Marsh & McLennan Agency 401(k) Savings & Investment Plan.



 Exhibit 4.2 
 MARSH & McLENNAN AGENCY 401(k) SAVINGS & INVESTMENT PLAN 

Effective January 1, 2010 







 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 PREAMBLE
	  	 	-i-	  
		
	 ARTICLE I

DEFINITIONS
	  	 	I-1	  
	 1.1 “Account”
	  	 	I-1	  
		
	 1.2 “Acquired Employer”
	  	 	I-1	  
		
	 1.3 “Adjustment”
	  	 	I-1	  
		
	 1.4 “Administrative Committee”
	  	 	I-1	  
		
	 1.5 “Affiliate”
	  	 	I-1	  
		
	 1.6 “After-Tax Contributions”
	  	 	I-1	  
		
	 1.7 “After-Tax Contribution Account”
	  	 	I-1	  
		
	 1.8 “Applicable Valuation Date”
	  	 	I-1	  
		
	 1.9 “Average Deferral Percentage”
	  	 	I-2	  
		
	 1.10 “Beneficiary”
	  	 	I-2	  
		
	 1.11 “Board of Directors”
	  	 	I-2	  
		
	 1.12 “Catch-up Contributions”
	  	 	I-2	  
		
	 1.13 “Catch-up Contribution Limit”
	  	 	I-2	  
		
	 1.14 “Change in Control”
	  	 	I-2	  
		
	 1.15 “Code”
	  	 	I-3	  
		
	 1.16 “Company”
	  	 	I-3	  
		
	 1.17 “Company Representative”
	  	 	I-3	  
		
	 1.18 “Compensation”
	  	 	I-3	  
		
	 1.19 “Contribution Authorization”
	  	 	I-4	  
		
	 1.20 “Contribution Percentage”
	  	 	I-4	  
		
	 1.21 “Current Balance”
	  	 	I-5	  
		
	 1.22 “Disability”
	  	 	I-5	  
		
	 1.23 “Effective Date”
	  	 	I-5	  
		
	 1.24 “Elective Deferral Limit”
	  	 	I-5	  
		
	 1.25 “Elective Deferrals”
	  	 	I-5	  
		
	 1.26 “Eligible Employee”
	  	 	I-5	  
		
	 1.27 “Eligible Employee Participant”
	  	 	I-6	  
		
	 1.28 “Employee”
	  	 	I-6	  









					
	 	  	Page	 
	 1.29 “Employer”
	  	 	I-6	  
		
	 1.30 “Employer Matching Contribution Account”
	  	 	I-6	  
		
	 1.31 “Employment Commencement Date”
	  	 	I-6	  
		
	 1.32 “Employment Year”
	  	 	I-7	  
		
	 1.33 “ERISA”
	  	 	I-7	  
		
	 1.34 “Excess Deferrals”
	  	 	I-7	  
		
	 1.35 “Excess Pre-Tax Contributions”
	  	 	I-7	  
		
	 1.36 “Excess Section 401(m) Contributions”
	  	 	I-7	  
		
	 1.37 “Expatriate Employee”
	  	 	I-7	  
		
	 1.38 “Hardship”
	  	 	I-7	  
		
	 1.39 “Highly Compensated Employee”
	  	 	I-8	  
		
	 1.40 “Hour of Service”
	  	 	I-9	  
		
	 1.41 “Investment Committee”
	  	 	I-9	  
		
	 1.42 “Investment Fund”
	  	 	I-9	  
		
	 1.43 “Loan”
	  	 	I-9	  
		
	 1.44 “Loan Administrator”
	  	 	I-9	  
		
	 1.45 “Market Value”
	  	 	I-9	  
		
	 1.46 “MMC Stock”
	  	 	I-9	  
		
	 1.47 “Merged Plan”
	  	 	I-10	  
		
	 1.48 “Named Fiduciary”
	  	 	I-10	  
		
	 1.49 “Non-Covered Employer”
	  	 	I-10	  
		
	 1.50 “Normal Form”
	  	 	I-10	  
		
	 1.51 “Normal Retirement Date”
	  	 	I-10	  
		
	 1.52 “Oversight Committee”
	  	 	I-10	  
		
	 1.53 “Participant”
	  	 	I-10	  
		
	 1.54 “Participating Employer”
	  	 	I-10	  
		
	 1.55 “Participating Employer Matching Contributions”
	  	 	I-10	  
		
	 1.56 “Plan”
	  	 	I-10	  
		
	 1.57 “Plan Year”
	  	 	I-10	  
		
	 1.58 “Pre-Tax Contribution Account”
	  	 	I-10	  
		
	 1.59 “Pre-Tax Contributions”
	  	 	I-11	  
		
	 1.60 “Qualified Domestic Relations Order”
	  	 	I-11	  
		
	 1.61 “Qualified Non-Elective Contributions”
	  	 	I-11	  









					
	 	  	Page	 
	 1.62 “Regular Draw”.
	  	 	I-11	  
		
	 1.63 “Rollover Account”
	  	 	I-11	  
		
	 1.64 “Rollover Distribution”
	  	 	I-11	  
		
	 1.65 “Roth Contribution Account”
	  	 	I-11	  
		
	 1.66 “Roth Contributions”
	  	 	I-12	  
		
	 1.67 “Special Employer Contributions”
	  	 	I-12	  
		
	 1.68 “Spouse”
	  	 	I-12	  
		
	 1.69 “Spousal Consent”
	  	 	I-12	  
		
	 1.70 “Stock Fund”
	  	 	I-12	  
		
	 1.71 “Termination of Employment”
	  	 	I-12	  
		
	 1.72 “Total Earnings”
	  	 	I-12	  
		
	 1.73 “Transferred Account”
	  	 	I-13	  
		
	 1.74 “Transferred Elective Deferral Subaccount”
	  	 	I-13	  
		
	 1.75 “Trust Agreement”
	  	 	I-13	  
		
	 1.76 “Trust Fund”
	  	 	I-13	  
		
	 1.77 “Trust to Trust Transfer”
	  	 	I-13	  
		
	 1.78 “Trustee”
	  	 	I-13	  
		
	 1.79 “USERRA”
	  	 	I-13	  
		
	 1.80 “Valuation Date”
	  	 	I-13	  
		
	 1.81 “Value”
	  	 	I-13	  
		
	 1.82 “Year of Service”
	  	 	I-13	  
		
	 ARTICLE II

ELIGIBILITY AND MEMBERSHIP
	  	 	II-1	  
	 2.1 Regular Participation
	  	 	II-1	  
		
	 2.2 Limited Participation
	  	 	II-1	  
		
	 2.3 Contribution Authorization
	  	 	II-1	  
		
	 2.4 Transfer Between Employers
	  	 	II-2	  
		
	 2.5 Transfer to Ineligible Status
	  	 	II-2	  
		
	 2.6 Continuous Participation
	  	 	II-2	  
		
	 2.7 Re-employment
	  	 	II-3	  
		
	 2.8 USERRA Leave
	  	 	II-3	  









					
	 	  	Page	 
	 ARTICLE III

CONTRIBUTIONS
	  	 	III-1	  
	 3.1 Contributions By Or On Behalf Of Employees
	  	 	III-1	  
		
	 3.2 Time of Contributions
	  	 	III-3	  
		
	 3.3 Contribution of Rollover Distribution
	  	 	III-3	  
		
	 3.4 Trust to Trust Transfers from Other Plans
	  	 	III-4	  
		
	 3.5 Discontinued Contributions
	  	 	III-5	  
		
	 3.6 Contribution Changes and Suspensions
	  	 	III-5	  
		
	 3.7 Participating Employer Matching Contributions
	  	 	III-5	  
		
	 3.8 Matching Contributions Only for Permissible Contributions
	  	 	III-5	  
		
	 3.9 Calendar Year Dollar Limit on Pre-Tax Contributions
	  	 	III-6	  
		
	 3.10 Section 401(k) Limit on Pre-Tax Contributions
	  	 	III-7	  
		
	 3.11 Section 401(m) Limit on Participating Company Matching Contributions and After- Tax Contributions
	  	 	. III-9	  
		
	 3.12 Adjustment of Contributions to Avoid Exceeding Limitations
	  	 	III-10	  
		
	 3.13 Contributions May Not Exceed Amount Deductible Conditioned on Deductibility
	  	 	III-10	  
		
	 3.14 Multiple Arrangements for Highly Compensated Employees
	  	 	III-11	  
		
	 3.15 Special Limitations Applicable to “Top-Heavy” Plans
	  	 	III-11	  
		
	 3.16 Qualified Non-Elective Contributions
	  	 	III-11	  
		
	 3.17 Special Provision Regarding Re-employed Veterans
	  	 	III-11	  
		
	 ARTICLE IV

TRUST FUND
	  	 	IV-1	  
	 4.1 Exclusive Benefit
	  	 	IV-1	  
		
	 4.2 Funds Maintained by Trustee
	  	 	IV-1	  
		
	 4.3 Investment of Contributions
	  	 	IV-1	  
		
	 4.4 Plan Transfers Initiated by Participants
	  	 	IV-1	  
		
	 4.5 Section 404(c) of ERISA
	  	 	IV-1	  
		
	 4.6 Investment Allocations
	  	 	IV-1	  
		
	 4.7 Investment by Trustee
	  	 	IV-1	  
		
	 4.8 Investment of Assets from Merged Plans
	  	 	IV-2	  
		
	 4.9 Voting and Tendering MMC Stock
	  	 	IV-2	  









					
	 	  	Page	 
	 ARTICLE V

ALLOCATION OF FUNDS TO ACCOUNTS
	  	 	V-1	  
	 5.1 Accounts to be Maintained
	  	 	V-1	  
		
	 5.2 Adjustment of Participants’ Accounts
	  	 	V-2	  
		
	 5.3 Cash and Stock Dividend Allocations
	  	 	V-2	  
		
	 5.4 Allocation, Exercise and Sale of Rights
	  	 	V-2	  
		
	 5.5 Modification
	  	 	V-3	  
		
	 ARTICLE VI
	  			
	 DISTRIBUTIONS UPON RETIREMENT, DEATH OR OTHER TERMINATION OF EMPLOYMENT
	  	 	VI-1	  
	 6.1 Vesting of Accounts
	  	 	VI-1	  
		
	 6.2 Distribution of Accounts
	  	 	VI-4	  
		
	 6.3 Value of Accounts to be Distributed, Date of Distribution
	  	 	VI-4	  
		
	 6.4 Distribution Following Retirement
	  	 	VI-5	  
		
	 6.5 Distribution Upon Termination of Employment For Other Than Death or Retirement
	  	 	VI-6	  
		
	 6.6 Distribution Upon a Participant’s Death
	  	 	VI-6	  
		
	 6.7 Installment Distributions
	  	 	VI-7	  
		
	 6.8 Lump Sum Payment for Current Balance of $1,000 or Less
	  	 	VI-7	  
		
	 6.9 Benefit Elections Irrevocable
	  	 	VI-8	  
		
	 6.10 Commencement of Benefits
	  	 	VI-8	  
		
	 6.11 Unclaimed Benefits
	  	 	VI-8	  
		
	 6.12 Right to Payment of MMC Stock
	  	 	VI-8	  
		
	 6.13 Direct Rollover of Eligible Rollover Distributions
	  	 	VI-9	  
		
	 6.14 Restrictions on Distribution
	  	 	VI-10	  
		
	 6.15 Qualified Domestic Relations Orders
	  	 	VI-11	  
		
	 6.16 Optional Forms of Payment Under Merged Plans
	  	 	VI-11	  
		
	 ARTICLE VII
	  			
	 TOP HEAVY PROVISIONS
	  	 	VII-1	  
	 7.1 Special Rules for Top-Heavy Plans
	  	 	VII-1	  
		
	 7.2 Definitions
	  	 	VII-1	  
		
	 7.3 “Top-Heavy” Condition
	  	 	VII-2	  
		
	 7.4 Determination Date
	  	 	VII-2	  
		
	 7.5 Valuation
	  	 	VII-2	  









					
	 	  	Page	 
	 7.6 Distributions During Year Ending on the Determination Date
	  	 	VII-2	  
		
	 7.7 Employees Not Performing Services During Year Ending on the Determination Date
	  	 	VII-2	  
		
	 7.8 Compliance with Code Section 416
	  	 	VII-2	  
		
	 7.9 Beneficiaries
	  	 	VII-2	  
		
	 7.10 Accrued Benefit Under Defined Benefit Plan
	  	 	VII-2	  
		
	 7.11 Provisions Applicable in “Top-Heavy” Years
	  	 	VII-3	  
		
	 ARTICLE VIII
	  			
	 WITHDRAWALS
	  	 	VIII-1	  
	 8.1 Withdrawals Generally
	  	 	VIII-1	  
		
	 8.2 In-Service Withdrawals
	  	 	VIII-1	  
		
	 8.3 In-Service Financial Hardship Withdrawal of Pre-Tax Contributions
	  	 	VIII-2	  
		
	 8.4 Withdrawals from Investment Funds
	  	 	VIII-2	  
		
	 ARTICLE IX
	  			
	 LOANS TO PARTICIPANTS
	  	 	IX-1	  
	 9.1 Loans to Participants
	  	 	IX-1	  
		
	 9.2 Loan Requirements
	  	 	IX-1	  
		
	 9.3 Allocation among Investment Funds
	  	 	IX-2	  
		
	 9.4 Compliance with Applicable Law
	  	 	IX-2	  
		
	 9.5 Termination of Employment
	  	 	IX-2	  
		
	 9.6 Default
	  	 	IX-2	  
		
	 ARTICLE X
	  			
	 BENEFICIARIES
	  	 	X-1	  
	 10.1 Designation of Beneficiaries
	  	 	X-1	  
		
	 10.2 Payment to Beneficiaries
	  	 	X-1	  
		
	 10.3 Payment on Behalf of Minors and Incompetents
	  	 	X-1	  
		
	 ARTICLE XI
	  			
	 COMMITTEES AND ADMINISTRATION
	  	 	XI-1	  
	 11.1 Composition, Appointment, Removal and Resignation
	  	 	XI-1	  
		
	 11.2 Chairman, Secretary and other Personnel
	  	 	XI-1	  
		
	 11.3 Powers and Duties
	  	 	XI-1	  
		
	 11.4 Statement of Account Reports
	  	 	XI-2	  
		
	 11.5 Committee Action
	  	 	XI-2	  









					
	 	  	Page	 
	 11.6 Payment of Expenses
	  	 	XI-3	  
		
	 11.7 Fiduciaries
	  	 	XI-3	  
		
	 11.8 Liability Limited and Indemnification
	  	 	XI-4	  
		
	 11.9 Notices
	  	 	XI-4	  
		
	 ARTICLE XII
	  			
	 AMENDMENT AND TERMINATION
	  	 	XII-1	  
	 12.1 Amendment
	  	 	XII-1	  
		
	 12.2 Termination of Plan
	  	 	XII-1	  
		
	 12.3 Plan Merger
	  	 	XII-1	  
		
	 12.4 Plan Transfers
	  	 	XII-2	  
		
	 ARTICLE XIII
	  			
	 LIMITATION ON MAXIMUM CONTRIBUTIONS AND BENEFITS
	  			
	 UNDER ALL PLANS
	  	 	XIII-1	  
		
	 13.1 Definitions
	  	 	XIII-1	  
		
	 13.2 Limitation and Annual Additions
	  	 	XIII-2	  
		
	 13.3 Application
	  	 	XIII-2	  
		
	 13.4 Limitation Year
	  	 	XIII-2	  
		
	 ARTICLE XIV
	  			
	 MISCELLANEOUS
	  	 	XIV-1	  
	 14.1 No Warranty of Stock Fund or other Investment Fund
	  	 	XIV-1	  
		
	 14.2 Spendthrift Provision
	  	 	XIV-1	  
		
	 14.3 Benefits Solely from Trust Fund
	  	 	XIV-1	  
		
	 14.4 Governing Law and Limitation on Actions
	  	 	XIV-1	  
		
	 14.5 Correction of Payment Mistakes
	  	 	XIV-2	  
		
	 14.6 Return of Contributions
	  	 	XIV-2	  
		
	 14.7 Proof of Age; Etc.
	  	 	XIV-3	  
		
	 14.8 Estoppel of Participants and Their Beneficiaries
	  	 	XIV-3	  
		
	 14.9 Identity of Proper Payee
	  	 	XIV-3	  
		
	 14.10 Incapacity
	  	 	XIV-3	  
		
	 14.11 Discharge of Liability
	  	 	XIV-3	  
		
	 14.12 Limitation of Liability
	  	 	XIV-3	  
		
	 14.13 Plan Not a Contract of Employment
	  	 	XIV-4	  









					
	 	  	Page	 
	 14.14 Fees
	  	 	XIV-4	  
		
	 14.15 Claims Determinations
	  	 	XIV-4	  
		
	 14.16 Separability
	  	 	XIV-4	  
		
	 14.17 Captions
	  	 	XIV-4	  
		
	 APPENDIX A LEASED EMPLOYEES
	  	 	A-1	  
	 A.1 Definitions
	  	 	A-1	  
		
	 A.2 Treatment of Leased Employees
	  	 	A-1	  
		
	 A.3 Exception for Employees Covered by Plans of Leasing Organizations
	  	 	A-1	  
		
	 A.4 Construction
	  	 	A-1	  
		
	 APPENDIX B PROVISIONS FOR ACQUIRED BUSINESSES
	  	 	B-1	  
	 B.1 (a) Merger or Stock Acquisition
	  	 	B-1	  
		
	 (b) Other Acquisitions
	  	 	B-1	  
		
	 (c) Enrollment
	  	 	B-1	  








 PREAMBLE 
 MARSH & McLENNAN AGENCY 401(k) SAVINGS & INVESTMENT PLAN 

WHEREAS, Marsh & McLennan Companies, Inc. (the “Company”) has established Marsh & McLennan Agency LLC (the
“Employer”); and 
 WHEREAS, effective January 1, 2010, the Company wishes to establish a tax-qualified
profit-sharing plan containing a cash or deferred compensation feature (the “Plan”) for the benefit of eligible employees of the Employer; and 
 NOW, THEREFORE, effective January 1, 2010, the Plan is hereby set forth herein. 

  
 -i-









 ARTICLE I 
 DEFINITIONS 
 For purposes of the Plan, the definitions below shall apply
unless a different meaning is clearly required by the context. To the extent the context requires, in interpreting the Plan and the definitions in this Article I, the singular shall include the plural, the masculine shall include the feminine, and
any references to statutes or regulations shall be deemed to refer automatically to any successors to such statutes or regulations. 
 1.1 “Account” means the detailed record kept of the amounts credited or charged to each Participant or other individual in accordance with the terms hereof which shall consist of one or
more of the following: Employer Matching Contribution Account, Rollover Account, After-Tax Contribution Account, Pre-Tax Contribution Account, Roth Contribution Account and Transferred Account. Except to the extent otherwise specified, the term
“Account” means all such accounts. 
 1.2 “Acquired Employer” means an entity which was at one time
neither a Participating Employer nor a Non-Covered Employer, but which has become, by means of merger, consolidation, stock purchase or otherwise, a Participating Employer or Non-Covered Employer at the time of reference. 

1.3 “Adjustment” means the net increases and decreases in the market value of the Trust Fund or portion thereof during a
Plan Year or other period exclusive of any contribution, transfer, rollover, withdrawal or distribution during such year or other period. Such increases and decreases shall include such items as realized or unrealized investment gains and losses and
investment income, and may include expenses of administering the Trust Fund and the Plan as referred to in Section 12.6. 

1.4 “Administrative Committee” means the Administrative Committee appointed by the Oversight Committee to administer the
Plan as provided in Article XII. 
 1.5 “Affiliate” means any corporation, partnership, proprietorship or other
employing entity, other than the Company, that is a member of a controlled group of corporations (within the meaning of Section 414(b) of the Code) with the Company or is a trade or business that is under common control (within the meaning of
Section 414(c) of the Code) with the Company, and any entity aggregated with the Company as part of an affiliated service group (within the meaning of Section 414(m) of the Code). 

1.6 “After-Tax Contributions” means contributions made to the Trust Fund by a Participant pursuant to Section 3.1.

 1.7 “After-Tax Contribution Account” means that portion of a Participant’s Account attributable to his
or her own After-Tax Contributions and the Participant’s proportionate share of the Adjustments attributable to this After-Tax Contribution Account. 
 1.8 “Applicable Valuation Date” means, with respect to any date, the Valuation Date coincident with or next following that date, except as otherwise specifically provided. 

  
 I-1









 1.9 “Average Deferral Percentage” for any group of Eligible Employee
Participants, means the average of the individual ratios, for each person in the group, of (a) the person’s share of Pre-Tax Contributions for the relevant Plan Year (excluding Catch-up Contributions) to (b) the person’s Total
Earnings for the relevant Plan Year, as determined under Section 3.10. The individual ratios, and the Average Deferral Percentage for any group of individuals, shall be calculated to the nearest one-hundredth of one percent (0.01%) and the
Deferral Percentage of an Eligible Employee Participant who does not file or is not deemed to file under Section 3.1.2 a Contribution Authorization during the Plan Year shall be zero. For purposes of calculating the Average Deferral Percentage,
Qualified Non-elective Contributions under Section 3.16 may be taken into account as Pre-Tax Contributions if the conditions of the applicable regulations under Section 401(k) of the Code are met (which are set forth in Treas. Reg.
§1.401(k)-2(a)(6)). 
 1.10 “Beneficiary” means the beneficiary or beneficiaries determined pursuant to
Article X. 
 1.11 “Board of Directors” means the Board of Directors of the Company. 

1.12 “Catch-up Contributions” means contributions described in Section 414(v) of the Code, including amounts
treated as Roth Contributions, made to the Trust Fund on behalf of a Participant pursuant to Section 3.1.1. 
 1.13
“Catch-up Contribution Limit” means the maximum contribution permitted under Section 414(v) of the Code in a Participant’s taxable year, determined by including elective deferrals under other qualified plans or agreements
other than this Plan maintained by a Participating Employer or a Non-Covered Employer. For this purpose, a Participant’s taxable year shall be presumed to be the calendar year. 

1.14 “Change in Control” means a change in the management or ownership of the Company that shall have occurred if:

  

	 	(i)	any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities and Exchange Act of 1934 (the “Exchange Act”) (other than the
Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of
stock of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power
of the Company’s then outstanding voting securities; 

  

	 	(ii)	 during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director (other than a
director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (iii) or (iv) of this Section 1.14 whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least 



  
 I-2










	 	
two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease
for any reason to constitute at least a majority thereof; 

  

	 	(iii)	the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than (A) a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) fifty percent (50%) or
more of the combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a recapitalization of
the Company (or similar transaction) in which no “person” (as hereinabove defined) acquired fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities; or 


 

	 	(iv)	the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale of disposition by the Company of all or substantially
all of the Company’s assets (or any transaction having a similar effect). 

