Document:

First Supplemental Indenture, dated as of July 15, 2011

 Exhibit 4.2 

 
  

 
 MARSH & McLENNAN
COMPANIES INC., 
 Issuer, 
 and 
 The Bank of New York Mellon, 

Trustee 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of July 15, 2011 

 
  

$500,000,000 aggregate principal amount of 4.80% Senior Notes Due 2021 

 
  

 

 FIRST SUPPLEMENTAL INDENTURE, dated as of July 15, 2011, between MARSH &
McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (the “Trustee”) 

W I T N E S S E T H: 
 WHEREAS, the Issuer and the Trustee executed and delivered an Indenture, dated as of July 15, 2011 (the “Base Indenture” and as supplemented hereby, the
“Indenture”), to provide for the issuance by the Issuer from time to time of senior debt securities evidencing its unsecured indebtedness, to be issued in one or more series as provided in the Indenture; 

WHEREAS, pursuant to a Board Resolution, the Issuer has authorized the issuance of a series of securities evidencing its senior
indebtedness, consisting initially of $500,000,000 aggregate principal amount of 4.80% Senior Notes due 2021 (the “Original Notes” and, together with all the Additional Notes (as defined herein), if any, hereinafter referred to, the
“Notes”); 
 WHEREAS, the entry into this First Supplemental Indenture by the parties hereto is in all respects
authorized by the provisions of the Indenture; 
 WHEREAS, the Issuer desires to establish the terms of the Notes in accordance
with Section 2.01 of the Indenture and to establish the form of the Notes in accordance with Section 2.02 of the Indenture; and 
 WHEREAS, all acts and requirements necessary to make this First Supplemental Indenture a valid and legally binding indenture and agreement according to its terms have been done. 

NOW, THEREFORE, for and in consideration of the premises, the Issuer and the Trustee mutually covenant and agree for the equal and
proportionate benefit of the respective holders from time to time of the Notes as follows: 
 ARTICLE 1 

Section 1.01. Terms of Notes. The following terms relating to the Notes are hereby established: 

(a) The Notes shall constitute a series of securities having the title “4.80% Senior Notes due 2021”. 

(b) The aggregate principal amount of the Original Notes that may be authenticated and delivered under the Indenture (except for Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, 

 
other Notes pursuant to Sections 2.05, 2.06, 2.07 or 9.04 of the Base Indenture) shall be up to $500,000,000. 
 (c) The entire outstanding principal of the Notes shall be payable on July 15, 2021 plus any unpaid interest accrued to such date. 

(d) The rate at which the Notes shall bear interest shall be 4.80% per annum; the date from which interest shall accrue on the Notes
shall be July 15, 2011 or from the most recent Interest Payment Date to which interest has been paid; the Interest Payment Dates for the Notes on which interest will be payable shall be January 15 and July 15 in each year, beginning
January 15, 2012; the regular record dates for the interest payable on the Notes on any Interest Payment Date shall be the January 1 and July 1 preceding the applicable Interest Payment Date; and the basis upon which interest on the
Notes shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 
 (e)(i) The Notes may be
redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the “Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and
unpaid interest on the principal amount being redeemed to the redemption date: 
 (A) If the redemption date is
prior to April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the then current Treasury Rate plus 30 basis points. 
 (B) If the redemption date is on or after
April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 
 (ii)(A) In case the Issuer shall desire to exercise such right to redeem all or, as the case may be, a portion of the Notes in accordance with Section 1.01(e)(i) above, the Issuer shall, or shall
cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption to
such holders at their last addresses as they shall appear upon the Security Register. Any notice that is 

  
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mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder received the notice. In any case, failure duly to give such
notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Note. 

Each such notice of redemption shall specify the date fixed for redemption and the Redemption Price at which the Notes to
be redeemed are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan, the City and State of New York, upon presentation and
surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest shall continue to accrue on any Note or
portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all the Notes are to be redeemed, the notice to the holders of the Notes to be redeemed in whole or in part shall
specify the particular Notes to be redeemed. In case the Notes are to be redeemed in part only, the notice shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender
of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 
 (B)
If less than all the Notes are to be redeemed, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Notes to be redeemed, and thereupon the Trustee shall
select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or integral multiples of $1,000 in excess
thereof) of the principal amount of such series of Notes of a denomination larger than $1,000, the Notes to be redeemed and shall thereafter promptly notify the Issuer in writing of the numbers of the Notes to be redeemed, in whole or in part.

 The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its
President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Issuer or
its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver or cause to be delivered to, or permit to remain with,
the Trustee or such paying agent, as the case 

  
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may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice that may be
required under the provisions of this Section. 
 Subject to Section 2.11 of the Base Indenture, the Issuer
shall not be required (i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption and
ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part.

 If the giving of notice of redemption shall have been completed as above provided, the Notes or portions of
the Notes to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for
redemption, unless the Issuer shall default in the payment of such Redemption Price and accrued interest. 

(iii) As used herein: 
 “Business Day” means any calendar day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

 “Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Trustee is
provided with fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 

  
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 “Reference Treasury Dealer” means (i) Merrill Lynch, Pierce
Fenner & Smith Incorporated and its successors, (ii) Citigroup Global Markets Inc. and its successors, (iii) Deutsche Bank Securities Inc. and its successors and (iv) Morgan Stanley & Co. LLC and its successors, or
one or more Reference Treasury Dealers as the Issuer may specify from time to time; provided, however, that if any of them ceases to be a primary U.S. Government securities dealer for The City of New York (each a “Primary Treasury
Dealer”), the Issuer will substitute another Primary Treasury Dealer. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the rate per year equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

With respect to Section 1.01(e)(i)(A) above, the Trustee shall be entitled to conclusively rely upon the calculations of the
Independent Investment Banker. 
 (f) The Notes shall be issuable in denominations equal to one thousand U.S. dollars ($1,000)
or integral multiples of $1,000 in excess thereof. 
 (g) The Trustee shall also be the security registrar and paying agent for
the Notes. 
 (h) Payments of the principal of and interest on the Notes shall be made in U.S. dollars, and the Notes shall be
denominated in U.S. dollars. 
 (i) The holders of the Notes shall have no special rights in addition to those provided in the
Indenture upon the occurrence of any particular events. 
 (j) The Notes shall not be subordinated to any other debt of the
Issuer, and shall constitute senior unsecured obligations of the Issuer. 
 (k) The Notes shall be issued as a Global Security
and The Depository Trust Company, New York, New York shall be the initial Depository. The Notes are not convertible into shares of common stock or other securities of the Issuer. 

  
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 Section 1.02. Form of Note. The form of the Notes is attached hereto as Exhibit
A. 
 Section 1.03. Additional Notes. Subject to the terms and conditions contained herein, the Issuer may issue
additional notes (the “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Original Notes, without the consent of the holders of the Original Notes then Outstanding. Any such
Additional Notes will be a part of the series having the same terms as the Original Notes. The aggregate principal amount of the Additional Notes, if any, shall be unlimited. The Original Notes and the Additional Notes, if any, of such series shall
constitute one series for all purposes under this First Supplemental Indenture, including, without limitation, amendments, waivers and redemptions. 
 ARTICLE 2 
 MISCELLANEOUS 

Section 2.01. Definitions. Capitalized terms used but not defined in this First Supplemental Indenture shall have the
meanings ascribed thereto in the Indenture. 
 Section 2.02. Confirmation of Indenture. The Indenture, as heretofore
supplemented and amended and as further supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this First Supplemental Indenture and all indentures supplemental thereto shall be
read, taken and construed as one and the same instrument. 
 Section 2.03. Concerning the Trustee. The Trustee
assumes no duties, responsibilities or liabilities by reason of this First Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, shall have all of the rights, protections and immunities
which it possesses under the Indenture. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture. The recitals herein are deemed to be those of the Issuer and not of the Trustee. 

