Document:

EX-10.5

 Exhibit 10.5 

FORM OF 
 TAX
RECEIVABLES AGREEMENT 
 dated as of 

[•] 
 between 

MetLife, Inc. 
 and 

Brighthouse Financial, Inc. 
  

  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I	  	 	 
	DEFINITIONS	  	 	 
			
	 Section 1.01.
	  	 Definitions
	  	 	2	 
		
	ARTICLE II	  	 	 
	DETERMINATION OF REALIZED TAX BENEFIT	  	 	 
			
	 Section 2.01.
	  	 Transaction Tax Asset Utilization
	  	 	7	 
			
	 Section 2.02.
	  	 Existence of Transaction Tax Assets
	  	 	7	 
			
	 Section 2.03.
	  	 Tax Benefit Schedule
	  	 	7	 
			
	 Section 2.04.
	  	 Procedures, Amendments
	  	 	7	 
		
	ARTICLE III	  	 	 
	TAX BENEFIT PAYMENTS	  	 	 
			
	 Section 3.01.
	  	 Payments
	  	 	8	 
			
	 Section 3.02.
	  	 No Duplicative Payments
	  	 	9	 
			
	 Section 3.03.
	  	 No Excess Payments
	  	 	9	 
		
	ARTICLE IV	  	 	 
	TERMINATION	  	 	 
			
	 Section 4.01.
	  	 Termination, Breach of Agreement, Change of Control
	  	 	9	 
			
	 Section 4.02.
	  	 Early Termination Schedule
	  	 	10	 
			
	 Section 4.03.
	  	 Payment upon Early Termination
	  	 	11	 
		
	ARTICLE V	  	 	 
	LATE PAYMENTS, ETC.	  	 	 
			
	 Section 5.01.
	  	 Late Payments by Brighthouse
	  	 	12	 
			
	 Section 5.02.
	  	 Compliance with Indebtedness and Applicable Law
	  	 	12	 
		
	ARTICLE VI	  	 	 
	CONSISTENCY; COOPERATION	  	 	 
			
	 Section 6.01.
	  	 MetLife’s Participation in Brighthouse Tax Matters
	  	 	12	 
			
	 Section 6.02.
	  	 Consistency
	  	 	13	 
			
	 Section 6.03.
	  	 Cooperation
	  	 	13	 

  
 i 

							
		
	ARTICLE VII	  	 	 
	MISCELLANEOUS	  	 	 
			
	 Section 7.01.
	  	 Notices
	  	 	13	 
			
	 Section 7.02.
	  	 Counterparts
	  	 	14	 
			
	 Section 7.03.
	  	 Entire Agreement; Third Party Beneficiaries
	  	 	15	 
			
	 Section 7.04
	  	 Assignability
	  	 	15	 
			
	 Section 7.05.
	  	 Governing Law
	  	 	15	 
			
	 Section 7.06.
	  	 Severability
	  	 	15	 
			
	 Section 7.07.
	  	 Amendments; Waivers
	  	 	15	 
			
	 Section 7.08.
	  	 Titles and Subtitles
	  	 	15	 
			
	 Section 7.09.
	  	 Resolution of Disputes
	  	 	16	 
			
	 Section 7.10.
	  	 Reconciliation
	  	 	16	 
			
	 Section 7.11.
	  	 Treatment of Payments
	  	 	17	 
			
	 Section 7.12.
	  	 Affiliated Corporations; Admission of Brighthouse into a Consolidated Group; Transfers of
Corporate Assets
	  	 	17	 
			
	 Section 7.13.
	  	 Confidentiality
	  	 	18	 
			
	 Section 7.14.
	  	 Headings
	  	 	18	 

  
 ii 

 This TAX RECEIVABLES AGREEMENT (as amended from time to time, this
“Agreement”), is hereby entered into by and between MetLife, Inc., a Delaware corporation (“MetLife”) and Brighthouse Financial, Inc., a Delaware corporation (“Brighthouse”).

 RECITALS 
 WHEREAS,
MetLife (as defined above), in the aggregate, holds 100% of the common stock of Brighthouse, directly or indirectly, immediately prior to the closing of the Distribution (as defined below); 

WHEREAS, (i) a subsidiary of MetLife, MetLife Reinsurance Company of Vermont (“MRV”) formed MetLife Reinsurance
Company of Vermont II (“New MRV”), a Vermont corporation, with minimal capital necessary for its organization and licensed New MRV as a sponsored captive insurance company; (ii) MRV entered into a binding commitment to
sell the non-voting preferred stock of New MRV (the “New MRV Preferred Stock”) to MetLife Ireland Treasury D.A.C. (“MetLife Ireland”); (iii) MRV transferred its
Protected Cell No. 2 (“MRV Cell 2”) to New MRV in exchange for the voting common stock of New MRV (the “New MRV Common Stock”) and the New MRV Preferred Stock; (iv) MRV converted MRV Cell 2
into a stand-alone captive insurance company pursuant to filing under Vermont law and merged such stand-alone captive insurance company with and into New MRV; (v) MRV sold all of the New MRV Preferred Stock to MetLife Ireland; (vi) MRV
distributed the New MRV Common Stock to MetLife; (vii) MetLife contributed the New MRV Common Stock to MetLife Insurance Company USA; and (viii) New MRV was merged with and into Brighthouse Reinsurance Company of Delaware (these steps, the
“MRV Cell 2 Transfer”); 
 WHEREAS, MetLife intends to effect the Distribution; 

WHEREAS, after the Distribution, Brighthouse and its Subsidiaries (as defined below) (the “Taxable Entities” and each
a “Taxable Entity”) will have the ability to realize tax amortization of certain intangible assets relating to the MRV Cell 2 Transfer, and will have a fair market value basis in all the assets formerly owned by MRV Cell 2
immediately before the MRV Cell 2 Transfer; 
 WHEREAS, Tax Assets (as defined below) arising from the MRV Cell 2 Transfer (such change in
Tax Assets as set forth on Schedule A, as adjusted from time to time as mutually agreed by the parties, the “Transaction Tax Assets”) may reduce the reported liability for Taxes (as defined below) that the Taxable
Entities might otherwise be required to pay; 
 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to
the effect of the Transaction Tax Assets on the reported liability for Taxes of the Taxable Entities; and 
 WHEREAS, this Agreement is
intended to provide payments to MetLife in an amount equal to the Benefit Percentage of the aggregate reduction in the reported liability for Taxes of the Taxable Entities from the utilization of the Transaction Tax Assets. 

  
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 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set
forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms defined). 
 “Advisory
Firm” means any law or accounting firm that is (A) nationally recognized as being expert in Tax matters and (B) agreed to by Brighthouse and MetLife. 

“Advisory Firm Report” means (a) an attestation report from the Advisory Firm expressing an opinion on
management’s assertion as to whether the Tax Benefit Schedule and/or the Early Termination Schedule has been prepared, in all material respects, in accordance with the Agreement, or (b) another type of report or letter from the Advisory
Firm related to whether the information in the Tax Benefit Schedule and/or the Early Termination Schedule has been prepared in a manner consistent with the terms of the Agreement. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 
 “Agreed Rate”
means LIBOR plus 100 basis points. 
 “Agreement” is defined in the preamble of this Agreement. 

“Amended Schedule” is defined in Section 2.04(b) of this Agreement. 

“Bankruptcy Code” means Title 11 of the United States Code. 

“Benefit Percentage” means the sum of (i) eighty-five percent (85%) plus (ii) the Deemed State Percentage.

 “Board” means the board of directors of Brighthouse. 

“Brighthouse” is defined in the preamble of this Agreement. 

“Brighthouse Return” means a U.S. federal income tax return of any of the Taxable Entities filed with respect to any
Taxable Year. 
 “Business Day” means Monday through Friday of each week, except that a legal holiday recognized as
such by the government of the United States of America, or the State of New York shall not be regarded as a Business Day. 

  
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 “Change of Control” means: 

(i) a merger, reorganization, consolidation or similar form of business transaction directly involving Brighthouse or
indirectly involving Brighthouse through one or more intermediaries unless, immediately following such transaction, more than 50% of the voting power of the then outstanding voting stock or other equity of Brighthouse resulting from consummation of
such transaction (including, without limitation, any parent or ultimate parent corporation of such Person that as a result of such transaction owns directly or indirectly Brighthouse and all or substantially all of Brighthouse’s assets) is held
by the existing Brighthouse equityholders or their Affiliates (determined immediately prior to such transaction and related transactions); or 

(ii) a transaction in which Brighthouse, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise
disposes of all or substantially all of its assets to another Person other than an Affiliate; or 
 (iii) a transaction in
which there is an acquisition of control of Brighthouse by a Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) or 14(d) of the Securities and Exchange Act of 1934, as amended, or
any successor provisions thereto. For purposes of this definition, the term “control” shall mean the possession, directly or indirectly, of the power to either (i) vote more than 50% of the securities having ordinary voting power for
the election of directors (or comparable positions in the case of partnerships and limited liability companies), or (ii) direct or cause the direction of the management and policies of such Person whether by contract or otherwise (for the
avoidance of doubt, consent rights do not constitute control for the purpose of this definition); or 
 (iv) the liquidation
or dissolution of Brighthouse. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Default
Rate” means LIBOR plus 650 basis points. 
 “Deemed State Percentage” means one percent (1%). 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or any other event
(including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Distribution” means the pro rata distribution of at least 80.1% of the stock of Brighthouse by MetLife to the
shareholders of MetLife. 

  
 - 3 - 

 “Distribution Tax Separation Agreement” means that certain Tax Separation
Agreement between MetLife and Brighthouse governing (among other things) the allocation of pre-Distribution Taxes and the preparation of Tax Returns related thereto. 

“Divestiture” means the sale of any Taxable Entity (to other than an Affiliate), other than any such sale that is, or
is part of, a Change of Control. 
 “Divestiture Acceleration Payment” is defined in Section 4.03(c) of this
Agreement. 
 “Early Complete Termination” is defined in Section 4.01(b) of this Agreement. 

“Early Termination Date” means (i) in the event of an Early Complete Termination, sixty calendar days following
the date the Early Termination Notice is delivered under Section 4.01(b), (ii) in the event of a breach of this Agreement to which Section 4.01(c) applies, the date of such breach, (iii) in the event of a Change of Control, the effective date
of such Change of Control and (iv) in the event of a Divestiture, the effective date of such Divestiture. 
 “Early
Termination Event” means (i) an Early Complete Termination, (ii) a breach of this Agreement to which Section 4.01(c) applies and (iii) a Change of Control. 

“Early Termination Notice” is defined in Section 4.01(b) of this Agreement. 

“Early Termination Payment” is defined in Section 4.03(b) of this Agreement. 

“Early Termination Rate” means the lesser of (i) 6.5% per annum, compounded annually, and (ii) LIBOR plus 100
basis points. 
 “Early Termination Schedule” is defined in Section 4.02 of this Agreement. 

“Expert” is defined in Section 7.10 of this Agreement. 

“Interest Amount” is defined in Section 3.01(b) of this Agreement. 

“ITR Payment” means any Tax Benefit Payment, Early Termination Payment, or Divestiture Acceleration Payment required
to be made by Brighthouse to MetLife under this Agreement. 
 “LIBOR” means for each month (or portion thereof)
during any period, an interest rate per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters
Screen page “LIBO” or by any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 

“Material Objection Notice” has the meaning set forth in Section 4.02. 

“MetLife” is defined in the preamble of this Agreement. 

“MetLife Ireland” is defined in the preamble of this Agreement. 

  
 - 4 - 

 “MRV” is defined in the preamble of the Agreement. 

“MRV Cell 2” is defined in the preamble of this Agreement. 

“MRV Cell 2 Transfer” is defined in the preamble of this Agreement. 

“Net Tax Benefit” has the meaning set forth in Section 3.01(b). 

“New MRV” is defined in the preamble of this Agreement. 

“New MRV Common Stock” is defined in the preamble of the Agreement. 

“New MRV Preferred Stock” is defined in the preamble of this Agreement. 

“Objection Notice” has the meaning set forth in Section 2.04(a). 

“Other Tax Assets” means any Tax Asset other than a Transaction Tax Asset. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization, governmental entity or other entity. 
 “Realized Tax Benefit” means, for
a Taxable Year, the reduction in the liability for federal income Taxes of a Taxable Entity for such Taxable Year resulting from the Transaction Tax Assets under the Agreement (giving effect to the principles of Section 3.02). If all or a
portion of the liability for Taxes for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a
Determination. 
 “Reconciliation Dispute” has the meaning set forth in Section 7.09(a) of this Agreement. 

“Reconciliation Procedures” means those procedures set forth in Section 7.09 of this Agreement. 

“Ruling 9” has the meaning set forth in Section 2.02 of this Agreement. 

“Schedule” means any Tax Benefit Schedule and any Early Termination Schedule. 

“Subsidiaries” means, with respect to any Person, as of any date of determination, any other Person as to which such
Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such Person. 

“Tax Asset” means net operating losses, capital losses, tax basis, and amortization or depreciation deductions with
respect to assets (including assets described in Sections 197 and 848) or insurance tax reserves/liabilities. 

  
 - 5 - 

 “Tax Benefit” is defined in Section 3.01(b) of this Agreement. 

