Document:

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                                                                    Exhibit 10.5

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                                James M. Benson

                        EMPLOYMENT CONTINUATION AGREEMENT

                                 March 10, 2000

                      Metropolitan Life Insurance Company

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                        EMPLOYMENT CONTINUATION AGREEMENT

     THIS AGREEMENT between METROPOLITAN LIFE INSURANCE COMPANY, a New York
corporation (the "Company"), and James M. Benson (the "Executive"), dated as of
the ___ day of March, 2000.

                              W I T N E S S E T H :

     WHEREAS, an Affiliate (as defined below) of the Company has employed the
Executive in a senior officer position;

     WHEREAS, Executive has also become employed in a critical officer position
with the Company;

     WHEREAS, the Company believes that, in the event it is confronted with a
situation that could result in a change in ownership or control of the Company,
continuity of management will be essential to its ability to evaluate and
respond to such situation in the best interests of its policyholders, and if, at
the relevant time, it is a stock company, its shareholders;

     WHEREAS, the Company understands that any such situation will present
significant concerns for the Executive with respect to his financial and job
security;

     WHEREAS, the Company desires to assure itself of the Executive's services
during the period in which it is confronting such a situation, and to provide
the Executive certain financial assurances to enable the Executive to perform
the responsibilities of his position without undue distraction and to exercise
his judgment without bias due to his personal circumstances;

     WHEREAS, to achieve these objectives, the Company and the Executive desire
to enter into an agreement providing the Company and the Executive with certain
rights and obligations upon the occurrence of a Change of Control or Potential
Change of Control (as each such term is defined in Section 2 hereof);

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, it is hereby agreed by and between the Company and the
Executive as follows:

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     1. Operation of Agreement. (a) Term. The initial term of this Agreement
shall commence on the date hereof and continue until the third anniversary of
the date hereof. Thereafter, this Agreement will automatically renew for
successive and consecutive additional three year periods following the end of
its initial term and any extended term, unless the Company or the Executive
gives the other party written notice at least 180 days prior to the date the
term hereof would otherwise renew that it or he does not want the term to be so
extended; provided, however, that, the Company may not deliver a notice of
nonrenewal after (i) a Potential Change of Control (as is defined in Section
2(b) hereof) unless the Board of Directors has adopted a Nullification
Resolution (as defined in Section 2(b) hereof) with respect to such Potential
Change of Control or (ii) a Change of Control (as defined in Section 2(a)
hereof). Notwithstanding anything to the contrary in this Agreement, the term of
this Agreement shall in all events expire (regardless of when the term would
otherwise have expired) on the second anniversary of a Change of Control.

     (b) Effective Date. Notwithstanding the provisions of Section 1(a) hereof,
this Agreement shall govern the terms and conditions of the Executive's
employment and the benefits and compensation to be provided to the Executive
commencing on the date on which a Potential Change of Control or a Change of
Control occurs (the "Effective Date") and ending on the date the term of this
Agreement otherwise expires, provided that if the Executive is not employed by
the Company or an Affiliate on the Effective Date, this Agreement shall be void
and without effect. If then still in effect, the Employment Agreement between
New England Life Insurance Company ("New England Life") and the Executive dated
as of June 16, 1997, as the same may hereafter be amended, restated or extended
at any time or from time to time or any successor agreement thereto (the "Basic
Agreement"), shall be superseded and replaced by this Agreement effective on the
Effective Date, except as otherwise expressly provided herein.

     2. Definitions. (a) Change of Control. For the purposes of this Agreement,
a "Change of Control" shall be deemed to have occurred if:

               (i) any person (within the meaning of Section 3(a)(9) of the
        Securities Exchange Act of 1934, as amended (the "Exchange Act")),
        including any group (within the meaning of Rule 13d-5(b) under the
        Exchange Act)), acquires "beneficial ownership" (within the meaning of
        Rule 13d-3 under the Exchange Act), directly or indirectly, of
        securities of the Company representing 25% or more of the combined
        Voting Power (as defined below) of the Company's securities;

               (ii) within any 24-month period, the persons who were directors
        of the Company at the beginning of such period (the "Incumbent
        Directors") shall cease to constitute at least a majority of the Board
        of Directors of the Company (the

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        "Board") or the board of directors of any successor to the Company
        provided, however, that any director elected to the Board, or nominated
        for election, by a majority of the Incumbent Directors then still in
        office shall be deemed to be an Incumbent Director for purposes of this
        subclause 2(a)(ii);

               (iii) the policyholders of the Company, if at the time in
        question the Company is a mutual life insurance company, approve a
        merger, consolidation, division, sale or other disposition of all or
        substantially all of the assets of the Company (a "Mutual Event");
        provided, however, that a Mutual Event shall not be treated as a Change
        of Control for purposes of this Agreement if (x) the Company is the
        surviving company in any such merger or other transaction and (y)
        pursuant to the terms of the agreement governing the transaction
        constituting the Mutual Event, the persons who were directors of the
        Company immediately prior to such Mutual Event constitute at least 75%
        of the members of the Board immediately following the consummation of
        such Mutual Event; or

               (iv) the stockholders of the Company, if at the time in question
        the Company is a stock company, approve a merger, consolidation, share
        exchange, division, sale or other disposition of all or substantially
        all of the assets of the Company (a "Corporate Event"), and immediately
        following the consummation of which the stockholders of the Company
        immediately prior to such Corporate Event do not hold, directly or
        indirectly, a majority of the Voting Power of (x) in the case of a
        merger or consolidation, the surviving or resulting corporation, (y) in
        the case of a share exchange, the acquiring corporation or (z) in the
        case of a division or a sale or other disposition of assets, each
        surviving, resulting or acquiring corporation which, immediately
        following the relevant Corporate Event, holds more than 25% of the
        consolidated assets of the Company immediately prior to such Corporate
        Event; or

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

Notwithstanding the foregoing, a Change of Control shall not be deemed to have
occurred merely as a result of (i) the conversion of the Company from a mutual
life insurance company to a stock company whose shareholders are either (x)
primarily persons who were policyholders of the Company immediately prior to
such transaction and/or a trust holding the shares of the Company for the
benefit of such policyholders or (y) another corporation the shares of which are
held primarily by the persons and/or trust described in subclause (x); (ii) the
Company becoming a direct or indirect subsidiary of a mutual holding company
whose members are primarily persons who were policyholders of the Company
immediately prior to such transaction or (iii) an underwritten offering of the

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equity securities of the Company where no Person (including any group (within
the meaning of Rule 13d-5(b) under the Exchange Act)) acquires more than 25% of
the beneficial ownership interests in such securities.

     (b) Potential Change of Control. For the purposes of this Agreement, a
Potential Change of Control shall be deemed to have occurred if:

               (i) a Person commences a tender offer, with adequate financing,
        which, if consummated, would result in such Person being the "beneficial
        ownership" (within the meaning of Rule 13d-3 under the Exchange Act),
        directly or indirectly, of securities of the Company representing 10% or
        more of the combined Voting Power of the Company's securities;

               (ii) the Company enters into an agreement the consummation of
        which would constitute a Change of Control;

               (iii) any person (including any group (within the meaning of Rule
        13d-5(b) under the Exchange Act)) other than the Company attempts,
        directly or indirectly, to replace more than 25% of the directors of the
        Company; provided, however, that any action taken in support of a
        nominee approved by a majority of the members of the Board then in
        office shall not be given any effect in determining whether a Potential
        Change of Control has occurred;

               (iv) certification, pursuant to New York Insurance Law Section
        4210(h)(1)(B) (or any successor provision thereto) of an independent
        nomination of candidates to replace more than 25% of the members of the
        Board; or

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

Notwithstanding the foregoing, if, after a Potential Change of Control and
before a Change of Control, the Board makes a good faith determination that such
Potential Change of Control will not result in a Change of Control, the Board
may nullify the effect of the Potential Change of Control (a "Nullification") by
resolution (a "Nullification Resolution"), in which case the Executive shall
have no further rights and obligations under this Agreement by reason of such
Potential Change of Control; provided, however, that if the Executive shall have
delivered a Notice of Termination (within the meaning of Section 6(f) hereof)
prior to the date of the Nullification Resolution, such Resolution shall not
effect the Executive's rights hereunder. If a Nullification Resolution has been
adopted and the Executive has not delivered a Notice of Termination prior
thereto, the Effective Date for purposes of this Agreement shall be the date, if
any, during the term hereof on

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which another Potential Change of Control or any actual Change of Control
occurs, in which case the Basic Agreement (if still in effect immediately prior
to the occurrence of a Potential Change of Control as to which a Nullification
has been declared by the Board) shall be reinstated upon such Nullification and
thereafter continue in effect in accordance with its terms unless and until
another Potential Change of Control or any actual Change of Control occurs.