Section 2.04. Governing Law. This First Supplemental Indenture, the Indenture and the Notes shall be governed by and
construed in accordance with the law of the State of New York. 
 Section 2.05. Separability. In case any
provision in this First Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  
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 Section 2.06. Counterparts. This First Supplemental Indenture may be executed in
any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

  
 7 

 IN WITNESS WHEREOF, this First Supplemental Indenture has been duly executed by the Issuer
and the Trustee as of the day and year first written above. 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	 /s/ Alan W. Bieler

		 	Name: Alan W. Bieler
		 	Title:   Vice President and Treasurer

 
			
	 THE BANK OF NEW YORK MELLON,
     as Trustee

		
	By:	 	 /s/ Timothy W. Casey

		 	Name: Timothy W. Casey
		 	Title:   Vice President

 Exhibit A 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO, HAS AN INTEREST HEREIN.

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND
THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	Certificate No. 1	 	$500,000,000
	CUSIP No. 571748AR3	 	

 MARSH & McLENNAN COMPANIES, INC. 

4.80% Senior Notes due 2021 
 MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & Co., or its registered assigns, the principal sum of FIVE HUNDRED MILLION dollars ($500,000,000) (which aggregate principal amount may from time to time be increased or decreased to such other
aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on July 15, 2021 and to pay interest on said principal sum from July 15, 2011 or from the most recent interest
payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly provided for 

  
 A-1

 
semiannually on January 15 and July 15 of each year commencing January 15, 2012 at the rate of 4.80% per annum until the principal hereof shall have become due and payable,
and on any overdue principal and premium, if any, and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of interest payable on such date
will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture (hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such
interest installment which shall be the January 1 or July 1 preceding such Interest Payment Date. Any such interest installment not punctually paid or duly provided for (as defined in the Indenture, the “Defaulted
Interest”) shall forthwith cease to be payable to the registered holders on such regular record date, and may be paid to the person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment or at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America which
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Issuer by check mailed to the registered holder at such address as shall
appear in the Security Register. Notwithstanding the foregoing, so long as the registered holder of this Note is Cede & Co., the payment of the principal of (and premium, if any) and interest on this Note will be made at such place and to
such account as may be designated by DTC. 
 The indebtedness evidenced by this Note is, to the extent provided in the
Indenture, senior and unsecured and will rank in right of payment on parity with all other senior unsecured obligations of the Issuer. 
 This Note shall not be entitled to any benefit under the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the

  
 A-2

 
Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 
 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 A-3

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be executed. 

Dated: July 15, 2011 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	By:	 	  

		 	Name:
		 	Title:

 Attest: 

					
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 A-4

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

THE BANK OF NEW YORK MELLON, as Trustee 

By                        
                                         
        
 Authorized Signatory 

  
 A-5

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED, the undersigned hereby 
 sells, assigns and transfers to

  
  
 (Insert Social Security number or other identifying number of assignee) 
  

 
 (Please print or typewrite name
and address, including zip code of assignee) 
  
  

the within Note of Marsh & McLennan Companies, Inc. and hereby does irrevocably constitute and appoint 

 
  
 Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises. 
  

							
	Dated:                    	 		 	                             
                                       	 	

                         
                                    

Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with
membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 
 NOTICE: The
signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without alteration or enlargement or any change whatever. 

  
 A-6

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

MARSH & McLENNAN COMPANIES, INC. 
 4.80% Senior Notes due 2021 
 The initial aggregate principal amount of this
Global Security is $500,000,000. The following increases or decreases in this Global Security have been made: 
 No:
             
  

							
	 Date
	 	 Principal Amount of this

Global Security
	 	 Notation Explaining

Principal Amount Recorded
	 	 Signature of authorized

officer of Trustee or
 Depositary

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
 A-7

 MARSH & McLENNAN COMPANIES, INC. 

4.80% Senior Notes due 2021 
 This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein sometimes referred to as the “Notes”), all such
Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”) dated as of July 15, 2011 between the Issuer and The Bank of New York Mellon, as Trustee (the
“Trustee”), as supplemented in the case of the Notes by the First Supplemental Indenture dated as of July 15, 2011 between the Issuer and the Trustee (the Base Indenture, as so supplemented, the “Indenture”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the holders of the Notes. This
series of Notes is initially limited in aggregate principal amount as specified in said First Supplemental Indenture. This series of Notes and any Additional Notes of this series shall constitute one series for all purposes under the Indenture,
including without limitation, amendments, waivers and redemptions. The terms and conditions of this series of Notes and any Additional Notes of this series (other than the issue price, the date of issuance, the payment of interest accruing prior to
the issue date of the Additional Notes and the first payment of interest following such issue date) shall be the same and shall bear the same CUSIP number. 
 The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the “Redemption Price”) of the Notes to be redeemed shall
be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the redemption date: 
 (a) If the redemption date is prior to April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be
redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at then current Treasury Rate plus 30 basis points. 
 (b) If the redemption date is on or after April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 

In case the Issuer shall desire to exercise such right to redeem all or, as the case may be, a portion of the Notes, the Issuer shall, or
shall cause the Trustee to, 

  
 A-8

 
give notice of such redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before
the date fixed for redemption to such holders at their last addresses as they shall appear upon the Security Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the
redemption of any Note. 
 Each such notice of redemption shall specify the date fixed for redemption and the Redemption Price
at which the Notes are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan, the City and State of New York, upon
presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest shall continue to accrue
on any such Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all the Notes are to be redeemed, the notice to the holders of the Notes to be redeemed in whole
or in part shall specify the particular Notes to be redeemed. In case any Note is to be redeemed in part only, the notice that relates to such Note shall state the portion of the principal amount thereof to be redeemed, and shall state that on and
after the redemption date, upon surrender of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 
 If less than all the Notes are to be redeemed, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Notes to
be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000)
or integral multiples of $1,000 in excess thereof) of the principal amount of such Notes of a denomination larger than $1,000, the Notes to be redeemed and shall thereafter promptly notify the Issuer in writing of the numbers of the Notes to be
redeemed, in whole or in part. 
 The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its
behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Note, such notice to be in the name of the
Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver or cause to be delivered

  
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to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient
to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions stated herein. 

Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer of or
exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption and ending at the close of business on the day of such mailing, or
(ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 

If the giving of notice of redemption shall have been completed as above provided, the Notes or portions of the Notes to be redeemed
specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for redemption, unless the
Issuer shall default in the payment of such Redemption Price and accrued interest. 
 The Indenture contains provisions
permitting the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such series voting together as a
single class), as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of
modifying in any manner the rights of the holders of the Notes; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Note then Outstanding and affected thereby (i) extend the fixed maturity of
any Securities, including the Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or (ii) reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of all series at
the time Outstanding affected thereby (all such series voting together as a single class), to waive any past default in the performance of any of the covenants contained in the Base Indenture, or established pursuant to the Base Indenture with
respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case, each such affected series voting as a separate class. Any such
consent or waiver by the registered holder of this Note (unless revoked as provided in the Base Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and of any Note issued in exchange
herefor or in 

  
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place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

The Issuer is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the Notes.
The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the Indenture;
provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery of all reports and certificates required under Section 5.03 of the Base Indenture and to fulfill its
obligations under Article VII of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or Trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base
Indenture, each such series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01 of the Base Indenture, all affected series voting together as a single
class) shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall have failed to institute any such proceeding for
60 days after receipt of such notice, request and offer of indemnity and the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.01
(b) of the Base Indenture) a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any interest on or after the
respective due dates expressed herein. 
 As provided in the Indenture and subject to certain limitations therein set forth,
this Note is transferable by the registered holder hereof on the Security Register of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in the borough of Manhattan, the City and State

  
 A-11

 
of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer or the Trustee duly executed by the registered holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any
such transfer, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee, any paying agent and any Security Registrar may deem and treat the registered holder hereof as the absolute
owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and
premium, if any, and interest due hereon and for all other purposes, and neither the Issuer nor the Trustee nor any paying agent nor any Note Registrar shall be affected by any notice to the contrary. 

