Document:

MetLife Auxiliary Pension Plan

 Exhibit 10.81 
 METLIFE AUXILIARY PENSION PLAN 
 Metropolitan Life Insurance Company
(“Company”) hereby amends and restates the Part I of the MetLife Auxiliary Pension Plan (“Plan”) effective January 1,2007. 
 Part I 
 Part I of this Plan document contains the provisions of the Plan
that govern 409A Benefits as defined in Article 4.1(a) of Part I. All references to “409A” or “Section 409A” in this Plan are references to Section 409A of the Internal Revenue Code and the regulations there under.

 Article 1. Purpose of Plan. 

The purpose of the Plan is to provide to certain participants employed by the Company, other employers (each an “Employer”) participating under
the Metropolitan Life Retirement Plan for United States Employees (“Retirement Plan”) and his/her beneficiaries, the excess amount that would have been payable under the Retirement Plan in the absence of the limitations under
(i) section 415 of the Internal Revenue Code of 1986 (as amended) (“Internal Revenue Code”), (ii) section 401(a)(17) of the Internal Revenue Code, or such lesser limit as in effect under the Retirement Plan and (iii) section
1.415-2(d)(2) of the Income tax Regulations, that excludes compensation deferred under the Company’s or an Employer’s deferred compensation arrangements. 
 Except for terms defined in this Plan, all capitalized terms used in this Plan shall have the same definition and meaning assigned to those terms under the Retirement Plan. 

Article 2. Participation  
 A Participant
in the Plan is any Employee that is eligible under Section 2.1, 2.2 or 2.3 below: 
  

	2.1.	An Employer or Company Employee participating in the Retirement Plan: 

  

	(a)	whose Retirement Plan benefits are reduced because of the application of Section 401(a)(17) of the Internal Revenue Code (or such lesser limit as in effect under
the Retirement Plan), or, 

  

	(b)	whose Retirement Plan benefits are reduced because of the application of section 415 of the Internal Revenue Code, including Treasury Regulation 1.415-2.

 shall be eligible to participate in the Plan as stated in all Articles except Section 4.2 of Article 4 and Article 4A.

  
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 2.2. PRA/PLS Benefit. “PRA/PLS Benefit” means a benefit that is either a Personal
Retirement Account benefit or a Performance Pension Account benefit under the Retirement Plan. Likewise, any benefit referred to as a “non PRA/PLS Benefit” or “not a PRA/PLS Benefit” refers to benefits under the Retirement Plan
that are not PRA/PLS Benefits. 
 An Employer or Company Employee with a benefit that is not a PRA/PLS Benefit participating in the Retirement
Plan who: 
  

	(a)	is in a compensation grade of 36 or higher (or an equivalent compensation grade), or, 

 

	(b)	is a member of the Chairman’s Council for 3 consecutive years, or, 

  

	(c)	is listed in Appendix A, or, 

  

	(d)	has been inducted into the Sales Representative Hall of Fame and has attained the age of 65 

 shall be eligible to participate in the Plan as stated in all Articles. 
 If an Employee is an
eligible Participant in the Plan under Section 2.1 of this Article, and on or after January 1, 1995, he/she qualifies as a Participant under Section 2.2 of this Article, then the portion of his/her benefit that is not a PRA/PLS
Benefit that has accrued to that Employee shall be determined and payable as if the Employee was always eligible under Section 2.2 of this Article. If, after qualifying as a Participant under Section 2.2 of this Article, an
individual’s compensation grade drops below level 36 (or its equivalent), or the individual ceases to qualify for the Chairman’s Council, then that individual shall continue to be treated as if he or she meets the requirements of
Section 2.2 of this Article. 
 2.3. An Employer or Company Employee participating in the Retirement Plan: 

 

	(a) (i)	who participated and accrued benefits in either of the following plans.: 

• The New England Life Insurance Company Select Employee’s Supplemental Retirement Plan, or 

 • New England Life Insurance Company Supplemental Retirement Plan, and, 

 

	 	(ii)	who, on December 31, 2000, was actively employed by New England Life Insurance Company, the Company or an Employer, 

shall be eligible, on January 1, 2001, to participate in this Plan, except Section 4.2 of Article 4 and Article 4A. These individuals shall
have his/her entire auxiliary defined benefit as defined in Article 4.2 (and including amounts previously accrued under the New England plans named above) paid under this Plan, in accordance with the terms of this Plan. These individuals shall be
eligible to participate in this Plan as stated in 

  
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 Section 4.2 of Article 4 and Article 4A if they qualify as a Participant under Section 2.2 of this
Article after December 31, 2000. 
  

	(b) (i)	who participated and accrued benefits in the GenAmerica Corporation Augmented Benefit Plan, (only insofar as it relates to benefits on compensation that exceeded the
limits imposed by or upon the GenAmerica Corporation Performance Pension Plan and Trust.) and, 

  

	 	(ii)	who, on December 31, 2002, was actively employed by General American Life Insurance Company, the Company or an Employer, 

shall be eligible, on January 1, 2003, to participate in this Plan, except Section 4.2 of Article 4 and Article 4A. These individuals shall
have his/her entire auxiliary defined benefit as defined in Section 4.2 (and including amounts previously accrued under the Augmented Benefit Plan) paid under this Plan, in accordance with the terms of this Plan. These individuals shall be
eligible to participate in Section 4.2 of Article 4 and Article 4A of this Plan if they qualify as a Participant under Section 2.2 of this Article after December 31, 2002. 
 Article 3. Vesting  
 Participants will vest in their accrued benefit, described in Article
4.2, under this Plan in accordance with the vesting schedule under the Retirement Plan. 
 All benefits accrued by Participants under this Plan,
prior to a Change of Control as defined in Article 8, shall vest if the Participant satisfies the vesting schedule that existed under the Retirement Plan immediately prior to the Change of Control. 

Article 4. Payment of Benefits  
 4.1.
Definitions. 
  

	(a)	409A Benefits. “409A Benefits” For individuals who are eligible under Section 2.2 on or before December 31, 2006, “409A Benefits”
means the portion of a Participant’s vested benefit that accrues after December 31, 2004. For all other Participants in the Plan “409A Benefits” means his/her entire accrued benefit payable under this Plan.

  

	(b)	Grandfathered Benefits. “Grandfathered Benefits” means the portion of a Participant’s benefit vested and accrued prior to January 1, 2005
plus any other increases or amounts that can be included in the grandfathered benefit under Internal Revenue Code Section 409A and the regulations there under. Only individuals who: 

 

	 	(i)	are eligible under Section 2.2 on or before December 31, 2006, 

  

	 	(ii)	are described in Section 4.7(c) and (d) of the Plan, or 

  
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	 	(iii)	terminated on or before December 31, 2004 with a vested benefit that is not a PRA/PLS Benefit 

will have “Grandfathered Benefits” under this Plan. 
 4.2. Benefits under this Plan shall be payable to a Participant in an amount equal to the difference, as determined by the Plan Administrator in its sole discretion, between (a) and (b) below:

  

	(a) 	the largest amount (without duplication of amount) that would have been payable to the Participant under the Retirement Plan, had the Retirement Plan not been subject
to the limitations of Internal Revenue Code Sections: (i) 415, (ii) 401(a)(17) or such lesser limit as stated in the Retirement Plan, and (iii) Regulation Section 1. 415-2(d)(2) (with respect to deferred compensation
arrangements); and, 

  

	(b)	the amount of benefits payable under the Retirement Plan and any predecessor auxiliary plan. 

 4.3. Distribution of 409A Benefits  
 Participants who have an election on file that
complies with 409A, as determined by the Plan Administrator, and specifies the time and form for distribution of benefits, will have that election govern payment. If a Participant does not have an election on file that complies with 409A, then
benefits commencing during 2006 will continue to follow, in time and form, the Participant’s distributions under the Retirement Plan. With regard to benefits commencing after December 31, 2006, the time/form of payment for the
Participant’s 409A Benefits will be as specified below: 
  

	(a)	PRA/PLS Benefits will be paid in a lump sum as soon as administratively possible after separation from service. 

 

	(b)	Benefits that are not PRA/PLS Benefits will be paid in the following annuity forms commencing at the later of separation from service or attainment of Retirement
eligibility: 

  

	 	(i)	Participants who are not married at the time distributions commence will receive a life annuity with a 5 year term certain. 

 

	 	(ii)	Participants who are married at the time distributions commence will receive a 50% contingent survivor annuity, with the spouse of the Participant as the survivor
annuitant. 

  

	(c)	PRA/PLS Benefits for Participants who terminated on or before December 31, 2006, will be paid in a lump sum as soon as administratively possible after
December 31, 2006. 

  
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	(d)	Participants with benefits that are not PRA/PLS Benefits, who separated from service and have reached the earliest date they are eleigible for a distribution from the
Retirement Plan as of December 31, 2006, will have benefits paid to him/her in the appropriate annuity form specified in (b)(i) or (ii) above, commencing as soon as administratively possible after December 31, 2006.