     (c) Voting Power. A specified percentage of "Voting Power" of a company
shall mean such number of the Voting Securities as shall enable the holders
thereof to cast such percentage of all the votes which could be cast in an
annual election of directors and "Voting Securities" shall mean all securities
of a company entitling the holders thereof to vote in an annual election of
directors.

     (d) Affiliate. An "Affiliate" shall mean any corporation, partnership,
limited liability company, trust or other entity which directly, or indirectly
through one or more intermediaries, controls, or is controlled by, the Company.

     3. Employment Period. Subject to Section 6 hereof, the Company agrees to
continue the Executive in its employ, and the Executive agrees to remain in the
employ of the Company, for the period (the "Employment Period") commencing on
the Effective Date and ending on the expiration of the term of this Agreement.

     4. Position and Duties. (a) No Reduction in Position. During the Employment
Period, the Executive's position (including titles), authority and
responsibilities shall be at least commensurate with those held, exercised and
assigned at the Company and its Affiliates immediately prior to the Effective
Date (including, without limitation, the duties and responsibilities for New
England Life that are described in the Basic Agreement, if the Basic Agreement
is in effect immediately prior to the Effective Date). It is understood that,
for purposes of this Agreement, such position, authority and responsibilities
shall not be regarded as not commensurate merely by virtue of the fact that a
successor shall have acquired all or substantially all of the business and/or
assets of the Company as contemplated by Section 12(b) hereof. The Executive's
services shall be performed at the location where the Executive was employed
immediately preceding the Effective Date or at any other office or location not
more than 35 miles from such pre-Effective Date location.

     (b) Business Time. During the Employment Period, the Executive agrees to
devote his full attention during normal business hours to the business and
affairs of the Company and its Affiliates and to use his best efforts to perform
faithfully and efficiently the responsibilities assigned to him hereunder, to
the extent necessary to discharge such responsibilities, except for (i) time
spent in managing his personal, financial

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and legal affairs and serving on corporate, civic or charitable boards or
committees, in each case only if and to the extent not substantially interfering
with the performance of such responsibilities, and (ii) periods of vacation and
sick leave to which he is entitled. It is expressly understood and agreed that
the Executive's continuing to serve on any boards and committees on which he is
serving or with which he is otherwise associated immediately preceding the
Effective Date shall not be deemed to interfere with the performance of the
Executive's services to the Company and its Affiliates.

     5. Compensation. (a) Base Salary. During the Employment Period, the
Executive shall receive a base salary at a monthly rate at least equal to the
monthly salary paid to the Executive by the Company or any Affiliate immediately
prior to the Effective Date. The base salary shall be reviewed at least once
each year after the Effective Date, and may be increased (but not decreased) at
any time and from time to time by action of the Board or any committee thereof
or any individual having authority to take such action in accordance with the
Company's regular practices. The Executive's base salary, as it may be increased
from time to time, shall hereafter be referred to as the "Base Salary". Neither
the Base Salary nor any increase in the Base Salary after the Effective Date
shall serve to limit or reduce any other obligation of the Company hereunder.

     (b) Annual Bonus. During the Employment Period, in addition to the Base
Salary, the Executive shall be afforded the opportunity to receive an annual
bonus (the "Annual Bonus Opportunity") in an amount which provides the Executive
with the same bonus opportunity as other executives of the Company and its
Affiliates of comparable rank; provided that, if the Basic Agreement is in
effect immediately prior to the Effective Date, the bonus opportunity provided
to the Executive hereunder shall not be less than the bonus opportunity, if any,
afforded to him under the Basic Agreement. If any fiscal year commences but does
not end during the Employment Period, Executive shall receive a pro-rated amount
in respect of the Annual Bonus Opportunity for the portion of the fiscal year
occurring during the Employment Period. Any amount payable in respect of the
Annual Bonus Opportunity shall be paid as soon as practicable following the year
for which the amount (or any prorated portion) is earned or awarded, unless
electively deferred by the Executive pursuant to any deferral programs or
arrangements that the Company may make available to the Executive.

     (c) Long-term Incentive Compensation Programs. During the Employment
Period, the Executive shall participate in all long-term incentive compensation
programs for key executives at a level that is commensurate with the level made
available to other executives of the Company and its Affiliates of comparable
rank; provided that, if the Basic Agreement is in effect immediately prior to
the Effective Date, the long term incentive compensation opportunity provided to
the Executive hereunder

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shall not be less than the long-term compensation opportunity, if any, afforded
to him under the Basic Agreement.

     (d) Benefit Plans. During the Employment Period, the Executive (and, to the
extent applicable, his dependents) shall be entitled to participate in or be
covered under all pension, retirement, deferred compensation, savings, medical,
dental, health, disability, group life, accidental death and travel accident
insurance plans and programs of the Company and any Affiliate at the level made
available from time to time to other similarly situated officers. Without
limiting the generality of the foregoing, the Executive shall also be entitled
to the individual retirement arrangement set forth in section 4(d)(ii) of the
Basic Agreement, the terms of which, as they are in effect on the date hereof or
as they may be amended from time to time with the consent of the parties prior
to the Effective Date, shall be and hereby are incorporated herein by reference
and expressly made a part hereof.

     (e) Expenses. During the Employment Period, the Executive shall be entitled
to receive prompt reimbursement for all reasonable expenses incurred by the
Executive in accordance with the policies and procedures of the Company as in
effect from time to time with respect to expenses incurred by other similarly
situated officers.

     (f) Vacation and Fringe Benefits. During the Employment Period, the
Executive shall be entitled to paid vacation and fringe benefits at a level that
is commensurate with the paid vacation and fringe benefits available from time
to time to other similarly situated officers.

     (g) Indemnification. During and after the Employment Period, the Company
shall indemnify the Executive and hold the Executive harmless from and against
judgments, fines, amounts paid in settlement and reasonable expenses, including
attorneys' fees, on the same terms and conditions applicable from time to time
with respect to the indemnification of its other senior officers of comparable
rank.

     (h) Office and Support Staff. The Executive shall be entitled to an office
with furnishings and other appointments, and to secretarial and other
assistance, at a level that is at least commensurate with the foregoing provided
to other similarly situated officers.

     6. Termination. (a) Death, Disability or Retirement. Subject to the
provisions of Section 1 hereof, this Agreement shall terminate automatically
upon the Executive's death, termination due to "Disability" (as defined below)
or voluntary retirement under any of the Company's retirement plans as in effect
from time to time. For purposes of this Agreement, "Disability" shall mean the
Executive's inability to perform

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the duties of his position, as determined in accordance with the policies and
procedures applicable with respect to the Company's long-term disability plan,
as in effect immediately prior to the Effective Date; provided, however, that
the Executive's employment may not be terminated for Disability hereunder unless
the Executive has requested that he be considered for, and has qualified to
receive, long-term disability benefits under such plan.

     (b) Voluntary Termination. Notwithstanding anything in this Agreement to
the contrary, the Executive may voluntarily terminate employment for any reason
(including early retirement under the terms of any of the Company's retirement
plans as in effect from time to time), upon not less than 60 days' written
notice to the Company, provided that any termination by the Executive pursuant
to Section 6(d) hereof on account of Good Reason (as defined therein) shall not
be treated as a voluntary termination under this Section 6(b).

     (c) Cause. The Company may terminate the Executive's employment for Cause.
For purposes of this Agreement, "Cause" means (i) the Executive's conviction or
plea of nolo contendere to a felony; (ii) an act of dishonesty or gross
misconduct on the Executive's part which results or is intended to result in
material damage to the Company's business or reputation; or (iii) repeated
material violations by the Executive of his obligations under Section 4 hereof,
which violations are demonstrably willful and deliberate on the Executive's
part.

