Document:

Document

MARSH & McLENNAN COMPANIES, INC.

2020 INCENTIVE AND STOCK AWARD PLAN

TERMS AND CONDITIONS
OF
STOCK OPTION AWARDS
GRANTED ON [DATE] 2021

TABLE OF CONTENTS

Page
I.    BACKGROUND    1
II.    AWARDS    1
III.    EMPLOYMENT EVENTS    3
IV.    CHANGE IN CONTROL PROVISIONS    7
V.    DEFINITIONS    8
VI.    ADDITIONAL PROVISIONS    9
VII.    QUESTIONS AND ADDITIONAL INFORMATION    12

I.    BACKGROUND
A Stock Option award (“Award”) has been granted to you under the Marsh & McLennan Companies, Inc. 2020 Incentive and Stock Award Plan (the “Plan”), subject to your acceptance as described in Section II.A.1.  The number of shares of Marsh & McLennan Companies, Inc. (“Marsh & McLennan Companies”) common stock covered by the Award, instructions on how to accept or decline the Award and the deadline for accepting the Award will be provided to you by Executive Compensation and/or the stock plan service provider of the Company (as defined in Section V). The Award is also subject to the terms and conditions set forth herein (the “Terms and Conditions”) and 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 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.    Award Acceptance.  The grant of this Award is contingent upon your acceptance, by the date and in the manner specified by Executive Compensation and/or the Company’s stock plan service provider, of these Terms and Conditions, the Country-Specific Notices and Restrictive Covenants Agreement as described in Section II.A.3.  If you decline the Award or if you do not accept the Award and any applicable documents described in the preceding sentence by the deadline date and in the manner specified, then the Award will be cancelled as of the grant date of the Award.
2.    Rights of Award Holders.  Unless and until the vesting conditions of the Award have been satisfied and shares of Common Stock, as applicable, have been delivered to you upon your exercise of the Award in accordance with the Award Documentation, you have none of the rights of ownership to such shares (e.g., Options cannot be transferred or assigned; Options have no voting rights, etc.). 
3.    Restrictive Covenants Agreement.  As described in Section II.A.1., a Restrictive Covenants Agreement (“Restrictive Covenants Agreement”) in a form determined by Marsh & McLennan Companies must be in place in order to accept the Award, you must execute or reaffirm, as determined by Marsh & McLennan Companies, in its sole discretion, the Restrictive Covenants Agreement in order for the Award to vest pursuant to certain employment events as described in Section III., and you must further execute or reaffirm, as determined by Marsh & McLennan Companies, in its sole discretion, and be in compliance with the Restrictive Covenants Agreement in order to exercise an Option whether or not you are employed by the Company at that time.  Failure to timely execute the Restrictive Covenants Agreement by the date specified by the Company or failure to timely execute or reaffirm and comply with the Restrictive Covenants Agreement as described in Section III.G.1. or 2., as applicable, will result in cancellation or 
			
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forfeiture of any rights, title and interest in and to the Award, without any liability to the Company.
B.    Stock Options. 
1.    General.  A stock option (“Option”) represents the right to purchase a number of shares of Common Stock (the “Option Shares”) at a specified exercise price for a specified period.
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.  Each date on which an Option Share covered by the Option is scheduled to vest is an “Option Scheduled Vesting Date.”  In the event of your termination of employment or occurrence of your Permanent Disability (as defined in Section V.) prior to an Option Scheduled Vesting Date, your right to any Option Shares covered by the Option that are unvested immediately prior to your termination of employment or occurrence of your Permanent Disability, as applicable, will be determined in accordance with Section III. For the avoidance of doubt, the date of your termination of employment for purposes of this Section II.B.2. will be determined in accordance with Section III.F. 
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 (“Option Expiration Date”).  If your employment terminates before the Option Expiration Date, your right to exercise any vested Option Shares covered by the Option will be determined in accordance with Section III.
4.    Exercisability.  The Option Shares covered by the Option will become exercisable when they vest.  You are responsible for keeping track of exercise periods while actively employed and, if applicable, any post-termination exercise periods.
5.    Method of Exercise of an Option. 
a.    General Procedures.  An Option may be exercised by written notice (or other notice as required by the Company and/or its stock plan service provider) 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) any required reaffirmation of the Restrictive Covenants Agreement, unless (A) the Option is being exercised after your death in accordance with Section III. or (B) as otherwise determined by Marsh & McLennan Companies.
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 
			
