Employment Agreement dated as of November 21, 2007 - Peter J. Beshar



 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the “Agreement”) is made and entered into effective as of
November 21, 2007 by and between Marsh & McLennan Companies, Inc. (together with its successors and assigns, “MMC” or the “Company”), a Delaware corporation, and Peter J. Beshar (the
“Executive”). 
 WHEREAS, the Executive and the Company desire to embody in this Agreement the terms and conditions of the
Executive’s continued employment by the Company; 
 NOW, THEREFORE, in consideration of the premises and mutual promises contained in this
Agreement, including the compensation paid to the Executive, the parties hereby agree: 
 ARTICLE 1 
 Employment, Duties and Responsibilities 
 1.1
Employment; Reporting. The Company shall continue to employ the Executive as the Executive Vice President and General Counsel. The Executive hereby accepts such employment, subject to the terms and conditions of this Agreement. The Executive
shall report directly to the Chief Executive Officer of the Company (the “Chief Executive Officer”). 
 1.2 Duties and
Responsibilities. 
 (a) The Executive shall have such duties and responsibilities and powers and authority as those normally associated with the
position of Executive Vice President and General Counsel of the Company, as well as any additional duties, responsibilities and/or powers and authority assigned to him by the Chief Executive Officer which are consistent with his position as
Executive Vice President and General Counsel of the Company. 
 The Executive agrees to use his best efforts to promote the interests of MMC, and
agrees that he will devote his entire working time, care and attention to his duties, responsibilities and obligations to the Company throughout the Term (as defined in Section 2.1 hereof). The Executive may serve on the boards of other civic,
charitable and corporate entities with the prior written consent of the Chief Executive Officer and manage his personal investments and affairs, so long as such activities do not, either individually or in the aggregate, interfere with the
Executive’s duties and responsibilities as Executive Vice President and General Counsel. 
  

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 ARTICLE 2 
 Term 
 2.1 Employment Period. The initial term of the Executive’s employment under this Agreement (the
“Initial Term”) shall commence on November 21, 2007 (the “Effective Date”) and shall continue through November 20, 2010. Thereafter, this Agreement shall automatically renew for successive one
(1) year terms (each, a “Renewal Term”) unless either party sends a notice of termination to the other party in accordance with Section 6.2 hereof at least ninety (90) days prior to the expiration of the Initial Term
or Renewal Term, as the case may be. The Initial Term, together with any and all Renewal Terms, if any, are the “Term.” 
 2.2
Payment Due to Non-Renewal by the Company. If the Company sends a notice of termination of the Term to the Executive as provided in Section 2.1 hereof, and after the expiration of the Term the Executive’s employment is terminated
(A) by the Company without Cause (as defined in Section 5.1 hereof) or due to death or Disability (as defined in Section 5.4 hereof) or (B) by the Executive for any reason, then the Company shall pay to the Executive, in a lump
sum within five (5) days of the effective date of such termination of employment, a cash amount equal to the Executive’s then-current annualized base salary (but not less than his Base Salary as of the last day of the Term). 
 ARTICLE 3 
 Compensation 
 As compensation and consideration for the performance by the Executive of his obligations under this Agreement, during the Term the Executive shall be entitled to
the compensation and benefits set forth in this Article 3 (subject, in each case, to the provisions of Article 5 hereof). 
 3.1 Base Salary.
The Executive shall receive an annual base salary (“Base Salary”) of $875,000. The Base Salary shall be reviewed at least annually by the Compensation Committee (the “Committee”) of the Board of Directors of MMC
(the “Board”) and may be increased (but not decreased) in the sole discretion of the Committee. If the Executive’s Base Salary is increased, the increased amount shall thereafter be the Base Salary. The Base Salary shall be
payable in installments, consistent with the Company’s payroll procedures in effect from time to time. 
 3.2 Annual Bonus. In addition to
Base Salary, the Executive shall be eligible to participate throughout the Term in such annual bonus plans and programs as may be in effect from time to time in accordance with the Company’s compensation practices and the terms and provisions
of any such plans or programs. The Executive’s target annual bonus opportunity will range between one hundred fifty percent (150%) and two hundred fifty percent (250%) of his Base 

  

