METLIFE, INC. (NYSE:MET) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 12, 2018, the MetLife, Inc. (the “Company”) Board of Directors approved a Separation Agreement and General Release (the “Agreement”) with former Executive Vice President and Chief Financial Officer John C. R. Hele, and the Agreement became effective.
Under the Agreement, Mr. Hele will remain employed by a Company affiliate in a special advisory capacity through September 30, 2018, unless he earlier ends his employment or the Company affiliate terminates him for cause as defined in the Agreement. During this time, Mr. Hele will continue to receive his base salary (at an annual rate of $815,000) and benefits, but he will not receive additional incentive awards. Mr. Hele will earn, from the date the Agreement became effective through September 30, 2018, approximately $33,000 in benefits under the Auxiliary Retirement Plan and Auxiliary Match Plan, plus simulated investment returns or interest credits, as applicable.
Assuming Mr. Hele remains employed through September 30, 2018, he will, by virtue of his age and service, retain his outstanding stock-based long-term incentive awards under their existing terms, notwithstanding the end of his employment. Mr. Hele’s outstanding awards are listed in Exhibit A to the Agreement, and are subject to the terms of the applicable award agreements the Company has previously disclosed.
Mr. Hele’s Agreement also includes his release of claims against the Company and those associated with it.
The Agreement provides post-employment obligations and modifies existing obligations in Mr. Hele’s stock-based long-term incentive awards and Agreements to Protect Corporate Property. As a result, Mr. Hele may not interfere with Company business, or solicit individuals associated with the Company and its affiliates to leave or to perform services for anyone else, for 12 months following the end of his employment. Mr. Hele also may not disparage the Company and those associated with it. Further, Mr. Hele may forfeit his outstanding Performance Shares if he associates with any of the competitors the Company uses to determine relative total shareholder return performance under recent Performance Share awards.
Mr. Hele may also enter into another general release following the end of his employment, assuming he remains employed through September 30, 2018 and has complied with the Agreement. If so, Company management will recommend that the Company Board of Directors approve a payment of up to $1.5 million to Mr. Hele, based on 2018 Company performance and Mr. Hele’s performance.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the Agreement, which is filed as an exhibit hereto and is incorporated herein by reference.
Item 5.02 Financial Statements and Exhibits
METLIFE INC ExhibitEX-10.1 2 d600379dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SEPARATION AGREEMENT AND GENERAL RELEASE This Separation Agreement and General Release (this Separation Agreement) is entered into by and between John C.R. Hele (Mr. Hele),…To view the full exhibit click here
About METLIFE, INC. (NYSE:MET)
MetLife, Inc. (MetLife) is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America (collectively, the Americas); Asia, and Europe, the Middle East and Africa (EMEA). Its Retail segment is organized into two businesses: Life & Other, and Annuities. Its Group, Voluntary & Worksite Benefits insurance products and services include life, dental, group short- and long-term disability, property and casualty, long-term care, accidental death and dismemberment, critical illness, vision, and accident and health coverages, as well as prepaid legal plans. Its Corporate Benefit Funding segment provides funding and financing solutions that help institutional customers manage liabilities primarily associated with their qualified, nonqualified and welfare employee benefit programs using a spectrum of life and annuity-based insurance and investment products.