Document:

Employment Agreement dated as of December 10, 2007 - Daniel S. Glaser

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the “Agreement”) is made and entered into effective as
of December 10, 2007 (the “Effective Date”), by and between Marsh & McLennan Companies, Inc. (together with its successors and assigns, “MMC”, or the “Company”) and Daniel S. Glaser (the
“Executive”). 
 WHEREAS, the Executive and the Company desire to embody in this Agreement the terms and conditions of the
Executive’s employment by the Company; 
 NOW, THEREFORE, in consideration of the premises and mutual promises contained in this Agreement,
including the compensation paid to the Executive, the parties hereby agree: 
 ARTICLE 1 
 Employment, Duties and Responsibilities 
 1.1
Employment; Reporting. The Company shall cause Marsh, Inc. (“Marsh”) to employ the Executive as its Chairman and Chief Executive Officer. The Executive hereby accepts such employment, subject to the terms and conditions of this
Agreement. The Executive shall report directly to the Chief Executive Officer of MMC (the “Chief Executive Officer”). 
 1.2 Duties and
Responsibilities. 
 The Executive shall have such duties and responsibilities and power and authority as those normally associated with the
position of Chairman and Chief Executive Officer, Marsh, as well as any additional duties, responsibilities and/or powers and authority assigned to him by the Chief Executive Officer which are consistent with his position as Chairman and Chief
Executive Officer, Marsh. 
 The Executive agrees to use his best efforts to promote the interests of the Company and Marsh, and agrees that he will
devote his entire working time, care and attention to his duties, responsibilities and obligations to the Company and Marsh throughout the Term (as defined in Section 2.1 hereof). The Executive may serve on the boards of other civic, charitable
and corporate entities with the prior written consent of the Chief Executive Officer and manage his personal investments and affairs, so long as such activities do not, either individually or in the aggregate, interfere with the Executive’s
duties and responsibilities as Chairman and Chief Executive Officer, Marsh. 

 ARTICLE 2 
 Term 
 2.1 Employment Period. The initial term of the Executive’s employment under this Agreement (the
“Initial Term”) shall commence on the Effective Date and shall continue until the third anniversary of the Effective Date. Thereafter, this Agreement shall automatically renew for successive one (1) year terms (each, a
“Renewal Term”) unless either party sends a notice of termination to the other party in accordance with Section 6.2 hereof at least ninety (90) days prior to the expiration of the Initial Term or Renewal Term, as the
case may be. The Initial Term, together with any and all Renewal Terms, if any, are the “Term.” After the expiration of the Term for any reason the Executive will become an “at-will” employee of the Company. 
 ARTICLE 3 
 Compensation 
 As compensation and consideration for the performance by the Executive of his obligations under this Agreement, during the Term the Executive shall be entitled to the compensation
and benefits set forth in this Article 3 (subject, in each case, to the provisions of Article 5 hereof). 
 3.1 Base Salary. The
Executive shall receive an annual base salary (“Base Salary”) of $1.0 million. The Base Salary shall be reviewed at least annually by the Compensation Committee (the “Committee”) of the Board of Directors of
MMC (the “Board”) and may be increased (but not decreased) in the sole discretion of the Committee. If the Executive’s Base Salary is increased, the increased amount shall thereafter be the Base Salary. The Base Salary
shall be payable in installments, consistent with the Company’s payroll procedures in effect from time to time. 
 3.2 Annual Bonus. In
addition to Base Salary, commencing with the 2008 performance year, the Executive shall be eligible to participate throughout the Term in such annual bonus plans and programs as may be in effect from time to time in accordance with the
Company’s compensation practices and the terms and provisions of any such plans or programs. The Executive’s annual target bonus opportunity will range between one hundred fifty percent (150%) and three hundred percent (300%) of
his Base Salary. The actual bonus amounts will be determined by the Committee based on the achievement of entity and individual performance goals to be agreed upon, provided, however, that the Executive’s bonus for the 2008 performance year
shall be no less than $2,250,000 (the “2008 Minimum Bonus”). The annual bonus shall be paid in the same time and manner as corresponding awards to other senior executives of the Company generally. Notwithstanding the foregoing, in
no event shall the annual bonus be paid later than March 15 of the year following the year with respect to which such bonus is payable. 
  

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 3.3 Long-Term and Equity Compensation. The Executive shall also be eligible to participate in MMC’s
long-term incentive compensation plans (including its equity-compensation plans) as determined by the Committee. The specific awards under these plans will be made by the Committee in its sole discretion, commensurate with the Executive’s
position as Chairman and Chief Executive Officer, Marsh. Notwithstanding the foregoing, beginning in 2009, the Committee shall each year grant to the Executive, no later than it makes corresponding awards to other senior executives of the Company
generally, and on terms and conditions that are both consistent with this Agreement and no less favorable to the Executive than the terms and conditions that apply to corresponding awards to other similarly situated participants generally, long-term
incentive compensation with a combined grant-date target value between one hundred fifty percent (150%) and three hundred fifty percent (350%) of the Executive’s Base Salary. The combined grant-date target value for the
Executive’s long-term incentive compensation to be granted in 2009, the composition of which shall be determined by the Committee, shall be no less than $3 million. 
 3.4 Make-up Award. 
 (a) The Executive will be entitled to a cash make-up award of $5,230,000, reflecting the value of
equity-based and cash-based compensation forgone as a result of the Executive’s resignation from his former employer. This cash award shall vest and be paid to the Executive as follows: one-half of the award on the Effective Date and one-half
of the award upon the first anniversary of the Effective Date. 
 (b) The Executive has provided the Company with documentation in respect of the
forfeiture of compensation from his former employer. The Executive agrees to provide the Company with a copy of any written termination agreement between the Executive and his former employer. The Executive agrees to use reasonable efforts,
consistent with his employment with the Company, to cause his former employer to pay or distribute compensation from his former employer subject to the make-up award under Section 3.4(a). The Executive will immediately notify the Company of any
such payment or distribution, and the amount of the make-up award under Section 3.4(a) shall be reduced if and to the extent that the Executive receives any such payment or distribution. 
 3.5 Initial Retention Awards. As of the Effective Date, the Executive will be granted the following initial retention awards: 
 (a) Restricted stock units with a grant-date fair market value of $3 million. The award will be converted from the dollar value of the grant into restricted stock
units based upon the average of the high and low prices of MMC stock on the New York Stock Exchange one trading day prior to the Effective Date. The units will be subject to three-year cliff vesting (measured from the date of grant) and will be
subject to standard terms and conditions approved by the Committee as set forth in the award agreement. Dividend equivalent payments will be made on the unvested units. 
  