“Tax Benefit Payment” is defined in Section 3.01(a) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.02 of this Agreement. 

“Tax Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes
(including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Entity” is defined in the preamble of this Agreement. 

“Taxable Year” means a taxable year as defined in Section 441(b) of the Code (and, therefore, for the avoidance of
doubt, may include a period of less than 12 months for which a Tax Return is made) ending after the date of the Distribution. 

“Taxes” means any and all U.S. federal taxes, assessments or similar charges measured with respect to net income or
profits and any interest related to such Tax. 
 “Taxing Authority” means the U.S. Internal Revenue Service. 

“Transaction Tax Assets” has the meaning set forth in the preamble of this Agreement. 

“Transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly
dispose of, either voluntarily or involuntarily, by operation of law or otherwise. 
 “Transferred Tax Assets”
means, in the event of a Divestiture, the Transaction Tax Assets attributable to the Taxable Entity that is sold in such Divestiture to the extent such Transaction Tax Assets are transferred with such Taxable Entity under applicable Tax law
following the Divestiture (disregarding any limitation on the use of such Transaction Tax Assets as a result of the Divestiture) and do not remain under applicable Tax law with Brighthouse or any of its Subsidiaries (other than the Taxable Entity
that is sold in such Divestiture). 
 “Treasury Regulations” means the final, temporary and proposed regulations
under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Valuation Assumptions” means, as of an Early Termination Date, the assumptions that (i) in each Taxable Year
ending on or after such Early Termination Date, the Taxable Entities will generate an amount of taxable income sufficient to fully utilize the Transaction Tax Assets (in accordance with all applicable limitations) arising in such Taxable Year and
future Taxable Years; (ii) the utilization of the Transaction Tax Assets for such Taxable Year and future Taxable Years, will be determined based on the Tax laws in effect on the Early Termination Date; and (iii) the federal income tax
rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code as in effect on the Early Termination Date. 

  
 - 6 - 

 ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.01. Transaction Tax Asset Utilization. Brighthouse, on the one hand, and MetLife, on the other hand, acknowledge that
the Taxable Entities may utilize the Transaction Tax Assets to reduce the amount of Taxes that the Taxable Entities would otherwise be required to pay. 

Section 2.02. Existence of Transaction Tax Assets. In the event the Taxing Authority does not provide Ruling 9 requested by
MetLife in the “Request for Rulings on Significant Issues Related to Section 355”, dated as of September 20, 2016, as supplemented thereafter (“Ruling 9”), MetLife shall use commercially reasonable efforts to obtain, at
MetLife’s expense, a written opinion of any law or accounting firm that is nationally recognized as being expert in Tax matters, which opinion concludes with at least a “should” level of confidence that any ruling described above that
the Taxing Authority does not provide are nonetheless true and that Taxable Entities will be entitled to take into account the Transaction Tax Assets. 

Section 2.03. Tax Benefit Schedule. Within forty-five (45) calendar days after the filing of the Brighthouse Return for any
Taxable Year for which there is a Realized Tax Benefit, Brighthouse shall provide to MetLife a schedule showing, in reasonable detail, (i) the calculation of the Realized Tax Benefit for such Taxable Year, (ii) the calculation of any
payment to be made to MetLife pursuant to Article III with respect to such Taxable Year, and (iii) all requested supporting information pursuant to Section 2.04(a) of this Agreement reasonably necessary to support the calculation of such
payment (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final as provided in Section 2.04(a) and may be amended as provided in Section 2.04(b) (subject to the procedures set forth in Section 2.04(a)). 

Section 2.04. Procedures, Amendments. 

(a) Procedure. Whenever Brighthouse delivers to MetLife an applicable Schedule under this Agreement, including any Amended Schedule
delivered pursuant to Section 2.04(b), and including any Early Termination Schedule or amended Early Termination Schedule, Brighthouse shall also (x) deliver to MetLife any schedules, valuation reports, and work papers providing reasonable
detail regarding the preparation of the Schedule or an Advisory Firm Report with respect to such Schedule and (y) allow MetLife and its advisors reasonable access at no cost to the appropriate representatives at each of Brighthouse and/or the
Advisory Firm in connection with a review of such Schedule. The applicable Schedule shall become final and binding on all parties on the thirtieth (30th) calendar day after MetLife receives any Schedule or amendment thereto, unless the Parties agree
to an extension in connection with MetLife’s review, or MetLife provides Brighthouse with notice prior to such thirtieth (30th) calendar day after receipt of such Schedule of a material objection, made in good faith, to such Schedule (an
“Objection Notice”). If the parties, for any reason, are unable to successfully resolve the issues raised in any Objection Notice within thirty (30) calendar days of receipt by Brighthouse of such Objection Notice,
Brighthouse and MetLife shall employ the Reconciliation Procedures. 

  
 - 7 - 

 (b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from
time to time by Brighthouse (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable
Year after the date the Schedule was provided to MetLife, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, or (iv) to reflect a material change (relative to the amounts in the original Schedule) in
the Realized Tax Benefit for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year, in each case with respect to any Taxable Entity (such amended Schedule, an “Amended Schedule”);
provided, however, that such a change under clause (i) attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an Amended Schedule unless and until there has been a
Determination with respect to such change. Brighthouse shall provide any Amended Schedule to MetLife within thirty (30) calendar days of the occurrence of an event referred to in clauses (i) through (iv) of the preceding sentence, and any
such Amended Schedule shall be subject to the procedures set forth in Section 2.04(a). 
 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.01. Payments. 

(a) Except as provided in Section 5.02, within five Business Days of a Tax Benefit Schedule with respect to a Taxable Year becoming final
in accordance with Section 2.04(a), Brighthouse shall pay to MetLife the Tax Benefit for such Taxable Year determined pursuant to Section 3.01(b) (the “Tax Benefit Payment”). Each such Tax Benefit Payment shall be made by
wire transfer of immediately available funds to a bank account previously designated by MetLife to Brighthouse or as otherwise agreed by Brighthouse and MetLife. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of
estimated tax payments, including, without limitation, estimated U.S. federal income tax payments. 
 (b) The “Tax
Benefit” means an amount, not less than zero, equal to the Benefit Percentage of the sum of the Net Tax Benefit and the Interest Amount. The “Net Tax Benefit” with respect to a Taxable Year shall equal
(i) the Taxable Entities’ Realized Tax Benefit, if any, required to be reflected on the Tax Benefit Schedule for such Taxable Year, plus (ii) for each prior Taxable Year, the excess, if any, of the Realized Tax Benefit reflected on an
Amended Schedule over the Realized Tax Benefit reflected on the original Tax Benefit Schedule, minus (iii) for each prior Taxable Year, the excess, if any, of the Realized Tax Benefit reflected on the original Tax Benefit Schedule over the
Realized Tax Benefit reflected on the Amended Schedule for such prior Taxable Year; provided, however, that to the extent any of the adjustments described in this Section 3.01(b)(ii) or (iii) was reflected in the calculation of
the Tax Benefit Payment for any Taxable Year, such adjustments shall not be taken into account in determining the Net Tax Benefit for any subsequent Taxable Year; and provided, further, that for the avoidance of doubt, MetLife shall
not be required to return any portion of any previously made Tax Benefit Payment other than pursuant to Section 3.03. The “Interest Amount” shall equal the interest on any Net Tax Benefit calculated at the Agreed Rate
from the due date (without extensions) for filing the Brighthouse Return with respect to Taxes for the Taxable Year for which the Net Tax Benefit is being measured until the Payment Date. 

  
 - 8 - 

 Section 3.02. No Duplicative Payments. It is intended that the provisions of this
Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement provide that the Benefit Percentage of the Taxable Entities’ Realized
Tax Benefit for all Taxable Years in which a Brighthouse Tax Return is filed be paid to MetLife pursuant to this Agreement. Such amount shall be determined using a “with and without” methodology, and, for the avoidance of doubt, the
calculation of the Realized Tax Benefit shall take into account any tax benefit or detriment to the Taxable Entities arising from the MRV Cell 2 Transfer as shown on Schedule A. Carryovers or carrybacks of any net operating loss or other Tax
item shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of Tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a
carryover or carryback of any Tax Asset includes a portion that is attributable to the Transaction Tax Assets and another portion that is not, such portions shall be considered to be used in the order determined using such “with and
without” methodology. The provisions of this Agreement shall be construed in the appropriate manner so that such intentions are realized. 

Section 3.03. No Excess Payments. In the event there has been a Determination establishing that the transaction described in
(i) Ruling 9 or (ii) the tax opinion described in Section 2.02 does not result in adjustment to fair market value of the tax basis of the assets of MRV Cell 2 (as such term is used in Ruling 9) as of the date of such transaction and
accordingly, a Taxable Entity is not entitled to a Realized Tax Benefit with respect to a Taxable Year then to the extent that, as a result of such Determination, the amount that Brighthouse has actually paid to MetLife under this Agreement as of
the date of the Determination exceeds the total amount Brighthouse would be required to pay to MetLife for all prior periods and all future periods if the Tax Benefit Payments had always been computed in accordance with such Determination and using
the Valuation Assumptions, then (i) MetLife shall return such excess to Brighthouse, with interest from the relevant date of payments computed at the Agreed Rate, and (ii) this Agreement shall terminate pursuant to the provisions of
Section 4.01(a). 
 ARTICLE IV 

TERMINATION 

Section 4.01. Termination, Breach of Agreement, Change of Control. 

(a) This Agreement shall terminate at the time that there is no potential for any future Tax Benefit Payments to be made to MetLife under this
Agreement. 
 (b) Early Complete Termination. Except as provided in Section 5.02, Brighthouse may elect to terminate this
Agreement (an “Early Complete Termination”) by (i) delivering to MetLife notice of its intention to exercise such right (“Early Termination Notice”) and (ii) paying to MetLife (1) the
Early Termination Payment, (2) any Tax Benefit Payment agreed to by Brighthouse and MetLife as due and payable but unpaid as of the Early Termination Date and (3) any Tax Benefit Payment due for the Taxable Year ending prior to, with or
including the date of the Early Termination Notice. In the event of an Early Complete Termination, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions (substituting references to the date of such Early Termination
Notice for references to the Early Termination Date in the definition of Valuation Assumptions). 

  
 - 9 - 

 (c) Breach. In the event that Brighthouse breaches any of its material obligations under
this Agreement, whether as a result of failure to make any payment when due (as described below), failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case
commenced under the Bankruptcy Code or otherwise, then all obligations hereunder shall be accelerated and Brighthouse shall pay to MetLife (1) the Early Termination Payment, (2) any Tax Benefit Payment agreed to by Brighthouse and MetLife
as due and payable but unpaid as of the Early Termination Date and (3) any Tax Benefit Payment due for the Taxable Year ending prior to, with or including the date of a breach. Notwithstanding the foregoing in the event that Brighthouse
breaches this Agreement, MetLife shall be entitled to elect to receive the amounts set forth in (1), (2) and (3) above or to seek specific performance of the terms hereof. In the event of a breach of a material obligation under this Agreement,
the Early Termination Payment shall be calculated utilizing the Valuation Assumptions. The parties agree that, subject to Section 5.02, the failure to make any payment pursuant to this Agreement within three months of the date such payment is
due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement. Notwithstanding the foregoing, it will not be considered to be a breach of a material obligation under this Agreement to make a
payment due pursuant to this Agreement within three months of the date such payment is due, provided that in the event that payment is not made within three months of the date such payment is due, MetLife) shall be required to give written notice to
Brighthouse that Brighthouse has breached its material obligations and so long as such payment is made within five Business Days of the delivery of such notice to Brighthouse, Brighthouse shall no longer be deemed to be in material breach of its
obligations under this Agreement. 
 (d) Change of Control. In the event of a Change of Control, then all obligations hereunder shall
be accelerated and Brighthouse shall pay to MetLife (1) the Early Termination Payment, (2) any Tax Benefit Payment agreed to by Brighthouse and MetLife as due and payable but unpaid as of the Early Termination Date and (3) any Tax
Benefit Payment due for any Taxable Year ending prior to, with or including the effective date of a Change of Control. In the event of a Change of Control, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions. 

(e) Divestiture Acceleration Payment. In the event of a Divestiture, Brighthouse shall pay to MetLife the Divestiture Acceleration
Payment in respect of such Divestiture, which shall be calculated utilizing the Valuation Assumptions. 
 Section 4.02. Early
Termination Schedule. In the event of a Change of Control or a Divestiture or if Brighthouse chooses to exercise its right of early termination, Brighthouse shall deliver to MetLife no later than sixty calendar days prior to such Change of
Control or Divestiture, as applicable, and in the case of an Early Complete Termination, contemporaneously with the Early Termination Notice, a schedule (the “Early Termination Schedule”) showing in reasonable detail the
information required or requested pursuant to the first sentence of Section 2.02 and the calculation of the Early Termination Payment or the Divestiture Acceleration Payment, respectively, utilizing the Valuation Assumptions. The Early
Termination Schedule shall become final and binding on all parties unless MetLife, within thirty calendar days after receiving the Early Termination Schedule provides Brighthouse with notice of a material objection to such Schedule made in good
faith (“Material Objection Notice”). If the parties for any reason are unable to successfully resolve the issues raised in such notice within fifteen calendar days after receipt by Brighthouse of the Material Objection
Notice, Brighthouse and MetLife shall employ the Reconciliation Procedures. 