No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Issuer or of any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 The Notes are issuable only in registered form without coupons in authorized denominations. As provided in the Indenture and
subject to certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the holder surrendering the same. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
NEW YORK. 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused “CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers

  
 A-12

 
as printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purposes. 

  
 A-13Form of 2011 Long-term Incentive Award

 Exhibit 10.1 
 MARSH & McLENNAN COMPANIES, INC. 
 2000 SENIOR EXECUTIVE INCENTIVE AND
STOCK AWARD PLAN 
 AND 
 2000 EMPLOYEE INCENTIVE AND STOCK AWARD PLAN 
 TERMS AND CONDITIONS 

OF 
 [YEAR]
RESTRICTED STOCK UNITS, PERFORMANCE STOCK UNITS, 
 STOCK OPTIONS AND CASH AWARDS 

GRANTED ON [DATE] 

  
 1 

 TABLE OF CONTENTS 

 

													
	I.	 	BACKGROUND	  	 	3	  
	II.	 	AWARDS	  	 	3	  
		 	A.	  	General	  	 	3	  
		 		  	1.	  	Grant of Award and Award Types	  	 	3	  
		 		  	2.	  	Rights of Award Holders	  	 	3	  
		 		  	3.	  	Restrictive Covenants Agreement	  	 	3	  
		 	B.	  	Stock Units	  	 	4	  
		 		  	1.	  	General	  	 	4	  
		 		  	2.	  	Vesting	  	 	4	  
		 		  	3.	  	Dividend Equivalents	  	 	4	  
		 		  	4.	  	Delivery of Shares	  	 	4	  
		 	C.	  	Performance Stock Units	  	 	4	  
		 		  	1.	  	General	  	 	4	  
		 		  	2.	  	Vesting	  	 	5	  
		 		  	3.	  	Dividend Equivalents	  	 	5	  
		 		  	4.	  	Delivery of Shares	  	 	5	  
		 	D.	  	Options	  	 	6	  
		 		  	1.	  	General	  	 	6	  
		 		  	2.	  	Vesting	  	 	6	  
		 		  	3.	  	Term	  	 	6	  
		 		  	4.	  	Exercisability	  	 	6	  
		 		  	5.	  	Method of Exercise of an Option	  	 	6	  
		 		  		  	a.	  	General Procedures	  	 	6	  
		 		  		  	b.	  	Payment of Exercise Price	  	 	6	  
		 		  		  	c.	  	Distribution of Option Shares	  	 	6	  
		 	E.	  	Cash Awards	  	 	7	  
		 		  	1.	  	General	  	 	7	  
		 		  	2.	  	Vesting	  	 	7	  
		 		  	3.	  	Payment of Award	  	 	7	  
		 		  	4.	  	Form of Payment	  	 	7	  
		 	F.	  	Satisfaction of Tax Obligations	  	 	8	  
		 		  	1.	  	Recommendation	  	 	8	  
		 		  	2.	  	U.S. Employees	  	 	8	  
		 		  	3.	  	Non-U.S. Employees	  	 	8	  
	III.	 	EMPLOYMENT EVENTS	  	 	9	  
		 	A.	  	Death	  	 	9	  
		 	B.	  	Permanent Disability	  	 	9	  
		 	C.	  	Normal Retirement – Outside the European Union	  	 	10	  
		 	D.	  	Early Retirement – Outside the European Union	  	 	11	  
		 	E.	  	Retirement Treatment – Within the European Union	  	 	11	  
		 	F.	  	Termination by the Company Other Than for Cause	  	 	12	  
		 	G.	  	All Other Terminations	  	 	13	  
		 	H.	  	Condition to Vesting of Award Prior To a Scheduled Vesting Date or the PSU Scheduled Vesting Date and Exercisability of Options Following Termination	  	 	13	  
		 	I.	  	Determination of Pro Rata Vesting upon Termination of Employment	  	 	14	  
		 	J.	  	Distribution in Respect of Performance Stock Units that Vest Upon Termination of Employment	  	 	14	  
		 	K.	  	Section 409A of the Code	  	 	15	  
	IV.	 	CHANGE IN CONTROL PROVISIONS	  	 	16	  
	V.	 	DEFINITIONS	  	 	18	  
	VI.	 	ADDITIONAL PROVISIONS	  	 	20	  
	VII.	 	QUESTIONS AND ADDITIONAL INFORMATION	  	 	22	  

  
 2 

	I.	BACKGROUND 

 An award
(“Award”) has been granted to you under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan or the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan
(as applicable to you, the “Plan”). The type of Award, the number of shares of Marsh & McLennan Companies, Inc. (“Marsh & McLennan Companies”) common stock or the amount of cash covered by such
Award, and the vesting schedule applicable to that Award are specified in materials provided to you by Global & Executive Compensation (“Grant Documentation”). The Award is also subject to the terms and conditions set forth
herein (the “Terms and Conditions”). For employees outside the United States, the awards are subject to additional terms and conditions as set forth in the country-specific notices (the “Country-Specific Notices”).
The Prospectus dated [DATE], also describes important information about the Plan. The Terms and Conditions, the Country-Specific Notices (if applicable), and the Plan will be referred to herein as the “Award Documentation”. As used
herein, “Common Stock” means common stock of Marsh & McLennan Companies. 
 Capitalized terms in these
Terms and Conditions are defined in Section V. 
  

	II.	AWARDS 

  

	 	A.	General. 

  

	 	1.	Grant of Award and Award Types. The types of awards that may have been granted to you under the Plan are described below. The description of a type of award in
these Terms and Conditions that is not part of your Award does not give or imply any right to such type of award. 

  

	 	2.	Rights of Award Holders. Unless and until the vesting conditions of the Award have been satisfied and cash or shares of Common Stock, as applicable, have been
delivered to you in accordance with the Award Documentation, you have only the rights of a general unsecured creditor. Unless and until shares of Common Stock have been delivered to you, you have none of the attributes of ownership to such shares
(e.g., units cannot be used as payment for stock option exercises; units may not be transferred or assigned; units have no voting rights). 

  

	 	3.	 Restrictive Covenants Agreement. A Restrictive Covenants Agreement in a form determined by Marsh & McLennan Companies
(“Restrictive Covenants Agreement”) must be in place in order to accept your Award, you must execute or reaffirm, as determined by Marsh & McLennan Companies in its sole discretion, the Restrictive Covenants Agreement in
order for your Award to vest as provided in Section III, and you must further execute or reaffirm, as determined by Marsh & McLennan Companies in its sole discretion, the Restrictive Covenants Agreement in order to exercise an Option
whether or not you are 

  
 3 

	 	
employed by the Company at that time. Failure to timely execute or reaffirm and comply with the Restrictive Covenants Agreement by the date specified in the Grant Documentation or in Section
III.H, as applicable, will result in forfeiture of all of your rights, title and interest in and to the Award. 

  

	 	B.	Stock Units. 

  

	 	1.	General. A restricted stock unit (“RSU” or “Stock Unit”) represents an unfunded and unsecured promise to deliver (or cause to
be delivered) to you, subject to the Award Documentation, one share of Common Stock. 

  

	 	2.	 Vesting. Subject to your continued employment, 33-1/3% of the Stock Units will vest on the 15th of the month in which each of the first three anniversaries of the
grant date of the Award occur. Any date on which a Stock Unit is scheduled to vest is a “Scheduled Vesting Date.” If your employment terminates prior to a Scheduled Vesting Date, your right to the Stock Units will be determined in
accordance with Section III below. 