     (d) Good Reason. After the Effective Date, the Executive may terminate his
employment at any time for Good Reason. For purposes of this Agreement, "Good
Reason" means the occurrence of any of the following, without the express
written consent of the Executive, after the Effective Date:

               (i) (A) the assignment to the Executive of any duties
        inconsistent in any material adverse respect with the Executive's
        position, authority or responsibilities as contemplated by Section 4(a)
        hereof, or (B) any other material adverse change in such position,
        including titles, authority or responsibilities;

               (ii) any failure by the Company to comply with any of the
        provisions of Section 5 hereof, other than an insubstantial or
        inadvertent failure remedied by the Company promptly after receipt of
        notice thereof given by the Executive;

               (iii) requiring the Executive to be based at any office or
        location more than 35 miles from the location at which the Executive
        performed his duties immediately prior to the Effective Date, except for
        travel reasonably required in the performance of the Executive's
        responsibilities; or

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               (iv) any failure by the Company to obtain the assumption and
        agreement to perform this Agreement by a successor as contemplated by
        Section 12(b) hereof.

In no event shall the mere occurrence of a Change of Control, absent any further
impact on the Executive, be deemed to constitute Good Reason.

     (e) Notice of Termination. Any termination by the Company for Cause or by
the Executive for Good Reason shall be communicated by Notice of Termination to
the other party hereto given in accordance with Section 13(e) hereof. For
purposes of this Agreement, a "Notice of Termination" means a written notice
given, (i) in the case of a termination for Cause, within 10 business days of
the Company's having actual knowledge of the events giving rise to such
termination or (ii) in the case of a termination for Good Reason, within 120
days of the Executive's having actual knowledge of the events giving rise to
such termination. Any such Notice of Termination shall (i) indicate the specific
termination provision in this Agreement relied upon, (ii) set forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated, and
(iii) if the termination date is other than the date of receipt of such notice,
specify the termination date of this Agreement (which date shall be not more
than 15 days after the giving of such notice). The failure by the Executive to
set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Good Reason shall not waive any right of the
Executive hereunder or preclude the Executive from asserting such fact or
circumstance in enforcing his rights hereunder.

     (f) Date of Termination. For the purpose of this Agreement, the term "Date
of Termination" means (i) in the case of a termination for which a Notice of
Termination is required, the date of receipt of such Notice of Termination or,
if later, the date specified therein, as the case may be, and (ii) in all other
cases, the actual date on which the Executive's employment terminates during the
Employment Period.

     7. Obligations of the Company upon Termination. (a) Death or Disability. If
the Executive's employment is terminated during the Employment Period by reason
of the Executive's death or Disability, this Agreement shall terminate without
further obligations to the Executive or the Executive's legal representatives
under this Agreement other than those obligations accrued hereunder at the Date
of Termination, and the Company shall pay to the Executive (or his beneficiary
or estate), at the times determined below (i) the Executive's full Base Salary
through the Date of Termination (the "Earned Salary"), (ii) any vested amounts
or benefits owing to the Executive under or in accordance with the terms and
conditions of the otherwise applicable employee benefit plans and programs
maintained by the Company or any Affiliate, including, without

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limitation, any compensation previously deferred by the Executive (together with
any accrued earnings thereon) and not yet paid by the Company, any vested
amounts payable in respect of the individual retirement arrangement described in
Section 4(d)(ii) of the Basic Agreement and incorporated herein by reference and
any accrued vacation pay not yet paid by the Company (the "Accrued
Obligations"), and (iii) any other benefits payable due to the Executive's death
or Disability under the plans, policies or programs maintained by the Company or
any Affiliate, including, without limitation, any benefits that are provided to
the Executive or any of his dependents under the terms of the Basic Agreement,
if such Basic Agreement is in effect on the Effective Date (the "Additional
Benefits").

     Any Earned Salary shall be paid in cash in a single lump sum as soon as
practicable, but in no event more than 30 days (or at such earlier date required
by law), following the Date of Termination. Accrued Obligations and Additional
Benefits shall be paid in accordance with the terms of the applicable plan,
program or arrangement.

     (b) Cause and Voluntary Termination. If, during the Employment Period, the
Executive's employment shall be terminated for Cause or voluntarily terminated
by the Executive (other than on account of Good Reason), the Company shall pay
the Executive (i) the Earned Salary in cash in a single lump sum as soon as
practicable, but in no event more than 30 days, following the Date of
Termination, and (ii) the Accrued Obligations in accordance with the terms of
the applicable plan, program or arrangement.

     (c) Termination by the Company other than for Cause and Termination by the
Executive for Good Reason.

        (i) Lump Sum Payments. If (x) the Company terminates the Executive's
    employment other than for Cause during the Employment Period or (y) the
    Executive terminates his employment at any time during the Employment Period
    for Good Reason, the Company shall pay to the Executive, at the times
    determined below, the following amounts:

               (A)     the Executive's Earned Salary;

               (B)     a cash amount (the "Severance Amount") equal to three
                       times the sum of

                       (1)    the Executive's annual rate of Base Salary as then
                              in effect;

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                       (2)    the average of the annual bonuses payable to the
                              Executive under the Annual Variable Incentive Plan
                              (or any successor plan thereto) or any other
                              annual incentive compensation plan maintained by
                              an Affiliate in which the Executive participated
                              for the each of the three fiscal years of the
                              Company or, if applicable, such Affiliate (or, if
                              less, the number of prior fiscal years during
                              which Executive was an employee of the Company or
                              each Affiliate) ended immediately prior to the
                              Effective Date for which an annual bonus amount
                              had been determined by the Board (or any committee
                              thereof) prior to the Effective Date. If the
                              Executive was employed by the Company for only a
                              portion of any fiscal year included in the period
                              for which the average referred to in the
                              immediately preceding sentence is determined and
                              the bonus payable for such fiscal year took into
                              account such partial period of employment, such
                              bonus for such fiscal year shall be annualized for
                              purposes of calculating such average; and

                       (3)    the average of the long-term incentive
                              compensation amounts payable to the Executive by
                              the Company or any Affiliate with respect to each
                              of the last three performance periods (or, if the
                              Executive participated in the long-term
                              compensation program in respect to a lesser number
                              of such performance periods, such lesser number)
                              ended prior to the Effective Date for which the
                              amount payable had been determined by the Board or
                              any committee thereof (or, if applicable, the
                              administrator of any plan maintained by such
                              Affiliate) prior to the Effective Date; provided,
                              however, that, the amount determined under this
                              subclause (3) shall be reduced (but not below
                              zero) by the "Determined Value" (as defined below)
                              of any vested stock options, restricted stock or
                              similar equity-based award relating to the
                              Company's common equity on the earlier to occur of
                              the Executive's Date of Termination or the date on
                              which a Change of Control occurs. For purposes of
                              this Agreement, Determined Value shall mean the
                              excess of the "Equity Value" over the price, if
                              any, payable by the Executive in respect of such
                              stock option or other award and Equity Value shall
                              be determined to be (x) in the case of a Change of
                              Control occurring by reason of a merger,
                              recapitalization

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                              or similar transaction or as a result of a tender
                              offer, the value received by the Company's equity
                              holders in such transaction or the price paid in
                              such tender offer (with the value of any non-cash
                              consideration to be determined in good faith by
                              the Compensation Committee of the Board as
                              constituted immediately prior to the Effective
                              Date) and (y) in the case of any other Change of
                              Control or where the date as of which such
                              Determined Value is measured is the Executive's
                              Date of Termination, the average of the high and
                              low reported sales prices of such equity on the
                              principal securities market on which such equity
                              is traded on the relevant date; and

               (C) the Accrued Obligations.

               The Earned Salary and Severance Amount shall be paid in cash in a
               single lump sum as soon as practicable, but in no event more than
               30 days (or at such earlier date required by law), following the
               Date of Termination. Accrued Obligations shall be paid in
               accordance with the terms of the applicable plan, program or
               arrangement.

               (ii) Continuation of Benefits. The Executive (and, to the extent
        applicable, his dependents) shall be entitled, after the Date of
        Termination until the third anniversary of the Date of Termination (the
        "End Date"), to continue participation in all of the employee and
        executive plan providing medical, dental and long-term disability
        benefits maintained by the Company or an Affiliate (collectively, the
        "Continuing Benefit Plans"); provided, however, that the participation
        by the Executive (and, to the extent applicable, his dependents) in any
        Continuing Benefit Plan shall cease on the date, if any, prior to the
        End Date on which the Executive becomes eligible for comparable benefits
        under a similar plan, policy or program of a subsequent employer ("Prior
        Date"). The Executive's participation in the Continuing Benefit Plans
        will be on the same terms and conditions that would have applied had the
        Executive continued to be employed by the Company through the End Date
        or the Prior Date. To the extent any such benefits cannot be provided
        under the terms of the applicable plan, policy or program, the Company
        shall provide a comparable benefit under another plan or from the
        Company's general assets.

