Document:

Unassociated Document

Exhibit 10.1

 

SEVERANCE AGREEMENT

 

THIS SEVERANCE AGREEMENT (the “Agreement”), dated as of July 30, 2014 (the “Execution Date”), between Gary Altman, an individual (the “Executive”), and Caldera Pharmaceuticals, Inc. (“Caldera”), a Delaware corporation, recites and provides as follows:

 

WHEREAS, Executive served as the Chief Executive Officer and President of Caldera pursuant to an Employment Agreement dated July 25, 2013 (the “Employment Agreement”); and

 

WHEREAS, Executive and Caldera desire to terminate the Employment Agreement; and

 

WHEREAS, Caldera and Executive have reached agreement on all matters relating to the employment of Executive by Caldera, the termination of his Employment Agreement and membership on the Board of Directors; and

 

WHEREAS, Caldera and Executive desire to set forth all of the terms and conditions of their agreement in this Agreement.

 

NOW, THEREFORE, based upon their mutual promises and other good and valuable consideration, Caldera and Executive agree as follows:

 

1.             RESIGNATION. Executive hereby irrevocably and voluntarily resigns from his position as Chief Executive Officer and President of Caldera and as a director of Caldera and from any position with any subsidiary or affiliate of Caldera as of August 29, 2014.  The earlier date that either Caldera accepts Executive’s resignation or August 29, 2014 shall be referred to as the “Resignation Date.” In connection with Executive’s resignation and as of the Resignation Date:

 

a.      NO DUTIES.  Executive shall have no further obligation or authority to perform duties and functions on behalf of Caldera and/or its subsidiaries or affiliates and shall refrain from performing such duties or functions.

 

b.     COOPERATION.  Anything to the contrary in this Agreement notwithstanding, Executive may and must cooperate with Caldera as necessary for business, including legal matters when requested by the then President, Chief Executive Officer and/or Chairperson of the Board; provided that such cooperation does not materially interfere with Executive’s business activities.  The Company shall reimburse him for any approved, reasonable expenses incurred by Executive as a result of his cooperation.   

 

c.      NO CONTACT.  For a period of twelve months following the Resignation Date: (i) except outside the work environment, Executive shall have no contact with customers, suppliers,  Caldera Related Parties and  current employees of Caldera and Caldera Related Parties, except  in connection with Executive’s benefits,  compensation, administrative matters or as requested by the Chairman of the Board of Caldera; and (ii) with respect to customers and suppliers of Caldera and Caldera Related Parties (as defined in Paragraph 5 below), Executive will not discuss Caldera, Caldera Related Parties and those entities’ respective businesses or operations.

 

  

  

  

 

2.             SEVERANCE COMPENSATION.  In consideration of Executive’s undertakings contained in this Agreement, Caldera:

 

a.      Acknowledges that Executive has been paid all of his accrued base salary, accrued vacation pay, which vacation pay amounts to $15,863 and expense reimbursements under Paragraph 2(B) of the Employment Agreement.

 

b.     On the Effective Date of this Agreement, which is defined below, shall pay Executive a lump sum of Five Thousand Dollars ($5,000), net of all payroll, Medicare, Social Security, state and federal taxes and deductions which the Company is obligated to make.

 

c.     Shall within seven days following the effective date of the Additional Release, which is defined below, pay Executive a lump sum of Three Hundred Twenty Thousand Dollars ($320,000), net of all payroll, Medicare, Social Security, state and federal taxes and deductions which the Company is obligated to make Payment under this Paragraph 2(c) shall be made provided Executive has executed and not revoked the Additional Release in the form annexed as Exhibit B.

 

d.     Shall provide Executive with $569 per month for reimbursement for his health insurance costs through the earlier of: (i) December 31, 2015; (ii) the date Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date the Executive becomes eligible to receive substantially similar coverage from another employer. In the event Caldera does not learn of the employment identified in the preceding sentence until after it has made a payment or payments pursuant to this Paragraph 2(d), Executive shall return any compensation to which he was not entitled under this Paragraph 2(d). In addition, payments under this Paragraph 2(d) shall cease in the event that Executive materially breaches this Agreement.

 

e.     Shall pay, within seven days following the effective date of the Additional Release, which is defined below, an aggregate amount not to exceed $10,000 or as mutually agreed for the reasonable moving expenses of Executive’s personal property to a location designated by Executive and Executive’s reasonable legal fees related to the preparation and execution of this Agreement. Payment under this Paragraph 2(e) shall be made provided Executive has executed and not revoked the Additional Release in the form annexed as Exhibit B.

 

f.      Shall pay the rent for the apartment located in Cambridge, Massachusetts currently occupied by Executive through the end of September 2014 and all early termination fees.

 

  

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3.             RELEASES.

 

a.     In consideration of Caldera’s undertakings contained in this Agreement, excluding Paragraphs 2(c) and 2(d), Executive has executed the Release, which is attached hereto as Exhibit A and expressly incorporated in this Agreement (the “Release”), at the time of execution of this Agreement.

 

b.     In consideration of Caldera’s undertakings contained in Paragraphs 2(c) and 2(d) of this Agreement, on the Resignation Date, Executive must execute the Release, which is attached hereto as Exhibit B and expressly incorporated in this Agreement (the “Additional Release”).

 

c.      In consideration of Executive’s undertakings contained in the Severance Agreement to which Caldera is not otherwise entitled, Caldera releases Executive from, and promises and agrees not to sue Executive for or in respect of, any and all claims, charges, complaints, liabilities, obligations, promises, agreements, damages, actions and expenses (including attorney’s fees and costs) of any nature whatsoever, known or unknown, which Caldera now has or claims to have against Executive from the beginning of time to the date of this Agreement, provided, however, that this release shall not bar or waive any claims arising out of business-related willful misconduct or criminal conduct.

 

4.              NO BENEFITS NOT SET OUT IN THIS AGREEMENT.  No salary, benefits, bonus payment, vacation pay, sick pay or other payments or additional monies beyond the sums identified in Paragraph 2 of this Agreement will be made by Caldera to Executive or on Executive’s behalf and the parties agree that no salary, benefits, bonus payment or other payments beyond the sums identified in Paragraph 2 are owing, provided, however, that Executive shall receive such salary and other compensation from the Execution Date to the Resignation Date.

 

5.              NO DISPARAGEMENT.

 

a.      In consideration of Caldera’s undertakings contained in this Agreement to which Executive is not otherwise entitled, Executive agrees that he and his agents, family and/or representatives shall refrain from: (i) all conduct, verbal or otherwise, which would materially damage the reputation, goodwill or standing in the community of Caldera, its affiliates, subsidiaries, divisions, agents and related parties and their respective principals, owners (direct or indirect), members, directors, officers, agents, servants, employees, parties, attorneys and other professionals, successors and assigns (collectively, the “Caldera Related Parties”); and (ii) referring to or in any way commenting on Caldera and/or any of the other Caldera Related Parties in or through the general media or any public domain (including without limitation, internet websites, blogs, chat rooms and the like), which would materially damage the reputation, goodwill or standing in the community of Caldera and/or any of the other Caldera Related Parties.

 

b.     In consideration of Executive’s undertakings contained in this Agreement to which Caldera is not otherwise entitled, Caldera and its officers and directors  agree that they shall refrain from: (i) all conduct, verbal or otherwise, which would materially damage the reputation, goodwill or standing in the community of Executive and (ii) referring to or in any way commenting on Executive in or through the general media or any public domain (including without limitation, internet websites, blogs, chat rooms and the like), which would materially damage the reputation, goodwill or standing in the community of Executive.