  
 - 10 - 

 Section 4.03. Payment upon Early Termination. 

(a) Except as provided in Section 5.02, no later than the Early Termination Date, Brighthouse shall pay to MetLife the Early Termination
Payment or Divestiture Acceleration Payment and any other payment required to be made pursuant to Sections 4.01(b), (c) and (d). Such payment shall be made by wire transfer of immediately available funds to a bank account designated by MetLife or as
otherwise agreed by Brighthouse and MetLife. 
 (b) The “Early Termination Payment,” as of the Early Termination Date
(other than an Early Termination Date arising under clause (iv) of the definition thereof) shall equal with respect to MetLife the present value, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would
be required to be paid by Brighthouse to MetLife beginning from the Early Termination Date assuming the Valuation Assumptions are applied, provided that in the event of a Change of Control, the Early Termination Payment shall be calculated without
giving effect to any limitation on the use of the Transaction Tax Assets resulting from the Change of Control. For purposes of calculating the present value pursuant to this Section 4.03(b) of all Tax Benefit Payments that would be required to be
paid, it shall be assumed that absent the Early Termination Event all Tax Benefit Payments would be paid on the due date (without extensions) for filing the Brighthouse Return with respect to Taxes for each Taxable Year. The computation of the Early
Termination Payment is subject to the Reconciliation Procedures. 
 (c) The “Divestiture Acceleration Payment,” as of
the date of any Divestiture, shall equal with respect to MetLife the present value, discounted at the Early Termination Rate as of such date, of the Tax Benefit Payments resulting solely from the Transferred Tax Assets that would be required to be
paid by Brighthouse to MetLife beginning from the date of such Divestiture assuming the Valuation Assumptions are applied, provided that the Divestiture Acceleration Payment shall be calculated without giving effect to any limitation on the use of
the Transferred Tax Assets resulting from the Divesture. For purposes of calculating the present value pursuant to this Section 4.03(c) of all Tax Benefit Payments that would be required to be paid, it shall be assumed that absent the Divestiture
all Tax Benefit Payments would be paid on the due date (without extensions) for filing the Brighthouse Return with respect to Taxes for each Taxable Year. The computation of the Divestiture Acceleration Payment is subject to the Reconciliation
Procedures. 

  
 - 11 - 

 ARTICLE V 

LATE PAYMENTS, ETC. 

Section 5.01. Late Payments by Brighthouse. The amount of all or any portion of any ITR Payment not made to MetLife when
due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such ITR Payment was due and payable. 

Section 5.02. Compliance with Indebtedness and Applicable Law. Notwithstanding anything to the contrary provided herein, if, at
the time any amounts become due and payable hereunder, (a) Brighthouse is not permitted, pursuant to the terms of its outstanding indebtedness, to pay such amounts, (b) (i) Brighthouse does not have the cash on hand to pay such amounts or
payment of such amounts would give rise to a material adverse effect, as certified by Brighthouse’s Chief Financial Officer, and (ii) no Subsidiary of Brighthouse is permitted, pursuant to the terms of its outstanding indebtedness or other
applicable law, to pay dividends to Brighthouse to allow it to pay such amounts, or (c) payments of such amounts would violate applicable law then, in each case, Brighthouse shall, by notice to MetLife, be permitted to defer the payment of such
amounts until the condition described in clause (a), (b) or (c) is no longer applicable, in which case such amounts (together with accrued and unpaid interest thereon as described in the immediately following sentence) shall become due and
payable immediately. If Brighthouse defers the payment of any such amounts pursuant to the foregoing sentence, such amounts shall accrue interest at the Agreed Rate per annum, from the date that such amounts originally became due and owing pursuant
to the terms hereof to the date that such amounts were paid. Brighthouse agrees to take commercially reasonable actions to cause its direct and indirect Subsidiaries to pay dividends (including, to the extent commercially reasonable, access any
revolving credit facility or other source of liquidity to facilitate the payment of such dividends), to the extent consistent with the terms of their outstanding indebtedness and any applicable law, to the extent necessary to make payments
hereunder. 
 ARTICLE VI 

CONSISTENCY; COOPERATION 

Section 6.01. MetLife’s Participation in Brighthouse Tax Matters. Except as otherwise provided herein, and subject to the
Distribution Tax Separation Agreement, Brighthouse shall have full responsibility for, and sole discretion over, all Tax matters concerning Brighthouse and each Taxable Entity including without limitation the preparation, filing or amending of any
Tax Return and defending, contesting or settling any issue pertaining to Taxes, subject to a requirement that Brighthouse act in good faith in connection with its control of any matter which is reasonably expected to affect MetLife’s rights and
obligations under this Agreement. Notwithstanding the foregoing, Brighthouse shall promptly notify MetLife of, and keep MetLife reasonably informed with respect to, the portion of any audit of Brighthouse or any Taxable Entity by a Taxing Authority
the outcome of which is reasonably expected to affect MetLife’s rights and obligations under this Agreement, and shall give MetLife reasonable opportunity to provide information and participate in (but, for the avoidance of doubt, not to
control) the applicable portion of such audit. 

  
 - 12 - 

 Section 6.02. Consistency. Except upon the written advice of an Advisory Firm,
Brighthouse and MetLife agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial reporting purposes, all Tax-related items (including
without limitation the Tax Benefit Payment) in a manner consistent with that specified by Brighthouse in any Schedule required to be provided by or on behalf of Brighthouse or any Taxable Entity under this Agreement and agreed by MetLife. Any
dispute concerning such advice shall be subject to the Reconciliation Procedures. In the event the Advisory Firm is replaced with another firm acceptable to Brighthouse and MetLife pursuant to the definition of Advisory Firm, such replacement
Advisory Firm shall be required to perform its services under this Agreement using procedures and methodologies consistent with those used by the previous Advisory Firm, unless otherwise required by law or Brighthouse and MetLife agree to the use of
other procedures and methodologies. 
 Section 6.03. Cooperation. Each of Brighthouse and MetLife shall (a) furnish to the
other party in a timely manner such information, documents and other materials as the other party may reasonably request for purposes of making or approving any determination or computation necessary or appropriate under this Agreement, preparing
any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the other party and its representatives to provide explanations of documents and materials and such other
information as the requesting party or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the requesting
party shall reimburse the other party for any reasonable third-party costs and expenses incurred pursuant to this Section 6.03. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.01. Notices. 

(a) All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given and received
(a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or (b) on the first Business Day
following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in
writing by the party to receive such notice: 
 If to Brighthouse, to: 

Brighthouse Services LLC 
 Gragg
Building 
 11225 North Community House Road 

Charlotte, NC 28277 
 Attn: SVP
Tax 

  
 - 13 - 

 Copy to: 

Brighthouse Services LLC 
 Gragg
Building 
 11225 North Community House Road 

Charlotte, NC 28277 
 Attn:
General Counsel 
 with a copy to (which shall not constitute notice): 

Sidley Austin LLP 
 One South
Dearborn 
 Chicago, IL 60603 

Attn:    Tracy Williams 

Fax:     (312) 853-7036 

If to MetLife, to: 
 MetLife, Inc.

 200 Park Avenue 
 New York,
NY 10166 
 Attn:    SVP Tax Director 

Fax:     (212) 578-6542 

MetLife, Inc. 
 200 Park Avenue

 New York, NY 10166 

Attention: General Counsel 
 with
a copy to (which shall not constitute notice): 
 Willkie Farr & Gallagher LLP     

787 Seventh Avenue 
 New York, NY
10019 
 Attn:    Christopher J. Peters 

Fax:     (212) 728-9868 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed
signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

  
 - 14 - 

 Section 7.03. Entire Agreement; Third Party Beneficiaries. This Agreement constitutes
the entire agreement and supersedes prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto
and its respective successors and permitted assigns. Other than as provided in the preceding sentence, nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement. 
 Section 7.04. Assignability. Neither this Agreement nor any of the rights,
interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise except as described herein. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this
Agreement will be binding upon, inure to the benefit of, and be enforceable by, any party and their respective successors and assigns. Notwithstanding the foregoing, either party may assign this Agreement without consent in connection with (a) a
merger transaction in which such party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such party’s assets, or (b) the sale of all or substantially all of such party’s assets; provided,
however, that the assignee expressly assumes in writing all of the obligations of the assigning party under this Agreement, and the assigning party provides written notice and evidence of such assignment and assumption to the non-assigning party. No
assignment permitted by this Section 7.04 shall release the assigning party from liability for the full performance of its obligations under this Agreement. 

Section 7.05. Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New
York. 
 Section 7.06. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 

Section 7.07. Amendments; Waivers. 

(a) No provision of this Agreement may be amended unless such amendment is approved in writing by Brighthouse and MetLife. No provision of this
Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 
 (b) All of
the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives.
Brighthouse shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Brighthouse, by written agreement, expressly to assume and agree
to perform this Agreement in the same manner and to the same extent that Brighthouse would be required to perform if no such succession had taken place. 

Section 7.08. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement. 

  
 - 15 - 

 Section 7.09. Resolution of Disputes. 

(a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in
connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be
finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an
arbitrator within thirty calendar days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the English language.
Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 
 (b) Notwithstanding the
provisions of paragraph (a), Brighthouse may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder,
and/or enforcing an arbitration award and, for the purposes of this paragraph (b), MetLife (i) expressly consents to the application of paragraph (c) of this Section 7.09 to any such action or proceeding, (ii) agrees that proof
shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints Brighthouse as its agent for service of
process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise MetLife of any such service of process, shall be deemed in every respect effective service of process upon MetLife
in any such action or proceeding. 
 (c) (i) METLIFE HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK
FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.09, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR
CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties
acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to
personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in paragraph (c)(i) of this Section 7.09 and such parties agree not to plead or claim the same. 

Section 7.10. Reconciliation. In the event that Brighthouse and MetLife are unable to resolve a disagreement with respect to the
matters governed by Section 2.04, Section 4.02 and Section 6.02 within the relevant period designated in this Agreement (or the amount of an Early Termination Payment in the case of a breach to which Section 4.01(c) applies)
(“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable
to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm (other than the Advisory Firm), and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with
Brighthouse or MetLife or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) days of receipt by respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be
appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter
relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the
preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such payment shall be made on the date prescribed by this Agreement
and such Tax Return may be filed as prepared by Brighthouse or the relevant Taxable Entity, subject to adjustment or amendment upon resolution. The costs and expenses related to the engagement of such Expert or amending any Tax Return shall be borne
by Brighthouse, except as provided in the next sentence. Each of Brighthouse and MetLife shall bear their own costs and expenses of such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this
Section 7.10 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.10 shall be binding on Brighthouse and MetLife and may be entered
and enforced in any court having jurisdiction. 

  
 - 16 - 

 Section 7.11. Treatment of Payments. Except to the extent otherwise required by
applicable Tax law, Brighthouse and MetLife agree that (i) any payment payable pursuant to this Agreement shall be treated as if it occurred immediately prior to the Distribution and shall be treated as being distributed pursuant to the plan of
reorganization that includes the Distribution and (ii) shall not be subject to any U.S. federal income tax withholdings under applicable Tax law as of the date hereof. In the event of a change in applicable Tax law that results in a non-creditable withholding tax, the parties agree to renegotiate the terms of this Agreement in good faith to minimize the economic effect of any withholding tax. 

Section 7.12. Affiliated Corporations; Admission of Brighthouse into a Consolidated Group; Transfers of Corporate
Assets. 
 (a) If Brighthouse is or becomes a parent or becomes a member of an affiliated or consolidated group of corporations that
files a consolidated income tax return pursuant to Sections 1501 et seq. of the Code (other than if Brighthouse becomes a member of such a group as a result of Change of Control, in which case the provisions of Article IV shall control), then:
(i) the provisions of this Agreement shall be applied with respect to the group as a whole and (ii) Tax Benefit Payments shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If any Person the income of which is included in the income of Brighthouse’s affiliated or consolidated group transfers one or more
assets to a corporation or any Person treated as such for Tax purposes with which such entity does not file a consolidated tax return pursuant to Section 1501 et seq. of the Code, for purposes of calculating the amount of any Tax Benefit
Payment (e.g., calculating the gross income of Brighthouse’s affiliated or consolidated group and determining the Realized Tax Benefit) due hereunder, such Person shall be treated as having disposed of such asset in a fully taxable transaction
on the date of such contribution. The consideration deemed to be received by such entity shall be determined as if such transfer occurred on an arm’s length basis with an unrelated third party. 

  
 - 17 - 

 Section 7.13. Confidentiality. 

(a) MetLife and each of its assignees acknowledges and agrees that the information of Brighthouse is confidential and, except in the course of
performing any duties as necessary for Brighthouse and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement, shall keep and retain in the strictest confidence and not disclose to any Person all confidential
matters of Brighthouse acquired pursuant to this Agreement. This Section 7.13 shall not apply to (i) any information that has been made publicly available by Brighthouse or any of its Affiliates becomes public knowledge (except as a result
of an act of MetLife in violation of this Agreement) or is generally known to the business community; and (ii) the disclosure of information to the extent necessary for MetLife or any of its Affiliates to prepare and file Tax returns, to
respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such returns. 