               (iii) Termination of Employment Within Three Years of Normal
        Retirement Date. Notwithstanding anything else to the contrary contained
        in this Section 7(c), if the Executive's employment with the Company
        terminates at any

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        time during the three year period ending on the Executive's normal
        retirement date, as determined in accordance with the Company's
        policies then in effect for the Company's senior executives (the
        "Normal Retirement Date"), and the Executive would be entitled to
        receive severance benefits under this Section 7(c), then (i) the
        multiplier in Section 7(c)(i) shall not be three, but shall be a
        number equal to three times (x/1095), where x equals the number of
        days remaining until the Executive's Normal Retirement Date, and (ii)
        the End Date described in Section 7(c)(ii) shall not be the third
        anniversary of the Date of Termination, but shall be the Executive's
        Normal Retirement Date.

     (d) Discharge of the Company's Obligations. Except as expressly provided in
the last sentence of this Section 7(d) hereof, the amounts payable to the
Executive pursuant to this Section 7 (whether or not reduced pursuant to Section
7(e) hereof) following termination of his employment shall be in full and
complete satisfaction of the Executive's rights under this Agreement and any
other claims he may have in respect of his employment by the Company or any of
its Affiliates. Such amounts shall constitute liquidated damages with respect to
any and all such rights and claims and, upon the Executive's receipt of such
amounts, the Company shall be released and discharged from any and all liability
to the Executive in connection with this Agreement or otherwise in connection
with the Executive's employment with the Company and its Affiliates.

     (e) Limit on Payments by the Company.

               (i) Application of Section 7(e) Hereof. In the event that any
        amount or benefit paid or distributed to the Executive pursuant to this
        Agreement, taken together with any amounts or benefits otherwise paid or
        distributed to the Executive by the Company or any Affiliate
        (collectively, the "Covered Payments"), would be an "excess parachute
        payment" as defined in Section 280G of the Internal Revenue Code of
        1986, as amended (the "Code"), and would thereby subject the Executive
        to the tax (the "Excise Tax") imposed under Section 4999 of the Code (or
        any similar tax that may hereafter be imposed), the provisions of this
        Section 7(e) shall apply to determine the amounts payable to Executive
        pursuant to this Agreement.

               (ii) Calculation of Benefits. Promptly after delivery of any
        Notice of Termination, the Company shall notify the Executive of the
        aggregate present value of all termination benefits to which he would be
        entitled under this Agreement and any other plan, program or arrangement
        as of the projected Date of Termination, together with the projected
        maximum payments, determined as of such projected Date of Termination
        that could be paid without the Executive being subject to the Excise
        Tax.

                                       13
<PAGE>   15

               (iii) Imposition of Payment Cap. If the aggregate value of all
        compensation payments or benefits to be paid or provided to the
        Executive under this Agreement and any other plan, agreement or
        arrangement with the Company or an Affiliate exceeds the amount which
        can be paid to the Executive without the Executive incurring an Excise
        Tax, then the amounts payable to the Executive under this Section 7
        shall be reduced (but not below zero) to the maximum amount which may be
        paid hereunder without the Executive becoming subject to such an Excise
        Tax (such reduced payments to be referred to as the "Payment Cap"). In
        the event that Executive receives reduced payments and benefits
        hereunder, Executive shall have the right to designate which of the
        payments and benefits otherwise provided for in this Agreement that he
        will receive in connection with the application of the Payment Cap.

               (iv) Application of Section 280G. For purposes of determining
        whether any of the Covered Payments will be subject to the Excise Tax
        and the amount of such Excise Tax,

               (A)    such Covered Payments will be treated as "parachute
                      payments "within the meaning of Section 280G of the Code,
                      and all "parachute payments" in excess of the "base
                      amount" (as defined under Section 280G(b)(3) of the Code)
                      shall be treated as subject to the Excise Tax, unless, and
                      except to the extent that, in the good faith judgment of
                      the Company's independent certified public accountants
                      appointed prior to the Effective Date or tax counsel
                      selected by such Accountants (the "Accountants"), the
                      Company has a reasonable basis to conclude that such
                      Covered Payments (in whole or in part) either do not
                      constitute "parachute payments" or represent reasonable
                      compensation for personal services actually rendered
                      (within the meaning of Section 280G(b)(4)(B) of the Code)
                      in excess of the portion of the "base amount allocable to
                      such Covered Payments," or such "parachute payments" are
                      other wise not subject to such Excise Tax, and

               (B)    the value of any non-cash benefits or any deferred
                      payment or benefit shall be determined by the Accountants
                      in accordance with the principles of Section 280G of the
                      Code.

               (v) Adjustments in Respect of the Payment Cap. If the Executive
        receives reduced payments and benefits under this Section 7(e) (or this
        Section 7(e) is determined not to be applicable to the Executive because
        the Accountants conclude that Executive is not subject to any Excise
        Tax) and it is established

                                       14
<PAGE>   16

        pursuant to a final determination of a court or an Internal Revenue
        Service proceeding (a "Final Determination") that, notwithstanding the
        good faith of the Executive and the Company in applying the terms of
        this Agreement, the aggregate "parachute payments" within the meaning of
        Section 280G of the Code paid to the Executive or for his benefit are in
        an amount that would result in the Executive being subject an Excise
        Tax, then the amount equal to such excess parachute payments shall be
        deemed for all purposes to be a loan to the Executive made on the date
        of receipt of such excess payments, which the Executive shall have an
        obligation to repay to the Company on demand, together with interest on
        such amount at the applicable Federal rate (as defined in Section
        1274(d) of the Code) from the date of the payment hereunder to the date
        of repayment by the Executive. If this Section 7(e) is not applied to
        reduce the Executive's entitlements under this Section 7 because the
        Accountants determine that the Executive would not receive a greater
        net-after tax benefit by applying this Section 7(e) and it is
        established pursuant to a Final Determination that, notwithstanding the
        good faith of the Executive and the Company in applying the terms of
        this Agreement, the Executive would have received a greater net after
        tax benefit by subjecting his payments and benefits hereunder to the
        Payment Cap, then the aggregate "parachute payments" paid to the
        Executive or for his benefit in excess of the Payment Cap shall be
        deemed for all purposes a loan to the Executive made on the date of
        receipt of such excess payments, which the Executive shall have an
        obligation to repay to the Company on demand, together with interest on
        such amount at the applicable Federal rate (as defined in Section
        1274(d) of the Code) from the date of the payment hereunder to the date
        of repayment by the Executive. If the Executive receives reduced
        payments and benefits by reason of this Section 7(e) and it is
        established pursuant to a Final Determination that the Executive could
        have received a greater amount without exceeding the Payment Cap, then
        the Company shall promptly thereafter pay the Executive the aggregate
        additional amount which could have been paid without exceeding the
        Payment Cap, together with interest on such amount at the applicable
        Federal rate (as defined in Section 1274(d) of the Code) from the
        original payment due date to the date of actual payment by the Company.

     (f) Notwithstanding anything else in this Section 7 to the contrary,
nothing in this Section 7 shall be construed to release the Company from (or to
otherwise waive or modify) the Company's obligation to indemnify the Executive
pursuant to Section 5(g) hereof.

     (g) Basic Agreement Minimum. Notwithstanding anything in this Section 7 to
the contrary, this Agreement is intended to provide the Executive with
termination benefits which are at least as good or better than the comparable
benefits that

                                       15
<PAGE>   17

would have been provided to the Executive under the Basic Agreement.
Accordingly, if in any circumstance and for any reason, the Basic Agreement
would have provided the Executive with greater benefits upon any termination of
employment than are provided hereunder upon such termination of employment, the
amount that would have been payable to the Executive under the Basic Agreement
shall be payable under this Agreement (subject only to the limitation set forth
in Section 7(e) hereof) as though the relevant provisions of the Basic Agreement
had been incorporated herein by reference.

