Document:

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                                                                   Exhibit 10.47
________________________________________________________________________________

                             FISCAL AGENCY AGREEMENT

                                     between

                   NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY
                                     Issuer

                                       and

                       THE FIRST NATIONAL BANK OF BOSTON
                                  Fiscal Agent

                    ________________________________________

                         Dated as of February 10, 1994
                    ________________________________________

                    7 7/8% Surplus Notes scheduled to mature

                              on February 15, 2024

________________________________________________________________________________

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                                TABLE OF CONTENTS

                                                                          Page
                                                                          ----
 1.       The Securities ..............................................    1
          (a)     General .............................................    1
          (b)     Forms of Securities .................................    1
          (c)     Book-Entry Provisions ...............................    2
          (d)     Denominations .......................................    4

 2.       Fiscal Agent; Other Agents ..................................    4

 3.       Authentication ..............................................    5

 4.       Payment and Cancellation ....................................    6
          (a)     Payment .............................................    6
          (b)     Cancellation ........................................    7

 5.       Global Security .............................................    7

 6.       Registration, Transfer and Exchange of Securities ...........    9

 7.       Delivery of Certain Information .............................   12
          (a)     Rule 144A Information ...............................   12
          (b)     Periodic Reports ....................................   12

 8.       Conditions of Fiscal Agent's Obligations ....................   12
          (a)     Compensation and Indemnity ..........................   12
          (b)     Agency ..............................................   13
          (c)     Advice of Counsel ...................................   13
          (d)     Reliance ............................................   13
          (e)     Interest in Securities, etc. ........................   14
          (f)     Non-Liability for Interest ..........................   14
          (g)     Certifications ......................................   14
          (h)     No Implied Obligations ..............................   14

 9.       Resignation, Removal and Appointment of Successor ...........   15
          (a)     Fiscal Agent and Paying Agent .......................   15
          (b)     Resignation and Removal .............................   15
          (c)     Successors ..........................................   15
          (d)     Acknowledgement .....................................   16
          (e)     Merger, Consolidation, etc. .........................   17

 10.      Meetings and Amendnents .....................................   17
          (a)     Calling of Meeting, Notice and Quorum ...............   17
          (b)     Approval ............................................   18
          (c)     Binding Nature of Anendments, Notices,
                   Notations, etc. ....................................   20
          (d)     "Outstanding" Defined ...............................   21

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                                                                         Page

 11.      Governing Law ...............................................   21
 12.      No Implied Obligations ......................................   22
 13.      Notices .....................................................   22
 14.      Separability ................................................   22
 15.      Headings ....................................................   23
 16.      Counterparts ................................................   23

 EXHIBIT A          FORM OF SECURITY ..................................   A-1

 EXHIBIT B          FORM OF TRANSFER CERTIFICATE FOR
                      EXCHANGE OR TRANSFER OF RESTRICTED
                      DEFINITIVE SECURITY .............................   B-1

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          FISCAL AGENCY AGREEMENT, dated as of February 10, 1994, between NEW
ENGLAND MUTUAL LIFE INSURANCE COMPANY, a mutual life insurance company organized
under the laws of the Commonwealth of Massachusetts (the "Issuer"), having its
principal office at 501 Boylston Street, Boston, Massachusetts 02117, and THE
FIRST NATIONAL BANK OF BOSTON, a national banking association organized under
the laws of the United States, as Fiscal Agent (together with any successor as
Fiscal Agent hereunder, the "Fiscal Agent"). The Exhibits attached hereto shall
be deemed to be a part of this Agreement.

          1.  The Securities.

          (a) General. This Agreement is made in respect of $150,000,000
aggregate principal amount of 7 7/8% Surplus Notes scheduled to mature on
February 15, 2024 (the "Notes" or the "Securities"). Claims based upon the
Securities will rank below all Indebtedness, Policy Claims and Prior Claims
(each as hereinafter defined) upon the terms and conditions set forth in Section
10 of the Notes. The payment by the Issuer of principal and interest on the
Securities shall be conditioned upon the payment restrictions set forth in
paragraphs 4 and 10 of the Securities (the "Payment Restrictions"). The Notes
are scheduled to mature on February 15, 2024 (the "Scheduled Maturity Date").
Any reference herein to the term "scheduled maturity date" or other date for the
payment of principal of the Notes shall include the date upon which any state or
federal agency obtains an order or grants approval for the reorganization,
rehabilitation, liquidation, conservation or dissolution of the Issuer.

          (b) Forms of Securities. The Securities are being offered and sold by
the Issuer pursuant to a Purchase Agreement, dated February 3, 1994 (the
"Purchase Agreement"), between the Issuer and the Purchasers named therein (the
"Purchasers") either (i) to institutional investors that are "accredited
investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) or, if the
investors therein all meet one of the foregoing criteria, Rule 501(a)(8) under
the Securities Act of 1933, as amended (the "Act") ("Institutional Accredited
Investors"), in definitive, fully registered form without interest coupons
("definitive Securities") or (ii) to qualified institutional buyers within the
meaning of Rule 144A ("Rule 144A") under the Act in the form of a global
Security (the "Restricted Global Security") in definitive, fully registered form
without interest coupons. The Securities shall be substantially in the form of
Security attached as Exhibit A hereto, with such applicable legends as are
provided for in Exhibit A. Each such global Security shall be registered in the
name of a nominee of The
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Depository Trust Company (the "Depositary") and deposited with the Fiscal Agent,
at BancBoston Trust Company of New York, an affiliate of the Fiscal Agent
(together with any successor, the "Affiliate") at its New York office, as
custodian for the Depositary, duly executed by the Issuer and authenticated by
the Fiscal Agent as hereinafter provided. The aggregate principal amount of the
Restricted Global Security may from time to time be increased or decreased by
adjustments made on the records of the Fiscal Agent, as custodian for the
Depositary, as hereinafter provided.

          All Securities shall be issued substantially in the form of Security
attached hereto as Exhibit A and shall be executed manually or in facsimile on
behalf of the Issuer by either its Chairman of the Board, President, or a Vice
President, and by either its Treasurer, an Assistant Treasurer, its Secretary or
an Assistant Secretary (the "Authorized Officers"), notwithstanding that such
officers, or any of them, shall have ceased, for any reason, to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of any such Security. The Securities (i) may also
have such additional provisions, omissions, variations or substitutions as are
not inconsistent with the provisions of this Agreement, and (ii) may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with this Agreement,
any law or with any rules made pursuant thereto or with the rules of any
securities exchange, insurance regulatory or other governmental agency or
depositary therefor or as may, consistently herewith, be determined by the
Authorized Officers executing such Securities, in each case (i) and (ii) as
conclusively evidenced by their proper execution of such Securities.

          (c) Book-Entry Provisions. This Section 1(c) shall apply to all
Securities evidencing all or part of the Securities that are registered in the
name of the Depositary or a nominee thereof ("global Securities").

          The Issuer shall execute and the Fiscal Agent shall, in accordance
with this Section 1(c), authenticate and deliver a global Security as required
to be issued pursuant to Section 1(b) hereof, which (A) shall be registered in
the name of the Depositary or its nominee, (B) shall be delivered by the Fiscal
Agent to the Depositary or pursuant to the Depositary's instructions and (C)
shall bear legends substantially to the following effect:

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          "Unless this Security is presented by an authorized representative of
          [insert name of Depositary] to the Issuer or its agent for
          registration of transfer, exchange or payment, and any Security issued
          in exchange for this Security or any portion hereof is registered in
          the name of [insert name of nominee of Depositary] or in such other
          name as is requested by an authorized representative of [insert name
          of Depositary] (and any payment is made to [insert name of nominee of
          Depositary] or to such other entity as is requested by an authorized
          representative of [insert name of Depositary]), ANY TRANSFER, PLEDGE
          OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER
          THAN [insert name of Depositary] OR A NOMINEE THEREOF IS WRONGFUL
          inasmuch as the registered owner hereof, [insert name of nominee of
          Depositary], has an interest herein."

          "This Security is a global Security within the meaning of the Fiscal
          Agency Agreement referred to hereinafter. This global Security may not
          be exchanged, in whole or in part, for a Security registered in the
          name of any person other than [insert name of Depositary] or a nominee
          thereof, except in the limited circumstances set forth in Section 5 of
          the Fiscal Agency Agreement, and may not be transferred, in whole or
          in part, except in accordance with the restrictions set forth in
          Section 6(c) of the Fiscal Agency Agreement. Beneficial interests in
          this global Security may not be transferred except in accordance with
          Section 6(c) of the Fiscal Agency Agreement."

          Neither any members of, or participants in, the Depositary ("Agent
Members") nor any other persons on whose behalf Agent Members may act shall have
any rights under this Fiscal Agency Agreement with respect to any global
Security registered in the name of the Depositary or any nominee thereof, or
under any such global Security, and the Depositary or such nominee, as the case
may be, may be treated by the Issuer, the Fiscal Agent and any agent of the
Issuer or the Fiscal Agent as the absolute owner and holder of such global
Security for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Issuer, the Fiscal Agent or any agent of the Issuer or
the Fiscal Agent from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or such nominee, as the case may be,
or impair, as between the Depositary, its Agent Members and any other person on
whose behalf an Agent Member may act, the opera-

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tion of customary practices of such persons governing the exercise of the rights
of a holder of any Security.

          (d) Denominations. The Securities and beneficial interests in global
Securities shall be issuable in minimum denominations of $250,000 and integral
multiples of $1,000 in excess thereof.

          2.  Fiscal Agent; Other Agents.

          The Issuer hereby appoints The First National Bank of Boston, acting
through its corporate trust office at Blue Hills Office Park, 150 Royall Street,
Canton, MA 02021, Attn: Corporate Trust Division, Mail Stop 45-02-15, (1994 New
England Mutual Fiscal Agency) and the payment office of its Affiliate (for
payments, exchanges and transfers) in the Borough of Manhattan, The City of New
York (together, the "Corporate Trust Office"), as fiscal agent of the Issuer in
respect of the Securities upon the terms and subject to the conditions herein
set forth, and The First National Bank of Boston hereby accepts such
appointment. The First National Bank of Boston and any successor or successors
as such fiscal agent qualified and appointed in accordance with Section 9
hereof, are herein called the "Fiscal Agent". The Fiscal Agent shall have the
powers and authority granted to and conferred upon it in the Securities and
hereby and such further powers and authority to act on behalf of the Issuer as
may be mutually agreed upon by the Issuer and the Fiscal Agent. The Fiscal Agent
shall keep a copy of this Agreement available for inspection during normal
business hours at its Corporate Trust Office. The Fiscal Agent or any Paying
Agent (as defined below) shall also act as Transfer Agent (as defined below).
All of the terms and provisions with respect to such powers and authority
contained in the Securities are subject to and governed by the terms and
provisions hereof.

          The Issuer may, at its discretion, appoint one or more agents (a
"Paying Agent" or "Paying Agents") for the payment, to the extent permitted
under the Payment Restrictions, of the principal of and any interest on the
Securities, and one or more agents (a "Transfer Agent" or "Transfer Agents") for
the transfer and exchange of Securities, at such place or places as the Issuer
may determine; provided, however, that the Issuer shall at all times maintain a
Paying Agent and Transfer Agent in the Borough of Manhattan, The City of New
York (which Paying Agent and Transfer Agent may be the Fiscal Agent or the
Affiliate of the Fiscal Agent). The Issuer hereby initially appoints the Fiscal
Agent at its Corporate Trust Office as principal Paying Agent, Transfer Agent,
authenticating agent and securities

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registrar, and the Fiscal Agent hereby accepts such appointment. Each Transfer
Agent shall act as a security registrar and there shall be kept at the office of
each Transfer Agent a register in which, subject to such reasonable regulations
as the Issuer may prescribe, the Issuer shall provide for the registration of
Securities and the registration of transfers of Securities. The Issuer shall
promptly notify the Fiscal Agent of the name and address of any other Paying
Agent or Transfer Agent appointed by it, and will notify the Fiscal Agent of the
resignation or termination of any such Paying Agent or Transfer Agent. Subject
to the provisions of Section 9(c) hereof, the Issuer may vary or terminate the
appointment of any such Paying Agent or Transfer Agent at any time and from time
to time upon giving not less than 90 days' notice to such Paying Agent or
Transfer Agent, as the case may be, and to the Fiscal Agent. The Issuer shall
cause notice of any resignation, termination or appointment of the Fiscal Agent
or any Paying Agent or Transfer Agent and of any change in the office through
which any such Agent will act to be provided to holders of Securities.

          3. Authentication.

          The Fiscal Agent is authorized, upon receipt of Securities duly
executed on behalf of the Issuer for the purposes of the original issuance of
Securities, (i) to authenticate said Securities in an aggregate principal amount
not in excess of $150,000,000 and to deliver said Securities in accordance with
the written order or orders of the Issuer signed on its behalf by an Authorized
Officer and (ii) thereafter to authenticate and deliver Securities in accordance
with the provisions therein and hereinafter set forth.

          The Fiscal Agent may, with the consent of the Issuer, appoint by an
instrument or instruments in writing one or more agents (which may include
itself) for the authentication of the Securities and, with such consent, vary or
terminate any such appointment upon written notice and approve any change in the
office through which any authenticating agent acts. The Issuer (by written
notice to the Fiscal Agent and the authenticating agent whose appointment is to
be terminated) may also terminate any such appointment at any time. The Fiscal
Agent hereby agrees to solicit written acceptances from the entities concerned
(in form and substance satisfactory to the Issuer) of such appointments. In its
acceptance of such appointment, each such authenticating agent shall agree to
act as an authenticating agent pursuant to the terms and conditions of this
Agreement.

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            4. Payment and Cancellation.

          (a) Payment. For so long as the Fiscal Agent is acting as a Paying
Agent hereunder, the Issuer, subject to the approval of the Commissioner of
Insurance of the Commonwealth of Massachusetts (or such other governmental
official, body or authority as may, after the date of issue of the Securities,
become the primary regulator of the financial condition of the Issuer, together
the "Commissioner"), shall provide to the Fiscal Agent, in immediately available
funds on or prior to 10:00 a.m., New York time, on each date on which a payment
of principal of or any interest on the Securities shall be scheduled, as set
forth in the text of the Securities, such amount, in U.S. dollars, as is
necessary to make such payment, and the Issuer hereby authorizes and directs the
Fiscal Agent from funds so provided to it to make or cause to be made payment of
the principal of and any interest, as the case may be, on the Securities in the
manner, at the times and for the purposes set forth herein and in the text of
said Securities; provided that (1) any permitted payment of interest on the
Securities may be made by check mailed to the persons (the "registered owners")
in whose names such Securities are registered on the register maintained
pursuant to Section 6 hereof at the close of business on the record dates
designated in the text of the Securities and (2) the Issuer will not provide any
such funds to the Fiscal Agent prior to such time as the payment of such
principal or interest is approved by the Commissioner. The Fiscal Agent may
conclusively rely, without further inquiry, on receipt of such funds as evidence
of the receipt by the Company of the approval of the Commissioner for such
payment. Permitted payments of principal of or any interest on the Securities
may be made, in the case of a registered owner of at least $5,000,000 aggregate
principal amount of Securities, by wire transfer to an account maintained by the
payee with a bank as specified in the text of the Securities if such registered
owner so elects by giving notice to the Fiscal Agent, not less than 15 days (or
such fewer days as the Fiscal Agent may accept at its discretion) prior to the
date on which such payments are scheduled to be made, of such election and of
the account to which payment is to be made. Unless such designation is revoked,
any such designation made by such holder with respect to such Securities shall
remain in effect with respect to any future payments with respect to such
Securities payable to such holder. The Issuer shall pay any reasonable
administrative costs in connection with making any such payments. The Fiscal
Agent shall arrange directly with any other Paying Agent who may have been
appointed by the Issuer pursuant to the provisions of Section 2 hereof for the
payment, subject to the Payment

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Restrictions, from funds so paid by the Issuer of the principal of and any
interest on the Securities in the manner, at the times and for the purposes set
forth herein and in the text of said Securities. Notwithstanding the foregoing,
the Issuer may provide directly to a Paying Agent funds for the payment, subject
to the Payment Restrictions, of the principal thereof and interest payable
thereon under an agreement with respect to such funds containing substantially
the same terms and conditions set forth in this Section 4(a) and in Section 8(b)
hereof; and the Fiscal Agent shall have no responsibility with respect to any
funds so provided by the Issuer to any such Paying Agent.

          Payments of principal of and interest on the Securities shall be made
in the manner set forth in the Securities, including the Payment Restrictions
set forth therein.

          (b) Cancellation. All Securities delivered to the Fiscal Agent (or any
other Agent appointed by the Issuer pursuant to Section 2 hereof) for payment or
registration of transfer or exchange as provided herein or in the Securities
shall be marked "cancelled" and, in the case of any other such Agent, forwarded
to the Fiscal Agent. All such Securities shall be destroyed by the Fiscal Agent
or such other person as may be jointly designated by the Issuer and the Fiscal
Agent, which shall thereupon furnish certificates of such destruction to the
Issuer.

          5.  Global Security.

          (a) Notwithstanding any other provisions of this Agreement or the
Securities, a global Security shall not be exchanged in whole or in part for a
Security registered in the name of any person other than the Depositary or one
or more nominees thereof, provided that a global Security may also be exchanged
for Securities registered in the names of any person designated by the
Depositary in the event that (i) the Depositary has notified the Issuer that it
is unwilling or unable to continue as Depositary for such global Security or
such Depositary has ceased to be a "clearing agency" registered under the
Securities Exchange Act of 1934 (as may be hereafter amended from time to time,
the "Exchange Act"), (ii) an event described in paragraph 14(a) or the first
sentence of paragraph 14(b) of the Securities has occurred and is continuing
with respect to the Securities or (iii) a request for certificates has been made
upon 60 days' prior written notice given to the Fiscal Agent in accordance with
the Depositary's customary procedures and a copy of such notice has been
received by the Issuer from the Fiscal Agent. Any global Security exchanged

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pursuant to clause (i) above shall be so exchanged in whole and not in part and
any global Security exchanged pursuant to clause (ii) or (iii) above may be
exchanged in whole or from time to time in part as directed by the Depositary.
Any Security issued in exchange for a global Security or any portion thereof
shall be a global Security, provided that any such Security so issued that is
registered in the name of a person other than the Depositary or a nominee
thereof shall not be a global Security.

          (b) Securities issued in exchange for a global Security or any portion
thereof shall be issued in definitive, fully registered form, without interest
coupons, shall have an aggregate principal amount equal to that of such global
Security or portion thereof to be so exchanged, shall be registered in such
names and be in such authorized denominations as the Depositary shall designate
and shall bear the applicable legends provided for herein. Any global Security
to be exchanged in whole shall be surrendered by the Depositary to the Transfer
Agent located in the Borough of Manhattan, The City of New York, to be so
exchanged. With regard to any global Security to be exchanged in part, either
such global Security shall be so surrendered for exchange or, if the Fiscal
Agent is acting as custodian for the Depositary or its nominee with respect to
such global Security, the principal amount thereof shall be reduced, by an
amount equal to the portion thereof to be so exchanged, by means of an
appropriate adjustment made on the records of the Fiscal Agent. Upon any such
surrender or adjustment, the Fiscal Agent shall authenticate and deliver the
Security issuable on such exchange to or upon the order of the Depositary or an
authorized representative thereof. Any Security delivered in exchange for the
Restricted Global Security or any portion thereof shall bear the legend
regarding transfer restrictions applicable to the Restricted Global Security set
forth on the form of Security attached as Exhibit A hereto.