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 (b) Stock options in respect of 100,000 shares of the Company’s common stock. The stock options shall have an
exercise price on the grant date that is equal to the average of the high and low prices of MMC stock on the New York Stock Exchange one trading day prior to the date of grant, but such stock options may not be exercised until they are vested and
the price of the Company’s common stock exceeds such exercise price by at least fifteen percent (15%) for a period of at least ten (10) consecutive trading days. One-fourth of the stock option award will vest on each of the first,
second, third and fourth anniversaries of the grant date. The stock options will otherwise be subject to standard terms and conditions approved by the Committee as set forth in the award agreement. 
 (c) A cash award of $1.5 million. This cash award shall vest and be paid to the Executive as follows: one-half of the award on the Effective Date and one-half of
the award upon the first anniversary of the Effective Date. 
 3.6 Relocation Transition Benefits. For a period commencing with the Effective
Date and ending on July 31, 2008 (the “Relocation Transition Period”), the Company shall reimburse the Executive up to $8,000 per month (plus reasonable brokerage expenses incurred to secure such housing) for the
Executive’s temporary housing expenses in the New York City metropolitan area and up to $36,000 for airfare and related ground transfers for personal travel by the Executive and his immediate family members between London, England and the New
York area. In addition, during the Relocation Transition Period, the Company will provide certain expatriate benefits similar to those that were provided by the Executive’s former employer while the Executive’s family remains in London.
The additional benefits provided by the Company pursuant to the preceding sentence shall be subject to tax equalization if and to the extent that such benefits would have been subject to tax equalization from the Executive’s former employer. At
the conclusion of the Relocation Transition Period, the Executive will be entitled to relocation assistance pursuant to the Company’s Relocation Policy limited to home sale assistance, home purchase assistance, shipment of household goods and
transportation of family members. 
 3.7 Benefit Plans. The Executive and the Executive’s spouse and eligible dependents, as the case may
be, shall be eligible to participate in employee benefit and fringe benefit plans and programs provided by the Company, including but not limited to retirement, life insurance, health, dental and disability plans and programs, on terms and
conditions generally applicable to executives of the Company. Nothing herein shall limit the Company’s ability to change, modify, cancel or amend any such plans. 
 3.8 Executive Financial Services Program. The Executive shall be eligible to participate in the MMC Financial Services Program as in effect from time to time. In addition, for purposes of this Program, the Executive will
be treated as a returning expatriate, entitled to tax consulting services from the Company’s expatriate tax service provider relating to international aspects of the Executive’s tax situation. 
  

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 3.9 Expenses. The Company will reimburse the Executive for reasonable business-related expenses incurred by
him in connection with the performance of his duties hereunder during the Term, subject, however, to its written policies relating to business-related expenses in effect from time to time during the Term. A copy of the policy has been made available
to the Executive. 
 3.10 Vacation. The Executive shall be entitled to paid vacation in accordance with the Company’s policy in effect from
time to time during the Term. 
 3.11 Legal Fees. The Company shall reimburse the Executive for reasonable legal fees actually incurred in
connection with the negotiation and drafting of this Agreement up to a maximum of $10,000; provided that the Executive provides the Company with appropriate written documentation with respect to such legal fees within six weeks after this Agreement
has been executed. 
 3.12 Indemnification. The Executive shall be entitled to indemnification in accordance with the Company’s by-laws as
in effect on the date hereof, subject to applicable law. Any expenses (including damages, losses, judgments, fines, penalties, settlements, costs, attorneys’ fees, and expenses of establishing a right to indemnification), that are subject to
such indemnification and are or may be incurred in connection with a proceeding shall be paid by the Company in advance within 30 days of a request by the Executive, which shall be accompanied by documentation substantiating such expenses. Executive
shall promptly deliver to the Company an undertaking, in such form as the Company shall specify, to reimburse the Company for expenses to which Executive is adjudged not to be entitled to indemnification. 
 ARTICLE 4 
 Noncompetition/Nonsolicitation/Confidentiality 
 4.1 Noncompetition and Nonsolicitation Periods 
 (a) During the Executive’s employment with the Company or any subsidiary and during the 24 month period following termination of the Executive’s
employment with the Company or any subsidiary for any reason, the Executive shall not, directly or indirectly: 
  

	 	(i)	engage in any Competitive Activity or 

  

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

  

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

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

  

	 	(ii)	a company where the Competitive Activity is: 

  

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

  

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

  

	 	(iii)	it is specifically agreed and understood that the Executive’s acceptance of employment with an insurance carrier following termination of Executive’s employment with the Company is
not a “Competitive Activity.” 