 1.15 “Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time. 
 1.16 “Company” means
Marsh & McLennan Companies, Inc., a Delaware corporation, and any successor thereto. 
 1.17 “Company
Representative” means the individual or committee appointed by the Company or the Chief Executive Officer, in accordance with guidelines adopted from time to time by the Board, to exercise the rights of the Company as settlor. The Company
Representative shall not be deemed to be a fiduciary with respect to the Plan when carrying out responsibilities assigned to the Company Representative under the Plan even if the same individual is both Company Representative and a Named Fiduciary
(including, for example, as a member of the Administrative Committee, Investment Committee or Oversight Committee). 
 1.18
“Compensation” means, for purposes of determining the contributions to the Plan under Article III by or with respect to any Participant, a Participant’s base rate of pay or Regular Draw from a Participating Company before any
deductions for taxes or other purposes, including payment for accrued but unused vacation, payment to a Participant within two and one-half (2-1/2) months of his separation from service (within the meaning of Section 401(k)(2)(B) of the Code)
for accrued bona-fide sick, vacation, or other leave (but only if the Participant would have been able to use the leave had his employment continued), Pre-Tax Contributions, After-Tax Contributions and any salary reduction amounts under any plan
described in Section 125 of the Code or any “qualified transportation fringe benefit plan” described in Section 132(f) of the Code, but shall not include: (a) allowances or reimbursements for expenses, (b) overtime pay,


  
 I-3









 
(c) any other payments or contributions to or for the benefit of the Participant under the Plan or under any other deferred compensation, pension, profit sharing, incentive, insurance or other
employee benefit plan, (d) stock options or income or gains from the exercise thereof, (e) benefits in the form of property or the use of property; (f) bonuses; (g) lump sum or other severance allowances; or (h) any other
form of additional compensation. The provision limiting payments made after separation from service shall not apply, however, to payments made to an individual on USERRA leave to the extent such payments do not exceed the amount the individual would
have received had the individual continued to perform services rather than going on USERRA leave. The Compensation of each Participant taken into account for determining allocations for any Plan Year shall not exceed the maximum permitted to be
recognized for such year under Section 401(a)(17) of the Code, as adjusted for cost-of-living increases in accordance with Section 401(a)(l7)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to
Compensation for the Plan Year that begins with or within such calendar year. (The Compensation of each Participant that can be taken into account for the 2010 Plan Year shall not exceed $245,000.) In the event there is a Plan Year shorter than
twelve (12) months, or Compensation for a period shorter than twelve (12) months is used to determine contributions under this Plan, the otherwise applicable limit under Section 401(a)(17) of the Code shall be multiplied by a
fraction, the numerator of which is the number of months in the short Plan Year and the denominator of which is twelve (12). 

1.19 “Contribution Authorization” means an agreement by an Eligible Employee, provided at the time, on a form and in a
manner specified by the Administrative Committee (which may include electronic means), to reduce the base pay otherwise currently payable to him or her in the form of a payroll deduction from base pay in order to share in Pre-Tax Contributions, Roth
Contributions and/or make After-Tax Contributions (such deduction shall comply with the further limitations in Section 3.1 of the Plan and shall not exceed seventy-five percent (75%) of a Participant’s Compensation otherwise payable
for any payroll period). The term “Contribution Authorization” shall include a deemed election by an Eligible Employee pursuant to Section 3.1.2 to reduce base pay otherwise payable to him or her to be contributed to the Plan as a
Pre-Tax Contribution (or such other applicable contribution as is provided for under Section 3.1.2). 
 1.20
“Contribution Percentage” means, for any group of Eligible Employee Participants, the average of the individual ratios, for each person in the group, of (a) the person’s share of Participating Employer Matching
Contributions and After-Tax Contributions for the relevant Plan Year to (b) the person’s Total Earnings for the relevant Plan Year, as determined under Section 3.11. The individual ratios, and the Contribution Percentage for any group
of individuals, shall be calculated to the nearest one-hundredth of one percent (0.01%) and the Contribution Percentage of a non-participating Eligible Employee Participant shall be zero. For purposes of calculating the Contribution Percentage,
Qualified Non-elective Contributions may be taken into account as Participating Employer Matching Contributions if the conditions of the applicable regulations under Section 401(m)(3) of the Code are met (which are set forth in Treas. Reg.
§ 1.401(m)-2(a)(6)), to the extent those contributions are not taken into account for purposes of the Average Deferral Percentage test pursuant to Section 3.11.2. In addition, Pre-tax Contributions may be taken into account as
Participating Employer Matching Contributions to the extent permitted by Treas. Reg. §1.40l(m)-2(a)(6). 

  
 I-4









 1.21 “Current Balance” of the Accounts or stipulated portions thereof as
of any date, means the account balance as of the Applicable Valuation Date. 
 1.22 “Disability” means the
permanent inability of a Participant to engage in duties of any gainful employment as determined under procedures set forth in the appropriate Participating Employer’s long term disability benefit program, as in effect from time to time.

 1.23 “Effective Date” means January 1, 2010, except to the extent another date is specified herein or
as required by law. 
 1.24 “Elective Deferral Limit” means the dollar limitation under Section 402(g) of
the Code in effect for a Participant’s taxable year ($16,500 for 2010, as adjusted for future years), determined by including the amount of elective deferrals made by the Participant during the Participant’s taxable year under any other
qualified plans or agreements other than this Plan maintained by a Participating Employer or by a Non-Covered Employer. For this purpose, a Participant’s taxable year shall be presumed to be the calendar year. No Participant shall be permitted
to have elective deferrals in excess of the Elective Deferral Limit. Catch-up Contributions described in Section 1.12 are not treated as elective deferrals for purposes of the Elective Deferral Limit. 

1.25 “Elective Deferrals” means, with respect to a Participant, Pre-Tax Contributions, Roth Contributions and any
“elective deferrals” as defined in Section 402(g)(3) of the Code contributed on behalf of the Participant under any other plan maintained by an employer of the Participant. Except as otherwise specified in the Plan, Elective Deferrals
do not include Catch-up Contributions. 
 1.26 “Eligible Employee” means, subject to the following provisions
of this Section 1.26, any common-law Employee of a Participating Employer, in the 50 States of the United States and the District of Columbia, who is classified as a “regular employee,” “contingent employee,” “temporary
employee” or some other classification on the Participating Employer’s human resources system. For purposes of the Plan, any person who is a United States citizen employed by a foreign Affiliate shall be deemed to be an Eligible Employee:
(1) if such individual is an Expatriate Employee and remains on the United States payroll of a Participating Employer, or (2) if and during the period of time for which the foreign Affiliate is covered under an agreement between the
Internal Revenue Service and the Participating Employer pursuant to Section 3121(1) of the Code, as such agreement may be amended from time to time, such an individual’s compensation by and service with the foreign Affiliate shall be taken
into account as if that compensation had been paid by, and that service performed for, the Participating Employer provided that the individual remains on the United States payroll of the Participating Employer. Notwithstanding the foregoing,
the term “Eligible Employee” does not include: (a) an individual who performs services for a Participating Employer under an agreement or arrangement (which may be written, oral, and/or evidenced by the Participating Employer’s
payroll practice) with the Participating Employer or with any other organization that provides the services of the individual to the Participating Employer, pursuant to which the individual is treated as an independent contractor or is otherwise
treated as an employee of an entity other than the Participating Employer (for example, an individual who is transferred from a foreign Affiliate to a Participating Employer on a temporary basis or a Leased Employee as described in


  
 I-5









 
Appendix A), irrespective of whether he or she is subsequently determined to be treated as an employee of the Participating Employer under common-law employment principles, by any court or
regulatory agency, or pursuant to the provisions of Section 414(m), 414(n) or 414(o) of the Code; (b) student interns (meaning individuals who perform services on a temporary basis for a Participating Employer where such services are
intended by the individual and the Participating Employer to relate to a course of study at an educational institution); and (c) any Employee who enters into an employment agreement with the Company or any Participating Employer whose terms and
conditions provide that such Employee will not participate in this Plan, who shall be excluded from participation for all purposes for a period specified in such employment agreement irrespective of whether the exclusion period extends beyond the
term of the employment agreement or whether any provisions of such employment agreement are subsequently determined to be invalid by any court or regulatory agency. (Employees described in the preceding sentence shall be deemed to have made a
one-time irrevocable election not to participate in the Plan.) 
 1.27 “Eligible Employee Participant” means an
individual who at some point in a Plan Year has satisfied the requirements of Section 2.1 (except for the requirement to file a Contribution Authorization) and continues to be an Eligible Employee, in which case the individual will be
considered an Eligible Employee Participant with respect to the entire Plan Year. 
 1.28 “Employee” means an
individual who is an employee of a Participating Employer or a Non-Covered Employer. 
 1.29 “Employer” means
Marsh & McLennan Agency LLC. 
 1.30 “Employer Matching Contribution Account” means the Account
maintained for each Participant who has completed one (1) Year of Service and in which is recorded each such Participant’s share of the Participating Employer Matching Contributions made to the Plan by a Participating Employer and the
Participant’s proportionate share of the Adjustments attributable to these contributions. 
 1.31 “Employment
Commencement Date” means the first day of the month in which an Employee first completes an Hour of Service for a Participating Employer or Non-Covered Employer or, if an Employee who has a “One-Year Period of Severance”, as
defined in Section 6.1.7(a), the date following such period on which he or she first again completes an Hour of Service for a Participating Employer or a Non-Covered Employer; provided, however, that with respect to any group of individuals who
become Employees of a Participating Employer in connection with the acquisition of a business by such Participating Employer, such date may be any earlier date (as will not materially increase the cost of the Plan to the Participating Employers)
specified on a uniform and nondiscriminatory manner (and set forth in Appendix B); provided, further, that such date shall be no later than the employment commencement date of the Employee as determined under the Marsh & McLennan Companies
Retirement Plan, the Marsh & McLennan Companies 401(k) Savings & Investment Plan or The Mercer HR Services Retirement Plan if and to the extent any such plan is applicable. 

  
 I-6









 1.32 “Employment Year” means, for each Employee, the twelve
(12) month period beginning on his or her Employment Commencement Date or an anniversary of that date. 
 1.33
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time. 

1.34 “Excess Deferrals” means the excess of a Participant’s Pre-Tax Contributions and/or Roth Contributions
(excluding Catch-up Contributions) for the taxable year of the Participant (which is presumed to be the calendar year) over the Elective Deferral Limit for that year. 
 1.35 “Excess Pre-Tax Contributions” means the amount of reduction in the Pre-Tax Contributions and/or Roth Contributions (other than Catch-up Contributions) made on behalf of a Highly
Compensated Employee to ensure that, with respect to any Plan Year, the aggregate amount of Pre-Tax Contributions and Roth Contributions (and other contributions permissibly aggregated with them) actually paid into the Plan on behalf of Highly
Compensated Employees for the Plan Year does not exceed the maximum amount of Pre-Tax Contributions and/or Roth Contributions (and other contributions permissibly aggregated with them) permitted for such Plan Year under the limitations set forth in
Section 3.10. The reduction imposed on any particular Highly Compensated Employee is determined by reducing the amount of Pre-Tax Contributions and/or Roth Contributions to be permitted on behalf of Highly Compensated Employees under the
“dollar leveling” method as described in Section 3.10.2. 
 1.36 “Excess Section 401(m)
Contributions” means the amount of reduction in the After-Tax Contributions and Participating Employer Matching Contributions made by or on behalf of a Highly Compensated Employee to ensure that with respect to any Plan Year, the aggregate
amount of Participating Employer Matching Contributions and After-Tax Contributions (and Pre-Tax Contributions taken into account in determining the Contribution Percentage) actually paid into the Plan by or for Highly Compensated Employees for such
Plan Year does not exceed the maximum amount of such contributions permitted for such Plan Year under the limitations set forth in Section 3.11, determined by reducing the amount of such contributions by or for Highly Compensated Employees
under the “dollar leveling” method as described in Section 3.11.3. 
 1.37 “Expatriate Employee”
means an Employee of a Participating Employer who (1) is transferred to a foreign Affiliate with the intent that such transfer is not permanent, and (2) is classified by the Participating Employer as an “expatriate employee.”

 1.38 “Hardship” means an immediate and heavy financial need of a Participant caused by one or more of the
following: 
  

	 	(a)	payment of expenses for medical care of the Participant, his or her spouse or dependent (without regard to the change in the definition of dependent under the Working
Families Tax Relief Act of 2004) that would qualify for deduction under Section 213(d) of the Code (without regard to whether the expenses exceed seven and one-half percent (7.5%) of adjusted gross income); 


  
 I-7










	 	(b)	payment of costs (other than mortgage payments) directly related to the purchase of the principal residence of a Participant; 


 

	 	(c)	payment of tuition and related educational fees and room and board expenses for the next twelve (12) months of post-secondary education of the Participant, his or
her spouse or dependent (without regard to the change in the definition of dependent under the Working Families Tax Relief Act of 2004); 

  

	 	(d)	payments necessary to prevent eviction of a Participant from his or her residence or the foreclosure of the mortgage on that residence; 


 

	 	(e)	payments for funeral or burial expenses for the Participant’s deceased parent, spouse, child, or dependent (without regard to the change in the definition of
dependent under the Working Families Tax Relief Act of 2004); 

  

	 	(f)	payments necessary to repair damage to the Participant’s principal residence that would qualify for a casualty loss deduction under Section 165 of the Code
(determined without regard to whether the loss exceeds ten percent (10%) of adjusted gross income); or 

  

	 	(g)	any other circumstances deemed to constitute a “safe harbor” immediate and heavy financial need under applicable Treasury Regulations or other authority
issued under the Code. 

 Payments that shall not give rise to a Hardship include, without limitation, those used
to repay loans (unless Subsection (d) applies) or to purchase (or to prevent the repossession of) luxury items. 
 1.39
“Highly Compensated Employee” means a “highly compensated employee” as defined in Section 414(q) of the Code, including any Employee who (a) was a five percent (5%) owner (as defined in
Section 414(q)(2) of the Code) for the Plan Year or the twelve (12) month period preceding the Plan Year (i.e., the lookback year) or (b) performs services for a Participating Employer or Non-Covered Employer during the Plan Year and
who during the lookback year had Total Earnings in excess of $110,000 (as adjusted pursuant to Section 415(d) of the Code) and, if the Administrative Committee elects by Plan amendment or otherwise pursuant to applicable Treasury regulations,
was in the “top-paid group” of Employees for such year. Notwithstanding the foregoing, the Administrative Committee is authorized to make such elections as may be permitted under Section 414(q) (and applicable regulations or other
guidance) regarding the time period for determining Total Earnings. 
 In the event there is a Plan Year shorter than twelve
(12) months, the “lookback year” calculation shall be made on the basis of the twelve (12) month period preceding such short Plan Year and the current Plan Year calculation shall be made on the basis of the short applicable Plan
Year. In addition, the relevant dollar amounts (i.e., Total Earnings and $110,000 as adjusted) shall be adjusted for the short Plan Year by multiplying such dollar amounts by a fraction, the numerator of which is the number of months in the short
Plan Year and the denominator of 

  
 I-8









 
which is twelve (12). 
 1.40 “Hour of Service” means:

  

	 	(a)	Each hour for which an Employee is directly or indirectly paid or entitled to payment by a Participating Employer or Non-Covered Employer for the performance of duties.
Such hours shall be credited to the Employee for the computation period in which the duties are performed. 

  

	 	(b)	Each hour (up to a maximum of five hundred and one (501) hours for any single continuous period during which the Employee performs no duties) for which an Employee
is directly or indirectly paid or entitled to payment by a Participating Employer or Non-Covered Employer for reasons (such as vacation, sickness or disability) other than for the performance of duties. These hours shall be credited to the Employee
for the computation period for which payment is made. 

  

	 	(c)	Each hour for which back pay, irrespective of mitigation of damages, has been either awarded or agreed to by a Participating Employer or Non-Covered Employer shall be
credited to the Employee for the computation period to which the award or agreement pertains rather than the period in which the award, agreements, or payment was made. 


Hours of Service will be calculated and credited pursuant to § 2530.200b-2 of the Department of Labor Regulations which are
incorporated herein by this reference. 
 1.41 “Investment Committee” means the Investment Committee appointed
by the Oversight Committee that is responsible for selecting and reviewing certain diversification investment options available to Participants and such additional duties as are set forth in Article XI. 

1.42 “Investment Fund” means a portion of the Trust Fund that is separately invested pursuant to Section 4.2, in
shares of an investment company or a common or collective trust or such other investment vehicle (including the Stock Fund) that is authorized under the Trust Agreement. 
 1.43 “Loan” means a Loan made to a Participant from his or her Accounts pursuant to Article IX. 
 1.44 “Loan Administrator” means the Administrative Committee or the individual the Administrative Committee designates as such. 

1.45 “Market Value” means the fair market value of MMC Stock as determined by the Trustee as of an Applicable Valuation
Date. 
 1.46 “MMC Stock” means the common stock, $1.00 par value per share, of the Company. 

  
 I-9









 1.47 “Merged Plan” means any plan of an Acquired Employer or any Affiliate
the assets of which have been merged or combined, in whole or in part, with assets of this Plan and whose participants have become Participants in this Plan. 
 1.48 “Named Fiduciary” means a named fiduciary described in Section 402(a)(2) of ERISA. 
 1.49 “Non-Covered Employer” means any Affiliate that is not a Participating Employer. 
 1.50 “Normal Form” means, except as provided in Section 6.8, the distribution form in which all or a specified portion of a Participant’s Accounts are distributed absent any
Participant elections, which means in whole shares of MMC Stock from the Stock Fund, the cash value of shares and other interests in any other Investment Fund under the Plan in which such Participant has an Account, plus cash for the remainder, if
any, of the value of the Participant’s Accounts, as the case may be. 
 1.51 “Normal Retirement Date”
means the first day of the month coincident with or next following a Participant’s 65th birthday. 
 1.52
“Oversight Committee” means the Global Benefits Oversight Committee appointed by the Chief Executive Officer of the Company. 
 1.53 “Participant” means any Eligible Employee who has become a “Participant” in this Plan pursuant to Article II and any former Eligible Employee who has an undistributed
Account. Except to the extent specified herein, a Beneficiary who has not received full payment of the death benefits payable to him or her shall have the same rights with respect to the undistributed Account as a former Eligible Employee.

 1.54 “Participating Employer” means the Employer and any Acquired Employer; as of the later of the Effective
Date or the date following the closing date of the acquisition of the Acquired Employer by merger, consolidation, stock purchase or otherwise; provided, however, such Acquired Employer shall not be a Participating Employer if appropriate action is
taken by the Board of Directors of the Company or Company Representative. 
 1.55 “Participating Employer Matching
Contributions” means contributions made to the Trust Fund by a Participating Employer pursuant to Section 3.7. 

1.56 “Plan” means this Marsh & McLennan Agency 401(k) Savings & Investment Plan (including the
Appendices thereto). 
 1.57 “Plan Year” means the consecutive twelve-month period beginning January 1 and
ending December 31. 
 1.58 “Pre-Tax Contribution Account” means that portion of a Participant’s
Account attributable to Catch-Up Contributions (other than Roth Contributions), Pre-Tax Contributions, Qualified Non-Elective Contributions, Special Company Contributions, and the Participant’s proportionate share of the Adjustment attributable
to these contributions. 

  
 I-10









 1.59 “Pre-Tax Contributions” means contributions made to the Trust Fund on
behalf of a Participant pursuant to Section 3.1. 
 1.60 “Qualified Domestic Relations Order” means a domestic
relations order that is a “qualified domestic relations order” within the meaning of Section 414(p) of the Code and that is a judgment, decree or order (including approval of a property settlement) made pursuant to a state domestic
relations law (including a community property law) which relates to the provision of child support, alimony payments or marital property to a Spouse, former Spouse, child or other dependent of a Participant and which creates or recognizes the
existence of a right of (or assigns such a right to) such Spouse, former Spouse, child or other dependent (the “Alternate Payee”) to receive all or a portion of the benefits payable with respect to a Participant under the Plan. A Qualified
Domestic Relations Order must clearly specify the amount or percentage of the Participant’s benefits to be paid to such Alternate Payee by the Plan (or the manner in which such amount or percentage is to be determined). A Qualified Domestic
Relations Order may not require the Plan (a) to provide any form or type of benefits or any option not otherwise provided under the Plan, (b) to pay benefits to an Alternate Payee under such order which are required to be paid to another
Alternate Payee under another such order previously filed with the Plan, or (c) to provide increased benefits (determined on the basis of actuarial equivalents); provided, however, that payment of benefits to the Alternate Payee under the order
shall be made (x) as soon as practicable following approval of the order as a “qualified domestic relations order” (y) in a lump sum, (z) as if, in the case of a Participant who is an Employee, the Participant’s
Termination of Employment had occurred on the date on which the payment is made under the order. 
 1.61 “Qualified
Non-Elective Contributions” means contributions made to the Trust Fund on behalf of a Participant pursuant to Section 3.16. 
 1.62 “Regular Draw” means a draw against commissions not subject to retroactive reduction by a Participating Employer. 

1.63 “Rollover Account” means that portion of a Participant’s Account attributable to Rollover Distributions and
the Participant’s proportionate share of the Adjustments attributable to his or her Rollover Distributions. The term may include more than one Rollover Account if separate Rollover Distributions are made pursuant to Section 3.3.

 1.64 “Rollover Distribution” means (i) with respect to all contributions other than “designated
Roth contributions” (within the meaning of Section 402A of the Code), the rollover of an eligible rollover distribution from a qualified plan described in Section 401(a) of the Code (including indirectly through a conduit IRA), and
(ii) with respect to designated Roth contributions (and earnings), the rollover of an eligible rollover distribution directly from a qualified plan described in Section 401(a) of the Code; provided, however, that a Rollover Distribution
may not include any distribution attributable to amounts withdrawn from this Plan or from a Roth IRA described in Section 408A of the Code. 
 1.65 “Roth Contribution Account” means the portion of a Participant’s Account attributable to Roth Contributions and the Participant’s proportionate share of the Adjustment
attributable to these contributions. 

  
 I-11









 1.66 “Roth Contributions” means contributions made to the Trust Fund on
behalf of a Participant pursuant to Section 3.1.1. 
 1.67 “Special Employer Contributions”
means employer contributions, including, but not limited to, qualified non-elective contributions, qualified matching contributions and safe harbor matching contributions, made to a Merged Plan, as disclosed in the applicable provisions of Appendix
B, and which may be withdrawn by a Participant from the Plan on account of Disability or the attainment of age fifty-nine and one-half (59 1/2) pursuant to Section 401(k) of the Code. 
 1.68 “Spouse” means the person who is of the opposite gender of the Participant and to whom the Participant is legally married at the relevant time. The term “Spouse” does not
include a “domestic partner” as defined under applicable law or by the Company generally to mean a person to whom the Participant is not legally married for federal income tax purposes but who resides with the Participant in an exclusive
committed relationship that is intended to be permanent and whereby the Participant and the person have agreed to share responsibility for each other’s common welfare and basic financial obligations. 