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Salary. The actual bonus amounts will be determined by the Committee based on the achievement of Company and individual performance goals. The Annual Bonus shall be
paid in the same time and manner as corresponding awards to other senior executives of the Company generally. 
 3.3 Long-Term and Equity
Compensation. 
 The Executive shall also be eligible to participate in MMC’s long-term incentive compensation plans (including its
equity-compensation plans), applicable to MMC’s senior executive officers and as determined by the Committee in a manner consistent with the treatment of other senior executives. The specific awards under these plans will be made by the
Committee in its sole discretion, commensurate with the Executive’s position as Executive Vice President and General Counsel of the Company and consistent with the treatment of other senior executives. Notwithstanding the foregoing, the
Committee shall each year grant to the Executive, no later than it makes corresponding awards to other senior executives of the Company generally, and on terms and conditions that are both consistent with this Agreement and no less favorable to the
Executive than the terms and conditions that apply to corresponding awards to other senior executive participants generally, long-term incentive compensation with a combined grant-date target value between two hundred percent (200%) and three
hundred percent (300%) of the Executive’s Base Salary, as determined by the Committee; provided that the combined grant-date target value for the Executive’s long-term incentive compensation to be granted annually during the Term, the
composition of which shall be determined by the Committee, shall be no less than $1.75 million. 
 3.4 Benefit Plans. The Executive and the
Executive’s spouse and eligible dependents, as the case may be, shall be eligible to participate in employee benefit and fringe benefit plans and programs provided by the Company, including but not limited to retirement, life insurance, health,
dental and disability plans and programs, on terms and conditions generally applicable to executives of the Company. Nothing herein shall limit the Company’s ability to change, modify, cancel or amend any such plans. 
 3.5 Executive Financial Services Program. Throughout the Term, the Executive shall be eligible to participate in the MMC Financial Services Program, as in
effect from time to time. 
 3.6 Expenses. The Company will reimburse the Executive for reasonable business-related expenses incurred by him in
connection with the performance of his duties hereunder during the Term, subject, however, to its written policies relating to business-related expenses as in effect, from time to time, during the Term, a copy of which has previously been made
available to the Executive. 
 3.7 Vacation. The Executive shall be entitled to paid vacation in accordance with the Company’s policy in
effect from time to time during the Term. 
 3.8 Indemnification. Executive shall be entitled to indemnification in accordance with the
Company’s by-laws as in effect on the date hereof, subject to applicable law. Any expenses (including damages, losses, judgments, fines, 

  

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penalties, settlements, costs, attorneys’ fees, and expenses of establishing a right to indemnification), that are subject to such indemnification and are or may
be incurred in connection with a proceeding shall be paid by the Company in advance within 30 days of a request by Executive, which shall be accompanied by documentation substantiating such expenses. Executive shall promptly deliver to the Company
an undertaking, in such form as the Company shall specify, to reimburse the Company for expenses to which Executive is adjudged not to be entitled to indemnification. 
 ARTICLE 4 
 Noncompetition/Nonsolicitation/Confidentiality 
 4.1 Noncompetition and Nonsolicitation Periods 
 (a)
During the Executive’s employment with the Company or any subsidiary and during the 12 month period following termination of the Executive’s employment with the Company or any subsidiary for any reason (other than a termination of
employment by the Company due to Disability (as defined in Section 5.4 hereof), the Executive shall not, directly or indirectly: 
  

	 	(i)	engage in any Competitive Activity or 

  

	 	(ii)	whether on behalf of himself or any other person or entity (x) solicit any customer or client of the Company or any subsidiary with respect to a Competitive Activity or (y) solicit
or employ any employee of the Company or any subsidiary for the purpose of causing such employee to terminate his or her employment with the Company or such subsidiary. 

 For purposes of this Agreement, “Competitive Activity” shall mean the Executive’s engaging in an activity – whether as an employee, consultant, principal, member, agent, officer, director, partner or
shareholder (except as a less than 1% shareholder of a publicly traded company) – that is competitive with any business of the Company or any subsidiary conducted by the Company or such subsidiary as of the date of the termination of the
Executive’s employment; provided, however, that the Executive may be employed by or otherwise associated with: 
  

	 	(i)	a business of which a subsidiary, division, segment, unit, etc. is in competition with the Company or any subsidiary but as to which such subsidiary, division, segment, unit, etc., the
Executive has absolutely no direct or indirect responsibilities or involvement, or 

  

	 	(ii)	a company where the Competitive Activity is: 

  

	 	(x)	from the perspective of such company, de minimis with respect to the business of such company and its affiliates, and 

  

	 	(y)	from the perspective of the Company or any subsidiary, not in material competition with the Company or any subsidiary. 