 

  

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6.             TERMS ARE CONFIDENTIAL.  Until such time as Caldera is required to disclose the existence and terms of this Agreement, Executive shall keep the terms and conditions of this Agreement strictly confidential.  Executive hereby agrees not to disclose the existence of this Agreement or any of the terms of this Agreement (including without limitation the amounts referred to in Paragraph 2) to any person, including without limitation, any current or former employee of or applicant for employment with Caldera and/or any of the other Caldera Related Parties, with the exception of Executive’s attorney, accountant, tax preparer or spouse or as compelled by legal process, provided Executive’s attorneys, accountants, tax preparers, or spouses are informed of this provision requiring confidentiality and such person agrees to be bound by its terms.

  

7.             RETURN OF COMPANY PROPERTY.  All documents, records, data, equipment (including, without limitation: any computer or computers; any electronic storage device; computer hard drives; flash drives; discs and the like), Caldera charge or credit cards, any Caldera electronic communication devices (including cellular telephones, BlackBerry®, PDA and the like) and other physical property, whether or not pertaining to Confidential Information, which were furnished to Executive by Caldera or were procured by Executive in connection with Executive’s services to Caldera and/or is subsidiaries or affiliates will be and remain the sole property of Caldera. Executive will return to Caldera forthwith all such materials and property except as provided in Paragraph 8 of this Agreement.

 

8.             STOCK SHARES AND OPTIONS. Caldera acknowledges that Executive’s stock options (“Options”) shall vest immediately and that Options exercisable for twenty five thousand (25,000) shares of common shall be exercisable at an exercise price of $2.50 per share any time prior to the seven year anniversary of the date of issuance of the Options and the balance of the Options shall be exercisable at an exercise price of $2.50 per share at any time prior to the date that is ninety (90) days after the Resignation Date.  

 

  

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9.             CONFIDENTIAL INFORMATION.

 

a.      “Confidential Information” means any information concerning or referring in any way to the business of Caldera and/or its subsidiaries and affiliates disclosed to or acquired by the Executive through or as a consequence of the Executive’s affiliation as an employee of Caldera and/or member of it and/or its subsidiaries or affiliates. For purposes of this Agreement, Confidential Information consists of information proprietary to Caldera and/or its subsidiaries and affiliates which is not generally known to the public and which in the ordinary course of business is maintained by Caldera and/or its subsidiaries and affiliates as confidential. By way of example and without limitation, Confidential Information consists of computer software, trade secrets, patents, inventions, copyrights, techniques, designs, and other technical information in any way concerning or referring to scientific, technical or mechanical aspects of Caldera’s and/or its subsidiaries’ and affiliates’ products, concepts, processes, machines, engineering, research and development. Confidential Information also includes, without limitation, information in any way concerning or referring to Caldera’s and/or its subsidiaries’ and affiliates’ business methods, business plans, forecasts and projections, operations, organizational structure, finances, customers, funding, pricing, costing, marketing, purchasing, merchandising, sales, products, product information, suppliers, customers, employees or their compensation, data processing, software and all other information designated by Caldera and/or its subsidiaries and affiliates as “confidential.” Confidential Information shall not include any information or material that is or becomes generally available to the public other than as a result of a wrongful disclosure by (a) a person otherwise bound to the provisions hereof, or (b) any person bound by a duty of confidentiality or similar duty owed to Caldera and/or its subsidiaries and affiliates.

 

b.     DUTY OF CONFIDENTIALITY. Executive will maintain in confidence and will not, directly or indirectly, disclose or use (or allow others to disclose or use) any Confidential Information belonging to Caldera and/or its subsidiaries and affiliates, whether in oral, written, electronic or permanent form, except as directed in writing by the Board of Directors of Caldera and/or its subsidiaries or affiliates.

 

c.     Executive shall deliver forthwith to Caldera and/or its subsidiaries and affiliates as the case may be all original Confidential Information (and all copies thereof) in Executive’s possession or control belonging to Caldera and/or its subsidiaries and affiliates and all tangible items embodying or containing Confidential Information.

 

d.     This Agreement supersedes any previous Confidentiality and Non-Disclosure Agreement between the Executive and Caldera and/or its subsidiaries and affiliates.

 

e.      INJUNCTIVE RELIEF. Executive acknowledges that a violation or attempted violation on Executive’s part of any agreement in this Paragraph 9 will cause irreparable damage to Caldera and/or its subsidiaries and affiliates, and accordingly, Executive agrees that Caldera and/or its subsidiaries and affiliates as the case may be shall be entitled as a matter of right to an injunction from any court of competent jurisdiction restraining any violation or further violation of such agreement by Executive without the obligation of posting a bond; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies that Caldera and/or its subsidiaries and affiliates may have.  The existence of any claim of Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Caldera of the covenants contained in this Agreement.

 

  

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f.      ASSIGNMENT OF RIGHTS. Executive has disclosed to Caldera any and all designs, intellectual property, software, inventions, discoveries, or improvements (individually and collectively, “Inventions”) made by Executive as a result or product of his employment relationship with Caldera and/or its subsidiaries and affiliates. Executive hereby assigns to Caldera or its relevant subsidiary or affiliate without additional compensation the entire worldwide right, title and interest in and to any such Inventions (whether disclosed or not), and related intellectual property rights and without limitation all copyrights, copyright renewals or reversions, trademarks, trade names, trade dress rights, industrial design, industrial model, inventions, priority rights, patent rights, patent applications, patents, design patents and any other rights or protections in connection therewith or related thereto, for exploitation in any form or medium, of any kind or nature whatsoever, whether now known or hereafter devised. To the extent that any work created by Executive can be a work for hire pursuant to U.S. Copyright Law, the parties deem such work a work for hire and Executive should be considered the author thereof. Executive shall, at the request of Caldera or its relevant subsidiary or affiliate, without additional compensation execute, acknowledge and deliver to Caldera or its relevant subsidiary or affiliate such instruments and documents as Caldera or its relevant subsidiary or affiliate may require to perfect, transfer and vest in Caldera or its relevant subsidiary or affiliate the entire right, title and interest in and to such inventions. In the event that Executive does not timely perform such obligations, Executive hereby makes Caldera or its relevant subsidiary or affiliate and its officers his attorney-in-fact and gives them the power of attorney to perform such obligations and to execute such documents on Executive’s behalf. Executive shall cooperate with Caldera or its relevant subsidiary or affiliate, upon Caldera’s or its relevant subsidiary’s or affiliate’s request and at Caldera’s or its relevant subsidiary’s or affiliate’s cost but without additional compensation, in the preparation and prosecution of patent, trademark, industrial design and model, and copyright applications worldwide for protection of rights to any Inventions.

 

10.            NON-COMPETE; NON-SOLICITATION.

 

a.      NON-COMPETE. For a period commencing on the Effective Date of this Agreement (as defined below) and ending one year after the Effective Date of this Agreement (the “Non-Competition Period”), Executive shall not, directly or indirectly, either for himself or any other person, own, manage, control, materially participate in, invest in, permit his name to be used by, act as consultant or advisor to, render material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise assist in any manner any business which develops, markets, or sells high throughput screening products that utilize x-ray fluorescence as their primary technology and/or its subsidiaries or affiliates (collectively, a “Competitor”). Nothing herein shall prohibit Executive from being a passive owner of not more than five percent (5%) of the equity securities of a Competitor which is publicly traded, so long as he has no active participation in the business of such Competitor.

 

b.     NON-SOLICITATION. During the Non-Competition Period identified in Paragraph 10(a) above, Executive shall not, directly or indirectly: (i) induce or attempt to induce or aid others in inducing anyone working at Caldera or its subsidiaries or affiliates to cease working at Caldera or its subsidiaries or affiliates, or in any way interfere with the relationship between Caldera or its subsidiaries or affiliates and anyone working at Caldera or its subsidiaries or affiliates except in the proper exercise of Executive’s authority; or (ii) in any way interfere with the relationship between Caldera or its subsidiaries or affiliates and any customer, supplier, licensee or other business relation of Caldera or its subsidiaries or affiliates.