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

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

  

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

  

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

  

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

 (c) The Executive acknowledges and agrees that the covenants contained in
Sections 4.1(a) and (b) hereof are reasonable and necessary to protect the confidential information and goodwill of the Company and its subsidiaries. The Executive further represents that his experience and capabilities are such that
the provisions of Sections 4.1(a) and (b) hereof will not prevent him from earning a livelihood. 
 ARTICLE 5 
 Termination; Change of Control 
 5.1 Termination
by the Company. The Company shall have the right, subject to the terms of this Agreement, to terminate the Executive’s employment at any time, with or without “Cause.” The Company shall give the Executive written notice of a
termination for Cause (the “Cause Notice”) in accordance with Section 6.2 hereof. The Cause Notice shall state the particular action(s) or inaction(s) giving rise to the termination for Cause. No
action(s) or inaction(s) will constitute Cause unless (1) a resolution finding that Cause exists has been approved by a majority of all of the members of the Board at a meeting at which the Executive is allowed to appear with his
legal counsel and (2) where remedial action is feasible, the Executive fails to remedy the action(s) or inaction(s) within ten (10) days after receiving the Cause Notice. If the Executive so effects a cure to the satisfaction of
the Board, the Cause Notice shall be deemed rescinded and of no force or effect. For purposes of this Agreement, “Cause” shall mean only: 
 (a) any willful refusal by the Executive to follow lawful directives of the Chief Executive Officer or the Board which are consistent with the scope and nature of the Executive’s duties and responsibilities as set forth herein;

 (b) the Executive’s conviction of, or plea of guilty or nolo contendere to, a felony or any misdemeanor involving moral turpitude, fraud
or embezzlement; 
  

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 (c) any gross negligence or willful misconduct of the Executive resulting in a material loss to the Company or any
of its subsidiaries, or material damage to the reputation of the Company or any of its subsidiaries; 
 (d) any material breach by the Executive of any
one or more of the covenants referred to in Article 4 hereof; or 
 (e) any violation of any statutory or common law duty of loyalty to the
Company or any of its subsidiaries. 
 5.2 Termination by the Executive. The Executive shall have the right, subject to the terms of this
Agreement, to terminate his employment at any time with or without “Good Reason”. For purposes of this Agreement, “Good Reason,” shall mean the occurrence of any of the following during the Term, without the Executive’s
prior written consent (provided that an isolated, insubstantial or inadvertent action not taken in bad faith which is remedied by the Company promptly after receipt of notice thereof given by the Executive shall not constitute Good Reason):
(A) a material diminution in the Executive’s position (including status, offices, titles, and reporting requirements), authority, duties or responsibilities as contemplated by this Agreement; (B) any removal of the Executive from his
position as Chairman and Chief Executive Officer, Marsh; (C) any failure by the Company to comply with the provisions of Article 3 hereof; (D) a failure by the Company to comply with any other material provision of this Agreement; or
(E) a change in the Executive’s principal work location to more than 50 miles from his current work location. The Executive must give the Company written notice, in accordance with Section 6.2 hereof of any Good Reason
termination of employment within 30 days of the first occurrence (as determined without regard to any prior occurrence that was subsequently remedied by the Company) of a Good Reason circumstance set forth above. Such notice must specify which of
the circumstances set forth above the Executive is relying on and the particular action(s) or inaction(s) giving rise to such circumstance. The Good Reason termination must be effective no earlier than 30 days after the Executive’s delivery of
the written notice and no later than 60 days after the occurrence of the circumstance giving rise to Good Reason; provided, however, that the Company may remedy such circumstances within 30 days after receipt of the written notice. 
 5.3 Death. In the event the Executive dies during the Term, the Executive’s employment shall automatically terminate, such termination to be effective
on the date of the Executive’s death. 
 5.4 Disability. In the event that the Executive shall suffer a disability during the Term which
shall have prevented him from performing satisfactorily his obligations hereunder for a period of at least ninety (90) consecutive days or one hundred eighty (180) non-consecutive days within any three hundred sixty-five (365) day
period (“Disability”), the Company shall have the right to terminate the Executive’s employment, such termination to be effective upon the giving of notice thereof to the Executive in accordance with Section 6.2 hereof.

  

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 5.5 Effect of Termination. 
 (a) In the event of termination of the Executive’s employment for any reason during the Term, the Term shall end as of the date of termination and the Company shall provide to the Executive (or his beneficiary, heirs or
estate in the event of his death), as provided in Section 5.7 hereof, (i) any Base Salary to the extent not theretofore paid, (ii) any reimbursable business expenses that have not yet been reimbursed, and (iii) if not yet
paid, the earned annual bonus for the calendar year that preceded the time of the termination (collectively, the “Accrued Obligations”). 
 (b) In the event of termination of the Executive’s employment during the Term (i) by the Company for Cause or (ii) by the Executive other than for Good Reason, neither the Executive nor any beneficiary, heir or estate of the
Executive shall be entitled to any further compensation other than the Accrued Obligations. In such event, all of the Executive’s outstanding unvested cash and equity-based awards shall be immediately forfeited, except to the extent otherwise
provided in the terms and conditions for such awards or in any applicable Company Plan. In addition, any cash awards paid pursuant to Sections 3.4(a) and 3.5(c) within twelve months of such termination of employment will become immediately payable
by the Executive to the Company. 
 (c) In the event of termination of the Executive’s employment during the Term (i) by the Company based on
the Disability of the Executive as defined in Section 5.4 hereof, or (ii) due to the Executive’s death, the Company shall pay the Executive (or his estate, beneficiary or heirs in the case of death), in addition to the Accrued
Obligations, a prorated target annual bonus for the year in which the termination occurs based on the portion of the year elapsed as of the date of such termination. Any such bonus amount shall be paid subject to the conditions in Section 5.7
hereof. In addition, upon such a termination, all unvested awards held by the Executive as of the date of termination that were granted to the Executive pursuant to Sections 3.3 and 3.5 hereof shall immediately fully vest as of the date of
termination. 
 (d) In the event of termination of the Executive’s employment during the Term (i) by the Company other than for Cause (and
not due to the Executive’s death or Disability), or (ii) by the Executive for Good Reason, in either case which is not covered by Section 5.6 hereof, the Company shall pay the Executive, in addition to the Accrued Obligations, a lump
sum amount equal to 200% times the sum of (x) the Executive’s then-current Base Salary and (y) the three-year average annual bonus actually paid to the Executive under Section 3.2 hereof (including amounts deferred under any
Company arrangement as well as non-cash amounts that are specifically designated as being part of the annual bonus, if any) during the three years prior to termination (or such shorter time if the termination occurs prior to the payment of three
annual bonuses to the Executive, or if termination occurs before any annual bonus has been actually paid to the 

