, the Participant’s
account balance under this Plan shall be adjusted for income, gains and losses in the same manner
as if such Participant had directed the investment of his or her account balance among one or more
of the aforementioned funds under the Savings and Investment Plan. The Participant’s ability to
change the investment allocation of future contributions and existing balances shall be subject to
the same rules and restrictions as apply under the Savings and Investment Plan; however, no Participant shall have the right to: (i) exercise voting, tender or
exchange rights with respect to amounts treated as if they were invested in the MetLife Company
Stock Fund or (ii) receive any distribution from the Plan in a form other than cash. If a
Participant fails to specify the investment allocation of contributions to this Plan, then
earnings, gains and/or losses on such contributions shall be determined using the returns from the
Fixed Income Fund until changed by the Participant, Beneficiary or alternate payee.
Notwithstanding the foregoing, it will be within the discretion of the Company whether
contributions are actually invested according to each Participant’s stated preferences.

4.4 Optional Modes of Payment Available.

 

 

     (a) Modes of Payment Generally Available. The Participant may elect to receive a
distribution of his or her vested account balance under this Plan in the following Modes of
Payment:

     (1) A single sum; or

     (2) A specified number of annual installments (but not less than two nor more than
fifteen).

     The Participant’s Mode of Payment Election shall specify the number of full years over which
his or her vested account balance shall be distributed to him or her. If the Participant inserts
one, she or he will be deemed to have elected to receive a distribution of his or her vested
account balance in the form of a single sum. If a Participant has failed to make a Mode of Payment
Election, she or he will be deemed to have elected to receive a distribution of his or her vested
account balance in the Default Mode of Payment. If the Participant has elected to receive his or
her vested account balance in the form of annual installments, the first such installment shall be calculated by dividing his or her vested account balance by the number of
installments elected. Each subsequent year’s installment shall be calculated by dividing the
Participant’s vested account balance by the number of remaining installments (i.e., the number of
installments contained in the Participant’s Mode of Payment Election, reduced by one for each year
that has elapsed since the first year).

     (b) Cash-out of a Participant’s Vested Account Balance. Notwithstanding any election
that a Participant has made under Sections 4.6(b), 4.7(b) or 4.9(b) or was deemed to have made
under Sections 4.6(a), 4.7(a) or 4.9(a), if such Participant’s vested account balance under this
Plan does not exceed $20,000 as of the date of such Participant’s Termination of Employment, such
Participant’s vested account balance will be distributed in a single sum as

 

 

soon as
administratively practicable following his or her Termination of Employment (six months after the
date of his or her Termination of Employment, with respect to a Participant who is a Specified
Employee as of the date of his or her Termination of Employment).

     (c) Minimum Distribution. Notwithstanding any provision of this Plan to the contrary,
a Participant who commenced minimum distributions of his or her vested account balance on or before
December 31, 2007, will continue to have such distributions calculated as provided under the
Savings and Investment Plan and paid to them in accordance with the existing schedule. For all
other Participants, payment of the vested account balance under this Plan will not be affected by,
or subject to, minimum distributions as described under section 401(a)(9) of the Code and the
treasury regulations thereunder.

     4.5. Deferral Periods Available under the Plan. The Participant may elect a Deferral
Period equal to a specified number of years, in full one-year increments with the minimum equal to
the Minimum Deferral Period and a maximum of ten years, except as otherwise provided in Sections 4.8(b) and 4.10(b). If a
Participant has made one or more prior elections, whether under the provisions of the Plan as in
effect prior to 2007, or in accordance with Section 4.6(b), 4.7(b), 4.8(b), 4.9(b) or 4.10(b), and
the sum of the Deferral Period Elections under all of such prior elections, applied in the
aggregate and the Minimum Deferral Period (that would apply if such Participant were able to make a
new election) would exceed ten years from the Default Commencement Date, such Participant shall not
be permitted to make any further elections under this Plan.

 

 

4.6. Participant’s Election of Time and Form of Benefit Distribution Prior to 2008.

     (a) Distribution of Vested Account Balance if No Election in Force. Unless a
Participant made an election under the provisions of this Plan as in effect prior to 2007, or makes
an election in accordance with subsection (b) on or after January 1, 2007 and prior to January 1,
2008, a Participant will be deemed to have elected to receive his or her vested account balance in
the Default Mode of Payment, payable as of the Default Commencement Date following the expiration
of the Minimum Deferral Period.

