Document:

EX-10.2

 

Exhibit 10.2

AMENDMENT NO. 1

TO

THE BISYS GROUP, INC.

2005 EMPLOYEE STOCK PURCHASE PLAN

1. Section 4.01 of the Plan is amended to read as follows:

     “4.01. Number of Shares. The total number of shares of Common Stock for which Options may be
granted under this Plan shall not exceed in the aggregate eight hundred thousand (800,000) shares
of Common Stock. The Plan will be implemented by an Offering of shares of Common Stock (the
“Offering”). The Offering shall begin on January 1, 2005 and shall terminate on March 31, 2006.”

2. Subsection (b) of Section 7.03 of the Plan (“Option Price”) is amended to read as follows:

     “(b) 85% of the fair market value of a share of Common Stock subject to the Option on March
31, 2006, based upon the last sale price of a share of Common Stock on the New York Stock Exchange
on that date.”

3. Section 8.01 of the Plan is amended to read as follows:

     “8.01. Automatic Exercise. Unless a Participant gives written notice to the Company of
withdrawal pursuant to Section 9.01, his Option to acquire Common Stock with payroll deductions
made during any Offering will be deemed to have been exercised automatically on March 31, 2006 for
the purchase of the number of shares of Common Stock which the accumulated payroll deductions in
his account at that time will purchase at the applicable Option price (but not in excess of the
number of shares of Common Stock for which Options have been granted to the Employee pursuant to
Section 7.02), and any excess in his account at that time will be returned to him.”

4. Section 8.03 of the Plan is amended to read as follows:

     “8.03. Delivery of Stock. As promptly as practicable after March 31, 2006, the Company will
deliver to each Participant, in such Participant’s name, the shares of Common Stock purchased upon
exercise of such Participant’s Option. Such issuances shall be in “book entry” form. No shares of
Common Stock issued under the Plan may be certificated prior to April 1, 2006.”

5. Section 9.02 of the Plan is amended to read as follows:

     “9.02. Cessation of Employee Status. In the event a Participant shall cease to be an Employee,
as defined in Section 2.06, on or before December 31, 2005, for any reason other than as a result
of his death, the payroll deductions credited to his account will be returned to him.

6. Section 9.03 of the Plan is amended to read as follows:

 

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     “9.03. Termination Due to Death. In the event a Participant shall cease to be an Employee, as
defined in Section 2.06, by reason of his death, his legal representative shall have the right to
elect, by written notice given to the Executive Vice President of Human Resources of the Company
prior to March 31, 2006 either:

     “(a) To withdraw all of the payroll deductions credited to the Participant’s account under the
Plan, or

     “(b) To exercise the Participant’s Option granted under Section 7.02 for the purchase of
shares of Common Stock on March 31, 2006 for the purchase of the number of shares of Common Stock
which the accumulated payroll deductions in the Participant’s account will purchase at the
applicable Option price, and any excess in such account will be returned to the Participant’s legal
representative.

     “In the event that no such written notice of election shall be duly received by the office of
the Executive Vice President of Human Resources of the Company, the Participant’s legal
representative shall automatically be deemed to have elected, pursuant to paragraph (b), to
exercise the Participant’s Option.”<PAGE>
                                                                    EXHIBIT 10.1

METLIFE, INC.                                               (METLIFE, INC. LOGO)
-----------------------------

Board of Directors

December 13, 2005

ON MOTION, it was RESOLVED:

(1)   That the measures to be used to determine performance results for
      establishing the total pool to be available for payment of awards under
      the MetLife Annual Variable Incentive Plan ("AVIP") for 2006 are approved
      substantially in form described in the memorandum attached as Appendix A
      to these resolutions;