1.69 “Spousal Consent” means written consent by a Participant’s Spouse to a beneficiary designation by the
Participant. A Spousal Consent shall be ineffective unless (i) it acknowledges the effect of the beneficiary designation and is witnessed by a notary public or representative of the Plan, and (ii) the designation specifically identifies
the Participant’s beneficiaries (and contingent beneficiaries, if any) by name or class. If the Administrative Committee is satisfied that Spousal Consent cannot be obtained because there is no Spouse, because the Spouse cannot be located,
because the Participant can show by court order that the Spouse has abandoned the Participant, or because of other circumstances which may be permitted under applicable law, Spousal Consent shall be deemed to have been given. Any consent or deemed
consent with respect to a Spouse which satisfies the foregoing requirements shall be effective only with respect to the Spouse by whom given (or deemed to be given), and may not be revoked by that Spouse with respect to the beneficiary designation
to which it pertains. 
 1.70 “Stock Fund” means the fund consisting of contributions to the Plan invested in
MMC Stock, earnings thereon, amounts temporarily held pending investment therein and amounts held for disbursements therefrom. 

1.71 “Termination of Employment” means termination of all active employment with all Participating Employers and
Non-Covered Employers, except that absence on account of sickness or injury, leave of absence approved by the Participating Employer or Non-Covered Employer concerned, or absence recognized under USERRA or accrued but unused vacation during a period
for which an Employee is paid shall not be deemed a Termination of Employment unless and until employment is otherwise terminated. In the event of a disposition of a business, whether there has been a Termination of Employment is determined under
Section 6.14. 
 1.72 “Total Earnings” means total compensation (as that term is defined in
Section 415(c)(3) of the Code) paid by a Participating Employer or Non-Covered Employer to an 

  
 I-12









 
individual, but determined before giving effect to any Contribution Authorization under this Plan (or any other cash or deferred arrangement described in Section 401(k) of the Code) or to
any similar reduction agreement pursuant to any “cafeteria plan” described in Section 125 of the Code or under a “qualified transportation” fringe benefit plan described in Section 132(f)(4) of the Code. For purposes of
Sections 3.10.2 and 3.11.2, Total Earnings shall be limited to such compensation paid for the portion of the Plan Year or “limitation year”, as defined in Section 13.4 (as applicable), during which the individual was both an Eligible
Employee and a Participant. Total Earnings taken into account under the Plan for any Plan Year or “limitation year”, as defined in Section 13.4 (as applicable), shall not exceed the limit applicable to the calendar year in which the
Plan began and determined in accordance with Section 401(a)(17) of the Code, adjusted as provided in the last four (4) sentences of Section 1.18. 
 1.73 “Transferred Account” means the Account established as a result of a Trust to Trust Transfer as described in Section 3.4. 

1.74 “Transferred Elective Deferral Subaccount” means the portion of a Participant’s Transferred Account that is
subject to the administrative, withdrawal and distribution provisions applicable to Pre-Tax Contribution Accounts pursuant to Section 3.4.2. 
 1.75 “Trust Agreement” means the written agreement between the Company and the Trustee fixing the rights and liability of each with respect to the holding, investing and administering of
the Trust Fund for purposes of the Plan, as such agreement is initially written and from time to time amended. 
 1.76
“Trust Fund” means all money or other property which shall be held by the Trustee pursuant to the terms of the Trust Agreement. 
 1.77 “Trust to Trust Transfer” means a “Trust to Trust Transfer” described in Section 3.4. 
 1.78 “Trustee” means the financial institution from time to time designated by the Investment Committee to act as Trustee with respect to the Plan pursuant to the Trust Agreement.

 1.79 “USERRA” means the Uniformed Services Employment and Re-employment Rights Act. 

1.80 “Valuation Date” means the last day of each calendar month and any other date as of which the Administrative
Committee determines that a valuation of the Trust Fund is required by operation of the Plan or otherwise appropriate. 
 1.81
“Value” means the fair market value of a Participant’s (or other individual’s) interest in an Investment Fund as of an Applicable Valuation Date. 
 1.82 “Year of Service” means a period of twelve (12) months of “Service” as defined in Section 6.1.7(e). 

  
 I-13









 ARTICLE II 
 ELIGIBILITY AND MEMBERSHIP 
 2.1 Regular Participation. 

2.1.1 Any Employee of the Employer who is an Eligible Employee on the Effective Date shall become a Participant in the
Plan on the Effective Date, provided, however, that the Eligible Employee’s Contribution Authorization is completed or deemed completed and implemented under the rules of Section 2.3.1 and Section 3.1.2 of the Plan. 

2.1.2 An individual not described in Section 2.1.1 shall become a Participant in the Plan after the Effective Date as
of the first day of the pay period that coincides with or follows the latest of (i) the Participant’s Employment Commencement Date, (ii) his or her 18th birthday, and (iii) the completion or deemed completion and implementation
of his or her Contribution Authorization under the rules of Section 2.3.1 and Section 3.1.2 of the Plan, provided he or she is then an Eligible Employee. 

2.1.3 An Eligible Employee who transfers employment from a Non-Covered Employer directly to a Participating Employer shall
become a “Participant” on the latest date: (1) of the transfer; (2) determined to be administratively practicable by the Administrative Committee and communicated to him or her as the date he or she may deliver or shall be deemed
to deliver, a Contribution Authorization in accordance with Section 2.3.1 or Section 3.1.2; or (3) on which he or she attains age eighteen (18). 
 2.1.4 An Eligible Employee who is a member of a group of individuals that either became Employees of a Participating Employer in connection with the acquisition of the business employing such group by
such Participating Employer or became Employees of a Participating Employer in connection with the transfer of employment of the group from a Non-Covered Employer to a Participating Employer, shall become a “Participant” on the latest of
the date: (1) of the transfer; (2) determined to be administratively practicable by the Administrative Committee and communicated to him or her as the date he or she may deliver, or shall be deemed to deliver, a Contribution Authorization
in accordance with Section 2.3,1 or Section 3.1.2; or (3) attains age eighteen (18). 
 2.2 Limited
Participation. An Eligible Employee who is not otherwise a Participant and who either contributes a Rollover Distribution to the Plan pursuant to Section 3.3 or makes a Trust to Trust Transfer pursuant to Section 3.4 shall become a
Participant as of the date of such contribution, but only with respect to such Eligible Employee’s Rollover Account or Transferred Account (as the case may be). Such an Eligible Employee shall not be eligible to make Pre-Tax Contributions,
share in Participating Employer Matching Contributions or make After-Tax Contributions until the applicable provisions of Sections 3.1 and 3.3 have been satisfied. 
 2.3 Contribution Authorization. 
 2.3.1 In order to
authorize Pre-Tax Contributions, Roth Contributions and Catch-up Contributions or to make After-Tax Contributions, a Participant must complete a Contribution Authorization in the form and manner (which may include electronic means)


  
 II-1









 
required by the Administrative Committee. The Contribution Authorization shall be effective commencing with the first day of the first pay period for which it can be given effect under the
administrative procedures established by the Administrative Committee and shall remain in effect until the Participant’s Termination of Employment unless and until changed or suspended pursuant to a provision of this Plan. For purposes of the
foregoing, Contribution Authorization shall include a deemed election by an Eligible Employee pursuant to Section 3.1.2 to reduce base pay otherwise payable to him or her to be contributed to the Plan as a Pre-Tax Contribution (or such other
applicable contribution as is provided for under Section 3.1.2). 
 2.3.2 A Participant who elects to make
Pre-Tax Contributions, will attain age fifty (50) by the end of the Plan Year and has made the maximum Pre-Tax Contributions permitted for the Plan Year will, without any further action, be deemed to have elected to make the maximum Catch-up
Contributions to the extent necessary to effectuate his or her Contribution Authorization up to the maximum permissible under the Plan for that Plan Year unless and until the Participant notifies the Administrative Committee to the contrary in the
form and manner required by the Administrative Committee. Any such notification shall be effective on a prospective basis only and shall not require refund of any Catch-up Contributions previously made for the taxable year. 

2.4 Transfer Between Employers. If a Participant transfers from employment as an Eligible Employee with one Participating Employer
to employment as an Eligible Employee with another Participating Employer, the Participant’s Contribution Authorization shall be deemed to apply without interruption to the new Participating Employer in the same manner as it applied to the
prior Participating Employer. An Employee transferred from a Non-Covered Employer to a Participating Employer shall become a Participant in accordance with Sections 2.1, 2.3.1 and 3.1.2 of the Plan. 

2.5 Transfer to Ineligible Status. 
 2.5.1 If a Participant transfers directly to employment as an Employee other than as an Eligible Employee from employment as an Eligible Employee, the Participant’s Contribution Authorization shall
be suspended. No contributions shall be made for a Participant with respect to the period of such a suspension. A new Contribution Authorization for such a Participant may be made, pursuant to rules established by the Administrative Committee, upon
his or her transfer back to employment as an Eligible Employee in order to restore his or her status as an active Participant, notwithstanding the provisions of Section 3.1.2. 

2.5.2 If a Participant takes an unpaid leave of absence, the Participant’s Contribution Authorization shall be
suspended. No contributions shall be made for a Participant with respect to the period of such a suspension. The suspended Contribution Authorization shall be reinstated upon resumption of employment following a leave of absence, unless the
Participant elects otherwise. 
 2.6 Continuous Participation. An Eligible Employee who has enrolled in the Plan shall
continue to be a Participant whether or not he/she continues to be an Employee or continues to make contributions to the Plan, until such time as there are no longer any benefits remaining payable under the Plan to such Participant or his or her
Beneficiaries. 

  
 II-2









 2.7 Re-employment. A former Participant, who is re-employed as an Eligible Employee
and who had previously satisfied the requirements of Section 2.1 may complete a Contribution Authorization in accordance with Section 2.3.1 in order to restore his or her status as an active Participant, notwithstanding the provisions of
Section 3.1.2. 
 2.8 USERRA Leave. If an Employee goes on leave without pay status to perform military services as
recognized under USERRA, the Employee shall continue participation in the Plan in the same manner as any Employee on leave of absence, unless the Employee informs the Administrative Committee or his or her Participating Employer in writing of an
intent not to seek re-employment. The Employee’s benefit rights shall be those prescribed under the Plan in force at the commencement of military leave or which were implemented during the course of military leave. The Participating Employer
shall make up any required missed Employer contributions that are not conditioned on Employee contributions as soon as practicable following the Employee’s return to employment. The Administrative Committee is not obligated to reallocate
forfeitures to the Account of an Employee on military leave or credit the Account with earnings on any missed contributions. Any contributions missed by an Employee can be made up over a period of three (3) times the period of the military
leave, but not to exceed five (5) years. Upon return from military leave, the Employee may continue participation in the Plan on the same basis as the Employee was participating in the Plan prior to military leave, or as otherwise required by
USERRA. An Employee’s obligation to repay Plan Loans may be suspended for any period during which such Employee is performing service in the uniformed services as defined in chapter 43, title 38 of the United States Code. Furthermore, the Plan
shall be administered and operated in accordance with the applicable provisions of the Heroes Earnings and Assistance Relief Tax Act of 2008. 

  
 II-3









 ARTICLE III 
 CONTRIBUTIONS 
 3.1 Contributions By Or On Behalf Of Employees.

 3.1.1 In order for a Participant to make Pre-Tax Contributions, Roth Contributions and/or After-Tax
Contributions, a Contribution Authorization must be in effect (and not suspended pursuant to a provision of this Plan). The Participant may elect to irrevocably designate Pre-Tax Contributions, which shall be made solely from his or her Compensation
(i.e., base pay) in an amount equal to the reduction authorized under the Contribution Authorization, or Roth Contributions in lieu of all or a portion of Pre-Tax Contributions, which shall be made from his or her base pay and treated as includible
in the Participant’s income at the time the Participant would have received the amount in cash if the Participant had not made such election, and/or After-Tax Contributions, which shall be made from his or her base pay in an amount equal to the
deductions authorized under the Contribution Authorization, subject to the following: 
  

	 	(a)	After-Tax Contributions — An Eligible Employee may elect to make After-Tax Contributions to the Plan from his or her base pay in an amount in any whole percentage
not less than one percent (1%) nor more than fifteen percent (15%) of his or her Compensation with respect to a payroll cycle; or 

  

	 	(b)	Pre-Tax Contributions and Roth Contributions — An Eligible Employee may agree with his or her Participating Company to have his or her base pay reduced by an
amount in any whole percentage not less than one percent (1%) nor more than seventy-five percent (75%) of his or her Compensation with respect to a payroll cycle and to have that amount contributed from his or her base pay by the
Participating Company to the Plan as Pre-Tax Contributions or Roth Contributions on behalf of the Participant; or 

  

	 	(c)	After-Tax, Pre-Tax and Roth Contributions — An Eligible Employee permitted to make After-Tax Contributions may elect to have contributions made to the Plan from
his or her base pay pursuant to both paragraphs (a) and (b) of this Section 3.1.1 in any combination of whole percentages under each paragraph, provided that such contributions when added together may not equal more than seventy-five
percent (75%) of his or her Compensation with respect to a payroll cycle. 

  

	 	(d)	 Catch-up Contributions — A Participant who makes Pre-Tax Contributions or Roth Contributions and who will attain age fifty (50) before the
end of the Plan Year and whose Pre-Tax Contributions and/or Roth Contributions would otherwise exceed one or more limits in this Plan, shall, without any further action, be deemed to have elected to make Catch-up Contributions at the previously
specified rate in accordance with, 



  
 III-1










	 	
and subject to the limitations of, Section 414(v) of the Code, unless he or she elects not to make such Catch-up Contributions by notifying the Administrative Committee. Such Catch-up
Contributions shall not be taken into account for purposes of the provisions of the Plan implementing the required limitations of Sections 402(g) and 415 of the Code. The Plan shall not be treated as failing to satisfy the provisions of the Plan
implementing the requirements of Sections 401(k)(3), 401(k)(12), 410(b) or 416 of the Code, as applicable, by reason of the making of such Catch-up Contributions. 


3.1.2 (a) If either (1) a newly employed Eligible Employee (i) fails to provide a Contribution Authorization to
the Administrative Committee or (ii) fails to decline in a manner prescribed by the Administrative Committee to participate in the Plan, within thirty (30) days of the date he or she is employed by a Participating Employer, (2) a
re-employed Eligible Employee (i) fails to provide a Contribution Authorization to the Administrative Committee or (ii) fails to decline in a manner prescribed by the Administrative Committee to participate in the Plan, within thirty
(30) days of the date he or she is re-employed by a Participating Employer, (3) an Eligible Employee who is transferred from a Non-Covered Employer to a Participating Employer (i) fails to provide a Contribution Authorization to the
Administrative Committee or (ii) fails to decline in a manner prescribed by the Administrative Committee to participate in the Plan, within thirty (30) days of such date of transfer or such later date determined to be administratively
practicable by the Administrative Committee and communicated to the transferred Employee, or (4) a member of a group of individuals who either became Employees of a Participating Employer in connection with the acquisition of the business by
such Participating Employer or became Employees in connection with the transfer of employment of such group from a Non-Covered Employer to a Participating Employer (i) fails to provide a Contribution Authorization to the Administrative
Committee or (ii) fails to decline in the manner prescribed by the Administrative Committee to participate in the Plan, within thirty (30) days of the date of the applicable acquisition or transfer or such later date as determined to be
administratively practicable by the Administrative Committee and communicated to such group, such Eligible Employee shall be deemed to have elected to have his or her base pay or Regular Draw reduced by three percent (3%) of his or her
Compensation as a Pre-Tax Contribution with respect to a payroll cycle. Such deemed Contribution Authorization shall remain in effect until such time that the Participant completes and delivers a Contribution Authorization to the representative of
the Administrative Committee or elects to cease making further Pre-Tax Contributions (or, if applicable, Catch-up Contributions or After-Tax Contributions) in the manner prescribed by the Administrative Committee. Until such time that a Participant
completes and delivers a Contribution Authorization or makes the election described in the previous sentence, once his or her Pre-Tax Contributions reach the Elective Deferral Limit described in Section 3.9.1 during the Plan Year, reductions in
his or her base pay shall continue for the Plan Year as Catch-up Contributions if the Participant is eligible to make Catch-up Contributions, and once the limit on Catch-up Contributions is reached, if applicable, then reductions in his or her base
pay shall continue to be made for the Plan Year and contributed to the Plan as After-Tax Contributions. 
 (b) A
notice describing the automatic contribution rules of the Plan set forth in Section 3.1.2(a) shall be provided (including, if applicable, by electronic means) to each 

  
 III-2









 
newly employed or re-employed Eligible Employee no later than the latest of (1) an Eligible Employee’s Employment Commencement Date or re-employment date, as the case may be or
(2) thirty (30) days prior to an Eligible Employee’s eighteenth (18th) birthday. In the case of a transferred Eligible Employee or an Eligible Employee who is a member of a group of individuals described in Section 2.1.4, such notice shall be delivered as soon as
administratively practicable as determined by the Administrative Committee. At least thirty (30) days, but not more than ninety (90) days, before the beginning of a Plan Year, each Participant making Pre-Tax Contributions to his or her
Account through a deemed election shall receive the notice described above in this paragraph (b). 
 3.1.3
Contributions pursuant to this Section 3.1 shall be credited to the following Accounts as provided in Article VI: 
  

	 	(a)	After-Tax Contributions shall be credited to a Participant’s After-Tax Contribution Account; 


 

	 	(b)	Pre-Tax Contributions and Catch-up Contributions (that are not Roth Contributions) shall be credited to a Participant’s Pre-Tax Contribution Account; and


  

	 	(c)	Roth Contributions and Catch-up Contributions (that are Roth Contributions) shall be credited to a Participant’s Roth Contribution Account.


 3.1.4 For all or part of any Plan Year, the Administrative Committee may, in its sole discretion
exercised pursuant to Sections 3.10 and 3.11.2, establish maximum elective percentages of less than the amounts set forth above, either for all Participants or for all or a portion of the group of Participants who are or may be expected to be Highly
Compensated Employees. The Administrative Committee may also, in its discretion exercised pursuant to Section 3.10.2, recharacterize as After-Tax Contributions some or all of the Pre-Tax Contributions or Roth Contributions made for one or more
Participants who are Highly Compensated Employees. 
 3.1.5 Except as necessary in response to an occasional and
bona fide administrative consideration, Contributions under this Section 3.1 shall not be made (A) prior to the performance of services which relate to the Contributions; or (B) prior to the date that the Compensation, which an
Eligible Employee has elected to contribute pursuant to this Section 3.1, is currently available to such Eligible Employee. 
 3.2 Time of Contributions. Contributions to the Plan by Participants and Participating Employers for each payroll cycle shall be transmitted to the Trustee as soon as practicable. 

3.3 Contribution of Rollover Distribution. An Eligible Employee may contribute a Rollover Distribution in accordance with such
procedures as the Administrative Committee shall deem necessary or desirable, including (without limitation) procedures to ensure that the proposed contribution consists of a transfer which will meet the requirements for a Rollover


  
 III-3









 
Distribution, and for the return of purported Rollover Distributions and earnings thereon that are determined to have been invalidly made to the Plan. 

3.4 Trust to Trust Transfers from Other Plans. 

3.4.1 In the case of any Eligible Employee who participated in another defined contribution retirement plan (for purposes
of this Section 3.4, the “Other Plan”), the Administrative Committee may direct the Trustee of this Plan to accept from the trustee of the Other Plan a direct transfer of the Eligible Employee’s entire interest (other than
accumulated deductible employee contributions within the meaning of Section 72(o)(5) of the Code), under the Other Plan to be held for his or her benefit under this Plan (a “Trust to Trust Transfer”) without preservation of payment
options available under the Other Plan, provided that all of the following conditions are met: 
  

	 	(a)	The Eligible Employee’s active participation in the Other Plan shall have terminated and the Other Plan permits such transfers; 


 

	 	(b)	Such assurances as are deemed necessary under applicable Treasury regulations have been obtained to the effect that the Other Plan is qualified under Sections 401(a)
and 401(k) of the Code with respect to the Employee as of the date of transfer; and either 

  

	 	(i)	The transfer was made pursuant to the Eligible Employee’s voluntary election after notification of the consequences of that election; or 


 

	 	(ii)	The transfer is made in connection with an asset or stock acquisition, merger or similar transaction or a Participant’s change in employment status; and


  

	 	(iii)	Any other requirements of Section 411(d)(6)(D) of the Code and regulations thereunder, including applicable vesting requirements, are satisfied.


 3.4.2 The amount of the Trust to Trust Transfer from the Other Plan shall be held by the Trustee
under this Plan in his or her Transferred Account and shall be administered and distributed in the same manner and at the same time as a Participant’s Rollover Account and withdrawn in accordance with Sections 8.2 and 8.3; provided, however,
that any portion of the Transferred Account derived from “elective deferrals” (within the meaning of Section 402(g)(3) of the Code), “designated Roth contributions” (within the meaning of Section 402A(c)(1) of the Code)
or “catch-up contributions” (within the meaning of Section 414(v) of the Code) shall be administered, withdrawn and distributed in the same manner as the Participant’s Pre-Tax Contribution Account and/or Roth Contribution
Account. However, notwithstanding any provisions of this Plan to the contrary, if a portion of the amount transferred is attributable to voluntary non-deductible contributions by the employee under the Other Plan, such portion shall be credited to
his or her After-Tax Contribution Account and shall be subject to withdrawal to the extent and in the manner permitted by Article VIII of this Plan. Notwithstanding any other 

  
 III-4









 
provision of the Plan to the contrary, if the Other Plan is the Marsh & McLennan Companies 401(k) Savings & Investment Plan, amounts credited to the Participant’s accounts
in such Other Plan shall be credited respectively to the Employer Matching Company Account, Rollover Account, After-Tax Contribution Account, Pre-Tax Contribution Account and Roth Contribution Account in this Plan. 

3.5 Discontinued Contributions. No contributions to the Plan may be made by or for any Participant with respect to any period
during which such Participant is not an Eligible Employee. 
 3.6 Contribution Changes and Suspensions. As of the first
day of any calendar month, or as of such other times as the Administrative Committee may specify, a Participant may increase or reduce his or her rate of After-Tax Contributions and/or Pre-Tax Contributions or Roth Contributions to any rate
permitted under Section 3.1.1. A Participant may suspend After-Tax Contributions, Pre-Tax Contributions or Roth Contributions in any combination effective as of the first day of any calendar month, or as of such other times as the
Administrative Committee may permit, in which event such Participant may resume After-Tax Contributions, Pre-Tax Contributions or Roth Contributions in any combination as of the first day of a subsequent calendar month, or as of such earlier date as
the Administrative Committee may permit, at any rate permitted under Section 3.1.1. Any contribution rate change, and any suspension and resumption of contributions, shall be upon such prior notice to the Administrative Committee as specified
by the Administrative Committee. 
 3.7 Participating Employer Matching Contributions. 

3.7.1 As soon as reasonably practicable after the end of each payroll period and in such manner as may be specified by the
Administrative Committee, each Participating Employer shall, subject to the other provisions of this Article III, contribute to the Plan on behalf of Participants employed by it who have completed at least one (1) Year of Service, Participating
Employer Matching Contributions with respect to all such Participants equal to fifty percent (50%) of the aggregate amount of After-Tax Contributions, Pre-Tax Contributions and Roth Contributions (including Catch-up Contributions) contributed
for such payroll period by or on behalf of such Participant, but only with respect to the aggregate of such contributions made by or on behalf of such Participant as does not exceed six percent (6%) of the Participant’s Compensation for
the payroll period. 
 3.7.2 Participating Employer Matching Contributions made with respect to a Participant
shall be credited to the Employer Matching Contribution Account established for the Participant. 
 3.8 Matching
Contributions Only for Permissible Contributions. No Participating Employer Matching Contributions shall be made with respect to (a) Excess Pre-Tax Contributions distributable pursuant to Section 3.10.2 and not credited thereunder as
After-Tax Contributions, (b) excess After-Tax Contributions distributable pursuant to Section 3.11.3 or Excess Deferrals. Any amounts paid into the Trust Fund that constituted Participating Employer Matching Contributions with respect to
such amounts shall be retained in the Trust Fund and 

  
 III-5









 
applied to meet the Participating Employer’s obligation to make Participating Employer Matching Contributions pursuant to Section 3.7 and to pay Plan expenses. 