     (b) Rules Governing Election of the Time and Form of Benefit Distribution.

     (1) Limitations on Timing of Elections. Notwithstanding any provision of this
Plan to the contrary, all elections under this subsection (b) shall be made in accordance
with the following timing requirements:

     (A) If the Participant has not made a prior election under the terms of this
Plan as in effect prior to 2007 and such Participant makes an election in accordance
with this subsection (b) on or after January 1, 2007 but prior to January 1, 2008,
such election shall become effective immediately, unless such Participant has a
Termination of Employment during the same Plan Year in which such election was made,
in which case, such election shall become invalid. As a result, the Participant
will be eligible to receive a distribution of his or her vested account balance in
accordance with subsection (a);

     (B) If the Participant has made a prior election under the terms of this Plan
as in effect prior to 2007, and the Participant makes a new election on or after January 1, 2007 and prior to January 1, 2008, such election shall become
effective immediately, unless

 

 

	 	(I)	 	such Participant has a Termination of
Employment and such election provides for distribution during the same
Plan Year in which such Participant has the Termination of Employment,
in which case, such election shall become invalid. As a result, such
Participant will be eligible to receive a distribution of his or her
vested account balance in accordance with the prior election; or
	 
	 	(II)	 	such election provides for commencement of the
time and mode of payment of such Participant’s vested account balance
to be accelerated into the same Plan Year in which such Participant has
a Termination of Employment, in which case, such election shall become
invalid. As a result, such Participant will be eligible to receive a
distribution of his or her vested account balance in accordance with
the prior election.

     (C) Notwithstanding any provision in this Section 4.6 to the contrary, in no
event may a Participant make an election under this subsection (b) following the
date on which she or he has a Termination of Employment.

     (2) Commencement of Distribution in Accordance with Participant Election. If a
Participant has made a valid election in accordance with this subsection (b) or has made a
prior valid election prior to January 1, 2007, in accordance with the terms of the Plan
which were then in effect, except as otherwise provided in Section 4.4(b), distribution of
such Participant’s vested account balance shall be made following the expiration of the Deferral Period specified in the Deferral Period Election, payable in
the Mode of Payment specified in the Mode of Payment Election.

 

 

4.7. Administrative Participant’s Election of Time and Form of Benefit Distribution after 2007
but Prior to 2009.

     (a) Distribution of Vested Account Balance if No Election in Force. Unless an
Administrative Participant made an election under the provisions of this Plan as in effect prior to
2007 or in accordance with Section 4.6, or makes an election in accordance with subsection (b) on
or after January 1, 2008 and prior to January 1, 2009, an Administrative Participant will be deemed
to have elected to receive his or her vested account balance in the Default Mode of Payment,
payable as of the Default Commencement Date following the expiration of the Minimum Deferral
Period.

     (b) Rules Governing Election of the Time and Form of Benefit Distribution.

     (1) Limitations on Timing of Elections. Notwithstanding any provision in this
Plan to the contrary, all elections under this subsection (b) shall be made in accordance
with the following timing requirements;

     (A) If the Administrative Participant has not made a valid election under the
terms of this Plan as in effect prior to 2007 or in accordance with Section 4.6, and
such Participant makes an election in accordance with this subsection (b) on or
after January 1, 2008 but prior to January 1, 2009, such election shall become
effective immediately, unless such Participant has a Termination of Employment
during the same Plan Year in which such election was made, in which case, such
election shall become invalid. As a result, such Participant will be eligible to receive a distribution of his or her vested
account balance in accordance with subsection (a);

 

 

     (B) If the Administrative Participant has made a valid election under the
provisions of this Plan as in effect prior to 2007 or in accordance with Section 4.6
and such Participant makes an election in accordance with this subsection (b) on or
after January 1, 2008 but prior to January 1, 2009, such election will become
effective immediately, unless:

	 	(I)	 	Such Participant has a Termination of
Employment and such election provides for distribution during the same
Plan Year in which such Participant has a Termination of Employment, in
which case, such election shall become invalid. As a result, such
Participant will be eligible to receive a distribution of his or her
vested account balance in accordance with the prior election; or
	 
	 	(II)	 	Such election provides for commencement of the
time and mode of payment of such Participant’s vested account balance
to be accelerated into the same Plan Year in which such Participant has
a Termination of Employment, in which case, such election shall become
invalid. As a result, such Participant will be eligible to receive a
distribution of his or her vested account balance in accordance with
the prior election.