  

	(e)	Alternate payees receiving benefits under the Plan through a Qualified Domestic Relations Order (“QDRO”) as defined under section 414 (p) of the Internal
Revenue Code, will receive benefits in the time and form specified in the QDRO. At the discretion of the Plan Administrator, certain alternate payees with a QDRO that does not specify the time or the form of their benefit payments may be provided
the opportunity, during 2006 and 2007, to elect the time and/or form for payment of their benefits under the Plan. In the absence of an election filed by the alternate payee or a specified time for payment in the QDRO the alternate payee will have
benefits paid to them at the same time as benefits are paid under this Plan to the Participant from whom his/her interest in the Plan arose. In the absence of an election filed by the alternate payee or a specified form of payment in the QDRO, the
alternate payee will have benefits paid to them under either (i), (ii) or (iii) below: 

  

	 	(i)	For alternate payees whose interest arose from a Participant who was a Participant under Article 2.2 of the Plan the alternate payee’s form of benefit will be the
same form payable to the Participant under the Plan, 

  

	 	(ii)	For alternate payees whose interest arose from a Participant with a PRA/PLS Benefit under the Plan, the alternate payee’s form of benefit will be a lump sum
payment as soon as administratively possible after the Participant’s separation from service, 

  

	 	(iii)	For alternate payees whose interest arose from a Participant who was not a Participant under Article 2.2 of the Plan and who had a benefit that was not a PRA/PLS
Benefit, the alternate payee will receive his/her benefit in the form of a life annuity with a 5 year term certain. 

 In no event
will benefits be distributed under a QDRO at any time or in any form not allowed, in the sole discretion of the Plan Administrator, under the Plan or under the laws governing this Plan. Alternate payees have the status of beneficiaries under this
Plan. 
 4.4 Notwithstanding the default forms of payment listed in Article 4.3 above: 

 

	(a)	the Company intends all forms of payment to be treated as a single payment and Participants with benefits other than PRA/PLS Benefits will be able to elect, in
accordance with Internal Revenue Code Section 409A, as determined by the Plan Administrator, among actuarially equivalent annuity forms of benefit any time prior to the payment commencement date for such benefit. 

  
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	(b)	any Participant identified as a Key Employee as that term is defined under 409A, and, whose benefit is payable due to separation from service or Retirement shall not
have his/her 409A Benefits commence under this Plan in any form until six months have elapsed since his/her separation or Retirement. The determination of who is a Key Employee will be based on taxable compensation paid during the 12-month period
ending August 31st of the calendar year immediately preceding the year of the distribution. 

 4.5 Minimum Distribution.
Through December 31, 2007, Participants subject to minimum distribution of their Retirement Plan benefit under Code Section 401(a)(9), and the regulations thereunder, will have their Auxiliary Pension Plan benefits taken into account in
calculating their total minimum distributions, and will have their Auxiliary Pension Plan benefits follow, in time and form of payment, the minimum distributions made under the Retirement Plan. 

4.6 Only for those individuals who are eligible under Article 2.2, Final Average Compensation used to determine the largest amount that would have been
payable under Article 4.2(a) above, will be based on the following rules, notwithstanding the actual provisions of the Retirement Plan. 
 For
an eligible Participant that is not a Commissioned Employee under the Retirement Plan, Final Average Compensation will be the sum of (a) and (b) below: 
  

	(a)	The base salary component of the Participant’s Final Average Compensation is determined using the average of the Participant’s base salary for the 60 highest
consecutive months during the 120 months preceding the Participant’s date of Retirement or termination, and, 

  

	(b)	The component of the Participant’s Final Average Compensation representing the MetLife Annual Variable Incentive Compensation Plan or successor annual cash bonus
plan or program (“AVIP”) award will be determined using the average of the Participant’s highest 5 AVIP payments (not necessarily consecutive) with respect to the 10 calendar years preceding such Participant’s date of Retirement
or termination (including any projected payment(s) to be made beyond the Participant’s date of Retirement or termination). 

The AVIP award, as set forth in subsection (b) immediately above, projected to be made beyond the Participant’s date of Retirement or
termination will be deemed equal to the result of the following calculation, as determined by the Plan Administrator in its sole discretion: 
  

	(i)	the highest of the last 3 bonuses/awards paid while the Participant was in active Company service multiplied by 

 

	(ii)	a fraction, the numerator of which is the number of months (or part thereof) that the Participant was actively employed in the calendar year(s) for which the
bonus/award would be payable and the denominator of which is 12. 

  
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	 	(iii)	If the fraction determined under (ii) immediately above, is less than 1, then, the fractional amount determined under (ii) shall replace an equivalent
fractional amount in the lowest of the 5 highest AVIP payments used in (b) above. This replacement shall occur only if the fractional amount determined under (ii) is greater than the fractional amount it is replacing in the lowest of the 5
highest AVIP payments. 

 Notwithstanding (b)(i), (ii) and (iii), if a specific amount of bonus/award was already approved
under the AVIP, prior to the Participant’s date of Retirement or termination, such amount shall be used instead of the deemed estimate, and such amount shall also be taken into account in determining the highest of the Participant’s last 3
bonuses/awards with regard to any bonus/award payable for the Participant’s year of Retirement or termination. 
 If, at the time of
Retirement or termination, fewer than 5 AVIP payments have been made to a Participant, then the AVIP component of Final Average Compensation shall be the average of: all AVIP payments actually made to the Participant and the projected payment
(described above) for the year of Retirement or termination. 
 For eligible Participants that are compensated on a commission basis, Final
Average Compensation will be the amount described in appropriate provisions of the Retirement Plan. 
 4.7 Except as described in
(a) through (e) immediately below, Grandfathered Benefits shall be payable in the same form(s) and at the same times as benefits are payable under the Retirement Plan. 

 

	(a)	Alternative Distributions of the benefit under Article 4A shall be paid in the form, and at the time stated in the election form completed by the Participant and
approved by the Committee. 

  

	(b)	Pre-Distribution Death Benefits as described in Article 4A.5 shall be paid in accordance with the terms of that Article. 

 

	(c)	Individuals who: 

  

	 	(i)	had accrued benefits under the New England Life Insurance Company’s non-qualified Plans listed in Section 2.3, 

 

	 	(ii)	terminated employment on or before December 31, 2000, and, 

  

	 	(iii)	did not become Employees of the Company or an Employer upon that termination of employment, 

 will have his/her benefits paid from this Plan in the amounts, at the times and in the form provided for under the provisions of those prior plans. 

  
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	(d) 	Individuals who: 

  

	 	(i)	had accrued benefits under the GenAmerica Corporation Augmented Benefit Plan, 

 

	 	(ii)	terminated employment on or before December 31, 2002, and, 

  

	 	(iii)	did not become Employees of the Company or an Employer upon that termination of employment, 

 will have his/her entire auxiliary defined benefit paid from this Plan in the amounts, at the times, and in the form provided for under the provisions of that prior plan. 

(e) Individuals described in Section 2.3 shall have his/her entire auxiliary defined benefit (including amounts previously accrued under the plans
named in Section 2.3) paid under this Plan, in accordance with the terms of this Plan. 
 4.8 Notwithstanding any provision to the
contrary, the payment of benefits under this Plan shall not be effected by, or be subject to, the qualified pre-retirement survivor annuity and qualified joint and survivor annuity rules under the Retirement Equity Act of 1984. 

Payment of benefits under this Plan will not be effected by, or be subject to, minimum distributions as described under Section 401(a)(9) of the
Internal Revenue Code and the accompanying Regulations under that Section. 
 Article 4A. Alternative Distribution  

Alternative forms of distribution are available to those individuals who are eligible Participants under Section 2.2 herein on or before
December 31, 2006. The ability to elect an Alternative form of distribution may, in the discretion of the Plan Administrator, be granted to Participants who do not qualify under Section 2.2 of the Plan, but who, as of December 31,
2006, have a PRA benefit and meet any of the requirements in (a) through (d) of Section 2.2 of the Plan. Alternative forms of distribution may be elected by eligible Participants on or before December 31, 2007 and may apply to
his/her 409A benefit as allowed under the transition relief provided under 409A. After December 31, 2007, alternative forms of distribution can only be elected by eligible Participants under Section 2.2 herein for his/her Grandfathered
Benefits. 
 4A.1 Definitions 
  

	(a)	Alternative Distribution. “Alternative Distribution” means one of the following modes of payment: 

 

	 	(i)	Single Sum: Payment in a single sum. 

  

	 	(ii)	Installment Payments for a Specific Period: Monthly or annual payments are made to the Participant for a specified number of years selected (not exceeding 20
years). If the Participant dies before the expiration of the specified period, installment payments will continue to be made for the remainder of the period chosen by the Participant to a beneficiary designated by the Participant.

  
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	 	(iii)	Other Distribution: Any other form of payment that is mutually agreed upon by the Participant and the Committee. 