3.9 Calendar Year Dollar Limit on Pre-Tax Contributions. 

3.9.1 Elective Deferral Limit. Notwithstanding any other provision of the Plan, except for those making Catch-up
Contributions, no Participant may elect to reduce Compensation pursuant to Section 3.1 in order to make Pre-Tax Contributions and/or Roth Contributions for a calendar year by an amount in excess of the Elective Deferral Limit in effect at the
beginning of that year, nor shall any such excess be contributed to the Plan as Pre-Tax Contributions and/or Roth Contributions or allocated to a Participant’s Pre-Tax Contribution Account and/or Roth Contribution Account. Except as provided
above, a Participant’s Pre-Tax Contributions and/or Roth Contributions under Section 3.1 shall be discontinued for the remainder of a calendar year when in the aggregate they equal the Elective Deferral Limit for that year. For the balance
of that year, the Participating Employer shall treat such Participant’s election under Section 3.1 to reduce Compensation in order to make Pre-Tax Contributions and/or Roth Contributions as an election by the Participant to make Catch-up
Contributions, to the extent permitted, and then After-Tax Contributions to the Plan by means of payroll deductions, except as the Participant otherwise specifies in accordance with uniform procedures established by the Administrative Committee.

 3.9.2 Distribution of Excess Deferrals. If, despite Section 3.9.1, the Elective Deferral Limit is
exceeded for a Participant for a calendar year (whether by reason of Elective Deferrals made under the plan of another employer or otherwise), Excess Deferrals (adjusted for income or loss allocable thereto up to the end of the calendar year in
which such Excess Deferrals were contributed in accordance with applicable regulations) may, in the sole discretion of the Administrative Committee, be distributed in cash no later than April 15 of the following year. In order for the Excess
Deferrals to be distributed, the Participant must deliver a written claim to the Administrative Committee by March 1 of the calendar year of distribution. This claim must include a statement that the Participant’s Elective Deferral Limit
will be exceeded unless the Excess Deferrals are distributed which is supported by proof satisfactory to the Administrative Committee that Excess Deferrals have been made, such as a copy of Form W-2 issued by a previous employer, and an agreement to
forfeit any Participating Employer Matching Contributions made with respect to the Excess Deferrals and allocated to the Participant’s Employer Matching Contribution Account. If the Elective Deferrals made by a Participant during the
Participant’s taxable year (which is presumed to be the calendar year) under this Plan and any other plans or agreements maintained by a Participating Employer or a Non-Covered Employer shall exceed the Elective Deferral Limit, the
Administrative Committee shall deem such a claim to have been delivered by the Participant, and shall make distribution in accordance with this Section 3.9.2. Any amount so distributed to any Participant shall be increased or decreased by a pro
rata share of the net income or loss attributable thereto up to the end of the calendar year with respect to which the Elective Deferral Limit was exceeded by any reasonable method determined by the Administrative Committee. Participating Employer
Matching Contributions forfeited pursuant to this Section 3.9.2 shall be retained in the Trust Fund and applied to meet the obligation of the Participating Employer to make Participating Employer Matching Contributions pursuant to
Section 3.8. The amount of Excess Deferrals to be distributed for a calendar year shall be reduced by the amount of Pre-Tax Contributions 

  
 III-6









 
previously distributed by the Plan on or after the beginning of that year in order to comply with the average deferral limits of Section 3.10. If the Participant’s Pre-Tax Contribution
Account is invested in more than one Investment Fund, distribution shall be made from the various funds in the order determined under uniform rules established by the Administrative Committee. Procedures shall be developed for the distribution of
excess Catch-up Contributions to the extent required under Section 414(v) of the Code. 
 3.10 Section 401(k) Limit
on Pre-Tax Contributions. 
 3.10.1 (a) In General. Notwithstanding any other provision of this Plan
and in accordance with elections previously made (including any elections under Section 401(k)(3)(F) of the Code which have not been revoked), Pre-Tax Contributions for any Plan Year for an Eligible Employee Participant who is a Highly
Compensated Employee for that Plan Year may be reduced if and to the extent deemed necessary or advisable by the Administrative Committee to ensure that the Average Deferral Percentage for Eligible Employee Participants who are Highly Compensated
Employees for that Plan Year shall not exceed the percentage determined in the following schedule, based on the Average Deferral Percentage for the current Plan Year for all Eligible Employee Participants who are not Highly Compensated Employees:

  

			
	 Column 1
	  	 Column 2

	Average Deferral Percentage for Eligible Employee Participants Who Are Not Highly Compensated Employees for the current Plan Year	  	Average Deferral Percentage for Eligible Employee Participants Who Are Highly Compensated Employees for the current Plan Year
		
	Less than 2%	  	Two (2) times the percentage in Column 1
		
	2% - 8%	  	The percentage in Column 1, plus 2%
		
	More than 8%	  	One and one-quarter (1-1/4) times the percentage in Column 1

 (b) Elections. The foregoing reflects “current Plan Year” testing
elections in effect under this Plan. Notwithstanding the foregoing, “preceding Plan Year” shall be substituted for “current Plan Year” with respect to any Plan Year if an election of prior year testing applicable to such Plan
Year is made by the Administrative Committee pursuant to Section 401(k)(3)(A) of the Code and authority promulgated thereunder. 
 (c) Determination of Average Deferral Percentage. The Administrative Committee may determine, during each Plan Year, projected Average Deferral Percentages for that Plan Year, based on the
Contribution Authorizations and projected Total Earnings of Eligible Employee Participants. If, based on this determination, the Administrative Committee shall conclude that a reduction in the Pre-Tax Contributions made for any Eligible Employee
Participant is necessary or advisable in order to comply with the limitations of this Section 3.10, the amount of Pre-Tax Contributions shall be reduced in accordance with the directions of the


  
 III-7









 
Administrative Committee. In such event, the maximum percentages allowable for Pre-Tax Contributions under Section 3.1 shall be reduced in accordance with the direction of the Administrative
Committee, and the Contribution Authorization of any affected Eligible Employee Participant shall be modified accordingly. Any such reduction may apply either to all Eligible Employee Participants, only to Eligible Employee Participants who are
Highly Compensated Employees, or to any other group as the Administrative Committee shall determine, in such manner as the Administrative Committee shall determine, 

(d) Roth Contributions. For purposes of this Section 3.10.1, Pre-Tax Contributions shall include Roth
Contributions. 
 3.10.2 Treatment of Excess Pre-Tax Contributions. Any Excess Pre-Tax Contributions paid
into the Plan for any Plan Year shall, in the discretion of the Administrative Committee and in accordance with applicable regulations, (a) be recharacterized as After-Tax Contributions (if the recharacterization would not violate Sections 3.1
and 3.6) no later than March 15th of the next Plan Year and/or (b) after the total amount of Excess Pre-Tax Contributions has been determined by reducing Pre-Tax Contributions of Highly Compensated Employees on the order of their Deferral
Percentages be distributed in cash to the Highly Compensated Employees in descending order of dollar amount of Pre-Tax Contributions (beginning with the Highly Compensated Employee who made the highest Pre-Tax Contribution by dollar amount), no
later than the close of that next Plan Year. Adjustments shall be made first with respect to the Highly Compensated Employee with the highest dollar amount of the Pre-Tax Contributions until either: (a) all Excess Pre-Tax Contributions have
been reduced or paid out; or (b) the dollar amount of his or her Pre-Tax Contributions is reduced to the dollar amount of Pre-Tax Contributions made by the Highly Compensated Employee with the next highest dollar amount of Pre-Tax
Contributions. Adjustments shall continue to be made with respect to Highly Compensated Employees in this manner until all Excess Pre-Tax Contributions have been reduced or paid out. A Highly Compensated may designate the extent to which Excess
Pre-Tax Contributions is composed of Pre-Tax Contributions and Roth Contributions but only to the extent that such types of contributions were made for the Plan Year. If a Highly Compensated Employee fails to make such a designation, Pre-Tax
Contributions will be distributed first. Any amount so distributed to any Highly Compensated Employee shall be increased or decreased by a pro rata share of the net income or loss attributable thereto up to the end of the calendar year in which such
Excess Pre-Tax Contribution was contributed to the Plan on behalf of the Highly Compensated Employee. To the extent a Highly Compensated Employee eligible for Catch-up Contributions has not reached his or her Catch-up Contributions limit for the
Plan Year, Excess Pre-Tax Contributions allocated to such Highly Compensated Employee shall be treated as Catch-up Contributions and not as Excess Pre-Tax Contributions. If such Participant’s Account is invested in more than one Investment
Fund, such distribution shall be made from the various funds in the order determined under uniform rules established by the Administrative Committee. Excess Pre-Tax Contributions shall not be credited as After-Tax Contributions with respect to a
Highly Compensated Employee to the extent that such amounts, in combination with After-Tax Contributions actually made by such Participant, exceed the maximum amount of After-Tax Contributions (determined prior to the application of the Contribution
Percentage test under Section 3.11.1) otherwise allowed under the Plan. Excess Pre-Tax Contributions credited as After-Tax Contributions shall remain subject to the distribution limitations applicable to Pre-Tax Contributions. 

  
 III-8









 3.11 Section 401(m) Limit on Participating Company Matching Contributions and
After-Tax Contributions. 
 3.11.1 (a) In General. Notwithstanding any other provision of
this Plan and in accordance with elections previously made, (including any elections under Section 401(m)(5)(C) of the Code which have not been revoked), any Matching Contributions and/or After-Tax Contributions for any Plan Year for an
Eligible Employee Participant who is a Highly Compensated Employee for that Plan Year shall be reduced if and to the extent deemed necessary or advisable by the Administrative Committee in order that the Contribution Percentage for Eligible Employee
Participants who are Highly Compensated Employees for that Plan Year shall not exceed the percentage determined in the following schedule, based on the Contribution Percentage for the current Plan Year for all Eligible Employee Participants who are
not Highly Compensated Employees: 
  

			
	 Column 1
	  	 Column 2

	Contribution Percentage for Eligible Employee Participants Who Are Not Highly Compensated Employees for the current Plan Year	  	Contribution Percentage for Eligible Employee Participants Who Are Highly Compensated Employees for the current Plan Year
		
	Less than 2%	  	Two (2) times the percentage in Column 1
		
	2% - 8%	  	The percentage in Column 1, plus 2%
		
	More than 8%	  	One and one-quarter (1-1/4) times the percentage in Column 1

 (b) The foregoing reflects “current Plan Year” testing elections in effect
under this Plan, Notwithstanding the foregoing, “preceding Plan Year” shall be substituted for “current Plan Year” in the preceding paragraph with respect to any Plan Year if an election of prior year testing applicable to such
Plan Year is made by the Administrative Committee pursuant to Section 401(m)(2) of the Code and authority promulgated thereunder. 
 3.11.2 Determination of Contribution Percentage. The Administrative Committee may determine, during each Plan Year, projected Contribution Percentages, based on the Contribution Authorizations and
projected Total Earnings of Eligible Employee Participants. If, based on this determination, the Administrative Committee shall conclude that a reduction in the Participating Company Matching Contributions and/or After-Tax Contributions made for or
by any Eligible Employee Participant is necessary or advisable in order to comply with the limitations of this Section 3.11, the amount of After-Tax Contributions and, if necessary, Participating Company Matching Contributions shall be reduced
in accordance with the direction of the Administrative Committee. In that event, the maximum percentages allowable for After-Tax Contributions under Section 3.1 shall be reduced in accordance with the direction of the Administrative Committee,
and the Contribution Authorization of any affected Eligible 

  
 III-9









 
Employee Participant shall be modified accordingly. Any such reduction may be made applicable to all Eligible Employee Participants, only to Eligible Employee Participants who are Highly
Compensated Employees, or to any other group as the Administrative Committee shall determine, in such manner as the Administrative Committee shall determine. 
 3.11.3 Treatment of Excess Contributions. Any Excess Section 401(m) Contributions paid into the Plan for any Plan Year shall be distributed in cash to the Highly Compensated Employees by or
for whom they were paid into the Plan, after the total amount of Excess Section 401(m) Contributions has been determined, by reducing Matching and/or After-Tax Contributions of Highly Compensated Employees in the order of their Contribution
Percentages, in descending order of dollar amount of Section 401(m) contributions (beginning with the Highly Compensated Employee who made the largest contribution by dollar amount), no later than the close of that next Plan Year. Adjustments
shall be made using the methodology set forth in Section 3.10.2, by substituting “Excess Section 401(m) Contributions” for “Excess Pre-Tax Deferrals” therein. Any amount so distributed to any Highly Compensated Employee
shall be increased or decreased by a pro rata share of the net income or loss attributable thereto up to the end of the calendar year in which such Excess Section 401(m) Contribution was contributed to the Plan on behalf of the Highly
Compensated Employee. If an Account from which such a distribution is to be made is invested in more than one Investment Fund, such distribution shall be made from the various funds in the order determined under uniform rules established by the
Administrative Committee. Distributions of “Excess Section 401(m) Contributions” shall be made first from a Participant’s After-Tax Contributions and then from Participating Company Matching Contributions. To the extent
forfeited, Participating Employer Matching Contributions attributable to refunded After-Tax Contributions shall be re-allocated pursuant to Section 3.8. 
 3.12 Adjustment of Contributions to Avoid Exceeding Limitations. 
 3.12.1 General. Notwithstanding any of the foregoing provisions to the contrary, a Participant may, at such time and in such manner as the Administrative Committee may prescribe, or the
Administrative Committee may, on its own initiative, suspend or change the amount of reduction in base pay and/or the amount of payroll deduction provided for under any applicable Contribution Authorization in order to avoid an allocation of
contributions to a Participant’s Accounts which would violate the limitations of Section 3.10, Section 3.11 or Article XIII. 
 3.12.2 Maximum Limit on Allocation. If the allocations to a Participant’s Accounts otherwise required under this Plan for any Plan Year would cause the limitations of Article XIII to be
exceeded for that Plan Year, contributions under this Article III shall be reduced to the extent necessary in order to comply with the limitations of Article XIII, with such reductions to be made first to the Participant’s After-Tax
Contributions, and then to Pre-Tax Contributions. 
 3.13 Contributions May Not Exceed Amount Deductible Conditioned on
Deductibility. In no event shall Pre-Tax Contributions or Participating Employer Matching Contributions by a Participating Employer for any taxable year exceed the maximum amount (including amounts carried forward) deductible by the
Participating Employer for that taxable year under Section 

  
 III-10









 
404(a)(3) of the Code. Notwithstanding any other provision of the Plan, each Pre-Tax Contribution and Participating Employer Matching Contribution by a Participating Employer is conditioned on
the deductibility of the contribution under Section 404 of the Code for the taxable year for which contributed. 
 3.14
Multiple Arrangements for Highly Compensated Employees. If another plan is an employee stock ownership plan (as defined in Section 4975(e)(7) of the Code) providing for a cash or deferred arrangement, or for matching contributions, or
employee contributions (within the meaning of Sections 401(k) and 401(m) of the Code) and is maintained by a Participating Employer or a Non-Covered Employer, or is otherwise required to be aggregated for purposes of determining the individual
ratios of Highly Compensated Employees, the individual ratios of any Highly Compensated Employee who participates in more than one such plan or arrangement shall, for purposes of determining the Average Deferral Percentage and Contribution
Percentage, be determined as if all such plans or arrangements were a single plan or arrangement. 
 3.15 Special Limitations
Applicable to “Top-Heavy” Plans. The Administrative Committee shall cause the Plan to be administered in a manner consistent with the provisions of Section 416 of the Code, as in effect from time to time, as expressed in the
Appendix A to the Plan which is made a part of the Plan. 
 3.16 Qualified Non-Elective Contributions. For each Plan
Year, each Participating Employer shall contribute to the Trust Fund, such additional amounts (if any) as the Participating Employer determines, in its sole discretion, to be desirable in order to meet the requirements of Sections 3.10 and 3.11 for
such Plan Year. The Company shall designate any such amounts as Qualified Non-elective Contributions (within the meaning of Section 401(m)(4)(C) of the Code and applicable regulations), and shall determine the group of Participants eligible to
share in such Qualified Non-elective Contributions, the method of apportionment under which such eligible Participants shall share in such contributions and the Account under the Plan which will be credited with such contributions, together with the
Adjustments attributable thereto in accordance with Treas. Reg. §1.401(k)-2(a)(6) and §1.401(m)-2(a)(6). Any such Qualified Non-elective Contributions, shall be credited to the Accounts of such eligible Participants as of the Valuation
Date coincident with or next following the date such contributions are made, or as soon as practicable thereafter. Each Participant shall have a vested percentage of 100% in the amounts in his Accounts attributable to Qualified Non-elective
Contributions at all times, and such contributions shall be treated as Pre-Tax Contributions for purposes of determining whether they may be distributed under the Plan, except that no hardship withdrawal of such contributions (pursuant to
Section 8.3) shall be permitted. 
 3.17 Special Provision Regarding Re-employed Veterans. Notwithstanding any
provisions of this Plan to the contrary, contributions, benefits, and service credit with respect to qualified uniformed services of any Participant who is re-employed will be provided in accordance with the provisions of USERRA as set forth in
Section 2.8 of the Plan. Such Participant may elect to make up Pre-Tax Contributions and/or After-Tax Contributions that such Participant missed during his or her USERRA leave, provided that such Participant returns from such USERRA leave
within the time that his or her reemployment rights are protected by law and makes contributions on a timely basis under 20 CFR Part 1002. Such contributions shall not be taken into account with respect to such Participant for purposes of the
provisions of the Plan 

  
 III-11









 
implementing the required limitations of Section 402(g) of the Code but shall be taken into account as required by the limitations set forth in Section 13.2 of the Plan. In accordance
with Treas. Reg. §1.401(k)-2(a)(5)(v) and Treas. Reg. §1.401(m)-2(a)(5)(vi), make-up contributions under this Section 3.17 shall not be taken into account for the Plan Year the contributions are made or any other Plan Year under
Sections 3.10.1 and 3.11.1. 

  
 III-12









 ARTICLE IV 
 TRUST FUND 
 4.1 Exclusive Benefit. The Trustee shall deal with
contributions to the Plan and the securities in which they are invested only as provided in the Plan and the Trust Agreement. No part of the Trust Fund shall be used for or diverted to any purpose other than for the exclusive benefit of Participants
and Beneficiaries and to defray the reasonable expenses to administer the Plan as provided in Section 11.6. 
 4.2 Funds
Maintained by Trustee. The Trustee shall cause the Trust Fund to consist of the Stock Fund and such additional Investment Funds available for diversification under Section 5.5 as may be selected from time to time by the Investment Committee
and which the Trustee shall be instructed to establish and maintain hereunder. 
 4.3 Investment of Contributions. All
contributions to the Plan by any Participating Employer and all contributions by any Participant shall be invested as elected by the Participant in Investment Funds selected by the Participant; provided, however, that any such contributions for
which investment elections have not been made pursuant to this Section or Section 4.4 as well as contributions made by a Participant pursuant to Section 3.1.2 and any related Participating Employer Matching Contributions, shall be invested
solely in the Investment Fund designated by the Investment Committee as the default Investment Fund under the Plan until the Participant makes an investment election pursuant to this Section 4.3. 

4.4 Plan Transfers Initiated by Participants. Any Eligible Employee contributing a Rollover Distribution or a Trust to Trust
Transfer shall, pursuant to procedures established by the Administrative Committee, designate the portion of such contribution which shall be invested in each Investment Fund. Such designation shall be effective as of the first Valuation Date on
which it can be given effect under the administrative procedures established by the Administrative Committee. 
 4.5
Section 404(c) of ERISA. It is intended that Participants making elections pursuant to this Article IV shall have control over their Accounts as described in Section 404(c) of ERISA. To the maximum extent permitted by law, the
Company, the Employer, the Participating Employers, the Company Representative, the Oversight Committee, the Administrative Committee and the Investment Committee shall not be responsible for losses attributable to Participant investment decisions.

 4.6 Investment Allocations. Fund transfers and reallocations shall be made in one percent (1%) increments. There
shall be no limit on the number of reallocations which may be made in a Plan Year. 
 4.7 Investment by Trustee. The
Trustee may purchase MMC Stock for the Stock Fund in the open market or from the Company or any of its officers, directors or other stockholders at a price not to exceed the Market Value thereof. The Trustee may purchase shares of such other
investments permitted under the Plan from time to time from the issuer of, or through brokers or dealers in, such shares. 

  
 IV-1









 4.8 Investment of Assets from Merged Plans. Whenever a qualified defined
contribution plan is merged (in whole or in part) into the Plan in connection with the acquisition, consolidation or merger of an Acquired Employer into a Participating Employer, or a corporate reorganization, assets of such Merged Plan shall be
invested in accordance with Section 4.3 as soon as practicable following such merger; provided, however, that to the extent necessary until new elections have been filed by affected Participants, Accounts transferred in the merger will
initially be invested in the Investment Fund the Investment Committee designates for this purpose which need not be the default Investment Fund designated pursuant to Section 4.3 of the Plan. 

4.9 Voting and Tendering MMC Stock. 
 4.9.1 Each Participant shall be entitled to instruct the Trustee with respect to voting and/or giving of proxies to vote the number of shares of MMC Stock held in his or her Account and, for so long as
the Plan is intended to comply with and provide the maximum Participant control over their Accounts under Section 404(c) of ERISA, other Investment Fund shares held in the Account of the Participant on the applicable record date. The Trustee
shall carry out such instructions and shall keep the Participant’s instructions confidential and not disclose them to the Company, any Employer or Affiliate, or their stockholders, directors, officers, employees, or to any member of the
Oversight, Administrative or Investment Committee, or to the Company Representative. 
 4.9.2 The Administrative
Committee may establish such procedures as it deems appropriate to enable individual Participants to make timely responses to any “tender offer” (as such term is described under Section 14 of the Securities Exchange Act of 1934,
hereinafter referred to as the “Exchange Act”) to purchase shares of MMC Stock consistent with applicable rules and regulations in effect from time to time under the Exchange Act which shall provide (i) for a “pass through”
from the Trustee to the Participants enabling each Participant, by instructions to the Trustee, to determine the response to a tender or exchange offer regarding shares of MMC Stock credited to the Participant’s Employer Contribution Account;
(ii) for confidential treatment of such instructions and response; and (iii) for means and procedures relating to the appropriate response by the Trustee to any such offer with respect to shares credited to a Participant’s Account for
which no such instructions have been received or shares that are not allocated to a Participant’s Account. 