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stock option exercise or a stock unit award vesting) at your election.
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.C., and fees.
C.    Satisfaction of Tax Obligations. 
1.    Personal Tax Advisor.  Neither the Company nor any Company employee is authorized to provide personal tax advice to you.  It is recommended that you consult with your personal tax advisor for more detailed information regarding the tax treatment of the Award, especially before making any decisions that rely on that tax treatment.
2.    U.S. Employees. 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.    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.
b.    Withholding.  Marsh & McLennan Companies and/or your employer shall have the power and the right to deduct and withhold from the Award and other compensation or to require you to remit to Marsh & McLennan Companies and/or to your employer, an amount sufficient to satisfy any Tax-Related Items (as defined in Section V.) that Marsh & McLennan Companies expects to be payable under the laws of any country, state, province, city or other jurisdiction.  If applicable, Marsh & McLennan Companies and/or your employer will, to the extent permissible under applicable law or otherwise agreed between you and Marsh & McLennan Companies and/or your employer, retain and sell a sufficient number of whole shares of Common Stock distributable in respect of the Award for purposes of satisfying applicable obligations with respect to Tax-Related Items.
III.    EMPLOYMENT EVENTS
A.    Death.  In the event your employment is terminated because of your death, the Option will fully vest with respect to any unvested Option Shares and will become exercisable as of the date of your death.  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 any Option Shares that vest (and any Option 
			
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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 exercisable after the Option Expiration Date.
B.    Permanent Disability.  Upon the occurrence of your Permanent Disability, the Option will fully vest with respect to any unvested Option Shares and will become exercisable; provided that you satisfy the conditions described in Section III.G.1; and provided further that any such Option Shares that vest in accordance with this Section III.B. (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 exercisable after the Option Expiration Date.
C.    Termination by You – Age and Service Vesting.  If you have satisfied the Age and Service Criteria for Vesting (as defined in Section V.) on or before the date you terminate your employment with the Company for any reason other than death or the occurrence of your Permanent Disability, then this Section III.C. shall apply.  For the avoidance of doubt, Section III.D. will govern the treatment of the Award in the event your employment is terminated by the Company other than for Cause (as defined in Section V.). 
Upon such termination of employment, the Option will continue to vest with respect to any unvested Option Shares as provided in Section II.B.2. as if your employment had not terminated and the Option Shares will become exercisable as provided in Section II.B.4., provided that you satisfy the conditions described in Section III.G.1.  Provided that you satisfy the conditions described in Section III.G.1., any such Option Shares that vest (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 Option Expiration Date.
For the avoidance of doubt, the date of your termination of employment for purposes of determining whether you have satisfied the Age and Service Criteria for Vesting under this Section III.C. will be determined in accordance with Section III.F.  
Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it has received an opinion of counsel that there has been a legal judgment and/or legal development in the jurisdiction where you are employed that would likely result in the favorable treatment applicable to the Option pursuant to this Section III.C. being deemed unlawful and/or discriminatory, then the Company will not apply this favorable treatment upon your termination of employment, and the Option will be treated as set forth in the other subparagraphs of this Section III., as applicable.
D.    Termination by the Company Other Than for Cause. 
1.    Treatment of Stock Options.  
a.    General.  Except as otherwise provided in Sections III.D.1.b. and IV., in the event the Company, in its sole discretion, determines that your employment is terminated other than for Cause, your rights, title and interest in and to any unvested Option Shares will 
			