 

	(b)	Committee. “Committee” means the Compensation Committee of the Board of Directors of the Company. The Committee, or either component thereof, may
delegate any of its powers or authority under this Plan in any manner consistent with law. 

  

	(c)	Election Date. “Election Date” means the date on which the Participant files his/her request for an Alternative Distribution. For Participants who are
Retirement eligible when they separate from service with the Company or an Employer, this date can be no later than the day before the Participant’s Retirement or termination date. For Participants who are not Retirement eligible when they
separate from service with the Company or an Employer, this date can be no later than 12 months before the Distribution Date. 

  

	(d)	Distribution Date. “Distribution Date” means the date distributions commence under the mode of payment elected by the Participant. For Participants who
are Retirement eligible when they separate from service with the Company or an Employer, this date cannot be earlier than the Participant’s Retirement or termination date. For Participants who are not Retirement eligible when they separate from
service with the Company or an Employer, this date cannot be earlier than the later of: 

  

	 	(i)	12 months following the Participant’s Election Date, and 

  

	 	(ii)	the earliest date the Participant becomes eligible for a distribution from the Retirement Plan. 

 4A.2. Payment in the Form of an Alternative Distribution. 
 In order to receive an
Alternative Distribution: (i) a request form must be duly filed by the Participant in compliance with both the provisions of this Article 4A and the procedures as set forth from time to time by the Committee, (ii) consent thereto must be
given by the Committee, and (iii) payment in the form of an Alternative Distribution must be made pursuant to a request form that satisfies 409A and the regulations there under. 

  
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 4A.3. Election of Alternative Distribution. 
 A form requesting that Grandfathered Benefits under this Plan be paid in the form of an Alternative Distribution must be submitted by the Participant to the Committee no later than the day before the
Participant’s Retirement date. For Participants who are separating from service with the Company or an Employer before they are Retirement eligible, the form requesting an Alternative Distribution must be submitted by the Participant to the
Committee no later than 12 months before the Distribution Date indicated on the election form. All requests must be in writing, signed by the Participant, and follow the format prescribed by the Committee. On the request form the Participant must
also designate (i) the mode of payment requested and (ii) the Participant’s Retirement or Distribution Date. A request form shall be deemed submitted by the Participant to the Committee on the day that such form is received by the
Committee. Prior to the Participant’s Retirement date, the request form can be revoked by the Participant. Any revocation must be in writing and comply with the procedures of the Committee. A request form submitted by the Participant shall
become irrevocable and binding as to all elections and designations made by the Participant as of the Retirement date. In the event that a Participant’s request form is not filed before his/her Retirement date, the Participant’s Plan
benefits will be paid in the same form as the benefits paid to the Participant under the Retirement Plan. For Participants who separate from service before they are Retirement eligible, the request form shall become irrevocable and binding, as to
all elections and designations, 12 months before the Distribution Date. 
 4A.4. Consent of the Committee.  

Payment in the form of an Alternative Distribution shall require the consent of the Committee. The Committee shall have full and complete discretion to
approve or reject any request for an Alternative Distribution. The decision of the Committee on the Participant’s request form shall be made known to the Participant in writing. 
 4A.5. Death of Participant Before Distribution Date. 
  

	(a)	A Participant under Section 2.2, who accrued Plan benefits other than PRA/PLS Benefits before death, shall have 50% of the present value of his/her undistributed
non PRA/PLS Benefit, (valued as a single sum under Section 4A.6(a) below and actuarially adjusted for payment at the Participant’s earliest Retirement date or the day prior to death, if the Participant was Retirement eligible at death),
paid to his/her designated beneficiary. This pre-distribution death benefit will be payable in the form designated by the Participant and approved by the Committee. 

A Participant may file with the Committee a form (which will become irrevocable only upon death) designating a beneficiary or changing
his/her existing designation. This form will also allow the Participant to choose the form in which the pre-distribution death benefit will be paid. All optional forms of benefit available to the Participant under this Plan and the Retirement Plan
will be available for payment of this death benefit. 
  

	(b)	For salaried Participants covered under Section 2.2, a single sum, equivalent to the full value of a Participant’s undistributed non PRA/PLS Benefit on the
date of the Participant’s death, (valued under Section 4A.6(a)), shall be paid to the Participant’s designated beneficiary if: 

  
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	 	(i)	the Participant notifies the Committee in a request form in effect on the Election Date of his or her anticipated Retirement date, 

 

	 	(ii)	the Committee gives its consent to the payment of a Single Sum or Installment Payments for a Specific Period before the Distribution Date is reached,

  

	 	(iii)	the Participant agrees to defer Retirement at the Company’s written request, 

 

	 	(iv)	the Distribution Date for payment of the Single Sum or Installment Payments for a Specific Period is deferred to the Participant’s Retirement date, and

  

	 	(v)	the Participant dies after such anticipated Retirement date but before Retirement. 

 In the absence of a designation by the Participant, the death benefit, under (a) or (b) immediately above, shall be paid to the Participant’s surviving spouse in a single sum. If the
Participant has no surviving spouse at the time of death, then the death benefit shall be paid to the Participant’s estate. 
 4A.6.
Valuation of Alternative Benefit  
  

	(a) 	The actuarial equivalent value of the Single Sum shall be determined using the UP 84 Mortality Table, set forward one year for the Participant and set back four years
for the Participant’s spouse, (if applicable). If the Participant is Retirement eligible at separation from service, then the Pension Benefit Guaranty Corporation immediate interest rate (“PBGC Rate”) used to calculate the Single Sum
shall be the lowest rate in effect in the 12 months prior to the Participant’s actual Retirement date If the Participant was not Retirement eligible on December 31, 2004, then the PBGC Rate used to calculate the Single Sum shall be the
rate in effect in the month prior to the later of: 

  

	 	(i)	the Participant’s earliest Retirement date or 

  

	 	(ii)	the Participant’s actual Retirement date. 

  

	(b) 	The actuarial equivalent benefit amount for the Installment Payments for a Specific Period will be determined by converting the Single Sum benefit amount, determined
under Article 4A.6(a). The interest rate basis for the immediate annuity purchase rates offered under the Metropolitan Savings and Investment Plan (“SIP Rate”) and its successors utilized in the calculation of installment payments will be
as follows: 

  

	 	(i)	 If the Participant was Retirement eligible on December 31, 2004, the SIP Rate is the highest rate in the month that had the lowest PBGC Rate out of the12
months prior to the Participant’s actual Retirement date. 

  

	 	(ii)	If the Participant was not on December 31, 2004, the SIP Rate is the rate in effect on the last day of the month prior to the later of: 

 

	 	a.	the Participant’s earliest Retirement date, or 

  

	 	b.	the Participant’s actual Retirement date. 

  
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 4A.7. Interest on Deferred Installments  
 Individuals who elect deferred installment payments under the terms of this Article 4A, shall receive interest from the date they separate from service to the date that the installment payments commence.
Interest will be calculated based on the entire amount that the Participant has elected to receive as deferred installments under Article 4A. Interest will be credited using the SIP Rate in effect on the Election Date and will be compounded annually
from the date of separation from service to the date payments commence. The interest accrued prior to payment commencement will be added to the accrued Plan benefit to produce a total benefit amount. This total benefit amount will be credited with
the SIP Rate for the duration of the payment(s) and divided by the number of installment payments due under the Participant’s election to produce uniform payments under the Plan. This interest will be part of the Participant’s 409A Benefit
and will be paid in accordance with 409A. 
 4A.8. Power of Committee.  
 The Committee shall have the discretionary power to make any and all administrative decisions regarding the election and payment of an Alternative Distribution, including but not limited to, (i) the
design and format of request forms, (ii) the approval or rejection of requests for an Alternative Distribution, (iii) the design and format of revocation forms and (iv) the sending of notices. 

Article 5. Unfunded Plan. 
 The Plan is
completely unfunded. Except as obligations under this Plan have been undertaken pursuant to plans or other arrangements offered by another company, obligations under this Plan are obligations of the Company. All obligations under this Plan are
entirely separate from the Retirement Plan and any other plan. Participation in this Plan gives a Participant no right to any funds or assets of the Retirement Plan, or any other plan. The fact that contracts or certificates may be distributed to
recipients of benefits under the Retirement Plan in discharge of obligations thereunder shall in no way entitle a Participant in this Plan to receive any such contract or certificate in discharge of obligations under this Plan. 

Article 6. Non-transferability of Participant’s Interest  
 No Participant shall have any power or right to transfer, assign, mortgage, commute or otherwise encumber any of the Plan benefits payable hereunder, nor shall such benefits be subject to seizure for the
payment of any debts or judgments, or be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. 