  

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Executive, then the 2008 Minimum Bonus shall be used) (such sum of (x) and (y) is the “Annual Compensation”). The Executive shall also be
entitled to a prorated annual bonus for the year in which the termination occurs based on the degree of achievement of goals at year-end under the bonus program in effect at the time of termination and the portion of the year elapsed as of the date
of such termination. The degree of achievement of goals shall be determined in accordance with the bonus program, except that should any goals be of a subjective nature, the degree of achievement thereof shall be determined by the Committee in its
sole discretion. Any such prorated bonus amount shall be paid at the same time as annual bonuses for the year are paid to the Company’s senior executives generally. In addition, upon such a termination, all unvested awards held by the Executive
as of the date of termination that were granted to the Executive pursuant to Sections 3.3 and 3.5 hereof shall immediately fully vest as of the date of termination. 
 5.6 Change in Control. Upon the termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason (i) during the 6-month period immediately preceding the occurrence of a
Change in Control (as defined in the Company’s 2000 Senior Executive Incentive and Stock Award Plan, as in effect on the date of the Change in Control) or (ii) during the 2-year period immediately following a Change in Control, the
Executive shall be entitled to receive, in addition to the Accrued Obligations, a lump sum amount equal to 200% times the Annual Compensation (as defined in Section 5.5(d) hereof). The Executive shall also be entitled to a prorated annual
bonus for the year in which the termination occurs based on the portion of the year elapsed as of the date of such termination multiplied by the greater of (I) the Executive’s target annual bonus for the year of termination or
(II) the average annual bonus actually paid to the Executive under Section 3.2 hereof (including amounts deferred under any Company arrangement as well as non-cash amounts that are specifically designated as being part of the annual bonus,
if any) during the three years prior to the termination (or such shorter time if the termination occurs prior to the payment of three annual bonuses to the Executive, or if termination occurs before any annual bonus has been actually paid to
the Executive, then the 2008 Minimum Bonus shall be used). Any such bonus amount shall be paid as provided in Section 5.7 hereof. The vesting of equity-based awards held by the Executive as of the date of the Change in Control shall be
determined in accordance with the terms and conditions of the applicable equity compensation plan and/or agreement, provided, however, that all cash and equity-based awards held by the Executive as of the date of termination that were granted to the
Executive pursuant to Sections 3.3 and 3.5 which are unvested on the date of termination shall then immediately fully vest. Payments due to the Executive under this Section 5.6 shall be offset, dollar-for-dollar, by corresponding amounts
(if any) previously paid under Section 5.5(d) (e.g., if the termination occurred prior to the pertinent Change in Control). 
 5.7 Conditions
and Timing of Payment. Any payments or benefits made or provided pursuant to this Article 5 (other than the Accrued Obligations) are subject to the Executive’s: 
 (a) compliance with the provisions of Article 4 and Section 5.9 hereof (provided that this shall not affect the payment to the Executive provided for
below in this Section 5.7 unless the Executive is in material breach of any of such provisions as of the time such payment is to be made); 
  

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 (b) delivery to the Company of an executed General Release, which is not revoked before it becomes irrevocable (the
“Irrevocability Date”). The General Release shall be substantially in the form attached hereto as Exhibit A, with such changes therein or additions thereto as needed under then applicable law to give effect to its intent and
purpose; and 
 (c) delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates
and employee benefit plans. 
 The items referred to in Sections 5.7(a) and 5.7(b) shall be delivered to the Company in time to allow payments hereunder to qualify as
“short term deferrals” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). 
 Subject to
Section 6.12(a), any amounts due following a termination under this Agreement (other than the Accrued Obligations) shall be paid to the Executive within thirty (30) days of the Irrevocability Date, but in no event later than the time
necessary for the payment of such amounts to qualify as a “short term deferral” for purposes of Section 409A. Regardless of whether the General Release has been executed by the Executive, upon any termination of the Executive’s
employment, the Executive shall be entitled to receive the Accrued Obligations within thirty (30) days after the date of termination or in accordance with the applicable plan, program or policy. 
 5.8 No Mitigation. The Executive shall be under no obligation to seek other employment following a termination of his employment with the Company or any
subsidiary for any reason. In addition, there shall be no offset against amounts due to the Executive under this Article 5 or otherwise on account of any compensation attributable to any subsequent employment. 
 5.9 Cooperation; Assistance. The Executive agrees to cooperate fully, subject to reimbursement by the Company of reasonable out-of-pocket costs and
expenses, with the Company or any subsidiary and their counsel with respect to any matter (including any litigation, investigation or governmental proceeding) which relates to matters with which the Executive was involved or about which he had
knowledge during his employment with the Company or any subsidiary. Such cooperation shall include appearing from time to time at the offices of the Company or any subsidiary or their counsel for conferences and interviews and in general providing
the officers of the Company or any subsidiary and their counsel with the full benefit of the Executive’s knowledge with respect to any such matter. The Executive further agrees, upon termination of his employment for any reason, to assist his
successor in the transition of his duties and responsibilities to such successor. The Executive agrees to render such cooperation in a timely fashion and at such times as may be mutually agreeable to the parties. 
  

