Document:

EX-10.2

 Exhibit 10.2 

REINSURANCE GROUP OF AMERICA, INCORPORATED 

FLEXIBLE STOCK PLAN FOR DIRECTORS 

As Amended and Restated Effective May 23, 2017 

 REINSURANCE GROUP OF AMERICA, INCORPORATED 

FLEXIBLE STOCK PLAN FOR DIRECTORS 

ARTICLE I 
 NAME AND
PURPOSE 
 1.1    Name. The name of this plan shall be the Flexible Stock Plan for Directors of Reinsurance
Group of America, Incorporated (the “Plan”). 
 1.2     Purpose. The purpose of the Plan is to
encourage the highest level of director performance by members of the Board of Directors of Reinsurance Group of America, Incorporated by providing certain outside directors with compensation based in part on the value of the Company’s Common
Stock. The Plan is hereby amended and restated as provided herein. 
 ARTICLE II 

DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION 

2.1     General Definitions. The following words and phrases, when used in the Plan, unless otherwise specifically
defined or unless the context clearly otherwise requires, shall have the following respective meanings: 
  

	 	(a)	Affiliate. A Parent or Subsidiary of the Company, a Subsidiary of a Parent and any limited liability company, partnership, corporation, joint venture, or any other entity in which the Company or any such
Subsidiary owns an equity interest. 

  

	 	(b)	Agreement. A written contract entered into between the Company or an Affiliate and a Participant or, in the discretion of the Board, a written certificate issued by the Company or an Affiliate to a Participant,
in either case, containing or incorporating the terms and conditions of a Benefit in such form (not inconsistent with this Plan) as the Board approves from time to time, together with all amendments thereof, which amendments may be made unilaterally
by the Company (with the approval of the Board) unless such amendments are deemed by the Board to be materially adverse to the Participant and are not required as a matter of law, or such other relevant written contract entered into between the
Company or an Affiliate and a Participant and approved by the Board. 

  

	 	(c)	Benefit. Any benefit granted to a Participant under the Plan. 

  

	 	(d)	Board. The Board of Directors of the Company. 

  

	 	(e)	 Change of Control. The acquisition, without the approval of the Board, by any person or entity, other than
the Company or a Related Entity, of more than 20% of the outstanding Shares through a tender offer, exchange offer or otherwise; the liquidation or dissolution of the Company following a sale or other disposition of all

	 	
or substantially all of its assets; a merger or consolidation involving the Company which results in the Company not being the surviving parent corporation; or any time during any two-year period
in which individuals who constituted the Board at the start of such period (or whose election was approved by at least two-thirds of the then members of the Board who were members at the start of the two-year period) do not constitute at least 50%
of the Board for any reason. A “Related Entity” is the Parent, a Subsidiary or any employee benefit plan (including a trust forming a part of such a plan) maintained by the Parent, the Company or a Subsidiary. 

 

	 	(f)	Code. The Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor statute. Any reference to the Code includes the regulations promulgated pursuant to the Code.

  

	 	(g)	Company. Reinsurance Group of America, Incorporated, a Missouri corporation, or any successor to all or substantially all of its business by merger, consolidation, purchase of assets or otherwise.

  

	 	(h)	Common Stock. The Company’s common stock, par value $.01 per share, or any securities issued in respect thereof by the Company or any successor to the Company as a result of an event described in
Section 3.3 or ARTICLE VII hereof. 

  

	 	(i)	Date of Grant. The date on which a Benefit is granted under the Plan, which shall be no later than the date on which the Board approves such Benefit. If the Board approves the award of any Benefit that is to be
granted on a future date or upon the occurrence of a future event (such as a Board meeting), the Date of Grant of such Benefit shall be such future date or the date on which such event occurs. 

 

	 	(j)	Disability. A physical or mental condition arising on or after the effective date of the Plan which, in the opinion of a qualified doctor of medicine chosen by the Company, permanently prevents a Participant from
carrying out his or her duties as a member of the Board. 

  

	 	(k)	Effective Date. The date that the Plan, as amended and restated herein, is approved by the shareholders of the Company, which must occur within one year before or after approval by the Board. 

 

	 	(l)	Exchange Act. The Securities Exchange Act of 1934, as amended. 

  

	 	(m)	Fair Market Value. The closing price of a Share on the New York Stock Exchange on a given date, or, in the absence of sales on such date, the closing price on the New York Stock Exchange on the last day on which
a sale occurred prior to such date. If the Shares are not listed on the New York Stock Exchange, Fair Market Value shall be what the Board determines in good faith to be 100% of the fair market value of a Share on that date. The determination of
Fair Market Value shall be subject to adjustment as provided in Section 3.3 and ARTICLE VII hereof. 

	 	(n)	Malfeasance. (1) Conduct, act or omissions which are contrary to a Participant’s duties as a member of the Board or contrary to the best interests of the Company or any of its Affiliates, or which
permit removal of a Participant from the Board for cause as provided in the Company’s bylaws or (2) employment of a Participant by or association of a Participant with an organization which competes with the business of the Company or any
of its Affiliates. 

  

	 	(o)	Non-Employee Director. A member of the Board who is not an officer or employee of the Company or any of its Affiliates. 

 

	 	(p)	Option. An option to purchase Shares granted under the Plan. 

  

	 	(q)	Parent. Any corporation that is a “parent corporation,” as that term is defined in Section 424(e) of the Code, or any successor provision. 

 

	 	(r)	Participant. An individual who is granted a Benefit under the Plan. Benefits may be granted only to persons who are Non-Employee Directors at the time of grant in the sole
discretion of the Board. 

  

	 	(s)	Performance Unit. A hypothetical Share of Common Stock allocated to a Participant on the Company’s records based on the Fair Market Value of the Common Stock as of the Date of Grant. One Performance Unit
entitles the individual to whom it is granted to receive one Share or cash equal to the Fair Market Value of one Share at a future date in accordance with the terms of such grant. 