  

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	 	(iii)	it is specifically agreed and understood that the practice of law in any capacity by Executive, including in the context of a law firm, business entity (as general counsel or like position)
governmental agency, academia, or public interest advocacy, following termination of Executive’s employment with the Company is not a “Competitive Activity.” 

 (b) At all times prior to and following the Executive’s termination of employment, the Executive shall not disclose to anyone or make use of any trade secret
or proprietary or confidential information of the Company or any subsidiary, including such trade secret or proprietary or confidential information of any customer or client or other entity to which the Company or any subsidiary owes an obligation
not to disclose such information, which the Executive acquires during the Executive’s employment with the Company or any subsidiary, including but not limited to records kept in the ordinary course of business except: 
  

	 	(i)	As such disclosure or use may be required or appropriate in connection with the Executive’s work as an employee of the Company or any subsidiary; 

  

	 	(ii)	When required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or any subsidiary or by any administrative or legislative
body (including a committee thereof) with apparent jurisdiction to order the Executive to divulge, disclose or make accessible such information; 

  

	 	(iii)	As to such confidential information that becomes generally known to the public or trade without the Executive’s violation of this Section 4.1(b); or 

  

	 	(iv)	To the Executive’s spouse and/or the Executive’s personal tax and financial advisors as reasonably necessary or appropriate to advance the Executive’s tax, financial and other
personal planning (each an “Exempt Person”); provided, however, that any improper disclosure or use of any trade secret or proprietary or confidential information of the Company or any subsidiary by an Exempt Person shall be deemed
to be a breach of this Section 4.1(b) by the Executive. 

 (c) The Executive acknowledges and agrees that the covenants contained in
Sections 4.1(a) and (b) hereof are reasonable and necessary to protect the confidential information and goodwill of the Company and its subsidiaries. The Executive further represents that his experience and capabilities are such that the
provisions of Sections 4.1(a) and (b) hereof will not prevent him from earning a livelihood. 
  

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 ARTICLE 5 
 Termination; Change of Control 
 5.1 Termination by the Company. The Company shall have the right, subject to the terms
of this Agreement, to terminate the Executive’s employment at any time, with or without “Cause.” The Company shall give the Executive written notice of a termination for Cause (the “Cause Notice”) in accordance with
Section 6.2 hereof. The Cause Notice shall state the particular action(s) or inaction(s) giving rise to the termination for Cause. No action(s) or inaction(s) will constitute Cause unless (1) a resolution finding that Cause exists has been
approved by a majority of all of the members of the Board at a meeting at which the Executive is allowed to appear with his legal counsel and (2) where remedial action is feasible, the Executive fails to remedy the action(s) or inaction(s)
within ten (10) days after receiving the Cause Notice. If the Executive so effects a cure to the satisfaction of the Board, the Cause Notice shall be deemed rescinded and of no force or effect. For purposes of this Agreement,
“Cause” shall mean only: 
 (a) any willful refusal by the Executive to follow lawful directives of the Chief Executive Officer or the
Board which are consistent with the scope and nature of the Executive’s duties and responsibilities as set forth herein; 
 (b) the
Executive’s conviction of, or plea of guilty or nolo contendere to, a felony or of any crime involving moral turpitude, fraud or embezzlement; 
 (c) any gross negligence or willful misconduct of the Executive resulting in a material loss to the Company or any of its subsidiaries, or material damage to the reputation of the Company or any of its subsidiaries; 
 (d) any material breach by the Executive of any one or more of the covenants referred to in Article 4 hereof; or 
 (e) any violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries. 
 5.2 Termination by the Executive. The Executive shall have the right, subject to the terms of this Agreement, to terminate his employment at any time with
or without “Good Reason.” For purposes of this Agreement, “Good Reason,” shall mean the occurrence of any of the following during the Term, without the Executive’s prior written consent (provided that an isolated,
insubstantial or inadvertent action not taken in bad faith which is remedied by the Company promptly after receipt of notice thereof given by the Executive shall not constitute Good Reason): (A) a material diminution in the Executive’s
position (including status, offices, titles, reporting lines or reporting requirements), authority, duties, or responsibilities as contemplated by this Agreement; (B) any removal of the Executive from his position as Executive Vice President
and General Counsel of the Company; (C) any failure by the Company to comply with the provisions of Article 3 

  