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 ARTICLE 6 
 Miscellaneous 
 6.1 Benefit of Agreement, Assignment; Beneficiary. 
 (a) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns and any corporation or person which may acquire all
or substantially all of the assets or business of Marsh or the Company or with or into which Marsh or the Company may be consolidated or merged. This Agreement shall also inure to the benefit of, and be enforceable by, the Executive and his personal
or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still be payable to the Executive hereunder if he had continued to live, all such amounts
shall be paid in accordance with the terms of this Agreement to the Executive’s beneficiary, devisee, legatee or other designee, or if there is no such designee, to the Executive’s estate. 
 (b) The Company shall require any successor (whether direct or indirect, by operation of law, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company or of Marsh to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had
taken place. 
 6.2 Notices. Any notice required or permitted hereunder shall be in writing and shall be sufficiently given if personally
delivered or if sent by certified mail, postage prepaid, with return receipt requested or by reputable overnight courier, addressed: (a) in the case of the Company to the General Counsel of the Company at the Company’s then-current
headquarters, and (b) in the case of the Executive, to the Executive’s last known address as reflected in the Company’s records, or to such other address as either party shall designate by written notice to the other party. Any notice
given hereunder shall be deemed to have been given at the time of receipt thereof by the person to whom such notice is given if personally delivered or at the time of mailing if sent by certified mail or by courier. 
 6.3 Entire Agreement; Amendment. Except as specifically provided herein, this Agreement contains the entire agreement of the parties hereto and Marsh with
respect to the terms and conditions of the Executive’s employment during the Term and supersedes any and all prior agreements and understandings, whether written or oral, between the parties hereto with respect to compensation due for services
rendered hereunder. For the avoidance of doubt, in the event of any inconsistency between this Agreement and any plan, program or arrangement of the Company or Marsh, the terms of this Agreement shall control. This Agreement may not be changed or
modified except by an instrument in writing signed by both of the parties hereto. 
  

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 6.4 Waiver. The waiver of either party of a breach of any provision of this Agreement shall not operate or
be construed as a continuing waiver or as a consent to or waiver of any subsequent breach hereof. 
 6.5 Headings. The Article and
Section headings herein are for convenience of reference only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 6.6 Governing Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the internal laws of the State of New York without
reference to the principles of conflict of laws. 
 6.7 Agreement to Take Actions. Each party hereto shall execute and deliver such documents,
certificates, agreements and other instruments and shall take such other actions, as may be reasonably necessary or desirable in order to perform his or its obligations under this Agreement or to effectuate the purposes hereof. 
 6.8 Dispute Resolution. Any dispute or controversy arising from or relating to this Agreement and/or the Executive’s employment or relationship with
the Company or any subsidiary shall be resolved by binding arbitration, to be held in New York City or in any other location mutually agreed to by the Company and the Executive in accordance with the rules and procedures of the American Arbitration
Association. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The Executive and the Company agree that, in the event a dispute arises that concerns this Agreement, if the Executive is the
Prevailing Party, the Executive shall be entitled to recover all of his reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and expenses, incurred in connection with the dispute. A Prevailing Party is one who
is successful on any significant substantive issue in the action and achieves either a judgment in such party’s favor or some other affirmative recovery. 
 6.9 Survivorship. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to effectuate the intended preservation of such rights and
obligations, including without limitation Article 4 hereof. 
 6.10 Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect. If any provision of this Agreement is held to be invalid, void or
unenforceable, any court so holding shall substitute a valid, enforceable provision that preserves, to the maximum lawful extent, the terms and intent of this Agreement. 
  

 - 13 - 

 6.11 Construction. The parties have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.
The word “including” shall mean including without limitation. 
 6.12 Section 409A. 
 (a) Notwithstanding the due date of any post-employment payments, if at the time of the termination of employment the executive is a “specified employee”
(as defined in Section 409A), the Executive will not be entitled to any payments upon termination of employment until the earlier of (i) the date which is six (6) months after the termination of employment for any reason other than
death or (ii) the date of the Executive’s death. The provisions of this paragraph will only apply if and to the extent required to avoid any “additional tax” under Section 409A. 
 (b) It is intended that this Agreement and the Company’s and the Executive’s exercise of authority or discretion hereunder shall comply with the
provisions of Section 409A and the Treasury regulations relating thereto so as not to subject the Executive to the payment of interest and tax penalty which may be imposed under Section 409A. In furtherance of this objective, to the extent
that any regulations or other guidance issued under Section 409A would result in the Executive being subject to payment of “additional tax” under Section 409A, the parties agree to use their best efforts to amend this Agreement
in order to avoid the imposition of any such “additional tax” under Section 409A, which such amendment shall be designed to minimize the adverse economic effect on the Executive without increasing the cost to the Company (other than
transactions costs), all as reasonably determined in good faith by the Company and the Executive to maintain to the maximum extent practicable the original intent of the applicable provisions. This Section 6.12 does not guarantee that payments
under this Agreement will not be subject to “additional tax” under Section 409A. 
 6.13 Withholding. All compensation paid or
provided to the Executive under this Agreement shall be subject to any applicable income, payroll or other tax withholding requirements. 
 6.14
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
  

 - 14 - 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement on this first day of
December, effective as of the date first written above. The Company represents that its execution of this Agreement has been authorized by the Committee. 
  

			
	MARSH & MCLENNAN COMPANIES, INC.
		