          (c) Subject to the provisions of Section 1(c) above, the registered
holder may grant proxies and otherwise authorize any person, including Agent
Members and persons that may hold interests through Agent Members, to take any
action which a holder is entitled to take under this Fiscal Agency Agreement or
the Securities.

          (d) In the event of the occurrence of any of the events specified in
paragraph (a) of this Section 5, the Issuer will promptly make available to the
Fiscal Agent a reasonable supply of certificated Securities in definitive, fully
registered form without interest coupons.

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          6. Registration, Transfer and Exchange of Securities.

          (a) The Fiscal Agent or its Affiliate, as agent of the Issuer for this
purpose, shall maintain at its Corporate Trust Office in the Borough of
Manhattan, The City of New York, a register of Securities for the registration
of Securities and the transfers and exchanges thereof. Subject to the provisions
of this Section 6, upon presentation for transfer or exchange of any Security at
the office of any Transfer Agent accompanied by a written instrument of transfer
or exchange in the form approved by the Issuer (it being understood that, until
notice to the contrary is given to holders of Securities, the Issuer shall be
deemed to have approved the form of instrument of transfer or exchange, if any,
printed on any Security), executed by the registered holder, in person or by
such holder's attorney thereunto duly authorized in writing, such Security shall
be transferred upon the register for the Securities, and a new Security shall be
authenticated and issued in the name of the transferee.

          (b) If a holder of definitive, certificated Securities that bear or
are required to bear the legends set forth in the form of Security attached as
Exhibit A hereto ("Restricted Definitive Securities") wishes at any time to
transfer such Restricted Definitive Securities or to exchange such Restricted
Definitive Securities, such exchange or transfer may be effected only in
accordance with the provisions of this Section 6(b). Upon the receipt by the
Fiscal Agent or its Affiliate, as Transfer Agent, at its office in The City of
New York of (i) a Restricted Definitive Security accompanied by a written and
executed instrument of transfer or exchange as provided in Section 6(a) and (ii)
the following additional information and documents, as applicable:

          (1) if such Restricted Definitive Security is owned by the holder
     thereof and is being exchanged, without transfer, or if such Restricted
     Definitive Security is being transferred pursuant to an exemption from
     registration in accordance with Rule 144A or Rule 144 under the Act, a
     certification from such holder to that effect, substantially in the form of
     Exhibit B hereto; or

          (2) if the Restricted Definitive Security being transferred or
     exchanged contains a restrictive legend, certification to the effect that
     such transfer or exchange is in accordance with the restrictions contained
     in such legend, if required by the Fiscal Agent,

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the Fiscal Agent shall register the transfer of such Restricted Definitive
Security or exchange such Restricted Definitive Security for an equal principal
amount of Restricted Definitive Securities of other authorized denominations.

          To permit registrations of transfers and exchanges, the Issuer shall
execute and the Fiscal Agent (or an authenticating agent appointed pursuant to
Section 2) shall authenticate and deliver definitive Securities at the Fiscal
Agent's or any Transfer Agent's request. No service charge shall be made to a
holder for any registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any transfer tax or other governmental
charge payable in connection with any registration of transfer or exchange.

          All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Issuer, subject to the Payment
Restrictions, evidencing the same debt, and the applicable provisions of this
Fiscal Agency Agreement shall apply equally thereto, as the Securities
surrendered upon such registration of transfer or exchange.

          (c) A global Security may not be transferred, in whole or in part, to
any person other than the Depositary or a nominee thereof, and no such transfer
to any such other person may be registered; provided that this clause (c) shall
not prohibit any transfer of a Security that is issued in exchange for a global
Security but is not itself a global Security. No transfer of a Security to any
person shall be effective under this Agreement or the Securities unless and
until such Security has been registered in the name of such person.

          (d) Successive registrations and registrations of transfers and
exchanges as aforesaid may be made from time to time as desired, and each such
registration shall be noted on the Security register. No service charge shall be
made for any registration of transfer or exchange of the Securities, but the
Fiscal Agent may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith and any other amounts
required to be paid by the provisions of the Securities.

          (e) Any Transfer Agent appointed pursuant to Section 2 hereof shall
provide to the Fiscal Agent such information as the Fiscal Agent may reasonably
require in connection with the delivery by such Transfer Agent of Securities
upon transfer or exchange of Securities.

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          (f) No Transfer Agent shall be required to make registrations of
transfer or exchange of Securities during any periods designated in the text of
the Securities as periods during which such registration of transfer and
exchanges need not be made.

          (g) If Securities are issued upon the transfer, exchange or
replacement of Securities not bearing the legends required, as applicable, by
the form of Security attached as Exhibit A hereto (collectively, the "Legend"),
the Securities so issued shall not bear the Legend. If Securities are issued
upon the transfer, exchange or replacement of Securities bearing the Legend, or
if a request is made to remove the Legend on a Security, the Securities so
issued shall bear the Legend, or the Legend shall not be removed, as the case
may be, unless there is delivered to the Issuer such satisfactory evidence,
which may include an opinion of independent counsel, as may be reasonably
required by the Issuer that neither the Legend nor the restrictions on transfer
set forth therein are required to ensure that transfers thereof comply with the
provisions of Rule 144A or Rule 144 under the Act or that such Securities are
not "restricted securities" within the meaning of Rule 144 under the Act. Upon
provision of such satisfactory evidence, the Fiscal Agent, at the direction of
the Issuer, shall authenticate and deliver a Security that does not bear the
Legend or may remove the Legend, as the case may be. The Issuer agrees to
indemnify each of the Fiscal Agent and its Affiliate for, and to hold each of
them harmless against, any loss, liability or expense, including the fees and
expenses of counsel, reasonably incurred, arising out of or in connection with
actions taken or omitted by the Fiscal Agent or its Affiliate in reliance upon
such legal opinion and the delivery of a Security that does not bear a Legend.

          (h) With the prior approval of the Commissioner, the Issuer and any
person that constitutes an affiliate of the Issuer within the meaning of the Act
may at any time purchase Securities in the open market or otherwise at any
price, for its own account or the account of others. Any Security so purchased
by the Issuer or any such affiliate for its own account shall be promptly
surrendered to the Fiscal Agent for cancellation, together with written notice
of the approval of the Commissioner, as appropriate, and shall not thereafter be
re-issued or resold.

          (i) The Securities may not be redeemed at the option of the Issuer or
any holder thereof.

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          7. Delivery of Certain Information.

          (a) Rule 144A Information. At any time when the Issuer is not subject
to Section 13 or 15(d) of the Exchange Act, upon the request of a holder of a
Security or beneficial interest in a global Security, the Issuer shall furnish
or cause to be furnished "Rule 144A Information" (as defined below) to such
holder, or to a prospective purchaser of such Security or interest designated by
such holder, in order to permit compliance by such holder with Rule 144A under
the Act in connection with the resale of such Security by such holder. "Rule
144A Information" shall be such information as is specified pursuant to
paragraph (d)(4) of Rule 144A (or any successor provision thereto), as such
provisions (or successor provision) may be amended from time to time.

          (b) Periodic Reports. The Issuer shall deliver (or shall cause the
Fiscal Agent to deliver) to each holder of a Security, after such items are
available, one copy of each annual financial statement and each annual report to
policyholders of the Issuer and one copy of the annual and quarterly
statutory-basis financial statements (including exhibits) of the Issuer as filed
by the Issuer with the Commissioner.

          8.  Conditions of Fiscal Agent's Obligations.

          The Fiscal Agent accepts its obligations herein set forth upon the
terms and conditions hereof, including the following, to all of which the Issuer
agrees and all of which are applicable to the Securities and the holders from
time to time thereof:

          (a) Compensation and Indemnity. The Fiscal Agent shall be entitled to
reasonable compensation as agreed with the Issuer for all services rendered by
it, and the Issuer agrees promptly to pay such compensation and to reimburse the
Fiscal Agent for the reasonable out-of-pocket expenses (including reasonable
counsel fees and expenses) incurred by it in connection with or arising out of
its services hereunder, or the issuance of the Securities and their offering and
sale. The Issuer also agrees to indemnify the Fiscal Agent and its Affiliate
for, and to hold each of them harmless against, any loss, damages, claim,
liability or expense, incurred without negligence or bad faith, arising out of
or in connection with its acting as Fiscal Agent or its Affiliate hereunder, as
well as the reasonable costs and expenses of defending against any claim of
liability in the premises. The obligations of the Issuer under this Section 8(a)
shall survive payment of all the Securities or the resignation or removal of the
Fiscal Agent. The Fiscal

                                      -12-
<PAGE>   16

Agent shall promptly notify the Issuer of any claim for which the Fiscal Agent
or its Affiliate may seek indemnity, including costs and expenses of defending
the relevant party against any claim for liability arising from the exercise or
performance of any of its powers or duties hereunder. If the Issuer so elects
within a reasonable time after receipt of such notice, it may assume the defense
of such action with counsel chosen by it and approved by the Fiscal Agent (which
approval shall not be unreasonably withheld), unless the Fiscal Agent reasonably
objects to such assumption on the ground that there may be legal defenses
available to it which are different from or in addition to those available to
the Issuer. The Issuer shall not be obligated to pay for any settlement of any
such claim made without its consent.

          (b) Agency. In acting under this Agreement and in connection with the
Securities, the Fiscal Agent is acting solely as agent of the Issuer and does
not assume any responsibility for the correctness of the recitals in the
Securities (except for the correctness of the statement in its certificate of
authentication thereon) or any obligation or relationship of agency or trust,
for or with any of the owners or holders of the Securities, except that all
funds held by the Fiscal Agent for the payment of principal of and any interest
on the Securities, to the extent permitted under the Payment Restrictions, shall
be held in trust for such owners or holders, as the case may be, as set forth
herein and in the Securities; provided, however, that monies held in respect of
the Securities remaining unclaimed at the end of two years after such principal
and such interest shall have become payable in accordance with the Payment
Restrictions (whether at the Scheduled Maturity Date or otherwise) and monies
sufficient therefor shall have been duly made available for payment shall,
together with any interest made available for payment thereon, be repaid to the
Issuer. Upon such repayment, the aforesaid trust with respect to the Securities
shall terminate and all liability of the Fiscal Agent and Paying Agents with
respect to such funds shall thereupon cease.

          (c) Advice of Counsel. The Fiscal Agent and any Paying Agent or
Transfer Agent appointed by the Issuer pursuant to Section 2 hereof may consult
with their respective counsel or other independent counsel satisfactory to them,
and the opinion of such counsel shall be full and complete authorization and
protection in respect of any action taken or suffered by them hereunder in good
faith and without negligence and in accordance with such opinion.

          (d) Reliance. The Fiscal Agent and any Paying Agent or Transfer Agent
appointed by the Issuer pursuant to

                                      -13-
<PAGE>   17

Section 2 hereof each shall be protected and shall incur no liability for or in
respect of any action taken or thing suffered by it in reliance upon any
Security, notice, direction, consent, certificate, affidavit, statement, or
other paper or document believed by it, in good faith and without negligence, to
be genuine and to have been passed upon or signed by the proper parties.

          (e) Interest in Securities, etc. The Fiscal Agent, any Paying Agent or
Transfer Agent appointed by the Issuer pursuant to Section 2 hereof and their
respective officers, directors and employees may become the owners of, or
acquire any interest in, any Securities, with the same rights that they would
have if they were not the Fiscal Agent, such other Paying Agent or Transfer
Agent or such person, and may engage or be interested in any financial or other
transaction with the Issuer, and may act on, or as depositary, trustee or agent
for, any committee or body of holders of Securities or other obligations of the
Issuer, as freely as if they were not the Fiscal Agent, such other Paying Agent
or Transfer Agent or such person.

          (f) Non-Liability for Interest. Subject to any agreement between the
Issuer and the Fiscal Agent to the contrary, the Fiscal Agent shall not be under
any liability for interest on monies at any time received by it pursuant to any
of the provisions of this Agreement or the Securities.

          (g) Certifications. Whenever in the administration of this Agreement
the Fiscal Agent shall deem it desirable that a matter of fact be proved or
established prior to taking, suffering or omitting any action hereunder, the
Fiscal Agent (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith or negligence on its part, rely upon a certificate
signed by an Authorized Officer and delivered to the Fiscal Agent as to such
matter of fact.

          (h) No Implied Obligations. The duties and obligations of the Fiscal
Agent and the Issuer with respect to matters governed by this Agreement shall be
determined solely by the express provisions hereof, and neither the Fiscal Agent
nor the Issuer shall be liable except for the performance of such duties and
obligations as are specifically set forth in this Agreement and the Securities,
as applicable, and no implied covenants or obligations shall be read into this
Agreement or the Securities against either the Fiscal Agent or the Issuer.
Nothing in this Agreement shall be construed to require the Fiscal Agent to
advance or expend its own funds.

                                      -14-
<PAGE>   18

          9. Resignation, Removal and Appointment of Successor.

          (a) Fiscal Agent and Paying Agent. The Issuer agrees, for the benefit
of the holders from time to time of the Securities, that there shall at all
times be a Fiscal Agent hereunder which shall be a bank or trust company
organized and doing business under the laws of the United States of America or
the State of New York, in good standing and having, or having an affiliate which
has, (x) an established place of business in the Borough of Manhattan, The City
of New York, and (y) authority under such laws to exercise corporate trust
powers, until all the Securities authenticated and delivered hereunder (i) shall
have been delivered to the Fiscal Agent for cancellation or (ii) have become
payable, subject to the Payment Restrictions, and monies sufficient to pay the
full principal of and any interest remaining unpaid on the Securities shall have
been made available for payment and either paid or returned to the Issuer as
provided herein and in such Securities.

          (b) Resignation and Removal. The Fiscal Agent may at any time resign
by giving written notice to the Issuer of such intention on its part, specifying
the date on which its desired resignation shall become effective, provided that
such date shall not be less than 60 days from the date on which such notice is
given, unless the Issuer agrees to accept shorter notice. The Fiscal Agent
hereunder may be removed at any time by the filing with it of an instrument in
writing signed on behalf of the Issuer and specifying such removal and the date
when it shall become effective. Notwithstanding the dates of effectiveness of
resignation or removal, as the case may be, to be specified in accordance with
the preceding sentences, such resignation or removal shall take effect only upon
the appointment by the Issuer, as hereinafter provided, of a successor Fiscal
Agent (which, to qualify as such, shall for all purposes hereunder be a bank or
trust company organized and doing business under the laws of the United States
of America or of the State of New York, in good standing and having or having an
affiliate which has, (x) an established place of business in the Borough of
Manhattan, The City of New York, (y) authority under such laws to exercise
corporate trust powers and (z) a combined capital and surplus in excess of
$50,000,000) and the acceptance of such appointment by such successor Fiscal
Agent. Upon its resignation or removal, the Fiscal Agent shall be entitled to
payment as provided in Section 8(a) hereof to the date of termination.

          (c) Successors. In case at any time the Fiscal Agent (or any Paying
Agent if such Paying Agent is the only

                                      -15-
<PAGE>   19

Paying Agent located in a place where, by the terms of the Securities or this
Agreement, the Issuer is required to maintain a Paying Agent) shall resign, or
shall be removed, or shall become incapable of acting, or shall be adjudged
bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make
an assignment for the benefit of its creditors or consent to the appointment of
a receiver of all or any substantial part of its property, or shall admit in
writing its inability to pay or meet its debts as they severally mature, or if a
receiver of it or of all or any substantial part of its property shall be
appointed, or if an order of any court shall be entered approving any petition
filed by or against it under the provisions of applicable receivership,
bankruptcy, insolvency or other similar legislation, or if any public officer
shall take charge or control of it or of its property or affairs, for the
purpose of rehabilitation, conservation or liquidation, a successor Fiscal Agent
or Paying Agent, as the case may be, qualified as aforesaid, shall be appointed
by the Issuer by an instrument in writing, filed with the successor Fiscal Agent
or Paying Agent, as the case may be, and the predecessor Fiscal Agent or Paying
Agent, as the case may be. Upon the appointment as aforesaid of a successor
Fiscal Agent or Paying Agent, as the case may be, and acceptance by such
successor of such appointment, the Fiscal Agent or Paying Agent, as the case may
be, so succeeded shall cease to be Fiscal Agent or Paying Agent, as the case may
be, hereunder. If no successor Fiscal Agent or other Paying Agent, as the case
may be, shall have been so appointed by the Issuer and shall have accepted
appointment as hereinafter provided, and, in the case of such other Paying
Agent, if such other Paying Agent is the only Paying Agent located in a place
where, by the terms of the Securities or this Agreement, the Issuer is required
to maintain a Paying Agent, then any holder of a Security who has been a bona
fide holder of a Security for at least six months, on behalf of himself and all
others similarly situated, or the Fiscal Agent, may petition any court of
competent jurisdiction for the appointment of a successor fiscal or paying
agent, as the case may be. The Issuer shall give prompt written notice to each
other Paying Agent of the appointment of a successor Fiscal Agent.

          (d) Acknowledgement. Any successor Fiscal Agent appointed hereunder
shall execute, acknowledge and deliver to its predecessor and to the Issuer an
instrument accepting such appointment hereunder, and thereupon such successor
Fiscal Agent, without any further act, deed or conveyance, shall become vested
with all the authority, rights, powers, trusts, immunities, duties and
obligations of such predecessor with like effect as if originally named as
Fiscal

                                      -16-
<PAGE>   20

Agent hereunder and all provisions hereof shall be binding on such successor
Fiscal Agent, and such predecessor, upon payment of its compensation as provided
in Section 8(a) hereof to the date of termination, shall thereupon become
obligated to transfer, deliver and pay over, and such successor Fiscal Agent
shall be entitled to receive, all monies, securities, books, records or other
property on deposit with or held by such predecessor as Fiscal Agent hereunder.

          (e) Merger, Consolidation, etc. Any bank or trust company into which
the Fiscal Agent hereunder may be merged, or resulting from any merger or
consolidation to which the Fiscal Agent shall be a party, or to which the Fiscal
Agent shall sell or otherwise transfer all or substantially all the corporate
trust business of the Fiscal Agent, provided that it shall be qualified as
aforesaid, shall be the successor Fiscal Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the
parties hereto.

          10. Meetings and Amendments.

          (a) Calling of Meeting, Notice and Quorum. A meeting of holders of
Securities may be called at any time and from time to time to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Agreement or the Securities to be made, given or taken
by holders of Securities or to modify, amend or supplement the terms of the
Securities or this Agreement as hereinafter provided, and subject to the
requirement hereinafter set forth that the Issuer and the Fiscal Agent may, only
with the prior approval of the Commissioner, modify, amend or supplement this
Fiscal Agency Agreement or the terms of the Securities or give consents or
waivers or take other actions with respect thereto. The Fiscal Agent may at any
time call a meeting of holders of Securities for any such purpose to be held at
such time and at such place in the Borough of Manhattan, The City of New York as
the Fiscal Agent shall determine. Notice of every meeting of holders of
Securities, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given as
provided in the terms of the Securities, not less than 30 nor more than 60 days
prior to the date fixed for the meeting (provided that, in the case of any
meeting to be reconvened after adjournment for lack of a quorum, such notice
shall be so given not less than 15 nor more than 60 days prior to the date fixed
for such meeting). In case at any time the Issuer or the holders of at least 10%
in aggregate principal amount of the Outstanding Securities (as

                                      -17-
<PAGE>   21

defined in subsection (d) of this Section) shall have requested the Fiscal Agent
to call a meeting of the holders of Securities for any such purpose, by written
request setting forth in reasonable detail the action proposed to be taken at
the meeting, the Fiscal Agent shall call such meeting for such purposes by
giving notice thereof.