      8. Non-exclusivity of Rights. Except as expressly provided herein, nothing
in this Agreement shall prevent or limit the Executive's continuing or future
participation in any benefit, bonus, incentive or other plan or program provided
by the Company or any Affiliate and for which the Executive may qualify, nor
shall anything herein limit or otherwise prejudice such rights as the Executive
may have under any other agreements with the Company or any Affiliate, including
employment agreements or stock option agreements. Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any plan
or program of the Company or any Affiliate at or subsequent to the Date of
Termination shall be payable in accordance with such plan or program.

     9. No Offset. The Company's obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be
diminished or otherwise affected by any circumstances, including, but not
limited to, any set-off, counterclaim, recoupment, defense or other right which
the Company may have against the Executive or others whether by reason of the
subsequent employment of the Executive or otherwise.

     10. Legal Fees and Expenses. If the Executive asserts any claim in any
contest (whether initiated by the Executive or by the Company) as to the
validity, enforceability or interpretation of any provision of this Agreement,
the Company shall pay the Executive's legal expenses (or cause such expenses to
be paid) including, but not limited to, his reasonable attorney's fees, on a
quarterly basis, upon presentation of proof of such expenses in a form
acceptable to the Company, provided that the Executive shall reimburse the
Company for such amounts, plus simple interest thereon at the 90-day United
States Treasury Bill rate as in effect from time to time, compounded annually,
if the Executive shall not prevail, in whole or in part, as to at least one
material issue as to the validity, enforceability or interpretation of any
provision of this Agreement.

     11. Company Property. The Agreement to Protect Corporate Property
previously executed by the Executive is incorporated herein and made a part
hereof. The Executive hereby reaffirms his commitments under such agreement, and
again agrees to be

                                       16
<PAGE>   18

bound by each of the covenants contained therein for the benefit of the Company
in consideration of the benefits made available to him hereby.

     12. Successors. (a) This Agreement is personal to the Executive and,
without the prior written consent of the Company, shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

      (b) This Agreement shall inure to the benefit of and be binding upon the
Company and its successors. The Company shall require any successor to all or
substantially all of the business and/or assets of the Company, whether direct
or indirect, by purchase, merger, consolidation, acquisition of stock, or
otherwise, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent as the Company would be required to perform if no
such succession had taken place. Without limiting the generality of the
foregoing, if prior to the occurrence of a Change of Control, the Company is a
party to a merger, recapitalization, demutualization, restructuring,
reorganization or similar transaction, as a result of which the Company becomes
a subsidiary of any entity that was a subsidiary of the Company immediately
prior to such transaction, from and after the date of such transaction the term
Company as used in the definition of Change of Control and Potential Change of
Control (but not as used in any other Section hereof, unless required to effect
the intent that a Potential Change of Control or a Change of Control in respect
of such entity shall cause the Effective Date of this Agreement to occur) shall
refer to both the Company and such entity.

     13. Miscellaneous. (a) Applicable Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, applied
without reference to principles of conflict of laws.

     (b) Arbitration. Except to the extent provided in Section 11(c) hereof, any
dispute or controversy arising under or in connection with this Agreement shall
be resolved by binding arbitration. The arbitration shall be held in New York
City and except to the extent inconsistent with this Agreement, shall be
conducted in accordance with the Expedited Employment Arbitration Rules of the
American Arbitration Association then in effect at the time of the arbitration
(or such other rules as the parties may agree to in writing), and otherwise in
accordance with principles which would be applied by a court of law or equity.
The arbitrator shall be acceptable to both the Company and the Executive. If the
parties cannot agree on an acceptable arbitrator, the dispute shall be heard by
a panel of three arbitrators, one appointed by each of the parties and the third
appointed by the other two arbitrators.

                                       17
<PAGE>   19

     (c) Amendments. This Agreement may not be amended or modified otherwise
than by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

     (d) Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with respect to the matters referred to herein. No
other agreement relating to the terms of the Executive's employment by the
Company, oral or otherwise, shall be binding between the parties unless it is in
writing and signed by the party against whom enforcement is sought. There are no
promises, representations, inducements or statements between the parties other
than those that are expressly contained herein. The Executive acknowledges that
he is entering into this Agreement of his own free will and accord, and with no
duress, that he has read this Agreement and that he understands it and its legal
consequences.

     (e) Notices. All notices and other communications hereunder shall be in
writing and shall be given by hand-delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:

        If to the Executive:     at the home address of the Executive noted
                                 on the records of the Company

        If to the Company:       Metropolitan Life Insurance Company
                                 One Madison Avenue
                                 New York, New York 10010
                                 Att.: Secretary

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

     (f) Tax Withholding. The Company shall withhold from any amounts payable
under this Agreement such Federal, state or local taxes as shall be required to
be withheld pursuant to any applicable law or regulation.

     (g) Severability; Reformation. In the event that one or more of the
provisions of this Agreement shall become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not be affected thereby.

     (h) Waiver. Waiver by any party hereto of any breach or default by the
other party of any of the terms of this Agreement shall not operate as a waiver
of any

                                       18
<PAGE>   20

other breach or default, whether similar to or different from the breach or
default waived. No waiver of any provision of this Agreement shall be implied
from any course of dealing between the parties hereto or from any failure by
either party hereto to assert its or his rights hereunder on any occasion or
series of occasions.

     (i) Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same instrument.

     (j) Captions. The captions of this Agreement are not part of the provisions
hereof and shall have no force or effect.

     IN WITNESS WHEREOF, the Executive has hereunto set his hand and the Company
has caused this Agreement to be executed in its name on its behalf, and its
corporate seal to be hereunto affixed and attested by its Secretary, all as of
the day and year first above written.

                              METROPOLITAN LIFE INSURANCE COMPANY

                              By: /s/ Lisa M. Weber 3/10/00
                                  _________________________
                              Title: Executive Vice President 3/10/00

WITNESSED:

/s/ Traci Bigler
______________________

                              JAMES M. BENSON

                              /s/ James M. Benson
                              __________________________

WITNESSED:

_______________________

                                       19<PAGE>   1

                                                                    Exhibit 10.7

                                  METLIFE, INC.
                            2000 STOCK INCENTIVE PLAN

                                   ARTICLE I.
                                    PURPOSE

            The purpose of the "METLIFE, INC. 2000 STOCK INCENTIVE PLAN" as it
may be amended from time to time (the "Plan") is to foster and promote the
long-term financial success of the Company and materially increase shareholder
value by (a) motivating superior performance by means of performance-related
incentives, (b) encouraging and providing for the acquisition of an ownership
interest in the Company by the Company's and its Subsidiaries' employees and
Agents, and (c) enabling the Company to attract and retain the services of an
outstanding management team upon whose judgment, interest, and special effort
the successful conduct of its operations is largely dependent.

                                  ARTICLE II.
                                  DEFINITIONS

            2.1 Definitions. Whenever used herein, the following terms shall
have the respective meanings set forth below:

            (a) "Act" means the Securities Exchange Act of 1934, as amended.

            (b) "Agent" means an "insurance agent" as defined in Section 2101 of
      the New York Insurance Law.

            (c) "Approved Retirement" means termination of a Participant's
      employment (i) on or after the normal retirement date or (ii) with the
      Committee's approval, on or after any early retirement date established
      under any retirement plan maintained by the Company or a Subsidiary and in
      which the Participant participates; provided that in each case, the
      Committee may require, as a condition to a Participant's retirement being
      an "Approved Retirement" for purpose of the Plan, that the Participant
      enter

<PAGE>   2

      into a general release of claims, non-solicitation and/or non-competition
      agreement in form and substance satisfactory to the Company.

            (d) "Board" means the Board of Directors of the Company.

            (e) "Cause" means (i) the willful failure by the Participant to
      perform substantially his duties as an Employee of the Company (other than
      due to physical or mental illness) after reasonable notice to the
      Participant of such failure, (ii) the Participant's engaging in serious
      misconduct that is injurious to the Company or any Subsidiary in any way,
      including, but not limited to, by way of damage to their respective
      reputations or standings in their respective industries, (iii) the
      Participant's having been convicted of, or having entered a plea of nolo
      contendere to, a crime that constitutes a felony or (iv) the breach by the
      Participant of any written covenant or agreement with the Company or any
      Subsidiary not to disclose or misuse any information pertaining to, or
      misuse any property of, the Company or any Subsidiary or not to compete or
      interfere with the Company or any Subsidiary.