(b) If MetLife or any of its assignees commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.13,
Brighthouse shall have the right and remedy to have the provisions of this Section 7.13 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being
acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Brighthouse or any of its Subsidiaries and the accounts and funds managed by Brighthouse and that money damages alone shall not provide an adequate
remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.14. Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 [Signatures pages follow] 

  
 - 18 - 

 IN WITNESS WHEREOF, Brighthouse and MetLife have duly executed this Agreement as of the date
first written above. 
  

			
	 METLIFE, INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 BRIGHTHOUSE FINANCIAL, INC.

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 - 19 -EX-10.6

 Exhibit 10.6 

FORM OF 
 TAX SEPARATION
AGREEMENT 
 by and among 

METLIFE, INC. 
 AND ITS
AFFILIATES 
 and 

BRIGHTHOUSE FINANCIAL, INC. 

AND ITS AFFILIATES 

 FORM OF 

TAX SEPARATION AGREEMENT 

This Tax Separation Agreement (the “Agreement”) is entered into as of the [●] day of [●], [2017], between
MetLife, Inc. (“MetLife”), a Delaware corporation, by and on behalf of itself and each Affiliate of MetLife, and Brighthouse Financial, Inc. (“Brighthouse” and, together with MetLife, the
“Parties”), a Delaware corporation, by and on behalf of itself and each Affiliate of Brighthouse. 
 R E C I T A L S: 

WHEREAS, MetLife’s board of directors has determined that it is appropriate and advisable to: (i) separate the Brighthouse Group
from MetLife’s remaining businesses (the “Separation”), which will include the transfer of Brighthouse Holdings, LLC (“HoldCo”) to Brighthouse (the “HoldCo Contribution”); and
(ii) following the Separation, make a distribution, on a pro rata basis, to holders of common shares of MetLife (“MetLife Common Stock”) of at least 80.1% of the outstanding shares of common stock of Brighthouse owned by
MetLife (the “Distribution”, and the date of such Distribution, the “Distribution Date”); 
 WHEREAS, as
of the Distribution Date, the existing Agreement to Apportion Consolidated Federal Income Tax Liability and Benefits of Consolidated Returns, dated as of June 24, 1986 that is in effect with respect to the U.S. federal income tax consolidated
group of which MetLife is the parent (the “MetLife Tax Allocation Agreement”) is being terminated for all tax periods with respect to the Brighthouse Group and no member of the Brighthouse Group shall have any liability or rights
thereunder following such termination; 
 WHEREAS, prior to the HoldCo Contribution and as part of the Separation, the MRV Cell 2
Contribution was effected; 
 WHEREAS, as of the date hereof, MetLife is the common parent of an affiliated group of domestic corporations,
including Brighthouse, that has elected to file consolidated U.S. federal Income Tax Returns and, as a result of the Distribution, neither Brighthouse nor any of its Affiliates will be a member of such group after the close of the Distribution Date;
and 
 WHEREAS, in contemplation of the Distribution, MetLife and Brighthouse desire to set forth their agreement on the rights and
obligations of MetLife and Brighthouse and their respective Affiliates with respect to the responsibility, handling and allocation of federal, state, local, and non-U.S. Taxes, and various other Tax matters;

 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, MetLife and Brighthouse
(and their respective Affiliates) hereby covenant and agree as follows: 
 ARTICLE I 

DEFINITIONS 
 For purposes
of this Agreement (including the recitals hereof), the following terms have the following meaning, and capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings assigned to them in the Master Separation
Agreement. 

  
 - 2 - 

 “Active Trade or Business” means the business that is “actively
conducted” (as defined in Section 355(b)(2) of the Code and the regulations thereunder) by the “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) with respect to Brighthouse or MetLife, as
applicable, as conducted immediately prior to the Distribution. 
 “Adjustment Request” means any formal or informal claim
or request filed with any Tax Authority, or with any administrative agency or court, for the adjustment, refund, or credit of Taxes, including (a) any amended Tax Return claiming adjustment to the Taxes as reported on the Tax Return or, if
applicable, as previously adjusted, (b) any claim for equitable recoupment or other offset, and (c) any claim for refund or credit of Taxes previously paid. 

“Affiliate” means any corporation, partnership, limited liability company, or other entity directly or indirectly Controlled
by the entity in question. 
 “Agreement” has the meaning set forth in the Preamble. 

“BRCD” means Brighthouse Reinsurance Company of Delaware. 

“Brighthouse” has the meaning set forth in the Preamble. 

“Brighthouse Capital Stock” means all classes or series of capital stock of Brighthouse, including (a) the Brighthouse
Common Stock, (b) all options, warrants and other rights to acquire such capital stock and (c) all instruments properly treated as stock in Brighthouse for U.S. federal income tax purposes. 

“Brighthouse Common Stock” means the ordinary voting interests in Brighthouse. 

“Brighthouse Group” means Brighthouse and all Affiliates of Brighthouse (and each such entity’s predecessors and
successors), as determined immediately after the Distribution. For the avoidance of doubt, a fiscally transparent entity’s items of income, gain, loss or deduction is treated as attributable to such entity’s owners or shareholders.  
 “Brighthouse Separate Return” means any Tax Return of or including any
member of the Brighthouse Group (including any consolidated, combined or unitary return) that is not a Joint Return. 
 “Capital
Stock” means the Brighthouse Capital Stock or the MetLife Capital Stock, as applicable. 
 “Code” means the
Internal Revenue Code of 1986, as amended. 
 “Contributed Property” means the following property contributed by MetLife to
HoldCo as part of the Separation: (i) 100% of the outstanding shares of common stock of MLUS, (ii) 100% of the outstanding shares of common stock of New England Life Insurance Company, (iii) 100% of the membership interests in Brighthouse Securities
LLC, (iv) 100% of the membership interests in Brighthouse Services LLC, and (v) 100% of the interests in MetLife Advisers LLC. 

“Control” means the ownership of stock or other securities possessing at least 50 percent of the total combined voting
power of all classes of securities entitled to vote. 

“Debt-for-Equity Exchange” means the
distribution by MetLife of Retained Stock to MetLife creditors, in any case no later than five years after the Distribution. 

“Distribution” has the meaning set forth in the Recitals. 

“Distribution Date” has the meaning set forth in the Recitals. 

  
 - 3 - 

 “Employee Matters Agreement” means the Employee Matters Agreement entered into
by and between MetLife and Brighthouse on the date hereof, as the same may be amended. 
 “Employment Taxes” means any Tax
the liability or responsibility for is allocated pursuant to the Employee Matters Agreement. 
 “Fifty-Percent or Greater
Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the Code. 
 “Final
Determination” means the final resolution of liability for any Tax, which resolution may be for a specific issue or adjustment or for a taxable period, (a) by IRS Form 870 or 870-AD (or any
successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of a state, local, or non-U.S. taxing jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by operation of law) the right of the taxpayer to file a claim for refund or the right of
the Tax Authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (b) by a decision, judgment, decree, or other order by a court of competent jurisdiction, which has become
final and unappealable; (c) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the laws of a state, local, or non-U.S. taxing
jurisdiction; (d) by any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund may be recovered (including by way of offset) by the jurisdiction imposing such
Tax; (e) by a final settlement resulting from a treaty-based competent authority determination; or (f) by any other final disposition, including by reason of the expiration of the applicable statute of limitations or by mutual agreement of
the parties. 
 “FMLI Contribution” means the transfer by MetLife of First MetLife Investors Insurance Company to MLUS.

 “HoldCo” has the meaning set forth in the Recitals. 

“HoldCo Common Stock” means the ordinary voting interests in HoldCo. 

“HoldCo Contribution” has the meaning set forth in the Recitals. 

“HoldCo Preferred Stock” means the non-voting preferred interests in HoldCo. 

“Income Tax” means any Tax which is based upon, measured by, or calculated with respect to income or net worth and any other
franchise or similar Taxes. 
 “Income Tax Return” means any Tax Return relating to Income Taxes. 

“Indemnifying Party” means a Party that has an obligation to make an Indemnity Payment. 

“Indemnitee” means a Party that is entitled to receive an Indemnity Payment. 

“Indemnity Payment” means an indemnity payment contemplated by this Agreement.. 

“Intended Tax Treatment” means (i) the FMLI Contribution, HoldCo Contribution, Distribution, Subsequent Distributions
(other than Subsequent Distributions effected through sales to third parties), and Debt-for-Equity Exchanges effected as part of the Separation will qualify for Tax-Free Status; (ii) the Retail Contribution, taken together with the Subsequent Sale, will be treated as a fully taxable transfer of the Contributed Property under Section 1001; and (iii) the MRV
Cell 2 Contribution will be treated as a fully taxable transfer of the assets of MRV Cell 2 in an assumption reinsurance transaction. 

“IRS” means the United States Internal Revenue Service. 

  
 - 4 - 

 “IRS Ruling” means the private letter ruling issued by the IRS to MetLife in
response to the request for ruling filed by MetLife on September 20, 2016 (and supplemental submissions related thereto) in connection with the Transactions (including any supplemental rulings). 

“Joint Return” means any Tax Return that actually includes, by election or otherwise, one or more members of the MetLife
Group together with one or more members of the Brighthouse Group. 
 “KPMG Opinion” means the written opinion on the U.S.
federal income taxation consequences of certain aspects of the Transactions provided by KPMG LLP to the MetLife Group, dated as of [●]. 

“Master Separation Agreement” means the Master Separation Agreement entered into by and between MetLife and Brighthouse on
the date hereof, as the same may be amended. 
 “MetLife” has the meaning set forth in the Preamble. 

“MetLife Affiliated Group” means the affiliated group (as that term is defined in Section 1504 of the Code and the
regulations thereunder) of which MetLife is the common parent. 
 “MetLife Capital Stock” means all classes or series of
capital stock of MetLife, including (a) the MetLife Common Stock, (b) all options, warrants and other rights to acquire such capital stock and (c) all instruments properly treated as stock in MetLife for U.S. federal income tax
purposes. 
 “MetLife Common Stock” has the meaning set forth in the Recitals. 

“MetLife Federal Consolidated Income Tax Return” means any United States federal Income Tax Return for the MetLife Affiliated
Group. 
 “MetLife Group” means MetLife and all Affiliates of MetLife (and each such entity’s predecessors or
successors), excluding any entity that is a member of the Brighthouse Group. For the avoidance of doubt, a fiscally transparent entity’s items of income, gain, loss or deduction is treated as attributable to such entity’s owners or
shareholders. 
 “MetLife Ireland” means MetLife Ireland Treasury d.a.c. 

“MetLife Separate Return” means any Tax Return of or including any member of the MetLife Group (including any consolidated,
combined or unitary return) that is not a Joint Return. 
 “MetLife Tax Allocation Agreement” has the meaning set forth in
the Recitals. 
 “MLUS” means MetLife Insurance Company USA. 

“MRV” means MetLife Reinsurance Company of Vermont. 

“MRV Cell 2” means the Protected Cell No. 2 of MRV. 

“MRV Cell 2 Contribution” means, prior to the HoldCo Contribution and as part of the Separation, MRV’s
(i) formation of New MRV; (ii) entering into a binding commitment to sell the New MRV Preferred Stock to MetLife Ireland; (iii) transfer of MRV Cell 2 to New MRV in exchange for the voting common stock of New MRV and New MRV Preferred
Stock; (iv) conversion of MRV Cell 2 into a stand-alone captive insurance company under Vermont law and the merger of this entity with and into New MRV; (v) sale of all of the New MRV Preferred Stock to MetLife Ireland and (vi) merger
of New MRV with and into BRCD. 
 “New MRV” means MetLife Reinsurance Company of Vermont II, a Vermont corporation licensed
as a sponsored captive insurance company. 

  
 - 5 - 

 “New MRV Preferred Stock” means the
non-voting preferred interests in New MRV. 

“Non-Income Tax” means any Tax that is not an Income Tax. 

“Notified Action” has the meaning set forth in Section 4.04(a). 

“Officer’s Certificate” means each of the Officer’s Certificate of MetLife, Inc., dated as of [●], and the
Officer’s Certificate of Brighthouse Financial, Inc., dated as of [●], respectively, provided to KPMG LLP. 
 “Other Tax
Ruling” means each ruling (other than the IRS Ruling) issued by a Tax Authority pursuant to a ruling request filed by or on behalf of the MetLife Group with respect to the Transactions (including any supplemental rulings). 

“Parties” has the meaning set forth in the Preamble. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as disregarded for U.S. federal income tax
purposes. 
 “Post-Distribution Tax Opinion” means a tax opinion of a Tax Advisor, which Tax Advisor is reasonably
acceptable to MetLife, on which MetLife may rely to the effect that a transaction will not affect the applicable Intended Tax Treatment. Any such opinion must be consistent with the assumption that the Transactions would have qualified for the
applicable Intended Tax Treatment if the transaction in question did not occur. 
 “Post-Distribution Tax Period” means any
Tax Period beginning after the Distribution Date, and, in the case of any Straddle Period, the portion of such Straddle Period beginning the day after the Distribution Date. 

