THE NEW METROPOLITAN LIFE AUXILIARY RETIREMENT BENEFITS PLAN Metropolitan Life Insurance Company (the Company) hereby continues in force and effect, as amended and restated by this instrument, effective January 1, 1996, The New Metropolitan Life Auxiliary Retirement Benefits Plan (the Plan), which was first established effective January 1, 1995. Article 1. Purpose of Plan The purpose of the Plan is to provide to participants and their beneficiaries under the Metropolitan Life Retirement Plan for United States Employees ('the Retirement Plan') the excess amount that would have been payable under the Retirement Plan in the absence of the limitations under (i) section 415 of the Internal Revenue Code of 1986 (as amended) ('the Internal Revenue Code'), and (ii) section 401(a)(17) of the Internal Revenue Code. Article 2. Participation (A) Except as provided in Paragraph (B) below, a Participant under the Plan is any Company employee participating in the Retirement Plan (a) whose benefits are reduced because of the application of (i) section 415 of the Internal Revenue Code, or (ii) section 401(a)(17) of the Internal Revenue Code. (B) (1) No individual shall be a Participant if on or after January 1, 1995 he or she is either (i) a member of the Executive Council participating in the Company's Long Term Performance Compensation Plan or (ii) a member of the President's Council for 3-consecutive years participating in the MetLife Executive Life Insurance Program. (2) If on or after January 1, 1995 a Participant under the Plan becomes either (i) a member of the Executive Council participating in the Company's Long Term Compensation Plan or (ii) a member of the President's Council for 3-consecutive years participating in the MetLife Executive Life Insurance Program, his or her Participation in the Plan shall cease on that date and all the benefits under the Plan that accrued through that date shall be forfeited under this Plan; instead, such accruals shall be part of such individual's benefits under the Metropolitan Life Supplemental Retirement Plan in which he or she will be a participant. Article 3. Payment of Benefits (A) Benefits under this Plan shall be payable to a Participant in an amount equal to the difference between (i) the largest amount (without duplication of amount) that would have been payable to the Participant under the Retirement Plan, under one or more of the following: (a) had the Retirement Plan not been subject to the limitations of section 415 of the Internal Revenue Code; and (b) had the Retirement Plan not been subject to the limitations of section 401(a)(17) of the Internal Revenue Code; less (ii) the amounts of benefits payable under the Retirement Plan and the Metropolitan Life Auxiliary Retirement Benefits Plan (i.e., the predecessor plan to this Plan). (B) Benefits payable under this Plan shall be payable in the same form and at the same times as the benefits under the Retirement Plan, and shall not in combination with the benefits earned under the Retirement Plan, the Metropolitan Life Auxiliary Retirement Benefits Plan and the New Metropolitan Life Supplemental Auxiliary Retirement Benefits Plan exceed the limitations on benefits established by regulations of the New York Insurance Department. Article 4. Unfunded Plan The Plan is completely unfunded, and payment of benefits is supported only by the general assets of the Company. This Plan is entirely separate from the Retirement Plan, the Metropolitan Life Auxiliary Retirement Benefits Plan, the New Metropolitan Life Supplemental Auxiliary Retirement Benefits Plan, and the Metropolitan Supplemental Retirement Benefits Plan, and Participation in this Plan gives a Participant no right to any funds or assets of the Retirement Plan, the Metropolitan Life Auxiliary Retirement Benefits Plan, the New Metropolitan Life Supplemental Auxiliary Retirement Benefits Plan, or the Metropolitan Life Supplemental Retirement Benefits Plan. The fact that contracts or certificates of the Company may be distributed to recipients of benefits under the Retirement Plan in discharge of the Company's obligations thereunder shall in no way 2 entitle a Participant in this Plan to receive any such contract or certificate in discharge of the Company's obligations hereunder. Article 5. Non-transferability of Participant's Interest. No Participant shall have any power or right to transfer, assign, mortgage, commute or otherwise encumber any of the benefits payable hereunder, nor shall such benefits be subject to seizure for the payment of any debts or judgments, or be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. Article 6. Effect of Taxes In making payments under this Plan, the Company shall withhold any Federal, state or local income or other taxes it determines that it is legally obligated to withhold. In the event the payments received by the Participant incur greater tax burdens (whether income, estate or other tax burdens) than would such payments if they had been able to be received under the Retirement Plan, the Company shall have no obligation to reimburse the Participant for such greater tax burdens. Article 7. Company Interpretation Binding In the event of a difference of opinion between a Participant and the Company with respect to the meaning or application of the provisions of the Plan, the Company's final interpretation shall be set forth in writing to the Participant and shall be binding and conclusive. Article 8. Governing Law To the extent not inconsistent with Federal law, the validity of the Plan and its provisions shall be construed according to the laws of the State of New York. 3 Article 9. Amendment and Termination of Plan The Company through the Nominating and Compensation Committee of the Board of Directors of the Company reserves the right to amend or terminate this Plan hereunder at any time without the consent of any Participant or of any other person. However, any such amendment or termination will not affect adversely the entitlement to benefits hereunder of any Participant receiving benefits under the Plan at or prior to the time of such amendment or termination or of an employee who is a Participant in the Retirement Plan at or prior to the time of such amendment or termination to the extent such benefits are attributable to Company service prior to the date of such amendment or termination. _____________________________ METROPOLITAN LIFE INSURANCE COMPANY Date By _______________________________ _____________________________ Witness 4
Auxiliary Retirement Benefits Plan - Metropolitan Life Insurance Co.
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