4.9.3 MMC Stock and, to the extent applicable, shares of any other Investment Fund held by the Trustee on the applicable
record date for which no timely voting instructions are received shall be voted by the Trustee in the same proportions as the Trustee was instructed to vote with respect to shares for which it received instructions. 

4.9.4 The Company shall, at the time it furnishes proxy statements and annual reports to record holders, cause each
Participant to be provided with a form on which to give voting instructions to the Trustee and the address to which such instructions are to be mailed. Procedures shall be developed for distribution of Investment Fund proxies to Participants to the
extent that voting rights to Investment Fund shares are passed through to Participants under Section 404(c) of ERISA. 

  
 IV-2









 ARTICLE V 
 ALLOCATION OF FUNDS TO ACCOUNTS 
 5.1 Accounts to be Maintained.

 5.1.1 The Administrative Committee shall cause to be established and maintained for each Participant an
After-Tax Contribution Account, a Pre-Tax Contribution Account, a Employer Matching Contribution Account, a Roth Contribution Account, Rollover Account(s), Transferred Account(s), and such other accounts as the Administrative Committee deems
necessary or advisable. Contributions by or on behalf of each Participant shall be credited to his or her After-Tax Contribution Account or Pre-Tax Contribution Account respectively, and added to the Stock Fund or such other Investment Funds as may
be available from time to time in accordance with the provisions of the Plan. Contributions by Participating Employers in respect of each pay period shall be allocated proportionately among the respective Employer Matching Contribution Accounts of
Participants on the basis of contributions by or on behalf of each Participant, other than aggregate After-Tax Contributions, Pre-Tax Contributions and Catch-up Contributions which exceed six percent (6%) of his or her Compensation for such
period. Such contributions shall be added to the Stock Fund or other available Investment Funds in accordance with the provisions of the Plan. 
 5.1.2 A Participant’s interest in an Investment Fund acquired by contributions allocated to his or her Accounts in accordance with Section 5.1.1 for a month shall reflect the net gain or loss
realized by the Investment Fund as a consequence of fluctuations in the assets of the Fund between Valuation Dates in accordance with the method of accounting that the Administrative Committee has determined shall be used for such purpose with
respect to the Fund. 
 5.2 Adjustment of Participants’ Accounts. 

5.2.1 In General. As of each Valuation Date designated for such purpose, but no less frequently than quarterly, the
Trustee shall determine the Value of each Investment Fund and make available a statement of such valuation to the Company. As of each Valuation Date the Administrative Committee shall determine the Adjustments to each Investment Fund since the
preceding Valuation Date (the “Preceding Date”) and shall cause to be allocated to each Participant’s (or other individual’s) Accounts in each Investment Fund its proportionate share of such Adjustments based on the ratio of the
Current Balance of the Account invested in that Investment Fund as of the Preceding Date to the aggregate Current Balance of all Accounts invested in that Investment Fund as of the Preceding Date. 

5.2.2 Current Balance. For purposes of determining the Current Balance of a Participant’s Account as of a
specified Valuation Date, the account balance as of that date shall be determined by taking into account contributions, distributions, etc. as follows: 
  

	 	(a)	 After-Tax Contributions, Pre-Tax Contributions, Roth Contributions and Catch-up Contributions shall be treated as part of the account balance as of the
Valuation Date coincident with or next following the date the amount 



  
 V-1










	 	
of those contributions would have been paid to the Participant had no Contribution Authorization been in effect. 


 

	 	(b)	A transfer from one Investment Fund to another pursuant to Section 4.3 or 4.6 shall be reflected in a Participant’s account balances as of the effective date
specified pursuant to Section 4.4. 

  

	 	(c)	Contributions of Rollover Distributions and Trust to Trust Transfers shall be treated as part of the account balance as of the first practicable Valuation Date.


  

	 	(d)	Participating Company Matching Contributions described in Section 3.7.1 shall be treated as part of the account balance as of the same Valuation Date applicable to
the After-Tax Contribution, Pre-Tax Contribution or Roth Contribution that generated such contributions and Participating Employer Matching Contributions described in Section 3.7.2 shall be treated as part of the account balance as of the
Valuation Date coincident with the allocation date for such contribution. 

  

	 	(e)	Distribution amounts shall be treated as having been paid from an Account as of the Applicable Valuation Date with respect to the distribution determined in accordance
with Section 6.3.2. 

  

	 	(f)	Withdrawal amounts shall be treated as having been withdrawn from an Account as of the Applicable Valuation Date with respect to the withdrawal determined in accordance
with Section 8.1.4. 

 5.2.3 Effect of Allocation Limited. The fact that allocations
are made and amounts credited to the Accounts of a Participant shall not vest in such Participant any right, title or interest in or to any assets of the Trust Fund except at the time or times and upon the terms and conditions expressly set forth in
this Plan, nor shall the Trustee be required to segregate physically the assets of the Trust Fund by reason of such allocations. 
 5.3 Cash and Stock Dividend Allocations. Cash dividends on shares of MMC Stock and any other applicable Investment Funds shall be allocated among the Accounts established hereunder for each
Participant in such proportion as the MMC Stock shares or shares of such other applicable Investment Fund on the record date are allocated to the Accounts, and reinvested in MMC Stock shares or shares of such other applicable Investment Fund. Stock
dividends and stock resulting from stock splits received by the Trustee shall be allocated in the same manner as cash dividends. 
 5.4 Allocation, Exercise and Sale of Rights. The appropriate Committee shall cause to be determined, with respect to the Accounts established hereunder for each Participant in the aggregate, the
maximum number of rights to purchase MMC Stock and fractions thereof which can be exercised by the use of the available cash therein, and shall instruct the Trustee to sell and exercise rights accordingly. The MMC Stock thus purchased shall be
allocated among these Accounts and in accordance with the rights therein which were exercised and in the same manner as a dividend. Rights for the purchase of other than MMC Stock shall be sold and the proceeds


  
 V-2









 
allocated in the same manner as a cash dividend or exercised as determined by the Investment Committee. 
 5.5 Modification. Notwithstanding any other provision of this Plan, the Administrative Committee may in its sole discretion: (a) limit or restrict a Participant’s ability to change the
allocation of Accounts among the Investment Funds and/or to designate the allocation of future contributions among the Investment Funds, in order to conform to the practices and provisions of any investment media held in any Investment Fund and any
policy, practices or program established by the Trustee with respect to transactions in the Stock Fund; and (b) vary the procedure otherwise provided for in this Plan relating to the determination and allocation of the Adjustment among
Participants’ Accounts, in order to facilitate the administration of the Plan on an equitable and practicable basis and conform to any policy, practices or program established by the Trustee with respect to its assigned responsibilities
determined by the Investment Committee for directed transactions in the Stock Fund. 

  
 V-3









 ARTICLE VI 
 DISTRIBUTIONS UPON RETIREMENT, DEATH OR OTHER TERMINATION 

OF EMPLOYMENT 
 6.1 Vesting of Accounts. 
 6.1.1 Fully Vested
Accounts. Subject to the further provisions of this Section 7.1, a Participant’s Current Balance in his or her Pre-tax Contribution Account (including Catch-up Contributions and Qualified Non-elective Contributions), After-tax
Contribution Account and Rollover Account shall be fully vested and nonforfeitable at all times. 
 6.1.2
Vesting Schedule for Participating Employer Matching Contributions. The following vesting schedule shall apply to Participating Employer Matching Contributions: 
  


			
	Years of Vesting Service	 	Vested Percentage
	 Less than 2
	 	0%
		
	 2 but less than 3
	 	33-1/3%
		
	 3 but less than 4
	 	66-2/3%
		
	 4 or more
	 	100%

 6.1.3 Earlier Vesting. Notwithstanding Section 6.1.2, a Participant’s
interest in his or her Employer Matching Contribution Account shall be fully vested and non-forfeitable: (a) on his or her attainment of age sixty-five (65) (or any later age) while employed by a Participating Employer or Non-Covered
Employer; (b) on his or her death or Disability while employed by a Participating Employer or Non-Covered Employer; (c) when and if this Plan shall at any time be terminated for any reason; (d) upon the complete discontinuance of
contributions to this Plan by all Participating Employers; or (e) upon partial termination of this Plan (within the meaning of Section 411(d)(3) of the Code) if such Participant is an Employee affected by such partial termination;
(f) if he or she was a participant in a Merged Plan with at least three (3) years of service determined in accordance with Section 411(a)(10)(B) of the Code, and the Code requires that a faster vesting schedule be applied; (g) to
the extent specified in Appendix B for Participants formerly employed by an Acquired Employer or a Non-Covered Employer; or (h) upon the occurrence of a Change in Control. 

6.1.4 Forfeitures. 
 (a) If a Participant ceases to be an Employee for any reason before his or her interest in his or her Employer Matching Contribution Account is fully vested, the nonvested portion of such Account shall be
forfeited as of the Valuation Date coincident with or next following the earliest date specified below: 

  
 VI-1










	 	(i)	the date of distribution if the Participant receives a distribution of the vested portion of such Account; or 


 

	 	(ii)	the last day of the Plan Year in which five (5) One-Year Periods of Severance (as defined in Section 6.1.6) ends (unless the Participant again becomes an
Employee prior to such last day of the Plan Year). 

  

	 	(b)	Forfeitures shall be applied to reduce contributions by Participating Employers under the Plan and to pay Plan expenses. 


(c) If a terminated Participant is re-employed before incurring a Period of Severance of five
(5) consecutive years, any amount forfeited pursuant to Section 6.1.4(a) shall be restored (without earnings or losses from the date of forfeiture) to the Participant’s Employer Matching Contribution Account as of the
Participant’s Re-employment Date (as defined in Section 6.1.6); provided, however, that if the forfeiture occurred pursuant to Section 6.1.4(a)(ii) (by reason of the Participant’s receipt of a distribution of the vested portion
of such Account), the amount forfeited from the Participant’s Employer Matching Contribution Account shall be restored only if the Participant has a Re-employment Date and repays to the Plan an amount equal to the entire value of his or her
Account that he or she received as a distribution. Such repayment must be made by the earlier of the fifth
(5th) anniversary of the Re-employment Date or the
close of the first five (5) year Period of Severance commencing after the distribution. 
 6.1.5 Effect
of Period of Severance on Vesting in Company Matching Contributions Made After Re-employment. If a Participant incurs a Period of Severance (as defined in Section 6.1.6) and is subsequently re-employed by a Participating Employer or a
Non-Covered Employer, then: (a) his or her Service (as defined in Section 6.1.6) completed prior to such Period of Severance shall be restored as of his or her Re-employment Date; and (b) he/she shall upon such restoration resume his
or her place on the vesting schedule set forth in Section 6.1.2, as appropriate at the point he/she occupied immediately prior to such Period of Severance but only with respect to contributions allocated to his or her Employer Matching
Contribution Account after his or her Re-employment Date and not with respect to the forfeited portion of his or her Employer Matching Contribution Account unless it has been restored pursuant to Section 6.1.4(c). 

6.1.6 Definitions. For purposes of this Section 6.1, the following terms shall have the meanings specified
below: 
  

	 	(a)	One-Year Period of Severance. A twelve (12) consecutive month period beginning on a Severance Date (as defined below) and ending on the first anniversary of
such date, provided that the individual fails to perform an Hour of Service described in Section 1.40(a) during such period. 

  

	 	(b)	 Period of Severance. Each period from an Employee’s Severance Date to his or her next Re-employment Date; provided, however, that in the
case of an Employee who is absent from work for maternity or paternity reasons, no portion of the first twelve (12) consecutive months of such 



  
 VI-2










	 	
absence following his or her Severance Date shall be counted as a Period of Severance. For purposes of this definition, an absence from work for maternity or paternity reasons means a cessation
of active employment (and continuing absence from such employment) (i) by reason of the pregnancy of the individual, (ii) by reason of the birth of a child of the individual, (iii) by reason of the placement of a child with the
individual in connection with the adoption of such child by such individual, or (iv) for purposes of caring for such child for a period beginning immediately following such birth or placement. Nothing in this Plan shall be construed to give an
Employee a right to a leave of absence for any reason. 

  

	 	(c)	Re-employment Date. The date on which an individual first completes an Hour of Service described in Section 1.40(a) after a Severance Date.


  

	 	(d)	Severance Date. The earliest of: 

  

	 	(i)	the last day of the month in which an Employee quits, retires, is discharged or dies; or 


 

	 	(ii)	the first anniversary of the first day of a period in which an Employee remains absent from service with all Participating Employers and Non-Covered Employers (with or
without pay) for any reason (such as sickness, injury, disability, layoff or, in the case of an hourly-paid Employee, inactivity) other than a quit, retirement, discharge, death or leave of absence approved by the Participating Employer or
Non-Covered Employer concerned. 

  

	 	(e)	Service. “Service” is the aggregate of the following: 

  

	 	(i)	each period from the first of the month of an Employee’s Employment Commencement Date (as defined in Section 1.31) (or Re-employment Date) (or the date the
Employee attains age eighteen (18), if later) to his or her next Severance Date; and 

  

	 	(ii)	if an Employee performs an Hour of Service described in Section 1.40(a) within twelve (12) months of a Severance Date, the period from such Severance Date to
such Hour of Service; and 

  

	 	(iii)	in the case of an Employee who leaves employment to enter service with one of the uniformed services of the United States, as provided for under USERRA, provided that
the Employee resumes employment with the Employer within the period during which his or her re-employment rights are protected by applicable law. 

 In no event shall there be any duplication of the Service of any Employee attributable to the same period of time. 
  

	 	(f)	 Year of Vesting Service. A twelve (12) month period of Service, or two




  
 VI-3










	 	
(2) or more periods of Service which in the aggregate comprise twelve (12) months. 

 Notwithstanding anything contained in Section 6.1, the rules described in Article VII shall apply in determining the service to be credited to any Employee described in Section 7.1. 

6.2 Distribution of Accounts. 

6.2.1 A Participant’s Current Balance shall be distributable following his or her Termination of
Employment in accordance with the further provisions of this Article VI, but in no event may distributions commence later than the April 1 following the later of the calendar year in which the Participant attains age 70 1/2 or the calendar year in which the Participant retires or, if the
Participant is a 5% owner, no later than the April 1 following the close of the calendar year in which he attains age
70 1/2 (the “Required Beginning Date”).

 6.2.2 All distributions made under this Article VII shall be made in accordance with
Section 401(a)(9) of the Code, the incidental death benefit requirements of Section 401(a)(9)(G) of the Code and Treas. Reg. §§1.401(a)(9)-1 through 1.401(a)(9)-9. Accordingly, the entire interest of each Participant will be
distributed over the life of such Participant or the lives of the Participant and of designated Beneficiary (or over a period not extending beyond the life expectancy of such Participant or the life expectancy of the Participant and a designated
Beneficiary). If a Participant dies after distributions have commenced, the remaining Account balance shall be distributed at least as rapidly as under the method of distribution in effect on the date of death. 

6.2.3 Except as otherwise provided in the further provisions of this Article VI, no distribution shall be made unless the
Administrative Committee or its representative has received an application for a distribution which has been completed and delivered in accordance with the procedures established by the Administrative Committee. 

6.3 Value of Accounts to be Distributed, Date of Distribution. 

6.3.1 The date as of which the Current Balance of all or any portion of a Participant’s Accounts to be distributed
under this Article VI is computed and the date as of which a distribution is deemed to have been made for purposes of Article VI shall be the Applicable Valuation Date determined in accordance with Section 6.3.2. The Current Balance as so
determined (or the Value of the Current Balance as so determined, in cases where the distribution is not in kind) shall not be subject to increase or decrease by any Adjustment or crediting of interest from the Applicable Valuation Date to the date
of actual distribution. 
 6.3.2 The Applicable Valuation Date shall be: 

 

	 	(a)	in the case of a distribution pursuant to Section 6.8 (lump-sum cashout), the Valuation Date specified in that Section; 


 

	 	(b)	 in the case of any distribution to be made in a single payment (other than a distribution pursuant to Section 6.8 (lump-sum cashout)), the
Valuation Date that coincides with or immediately follows the date the election of 



  
 VI-4










	 	
that distribution form was timely received by the Administrative Committee; and 

  

	 	(c)	in the case of distributions that are not made in a single payment, the Valuation Date determined in accordance with subsection (b) above with respect to the
initial payment under such a distribution and the Valuation Date coinciding with or immediately preceding the date as of which any subsequent payment is made. 

 6.4 Distribution Following Retirement. 
 6.4.1 Subject to
Section 6.8 (lump-sum cashout), a Participant whose Termination of Employment occurs on a Retirement Date may elect to receive the distribution of his or her Accounts in any of the forms set forth in Section 6.4.2. If the Termination of
Employment of a Participant described in this Section 6.4.1 occurs before the Participant has reached age sixty-five (65), the Participant may, but shall not be required to, defer commencement of distribution until his or her Required Beginning
Date. 
 6.4.2 A Participant described in Section 6.4.1 may elect to receive, in whole percentages or in a
specified dollar amount, any of the following: 
  

	 	(a)	distribution of his or her Current Balance in the Normal Form, 

  

	 	(b)	distribution of the Value of his or her Current Balance in a one-time lump sum cash payment, 


 

	 	(c)	distribution of the Value of a specified whole percentage of his or her Current Balance in a one-time lump sum cash payment, and simultaneous distribution of the
remainder of his or her Current Balance in the Normal Form, 

  

	 	(d)	distribution in a one-time lump sum cash payment of the portion of his or her Current Balance with a Value equal to his or her After-Tax Contributions, and simultaneous
distribution of the remainder of his or her Current Balance in the Normal Form, 

  

	 	(e)	distribution in periodic cash installments, pursuant to Section 6.7, and 


 

	 	(f)	distribution of the Value of a specified whole percentage of his or her Current Balance in a one-time lump sum cash payment, and distribution of the remainder in
periodic cash installments pursuant to Section 6.7. 

 6.4.3 If a Participant described in
Section 6.4.1 fails to timely elect the form of his or her distribution that shall commence by his or her Required Beginning Date, then, upon reaching his or her Required Beginning Date, such Participant shall receive his or her Current Balance
in the Normal Form. 

  
 VI-5









 6.5 Distribution Upon Termination of Employment For Other Than Death or Retirement.

 6.5.1 Subject to Section 6.8 (lump-sum cashout), a Participant whose Termination of Employment is not on
a Retirement Date or date of death shall receive distribution of his or her Current Balance in the Normal Form as of the date elected by the Participant, not beyond the Participant’s Required Beginning Date. 

6.5.2 In lieu of distribution in accordance with Section 6.5.1, a Participant described in that Section may elect to
receive a distribution as soon as practicable following the election in any of the forms set forth in Section 6.4.2(b), (c) or (d). 
 6.5.3 If a Participant described in Section 6.5.1 fails to timely elect the form of his or her distribution that shall commence by his or her Required Beginning Date, then, upon reaching his or her
Required Beginning Date, such Participant shall receive his or her Current Balance in the Normal Form. 
 6.6 Distribution
Upon a Participant’s Death. 
 6.6.1 In the event a Participant dies before his or her benefits commence
and the Participant’s Beneficiary is his or her surviving Spouse, the Participant’s benefit under the Plan shall be paid to such surviving Spouse in the manner specified in Section 6.4 as the surviving Spouse shall elect in writing in
accordance with procedures established by the Administrative Committee; provided that, if such benefits are paid in installments, subject to Section 6.7, such installments shall be paid over a period certain not exceeding the surviving
Spouse’s life expectancy, and the commencement of benefits may not be deferred beyond the date which would have been the Participant’s Required Beginning Date. 

6.6.2 If the Participant dies before his or her benefits commence and his or her Beneficiary is not a surviving Spouse,
the Participant’s benefit must be distributed to such Beneficiary within five (5) years of the Participant’s death either in a one-time lump sum in accordance with Section 6.4.2(a), (b) in substantially equal annual cash
installments in accordance with Section 6.7, or (c) as a Direct Rollover as defined in Section 6.13.2(a) to an individual retirement account or individual retirement annuity (within the meaning of Section 402(c)(8)(B) of the
Code), as the Beneficiary shall elect in writing in accordance with procedures established by the Administrative Committee. 
 6.6.3 If no election has been made by the Participant and if the Beneficiary fails to file a written election with the Administrative Committee in accordance with the procedures established by the
Administrative Committee, such benefits shall be distributed to the Beneficiary as soon as practicable in a one-time lump sum in accordance with Section 6.4.2(a). 

6.6.4 If distribution of benefits in annual installments has commenced to the Participant before his or her death,
distribution to the Participant’s Beneficiary shall continue over the installment period selected by the Participant; provided, however, that the Beneficiary may elect in accordance with procedures established by the Administrative Committee to
receive the unpaid balance of the Participant’s Accounts. 

  
 VI-6









 6.7 Installment Distributions. If benefits payable under the Plan are made in the
form of cash installments, the following rules shall apply: 
  

	 	(a)	in accordance with a Participant’s election, the Administrative Committee shall instruct the Trustee to pay the installments and all earnings thereon in a series
of payments made at least annually commencing no later than eleven (11) months following the date on which the Participant’s election of such installment option has been received by the Administrative Committee, but no longer than over the
life expectancy of such Participant as determined under the Uniform Lifetime Table set forth in Treas. Reg. § 1.401(a)(9)-9 for the calendar year containing the annuity starting date, adjusted as provided therein if payments commence prior to
the calendar year in which the Participant attains age seventy (70). 

  

	 	(b)	each installment shall be in an amount equal to the Current Balance of the Participant’s Accounts divided by the number of installment payments remaining to be
paid (including the installment for which the calculation is being performed), and if the balance of the Participant’s Account is invested in more than one Investment Fund, the installment proceeds shall be obtained from such Investment Funds
in a manner determined in accordance with uniform rules established by the Administrative Committee; 

  

	 	(c)	installment payments shall be suspended upon re-employment of the Participant as an Employee and, subject to Section 6.10, shall be resumed upon subsequent
Termination of Employment; 

  

	 	(d)	upon the death of such Participant, the provisions of Section 6.6.4 shall apply, and upon the death of a Beneficiary receiving installments, the undistributed
benefit shall be paid in a single lump sum to the Beneficiary’s estate; and 

  

	 	(e)	upon written request of a Participant or Beneficiary receiving installments made in accordance with procedures established by the Administrative Committee, the unpaid
balance may be paid in a single lump sum. 

 6.8 Lump Sum Payment for Current Balance of $1,000 or Less. If
the value of the vested portion of the Current Balance of a Participant’s Account as of the current Valuation Date established by the Administrative Committee for this purpose is $1,000 or less (or such greater adjusted amount permitted to be
so distributed pursuant to applicable provisions of the Code and regulations thereunder), such vested portion of the Participant’s Account as of such Valuation Date shall, subject to Sections 6.12.1 and 6.13.4, be distributed in a one-time lump
sum distribution of cash, provided that upon written request of the Participant, the Administrative Committee shall direct the Trustee to distribute the vested portion of the Current Balance of the Participant’s Account in the Normal Form. The
value of the vested portion of the Current Balance of the Participant’s Account shall continue to be determined by including that portion of 

  
 VI-7









 
the vested portion of the Current Balance of the Participant’s Account that is attributable to Rollover Distributions (and earnings allocable thereto) which have been accepted by the Plan.