          To be entitled to vote at any meeting of holders of Securities, a
person shall be a holder of Outstanding Securities or a person duly appointed by
an instrument in writing as proxy for such a holder. The persons entitled to
vote a majority in principal amount of the Outstanding Securities shall
constitute a quorum. The Fiscal Agent may make such reasonable and customary
regulations consistent herewith as it shall deem advisable for any meeting of
holders of Securities with respect to the proof of the appointment of proxies in
respect of holders of Securities, the record date for determining the registered
owners of Securities who are entitled to vote at such meeting (which date shall
be designated by the Fiscal Agent and set forth in the notice calling such
meeting hereinabove referred to and which shall be not less than 15 nor more
than 60 days prior to such meeting, provided that nothing in this paragraph
shall be construed to render ineffective any action taken by holders of the
requisite principal amount of Outstanding Securities on the date such action is
taken), the adjournment and chairmanship of such meeting, the appointment and
duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall deem appropriate.

          (b) Approval. (i) At any meeting of holders of Securities duly called
and held as specified above, upon the affirmative vote, in person or by proxy
thereunto duly authorized in writing, of the holders of not less than a majority
in aggregate principal amount of the Securities then Outstanding, or (ii) with
the written consent of the holders of not less than a majority in aggregate
principal amount of the Securities then Outstanding, in each case (i) or (ii)
the Issuer and the Fiscal Agent may, with the prior approval of the
Commissioner, modify, amend or supplement the terms of the Securities or this
Agreement in any way, and the holders of Securities may make, take or give any
request, demand, authorization, direction, notice, consent, waiver (including
waiver of future compliance or past failure to perform) or other action provided
by this Agreement or the Securities to be made, given or taken by holders of
Securities; provided, however, that no such action, modification, amendment or
supplement, however

                                      -18-
<PAGE>   22

effected, may, without the consent of the holder of each Security affected
thereby, (A) change the Scheduled Interest Payment Date or Scheduled Maturity
Date (in each case, as defined in the Securities) of the principal of or any
installment of interest on any Security, (B) reduce the principal amount of any
Security or the interest rate thereon, (C) change the currency in which, or the
required place at which, payment with respect to interest or principal in
respect of the Securities is payable, (D) change the Issuer's obligations under
Section 7(a) hereof in any manner adverse to the interests of the holder of a
Security, (E) impair the right of a holder of a Security to institute suit for
the enforcement of any payment, if such payment is permitted under the Payment
Restrictions, on or with respect to any Security, (F) reduce the above-stated
percentage of the principal amount of Outstanding Securities the vote or consent
of the holders of which is necessary to modify, amend or supplement this
Agreement or the terms and conditions of the Securities or to make, take or give
any request, demand, authorization, direction, notice, consent, waiver
(including waiver of any future compliance or past failure to perform) or other
action provided hereby or thereby to be made, taken or given, (G) reduce the
percentage in aggregate principal amount of Outstanding Securities that
constitutes the quorum required at any meeting of holders of Securities at which
a resolution is adopted, (H) change the restrictions on payment set forth in the
Securities in a manner adverse to such holder, or (I) change the provisions of
Paragraph 10 of the Securities in a manner adverse to such holder.

          The Issuer and the Fiscal Agent may without the vote or consent of any
holder of Securities, amend this Agreement or the Securities, with the prior
approval of the Commissioner, for the purpose of (a) adding to the covenants of
the Issuer for the benefit of the holders of Securities, or (b) surrendering any
right or power conferred upon the Issuer, or (c) securing the Securities or (d)
evidencing the succession of another corporation to the Issuer and the
assumption by such successor of the covenants and obligations of the Issuer,
herein and in the Securities as permitted by this Agreement and the Securities,
or (e) modifying the restrictions on, and procedures for, resale and other
transfers of the Securities to the extent required by any change in applicable
law or regulation, or the interpretation thereof, or in practices relating to
the resale or transfer of restricted securities generally, or (f) accommodating
the issuance, if any, of Securities in book-entry or certificated form and
matters related thereto which do not adversely affect the interest of any
Security holder in any material respect, or (g) curing any ambiguity

                                      -19-
<PAGE>   23

or correcting or supplementing any defective provision contained herein or in
the Securities in a manner which does not adversely affect the interest of any
Security holder in any material respect, or (h) effecting any amendment which
the Issuer and the Fiscal Agent may determine is necessary or desirable and
which shall not adversely affect the interest of any Security holder.

          It shall not be necessary for the vote or consent of the holders of
Securities to approve the particular form of any proposed modification,
amendment, supplement, request, demand, authorization, direction, notice,
consent, waiver or other action, but it shall be sufficient if such vote or
consent shall approve the substance thereof.

          The Fiscal Agent may request an opinion of counsel in connection with
any amendment or supplement entered into hereunder.

          (c) Binding Nature of Amendments, Notices, Notations, etc. Any
instrument given by or on behalf of any holder of a Security in connection with
any consent to or vote for any such modification, amendment, supplement,
request, demand, authorization, direction, notice, consent, waiver or other
action shall be irrevocable once given and shall be conclusive and binding on
all subsequent holders of such Security or any Security issued directly or
indirectly in exchange or substitution therefor or in lieu thereof. Any such
modification, amendment, supplement, request, demand, authorization, direction,
notice, consent, waiver or other action taken, made or given in accordance with
Section 10(b) hereof shall be conclusive and binding on all holders of
Securities, whether or not they have given such consent or cast such vote or
were present at any meeting, and whether or not notation of such modification,
amendment, supplement, request, demand, authorization, direction, notice,
consent, waiver or other action is made upon the Securities. Notice of any
modification or amendment of, supplement to, or request, demand, authorization,
direction, notice, consent, waiver or other action with respect to the
Securities or this Agreement (other than for purposes of curing any ambiguity or
of curing, correcting or supplementing any defective provision hereof or
thereof) shall be given by the Fiscal Agent to each holder of Securities
affected thereby, in all cases as provided in the Securities; provided, however,
that any failure to provide such notice with respect to any action taken in
accordance with this Agreement shall not affect the validity thereof.

          Securities authenticated and delivered after the effectiveness of any
such modification, amendment, supple-

                                      -20-
<PAGE>   24

ment, request, demand, authorization, direction, notice, consent, waiver or
other action may bear a notation in the form approved by the Fiscal Agent and
the Issuer as to any matter provided for in such modification, amendment,
supplement, request, demand, authorization, direction, notice, consent, waiver
or other action. New Securities modified to conform, in the opinion of the
Fiscal Agent and the Issuer, to any such modification, amendment, supplement,
request, demand, authorization, direction, notice, consent, waiver or other
action taken, made or given in accordance with Section 10(b) hereof may be
prepared by the Issuer, authenticated by the Fiscal Agent and delivered in
exchange for Outstanding Securities.

          (d) "Outstanding" Defined. For purposes of the provisions of this
Agreement and the Securities, any Security authenticated and delivered pursuant
to this Agreement shall, as of any date of determination, be deemed to be
"Outstanding", except:

           (i) Securities theretofore cancelled by the Fiscal Agent or delivered
     to the Fiscal Agent for cancellation;

           (ii) Securities which have become payable, to the extent permitted
     under the Payment Restrictions, at the Scheduled Maturity Date or
     otherwise, and with respect to which, in each case, monies sufficient to
     pay the principal thereof and any interest thereon shall have been paid;
     and

          (iii) Securities in lieu of or in substitution for which other
     Securities shall have been authenticated and delivered pursuant to this
     Agreement;

provided, however, that in determining whether the holders of the requisite
principal amount of Outstanding Securities are present at a meeting of holders
of Securities for quorum purposes or have consented to or voted in favor of any
request, demand, authorization, direction, notice, consent, waiver, amendment,
modification or supplement hereunder, Securities owned directly or indirectly by
the Issuer, or any affiliate of the Issuer, shall be disregarded and deemed not
to be Outstanding.

          11. Governing Law.

          THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUCTED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA. THE
COMMISSIONER'S EXERCISE OF REGULATORY AUTHORITY, INCLUDING APPROVAL OF PAYMENTS
UNDER

                                      -21-
<PAGE>   25
THE SECURITIES, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAW
OF THE COMMONWEALTH OF MASSACHUSETTS AND THE PARTIES HERETO SHALL SUBMIT ANY
DISPUTES RELATED TO THE EXERCISE OF SUCH REGULATORY AUTHORITY TO A COURT OF
COMPETENT JURISDICTION IN THE COMMONWEALTH OF MASSACHUSETTS.

          12. No Implied Obligations.

          The obligations of the Issuer under this Agreement and the Securities
shall be without recourse to any policyholder, director, officer or employee of
the Issuer, and no such person shall have any liability with respect thereto.

          13. Notices.

          All notices or communications hereunder, except as herein otherwise
specifically provided, shall be in writing, shall specify this Agreement by name
and date and shall identify the Securities, and if sent to the Fiscal Agent
shall be delivered, transmitted by facsimile or telegraphed to it at The First
National Bank of Boston, Blue Hills Office Park, 150 Royall Street, Canton, MA
02021, Attention: Corporate Trust Division, Mail Stop 45-02-15 (1994 New
England Mutual Fiscal Agency), telephone: (617) 575-2857, fax: (617) 575-2078,
and if sent to the Issuer shall be delivered, transmitted by facsimile or
telegraphed to it at New England Mutual Life Insurance Company, 501 Boylston
Street, Boston, Massachusetts 02117, Attention: Treasurer, telephone: (617)
578-3653, fax: (617) 247-0854 (with copy to: Dewey Ballantine, 1301 Avenue of
the Americas, New York, New York 10019-6092, Attention: Jeff Liebmann,
telephone: (212) 259-6230, fax: (212) 259-6333). The foregoing addresses for
notices or communications may be changed by written notice given by the
addressee to each party hereto, and the addressee's address shall be deemed
changed for all purposes from and after the giving of such notice.

          If the Fiscal Agent shall receive any notice or demand addressed to
the Issuer by the holder of a Security, the Fiscal Agent shall promptly forward
such notice or demand to the Issuer.

          14. Separability.

          In case any provision in this Agreement or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining

                                      -22-
<PAGE>   26

provisions shall not in any way be affected or impaired thereby.

          15. Headings.

          The section headings herein are for convenience of reference only and
shall not affect the construction hereof.

          16. Counterparts.

          This Agreement may be executed in one or more counterparts, and by
each party separately on a separate counterpart, and each such counterpart when
executed and delivered shall be deemed to be an original. Such counterparts
shall together constitute one and the same instrument.

                                      -23-
<PAGE>   27

               IN WITNESS WHEREOF, the parties hereto have executed this
          Fiscal Agency Agreement as of the date first above written.

                              NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY

                              By: /s/ Robert E. Schneider
                                  -----------------------
                              Name:  Robert E. Schneider
                              Title: Executive Vice President and
                                       Chief Financial Officer

                              THE FIRST NATIONAL BANK OF BOSTON,
                                  as Fiscal Agent,

                              By:
                                  -----------------------
                              Name:
                              Title:

                                      -24-
<PAGE>   28

               IN WITNESS WHEREOF, the parties hereto have executed this
          Fiscal Agency Agreement as of the date first above written.

                              NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY

                              By:
                                  -----------------------
                              Name:
                              Title:

                              THE FIRST NATIONAL BANK OF BOSTON,
                                  as Fiscal Agent,

                              By: /s/ Kelly K. Caldwell
                                  -----------------------
                              Name:  Kelly K. Caldwell
                              Title: Account Manager<PAGE>   1

                                                                   Exhibit 10.51

                                  METLIFE, INC.

                            STOCK PURCHASE AGREEMENT

                                 MARCH  , 2000

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page

<S>                                                                                                               <C>
1.    Purchase and Sale of Stock.................................................................................   1
      1.1  Sale and Issuance of Shares...........................................................................   1
      1.2  The Closing...........................................................................................   2

2.  Representations and Warranties of the Company and MetLife....................................................   3

3.  Representations and Warranties of Purchaser..................................................................  13

4.  Conditions to Purchaser's Obligation at Closing..............................................................  14
      4.1  Representations and Warranties........................................................................  14
      4.2  Standstill Agreement..................................................................................  14
      4.3  Opinions..............................................................................................  14
      4.4  The Plan..............................................................................................  14
      4.5  Initial Public Offering of Common Stock...............................................................  15
      4.6  Superintendent's Approval.............................................................................  15

5.  Conditions to the Company's Obligations at Closing...........................................................  15
      5.1  Representations and Warranties........................................................................  15
      5.2  Standstill Agreement..................................................................................  15
      5.3  The Plan..............................................................................................  15
      5.4  Initial Public Offering of Common Stock...............................................................  15
      5.5  Superintendent's Approval.............................................................................  15

6.  Legend.......................................................................................................  15

7.  Termination..................................................................................................  16
      7.1  Grounds for Termination...............................................................................  16
      7.2  Effect of Termination.................................................................................  16

8.  Miscellaneous................................................................................................  16
      8.1  Survival..............................................................................................  16
      8.2  Expenses; Indemnification.............................................................................  16
      8.3  Entire Agreement......................................................................................  17
      8.4  Severability..........................................................................................  18
      8.5  Liability of MetLife..................................................................................  18
      8.6  Notices...............................................................................................  18
      8.7  Governing Law, etc....................................................................................  19
</TABLE>

                                       i

<PAGE>   3

<TABLE>
<CAPTION>
                                                                                                                 Page
<S>                                                                                                              <C>
      8.8  Jurisdiction..........................................................................................  19
      8.9  Waiver of Jury Trial..................................................................................  19

9.    Captions...................................................................................................  20
</TABLE>

                                       ii

<PAGE>   4

                            STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE AGREEMENT (this "Agreement") is made as of the ___ day
of March, 2000, by and among MetLife, Inc., a Delaware corporation (the
"Company"), Metropolitan Life Insurance Company, a mutual life insurance company
organized under the laws of the State of New York ("MetLife"), and __________, a
__________ corporation[, and _________, a _________ corporation]
([individually,] "Purchaser" [and collectively, "Purchasers"]).

     WHEREAS, the Company plans to conduct an initial public offering (the
"IPO") of its common stock, par value $0.01 per share (the "Common Stock"), in
connection with the conversion of MetLife from a mutual life insurance company
into a stock life insurance company (the "Demutualization") pursuant to Section
7312 of the New York Insurance Law ("Section 7312") and the Plan of
Reorganization, dated September 28, 1999, as amended (the "Plan"), of MetLife;

     WHEREAS, the Company wishes to sell to Purchaser[s], and Purchaser[s]
wish[es] to purchase from the Company, such number of shares of Common Stock
determined as provided in Section 1.1.;

     WHEREAS, in connection with the sale of the shares of Common Stock to
Purchaser[s] hereunder, the Company has prepared a private placement offering
memorandum dated April 3, 2000 (the "Offering Memorandum") including a
description of the Common Stock and a description of the Company;

     WHEREAS, the Company and Purchaser[s] have agreed that this Agreement,
together with the Standstill Agreement attached as Exhibit A (the "Standstill
Agreement"), shall constitute the entire understanding and agreement between the
parties with regard to the subject matter hereof.

     NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

     1. Purchase and Sale of Stock.

         1.1 Sale and Issuance of Shares. Subject to the terms and conditions of
this Agreement, the Company agrees to sell to Purchaser[s] and Purchaser[s]
agree[s] to purchase from the Company a [an aggregate] number of shares of
Common Stock (exclusive of any Shares purchased by Purchaser[s] or its [their]
affiliates in the IPO for the account of customers in the ordinary course of its
[their] business as underwriter, broker/dealer, investment manager or investment
advisor or in ordinary trading activities) equal to not less than 1%, nor more
than 4.9%, of the aggregate number of shares of Common Stock outstanding
immediately following

<PAGE>   5

the initial closing of the IPO, consisting of the sum of (i) the number of
shares of Common Stock issued and sold to the underwriters in the IPO at the
initial closing thereof (excluding any shares that may be issued at such time
pursuant to the underwriters' overallotment option) (the "IPO Shares"), (ii) the
number of shares of Common Stock issued to the Trust (as defined in the Plan) on
the Plan Effective Date (as defined in the Plan) pursuant to the Plan (the
"Policyholder Shares") and (iii) the Shares (as defined below) and any other
shares of Common Stock issued and sold to any other purchaser pursuant to a
stock purchase agreement substantially identical to this Agreement (the "Other
Private Purchaser Shares"), provided that the exact number of shares to be sold
and purchased hereunder will, subject to such minimum and maximum amount, be
determined by the Company at its discretion, based on the advice of Goldman
Sachs & Co. or such other investment bank that is approved by the New York
Superintendent of Insurance (such number of shares to be sold and purchased
hereunder being referred to as the "Shares"; and the Shares, together with the
Other Private Purchaser Shares, the IPO Shares and the Policyholder Shares,
being referred to as the "Transaction Shares"). In exercising its discretion,
the Company will take into consideration the number of orders for the shares of
Common Stock in the IPO, the level of oversubscription, if any, in the IPO, the
aggregate demand for the shares in the IPO, the Company's judgment as to the
quality of that demand and market conditions generally. The Company shall notify
Purchaser[s] promptly following the execution of the underwriting agreements for
the IPO of the number of Shares to be sold and purchased hereunder, which number
of shares shall be reflected on Schedule 1 hereto, which shall be deemed to be a
part of this Agreement. The per Share purchase price for the Shares shall be
equal to the "Initial Public Offering Price" for one share of Common Stock
specified on the cover page of the final prospectus with respect to the IPO.

         1.2 The Closing. The closing (the "Closing") of the purchase and sale
of the Shares shall be held at the offices of Debevoise & Plimpton, 875 Third
Avenue, New York, New York 10022 simultaneously with the initial closing of the
IPO. At the Closing, the Company will deliver certificates for the Shares
registered in the name of Purchaser[s] (or such person as Purchaser shall
designate by written notice of at least five days prior to the Closing, provided
that such person is a subsidiary of Purchaser, substantially all of the capital
stock of which is directly or indirectly owned by Purchaser, is a Qualified
Institutional Buyer (as that term is defined in Rule 144A under the Securities
Act of 1933) or an accredited investor (as such term is defined under Regulation
D of the Act) and enters into a Standstill Agreement substantially in the form
of Exhibit A) against payment of the purchase price therefor by wire transfer in
immediately available funds to an account or accounts specified by the Company.
[If there is more than one Purchaser hereunder, Purchasers shall notify the
Company of the allocation of the Shares to be purchased by each Purchaser prior
to Closing.]

                                       2
<PAGE>   6

     2. Representations and Warranties of the Company and MetLife. The Company
and MetLife, jointly and severally, hereby represent and warrant to Purchaser[s]
that:

         2.1 The Offering Memorandum, as of its date, did not contain and, as
amended or supplemented, as applicable, will not contain, an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, provided that this representation
and warranty shall not apply to any statements or omissions made in reliance
upon and in conformity with information furnished in writing to the Company by
Purchaser expressly for use therein.