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hereof; (D) a failure by the Company to comply with any other material provision of this Employment Agreement; or (E) a change in the Executive’s
principal work location to more than 50 miles from his current work location. The Executive must give the company written notice in accordance with Section 6.2 hereof of Good Reason termination of employment within 60 days of the first
occurrence (as determined without regard to any prior occurrence that was subsequently remedied by the Company) of the applicable circumstance set forth above. Such notice must specify which of the circumstances set forth above the Executive is
relying on, and the particular action(s) or inaction(s) giving rise to such circumstance. The Good Reason termination must be effective no earlier than 30 days and no later than 60 days after the Executive’s delivery of the written notice;
provided, however, that the Company may remedy such circumstances within 30 days after receipt of the written notice. 
 5.3 Death. In the event
the Executive dies during the Term, the Executive’s employment shall automatically terminate, such termination to be effective on the date of the Executive’s death. 
 5.4 Disability. In the event that the Executive shall suffer a disability during the Term which shall have prevented him from performing satisfactorily his
obligations hereunder for a period of at least ninety (90) consecutive days or one hundred eighty (180) non-consecutive days within any three hundred sixty-five (365) day period (“Disability”), the Company shall have
the right to terminate the Executive’s employment, such termination to be effective upon the giving of notice thereof to the Executive in accordance with Section 6.2 hereof. 
 5.5 Effect of Termination. 
 (a) In the event of
termination of the Executive’s employment for any reason during the Term, the Term shall end as of the date of termination and the Company shall provide to the Executive (or his beneficiary, heirs or estate in the event of his death), as
provided in Section 5.7 hereof, (i) any Base Salary to the extent not theretofore paid, (ii) any reimbursable business expenses that have not yet been reimbursed, and (iii) if not yet paid, the earned annual bonus for the
calendar year that preceded the time of the termination (collectively, the “Accrued Obligations”), within fifteen (15) days of Executive’s termination. 
 (b) In the event of termination of the Executive’s employment during the Term (i) by the Company for Cause or (ii) by the Executive other than for
Good Reason, neither the Executive nor any beneficiary, heir or estate of the Executive shall be entitled to any further compensation other than the Accrued Obligations. In such event, all of the Executive’s outstanding unvested equity-based
awards shall be immediately forfeited, except to the extent otherwise provided in the terms and conditions for such awards or in any applicable Company Plan. 
 (c) In the event of termination of the Executive’s employment during the Term (i) by the Company based on the Disability of the Executive as defined in Section 5.4 hereof, or (ii) due to the Executive’s death, the
Company shall pay the Executive (or his estate, beneficiary or heir in the case of death), in addition to the Accrued Obligations, a prorated 

  

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target annual bonus for the year in which the termination occurs based on the portion of the year elapsed as of the date of such termination. Any such bonus amount
shall be paid subject to the conditions in Section 5.7 hereof. In addition, upon such a termination, all unvested equity awards held by the Executive as of the date of termination that were granted to the Executive pursuant to Section 3.3
hereof or that certain employment agreement by and between the Company and Executive, dated November 22, 2004 (the 2004 Agreement) shall immediately fully vest as of the date of termination. 
 (d) In the event of termination of the Executive’s employment during the Term (i) by the Company other than for Cause (and not due to the
Executive’s death or Disability), or (ii) by the Executive for Good Reason, in either case which is not covered by Section 5.6 hereof, the Company shall pay the Executive, in addition to the Accrued Obligations, a lump sum amount
equal to two hundred fifty percent (250%) times the sum of (x) the Executive’s then-current Base Salary and (y) the average annual bonus actually paid to the Executive (including any amounts deferred under any Company arrangement
as well as non-cash amounts that are specifically designated as being part of the annual bonus, if any) for the three calendar years prior to the calendar year in which the termination takes place (such sum is the “Annual
Compensation”). The Executive shall also be entitled to a prorated annual bonus for the year in which the termination occurs based on the degree of achievement of goals at year-end under the bonus program in effect at the time of
termination and the portion of the year elapsed as of the date of such termination. The degree of achievement of goals shall be determined in accordance with the bonus program, except that should any goals be of a subjective nature, the degree of
achievement thereof shall be determined by the Committee in its sole discretion. Any such bonus amount shall be paid at the same time as annual bonuses for the year are paid to the Company’s senior executives generally. The Company shall also
maintain, for the continued benefit of Executive, his spouse and his dependents, continuation of group medical and dental coverage as provided under COBRA (or substantially equivalent alternative coverage) for a period of one (1) year after the
Executive’s termination of employment; provided that the Company shall continue to pay, or reimburse the Executive for, the Company’s cost (as if the Executive were an active employee of the Company) (the “Welfare Benefit”). In
addition, upon such a termination, all unvested equity awards held by the Executive as of the date of termination that were granted to the Executive pursuant to Section 3.3 hereof or the 2004 Agreement shall immediately fully vest as of the
date of termination. 
 5.6 Change in Control. Upon the termination of the Executive’s employment by the Company without Cause or by the
Executive for Good Reason (i) during the 6-month period immediately preceding the occurrence of a Change in Control (as defined in the Company’s 2000 Senior Executive Incentive and Stock Award Plan, as in effect on the date hereof) or
(ii) during the 2-year period immediately following a Change in Control, the Executive shall be entitled to receive, in addition to the Accrued Obligations and the Welfare Benefit, promptly following the later of such termination and such a
Change in Control, a lump sum amount equal to two hundred fifty percent (250%) times the Annual Compensation (as defined in Section 5.5(d) hereof). The Executive shall also be entitled to a prorated annual bonus for the year in which the
termination occurs based on the portion of the year elapsed as of the date of such termination 