  

	 	3.	Dividend Equivalents. Dividend equivalents equal to the dividend payment (if any) that would have been made in respect of one share of Common Stock for each
outstanding Stock Unit covered by the Award will accrue in U.S. dollars on each dividend record date that occurs on or after the grant date of the Award while the Award is outstanding. Accrued dividend equivalents will vest when the corresponding
Stock Units covered by the Award in respect of which such dividend equivalents were accrued vest. Such vested dividend equivalents will be delivered after the shares of Common Stock in respect of such vested Stock Units are delivered and within the
time period provided in Section II.B.4, subject to the satisfaction of any applicable tax obligations, as described in Section II.F. Dividend equivalents will be accrued only with respect to Stock Units that are outstanding on a dividend record date
and will not be paid on Stock Units that do not vest or are forfeited. 

  

	 	4.	Delivery of Shares. Shares of Common Stock in respect of the Stock Units covered by the Award shall be distributed to you as soon as practicable after vesting,
and in no event later than 60 days after vesting. The delivery of shares of Common Stock in respect of the Stock Units is conditioned on the satisfaction of any applicable tax obligations, as described in Section II.F. Any shares of Common Stock
and/or cash or other property that may be deliverable to you following your death shall be delivered to the person or persons to whom your rights pass by will or the law of descent and distribution, and such delivery shall completely discharge the
Company’s obligations under the Award. 

  

	 	C.	Performance Stock Units 

  

	 	1.	 General. A performance stock unit (“PSU”) represents an unfunded and unsecured promise to deliver (or cause to be delivered) to
you, subject to the Award Documentation, a minimum of zero (0) and up to a maximum 

  
 4 

	 	
of two (2) shares of Common Stock, depending on the achievement, as determined by the Compensation Committee of the Board of Directors of Marsh & McLennan Companies (the
“Committee”), of the financial performance objectives established by the Committee for the Performance Period. If your employment terminates prior to the PSU Scheduled Vesting Date (defined below), the number of shares of Common
Stock deliverable in respect of a PSU shall be determined as provided in Section III below. 

  

	 	2.	Vesting. Subject to your continued employment, the PSUs are scheduled to vest on the third anniversary of the grant date of the Award (the “PSU Scheduled
Vesting Date”). If your employment terminates prior to the PSU Scheduled Vesting Date, your right to the PSUs, and the number of shares of Common Stock delivered in respect of each PSU, will be determined in accordance with Section III
below. 

  

	 	3.	Dividend Equivalents. Dividend equivalents equal to the dividend payment (if any) that would have been made in respect of one share of Common Stock for each
outstanding PSU covered by the Award will accrue in U.S. dollars on each dividend record date that occurs on or after the grant date of the Award while the Award is outstanding. Dividend equivalents will vest when the corresponding PSUs covered by
the Award in respect of which such dividend equivalents were accrued vest. Vested dividend equivalents equal to the dividend payment (if any) that would have been made for each dividend record date occurring on or after the grant date of the Award
while the Award is outstanding in respect of the number of shares of Common Stock determined under Section II.C.1 to be delivered in respect of vested PSUs will be delivered after the shares of Common Stock in respect of such vested PSUs are
delivered and within the time period provided in Section II.C.4, subject to the satisfaction of any applicable tax obligations, as described in Section II.F. Dividend equivalents (if any) will be paid only with respect to PSUs that are outstanding
on a dividend record date and will not be paid on PSUs that do not vest or are forfeited. 

  

	 	4.	Delivery of Shares. Shares of Common Stock deliverable in respect of the PSUs covered by the Award that vest on the PSU Scheduled Vesting Date shall be
distributed to you as soon as practicable after vesting, and in no event later than 60 days after vesting. If your employment terminates prior to the PSU Scheduled Vesting Date, shares of Common Stock in respect of the PSUs covered by the Award that
vest on such termination of employment shall be distributed to you as provided in Section III. The delivery of shares of Common Stock in respect of the PSUs is conditioned on your satisfaction of any applicable tax obligations as described in
Section II.F. Any shares of Common Stock and/or cash or other property that may be deliverable to you following your death shall be delivered to the person or persons to whom your rights pass by will or the law of descent and distribution, and such
delivery shall completely discharge the Company’s obligations under the Award. 

  
 5 

	 	D.	Options. 

  

	 	1.	General. A stock option (“Option”), whether qualified or nonqualified, represents the right to purchase the number of shares of Common Stock
specified in the Grant Documentation (the “Option Shares”) at the exercise price specified in the Grant Documentation. 

  

	 	2.	Vesting. Subject to your continued employment, 25% of the Option Shares covered by the Option will vest on each of the first four anniversaries of the grant date
of the Award. Any date on which an Option Share covered by the Option is scheduled to vest is a “Scheduled Vesting Date.” If your employment terminates prior to a Scheduled Vesting Date, your right to the unvested Option Shares
covered by the Option will be determined in accordance with Section III below. 

  

	 	3.	Term. Subject to your continued employment, the Option will expire on the day immediately preceding the tenth anniversary of the grant date of the Award. If your
employment terminates before the Option expires, your right to exercise any vested Option Shares covered by the Option will be determined in accordance with Section III below. 

 

	 	4.	Exercisability. The Option Shares covered by the Option will become exercisable when they vest. 

 

	 	5.	Method of Exercise of an Option. 

  

	 	a.	General Procedures. An Option may be exercised by written notice to Marsh & McLennan Companies or an agent appointed by Marsh & McLennan
Companies, in form and substance satisfactory to Marsh & McLennan Companies, which must state the election to exercise such Option, the number of Option Shares for which such Option is being exercised and such other representations and
agreements as may be required pursuant to the provisions of the Award Documentation (the “Exercise Notice”). The Exercise Notice must be accompanied by (i) any required income tax forms and (ii) a reaffirmation of the
Restrictive Covenants Agreement, unless the Option is being exercised after your death in accordance with Section III below. 

  

	 	b.	Payment of Exercise Price. Payment of the aggregate exercise price may be made with U.S. dollars or by tendering shares of Common Stock (including shares of
Common Stock acquired from a stock option exercise or a stock unit award vesting). 

  

	 	c.	Distribution of Option Shares. The shares of Common Stock from the Option exercise will be distributed as specified in the Exercise Notice, after you have
satisfied applicable tax obligations, as described in Section II.F, and fees. 

  
 6 

	 	E.	Cash Awards 

  

	 	1.	General. An Award denominated in cash in the amount specified in the Grant Documentation (“Cash Award”) shall be credited to a bookkeeping
account on the date the Award is granted (the “Cash Account”). A Cash Award represents an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to the Award Documentation, the amount credited to the
Cash Account. 

  

	 	2.	 Vesting. Subject to your continued employment, 33-1/3% of the amount credited to the Cash Account will vest on the 15th of the month in which each of the first three anniversaries of the
grant date of the Award occur. Any date on which all or a portion of the amount credited to the Cash Account is scheduled to vest is a “Scheduled Vesting Date.” If your employment terminates prior to a Scheduled Vesting Date, your
right to the amount credited to the Cash Account will be determined in accordance with Section III below. 

  

	 	3.	Payment of Award. Your Award shall be paid on, or as soon as practicable after, vesting, and in no event later than 60 days after vesting. The delivery of the
amount credited to the Cash Account is conditioned on the satisfaction of any applicable tax obligations, as described in Section II.F. Any amount that may be deliverable to you following your death shall be delivered to the person or persons to
whom your rights pass by will or the law of descent and distribution, and such delivery shall completely discharge the Company’s obligations under the Award. 

 

	 	4.	Form of Payment. At the election of Marsh & McLennan Companies, the amount credited to the Cash Account will be distributed in cash or in shares of
Common Stock under the Plan. If Marsh & McLennan Companies elects to distribute shares of Common Stock, the average of the high and low selling prices of Common Stock on the New York Stock Exchange on the trading day immediately preceding
the applicable Scheduled Vesting Date will be used to convert the value of the amount credited to the Cash Account, in U.S. Dollars, into shares of Common Stock. 