         2.2 Neither the Company nor MetLife nor any of their respective
subsidiaries listed on Schedule 2 hereto (the "Significant Subsidiaries") has
sustained since the date of the latest audited financial statements included in
the Offering Memorandum any loss or interference material to the business of the
Company, MetLife and the Significant Subsidiaries considered as a whole, other
than as described in or contemplated by the Offering Memorandum, from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from
any labor dispute or court or governmental action, order or decree; and, since
the respective dates as of which information is given in the Offering
Memorandum, there has not been any (a) material addition, or development
involving a likely prospective material addition, to MetLife's liability for
future policy benefits, policyholder account balances and other claims, other
than in the ordinary course of business, (b) material decrease in the surplus of
MetLife, material change in the capital stock or other ownership interest of the
Company, MetLife or any Significant Subsidiary or material increase in the
long-term debt of the Company, MetLife and their respective subsidiaries,
considered as a whole, or (c) material adverse change, or development involving
a prospective material adverse change, in or affecting the business, financial
position, reserves, surplus, equity or results of operations (in each case
considered either on a statutory accounting or U.S. generally accepted
accounting principles ("GAAP") basis, as applicable) of the Company, MetLife and
their respective subsidiaries considered as a whole (a "Material Adverse
Effect"), otherwise than as described or contemplated in the Offering
Memorandum.

         2.3 Each of the Company, MetLife and each Significant Subsidiary has
good and marketable title in fee simple to all material real property and good
and marketable title to all material personal property owned by it, in each case
free and clear of all liens, encumbrances and defects, except such as are
described in the Offering Memorandum or such as would not have a Material
Adverse Effect and do not materially interfere with the use made and proposed to
be made of such property by the Company, MetLife or any Significant Subsidiary;
and any material real property and material buildings held under lease by the
Company, MetLife or any Significant Subsidiary are held under valid, subsisting
and enforceable leases with such exceptions as are not material and do not
materially interfere with the use made and currently proposed to be made of such
property and buildings by the Company, MetLife or any Significant Subsidiary.

                                       3
<PAGE>   7
         2.4 The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of State of Delaware, with power and
authority (corporate and other) to own its properties and conduct its business
as described in the Offering Memorandum and to execute and deliver this
Agreement and the Standstill Agreement and to perform its obligations hereunder
and thereunder and to consummate the transactions contemplated hereby and
thereby; MetLife has been and, until immediately prior to the Effective Time (as
defined in the Plan), will continue to be duly incorporated and validly existing
as a mutual life insurance company in good standing under the laws of the State
of New York, with power and authority (corporate and other) to own its
properties and conduct its business as described in the Offering Memorandum, to
execute and deliver this Agreement and to perform its obligations hereunder and
to consummate the transactions contemplated hereby; at the Effective Time,
MetLife will be duly incorporated and validly existing as a stock life insurance
company in good standing under the laws of the State of New York and will be a
subsidiary of the Company; each of the Company and MetLife has been duly
qualified as a foreign corporation for the transaction of business and is in
good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification,
or is subject to no material liability or disability by reason of the failure to
be so qualified and in good standing in any such jurisdiction; there are no
subsidiaries of the Company and MetLife that are material to the Company and
MetLife considered as a whole which are not listed on Schedule 1 hereto; and
each Significant Subsidiary has been duly organized and is validly existing as a
corporation or partnership, as applicable, and, to the extent such concept is
applicable, is in good standing under the laws of its jurisdiction of
organization, with power and authority (corporate and other) to own its
properties and conduct its business as described in the Offering Memorandum; and
each Significant Subsidiary is duly qualified to do business as a foreign
corporation or partnership and, to the extent such concept is applicable, is in
good standing under the laws of each other jurisdiction in which its ownership
or lease of property or the conduct of its business requires such qualification
and good standing, except to the extent that the failure to be so qualified and
in good standing would not have a Material Adverse Effect.

         2.5 The Company has an authorized capitalization as set forth and
described in the Offering Memorandum; on the Plan Effective Date (as defined in
the Plan), MetLife will have an authorized capitalization of 1,000,000,000
shares; the Allocable Common Shares (as defined in the Plan), which will be duly
and validly authorized and issued to the Company on the Plan Effective Date,
will upon issuance be fully paid and nonassessable; and all of the issued shares
of capital stock or other ownership interests of each Significant Subsidiary
have been duly and validly authorized and issued, are fully paid and
nonassessable and (except as described in the Offering Memorandum and except for
directors' qualifying shares) are owned directly or indirectly by the Company or
MetLife, as applicable, free and clear of all liens, encumbrances, equities or
claims.

         2.6 The Transaction Shares have been duly and validly authorized; when
the Shares and the Other Private Purchaser Shares are issued and delivered
against payment therefor as

                                       4
<PAGE>   8
provided herein, when the IPO Shares are issued and delivered against payment
therefor as provided in the underwriting agreements for the IPO, and when the
Policyholder Shares are issued pursuant to the Plan, the Transaction Shares will
be duly and validly authorized and issued and fully paid and nonassessable, and
will conform to the description of the Common Stock contained in the Offering
Memorandum; the issuance of the Transaction Shares is not subject to any
preemptive or other similar right; and, except as described in the Offering
Memorandum, there are no rights of any person, corporation or other entity to
require registration of any shares of the Common Stock or any other securities
of the Company in connection with the Demutualization or the filing of the
registration statement for the IPO; and the IPO Shares and the Policyholder
Shares have been approved for listing on the New York Stock Exchange (the
"Exchange"), subject to notice of issuance.

         2.7 The Trust has been duly created and is validly existing under the
laws of Delaware with the power and authority to own property and conduct its
business as described in the Offering Memorandum, and has conducted and will
conduct no business other than the transactions contemplated by the Plan, the
MetLife Policyholder Trust Agreement by and among MetLife, the Company,
Wilmington Trust Company and ChaseMellon Shareholder Services, L.L.C., dated as
of November 3, 1999 (the "Trust Agreement"), and as described in the Offering
Memorandum; the Trust has no liabilities or obligations other than those arising
out of the transactions contemplated by the Plan and the Trust Agreement and as
described in the Offering Memorandum; and, to the knowledge of the Company or
MetLife after due inquiry of the trustee of the Trust, there are no legal or
governmental proceedings pending to which the Trust is a party and no such
proceedings are threatened or contemplated by governmental authorities or
threatened by others.

         2.8 Neither the Policyholder Shares issued pursuant to the Plan nor the
Trust interests allocated pursuant to the Plan require registration under the
Securities Act of 1933, as amended (the "Act").

         2.9 Each of MetLife and each Significant Subsidiary that is required to
be organized or licensed as an insurance company in its jurisdiction of
incorporation (an "Insurance Subsidiary") is duly organized and licensed as an
insurance company in its respective jurisdiction of incorporation and is duly
licensed or authorized as an insurer in each other jurisdiction where it is
required to be so licensed or authorized to conduct its business, in each case
with such exceptions as would not have, individually or in the aggregate, a
Material Adverse Effect; except as otherwise described in the Offering
Memorandum, each of MetLife and each Insurance Subsidiary has all other
approvals, orders, consents, authorizations, licenses, certificates, permits,
registrations and qualifications (collectively, the "Approvals") of and from all
insurance regulatory authorities to conduct its business, with such exceptions
as would not have, individually or in the aggregate, a Material Adverse Effect;
there is no pending or, to the knowledge of the Company or MetLife, threatened
action, suit, proceeding or investigation that could reasonably be expected to
lead to

                                       5
<PAGE>   9

the revocation, termination or suspension of any such Approval, the revocation,
termination, or suspension of which would have, individually or in the
aggregate, a Material Adverse Effect; and, to the knowledge of the Company and
MetLife, no insurance regulatory agency or body has issued any order or decree
impairing, restricting or prohibiting the payment of dividends by any Insurance
Subsidiary to its parent which would have, individually or in the aggregate, a
Material Adverse Effect.

         2.10 In connection with the Demutualization, the Company has made, or
will have been made on or prior to the Plan Effective Date, all required filings
under applicable insurance holding company statutes, and has received Approvals
of acquisition of control or affiliate transactions in each jurisdiction in
which such filings or Approvals are required, except where the failure to have
made such filings or receive such Approvals in any such jurisdiction would not
have, individually or in the aggregate with other such failures, has a Material
Adverse Effect; each of the Company, MetLife and the Significant Subsidiaries
has, or will have on or prior to the Plan Effective Date, all necessary
Approvals of and from, and has made, or will have made on or prior to the Plan
Effective Date, all filings, registrations and declarations (collectively, the
"Filings") with, all insurance regulatory authorities, all Federal, state, local
and other governmental authorities, all self-regulatory organizations and all
courts and other tribunals necessary to own, lease, license and use its
properties and assets and to conduct its business in the manner described in the
Offering Memorandum, except where the failure to have such Approvals or to make
such Filings would not have, individually or in the aggregate, a Material
Adverse Effect; to the knowledge of the Company and MetLife, each of the
Company, MetLife and each Significant Subsidiary is in compliance with all
applicable laws, rules, regulations, orders, by-laws and similar requirements,
including in connection with registrations or memberships in self-regulatory
organizations, and all such Approvals and Filings are in full force and effect
and neither the Company nor MetLife nor any Significant Subsidiary has received
any notice of any event, inquiry, investigation or proceeding that would
reasonably be expected to result in the suspension, revocation or limitation of
any such Approval or otherwise impose any limitation on the conduct of the
business of the Company, MetLife or any Significant Subsidiary, except as
described in the Offering Memorandum or except for any such suspension,
revocation or limitation which would not have, individually or in the aggregate,
a Material Adverse Effect.

         2.11 Each of MetLife and each Insurance Subsidiary is in compliance
with and conducts its businesses in conformity with all applicable insurance
laws and regulations of its respective jurisdiction of incorporation and the
insurance laws and regulations of other jurisdictions which are applicable to
it, in each case with such exceptions as would not have, individually or in the
aggregate, a Material Adverse Effect.

         2.12 Each Significant Subsidiary which is engaged in the business of
acting as a broker-dealer or an investment advisor (the "Broker-Dealer
Subsidiaries" and "Investment Advisor Subsidiaries", respectively) is duly
licensed or registered as a broker-dealer or investment

                                       6
<PAGE>   10

advisor, as the case may be, in each jurisdiction where it is required to be so
licensed or registered to conduct its business, in each case, with such
exceptions as would not have, individually or in the aggregate, a Material
Adverse Effect; each Broker-Dealer Subsidiary and Investment Advisor Subsidiary
has all other necessary Approvals of and from all applicable regulatory
authorities, including any self-regulatory organization, to conduct its
businesses, in each case with such exceptions, individually or in the aggregate,
as would not have a Material Adverse Effect; except as otherwise described in
the Offering Memorandum, none of the Broker-Dealer Subsidiaries or Investment
Advisor Subsidiaries has received any notification from any applicable
regulatory authority to the effect that any additional Approvals from such
regulatory authority are needed to be obtained by such Subsidiary in any case
where it could be reasonably expected that (x) any of the Broker-Dealer
Subsidiaries or Investment Advisor Subsidiaries would in fact be required either
to obtain any such additional Approvals or cease or otherwise limit engaging in
certain business and (y) the failure to have such Approvals or limiting such
business would have a Material Adverse Effect; and each Broker-Dealer Subsidiary
and each Investment Advisor Subsidiary is in compliance with the requirements of
the broker-dealer and investment advisor laws and regulations of each
jurisdiction which are applicable to such Subsidiary, and has filed all notices,
reports, documents or other information (collectively, the "Notices") required
to be filed thereunder, in each case with such exceptions as would not have,
individually or in the aggregate, a Material Adverse Effect.

         2.13 The issuance and sale of the Shares, the Other Private Purchaser
Shares and the IPO Shares, the issuance of the Policyholder Shares pursuant to
the Plan, the issuance, sale and purchase of the Capital Note of MetLife (the
"Capital Note"), the creation and operation of the Trust pursuant to the Plan,
the issuance of Trust interests pursuant to the Plan, the issuance and sale of
the equity security units (the "Units") by the Company and MetLife Capital Trust
I, the compliance by the Company and MetLife with all of the provisions of this
Agreement, the Standstill Agreement, the stock purchase agreement and standstill
agreement to be entered into with the Other Private Placement Purchaser and the
Plan and the consummation of the transactions herein and therein contemplated
will not conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which the Company,
MetLife or any of their respective subsidiaries is a party or by which the
Company, MetLife or any of their respective subsidiaries is bound or to which
any of the property or assets of the Company, MetLife or any of their respective
subsidiaries is subject, or which affects the validity, performance or
consummation of the Plan, the Demutualization or the transactions contemplated
by this Agreement, the Standstill Agreement, the stock purchase agreement and
standstill agreement to be entered into with the Other Private Placement
Purchaser or the Plan, nor will such actions result in any violation of the
provisions of the Certificate of Incorporation or ByLaws or similar
organizational documents of the Company, MetLife or any Significant Subsidiary
or any statute or any order, rule or regulation of any court or insurance
regulatory agency or other governmental agency or body having jurisdiction over
the Company, MetLife or any of their

                                       7
<PAGE>   11

respective subsidiaries or any of their properties, in each case the effect of
which (other than a violation of the Certificate of Incorporation or By-Laws or
similar organizational documents of the Company, MetLife or a Significant
Subsidiary), individually or in the aggregate, would be either to affect the
validity of the Transaction Shares or the Trust interests, their respective
issuance or the consummation of the transactions contemplated hereby or by the
stock purchase agreement and standstill agreement to be entered into with the
Other Private Placement Purchaser or the Plan or the creation and operation of
the Trust pursuant to the Plan, or to have a Material Adverse Effect.

         2.14 All Filings and Approvals of or with any court, insurance
regulatory agency or governmental agency or body of the United States or any
state thereof required in connection with the issuance and sale by the Company
of the Shares, the Other Private Purchaser Shares and the IPO Shares, the
issuance of the Policyholder Shares pursuant to the Plan, the issuance and
purchase of the Capital Note, the creation and operation of the Trust pursuant
to the Plan and the allocation of Trust interests pursuant to the Plan, have
been made or obtained, or will have been made or obtained on or prior to the
Plan Effective Date, and will, on the Plan Effective Date, be in full force and
effect, provided, however, that neither the Company nor MetLife makes any
representation or warranty as to state securities or Blue Sky laws or state
insurance securities laws in connection with the purchase and distribution of
the IPO Shares; and all other Filings and Approvals of or with any court,
insurance regulatory agency or other governmental agency or body required to be
obtained or made on or prior to the Plan Effective Date in connection with the
Demutualization or for the consummation by the Company and MetLife of the
transactions contemplated by this Agreement, the Standstill Agreement, the stock
purchase agreement and standstill agreement to be entered into with the Other
Private Placement Purchaser or the Plan have been so obtained or made, or will
have been obtained or made on or prior to the Plan Effective Date, and will, on
the Plan Effective Date, be in full force and effect, except as described in the
Offering Memorandum or to the extent that the failure to obtain or make any such
Filings and Approvals would not have, individually or in the aggregate, a
Material Adverse Effect and would not adversely affect the validity, performance
of or consummation of the transactions contemplated by this Agreement and the
Plan.

         2.15 The Plan has been duly adopted by the required vote of the Board
of Directors of MetLife (which adoption complied with the applicable
requirements of Section 7312) and submitted to the New York Superintendent of
Insurance (the "New York Superintendent") in the manner and accompanied by all
information and certificates required by Section 7312 and conforms in all
material respects to the requirements of the laws of the State of New York
applicable to the conversion of mutual life insurance companies into stock life
insurance companies and any rules or regulations of the New York Superintendent
in respect thereof, in each case as administered or interpreted by the New York
Superintendent (collectively, the "New York Reorganization Laws and
Regulations"), and the requirements of all other applicable laws; on January 24,
2000, the New York Superintendent held a public hearing in accordance with the

                                       8
<PAGE>   12

requirements of Section 7312, with regard to which MetLife published such notice
as is required to be published by a converting insurer by New York law, for the
purpose of receiving comment on whether the New York Superintendent should
approve the Plan; the Plan was duly approved on February 7, 2000 by a vote (the
"Policyholder Vote") of more than two-thirds of the votes validly cast by
Eligible Policyholders (as defined in the Plan) (which adoption complied in all
material respects with the applicable requirements of Section 7312) and such
approval has not been rescinded or otherwise withdrawn; certificates reflecting
the conclusion of the Policyholder Vote will be submitted by MetLife to the New
York Superintendent, in the manner required by Section 7312; assuming the
Superintendent issues an order approving the Plan in accordance with the
requirements of Section 7312, no other Approvals are required to be obtained
under Section 7312 for the effectiveness of the Plan; upon filing a copy of the
Plan with the New York Superintendent's approval endorsed thereon (the
"Superintendent's Order") in the office of the New York Superintendent and a
copy of the Plan certified by the New York Superintendent with the Clerk of New
York County pursuant to Section 7312, on the Plan Effective Date, the Plan will
become effective in accordance with its terms pursuant to Section 7312, and the
Demutualization will be completed in accordance with the Plan and the New York
Reorganization Laws and Regulations and the requirements of all other applicable
laws; and prior to the Closing each of the actions required to occur and
conditions required to be satisfied on or prior to the Plan Effective Date
pursuant to the Superintendent's Order or the Plan will have occurred or been
satisfied.

         2.16 Other than Mark Smilow and Patrick Emanuel v. Metropolitan Life
Insurance Company, et al., Mollye E. Rothstein v. Metropolitan Life Insurance
Company, et al., Eugenia J. Fiala and Chris Waterson v. Metropolitan Life
Insurance Company, et al., Geneva Meloy, et al. v. Metropolitan Life Insurance
Company, et al., Leo F. Schor v. Metropolitan Life Insurance Co. et al. and
Richard E. Schweinberg v. Metropolitan Life Insurance Co. et al., and any other
proceedings of which the Company became aware after the date hereof and that
have been disclosed to you in writing, on the date of this Agreement, there is
no legal or governmental proceeding pending or, to the knowledge of the Company
and MetLife, or as otherwise disclosed to Purchaser, currently being threatened
challenging the Plan or the consummation of the transactions contemplated
thereby or the offering of the Shares or the IPO Shares.

         2.17 Other than as described or contemplated in the Offering
Memorandum, there are no legal or governmental proceedings pending to which the
Company, MetLife or any of their respective subsidiaries is a party or to which
any property of the Company, MetLife or any of their respective subsidiaries is
the subject which, if determined adversely to the Company, MetLife or any of
their respective subsidiaries, could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect; and, to the
knowledge of the Company and MetLife, no such proceedings are threatened or
contemplated by governmental authorities or threatened by others.

                                       9
<PAGE>   13

         2.18 The policyholder information booklet mailed to policyholders (the
"Policyholder Information Booklet"), as of its date and as of the dates of the
public hearing on the Demutualization and the Policyholder Vote, did not contain
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading.

         2.19 Neither the Company, MetLife nor any Significant Subsidiary is in
violation of any of its Certificate of Incorporation or By-Laws or other
organizational instruments or in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument
to which it is a party or by which it or any of its properties may be bound,
which violation or default would have, individually or in the aggregate, a
Material Adverse Effect.