“Pre-Distribution Tax Period” means any Tax Period ending on or before the
Distribution Date, and, in the case of any Straddle Period, the portion of such Straddle Period ending on the Distribution Date. 

“Property Tax” means any real, personal and intangible ad valorem property Tax imposed by any Tax Authority, and any
interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 
 “Proposed Acquisition
Transaction” means, with respect to a Party, a transaction or series of transactions (or any agreement, understanding or arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), as a result of which a Party would merge or consolidate with any other Person or as a
result of which one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from the Party and/or one or more holders of outstanding shares of such Party’s Capital Stock, a number of shares of such Capital Stock
that would, when combined with any other changes in ownership of such Party’s Capital Stock pertinent for purposes of Section 355(e) of the Code, comprise 45% or more of (a) the value of all outstanding shares of stock of the Party as
of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or (b) the total combined voting power of all outstanding shares of voting stock of the Party as of the date of such
transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (x) the adoption by the Party of a shareholder rights
plan or (y) issuances by the Party that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of
Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption
of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to monitor compliance with
Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation.

  
 - 6 - 

 “Records” has the meaning set forth in Section 5.01(a). 

“Refund Recipient” has the meaning set forth in Section 2.08. 

“Representation Letters” means the representation letters and any other materials (including, without limitation, a Ruling
Request and any related supplemental submissions to the IRS) delivered or deliverable by MetLife, Brighthouse and others in connection with the rendering by KPMG LLP [or any other Tax Advisor, and/or the issuance by the IRS or any other Tax
Authority, of the Tax Opinions/Rulings.]2 
 “Retail Contribution”
means MetLife’s contribution of the Contributed Property to HoldCo in exchange for HoldCo Common Stock and HoldCo Preferred Stock. 

“Retained Stock” means the outstanding Brighthouse Common Stock, up to 19.9%, that MetLife may retain after the Distribution.

 “Ruling Request” means any letter filed by MetLife with the IRS or any other Tax Authority requesting a ruling
(including the IRS Ruling and the Other Tax Rulings) regarding certain Tax consequences of the Transactions (including all attachments, exhibits, and other materials submitted with such ruling request letter) and any amendment or supplement to such
ruling request letter. 
 “Rulings” means, collectively, the IRS Ruling and the Other Tax Rulings and
“Ruling” means any one of them. 
 “Separation” has the meaning set forth in the Recitals. 

“Straddle Period” means any Tax Period that begins on or before and ends after the Distribution Date. 

“Subsequent Distributions” means MetLife’s distributions of Retained Stock to MetLife shareholders or creditors or
effected by way of sales to third parties, in any case no later than five years after the Distribution. 
 “Subsequent
Sale” means, after the date of the Retail Contribution, MetLife’s sale of the HoldCo Preferred Stock to [●] pursuant to a binding commitment. 

“Tax” or “Taxes” means any income, gross income, gross receipts, profits, capital stock, franchise,
withholding, payroll, social security, workers compensation, unemployment, disability, property, ad valorem, value added, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer, import, export, alternative minimum,
guaranty fund assessments and similar contributions or payments to a solvency or insolvency fund or pool, estimated or other tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax), imposed by any governmental
entity or political subdivision thereof, and any interest, penalty, additions to tax, or additional amounts in respect of the foregoing. 

“Tax Advisor” means any law or accounting firm that is nationally recognized as being expert in tax matters. 

“Tax Attribute” means a net operating loss, net capital loss, overall foreign loss, unused investment credit, unused foreign
tax credit, excess charitable contribution, alternative minimum tax credit, general business credit, research and development credit or any other Tax Item that could reduce a Tax or create a Tax benefit. 

“Tax Authority” means, with respect to any Tax, the governmental authority or political subdivision thereof that imposes such
Tax, and the agency (if any) charged with the collection of such Tax for such entity or subdivision. 
  

	2 	[Note to draft: Additional rep letters to be listed individually]. 

  
 - 7 - 

 “Tax Benefit” means, with respect to a Tax Period, the amount by which the cash
Tax liability of an entity (or of the consolidated or combined group of which it is a member) is reduced solely as a result of a Tax Item, or the amount of an actual Tax refund that is generated solely as a result of such Tax Item (plus any related
interest received from any Tax Authority), in either case, by comparing the cash Tax liability or actual Tax refund on the applicable Tax Return that would arise with and without the Tax Item potentially giving rise to the Tax Benefit. 

“Tax Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the purpose or
effect of determining or redetermining any Tax (including any administrative or judicial review of any claim for refund). 
 “Tax-Free Status” means the qualification of (I) the Separation and the Distribution (along with the Subsequent Distributions (other than Subsequent Distributions effected through sales to third
parties) and Debt-for-Equity Exchanges), taken together, (a) as a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code, (b) as a
transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e) and 361(c) of the Code, (c) a transaction in which MetLife, Brighthouse and the shareholders of MetLife recognize no
income or gain for U.S. federal income tax purposes pursuant to Sections 355, 361, and 1032 of the Code, other than, (x) in the case of MetLife and Brighthouse, intercompany items or excess loss accounts taken into account pursuant to the
Treasury Regulations promulgated pursuant to Section 1502 of the Code, (y) in the case of MetLife, Subsequent Distributions effected through sales of Retained Stock to third parties, and (z) in the case of shareholders of MetLife, any
receipt of cash in lieu of fractional shares, and (II) any other transaction described in the Tax Opinions/Rulings in accordance with the treatment set forth therein, other than the Retail Contribution, taken together with the Subsequent Sale,
and the MRV Cell 2 Contribution. 
 “Tax Item” means any item of income, gain, loss, deduction, credit, recapture of
credit, or any other item (including the basis or adjusted basis of property) which increases or decreases Taxes paid or payable in any taxable period. 

“Tax Law” means the law of any governmental entity or political subdivision thereof relating to any Tax. 

“Tax Opinions” means (i) the KPMG Opinion and [(ii) any other written opinions on the U.S. state, local, and non-U.S. tax consequences of certain aspects of the Transactions provided by any Tax Advisors to any member of the MetLife Group, in either case, requested prior to the Distribution.] 

“Tax Opinions/Rulings” means the Tax Opinions and/or the Rulings deliverable to any member of the MetLife Group in connection
with the Transactions. 
 “Tax Period” means, with respect to any Tax, the period for which the Tax is reported as provided
under the Code or other applicable Tax Law. 
 “Tax Receivables Agreement” means that Tax Receivables Agreement entered
into between MetLife and Brighthouse on the date hereof, as the same may be amended. 

“Tax-Related Losses” means (a) all Taxes (including interest and penalties
thereon) imposed pursuant to any settlement, Final Determination, judgment or otherwise; (b) all accounting, legal and other professional fees, and court costs, incurred in connection with such Taxes (excluding, however, any such fees addressed
in the Master Litigation Agreement); and (c) an amount equal to (i) any reduced payments by Brighthouse to MetLife under the Tax Receivables Agreement as a result of an act or failure to act of Brighthouse which results in the description
in clause (iii) of the definition of Intended Tax Treatment to be untrue, less (ii) any net tax benefit to MetLife resulting from such act or failure to act of Brighthouse; in each case, resulting from the failure of the Transactions to
have the tax treatment described in the Tax Opinions/Rulings. 
 “Tax Return” means any report of Tax due, any claims for
refund of Tax paid, any information return with respect to Tax, any election made with respect to Tax, or any other similar report, statement, declaration, or document required to be filed under the Code or other Law with respect to Tax, including
any attachments, exhibits, or other materials submitted with any of the foregoing, and including any amendments or supplements to any of the foregoing for any taxpayer or consolidated, combined, or unitary group of taxpayers. 

  
 - 8 - 

 “Tax Return Preparer” means (i) with respect to any Tax Return that MetLife
is responsible for preparing under Section 3.01(a), MetLife, and (ii) with respect to any Tax Return that Brighthouse is responsible for preparing under Section 3.01(b), Brighthouse. 

“Transaction” means the MRV Cell 2 Contribution, the Retail Contribution, together with the Subsequent Sale, the HoldCo
Contribution, the Distribution, the Subsequent Distributions and the Debt-for-Equity Exchanges. 

“Transaction Tax Contest” means a Tax Contest with the purpose or effect of determining or redetermining Taxes that could
give rise to Tax-Related Losses. 
 “Treasury Regulations” means the regulations
promulgated from time to time under the Code as in effect for the relevant Tax Period. 
 ARTICLE II 

RESPONSIBILITY FOR TAX 

Section 2.01 General Rule. 

(a) MetLife Liability. MetLife shall be liable for, and shall indemnify and hold harmless the Brighthouse Group from and against
any liability for, Taxes which are allocated to MetLife under this Article II. 
 (b) Brighthouse Liability.
Brighthouse shall be liable for, and shall indemnify and hold harmless the MetLife Group from and against any liability for, Taxes which are allocated to Brighthouse under this Article II. 

Section 2.02 Income Taxes. All Income Taxes of the MetLife Group and Brighthouse Group shall be
allocated as follows: 
 (a) Income Taxes. 

(i) Joint Returns. Subject to Section 2.02(b), MetLife shall be responsible for any and all Income Taxes
(including estimated Income Taxes) shown as due and owing on any originally filed Joint Return for any Tax Period beginning on or before the Distribution Date (including any originally filed Joint Return for a Straddle Period). 

(ii) MetLife Separate Returns. MetLife shall be responsible for any and all Income Taxes (including
estimated Income Taxes) shown as due and owing on any MetLife Separate Return for any Tax Period beginning on or before the Distribution Date (including any MetLife Separate Return for a Straddle Period). 

(iii) Brighthouse Separate Returns. Brighthouse shall be responsible for any and all Income Taxes
(including estimated Income Taxes) shown as due and owing on any Brighthouse Separate Return for any Tax Period beginning on or before the Distribution Date (including any Brighthouse Separate Return for a Straddle Period). 

(b) Pre-Distribution Income Tax Payments on Joint
Returns. 
 (i) With respect to any Pre-Distribution Tax Period, the members of the
Brighthouse Group and the members of the MetLife Group shall be liable for (including any benefit of) their share of Taxes on a Joint Return with respect to that Pre-Distribution Tax Period (including, but not
limited to, deferred intercompany items of the respective members of the Brighthouse Group and the MetLife Group triggered as a result of the Distribution) as determined under the MetLife Tax Allocation Agreement, calculated as it was in effect for
such Pre-Distribution Tax Period, subject to modifications under this Section 2.02(b). 

  
 - 9 - 

 (ii) Notwithstanding anything to the contrary in the MetLife Tax Allocation Agreement, at least
20 days prior to the relevant payment, MetLife shall deliver to Brighthouse a schedule, and any workpapers reasonably necessary to evaluate the accuracy of such schedule, setting forth in reasonable detail a calculation of any “Tax Allocation
Payments.” For purposes of this Section 2.02(b), “Tax Allocation Payments” shall mean any amounts required to be paid by or to any member of the Brighthouse Group, on the one hand, and MetLife, on the other, under the
MetLife Tax Allocation Agreement (or amounts that would have been required to be paid, but for termination of the MetLife Tax Allocation Agreement with respect to members of the Brighthouse Group) in respect of (i) estimated tax payments in
respect of the portion of the 2017 tax year in which members of the Brighthouse Group were members of the MetLife Affiliated Group and (ii) any payments (whether to or from the Brighthouse Group) with respect to the 2016 tax year and the
portion of the 2017 tax year in which such members were members of the MetLife Affiliated Group. Such calculation shall be computed and such schedules and other materials shall be prepared in a manner consistent with the past practice of the MetLife
Affiliated Group. 
 (iii) Brighthouse shall provide MetLife with notice of any disagreement with the schedules delivered pursuant to
Section 2.02(b)(ii) within fifteen (15) days of receipt of such schedules, and MetLife and Brighthouse shall reasonably cooperate to resolve any disagreements over such schedules; provided, however, that a pending disagreement shall not
relieve a Party of its obligation to make timely payment pursuant to Section 2.02(b)(iv). In the event the Parties cannot agree the dispute shall be resolved pursuant to the provisions of Section 5.05. 

(iv) All payments subject to this Section 2.02(b) shall be timely paid, as if the MetLife Tax Allocation Agreement were not terminated
with respect to members of the Brighthouse Group. If a payment is made during the pendency of a disagreement described in Section 2.02(b)(iii), the Parties shall make any further payments necessary to reflect the ultimate resolution of such
disagreement within five (5) business days of such resolution. 
 (c) Post-Distribution Income Taxes. MetLife
shall be responsible for any and all Income Taxes imposed on the MetLife Group for any Tax Period beginning after the Distribution Date (whether or not such Income Taxes are due and owing on any originally filed or amended Income Tax Return or as a
result of any Final Determination or other adjustment made by a Tax Authority). Brighthouse shall be responsible for any and all Income Taxes imposed on the Brighthouse Group for any Tax Period beginning after the Distribution Date (whether or not
such Income Taxes are due and owing on any originally filed or amended Income Tax Return or as a result of any Final Determination or other adjustment made by a Tax Authority). 