	By:	 	 /s/ Michael G. Cherkasky

	Name:	 	Michael G. Cherkasky
	Title:	 	President & Chief Executive Officer
	
	 /s/ Daniel S. Glaser

	DANIEL S. GLASER

  

 - 15 - 

 EXHIBIT A 
 GENERAL RELEASE OF ALL CLAIMS 
 1. For valuable consideration, the adequacy of which is hereby acknowledged, the undersigned
(“Executive”), on his own behalf and on behalf of his heirs, executors, administrators, successors, representatives and assigns, does herein knowingly and voluntarily unconditionally release, waive, and fully discharge
Marsh & McLennan Companies, Inc. and its subsidiaries (including successors and assigns thereof) (collectively, the “Company”), and all of their respective past, present and future employees, officers, directors,
agents, affiliates, parents, predecessors, administrators, representatives, attorneys, and shareholders, and employee benefit plans, from any and all legal claims, liabilities, suits, causes of action (whether before a court or an administrative
agency), damages, costs, attorneys’ fees, interest, injuries, expenses, debts, or demands of any nature whatsoever, known or unknown, liquidated or unliquidated, absolute or contingent, at law or in equity, which were or could have been filed
with any Federal, state, or local court, agency, arbitrator or any other entity, based directly or indirectly on Executive’s employment with and separation from Company or based on any other alleged act or omission by or on behalf of Company
prior to Executive’s signing this General Release. Without limiting the generality of the foregoing terms, this General Release specifically includes all claims based on the terms, conditions, and privileges of employment, and those based on
breach of contract (express or implied), tort, harassment, intentional infliction of emotional distress, defamation, negligence, privacy, employment discrimination, retaliation, discharge not for just cause, constructive discharge, wrongful
discharge, the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), the Older Workers Benefit Protection Act of 1990, the Worker Adjustment and Retraining Notification Act, as amended, Executive Order 11,141 (age
discrimination), Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Civil Rights Act of 1866 and 1871, Sections 1981 through 1988 of Title 42 of the United States code, as amended, 41 U.S.C. §1981
(discrimination), 29 U.S.C. §206(d)(1) (equal pay), Executive Order 11,246 (race, color, religion, sex and national origin discrimination), the National Labor Relations Act, the Equal Pay Act of 1993, the Americans with Disabilities Act of
1990, the Occupational Safety and Health Act, as amended, the Family Medical Leave Act, the Immigration Reform and Control Act, as amended, the Vietnam Era Veterans Readjustment Assistance Act, §§503-504 of the Rehabilitation Act of 1973
(handicap rehabilitation), the Employee Retirement Income Security Act of 1974, as amended, any federal, state or local fair employment, civil or human rights, wage and hour laws and wage payment laws, and any and all other Federal, state, local or
other governmental statutes, laws, ordinances, regulations and orders, under common law, and under any Company policy, procedure, bylaw or rule. This General Release shall not waive or release any rights or claims that Executive may have which arise
after the date of this General Release or that arise under or are preserved by Article 3.12 or 5 of the Employment Agreement, effective as of
                    , by and between Company and the Executive (the “Employment Agreement”) and shall not waive claims for benefits
required by applicable law (including post-termination health-continuation insurance benefits required by state or Federal law) or claims arising under the terms of any applicable plan, program or other arrangement of Company. 
 2. Executive intends this General Release to be binding on his successors, and Executive specifically agrees not to file or continue any claim in respect of matters covered by
Section 1, above. Executive further agrees never to institute any suit, 

 
complaint, proceeding, grievance or action of any kind at law, in equity, or otherwise in any court of the United States or in any state, or in any administrative
agency of the United States or any state, county or municipality, or before any other tribunal, public or private, against Company arising from or relating to his employment with or his termination of employment from Company and/or any other
occurrences to the date of this General Release, other than a claim challenging the validity of this General Release under the ADEA or respecting any matters not covered by this General Release. 
 3. Executive is further waiving his right to receive money or other relief in any action instituted by him or on his behalf by any person, entity or governmental agency in respect
of matters covered by this General Release. Nothing in this General Release shall limit the rights of any governmental agency or his right of access to, cooperation or participation with any governmental agency, including without limitation, the
United States Equal Employment Opportunity Commission. Executive further agrees to waive his rights under any other statute or regulation, state or federal, which provides that a general release does not extend to claims which Executive does not
know or suspect to exist in his favor at the time of executing this General Release, which if known to him must have materially affected his settlement with Company. 
 4. Executive agrees that Executive shall not be eligible and shall not seek or apply for reinstatement or re-employment with Company and agrees that any application for re-employment may be rejected without explanation or liability pursuant
to this provision. 
 5. In further consideration of the promises made by Company in this General Release, Executive specifically waives and releases Company, to the
extent set forth in Section 1 hereof, from all claims Executive may have as of the date of this General Release, whether known or unknown, arising under the ADEA. Executive further agrees that: 
  

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

  

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

  

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

  

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

  

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

  

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

  

 2 

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

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

					
		  	 Marsh & McLennan Companies, Inc.
 [Address]
 [City, State Zip Code]
 Attn:                                      
        
	  	

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

							
	Date:	  	  
	 		 	  

		  		 		 	

  

 3Subcontractor Engagement Agreement, effective March 15, 2008

 Exhibit 10.5 
 KROLL

 Government Services, Inc. 
  
  
 SUBCONTRACTOR ENGAGEMENT AGREEMENT 
 THIS AGREEMENT (“Agreement”) effective March 15, 2008 between Kroll Government Services, Inc., a Delaware corporation, with its principal place of business
at 900 Third Avenue, New York, New York 10022 and elsewhere (“Kroll”), and Michael G. Cherkasky (“Contractor”) who resides at [Address]. 
 WHEREAS, as the parties may mutually agree from time to time, Kroll may retain Contractor on a non-exclusive basis to provide professional services, which services shall be governed by the terms and conditions of this Agreement.