         2.20 The statements set forth in the Offering Memorandum under the
caption "Description of Capital Stock", insofar as they purport to constitute a
summary of the terms of the Common Stock, and under the captions "Risk
Factors--Demutualization risks--A challenge to the New York Superintendent of
Insurance's approval may adversely affect the terms of the demutualization and
the market price of our common stock and the equity security units," "Risk
Factors--Dividends and payments on our indebtedness may be affected by
limitations imposed on Metropolitan Life Insurance Company and our other
subsidiaries," "Risk Factors--Changes in federal income taxation could adversely
impact sales of our insurance, annuities and investment products," "The
Demutualization," "Business--Regulation," "Business--Competition," and
"Business--Legal Proceedings", insofar as they purport to describe the
provisions of the laws and documents referred to therein, are accurate and
complete in all material respects.

         2.21 The pro forma consolidated statement of income and the pro forma
consolidated balance sheet and the related notes thereto set forth in the
Offering Memorandum have been prepared in all material respects in accordance
with the applicable requirements of Rule 11-02 of Regulation S-X promulgated
under the Securities Exchange Act of 1934, as amended, have been compiled on the
pro forma basis described therein, and, in the opinion of the Company and
MetLife, the assumptions used in the preparation thereof were reasonable at the
time made and the adjustments used therein are based upon good faith estimates
and assumptions believed by the Company and MetLife to be reasonable at the time
made.

         2.22 The financial statements of MetLife and its consolidated
subsidiaries and the balance sheet of the Company, together with the related
notes and schedules set forth in the Offering Memorandum, comply in all material
respects with the requirements of the Act and present fairly in all material
respects the financial position, the results of operations and the changes in
cash flows of such entities in conformity with GAAP at the respective dates or
for the respective periods to which they apply; and such statements and related
notes and schedules, if

                                       10
<PAGE>   14

any, have been prepared in accordance with GAAP consistently applied throughout
the periods involved except as described therein.

         2.23 Neither the Company, MetLife nor any Significant Subsidiary is
and, after giving effect to the offering and sale of the Shares, the Other
Private Purchaser Shares and the IPO Shares, the issuance of the Policyholder
Shares pursuant to the Plan, the allocation of Trust interests pursuant to the
Plan, the issuance and sale of the Units and the consummation of the
Demutualization and the application of the proceeds of the sale of the Shares,
the Other Private Purchaser Shares and the IPO Shares and the Units as described
in the Offering Memorandum, will be an "investment company", as such term is
defined in the Investment Company Act of 1940, as amended (the "Investment
Company Act"), and the rules and regulations thereunder, although certain
separate accounts of MetLife and certain Insurance Subsidiaries are required to
register as investment companies under the Investment Company Act.

         2.24 Deloitte & Touche LLP, who have certified certain financial
statements of the Company and the consolidated financial statements of MetLife
and its subsidiaries, are independent public accountants as required by the Act
and the rules and regulations of the Securities and Exchange Commission ("SEC")
thereunder.

         2.25 Each of the Company and MetLife has reviewed its operations and
those of the Significant Subsidiaries and any third parties with which the
Company, MetLife or any Significant Subsidiary has a material relationship to
evaluate the extent to which the business or operations of MetLife or any
Significant Subsidiary will be affected by the Year 2000 Problem. As a result of
such review, neither the Company nor MetLife has any reason to believe, and does
not believe, that the Year 2000 Problem will have a Material Adverse Effect or
result in any material loss or interference with the business or operations of
the Company, MetLife and the Significant Subsidiaries, taken as a whole. The
"Year 2000 Problem" as used herein means any significant risk that computer
hardware or software used in the receipt, transmission, processing,
manipulation, storage, retrieval, retransmission or other utilization of data or
in the operation of mechanical or electrical systems of any kind will not, in
the case of dates or time periods occurring after December 31, 1999, function at
least as effectively as in the case of dates or time periods occurring prior to
January 1, 2000.

         2.26 The Company and MetLife are duly authorized to execute, deliver
and perform this Agreement and the Standstill Agreement. This Agreement has been
duly authorized, executed and delivered by each of the Company and MetLife, is a
valid and binding agreement of the Company and MetLife, and is enforceable
against the Company and MetLife in accordance with their respective terms,
except to the extent that enforceability may be limited by (i) bankruptcy,
reorganization, liquidation, rehabilitation, insolvency, moratorium or other
laws affecting creditors' rights generally and (ii) general principles of equity
(regardless of whether enforceability is considered in a proceeding at law or
equity). Upon execution and delivery

                                       11
<PAGE>   15

thereof by the Company, the Standstill Agreement will have been duly authorized,
executed and delivered by the Company, will be a valid and binding agreement of
the Company, and will be enforceable against the Company in accordance with its
terms, except to the extent that enforceability may be limited by (i)
bankruptcy, reorganization, liquidation, rehabilitation, insolvency, moratorium
or other laws affecting creditors' rights generally and (ii) general principles
of equity (regardless of whether enforceability is considered in a proceeding at
law or equity).

         2.27 The Capital Note due 2005 of MetLife has been duly authorized by
MetLife, and when duly executed and delivered by MetLife to the Company, will
constitute a valid and legally binding obligation of MetLife, enforceable
against MetLife in accordance with its terms, except to the extent that
enforceability may be limited by (i) bankruptcy, reorganization, liquidation,
rehabilitation, insolvency, moratorium or other laws affecting creditors' rights
generally and (ii) general principles of equity (regardless of whether
enforceability is considered in a proceeding at law or equity); and such Capital
Note will conform to the descriptions thereof in the Offering Memorandum.

         2.28 The certificate of the Chief Executive Officer, Chief Financial
Officer or any Senior Executive Vice-President of each of the Company and
MetLife delivered pursuant to the second sentence of Section 4.1 shall be deemed
a representation and warranty by the Company and MetLife to Purchaser hereunder
as to the matters covered thereby.

         2.29 Contemporaneously with entering into this Agreement, the Company
and MetLife are entering into a stock purchase agreement with _______________
(the "Other Private Placement Purchaser"). The terms of this Agreement and the
Standstill Agreement are no less favorable to Purchaser[s] than the stock
purchase agreement and standstill agreement executed by the Other Private
Placement Purchaser.

         2.30 Subject to the accuracy of the representations and warranties of
Purchaser[s] in Section 3, the offer and sale of the Shares hereunder are exempt
from registration under the Act pursuant to Section 4(2) thereof.

         2.31 Neither the Company nor any affiliate of the Company has directly,
or through any agent, (i) sold, offered for sale, solicited offers to buy or
otherwise negotiated in respect of, any security (as defined in the Act) which
is or will be integrated with the sale of the Shares in a manner that would
require the registration under the Act of the Shares, or (ii) engaged in any
form of general solicitation or general advertising in connection with the
offering of the Shares (as those terms are used in Regulation D under the Act)
or in any manner involving a public offering within the meaning of Section 4(2)
of the Act.

                                       12
<PAGE>   16

     3. Representations and Warranties of Purchaser. [Each] Purchaser hereby
represents and warrants that:

         3.1 [Such] Purchaser is duly authorized to execute, deliver and perform
this Agreement and the Standstill Agreement; this Agreement has been duly
executed and delivered by [such] Purchaser, is a valid and binding agreement of
[such] Purchaser, and is enforceable against [such] Purchaser in accordance with
its terms , except to the extent that enforceability may be limited by (i)
bankruptcy, reorganization, liquidation, rehabilitation, insolvency, moratorium
or other laws affecting creditors' rights generally and (ii) general principles
of equity (regardless of whether enforceability is considered in a proceeding at
law or equity); upon execution and delivery thereof by [such] Purchaser, the
Standstill Agreement will have been duly executed and delivered by [such]
Purchaser, will be a valid and binding agreement of [such] Purchaser, and will
be enforceable against [such] Purchaser in accordance with its terms, except to
the extent that enforceability may be limited by (i) bankruptcy, reorganization,
liquidation, rehabilitation, insolvency, moratorium or other laws affecting
creditors' rights generally and (ii) general principles of equity (regardless of
whether enforceability is considered in a proceeding at law or equity); the
execution, delivery and performance by [such] Purchaser of this Agreement and
the Standstill Agreement do not violate or conflict with or result in a breach
of or constitute (or with notice or lapse of time or both would constitute) a
default under [such] Purchaser's certificate of incorporation, by-laws or
similar organizational documents, or any agreement to which [such] Purchaser is
a party, and, subject to the accuracy of the representations and warranties set
forth in Section 2.14, no consents, approvals, authorizations, orders,
registrations or qualifications of or with any court or governmental agency or
body or any third party is required for the execution, delivery or performance
by [such] Purchaser of this Agreement and the Standstill Agreement.

         3.2 This Agreement is made with [such] Purchaser in reliance upon
[such] Purchaser's representation to the Company, which by [such] Purchaser's
execution of this Agreement [such] Purchaser hereby confirms, that the Shares
will be acquired for investment for [such] Purchaser's own account or the
account of any subsidiary of Purchaser, substantially all of the capital stock
of which is directly or indirectly owned by Purchaser (provided that any such
subsidiary is a Qualified Institutional Buyer as such term is defined in Rule
144A under the Act or an accredited investor, as such term is defined under
Regulation D of the Act), not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof, and that [such] Purchaser has no
present intention of selling, granting any participation in, or otherwise
distributing the same, provided that nothing in this Section 3.2 shall prevent
Purchaser from transferring the Shares in accordance with the Standstill
Agreement.

         3.3 [Such] Purchaser understands that the Shares it is purchasing have
not been registered under the Act, and absent registration, may not be offered
or sold within the United States except pursuant to an exemption from such laws
or in a transaction not subject to the registration requirements of the Act. In
this connection, [such] Purchaser represents that it is

                                       13
<PAGE>   17

familiar with Rule 144 under the Act, as presently in effect, and understands
the resale limitations imposed thereby and by the Act.

         3.4 [Such] Purchaser is a "qualified institutional buyer" as such term
is defined in Rule 144A under the Act or an accredited investor, as such term is
defined under Regulation D of the Act.

         3.5 The certificate of the Chief Executive Officer, Chief Financial
Officer or any Executive Vice President of [such] Purchaser delivered pursuant
to the second sentence of Section 5.1 shall be deemed a representation and
warranty by [such] Purchaser to the Company and MetLife hereunder as to the
matters covered thereby.

     4. Conditions to Purchaser's Obligation at Closing. The obligation of
[each] Purchaser to purchase the Shares at the Closing is subject to the
fulfillment to its satisfaction on or prior to the Closing of the following
conditions:

         4.1 Representations and Warranties. The representations and warranties
made by the Company and MetLife in Section 2 shall be true and correct when
made, and shall be true and correct as of the Closing with the same force and
effect as if they had been made on and as of such date (other than the
representations or warranties made herein in Section 2.16, which shall be true
and correct when made), all covenants and agreements made by the Company herein
shall have been performed to Purchaser's [Purchasers'] satisfaction and the
Company and MetLife shall have performed or satisfied all conditions on their
part to be performed or satisfied herein at or prior to the Closing. The Chief
Executive Officer, Chief Financial Officer or any Senior-Executive Vice
President of each of the Company and MetLife shall have delivered at the Closing
a certificate stating that each of the conditions specified in the preceding
sentence has been fulfilled.

         4.2 Standstill Agreement. The Standstill Agreement shall have been duly
executed and delivered by the Company.

         4.3 Opinions. Debevoise & Plimpton, special counsel to the Company, and
Gary A. Beller, Senior-Executive Vice President and General Counsel to the
Company, shall have delivered to Purchaser[s] their written opinions
substantially to the effect set forth in Exhibits B and C, respectively.

         4.4 The Plan. The Company and MetLife shall have complied with all
conditions to the effectiveness of the Plan, as set forth in the Plan, and the
transactions described in Section 5.2(e)(i)-(v) of the Plan shall have occurred.

                                       14
<PAGE>   18

         4.5 Initial Public Offering of Common Stock. The initial closing of the
IPO shall have occurred simultaneously with the Closing.

         4.6 Superintendent's Approval. The purchase and sale of the Shares
hereunder shall have been approved by the Superintendent of Insurance of the
State of New York.

     5. Conditions to the Company's Obligations at Closing. The obligation of
the Company to sell the Shares at the Closing is subject to the fulfillment to
the Company's satisfaction on or prior to the Closing of the following
conditions:

         5.1 Representations and Warranties. The representations and warranties
of Purchaser[s] contained in Section 3 shall be true as of the Closing with the
same force and effect as if they had been made on and as of such date, all
covenants and agreements made by Purchaser[s] herein shall have been performed
to the Company's satisfaction and Purchaser[s] shall have performed or satisfied
all conditions on its [their] part to be performed or satisfied herein at or
prior to the Closing. The Chief Executive Officer, Chief Financial Officer or
any Executive Vice President of [each] Purchaser shall have delivered at the
Closing a certificate stating that each of the conditions specified in the
preceding sentence has been fulfilled.

         5.2 Standstill Agreement. The Standstill Agreement shall have been duly
executed and delivered by [each] Purchaser.

         5.3 The Plan. The Company and MetLife shall have complied with all
conditions to the effectiveness of the Plan, as set forth in the Plan, and the
transactions described in Section 5.2(e)(i)-(v) of the Plan shall have occurred.

         5.4 Initial Public Offering of Common Stock. The initial closing of the
IPO shall have occurred simultaneously with the Closing.

         5.5 Superintendent's Approval. The purchase and sale of the Shares
hereunder shall have been approved by the Superintendent of Insurance of the
State of New York.

     6. Legend. Each of the Company and [each] Purchaser agrees that the
certificates for the Shares shall bear the following legend thereon, which
legend shall remain until the earliest of (a) the date the securities
represented by such certificates are transferred in accordance with the
provisions of the Standstill Agreement or (b) the termination of the Standstill
Agreement pursuant to Section 9(a) or (c) thereof or the termination of the
Standstill Agreement (other than Sections 1(b), (c) and (d) thereof) pursuant to
Section 9(b) thereof, or as otherwise agreed among the Company, MetLife and
Purchaser[s]:

                                       15
<PAGE>   19

     THESE SECURITIES WERE SOLD IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION
     UNDER THE SECURITIES ACT OF 1933, AND MAY BE OFFERED OR SOLD ONLY IF
     REGISTERED UNDER THE SECURITIES ACT OF 1933 OR IF AN EXEMPTION FROM
     REGISTRATION IS AVAILABLE. THESE SECURITIES ARE SUBJECT TO THE PROVISIONS
     OF A STANDSTILL AGREEMENT DATED ___________ __, 2000, BY AND BETWEEN THE
     ISSUER AND [PURCHASER], AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN
     ACCORDANCE THEREWITH.

     7. Termination.

         7.1 Grounds for Termination. This Agreement may be terminated at any
time prior to the Closing:

          (a) by mutual written agreement of the Company and Purchaser[s]; or

          (b) by either the Company or Purchaser[s] if there shall be any law or
     regulation that makes consummation of the transactions contemplated hereby
     illegal or otherwise prohibited or if consummation of the transactions
     contemplated hereby would violate any nonappealable final order, decree or
     judgment of any court or governmental body having competent jurisdiction.

The party desiring to terminate this Agreement pursuant to clause 7.1(b) shall
give notice of such termination to the other party.

         7.2 Effect of Termination. If this Agreement is terminated as permitted
by Section 7.1, such termination shall be without liability of either party (or
any stockholder, director, officer, employee, agent, consultant or
representative of such party) to the other party to this Agreement.

     8. Miscellaneous.

         8.1 Survival. The representations and warranties set forth in Sections
2 and 3 shall survive until three years after the date of the Closing.

         8.2 Expenses; Indemnification. Irrespective of whether the Closing is
effected, the Company and MetLife shall pay all expenses incident to the
performance of their obligations under this Agreement, including (a) the
preparation, printing, delivery to Purchaser[s] of the Offering Memorandum
(including financial statements and any schedules or exhibits and any document
incorporated therein by reference) and of each amendment or supplement thereto,
(b) the preparation, printing and delivery to Purchaser[s] of this Agreement,
(c) the preparation,

                                       16
<PAGE>   20

issuance and delivery of the certificates for the Shares to Purchaser[s],
including any transfer taxes, any stamp or other duties payable upon the sale,
issuance and delivery of the Shares to Purchaser[s], and (d) the fees and
disbursements of the Company's and MetLife's counsel, accountants and other
advisors. Except as provided in this Section, Purchaser[s] shall pay all of its
own costs and expenses in connection with the transactions contemplated hereby,
including the fees of its counsel. Each of (i) the Company and MetLife, on the
one hand, and Purchaser[s], on the other hand, shall indemnify the other for any
loss or liability incurred by the indemnified party as the result of any breach
of the indemnifying party's representations or warranties hereunder and (ii) the
Company and MetLife shall indemnify Purchaser[s] and its [their] affiliates for
any loss or liability (including the reasonable cost of investigation and
defense and the reasonable fees and expenses of counsel) incurred by
Purchaser[s] or any of such affiliates in connection with any action, proceeding
or investigation (an "Action") brought by or on behalf of any MetLife
policyholder (in his, her or its capacity as such), but only to the extent that
such loss or liability arises from the fact that the Company, MetLife or
Purchaser[s] (or such affiliate) entered into this Agreement or consummated the
transactions contemplated hereby. Any party that may be entitled to
indemnification hereunder (the "Indemnified Party") shall promptly notify the
party from whom indemnification is sought hereunder (the "Indemnifying Party")
in writing of the Indemnified Party's receipt of notice of its involvement in
any Action in respect of which a claim for indemnification is to be made
hereunder; provided, however, that any failure to so notify the Indemnifying
Party shall not affect the Indemnifying Party's obligations to so indemnify such
person except to the extent that the Indemnifying Party is materially prejudiced
by such failure.

         8.3 Entire Agreement. This Agreement, together with the Standstill
Agreement, contains the entire understandings of the parties with respect to the
subject matter of such agreements. This Agreement may not be amended or any
provision waived except by a writing signed, in the case of an amendment, by
each party hereto and, in the case of a waiver, by the party against whom the
waiver is to be effective. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof unless the
other party is materially prejudiced thereby, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law.
This Agreement is not assignable by either of the parties without the prior
written consent of the other, except that (i) prior to Closing, this Agreement
may be transferred or assigned by a Purchaser to any one or more subsidiary of
Purchaser, substantially all of the capital stock of which is directly or
indirectly owned by Purchaser that is a Qualified Institutional Buyer (as that
term is defined in Rule 144A under the Act or is an accredited investor (as such
term is defined under Regulation D of the Act), provided that such assignee
enters into an assumption agreement with respect to this Agreement reasonably
satisfactory to the Company and MetLife and a Standstill Agreement substantially
in the form of Exhibit A and (ii) after Closing, this Agreement may be assigned
by a Purchaser to one or more of its affiliates to whom Shares are properly
transferred in accordance with the Standstill Agreement, provided that no
transfer or assignment

                                       17
<PAGE>   21

pursuant clause (i) or (ii) will relieve the Purchaser of its obligations
hereunder. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, any affiliate to whom the Shares are delivered pursuant hereto,
and their respective successors and permitted assignees.

         8.4 Severability. If any terms, provision or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions and restrictions of this
Agreement shall remain in full force and effect, unless such action would
substantially impair the benefits to either party of the remaining provisions of
this Agreement.