 

	 	(t)	Plan Year. The taxable year of the Company, which is currently the calendar year. 

  

	 	(u)	Restricted Stock. Shares of Common Stock that are subject to forfeiture until provided otherwise in the applicable Agreement or the Plan or as legended on the certificate representing such Shares.

  

	 	(v)	Retirement. Retirement of a Participant as a member of the Board, other than for failure to be renominated or reelected due to Malfeasance. 

 

	 	(w)	Rule 16b-3. Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended, or any successor rule in effect from time to time.

  

	 	(x)	SEC. The Securities and Exchange Commission. 

  

	 	(y)	Share. A share of Common Stock. 

  

	 	(z)	Stock Based Award. An award of Common Stock (including Restricted Stock), Options, Performance Units, or other Benefit granted under ARTICLE XlIl that is valued in whole or in part by reference to, or is
otherwise based on, Common Stock. 

  

	 	(aa)	Subsidiary. Any corporation that is a “subsidiary corporation,” as that term is defined in Section 424(f) of the Code, or any successor provision. 

 2.2    Other Definitions. In addition to the above definitions,
certain words and phrases used in the Plan and any Agreement may be defined in other portions of the Plan or in such Agreement. 

2.3    Conflicts in Plan. In the case of any conflict in the terms of the Plan relating to a Benefit, the
provisions in the ARTICLE of the Plan which specifically provides for such Benefit shall control those in a different ARTICLE. 
 ARTICLE
lIl 
 COMMON STOCK 

3.1    Number of Shares. The number of Shares which may be issued or sold or for which other Stock Based Awards may
be granted under the Plan shall be 282,500 Shares. Such Shares may be authorized but unissued Shares (subject to payment of any required par value), Shares held in the treasury, or both. The maximum dollar amount with respect to which Benefits may
be granted to any Participant under the Plan in any one year period shall not exceed $900,000. Pursuant to Section 9.3 of the Plan, any Shares subject to a Participant’s election pursuant to Section 9.3 of this Plan generally shall
not be counted against the Share reserve of this Plan and shall, instead, count against Shares granted pursuant to the Phantom Stock Plan for Directors of Reinsurance Group of America, Incorporated as amended from time to time (“Phantom
Plan”). 
 3.2    Reusage. If an Option expires or is terminated, surrendered or canceled without having
been fully exercised, if Restricted Stock or Performance Units are forfeited, or if any other grant results in any Shares not being issued, the Shares covered by such Option, grant of Restricted Stock, Performance Units or other grant, as the case
may be, shall again be available for use under the Plan. In addition, Shares tendered or withheld in payment of the exercise price for Options or in satisfaction of withholding taxes for any Benefit shall be available again for use under the Plan.

 3.3    Adjustments. If there is any change in the Common Stock of the Company by reason of any extraordinary
dividend, stock dividend, spin-off, split-up, spin-out, recapitalization, warrant or rights issuance or combination, exchange or
reclassification of shares, merger, consolidation, reorganization, sale of substantially all assets or in the Board’s sole discretion, other similar or relevant event, then the number, kind and class of shares available for Stock Based Awards
and the number, kind and class of shares subject to outstanding Stock Based Awards, and the price thereof, as applicable, shall be appropriately adjusted by the Board. The adjustment provisions of this Section 3.3 shall apply to individual
limitations under the Plan (e.g., limitations on the number of shares covered by any type of Benefit in any one year period). 

3.4    Exclusions from Share Limitation. The following will not be applied to the Share limitations of
Section 3.1 above: (i) dividends or dividend equivalents paid in cash in connection with outstanding Benefits, (ii) Benefits which by their terms may be settled only in cash, (iii) any Shares subject to a Benefit under the Plan
which Benefit is forfeited, cancelled, terminated, expires or lapses for any reason, and (iv) Shares and any Benefits that are granted through the settlement, assumption, or substitution of outstanding awards previously granted, or through
obligations to grant future awards, as the result of a merger, consolidation, or acquisition of the employing company with or by the Company. 

 ARTICLE IV 

ADMINISTRATION 

4.1    Board. The Plan shall be administered by the Board. All determinations of the Board, in its sole discretion,
shall be conclusive. 
 4.2    Authority. Subject to the terms of the Plan, and in particular Section 4.3,
the Board shall have the sole discretionary authority to: 
  

	 	(a)	determine the individuals to whom Benefits are granted, the type and amounts of Benefits to be granted and the time of all such grants; 

 

	 	(b)	determine the terms, conditions, provisions and restrictions that may apply to each Benefit granted, which determinations of the terms, conditions, provisions and restrictions need not be uniform among all Participants;

  

	 	(c)	interpret and construe the Plan and all Agreements; 

  

	 	(d)	prescribe, amend and rescind rules and regulations relating to the Plan; 

  

	 	(e)	determine the content and form of all Agreements; 

  

	 	(f)	determine all questions relating to Benefits under the Plan; 

  

	 	(g)	make all determinations as to the right to Benefits under the Plan, including the authority to review and approve or deny Participant claims for benefits; 

 

	 	(h)	maintain accounts, records and ledgers relating to Benefits; 

  

	 	(i)	maintain records concerning its decisions and proceedings; 

  

	 	(j)	employ agents, attorneys, accountants or other persons for such purposes as the Board considers necessary or desirable; 

  

	 	(k)	take, at any time, any action permitted by Section 7.1 irrespective of whether any Change of Control has occurred or is imminent; 

 

	 	(l)	do and perform all acts which it may deem necessary or appropriate for the administration of the Plan and to carry out the purposes of the Plan; and 

 

	 	(m)	correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Benefit in the manner and to the extent it shall deem desirable. 