(d) Termination of MetLife Tax Allocation Agreement. For the avoidance of doubt, as of the
Distribution Date, (i) the MetLife Tax Allocation Agreement shall be terminated for all tax periods with respect to the Brighthouse Group; (ii) no member of the Brighthouse Group shall have any liability or rights thereunder following such
termination; and (iii) the members of the Brighthouse Group and the MetLife Group shall be liable for Income Tax with respect to Pre-Distribution Tax Periods as set forth in this
Section 2.02. 
 Section 2.03 Non-Income
Taxes. Except as provided in Sections 2.04 and 2.05, (i) MetLife shall be responsible for any and all Non-Income Taxes imposed on any member of the MetLife Group for all Pre-Distribution Tax Periods and Post-Distribution Tax Periods, and (ii) Brighthouse shall be responsible for any and all Non-Income Taxes imposed on any member of the
Brighthouse Group for Pre-Distribution Tax Periods and Post-Distribution Tax Periods. 

Section 2.04 Scheduled Tax Allocations. Notwithstanding anything to the contrary herein, all Taxes
arising out of the matters described in Schedule 2.04 shall be allocated to MetLife. 

  
 - 10 - 

 Section 2.05 Employment Taxes; Breaches of Covenants. 

(a) The Parties acknowledge and agree that this Agreement, including Article II, shall not apply with respect to any and all Employment
Taxes, for which the Employee Matters Agreement shall govern. 
 (b) Brighthouse shall be responsible for any and all Taxes resulting from a
breach by any member of the Brighthouse Group of any covenant in this Agreement including exhibits. 
 (c) MetLife shall be responsible for
any and all Taxes resulting from a breach by any member of the MetLife Group of any covenant in this Agreement including exhibits. 

Section 2.06 Allocation of Prior Period Adjustments. Within 20 days of filing an amended
Joint Return or a Final Determination in respect of a Joint Return for a Pre-Distribution Tax Period, MetLife shall deliver to Brighthouse a schedule, and any workpapers reasonably necessary to evaluate the
accuracy of such schedule, setting forth in reasonable detail a calculation of amounts required to be paid by or to any member of the Brighthouse Group, on the one hand, and MetLife, on the other, as if the MetLife Tax Allocation Agreement were
still in effect with respect to such Pre-Distribution Tax Period, and prepared in accordance with MetLife’s prior practice with respect to such Pre-Distribution Tax
Period. Brighthouse shall provide MetLife with notice of any disagreement with the schedules delivered pursuant to this Section 2.06 within fifteen (15) days of receipt of such schedules, and MetLife and Brighthouse shall reasonably
cooperate to resolve any disagreements over such schedules. In the event the Parties cannot agree, the dispute shall be resolved pursuant to the provisions of Section 5.05. Upon finalization of any schedule delivered
pursuant to this Section 2.06, MetLife or the relevant member of the Brighthouse Group, as the case may be, shall make payments to the other in accordance with the finalized schedule. 

Section 2.07 Proration of Taxes for Straddle Periods. 

(a) For U.S. federal income tax purposes, the Parties acknowledge and agree that the Tax Period of each member of the Brighthouse Group that
joined in the filing of the MetLife Federal Consolidated Income Tax Return will close as of the end of the Distribution Date. MetLife and Brighthouse shall take all commercially reasonable actions necessary or appropriate to close the taxable year
of each member of the Brighthouse Group for all other U.S. federal Tax purposes and any material state Tax purposes as of the end of the Distribution Date to the extent permitted by applicable Law; provided that this
Section 2.07(a) shall not be construed to require any member of the MetLife Group to change any of its Tax Periods. 

(b) For any Straddle Period, Taxes for the Pre-Distribution Tax Period shall be computed (i) in
the case of Taxes imposed on a periodic basis (such as Property Taxes), on a daily pro rata basis and (ii) in the case of other Taxes generally, (A) if commercially practicable, as if the Tax Period ended as of the close of business on the
Distribution Date and, (B) if such other Taxes are attributable to the ownership of any equity interest in a partnership, other “flowthrough” entity or “controlled foreign corporation” (within the meaning of
Section 957(a) of the Code or any comparable U.S. state or local or non-U.S. Tax Law), as if the Tax Period of that entity ended as of the close of business on the Distribution Date (whether or not such
Taxes arise in a Straddle Period of the applicable owner) and (C) otherwise on a daily pro rata basis. 
 Section 2.08 Tax
Refunds. 
 Subject to Section 2.09, if MetLife, Brighthouse or any of their respective Affiliates
receives any refund of any Taxes for which the other Party is allocated under this Article II (a “Refund Recipient”), such Refund Recipient shall pay to the other Party the entire amount of the refund (including interest
received from the relevant Tax Authority, but net of any Taxes imposed with respect to such refund and any other reasonable costs) within 30 business days of receipt thereof; provided, however, that the other Party, upon the request of
such Refund Recipient, shall repay the amount paid to the other Party (plus any penalties, interest or other charges imposed by the relevant Tax Authority) in the event such Refund Recipient is required by applicable law to repay such refund. In the
event a Party would be a Refund Recipient but for the fact it elected to apply a refund to which it would otherwise have been entitled against a Tax liability arising in a subsequent taxable period, then such Party shall be treated as a Refund
Recipient and the economic benefit of so applying the refund shall be treated as a refund, and shall be paid within 30 business days under timing principals of Section 2.09(e). 

  
 - 11 - 

 Section 2.09 Carrybacks and Claims for Refund. 

(a) Brighthouse hereby agrees that if a Tax Return of a member of the Brighthouse Group for a Post-Distribution Tax Period reflects any Tax
Attribute, then the applicable member of the Brighthouse Group shall elect to relinquish, waive or otherwise forgo the right to carry back any such Tax Attribute to a Pre-Distribution Tax Period to the extent
permissible under applicable Law. Such elections shall include, but not be limited to, the election described in Treasury Regulation Section 1.1502-21(b)(3)(ii)(B), and any analogous election under state,
local, or foreign Income Tax Laws, to waive the carryback of net operating losses or other Tax Attribute for U.S. federal Income Tax purposes. 

(b) If, notwithstanding the provisions of Section 2.09(a), Brighthouse is required to carryback a Tax Attribute,
MetLife shall promptly remit to Brighthouse any Tax Benefit that the MetLife Group actually realizes with respect to any such carryback on an “as and when” realized basis. 

(c) If Brighthouse has a Tax Attribute that must be carried back to any Pre-Distribution Tax Period,
Brighthouse shall notify MetLife in writing that such Tax Attribute must be carried back. Such notification shall include a description in reasonable detail of the basis for any Tax Benefit and the amount thereof, including supporting analysis that
the Tax treatment of such Tax Attribute is correct. 
 (d) If MetLife pays any amount to Brighthouse under
Section 2.09(b) and, as a result of a subsequent Final Determination, a Tax Benefit that gave rise to such payment is subsequently disallowed, MetLife shall notify Brighthouse of the amount to be repaid to MetLife, and
Brighthouse shall then repay such amount to MetLife, together with any interest, fines, additions to Tax, penalties or any additional amounts imposed by a Tax Authority relating thereto. 

(e) For purposes of this Agreement, a Tax Benefit shall be deemed to have been realized at the time any actual refund of Taxes is received or
applied against other cash Taxes due, or at the time of filing a Tax Return (including a Tax Return relating to estimated Taxes) on which a Tax Item is applied in reduction of cash Taxes that would otherwise be payable. 

Section 2.10 Allocation of Earnings and Profits and Tax Attributes. 

(a) All Tax Attributes or earnings and profits determined on a consolidated or combined basis for
Pre-Distribution Tax Periods shall be allocated to the MetLife Group and Brighthouse Group in accordance with the Code and the Treasury Regulations (and any applicable state, local, or non-U.S. law or regulation). MetLife shall reasonably determine the amounts and proper allocation of such Tax Attributes and earnings and profits as of the Distribution Date. In addition, the external auditor to
both MetLife and Brighthouse shall have audited as part of the Form 10. MetLife and Brighthouse agree to compute their Tax liabilities for Post-Distribution Tax Periods consistent with that determination and allocation. 

(b) The allocations made under this Section 2.10 shall be revised by MetLife to reflect each subsequent Final
Determination that affects such allocations. 
 ARTICLE III 

TAX RETURNS, TAX CONTESTS AND 

OTHER ADMINISTRATIVE MATTERS 

Section 3.01 Responsibility of Preparing Tax Returns. 

(a) MetLife shall timely prepare any Joint Returns or MetLife Separate Returns, including any Adjustment Request with respect thereto.

 (b) Brighthouse shall timely prepare any Brighthouse Separate Returns, including any Adjustment Request with respect thereto. 

  
 - 12 - 

 (c) To the extent that any Tax Return described in Section 3.01(a) or
3.01(b) includes (1) matters for which another Party may have an indemnification obligation to the Tax Return Preparer or that may give rise to a refund to which that other Party would be entitled under this Agreement, or
(2) matters that would require the other Party to prepare another Tax Return consistent with the treatment included therewith, the Tax Return Preparer shall (i) prepare the relevant portions of the Tax Return on a basis consistent with
past practice, except (A) as required by applicable Law or to correct any clear error, (B) as a result of changes or elections made on any Joint Return that relate materially to the other Party, (C) as mutually agreed by the Parties;
(ii) notify the other Party of any such portions not prepared on a basis consistent with past practice, and with respect to such portion, provide supporting analysis that the position on such Tax Return is correct; (iii) provide the other
Party a reasonable opportunity to review the relevant portions of the Tax Return (and any related workpapers); (iv) consider in good faith any reasonable comments made by the other Party; and (v) use commercially reasonable efforts to
incorporate, in the portion of such Tax Return related to the other Party’s potential indemnification obligation (or refund entitlement), any reasonable comments made by the other Party relating to the Tax Return Preparer’s compliance with
clause (i). The Parties shall attempt in good faith to resolve any issues arising out of the review of any such Tax Return and any dispute not resolved within 30 business days shall be resolved in accordance with
Section 5.05; provided however, (i) nothing in this Section 3.01(c) or Section 5.05 shall prevent Brighthouse or MetLife, respectively, from timely filing a Tax Return (with extensions)
and (ii) if a payment is made to a Tax Authority in connection with the filing of a Tax Return during the pendency of a disagreement described in this sentence, the Parties shall make any further payments necessary to reflect the ultimate
resolution of such disagreement within five (5) business days of such resolution. 
 Section 3.02
Filing of Tax Returns and Payment of Taxes. Each Party shall execute and timely file each Tax Return that it is responsible for filing under applicable Law and shall timely pay to the relevant
Taxing Authority any amount shown as due on each such Tax Return.. 
 Section 3.03 Tax Contests 

(a) MetLife or Brighthouse, as applicable, shall, within 10 business days of becoming aware of any Tax Contest (including a Transaction Tax
Contest) that could reasonably be expected to cause the other Party to have an indemnification obligation under this Agreement, notify the other Party of such Tax Contest and thereafter promptly forward or make available to the Indemnifying Party
copies of notices and communications relating to the relevant portions of such Tax Contest. A failure by an Indemnitee to give notice as provided in this Section 3.03(a) (or to promptly forward any such notices or
communications) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such failure; provided, however, that such
Indemnitee shall make all commercially reasonable efforts to mitigate such failure, including by seeking an extension of any relevant time limitations or deadlines for response. 

(b) Subject to the next two sentences, MetLife and Brighthouse each shall have the exclusive right to control the conduct and settlement of
any Tax Contest, other than a Transaction Tax Contest, relating to any Tax Return that it is responsible for preparing pursuant to Section 3.01. With respect to a Tax Contest relating to a Joint Return described in clauses
(1) or (2) of Section 3.01(c), (i) MetLife shall solely control the resolution of such Tax Contest, (ii) Brighthouse shall be permitted to participate in all formally scheduled meetings with any Tax Authority relating to such
contest, (iii) MetLife shall allow Brighthouse a reasonable opportunity to comment on any material proposed course of action and shall take account of Brighthouse’s reasonable comments in relation thereto, (iv) MetLife shall conduct
such Tax Contest with reasonable diligence and in good faith and (v) MetLife shall keep Brighthouse promptly informed of all material developments in relation to the Tax Contest, and (vi) if the outcome of a Tax Contest is material to
Brighthouse but not material to MetLife, MetLife must either (A) obtain the consent of Brighthouse to settle such Tax Contest, which consent shall not be unreasonably withheld or (B) waive any and all rights to indemnification or payment
from Brighthouse pursuant to Article II for matters arising from such Tax Contest. In determining the materiality of the outcome of a Tax Contest under this clause (vi), Brighthouse’s harm shall be measured by the amount of any cash paid and
the present value of any lost Tax Attributes, computed using a discount rate equal to the Early Termination Rate (as defined in the Tax Receivables Agreement). 

If the conduct or settlement of any portion or aspect of any Tax Contest that does not relate to a Joint Return could reasonably be expected
to cause a Party to have an indemnification obligation or a refund entitlement under this Agreement, then (i) the Indemnifying Party shall have the right to share joint control over the conduct and settlement of that portion or aspect, and
(ii) whether or not the Indemnifying Party exercises a right to control a Tax Contest, the Indemnitee shall not accept or enter into any settlement without the consent of the Indemnifying Party, which shall not be unreasonably withheld or
delayed. 