  
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 Article 7. Effect of Taxes  
 Payments under this Plan shall be made after withholding of any Federal, state or local income, employment or other taxes, legally obligated to be withheld. All tax liabilities arising out of benefits
under this Plan are the sole obligation of the Plan Participant(s) or his/her beneficiary, including but not limited to, any tax liabilities that may arise under Section 409A. In the event that a Participant or beneficiary incurs greater tax
burdens from payments under this Plan (whether income, employment, estate or other tax burdens) than they would if such payments had been made from the Retirement Plan, neither the Company nor any other person shall have an obligation to reimburse
the Participant or beneficiary for such greater tax burdens. 

  
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 Article 8. Change of Control  
 8.1. Definitions. 
  

	(a) 	Change of Control. For the purposes of this Plan, a “Change of Control” shall be deemed to have occurred if: 

 

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

 

	 	(ii)	within any 24-month period, the persons who were directors of the Corporation at the beginning of such period (the “Incumbent Directors”) shall cease to
constitute at least a majority of the Board of Directors of the Corporation (the “Board”) or the board of directors of any successor to the Corporation; provided, however, that any director elected or nominated for
election to the Board by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this Section 8.1(a)(ii); 

 

	 	(iii)	the stockholders of the Corporation approve a merger, consolidation, share exchange, division, sale or other disposition of all or substantially all of the assets of
the Corporation which is consummated (a “Corporate Event”), and immediately following the consummation of which the stockholders of the Corporation immediately prior to such Corporate Event do not hold, directly or indirectly, a majority
of the Voting Power of (A) in the case of a merger or consolidation, the surviving or resulting corporation, (B) in the case of a share exchange, the acquiring corporation, or (C) in the case of a division or a sale or other
disposition of assets, each surviving, resulting or acquiring corporation which, immediately following the relevant Corporate Event, holds more than 25% of the consolidated assets of the Corporation immediately prior to such Corporate Event; or

  

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

 

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

 

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

  
 14 

	(d) 	Voting Power. For purposes of the definition of Change of Control, “Voting Power” shall mean such number of Voting Securities as shall enable the
holders thereof to cast all the votes which could be cast in an annual election of directors of a company, and “Voting Securities” shall mean all securities entitling the holders thereof to vote in an annual election of directors of a
company. 

  

	(e)	Affiliate. For the purposes of this article, an “Affiliate” shall mean any corporation, partnership, limited liability company, trust or other entity
which directly, or indirectly through one or more intermediaries, controls, or is controlled by, the Corporation. 

  

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

 

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

 

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

  

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

 

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

  

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

  

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

  

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

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

	(a) 	there is a Change of Control as defined in Section 8.1(a) of this Article, and, 

 

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

  
 15 

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

  

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

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

These accrued benefits will be paid under this Plan according to the ordinary distribution rules of this Plan. The ordinary distribution rules of this
Plan are described in Article 4 and where applicable, Article 4A as they existed immediately prior to the Change of Control. If this Section 8.2 is triggered, a Participant under Section 2.2 does not have to obtain Committee approval for
an Alternate Distribution in the form of a Single Sum or Installment Payments for a Specific Period, to the extent that an Alternative Distribution is available to that Participant under 409A. 

Article 9. Interpretation of the Plan  
  

	(a) 	The Committee is empowered to take all actions it deems appropriate in administering this Plan. Any Committee determination with respect to the meaning or application
of the provisions of the Plan shall be binding and conclusive. Benefits will be paid under this Plan only if the Committee determines in its discretion that the applicant is entitled to them. Once a Change of Control (as defined in Article 8) has
occurred, this subpart (a) of Article 9 shall no longer apply. 

  

	(b) 	Claims for benefits and appeals of denied claims under the Plan shall be administered in accordance with Section 503 of ERISA, the regulations thereunder (and any
other law that amends, supplements or supersedes said Section of ERISA), and the procedures adopted by the Committee, as appropriate. The claims procedures referenced above are incorporated herein by reference. 

Article 10. Governing Law  
 To the
extent not inconsistent with Federal law, the validity of the Plan and its provisions shall be construed according to the laws of the State of New York. 
 Article 11. Amendment and Termination of Plan  
 11.1. Except to the extent prohibited by
law, the Committee may amend or terminate this Plan at any time without the consent of any Participant or of any other person. However, any such amendment or termination will not adversely affect the benefit entitlements of: 

  
 16 

	(a)	any Participant receiving benefits under this Plan at or prior to the time of such amendment or termination, or, 

 

	(b) 	any Employee who is a Participant in the Retirement Plan to the extent of the present value of his/her accrued benefit under this Plan prior to the time of such
amendment or termination. However, amendments may be made to all other aspects of this Plan consistent with Section 409A, including, but not limited to: 

 

	 	(i)	amendments impacting the timing under which the Participant’s entire accrued benefit is paid, or, 

 

	 	(ii)	amendments impacting the optional forms of benefit available for payment of the Participant’s entire accrued benefit. 

Notwithstanding the above, any amendment or group of amendments made effective on the same date, which would increase or decrease the annual cost of Plan
benefits for active Plan Participants and former Plan Participants by ten million dollars or more in the aggregate, as determined in good faith by the Committee, shall be effective only if authorized or ratified by the Board of Directors of the
Company. 
 11.2. 
  

	(a) 	Notwithstanding the provisions of Section 11.1 above, or any other provision of this Plan, on or after a Change of Control (as defined in Article 8), no amendments
can be made to Article 8, Article 9 or Section 11.2 of Article 11 of this Plan; and 

  

	(b) 	Participants who: 

  

	 	(i)	accrued rights or benefits under this Plan prior to a Change of Control (as defined in Article 8), and, 

 

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

 cannot have the vesting schedule under Article 3, applicable on the day prior to the Change of Control, amended with regard to such rights or benefits. The Company may not wrongfully deny Participants the
opportunity to vest in rights or benefits accrued prior to a Change of Control under this Plan. 

METROPOLITAN LIFE INSURANCE COMPANY         

Date December 21, 2006 
  

	 	By  	/s/ Margery Brittain 

  
 17Alico Overseas Pension Plan

 Exhibit 10.88 
 ALICO OVERSEAS PENSION PLAN 
 January 2009 

 ALICO OVERSEAS PENSION PLAN 

 

							
	 	 	 Article
	  	Page	 
			
	1.	 	 Definitions
	  	 	1	  
			
	2.	 	 Participation
	  	 	1	  
			
	3.	 	 Credited Service
	  	 	1	  
			
	4.	 	 Continuous Service
	  	 	2	  
			
	5.	 	 Benefits
	  	 	3	  
			
	6.	 	 Unfunded Plan
	  	 	13	  
			
	7.	 	 Participating Companies
	  	 	13	  
			
	8.	 	 Administration of the Plan
	  	 	13	  
			
	9.	 	 Certain Rights and Limitations
	  	 	16	  
			
	10.	 	 Other Provisions
	  	 	16	  
			
	11.	 	 Construction
	  	 	17	  

 1. DEFINITIONS 

 

	1.01	“Average Final Compensation” shall mean the average annual Compensation of a Participant during the 3 consecutive years in the last 10 years of his Credited
Service affording the highest such average, or during all of the years of his Credited Service if less than 3 years. 

  

	1.02	“Board of Directors” shall mean the Board of Directors of American Life Insurance Company, Inc. 

 

	1.03	“Break in Continuous Service” shall have the meaning set forth in Section 4.03 

 

	1.04	Company” shall mean American Life Insurance Company, Inc. (ALICO) or any successor by merger, purchase or otherwise, with respect to its Employees who are
Participants. 

  

	1.05	“Compensation” shall mean the regular remuneration paid to an Employee for service rendered to the Company or Participating Company, as applicable, excluding
by way of example and not by way of limitation, any commissions, premium pay, shift differential, foreign service allowance, bonuses and pay for overtime or special pay, and excluding the Company’s or Participating Company’s cost for any
public or private employee benefit plan including this Plan, under rules uniformly applicable to all Employees similarly situated. Notwithstanding any other provision of the Plan to the contrary, compensation for personal services rendered in the
United States while a U.S. taxpayer, a resident of the United States or a green card holder, or while a United States citizen shall not be recognized as “Compensation” under the Plan. 

 

	1.06	“Continuous Service” is used to determine whether a Participant is vested and shall mean all service as an Employee as provided in Article 4, or since last
becoming an Employee in the event his prior service is disregarded pursuant to Section 4.03. 

  

	1.07	“Credited Service” is used to determine a Participant’s benefit and whether a Participant is eligible for Early Retirement and shall mean service
credited under the Plan as provided in Article 3. 

  

	1.08	“Effective Date” shall mean January 1, 1964. With regard to a person who becomes an Employee by admission of his employer to the Plan on or after
January 1, 1964, “Effective Date” shall mean the date of such admission. 