 

  

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c.     SCOPE. If, at the time of enforcement of this Paragraph 10, a court shall hold that the duration, scope, area or other restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

d.     INDEPENDENT AGREEMENT. The existence of any claim or cause of action of Executive against Caldera or any of its subsidiaries or affiliates, whether or not predicated upon the terms of this Agreement, shall not constitute a defense to the enforcement of these covenants.

 

e.      INJUNCTIVE RELIEF. Executive acknowledges that a violation or attempted violation on Executive’s part of any agreement in this Paragraph 10 will cause irreparable damage to Caldera and/or its subsidiaries or affiliates, and accordingly, Executive agrees that Caldera and/or its subsidiaries or affiliates shall be entitled as a manner of right to an injunction from any court of competent jurisdiction restraining any violation or further violation of such agreement by Executive without the obligation of posting a bond; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies that Caldera and/or its subsidiaries or affiliates may have. The existence of any claim of Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Caldera and/or its subsidiaries or affiliates of the covenants contained in this Agreement.

 

11.    ARBITRATION.  No dispute between one or more Caldera Related Parties and Executive shall be the subject of a lawsuit filed in state or federal court. Instead, any such dispute shall be submitted to binding arbitration before the American Arbitration Association (“AAA”) or, if Caldera and Executive agree in a separate writing, another individual or organization or an individual or organization that a court appoints. Notwithstanding the above, either Caldera or Executive may file with an appropriate state or federal court a claim for injunctive relief in any case where the filing party seeks provisional injunctive relief or where permanent injunctive relief is not available in arbitration. The filing of a claim for injunctive relief in state or federal court shall not allow either party to raise any other claim outside of arbitration. It is understood that both sides are hereby waiving the right to a jury trial.

 

a.      The arbitration shall be initiated in Middlesex County, Massachusetts and shall be administered by AAA under its commercial arbitration rules before a single arbitrator that shall be mutually agreed upon by the parties hereto. If the parties cannot agree on a single arbitrator, then an arbitrator shall be selected in accordance with the rules of AAA. The arbitration must be filed within one year of the act or omission which gives rise to the claim. Each party shall be entitled to take one deposition, and to take any other discovery as is permitted by the Arbitrator. In determining the extent of discovery, the Arbitrator shall exercise discretion, but shall consider the expense of the desired discovery and the importance of the discovery to a just adjudication.

 

b.     The Arbitrator shall render an award that conforms to the facts, as supported by competent evidence (except that the Arbitrator may accept written declarations under penalty of perjury, in addition to live testimony), and the law as it would be applied by a court sitting in the State of Massachusetts. The cost of arbitration shall be advanced equally by the parties. Any party may apply to a court of competent jurisdiction for entry of judgment on the arbitration award.

 

  

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c.      PRIOR AGREEMENTS SUPERSEDED.  This Agreement supersedes all previous Agreements between the Executive and Caldera, including the Employment Agreement.  To the extent that there is any conflict between this Agreement and any earlier agreement between Caldera and Executive, this Agreement governs.

 

12.            SUCCESSORS.

 

a.      This Agreement is personal to Executive and shall not be assignable by Executive.

 

b.     This Agreement shall inure to the benefit of Caldera and its successors and assigns. Caldera may assign this Agreement to any successor or affiliated entity, subsidiary, sibling, or parent company, provided that such assignee is financially qualified to fulfill obligations hereunder and in the event of such assignment, Caldera agrees to guarantee all obligations hereunder.

 

13.           MISCELLANEOUS

 

a.      Executive shall notify Caldera of any and all employment or other compensated work he obtains during the period from the Effective Date of this Agreement through and including December 31, 2015.  Such notice shall identify the name and address of the employer or person or entity that provides the compensation for the work involved, Executive’s title, duties and responsibilities, and fully identify all compensation that Executive is to receive in connection with the work or employment.

 

b.     This Agreement shall be governed by and construed in accordance with the laws of the State of Massachusetts, without reference to the principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.  This Agreement contains the full and complete understanding between the parties hereto and supersedes all prior understandings, whether written or oral, pertaining to the subject matter hereof. This Agreement may not be amended or modified otherwise than by written agreement executed by Executive and by the designated representative of the Board.

 

  

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c.     All notices and other communications hereunder shall be in writing and shall be given by hand delivery, by registered or certified mail, return receipt requested, postage prepaid, by reputable overnight courier (such as Federal Express or UPS), by facsimile, or by e-mail to such address as either party shall have furnished to the other in writing in accordance herewith. Notice may be given to Caldera or Executive as follows:

  

	  	
For Caldera:

	
For Executive:

	  	  	  
	  	
One Kendall Square

Cambridge, Massachusetts 02139

 

	
2828 Peachtree Road, Unit 2602

Atlanta, Georgia 30305

	  	
With a Copy to:

	
With a copy to:

 

	  	
Gracin & Marlow, LLP

The Chrysler Building

405 Lexington Avenue, 26th Floor

New York, New York 10174

Attn: Leslie Marlow, Esq.

	
Ledbetter Wanamaker Glass LLP

1201 Peachtree Street

Suite 1501

Atlanta, Georgia 30361

Attn: Larry D. Ledbetter, Esq.

  

d.     The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

 

e.     The failure of either party to insist upon strict compliance with any provision of this Agreement, or the failure to assert any right either party may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

 

f.     This Agreement shall become effective on the seventh day after the date of this Agreement (which is also the date of execution of the Release), provided the Executive does not exercise his right to revoke the Release (“Effective Date”). If Executive revokes the Release during such seven-day period, this Agreement shall not become effective.

 

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               IN WITNESS WHEREOF, Executive has hereunto set Executive’s hand and, pursuant to the authorization from its Board of Directors, Caldera has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

  

	
CALDERA PHARMACEUTICALS, INC.,

a Delaware Corporation

	  	  	
EXECUTIVE

	  
	  	  	  	  	  	  
	
By:

	
/s/ Timothy Tyson

	  	  	
/s/Gary Altman

	  
	  	
Timothy Tyson

	  	  	
Gary Altman

	  

 

 

  

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EXHIBIT A

 

RELEASE

 

This Release dated as of July 30, 2014, between Gary Altman, an individual (the “Executive”), and Caldera Pharmaceuticals, Inc. (“Caldera”), a Delaware corporation, recites and provides as follows:

 

WHEREAS, Executive serves or served as the Chief Executive Officer and director of the Board of Directors of Caldera and/or its subsidiaries pursuant to an Employment Agreement dated July 25, 2013 (the “Employment Agreement”); and

 

WHEREAS, Executive and Caldera desire to terminate the Employment Agreement and Executive has resigned his employment and membership on the Board of Directors of Caldera and/or of its subsidiaries; and

 

WHEREAS, Caldera and Executive have reached agreement on all matters relating to the employment of Executive by Caldera, the termination of his Employment Agreement and membership on the Board of Directors of Caldera and/or subsidiaries; and

 

WHEREAS, Caldera and Executive have set the terms and conditions of their agreement in the Severance Agreement dated July 30, 2014 (“Severance Agreement”) to which this Release is Exhibit A; and

 

WHEREAS, the Severance Agreement obligates Executive to execute this Release.