 All determinations of the Board in the administration of this Plan, as described herein, shall be
final, binding and conclusive, including, without limitation, as to any adjustments pursuant to Section 3.3 In exercising such authority, the Board may obtain such advice or assistance as it deems appropriate from persons not serving on the
Board. 
 ARTICLE V 

AMENDMENT 

5.1    Power of Board. Except as hereinafter provided and subject to Section 5.2, the Board shall have the
sole right and power to amend the Plan at any time and from time to time. Except as provided in this ARTICLE V, the Board may at any time alter or amend any or all Agreements under this Plan to the extent permitted by law and subject to the
requirements of Section 2.1(b), in which event, as provided in Section 2.1(b), the term “Agreement” shall mean the Agreement as so amended. No termination, suspension or modification of this Plan may materially and adversely affect any
right acquired by any Participant (or a Participant’s legal representative) or any successor or permitted transferee under a Benefit granted before the date of termination, suspension or modification, unless otherwise provided in an Agreement
or otherwise or required as a matter of law. It is conclusively presumed that any adjustment for changes in capitalization provided for in Sections 3.3 hereof does not adversely affect any right of a Participant or other person under a Benefit. 

5.2    Limitation. The Board may not amend the Plan (i) without approval of the shareholders of the Company if
shareholder approval would be required for such an amendment under the rules of the New York Stock Exchange or (ii) in a manner that would violate applicable law. 

ARTICLE Vl 
 TERM.
TERMINATION. MODIFICATION AND REPLACEMENT 
 6.1    Term. The original effective date of the Plan was
January 1, 1997 and the Plan as Amended and Restated herein shall commence on the Effective Date, subject to the terms of the Plan, including those requiring approval by the shareholders of the Company and those limiting the period over which
any Benefits may be granted, shall continue in full force and effect until terminated. 
 6.2    Termination. The
Plan will terminate automatically on May 23, 2027. In addition, the Plan may be terminated at any time by the Board. The Plan will remain in effect with respect to outstanding Benefits until no Benefits remain outstanding. 

6.3    Affect on Benefits. Subject to the provisions of Section 6.4, the amendment or termination of the Plan
shall not adversely affect a Participant’s right to any Benefit granted prior to such amendment or termination. 

6.4    General Modification Rules. Any Benefit granted may be converted, modified, forfeited or canceled, in whole
or in part, by the Board if and to the extent permitted in the Plan 

 
or applicable Agreement or with the consent of the Participant to whom such Benefit was granted. The Board, in its sole discretion, may accelerate the vesting of a Benefit at any time. The Board
may, for such consideration (if any) as it may deem adequate and with the prior consent of the Participant, modify the terms of any outstanding Option or stock appreciation rights; provided, however, that except to the extent permitted by
Section 6.5, no Option or stock appreciation right may be repriced, replaced, or regranted through cancellation, or by lowering the exercise price of such Option or stock appreciation right, and no Option or stock appreciation right with an
exercise price that exceeds Fair Market Value of a share of Common Stock shall be canceled, purchased or exchanged for a cash payment, without shareholder approval. 

6.5    Special Modification in the Event of a Corporate Transaction. In the event of a corporate transaction
(within the meaning of Treas. Reg. § 1.424-1(a)(3)), the Board may provide for the assumption or substitution of outstanding Options or stock appreciation rights, provided that the requirements of Treas.
Reg. § 1.409A-1(b)(v)(D) are satisfied. 
 6.6    Replacement of Benefits. The Board may permit a
Participant to elect to surrender a Benefit in exchange for a new Benefit. Options known as “reload stock options” and other automatic grants to Participants are prohibited under the Plan. 

6.7    No Discounted Options; No Repricing. Options may not be granted with an exercise price lower than the Fair
Market Value of the underlying Shares on the grant date (except to the extent awards are assumed or substituted in connection with a corporate transaction as described in Section 6.5). The exercise price of an Option shall not be reduced after
grant, including by reason of cancellation, cash buyout or exchange of an underwater Option, without shareholder approval. 
 ARTICLE Vll

 CHANGE OF CONTROL 

7.1     Right of Board. In order to maintain a Participant’s rights in the event of a Change in Control, the
Board, in its sole discretion, may, in any Agreement evidencing a Benefit, or at any time prior to, simultaneously with or after a Change in Control, provide such protection as it may deem necessary. Without, in any way, limiting the generality of
the foregoing provisions or requiring any specific protection, the Board may: 
  

	 	(a)	provide for the acceleration of any time periods relating to the exercise or realization of such Benefit so that such Benefit may be exercised or realized in full on or before a date fixed by the Board;

  

	 	(b)	provide for the purchase of such Benefit, upon the Participant’s request, for an amount of cash equal to the amount which could have been attained upon the exercise or realization of such Benefit had such Benefit
been currently exercisable or payable; 

  

	 	(c)	make such adjustment to the Benefits then outstanding as the Board deems appropriate to reflect such transaction or change; and/or 

	 	(d)	cause the Benefits then outstanding to be assumed, or new Benefits substituted therefor, by the surviving corporation in such change. 

ARTICLE Vlll 
 TERMS AND
CONDITIONS OF BENEFITS 
 8.1    Grant Evidenced by Agreement. The grant of any Benefit under the Plan may be
evidenced by an Agreement that describes the specific Benefit granted and the terms and conditions of the Benefit. The granting of any Benefit may be subject to, and conditioned upon, the recipient’s execution of any Agreement to the extent
required by the Board. All capitalized terms used in an Agreement shall have the same meaning as in the Plan, except as otherwise provided in the Agreement. An Agreement shall be subject to all of the terms of the Plan. 