            (f) "Change of Control" shall be deemed to have occurred if:

            (i) any person (within the meaning of Section 3(a)(9) of the Act),
      including any group (within the meaning of Rule 13d-5(b) under the Act),
      but excluding the MetLife Policyholder Trust (and any person(s) who would
      otherwise be described herein solely by reason of having the power to
      control the voting of the shares held by such Trust) and any employee
      benefit plan (or related trust) sponsored or maintained by the Company or
      any Subsidiary thereof, acquires "beneficial ownership" (within the
      meaning of Rule 13d-3 under the Act), directly or indirectly, of
      securities of the Company representing 25% or more of the combined Voting
      Power (as defined below) of the Company's securities; or

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

                  (iii) upon the consummation of a merger, consolidation, share
            exchange, division, sale or other disposition of all or
            substantially all of the assets of the

                                       2
<PAGE>   3

            Company which has been approved by the shareholders of the Company
            (a "Corporate Event"), and immediately following the consummation of
            which the stockholders of the Company immediately prior to such
            Corporate Event do not hold, directly or indirectly, a majority of
            the Voting Power of (x) in the case of a merger or consolidation,
            the surviving or resulting corporation, (y) in the case of a share
            exchange, the acquiring corporation or (z) in the case of a division
            or a sale or other disposition of assets, each surviving, resulting
            or acquiring corporation which, immediately following the relevant
            Corporate Event, holds more than 25% of the consolidated assets of
            the Company immediately prior to such Corporate Event; or

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

      Notwithstanding the foregoing, a Change of Control shall not be deemed to
      have occurred merely as a result of (i) the conversion of the Company from
      a mutual life insurance company to a stock company whose shareholders are
      either (x) primarily persons who were policyholders of the Company
      immediately prior to such transaction and/or a trust holding the shares of
      the Company for the benefit of such policyholders or (y) another
      corporation the shares of which are held primarily by the persons and/or
      trust described in subclause (x); (ii) the Company becoming a direct or
      indirect subsidiary of a mutual holding company whose members are
      primarily persons who were policyholders of the Company immediately prior
      to such transaction, (iii) an underwritten offering of the equity
      securities of the Company (including, without limitation, any offering of
      any class of convertible preferred securities) effected in connection with
      the Demutualization or (iv) any other transaction that would constitute an
      "Other Capital Raising Transaction" within the meaning of the plan of
      reorganization adopted by Metropolitan Life Insurance Company in
      connection with the Demutualization.

            (g) "Change of Control Price" means the highest price per share of
      Common Stock offered in conjunction with any transaction resulting in a
      Change of Control (as determined in good faith by the Committee if any
      part of the offered price is payable other than in cash) or, in the case
      of a Change of Control occurring solely by reason of a change in the
      composition of the Board, the highest Fair Market Value of the Common
      Stock on any of the 30 trading days immediately preceding the date on
      which a Change of Control occurs.

            (h) "Code" means the Internal Revenue Code of 1986, as amended.

                                       3
<PAGE>   4

            (i) "Committee" means the Compensation Committee of the Board or
      such other committee of the Board as the Board shall designate from time
      to time, which committee shall consist of two or more members, each of
      whom shall be a "Non-Employee Director" within the meaning of Rule 16b-3
      (or any successor rule thereto), as promulgated under the Act, and an
      "outside director" within the meaning of section 162(m) of the Code and
      the Treasury Regulations promulgated thereunder.

            (j) "Common Stock" means the common stock of the Company, par value
      $0.01 per share.

            (k) "Company" means MetLife, Inc., a Delaware corporation, and any
      successor thereto.

            (l) "Demutualization" means the demutualization of Metropolitan Life
      Insurance Company pursuant to a plan of reorganization approved by the New
      York State Superintendent of Insurance under Section 7312 of the New York
      Insurance Law.

            (m) "Directors Plan" means the Company's 2000 Directors Stock Plan,
      as the same may be amended from time to time.

            (n) "Disability" has the meaning given in the Company's long-term
      disability insurance policy or program as in effect from time to time.

            (o) "Employee" means any officer or other employee of the Company,
      Metropolitan Life Insurance Company or any Subsidiary (as determined by
      the Committee in its sole discretion); provided, however, that with
      respect to Incentive Stock Options, "Employee" means any person who is
      considered an employee of the Company or any Subsidiary for purposes of
      Treasury Regulation Section 1.421-7(h).

            (p) "Fair Market Value" means, on any date, the closing prices of
      the Common Stock as reported in the principal consolidated transaction
      reporting system for the New York Stock Exchange (or on such other
      recognized quotation system on which the trading prices of the Common
      Stock are quoted at the relevant time) on such date. In the event that
      there are no Common Stock transactions reported on such tape (or such
      other system) on such date, Fair Market Value shall mean the closing price
      on the immediately preceding date on which Common Stock transactions were
      so reported.

                                       4
<PAGE>   5

            (q) "Family Member" means, as to a Participant, any (i) child,
      stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
      mother-in-law, father-in-law, son-in-law, daughter-in-law,
      brother-in-law, or sister-in-law (including adoptive relationships), of
      such Participant, (ii) trust for the exclusive benefit of such persons and
      (iii) other entity owned solely by such persons.

            (r) "Option" means the right to purchase Common Stock at a stated
      price for a specified period of time. For purposes of the Plan, an Option
      may be either (i) an "Incentive Stock Option" (ISO) within the meaning of
      Section 422 of the Code or (ii) an option which is not an Incentive Stock
      Option (a "Nonstatutory Stock Option" (NSO)).

            (s) "Participant" means any Employee or Agent designated by the
      Committee to participate in the Plan.

            (t) "Plan Effective Date" means the "Plan Effective Date"
      determined under Section 5.2(b) of the Plan of Reorganization, dated
      September 28, 1999, of Metropolitan Life Insurance Company, as amended.

            (u) "Subsidiary" means any corporation or partnership in which the
      Company owns, directly or indirectly, 50% or more of the total combined
      voting power of all classes of stock of such corporation or of the capital
      interest or profits interest of such partnership.

            2.2 Gender and Number. Except when otherwise indicated by the
context, words in the masculine gender used in the Plan shall include the
feminine gender, the singular shall include the plural, and the plural shall
include the singular.

                                  ARTICLE III.
                          ELIGIBILITY AND PARTICIPATION

            Participants in the Plan shall be those Employees or Agents selected
by the Committee to be granted Options pursuant to Article VI.

                                   ARTICLE IV.
                             POWERS OF THE COMMITTEE

            4.1 Power to Grant. The Committee shall determine the Participants
to whom Options shall be granted and the terms and conditions of any and all
such Options. The

                                       5
<PAGE>   6

Committee may establish different terms and conditions for different
Participants and for the same Participant for each Option such Participant may
receive, whether or not granted at different times. Notwithstanding any other
contrary provision in the Plan, Options shall not be granted prior to the first
anniversary of the Plan Effective Date.

            4.2 Certain Rules Relating to Grants.

            (a) Maximum Individual Grants. During any consecutive five year
      period, no individual Participant may be granted Options to acquire more
      than 5% of the total shares available under the Plan.

            (b) Cumulative Grant Limits. The maximum number of Options
      (expressed as a percentage of the total number of shares available under
      the Plan as set forth in Section 5.1) that may be awarded, on a cumulative
      basis (but excluding any forfeited, canceled or expired Options), shall be
      as follows:

               --------------------------------------------------
               prior to the second anniversary of the
               Plan Effective Date                            60%
               --------------------------------------------------
               prior to the third anniversary of the
               Plan Effective Date                            80%
               --------------------------------------------------
               prior to the fourth anniversary of the
               Plan Effective Date                           100%
               --------------------------------------------------

            (c) Repricing or Substitution of Options. The Committee shall not
      have the right to reprice outstanding Options or to grant new Options
      under the Plan in substitution for or upon the cancellation of Options
      previously granted.

            4.3 Administration.

            (a) Rules, Interpretations and Determinations. The Plan shall be
administered by the Committee. The Committee shall have full authority to
interpret and administer the Plan, to establish, amend, and rescind rules and
regulations relating to the Plan, to provide for conditions deemed necessary or
advisable to protect the interests of the Company, to construe the respective
option agreements and to make all other determinations it determines necessary
or advisable for the administration and interpretation of the Plan in order to
carry out its provisions and purposes. Determinations, interpretations, or other
actions made or taken by the Committee shall be final, binding, and conclusive
for all purposes and upon all persons.