 

NOW, THEREFORE, based upon their mutual promises and other good and valuable consideration contained in the Severance Agreement, Executive agrees as follows:

 

1.              In consideration of Caldera’s undertakings contained in the Severance Agreement to which Executive is not otherwise entitled, Executive releases Caldera, its affiliates, subsidiaries, divisions, agents and related parties and their respective principals, owners (direct or indirect), members, directors, officers, agents, servants, employees, parties, attorneys and other professionals, successors and assigns (collectively, the “Caldera Related Parties”) from, and promises not to sue Caldera and/or any of the other Caldera Related Parties for or in respect of, any and all claims, charges, complaints, liabilities, obligations, promises, agreements, damages, actions and expenses (including attorney’s fees and costs) of any nature whatsoever, known or unknown, which Executive now has or claims to have against Caldera and/or any of the other Caldera Related Parties jointly, severally or singly from the beginning of time to the date of this Agreement, including, without limitation, claims relating to Executive’s employment with Caldera or the termination of his employment, claims based in contract, tort, constitutional, statutory or common law, and claims under any federal, state, or local statute, order, law or regulation, governing terms or conditions of employment, including but not limited to wages, benefits or discrimination in employment on the basis of any protected characteristic.  This release applies to rights and claims arising under the National Labor Relations Act, Age Discrimination in Employment Act of 1967 (29 U.S.C. §§621, et seq.), Title VII of the Civil Rights Act (“Title VII”), the Americans with Disabilities Act (“ADA”), Genetic Information Nondiscrimination Act of 2008 (“GINA”), Uniformed Services Employment and Reemployment Rights Act (“USERRA”), the Employee Retirement Income Security Act (“ERISA”) (excluding any claims for accrued, vested benefits), the Massachusetts Fair Employment Practice Act (“FEPA”), and the Massachusetts Wage Act.  This release does not release Caldera or Caldera Related Parties from obligations under the Severance Agreement.

 

  

  

  

 

2.             Notwithstanding Paragraph 1 of this Release, Executive may bring a claim for breach of the Severance Agreement.  If any claim covered in Paragraph 1 of this Release, other than for a breach of the Severance Agreement or to enforce his rights under the Severance Agreement, is brought by Executive, to the greatest extent permitted by applicable law, Caldera and/or the other Caldera Related Parties shall be entitled to its and/or their attorney’s fees and costs upon prevailing on such claim.

 

3.             Executive acknowledges the following:

 

a.      He has read and understands this Release and the Severance Agreement;

 

b.     Before executing this Release and the Severance Agreement, he has been offered at least 21 days to consider his rights and obligations under this Release and the Severance Agreement;

 

c.      The period of time he has to consider his rights and obligations under this Release and the Severance Agreement is reasonable;

 

d.     Before executing this Release and the Severance Agreement, Caldera advised him in writing to consult with an attorney and he has done so;

 

e.     He has knowingly and voluntarily elected to enter into this Release and the Severance Agreement and releases Caldera from any and all claims, subject to the stated limitations in this Release, in exchange for valuable consideration which is in addition to anything of value to which he is already entitled;

 

f.      The Release constitutes a waiver of all rights and claims he may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §§621, et seq.);

 

g.     This Release does not waive any rights or claims by Executive that may arise after this Release is finally accepted and executed; and,

 

h.     For a period of seven days following the execution of this Release and the Severance Agreement, Executive may revoke this Release and the Severance Agreement by sending written notice of same to Caldera, addressed to Mr. Timothy Tyson, One Kendall Square, Cambridge, Massachusetts 02139.  For the revocation to be effective, Caldera must receive the written notice by not later than the close of business on the seventh day after Executive signs this Release.  This Release shall not become effective or enforceable until this seven-day revocation period has expired without Executive having exercised his right to revoke.

 

i.      Nothing in this Release and Severance Agreement is intended to, or shall, interfere with Executive’s rights under federal, state, or local civil rights or employment discrimination laws (including, but not limited to, Title VII, the ADA, the ADEA, GINA, USERRA, or their state or local counterparts) to file or otherwise institute a charge of discrimination, to participate in a proceeding with any appropriate federal, state, or local government agency enforcing discrimination laws, or to cooperate with any such agency in its investigation, none of which shall constitute a breach of this Release and Severance Agreement. Executive shall not, however, be entitled to any relief, recovery, or monies in connection with any such action, charge or proceeding brought against Caldera and/or the other Caldera Related Parties, regardless of who filed or initiated any such complaint, charge, or proceeding.

 

  

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CALDERA PHARMACEUTICALS, INC.,

a Delaware Corporation

 

	  	  	
EXECUTIVE

	  
	  	  	  	  	  	  
	
By:

	
/s/Timothy Tyson

	  	  	
/s/Gary Altman

	  
	  	
Timothy Tyson

	  	  	
Gary Altman

	  

 

STATE OF____________:

 

COUNTY OF __________:  

 

On the ____ day of July, in the year 2014 before me, the undersigned, personally appeared Timothy Tyson, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity and with the authority of Caldera Pharmaceuticals, Inc., and that by his signature on the instrument, the corporation upon which the individual acted executed the instrument.

 

	  	  	  
	
Notary Signature

	  	  

  

STATE OF____________:

 

COUNTY OF __________:

 

On the ____ day of July in the year 2014 before me, the undersigned, personally appeared Gary Altman, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument the individual executed the instrument.

 

	  	  	  
	
Notary Signature

	  	  

  

  

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EXHIBIT B

 

RELEASE

 

This Release dated as of August 29, 2014,by Gary Altman, an individual (the “Executive”), in favor of Caldera Pharmaceuticals, Inc. (“Caldera”), a Delaware corporation, recites and provides as follows:

 

WHEREAS, Executive served as the Chief Executive Officer and director of the Board of Directors of Caldera and/or its subsidiaries pursuant to an Employment Agreement dated July 25, 2013 (the “Employment Agreement”); and

 

WHEREAS, Executive and Caldera terminated the Employment Agreement and Executive has resigned his employment and membership on the Board of Directors of Caldera and/or of its subsidiaries; and

 

WHEREAS, Caldera and Executive have reached agreement on all matters relating to the employment of Executive by Caldera, the termination of his Employment Agreement and membership on the Board of Directors of Caldera and/or subsidiaries; and

 

WHEREAS, Caldera and Executive have set the terms and conditions of their agreement in the Severance Agreement dated July 30, 2014 (“Severance Agreement”) to which this Release is Exhibit B; and

 

WHEREAS, the Severance Agreement obligates Executive to execute this Release.

 

NOW, THEREFORE, based upon their mutual promises and other good and valuable consideration contained in the Severance Agreement, Executive agrees as follows:

 

1.             In consideration of Caldera’s undertakings contained in Paragraph 2(c) of the Severance Agreement to which Executive is not otherwise entitled, Executive releases Caldera, its affiliates, subsidiaries, divisions, agents and related parties and their respective principals, owners (direct or indirect), members, directors, officers, agents, servants, employees, parties, attorneys and other professionals, successors and assigns (collectively, the “Caldera Related Parties”) from, and promises not to sue Caldera and/or any of the other Caldera Related Parties for or in respect of, any and all claims, charges, complaints, liabilities, obligations, promises, agreements, damages, actions and expenses (including attorney’s fees and costs) of any nature whatsoever, known or unknown, which Executive now has or claims to have against Caldera and/or any of the other Caldera Related Parties jointly, severally or singly from the beginning of time to the date of this Agreement, including, without limitation, claims relating to Executive’s employment with Caldera or the termination of his employment, claims based in contract, tort, constitutional, statutory or common law, and claims under any federal, state, or local statute, order, law or regulation, governing terms or conditions of employment, including but not limited to wages, benefits or discrimination in employment on the basis of any protected characteristic.  This release applies to rights and claims arising under the National Labor Relations Act, Age Discrimination in Employment Act of 1967 (29 U.S.C. §§621, et seq.), Title VII of the Civil Rights Act (“Title VII”), the Americans with Disabilities Act (“ADA”), Genetic Information Nondiscrimination Act of 2008 (“GINA”), Uniformed Services Employment and Reemployment Rights Act (“USERRA”), the Employee Retirement Income Security Act (“ERISA”) (excluding any claims for accrued, vested benefits), the Massachusetts Fair Employment Practice Act (“FEPA”), and the Massachusetts Wage Act.  This release does not release Caldera or Caldera Related Parties from obligations under the Severance Agreement.