  
 7 

	 	F.	Satisfaction of Tax Obligations. 

  

	 	1.	Recommendation. It is recommended that you consult with your personal tax advisor for more detailed information regarding the tax treatment of the Award.

  

	 	2.	U.S. Employees. 

  

	 	a.	Stock Units, Performance Stock Units and Cash Awards. Applicable employment taxes are required by law to be withheld when a Stock Unit, PSU or the amount
credited to a Cash Account vests, or, if later, when the number of shares of Common Stock deliverable in respect of a PSU is determined. Applicable income taxes are required by law to be withheld when shares of Common Stock (or cash, as applicable)
in respect of Stock Units, PSUs or the amount credited to a Cash Account are delivered to you. A sufficient number of whole shares of Common Stock or portion of the amount credited to the Cash Account, as applicable, will be retained by
Marsh & McLennan Companies to satisfy the tax-withholding obligation. 

  

	 	b.	Options. Applicable taxes (including employment taxes) are required by law to be withheld when a nonqualified Option is exercised. A sufficient number of whole
shares of Common Stock resulting from the Option exercise will be retained by Marsh & McLennan Companies to satisfy the tax-withholding obligation unless you elect in the Exercise Notice to satisfy all applicable tax withholding in another
manner. 

  

	 	3.	Non-U.S. Employees. 

  

	 	a.	Stock Units, Performance Stock Units and Cash Awards. In most countries, the value of a Stock Unit, PSU or Cash Award is generally not taxable on the grant date.
If the value of the Stock Unit, PSU or Cash Award is not taxable on the grant date, it will, in most countries, be taxed at a later time, for example, upon delivery of shares of Common Stock in respect of the Stock Unit or PSU, and/or the subsequent
sale of the shares of Common Stock, or upon delivery of the amount credited to a Cash Account. 

  

	 	b.	Options. In most countries, the value of an Option is generally not taxable on the grant date. If the value of the Option is not taxable on the grant date, it
will, in most countries, be taxed at a later time, for example, upon exercise of the Option and delivery of shares of Common Stock in respect of the Option, and/or the subsequent sale of the shares of Common Stock. 

 

	 	c.	 Withholding. Marsh & McLennan Companies and/or your local employer shall have the power and the right to deduct and withhold from your
Award and other compensation, or require you to remit to 

  
 8 

	 	
Marsh & McLennan Companies and to your local employer, an amount sufficient to satisfy any taxes that Marsh & McLennan Companies considers are payable under the laws of any
country, state, province, city or other jurisdiction, including but not limited to income taxes, capital gain taxes, transfer taxes, social security contributions, and National Insurance Contributions with respect to the Award, including any and all
associated tax events derived therefrom. If applicable, Marsh & McLennan Companies and/or your local employer may retain and sell a sufficient number of shares of Common Stock distributable in respect of the Award for this purpose.

  

	III.	EMPLOYMENT EVENTS 

  

	 	A.	Death. 

  

	 	1.	Stock Units. In the event your employment is terminated because of your death, the Stock Units will vest at such termination of employment and will be
distributed as described in Section II.B.4. 

  

	 	2.	Performance Stock Units. In the event your employment is terminated because of your death, the PSUs will vest at such termination of employment and will be
distributed as described in Section III.J.1. 

  

	 	3.	Options. In the event your employment is terminated because of your death, the Option will vest with respect to any unvested Option Shares and will become
exercisable at such termination of employment. The person or persons to whom your rights under the Option shall pass by will or the laws of descent and distribution shall be entitled to exercise such Option with respect to newly vested Option Shares
(and any Option Shares that were already vested at the time of your death) within two years after the date of death, but in no event shall the Option be exercised beyond the expiration date of the Award. 

 

	 	4.	Cash Awards. In the event your employment is terminated because of your death, the amount credited to your Cash Account will vest and will be distributed as
described in Section II.E.3. 

  

	 	B.	Permanent Disability. 

  

	 	1.	Stock Units. Upon the occurrence of your Permanent Disability, the Stock Units will vest and will be distributed as described in Section II.B.4, provided that
you satisfy the condition described in Section III.H. 

  

	 	2.	Performance Stock Units. Upon the occurrence of your Permanent Disability, the PSUs will vest and will be distributed as described in Section III.J.1 provided
that you satisfy the condition described in Section III.H. 

  
 9 

	 	3.	Stock Options. Upon the occurrence of your Permanent Disability, the Option will vest with respect to any unvested Option Shares and will become exercisable,
provided that you satisfy the condition described in Section III.H. Provided that you satisfy the condition described in Section III.H., such newly vested Option Shares (and any Option Shares that were already vested at the time your Permanent
Disability occurred) shall be exercisable for two years following the occurrence of your Permanent Disability, but in no event shall the Option be exercised beyond the expiration date of the Award. 

 

	 	4.	Cash Awards. Upon the occurrence of your Permanent Disability, the amount credited to your Cash Account will vest and will be distributed as described in Section
II.E.3, provided that you satisfy the condition described in Section III.H. 

  

	 	C.	Normal Retirement – Outside the European Union. 

  

	 	1.	Stock Units. In the event you retire from the Company on or after your Normal Retirement Date, the Stock Units will vest at such termination of employment and
will be distributed as described in Section II.B.4, provided that you satisfy the condition described in Section III.H. 

  

	 	2.	Performance Stock Units. In the event (a) your employment is terminated by the Company other than for Cause on or after your Normal Retirement Date or
(b) you retire from the Company on or after your Normal Retirement Date, the PSUs will vest at such termination of employment and will be distributed as described in Section III.J.1 or Section III.J.2, respectively, provided that you satisfy
the condition described in Section III.H. 

  

	 	3.	Stock Options. In the event you retire from the Company on or after your Normal Retirement Date, the Option will vest with respect to any unvested Option Shares
as provided in Section II.D.2 and will become exercisable as provided in Section II.D.4, provided that you satisfy the condition described in Section III.H. Provided that you satisfy the condition described in Section III.H., such newly vested
Option Shares (and any Option Shares that were already vested at the time of your termination of employment) shall be exercisable until the earlier of the fifth anniversary of your termination of employment and the expiration date of the Award.

  

	 	4.	Cash Awards. In the event you retire from the Company on or after your Normal Retirement Date, the amount credited to your Cash Account will vest at such
termination of employment and will be distributed as described in Section II.E.3, provided that you satisfy the condition described in Section III.H. 

  
 10 

	 	D.	Early Retirement – Outside the European Union. 

  

	 	1.	Stock Units. In the event you retire from the Company on or after your Early Retirement Date and before your Normal Retirement Date, the Stock Units will vest at
such termination of employment on a pro rata basis as described in Section III.I and will be distributed as described in Section II.B.4, provided that you satisfy the condition described in Section III.H. 

 

	 	2.	Performance Stock Units. In the event (a) your employment is terminated by the Company other than for Cause on or after your Early Retirement Date and
before your Normal Retirement Date, subject to the vesting provisions of Section IV.A or (b) you retire from the Company on or after your Early Retirement Date and before your Normal Retirement Date, the PSUs will vest at such termination of
employment on a pro rata basis as described in Section III.I and will be distributed as described in Section III.J.1 or Section III.J.2, respectively, provided that you satisfy the condition described in Section III.H. 

 

	 	3.	Stock Options. In the event you retire from the Company on or after your Early Retirement Date and before your Normal Retirement Date, the Option will vest with
respect to any unvested Option Shares as provided in Section II.D.2 and will become exercisable as provided in Section II.D.4, provided that you satisfy the condition described in Section III.H. Provided that you satisfy the condition described in
Section III.H., such newly vested Option Shares (and any Option Shares that were already vested at the time of your termination of employment) shall be exercisable until the earlier of the fifth anniversary of your termination of employment and the
expiration date of the Award. 