     (C) Notwithstanding any provision in this Section 4.7 to the contrary, in no
event may a Participant make an election under this subsection (b) following the
date on which she or he has a Termination of Employment.

     (2) Commencement of Distribution in Accordance with Participant Election. If
an Administrative Participant has made a valid election in accordance with this

 

 

subsection
(b) or has made a valid election under the terms of this Plan as in effect prior to 2007 or
in accordance with Section 4.6, except as otherwise provided in Section 4.4(b), distribution
of such Participant’s account balance shall be made following the expiration of the Deferral
Period specified in the Deferral Period Election, payable in the Mode of Payment specified
in the Mode of Payment Election.

4.8. Commissioned Participant’s Election of Time and Form of Benefit Distribution after 2007
but Prior to 2009.

     (a) Distribution of Vested Account Balance in Absence of Election. Unless a
Commissioned Participant makes an election prior to January 1, 2009 in accordance with subsection
(b), a Commissioned Participant will be deemed to have elected to receive his or her vested account
balance in the Default Mode of Payment, payable as of the Default Commencement Date, regardless of
whether or not she or he had previously experienced a Termination of Employment. Notwithstanding
the foregoing, with respect to a Commissioned Participant who has attained the age of sixty (60) or
older as of October 1, 2008, such Participant’s vested account balance under this Plan will be
distributed in the Default Mode of Payment as of October 1, 2009. If a Commissioned Participant
commences distribution of his or her vested account balance while she or he remains actively
employed and Company contributions continue to be made to his or her account under this Plan in
accordance with Section 4.1, then every five years after such Participant’s initial distribution,
such additional contributions which are made during the Plan Year in which distributions commence
and which are thereafter credited to the Participant’s account prior to his or her Termination of
Employment shall be distributed in a single sum.

     (b) Rules Governing Election of the Time and Form of Benefit Distribution.

 

 

     (1) Limitations on Timing of Elections. Notwithstanding any provision of this
Plan to the contrary, all elections under this subsection (b) shall be made in accordance
with the following timing requirements:

     (A) Except with respect to a Commissioned Participant who had a Termination of
Employment prior to January 1, 2008, no prior election made by any Commissioned
Participant under the provisions of this Plan in effect prior to January 1, 2008
will be given effect on or after January 1, 2008. If a Commissioned Participant
makes an election in accordance with this subsection (b) on or after January 1, 2008
and prior to January 1, 2009, such election, if made no later than the September 30
of the Plan Year immediately preceding the Plan Year in which occurs the Default
Commencement Date, shall become effective as of the date it is made.

     (B) Commencement Date Election Requirements. If a Commissioned
Participant makes an election in accordance with this subsection (b), such election
can provide for a commencement date as of the October 1st following such
Participant’s attainment of a specified age, which shall in no event be earlier than
such Participant’s attainment of age 55 or in no event later than such Participant’s
attainment of age 70, provided that such Participant makes such election no later
than the September 30th of the Plan Year immediately preceding the Plan
Year in which she or he will attain the stated age.

 

 

     (2) Commencement of Distribution in Accordance with Participant Election. If a
Commissioned Participant has made a valid election in accordance with this subsection (b),
distribution of such Participant’s vested account balance shall be made as soon as
administratively practicable following the expiration of the Deferral Period specified in
the Deferral Period Election, payable in the Mode of Payment specified in the Mode of
Payment Election. If a Commissioned Participant commences distribution of his or her vested
account balance while she or he remains actively employed and Company contributions continue
to be made to his or her account under this Plan in accordance with Section 4.1, then every
five years after such Participant’s initial distribution, such additional contributions
which are made during the Plan Year in which distributions commence and which are thereafter
credited to the Participant’s account prior to his or her Termination of Employment shall be
distributed as follows:

     (A) to the extent that such Participant is receiving a single sum, such
additional amounts will be paid in a single sum; and

     (B) to the extent that such Participant is receiving installment payments, such
additional amounts will be equally divided among and added to the number of
remaining unpaid installments as of such date. If all installments have been paid,
such additional amounts will be distributed to the Participant in a single sum.

4.9. Administrative Participant’s Election of Time and Form of Benefit Distribution after
2008.

     (a) Distribution of Vested Account Balance if No Election in Force. Unless an
Administrative Participant made an election under the provisions of this Plan as in effect prior to
January 1, 2007 or in accordance with Sections 4.6 or 4.7, such Participant will be deemed to have
elected to receive his or her vested account balance in the Default Mode of Payment, payable as of
the Default Commencement Date.