  

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multiplied by the greater of (I) the Executive’s target annual bonus for the year of termination or (II) the average annual bonus actually paid to the
Executive (including any such amounts deferred under any Company arrangement as well as non-cash amounts that are specifically designated as being part of the annual bonus, if any) for the three calendar years prior to the calendar year in which the
termination takes place. Any such bonus amount shall be paid as provided in Section 5.7 hereof. The vesting of equity-based awards held by the Executive as of the date of the Change in Control shall be determined in accordance with the terms
and conditions of the applicable equity compensation plan and/or grant or agreement, provided, however, that all equity based awards granted to Executive which are unvested on the date of termination shall then immediately fully vest. Payments due
to the Executive under this Section 5.6 shall be offset, dollar-for-dollar, by corresponding amounts (if any) previously paid under Section 5.5(d) (e.g., if the termination occurred prior to the pertinent Change in Control).

 5.7 Conditions. Any payments or benefits made or provided pursuant to this Article 5 (other than the Accrued Obligations) are subject to the
Executive’s: 
 (a) compliance with the provisions of Article 4 and Section 5.9 hereof (provided that this shall not affect the timing of the
payment to the Executive provided for below in this Section 5.7 unless the Executive is in material breach of any of such provisions as of the time such payment is to be made); 
 (b) delivery to the Company of an executed General Release, which shall be substantially in the form attached hereto as Exhibit A, with such changes therein or
additions thereto as needed under then applicable law to give effect to its intent and purpose; and 
 (c) delivery to the Company of a resignation
from all offices, directorships and fiduciary positions with the Company, its affiliates and employee benefit plans. 
 The items referred to in Section 5.7(b)
shall be delivered to the Company in time to allow payments hereunder to qualify as “short term deferrals” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). 
 Subject to Section 6.12(a) hereof, any amounts due following a termination under this Agreement (other than the Accrued Obligations, which shall be paid when due or on such
later date as may be required to avoid any “additional tax” under Section 409A shall not be due until after the expiration of any revocation period applicable to the General Release without the Executive having revoked such General
Release, and any such amounts shall be paid to the Executive within thirty (30) days of the expiration of such revocation period without the occurrence of a revocation by the Executive (or the earliest date as may be required to avoid any
“additional tax” under Section 409A)). Nevertheless (and regardless of whether the General Release has been executed by the Executive), upon any termination of Executive’s employment, Executive shall be entitled to receive the
Accrued Obligations, payable within thirty (30) days after the date of termination or in accordance with the applicable plan, program or policy. 
  

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 5.8 No Mitigation. The Executive shall be under no obligation to seek other employment following a
termination of his employment with the Company or any subsidiary for any reason. In addition, there shall be no offset against amounts due to the Executive under this Article 5 or otherwise on account of any compensation attributable to any
subsequent employment. 
 5.9 Cooperation; Assistance. The Executive agrees to cooperate fully, subject to reimbursement by the Company of
reasonable out-of-pocket costs and expenses, with the Company or any subsidiary and their counsel with respect to any matter (including any litigation, investigation or governmental proceeding) which relates to matters with which the Executive was
involved or about which he had knowledge during his employment with the Company or any subsidiary. Such cooperation shall include appearing from time to time at the offices of the Company or any subsidiary or their counsel for conferences and
interviews and in general providing the officers of the Company or any subsidiary and their counsel with the full benefit of the Executive’s knowledge with respect to any such matter. The Executive further agrees, upon termination of his
employment for any reason, to assist his successor in the transition of his duties and responsibilities to such successor. The Executive agrees to render such cooperation in a timely fashion and at such times as may be mutually agreeable to the
parties. 
 ARTICLE 6 
 Miscellaneous

