Document:

Amendment to Employment Agreement between MMC, Inc & David A. Nadler

 Exhibit 10.2 
 DAVID A. NADLER 
 AMENDMENT TO EMPLOYMENT AGREEMENT

 WHEREAS, David A. Nadler (the “Executive”) and Marsh & McLennan Companies, Inc.
(“MMC” or the “Company”) previously entered into an Employment Agreement (the “Agreement”) on March 1, 2007 to embody in the Agreement the terms and conditions of the Executive’s employment by
the Company or a subsidiary; and 
 WHEREAS, the Executive and the Company desire to amend the Agreement as set forth
below to comply with Section 409A and to make certain other revisions. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth below, the Executive and the Company hereby amend the Agreement as follows: 
  

	1.	Section 3.2 is amended by adding the following to the end thereof: 

 Notwithstanding the foregoing, in no event shall the annual bonus be paid later than March 15 of the year following the year with respect to which such bonus is payable. 

 

	2.	Section 3.9 is amended to read as follows: 

 3.9 Indemnification. The Executive shall be entitled to indemnification in accordance with the Company’s by-laws as in effect on the date hereof, subject to applicable law. Any expenses
(including damages, losses, judgments, fines, penalties, settlements, costs, attorneys’ fees, and expenses of establishing a right to indemnification), that are subject to such indemnification and are or may be incurred in connection with a
proceeding shall be paid by the Company in advance within 30 days of a request by the Executive, which shall be accompanied by documentation substantiating such expenses. Executive shall promptly deliver to the Company an undertaking, in such form
as the Company shall specify, to reimburse the Company for expenses to which Executive is adjudged not to be entitled to indemnification. 
  

	3.	Section 5.2 is amended to read as follows: 

 5.2 Termination by the Executive. The Executive shall have the right, subject to the terms of this Agreement, to terminate his employment at any time with or without “Good Reason”. For
purposes of this Agreement, “Good Reason,” shall mean the occurrence of any of the following during the Term, without the Executive’s prior written consent (provided that an isolated, insubstantial or inadvertent action not
taken in bad faith shall not constitute Good Reason): (A) a material diminution in the Executive’s position (including status, offices, titles, and reporting requirements), authority, duties or responsibilities as contemplated by this
Agreement; (B) any removal of the Executive from his position as Vice Chairman, Office of the Chief Executive Officer of MMC; (C) any failure by the Company to comply with the provisions of Article 3 hereof; (D) a failure by the
Company to comply with any other material provision of this Employment Agreement; or (E) a change in the Executive’s 

 
principal work location to more than 50 miles from his current work location. The Executive must give the Company written notice, in accordance with Section 6.2 hereof of any Good Reason
termination of employment within 30 days of the first occurrence (as determined without regard to any prior occurrence that was subsequently remedied by the Company) of a Good Reason circumstance set forth above. Such notice must specify which of
the circumstances set forth above the Executive is relying on and the particular action(s) or inaction(s) giving rise to such circumstance. The Good Reason termination must be effective no earlier than 30 days after the Executive’s delivery of
the written notice and no later than 60 days after the occurrence of the circumstance giving rise to Good Reason; provided, however, that the Company may remedy such circumstances within 30 days after receipt of the written notice. 

 

	4.	The following language should be inserted following the fourth sentence of Section 5.5(d): 

Provided that the Executive is eligible to elect continuation of group medical and dental coverage as provided under COBRA at the time of
the Executive’s termination of employment, the Executive may receive the welfare benefit described below (the “Welfare Benefit”) in lieu of such COBRA continuation coverage. The Welfare Benefit will provide continuation of group
welfare coverage comparable to the coverage provided to similarly-situated active participants for 12 months following the Executive’s termination of employment, followed immediately by coverage for a period, and on a basis, that is
substantially similar to the COBRA continuation coverage that would apply if the Executive’s termination of employment occurred at the conclusion of such 12-month period. The premium contribution for the first 12 months shall be the same as the
premium contribution for similarly-situated active participants, except that the Executive’s premium contribution shall be made on an after-tax basis and the Company will impute taxable income equal to the difference between the premiums paid
by the Executive and the full premium cost for similarly situated COBRA participants. Thereafter, the premium contribution shall be the same as for similarly-situated COBRA participants. Provision of the Welfare Benefit is subject to the Executive
satisfying and continuing to satisfy all requirements necessary to maintain such coverage, including without limitation, paying his share of all required premiums on a timely basis. The Company will not provide the Executive with any additional
compensation should he choose not to elect the Welfare Benefit. 
  