(2)   That the Chief Executive Officer of the Company ("CEO") and Chief
      Operating Officer of the Company ("COO") shall each be eligible for an
      AVIP award for 2006 equal to one percent (1%) of the Company's net income
      excluding after-tax net investment gains and losses, excluding settlement
      payments on derivative instruments not qualifying for hedge accounting
      treatment, the cumulative effect of a change in accounting, and preferred
      stock dividends, determined according to generally accepted accounting
      principles ("Net Operating Income"), subject to the maximum award limit
      under AVIP; provided, however, that the Compensation Committee (the
      "Committee") shall retain the ability, in its discretion, to reduce the
      amount of the award payable (including reducing the amount payable to
      zero) based on such factors or considerations that the Committee shall
      deem appropriate, including but not limited to the amounts that would have
      been payable to the CEO and COO, respectively, under the formula
      applicable to other employees under AVIP;

(3)   That each of the Company's Officers subject to the reporting requirements
      of Section 16 of the Securities Exchange Act of 1934, other than the CEO
      and COO ("Section 16 Officers"), shall be eligible for an AVIP award for
      2006 equal to one-half of one percent (0.5%) of Net Operating Income,
      subject to the maximum award limit under AVIP; provided, however, that the
      Committee shall retain the ability, in its discretion, to reduce the
      amount of the award payable (including reducing the amount payable to
      zero) based on such factors or considerations that the Committee shall
      deem appropriate, including but not limited to the amounts that would have
      been payable to each of the Section 16 Officers under the formula
      applicable to other employees under AVIP;

(4)   That if the Company's Net Operating Income is zero, neither the CEO nor
      the COO nor any of the Section 16 Officers shall be eligible for any AVIP
      for 2006; and

(5)   That the Officers of the Company be and hereby are authorized in the name
      and on behalf of the Company, to (a) take or cause to be taken any and all
      such further actions and to prepare, execute and deliver or cause to be
      prepared,
<PAGE>
      executed and delivered, and where necessary or appropriate, file or cause
      to be filed with the appropriate governmental authorities, all such other
      instruments and documents, including but not limited to all certificates,
      contracts, bonds, agreements, documents, instruments, receipts or other
      papers, (b) incur and pay or cause to be paid all fees and expenses and
      (c) engage such persons, in each case as such Officer shall in that
      Officer's judgment determine to be necessary or appropriate to carry out
      fully the intent and purposes of the foregoing resolutions and each of the
      transactions contemplated thereby.<PAGE>
                                                                   EXHIBIT 10.2

                             AMENDMENT NUMBER ONE TO
             THE METLIFE ANNUAL VARIABLE INCENTIVE PLAN (THE "PLAN")

         The Plan is hereby amended in the manner set forth below:

     1.  Article 4 of the Plan is amended to add a new Section 4.5 at the end
thereof, to read as follows:

         4.5      TIMING OF PAYMENT. Subject to Section 4.4, all Awards granted
                  under this Plan shall, if payable, be paid on or before March
                  15 of the calendar year following the calendar year with
                  regard to which the performance criteria or other
                  contingencies that pertain to the Award (other than continued
                  employment with the Company or an Affiliate or other
                  contingency related to continued service until the date on
                  which the Award is payable) apply. No Participant or any other
                  person shall have any right to receive any payment of interest
                  or other remedy due to any payment of an Award on a date other
                  than as provided in the immediately preceding sentence.

     2.  This Amendment will be effective immediately upon execution.

     3. Except as otherwise expressly provided herein, the Plan (including any
amendments thereto) shall continue in full force and effect without amendment.

IN WITNESS WHEREOF, this amendment is approved.

METLIFE, INC.

/s/ Gwenn L. Carr
-------------------------------------------------
Gwenn L. Carr
Senior Vice President and Secretary

Date:  December 15, 2005
       ----------------------------

Witness:  /s/ Christine Martinez
          ---------------------------------------
          Christine Martinez<PAGE>
                                                                   EXHIBIT 10.3

             CLARIFICATION OF MANAGEMENT PERFORMANCE SHARE AGREEMENT

         MetLife, Inc. hereby clarifies your Management Performance Share
Agreement as follows (this "Clarification"):

         1.  Section 1(c) of the Agreement is restated in its entirety as
             follows:

                  "(c) The Committee will determine your Final Performance
         Shares by multiplying your Performance Shares by the "Performance
         Factor." The Performance Factor means a percentage (from zero to 200%)
         which is the sum of two other percentages (each from zero to 100%),
         described in (1) and (2) below.