 6.1 Benefit of Agreement, Assignment; Beneficiary. 
 (a) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns and any corporation or person which may acquire all or substantially all of the assets or business of the Company,
or with or into which the Company may be consolidated or merged. This Agreement shall also inure to the benefit of, and be enforceable by, the Executive and his personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Executive should die while any amount would still be payable to the Executive hereunder if he had continued to live, all such amounts shall be paid in accordance with the terms of this Agreement to the
Executive’s beneficiary, devisee, legatee or other designee, or if there is no such designee, to the Executive’s estate. 
 (b) The Company
shall require any successor (whether direct or indirect, by operation of law, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
  

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 6.2 Notices. Any notice required or permitted hereunder shall be in writing and shall be sufficiently given
if personally delivered or if sent by certified mail, postage prepaid, with return receipt requested or by reputable overnight courier, addressed: (a) in the case of the Company to the Chief Executive Officer of the Company at the
Company’s then-current headquarters, and (b) in the case of the Executive, to the Executive’s last known address as reflected in the Company’s records, or to such other address as either party shall designate by written notice to
the other party. Any notice given hereunder shall be deemed to have been given at the time of receipt thereof by the person to whom such notice is given if personally delivered or at the time of mailing if sent by certified mail or by courier.

 6.3 Entire Agreement; Amendment. Except as specifically provided herein, this Agreement contains the entire agreement of the parties hereto
with respect to the terms and conditions of the Executive’s employment during the Term and supersedes any and all prior agreements and understandings, whether written or oral, between the parties hereto with respect to compensation due for
services rendered hereunder. For the avoidance of doubt, in the event of any inconsistency between this Agreement and any plan, program or arrangement of the Company or its affiliates, the terms of this Agreement shall control. This Agreement may
not be changed or modified except by an instrument in writing signed by both of the parties hereto. The parties acknowledge the existence of an Employment Agreement, dated November 22, 2004, by and between them (the 2004 Agreement) which shall
continue in full force and effect prior to the commencement of the Term of this Agreement, but which shall be superseded in its entirety, (except as otherwise set forth herein) by this Agreement upon the commencement of the Term of this Agreement.

 6.4 Waiver. The waiver of either party of a breach of any provision of this Agreement shall not operate or be construed as a continuing
waiver or as a consent to or waiver of any subsequent breach hereof. 
 6.5 Headings. The Article and Section headings herein are for
convenience of reference only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 6.6 Governing Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the internal laws of the State of New York without reference to the principles of conflict of laws. 
 6.7 Agreement to Take Actions. Each party hereto shall execute and deliver such documents, certificates, agreements and other instruments and shall take
such other actions, as may be reasonably necessary or desirable in order to perform his or its obligations under this Agreement or to effectuate the purposes hereof. 
 6.8 Dispute Resolution. Any dispute or controversy arising from or relating to this Agreement and/or the Executive’s employment or relationship with the Company or any subsidiary other than with respect to Article
3.8 or Article 4.1 hereof shall be exclusively resolved by binding arbitration, to be held in New York City or in any other 

  

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location mutually agreed to by the Company and the Executive in accordance with the Employment Arbitration Rules of the American Arbitration Association. Judgment upon
the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The Executive and the Company agree that, in the event a dispute arises that concerns this Agreement, if the Executive is the Prevailing Party, the
Executive shall be entitled to recover all of his reasonable fees and expenses, including reasonable attorneys’ fees and expenses, incurred in connection with the dispute. A “Prevailing Party” is one who is successful on any
significant substantive issue in the action and achieves either a judgment or award in such party’s favor or some other affirmative recovery. 
 6.9 Survivorship. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to effectuate the intended preservation of such rights and obligations,
including Article 4 hereof. 
 6.10 Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not
affect the validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect. If any provision of this Agreement is held to be invalid, void or unenforceable, any court so holding shall
substitute a valid, enforceable provision that preserves, to the maximum lawful extent, the terms and intent of this Agreement. 
 6.11
Construction. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the
parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or law shall be deemed
also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The word “including” shall mean including without limitation. 
 6.12 Section 409A. 
 (a) Notwithstanding the
foregoing, if all or any portion of the payments due under Article 5 hereof are determined to be “nonqualified deferred compensation” subject to Section 409A of the Code, and the Company determines that Executive is a “specified
employee” as defined in Section 409A(a)(2)(B)(i) of the Code and the regulations and other guidance issued thereunder, then such payment shall be made in a lump sum no earlier than the first day of the seventh month following the month in
which Executive’s termination of employment occurs and no later than 15 days thereafter. 
 (b) It is intended that this Agreement and the
Company’s and the Executive’s exercise of authority or discretion hereunder shall comply with the provisions of Section 409A and the treasury regulations relating thereto so as not to subject the Executive to the payment of interest
and tax penalty which may be imposed under Section 409A. In furtherance of this interest, to the extent that any regulations or other guidance issued under Section 409A would result in the Executive being subject to payment of
“additional tax” under Section 409A, the parties agree to use their best efforts 