	5.	The first sentence of Section 5.6 is amended to read as follows: 

 Upon the termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason (i) during the 6-month period immediately preceding the occurrence of a Change
in Control (as defined in the Company’s 2000 Senior Executive Incentive and Stock Award Plan, as in effect on the date of the Change in Control) or (ii) during the 2-year period immediately following a Change in Control, the Executive
shall be entitled to receive, in addition to the Accrued Obligations and the Welfare Benefit, promptly following the later of such termination and such Change in Control, a lump sum amount equal to the Annual Compensation (as defined in
Section 5.5(d) hereof). 

  
 -2-

	6.	Section 5.7 is amended to read as follows: 

 5.7 Conditions and Timing of Payment. Any payments or benefits made or provided pursuant to this Article 5 (other than the Accrued Obligations) are subject to the Executive’s: 

(a) compliance with the provisions of Article 4 and Section 5.9 hereof (provided that this shall not affect the payment to the
Executive provided for below in this Section 5.7 unless the Executive is in material breach of any of such provisions as of the time such payment is to be made); 
 (b) delivery to the Company of an executed General Release, which is not revoked before it becomes irrevocable (the “Irrevocability Date”). The General Release shall be substantially in
the form attached hereto as Exhibit A, with such changes therein or additions thereto as needed under then applicable law to give effect to its intent and purpose; and 
 (c) delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates and employee benefit plans. 

The items referred to in Sections 5.7(b) and 5.7(c) shall be delivered to the Company in time to allow payments hereunder to qualify as
“short term deferrals” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). 
 Subject to Section 6.12(a), any amounts due following a termination under this Agreement (other than the Accrued Obligations) shall be paid to the Executive within thirty (30) days of the
Irrevocability Date, but in no event later than the time necessary for the payment of such amounts to qualify as a “short term deferral” for purposes of Section 409A. Regardless of whether the General Release has been executed by the
Executive, upon any termination of the Executive’s employment, the Executive shall be entitled to receive the Accrued Obligations within thirty (30) days after the date of termination or in accordance with the applicable plan, program or
policy.  
  

	7.	Section 6.12 is amended to read as follows: 

 6.12 Section 409A. 
 (a) Notwithstanding the due date of any
post-employment payments, if at the time of the termination of employment the executive is a “specified employee” (as defined in Section 409A), the Executive will not be entitled to any payments upon termination of employment until
the earlier of (i) the date which is six (6) months after the termination of employment for any reason other than death or (ii) the date of the Executive’s death. The provisions of this paragraph will only apply if and to the
extent required to avoid any “additional tax” under Section 409A. 

  
 -3-

 (b) It is intended that this Agreement and the Company’s and the Executive’s
exercise of authority or discretion hereunder shall comply with the provisions of Section 409A and the Treasury regulations relating thereto so as not to subject the Executive to the payment of interest and tax penalty which may be imposed
under Section 409A. In furtherance of this objective, to the extent that any regulations or other guidance issued under Section 409A would result in the Executive being subject to payment of “additional tax” under
Section 409A, the parties agree to use their best efforts to amend this Agreement in order to avoid the imposition of any such “additional tax” under Section 409A, which such amendment shall be designed to minimize the adverse
economic effect on the Executive without increasing the cost to the Company (other than transactions costs), all as reasonably determined in good faith by the Company and the Executive to maintain to the maximum extent practicable the original
intent of the applicable provisions. This Section 6.12 does not guarantee that payments under this Agreement will not be subject to “additional tax” under Section 409A. 
 WITNESS WHEREOF, each of the parties hereto has duly executed this amendment to the Agreement on this 12 day of December, effective as of December 31, 2008. 

 

			
	MARSH & MCLENNAN COMPANIES, INC.
		