8.2    Provisions of Agreement. Each Agreement shall contain such provisions that the Board shall determine to be
necessary, desirable and appropriate for the Benefit granted which may include, but not be limited to, the following with respect to any Benefit: description of the type of Benefit; the Benefit’s duration; its transferability; if an Option, the
exercise price, the exercise period and the person or persons who may exercise the Option; the effect upon such Benefit of the Participant’s death or termination of employment; the Benefit’s conditions; when, if, and how any Benefit may be
forfeited, converted into another Benefit, modified, exchanged for another Benefit, replaced or transferred; and the restrictions on any Shares purchased or granted under the Plan. 

8.3    Non-Transferability. Except as otherwise expressly provided in an Agreement, any Benefit granted to an
individual who is subject to Section 16 of the Exchange Act shall be not transferable other than by will or the laws of descent and distribution and shall be exercisable during his lifetime only by him, his guardian or his legal representative
provided, however, that a recipient of a Benefit may be permitted, in the sole discretion of the Board, to transfer to a member of such recipient’s immediate family, family trust or family partnership as defined by the Board or its delegee, an
Option granted pursuant to ARTICLE X hereof, subject to such terms and conditions as the Board, in their sole discretion, shall determine. 

8.4    Fair Market Value. If the number of any Stock Based Awards to be granted is determined based on the value of
the Common Stock, such number shall be determined using a value not less than the Fair Market Value of a Share as of the Date of Grant, and the per share exercise price of any Option awarded under the Plan shall not be less than the Fair Market
Value of a Share as of the Date of Grant (except to the extent awards are assumed or substituted in connection with a corporate transaction as described in Section 6.5 above). 

8.5    Tandem Awards. Awards may be granted by the Board in tandem. 

 ARTICLE IX 

PAYMENT, DIVIDENDS, DEFERRAL AND WITHHOLDING 

9.1    Payment by Participant. Upon the exercise of an Option or in the case of any other Benefit that requires a
payment to the Company, the amount due the Company is to be paid: 
  

	 	(a)	in cash; 

  

	 	(b)	by the tender to the Company of Shares owned by the Participant and registered in his name having a Fair Market Value equal to the amount due to the Company; 

 

	 	(c)	in other property, rights and credits, including the Participant’s promissory note if permitted under applicable law; 

  

	 	(d)	by net exercise; or 

  

	 	(e)	by any combination of the payment methods specified in (a), (b), (c) and (d) above. 

 Notwithstanding the
foregoing, any method of payment other than cash may be used only with the consent of the Board or if and to the extent so provided in an Agreement or the terms of an award. The proceeds of the sale of Common Stock purchased pursuant to an Option
and any payment to the Company for other Benefits shall be added to the general funds of the Company or to the Shares held in treasury, as the case may be, and used for the corporate purposes of the Company as the Board shall determine. 

9.2    Dividend Equivalents. Grants of Stock Based Awards may include dividend equivalent payments or dividend
credit rights. The payment of dividend equivalents or dividend credits attributable to an unvested Benefit is not permitted during the period in which the Benefit is unvested. Dividend equivalents and dividend credits may be accumulated during the
vesting period of the underlying Benefit and paid out only to the extent the Benefit has vested. Additionally, Participants holding Options or stock appreciation rights shall not be granted dividend equivalent or dividend credits for any period
prior to the exercise of such Option or stock appreciation right. 
 9.3    Deferral. Unless otherwise specified
by the Board, a Participant may elect, with respect to any Plan Year, to receive a grant of Performance Units in lieu of another Stock Based Award by making and filing with the Board a written irrevocable election prior to the beginning of such Plan
Year (or, in the case of a person who becomes a Participant after the beginning of a Plan Year, within 30 calendar days after becoming a Participant). Unless otherwise specified by the Board, shares subject to a Participant’s deferral election
under this Section 9.3 shall count against Shares granted pursuant to the Phantom Plan and shall not be counted against the Share reserve of this Plan. Shares deferred pursuant to this Section 9.3 that are counted under the Phantom Plan
shall be governed by the terms and conditions of the Phantom Plan. 
 9.4    Withholding. The Company, at the
time any distribution is made under the Plan, whether in cash or in Shares, may withhold from such distribution any amount necessary to satisfy any federal, state and local income tax withholding requirements with respect to such distribution. Such
withholding may be in cash or in Shares. 

 ARTICLE X 

OPTIONS 

10.1    Authorization. The Board may grant Options upon such terms and conditions as the Board may determine. Each
Option shall be evidenced by an Agreement. In no event may Options known as “reload options” or other automatic grants to Participants be granted under the Plan. 

10.2    Exercise Price. The per share exercise price of any Option awarded under the Plan shall not be less than
the Fair Market Value of a Share of Common Stock as of the Date of Grant. 
 10.3    Payment of Exercise Price.
The payment of the exercise price for Shares under an Option shall be made in accordance with Section 9.1. 
 ARTICLE Xl 

RESTRICTED STOCK 

11.1    Authorization. The Board may grant Benefits as Restricted Stock. Shares of Restricted Stock shall be issued
and delivered at the time of the grant. Each certificate representing Shares of Restricted Stock shall bear a legend referring to the Plan and the risk of forfeiture of the Shares and stating that such Shares are nontransferable until all
restrictions have been satisfied and the legend has been removed. The grantee shall be entitled to full voting and dividend rights with respect to all shares of Restricted Stock from the Date of Grant; provided, however, that dividend payments may
be accumulated during the vesting period and paid out only to the extent the Restricted Stock has vested. 
 11.2    Non-Transferability. Shares of Restricted Stock shall not be transferable until after the removal of the legend with respect to such Shares. 