 6.9 Benefit Elections Irrevocable. Any election concerning the form of benefits to be distributed to a Participant or
a Beneficiary under this Article VII shall be irrevocable after the election has been processed in accordance with the procedures established therefor except to the extent that the unpaid installments may be received in a lump sum pursuant to
Section 6.7. 
 6.10 Commencement of Benefits. Payment of benefits under the Plan shall be made or commence not
later than sixty (60) days after the Valuation Date applicable to a benefit payment to be made under the Plan; provided however, that if the amount of benefits payable to the Participant (or his or her Beneficiary) cannot be ascertained by such
date, benefits shall be paid or commence not later than sixty (60) days after the earliest date on which the amount thereof can be ascertained. In the event that at any time any doubt exists as to the right of any person to any payment
hereunder or the amount or time of such payment (including, without limitation, any case of doubt as to identity, or any case in which any notice has been received from any other person claiming any interest in amounts payable hereunder, or any case
in which a claim from other persons may exist by reason of community property or similar laws), the Administrative Committee shall be entitled, in its discretion, to direct the Trustee to hold such sum as a segregated amount in trust until such
right or amount or time is determined or until order of a court of competent jurisdiction, or to pay such sum into court in accordance with appropriate rules of law in such case then provided, or to make payment only upon receipt of a bond or
similar indemnification (in such amount and in such form as is satisfactory to the Administrative Committee). To the extent that the provisions of this Article VI do not require earlier distribution, a distribution to a Participant who is not a five
percent (5%) owner must commence by his or her Required Beginning Date. 
 6.11 Unclaimed Benefits. Except as may
otherwise be provided under applicable law, if amounts become distributable under the Plan and the Administrative Committee after reasonable efforts is unable to locate the Participant or Beneficiary to whom the distributions are payable, the
Accounts of such Participant or Beneficiary shall be closed as soon as administratively feasible following the time such distributions first became payable and no further Adjustments will accrue to such Accounts and the amount of such Accounts shall
be applied to reduce Participating Employer Matching Contributions. If, however, such Participant or Beneficiary subsequently makes proper claim to the Administrative Committee for such amount, the Accounts in a value equal to the amount so applied
to reduce Participating Employer Matching Contributions shall be restored to the Trust Fund by the Participating Employer and be distributed in accordance with the terms of the Plan as in effect as of the date such claim is received by the
Administrative Committee. 
 6.12 Right to Payment of MMC Stock. 

6.12.1 Notwithstanding any provision of the Plan, other than Section 6.12.2, to the contrary, a Participant may elect
to have any distribution or withdrawal attributable to the portion (up to one hundred percent (100%)) of his or her Account invested in the Stock Fund immediately prior to such distribution or withdrawal paid in the form of shares of MMC Stock,
except for fractional shares which shall be paid in cash equal in value to the fractional share. To 

  
 VI-8









 
the extent necessary, the Participant shall first transfer the Current Balance of the Participant’s Accounts that are not invested in the Stock Fund to the Stock Fund on or before the
Valuation Date established for distribution or withdrawal thereof. 
 6.12.2 Section 6.12.1 shall not apply
to distributions made pursuant to Sections 3.10.2 (Excess Pre-Tax Contributions), 3.11.3 (Excess Section 401(m) Contributions) and 9.6 (default on a Loan). 
 6.13 Direct Rollover of Eligible Rollover Distributions. 

6.13.1 In General. Notwithstanding any provisions of this Plan that would otherwise limit a Distributee’s
election under this Section 6.13, a Distributee may elect, at the time and in the manner prescribed by the Administrative Committee, to have any portion of an Eligible Rollover Distribution paid in a Direct Rollover directly to an Eligible
Retirement Plan specified by the Distributee. 
 6.13.2 Definitions. For purposes of this
Section 6.13, the following terms shall have the meanings specified below. 
  

	 	(a)	Direct Rollover. A payment by the Plan to an Eligible Retirement Plan specified by a Distributee, in the manner prescribed by the Administrative Committee.


  

	 	(b)	Distributee. A Participant, a Participant’s surviving Spouse or a Participant’s Spouse or former Spouse who is the alternate payee under a Qualified
Domestic Relations Order, or a non-Spouse Beneficiary. 

  

	 	(c)	Eligible Retirement Plan. An individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in
Section 408(b) of the Code, an individual retirement plan described in Section 408A(b) of the Code (Roth IRA), an annuity plan described in Section 403(a) of the Code, or another employer’s qualified trust described in
Section 401(a) of the Code, a plan described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a
state or political subdivision of a state and which agrees to accept a Distributee’s Eligible Rollover Distribution. The Eligible Retirement Plan for a non-Spouse Beneficiary shall be an IRA or Roth IRA. 


 

	 	(d)	 Eligible Rollover Distribution. Any distribution of all or any portion of the balance to the credit of a Distributee under the Plan, except that
an Eligible Rollover Distribution does not include: (i) any distribution that is one of a series of substantially equal periodic payments (not less frequent than annual) made for the life (or life expectancy) of the Distributee or the joint
lives (or life expectancies) of the Distributee and the Distributee’s Beneficiary, or for a specified period of ten (10) years or more; (ii) any distribution to the extent such distribution is required under Section




  
 VI-9










	 	
401(a)(9) of the Code; (iii) the portion of any distribution that is not includible in gross income; (iv) a withdrawal pursuant to Section 8.3 that is made by reason of Hardship;
or (v) any distribution the Value of which, when added to the Value of any other Plan distributions received by the Participant during the same calendar year (and other distributions the Administrative Committee reasonably expects to be
received during that calendar year) equals less than $200 (or such larger amount as may be permitted under the Code or applicable regulations thereunder). A portion of a distribution shall not fail to be an Eligible Rollover Distribution merely
because the portion consists of After-Tax Contributions which are not includible in gross income. However, such portion may be paid only to an individual retirement account or annuity described in Section 408(a) or (b) or
Section 408A(b) of the Code, or to a qualified plan described in Section 401(a) of the Code or a plan described in 403(b) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the
portion of such distribution which is not so includible. 

 6.13.3 Limitation. No more than
one Direct Rollover may be elected by a Distributee for each Eligible Rollover Distribution. 
 6.13.4 Default
Procedure. If, upon Termination of Employment, the value of the vested portion of the Current Balance of a Participant’s Account determined in accordance with Section 6.8 does not exceed the amount referred to in Section 6.8 and
the Participant does not make a timely election under this Section 6.13 to make a Direct Rollover, the vested portion of the Current Balance of the Participant’s Account shall be distributed to the Participant in accordance with
Section 6.8. 
 6.13.5 Roth Contribution Accounts. Notwithstanding the foregoing, a Direct Rollover
of a distribution from a Roth Contribution Account will only be made to another Roth account under an applicable retirement plan described in Section 402A(e)(1) of the Code or to a Roth individual retirement account described in
Section 408A of the Code, and only to the extent that such Direct Rollover is permitted under the rules of Section 402(c) of the Code. A Direct Rollover under this Section 6.13.5 will not be made if the amount of the Eligible
Rollovers Distributions from a Participant’s Roth Contribution Account is reasonably expected to be less than $200 during a calendar year. 
 6.14 Restrictions on Distribution. Notwithstanding any other provision of the Plan, neither a Participant’s Pre-Tax Contribution Account (including Catch-up Contributions) nor any portion of
his or her Transferred Elective Deferral Subaccount shall be distributable prior to “severance from employment” (within the meaning of Section 401(k)(2)(B) of the Code and Treas. Reg. §1.401(k)-1(d)(2)), Disability, death, or
attainment of age fifty-nine and one-half (59-1/2), except (a) in cases of Hardship as provided in Section 8.3, or (b) upon termination of the Plan without establishment or maintenance of an alternative defined contribution plan
within the meaning of Treas. Reg. §1.401(k)-1(d)(4). However, in no event shall this Section 6.14 or any other provision of this Plan entitle an affected Participant to receive a distribution when the Company has determined in its sole
discretion to transfer the Participant’s Account to the tax 

  
 VI-10









 
qualified plan of a buyer which is the Participant’s employer in a spin-off and trust-to-trust transfer described in Section 414(1) of the Code. 

6.15 Qualified Domestic Relations Orders. The Administrative Committee shall recognize and honor any judgment, decree or order
under a state domestic relations law which the Administrative Committee determines to be a Qualified Domestic Relations Order in accordance with such reasonable procedures to determine such status as the Administrative Committee shall establish.
Without limitation of the foregoing, the Administrative Committee shall notify a Participant and the person entitled to benefits under a judgment, decree or order which purports to be a Qualified Domestic Relations Order of (a) the receipt
thereof, (b) the Plan’s procedures for determining whether such judgment, decree or order is a Qualified Domestic Relations Order and (c) any determination made with respect to such status. During any period during which the
Administrative Committee is determining whether any judgment, decree or order is a Qualified Domestic Relations Order, any amount which would have been payable to any person pursuant to such order shall be separately accounted for (and adjusted to
reflect its appropriate share of the Adjustment as of each Valuation Date) pending payment to the proper recipient thereof. Any such amount, as so adjusted, shall be paid to the person entitled to such payment under any such judgment, decree or
order if the Administrative Committee determines such judgment, decree or order to be a Qualified Domestic Relations Order within eighteen (18) full calendar months commencing with the date on which the first payment would be required to be
made under such judgment, decree or order. If the Administrative Committee is unable to make such a determination within such time period, payment under the Plan shall be as if such judgment, decree or order did not exist and any such determination
made after such time period shall be applied prospectively only. Distribution to an Alternate Payee under a Qualified Domestic Relations Order shall be made in an immediate lump sum payment as soon as practicable following such determination, and
shall be funded from the Investment Funds in which the Participant’s Accounts are invested in the order determined under rules established by the Administrative Committee. All reasonable costs and expenses incurred by the Plan in connection
with the Administrative Committee’s determination as to whether a domestic relations order related to a Participant is a Qualified Domestic Relations Order may be charged to such Participant’s Account. 

6.16 Optional Forms of Payment Under Merged Plans. Subject to the requirements of Section 411(d)(6) of the Code and Treasury
Regulations thereunder, any optional forms of payment under a Merged Plan that are inconsistent with the provisions of this Plan shall be deemed eliminated as of the date of merger into this Plan, except to the extent the Administrative Committee
determines otherwise in writing. 

  
 VI-11









 ARTICLE VII 
 TOP HEAVY PROVISIONS 
 7.1 Special Rules for Top-Heavy Plans. If the
Plan is or becomes a “Top-Heavy plan,” as determined under Section 416 of the Code in any Plan Year, the provisions of this Article VII will supersede any conflicting provision in the Plan. 

7.2 Definitions. For purposes of this Article VII, the meanings of words and phrases as defined in the Plan shall continue, except where
they may conflict with the following definitions which are to be used for the provisions in this Article VII. 
  

	 	(a)	“Applicable Plans” means (i) each plan of Participating Employer or a Non-Covered Employer in which a Key Employee (as defined in Section A.02(c)
for this Plan, and as defined in Section 416(i) of the Code for each other Applicable Plan) participates during the five (5)-year period ending on such plan’s “Determination Date” (as defined in Section 7.4) and
(ii) each other plan of Participating Employer or a Non-Covered Employer which, during such period, enables any plan in clause (i) of this sentence to meet the requirements of Section 401 (a)(4) or 410 of the Code. Any plan not
required to be included under the preceding sentence may also be included, at the option of the Employer, provided that the requirements of Sections 401 (a)(4) and 410 of the Code continue to be satisfied for the group of Applicable Plans after such
inclusion. Applicable Plans shall include terminated plans, frozen plans and, to the extent that benefits are provided with respect to service with a Participating Employer or a Non-Covered Employer, multiemployer plans (described in
Section 414(1) of the Code) and multiple employer plans (described in Section 413(c) of the Code) to which a Participating Employer or a Non-Covered Employer makes contributions. 


 

	 	(b)	“Employer” means the Employer and all Participating Employers and Non-Covered Employers. 


 

	 	(c)	“Key Employee” means any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the
determination date was an officer of the employer having annual compensation greater than $160,000 (as adjusted under Section 416(i)(1) of the Code), a five percent (5%) owner of the employer, or a one percent (1%) owner of the
employer having annual compensation of more than $150,000. For this purpose, annual compensation means compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a Key Employee will be made in accordance with
Section 416(i)(l) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. 


  
 VII-1









 7. 3 “Top-Heavy” Condition. In any Plan Year for which the sum, for all
Key Employees (as defined in Section 7.2(c) for this Plan and as defined in Section 416(i) of the Code for each other Applicable Plan) of the present value of the cumulative accrued benefits under all Applicable Plans which are defined
benefit plans (determined based on the actuarial assumptions set forth in the “top-heavy” provisions of such plans) and the aggregate of their accounts under all Applicable Plans that are defined contribution plans, exceeds sixty percent
(60%) of a similar sum determined for all participants in such plans (but excluding participants who are former Key Employees), the Plan shall be deemed “Top-Heavy.” 

7.4 Determination Date. The determination as to whether this Plan is “Top-Heavy” for a given Plan Year shall be made on
the last day of the preceding Plan Year (the “Determination Date”); and other plans shall be included in determining whether this Plan is “Top-Heavy” based on the determination date for each such plan (as defined in
Section 416(g)(4)(c) of the Code) which occurs in the same calendar year as such Determination Date for this Plan. 
 7.5
Valuation. The value of account balances and the present value of accrued benefits for each Applicable Plan will be determined, subject to Section 416 of the Code and the regulations thereunder, as of the most recent Valuation Date that
falls within or ends with the 12-month period ending on the applicable Determination Date for each such plan. 
 7.6
Distributions During Year Ending on the Determination Date. The present values of accrued benefits and the amounts of account balances of an Employee as of the Determination Date shall be increased by the distributions made with respect to
the Employee under the plan and any plan aggregated with the plan under Section 416(g)(2) of the Code during the 1-year period ending on the Determination Date. The preceding sentence shall also apply to distributions under a terminated plan
which, had it not been terminated, would have been aggregated with the plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than separation from service, death, or disability, this provision
shall be applied by substituting “5-year period” for “1-year period.” 
 7.7 Employees Not Performing
Services During Year Ending on the Determination Date. The accrued benefits and accounts of any individual who has not performed services for the employer during the 1-year period ending on the Determination Date shall not be taken into account.

 7.8 Compliance with Code Section 416. The calculation of the “Top-Heavy” ratio, and the extent to which
distributions, rollovers and transfers are taken into account, shall be made in accordance with Section 416 of the Code. 

7.9 Beneficiaries. The terms “Key Employee” and “Participant” include their beneficiaries. 

7.10 Accrued Benefit Under Defined Benefit Plan. Solely for purposes of determining whether the Plan or any other Applicable Plan
is “Top-Heavy” for a given Plan Year, the accrued benefit under any defined benefit plan of a Participant other than a Key Employee shall be determined under (a) the method, if any, that uniformly applies for accrual purposes under
all 

  
 VII-2









 
defined benefit plans maintained by the Participating Employer or Non-Covered Employer, or (b) if there is no such method, as if such benefit accrued not more rapidly than at the slowest
accrual rate permitted under the fractional accrual rule of Section 411(b)(1)(C) of the Code. 
 7.11 Provisions
Applicable in “Top-Heavy” Years. For any Plan Year in which the Plan is deemed to be “Top-Heavy,” the following provisions shall apply to any Participant who has not terminated employment before such Plan Year. 

 

	 	(a)	 Required Allocation. The amount of Employer contributions and forfeitures which shall be allocated to the Accounts of any Participant who
(1) is employed by a Participating Employer or Non-Covered Employer on the last day of the Plan Year and (ii) is not a Key Employee shall be (A) at least three percent (3%) of such Participant’s “total
compensation” (as that term is defined in Section 415(c)(3) of the Code) for such Plan Year, or (B) if less, an amount equal to such total compensation multiplied by the highest allocation rate for any Key Employee. For purposes of
the preceding sentence, the allocation rate for each individual Key Employee shall be determined by dividing the employer contributions and forfeitures allocated to such Key Employee’s account (including elective contributions) under all
Applicable Plans considered together by his or her total compensation; provided, however, that clause (B) above shall not apply if this Plan enables a defined benefit plan required to be aggregated with this Plan under Section 7.2(a) to
meet the requirements of Section 401(a)(4) or 410 of the Code. The minimum allocation provisions of this Section A.11(a) shall, to the extent necessary, be satisfied by special employer contributions made by the Employers for that purpose.
Notwithstanding the foregoing, the minimum allocations otherwise required by this Section 7.11(a) shall not be required to be made for any Participant if such Participant is covered under a defined benefit plan maintained by a Participating
Employer or a Non-Covered Employer which provides the minimum benefit required under Section 416(c)(1) of the Code, and/or to the extent that the minimum allocation otherwise required by this Section 7.11(a) is made under another defined
contribution plan maintained by a Participating Employer or a Non-Covered Employer. In addition, any minimum allocation required to be made for a Participant who is not a Key Employee shall be satisfied first by contributions and benefits under
other defined contribution plans maintained by a Participating Employer or a Non-Covered Employer and next by Participating Employer Matching Contributions made under this Plan before being satisfied by contributions and benefits under other plans
maintained by a Participating Employer or a Non-Covered Employer (whether or not Applicable Plans). For Plan Years beginning on or after January 1, 1989, Pre-Tax Contributions by a non-Key Employee shall be disregarded in determining the amount
of contributions required to be allocated for such individual under this Section 7.11(a). Participating Employer Matching Contributions for a non-Key Employee that are taken into account to meet the minimum allocation requirements of this
Section 7.11(a) 



  
 VII-3










	 	
shall be disregarded in applying the provisions of Sections 3.10 and 3.11 of the Plan. 

  

	 	(b)	Bargaining Unit Employees. The provisions of Section 7.11(a) shall not apply to any Employee included in a unit of Employees covered by a collective
bargaining agreement if, within the meaning of Section 416(i)(4) of the Code, retirement benefits were the subject of good faith bargaining. 


  
 VII-4









 ARTICLE VIII 
 WITHDRAWALS 
 8.1 Withdrawals Generally. 

8.1.1 A Participant may make written application to the Administrative Committee for withdrawal of all or a portion of the
Value of those of his or her Accounts specified in this Article VIII, but only in such amounts and under such conditions as specified in this Article VIII 
 8.1.2 In granting or refusing any request for withdrawal, the Administrative Committee shall apply uniform standards consistently and such discretionary power shall not be applied so as to discriminate in
favor of Highly Compensated Employees. 
 8.1.3 The terms under which assets derived from Merged Plans may be
withdrawn shall be governed by this Article VIII unless provisions in Appendix B regarding provisions for Merged Plans specifically provide otherwise. 
 8.1.4 With respect to withdrawals under this Article VIII, the Applicable Valuation Date as of which the Value of an Account is determined and as of which the withdrawal is deemed to have taken place for
purposes of Article V shall be the Valuation Date immediately following (i) the withdrawal election as specified by the Administrative Committee or (ii) in the discretion of the Administrative Committee in the case of a withdrawal in which
Hardship must be established, the date the Administrative Committee determines that the requisite Hardship has been established. 
 8.2 In-Service Withdrawals. 
 8.2.1 A Participant shall be
permitted to withdraw all or a portion of the Value of his or her Pre-Tax Contribution Account and Roth Contribution Account at any time, subject to the limitations set forth below: 

 

	 	(a)	 Withdrawal of Pre-Tax Contributions is limited to Disability, attainment of age fifty-nine and one-half (59 1/2), or earlier Hardship as provided in Section 8.3;



  

	 	(b)	 Notwithstanding the foregoing, Qualified Non-Elective Contributions, Roth Contributions and Special Company Contributions may not be withdrawn prior to
Disability or the attainment of age fifty-nine and one-half (59 1/2). 


 8.2.2 A Participant shall be
permitted to withdraw all or a portion of the vested Value of his or her After-Tax Contribution Account, Rollover Account, Employer Matching Contribution Account or Transferred Accounts at any time by submitting a completed form in the manner
specified by the Administrative Committee. 

  
 VIII-1









 8.3 In-Service Financial Hardship Withdrawal of Pre-Tax Contributions. Upon
application of an Employee who is not Disabled and has not reached the age of fifty-nine and one-half (59-1/2) years, provided the Participant has also applied for or has already withdrawn all amounts currently available pursuant to Section 8.2
(including any Loans available pursuant to Section 9.1), the Administrative Committee shall permit such Participant to withdraw a portion or all of the balance of his or her Account, excluding Adjustments thereto and Qualified Non-elective
Contributions allocated to a Participant’s Pre-Tax Contribution Account (including Catch-up Contributions), as of the Applicable Valuation Date, but only if: 
  

	 	(a)	the withdrawal is deemed by the Administrative Committee or its delegate to be necessary to alleviate a Hardship, and 


 

	 	(b)	the Participant affirms in writing in the manner determined in accordance with uniform procedures established by the Administrative Committee that the Hardship cannot
be alleviated with other resources reasonably available to the Participant. 

 A withdrawal pursuant to this
Section 8.3 shall be limited to the amount needed to alleviate the Hardship increased by the amount withheld to satisfy federal and state tax withholding requirements. 
 8.4 Withdrawals from Investment Funds. If a Participant receiving a withdrawal from his or her Accounts has amounts credited in more than one Investment Fund including the Stock Fund, the
withdrawal shall be paid from the various funds on a pro rata basis. 

  
 VIII-2









 ARTICLE IX 
 LOANS TO PARTICIPANTS 
 9.1 Loans to Participants. 

9.1.1 General. A Participant may apply for a Loan from his or her Accounts. Except as provided in
Section 9.1.2 below, a Participant shall not have more than two loans outstanding at any one time from this Plan; provided, however, that any loans causing “deemed distributions” under Section 72(p) of the Code shall be included
solely for purposes of computing the number of loans the Participant has outstanding at any one time when a new loan application is made. In the event that a Loan becomes a “deemed distribution” to the Participant, such Participant may
thereafter have only one Loan outstanding at any one time. The Loan request shall be made and submitted to the Loan Administrator, together with any required application fee in accordance with rules, guidelines, programs and/or procedures adopted by
the Loan Administrator. No Loan shall be granted unless it meets the requirements set forth in Sections 9.1.3 and 9.2. If a Participant obtains a Loan under this Section 10.1, his or her status as a Participant and his or her rights with
respect to his or her Plan benefits shall not be affected, except to the extent that the Participant has assigned his or her interest in his or her Accounts pursuant to the applicable provisions of Section 9.2. 