	By:	 	 /s/ Brian Duperreault

		 	Brian Duperreault
		 	President & Chief Executive Officer
		
		 	 /s/ David a. Nadler

		 	DAVID A. NADLER

  
 -4-Letter Agreement, between MMC, Inc & David A. Nadler

 Exhibit 10.3 
 MARSH & McLENNAN LETTERHEAD 
 February 8, 2010 

David A. Nadler 
 [Address] 

[City, State Zip Code] 

Subject:        Terms of Employment 
 Dear David: 
 This letter agreement is intended to set forth the terms of your continued
employment by Marsh & McLennan Companies, Inc. (“MMC” or the “Company”) as its Vice Chairman. This position reports to the Chief Executive Officer of MMC. Your current principal work location is in New
York, NY. The terms of this letter agreement are effective upon the expiration of the term of the Employment Agreement dated as of March 1, 2007 between you and MMC, as amended effective December 31, 2008 (the “Prior
Agreement”) on February 28, 2010. 
  

	1.	Duties and Responsibilities 

 You will continue to devote all of your attention and time during working hours to the affairs and business of the Company and use your best efforts to perform such duties and responsibilities as are
consistent with your position and as shall, from time to time, be reasonably assigned to you by the Chief Executive Officer of MMC. In addition, you agree to serve, without additional compensation, as an officer and director for any member of the
Affiliated Group. For purposes of this letter agreement, the term “Affiliated Group” means MMC and any corporation, partnership, joint venture, limited liability company, or other entity in which MMC has a 10% or greater direct or
indirect interest. You may not serve on corporate, civic or charitable boards or committees without the prior written consent of MMC. 
  

	2.	Compensation and Benefits 

Your compensation and benefits are as set forth below and in Exhibit A. 

 

	 	a.	Annual base salary: You will receive an annual base salary of the amount set forth on Exhibit A, payable in installments in accordance with the Company’s
payroll procedures in effect from time to time. Your base salary will be considered for adjustment in succeeding years as part of your normal performance management process. 

 

	 	b.	Vacation: You are entitled to 5 weeks of vacation annually, in accordance with our Company policy. 

 February 8, 2010 
 David A. Nadler 
 Page 2 

 

	 	c.	Annual bonus: You are eligible for an annual bonus on the terms set forth on Exhibit A. Bonus awards are discretionary and may be paid in the form of cash,
deferred cash or MMC stock units, or a combination thereof. To qualify for an annual bonus, you must remain continuously and actively employed by the Company through the date of the bonus payment. The annual bonus shall be paid no later than
March 15 of the year following the year for which such bonus is earned. In the event of your Permanent Disability (as defined below) or death, the Company shall pay you (or your estate in the case of death), a prorated target annual bonus for
the year in which your termination occurs based on the portion of the year elapsed as of the date of your termination. For this purpose, your target annual bonus shall be deemed to be 100% of your annual base salary. Any such bonus amount shall be
paid within 30 days of your death. In the event of your Permanent Disability, your prorated annual bonus payment is conditioned upon, and subject to, your execution and delivery to the Company within 30 days of the date of such event a valid
confidential waiver and release of claims agreement (including restrictive covenants) in a form satisfactory to the Company (the “Release”) and such Release has become irrevocable as provided therein (the “Release Date”). Payment
of any such annual bonus amount shall then be paid within 30 days following the Release Effective Date. 

 As used
in this letter agreement, “Permanent Disability” will be deemed to occur when it is determined (by MMC’s disability carrier or 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. 
  

	 	d.	Annual Long-Term Incentive Compensation: You are eligible to participate in MMC’s long-term incentive program with a target long-term incentive compensation
award as set forth on Exhibit A. Long-term incentive awards are discretionary and are governed by terms and conditions approved by the Compensation Committee of the MMC Board of Directors (the “Committee”) as set forth in the award
agreement and in MMC’s 2000 Senior Executive Incentive and Stock Award Plan (or other plan under which the long-term incentive award is granted). In accordance with Company practice, you will be required to enter into a “Restrictive
Covenants Agreement” in connection with the grant. If the terms and conditions of your awards include a provision for “early retirement”, your awards would be eligible for “early retirement” treatment based on your age and
years of service with the Company. The Committee may, in its sole discretion, determine to enhance the early retirement treatment of your awards. 