 

 

     (b) Rules Governing Election of the Time and Form of Benefit Distribution.

     (1) Limitations on Timing of Elections. Notwithstanding any provision of this
Plan to the contrary, all elections under this subsection (b) shall be made in accordance
with the following timing requirements:

     (A) If the Administrative Participant has not made a valid election under the
provisions of this Plan as in effect prior to 2007 or in accordance with Section 4.6
or 4.7, and such Participant makes an election in accordance with this subsection
(b) on or after January 1, 2009, such election shall become effective immediately;

     (B) If the Administrative Participant has previously made a valid election
under the provisions of this Plan as in effect prior to 2007 or in accordance with
Section 4.6 or 4.7, and such Participant makes a new election on or after January 1,
2009, such election shall become effective immediately;

     (C) Notwithstanding any provision in this Section 4.9 to the contrary, in no
event may a Participant make an election under this subsection (b) following the
date on which she or he experiences a Termination of Employment;

     (2) Commencement of Distribution in Accordance with Election. If an
Administrative Participant has made a valid election in accordance with this subsection (b) or has made a valid election prior to January 1, 2007, in accordance with the terms
of the Plan which were then in effect, or in accordance with Section 4.6 or 4.7, except as
otherwise provided in Section 4.4(b), distribution of such Participant’s vested account
balance shall be made as soon as administratively practicable following the expiration of

 

 

the Deferral Period specified in the Deferral Period Election, payable in the Mode of
Payment specified in the Mode of Payment Election.

4.10. Commissioned Participant’s Election of Time and Form of Benefit Distribution after
2008.

     (a) Distribution of Vested Account Balance in Absence of Election. Unless a
Commissioned Participant makes an election on or after January 1, 2009, in accordance with
subsection (b) or in accordance with Section 4.8, a Commissioned Participant will be deemed to have
elected to receive his or her vested account balance in the Default Mode of Payment, payable as of
the Default Commencement Date, regardless of whether or not she or had previously experienced a
Termination of Employment. If a Commissioned Participant to whom this subsection (a) applies
remains actively employed and Company contributions continue to be made to his or her account under
this Plan in accordance with Section 4.1, then every five years after such Participant’s initial
distribution, such additional contributions which are made during the Plan Year in which
distributions commence and which are thereafter credited to the Participant’s account prior to his
or her Termination of Employment shall be distributed in a single sum.

     (b) Rules Governing Election of Time and Form of Benefit Distribution.

     (1) Limitations on Timing of Elections. Notwithstanding any provision of this
Plan to the contrary, all elections under this subsection (b) shall be made no later than
the later of: (i) the September 30 of the Plan Year immediately preceding the Plan Year in
which occurs the Default Commencement Date (if such Participant has not made a prior
election under this subsection (b) or in accordance with Section 4.8) or (ii) the September
30 of the Plan Year immediately preceding the Plan Year in which payment under such

 

 

prior
election was scheduled to commence. Any election under this subsection (b) shall become
effective immediately.

     (2) Commencement of Distribution in Accordance with Participant Election. If a
Commissioned Participant has made a valid election in accordance with this subsection (b),
distribution of such Participant’s vested account balance shall be made as soon as
administratively practicable following the expiration of the Deferral Period specified in
the Deferral Period Election, payable in the Mode of Payment specified in the Mode of
Payment Election. If a Commissioned Participant commences distribution of his or her vested
account balance while she or he remains actively employed and Company contributions continue
to be made to his or her account under this Plan in accordance with Section 4.1, then every
five years after such Participant’s initial distribution, such additional contributions
which are made during the Plan Year in which distributions commence and which are thereafter
credited to the Participant’s account prior to his or her Termination of Employment shall be
distributed as follows:

     (A) to the extent that such Participant is receiving a single sum, such
additional amounts will be paid in a single sum; and

     (B) to the extent that such Participant is receiving installment payments, such
additional amounts will be equally divided among and added to the number of
remaining unpaid installments as of such date. If all installments have been paid,
such additional amounts will be distributed to the Participant in a single sum.

4.11. In-Service Withdrawals and Loans Prohibited. Notwithstanding any provision in this
Plan to the contrary, except to the extent provided in Section 4.8 or 4.10, no benefits under this

 

 

Plan will be eligible for distribution as an in-service withdrawal by a Participant or as a loan to
any Participant.