	1.09	“Employee” shall mean a salaried person who is employed by the Company or a Participating Company who is not eligible for participation in the American
International Group, Inc. Retirement Plan (and would not be eligible upon satisfaction of the American International Group, Inc. Retirement Plan age and service requirements), who is regularly employed on a full time basis by the Company or a
Participating Company outside the United States, and who receives regular stated compensation other than hourly or pension pay. Every person who works for at least 20 hours a week and for at least 6 months a year shall be a full time Employee. The
ALICO Benefit Committee or its designee shall select and approve participation in the Plan among those who are eligible. An Employee who is selected by the ALICO Benefit Committee or its designee cannot be a member or accrue a benefit if he is an
American citizen, green card holder, resident of the United States or a US taxpayer. 

  

	1.10	“Home Country” shall mean the country in which the Participants is a citizen; provided however, that in the event a Participant is a citizen of more than one
country, the ALICO Benefit Committee, or its designee in its sole discretion, shall determine which county shall be deemed the Participant’s Home Country. 

 

	1.11	 “Normal Retirement Date” shall mean the first day of the calendar month coincident with or next following the 65th anniversary of an Employee’s birth and completion of 5 years of
Plan participation. 

  

	1.12	“Participant” shall mean any eligible Employee who becomes a Participant in the Plan in accordance with Article 2. Where so indicated in the context,
“Participant” also refers to a person who is no longer accruing Credited Service but who has attained pension eligibility under this Plan at the date he ceased to accrue Credited Service, including a person who is retired and is receiving
or is entitled to receive pension benefits described in this Plan. 

  

	1.13	“Participating Company” shall mean a company which is participating in the Plan pursuant to Article 7 with respect to its Employees who are Participants.

  

	1.14	“Plan” shall mean ALICO Overseas Pension Plan. 

  

	1.15	“ALICO Benefit Committee” shall mean the managing board of the Plan as provided in Article 8. 

	1.16	“Social Security Benefit” shall mean the old age, survivors, retirement and other benefits paid by a governmental system similar to the U.S. Social Security.
However, the term “Social Security Benefit” shall not include benefits payable under the U.S. Social Security System. It shall include benefits provided from any compulsory programs such as the AGIRC and UNIRS systems in France, or the
Canadian Pension Plan/Quebec Pension Plan and the Canadian Old Age Security Act. It shall also include the portion attributable to Company or Participating Company contributions (including interest thereon, if applicable) to mandated plans
including, but not limited to, those in Argentina, Australia, Chile, Hong Kong and Singapore. If the employee has not reached the age on which he would be entitled to receive an unreduced Social Security Benefit on the date he retires, his Social
Security Benefit will be computed assuming he remains in service to age 65 at his last rate of compensation. 

  

	1.17	“Vesting” shall mean the point in time when an Employee has earned a nonforfeitable benefit under the Plan. An Employee vests in the Plan upon the completion
of five years of Vesting Service. 

  

	1.18	“Vesting Service” shall mean a Participant’s period of Continuous Service while a Participant in the Plan. 

 2. PARTICIPATION 

 

	2.01	 Each Employee shall become a Participant in the Plan, provided that the ALICO Benefit Committee or its designee has approved such Employee to be a
Participant, as of the first day of the calendar month coincident or following the latest of (i) the date he completes six months of Continuous Service, (ii) the 21st anniversary of his birth, (iii) January 1, 1986, or (iv) effective on or after July 1, 2007, the
date of participation designated by the ALICO Benefit Committee or its designee. Notwithstanding the above, an Employee will be a Participant for any period of time he participated while the Plan was contributory prior to January 1, 1986.

  

	2.02	An Employee’s participation in the Plan shall continue during any period of disability salary continuance, weekly disability income benefits and/or any period
during which the Participant is in receipt of benefits under a long-term disability program sponsored by the Company or a Participating Company or otherwise mandated by law. During any such period, Continuous Service and Credited Service shall
continue to accrue, and the Employee shall be credited with compensation at his rate of compensation immediately prior to commencement of such benefit. 

  

	2.03	A non-vested Employee’s participation in the Plan shall terminate if he incurs a Break in Continuous Service as defined in Section 4.03. Participation shall
be continued during a period while on leave of absence from service approved by the Company or a Participating Company, but no benefit accruals shall be allowed with respect to such period unless a leave of absence is due to required service in the
Armed Forces in the country of his residence or citizenship, in which event credit may be allowed thereof as provided in Section 3.02. 

  

	2.04	 Notwithstanding anything contained herein to the contrary, any Participant who would otherwise become ineligible to continue his participation in the
Plan because of a transfer to an ineligible position within the Company or a Participating Company or any other employer in which the Company is by the ALICO Benefit Committee deemed to have sufficient interest, shall remain a Participant and all
rights under the Plan shall continue as if all of his service in the employ of such employer subsequent to the date of transfer constituted Continuous Service under the Plan and Credited Service, but only if the Participant had earned five
(5) or more years of Vesting Service prior to becoming ineligible to continue participation in the Plan. The Participant’s compensation used in the computation of his Average Final Compensation shall

	 	
include such compensation received from such subsequent employer as would have been included had the service been rendered to the Company (except as provided in the last sentence of
Section 1.05); provided such Participant had earned five (5) or more years of Vesting Service prior to becoming ineligible to continue participation in the Plan. In all other cases, if a Participant becomes ineligible to continue
participation in the Plan, such Participant’s Continuous Service, Credited Service and Compensation shall cease to be credited under the Plan. 

  

	2.05	Each Participant, before any benefit shall be payable to him or on his account under the Plan, shall file with the ALICO Benefit Committee such information as it shall
require to establish his rights and benefits under the Plan. 

 3. CREDITED SERVICE 

 

	3.01	Except as provided in Section 2.04, all Continuous Service as an Employee rendered after he becomes a Participant shall be Credited Service under the Plan. In
addition, if the Participant has earned at least five (5) years of Vesting Service, then all service in the employ of the Company (except such Employee’s first six months of service) shall be Credited Service except as set forth in the
paragraph immediately below. Service shall also be credited for periods during which Participants are in receipt of long term disability benefits under a program administered by the Company as provided in Section 2.02. 

Notwithstanding the foregoing, a Participant (1) who becomes an Employee after December 31, 1990 shall not receive Credited
Service for service rendered prior to his 21st birthday, or (2) who became an Employee after December 31, 1975 and prior to January 1, 1991 shall not receive Credited Service for service rendered prior to his 25th birthday, or (3) who
became an Employee prior to January 1, 1976 shall not receive Credited Service for service rendered prior to his 30th birthday. 
 Notwithstanding any other provision of the Plan to the contrary, Credited Service shall not be credited for a period of employment rendered in the United States while a U.S. taxpayer, a resident of the
United States or a green card holder, or while a citizen of the United States. 
  

	3.02	If an Employee shall have been absent from the service of the Company or a Participating Company because of required service in the Armed Forces of the country of his
residence or citizenship and if he shall have returned to the service of the Company or a Participating Company within 90 days either (i) after having become entitled to release from active duty in the Armed Forces of the country of his
residence or citizenship or (ii) after the termination of any hospitalization that commenced prior to discharge and continuing after discharge for a period of not more than one year, such absence shall not count as a break in Continuous
Service. The period of any such absence occurring on or after the Effective Date of the Plan shall, upon direction of the Board of Directors uniformly applicable to all Employees similarly situated, be considered as Continuous Service with the
Company with compensation at the Participant’s rate of compensation in effect immediately prior to such absence. 

 4. CONTINUOUS SERVICE 

 

	4.01	Except as hereinafter provided or as provided in Section 2.04, all service with the Company and with any corporation or other business entity of the Company
(including a Participating Company), rendered by an Employee, whether as a Participant or otherwise, prior to his retirement shall be Continuous Service for the purposes of the Plan. An Employee’s Continuous Service shall be measured in years
and months with each partial month of Continuous Service treated as one full month. 

  

	4.02	With respect to a person who was employed by the Company or a Participating Company on January 1, 1986, Continuous Service for service rendered prior to that date
shall be equal to the Continuous Service recognized on his account through that date under the provisions of the Plan as then in effect. 

  

	4.03	There shall be a Break in Continuous Service for any period for which an individual is not employed by the Company or a Participating Company except for reasons of
disability or military service. Any service rendered prior to the Break in Continuous Service shall be excluded from the Employee’s Continuous Service and Credited Service if the continuous period of separation equals or exceeds the greater of
(i) five (5) years or (ii) the Employee’s period of Continuous Service credited under the Plan prior to the commencement of the separation; provided that the Employee was not vested when the period of separation from employment
commenced. In addition, such Employee shall be treated as a new Employee for purposes of determining if he has five (5) years of participation in the Plan. Except as otherwise provided in Section 5.06, in all other cases, the
Employee’s period of Credited Service, Continuous Service and Plan participation shall be restored if the Employee is rehired and again becomes a Participant in the Plan. 

 

	4.04	If any former Participant is reemployed after incurring a break in Continuous Service, he shall again become a Participant for purposes of the Plan as of the date he
completes a year of Continuous Service. If his prior Credited Service and Continuous Service are restored pursuant to Section 4.03, he shall become a Participant retroactively to his date of rehire. Otherwise, his participation shall be
retroactive to the first of the month following six months of Continuous Service. 