  

	 	e.	Benefit Programs: You and your eligible family members are eligible for participation in employee benefit plans, policies and programs provided by the Company on
such terms and conditions as are generally provided to similarly situated employees of the Company. Please be aware that nothing in this letter agreement shall limit the Company’s ability to change, modify, cancel or amend any such policies or
plans. In addition, you will be eligible to participate in the MMC Financial Services Program, as in effect from time to time. 

 February 8, 2010 
 David A. Nadler 
  Page
 3
 
  

	3.	Termination of Employment 

  

	 	a.	You will be designated as a “Key Employee” under the Marsh & McLennan Companies, Inc. Senior Executive Severance Pay Plan (the “Senior Executive
Severance Pay Plan”) until you reach age 65. In the event that your employment with the Company terminates for any reason before you reach age 65, the Senior Executive Severance Plan will govern the terms under which you may be eligible to
receive severance and/or other transition benefits from the Company. 

  

	 	b.	Upon the termination of your employment for any reason, you shall immediately resign, as of your date of termination, from all positions that you then hold with any
member of the Affiliated Group. You hereby agree to execute any and all documentation to effectuate such resignations upon request by the Company, but you shall be treated for all purposes as having so resigned upon your date of termination,
regardless of when or whether you execute any such documentation. 

  

	 	c.	During the term of this letter agreement, and, subject to any other business obligations that you may have, following your date of termination, you agree to assist the
Affiliated Group in the investigation and/or defense of any claims or potential claims that may be made or threatened to be made against any member of the Affiliated Group, including any of their officers or directors (a
“Proceeding”), and will assist the Affiliated Group in connection with any claims that may be made by any member of the Affiliated Group in any Proceeding. You agree, unless precluded by law, to promptly inform MMC if you are asked
to participate in any Proceeding or to assist in any investigation of any member of the Affiliated Group. In addition, you agree to provide such services as are reasonably requested by the Company to assist any successor to you in the transition of
duties and responsibilities to such successor. Following the receipt of reasonable documentation, the Company agrees to reimburse you for all of your reasonable out-of-pocket expenses associated with such assistance. Your request for any
reimbursement, including reasonable documentation, must be submitted as soon as practicable and otherwise consistent with Company policy. In any event, your request for a taxable reimbursement, including reasonable documentation, must be submitted
by the October 31st of the year following the year in which the expense is incurred. The Company will generally reimburse such expenses within 60 days of the date they are submitted, but in no event will they be reimbursed later than the
December 31st of the year following the year in which the expense is incurred. 

  

	4.	Restrictive Covenants 

You are subject to existing restrictions with respect to confidentiality, noncompetition or nonsolicitation under confidentiality,
noncompetition, nonsolicitation, or other agreements. Such restrictions, including specifically the restrictions and provisions (including the 

 February 8, 2010 
 David A. Nadler 
  Page
 4
 
  

 
provision describing a post-employment independent contractor arrangement) set forth in Section 4 of the Prior Agreement, shall remain in full force and effect and, by your execution of this
letter agreement, you hereby reaffirm and ratify such restrictions. 
  

	5.	Miscellaneous 

  

	 	a.	Notices. Notices given pursuant to this letter agreement shall be in writing and shall be deemed received when personally delivered, or on the date of written
confirmation of receipt by (i) overnight carrier, (ii) telecopy, (iii) registered or certified mail, return receipt requested, postage prepaid, or (iv) such other method of delivery as provides a written confirmation of delivery.
Notice to the Company shall be directed to: 

 Peter J. Beshar 

Executive Vice President & General Counsel 

Marsh & McLennan Companies, Inc. 

1166 Avenue of the Americas 
 New York, NY 10036 
 Notices to or with respect to you will be directed to you, or
in the event of your death, your executors, personal representatives or distributees, at your home address as set forth in the records of the Company. 
  

	 	b.	Assignment of this Agreement. This letter agreement is personal to you and shall not be assignable by you without the prior written consent of MMC. This letter
agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns. MMC may assign this letter agreement, without your consent, to any member of the Affiliated Group or to any other respective successor
(whether directly or indirectly, by agreement, purchase, merger, consolidation, operation of law or otherwise) to all, substantially all or a substantial portion of the business and/or assets of the Company, as applicable. If and to the extent that
this letter agreement is so assigned, the “Company” as used throughout this letter agreement shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid. 

