Document:

Exhibit

EXHIBIT 10.1
AMENDMENT 1 TO
LETTER OF UNDERSTANDING DATED JUNE 13, 2017
INTERNATIONAL ASSIGNMENT
UNITED ARAB EMIRATES - UNITED STATES

Michel Khalaf

February 26, 2019
Dear Michel: 
You have agreed to become the President and Chief Executive Officer of MetLife, Inc. effective May 1, 2019 (the “Appointment Date”). This letter serves as an amendment to your Letter of Understanding of June 13, 2017 (“LOU”). 
Termination of Assignment and Transfer of Employment
You are currently on an assignment from the Company’s branch in the United Arab Emirates (“MetLife UAE”) to MetLife in New York with a scheduled duration from July 1, 2017 through December 31, 2019. Effective on the day prior to the Appointment Date, your assignment from MetLife UAE to New York, and your employment with MetLife UAE, will end. Effective on the Appointment Date, your employment with MetLife Group, Inc. (“MetLife Group”) on an at-will basis will begin. As of the Appointment Date, you will no longer be employed by any MetLife, Inc. affiliate other than MetLife Group. You will not be entitled to any further compensation or benefits from MetLife UAE, except as required by law.
Tax-Related Benefits
Tax Equalization, as described in the LOU, will apply only to compensation and benefits paid on or prior to December 31, 2018, and only to the extent the LOU otherwise provides for Tax Equalization for such items. With the sole exception provided below under Relocation-Related Support, you are responsible for all applicable actual income and employment taxes with respect to all compensation and benefits paid on or after January 1, 2019 in any jurisdiction, including those you visit on business. This includes: 
		
	•
	base salary you earn during 2019 or later; 

		
	•
	your 2018 AVIP award paid in 2019 and any later AVIP awards; and

		
	•
	any payouts for stock-based long-term incentives in 2019 or later, such as your 2016-2018 or later Performance Shares or Performance Units, your Restricted Stock Unit or Restricted Unit tranches vesting in 2019 or later, and any proceeds from your exercise of Stock Options or Unit Options. 

Applicable actual income taxes include any of your U.S. federal, state, and local income taxes, any of your employment taxes such as FICA and Medicare taxes, and any other income or employment taxes to which you may be subject as a result of business travel or otherwise.

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Other Compensation and Benefits
You will no longer accrue benefits under the MetLife Deferred Compensation Plan for Globally Mobile Employees and the Alico Overseas Pension Plan as of the Appointment Date, per the terms of those plans. However, beginning as of the Appointment Date, you will accrue benefits under the MetLife Retirement Plan and the MetLife Auxiliary Pension Plan, subject to the terms of such plans, and will be eligible to defer a portion of your compensation and receive matching employer contributions under the MetLife 401(k) Plan, the MetLife Leadership Plan and the MetLife Auxiliary Match Plan, subject to the terms of such plans. 
Your medical and dental coverage under the MetLife Expatriate Benefit Plan will also cease as of the Appointment Date. As of the Appointment Date, you will be eligible to participate in the standard medical, dental and other welfare plans sponsored by MetLife Group, subject to the terms of such plans. 
Relocation-Related Support
Each item described in the “Assignment Compensation and Ongoing Assignment Support,” “Pre-Assignment,” “Relocation,” and “End of Assignment” sections of the LOU will stop as of the Appointment Date, except as described below. For example, you will not receive the final transition allowance payment specified in the LOU that was to be paid in July of 2019.
This amendment will not affect any LOU provisions for tax gross-up of your Assignment Compensation and Ongoing Assignment Support items incurred in 2018 or earlier.  
We recognize that as result of your transfer to MetLife Group, you will have to resolve certain end-of-assignment matters. To this end, MetLife Group will provide you with the following items initially described in the LOU, as modified here: 
		
	1.
	Immigration support to help you maintain your authorization to work in the United States for the duration of your employment with MetLife Group, and/or support for a Green Card application. 

