8-KLeadership ChangesMaterial AgreementsOther Events+1

METLIFE INC 8-K Report, Material Agreement (Sep 30, 2004)

Filed September 30, 2004For Securities:METMET-PEMET-PFMET-PA

Summary

This Form 8-K filing from MetLife Inc. (MET) dated September 30, 2004, primarily reports on two key events. Firstly, the company entered into an Agreement, Waiver, and General Release with Stewart G. Nagler, who was Vice Chairman of the Board. This agreement details the cessation of his employment and directorships, effective August 31, 2004. Secondly, the filing announces that MetLife's Board of Directors declared an annual dividend of $0.46 per common share for 2004. This dividend declaration is a significant piece of information for shareholders, signaling a return of capital and confidence in the company's financial performance.

Key Highlights

  • 1MetLife entered into an agreement regarding the cessation of employment and directorships for Vice Chairman Stewart G. Nagler, effective August 31, 2004.
  • 2The agreement with Mr. Nagler includes specific payments: $800,000 under the Annual Variable Incentive Plan (AVIP), a $223,334 lump sum payment, and an enhancement to his pension benefit.
  • 3Mr. Nagler's pension benefit enhancement is calculated as if he had reached age 62 at retirement, rather than his actual age of 61 years and 7 months.
  • 4The Board of Directors declared an annual dividend of $0.46 per common share for the year 2004.
  • 5The dividend declaration was announced via a press release dated September 28, 2004, which is attached as an exhibit.
  • 6The filing incorporates by reference the terms of the agreement with Mr. Nagler into the section regarding the departure of principal officers.

Frequently Asked Questions

The agreement was a "Waiver and General Release" related to the cessation of Mr. Nagler's employment and directorships with MetLife and its subsidiaries. He previously held the position of Vice Chairman of the Board.

The agreement involves specific payments to Mr. Nagler, including a $800,000 payment from the Annual Variable Incentive Plan (AVIP), a $223,334 lump sum, and an estimated $243,000 enhancement to his pension benefit. These represent costs associated with the executive's departure.

Mr. Nagler's employment and his directorships with MetLife, Inc. and Metropolitan Life Insurance Company were terminated effective August 31, 2004.

MetLife's Board of Directors declared an annual dividend of $0.46 per common share for the year 2004.