                           (1) The first percentage will be based on the
                  Company's performance with respect to Change in Annual Net
                  Operating Earnings Per Share during the Performance Period
                  relative to the other companies in the Standard and Poor's
                  Insurance Index, determined according to Table 1 of Schedule A
                  to this Agreement. For this purpose, (a) "Net Operating
                  Earnings Per Share" for any period means income, net of all
                  taxes on income, less realized investment gains or losses and
                  excluding any cumulative charges or benefits due to changes in
                  accounting principles, divided by the weighted average number
                  of shares outstanding during such period determined on a
                  diluted basis under Generally Accepted Accounting Principles;
                  and (b) "Change in Annual Net Operating Earnings Per Share"
                  means Net Operating Earnings Per Share in the final calendar
                  year of the Performance Period divided by Net Operating
                  Earnings Per Share in the calendar year immediately preceding
                  the beginning of the Performance Period.

                           (2) The second percentage will be based on the
                  Company's performance with respect to Proportionate Total
                  Shareholder Return during the Performance Period relative to
                  the other companies in the Standard and Poor's Insurance
                  Index, determined according to Table 2 of Schedule A to this
                  Agreement. For this purpose, (a) "Initial Closing Price" means
                  the average Closing Price (and, in the case of a company other
                  than the Company, the most closely analogous price) in the
                  twenty (20) trading days prior to the first day of the
                  Performance Period; (b) "Final Closing Price" means the
                  average Closing Price (and, the case of an entity other than
                  the Company, the most closely analogous price) in the twenty
                  (20) trading days prior to and including the final day of the
                  Performance Period; (c) "Total Shareholder Return" means the
                  change (plus or minus) from the Initial Closing Price to the
                  Final Closing Price, plus dividends (if any) actually paid on
                  Shares (or, in the case of a company other than the Company,
                  the most closely analogous security) on a reinvested basis
                  from the first day of the Performance Period to and including
                  the last day of the Performance Period; and (d) "Proportionate
                  Total Shareholder Return" means Total Shareholder Return
                  divided by Initial Closing Price."

         2. The heading of the left column of Table 1 of Schedule A to the
Agreement is restated in its entirety as follows: "Change in Annual Net
Operating Earnings Per Share Company Performance (Percentile Relative to Other
Companies in S&P Ins. Index)."

       This document constitutes part of a prospectus covering securities
           that have been registered under the Securities Act of 1933.
<PAGE>
         3. The heading of the right column of Table 1 of Schedule A to the
Agreement is restated in its entirety as follows: "Proportionate Total
Shareholder Return Company Performance (Percentile Relative to Other Companies
in S&P Ins. Index)."

         4. Any capitalized word used in this Clarification and not defined in
this Clarification, including each form of that word, is defined in the Plan or
the Agreement. This Clarification will be construed in accordance with and
governed by the laws of the State of Delaware, regardless of the law that might
be applied under principles of conflict of laws. This Clarification, the
Agreement, and the Plan represent the entire agreement between you and the
Company, and you and all Affiliates, regarding your Performance Shares. No
promises, terms, or agreements of any kind regarding your Performance Shares
that are not set forth, or referred to, in this Agreement or in the Plan are
part of this Agreement. In the event any provision of this Clarification is held
illegal or invalid, the rest of this Agreement will remain enforceable.

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

METLIFE, INC.

By:  Robert H. Benmosche
     -------------------
     Name

     Chairman of the Board and CEO
     -----------------------------
     Title

     /s/ Robert H. Benmosche
     ----------------------------------
     Signature

       This document constitutes part of a prospectus covering securities
           that have been registered under the Securities Act of 1933.

                                       2

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