         8.5 Liability of MetLife. Notwithstanding anything to the contrary
herein, MetLife shall have no liability to Purchaser[s] hereunder if the Closing
is not effected for any reason.

         8.6 Notices. Any notices and other communications required to be given
pursuant to this Agreement shall be deemed to have been duly given or made as of
the date delivered or mailed if delivered personally, mailed by registered or
certified mail (postage prepaid, return receipt requested), or delivered by
facsimile or by telex, as follows:

           If to the Company:

                MetLife, Inc.
                1 Madison Avenue
                New York, New York 10010-3690
                Attention:  General Counsel
                Telecopier:  (212) 679-4523

           with a copy to:

                Debevoise & Plimpton
                875 Third Avenue
                New York, New York  10022
                Attention:  James C. Scoville, Esq.
                Telecopier:  (212) 909-6836

           If to Purchaser[s]:

                [Name]                                          [Name]
                [Address]                                       [Address]
                Attention:                                      Attention:
                Telecopier:                                     Telecopier:

                                       18
<PAGE>   22

           with a copy to:

                [Name]
                [Address]
                Attention:
                Telecopier:

         8.7 Governing Law, etc. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to the conflict of law provisions thereof. This Agreement may be executed in one
or more counterparts, which together will constitute a single agreement.

         8.8 Jurisdiction. Except as otherwise expressly provided in this
Agreement, the parties hereto agree that any suit, action or proceeding seeking
to enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby shall be
brought in the United States District Court for the Southern District of New
York or, if such court shall not have jurisdiction over such suit, any New York
State court sitting in New York City, so long as such courts shall have subject
matter jurisdiction over such suit, action or proceeding, and that any cause of
action arising out of this Agreement shall be deemed to have arisen from a
transaction of business in the State of New York, and each of the parties hereby
irrevocably consents only with respect to such suits, actions or proceedings to
the jurisdiction of such courts (and of the appropriate appellate courts
therefrom) in any such suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of the venue of any such suit, action or proceeding in any such
court or that any such suit, action or proceeding which is brought in any such
court has been brought in an inconvenient forum. Without limiting the foregoing,
each party agrees that service of process on such party as provided in Section
8.6 shall be deemed effective service of process on such party.

         8.9 Waiver of Jury Trial. Each of the parties hereto irrevocably waives
any and all right to trial by jury in any legal proceeding arising out of or
related to this Agreement or the transactions contemplated hereby.

         8.10 Additional Representations and Warranties. In the event that the
underwriting agreement relating to the IPO, when executed, includes any
representation or warranty of the Company or MetLife that is not included in
Section 2 or is different from any representation or warranty included in
Section 2 (other than any portion of any such representation or warranty in the
IPO underwriting agreement that relates solely to the registration of the shares
of Common Stock under the Act), this Agreement will be amended to include such
additional or different representation or warranty and re-executed by the
parties.

                                       19
<PAGE>   23

     9. Captions. The captions herein are included for convenience of reference
only and shall be ignored in the construction or interpretation hereof.

                                       20
<PAGE>   24

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year hereinabove first written.

                                              [PURCHASER]

                                              By:
                                                 Name:
                                                 Title:

                                              [PURCHASER]

                                              By:
                                                  Name:
                                                  Title:

                                              METLIFE, INC.

                                              By:
                                                 Name:
                                                 Title:

                                              METROPOLITAN LIFE
                                              INSURANCE COMPANY

                                              By:
                                                 Name:
                                                 Title:

<PAGE>   25

                                                                      Schedule 1

                             Shares to be Purchased

              [To be inserted by MetLife following pricing of IPO.]

<PAGE>   26

                                                                      Schedule 2

                            SIGNIFICANT SUBSIDIARIES

                           GenAmerica Corporation (MO)

                  General American Life Insurance Company (MO)

                 Reinsurance Group of America, Incorporated (MO)

                     New England Life Insurance Company (MA)

                           Nvest Companies, L.P. (DE)

            Metropolitan Property and Casualty Insurance Company (RI)

                 State Street Research & Management Company (DE)

<PAGE>   27
                                                                       Exhibit A

                            [Letterhead of Purchaser]

                                                            ___________ __, 2000

MetLife, Inc.
1 Madison Avenue
New York, New York 10010

                              Standstill Agreement

Ladies and Gentlemen:

     Pursuant to a Stock Purchase Agreement, dated March __, 2000, among
MetLife, Inc., a Delaware corporation (the "Company"), Metropolitan Life
Insurance Company, a life insurance company organized under the laws of New York
("MetLife"), and _______________, a _________ corporation [and __________, a
___________ corporation] (together with all of its [their] current and future
affiliates, "Purchaser") (the "Stock Purchase Agreement"), the Company has
agreed to sell to Purchaser or its permitted assignees, and Purchaser has agreed
to purchase from the Company, the Shares (as defined in the Stock Purchase
Agreement). For purposes of this Agreement, "affiliate" shall mean a person or
entity that directly or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, another person or entity.

     Purchaser and the Company are entering into this Agreement to define the
future relationship between Purchaser and the Company and in consideration of
the mutual covenants contained herein.

     1. Restrictions on Transfers; Registration Rights.

     (a) Restrictions on Transfers. Purchaser agrees that, prior to the first
anniversary of the Closing (as defined in the Stock Purchase Agreement), it will
not, directly or indirectly, sell, transfer or otherwise dispose of any interest
in the Shares,

<PAGE>   28

provided that Purchaser may transfer Shares (i) to any affiliate (as defined in
Rule 144 of the Securities Act of 1933, as amended (the "Securities Act")) of
Purchaser that enters into a standstill agreement with the Company containing
terms and conditions substantially equivalent to those in this Agreement, or
(ii) pursuant to any tender offer or exchange offer which is recommended by the
Board of Directors of the Company. After the first anniversary of the Closing
and for the remaining term of this Agreement, Purchaser may sell, transfer or
otherwise dispose of any interest in the Shares, provided that (x) such sale,
unless it is made in a registered public offering or pursuant to a tender or
exchange offer to the Company's stockholders, is not knowingly made to any
person or "group" (within the meaning of Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended (the "1934 Act")) acquiring all of Purchaser's
Shares in the acquisition or that would, after giving effect to its acquisition
of such Shares, beneficially own or have the right to acquire more than 4.9% of
the Voting Securities (as defined below) then outstanding, unless such person or
group has entered into a standstill agreement with the Company containing terms
and conditions substantially equivalent to those in this Agreement (it being
understood that Purchaser has no duty to inquire as to the beneficial ownership
of any such person or group when Purchaser sells the Shares in a transaction on
the New York Stock Exchange or any other exchange on which the Shares are listed
at the time), and (y) (i) such sale is pursuant to an effective registration
statement under the Securities Act, (ii) such sale is made after the termination
of sale restrictions pursuant to Rule 144 of the Securities Act or any successor
to such rule or (iii) Purchaser shall have delivered to the Company an opinion
of counsel, which opinion and counsel shall be reasonably satisfactory to the
Company, to the effect that such sale is exempt from the provisions of Section 5
of the Securities Act.

     For purposes of this Agreement, the term "Voting Securities" shall mean
securities of the Company, including the Shares, with the power to vote with
respect to the election of directors generally, including any securities that
are convertible or exchangeable for Voting Securities, it being understood that
the number of Voting Securities outstanding as of any time of determination
shall be determined as though all such securities, whether or not in the money,
had been converted or exchanged, in accordance with their terms, into or for
Voting Securities immediately prior to the time of determination.

     (b) Registration Rights.

     (i) Required Registration. (A) At any time after the first anniversary of
the Closing, Purchaser shall have the right, by written notice (the
"Registration Notice") to the Company, to require the Company to use reasonable
efforts to register (the "Required Registration") under the Securities Act all
or any portion of the Shares

                                       2
<PAGE>   29

then owned by Purchaser (the "Registrable Securities"), and the Company shall be
obligated to register such Registrable Securities. Purchaser shall not be
entitled to exercise more than one such right in any 12 month period or more
than a total of five such rights during the term of this Agreement.
Notwithstanding the foregoing, if, in addition to the Registrable Securities,
the Required Registration is to include shares to be offered by the Company for
its own account, shares of Trust Beneficiaries (as defined in the Plan of
Reorganization, dated September 28, 1999, as amended, of MetLife (the "Plan"))
having registration rights pursuant to Section 3.3(c)(v) of the Plan or shares
of others persons with registration rights, and the Board of Directors of the
Company believes, based on advice of a nationally recognized investment banking
firm selected by the Company, that including all such shares would be likely to
have an adverse effect upon the price, timing or distribution of the shares
included in the Required Registration, then only such number of shares, if any,
as the Board shall determine can be included without adversely affecting the
offering shall be included in the Required Registration, and the shares to be
included in the Required Registration will be allocated in the following
priority: (w) all shares owned by such Trust Beneficiaries shall be included
first, (x) all shares of Purchaser and [_____________] (together with all of its
current and future affiliates, the "Other Private Placement Purchaser") shall be
included second, in proportion, as nearly as practicable, to the total number of
shares of Common Stock proposed to be offered by each of Purchaser and the Other
Private Placement Purchaser at the time of filing of the registration statement
for the registration, (y) all shares of Common Stock of any other persons with
registration rights shall be included third, in proportion, as nearly as
practicable, to the total number of shares of Common Stock proposed to be
offered by each of them at the time of the filing of the registration statement,
and (z) all shares of the Company shall be included last. Purchaser may elect
that the offering of Registrable Securities pursuant to this Section 1(b)(i) be
in the form of an underwritten public offering, in which case Purchaser shall
select the managing underwriters and any additional investment bankers and
managers to be used in connection with the offering, provided that such managing
underwriters and additional investment bankers and managers must be reasonably
satisfactory to the Company. In the event Purchaser is not able to include all
of the Shares Purchaser wishes to include in any Required Registration due to
the limitation described in the immediately preceding sentence, Purchaser shall
have the right to one additional Required Registration with respect to such
Shares subject to the limitations set forth in this Section 1(b)(i).

         (B) Upon receipt of such Registration Notice, the Company will, as
promptly as practicable, prepare and file with the Securities and Exchange
Commission (the "SEC") and use its reasonable efforts to cause to become
effective promptly, and in any event within 90 days from its receipt of the
Registration Notice, a registration statement under the Securities Act with
respect to the number of

                                       3
<PAGE>   30

Registrable Securities specified in the Registration Notice, and will use its
reasonable efforts to cause such registration statement to remain effective for
such period of time as shall be required to complete the distribution of
Registrable Securities contemplated thereby, but not for more than 120 days from
the effective date thereof, provided that the Company shall be entitled to defer
any such filing for a period of up to 180 days from the date of Purchaser's
Registration Notice if the Company shall furnish Purchaser a certificate signed
by its Chairman, President and Chief Executive Officer, Chief Financial Officer
or Vice-Chairman stating that the filing of a registration statement at such
time would be detrimental to the Company due to the pendency of a material
acquisition or financing or for other reasonable cause.

         (C) The Company will use its reasonable efforts to cause to be filed as
soon as practicable following the first anniversary of the Closing, and in any
event within 90 days thereafter, a shelf registration statement on Form S-3 (or
any successor form) providing for the sale by Purchaser of all of the
Registrable Securities and to have such shelf registration statement declared
effective by the SEC. The Company will use its reasonable efforts to keep the
shelf registration statement continuously effective until the third anniversary
of the Closing or such shorter period that will terminate when all of the
Registrable Securities covered by the shelf registration statement have been
sold pursuant to the shelf registration statement. After the shelf registration
statement has been declared effective, Purchaser will have the right to request,
subject to paragraph (A), an unlimited number of sales pursuant to prospectuses
or prospectus supplements under such shelf registration statement (such requests
will be in writing and given at least ten business days prior to the proposed
disposition and will state the number of shares of Registrable Securities to be
disposed of and the intended method of disposition of such shares by Purchaser),
provided, however, that the Company shall be entitled to defer any such sale for
a period of up to 180 days from the date of the Purchaser's written request
therefor if the Company shall furnish Purchaser a certificate signed by its
Chairman, President and Chief Executive Officer, Chief Financial Officer or
Vice-Chairman stating that an offering at such time would be detrimental to the
Company due to the pendency of a material acquisition or financing or for other
reasonable cause, and provided further that the Company will not be required to
permit sales pursuant to this paragraph (a) more than twice in each calendar
year and (b) unless Purchaser proposes to dispose of outstanding Registrable
Securities whose anticipated aggregate offering price exceeds $50,000,000.
Notwithstanding anything to the contrary herein, an underwritten public offering
by Purchaser under such Form S-3 shall be deemed to be a Required Registration
and subject to the limitations set forth in paragraph (A) on the number of such
Required Registrations per year and in total. Upon receipt of Purchaser's
written request specified above, the Company will use its reasonable efforts to
prepare and file with the SEC, prior to the date that the offering by Purchaser
was proposed to be

                                       4
<PAGE>   31

commenced, a supplement or post-effective amendment to the shelf registration
statement or the related prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered
to the purchasers of the Registrable Securities, such prospectus does not
contain any untrue statement of a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

         (D) The Company will, if requested, prior to filing a registration
statement or prospectus or any amendment or supplement thereto, furnish to
Purchaser and each underwriter, if any, of the Registrable Securities covered by
such registration statement copies of such registration statement as proposed
to be filed, and thereafter furnish to Purchaser and underwriter, if any, such
number of copies of such registration statement, each amendment or supplement
thereto (in each case including all exhibits thereto and documents incorporated
by reference therein), the prospectus included in such registration statement
(including each preliminary prospectus) and such other documents as Purchaser or
underwriter may reasonably request in order to facilitate the disposition of the
Registrable Securities owned by Purchaser.

         (E) After the filing of the registration statement, the Company will
promptly notify Purchaser of any stop order issued or threatened by the
Commission and take all reasonable actions required to prevent the entry of such
stop order or to remove it if entered.

         (F) The Company will use its reasonable efforts to register or qualify
the Registrable Securities under such other securities or blue sky laws of such
jurisdictions in the United States as any selling purchaser reasonably (in light
of such purchaser's intended plan of distribution) requests and cause such
Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the
business and operations of the Company and do any and all other acts and things
reasonably requested by Purchaser to enable Purchaser to consummate the
disposition of the Registrable Securities owned by Purchaser, provided that the
Company will not be required to qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
Section 1(b)(i)(F), subject itself to taxation in any such jurisdiction or
consent to general service of process in any such jurisdiction.

         (G) The Company will promptly notify Purchaser, at any time up to 150
days after the effectiveness of the registration statement therefor, or, in the
case of an offering under a registration statement on Form S-3 pursuant to
paragraph (C), 150 days after the written notice from Purchaser requesting such
offering pursuant to paragraph (C), when a prospectus relating to an offering of
Registrable Securities

                                       5

<PAGE>   32

pursuant to this Section 1(b) is required to be delivered under the Securities
Act, of the occurrence of an event requiring the preparation of a supplement or
amendment to such prospectus so that, as thereafter delivered to Purchaser, such
prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading and promptly make available to Purchaser any
such supplement or amendment.

         (H) The Company will enter into customary agreements, including an
underwriting agreement that includes representations and warranties, covenants
and indemnification and contribution provisions, to the extent applicable,
substantially identical to those contained in the underwriting agreements for
the Company's initial public offering, and take such other actions as are
reasonably requested by Purchaser in order to facilitate the disposition of such
Registrable Securities.

         (I) The Company will make available for inspection by any Purchaser,
any underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other professional retained by any
Purchaser or underwriter (collectively, the "Inspectors"), all financial and
other records, pertinent corporate documents and properties of the Company
(collectively, the "Records") as shall be reasonably necessary to enable them to
exercise their due diligence responsibility under the Securities Act, and cause
the Company's officers, directors and employees to supply all information
reasonably requested by any Inspectors in connection with such registration
statement, subject to reasonable arrangements to ensure that privileges are
maintained. Records which the Company determines, in good faith, to be
confidential and which it notifies the Inspectors are confidential shall not be
disclosed by the Inspectors unless the disclosure of such Records is necessary
to avoid or correct a misstatement or omission in such registration statement or
the release of such Records is ordered pursuant to a subpoena or other order
from a court of competent jurisdiction. Purchaser agrees that information
obtained by it as a result of such inspections shall be deemed confidential and
shall not be used by it for any reason other than such due diligence purposes
unless and until such is made generally available to the public. Purchaser
further agrees that it will, upon learning that disclosure of such Records is
sought in a court of competent jurisdiction, give notice to the Company and
allow the Company, at its expense, to undertake appropriate action to prevent
disclosure of the Records deemed confidential.

         (J) The Company will furnish to each selling Purchaser and to each
underwriter, if any, a signed counterpart, addressed to such selling Purchaser
or underwriter, of an opinion or opinions of counsel to the Company and a
comfort letter or comfort letters from the Company's independent public
accountants, each, to the

                                       6
<PAGE>   33

extent applicable, in substantially identical form as those delivered in
connection with the Company's initial public offering or otherwise in customary
form and covering such matters of the type customarily covered by opinions or
comfort letters, as the case may be, as the Purchaser or the managing
underwriter therefore reasonably requests.

         (K) The Company will otherwise use its reasonable efforts to comply
with all applicable rules and regulations of the Securities Exchange Commission,
and make available to its security holders, as soon as reasonably practicable,
an earnings statement covering a period of 12 months that begins within three
months after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act.

         (L) The Company will use its reasonable efforts to cause all such
Registrable Securities to be listed on each securities exchange on which similar
securities issued by the Company are then listed.

         (M) The Company shall make its senior management available for any road
show recommended by the underwriters in connection with not more than one demand
registration each year, and not more than five demand registrations in total, in
each case including any registration effected pursuant to a Form S-3.

         (N) Anything in this Agreement to the contrary notwithstanding, the
Company shall not be obligated to file a registration statement pursuant to this
Section 1(b) with respect to any Voting Securities or to include among the
securities covered by a registration statement any Voting Securities requested
to be so included pursuant to this Section 1(b) unless the Purchaser shall have,
on request of the Company, promptly furnished to the Company in writing all
information (x) with respect to Purchaser, such Voting Securities owned by
Purchaser and requested to be so included and the transaction or transactions
which Purchaser contemplates and (y) which any law, rule or regulation requires
to be disclosed therein. Purchaser shall promptly furnish to the Company all
information required to be disclosed in order to correct any misstatement or
omission of a material fact contained in any registration statement or
prospectus, or any amendment or supplement thereto, or any preliminary
prospectus, based upon any information previously supplied by Purchaser to the
Company.

         (O) Purchaser agrees by acquisition of Registrable Securities, if so
required by the managing underwriter, not to sell, make any short sale of, loan,
grant any option for the purchase of, effect any public sale or distribution of
or otherwise dispose of any securities of the Company of the same class of the
Registrable Securities, during the 15 days prior to and the 90 days after any
underwritten

                                       7
<PAGE>   34

registration pursuant to this Section 1(b) has become effective (or such shorter
period as may be required by the underwriter), except as part of such
underwritten registration. Notwithstanding the foregoing sentence, Purchaser
shall be entitled during the foregoing period to sell securities in a private
sale.