ARTICLE Xll 

PERFORMANCE UNITS 

12.1    Authorization. The Board may grant Performance Units. 

12.2    Number. Unless otherwise approved by the Board or as set forth in an Agreement, the number of Performance
Units granted in lieu of the payment of a director’s meeting fee or retainer shall equal the number of Shares of Common Stock determined by dividing the amount of the applicable meeting fee or retainer by the Fair Market Value of a Share on the
Date of Grant, rounding up to the nearest whole Share. 
 12.3    Administration. Any Performance Units granted
to a Participant shall be credited to a Performance Unit Account (the “Account”) established and maintained for such Participant. A Participant’s Account shall be the record of Performance Units granted to the Participant under the
Plan, is solely for accounting and recordkeeping purposes and shall not require a segregation of any Company assets or the setting aside for registering in the name of a Participant any Common Stock. The Performance Units shall be allocated to a
Participant’s Account by the 

 
Board on the business day following the Date of Grant of such Performance Units. Each allocation of Performance Units under the Plan to a participant under the Plan and the number and value of
such Performance Units as of the date of allocation shall be communicated by the Board in writing to the participant within thirty (30) days after the date of allocation. 

12.4    Terms and Conditions. The grant of Performance Units shall be subject to the terms and conditions set forth
in the applicable Agreement. If a Participant shall be determined, in the sole judgment of the Board, to be guilty of Malfeasance, such Participant shall forfeit all rights to the Performance Units. 

12.5    Payment. At the end of any imposed restricted or deferral period, if applicable, the Participant shall be
entitled to receive from the Company, with respect to each Performance Unit, (i) cash equal to the Fair Market Value of a Share at that time, or (ii) one Share; provided that unless otherwise approved by the Board, a Performance Unit
representing a partial Share shall be paid only in cash. A Participant will not be entitled to receive any earnings on the value of his or her Performance Units with respect to the period between the end of the applicable restricted or deferral
period and the receipt of payment under the Plan. 
 ARTICLE Xlll 

OTHER BENEFITS 

13.1    Other Stock Based Awards. The Board shall have the right to grant other Stock Based Awards which may
include, without limitation, the grant of Shares based on certain conditions, the payment of cash based on the performance of the Common Stock, and the grant of securities convertible into Shares. 

13.2    Other Benefits. The Board shall have the right to provide types of Benefits under the Plan in addition to
those specifically listed, if the Board believes that such Benefits would further the purposes for which the Plan was established. 

ARTICLE XIV 

MISCELLANEOUS PROVISIONS 

14.1    Underscored References. The underscored references contained in the Plan are included only for convenience,
and they shall not be construed as a part of the Plan or in any respect affecting or modifying its provisions. 

14.2    Number and Gender. The masculine and neuter, wherever used in the Plan, shall refer to either the
masculine, neuter or feminine; and, unless the context otherwise requires, the singular shall include the plural and the plural the singular. 

14.3    Governing Law/Venue. This Plan shall be construed and administered in accordance with the laws of the State
of Missouri, without giving regard to the conflict of laws provisions thereof. Any legal action against the Plan, the Company, an Affiliate, or the Board may only be brought in the Circuit Court in St. Louis County and/or the United States District
Court in St. Louis, Missouri. 

 14.4    Purchase for Investment. The Board may require each person
purchasing Shares pursuant to an Option or other award under the Plan to represent to and agree with the Company in writing that such person is acquiring the Shares for investment and without a view to distribution or resale. The certificates for
such Shares may include any legend which the Board deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Board may
deem advisable under all applicable laws, rules and regulations, and the Board may cause a legend or legends to be put on any such certificates to make appropriate references to such restrictions. 

14.5    No Effect on Other Benefits. Payments and other benefits received by a Participant under a Benefit pursuant
to this Plan shall not have any effect on the determination of benefits under any other employee benefit plan (including any benefits awarded under the Company’s Phantom Plan), contract or similar arrangement provided by the Company or an
Affiliate, unless expressly so provided by such other plan, contract or arrangement. 
 14.6    Rights as
Shareholders. A Participant shall have no right as a shareholder with respect to any securities covered by a Benefit until the date the Participant becomes the holder of record. 

14.7    Date of Grant. The date and time of approval by the Board of the granting of a Benefit shall be considered
the date and time at which such Benefit is made or granted, or such later effective date as determined by the Board, notwithstanding the date of any Agreement with respect to such Benefit. 

14.8    Beneficiary Upon Participant’s Death. To the extent that the transfer of a Participant’s Benefit
at death is permitted by this Plan or under an Agreement, (i) a Participant’s Benefit shall be transferable to the beneficiary, if any, designated on forms prescribed by and filed with the Board and (ii) upon the death of the
Participant, such beneficiary shall succeed to the rights of the Participant to the extent permitted by law and this Plan. If no such designation of a beneficiary has been made, the Participant’s legal representative shall succeed to the
Benefits, which shall be transferable by will or pursuant to laws of descent and distribution to the extent permitted by this Plan or under an Agreement. 

14.9    Unfunded Plan. This Plan shall be unfunded and the Company shall not be required to segregate any assets
that may at any time be represented by Benefits under this Plan. Neither the Company, its Affiliates, nor the Board shall be deemed to be a trustee of any amounts to be paid under this Plan nor shall anything contained in this Plan or any action
taken pursuant to its provisions create or be construed to create a fiduciary relationship between the Company and/or its Affiliates, and a Participant or successor. To the extent any person acquires a right to receive a Benefit under this Plan,
such right shall be no greater than the right of an unsecured general creditor of the Company. 