4.12. Distributions after Participant’s Death. In the event of the Participant’s death,
regardless of whether benefits had commenced prior to the date of the Participant’s death and
regardless of any previous election, then a single sum shall be paid to the Participant’s
Beneficiary (determined in accordance with Section 4.13) as soon as administratively practicable
following the date on which the Plan Administrator is duly notified of the Participant’s death.

4.13. Beneficiary. Except as provided below, the Participant’s Beneficiary shall be the
beneficiary designated by the Participant under the Savings and Investment Plan. However, if the
Participant filed a beneficiary designation under this Plan, such designation shall supersede the
Participant’s beneficiary designation under the Savings and Investment Plan and upon the
Participant’s death, benefits shall be payable to the primary Beneficiary(ies) designated under
this Plan. If there is more than one beneficiary under the Savings and Investment Plan or more
than one primary Beneficiary under this Plan and the beneficiary designation does not specify the percentage of the Participant’s benefit to be paid to
each such Beneficiary, each Beneficiary shall share equally in the benefits under the Plan. If one
or more Beneficiaries predecease the Participant, the surviving Beneficiary(ies) shall share
equally in the deceased Beneficiary’s portion of the Plan benefits. If all primary Beneficiaries
predecease the Participant, benefits shall be payable to the contingent Beneficiary(ies) upon the
Participant’s death. If there is more than one contingent Beneficiary(ies), and the contingent
Beneficiary designation does not specify the percentage of the Participant’s benefit to be paid to
each such Beneficiary, each contingent Beneficiary shall share equally in the benefits under the
Plan. If one or more contingent Beneficiaries predecease the Participant, the surviving contingent
Beneficiary(ies) shall share

 

 

equally in the deceased contingent Beneficiary’s portion of the Plan
benefits. If all contingent Beneficiaries predecease the Participant, or if there is no
beneficiary designation in effect on the date of the Participant’s death, benefits will be payable
to the Participant’s surviving spouse or, in the absence of such spouse, to the Participant’s
estate.

4.14. No Duplication of Benefits. Notwithstanding any provision in this Plan to the
contrary, no similar benefit that is paid under this Plan shall be paid under any other deferred
compensation plan(s) created by the Company or any of its affiliates.

Article 5 — Unfunded Plan

     The Plan is completely unfunded, and payment of benefits is supported only by the general
assets of each Company. This Plan is entirely separate from the Savings and Investment Plan and
participation in this Plan gives a Participant no right to any funds or assets of the Savings and
Investment Plan. The fact that contracts or certificates of the Company may be distributed to
recipients of benefits under the Savings and Investment Plan in discharge of the Company’s obligations thereunder shall in no way entitle a Participant in this Plan to receive any
such contract or certificate in discharge of the Company’s obligations hereunder.

Article 6 — Nontransferability of Participant’s Interest

     Except for any payments to a person other than the Participant, to the extent of an election
by such person which is reflected in, or made in accordance with the provisions of a domestic
relations order, as defined in Code § 414(p)(1)(B), no Participant shall have any power or right to
transfer, assign, mortgage, commute or otherwise encumber any of the benefits payable hereunder,
nor shall such benefits be subject to seizure for the payment of any debts or

 

 

judgments, or be
transferable by operation of law in the event of bankruptcy, insolvency or otherwise.

Article 7 — Effect of Taxes

     In making payments under this Plan, the Company shall withhold any Federal, state or local
income or other taxes it determines that it is legally obligated to withhold. In the event the
payments received by the Participant result in greater tax burdens (whether income, estate or other
tax burdens) than they would if such payments had been able to be received under the Savings and
Investment Plan, the Company shall have no obligation to reimburse the Participant for such greater
tax burdens.

Article 8 — Administration of the Plan

8.1. Plan Administrator’s Interpretation Binding

     The Plan Administrator is empowered to take all actions it deems appropriate in administering
this Plan. In the event of a difference of opinion between a Participant or Beneficiary(ies) and
the Plan Administrator with respect to the meaning or application of the provisions of the Plan,
the Plan Administrator’s final interpretation shall be set forth in writing to the Participant and
shall be binding and conclusive. However, once a Change of Control (as defined in Article 11) has
occurred, this Article 8 shall no longer apply to differences of opinion between the Plan
Administrator and a Participant regarding the application of Article 11 of this Plan to a
Participant or with regard to any rights or benefits protected under Article 11 of this Plan or
otherwise accrued prior to the Change of Control including the vesting thereof.