 5. BENEFITS  

 

	5.01	Normal Retirement Allowance 

  

	 	(a)	A Participant who retires upon reaching his Normal Retirement Date shall receive a normal retirement allowance commencing on his Normal Retirement Date. The normal
retirement allowance for a Participant who is not married shall be equal to the basic retirement allowance computed under Section 5.01(b) in the form of a single life annuity. The normal retirement allowance for a married Participant shall be
the 50% Joint & Survivor Annuity option described in Option 3 of Section 5.07 with the Participant’s spouse named as contingent annuitant which is of equivalent actuarial value to the basic retirement allowance for an unmarried
Participant. 

  

	 	(b)	The annual basic retirement allowance shall be equal to (i) less the sum of (ii), (iii), (iv), (v), (vi) and (vii) as follows: 

 

	 	(i)	
1- 3/4% of the Participant’s Average Final Compensation multiplied by the number of his years of Credited Service after January 1, 1966 limited to a total of 40 years, less

  

	 	(ii)	 1 3/7% of any Social Security Benefit determined by the ALICO Benefit Committee to be payable to a single person (who is the same gender as the Participant) which the Participant would receive upon proper
application to the appropriate governmental entity multiplied by the number of years of his Credited Service limited to 35 years, less 

  

	 	(iii)	The actuarial equivalent of the portion of any Provident Fund attributable to Company or Participating Company contributions, less 

 

	 	(iv)	An amount of equivalent actuarial value to any termination indemnity or severance allowance that the Company or Participating Company must pay under any applicable law
or labor agreement, not including the American International Group, Inc. Executive Severance Policy or any individually negotiated severance or employment agreement, less 

	 	(v)	The actuarial equivalent of the Company’s and Participating Company’s contributions and earnings thereon to a defined contribution plan whether sponsored by
the Company or a Participating Company or mandated by laws, and less 

  

	 	(vi)	The actuarial equivalent of the amount due a participant from a defined benefit plan sponsored by the Company or a Participating Company. 

 

	 	(c)	Notwithstanding the foregoing, upon the later of the completion of 5 years of participation in the Plan or the date the Participant is credited with 5 or more years of
Continuous Service outside his Home Country, a Participant will receive a benefit which is the greater of (1) his benefit calculated under the formula set forth in (b) above or (2) a benefit equal to 1.75% of his Average Final
Compensation multiplied by the number of his years of Credited Service earned while participating in the Plan while not accruing a Company or Participating Company funded pension or retirement benefit (including both defined benefit and defined
contribution benefits) under another such plan sponsored by the Company or a Participating Company. 

 The minimum benefit a Participant will receive is $100 per month (when paid as a single life annuity), proportionately reduced for less than 10 years of Credited Service. 

 

	 	(d)	A Participant who retires after his Normal Retirement Date shall receive a normal retirement allowance commencing on the first day of the month following his
retirement. The amount of such normal retirement allowance shall be equal to the greater of (i) the annual basic retirement allowance computed under Section 5.01(b) or (c) above (whichever is larger), taking into account compensation
and Credited Service after Normal Retirement Date, or (ii) the equivalent actuarial value of the annual normal retirement allowance which would have been payable to the Participant if he had retired on his Normal Retirement Date.

  

	5.02	Early Retirement Allowance 

  

	 	(a)	 A Participant who has not reached his Normal Retirement Date but who has reached the 55th anniversary of his birth while an Employee and has completed 10 years of Credited Service shall be retired from
service on an early retirement allowance on the first day of the calendar month next following receipt by the ALICO Benefit Committee of written application therefore made by the Participant. 

	 	(b)	The annual early retirement allowance shall be a deferred allowance commencing on the Participant’s Normal Retirement Date and shall be computed as a normal
retirement allowance on the basis of his Average Final Compensation and Credited Service at the time of early retirement (except as hereinafter provided), provided that at the time of retirement, the Participant may elect to receive an early
retirement allowance commencing on his early retirement date or at any time thereafter, but not later than his Normal Retirement Date. In the case of a Participant who was 54 years of age or older on January 1, 2006, the amounts computed under
Sections 5.01(b)(i) and (ii) and the amount computed under Section 5.01(c) shall be reduced by 3% for each year by which such commencement date precedes his Normal Retirement Date. In the case of an individual who was younger than 54 years
of age on January 1, 2006, the amounts computed under Sections 5.01(b)(i) and (ii) and the amount computed under Section 5.01(c) shall be reduced by 5% for each year by which such commencement precedes his Normal Retirement Date,
except that the reduction will be 4% per year if the individual has attained age 60 and 25 years of Credited Service at the time the benefit commences or 3% per year if the individual has attained age 60 and has 30 years of Credited
Service at the time the benefit commences. 

 Notwithstanding the foregoing, in the case of an
individual who was younger than 54 years of age on January 1, 2006, an early retirement allowance computed as follows shall be payable to the Participant if it is larger than the amount computed in the previous sentence. Such early retirement
allowance shall be computed by replacing the amounts computed under Sections 5.01(b)(i) and (ii) and the amount computed under Section 5.01(c) (reduced in accordance with the foregoing to reflect early commencement) with the sum of the
corresponding amounts computed under (i) and (ii) below: 
  

	 	(i)	The amounts computed under Section 5.01(b)(i) and (ii) and the amount computed under Section 5.01(c) reflecting the Participant’s Years of Credited
Service, Average Final Compensation and Social Security Benefit as of December 31, 2005 reduced by 3% for each year by which such commencement date precedes his Normal Retirement Date; and 

	 	(ii)	The amounts computed under Section 5.01(b)(i) and (ii) and the amount computed under Section 5.01(c) reflecting the Participant’s Years of Credited
Service, Average Final Compensation and Social Security Benefit earned after December 31, 2005 to the Participant’s Early Retirement Date reduced by 5% for each year by which such commencement precedes his Normal Retirement Date, except
that the reduction will be 4% per year if the individual has attained age 60 and 25 years of Credited Service at the time the benefit commences or 3% per year if the individual has attained age 60 and has 30 years of Credited Service at
the time the benefit commences. 

 In computing an amount under Section 5.01(b)(i) under this
(ii), the Participant’s Years of Credited Service will not exceed 40 years less the number of Years of Credited Service the Participant had earned as of December 31, 2005. In computing an amount under Section 5.01(b)(ii) under this
(ii), the Participant’s Years of Credited Service will not exceed 35 less the number of Years of Credited Service the Participant had earned as of December 31, 2005. 

 

	 	(c)	In the event that the Participant is not eligible to receive a benefit from another Company-sponsored plan or mandated plan but will receive such a benefit upon
attainment of a later age, no offset will be calculated for such benefit until the Participant is eligible to receive such benefit (at which time the offset will be calculated in accordance with Section 5.01(b)). 

 

	5.03	Disability Retirement Allowance 

  

	 	(a)	A Participant who has not reached his Normal Retirement Date but who has completed five years of Credited Service shall be retired on a disability retirement allowance
on the first day of a calendar month not less than 30 nor more than 90 days next following receipt by the ALICO Benefit Committee of written application therefore made by the Participant, provided a physician or physicians designated by the ALICO
Benefit Committee shall certify, and the ALICO Benefit Committee shall find, that such Participant is totally incapacitated, mentally or physically, for the further performance of duty, and that such incapacity is likely to be permanent.

 A Participant may not retire under this Section 5.03, however, while
in receipt of disability salary continuance, weekly disability income benefits or long term disability benefits under a program sponsored by the Company or a Participating Company or otherwise mandated by law. During any such period, Continuous
Service and Credited Service shall continue to accrue, and the Employee shall be credited with compensation at his rate of compensation immediately prior to commencement of such benefit. 

 

	 	(b)	The disability retirement allowance per annum shall be a retirement allowance computed as a normal retirement allowance on the basis of the Participant’s Average
Final Compensation and Credited Service at the time of disability retirement. 

 The reduction for
Social Security Benefits provided in Section 5.01(b)(ii) shall begin when the Participant first becomes eligible for an unreduced old age or disability insurance benefit under the applicable Social Security law (regardless of whether or when
such benefit actually commences to be paid). 
 Any amounts which may be paid or payable on account of
disability to a Participant or his dependents as the result of premiums, taxes or contributions paid by the Company or Participating Company under any Workers’ Compensation Law or policy or plan similar to Workers’ Compensation, whether
self-insured or otherwise, exclusive of fixed payments pursuant to Workers’ Compensation or similar policies or plans for the loss of any bodily member, may be offset against and payable in lieu of that part of his disability retirement
allowance provided under the Plan by Company or Participating Company contributions on account of the same disability, in such equitable manner as the ALICO Benefit Committee shall determine. 