9.1.2 Other Employer Loans. If (i) a Participant has any loan outstanding under a “qualified employer
plan” (as defined in Section 72(p)(4) of the Code) of an Acquired Employer or is eligible to receive a loan under such a plan and (ii) such plan has not been merged into the Plan, the Participant shall not be eligible to apply for a
loan from his or her Account. If a Participant has one or more loans outstanding under the Marsh & McLennan Companies 401(k) Savings & Investment Plan, the Participant shall not be eligible to apply for a loan from his or her
Account. 
 9.1.3 Applicable Rules. All Loans shall be granted according to rules, guidelines, programs or
procedures that the Loan Administrator may adopt from time to time and such rules, guidelines, programs and/or or procedures shall be applied by the Loan Administrator on a uniform and nondiscriminatory basis to all Participants. The Administrative
Committee may at any time suspend authorization for future Loans to Participants, but no such suspension shall affect any Loan then outstanding under this Section 9.1. 
 9.2 Loan Requirements. No Loan shall be made pursuant to Section 9.1 unless the Loan meets all of the following requirements: 

 

	 	(a)	 Amount. The Loan must be in an amount of not less than $1,000, and shall not exceed the lesser of (a) $50,000 or (b) one-half
(1/2) of the Current Balance of the Participant’s Accounts. The limitations under each of clauses (a) and (b) above shall be reduced by the outstanding balance (if any) of all other loans to the Participant from this and any
other “qualified employer plan” (as described in Section 72(p)(4) of the Code) which is maintained by any Participating Employer or Non-Covered Employer. The $50,000 limitation in clause (a) above shall be further reduced by the




  
 IX-1










	 	
excess, if any, of the highest outstanding balance of all loans from this and any other “qualified employer plan” described in the preceding sentence during the twelve (12) month
period preceding the date of the current Loan, over the outstanding balance of all such loans at the date of the current Loan. 

  

	 	(b)	Adequate Security. The Loan must be adequately secured by the assignment, as collateral security, of no more than one-half (1/2) of the value of the
Participant’s vested Account balances. 

  

	 	(c)	Interest. The Loan must bear interest, fixed for the term of the Loan and payable at regular intervals as determined by the Loan Administrator under its rules,
guidelines, programs and/or procedures. 

  

	 	(d)	Repayment Term. The Loan must provide for substantially level amortization (within the meaning of Section 72(p)(2)(C) of the Code) with payments made at
regular intervals as determined by the Loan Administrator (but no less frequently than quarterly) for a period to end no later than the earlier of the expiration of a fixed term of not less than one (1) year and not more than five
(5) years or, in the case of a Loan for the purchase of the Participant’s principal residence, fifteen (15) years. 

  

	 	(e)	Promissory Note. The Loan must be evidenced by a promissory note entered into with the Participant containing such terms and provisions as the Loan Administrator
shall determine under its rules, guidelines, programs or procedures, which may include a provision that a Loan to a Participant actively employed by a Participating Employer or a Non-Covered Employer shall be repaid by regular deductions from his or
her pay in each pay period during which the Loan is outstanding. 

 9.3 Allocation among Investment Funds.
If the balance in any Account that is reduced to fund a Loan is invested in more than one Investment Fund, including the Stock Fund, the Loan proceeds shall be obtained from such Investment Funds in the manner determined for withdrawals under
Section 8.4. 
 9.4 Compliance with Applicable Law. The Loan Administrator shall take such actions as he or she
deems appropriate in order to assure full compliance with all applicable laws and regulations relating to Loans and the granting and repayment thereof. 
 9.5 Termination of Employment. In the event of a Participant’s Termination of Employment for any reason while he or she has a Loan outstanding, the Loan may be repaid in full within such time
period as the Loan Administrator shall establish under its rules, guidelines, programs and/or procedures. The amount of any outstanding Loan, plus accrued interest, not so repaid shall thereupon be treated as a distribution to the Participant or his
or her Beneficiary, and the Trustee shall reduce the value of the Participant’s Accounts by that amount. 
 9.6
Default. A Loan may be declared by the Loan Administrator to be in default if the Participant fails to make a scheduled Loan payment on or before the required date for such 

  
 IX-2









 
payment (including any cure periods established by the Loan Administrator) or if otherwise required by applicable law, regulation or the Loan Administrator’s rules, guidelines, programs
and/or procedures which shall be administered by the Loan Administrator in a uniform manner. In the event that the Loan Administrator declares a Loan to be in default, notwithstanding the treatment of such Loan under Section 9.1.1 of the Plan,
the unpaid amount of the Loan shall be offset against any distribution payable to such Participant or his or her Beneficiary under Article VI at such time that such distribution would first become payable as provided in Article VI. In the event that
the amount of any such offset is not sufficient to repay the remaining balance of any such loan, such Participant shall be liable for and continue to make payments on any balance still due from him or her. In addition to the foregoing, the Loan
Administrator shall take such action as provided for under its rules, guidelines, programs and/or procedures 

  
 IX-3









 ARTICLE X 
 BENEFICIARIES 
 10.1 Designation of Beneficiaries. 

 

	 	(a)	Subject to such rules, procedures and forms as the Administrative Committee may establish, a Participant shall have the right to make and change from time to time the
designation of one or more named Beneficiaries, plus one or more contingent Beneficiaries who are to receive all or part (in such proportion as the Participant prescribes) of the distribution under this Plan in the event of the Participant’s
death and also the death of one or more of such named Beneficiaries, in such proportions as among such contingent Beneficiaries (and any surviving named Beneficiaries) as the Participant shall prescribe, provided that with respect to a Participant
who is legally married on the date of his death, the Participant’s Beneficiary shall be deemed to be his Spouse unless the Participant has designated a Beneficiary other than his Spouse with Spousal Consent. 


 

	 	(b)	In the event that there are two or more Beneficiaries of a deceased Participant, the provisions of this Plan applicable to Beneficiaries with unpaid benefits shall be
applied by permitting each such Beneficiary to make a separate election. 

 10.2 Payment to Beneficiaries.
The Plan Administrator, upon receiving proof of a Participant’s death and the identity and existence, or death, of relevant named Beneficiaries and contingent Beneficiaries, shall cause payment of the amount in the Participant’s Accounts
to be made to the Participant’s Beneficiary in accordance with Section 6.6. If a Participant fails to designate a Beneficiary or no Beneficiary or contingent Beneficiary survives the Participant, then payment shall be made to the
Participant’s surviving Spouse or, if there is no surviving Spouse, to the executors or administrators of the Participant’s estate. 
 10.3 Payment on Behalf of Minors and Incompetents. If any person to whom a payment is to be made is a minor or incompetent by reason of physical or mental disability, payment shall be made as
determined under Section 14.10. 

  
 X-1









 ARTICLE XI 
 COMMITTEES AND ADMINISTRATION 
 11.1 Composition, Appointment, Removal
and Resignation. The Administrative Committee and the Investment Committee (collectively, the “Committees”) shall each consist of three or more persons appointed by the Oversight Committee who may be removed at any time with or without
cause by the Oversight Committee. Committee members may resign at any time. In the event that a vacancy or vacancies shall occur on the Committees, a remaining member or members shall act as the Committee until the Oversight Committee fills such
vacancy or vacancies. No person shall be ineligible to be a member of a Committee because he or she is, was or may become entitled to benefits under the Plan or because he/she is a director and/or officer of the Company, Employer, any other
Participating Employer or Non-Covered Employer or a Trustee; provided, however, that no Participant shall participate in any determination by a Committee relating specifically to the disposition of his or her own benefits under the Plan. 

11.2 Chairman, Secretary and other Personnel. The Oversight Committee shall appoint a chairperson for the Administrative Committee
and the Investment Committee from among the Committees’ members. During any period for which no chairperson has been appointed or for which the appointed chairperson is unavailable, each Committee shall select a chairperson from among its
members. Each Committee shall select a secretary who need not be a member. Each Committee may, from time to time, appoint, retain or employ such accountants, counsel, specialists and other persons as it deems necessary or advisable in connection
with administration or investment of assets of the Plan. The Committees and any person to whom they may delegate authority shall be entitled to rely conclusively and shall be fully protected in any action taken in good faith in reliance upon any
opinions, certificates or reports which may be furnished to them by any such counsel, accountants or other specialists. 
 11.3
Powers and Duties. 
 11.3.1 Administrative Committee. The Administrative Committee shall have full
power and authority to administer and operate the Plan and perform fiduciary functions hereunder, in its complete discretion, except for power and authority specifically assigned to the Investment Committee or the Oversight Committee. Without
limiting the generality of the foregoing, the Administrative Committee shall have power and complete discretion: 
  

	 	(a)	to make and enforce rules and regulations and to prescribe the use of forms necessary or advisable for efficient administration (including to prescribe the form or
other method of communication, consistent with applicable law, for any particular purpose specified in the Plan, whether or not the Plan specifies that such communication be written, and to make any elections with respect to discrimination testing);


  

	 	(b)	 decide to interpret the Plan, to resolve ambiguities, inconsistencies, and omissions, and to decide questions concerning the eligibility of any person
to become a Participant, such interpretations, resolutions and decisions to be final and conclusive on all persons, provided, however, that initial 



  
 XI-1










	 	
claims determinations shall be determined as provided in Section 14.15 by a Named Fiduciary exercising these powers; 


 

	 	(c)	to direct payment by the Trustee of amounts due Participants and Beneficiaries under the Plan; 


 

	 	(d)	to delegate authority to agents and other persons to act on its behalf in carrying out the provisions and administration of the Plan; 


 

	 	(e)	to determine all questions relating to matters upon which the benefits or other rights of a Participant or other person hereunder are based; and


  

	 	(f)	except as otherwise expressly provided in Section 15.16, to determine all questions arising out of or in connection with the provisions of the Plan or the
administration of the Plan (A) when disputes arise between a Participant and a Participating Employer or his Beneficiary or legal representatives, and (B) any other case in which the Committee deems such a determination advisable.


 11.3.2 Investment Committee. The Investment Committee shall be responsible for selecting
institutions and/or parties to provide audit, custodial and trustee services with respect to the Plan and for making appropriate provision for and selecting and reviewing the appropriateness of available investment fund vehicles in addition to the
Stock Fund, and directing the Trustee to develop a program for the purchase and sale of shares in the Stock Fund. This Plan is intended to be a plan described in Section 404(c) of ERISA, and neither the Investment Committee, the Oversight
Committee, the Administrative Committee, the Company Representative nor the Company shall be responsible for individual Participant investment decisions. 
 11.3.3 Committee Actions. The Committees shall have all powers and discretion they shall determine to be necessary or helpful for the carrying out of their responsibilities, including authority to
delegate their responsibilities to other individuals designated by them, and the decision or action of each of the Committees in good faith in respect of any matter for which such Committee has responsibility hereunder shall be conclusive and
binding upon all parties concerned; provided, however, that in accordance with the Plan’s design, the Investment Committee has no discretion to replace the Stock Fund with alternative investments; and provided, further, that the Stock Fund
shall at all times continue to be an available Investment Fund. 
 11.4 Statement of Account Reports. The Administrative
Committee shall cause to be furnished to each Participant a written statement setting forth, no less frequently than quarterly, the Value of his or her Current Balance in the Stock Fund and other Investment Funds. The Committees shall provide
reports of their activities to the Oversight Committee as requested by the Oversight Committee. 
 11.5 Committee Action.
A majority of each Committee shall constitute a quorum and may, by action of a majority of such quorum, do any act which the Plan authorizes or requires such Committee to do, and the action of a majority expressed from time to time by a vote at a


  
 XI-2









 
meeting, or in writing without a meeting, shall constitute binding action and will have the same effect for all purposes as if assented to by all members of such Committee at the time. The
members may, by a writing signed by a majority, delegate to any one of them or to the secretary authority to give notices of Administrative Committee and Investment Committee action. 

11.6 Payment of Expenses. All expenses of the Plan and its administration, and all fees and expenses of the Trustee under the
Trust Agreement, and fees and expenses of independent persons for the provision of services to the Plan shall be paid by the Trustee unless paid by the Company, Employer or other Participating Employers; provided, however, that all brokerage
commissions and transfer taxes on the Stock Fund and any other Investment Fund shall be paid by the Trustee out of each of said funds, respectively, and provided further that any refunds of 12b-1 or similar fees received from other Investment Funds
may be applied towards future brokerage commissions and other Plan expenses described above, including administrative fees and expenses relating to services performed by the fund sponsor. Section 14.15 shall determine whether and how other
expenses paid by the Trustee shall be allocated among Accounts. Notwithstanding the foregoing, Plan assets may not be applied to pay fees of entities related to the Company (except to the extent that there is an applicable prohibited transaction
exemption including, for example, where the fees paid by the Plan represent reimbursement of direct expenses); such fees shall be treated as waived with respect to the Trust and not collectible from assets of the Trust. Members of the Committees
shall serve without special compensation, and their expenses shall be paid by the Company. 
 11.7 Fiduciaries.

 11.7.1 The Administrative Committee shall be the Named Fiduciary of the Plan for purposes of the
administration of the Plan including the duty to determine appeals from initial claims denials. Any individual or entity designated pursuant to Section 14.15 shall be the Named Fiduciary for purposes of making initial claims determinations.
During any period for which no such individual or entity has been appointed, the Administrative Committee shall serve directly or indirectly in that capacity. The Investment Committee shall be the Named Fiduciary for purposes of investments, except
to the extent that an “investment manager,” within the meaning of Section 3(38) of ERISA, has been appointed to manage investments or fiduciaries are relieved of responsibility for Participant decisions pursuant to Section 404(c)
of ERISA. 
 11.7.2 The members of the Committees shall have the right, which shall be exercised in accordance
with the procedures set forth in Section 11.5 and/or in the Trust Agreement for action by the Committees, to allocate fiduciary responsibilities among Named Fiduciaries, and the Named Fiduciaries (or any of them to whom such right shall be
allocated) shall have the right to designate persons other than Named Fiduciaries to carry out fiduciary responsibilities under the Plan. 
 11.7.3 Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan. 
 11.7.4 Any fiduciary designated by a Named Fiduciary pursuant to Section 11.7.2 to whom such power is granted by a Named Fiduciary under the Plan, may employ one or more persons to render advice with
regard to any responsibility such fiduciary has under the Plan. 

  
 XI-3









 11.7.5 Except to the extent otherwise provided by law, if any duty or
responsibility of a Named Fiduciary has been allocated or delegated to any other person in accordance with any provision of this Plan or of the Trust Agreement, then such Named Fiduciary shall not be liable for an act or omission of such person in
carrying out such duty or responsibility. 
 11.8 Liability Limited and Indemnification. 

11.8.1 Except as otherwise provided by law, neither the Company, the Company Representative, the Employer, any member of
the Committees or the Oversight Committee, nor any employee, officer and/or director of any Participating Employer or Non-Covered Employer, shall incur any liability whatsoever on account of any matter connected with or related to the Plan or the
administration of the Plan, unless such person shall have acted in bad faith or have been guilty of willful misconduct or gross negligence in respect to his or her duties, actions or omissions in respect of the Plan. 

11.8.2 The Participating Employers and Non-Covered Employers shall jointly and severally indemnify and hold the Company
Representative, and each Committee member harmless from and against any and all loss, liability, claim, damage, cost and expense which may arise by reason of, or be based upon, any matter connected with or related to the Plan or the administration
of the Plan (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or in settlement of any such claim whatsoever) to the fullest
extent permitted under their respective certificates of incorporation and by-laws. This indemnity obligation shall survive any termination of the Plan. 
 11.9 Notices. The Administrative Committee shall not be bound by any notice or other communication unless and until it shall have been received in writing addressed to the Administrative Committee
at: 
 Plan Administration –– Marsh & McLennan Agency 401(k) Savings & Investment
Plan 
 c/o Global Benefits 

6th Floor 
 Marsh & McLennan Companies, Inc. 
 Waterfront Corporate
Center 
 121 River Street 

Hoboken, NJ 07030-5794 

  
 XI-4









 ARTICLE XII 
 AMENDMENT AND TERMINATION 
 12.1 Amendment. The Company by action of
its Board of Directors may amend the Plan and Trust Agreement in any respect from time to time; provided that, if and to the extent the amendment: (a) is necessary to qualify and maintain qualification of the Plan or to obtain and maintain an
exemption for the Trust Fund under Sections 401 and 501 of the Code; (b) is otherwise required by applicable law or (c) would reasonably be expected to have no more than a de minimis effect on the Company, Employer or any other
Participating Employers then the Plan and Trust Agreement may be amended by action of the Company Representative. No amendment shall be made which would permit any contribution and funds relating thereto to revert to the Company, Employer or any
other Participating Employer. Any such amendment shall be set forth in writing. No amendment by the Company Representative may alter the basis on which the Plan can acquire shares of MMC Stock or alter provisions relating to MMC Stock in violation
of applicable law. 
 12.2 Termination of Plan. The Company, by resolution of the Board of Directors, may terminate the
Plan in its entirety at any time or may terminate the participation in the Plan of any Participating Employer with respect to its Employees. To the extent authorized by the Board of Directors, the Company Representative may terminate the
participation of a Participating Employer, including in order to comply with existing law. In the event of the termination or partial termination of the Plan with respect to any Participating Employer and Participants employed by it: 

 

	 	(a)	There shall be no further contributions or enrollments of new Participants in the Plan; 


 

	 	(b)	all unallocated MMC Stock and cash in the Stock Fund and any other Investment Fund existing under the Plan at its termination shall be duly allocated among the
Participants’ Accounts; 

  

	 	(c)	the then entire balance in the Accounts of each Participant shall continue to be held in the Trust Fund and distributed to such Participant under the circumstances and
in such manner as provided in Article VI or as otherwise determined on a uniform and non-discriminatory basis by the Board of Directors; and 

  

	 	(d)	each affected Participant’s interest in the Trust Fund shall be fully vested as of the date of such termination, partial termination or complete discontinuance of
contributions to the Plan. 

 12.3 Plan Merger. The Plan may be amended to provide for the merger of the
Plan, in whole or in part, or a transfer of all or part of its assets, into or to any other qualified plan within the meaning of Section 401(a) of the Code, including such a merger or transfer in lieu of a distribution which might otherwise be
required under the Plan. In the case of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, each Participant in this 

  
 XII-1









 
Plan shall be entitled to a benefit immediately after the merger, consolidation, or transfer (if such other plan then terminated) which is equal to or greater than the benefit the Participant
would have been entitled to receive immediately before the merger, consolidation, or transfer (if the Plan had then been terminated). 
 12.4 Plan Transfers. The Administrative Committee, in its sole discretion, may permit transfers of Accounts from the Plan to other plans of a Participating Employer or a Non-Covered Employer that
are qualified under Section 401(a) of the Code. The Administrative Committee shall have the authority to take such actions as are necessary or desirable to implement this Section 12.4, and shall exercise its authority in a manner which
does not discriminate in favor of Highly Compensated Employees. 

  
 XII-2









 ARTICLE XIII 
 LIMITATION ON MAXIMUM CONTRIBUTIONS AND BENEFITS UNDER ALL PLANS 
 13.1
Definitions. 
 13.1.1 Annual Addition. For purposes of this Article XIII, “Annual
Addition” means the sum for any year of (a) employer contributions and forfeitures allocable to a Participant under all plans (or portions thereof) maintained by a Participating Company or Non-Covered Company subject to Section 415(c)
of the Code, (b) the Participant’s employee contributions under all such plans (or portions thereof), and (c) amounts described in Section 419A(d)(2) of the Code (relating to post-retirement medical benefits of key employees) or
allocated to a pension plan individual medical account described in Section 415(1) of the Code, to the extent includible for purposes of Section 415(c)(2) of the Code. A Participant’s employer contributions described in clause
(a) shall be determined without regard to any “restorative payments” as defined in Treas. Reg. §1.415(c)-1(b)(2)(ii)(C). A Participant’s employee contributions described in clause (b) shall be determined without regard
to (i) any Rollover Distributions or Catch-up Contributions, (ii) any repayments of loans, (iii) any prior distributions repaid upon the exercise of buy-back rights, or (iv) any dividends paid by the Plan and reinvested in the
Plan pursuant to Section 404(k)(2)(A)(iii)(II) of the Code. Employer and employee contributions taken into account as Annual Additions shall include “excess contributions” as defined in Section 401(k)(8)(B) of the Code,
“excess aggregate contributions” as defined in Section 401(m)(6)(B) of the Code, and “excess deferrals” as described in Section 402(g) of the Code (to the extent such “excess deferrals” are not distributed to
the Participant before the April 15th following the end of the taxable year of the Participant in which such deferrals were made), regardless of whether such amounts are distributed or forfeited. A Participant’s make-up contributions under
Section 3.17 shall be treated as Annual Additions for the limitation year to which such contributions relate and not the limitation year the contributions are actually made. 

13.1.2 Earnings. “Earnings” for any limitation year means compensation (as defined in Section 415(c)(3) of
the Code) actually paid or made available (including amounts subject to de minimis payment delays as described in Treas. Reg. § 1.415(c)-2(e)(2), amounts paid after severance from employment as described in Treas. Reg.
§1.415(c)-2(e)(3) and amounts that are includible in the gross income of an individual under the rules of Section 409A of the Code or because the amounts are constructively received by the individual) by all Participating Employers and
Non-Covered Employers for that limitation year, including any Pre-Tax Contributions under this Plan (or any other cash or deferred arrangement described in Section 401(k) of the Code) and any amount which is contributed or deferred by the
Employer at the election of the Employee and which is not includible in the gross income of the Employee by reason of a salary reduction arrangement under any cafeteria plan (within the meaning of Section 125 of the Code) and under a qualified
transportation fringe benefit plan (within the meaning of Section 132(f) of the Code). “Earnings” for any limitation year shall not exceed the maximum permitted to be recognized for the calendar year in which the limitation year
begins under Section 401(a)(17) of the Code, as adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code. 

  
 XIII-1









 13.2 Limitation and Annual Additions. The aggregate Annual Additions to this Plan
and all other defined contribution plans maintained by all Participating Employers and Non-Covered Employers for a limitation year beginning shall not exceed the lesser of: (a) $49,000 as adjusted for increases in the cost-of-living under
Section 415(d) of the Code, or (b) one hundred percent (100%) of the Participant’s Earnings for that limitation year. 
 13.3 Application. If the allocations to a Participant’s Account otherwise required under this Plan for any limitation year would cause the limitations of this Article XIII to be exceeded for
that year, After-Tax Contributions, if any for such limitation year, and gains attributable to such After-Tax Contributions shall be distributed to the extent that such distribution reduces the excess amount. If after such distribution there remains
an excess amount, contributions otherwise required with respect to the Participant under Article III shall be reduced to the extent necessary to comply with those limitations, as provided in Section 3.13. Reductions in benefits under this
Article XIII arising by reason of a Participant’s participation in multiple plans shall be effected by first reducing unmatched contributions by or for the Participant under this or any other plan (other than Catch-up Contributions), followed
by contributions under any other plan that are unvested; provided, however, that benefits under any multiemployer plan (described in Section 414(1) of the Code) or multiple employer plan (described in Section 413(c) of the Code) shall be
reduced last; provided, however, if a Participant participates in the Mercer HR Services Retirement Plan (the “MHRS Plan”) and/or the Marsh & McLennan 401(k) Savings & Investment Plan (the “MMC Plan”) during a
limitation year and is credited with Annual Additions in accordance with the MHRS Plan and/or MMC Plan with respect to such limitation year, the maximum amount of Annual Additions that may be credited to such Participant under this Plan shall be
limited to the excess of the limitation described in Section 13.2 over the amount credited to the Participant under the MHRS Plan and/or MMC Plan for such limitation year. The correction methods of excess employer Annual Additions caused by a
reasonable error in estimating a Participant’s Earnings shall be executed through the correction programs available under Revenue Procedure 2008-50 or any subsequently offered Internal Revenue Service correction program. 