 NOW THEREFORE, in consideration of the foregoing premises, and the mutual covenants and agreements contained herein, the parties agree as follows:

 1. SERVICES TO BE PROVIDED BY CONTRACTOR;
CONFLICTS OF INTEREST 
 a) Contractor’s services are to be of a quality consistent with the
highest levels of Contractor’s profession, and are to be performed within the time, budget and other parameters mutually established by Contractor and Kroll. 
 b) Contractor warrants that during the period of engagement with Kroll, Contractor shall not provide services for any business, firm, company or entity, regardless of whether compensation is provided, that would constitute a conflict of
interest with its work for Kroll. Contractor shall notify Kroll within 24 hours if any potential conflict of interest arises during its retention by Kroll. For the purposes of this Agreement, a “conflict of interest” includes, but is not
limited to, a conflict between one’s obligations to KrolI and one’s own personal interests or the interests of one’s family or other persons with whom Contractor has business or personal relationships. A conflict of interest may deter
Contractor from acting in the best interests of Kroll or influence Contractor to act in a way adverse to Kroll’s interests. Such conflicts may include, but is not limited to, the opportunity of financial or other material gain. It includes the
transmission of confidential information to third parties. Kroll, at its sole discretion, shall determine if a conflict of interest exists. 
 2.
CONTRACTOR’S REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGMENTS 
 a) Contractor warrants to Kroll that it will comply with all applicable laws and regulations in its performance of services under this Agreement. Contractor’s submission of any invoice to KroIl shall constitute a
representation to Kroll that services to which that invoice relates were performed in accordance with all applicable laws and regulations. 
 b) Contractor will
indemnify Kroll (including its officers, employees and agents) against all claims, damages and costs (including reasonable attorney’s fees and disbursements) resulting from any actions by Contractor constituting negligence or unlawful conduct.

 c) Contractor warrants that it will not trade securities of any company on the basis of any material, nonpublic information it may have received while working for
Kroll. 
  
  

			
	 NAME
	  	Page 1 of 7 (Initial each page) Kroll /s/ JRS Contractor /s/ MGC.

 KROLL 
 Government Services, Inc. 
  
  
 d) Not used 
 e) Not used

 f) Not used 
 g) Not used 
 h) Not used 
 i) Not used 
 3. COMPENSATION AND EXPENSES 
 Kroll shall pay Contractor professional fees and expenses as set forth in EXHIBIT A. 
 4. AUDIT 
 For purposes of reasonably
ensuring compliance with the provisions of this Agreement, Contractor agrees that, upon the request by Kroll at any time during the term of this Agreement, Contractor will make available for audit by an accounting firm mutually acceptable to Kroll
and Contractor, Contractor’s books, records and other documentation related to its activities under this Agreement. A copy of the report thereon by such accounting firm shall be provided to Kroll. Kroll will pay any and all costs of any such
requested audit. 
 5. DURATION OF AGREEMENT 
 a) This Agreement may be unilaterally terminated by Kroll or Contractor at any time, for any reason whatsoever or for no reason at all, upon 30 days prior written notice to the
other party. 
 b) In addition, either party may terminate this Agreement by written notice to the other upon the material breach by the other party, provided that the
party wishing to terminate the Agreement gives the other party at least ten days notice of the alleged breach, and allows that party the ten-day period in order to cure the breach. 
 6. NO AUTHORITY TO BIND KROLL 
 Contractor shall have no authority to bind Kroll contractually or in any other respect unless it first receives Kroll’s express written authorization; any offer made or
contract entered into by Contractor without such prior authorization shall not be binding on Kroll. 
 7. INDEPENDENT
CONTRACTOR; NO AGENCY OR EMPLOYMENT RELATIONSHIP 
 Contractor, in performance of this Agreement is acting as an independent contractor and not as an employee or agent of Kroll, and shall be solely responsible for the payment of worker’s compensation, unemployment insurance and all
other taxes or costs relating to services performed hereunder. Neither Contractor nor any of its employees shall represent itself 
  
  

			
	 NAME
	  	Page 2 of 7 (Initial each page) Kroll /s/ JRS Contractor /s/ MGC.

 KROLL 
 Government Services, Inc. 
  
  
  
 
to anyone as an employee of Kroll. Contractor acknowledges that its employees are not entitled to receive any employee benefits of any kind from Kroll. 
 8. DISCLOSURE AND CONFIDENTIALITY; ADVERTISING AND PUBLICITY;
KROLL NAME AND LOGO 
 a) Except to the extent required by law, Contractor shall not
disclose to any other person (other than its attorneys or advisors) the existence of or any of the details of this Agreement. 
 b) Contractor acknowledges that,
because the nature of its engagement shall often involve highly confidential and sensitive information, its work for Kroll creates a relationship of trust and confidence between Kroll and itself. Contractor, therefore, agrees during the life of this
Agreement and following its termination as follows: 
 (i) to preserve the confidentiality and secrecy of and not directly or indirectly to reveal,
report, publish, transfer, communicate or disclose any confidential or sensitive information in any manner whatsoever, except with the prior written consent of Kroll; and 
 (ii) not to use any confidential or sensitive information in any manner other than for the purpose of Kroll’s business; and 
 (iii) to take all reasonable steps to ensure that access to confidential or sensitive information is appropriately restricted and that all precautions are taken to ensure that confidential or sensitive information is not in whole or in part
disclosed without authorization or misappropriated, 
 (iv) to abide by any additional security and/or clearance requirements imposed by the nature of
the assignment and conveyed to the Contractor. 
 “Confidential” or “sensitive” information includes but is not
limited to: 
 (i) the identity of any of Kroll’s clients, associates and independent contractors, and clients of Kroll’s clients; and

 (ii) the business practices and procedures, budgets, investments, plans, research, development, investigations, studies, contracts, resources and
business dealings of Kroll, Kroll’s clients and/or clients of Kroll’s clients; and 
 (iii) information, written or oral, acquired directly
or indirectly, during and in the course of Contractor’s retention as an independent contractor to Kroll concerning the financial, corporate, political or personal affairs of any person, corporation or other entity. 
 Upon completion of each assignment and upon termination of this Agreement, Contractor shall promptly deliver to Kroll all property in its possession belonging to Kroll,
including all confidential information and all information of any apparently confidential non-public nature such as photographs, tape recordings, correspondence or notes, its own notes, reports, memoranda and other documents that it has
acquired pursuant to or in the course of its engagement by Kroll and relating to such engagement, whether or not legally the property of Kroll. Contractor further agrees not to retain any copies of such property (other than copies of public records
or other publicly available information), whether for itself or any other person or entity. If a person or entity requests, subpoenas, or otherwise seeks to obtain any testimony or materials within the custody or control of Contractor or of any of
its employees, agents, representatives or others working under its direction, that relate to or refer in any way to its work under this Agreement, Contractor shall immediately inform Kroll. Should Kroll so request, Contractor will cooperate in legal
action to seek protection against disclosure. 
  