                                       6
<PAGE>   7

            (b) Agents and Expenses. The Committee may appoint agents (who may
be officers or employees of the Company) to assist in the administration of the
Plan and may grant authority to such persons to execute agreements or other
documents on its behalf. The Committee may employ such legal counsel,
consultants and agents as it may deem desirable for the administration of the
Plan and may rely upon any opinion received from any such counsel or consultant
and any computation received from any such consultant or agent. All expenses
incurred in the administration of the Plan, including, without limitation, for
the engagement of any counsel, consultant or agent, shall be paid by the
Company.

            4.4 Delegation of Authority. The Committee may delegate its duties,
powers and authorities under the Plan to the Company's Chief Executive Officer
with respect to individuals who are below the position of Senior Vice President
(or analogous title), pursuant to such conditions or limitations as the
Committee may establish; provided that only the Committee or the Board may
select, and grant Options to, Participants who are subject to Section 16 of the
Act. Notwithstanding the foregoing, in no event shall the Chief Executive
Officer grant (i) Options which, in the aggregate, represent more than 1.5% of
the total number of shares authorized for issuance under the Plan or (ii) to any
single Participant in any twelve month period more than 5% of the total number
of shares that the Chief Executive Officer is authorized to grant. The Chief
Executive Officer shall report periodically to the Committee regarding the
nature and scope of the Options granted pursuant to the authority granted to him
under this Section 4.4.

                                   ARTICLE V.
                              STOCK SUBJECT TO PLAN

            5.1 Number. Subject to the provisions of Section 5.3, the number of
shares of Common Stock issuable under the Plan shall not exceed 5% of the total
number of shares of Common Stock outstanding immediately after the Plan
Effective Date; provided that the number of shares issuable under the Plan shall
be reduced by the number of shares issuable pursuant to any "Options" granted
pursuant to the Directors Plan (as such term is defined in the Directors Plan).
The shares to be delivered under the Plan may consist, in whole or in part, of
treasury Common Stock or authorized but unissued Common Stock, not reserved for
any other purpose.

            5.2 Canceled, Terminated, or Forfeited Options. Any shares of Common
Stock subject to an Option which for any reason is canceled, terminated or
otherwise settled without the issuance of any Common Stock (including, but not
limited to, shares

                                       7
<PAGE>   8

tendered to exercise outstanding Options or shares tendered or withheld for
taxes) shall again be available for Options under the Plan.

            5.3 Adjustment in Capitalization. In the event of any Common Stock
dividend or Common Stock split, recapitalization (including, but not limited, to
the payment of an extraordinary dividend), merger, consolidation, combination,
spin-off, distribution of assets to stockholders (other than ordinary cash
dividends), exchange of shares, or other similar corporate change, the aggregate
number of shares of Common Stock available for Options under Section 5.1 or
subject to outstanding Options and the respective exercise prices applicable to
outstanding Options shall be appropriately adjusted by the Committee and the
Committee's determination shall be conclusive; provided, however, that no
adjustment shall occur by reason of the issuance of Common Stock in accordance
with the Demutualization and that any fractional shares resulting from any such
adjustment shall be disregarded.

                                   ARTICLE VI.
                                  STOCK OPTIONS

            6.1 Grant of Options. Subject to the provisions of Section 4.1,
Options may be granted to Participants at such time or times as shall be
determined by the Committee. Options granted under the Plan may be of two types:
(i) Incentive Stock Options and (ii) Nonstatutory Stock Options. Except as
otherwise provided herein, the Committee shall have complete discretion in
determining the number of Options, if any, to be granted to a Participant. Each
Option shall be evidenced by an Option agreement that shall specify the type of
Option granted, the exercise price, the duration of the Option, the number of
shares of Common Stock to which the Option pertains, and such other terms and
conditions as the Committee shall determine which are not inconsistent with the
provisions of the Plan. Notwithstanding the foregoing, any Options granted to a
Participant who is an Agent shall comply with the provisions of Section 4228 of
the New York Insurance Law and any regulations thereunder.

            6.2 Option Price. Nonstatutory Stock Options and Incentive Stock
Options granted pursuant to the Plan shall have an exercise price no less than
the Fair Market Value of a share of Common Stock on the date the Option is
granted.

            6.3 Exercise of Options. One-third of each Nonstatutory Stock Option
or Incentive Stock Option granted pursuant to the Plan shall become exercisable
on each of the first three anniversaries of the date such Option is granted;
provided that in no event shall any Option be or become exercisable hereunder
prior to the second anniversary of

                                       8
<PAGE>   9

the Plan Effective Date and, if and to the extent this proviso limits the
exercisability of any Option, the portion so limited shall become exercisable on
such second anniversary; provided, further, that the Committee may at the time
of grant establish longer periods of service for Options to become exercisable
and may establish performance-based criteria for exercisability. Subject to the
provisions of Article VII, once any portion of any Option has become exercisable
it shall remain exercisable for its full term. The Committee shall determine the
term of each Nonstatutory Stock Option or Incentive Stock Option granted, but in
no event shall any such Option be exercisable for more than 10 years after the
date on which it is granted.

            6.4 Payment. The Committee shall establish procedures governing the
exercise of Options. No shares shall be delivered pursuant to any exercise of an
Option unless arrangements satisfactory to the Committee have been made to
assure full payment of the option price therefor. Without limiting the
generality of the foregoing, payment of the option price may be made (i) in cash
or its equivalent, (ii) by exchanging shares of Common Stock owned by the
optionee (which are not the subject of any pledge or other security interest),
(iii) through an arrangement with a broker approved by the Company whereby
payment of the exercise price is accomplished with the proceeds of the sale of
Common Stock or (iv) by any combination of the foregoing; provided that the
combined value of all cash and cash equivalents paid and the Fair Market Value
of any such Common Stock so tendered to the Company, valued as of the date of
such tender, is at least equal to such option price. The Company may not make a
loan to a Participant to facilitate such Participant's exercise of any of his or
her Options.

            6.5 Incentive Stock Options. Notwithstanding anything in the Plan to
the contrary, no Option that is intended to be an Incentive Stock Option may be
granted after the tenth anniversary of the effective date of the Plan and no
term of this Plan relating to Incentive Stock Options shall be interpreted,
amended or altered, nor shall any discretion or authority granted under the Plan
be exercised, so as to disqualify the Plan under Section 422 of the Code, or,
without the consent of any Participant affected thereby, to disqualify any
Incentive Stock Option under such Section 422.

                                  ARTICLE VII.
                            TERMINATION OF EMPLOYMENT

            7.1 Termination of Employment Due to Death. In the event a
Participant's employment terminates by reason of death, any Options granted to
such Participant shall become immediately exercisable in full and may be
exercised by the Participant's

                                       9
<PAGE>   10

designated beneficiary, and if none is named, in accordance with Section 10.2,
at any time prior to the expiration of the term of the Options or within three
(3) years (or such shorter period as the Committee shall determine at the time
of grant) following the Participant's death, whichever period is shorter.

            7.2 Termination of Employment Due to Disability or Approved
Retirement. In the event a Participant's employment terminates by reason of
Disability or Approved Retirement, any Options granted to such Participant which
are then outstanding shall continue to become exercisable in accordance with
Section 6.3 notwithstanding such termination of employment and may be exercised
by the Participant or the Participant's designated beneficiary, and if none is
named, in accordance with Section 10.2, at any time prior to the expiration date
of the term of the Options or within three (3) years (or such shorter period as
the Committee shall determine at the time of grant) following the Participant's
termination of employment, whichever period is shorter.

            7.3 Certain Divestitures, etc. In the event that a Participant's
employment is terminated in connection with a sale, divestiture, spin-off or
other similar transaction involving a Subsidiary, division or business segment
or unit, the Committee may provide at the time of grant or otherwise that all or
any portion of any Options granted to such Participant which are then
outstanding shall continue to become exercisable in accordance with Section 6.3
notwithstanding such termination of employment and may be exercised by the
Participant or the Participant's designated beneficiary, and if none is named,
in accordance with Section 10.2, at any time prior to the expiration date of the
term of the Options or within three (3) years (or such shorter period as the
Committee shall determine at or following the time of grant) following the
Participant's termination of employment, whichever period is shorter.

            7.4 Termination of Employment for Cause. In the event a
Participant's employment is terminated for Cause, any Options granted to such
Participant that are then not yet exercised shall be forfeited.