13.4 Limitation Year. For purposes of this Article XIII, “limitation year” means the calendar year. 

  
 XIII-2









 ARTICLE XIV 
 MISCELLANEOUS 
 14.1 No Warranty of Stock Fund or other Investment
Fund. Neither the Company, the Employer, any other Participating Employer, any Non-Covered Employer, the Oversight Committee, the Trustee, the Company Representative, the Administrative Committee nor the Investment Committee warrants or
represents in any way to any Employee, Participant, Beneficiary, or non-participating employee that the value of MMC Stock or any other Investment Fund shares increase or will not decrease or that dividends will continue to be paid, either at all or
at any particular level. 
 14.2 Spendthrift Provision. Except as otherwise provided by provisions of or rules adopted by
the Loan Administrator under Article IX, by provisions of a Qualified Domestic Relations Order, by applicable law or by decisions of a court of competent jurisdiction, no distribution or payment under the Plan to, or any interest in the Plan of, any
Participant or Beneficiary shall be subject in any manner to anticipation, alienation, attachment, sale, transfer, assignment, pledge, execution, encumbrance or charge, or legal or equitable process for debts or liabilities, whether voluntary or
involuntary, or be subject to the jurisdiction of any court in any bankruptcy or insolvency proceeding, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void; nor shall any such
distribution or payment be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to such distribution or payment. 
 14.3 Benefits Solely from Trust Fund. The sole duty, obligation and liability of the Participating Employers under the Plan shall be to make contributions as and when required by the Plan (and in
case of the Company to pay expenses as provided in the Plan). The Trust Fund shall be the sole source of benefits under the Plan, and each Participant and Beneficiary and any other person who shall claim any right to any payment of MMC Stock and/or
cash under the Plan shall be entitled to look only to the Trust Fund for such payment, and shall not have any right, claim, or demand therefor against the Committees, the Loan Administrator, any Participating Employer or officer, director, employee
or agent thereof or against the Committee or any member, officer, employee or agent thereof. 
 14.4 Governing Law and
Limitation on Actions. The validity of this Plan or of any of its provisions shall be determined under, and it shall be construed and administered according to, the laws of the State of New York (without regard to its choice of law principles),
except to the extent preempted by ERISA, or any other applicable laws of the United States of America. No action (whether at law, in equity or otherwise) shall be brought by or on behalf of any Participant or Beneficiary for or with respect to
benefits due under this Plan unless the person bringing such action has timely exhausted the Plan’s claim review procedure. Any action (whether at law, in equity or otherwise) must be commenced within three years. This three year period shall
be computed from the earlier of (a) the date a final determination denying such benefit, in whole or in part, is issued under the Plan’s claim review procedure and (b) the date such individual’s cause of action first accrued.


  
 XIV-1









 14.5 Correction of Payment Mistakes. The Administrative Committee may adjust the
Accounts of any or all Participants or Beneficiaries in order to correct errors or rectify omissions, in a manner that the Administrative Committee believes will result in an equitable and nondiscriminatory administration of the Plan. No Participant
or Beneficiary shall be deemed to have a vested right to any amounts erroneously credited to such person’s Accounts. 
 Any
mistake in the payment of a Participant’s benefits under the Plan may be corrected by the Administrative Committee when the mistake is discovered. The mistake may be corrected in any reasonable manner authorized by the Administrative Committee
(e.g., adjustment in the amount of future benefit payments, repayment to the Plan of an overpayment, or catch-up payment to a Participant for an underpayment). In appropriate circumstances (e.g., where a mistake is not timely discovered), the
Administrative Committee may waive the making of any correction. A Participant or Beneficiary receiving an overpayment by mistake shall repay the overpayment if requested to do so by the Administrative Committee. 

14.6 Return of Contributions. In no event shall any portion of the Trust Fund revert to a Participating Employer; provided,
however, that 
  

	 	(a)	in the case of a Participating Employer Matching Contribution which is made by a mistake of fact, the contribution shall be returned to the applicable Participating
Employer within one year after the payment of the contribution; 

  

	 	(b)	Participating Employer Matching Contributions to the Plan are conditioned on qualification of the Plan under Section 401 of the Code; and accordingly if the Plan
does not qualify, these contributions shall be returned to the applicable Participating Employer within one year after the date of the denial of qualification; 


 

	 	(c)	Participating Employer Matching Contributions that are conditioned upon their deductibility under Section 404 of the Code for the taxable year for which
contributed shall be returned within one year after the disallowance of the deduction for that taxable year; and 

  

	 	(d)	if the Commissioner of Internal Revenue initially determines that the Plan and Trust Fund as presently constituted or as amended prior to such determination do not
qualify under Section 401(a) of the Code, all Participating Employer Matching Contributions made by Participating Employers, and all assets of the Trust Fund attributable to such contributions, shall be returned to the Participating Employers,
and all After-Tax Contributions, Pre-Tax Contributions, Roth Contributions and Rollover Contributions made by Eligible Employees, and all assets of the Trust Fund attributable to such contributions, shall be returned to the Eligible Employees. Upon
the return of all such assets, this Plan and the Trust Fund which forms a part of this Plan shall terminate and the Trustee shall be discharged from all obligations under the Trust Fund. 


  
 XIV-2









 14.7 Proof of Age; Etc. Evidence satisfactory to the Administrative Committee of
age, health, marital status, death, or any other fact relevant to payment of a benefit under the Plan may be required with respect to any Participant or his or her Spouse, or Beneficiary before any benefit is paid under the Plan. 

14.8 Estoppel of Participants and Their Beneficiaries. All Participating Employers and Non-Covered Employers, the Committees, any
Named Fiduciary appointed under Section 14.15, the Loan Administrator and the Trustee may rely upon any certificate, statement or other representation made to them by any Employee, Participant, Beneficiary, or Spouse, with respect to any fact
required to be determined under any of the provisions of the Plan, and shall not be liable on account of the payment of any moneys or the doing of any act in reliance upon any the certificate, statement or other representation. Any such certificate,
statement or other representation made by an Employee or Participant shall be conclusively binding upon the Employee or Participant and his or her Spouse or Beneficiary, and the Employee, Participant, Spouse, or Beneficiary shall thereafter and
forever be estopped from disputing the truth and correctness of the certificate, statement or other representation. Any such certificate, statement or other representation made by a Participant’s Spouse or Beneficiary shall be conclusively
binding upon the Spouse or Beneficiary, and the Spouse or Beneficiary shall thereafter and forever be estopped from disputing the truth and correctness of the certificate, statement or other representation. 

14.9 Identity of Proper Payee. The determination of the Administrative Committee as to the identity of the proper payee of any
payment and the amount properly payable shall be conclusive, and payment in accordance with such determination shall constitute a complete discharge of all obligations on account thereof. 

14.10 Incapacity. If the Administrative Committee determines that any payee of benefits under the Plan is a minor or is
incompetent by reason of physical or mental disability, the Administrative Committee in its sole discretion may cause the payments becoming due to such payee to be made to any of the following: such payee’s Spouse, parent(s), brother(s),
sister(s), child(ren) or other person unless claim prior to payment shall have been made therefor by a duly appointed legal representative, without responsibility of any Participating Employer or Non-Covered Employer, the Committees, the Loan
Administrator, the Trustee or the Trust Fund to see to the application of such payment. 
 14.11 Discharge of Liability.
If distribution in respect of a Participant is made under this Plan in a form, or to a person, reasonably believed by the Administrative Committee or its delegate to be proper (including, without limitation, distributions made in accordance with the
foregoing provisions of this Article XIV and with Section 10.3) the Plan shall have no further liability with respect to the Participant (or his Spouse or Beneficiary) to the extent of the distribution. Any such distribution shall operate as a
complete discharge of all Participating Employers and Non-Covered Employers, the Oversight Committee, the Committees, the Loan Administrator, the Trustee and the Trust Fund. 
 14.12 Limitation of Liability. Except as provided in Article XI and except to the extent otherwise provided by law, no liability shall attach to or be incurred by the Company Representative, any
stockholder, officer or director of a Participating Employer or Non-Covered 

  
 XIV-3









 
Employer, under or by reason of the terms, conditions and provisions contained in the Plan or in the related trust agreement, or for the acts or decisions taken or made thereunder or in
connection therewith; and as a condition precedent to his or her participation in the Plan or the receipt of benefits thereunder, or both, such liability, if any, is expressly waived and released by each Participant, Spouse, or Beneficiary, and by
any and all persons claiming under or through such persons, such waiver and release to be conclusively evidenced by any act or participation in or the acceptance of benefits or the making of elections under the Plan. 

14.13 Plan Not a Contract of Employment. Nothing contained in the Plan shall be construed as a contract of employment between a
Participating Employer or any Non-Covered Employer and any Employee, and the Plan shall not afford any Employee a right of continued employment with a Participating Employer or Non-Covered Employer. 

14.14 Fees. To the extent consistent with Title I of ERISA and Section 411(a)(11) of the Code, the Administrative Committee
may determine that reasonable fees for services provided shall be charged to the Individual Accounts or to classes of Participants, former Participants or Beneficiaries or other persons (including Alternate Payees) who claim benefits under the Plan.
Such fee allocations may be made on a pro rata or per capita basis. 
 14.15 Claims Determinations. Claims for benefits
and appeals of benefits denials shall be determined pursuant to claims procedures which comply with Section 503 of ERISA and regulations thereunder. The Company Representative shall appoint an individual or entity to serve as a Named Fiduciary
for the purposes of ruling on initial benefit claims; that is, for benefits to which Participants or Beneficiaries claim they are entitled under the Plan and have not been paid. During any period for which no such individual or entity has been
appointed, the Administrative Committee shall serve directly or indirectly in that capacity. 
 14.16 Separability. If
any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provisions of the Plan and the Plan shall be construed and enforced as if that provision had not been included therein.

 14.17 Captions. The captions contained herein and the table of contents prefixed hereto are inserted only as a matter
of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of the Plan nor in any way shall affect the Plan or the construction of any provision thereof. 

  
 XIV-4









 IN WITNESS WHEREOF, MARSH & McLENNAN COMPANIES, INC. has caused this Plan to be
executed by its duly authorized officer on the 24th day of December, 2009 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	/s/ Leon J. Lichter
		 	Leon J. Lichter
		 	Vice President, Corporate Human Resources
		 	Marsh & McLennan Companies, Inc.



  
 XIV-5









 APPENDIX A 
 LEASED EMPLOYEES 
 A.1 Definitions. 

The term “Leased Employee” means any person (a) who performs or performed services for a Participating Employer or
Non-Covered Employer (hereinafter referred to as the “Recipient”) pursuant to an agreement between the Recipient and any other person (hereinafter referred to as the “Leasing Organization”), (b) who has performed such
services for the Recipient (including persons related to the Recipient within the meaning of Section 144(a)(3) of the Code) on a substantially full-time basis for a period of a least one (1) year, and (c) whose services are performed
under primary direction or control by the Recipient. 
 A.2 Treatment of Leased Employees. 

For purposes of this Plan, a Leased Employee shall be treated as an Employee who is not an Eligible Employee, whose service for the
Recipient (including service during the one-year period referred to in Section A.1) is to be taken into account in determining compliance with the service requirements of the Plan relating to participation and vesting. However, the Leased Employee
shall not be entitled to share in contributions (or forfeitures applied in lieu thereof) under the Plan with respect to any service or compensation attributable to the period during which he/she is a Leased Employee, and shall not be eligible to
become a Participant eligible to receive contributions under the Plan unless and except to the extent that he/she shall at some time, either before or after his service as a Leased Employee, qualify as an Eligible Employee without regard to the
provisions of this Appendix A (in which event, status as a Leased Employee shall be determined without regard to clause (b) of Section A.1, to the extent required by applicable law). A Participant who becomes a Leased Employee shall not be
treated as having had a Termination from Employment under Section 6.2. 
 A.3 Exception for Employees Covered by Plans of Leasing
Organizations. 
 Section A.2 shall not apply to any Leased Employee if the employee is covered by a money purchase pension
plan of the Leasing Organization meeting the requirements of Section 414(n)(5) of the Code and Leased Employees do not constitute more than twenty percent (20%) of the aggregate “nonhighly compensated workforce,” as defined in
Section 414(n)(5)(C)(ii) of the Code, of all Participating Employers and Non-Covered Employers. 
 A.4 Construction. 

The purpose of this Appendix A is to comply with the provisions of Section 414(n) of the Code. All provisions of this Appendix A
shall be construed consistently therewith, and, without limiting the generality of the foregoing, no individual shall be treated as a Leased Employee except as required under Section 414(n) of the Code. 

  
 A-1









 APPENDIX B 
 PROVISIONS FOR ACQUIRED BUSINESSES 
 Notwithstanding the foregoing provisions of
the Plan to the contrary, benefits of the employees of the acquired or merged businesses shall be determined, except as otherwise specifically provided below, as follows: 
 B.1 (a) Merger or Stock Acquisition. All credited service of an Eligible Employee with an Acquired Employer that relates to services performed by such Eligible Employee for such Acquired Employer
prior to the date that the Acquired Employer was merged into, consolidated with, or acquired in any other form of stock acquisition by the Employer or any other Participating Employer, shall be taken into account under the Plan for purposes of
determining the Eligible Employee’s “Years of Vesting Service” and eligibility to receive Participating Employer Matching Contributions. 
 (b) Other Acquisitions. If an Acquired Employer is acquired by the Employer or any other Participating Employer in an asset acquisition or any other manner not described in paragraph
(a) above, an Eligible Employee who is hired on the date of such acquisition by the Employer or any other Participating Employer shall have his or her credited service with the Acquired Employer, as measured from the Eligible Employee’s
most recent date of hire with such Acquired Employer, taken into account under the Plan for purposes of determining the Eligible Employee’s “Years of Vesting Service” and eligibility to receive Participating Employer Matching
Contributions. 
 (c) Enrollment. An Eligible Employee described in paragraph (a) or paragraph (b) above shall
commence participation in the Plan upon the completion (or deemed completion) and implementation of his or her Contribution Authorization. The Contribution Authorization shall be effective commencing with the first day of the first pay period for
which it can be given effect under the administrative procedures established by the Administrative Committee. 

  
 B-1









 FIRST AMENDMENT 

TO THE 

MARSH & McLENNAN AGENCY 401(k) SAVINGS & INVESTMENT PLAN 

WHEREAS, Marsh & McLennan Companies, Inc. (the “Company”) established the Marsh & McLennan Agency 401(k)
Savings & Investment Plan (the “Plan”) effective January 1, 2010; 
 WHEREAS, pursuant to
Section 12.1 of the Plan the Company has reserved the right to amend the Plan by action of its Board of Directors or, if and to the extent the amendment: (a) is necessary to qualify and maintain qualification of the Plan or to obtain and
maintain an exemption for the Trust Fund under Sections 401 and 501 of the Code; (b) is otherwise required by applicable law or (c) would reasonably be expected to have no more than a de minimis effect on the Company, then by the
Company Representative; 
 WHEREAS, the Company wishes to amend the Plan to: (1) include earned commissions in the
definition of Compensation under the Plan, effective as of May 1, 2010; and (2) make certain other changes to the Plan; and 
 WHEREAS, it has been determined that the proposed changes to the Plan are either necessary to maintain the qualified status of the Plan under Section 401 of the Code or would be reasonably expected
to have no more than a de minimis effect on the Company. 
 NOW, THEREFORE, the Plan is hereby amended, effective as of
May 1, 2010, except as otherwise specified herein, as follows: 







 1. The first sentence of Section 1.18 of the Plan is restated to read as follows:

 “1.18 ‘Compensation’ means, for purposes of determining the contributions to the Plan
under Article III by or with respect to any Participant, a Participant’s base rate of pay, Regular Draw and earned commissions from a Participating Company (that are not subject to retroactive reduction or forfeiture by such Participating
Company) before any deductions for taxes or other purposes, including payment for accrued but unused vacation, payment to a Participant within two and one-half (2-1/2) months of his separation from service (within the meaning of
Section 401(k)(2)(B) of the Code) for accrued bona-fide sick, vacation, or other leave (but only if the Participant would have been able to use the leave had his employment continued), Pre-Tax Contributions, After-Tax Contributions and any
salary reduction amounts under any plan described in Section 125 of the Code or any ‘qualified transportation fringe benefit plan’ described in Section 132(f) of the Code, but shall not include: (a) allowances or
reimbursements for expenses, (b) overtime pay, (c) any other payments or contributions to or for the benefit of the Participant under the Plan or under any other deferred compensation, pension, profit sharing, incentive, insurance or other
employee benefit plan, (d) stock options or income or gains from the exercise thereof, (e) benefits in the form of property or the use of property; (f) bonuses; (g) lump sum or other severance allowances; or (h) any other
form of additional compensation.” 
 2. Effective as of January 1, 2010, the last sentence of Section 6.1.6 of
the Plan is hereby deleted in its entirety. 
 3. Effective as of January 1, 2010, the first sentence of Section 6.2.2
of the Plan is hereby amended by striking “Article VII” and substituting “Article VI” in its place. 
 4.
Effective as of January 1, 2010, Section 6.9 of the Plan is hereby amended by striking “Article VII” and substituting “Article VI” in its place. 

  
 - 2 -









 IN WITNESS WHEREOF, the Company Representative has executed this First Amendment to the Plan
this 14th day of May, 2010. 
  

			
	MARSH & MCLENNAN COMPANIES, INC.
		
	By:	 	/s/ Leon J. Lichter
		 	Leon J. Lichter
		 	 Vice President, Corporate Human Resources
 Marsh & McLennan Companies, Inc.




  
 - 3 -









 SECOND AMENDMENT 

TO THE 

MARSH & MCLENNAN AGENCY 401(k) SAVINGS & INVESTMENT PLAN 

WHEREAS, Marsh & McLennan Companies, Inc. (the “Company”) established the Marsh & McLennan Agency 401(k)
Savings & Investment Plan (the “Plan”) effective January 1, 2010; 
 WHEREAS, pursuant to
Section 12.1 of the Plan the Company has reserved the right to amend the Plan by action of its Board of Directors or, if and to the extent the amendment: (a) is necessary to qualify and maintain qualification of the Plan or to obtain and
maintain an exemption for the Trust Fund under Sections 401 and 501 of the Code; (b) is otherwise required by applicable law; or (c) would reasonably be expected to have no more than a de minimis effect on the Company, then by the
Company Representative; 
 WHEREAS, the Company amended the Plan on May 14, 2010 (the “First Amendment”); and

 WHEREAS, the Company wishes to further amend the Plan to: (1) reflect the application of Section 415(c) of the Code
under the Plan with respect to the accounts of participants that during a limitation year have received an allocation of employer contributions under The Thomas Rutherfoord, Inc. Employee Stock Ownership Plan; (2) provide for compliance with
the Heroes Earnings Assistance and Relief Tax Act of 2008 and Internal Revenue Service Notice 2010-15; and (3) make certain other clarifying changes to the Plan; and 
 WHEREAS, it has been determined that the proposed changes to the Plan would be reasonably expected to have no more than a de minimis effect on the Company; 







 WHEREAS, Leon J. Lichter, Vice President, Corporate Human Resources Marsh & McLennan
Companies, Inc. currently is serving as the Company Representative; 
 NOW, THEREFORE, the Plan is hereby amended, effective as
of January 1, 2010, except as otherwise specified herein, as follows: 
 1. Section 3.17 of the Plan is amended by
designating the current provision as paragraph (a) and adding new paragraphs (b) and (c) to the end thereof to read as follows: 
 “(b) Notwithstanding any provision in the Plan to the contrary: 
 (i) the Plan
shall provide the survivors of a Participant who dies while performing qualified military service (as defined in Section 414(u)(5) of the Code) with any additional benefits or contributions (other than contributions relating to the period of
qualified military service) under the Plan in accordance with the requirements of Section 401(a)(37) of the Code (to the extent such benefits are provided under the Plan); and 

(ii)(A) an individual receiving a differential wage payment, as defined by Section 3401(h)(2) of the Code, shall be treated as an
Employee of the Participating Company making the payment, (B) any differential wage payments received by a Participant shall be treated as Earnings for purposes of the Plan, and (C) the Plan shall not be treated as having failed to meet
the requirements of any provision described in Section 414(u)(1)(C) of the Code by reason of the making of (or the right to make) any contribution based on any differential wage payment. 

(c) The Administrative Committee shall administer and operate the Plan in compliance with the Heroes Earnings Assistance and Relief Act of
2008.” 
 2. Clause (b) of Section 6.1.3 of the Plan is hereby restated as follows: 

“(b) on his or her death or Disability either (1) while employed by a Participating Employer or Non-Covered Employer, or
(2) while performing qualified military service (as defined in Section 414(u)(5) of the Code) during a military leave which is subject to USERRA re-employment rights,” 

3. The first sentence of Section 6.4.1 of the Plan is hereby restated as follows: 

“6.4.1 Subject to Section 6.8 (lump-sum cashout), a Participant, whose Termination from Employment occurs on or after the date
the Participant attains age fifty-five (55) may elect to receive the distribution of his or her Accounts in any of the forms set forth in Section 6.4.2.” 

  
 - 2 -









 4. Section 13.3 of the Plan is hereby restated as follows: 

“13.3 Application. If the allocations to a Participant’s Account otherwise required under this Plan for
any limitation year would cause the limitations of this Article XIII to be exceeded for that year, After-Tax Contributions, if any for such limitation year, and gains attributable to such After-Tax Contributions shall be distributed to the extent
that such distribution reduces the excess amount. If after such distribution there remains an excess amount, contributions otherwise required with respect to the Participant under Article III shall be reduced to the extent necessary to comply with
those limitations, as provided in Section 3.13. Reductions in benefits under this Article XIII arising by reason of a Participant’s participation in multiple plans shall be effected by first reducing unmatched contributions by or for the
Participant under this or any other plan (other than Catch-up Contributions), followed by contributions under any other plan that are unvested; provided, however, that benefits under any multiemployer plan (described in Section 414(1) of the
Code) or multiple employer plan (described in Section 413(c) of the Code) shall be reduced last; provided, further, however, that if a Participant participates in (a) The Mercer HR Services Retirement Plan (the ‘MHRS Plan’),
(b) the Marsh & McLennan Companies 401(k) Savings & Investment Plan (the ‘MMC Plan’) and/or (c) The Thomas Rutherfoord, Inc. Employee Stock Ownership Plan (the ‘Rutherfoord Plan’) during a limitation
year, and is credited with Annual Additions in accordance with the MHRS Plan, the MMC Plan and/or the Rutherfoord Plan (including employer contributions credited under the Rutherfoord Plan for the period January 1, 2010 through June 30,
2010) with respect to such limitation year, the maximum amount of Annual Additions that may be credited to such Participant under this Plan shall be limited to the excess of the limitation described in Section 13.2 over the amount credited to
the Participant under the MHRS Plan, MMC Plan and/or Rutherfoord Plan for such limitation year.” 

  
 - 3 -









 IN WITNESS WHEREOF, the Company Representative has executed this Second Amendment to the
Plan this 23rd day of December, 2010. 
  

			
	MARSH & MCLENNAN COMPANIES, INC.
		
	By:	 	/s/ Leon J. Lichter
		 	Leon J. Lichter
		 	 Vice President, Corporate Human Resources
 Marsh & McLennan Companies, Inc.




  
 - 4 -