		
	2.
	Professional tax services by MetLife Group’s chosen tax provider for assistance in preparing your personal income tax returns for periods that contain any date through December 31, 2019, to ensure complete and consistent treatment and disclosure of final relocation matters and past Tax Equalization payments. MetLife Group may elect to have its chosen tax advisor prepare one or more of your tax returns in subsequent years if MetLife Group, in its sole discretion, deems it necessary or advisable to do so. 

		
	3.
	A final shipment of your household goods, as specified in the LOU, so long as the shipment takes place on or before December 31, 2019.  Notwithstanding that MetLife Group provides this benefit to you after December 31, 2018, MetLife Group will make you whole for any taxes on this benefit, consistent with its current policy.

		
	4.
	In the event you purchase a home in the U.S. by December 31, 2019, MetLife Group will provide you with home purchase support comprised of assistance with your selection of a mortgage through its chosen relocation vendor. MetLife will reimburse you for reasonable closing costs on your home purchase up to U.S. $120,000.  

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Entire Agreement 
Except as modified by this amendment, the terms of the LOU will continue in effect. The LOU, as amended by this amendment, any generally-applicable policies or practices of MetLife Group or any of its affiliates that are implicated by the LOU, and the Waiver and Release of Claims also being offered to you, represent the entire agreement between you and MetLife Group and all of its affiliates, including MetLife UAE, solely regarding your assignment and its termination. Any word used in this amendment shall have the meaning defined in the LOU, if any.
Acceptance 
This amendment to the LOU is specifically conditioned upon your counter-signature to this letter, and your execution of the Waiver and Release of Claims also being offered to you, prior to the Appointment Date. Further, please be advised that any amounts MetLife Group or any of its affiliates pay to you or anyone else, and any taxes MetLife Group or any of its affiliates pay on your behalf pursuant to Tax Equalization or otherwise will not create any credit or otherwise affect the calculation of benefits provided under any pension, retirement, retirement savings, any deferred compensation, bonus, equity, incentive, severance, displacement, supplemental unemployment, health, life, or disability plan, or any other compensation or benefit plan, policy, program, or arrangement provided by any MetLife entity. If you agree to the terms and conditions stated above, please sign this letter in duplicate, retain a copy for your reference, and return one to us in confirmation of your agreement and acceptance of its terms.
Sincerely,
MetLife Group, Inc.
By: MetLife, Inc., sole shareholder
By: /s/ Susan M. Podlogar
MetLife, Inc. title: CHRO
Date: 2/27/2019

Accepted and Agreed:
/s/ Michel Khalaf
Dated: 2/27/2019

3Exhibit

EXHIBIT 10.2

CONFIRMATION OF END OF EMPLOYMENT AND WAIVER AND RELEASE OF CLAIMS
This Agreement is between:
American Life Insurance Company (“MetLife UAE”) and 
Michel Khalaf, an employee of the MetLife UAE ("You"). 
(each referred to as a "Party" and together the "Parties").
As part of the formalities of ending your employment with MetLife UAE and beginning your employment with MetLife Group, Inc., the Parties agree as follows: 

		
	1.
	Full and final settlement

You understand and agree that the payments referred to in this Agreement are offered with no admission of liability on the part of MetLife UAE and its affiliates (the “Company”) and in full and final settlement of all and any claims, costs, expenses or rights of action of any kind (whether contractual, statutory or otherwise) that you have or may have against the Company. By signing this Agreement, you hereby confirm that all matters between you and the Company have been fully and finally resolved.  MetLife UAE advises you to consult with an attorney before executing this Agreement.

		
	2.
	Employment termination and settlement conditions

You confirm and agree that:
		
	(a)
	Your employment with MetLife UAE shall end on April 30, 2019 ("End Date"). You shall commence employment with MetLife Group, Inc. on May 1, 2019.  

		
	(b)
	You will receive your normal salary and MetLife UAE benefits, subject to their terms, through the End Date.  To the extent applicable, you agree that your statutory notice period of three months shall be reduced pursuant to Article 59(3) of the Dubai International Financial Centre ("DIFC") Employment Law no 4 of 2005 as amended ("DIFC Employment Law") with the effect that your employment with MetLife UAE shall end on the End Date.