  

	 	4.	Cash Awards. In the event you retire from the Company on or after your Early Retirement Date and before your Normal Retirement Date, the amount credited to your
Cash Account will vest at such termination of employment on a pro rata basis as described in Section III.I and will be distributed as described in Section II.E.3, provided that you satisfy the condition described in Section III.H.

  

	 	E.	Retirement Treatment – Within the European Union. 

  

	 	1.	Stock Units. In the event you are determined by the Retirement Treatment Committee to be eligible for retirement treatment upon your termination of employment,
the Stock Units will vest at such termination of employment on a pro rata basis as described in Section III.I and will be distributed as described in Section II.B.4, provided that you satisfy the condition described in Section III.H.

  

	 	2.	 Performance Stock Units. In the event (a) your employment is terminated by the Company other than for Cause and you are determined by the
Retirement Treatment Committee to be eligible for retirement 

  
 11 

	 	
treatment upon your termination of employment, subject to the vesting provisions of Section IV.A or (b) you are determined by the Retirement Treatment Committee to be eligible for retirement
treatment upon your termination of employment, the PSUs will vest at such termination of employment on a pro rata basis as described in Section III.I and will be distributed as described in Section III.J.1 or Section III.J.2, respectively, provided
that you satisfy the condition described in Section III.H. 

  

	 	3.	Stock Options. In the event you are determined by the Retirement Treatment Committee to be eligible for retirement treatment upon your termination of employment,
the Option will vest with respect to any unvested Option Shares as provided in Section II.D.2 and will become exercisable as provided in Section II.D.4, provided that you satisfy the condition described in Section III.H. Provided that you satisfy
the condition described in Section III.H., such newly vested Option Shares (and any Option Shares that were already vested at the time of your termination of employment) shall be exercisable until the earlier of the fifth anniversary of your
termination of employment and the expiration date of the Award. 

  

	 	4.	Cash Awards. In the event you are determined by the Retirement Treatment Committee to be eligible for retirement treatment upon your termination of employment,
the amount credited to your Cash Account will vest at such termination of employment on a pro rata basis as described in Section III.I and will be distributed as described in Section II.E.3, provided that you satisfy the condition described in
Section III.H. 

  

	 	F.	Termination by the Company Other Than for Cause. 

  

	 	1.	Stock Units. In the event your employment is terminated by the Company other than for Cause, the Stock Units will vest at such termination of employment on a pro
rata basis as described in Section III.I and will be distributed as described in Section II.B.4, provided that you satisfy the condition described in Section III.H. 

 

	 	2.	Performance Stock Units. In the event your employment is terminated by the Company other than for Cause, the PSUs will vest at such termination of employment on
a pro rata basis as described in Section III.I and will be distributed as described in Section III.J.1 provided that you satisfy the condition described in Section III.H. 

 

	 	3.	Stock Options. In the event your employment is terminated by the Company other than for Cause, rights, title and interest in and to any unvested Option Shares
will be forfeited upon such termination of employment. Provided that you satisfy the condition described in Section III.H., any Option Shares that were vested at the time of your termination of employment shall be exercisable until the earlier of 90
days following your termination of employment and the expiration date of the Award. 

  
 12 

	 	4.	Cash Awards. In the event your employment is terminated by the Company other than for Cause, the amount credited to your Cash Account will vest at such
termination of employment on a pro rata basis as described in Section III.I and will be distributed as described in Section II.E.3, provided that you satisfy the condition described in Section III.H. 

 

	 	5.	Sale of Business Unit. For the avoidance of doubt, in the event of a sale or similar transaction involving the business unit for which you work
(“Employing Company”) as a result of which the Employing Company ceases to be a subsidiary or affiliate of Marsh & McLennan Companies, your employment will be deemed terminated by the Company other than for Cause, even if
your employment with the Employing Company continues after the sale. 

  

	 	6.	Retirement Eligibility at the Time of Termination Other than for Cause. For the avoidance of doubt, in the event your termination of employment is on or after
your Early Retirement Date and before your Normal Retirement Date, on or after your Normal Retirement Date or you are determined by the Retirement Treatment Committee to be eligible for retirement treatment upon your termination of employment and
your employment is terminated by the Company other than for Cause (including through a sale or similar transaction involving your Employing Company), any Stock Units, Options or amount credited to a Cash Account covered by your Award will be treated
as set forth in Sections III.C through E, as applicable, and any PSUs covered by your Award will be treated as set forth in Sections III.C.2(a), III.D.2(a), III.E.2(a), as applicable. 

 

	 	G.	All Other Terminations. 

For all other terminations of employment not described in Sections III.A through F above (including, but not limited to, a termination by
the Company for Cause), all of your rights, title and interest in and to the Award, whether vested or unvested, shall be forfeited on the date of such termination of employment. For purposes of these Terms and Conditions, your employment will be
treated as terminated when you are no longer employed by the Company. 
  

	 	H.	Condition to Vesting of Award Prior To a Scheduled Vesting Date or the PSU Scheduled Vesting Date and Exercisability of Options Following Termination.

 In the event of your Permanent Disability, termination of employment on or after your Early Retirement Date
and before your Normal Retirement Date, on or after your Normal Retirement Date or you are determined by the Retirement Treatment Committee to be eligible for retirement treatment upon your termination of employment, or your termination of
employment other than for Cause as described in Sections III.B through F, you will be required to execute or reaffirm, as determined by Marsh & McLennan Companies in its sole discretion, and return to Marsh & McLennan Companies

  
 13 

 
(or an agent appointed by Marsh & McLennan Companies) a Restrictive Covenants Agreement within 30 days following your termination of employment or the occurrence of your Permanent
Disability as a condition to vesting of any unvested portion of the Award and as a condition to the exercisability of the Option following your termination of employment or the occurrence of your Permanent Disability. Failure to timely execute or
reaffirm and comply with the Restrictive Covenants Agreement will result in forfeiture of all of your rights, title and interest in and to the Award including, but not limited to, any Option Shares that were vested at the time of your termination of
employment. 
  

	 	I.	Determination of Pro Rata Vesting upon Termination of Employment. 

 The number of Stock Units or PSUs or the portion of the amount credited to your Cash Account, as applicable, that vests on a pro rata basis upon termination of employment will be determined using the
following formula: 
  

													
	(	 	A	 	×	 	 B 	 	)	 	–	 	D
	 	 	 	C	 	 	 

  

					
	 where
  

	A	  	=	  	the number of Stock Units or PSUs covered by the Award or the amount of cash covered by the Award, as applicable;
	B	  	=	  	the number of days in the period beginning on the grant date of the Award and ending on the employment termination date;
	C	  	=	  	the number of days in the period beginning on the grant date of the Award and ending on the last Scheduled Vesting Date or the PSU Scheduled Vesting Date, as applicable;
and
	D	  	=	  	the number of Stock Units or PSUs or the amount credited to your Cash Account, as applicable, that has previously vested.

  

	 	J.	Distribution in Respect of Performance Stock Units that Vest Upon Termination of Employment. 

 

	 	1.	 Termination of Employment Because of Death, Permanent Disability or Termination by the Company Other Than for Cause Whether or Not Retirement
Eligible. In the event of your termination of employment due to your death, the occurrence of your Permanent Disability, or termination by the Company other than for Cause, as described in Section III.A.2, III.B.2, III.C.2(a), III.D.2(a),
III.E.2(a) or III.F.2, you will receive, as soon as practicable after such termination of employment or occurrence of Permanent Disability and in no event later than 60 days following such termination of employment or occurrence of Permanent
Disability, the number of shares of Common Stock determined under Section II.C.1 in respect of the number of PSUs that vested in accordance with such termination of employment or occurrence of your Permanent Disability, as applicable; provided that,
in the event your termination of employment or the occurrence of your Permanent Disability 

  
 14 

	 	
occurs on or prior to December 31 of the year in which the PSUs are granted, you will receive one (1) share of Common Stock in respect of each PSU covered by the Award that vests upon
your termination of employment or the occurrence of your Permanent Disability. 