8.2. Claims and Review Procedure; Limitations of Time for Submitting Claims and Suits
Challenging Denial of Claims.

 

 

     (a) Claims and Review Procedure. Claims for benefits and appeals of denied claims
under the Plan shall be administered in accordance with Section 503 of ERISA, the regulations
thereunder (and any other law that amends, supplements or supersedes said Section of ERISA), and
the procedures adopted by the Plan Administrator, or its delegate, as appropriate. The claims
procedures referenced above are incorporated herein by reference. The Plan shall provide adequate
notice to any claimant whose claim for benefits under the Plan has been denied, setting forth the
reasons for such denial, and afford a reasonable opportunity to such claimant for a full and fair
review by the Plan Administrator of the decision denying the claim. Benefits will be paid under
the Plan only if the Plan Administrator, or its delegate, determines in its discretion that the
applicant is entitled to them.

     (b) Limitations of Time for Submitting Claims and Suits Challenging Denial of Claims.
No suit to recover benefits under this Plan shall be brought more than six months following the
expiration of the claims and review procedures described in subsection (a).

Article 9 — Governing Law

     To the extent not inconsistent with Federal law, the validity of the Plan and its provisions
shall be construed and governed in accordance with the laws of the State of New York.

Article 10 — Amendment and Termination of Plan

     10.1 Amendment of the Plan. Except to the extent required by law, the Plan
Administrator may amend this Plan at any time without the consent of any Participant or of any
other person. However, any such amendment will not affect adversely the benefit entitlements of:

 

 

	 	(a)	 	Any Participant receiving benefits under the Plan at or prior to the time of
such amendment, or
	 
	 	(b)	 	Any employee who is a Participant in the Savings and Investment Plan to the
extent of the account balance under this Plan prior to the time of such amendment.
However, amendments may be made to all other aspects of this Plan including, but not
limited to:

	 	(i)	 	Amendments impacting the timing under which the Participant’s
entire account balance is paid, or,
	 
	 	(ii)	 	Amendments impacting the optional forms of distribution
available for payment of the Participant’s entire account.

     Notwithstanding the above, any amendment or group of amendments made effective on the same
date, which would increase or decrease the annual cost of Plan benefits for active Plan
Participants and former Plan Participants by ten million dollars or more in the aggregate, as
determined in good faith by the Plan Administrator, shall take effect only after the action is
authorized or ratified by the Board of Directors of Metropolitan Life Insurance Company.

     10.2 Termination of the Plan. The Plan Administrator may elect to terminate this Plan
subject to the following requirements:

     (a) The termination of the Plan does not occur proximate to a downturn in the financial health
of the Company;

     (b) The Company terminates and liquidates all methods, programs and other arrangements
maintained by the Company or any Affiliate providing for deferrals of compensation other than at
the election of the service provider, within the meaning of Reg. § 1.409A-1(c)(2)(B);

 

 

     (c) No payments in liquidation of the Plan are made within 12 months of the date the Company
takes all necessary action to irrevocably terminate and liquidate the Plan other than payments that
would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had
not occurred;

     (d) All payments are made within 24 months of the date the Company takes all necessary action
to irrevocably terminate and liquidate the Plan; and

     (e) The Company does not adopt a new plan providing for deferrals of compensation other than
at the election of the service provider, within the meaning of Reg. § 1.409A-1(c)(2)(B) if the
Participant participated in both plans, at any time within three years following the date that the
Company takes all necessary action to irrevocably terminate and liquidate this Plan. However, such termination will not adversely affect the benefit entitlements of:

     (1) Any Participant receiving benefits under the Plan at or prior to the time of such
termination; or

     (2) Any employee who is a Participant in the Savings and Investment Plan to the extent
of the account balance under this Plan prior to the time of such termination.

10.3 Effect of Change of Control. Notwithstanding the provisions of Section 10.1 above,
or any other provision of this Plan, on or after a Change of Control (as defined in Article 11),

     (a) Amendments can no longer be made to or have any impact upon Article 8, Section 10.3 of
Article 10 or Article 11 of this Plan; and

     (b) Participants who:

     (i) Accrued rights or benefits under this Plan prior to a Change of Control (as
defined in Article 11), and,

     (ii) Whose rights or benefits are not vested at the time of the Change of Control

 

 

cannot have the vesting schedule under Section 4.2, applicable on the day prior to the
Change of Control, amended with regard to such rights or benefits, and cannot forfeit, or
be deprived of, their right to vest in these accrued benefits due to any amendment or
termination of this Plan.