		
	(c)
	Your participation in all MetLife UAE benefits plans will cease as of the End Date, subject to the terms of such plans, and you will be eligible to participate in the standard medical, dental and other welfare plans sponsored by MetLife Group, Inc. subject to the terms of such plans.  Your UAE paid time off (“PTO”) will be applied to MetLife Group, Inc. PTO.

		
	(d)
	Regardless of any other terms of this Agreement, any of your rights under each of the following shall continue in force:  (i) your Letter of Understanding of June 13, 2017 as amended by Amendment 1; (ii) your MetLife stock-based long-term incentive awards; (iii) the Alico Overseas Pension Plan; (iv) the MetLife Deferred Compensation Plan for Globally Mobile Employees; any (v) any option you have to convert your group life insurance policy to an individual life insurance policy.  Your rights under any Company product you have purchased independent from your employment will not be affected by any terms of this Agreement.

		
	(e)
	The payments set out in this Agreement represent all and any payments which may be due to you up to and including the End Date, and in accordance with all applicable legislation including the DIFC Employment Law.

		
	(f)
	There are no outstanding monies by way of compensation or salary, expenses or other sums whatsoever due to you from the Company either in respect of your employment by the Company, its termination, or in respect of any matters associated therewith.

		
	(g)
	You have no claims or rights of action whatsoever against the Company or its or their directors, officers, employees, or agents arising out of your employment, its termination or otherwise and you have not presented or brought and will not present or bring any complaint, proceedings, actions or claim in the DIFC, or United Arab Emirates ("UAE") or worldwide.

		
	(h)
	You hereby irrevocably waive any rights you may have in respect of any claims or rights of action whatsoever and the Company shall be immediately deemed fully and irrevocably released in connection thereto. You confirm that the amounts provided for in this Agreement constitute valid consideration in respect of the claims waived.

		
	(i)
	You confirm that you have chosen to receive benefits pursuant to (a) the Alico Overseas Pension Plan; and (b) the MetLife Deferred Compensation Plan for Globally Mobile Employees instead of an end of service gratuity payment as permitted pursuant to Article 62(5) of the DIFC Employment Law. 

		
	(j)
	You will fully co-operate with the Company as directed in order to cancel your UAE residence visa and work permit.

		
	(k)
	You fully understand the terms of this Agreement and that the Company has given you reasonable opportunity to raise any questions or concerns that you may have.

		
	2.2
	In the event of any delay in cancelling your residence visa and work permit, you acknowledge and agree that you will not be entitled to any additional payments over and above the payments detailed in this Agreement (which are calculated up to the End Date).  

 
		
	3.
	Counterparts

		
	3.1
	This Agreement may be executed in any number of counterparts, each of which, when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one Agreement.

3.2    The parties have entered into this Agreement on the date the last Party signed it below.

		
	4.
	Governing law and jurisdiction

		
	4.1
	This Agreement shall be construed and governed by the laws of the DIFC and any laws of the UAE having effect in DIFC.

		
	4.2
	Any dispute arising out of or in connection with this Agreement shall be settled by the exclusive jurisdiction of courts in the State of New York, U.S.A.

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	5.
	Execution

Please review this Agreement and sign below to indicate your acceptance within 21 calendar days of receiving it.  MetLife UAE may extend this period of time to you in writing. 
	
						
	 
	 

	Signed:
	American Life
Insurance Company
	 
	Signed:
	/s/ Michel Khalaf
	 

	 
	 
	 
	 
	Michel Khalaf
	 

	By:
	/s/ Edward Spehar
	 
	 
	 
	 

	American Life Insurance Company Title:
	Chairman, Chief Executive Officer and Treasurer
	 
	Date:
	2/27/2019
	 

	 
	 
	 
	 
	 
	 

	Date:
	March 4, 2019
	 
	 
	 
	 

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