            7.5 Termination of Employment for Any Other Reason. Unless otherwise
determined by the Committee at or following the time of grant, in the event the
employment of the Participant shall terminate for any reason other than one
described in Section 7.1, 7.2, 7.3 or 7.4, any Options granted to such
Participant which are exercisable at the date of the Participant's termination
of employment may be exercised at any time prior to the expiration of the term
of the Options or the thirtieth day following the Participant's termination of
employment, whichever period is shorter, and any Options that are not
exercisable at the time of termination of employment shall be forfeited.

                                       10
<PAGE>   11

                                  ARTICLE VIII.
                                CHANGE OF CONTROL

            8.1 Accelerated Vesting and Payment. Subject to the provisions of
Section 8.2, in the event of a Change of Control each Option shall be fully
exercisable regardless of the exercise schedule otherwise applicable to such
Option and, in connection with such a Change of Control, the Committee may, in
its discretion, provide that each Option shall, upon the occurrence of such
Change of Control, be canceled in exchange for a payment in an amount equal to
the excess, if any, of the Change of Control Price over the exercise price for
such Option.

            8.2 Alternative Awards. Notwithstanding Section 8.1, no
cancellation, acceleration of exercisability, vesting, cash settlement or other
payment shall occur with respect to any Option if the Committee reasonably
determines in good faith prior to the occurrence of a Change of Control that
such Option shall be honored or assumed, or new rights substituted therefor
(such honored, assumed or substituted award hereinafter called an "Alternative
Award"), by a Participant's employer (or the parent or an affiliate of such
employer) immediately following the Change of Control; provided that any such
Alternative Award must:

            (i) be based on stock which is traded on an established securities
      market, or that the Committee reasonably believes will be so traded within
      60 days after the Change of Control;

            (ii) provide such Participant with rights and entitlements
      substantially equivalent to or better than the rights, terms and
      conditions applicable under such Option, including, but not limited to, an
      identical or better exercise or vesting schedule and identical or better
      timing and methods of payment;

            (iii) have substantially equivalent economic value to such Option
      (determined at the time of the Change of Control); and

            (iv) have terms and conditions which provide that in the event that
      the Participant's employment is involuntarily terminated or constructively
      terminated, any conditions on a Participant's rights under, or any
      restrictions on transfer or exercisability applicable to, each such
      Alternative Award shall be waived or shall lapse, as the case may be.

For this purpose, a constructive termination shall mean a termination of
employment by a Participant following a material reduction in the Participant's
base salary or a Participant's

                                       11
<PAGE>   12

incentive compensation opportunity or a material reduction in the Participant's
responsibilities, in either case without the Participant's written consent.

                                   ARTICLE IX.
                AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN

            The Board at any time may terminate the Plan, and from time to time
may amend or modify the Plan; provided, however, that any amendment which would
(i) increase the number of shares available for issuance under the Plan, (ii)
lower the minimum exercise price at which an Option may be granted or (iii)
extend the maximum term for Options granted hereunder shall be subject to the
approval of the Company's shareholders and no amendment made prior to the fifth
anniversary of the Plan Effective Date shall be or become effective without the
consent of the New York Superintendent of Insurance. No amendment, modification,
or termination of the Plan shall in any manner adversely affect any Option
theretofore granted under the Plan, without the consent of the Participant.

                                   SECTION X.
                            MISCELLANEOUS PROVISIONS

            10.1 Transferability of Options. No Options granted under the Plan
may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution;
provided that the Committee may, in the Option agreement or otherwise, permit
transfers of Nonstatutory Stock Options by gift or a domestic relations order to
Family Members.

            10.2 Beneficiary Designation. Each Participant under the Plan may
from time to time name any beneficiary or beneficiaries (who may be named
contingently or successively) to whom any benefit under the Plan is to be paid
or by whom any right under the Plan is to be exercised in case of his death.
Each designation will revoke all prior designations by the same Participant,
shall be in a form prescribed by the Committee, and will be effective only when
received by the Committee in writing during his lifetime. In the absence of any
such effective designation, benefits remaining unpaid at the Participant's death
shall be paid to or exercised by the Participant's surviving spouse, if any, or
otherwise to or by his estate.

            10.3 Deferral of Payment. The Committee may, in the Option agreement
or otherwise, permit a Participant to elect, upon such terms and conditions as
the Committee

                                       12
<PAGE>   13

may establish, to defer receipt of shares of Common Stock that would otherwise
be issued upon exercise of a Nonstatutory Stock Option.

            10.4 No Guarantee of Employment or Participation. Nothing in the
Plan shall interfere with or limit in any way the right of the Company or any
Subsidiary to terminate any Participant's employment or service at any time, nor
confer upon any Participant any right to continue in the employ of the Company
or any Subsidiary or any other affiliate of the Company. No Employee shall have
a right to be selected as a Participant, or, having been so selected, to receive
any future Options.

            10.5 Tax Withholding. The Company shall have the power to withhold,
or require a Participant to remit to the Company, an amount sufficient to
satisfy Federal, state, and local withholding tax requirements on any Option
under the Plan, and the Company may defer issuance of Common Stock until such
requirements are satisfied. The Committee may, in its discretion, permit a
Participant to elect, subject to such conditions as the Committee shall impose,
(i) to have shares of Common Stock otherwise issuable under the Plan withheld by
the Company or (ii) to deliver to the Company previously acquired shares of
Common Stock having a Fair Market Value sufficient to satisfy such withholding
tax obligation associated with the transaction.

            10.6 Indemnification. Each person who is or shall have been a member
of the Committee or of the Board shall be indemnified and held harmless by the
Company against and from any loss, cost, liability, or expense that may be
imposed upon or reasonably incurred by him in connection with or resulting from
any claim, action, suit, or proceeding to which he may be made a party or in
which he may be involved by reason of any action taken or failure to act under
the Plan (in the absence of bad faith) and against and from any and all amounts
paid by him in settlement thereof, with the Company's approval, or paid by him
in satisfaction of any judgment in any such action, suit, or proceeding against
him; provided that he or she shall give the Company an opportunity, at its own
expense, to handle and defend the same before he undertakes to handle and defend
it on his own behalf. The foregoing right of indemnification shall not be
exclusive and shall be independent of any other rights of indemnification to
which such person may be entitled under the Company's Certificate of
Incorporation or By-Laws, by contract, as a matter of law, or otherwise.

            10.7 No Limitation on Compensation. Nothing in the Plan shall be
construed to limit the right of the Company to establish other plans, provided
that the Company shall not be permitted to establish any other stock option or
stock incentive plans prior to the fifth anniversary of the Plan Effective Date
without the advance approval of the New York Superintendent of Insurance.
Nothing in this Section 10.7 shall be construed to limit the

                                       13
<PAGE>   14

ability of the Company to use stock in connection with any compensation
arrangement, approved by the New York Superintendent of Insurance pursuant to
Section 10.1 and Schedule 3(c) of the Plan of Reorganization.

            10.8 Requirements of Law. The granting of Options and the issuance
of shares of Common Stock shall be subject to all applicable laws, rules, and
regulations, and to such approvals by any governmental agencies or national
securities exchanges as may be required.

            10.9 Term of Plan. The Plan shall be effective upon its adoption by
the Board and approval by Metropolitan Life Insurance Company, the sole
shareholder of the Company and by the New York Superintendent of Insurance
pursuant to Section 7312(w) of the New York Insurance Law. The Plan shall
continue in effect, unless sooner terminated pursuant to Article IX, until no
more shares are available for issuance under the Plan.

            10.10 Governing Law. The Plan, and all agreements hereunder, shall
be construed in accordance with and governed by the laws of the State of
Delaware, without regard to principles of conflict of laws.

            10.11 No Impact on Benefits. Except as may otherwise be specifically
stated under any employee benefit plan, policy or program, Options shall not be
treated as compensation for purposes of calculating an Employee's right under
any such plan, policy or program.

            10.12 No Constraint on Corporate Action. Nothing in this Plan shall
be construed (i) to limit, impair or otherwise affect the Company's right or
power to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure, or to merge or consolidate, or dissolve,
liquidate, sell, or transfer all or any part of its business or assets or (ii)
except as provided in Article IX, to limit the right or power of the Company or
any of its Subsidiaries to take any action which such entity deems to be
necessary or appropriate.

                                       14

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