  

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to amend this Agreement in order to avoid the imposition of any such “additional tax” under Section 409A, which such amendment shall be designed to
minimize the adverse economic effect on the Executive without increasing the cost to the Company (other than transactions costs), all as reasonably determined in good faith by the Company and the Executive to maintain to the maximum extent
practicable the original intent of the applicable provisions. This Section 6.12 does not guarantee that payments under this Agreement will not be subject to “additional tax” under Section 409A. 
 6.13 Withholding. All compensation paid or provided to the Executive under this Agreement shall be subject to any applicable income, payroll or other tax
withholding requirements. 
 6.14 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be
an original but all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, each of the parties hereto has duly
executed this Agreement effective as of the date first written above. The Company represents that its execution of this Agreement has been authorized by the Committee. 
  


							
	MARSH & MCLENNAN COMPANIES, INC.	  		  	
				
	By:	  	 /s/ Michael G. Cherkasky
	  		  	Date: 9-11-07
	Name:	  	Michael G. Cherkasky	  		  	
	Title:	  	President & Chief Executive Officer	  		  	
			
	 /s/ Peter J. Beshar
	  		  	Date: 9-11-07
	PETER J. BESHAR	  		  	

  

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 EXHIBIT A 
 GENERAL RELEASE OF ALL CLAIMS 
 1. For valuable consideration, the adequacy of which is hereby acknowledged, the undersigned
(“Executive”), on his own behalf and on behalf of his heirs, executors, administrators, successors, representatives and assigns, does herein knowingly and voluntarily unconditionally release, waive, and fully discharge
Marsh & McLennan Companies, Inc. and its subsidiaries (including successors and assigns thereof) (collectively, the “Company”), and all of their respective past, present and future employees, officers, directors, agents,
affiliates, parents, predecessors, administrators, representatives, attorneys, and shareholders, and employee benefit plans, from any and all legal claims, liabilities, suits, causes of action (whether before a court or an administrative agency),
damages, costs, attorneys’ fees, interest, injuries, expenses, debts, or demands of any nature whatsoever, known or unknown, liquidated or unliquidated, absolute or contingent, at law or in equity, which were or could have been filed with any
Federal, state, or local court, agency, arbitrator or any other entity, based directly or indirectly on Executive’s employment with and separation from Company or based on any other alleged act or omission by or on behalf of Company prior to
Executive’s signing this General Release. Without limiting the generality of the foregoing terms, this General Release specifically includes all claims based on the terms, conditions, and privileges of employment, and those based on breach of
contract (express or implied), tort, harassment, intentional infliction of emotional distress, defamation, negligence, privacy, employment discrimination, retaliation, discharge not for just cause, constructive discharge, wrongful discharge, the Age
Discrimination in Employment Act of 1967, as amended (the “ADEA”), the Older Workers Benefit Protection Act of 1990, the Worker Adjustment and Retraining Notification Act, as amended, Executive Order 11,141 (age discrimination), Title VII
of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Civil Rights Act of 1866 and 1871, Sections 1981 through 1988 of Title 42 of the United States code, as amended, 41 U.S.C. §1981 (discrimination), 29 U.S.C.
§206(d)(1) (equal pay), Executive Order 11,246 (race, color, religion, sex and national origin discrimination), the National Labor Relations Act, the Equal Pay Act of 1993, the Americans with Disabilities Act of 1990, the Occupational Safety
and Health Act, as amended, the Family Medical Leave Act, the Immigration Reform and Control Act, as amended, the Vietnam Era Veterans Readjustment Assistance Act, §§503-504 of the Rehabilitation Act of 1973 (handicap rehabilitation), the
Employee Retirement Income Security Act of 1974, as amended, any federal, state or local fair employment, civil or human rights, wage and hour laws and wage payment laws, and any and all other Federal, state, local or other governmental statutes,
laws, ordinances, regulations and orders, under common law, and under any Company policy, procedure, bylaw or rule. This General Release shall not waive or release any rights or claims that Executive may have which arise after the date of this
General Release or that arise under or are preserved by Article 3.8 or 5 of the Employment Agreement, effective as of November 21, 2007, by and between Company and the Executive (the “Employment Agreement”) and shall not waive
post-termination health-continuation insurance benefits required by the Employment Agreement, state or federal law. 
 2. Executive intends this General Release to be
binding on his successors, and Executive specifically agrees not to file or continue any claim in respect of matters covered by Section 1, above. Executive further agrees never to institute any suit, complaint, proceeding, grievance or action
of any kind at law, in equity, or otherwise in any court of the United States or in any state, or in any administrative agency of the United States or any state, county or municipality, or before any other 