 14.10    Severability. In the event any provision of this Plan shall
be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.EX-10.3

 Exhibit 10.3 

REINSURANCE GROUP OF AMERICA, INCORPORATED 

PHANTOM STOCK PLAN FOR DIRECTORS 

As Amended and Restated Effective May 23, 2017 
  

 REINSURANCE GROUP OF AMERICA, INCORPORATED 

PHANTOM STOCK PLAN FOR DIRECTORS 

ARTICLE I 
 NAME AND
PURPOSE 
 1.1    Name. The name of this Plan is the “Reinsurance Group of America, Incorporated Phantom
Stock Plan for Directors.” 
 1.2    Purpose. The Company has established this Plan to encourage the highest
level of director performance by members of the Board of Directors of the Company, by providing certain outside directors with deferred compensation based on the Company’s success and progress. The Plan is hereby amended and restated as
provided herein and this restatement shall be effective with respect to amounts deferred on or after May 23, 2017. 
 ARTICLE II

 DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION 

2.1    General Definitions. The following words and phrases, when used in the Plan, unless otherwise specifically
defined or unless the context clearly otherwise requires, shall have the following respective meanings: 
  

	 	(a)	Account. Account shall have the meaning given such term in ARTICLE VI. 

  

	 	(b)	Affiliate. A Parent or Subsidiary of the Company, a Subsidiary of a Parent and any limited liability company, partnership, corporation, joint venture, or any other entity in which the Company or any such
Subsidiary owns an equity interest. 

  

	 	(c)	Board. The Board of Directors of the Company. 

  

	 	(d)	Code. The Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor statute. Any reference to the Code includes the regulations promulgated pursuant to the Code.

  

	 	(e)	Common Stock. Any class of the Company’s common stock or any securities issued in respect thereof by the Company or any successor to the Company as a result of an event described in ARTICLE X and
Section 11.10 hereof. 

  

	 	(f)	Company. Reinsurance Group of America, Incorporated, a Missouri corporation, or any successor to all or substantially all of its business by merger, consolidation, purchase of assets or otherwise.

  

	 	(g)	Deferral Period. Deferral Period shall have the meaning given such term in Section 6(b). 

	 	(h)	Director. A duly elected and acting member of the Board who receives Director’s Fees from the Company for his or her services as a member of the Board and who is not an officer or employee of the Company or
any of its Affiliates. 

  

	 	(i)	Director’s Fees. Any and all of the following, whether payable in cash or Common Stock: 

  

	 	(i)	Annual retainer fees for services as a Director (including retainers paid to Board and Committee chairs); 

  

	 	(ii)	Board and Committee meeting attendance fees; and 

  

	 	(iii)	Any other form of compensation (including cash, equity grants or performance units) paid to a Director for service as a member of the Board, a Committee or a Board sub-group.

  

	 	(j)	Disability. A physical or mental condition which, in the opinion of a qualified doctor of medicine chosen by the Company, permanently prevents a Director from carrying out his or her duties as a member of the
Board. 

  

	 	(k)	Effective Date. The date that the Plan, as amended and restated herein, is approved by the shareholders of the Company which must occur within one year before or after approval by the Board. 

 

	 	(l)	Fair Market Value. The closing price of a share of Common Stock on the New York Stock Exchange on a given date, or in the absence of market transactions on such date, the closing price of a share of Common Stock
on the New York Stock Exchange on the last day on which a sale occurred prior to such date. If the shares are not listed on the New York Stock Exchange, Fair Market Value shall be what the Board determines in good faith to be 100% of the fair market
value of a share on that date. The determination of Fair Market Value shall be subject to adjustment as provided in ARTICLE X. 

  

	 	(m)	Parent. Any corporation that is a “parent corporation,” as that term is defined in Section 424(e) of the Code, or any successor provision. 

 

	 	(n)	Participant. A Director who has satisfied the eligibility requirements of Section 4 and who has Performance Units credited to his or her Account. 

 

	 	(o)	Performance Unit. A hypothetical share of Common Stock allocated to a Participant on the Company’s records based on the Fair Market Value of the Common Stock at the time of the grant. 

 

	 	(p)	Plan. Plan shall have the meaning given such term in ARTICLE I. 

  

	 	(q)	Plan Year. The calendar year. 

  

	 	(r)	Retirement. Retirement of a Participant as a Director. 

	 	(s)	Subsidiary. Any corporation that is a “subsidiary corporation,” as that term is defined in Section 424(f) of the Code, or any successor provision. 

2.2    Other Definitions. In addition to the above definitions, certain words and phrases used in the Plan may be
defined in other portions of the Plan. 
 ARTICLE III 

ADMINISTRATION 

3.1    Board. The Board shall administer the Plan. Questions involving eligibility, benefits or the interpretation
or operation of the Plan shall be referred to the Board. All determinations of the Board, in its sole discretion, shall be conclusive. The Board may obtain such advice or assistance as it deems appropriate from persons not serving on the Board. 

3.2     Expenses. All costs and expenses incurred in the operation and administration of this Plan will be borne by
the Company. 
 ARTICLE IV 

ELIGIBILITY 

4.1    Participants. Each Director who is a Participant on May 23, 2017 shall continue to be a Participant as
of such date. Each individual who becomes a Director on or after May 23, 2017 shall be eligible to participate as of the beginning of the next Plan Year. 

ARTICLE V 
 PERFOMANCE
UNITS 
 5.1    Number of Performance Units. The total number of Performance Units that may be granted under
this Plan shall not exceed 130,000. 
 5.2     Election to Receive and Defer Performance Units. With respect to
each Plan Year, a Participant shall be eligible to receive a grant of Performance Units in lieu of all or any portion of his or her Director’s Fees by making and filing with the Board a written election by the date specified by the Company,
which shall be no later than the December 31 prior to the first day of the Plan Year in which such Director’s Fees would otherwise be earned. 

5.3     Deferral Period. A Participant who elects to receive a grant of Performance Units in lieu of his or her
Director’s Fees for any Plan Year under Section 5.2 shall also be eligible at such time to elect to defer payment of such Performance Units (i) for a period of five (5) or seven (7) years from the last day of the calendar
year in which a Performance Unit is granted or (ii) to Retirement (“Deferral Period”). The Participant shall designate to receive payment of such Performance Units in a single payment or up to five substantially equal annual
installment payments. With respect to each grant of Performance Units, a Participant may elect a different Deferral Period and manner of payment hereunder. A Participant who does not affirmatively elect a Deferral Period shall be deemed to have
elected a Deferral Period until Retirement with distribution to be made in a single payment. 