  

	 	2.	Termination of Employment Because of Normal Retirement, Early Retirement or Eligibility for Retirement Treatment 

In the event of your termination of employment due to Normal Retirement, Early Retirement or you are determined to be eligible for
retirement treatment, as described in Section III.C.2(b), III.D.2(b) or III.E.2(b), you will receive, as soon as practicable after the PSU Scheduled Vesting Date and in no event later than 60 days following the PSU Scheduled Vesting Date, the number
of shares of Common Stock determined under Section II.C.1 in respect of the number of PSUs that vested in accordance with such termination of employment; provided that, in the event a Change in Control occurs on or prior to December 31 of the
year in which the PSUs are granted and your termination of employment occurs following such Change in Control, you will receive one (1) share of Common Stock in respect of each PSU covered by the Award that vests upon your termination of
employment. 
  

	 	K.	Section 409A of the Code. 

  

	 	1.	Notwithstanding any provision herein, your Award may be subject to additional restrictions to ensure compliance with the requirements of Section 409A of the
U.S. Internal Revenue Code of 1986, as amended, and regulations thereunder (regarding nonqualified deferred compensation) (“Section 409A of the Code”). The Committee intends to administer the Awards in accordance with
Section 409A of the Code and reserves the right to make changes in the terms or operations of the Awards (including changes that may have retroactive effect) deemed necessary or desirable to comply with Section 409A of the Code. This
means, for example, that the timing of distributions may be different from those described in this document or in other materials relating to the Award or the Plan that do not reflect Section 409A of the Code. If your Award is not in compliance
with Section 409A of the Code, you may be subject to immediate taxation of all unpaid awards under the Plan that are subject to Section 409A of the Code at your regular income tax rate, plus a 20% additional tax, plus interest at the
underpayment rate plus 1%. 

  

	 	2.	Notwithstanding any provision herein, if any portion of your Award is determined to be nonqualified deferred compensation subject to Section 409A of the
Code, any references to “termination of employment,” or “when you are no longer employed” in these Terms and Conditions shall have the following meaning: 

Your “termination of employment” (or similar terms) shall occur when you have incurred a “separation from service”
within the meaning of Section 409A of the Code and as further defined herein. Specifically, 

  
 15 

 
you will have incurred a “separation from service” when the level of services you provide to Marsh & McLennan Companies or any of its affiliates in any capacity, including as
an employee, director, independent contractor or consultant, does not exceed 20% of the level of services that you provided to Marsh & McLennan Companies and its affiliates in the preceding 36 months (or shorter period of service if, for
example, your total service with Marsh & McLennan Companies is less than 36 months), all as determined in accordance with Section 409A of the Code. In determining whether a “separation from service” has occurred, any period
of up to six months during which you are on a bona fide leave of absence or up to 29 months during which you are absent from work due to a disability for which you are receiving Marsh & McLennan Companies Long-Term Disability benefits will
be ignored. 
  

	 	3.	Notwithstanding any provision herein, if at the time of the termination of your employment you are a “specified employee” (as defined in
Section 409A of the Code) no portion of your Award that is determined to be nonqualified deferred compensation subject to Section 409A of the Code shall be distributed until the first day of the seventh month after your termination of
employment and any such distributions to which you would otherwise be entitled during the first six months following your termination of employment will be accumulated and paid without interest on the first day of the seventh month after your
termination of employment. The provisions of this subparagraph will only apply if and to the extent required to avoid any “additional tax” under Section 409A of the Code. This subparagraph does not guarantee that your Award will not
be subject to “additional tax” or other adverse tax consequences under Section 409A of the Code. 

  

	 	4.	Notwithstanding any provision herein, in the event a Change in Control occurs on or prior to December 31 of the year in which the PSUs are granted and the
PSU Scheduled Vesting Date is after your Early Retirement Date and before your Normal Retirement Date, on or after your Normal Retirement Date or you are determined by the Retirement Treatment Committee to be eligible for retirement treatment upon
your termination of employment, shares of Common Stock deliverable in respect of the PSUs covered by the Award that vest on the PSU Scheduled Vesting Date shall be distributed to you as soon as practicable after vesting, and in no event later than
March 15 in the year vesting occurs. 

  

	IV.	CHANGE IN CONTROL PROVISIONS 

  

	 	A.	 Treatment of Awards. Upon the occurrence of a “Change in Control” of Marsh & McLennan Companies, as defined in the
Plan, the Award will continue to vest in accordance with its regular vesting schedule as specified in Section II and subject to the employment events provisions in Section III; provided that, the Award will become fully vested upon your termination
of 

  
 16 

	 	
employment by the Company other than for Cause or by you for Good Reason during the 24-month period following such Change in Control and will be treated as follows: 

 

	 	1.	Stock Units. Any Stock Units covered by the Award will be distributed as described in Section II.B.4. 

 

	 	2.	Performance Stock Units. Any PSUs covered by the Award will be distributed in accordance with Section III.J.1; provided that, if such Change in Control occurs on
or prior to December 31 of the year in which the PSUs are granted, you will receive one (1) share of Common Stock in respect of each PSU covered by the Award that vests. 

 

	 	3.	Stock Options. Such newly vested Option Shares (and any Option Shares that were already vested at the time of your termination of employment) shall be
exercisable until the earlier of 90 days following your termination of employment and the expiration date of the Award. 

  

	 	4.	Cash Awards. Any amount credited to your Cash Account will be distributed as described in Section II.E.3. 

For the avoidance of doubt, in the event your termination of employment by the Company other than for Cause or by you for Good Reason
during the 24-month period following such Change in Control is on or after your Early Retirement Date and before your Normal Retirement Date, on or after your Normal Retirement Date or you are determined by the Retirement Treatment Committee to be
eligible for retirement treatment upon your termination of employment, any Stock Units, PSUs, Options or amount credited to a Cash Account covered by your Award will be treated as described in this Section IV.A; provided that such newly vested
Option Shares (and any Option Shares that were already vested at the time of your termination of employment) shall be exercisable until the earlier of the fifth anniversary of your termination of employment and the expiration date of the Award.

  

	 	B.	Additional Payment for Grantees Subject to U.S. Income Tax. 

  

	 	1.	The value of the accelerated vesting of the Award because of a Change in Control (the “Accelerated Award”) may be subject to a 20% federal
excise tax under Section 4999 of the U.S. Internal Revenue Code of 1986, as amended and regulations thereunder (the “Excise Tax”). The Excise Tax is imposed on a select group of highly-compensated employees when the value, as
determined by applicable regulations, of payments in the nature of compensation contingent on a Change in Control (including an amount reflecting the value of the accelerated vesting of the Award) equals or exceeds three times the average of up to
your last five years’ W-2 earnings, as applicable. 

  

	 	2.	 If a Change in Control occurs and the vesting of the Award is accelerated, Marsh & McLennan Companies will determine if the Excise Tax
is payable by you. If the Excise Tax is payable by you, Marsh & McLennan 

  
 17 

	 	
Companies will pay to you, within five business days of making the determination, an amount of money (the “Additional Payment”) such that after payment of applicable federal,
state and local income taxes (other than any taxes arising under Section 409A of the Code), employment taxes and any Excise Tax imposed upon the Additional Payment, you will retain an amount of the Additional Payment equal to the Excise Tax
imposed in respect of the Accelerated Award. If the Additional Payment, after payment of such taxes, is later determined to be less than the amount necessary to reimburse you for the Excise Tax you owe in respect of the Accelerated Award, a further
payment will be made to you. If the Additional Payment, after payment of applicable taxes, is later determined to be more than the amount necessary to reimburse you for the Excise Tax you owe in respect of the Accelerated Award, you will be required
to reimburse Marsh & McLennan Companies for such excess. To the extent applicable under Section 409A of the Code, in all events, Marsh & McLennan Companies will pay to you the Additional Payment no later than the end of the
taxable year following the taxable year in which you pay the Excise Tax. 