         (ii) Incidental Registration Rights. In addition to the provisions
contained in Section 1(b)(i), if the Company shall at any time after the first
anniversary of the Closing seek to register under the Securities Act for sale to
the public in an underwritten offering any Voting Securities either for its own
account or for the account of any one or more securityholders (other than a
registration relating to Voting Securities issued or granted pursuant to any
employee or director stock-based plan or in connection with an acquisition by
the Company), and if the form of registration statement proposed to be used may
be used for the registration of Registrable Securities, on each such occasion as
it shall furnish Purchaser with prior written notice thereof promptly, but in
any event less than 10 business days from the initial filing date. At the
written request of Purchaser, given within 5 days after the receipt of such
notice, to register any of Purchaser's Registrable Securities, the Company will
cause such Registrable Securities, for which registration shall have been
requested, to be included in such registration statement so as to permit the
sale or other disposition by Purchaser as part of such underwritten public
offering (an "Incidental Registration"). Notwithstanding the foregoing, if, in
addition to the Registrable Securities, the Incidental Registration is to
include shares to be offered by the Company for its own account, shares of Trust
Beneficiaries having registration rights pursuant to Section 3.3(c)(v) of the
Plan or shares of others persons with registration rights, and the Board of
Directors of the Company believes, based on advice of a nationally recognized
investment banking firm selected by the Company, that including all such shares
would be likely to have an adverse effect upon the price, timing or distribution
of the shares included in the Incidental Registration, then only such number of
shares, if any, as the Board shall determine can be included without adversely
affecting the offering shall be included in the offering, and the shares to be
included in the Incidental Registration will be allocated in the following
priority: (x) all shares of the Company and such Trust Beneficiaries shall be
included first, (y) all shares of Purchaser and the Other Private Placement
Purchaser shall be included second, in proportion, as nearly as practicable, to
the total number of shares of Common Stock proposed to be offered by each of
Purchaser and the Other Private Placement Purchaser at the time of filing of the
registration statement for the registration, and (z) all shares if Common Stock
of any other persons with registration rights shall be included third, in
proportion, as nearly as practicable, to the total number of shares of Common
Stock proposed to be offered by each of them at the time of the filing of the
registration statement

                                       8
<PAGE>   35

         (iii) Purchaser Obligation to Furnish Information. It shall be a
condition precedent to the obligations of the Company to take any action
pursuant to this Section 1(b) with respect to the Registrable Securities that
Purchaser shall furnish to the Company such information regarding itself and the
intended method of disposition of the Registrable Securities as shall be
required to effect the registration of such Registrable Securities under the
Securities Act.

         (c) Expenses. All expenses incurred by the Company in complying with
Section 1(b), including any registration and filing fees, fees and expenses of
compliance with securities or blue sky laws of the United States (including
reasonable fees and disbursements of counsel in connection with blue sky
qualifications of the Registrable Securities), printing expenses, fees and
disbursements of counsel and independent public accountants for the Company,
fees of the National Association of Securities Dealers, Inc., listing or
quotation fees, internal expenses (including all salaries and expenses of its
officers and employees performing legal and accounting duties), fees of transfer
agents and registrars, and the fees and expenses of counsel and accountants for
Purchaser shall be borne by the Company. Purchaser shall be responsible for all
underwriting fees, discounts or commissions and transfer taxes, with respect to
Registrable Securities.

         (d) Rule 144. The Company will file any reports required to be filed by
it under the Securities Act and the 1934 Act and will take such further action
as Purchaser may reasonably request, all to the extent required from time to
time to enable Purchaser to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by (i)
Rule 144 under the Securities Act, as such Rule may be amended from time to
time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon
the request of Purchaser, the Company will deliver to Purchaser a written
statement as to whether it has complied with such requirements.

         2. Standstill Provisions. Purchaser agrees that, during the term of
this Agreement, without the Company's prior written consent, Purchaser will not:

          (a) acquire, announce an intention to acquire, offer or propose to
     acquire, or agree to acquire, directly or indirectly, by purchase or
     otherwise, beneficial ownership of any Voting Securities, or direct or
     indirect rights to options to acquire (through purchase, exchange,
     conversion or otherwise) any Voting Securities, if, immediately after any
     such acquisition, Purchaser would beneficially own, in the aggregate,
     Voting Securities representing (x) more than 4.9% of the outstanding Voting
     Securities, or (y) more than 5.0% of the outstanding Voting Securities,
     provided that approval beneficially to own such percentage of Voting

                                       9
<PAGE>   36

     Securities is obtained from the New York Superintendent of Insurance prior
     to such increase to 5%, except in each case for any increase resulting from
     transactions in the ordinary course of the business of Purchaser as
     underwriter, broker/dealer, investment manager or investment adviser or
     from ordinary trading activities, unless such transactions were made with
     the purpose of changing or influencing the control of the Company;

          (b) seek representation on the Board of Directors of the Company or
     the removal of any Company Directors or a change in the composition or size
     of the Board;

          (c) make any statement or proposal, whether written or oral, to the
     Board of Directors of the Company, or to any director, officer or agent of
     the Company, or make any public announcement or proposal whatsoever with
     respect to a merger or other business combination, sale or transfer of
     assets, recapitalization, dividend, share repurchase, liquidation or other
     extraordinary corporate transaction with the Company or any other
     transaction which could result in a change of control, solicit or encourage
     any other person to make any such statement or proposal, or take any action
     which might require the Company to make a public announcement regarding the
     possibility of any transaction referred to in this paragraph (c) or similar
     transaction, or advise, assist or encourage any other persons in connection
     with the foregoing, except in the ordinary course of its investment banking
     activities as financial advisor;

          (d) make, or in any way participate, directly or indirectly, in any
     "solicitation" of "proxies" (as such terms are defined in Rule 14a-1 under
     the 1934 Act) to vote any Voting Securities, seek to advise, encourage or
     influence any person or entity with respect to the voting of any Voting
     Securities, initiate or propose any shareholder proposal or induce or
     attempt to induce any other person to initiate any shareholder proposal, or
     execute any written consent with respect to the Company, except in the
     ordinary course of its investment banking activities as financial advisor;

          (e) deposit any Voting Securities into a voting trust or subject any
     Voting Securities to any arrangement or agreement with respect to the
     voting of any Voting Securities other than this Agreement;

          (f) form, join or in any way participate in a "group" (within the
     meaning of Section 13(d)(3) of the 1934 Act) with respect to any Voting
     Securities, other than a group which Purchaser is a member of as of the
     date hereof;

                                       10
<PAGE>   37

          (g) otherwise act, alone or in concert with others, to seek to
     exercise any control or influence over the management, Board of Directors
     or policies of the Company;

          (h) make a public request to the Company (or its directors, officers,
     shareholders, employees or agents) to take any action in respect of the
     foregoing matters; or

          (i) disclose any intention, plan or arrangement inconsistent with the
     foregoing.

         Purchaser shall not, individually or acting in concert with the Other
Private Placement Purchaser, direct or cause the direction, or attempt to direct
or cause the direction of, the management or policies of any of the Company,
MetLife and any of their affiliates that are controlled insurers, or otherwise
exercise, or attempt to exercise, control over such companies or such
affiliates, whether directly or indirectly.

         3. Specific Performance. Each of Purchaser and the Company acknowledges
that the other party would not have an adequate remedy at law for money damages
if any of the covenants or agreements of the other party in this Agreement were
not performed in accordance with its terms and therefore agrees that the other
party shall be entitled to specific enforcement of such covenants or agree ments
and to injunctive and other equitable relief in addition to any other remedy to
which it may be entitled, at law or in equity.

         4. Legend. Each of the Company and Purchaser agrees that the
certificates for the Shares shall bear the following legend thereon, which
legend shall remain until the earliest of (a) the date the securities
represented by such certificates are transferred in accordance with the
provisions of this Agreement or (b) the termination of this Agreement pursuant
to Section 9(a) or (c) or the termination of this Agreement (other than Sections
1(b), (c) and (d)) pursuant to Section 9(b), or as otherwise agreed among the
Company, MetLife and Purchaser:

          THESE SECURITIES WERE SOLD IN A PRIVATE PLACEMENT, WITHOUT
          REGISTRATION UNDER THE SECURITIES ACT OF 1933, AND MAY BE OFFERED OR
          SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT OF 1933 OR IF AN
          EXEMPTION FROM REGISTRATION IS AVAILABLE. THESE SECURITIES ARE SUBJECT
          TO THE PROVISIONS OF A STANDSTILL AGREEMENT DATED ___________ __,
          2000, BY AND BETWEEN THE ISSUER

                                       11
<PAGE>   38

          AND [PURCHASER], AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN
          ACCORDANCE THEREWITH.

         5. Entire Agreement. The Stock Purchase Agreement and this Agreement
contain the entire understandings of the parties with respect to the subject
matter of such agreements. This Agreement may not be amended or any provision
waived except by a writing signed, in the case of an amendment, by each party
hereto and, in the case of a waiver, by the party against whom the waiver is to
be effective. No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof unless the other party is
materially prejudiced thereby, nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights and remedies provided by law. At any
time from and including the date of this Agreement until the second anniversary
thereof, Purchaser and the Company shall not amend, directly or indirectly, any
provision of this Agreement without the prior approval of the New York
Superintendent of Insurance (the "Superintendent"). At any time from and
including the second anniversary of the IPO (as defined in the Stock Purchase
Agreement) until the end of the term of this Agreement, the Company shall notify
the New York Insurance Department (the "Department") of any amendment, direct or
indirect, to any provision, and the termination, of this Agreement. This
Agreement is not assignable by either of the parties without the prior written
consent of the other, except that (i) prior to Closing this Agreement may be
assigned by a Purchaser to any subsidiary of Purchaser, substantially all of the
Capital Stock of which is directly or indirectly owned by Purchaser, that is a
Qualified Institutional Buyer (as that term is defined in Rule 144A under the
Securities Act of 1933) or an accredited investor (as such term is defined under
Regulation D of the Act), provided that such assignee enters into an assumption
agreement reasonably satisfactory to the Company, and (ii) after Closing this
Agreement may be assigned by a Purchaser to one or more of its affiliates to
whom Shares are properly transferred in accordance with this Agreement, provided
that, no assignment pursuant to clause (i) or (ii) will relieve Purchaser of its
obligations hereunder. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns and upon transferees of Voting Securities who are affiliates or
associates of Purchaser.

         6. Severability. If any terms, provision or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions and restrictions of this
Agreement shall remain in full force and effect, unless such action would
substantially impair the benefits to either party of the remaining provisions of
this Agreement.

                                       12
<PAGE>   39

         7. Notices. Any notices and other communications required to be given
pursuant to this Agreement shall be deemed to have been duly given or made as of
the date delivered or mailed if delivered personally, mailed by registered or
certified mail (postage prepaid, return receipt requested), or delivered by
facsimile or by telex, as follows:

         If to the Company:

            MetLife, Inc.
            1 Madison Avenue
            New York, New York 10010-3690
            Attention:  General Counsel
            Telecopier:  (212) 679-4523

         with copies to:

            Debevoise & Plimpton
            875 Third Avenue
            New York, New York  10022
            Attention: James C. Scoville, Esq.
            Telecopier:  (212) 909-6836

         If to Purchaser:

            [Name]                             [Name]
            [Address]                          [Address]
            Attention:                         Attention:
            Telecopier:                        Telecopier:

         with copies to:

            [Name]
            [Address]
            Attention:
            Telecopier:

         Purchaser shall notify the Company, and the Company shall notify the
Department, of (a) any transfer of the Shares prior to the first anniversary of
the Closing or any transfer thereafter requiring the entering into of a
standstill agreement pursuant to clause (x) of the proviso to the second
sentence of Section 1(a) and (b)

                                       13
<PAGE>   40

     any registration pursuant to Section 1(b). The Company shall notify the
     Department of any consent requested or granted pursuant to Section 2.

         8. Effectiveness of Agreement. This Agreement shall become effective
only upon the execution and delivery of this Agreement by the parties hereto and
the occurrence of the Closing under the Stock Purchase Agreement.

         9. Termination. This Agreement shall terminate upon the occurrence of
any of the following:

          (a) the written agreement of the Company and Purchaser to terminate
     this Agreement, provided that any termination prior to the second
     anniversary of the Closing shall not be effective without the approval of
     the Superintendent;

          (b) the fifth anniversary of the date of the Closing, except for
     Sections 1(b), (c) and (d), which shall continue in effect indefinitely
     until terminated by any other provision of this Section 9; or

          (c) Purchaser shall cease to own Voting Securities other than any
     Voting Securities acquired in the ordinary course of business of Purchaser
     as underwriter, broker-dealer, investment manager or investment adviser
     (unless such transactions were made with the purpose or with the effect of
     changing or influencing the control of the Company).

         10. Expenses. Except as otherwise provided herein, all costs and
expenses incurred in connection with this Agreement shall be paid by the party
incurring such cost or expense.

         11. Governing Law, etc. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to the conflict of law provisions thereof. This Agreement may be executed in one
or more counterparts, which together will constitute a single agreement.

         12. Jurisdiction. Except as otherwise expressly provided in this Agree-
ment, the parties hereto agree that any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement or the transactions contemplated hereby shall be brought in
the United States District Court for the Southern District of New York or, if
such court shall not have jurisdiction over such suit, any New York State court
sitting in New York City, so long as such courts shall have subject matter
jurisdiction over such suit, action or proceeding, and that any cause of action
arising out of this Agreement shall be deemed

                                       14
<PAGE>   41

to have arisen from a transaction of business in the State of New York, and each
of the parties hereby irrevocably consents only with respect to such suits,
actions or proceedings to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an
inconvenient forum. Without limiting the foregoing, each party agrees that
service of process on such party by hand delivery as provided in Section 7 shall
be deemed effective service of process on such party.

         13. Waiver of Jury Trial. Each of the parties hereto irrevocably waives
any and all right to trial by jury in any legal proceeding arising out of or
related to this Agreement or the transactions contemplated hereby.

         14. Captions. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation
hereof.

                                       15
<PAGE>   42

         If you are in agreement with the foregoing, please sign the
accompanying copy of this letter and return it to the Company, whereupon this
letter shall be a binding agreement between you and the Company.

                                Very truly yours,

                                  [PURCHASER]

                                     By:
                                        Name:
                                        Title:

                                  [PURCHASER]

                                     By:
                                        Name:
                                        Title:

     Accepted and agreed as of the date first written above:

     METLIFE, INC.

     By:
        Name:
        Title:

                                       16
<PAGE>   43

                                                                       EXHIBIT B

                         Opinion of Debevoise & Plimpton

i.     The Company has been duly incorporated and is validly existing as a
       corporation in good standing under the laws of the State of Delaware,
       with corporate power and authority to own its properties and conduct its
       business as described in the Offering Memorandum;

ii.    MetLife has been duly incorporated and is validly existing as a stock
       life insurance company in good standing under the laws of the State of
       New York, with corporate power and authority to own its property and
       conduct its business as described in the Offering Memorandum;

iii.   The Company has an authorized capitalization as described in the Offering
       Memorandum, and all of the issued shares of capital stock of the Company
       (including the Shares, the Other Private Placement Shares and the IPO
       Shares being delivered at the date of the opinion) have been duly
       authorized and validly issued and are or (with respect to the Shares, the
       Other Private Purchaser Shares and the IPO Shares being delivered at the
       date of the opinion, when paid for in accordance with the terms of this
       Agreement, the stock purchase agreement with the Other Private Placement
       Purchaser and the IPO underwriting agreements, respectively) will be
       fully paid and nonassessable; the Policyholder Shares, when issued
       pursuant to the Plan, will be duly authorized and validly issued and
       fully paid and nonassessable; stockholders of the Company have no
       preemptive rights with respect to the Shares arising out of the Amended
       and Restated Certificate of Incorporation or the Amended and Restated
       By-Laws of the Company or the Delaware General Corporation Law (the
       "DGCL"); and the Transaction Shares conform in all material respects to
       the description of the Common Stock contained in the Offering Memorandum;

iv.    This Agreement has been duly authorized, executed and delivered by the
       Company and MetLife, and constitutes a valid and legally binding
       obligation of the Company and MetLife, enforceable against the Company
       and MetLife in accordance with its terms, except to the extent that
       enforceability may be limited by (i) bankruptcy, reorganization,
       liquidation, rehabilitation, insolvency, moratorium or other laws
       affecting creditors' rights generally and (ii) general principles of
       equity (regardless of whether enforceability is considered in a
       proceeding at law or equity); and the Standstill Agreement has been duly
       authorized, executed and delivered by the Company and constitutes a valid
       and legally binding obligation of the Company, enforceable against the
       Company in accordance with its terms, except to the extent that
       enforceability may be limited by (i) bankruptcy, reorganization,
       liquidation, rehabilitation, insolvency, moratorium or other laws
       affecting creditors' rights

<PAGE>   44

       generally and (ii) general principles of equity (regardless of whether
       enforceability is considered in a proceeding at law or equity);

v.     The Plan has been duly adopted by the required vote of the Board of
       Directors of MetLife (which adoption complied with the applicable
       requirements of Section 7312) and submitted to the New York
       Superintendent in the manner and accompanied by all information and
       certificates required by Section 7312; on [ ], 2000, the Superintendent's
       Order was issued and such Order remains unmodified and is in full force
       and effect; no other Approvals are required to be obtained under Section
       7312 or, to such counsel's knowledge, otherwise under the New York
       Reorganization Laws and Regulations, for the effectiveness of the Plan;
       the Plan has become effective in accordance with its terms;

vi.    The issuance and sale of the Shares by the Company to Purchaser
       hereunder, the issuance and sale of the Other Private Purchaser Shares by
       the Company to the Other Private Placement Purchaser by the Company under
       the stock purchase agreement with such Other Private Placement Purchaser,
       the issuance and Sale of the IPO Shares by the Company to the
       underwriters under the IPO underwriting agreements, the issuance of the
       Policyholder Shares pursuant to the Plan, the issuance, sale and purchase
       of the Capital Note, the creation and operation of the Policyholder Trust
       pursuant to the Plan, the issuance of the Trust Interests pursuant to the
       Plan, the issuance and sale of the Units, the entry into and compliance
       by the Company and MetLife and with all provisions of this Agreement, the
       Standstill Agreement, the stock purchase agreement and standstill
       agreement entered into with the Other Private Placement Purchaser, and
       the Plan and the consummation of the transactions herein and therein
       contemplated will not result in any violation of the provisions of (i)
       the Certificate of Incorporation or By-Laws or similar organizational
       documents of the Company or MetLife, (ii) any agreement or instrument
       listed as an exhibit to the Registration Statement on Form S-1 for the
       IPO, or (iii) any New York or Federal statute or the DGCL or any rule or
       regulation known to such counsel of any New York or Federal governmental
       agency or body having jurisdiction over the Company, MetLife or any
       Significant Subsidiary or any of their properties, except, in the case of
       clauses (ii) and (iii), as would not, individually or in the aggregate,
       adversely affect the validity of the Transaction Shares, the Trust
       Interests or the Units or the creation and operation of the Policyholder
       Trust pursuant to the Plan, or have a Material Adverse Effect;

vii.   Each of the Company, MetLife and each significant subsidiary has made all
       Filings required to be made pursuant to, and has obtained all Approvals
       required to be obtained under, either (a) any law or regulation of the
       United States or the State of New York or (b) the DGCL for the issuance
       and sale by the Company of the Shares, the Other Private Purchaser Shares
       and the IPO Shares, the issuance of the Policyholder Shares pursuant to
       the Plan, the issuance, sale and purchase of the Capital Note, the
       creation and operation of the Policyholder Trust pursuant to the