 

  

  

  

 

 2.             Notwithstanding Paragraph 1 of this Release, Executive may bring a claim for breach of the Severance Agreement.  If any claim covered in Paragraph 1 of this Release, other than for a breach of the Severance Agreement or to enforce his rights under the Severance Agreement, is brought by Executive, to the greatest extent permitted by applicable law, Caldera and/or the other Caldera Related Parties shall be entitled to its and/or their attorney’s fees and costs upon prevailing on such claim.

 

3.              Executive acknowledges the following:

 

a.     He has read and understands this Release;

 

b.     Before executing this Release, he has been offered at least 21 days to consider his rights and obligations under this Release;

 

c.     The period of time he has to consider his rights and obligations under this Release is reasonable;

 

d.     Before executing this Release, Caldera advised him in writing to consult with an attorney and he has done so;

 

e.     He has knowingly and voluntarily elected to enter into this Release and the Severance Agreement and releases Caldera from any and all claims, subject to the stated limitations in this Release, in exchange for valuable consideration which is in addition to anything of value to which he is already entitled;

 

f.      The Release constitutes a waiver of all rights and claims he may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §§621, et seq.);

 

g.     This Release does not waive any rights or claims by Executive that may arise after this Release is finally accepted and executed; and,

 

h.     For a period of seven days following the execution of this Release and the Severance Agreement, Executive may revoke this Release and the Severance Agreement by sending written notice of same to Caldera, addressed to Mr. Timothy Tyson, One Kendall Square, Cambridge, Massachusetts 02139.  For the revocation to be effective, Caldera must receive the written notice by not later than the close of business on the seventh day after Executive signs this Release.  This Release shall not become effective or enforceable until this seven-day revocation period has expired without Executive having exercised his right to revoke, which is the Effective Date of this Release.

 

ii.     Nothing in this Release and Severance Agreement is intended to, or shall, interfere with Executive’s rights under federal, state, or local civil rights or employment discrimination laws (including, but not limited to, Title VII, the ADA, the ADEA, GINA, USERRA, or their state or local counterparts) to file or otherwise institute a charge of discrimination, to participate in a proceeding with any appropriate federal, state, or local government agency enforcing discrimination laws, or to cooperate with any such agency in its investigation, none of which shall constitute a breach of this Release and Severance Agreement. Executive shall not, however, be entitled to any relief, recovery, or monies in connection with any such action, charge or proceeding brought against Caldera and/or the other Caldera Related Parties, regardless of who filed or initiated any such complaint, charge, or proceeding.

 

  

B-2

  

 

	  	  	  	
EXECUTIVE

	  
	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	  	
Gary Altman

	  

  

STATE OF____________:

 

COUNTY OF __________:

 

On the ____ day of August in the year 2014 before me, the undersigned, personally appeared Gary Altman, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument the individual executed the instrument.

 

	  	  	  
	
Notary Signature

	  	  

 

 

B-3EX-4.1

 Exhibit 4.1 

This document constitutes part of a prospectus covering securities 

that have been registered under the Securities Act of 1933 as amended. 

MetLife Individual Distribution Sales Deferred Compensation Plan 

(effective January 1, 2010) 
  

	1.	Purpose. The purpose of the Plan is to provide an opportunity for Participants in a select group of highly compensated employees within the meaning of Sections 201(2) and 301(a)(3) of ERISA, to delay receipt of
certain compensation until a later date, at which time payment of the compensation will be made after adjustment for the simulated investment experience of such compensation from the date of deferral. The Plan is intended to comply with Legal
Deferral Requirements and to be consistent with the requirements for registration with the U.S. Securities and Exchange Commission on a Form S-8 of debt incurred by MetLife, Inc. and shall be interpreted and administered consistent with that intent.

  

	2.	Plan Administration. 

  

	 	2.1.	The Plan Administrator shall administer the Plan. 

  

	 	2.2.	The Plan Administrator may establish, amend, and rescind rules and regulations relating to the Plan, provide for conditions necessary or advisable to protect the interest of the Affiliates, construe all communications
related to the Plan, and make all other determinations it deems necessary or advisable for the administration and interpretation of the Plan. The Plan Administrator may conform any provision of this Plan to the extent such provision is inconsistent
with Legal Deferral Requirements. 

  

	 	2.3.	Determinations, interpretations, and other actions made by the Plan Administrator shall be final, binding, and conclusive for all purposes and upon all individuals. 

 

	 	2.4.	The Plan Administrator may prescribe forms as the sole and exclusive means for Participants to take actions authorized or allowed under the Plan. The Plan Administrator may issue communications to Eligible Associates
and Participants as it deems necessary or appropriate in connection with the Plan (including but not limited to communications explaining the risks and potential benefits of the Investment Tracking Funds). Subject to the provisions of
Section 20, the Plan Administrator may, in its discretion, adjust the value of Deferred Compensation Accounts on a basis other than as prescribed in Deferral Elections or Reallocation Elections, including but not limited to the use of
Investment Tracking Funds other than those selected by the Participant. 

  

	 	2.5.	Except to the extent prohibited by law, communication by the Plan Administrator (and by an Eligible Associate or Participant to the extent authorized by the Plan Administrator) of any document or writing, including any
document or writing that must be executed by a party, may be in an electronic form of communication. 

  

	 	2.6.	 The Plan Administrator may appoint such agents, who may be officers or employees of an Affiliate, as it deems necessary or appropriate to assist it in
administering the Plan and may grant authority to such agents to execute documents and take action on its behalf. The Plan Administrator may consult such legal counsel, consultants, or

	 	
other professional as it deems desirable and may rely on any opinion received from any such professional or from its agent. All expenses incurred in the administration of the Plan shall be paid
by one or more of the Affiliates. 

  

	3.	Eligibility to Participate. Each Eligible Associate shall be eligible to participate in this Plan; provided, however, that unless the Plan Administrator determines otherwise, no otherwise Eligible Associate who,
at the individual’s election or request, receives an accelerated payment pursuant to the terms of any non-qualified deferred compensation plan in which the individual participated by virtue of employment with any MetLife Company shall be
eligible to participate in this Plan with regard to Compensation payable in any calendar year prior to the calendar year next beginning after the third anniversary of such payment. 

 

	4.	Deferral Elections. 

  

	 	4.1.	At such times as are determined by the Plan Administrator, each Eligible Associate may complete and submit to the Plan Administrator a Deferral Election applicable to the Eligible Associate’s Compensation payable
for services performed in such periods on and after January 1, 2010 and following the date of the Deferral Election (or other such periods consistent with Legal Deferral Requirements) determined by the Plan Administrator. Within thirty
(30) days after attaining the status of Eligible Associate, such Eligible Associate may complete and submit to the Plan Administrator a Deferral Election applicable to the Eligible Associate’s Compensation payable for services following
the date of the Deferral Election (consistent with Legal Deferral Requirements) determined by the Plan Administrator. The Plan Administrator shall prescribe the form(s) of Deferral Election. 

 

	 	4.2.	The Plan Administrator may offer an Eligible Participant the opportunity to indicate each or any of the following, either separately or in combination, in a Deferral Election: (a) the percentage, in increments of
5%, of Compensation that would otherwise be paid the receipt of which the Eligible Associate wishes to defer into a Deferred Cash Compensation Account, which shall be no greater than 75% of such Compensation; (b) the Investment Tracking Fund(s)
which the Eligible Participant selects to adjust the value of the Deferred Cash Compensation Account and the value of the Matching Contribution Account, in increments of 5%; (c) the date on which the Eligible Participant wishes the payment of
the Deferred Compensation Accounts to begin; (d) whether the Deferred Compensation Accounts are to be paid in a single lump sum or annual installments; and (e) if the Deferred Compensation Accounts are to be paid in annual installments,
the number (not to exceed fifteen (15)) of such installments. 