 
tribunal, public or private, against Company arising from or relating to his employment with or his termination of employment from Company and/or any other occurrences
to the date of this General Release, other than a claim challenging the validity of this General Release under the ADEA or respecting any matters not covered by this General Release. 
 3. Executive is further waiving his right to receive money or other relief in any action instituted by him or on his behalf by any person, entity or governmental agency in respect of matters covered by this General Release.
Nothing in this General Release shall limit the rights of any governmental agency or his right of access to, cooperation or participation with any governmental agency, including the United States Equal Employment Opportunity Commission. Executive
further agrees to waive his rights under any other statute or regulation, state or federal, which provides that a general release does not extend to claims which Executive does not know or suspect to exist in his favor at the time of executing this
General Release, which if known to him must have materially affected his settlement with Company. 
 4. Executive agrees that Executive shall not be eligible and shall
not seek or apply for reinstatement or re-employment with Company and agrees that any application for re-employment may be rejected without explanation or liability pursuant to this provision. 
 5. In further consideration of the promises made by Company in this General Release, Executive specifically waives and releases Company from all claims Executive may have as of
the date of this General Release, whether known or unknown, arising under the ADEA. Executive further agrees that: 
  

	 	(a)	Executive’s waiver of rights under this General Release is knowing and voluntary and in compliance with the Older Workers Benefit Protection Act of 1990 (“OWBPA”);


  

	 	(b)	Executive understands the terms of this General Release; 

  

	 	(c)	The consideration offered by Company under Article 5 of the Employment Agreement in exchange for the General Release represents consideration over and above that to which Executive would
otherwise be entitled, and that the consideration would not have been provided had Executive not agreed to sign the General Release and not signed the General Release; 

  

	 	(d)	Company is hereby advising Executive in writing to consult with an attorney prior to executing this General Release; 

  

	 	(e)	Company is giving Executive a period of twenty-one (21) days within which to consider this General Release; 

  

	 	(f)	Following Executive’s execution of this General Release, Executive has seven (7) days in which to revoke this General Release by written notice. An attempted revocation not actually
received by Company prior to the revocation deadline will not be effective; and 









	 	(g)	This General Release and all payments and benefits otherwise payable under Article 5 of the Employment Agreement (other than the Accrued Obligations) shall be void and of no force and effect
if Executive chooses to so revoke, and if Executive chooses not to so revoke, this General Release shall then become effective and enforceable. 

 6.
This General Release does not waive rights or claims that may arise under the ADEA after the date Executive signs this General Release. To the extent barred by the OWBPA, the covenant not to sue contained in Section 2, above, does not apply to
claims under the ADEA that challenge the validity of this General Release. 
 7. To revoke this General Release, Executive must send a written statement of revocation
to: 
  

					
		 	 Marsh & McLennan Companies, Inc.
 1166 Avenue of the
Americas
 New York, New York 10036
 Attn: President
	  	

 The revocation must be received no later than 5:00 p.m. on the seventh day following Executive’s
execution of this General Release. If Executive does not revoke, the eighth day following Executive’s acceptance will be the “effective date” of this General Release. 
 8. This General Release shall be governed by the internal laws (and not the choice of laws) of the State of New York, except for the application of pre-emptive Federal law. 
 PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

							
	Date:	  	  
	 		 	  

		  		 		 	Peter J. Beshar