                                       2
<PAGE>   45

       Plan, the issuance of the Trust Interests pursuant to the Plan, the
       issuance and sale of the Units, the compliance by the Company and MetLife
       and with all of the provisions of this Agreement, the Standstill
       Agreement, the stock purchase agreement and standstill agreement entered
       into with the Other Private Placement Purchaser, and the Plan and the
       consummation of the transactions herein and therein contemplated, except
       for such Filings and Approvals (i) as may be required under state
       securities, insurance securities or Blue Sky laws in connection with the
       purchase and distribution of the IPO Shares and the Units by the
       underwriters, or (ii) individually or in the aggregate, as would not
       adversely affect the validity, performance of, or adversely affect the
       consummation of, the transactions contemplated by this Agreement, the
       Standstill Agreement, the stock purchase agreement and standstill
       agreement entered into with the Other Private Placement Purchaser, and
       the Plan and would not have a Material Adverse Effect;

viii.  The statements set forth in the Offering Memorandum under the caption
       "Description of Capital Common Stock", insofar as they purport to
       constitute a summary of the terms of the Common Stock, and under the
       captions "Risk Factors-Dividends and payments on our indebtedness may be
       affected by limitations imposed on Metropolitan Life Insurance Company
       and our other subsidiaries", "Risk Factors-Changes in federal income
       taxation could adversely impact sales of our insurance, annuities and
       investment products", "The Demutualization", "Business-Regulation-
       Insurance regulation", "Business-Regulation-ERISA Considerations" and
       "Business-Competition", insofar as they purport to describe the
       provisions of the laws and documents referred to therein, are accurate
       and complete in all material respects.

ix.    Neither the Policyholder Shares nor the Trust Interests require
       registration under the Act;

x.     The Policyholder Trust has been duly created under the laws of Delaware
       with the power and authority to own property and conduct its business as
       described in the Offering Memorandum;

xi.    The Capital Note has been duly authorized and validly executed and issued
       and when such Capital Note is delivered by MetLife to the Company against
       payment therefor, it will constitute a valid and legally binding
       obligation of MetLife, enforceable against MetLife in accordance with its
       terms, except to the extent that enforceability may be limited by (i)
       bankruptcy, reorganization, liquidation, rehabilitation, insolvency,
       moratorium or other laws affecting creditors' rights generally and (ii)
       general principles of equity (regardless of whether enforceability is
       considered in a proceeding at law or equity); the Capital Note will
       conform to the descriptions thereof in the Offering Memorandum; and

                                       3
<PAGE>   46

xii.   Neither the Company nor MetLife is or, after giving effect to the
       issuance and sale of the Shares, the Other Private Purchaser Shares and
       the IPO Shares, the issuance of the Policyholder Shares pursuant to the
       Plan, the issuance of Trust Interests pursuant to the Plan, the issuance
       and sale of the Units, the consummation of the Demutualization and the
       application of the proceeds of the sale of the Shares, the Other Private
       Purchaser Shares, the IPO Shares and the Units as described in the
       Offering Memorandum, will be an "investment company", as such term is
       defined in the Investment Company Act, and the rules and regulations
       thereunder, although certain separate accounts of MetLife and its
       subsidiaries are required to register as investment companies under the
       Investment Company Act.; and

xiii.  Assuming the accuracy of the representations and warranties of Company
       under Section 2.31 of this Agreement, the representations and warranties
       of Purchaser under Section 3.2, 3.3 and 3.4 of this Agreement, the offer
       and sale of the Shares pursuant to this Agreement are exempt from
       registration under the Act pursuant to Section 4(2) thereof.

       In rendering such opinion, such counsel may state that they express no
opinion as to the laws of any jurisdiction other than the United States, the
State of New York and the DGCL and that to the extent that the opinions in
clauses (vi), (vii) and (x) involve Delaware law, such counsel has relied with
your permission on the opinion of Richards, Layton & Finger addressed to the
Underwriters.

       In rendering such opinion, such counsel may expressly assume that courts
would rely upon and give effect to Black Box (publicly available June 26, 1990)
and Squadron, Ellenoff, Pleasant & Lehrer (publicly available February 28, 1992)
as applicable law.

                                       4
<PAGE>   47

                                                                       EXHIBIT C

                         Opinion of Gary A. Beller, Esq.

i.     The Company has been duly incorporated and is validly existing as a
       corporation in good standing under the laws of the State of Delaware,
       with the corporate power and authority to own its properties and conduct
       its business as described in the Offering Memorandum;

ii.    MetLife has been duly incorporated and is validly existing as a stock
       life insurance company in good standing under the laws of the State of
       New York, with the corporate power and authority to own its properties
       and conduct its business as described in the Offering Memorandum;

iii.   The Company has an authorized capitalization as set forth in the Offering
       Memorandum, and all of the issued shares of capital stock of the Company
       (including the Shares, the Other Private Placement Shares and the IPO
       Shares being delivered at the date of the opinion) have been duly
       authorized and validly issued and are or (with respect to the Shares, the
       Other Private Purchaser Shares and the IPO Shares being delivered at the
       date of the opinion, when paid for in accordance with the terms of this
       Agreement, the stock purchase agreement with the Other Private Placement
       Purchaser and the IPO underwriting agreements, respectively) will be
       fully paid and nonassessable; the Policyholder Shares, when issued
       pursuant to the Plan, will be duly authorized and validly issued and
       fully paid and nonassessable; stockholders of the Company have no
       preemptive rights with respect to the Shares arising out of the Amended
       and Restated Certificate of Incorporation or Amended and Restated By-Laws
       of the Company or the DGCL; and the Transaction Shares conform in all
       material respects to the description of the Common Stock contained in the
       Offering Memorandum;

iv.    Each Significant Subsidiary has been duly organized and is validly
       existing as a corporation or partnership, as applicable, and is in good
       standing under the laws of its jurisdiction of organization; and all
       issued shares of capital stock or other ownership interests of each
       Significant Subsidiary have been duly authorized and validly issued, are
       fully paid and nonassessable, and (except as described in the Offering
       Memorandum and except for directors' qualifying shares) are owned
       directly or indirectly by the Company, free and clear of all liens,
       encumbrances, equities or claims, other than any lien, encumbrance,
       equity or claim which would not have a Material Adverse Effect;

v.     Each of the Company, MetLife and each Significant Subsidiary has been
       duly qualified as a foreign corporation or partnership, as applicable,
       for the transaction of business and, to the extent such concept is
       applicable, is in good standing under the laws of each other jurisdiction
       in which its ownership or lease of property or the

<PAGE>   48

       conduct of its business requires such qualification, except where the
       failure to be so qualified and in good standing, as applicable, would not
       have a Material Adverse Effect;

vi.    Each of MetLife and each Insurance Subsidiary is duly organized and
       licensed as an insurance company in its jurisdiction of incorporation,
       and is duly licensed or authorized as an insurer in each other
       jurisdiction where it is required to be so licensed or authorized to
       conduct its business as described in the Offering Memorandum, in each
       case with such exceptions as would not have, individually or in the
       aggregate, a Material Adverse Effect; except as otherwise described in
       the Offering Memorandum, each of MetLife and each Insurance Subsidiary
       has all other Approvals of and from all insurance regulatory authorities
       to conduct its business, with such exceptions as would not have,
       individually or in the aggregate, a Material Adverse Effect; to such
       counsel's knowledge, there is no pending or threatened action, suit,
       proceeding or investigation that could reasonably be expected to lead to
       the revocation, termination or suspension of any such Approval, the
       revocation, termination or suspension of which would have, individually
       or in the aggregate, a Material Adverse Effect; and, to such counsel's
       knowledge, no insurance regulatory agency or body has issued any order or
       decree impairing, restricting or prohibiting the payment of dividends by
       any Insurance Subsidiary to its parent which would have, individually or
       in the aggregate, a Material Adverse Effect;

vii.   Each of the Company, MetLife and each Significant Subsidiary has all
       necessary Approvals from, and has made all Filings with, all insurance
       regulatory authorities, all Federal, state, local and other governmental
       authorities, all self-regulatory organizations and all courts and other
       tribunals, which are necessary to own, lease, license and use its
       properties and assets and to conduct its business in the manner described
       in the Offering Memorandum, except where the failure to have such
       Approvals or to make such Filings would not have, individually or in the
       aggregate, a Material Adverse Effect; all such Approvals and Filings are
       in full force and effect and, to such counsel's knowledge, neither the
       Company nor MetLife nor any Significant Subsidiary has received any
       notice of any event, inquiry, investigation or proceeding that would
       reasonably be expected to result in the suspension, revocation or
       limitation of any such Approval or otherwise impose any limitation on the
       conduct of the business of the Company, MetLife or any such Subsidiary,
       except as described in the Offering Memorandum or any such suspension,
       revocation or limitation which would not have, individually or in the
       aggregate, a Material Adverse Effect;

viii.  Each Broker-Dealer Subsidiary and each Investment Advisor Subsidiary of
       MetLife is duly licensed or registered as a broker-dealer or investment
       advisor, as the case may be, in each jurisdiction where it is required to
       be so licensed or registered to conduct its business, in each case, with
       such exceptions as would not have,

                                       2

<PAGE>   49

       individually or in the aggregate, a Material Adverse Effect; each
       Broker-Dealer Subsidiary and each Investment Advisor Subsidiary has all
       other necessary Approvals of and from all applicable regulatory
       authorities, including any self-regulatory organization, to conduct its
       business, in each case with such exceptions as would not have,
       individually or in the aggregate, a Material Adverse Effect; except as
       otherwise described in the Offering Memorandum, to such counsel's
       knowledge, no Broker-Dealer Subsidiary or Investment Advisor Subsidiary
       has received any notification from any applicable regulatory authority to
       the effect that any additional Approvals from such regulatory authority
       are needed to be obtained by such Subsidiary in any case where it could
       be reasonably expected that (x) such Broker-Dealer Subsidiary or
       Investment Advisor Subsidiary would in fact be required either to obtain
       any such additional Approvals or cease or otherwise limit engaging in
       certain business and (y) the failure to have such Approvals or limiting
       such business would have a Material Adverse Effect;

ix.    To such counsel's knowledge, other than Mark Smilow and Patrick Emanuel
       v. Metropolitan Life Insurance Company, et al., Mollye E. Rothstein v.
       Metropolitan Life Insurance Company, et al., Eugenia J. Fiala and Chris
       Waterson v. Metropolitan Life Insurance Company, et al., Geneva Meloy, et
       al. v. Metropolitan Life Insurance Company, et al., Leo F. Schor v.
       Metropolitan Life Insurance Co. et al. and Richard E. Schweinberg v.
       Metropolitan Life Insurance Co. et al., and any other proceedings of
       which the Company became aware after the date hereof and that have been
       disclosed to you in writing, on the date of this Agreement there were no
       legal or governmental proceeding pending or, to such counsel's knowledge
       and as disclosed to you, currently being threatened challenging the Plan,
       the Superintendent's Order or the consummation of the transactions
       contemplated thereby or the sale of the Shares, the Other Private
       Purchaser Shares or the IPO Shares;

x.     To such counsel's knowledge, other than as described or contemplated in
       the Offering Memorandum, there are no legal or governmental proceedings
       pending to which the Company, MetLife or any Significant Subsidiary is a
       party or of which any property of the Company, MetLife or any Significant
       Subsidiary is the subject which, if determined adversely to the Company,
       MetLife or any Significant Subsidiary, could reasonably be expected to
       have, individually or in the aggregate, a Material Adverse Effect; and,
       to such counsel's knowledge and other than as described or contemplated
       in the Offering Memorandum, no such proceedings are threatened or
       contemplated by governmental authorities or threatened by others;

xi.    This Agreement has been duly authorized, executed and delivered by the
       Company and MetLife, and constitutes a valid and legally binding
       obligation of the Company and MetLife, enforceable against the Company
       and MetLife in accordance with its terms, except to the extent that
       enforceability may be limited by (i) bankruptcy, reorganization,
       liquidation, rehabilitation, insolvency, moratorium or other laws

                                       3

<PAGE>   50

       affecting creditors' rights generally and (ii) general principles of
       equity (regardless of whether enforceability is considered in a
       proceeding at law or equity); and the Standstill Agreement has been duly
       authorized, executed and delivered by the Company and constitutes a valid
       and legally binding obligation of the Company, enforceable against the
       Company in accordance with its terms, except to the extent that
       enforceability may be limited by (i) bankruptcy, reorganization,
       liquidation, rehabilitation, insolvency, moratorium or other laws
       affecting creditors' rights generally and (ii) general principles of
       equity (regardless of whether enforceability is considered in a
       proceeding at law or equity);

xii.   The Capital Note has been duly authorized and validly executed and issued
       and when the Capital Note is delivered by MetLife to the Company against
       payment therefor, it will constitute a valid and legally binding
       obligation of MetLife, enforceable against MetLife in accordance with its
       terms, except to the extent that enforceability may be limited by (i)
       bankruptcy, reorganization, liquidation, rehabilitation, insolvency,
       moratorium or other laws affecting creditors' rights generally and (ii)
       general principles of equity (regardless of whether enforceability is
       considered in a proceeding at law or equity); the Capital Note will
       conform to the descriptions thereof in the Offering Memorandum;

xiii.  No Significant Subsidiary is or, after giving effect to the issuance and
       sale of the Shares, the Other Private Purchaser Shares or the IPO Shares,
       the issuance of the Policyholder Shares pursuant to the Plan, the
       issuance of the Trust Interests pursuant to the Plan, the issuance and
       sale of the Units, the consummation of the Demutualization and the
       application of the proceeds of the sale of the Shares, the Other Private
       Purchaser Shares, the IPO Shares and the Units as described in the
       Offering Memorandum, will be an "investment company", as such term is
       defined in the Investment Company Act, and the rules and regulations
       thereunder, although certain separate accounts of MetLife and its
       subsidiaries are required to register as investment companies under the
       Investment Company Act;

xiv.   The issuance and sale of the Shares, the Other Private Purchaser Shares
       and the IPO Shares, the issuance of the Policyholder Shares pursuant to
       the Plan, the issuance, sale and purchase of the Capital Note, the
       creation and operation of the Policyholder Trust pursuant to the Plan,
       the issuance of the Trust Interests pursuant to the Plan, the issuance
       and sale of the Units, the entry into and compliance by the Company and
       MetLife with all provisions of this Agreement, the Standstill Agreement,
       the stock purchase agreement and standstill agreement entered into with
       the Other Private Placement Purchaser, and the Plan and the consummation
       of the transactions herein and therein contemplated will not conflict
       with or result in a breach or violation of any of the terms or provisions
       of, or constitute a default under, any indenture, mortgage, deed of
       trust, loan agreement or other agreement or instrument known to such
       counsel to which the Company, MetLife or any Significant Subsidiary is a
       party or by which the Company, MetLife or any

                                       4

<PAGE>   51

       Significant Subsidiary is bound or to which any of the property or assets
       of the Company, MetLife or any of their respective subsidiaries is
       subject, nor will such action result in any violation of the provisions
       of (x) the Amended and Restated Certificate of Incorporation or Amended
       and Restated By-Laws or similar organizational documents of the Company,
       MetLife or any Significant Subsidiary or (y) to such counsel's knowledge,
       any statute or any order, rule or regulation of any court or insurance
       regulatory agency or other governmental agency or body having
       jurisdiction over the Company, MetLife or any Significant Subsidiary or
       any of their properties, in each case the effect of which (other than a
       violation of the Amended and Restated Certificate of Incorporation or the
       Amended and Restated By-Laws or similar organizational documents of the
       Company or MetLife), individually or in the aggregate, would be either to
       adversely affect the validity of the Transaction Shares, the Trust
       Interests or the Units or the creation and operation of the Policyholder
       Trust pursuant to the Plan or have a Material Adverse Effect;

xv.    Each of the Company, MetLife and the Significant Subsidiaries have made
       all Filings required to be made pursuant to, and have obtained all
       Approvals required to be obtained, under, any law or regulation of the
       United States or any state thereof for the issuance and sale by the
       Company of the Shares, the Other Private Purchaser Shares and the IPO
       Shares, the issuance of the Policyholder Shares pursuant to the Plan, the
       issuance, sale and purchase of the Capital Note, the creation and
       operation of the Policyholder Trust pursuant to the Plan, the issuance of
       the Trust Interests pursuant to the Plan, the issuance and sale of the
       Units, the compliance by the Company and MetLife with all provisions of
       this Agreement and the Standstill Agreement and the consummation of the
       transactions herein contemplated, except for such Filings and Approvals
       as (i) may be required under state securities, insurance securities or
       Blue Sky laws in connection with the purchase and distribution of the IPO
       Shares and the Units by the underwriters, or (ii) individually or in the
       aggregate, would not adversely affect the validity of the Shares, the
       Other Private Purchaser Shares, the IPO Shares or the Policyholder Shares
       or have a Material Adverse Effect; and all other Filings and Approvals
       required to be made or obtained on or prior to the Plan Effective Date in
       connection with the Demutualization or for the consummation by the
       Company and MetLife of the transactions contemplated by this Agreement,
       the Standstill Agreement, the stock purchase agreement and standstill
       agreement entered into with the Other Private Placement Purchaser or the
       Plan have been so obtained and are in full force and effect, except as
       described in the Offering Memorandum or to the extent that the failure to
       make any such Filings or to have any such Approvals would not have,
       individually or in the aggregate, a Material Adverse Effect and would not
       adversely affect the validity, performance of or consummation of the
       transactions contemplated by this Agreement, the Standstill Agreement,
       the stock purchase agreement and standstill agreement entered into with
       the Other Private Placement Purchaser or the Plan or adversely affect the
       creation and operation of the Policyholder Trust pursuant to the Plan or
       adversely affect the Capital Note; and

                                       5

<PAGE>   52

xvi.   The statements set forth in the Offering Memorandum under the captions
       "Risk Factors-Demutualization risks-A challenge to the New York
       Superintendent of Insurance's approval may adversely affect the terms of
       the demutualization and the market price of our common stock and the
       equity security units" (with respect solely to the description of the
       laws contained therein), "Business-Regulation-Broker-Dealer and
       Securities Regulation" and "Business-Regulation-Environmental
       Considerations", insofar as they purport to describe the provisions of
       the laws and documents referred to therein, are accurate and complete in
       all material respects.

       In rendering such opinion, such counsel may state that he is admitted to
practice law in the State of New York and that he expresses no opinion as to the
laws of any jurisdiction other than the United States, the State of New York and
the DGCL and that to the extent that the opinions in clauses (xiv) and (xv)
involve Delaware law, such counsel has relied with your permission on the
opinion of Richards, Layton & Finger addressed to the Underwriters. Such counsel
may state that, insofar as the opinion rendered above relates to any Significant
Subsidiary, such counsel has relied on the opinions of the General Counsel of
such Subsidiary and insofar as the opinion expressed above relates to the
Company, MetLife and their subsidiaries (other than Significant Subsidiaries)
and involve the laws of jurisdictions other than New York and the United States,
such counsel has not retained local counsel but has relied upon the familiarity
of members of MetLife's Law Department over whom such counsel exercises general
supervision with the relevant laws of such jurisdictions. Such counsel may also
state that, insofar as such opinion involves matters of fact, he has relied upon
certificates of officers of MetLife and the Significant Subsidiaries.

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