Article 11. Change of Control

11.1. Definitions.

     (a) Change of Control. For the purposes of this Plan, 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 Corporation representing 25% or more of the combined
Voting Power of the Corporation’s securities;

     (ii) Within any 24-month period, the persons who were directors of the Corporation at
the beginning of such period (the “Incumbent Directors”) shall cease to constitute at least
a majority of the Board of Directors of the Corporation (the “Board”) or the board of
directors of any successor to the Corporation; 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 Section 11.1(a)(ii);

     (iii) The stockholders of the Corporation approve a merger, consolidation, share
exchange, division, sale or other disposition of all or substantially all of the assets of
the Corporation which is consummated (a “Corporate Event”), and immediately following the
consummation of which the stockholders of the Corporation immediately

 

 

prior to such
Corporate Event do not hold, directly or indirectly, a majority of the Voting Power of (A)
in the case of a merger or consolidation, the surviving or resulting corporation, (B) in the
case of a share exchange, the acquiring corporation, or (C) 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 Corporation immediately prior to such Corporate Event; or

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

     (b) Corporation. For the Purposes of this Article, “Corporation” means MetLife, Inc.

     (c) 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 (A) the Corporation or any Affiliate, (B) 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 (C) any employee benefit plan (including an
employee stock ownership plan) sponsored by the Corporation, Company or any Affiliate.

     (d) Voting Power. For purposes of the definition of Change of Control, “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.

 

 

     (e) Affiliate. For the purposes of this article, 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 Corporation.

     (f) Cause. For the purposes of this article, “Cause” means either:

     (i) The Participant’s conviction or plea of nolo contendere to a felony, or,

     (ii) Any act or acts of dishonesty or gross misconduct on the Participant’s part which
results or is intended to result in material damage to the business or reputation of
MetLife.

     (g) Good Reason. For the purposes of this article, “Good Reason” means any of:

     (i) Any reduction by the Corporation or an Affiliate in the Participant’s base salary
rate below the rate in effect immediately before the date of the Change of Control;

     (ii) Any relocation by the Corporation or an Affiliate of the Participant’s usual base
work location to any other office or location more than 50 miles from the Participant’s
usual base work location immediately prior to a Change of Control, except for travel
reasonably required in the performance of the Participant’s responsibilities;

     (iii) If the Participant is a party to an Employment Continuation Agreement with the
Corporation or an Affiliate, any circumstance or occurrence constituting “Good Reason” under
that Employment Continuation Agreement; or

     (iv) The failure of the Corporation or an Affiliate to pay the Employee’s base salary
or employee benefits as required by law.

11.2. Vesting and Other Rights on and After a Change of Control Subject to Conditions
In the event that:

 

 

     (a) There is a Change of Control as defined in Section 11.1(a) of this Article, and,

     (b) On the date of the Change of Control or on a date before the second anniversary of the
Change of Control, a Participant in this Plan:

     (i) Is involuntarily terminated from employment by the Corporation or any Affiliate
(other than directly in connection with a transfer of employment to or from the
Corporation or any Affiliate) without Cause, or

     (ii) Voluntarily terminates employment with the Corporation or any Affiliate for Good
Reason,

then the Participant’s benefits and rights accrued as of the Change of Control under the Savings
and Investment Plan and this Plan will vest immediately under this Plan, notwithstanding any other
provision of the Savings and Investment Plan or this Plan, or any amendment or termination of this
Plan taking place on or after a Change of Control.

     These account balances will be paid under this Plan according to the ordinary distribution
rules of this Plan. The ordinary distribution rules of this Plan are described in Article 4 as it
existed immediately prior to the Change of Control.

     IN WITNESS WHEREOF, the Company has caused this restated Plan to be executed in its name and
behalf this 20th day of December, 2007, by its officer thereunto duly authorized.

	 	 	 	 	 
	 	METROPOLITAN LIFE INSURANCE COMPANY

 	 
	 	/s/ Margery Brittain
 	 
	 	 	 
	 	 	 
	 

Witness

/s/ Bonita Haskins

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]