 

	 	c.	Merger of Terms. Except as set forth in Section 4 above, this letter agreement supersedes all prior discussions and agreements between you and the Company
or any member of the Affiliated Group with respect to the subject matters covered herein, including, without limitation, the Prior Agreement. 

  

	 	d.	Indemnification. The Company shall indemnify you to the extent permitted by its bylaws with respect to the work you have performed for, or at the request of, the
Company or any member of the Affiliated Group during the term of this letter agreement. 

  

	 	e.	 Governing Law; Amendments. This letter agreement shall be governed by and construed in accordance with the laws of the State of New York,
without reference to 

 February 8, 2010 
 David A. Nadler 
  Page
 5
 
  

	 	 
principles of conflict of laws. The captions of this letter agreement are not part of the provisions hereof and shall have no force or effect. This letter agreement may not be amended or modified
other than by a written agreement executed by you and an authorized employee of MMC. 

  

	 	f.	Choice of Forum. The Company and you each hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York state court or federal
court of the United States of America sitting in the State of New York, and any appellate court thereof, in any action or proceeding arising out of or relating to this letter agreement or for recognition or enforcement of any judgment relating
thereto, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York state court or, to the extent permitted by law, in
such federal court. The Company and you agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

  

	 	g.	Severability; Captions. In the event that any provision of this letter agreement is determined to be invalid or unenforceable, in whole or in part, the remaining
provisions of this letter agreement will be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. The captions in this letter agreement are not part of the provisions of this letter agreement and will
have no force or effect. 

  

	 	h.	Section 409A. 

 The
provisions of this paragraph will only apply if and to the extent required to avoid the imposition of taxes, interest and penalties on you under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).
Section 409A applies to nonqualified deferred compensation which exists if an individual has a “legally binding right” to compensation that is or may be payable in a later year. In furtherance of the objective of this paragraph, to
the extent that any regulations or other guidance issued under Section 409A would result in your being subject to payment of taxes, interest or penalties under Section 409A, you and the Company agree to use our best efforts to amend this
letter agreement in order to avoid or limit the imposition of any such taxes, interest or penalties, while maintaining to the maximum extent practicable the original intent of the applicable provisions. This paragraph does not guarantee that you
will not be subject to taxes, interest or penalties under Section 409A with respect to compensation or benefits described or referenced in this letter agreement. 
 Furthermore and notwithstanding any provision of this letter agreement to the contrary, to the extent necessary to avoid the imposition of taxes, interest and penalties on you under Section 409A, if
at the time of the termination of your employment you are a “specified employee” (as defined in Section 409A), you will not be entitled to any payments upon termination of employment until the first day of the seventh month after the
termination of employment and any such payments 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
the termination of employment. 

 February 8, 2010 
 David A. Nadler 
  Page
 6
 
  

	 	i.	Withholding Requirements. All amounts paid or provided to you under this Agreement shall be subject to any applicable income, payroll or other tax withholding
requirements. 

 Please acknowledge your agreement with the terms of this letter agreement by signing and dating the enclosed copy
and returning it to me on or before February 19, 2010. 
  

	
	Sincerely,
	
	 /s/ Brian Duperreault

	Brian Duperreault
	President and Chief Executive Officer
	Marsh & McLennan Companies, Inc
	
	Accepted and Agreed:
	
	 /s/ David Nadler

	(Signature)
	
	 February 9, 2010

	(Date)

 February 8, 2010 
 David A. Nadler 
  Page
 7
 
  

 Exhibit A 

 

			
	Base Salary	  	$750,000
		
	Target Bonus Opportunity	  	 Bonus awards are discretionary.

Anticipated target bonus of $1,500,000. Actual bonus may range from 0% - 200% of target, based on individual and company performance targets (including,
but not limited to, targets related to your performance and MMC’s financial performance) as MMC may establish from time to time; provided that a portion of the target bonus will be based on performance measures related to revenue generation,
participation in operating company business development and cross operating company opportunities, and other client initiatives.

		
	Target Long Term Incentive Opportunity	  	 Long term incentive awards are discretionary.
 Anticipated target grant-date value of $1,500,000.

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