 5.4     Irrevocability. Any election (or deemed election) under
ARTICLE V with respect to a Performance Unit shall become irrevocable as of the December 31 prior to the first day of the calendar year in which such Performance Unit is granted. 

5.5     Changes. In accordance with the provisions of this Section 5.5, a Participant may change the Deferral
Period and/or the form of payment for Performance Units which relate to a particular year by making a re-deferral election and/or an election to have such Performance Units paid in a different form. Any
election under this Section 5.5 must comply with all of the following requirements: (i) no prior election to change the Deferral Period or form of payment may have been made with respect to the same year’s deferrals, (ii) the
election is made at least one year prior to the date the distribution would otherwise have begun, (iii) the first payment with respect to which such election is made shall be deferred for a period of not less than five years from the date such
payment would otherwise have been made, and (iv) any election related to a payment that was otherwise to be made at a specified time may not be made less than twelve months prior to the date of the first scheduled payment. For purposes of
applying the provisions of this Section 5.5, installment payments shall be considered a single payment for purposes of applying these subsequent deferral election rules. 

ARTICLE VI 
 ACCOUNTS

 6.1     Performance Unit Accounts. Performance Units shall be credited to a Performance Unit Account (the
“Account”) established and maintained for a Participant. The Performance Units shall be allocated to a Participant’s Account annually on the same day the annual equity grant is made to Directors, unless the Board approves a different
allocation date. The number of Performance Units shall equal the number of full shares of Common Stock that the amount of the deferred Director’s Fees would have purchased at Fair Market Value on the allocation date. Partial Performance Units
will not be allocated, and standard rounding will be applied to determine the number of full Performance Units. The Account of a Participant shall be the record of Performance Units granted to him or her under the Plan, is solely for accounting and
record keeping purposes and shall not require a segregation of any Company assets or setting aside for or registering in the name of a Participant any Common Stock. In addition, the existence of such record and the Account shall not be deemed to
create a trust of any kind or a fiduciary relationship between the Company and a Participant or his or her beneficiary. Each allocation of Performance Units under the Plan to a Participant and the number and value of such Performance Units as of the
date of allocation shall be communicated annually to the Participant. 
 ARTICLE VII 

RESTRICTIONS AND PAYMENTS 

7.1     Restrictions. The Participant shall have no rights and privileges of a shareholder as to the Performance
Units credited to his or her Account. Accordingly, the Participant shall have no right to receive dividends actually paid or distributed at the time declared and no right to 

 
vote on account of any allocation of Performance Units to his or her Account. In addition, no interest in the Performance Units or any Account may be sold, transferred, assigned, pledged or
otherwise encumbered or disposed of at any time. 
 7.2     Payment of Performance Units. Except as otherwise
provided under this ARTICLE VII, distribution of the Performance Units shall occur (or commence in the case of annual installments) on the date immediately following the last day of the applicable Deferral Period. Distribution shall be made in a
single payment, unless at the time of deferral the Participant had elected to receive payment in annual installments. The Board shall have the sole discretion to determine whether such distribution shall be made in cash or in stock. 

 

	 	(a)	Lump Sum Payments. If distribution shall be made in a single lump sum, the amount of the distribution shall equal (i) the Fair Market Value of a share of Common Stock as of the last day of the Deferral
Period multiplied by the number of Performance Units credited to his or her account on such date, or (ii) one share of Common Stock in lieu of cash for each Performance Unit credited to his or her account on the last day of the Deferral Period.

  

	 	(b)	Annual Installments. If distribution shall be made in annual installments, the amount of each installment shall equal (i) the Fair Market Value of a share of Common Stock as of the last day of the Deferral
Period (or the applicable annual anniversary thereof), multiplied by the number of Performance Units being distributed in such installment, or (ii) one share of Common Stock in lieu of cash for each Performance Unit being distributed in that
installment. 

 7.2     End of Directorship. If a Participant ceases to be a Director prior to the
end of the Deferral Period, distribution of all Performance Units allocated to such Participant’s Account shall be made or commence at the time and in the form of payment elected or deemed to have been elected at the time of deferral. Payment
shall be made to the Participant, the Participant’s beneficiary in the event of death, or the Participant’s estate in the case of Disability if there is no
attorney-in-fact, as the case may be. 
 7.3
    Tax. In all cases, for purposes of compliance with Section 409A of the Code, payment shall be deemed to be made upon the fixed date or payment event specified under Section 7.2(b) if the payment is made (a) thirty
(30) days prior to the specified fixed payment date or event; (b) a later date within the same calendar year as the specified fixed payment date or event; or (c) if later, by the 15th day of the third calendar month following the specified
fixed payment date or event. However, in no event shall a Participant be permitted, directly or indirectly, to designate the taxable year of the payment. 

ARTICLE VIII 

REGULATORY COMPLIANCE AND LISTING 

8.1     Regulatory Compliance. If the Board decides to deliver Common Stock in lieu of cash under ARTICLE VII, the
issuance or delivery of any Common Stock may be postponed by the Company for such period as may be required to comply with any applicable requirements under the federal securities laws, any applicable listing requirements of any national securities

 
exchange and requirements under any other law or regulation applicable to the issuance or delivery of such shares, and the Company shall not be obligated to issue, purchase or deliver any Common
Stock if the issuance, purchase or delivery of such shares shall constitute a violation of any provision of any law or of any regulation of any governmental authority or any national securities exchange. If the Company is unable to deliver Common
Stock after a reasonable period of time, the Board shall direct the delivery of cash under ARTICLE VII to satisfy the distribution of Performance Units. 