  

	 	4.3.	Each Deferral Election shall indicate the date(s) on which the Eligible Associate wishes the payment of a Deferred Compensation Account to begin by indicating a single date certain that is no earlier than January 1
of the calendar year following the calendar year in which the third anniversary of the latest date any Compensation subject to the Deferral Election would have otherwise been paid. 

 

	 	4.4.	 The Plan Administrator may, in its discretion, reject and/or reform any Deferral Election, in whole or in part, due to (a) inconsistency of the
Deferral Election with this Plan; (b) inconsistency of the Deferral Election with employer compliance with 

  
 2 

	 	
legal requirements (including those regarding sufficient tax withholding and those regarding payroll taxation for FICA or otherwise); (c) inconsistency of the Deferral Election with
requirements for employee contributions or premium payments from compensation under the terms of any ERISA plan; (d) inconsistency of the Deferral Election with Legal Deferral Requirements; or (e) any other lawful basis. 

 

	 	4.5.	Notwithstanding any other provisions of this Plan, no Compensation payable to a Participant less than one-hundred eighty (180) days after the first day of the second calendar month following a hardship payment to
the Participant under SIP or other qualified deferred compensation plan in which the individual participates by virtue of employment with any Affiliate shall be deferred under this Plan. 

 

	 	4.6.	For purposes of applicable determinations pursuant to Legal Deferral Requirements, to the extent any Deferred Compensation Account is to be paid in annual installments, such payments shall constitute a single payment.

  

	5.	Investment Tracking. Except as provided in Sections 2.4 of this Plan, the value of each Participant’s Deferred Cash Compensation Account and Matching Contribution Account shall be adjusted to reflect
the simulated investment performance on a Total Return Basis using the Investment Tracking Funds described in Section 6 of this Plan, on the same basis as if the value of such Deferred Compensation Accounts had been invested in such Investment
Tracking Funds, for such period(s) of time determined under the Plan until they are paid. To the extent permitted by the Plan Administrator, each Participant may select from among the Investment Tracking Funds for purposes of such valuation in the
Participant’s Deferral Election and Reallocation Elections. 

  

	6.	Investment Tracking Funds. The Plan Administrator shall determine in its discretion any method(s) of Investment Tracking that shall be available for Deferral Elections and Reallocation Elections from time to
time. At the Plan Administrator’s discretion, the Investment Tracking options shall include, but not be limited to, a MetLife Common Stock Fund. To the extent the methods of Investment Tracking are changed, or otherwise as the Plan
Administrator determines in its discretion, the Plan Administrator may require the Participant to make an appropriate change in the Participant’s Investment Tracking or may unilaterally impose a method of Investment Tracking. 

 

	7.	Reallocation Elections. 

  

	 	7.1.	The Participant may change the Investment Tracking Funds used to adjust either (a) the value of new contributions to his/her Deferred Compensation Cash Account and credits to his/her Matching Contribution Account,
from the date(s) Compensation is deferred rather than paid and any Matching Contributions are credited, as the case may be; and/or (b) the value of the Participant’s existing Deferred Cash Compensation Account and Matching Contribution
Account. 

  

	 	7.2.	 Unless the Plan Administrator determines otherwise, a Reallocation Election shall be effective on the date it is received by the Plan Administrator,
or on the following business day if it is received by the Plan Administrator at a time when the Plan Administrator determines it is not practicable or convenient to the operation of the Plan to apply such Reallocation Election on the date it is
received. The number of 

  
 3 

	 	
Reallocation Elections by a Participant for (a) and (b) of Section 7.1 of this Plan, shall not exceed six (6) in any calendar year for each of (a) and (b) of
Section 7.1; provided, however, that the number of such Reallocation Elections submitted by a Participant on a single day shall be aggregated as a single election for purposes of the limit expressed in this sentence. 

 

	8.	Matching Contribution. If a Participant makes contributions to SIP throughout a calendar year, the Participant’s Matching Contribution Account shall be credited with the amount of matching contributions (if
any) with which the Participant’s SIP account would have been credited under the terms and provisions of such plan, in each case with relation to deferred Compensation in that calendar year had the Compensation not been deferred.
Notwithstanding the foregoing, no Matching Contributions shall be credited in favor of a Participant during the suspension of such Participant’s deferrals pursuant to Section 4.5 of this Plan. A Participant’s Matching Contribution
Account shall vest or be forfeited to the same extent, and on such date(s), that such Matching Contributions would have vested under the terms of SIP. 

  

	9.	Beneficiary Designation. The Plan Administrator shall prescribe the form by which each Eligible Associate and Participant may designate a beneficiary or beneficiaries (who may be named contingently or
successively, and among whom payments received under this Plan may be split as indicated by the individual) for purposes of receiving payment of Deferred Compensation Accounts under this Plan after the death of such individual. Each designation will
be effective only upon its receipt by the Plan Administrator during the life of the individual making the designation and shall revoke all prior beneficiary designations by that individual related to this Plan. Beneficiary designations submitted by
an Eligible Associate or Participant pursuant to the terms of the MetLife Deferred Compensation Plan for Officers, MetLife Individual Business Special Deferred Compensation Plan or MetLife Individual Business Sales Deferred Compensation Plan during
or prior to 2009 shall be effective for purposes of this Plan. 

  

	10.	Payment of Deferred Compensation Accounts. 

  

	 	10.1.	Amount. Except as provided in Section 2.4 of this Plan, the amount of payment(s) of each Deferred Compensation Account shall reflect the value of those Deferred Compensation Accounts through the date each
payment of Deferred Compensation Accounts is payable, as adjusted for Investment Tracking. If payment of Deferred Compensation Accounts is to be made in installments, then the amount of each installment payment will be determined by dividing the
value of each of the Deferred Compensation Accounts at the time each payment is due by the remaining number of installments in which the Deferred Compensation Accounts is to be paid. 

 

	 	10.2.	Medium. The form of payment of all Deferred Compensation Accounts shall be cash. 

  

	 	10.3.	Timing and Number of Payments. 

  

	 	10.3.1.	If a Participant dies on any date prior to completion of all payments from a Participant’s Deferred Compensation Accounts, the unpaid portions of the Participant’s Deferred Compensation Accounts shall become
immediately payable in a lump sum. 

  
 4 

	 	10.3.2.	If any of a Participant’s Deferred Compensation Accounts are payable pursuant to Section 12 or 13 of this Plan, payment shall be made in a single lump sum. 

 

	 	10.3.3.	Notwithstanding any other terms of this Plan, no portion of a Participant’s Matching Contribution Account shall be paid prior to the date the amount is vested pursuant to the terms of Section 8 of this Plan.
To the extent the applicable date of payment occurs prior to the vesting of any portion of a Participant’s Matching Contribution Account, the portion of the Matching Contribution Account not yet vested on that date will be payable when it
vests, if any. 

  

	 	10.3.4.	Except as otherwise provided in this Section 10.3, a Participant’s Deferred Compensation Accounts shall be payable beginning on the date determined by the Participant’s Deferral Election and in the number
of payments determined by the Participant’s Deferral Election. 

  

	 	10.3.5.	Payment(s) of a Participant’s Deferred Compensation Accounts shall be made on the earlier of the date payable or after any delays in payment required under Legal Deferral Requirements have passed as determined by
the Plan Administrator in its discretion. In no event shall MetLife, Inc., any Affiliate, or the Plan have any liability to anyone on account of payment being made later than the date payable due to administrative considerations or otherwise.

  

	 	10.3.6.	Notwithstanding any other terms of this Plan, no payment of any Deferred Compensation Account shall be made at a time inconsistent with Legal Deferral Requirements. 