  
 - 13 - 

 (c) MetLife and Brighthouse shall have the right to control jointly the conduct and settlement of
any Transaction Tax Contest. Each Party shall execute any power of attorney necessary to effectuate such joint control. Notwithstanding the foregoing, MetLife shall be entitled to control exclusively the conduct and settlement of any Transaction Tax
Contest if MetLife notifies Brighthouse that (notwithstanding the rights and obligations of the Parties under this Agreement) MetLife agrees to pay (and indemnify Brighthouse against) any Tax-Related Losses
resulting from such Transaction Tax Contest. 
 (d) Joint control of the conduct and settlement of any Tax Contest (or portion or aspect
thereof) shall include but not be limited to the following: (i) neither Party shall accept or enter into any settlement of such Tax Contest (or the relevant portion or aspect thereof) without the consent of the other Party, which shall not be
unreasonably withheld or delayed, (ii) both Parties shall have a right to review and consent to, which consent shall not be unreasonably withheld or delayed, any correspondence or filings to be submitted to any Taxing Authority with respect to
such Tax Contest (or the relevant portion or aspect thereof) and (iii) both Parties shall have the right to attend any telephonic or in-person meetings with any Tax Authority or hearings unless waived in
writing. 
 Section 3.04 Expenses and Applicability. Subject to Section 4.05, after the Distribution,
each Party shall bear its own expenses in the course of any Tax Contest, other than expenses included in the definition of Tax-Related Losses. 

ARTICLE IV 
 INTENDED
TAX TREATMENT 
 Section 4.01 Tax Opinions/Rulings and Representation
Letters. Brighthouse has executed and caused to be delivered to the applicable Tax Advisors the applicable Representation Letters (other than the MetLife Officer’s Certificate) and understands that such letters will be relied upon by the
Tax Advisors in rendering the Tax Opinions. Brighthouse represents that (i) subject to any qualifications therein which are acceptable to the Tax Advisor, all information contained in the applicable Representation Letters executed and delivered
by it is true, correct and complete in all material respects and (ii) it is not aware of any material inaccuracy in either the Representation Letters delivered by MetLife or the Ruling Request. 

Section 4.02 Restrictions on Brighthouse. 

(a) Brighthouse agrees that it will not take or fail to take, or permit any member of the Brighthouse Group to take or fail to take, any
action where such action or failure to act would be materially inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation Letters in any material respect (including, for the avoidance of
doubt, the Officer’s Certificates, attached hereto as Exhibit A) or Tax Opinions/Rulings in any material respect. Brighthouse agrees that it will not take or fail to take, or permit any member of the Brighthouse Group to take or fail to take
any action reasonably likely to jeopardize (i) the Tax-Free Status, (ii) the Retail Contribution, taken together with the Subsequent Sale qualifying as a fully taxable transfer of the Contributed
Property under Section 1001 or (iii) the MRV Cell 2 Contribution from qualifying as a fully taxable transfer of the assets of MRV Cell 2 in an assumption reinsurance transaction. 

(b) During the two-year period following the Distribution Date, Brighthouse directly or indirectly
through one or more members of the Brighthouse Group shall continue the Active Trade or Business used to satisfy Section 355(b) of the Code, as described in the IRS Ruling and the KPMG Opinion. 

(c) Brighthouse agrees that, from the date hereof until the first day after the two-year anniversary
of the Distribution Date, it shall not (and shall not cause or permit any of its Affiliates to), in a single transaction or series of transactions: 

(i) enter into any Proposed Acquisition Transaction or, to the extent Brighthouse has the right to prohibit any Proposed
Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, 

  
 - 14 - 

 (ii) liquidate, merge or consolidate with any other Person (whether that other
Person or such Affiliate is the survivor) that was not already wholly owned by a member of the Brighthouse Group prior to such transaction; 

(iii) sell or transfer (other than sales or transfers of inventory in the ordinary course of business) all or substantially all
of the assets that were transferred to Brighthouse as part of the HoldCo Contribution or sell or transfer (or cause or permit to be transferred) 33% or more of the gross assets of the Active Trade or Business or 33% or more of the consolidated gross
assets of Brighthouse and its Affiliates (such percentages to be measured based on fair market value as of the Distribution Date), 

(iv) redeem or otherwise repurchase (directly or through an Affiliate) any Brighthouse Capital Stock, or rights to acquire
Brighthouse Capital Stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), 
 (v) amend its certificate of incorporation (or other organizational
documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of Brighthouse Capital Stock (including, without limitation, through the conversion of one class of Brighthouse Capital Stock into
another class of Brighthouse Capital Stock); or 
 (vi) take any other action or actions (including any action or transaction
that would be reasonably likely to be inconsistent with any representation made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account any other transactions described in this subparagraph (c))
would be reasonably likely to have the effect of causing or permitting one or more persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in Brighthouse or otherwise
jeopardize the Intended Tax Treatment; 
 unless, prior to taking any such action set forth in the foregoing clauses (i) through (vi),
(A) Brighthouse shall have requested that MetLife obtain a Ruling in accordance with Sections 4.04(b) and (d) of this Agreement to the effect that such transaction will not negatively affect the applicable
Intended Tax Treatment and MetLife shall have received such a Ruling in form and substance reasonably satisfactory to MetLife, (B) Brighthouse shall provide MetLife with a Post-Distribution Tax Opinion in form and substance reasonably
satisfactory to MetLife (and in determining whether such Tax Opinion is reasonably satisfactory, MetLife may consider, among other factors, the appropriateness of any underlying assumptions and management’s representations if used as a basis
for the opinion) or (C) MetLife shall have waived the requirement to obtain such Ruling or Post-Distribution Tax Opinion. In providing the Tax Opinion to MetLife, Brighthouse may redact any material
non-public information that, if MetLife receives, could raise anti-trust or securities issues; provided however, such redacted information does not materially impact the ability of MetLife to adequately review
the Tax Opinion. 
 Section 4.03 Restrictions on MetLife. 

(a) MetLife agrees that it will not take or fail to take, or permit any member of the MetLife Group to take or fail to take, any action where
such action or failure to act would be inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation Letters (including, for the avoidance of doubt, the Officer’s Certificates, attached
hereto as Exhibit A) or Tax Opinions/Rulings. MetLife agrees that it will not take or fail to take, or permit any member of the MetLife Group to take or fail to take any action reasonably likely to jeopardize (i) the Tax-Free Status, (ii) the Retail Contribution, taken together with the Subsequent Sale qualifying as a fully taxable transfer of the Contributed Property under Section 1001 or (iii) the MRV Cell 2
Contribution from qualifying as a fully taxable transfer of the assets of MRV Cell 2 in an assumption reinsurance transaction. 
 (b) During
the two-year period following the Distribution Date, MetLife directly or indirectly through one or more members of the MetLife Group shall continue the Active Trade or Business used to satisfy Section 355(b)
of the Code, as described in the IRS Ruling and the KPMG Opinion. 

  
 - 15 - 

 (c) MetLife agrees that, from the date hereof until the first day after the two-year anniversary of the Distribution Date, it shall not (and shall not cause or permit any of its Affiliates to), in a single transaction or series of transactions: 

(i) enter into any Proposed Acquisition Transaction or, to the extent MetLife has the right to prohibit any Proposed
Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, 
 (ii) liquidate, merge or consolidate with
any other Person (whether that other Person or such Affiliate is the survivor) that was not already wholly owned by a member of the MetLife Group prior to such transaction; 

(iii) sell or transfer 33% or more of the gross assets of the Active Trade or Business or 33% or more of the consolidated gross
assets of MetLife and its Affiliates (such percentages to be measured based on fair market value as of the Distribution Date), 

(iv) redeem or otherwise repurchase (directly or through an Affiliate) any MetLife Capital Stock, or rights to acquire MetLife
Capital Stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), 
 (v) amend its certificate of incorporation (or other organizational
documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of MetLife Capital Stock (including, without limitation, through the conversion of one class of MetLife Capital Stock into another
class of MetLife Capital Stock); or 
 (vi) take any other action or actions (including any action or transaction that would
be reasonably likely to be inconsistent with any representation made in the Representation Letters or the Tax Opinions/Rulings) which in the aggregate (and taking into account any other transactions described in this subparagraph (c)) would be
reasonably likely to have the effect of causing or permitting one or more persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in MetLife or otherwise jeopardize the
Intended Tax Treatment; 
 unless, prior to taking any such action set forth in the foregoing clauses (i) through (vi),
(A) MetLife shall receive a Ruling in accordance with Section 4.04 of this Agreement to the effect that such transaction will not affect the applicable Intended Tax Treatment, or (B) MetLife shall receive a
Post-Distribution Tax Opinion. MetLife shall provide a copy of that Tax Opinion to BHF, although MetLife may redact any material non-public information that, if Brighthouse receives, could raise anti-trust or
securities issues. 
 Section 4.04 Procedures Regarding Opinions and Rulings.

 (a) If Brighthouse notifies MetLife that it desires to take one of the actions described in clauses (i) through (vi) of
Section 4.02(c) (a “Notified Action”), MetLife and Brighthouse shall reasonably cooperate to attempt to obtain the Ruling or Post-Distribution Tax Opinion referred to in
Section 4.02(c), unless MetLife shall have waived the requirement to obtain such Ruling or Post-Distribution Tax Opinion. 

(b) MetLife agrees that at the reasonable request of Brighthouse pursuant to Section 4.02(c), MetLife shall
cooperate with Brighthouse and use its reasonable best efforts to seek to obtain or assist in obtaining, as expeditiously as possible, a Ruling from the IRS or other applicable Tax Authority or a Post-Distribution Tax Opinion for the purpose of
permitting Brighthouse to take the Notified Action. Further, in no event shall MetLife be required to file any Ruling Request under this Section 4.04(b) unless Brighthouse represents that (i) it has read the Ruling
Request, and (ii) all information and representations, if any, relating to any member of the Brighthouse Group, contained in the Ruling Request documents are (subject to any qualifications therein) true, correct and complete. Brighthouse shall
reimburse MetLife for all reasonable costs and expenses incurred by the MetLife Group in obtaining a Ruling or Post-Distribution Tax Opinion requested by Brighthouse within ten business days after receiving an invoice from MetLife therefor. 

  
 - 16 - 

 (c) MetLife shall have the right to obtain a Ruling or a Post-Distribution Tax Opinion at any
time in its sole and absolute discretion, unless such Ruling or Post-Distribution Tax Opinion would violate MetLife’s covenants under Section 4.03. If MetLife determines to obtain a Ruling or a Post-Distribution Tax
Opinion, Brighthouse shall (and shall cause each Affiliate of Brighthouse to) cooperate with MetLife and take any and all actions reasonably requested by MetLife in connection with obtaining the Ruling or Post-Distribution Tax Opinion (including,
without limitation, by making any representation or covenant or providing any materials or information requested by the IRS or Tax Advisor); provided that Brighthouse shall not be required to make (or cause any Affiliate of Brighthouse to make) any
representation that is untrue, provide any covenant as to future matters or events over which it has no control or that is materially more restrictive in scope than the covenants made by Brighthouse in this Agreement with respect to the subject
matter covered by such covenants, or provide any material or information it reasonably considers confidential unless reasonably acceptable confidentiality provisions are agreed to between the Parties. Subject to Section 4.04(b), MetLife and
Brighthouse shall each bear its own costs and expenses in obtaining a Ruling or a Post-Distribution Tax Opinion. 
 (d) Brighthouse hereby
agrees that MetLife shall have sole and exclusive control over the process of obtaining any Ruling, and that only MetLife shall apply for a Ruling. In connection with obtaining a Ruling pursuant to Section 4.04(b),
(i) MetLife shall keep Brighthouse informed in a timely manner of all material actions taken or proposed to be taken by MetLife in connection therewith; (ii) MetLife shall (A) reasonably in advance of the submission of any Ruling
Request documents provide Brighthouse with a draft copy thereof, (B) reasonably consider Brighthouse’s comments on such draft copy, and (C) provide Brighthouse with a final copy; and (iii) MetLife shall provide Brighthouse with
notice reasonably in advance of, and Brighthouse shall have the right to attend, any formally scheduled meetings with the IRS (subject to the approval of the IRS) that relate to such Ruling. Neither Brighthouse nor any Affiliates of Brighthouse
shall seek any guidance from the IRS or any other Tax Authority (whether written, verbal or otherwise) at any time concerning the tax consequences of the Transactions. 

Section 4.05 Liability for Tax-Related Losses. 