 

	 	(c)	 Once each year, the ALICO Benefit Committee may require any Participant receiving a disability retirement allowance who has not reached his Normal
Retirement Date to undergo a medical examination by a physician or physicians designated by the ALICO Benefit Committee, such examination to be made at a place mutually agreed upon. Should any such Participant refuse to submit to such medical
examination, the part of his disability retirement allowance provided by Company or Participating Company 

	 	
contributions shall be discontinued until his withdrawal of such refusal; and should his refusal continue for a year, all rights in and to the disability retirement allowance shall cease, and the
election of an optional benefit if one has been elected shall be of no further effect, but he shall in any event be entitled to a vested retirement allowance under Section 5.04. If the ALICO Benefit Committee finds from such medical examination
or otherwise that the disability of a Participant receiving a disability retirement allowance who has not reached his Normal Retirement Date has been removed and that he gained his earning capacity, in whole or in part, the part of his disability
retirement allowance provided by Company or Participating Company contributions shall be discontinued or reduced proportionately until he shall reach his normal retirement age provided that he shall be entitled to have his original disability
retirement allowance restored in whole or in part prior to his Normal Retirement Date if, on the basis of a medical examination by a physician or physicians designated by the ALICO Benefit Committee, the ALICO Benefit Committee finds that he has
again lost earning capacity because of the same disability. 

  

	5.04	Vested Retirement Allowance 

  

	 	(a)	A Participant who has not reached his Normal Retirement Date but who has completed five years of Vesting Services and then separates from service shall, be entitled to
a vested retirement allowance in an amount calculated under Section 5.04(d). 

  

	 	(b)	The vested retirement allowance shall be a deferred allowance commencing on the Participant’s Normal Retirement Date and shall be computed as a normal retirement
allowance on the basis of his Average Final Compensation and Credited Service at the time of termination. 

  

	 	(c)	A Participant who has ten years of Credited Service and is not eligible for early retirement under Section 5.02(a) may elect to have his benefit commence at any
time after he would have been eligible for an early retirement allowance had he remained in the service of the Company, but not later than his Normal Retirement Date. 

 

	 	(d)	 In the event the election under Section 5.04(c) is made, the vested retirement allowance shall be computed under Section 5.01(b) or
Section 5.01(c), as applicable, and the amounts computed under Section 5.01(b)(i) and (ii) or Section 5.01(c) shall be reduced 

	 	
by  1/15th for each
of the first five years and  1/30th for each of the next five years by which such commencement date
precedes his Normal Retirement Date and the amount computed under Section 5.01(b)(ii) shall be computed by projecting the Participant’s years of Credited Service to Normal Retirement Date (but not in excess of 35 years) and multiplying
such amount by a fraction, the numerator of which is the Participant’s actual years of Credited Service at termination of employment and the denominator of which is the years of Credited Service the Participant would have had at Normal
Retirement Date if the Participant had continued in employment to such date. 

  

	 	(e)	In the event that the Participant is not eligible to receive a benefit from another Company-sponsored plan or mandated plan but will receive such a benefit upon
attainment of a later age, no offset will be calculated for such benefit until the Participant is eligible to receive such benefit (at which time the offset will be calculated in accordance with Section 5.01(b)). 

 

	5.05	Death Benefit 

  

	 	(a)	If a Participant should die while an Employee and prior to his annuity commencement date after having completed five years of Vesting Service, his surviving spouse,
upon submitting proof of death satisfactory to the ALICO Benefit Committee, shall receive a death benefit under this Section. In addition, in order to be eligible for a death benefit under this Section, the spouse must be married to the Participant
for a minimum of 6 (six) months. 

  

	 	(b)	If a Participant should die while an Employee, the death benefit shall be equal to the greater of (i) 40% of the Participant’s projected retirement allowance
payable in the form of a single life annuity computed as if he had retired on his Normal Retirement Date on the basis of his Average Final Compensation at the time of his death, reduced by 2% for every year that the surviving spouse is more than
five years younger than the Participant, (ii) one-half of the Participant’s allowance calculated as an early retirement allowance payable immediately upon the assumed retirement date in the form of a 50% joint and survivor annuity and
assuming retirement on the date of death or, if later, upon the attainment of age fifty-five (55) or age sixty-five (65) if the Participant has less than ten years of Credited Service, or (iii) in the case of a Participant who
continues in service beyond his Normal Retirement Date, an amount computed as if Option 2 in Section 5.07 (100°/0 Joint & Survivor Annuity) had been elected by the Participant and was in effect on the date of his death.

 The death benefit shall be payable in monthly installments commencing with
the first day of the month following the month in which the Participant dies; provided, however, that any benefit payable pursuant to (b)(ii) above shall not be payable earlier than the first day of the month following the date the Participant would
have attained age fifty-five (55) or age sixty-five (65) if such Participant has less than ten years of Credited Service. The death benefit payable hereunder shall cease as of the first day of the month in which the surviving spouse dies.

  

	 	(c)	In the event a Participant is retired from service (or terminates employment with a vested retirement allowance) at any time prior to his Normal Retirement Date and
dies prior to commencement of his retirement allowance, then his spouse shall receive an allowance for the life of said spouse at the rate of one-half of the allowance that would have been paid the Participant had he elected to have his early
retirement allowance commence as of the date of his death in the form of a 50% Joint & Survivor Annuity with his spouse named as beneficiary or as of his earliest retirement date, if he was not eligible to commence benefits as of his date
of death. 

  

	 	(d)	The payment of a death benefit to a surviving spouse pursuant to this Section 5.05 shall not reflect a reduction pursuant to Section 5.01(b)(ii) until such
spouse is eligible for Social Security benefits. 

  

	5.06	Payment of Retirement Allowance 

Each retirement allowance shall be payable in monthly installments ceasing with the last monthly payment prior to death of the Participant
entitled thereto, except if and otherwise required as a survivorship payment under the normal retirement allowance or by an option in effect under the Plan. A lump sum payment of equivalent actuarial value shall be made in lieu of all benefits of a
Participant where such value is less than $10,000.00. If a Participant receives a lump sum payment, all of such Participant’s Credited Service under the Plan for benefit computation purposes shall be canceled. Consequently, if such Participant
is reemployed and re-enters the Plan, his prior Vesting Service shall be restored and his prior years of Credited Service for benefit computation purposes shall be zero, but shall be restored for purposes of eligibility for Early Retirement.

 All retirement allowances, under normal retirement or otherwise, shall be payable in U.S.
dollars or in such other currency as shall from time to time be determined by the ALICO Benefit Committee. 
  

	5.07	Optional Form of Retirement Allowance 

 Any Participant may, by written notice duly acknowledged by him and received by the ALICO Benefit Committee within the 90-day period ending on his annuity starting date, elect to convert his retirement
allowance payable as a single life annuity (if he is unmarried) or his retirement allowance payable as a 50% Joint & Survivor Annuity (if he is married) into an optional form of benefit of equivalent actuarial value in accordance with one
of the options named below. 
 Option 1: Single Life Annuity. 

The basic retirement allowance payable during the life of the Participant; or 

Option 2: 100% Joint & Survivor Annuity. 
 An adjusted retirement allowance payable during the Participant’s life, with the provision that after his death, it shall be paid during the life of, and to, the contingent annuitant nominated by him
by written designation duly acknowledged and filed with the ALICO Benefit Committee when he elected the option; or 
 Option 3:
75% Joint & Survivor Annuity. 
 An adjusted retirement allowance payable during the Participant’s life,
with the provision that after his death, an allowance at three-quarters the rate of his reduced allowance shall be paid during the life of, and to, the contingent annuitant nominated by him by written designation duly acknowledged and filed with the
ALICO Benefit Committee when he elected the option; or 

 Option 4: 50% Joint & Survivor Annuity. 

An adjusted retirement allowance payable during the Participant’s life, with the provision that after his death, an allowance at
one-half the rate of his reduced allowance shall be paid during the life of, and to, the contingent annuitant nominated by him by written designation duly acknowledged and filed with the ALICO Benefit Committee when he elected the option; or

 Option 5: Life and 10 Year Certain. 
 An adjusted retirement allowance payable during the Participant’s life, but guaranteed for a period of ten years or, if lesser, a period of years not extending beyond the life expectancy of the
Participant and the designated beneficiary, beginning on the annuity commencement date. If a Participant dies before expiration of the guaranteed period certain, payment shall be continued to the extent provided in the preceding sentence to a
designated beneficiary (other than the Participant’s estate). 
 For all period certain distributions
payable under the Plan, if the Participant’s estate is the designated beneficiary or is the beneficiary as a result of the absence of a surviving designated beneficiary, the estate shall be paid, at the estate’s election, either a lump sum
equal to the commuted value of the Participant’s guaranteed period certain payments or in the form of the periodic allowance being paid prior to the Participant’s death for the remainder of the guaranteed period certain. If the designated
beneficiary should die while further payments are due and after having received at least one (1) payment, such further payments shall be paid to any person designated by the Participant as an alternate surviving beneficiary, or in the absence
of an alternate surviving beneficiary, the commuted value of such payment shall be paid to the estate of the last surviving beneficiary in a single lump sum. 
  