 

	 	10.4.	To Whom Paid. Except as otherwise provided in this Section 10.4 of this Plan, all payments of a Participant’s Deferred Compensation Accounts will be made to the Participant. If a Participant dies on any
date prior to the date of the completion of all such payments, all unpaid value in the Participant’s Deferred Compensation Accounts shall be paid to the beneficiary designated for that purpose by the Participant. If the Participant’s
designated beneficiary has not survived the Participant, or the Participant has designated no beneficiary for purposes of this Plan, such payment will be made to the Participant’s estate. 

 

	 	10.5.	Withholding and Effect of Taxes. Payments under this Plan will be made after the withholding of any Federal, state, or local income, employment or other taxes legally obligated to be withheld, as determined by
the Plan Administrator in its discretion. All tax liabilities arising out of deferrals under this Plan shall be the sole obligation of the Participant or his/her beneficiary, including but not limited to any tax liabilities arising out of Legal
Deferral Requirements. Withholding of any taxes or other items required by law may be made from each payment of a Participant’s Deferred Compensation Account or from other payments due to the Participant from any Affiliate to the extent
consistent with law. 

  

	11.	 No Loans and Assignments. The Plan shall make no loan, including any loan on account of any Deferred Compensation Account, to any Participant
or any other person nor permit any Deferred Compensation Account to serve as the basis or security for any loan to any 

  
 5 

	 	
Participant or any other person. Except as provided in Section 20 of this Plan, no Participant or any other person may sell, assign, transfer, pledge, commute, or encumber any Deferred
Compensation Account or any other rights under this Plan. 

  

	12.	Hardship Accommodations. 

  

	 	12.1.	Upon the written request of an Eligible Associate or Participant, the Plan Administrator may, in its discretion and in light of any facts or considerations it deems appropriate, find that the Eligible Associate or
Participant has suffered an Unforeseeable Emergency. In light of such a finding, the Plan Administrator may, to the extent the Plan Administrator determines necessary for the Eligible Associate or Participant to address the Unforeseeable Emergency,
(a) suspend the deferral of receipt of Compensation by the Eligible Associate or Participant pursuant to a Deferral Election; and/or (b) to the extent the Plan Administrator finds, in its discretion, that such a suspension of deferral is
insufficient to address the Participant’s Unforeseeable Emergency, make payment of all or a portion of the Participant’s Deferred Compensation Accounts. The Plan administrator shall provide the Eligible Associate or Participant with
written notice of its determinations in response to the Eligible Associate’s or Participant’s request. 

  

	 	12.2.	The total amount of deferrals suspended or payment advanced shall not exceed the amount necessary to satisfy the financial consequences of the Unforeseeable Emergency and amounts equal to the withholding required by
Section 10.5 of this Plan, and shall not exceed the total value of the Deferred Compensation Accounts under the Plan. 

  

	 	12.3.	If the Eligible Associate or Participant participates in any other deferred compensation plan by virtue of employment with any Affiliate, the Plan Administrator may coordinate the operation of this Section 12 with
the operation or similar provisions of any such other plan, including but not limited to reducing the value of deferrals in ascending order of the value of deferrals in each plan beginning with the plan in which the individual’s deferrals have
the lowest value. 

  

	 	12.4.	In the event that a payment from the Participant’s Deferred Compensation Accounts is made pursuant to this Section 12, (a) the value of the Participant’s Deferred Cash Compensation Account shall be
reduced, and (b) if the reduction in the value of the Participant’s Deferred Cash Compensation Account is less than the payment made, the Plan Administrator may in its discretion reduce the value of the Participant’s Matching
Contribution Account in amounts determined by the Plan Administrator in its discretion, equal to a total reduction equal to the difference between the payments made and the value by which the Participant’s Deferred Cash Compensation Account was
reduced. 

  

	 	12.5.	To the extent that the value of the Participant’s Deferred Cash Compensation Account or Matching Contribution Account is reduced, the value tracked according to each Investment Tracking Fund shall be reduced
proportionate to the total value of the Deferred Cash Compensation Account or Matching Contribution Account, respectively, being tracked in that Investment Tracking Fund. 

  
 6 

	13.	Unilateral Payment Consistent with Law. In circumstances permitted by law consistent with Legal Deferral Requirements, the Plan Administrator may, in its discretion and regardless of the Participant’s
wishes, pay a Participant the value of the Participant’s Deferred Compensation Accounts in whole or in part. No payment pursuant to this Section 13 shall be made in a manner or at a time when prohibited or punishable by any applicable
Affiliate policy or law, including but not limited to law regarding trading of securities on inside information or the exemptions therefrom. 

  

	14.	Nature of Liability. All Deferred Compensation Accounts under this Plan are unsecured obligations of MetLife, Inc. and any successor thereto, are neither obligations, debts, nor liabilities of any other entity or
party. This Plan and the liabilities created hereunder are unfunded. Investment Tracking, any other means for adjusting or communicating the value of Deferred Compensation Accounts, and any communication or documentation regarding this Plan or any
Participant’s Deferred Compensation Accounts are for recordkeeping purposes only and do not create any right, property, security, or interest in any assets of MetLife, Inc. or any other party. All Deferred Compensation Accounts are subject to
the claims of general creditors of MetLife, Inc. Notwithstanding the foregoing, if any Affiliate employing a Participant ceases to be an Affiliate, the Plan Administrator may determine on or before the date of the transaction in which the Affiliate
ceased to be an Affiliate (or afterward, with the consent of an officer of MetLife, Inc.), that .the liabilities associated with some or all of the employees of that Affiliate who are Participants shall transfer from MetLife, Inc. to that Affiliate
as of the date that Affiliate ceases or ceased to be an Affiliate. Although the Plan is intended to be designed and administered in complete accordance with Legal Deferral Requirements, in no event shall MetLife, Inc., any Affiliate, or the Plan
have any liability to anyone for any taxes, penalties, or other losses on account of the Plan or its administration failing to comply with Legal Deferral Requirements. 

 

	15.	No Guarantee of Employment; No Limitation on Employer Action. Nothing in this Plan shall interfere with or limit in any way the right of any employer to establish the terms and conditions of employment of any
individual, including but not limited to compensation and benefits, or to terminate the employment of any individual, nor confer on any individual the right to continue in the employ of any employer. Nothing in this Plan shall limit the right of any
employer to establish any other compensation or benefit plan. No Deferred Compensation Account shall be treated as compensation for purposes of a Participant’s right under any other plan, policy, or program, except as stated or provided in such
plan, policy, or program. Nothing in this Plan shall be construed to limit, impair, or otherwise affect the right of any entity to make adjustments, reorganizations, or changes to its capital or business structure, or to merge, consolidate,
dissolve, liquidate, sell, or transfer all or any part of its business or assets. 

  

	16.	Term of Plan. This Plan shall be effective on January 1, 2010, and shall continue in effect unless and until it is terminated pursuant to its terms. The Plan Administrator may solicit and receive Deferral
Elections prior to the dates this Plan, any amended and restated terms, and any amendment to the Plan are effective. 

  
 7 

	17.	Governing Law. The Plan shall be construed in accordance with and governed by New York law, without regard to principles of conflict of laws. 

 

	18.	Entire Plan; Third Party Beneficiaries. This Plan document is the entire expression of the Plan, and no other oral or written communication, other than documents authorized under this Plan and fulfilling its
express terms, shall determine the terms of the Plan or the terms of any agreement between an Eligible Associate or Participant and a Affiliate with regard to the Plan or Deferred Compensation Accounts. There are no third party beneficiaries to this
Plan, other than Participants’ respective beneficiaries designated under the terms of this Plan. 