(a) Notwithstanding anything in this Agreement or the Master Separation Agreement to the contrary, subject to
Section 4.05(c), Brighthouse shall be responsible for, and shall indemnify and hold harmless MetLife and each of its Affiliates and each of their respective officers, directors and employees from and against, one hundred
percent (100%) of any Tax-Related Losses that are attributable to or result from any one or more of the following: (i) the acquisition (other than pursuant to the Transactions) of all or a portion of
the stock and/or assets of Brighthouse and/or its subsidiaries by any means whatsoever by any Person, (ii) any negotiations, understandings, agreements or arrangements by Brighthouse with respect to transactions or events (including, without
limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital contributions or acquisitions, or a series of such transactions or events) that cause the Distribution to be treated as part of a plan
pursuant to which one or more Persons acquire directly or indirectly stock of Brighthouse representing a Fifty-Percent or Greater Interest therein, (iii) any action or failure to act by Brighthouse or a member of the Brighthouse Group after the
Distribution (including, without limitation, any amendment to Brighthouse’s certificate of incorporation (or other organizational documents), whether through a stockholder vote or otherwise) affecting the voting rights of Brighthouse stock
(including, without limitation, through the conversion of one class of Brighthouse Capital Stock into another class of Brighthouse Capital Stock), (iv) any act or failure to act by Brighthouse or any Brighthouse Affiliate described in
Section 4.02 (regardless of whether such act or failure to act is covered by a Ruling, Post-Distribution Tax Opinion or waiver described in clause (A), (B) or (C) of Section 4.02(c)) or
(v) any breach by Brighthouse of its agreement and representation set forth in Section 4.01. 
 (b)
Notwithstanding anything in this Agreement or the Master Separation Agreement to the contrary, subject to Section 4.05(c), MetLife shall be responsible for, and shall indemnify and hold harmless Brighthouse and its
Affiliates and each of their respective officers, directors and employees from and against, one hundred percent (100%) of any Tax-Related Losses that are attributable to, or result from any one or more of
the following: (i) the acquisition (other than pursuant to the Transactions) of all or a portion of the stock and/or assets of MetLife and/or its subsidiaries by any means whatsoever by any Person, (ii) any negotiations, understandings,
agreements or arrangements by MetLife with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise of stock options or otherwise, option grants, capital contributions or acquisitions, or a series
of such transactions or events) that cause the Distribution to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly stock of MetLife representing a Fifty-Percent or Greater Interest therein,
(iii) any action or failure to act by MetLife or a member of the MetLife Group after the Distribution (including, without limitation, any amendment to MetLife’s certificate of incorporation (or other organizational documents), whether
through a stockholder vote or otherwise) affecting the voting rights of MetLife stock (including, without limitation, through the conversion of one class of MetLife Capital Stock into another class of MetLife Capital Stock), or (iv) any act or
failure to act by MetLife or any MetLife Affiliate described in Section 4.03. 

  
 - 17 - 

 (c) To the extent that any Tax-Related Loss is subject to
indemnity under both Sections 4.05(a) and Section 4.05(b), responsibility for such Tax-Related Loss shall be shared by MetLife and Brighthouse equally. 

Section 4.06 Reporting. MetLife and Brighthouse shall (i) timely file any appropriate information and statements (including
as required by Section 6045B of the Code and Treasury Regulations Section 1.355-5 and, to the extent applicable, Section 1.368-3 of the Regulations) to
report each step of the Transactions as qualifying for its Tax-Free Status (as applicable) and (ii) absent a change of Law or an applicable Final Determination otherwise, not take any position on any Tax
Return that is inconsistent with such qualification or qualification for the Intended Tax Treatment. 
 ARTICLE V 

PROCEDURAL MATTERS 

Section 5.01 Cooperation. 

(a) Each Party shall cooperate with reasonable requests from the other Party in matters covered by this Agreement, including in connection with
the preparation and filing of Tax Returns, the calculation of Taxes, the determination of the proper financial accounting treatment of Tax Items and the conduct and settlement of Tax Contests. Such cooperation shall include: 

(1) retaining until the expiration of the relevant statute of limitations (including extensions) plus one year, any and all
records, documents, accounting data, computer data, actuarial data, investment data and other information (“Records”) necessary for the preparation, filing, review, audit or defense of all Tax Returns relevant to an obligation,
right or liability of either Party under this Agreement; 
 (2) providing the other Party reasonable access to Records (in
the format reasonably determined by the other Party) and to its personnel (ensuring their cooperation and reasonable assistance) and premises during normal business hours to the extent relevant to an obligation, right or liability of the other Party
under this Agreement or otherwise reasonably required by the other Party to complete Tax Returns, comply with audit requirements, participate in any audit or examination of Tax Returns or to compute the amount of any payment contemplated by this
Agreement; and 
 (3) after the period of time described in Section 5.01(a)(1) has expired, notifying the other Party
prior to disposing of any relevant Records and affording the other Party the opportunity to take possession or make copies of such Records at its discretion. 

(b) Additionally, each Party shall provide to the other Party (in the format reasonably determined by 

the other Party) all information and assistance requested by the other Party as reasonably necessary to 

(1) prepare any Tax Return described in Section 3.01(a) or Section 3.01(b); 

(2) respond to any Tax Contest; 

(3) obtain an opinion from an outside Tax Advisor with respect to matters (1) and (2) above; and 

(4) comply with auditor requests with respect to matters (1) and (2) above; 

  
 - 18 - 

 Any such request shall be fulfilled as soon as practicable after receipt of a written notice describing the
information required. 
 Section 5.02 Interest. Any payments required pursuant to this Agreement that are
not made within the time period specified in this Agreement shall bear interest from the end of that period. Interest required to be paid pursuant to this Agreement shall, unless otherwise specified, be computed at the underpayment rate for large
corporate underpayments, in effect from time to time under Section 6621 of the Code, while such amount is outstanding. 

Section 5.03 Indemnification Claims and Payments. 

(a) Except as provided in Article III, an Indemnitee shall be entitled to make a claim for payment with respect to Taxes (or Tax-Related Losses) under this Agreement only after actual payment by the Indemnitee or a Final Determination that such payment is required (whichever is earlier). The Indemnitee shall provide to the Indemnifying
Party notice of such claim within 60 business days of the first date on which it so becomes entitled to make such claim. Such notice shall include a description of such claim and a detailed calculation of the amount claimed. 

(b) The Indemnifying Party shall make the claimed payment to the Indemnitee within 30 business days after receiving such notice, unless the
Indemnifying Party reasonably disputes its liability for, or the amount of, such payment. 
 (c) A failure by an Indemnitee to give notice
as provided in Section 5.03(a) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such failure. However, a
failure by Indemnitee to give the notice required by this Agreement shall extend the Indemnifying Party’s time for payment, without application of interest, until conforming notice is provided. 

Section 5.04 Treatment of Payments. Except to the extent otherwise required by applicable Tax
law, Brighthouse and MetLife agree that (i) any payment payable pursuant to this Agreement shall be treated as if it occurred immediately prior to the Distribution and shall be treated as being distributed or contributed pursuant to the plan of
reorganization that includes the Distribution and (ii) shall not be subject to any U.S. federal income tax withholdings under applicable Tax law as of the date hereof. In the event of a change in applicable Tax law that results in a non-creditable withholding tax, the Parties agree to renegotiate the terms of this Agreement in good faith to minimize the economic effect of any withholding tax. Notwithstanding anything to the contrary herein, to
the extent a Party makes a payment of interest as provided for in Section 5.02, the interest payment shall be treated as interest expense to the payor (deductible to the extent provided by applicable tax law) and as
interest income by the payee (includible in income to the extent provided by applicable tax law). 
 Section 5.05 Dispute
Resolution. The Parties shall work together in good faith to resolve any disputes under this Agreement. If the Parties are unable to resolve the dispute within 30 business days, such dispute shall be resolved by a Tax Advisor proposed by MetLife
and agreed to by Brighthouse and whose engagement letter shall be executed by both Parties with fees and costs to be shared equally by MetLife and Brighthouse. If the Parties are unable to agree on a Tax Advisor within 10 business days after the end
of the 30 business day period in the previous sentence, the Parties shall each select a Tax Advisor, and those two Tax Advisors shall select a third Tax Advisor to resolve the dispute. The fees and costs of such third Tax Advisor shall be shared
equally by MetLife and Brighthouse. 

  
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 ARTICLE VI 

MISCELLANEOUS 

Section 6.01 Termination. The indemnification and other obligations under this Agreement will terminate
without further action six months after the expiration of all applicable statutes of limitation (including extensions) except for claims for indemnification for which the Indemnitee has provided notice to the Indemnifying Party , within the
applicable indemnification survival period described in the previous clause. If terminated, no Party will have any Liability of any kind to the other Party or any other Person on account of this Agreement except as specified in the previous
sentence. 
 Section 6.02 Survival. Except as expressly set forth in this Agreement, the covenants and
indemnification obligations in this Agreement shall remain in full force and effect until this Agreement is terminated pursuant to Section 6.01. 

Section 6.03 Master Separation Agreement. The Parties agree that, in the event of a conflict
between the terms of this Agreement and the Master Separation Agreement with respect to the subject matter hereof, the terms of this Agreement shall govern. 

Section 6.04 Confidentiality. Each Party hereby acknowledges that confidential information of such Party or
its Affiliates may be exposed to employees and agents of the other Party or its Affiliates as a result of the activities contemplated by this Agreement. Each Party agrees, on behalf of itself and its Affiliates, that such Party’s obligations
with respect to information and data of the other Party or its Affiliates shall be governed by the Master Separation Agreement. 

Section 6.05 Counterparts; Entire Agreement. 

(a) This Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and
shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all
purposes. 
 (b) This Agreement, the Master Separation Agreement, the other Transaction Documents and the Appendices, Exhibits and Schedules
hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to
such subject matter, and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or therein. 

Section 6.06 Governing Law. This Agreement shall be governed by and construed and interpreted in
accordance with the Laws of the State of New York, irrespective of the choice of Laws and principles of the State of New York, as to all matters, including matters of validity, construction, effect, enforceability, performance and remedies. 

Section 6.07 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY
WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH PARTY HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.07. 

Section 6.08 No Double Recovery. No provision of this Agreement shall be construed to provide
an indemnity or other recovery for any costs, damages, or other amounts for which the damaged Party has been fully compensated under any other provision of this Agreement or under any other agreement or action at law or equity; provided however,
this document shall be read in conjunction with the Tax Receivables Agreement and thus, Tax Items (and related payments therefore, if applicable) covered by the Tax Receivables Agreement shall be governed by that Agreement and all other Tax Items
(and related payments therefore, if applicable) shall be governed by this Agreement, without any double recovery. 

  
 - 20 - 

 Section 6.09 Assignability. Neither this Agreement nor any of
the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise except as described herein. Any purported assignment without such consent shall be void. Subject to the preceding
sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, either Party may assign this Agreement without consent in
connection with (a) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, or (b) the sale of all or substantially all of such
Party’s assets; provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment and
assumption to the non-assigning Party. No assignment permitted by this Section 6.09 shall release the assigning Party from liability for the full performance of its obligations under
this Agreement. 
 Section 6.10 Authority. Each of the Parties represents to the other that (a) it has
the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate or other action, (c) it
has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

Section 6.11 Third-Party Beneficiaries. The provisions of this Agreement are solely for the benefit of
the Parties hereto and are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder and there are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third Person with
any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

Section 6.12 Notices. Each Party giving any notice required or permitted under this Agreement shall be in
writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by e-mail (followed by delivery of an original via
overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a Notice): 

If to Brighthouse, to: 

Brighthouse Services LLC 
 Gragg
Building 
 11225 North Community House Road 

Charlotte, NC 28277 
 Attn: SVP
Tax 
 Copy to: 
 Brighthouse
Services LLC 
 Gragg Building 

11225 North Community House Road 

Charlotte, NC 28277 
 Attn:
General Counsel 

  
 - 21 - 

 with a copy to (which shall not constitute notice): 

Sidley Austin LLP 
 One South
Dearborn 
 Chicago, IL 60603 

Attn: Tracy Williams 

Fax:  (312) 853-7036 

If to MetLife, to: 
 MetLife, Inc.

 200 Park Avenue 
 New York,
NY 10166 
 Attn: SVP Tax Director 

Fax:  (212) 578-6542 

Copy to: 
 MetLife, Inc. 

200 Park Avenue 
 New York, NY
10166 
 Attention: General Counsel 

with a copy to (which shall not constitute notice): 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, NY
10019 
 Attn: Christopher J. Peters 

Fax:  (212) 728-9868 

A Party may change the address for receiving notices under this Agreement by providing written notice of the change of address to the other. 

Section 6.13 Severability. If any provision of this Agreement or the application thereof to any Person or
circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which
it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and
enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable provision. 

Section 6.14 Headings. The article, section and paragraph headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 6.15 Waivers of Default. No failure or delay of either Party (or its Affiliates) in
exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course
of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by either Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of
any subsequent or other default. 

  
 - 22 - 

 Section 6.16 Specific Performance. In the event of any
actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, MetLife shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in
addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. Brighthouse shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties
agree that the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is
waived. Any requirements for the securing or posting of any bond with such remedy are waived. The Parties acknowledge and agree that the right of specific enforcement is an integral part of this Agreement and without that right, neither MetLife nor
Brighthouse would have entered into this Agreement; provided further, nothing in this Section 6.16 shall require Brighthouse to give MetLife any material non-public information. 

Section 6.17 Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or
modified by either Party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

Section 6.18 Compliance by Affiliates. The Parties shall cause their respective Affiliates to
comply with this Agreement. 

  
 - 23 - 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement as of the day and year
first written above. 
  

			
	 METLIFE, INC.

		
	By:	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

	
	BRIGHTHOUSE FINANCIAL, INC.
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

  
 - 24 -

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