	5.08	Restoration of Retired Participant to Service 

 Except to the extent otherwise required under Section 5.06 or as hereinafter provided, if a Participant returns to employment with the Company or a Participating Company, his retirement allowance
shall be suspended during each calendar month of such employment. In the case of a Participant who received monthly retirement allowance payments, upon his 

 
subsequent retirement or termination of employment, his annual basic retirement allowance shall be recomputed, based on his retirement allowance accrued during his Plan participation prior and
subsequent to such return to employment and reduced to reflect the equivalent actuarial value of retirement allowance payments previously received by him. Section 5.06 shall apply in the case of a Participant who had previously received a lump
sum distribution. For this purpose, equivalent actuarial value shall be determined using the interest rate and mortality table used for this purpose under the American Life Insurance Company, Inc. Retirement Plan. Notwithstanding the foregoing, the
retirement allowance of a Participant who is reemployed on an hourly basis shall not be suspended by reason of such reemployment unless and until such Participant is reemployed in an employment classification that is eligible to accrue benefits
under the Plan. 
 6. UNFUNDED PLAN 
 The Plan is unfunded, and there are no segregated Plan assets; provided, however, that the Company or a Participating Company may purchase an annuity (to be held in its own name) to make regular payments
to a retiree. The Company and Participating Companies intend to pay benefits pursuant to the terms of the Plan from their general assets. 
 7. PARTICIPATING COMPANIES 
 If any company is now or hereafter becomes a subsidiary or
affiliated company of the Company, the Retirement Board may include the employees of such subsidiary or affiliated company in the membership of the Plan. In such event, or if any persons become Employees of the Company or of a Participating Company
as the result of merger or consolidation or as the result of acquisition of all or part of the assets or business of another company, the ALICO Benefit Committee shall determine to what extent, if any, credit and benefits shall be granted for
previous service with such subsidiary, affiliated or other company. 
 8. ADMINISTRATION OF THE PLAN 

 

	8.01	The operation and administration of the Plan and the responsibility for carrying out the provisions hereof shall be placed in a ALICO Benefit Committee of not less than
three members who shall be appointed from time to time by the Board of Directors. 

	8.02	Any person appointed a member of the ALICO Benefit Committee shall signify his acceptance by filing written acceptance with the Board of Directors. Any member of the
ALICO Benefit Committee may resign by delivering his written resignation to the Board of Directors or to the Secretary of the ALICO Benefit Committee who shall transmit same to the Board of Directors, and such resignation shall become effective at
delivery or at any later date specified therein. 

  

	8.03	The members of the ALICO Benefit Committee shall elect from their number a Chairman and shall appoint a Secretary, who may be but need not be one of the members of the
ALICO Benefit Committee. Subject to the direction of the Board of Directors, the ALICO Benefit Committee shall be authorized to allocate part or all of its responsibilities with respect to the Plan to or among one or more of its members and to vest
such members with joint or several authority to carry out such responsibilities. 

 The ALICO Benefit Committee may
appoint from their number such committees with such powers as they shall determine, may authorize one or more of their number or any agent to make any payment in their behalf, or to execute or deliver any instrument, may retain or appoint such
counsel, accountants and actuaries and may employ such agents, clerical and medical services as they may require in carrying out the provisions of the Plan; and may by written instrument designate other persons to carry out any of its duties and
responsibilities under the Plan; provided, however, that any such duties or responsibilities thus allocated must be described in the written instrument. If a person other than an Employee of the Company or a Participating Company in the Plan is so
designated, such person must acknowledge in writing his acceptance of the duties and responsibilities allocated to him. 
 If the
ALICO Benefit Committee delegates its authority to select Employees for membership and approve their membership in the Plan, the delegee shall provide annual reports to the ALICO Benefit Committee of the Employees selected for membership and their
dates of membership. If there is any issue regarding the membership or potential member of an Employee, the delegee shall refer the matter to the ALICO Benefit Committee. 

 

	8.04	The ALICO Benefit Committee shall hold meetings upon such notice, at such place or places, and at such time or times as they may from time to time determine.

  

	8.05	 A majority of the members of the ALICO Benefit Committee at the time in office shall constitute a quorum for the transaction of business. All
resolutions or other actions taken by the 

	 	
ALICO Benefit Committee may be made whether by the vote of a majority of the ALICO Benefit Committee present at a meeting or in writing signed by a majority of the members at the time in office
without a meeting. 

  

	8.06	No member of the ALICO Benefit Committee who is also an Employee of the Company shall receive any compensation for his services as such. Except as otherwise provided in
Section 412 of the Act, no bond or other security need be required of any member in any jurisdiction. 

  

	8.07	Subject to the limitations of the Plan, the ALICO Benefit Committee from time to time shall establish rules for the administration of the Plan and the transaction of
its business. The ALICO Benefit Committee shall have the authority to interpret the Plan and to decide any and all matters arising thereunder, including the right to remedy possible ambiguities, inconsistencies or omissions. All interpretations,
determinations and decisions of the ALICO Benefit Committee in respect of any matter hereunder shall be finally conclusive and binding on all parties affected thereby. 

 

	8.08	The members of the ALICO Benefit Committee, the Company, each Participating Company and the officers and directors shall be entitled to rely upon all tables,
valuations, certificates and reports furnished by any actuary approved by the ALICO Benefit Committee, upon all certificates and reports made by any accountant selected or approved by the ALICO Benefit Committee, and upon all opinions given by any
legal counsel selected or approved by the ALICO Benefit Committee, and the members of the ALICO Benefit Committee, the Company, each Participating Company and the officers and directors shall be fully protected in respect of any action taken or
suffered by them in good faith in reliance upon any tables, valuations, certificates, reports, opinions, or other advice, furnished by any such actuary, accountant, or counsel, and all action so taken or suffered shall be conclusive upon each of
them and upon all parties affected thereby. 

 The members of the ALICO Benefit Committee shall use ordinary care
and diligence in performance of their duties, but no member shall be personally liable by virtue of any contract, agreement, bond or other instrument made or executed by him or on his behalf as a member of the ALICO Benefit Committee, nor for any
loss unless resulting from his own gross negligence or willful misconduct. The Company shall indemnify and save harmless each and all of the members of the ALICO Benefit Committee against and from all loss, cost, damage and expenses arising out of
or connected with their actions or failures as members of the ALICO Benefit Committee, provided such act or failures shall have been done and made in good faith and shall not have constituted willful misconduct or gross negligence. 

 9. CERTAIN RIGHTS AND LIMITATIONS  

 

	9.01	The Company may amend in whole or in part any or all of the provisions of the Plan and may do so retroactively if deemed necessary or appropriate to conform with
governmental regulations. The Company may terminate the Plan for any reason at any time. In case of termination or partial termination of the Plan, benefits accrued under the Plan by Participants affected by such termination or partial termination
shall become fully vested and nonforfeitable. 

  

	9.02	The establishment of the Plan shall not be considered as conferring any legal rights upon any Employee or other person for a continuation of employment, nor shall it
interfere with the rights of the Company or a Participating Company to discharge any Participant and to treat him without regard to the effect which such treatment might have upon him as a Participant of the Plan. 

 

	9.03	In the event of the death of a Participant, beneficiary, or contingent annuitant not survived by a person designated to receive any payment then due, or in the event
that the ALICO Benefit Committee shall find that a Participant or other person entitled to a benefit is unable to care for his affairs because of illness or accident or is a minor or has died, the ALICO Benefit Committee may direct that any benefit
payment due him unless claim shall have been made therefore by a duly appointed legal representative, be paid to his spouse, child, a parent or other blood relative, or to a person with whom he resides, and any such payment so made shall be a
complete discharge of the liabilities of the Plan therefore. 

 10. OTHER PROVISIONS 

 

	10.01	 Subject to the applicable law, no benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance or charge, and any attempt so to do shall be void, except as specifically provided in the Plan, nor shall any such benefit be in any manner liable for or subject to garnishment, attachment, execution or levy, or liable for or
subject to the debts, contracts, liabilities, engagements or torts of the persons entitled to such benefit; and in the event that the ALICO Benefit Committee shall find that any

	 	
Participant, beneficiary or contingent annuitant under the Plan has become bankrupt or that any attempt has been made to anticipate, alienate, sell, transfer, assign., pledge, encumber or charge
any of his benefits under the Plan except as specifically provided in the Plan, then such benefit shall cease and terminate, and in that event the ALICO Benefit Committee shall hold or apply the same to or for the benefit of such Participant,
beneficiary or contingent annuitant, his spouse, children, parents or other blood relatives, or any of them. 

 11.
CONSTRUCTION 
  

	11.01	The Plan shall be construed, regulated and administered under the laws of Bermuda. 

 

	11.02	The masculine pronoun shall mean the feminine wherever appropriate.

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