  

	19.	Amendment and Termination Consistent with Law. To the extent permissible under law, including Legal Deferral Requirements, the Plan Administrator may amend, modify, suspend, or terminate this Plan at any time.
Any such amendment or termination will not reduce the amount in Deferred Compensation Accounts accrued under this Plan prior to the execution of such amendment or termination. For further clarification, except as otherwise stated in this
Section 19, amendments may otherwise be made to any and all provisions of the Plan, including but not limited to amendments affecting the time of distribution of Deferred Compensation Accounts, affecting forms of distribution of Deferred
Compensation Accounts, or affecting any of the Investment Tracking Funds or any other means for adjusting the value of Deferred Compensation Accounts. 

  

	20.	Qualified Domestic Relations Orders. The Plan Administrator will distribute, designate, or otherwise recognize the attachment of any portion of a Participant’s Deferred Compensation Accounts in favor of the
Participant’s spouse, former spouse or dependents to the extent such action is mandated by the terms of a qualified domestic relations order as defined in Section 414(p) of the Code, and otherwise as determined by this Plan.

  

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

 

	22.	Definitions. Capitalized terms in this Plan, and their forms, shall have the following meanings: 

22.1. “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, MetLife, Inc. 
  

	 	22.2.	“Associate” shall mean each individual who is (a) an agent of Metropolitan Life Insurance Company who exclusively sells products for Metropolitan Life Insurance Company or one or more Affiliates who is
also; (b)(1)employed by Metropolitan Life Insurance Company as a common law employee, or (2) engaged by Metropolitan Life Insurance Company as a statutory employee; and (c) is in the Individual Business field force, including sales office
management and sales personnel, but excluding regional management. 

  

	 	22.3.	“Code” shall mean the Internal Revenue Code of the United States. 

  
 8 

	 	22.4.	“Compensation” shall mean annual compensation for commissioned employees under the Retirement Plan payable by Metropolitan Life Insurance Company. 

 

	 	22.5.	“Deferral Election” shall mean a written document executed by the Eligible Associate specifying the Eligible Associate’s instructions regarding the matters addressed by Section 4 of this Plan.

  

	 	22.6.	“Deferred Cash Compensation Account” shall mean a record-keeping account established for the benefit of a Participant in which is credited Compensation otherwise payable in cash to a Participant, but accounted
for to the credit of the Participant under the terms of this Plan rather than paid to the Participant as and when originally earned. 

  

	 	22.7.	“Deferred Compensation Account” shall mean a Deferred Cash Compensation Account or a Matching Contribution Account (and, when used in the plural, all such Deferred Compensation Accounts to the credit of a
Participant under the terms of this Plan). The value of each Deferred Compensation Account shall be adjusted as provided in this Plan. 

  

	 	22.8.	“Eligible Associate” shall mean an Associate who, at such times that Associate is eligible to participate in this Plan as provided in Section 3 of this Plan, either: 

 

	 	(a)	is in the first calendar year as an Associate who is found by the Plan Administrator in its discretion to have earned annual total cash compensation in excess of the compensation limit under Section 40 1(a)(17) of
the Code (as indexed annually for inflation) from any or all employers or principals in the prior calendar year (or in the second prior calendar year, should the Plan Administrator anticipate or determine that information on the individual’s
earnings in the prior calendar year that the Plan Administrator would find sufficiently reliable is not available), and is selected by the Plan Administrator for eligibility and is so notified; 

 

	 	(b)	is in the second or later calendar year as an Associate who earned annual total cash compensation in excess of the compensation limit under Section 401(a)(17) of the Code (as indexed annually for inflation) from
the MetLife Companies (or other employers or principals, if applicable) for the twelve (12) months immediately preceding October 1 of the year prior to the year subject to the Deferral Election; 

 

	 	(c)	is in the second or later calendar year as an Associate, earned annual total cash compensation from the MetLife Companies in the twelve (12) months immediately preceding October 1 of the year prior to the year
subject to the Deferral Election in an amount that exceeded the amount determined under Code Section 414(q)(l)((B)(i) (as indexed annually for inflation) on such October 1 date, and who qualified for Chairman’s Conference, Leaders
Conference, President’s Conference, or any other performance recognition conference designed for these purposes by the Plan Administrator, in each case based on performance for the second year prior to the year subject to the Deferral Election;
or 

  

	 	(d)	is deemed to be an Eligible Associate by the Plan Administrator in its discretion. 

  
 9 

	 	22.9.	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  

	 	22.10.	“Fair Market Value” shall mean, on any date, the closing price of MetLife 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 MetLife Stock are quoted at the relevant time) on such date. In the event that there are no MetLife 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 MetLife Stock transactions were so reported. 

  

	 	22.11.	“Investment Tracking” shall mean the adjustment of value to reflect simulated investment performance. 

  

	 	22.12.	“Investment Tracking Funds” shall mean those funds and vehicles described in Section 6 of this Plan. 

  

	 	22.13.	“Legal Deferral Requirements” shall mean requirements under law to achieve deferral of income taxation, including but not limited to Code Section 409A and any regulations promulgated thereunder.

  

	 	22.14.	“Matching Contributions” shall mean the matching contributions described in Section 8 of this Plan. 

  

	 	22.15.	“Matching Contribution Account” shall mean a record-keeping account established for the benefit of a Participant in which is credited Matching Contributions 

 

	 	22.16.	“MetLife Common Stock Fund” shall mean Fair Market Value, plus the value of reinvested dividends payable on MetLife Stock. 

 

	 	22.17.	“MetLife Companies” shall mean MetLife Group, Inc.; Metropolitan Life Insurance Company; Metropolitan Property and Casualty Insurance Company; MetLife Securities, Inc.; MetLife Bank, National Association; and
SafeGuard Health Plans, Inc. (of California). 

  

	 	22.18.	“MetLife Stock” shall mean shares of common stock of MetLife, Inc. 

  

	 	22.19.	“Participant” shall mean each Eligible Associate who has had compensation deferred by operation of a deferral election under this Plan. 

 

	 	22.20.	“Plan” shall mean this MetLife Individual Distribution Sales Deferred Compensation Plan. 

  

	 	22.21.	“Plan Administrator” shall mean the Plan Administrator of the Retirement Plan, including any person to whom such office has been delegated consistent with the Retirement Plan. 

 

	 	22.22.	“Reallocation Election” shall mean a written document executed by the Participant specifying the Participant’s instructions regarding the matters addressed by Section 7 of this Plan.

  

	 	22.23.	“Retirement Plan” shall mean the Metropolitan Life Retirement Plan for United States Employees. 

  
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	 	22.24.	“SIP” shall mean each and all of the Savings and Investment Plan for Employees of Metropolitan Life and Participating Affiliates, the Metropolitan Life Auxiliary Savings and Investment Plan, and the
Metropolitan Life Supplemental Auxiliary Savings and Investment Plan (and/or any successor plan(s)). 

  

	 	22.25.	“Total Return” shall mean the change (plus or minus) in price or value, plus dividends (if any) on a reinvested basis, during .the applicable period, less any management fees or other expenses applicable to
the fund or investment serving as the basis for Investment Tracking Fund, as determined by the Plan Administrator in its discretion. 

  

	 	22.26.	“Unforeseeable Emergency” shall mean severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or a dependent of the Participant, loss of the
Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, in any case that is not or can not be relieved by the Participant
through reimbursement or compensation by insurance or otherwise, liquidation of the Participant’s assets (to the extent such liquidation would not itself cause severe financial hardship), and in any case solely to the extent consistent with the
grounds for action by the Plan Administrator under Section 12 of the Plan consistent with Legal Deferral Requirements. 

 IN WITNESS
WHEREOF, pursuant to authorization by the Board of Directors of MetLife, Inc., this MetLife Individual Distribution Sales Deferred Compensation Plan, effective January 1, 2010, is approved. 

 

			
	MetLife, Inc.
		
	By:	 	
	 /s/ Steven Brash

	Vice President and Tax Director - Steven J. Brash
		
	Date:	 	 Aug. 31, 2009

		
	Witness:	 	 /s/ Angela Layne

		 	Angela Layne

  
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