  

			
	 NAME
	  	 Page
 3
 of 7 (Initial each page) Kroll /s/ JRS Contractor /s/ MGC.

 KROLL 
 Government Services, Inc. 
  
  
  
 In such cases, Kroll will, at its expense, retain legal counsel satisfactory to Kroll to represent
Contractor and/or any other applicable parties in the matter, and will compensate Contractor and/or the applicable parties for reasonable fees and expenses incurred in such legal proceedings. Unless and until legally compelled by court or other
competent authority or permitted by Kroll in writing to do so, Contractor will not testify or disclose or transmit any materials to anyone. 
 c) Not used. 
 9. NOTICES 
 Unless notice to the contrary is given to the other party, notices (other than communications regarding specific assignments being performed by Contractor for Kroll) shall be sent by Contractor to Kroll Government Services, Inc., 1750
Foxtrail Drive, Suite 120, Loveland, CO 80538, ATTN; Contracts Department. Any notice provided hereunder by a party shall be effective upon receipt by the other party. Notices to Contractor shall be sent to the address indicated above unless
otherwise directed by the Contractor. 
 10. ENTIRE AGREEMENT 
 This Agreement (together with the Statement of Business Ethics and the Subcontractor Background Questionnaire completed by Contractor) shall constitute the entire agreement
between Kroll and Contractor, and shall supersede any and all prior agreements and understandings, whether written or verbal. 
 11.
SURVIVAL 
 Any obligations and duties which by their nature extend beyond the expiration or termination of this Agreement shall
survive the expiration or termination of this Agreement. 
 12. SEVERABILITY 
 If any provision or provisions of this Agreement shall be held to be invalid, illegal, unenforceable or in conflict with the law of any jurisdiction, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 13. GOVERNING
LAW 
 This Agreement shall be governed by and construed in accordance with the laws of the state of New York (without regard to that
jurisdiction’s choice of laws and principles). 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written. 
  
  

			
	 NAME
	  	Page 4 of 7 (Initial each page) KroII /s/ JRS Contractor /s/ MGC.

 KROLL 
 Government Services, Inc. 
  
  
  

									
	Kroll Government Services, Inc.	 		 	Contractor
					
	By:	 	 /s/ Jeffrey Schlanger
	 		 	By:	 	 /s/ Michael G. Cherkasky

					
	Name:	 	 Jeffrey Schlanger
	 		 	Name:	 	 Michael G. Cherkasky

					
	Title:	 	 President
	 		 	Title:	 	  

					
	Date:	 	 5-18-08
	 		 	Date:	 	 5/1/08

  
  

			
	 NAME
	  	Page 5 of 7 (Initial each page) KroII /s/ JRS Contractor /s/ MGC.

 KROLL 
 Government Services, Inc. 
  
  
 EXHIBIT A 
  

	 	 ̈	Contractor will be paid at a flat rate of $10,000.00 per month. 

  

	 	 ̈	When applicable, travel expenses and mileage must be approved prior to travel and will, as approved, be reimbursed in accordance with company policy. 

  

	 	 ̈	Business office expenses will be reimbursed if approved by the contractor’s supervisor in advance. 

  

	 	 ̈	All hours and expenses must be submitted to the contractor’s supervisor or his designee via company invoice to receive payment. Invoices should be submitted no less frequently than
monthly and should include a brief description of work performed and associated hours. 

  

	 	 ̈	Contractor’s supervisor is Jeff Schlanger. 

  
  

			
	 NAME
	  	Page 6 of 7 (Initial each page) KroII /s/ JRS Contractor /s/ MGC.

 KROLL 
 Government Services, Inc. 
  
  
 KroIl Government Services, Inc. – Statement of Business Ethics 
 It
is the policy of KrolI Government Services, Inc. (the “Company” or “KroIl”) to comply with the applicable laws of those jurisdictions in which it operates, or is otherwise present, and to conduct its activities in keeping with
the highest standards of business ethics. Illegal or unethical conduct by employees, subcontractors or other representatives of Kroll Associates seriously undermines the Company’s reputation for integrity and honesty that is essential to its
continued success, and thus seriously damages the Company. Therefore, the Company cannot and will not tolerate ethical lapses or illegal action undertaken for any reason. 
 From time to time, at its sole discretion, Kroll may engage the undersigned independent contractor (“Contractor”) to perform services for the Company. In its performance of such services, Contractor will act in compliance with all
applicable laws and regulations, and otherwise in accordance with the ethical standards of its profession. It will also adhere to the terms of the Subcontractor Engagement Agreement between the Company and Contractor. Contractor acknowledges that
its failure to adhere to this Statement of Business Ethics shall be grounds for immediate termination by the Company of its engagement of Contractor, without prejudice to any other remedies that Company may have against Contractor. Contractor will
inform its officers, employees, agents and subcontractors of the requirements of this Statement of Business Ethics. 
 Agreed and Acknowledged

  

			
	Name of Contractor	 	 Michael G. Cherkasky

		
	By:	 	 /s/ Michael G. Cherkasky

		
	Date:	 	 5/1/08

  
  

			
	 NAME
	  	Page 7 of 7 (Initial each page) KroII /s/ JRS Contractor /s/ MGC.

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