8.2     Other Agreements. As a condition to receipt of Common Stock, the Participant shall execute such agreements
and other documents as the Company may reasonably request for securities law purposes. 
 ARTICLE IX 

AMENDMENT, TERM AND TERMINATION 

9.1    Amendment. Except as hereinafter provided, the Board shall have the sole right and power to amend the Plan
at any time and from time to time. No termination, suspension or modification of this Plan may materially and adversely affect any right acquired by any Participant (or a Participant’s legal representative) or any successor or permitted
transferee under a Performance Unit granted before the date of termination, suspension or modification, unless otherwise provided in a separate agreement or otherwise or required as a matter of law. 

9.2    Limitation. The Board may not amend the Plan (i) without approval of the shareholders of the Company if
shareholder approval would be required for such an amendment under the rules of the New York Stock Exchange or (ii) in a manner that would violate applicable law. 

9.3    Term. The original effective date of the Plan was January 1, 1997 and the Plan as amended and
restated herein shall commence as of the Effective Date and, subject to the terms of the Plan, including those requiring approval by the shareholders of the Company, shall continue in full force and effect until terminated. 

9.4    Termination. The Plan will terminate automatically on May 23, 2027. In addition, the Board may at
any time terminate the Plan unless otherwise required by law, the rights of a Participant with respect to Performance Units granted prior to such termination may not be impaired without the consent of such Participant. 

ARTICLE X 
 ADJUSTMENTS

 10.1     Adjustment. In the event of any change in the Common Stock of the Company by reason of any
extraordinary dividend, stock dividend, spin-off, split-up, spin-out, recapitalization, warrant or rights issuance or
combination, exchange or reclassification of shares, merger, consolidation, reorganization, sale of substantially all assets or, in the Board’s sole discretion, other similar or relevant event, the Board shall proportionately adjust, in an
equitable manner, the total number of Performance Units which may be granted under the Plan 

 
under ARTICLE V and the number of Performance Units held by a Participant under the Plan and, if appropriate to reflect such event and preserve the value of such Performance Units, the number,
kind and class of shares underlying the Performance Units. 
 ARTICLE XI 

MISCELLANEOUS 

11.1    Underscored References. The underscored references contained in the Plan are included only for convenience,
and they shall not be construed as a part of the Plan or in any respect affecting or modifying its provisions. 

11.2    Number and Gender. The masculine and neuter, wherever used in the Plan, shall refer to either the
masculine, neuter or feminine; and, unless the context otherwise requires, the singular shall include the plural and the plural the singular. 

11.3    Governing Law/Venue. This Plan shall be construed and administered in accordance with the laws of the State
of Missouri, without giving regard to the conflict of laws provisions thereof. Any legal action against the Plan, the Company, an Affiliate, or the Board may only be brought in the Circuit Court in St. Louis County and/or the United States District
Court in St. Louis, Missouri. 
 11.4     No Director Reelection. Nothing in the Plan shall be deemed to create
any obligation on the part of the Board to nominate any Director for reelection by the Company’s shareholders. 
 11.5
    Limitations. Neither the adoption of this Plan by the Board nor the submission of the Plan to the Company’s shareholders for approval shall be construed as creating any limitations on the power or authority of the
Board to adopt such other additional incentive or other compensation arrangements as the Board may deem necessary or desirable 
 11.6
    Deductions. The Company shall have the right to (i) deduct from all amounts paid pursuant to the Plan any taxes required by law to be withheld with respect to such amounts, and (ii) require, within three
months after issuance or delivery of any Common Stock, payment by the Participant of any taxes required by law with respect to the issuance or delivery of such shares. 

11.7     Designation of Beneficiary. Each Participant may designate one or more beneficiaries to receive all
payments due to such Participant hereunder upon his or her death. Such beneficiary designation may be revoked or amended by such Participant, from time to time, by appropriate notice in writing delivered to the General Counsel of the Company. In the
absence of any beneficiary designation or in the event that the designated beneficiaries shall not be living at the time of death of the Participant, the Account value on the date of death of the Participant shall be payable and delivered to the
estate of such deceased Participant. 
 11.8     Common Stock. The shares of any Common Stock delivered under the
Plan may be either authorized but unissued shares (subject to payment of any required par value) or treasury shares, as determined from time to time by the Board. In either case, the shares shall be fully registered and transferable without
restriction. 

 11.9     Assignment. No rights, interests or benefits under this Plan
may be assigned, transferred, pledged or hypothecated in any way. Such rights, interests or benefits shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge or hypothecation, or other disposition
of such rights, interests or benefits contrary to the preceding provisions, or the levy of any attachment or similar process thereupon, shall be null and void and without effect. 

11.10     Successors and Assigns. This Plan shall be binding upon and inure to the benefit of the successors and
assigns of the Company, whether by way of merger, consolidation, operation of law, assignment, purchase or other acquisition of substantially all of the assets or business of the Company and any such successor or assign shall absolutely and
unconditionally assume all of the Company’s obligations hereunder. 
 11.11     No Equitable Rights. The
payments to a Participant or his or her beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of the general, unrestricted assets of the Company. No person shall have any interest in any such assets by
virtue of the provisions of the Plan. The Company’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Company under the
provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Company. No such person shall have nor acquire any legal or equitable right, interest or claim in or to any property or assets of the Company.

 11.12    Tax Compliance. Payments and benefits under this Plan are intended to comply with Code Section 409A
to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in compliance therewith. For purposes of Code Section 409A, a Participant’s entitlement to annual
installment payments shall be treated as an entitlement to a single payment. For purposes of this Plan, a termination of directorship or Retirement shall only be deemed to occur if such termination constitutes a “separation from service”
within the meaning of Code Section 409A. 
 11.13    Severability. In the event any provision of this Plan shall
be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

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