  

	V.	DEFINITIONS 

 As used in
these Terms and Conditions: 
  

	 	A.	“Cause” shall mean: 

  

	 	1.	willful failure to substantially perform the duties consistent with your position which is not remedied within 30 days after receipt of written notice from the
Company specifying such failure; 

  

	 	2.	willful violation of any written company policies including but not limited to, the Company’s Code of Business Conduct & Ethics;

  

	 	3.	commission at any time of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation
for any felony or crime involving moral turpitude; 

  

	 	4.	unlawful use (including being under the influence) or possession of illegal drugs; 

 

	 	5.	any gross negligence or willful misconduct resulting in a material loss to the Company, or material damage to the reputation of the Company; or

  

	 	6.	any violation of any statutory or common law duty of loyalty to the Company, including the commission at any time of any act of fraud, embezzlement, or material
breach of fiduciary duty against the Company. 

  

	 	B.	“Company” shall mean Marsh & McLennan Companies or any of its subsidiaries or affiliates. 

  
 18 

	 	C.	“Good Reason” shall mean any of the following without your written consent: 

 

	 	1.	a material reduction in your base salary; 

  

	 	2.	a material reduction in your annual incentive opportunity (including a material adverse change in the method of calculating your annual incentive);

  

	 	3.	a material diminution of your duties, responsibilities or authority; or 

 

	 	4.	a relocation of more than 50 miles from your office location in effect immediately prior to the Change in Control; 

provided that you provide Marsh & McLennan Companies with written notice of your intent to terminate your employment for
Good Reason within 60 days of your becoming aware of any circumstances set forth above (with such notice indicating the specific termination provision above on which you are relying and describing in reasonable detail the facts and circumstances
claimed to provide a basis for termination of your employment under the indicated provision) and that you provide Marsh & McLennan Companies with at least 30 days following receipt of such notice to remedy such circumstances. 

 

	 	D.	“Normal Retirement Date” and “Early Retirement Date” shall have the respective meanings given such terms (or any comparable substitute terms
or concepts) set forth in the primary retirement plan or program applicable to you upon your termination of employment (whether sponsored by Marsh & McLennan Companies, your employer or otherwise). 

 

	 	E.	“Performance Period” shall mean the period that begins on [DATE] and ends on [DATE], provided that in the event of a termination of your employment
described in Section III.A.2, III.C.2(a), III.D.2(a), III.E.2(a) or III.F.2 or the occurrence of your Permanent Disability described in Section III.B.2 prior to a Change in Control, such period will end on December 31 of the year prior to such
termination of employment or occurrence of your Permanent Disability for the PSUs covered by your Award; and provided further that in the event of a Change in Control, such period will end on December 31 of the year prior to the occurrence of
such Change in Control. 

  

	 	F.	“Permanent Disability” will be deemed to occur when it is determined (by Marsh & McLennan Companies’ disability carrier for the primary
long-term disability plan or program applicable to you because of your employment with the Company) that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

  
 19 

	 	G.	“Retirement Treatment Committee” is comprised of employees of the Company appointed by the Committee. 

 

	 	H.	Additional Definitions. 

The terms below are defined on the following pages 
  

					
	 Accelerated Award
	  	 	17	  
	 Additional Payment
	  	 	17	  
	 Award
	  	 	3	  
	 Award Documentation
	  	 	3	  
	 Cash Account
	  	 	7	  
	 Cash Award
	  	 	7	  
	 Change in Control
	  	 	16	  
	 Committee
	  	 	5	  
	 Common Stock
	  	 	3	  
	 Country-Specific Notices
	  	 	3	  
	 Employing Company
	  	 	13	  
	 Excise Tax
	  	 	17	  
	 Exercise Notice
	  	 	6	  
	 Grant Documentation
	  	 	3	  
	 Marsh & McLennan Companies
	  	 	3	  
	 Option
	  	 	6	  
	 Option Shares
	  	 	6	  
	 Plan
	  	 	3	  
	 PSU
	  	 	4	  
	 PSU Scheduled Vesting Date
	  	 	5	  
	 Restrictive Covenants Agreement
	  	 	3	  
	 RSU
	  	 	4	  
	 Scheduled Vesting Date
	  	 	4, 6, 7	  
	 Section 409A of the Code
	  	 	15	  
	 Stock Unit
	  	 	4	  
	 Terms and Conditions
	  	 	3	  

  

	VI.	ADDITIONAL PROVISIONS 

  

	 	A.	Additional Provisions—General 

  

	 	1.	Administrative Rules. The Award shall be subject to such additional administrative regulations as the Committee may, from time to time, adopt. All decisions of
the Committee upon any questions arising under the Award Documentation shall be conclusive and binding. The Committee may delegate to any other individual or entity the authority to perform any or all of the functions of the Committee under the
Award, and references to the Committee shall be deemed to include any such delegate. 

  

	 	2.	 Amendment. The Committee may, in its sole discretion, amend the terms of the Award; provided, however, that if the Committee concludes,

  
 20 

	 	
in its sole discretion, that such amendment is likely to materially impair your rights with respect to the Award, such amendment shall not be implemented with respect to your Award without your
consent. 

  

	 	3.	Limitations. Payment of your Award is not secured by trust, insurance contract or other funding medium, and you do not have any interest in any fund or specific
asset of the Company by reason of the Award. Your right to payment of your Award is the same as the right of an unsecured general creditor of the Company. 

 

	 	B.	Additional Provisions—Outside the United States 

  

	 	1.	Changes to Delivery. In the event that Marsh & McLennan Companies considers that due to legal, regulatory or tax issues the normal delivery of an Award
to a participant outside the United States would not be appropriate, then Marsh & McLennan Companies may, in its sole discretion, determine how the value of the Award will be delivered. Without limitation, this may include making any
payments due under the Award in cash instead of shares of Common Stock, or in shares of Common Stock instead of cash, in an amount equivalent to the value of the Award on the date of exercise (for Options) or vesting (for other equity-based awards)
after payment of applicable taxes, fees and any exercise price. If the value of an Award is to be delivered in cash instead of shares of Common Stock, Marsh & McLennan Companies may sell any shares of Common Stock distributable in respect
of the Award on your behalf and use the proceeds (after payment of applicable taxes, fees and any exercise price) to satisfy the Award. 

  

	 	2.	Amendment and Modification. The Committee may modify the terms of any Award under the Plan granted to you if you are, at the time of grant or during the term of
the Award, resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order for such Award to conform to laws, regulations, and customs of the country in which you are then
resident or primarily employed, or so that the value and other benefits of the Award to you, as affected by non-U.S. tax laws and other restrictions applicable as a result of your residence or employment outside the United States, shall be
comparable to the value of such an Award to an individual who is resident or primarily employed in the United States. 

  
 21 

	VII.	QUESTIONS AND ADDITIONAL INFORMATION 

 Please retain this document in your permanent records. If you have any questions regarding the Plan or your Award or if you would like an account statement detailing each type of equity-based award or
cash award and the number of shares of Common Stock or cash value (as applicable) covered by such equity-based award or cash award that comprises your Award, and the exercise price, vesting date(s) and expiration date of such equity-based awards or
cash awards that comprise your Award, or any other information, please contact: 
 Global & Executive Compensation

 Marsh & McLennan Companies, Inc. 
 1166 Avenue of the Americas 
 New York, New York 10036-2774 

United States of America 
 Telephone Number: +1 212 345-9722 
 Facsimile Number: +1 212 948-8481 

Email: mmc.compensation@mmc.com 

  
 22

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