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be canceled upon such termination of employment.  Provided that you satisfy the conditions to vesting described in Section III.G.2., 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 Option Expiration Date.
b.    Termination by the Company Other Than for Cause After Satisfaction of Age and Service Criteria for Vesting.  In the event the Company, in its sole discretion, determines that your employment is terminated other than for Cause, and on or before such time you satisfy the Age and Service Criteria for Vesting, the Option will continue to vest with respect to any unvested Option Shares as provided in Section II.B.2. as if your employment had not terminated and the Option Shares will become exercisable as provided in Section II.B.4.; provided that you satisfy the conditions to vesting described in Section III.G.2.  Provided that you satisfy the conditions described in Section III.G.2., any such Option Shares that vest (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 Option Expiration Date.  
2.    Important Notes.
 a.    Sale of Business Unit.  For purposes of this Award, 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 or similar transaction.
b.    Constructive Discharge.  The Award will not vest upon a constructive discharge, including if any court or regulatory agency retroactively concludes or interprets events to have constituted a constructive discharge.
E.    All Other Terminations.  For all other terminations of employment not described in Sections III.A. through D. or Section IV. (including, but not limited to, a termination by the Company for Cause, or your resignation without having satisfied the Age and Service Criteria for Vesting as described in Section III.C), any rights, title and interest in and to any remaining unvested portion of the Award shall be cancelled as of the date your employment is treated as having terminated as described in Section III.F.  Provided that you satisfy the conditions to vesting described in Section III.G.1., any Option Shares that were vested at the time of your termination of employment (except if you are terminated by the Company for Cause) shall be exercisable until the earlier of 90 days following your termination of employment and the Option Expiration Date.  If you are terminated by the Company for Cause, any rights, title and interest in and to any remaining vested or unvested portion of the Award shall be 
			
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cancelled as of the date your employment is treated as having terminated as described in Section III.F.
F.    Date of Termination of Employment.  
1.    If Section III.F.2 does not apply to you, then for purposes of determining vesting under Section II.B.2., your employment will be treated as having terminated on your last day of employment with the Company.
2.    If you are obligated (whether by law or contract) to provide the Company advance notice of your intention to terminate your employment or service relationship then, in the event you terminate your employment pursuant to Section III.C., or III.E. (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), for purposes of determining vesting under Section II.B.2., your employment will be treated as having terminated on your last day of active service with the Company, as determined by the Company in its sole discretion.  
    You shall be deemed to have ceased active service with the Company when you are no longer required by the Company to provide regular services to the Company even if you remain legally employed by the Company, such as may occur if the Company were to place you on “garden leave”, a terminal leave of absence or any similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any (in each case as determined by the Company in its sole discretion).
G.    Conditions for All or a Portion of an Award to Remain Outstanding Following a Termination of Employment and Exercisability of Options Following a Termination of Employment.  
1.    Restrictive Covenants Agreement.  In the event of (i) the occurrence of your Permanent Disability as described in Section III.B., (ii) your termination of employment after satisfying the Age and Service Criteria for Vesting as described in Sections III.C., or (iii) your termination of employment (other than a termination by the Company for Cause) as described in Section III.E., you will be required to execute or reaffirm, as determined by Marsh & McLennan Companies in its sole discretion, and return to Marsh & McLennan Companies (or an agent appointed by Marsh & McLennan Companies) a Restrictive Covenants Agreement.  Failure to (a) execute or reaffirm such an agreement by the date specified by the Company, which shall be in no event later than 60 days following the occurrence of your Permanent Disability as described in Section III.B. or your termination of employment as described in Section III.C. or III.E., or (b) comply with the Restrictive Covenants Agreement will result in the cancellation or forfeiture of any rights, title and interest in and to the Award without any liability to the Company.
2.    Waiver and Release and Restrictive Covenants Agreement.  In the event of your termination of employment by the Company other 
			
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than for Cause as described in Section III.D., you will be required to (i) execute or reaffirm, as determined by Marsh & McLennan Companies in its sole discretion, and return to Marsh & McLennan Companies (or an agent appointed by Marsh & McLennan Companies) a Restrictive Covenants Agreement and (ii) execute and not revoke a waiver and release agreement, if provided to you by the Company at the time of your termination of employment.  Failure to meet these requirements by the date specified by the Company, which shall be in no event later than 60 days following your termination of employment, or failure to comply with the waiver and release agreement or the Restrictive Covenants Agreement, as applicable, or failure 
    to continue to be in compliance with the applicable agreement will result in the cancellation or forfeiture of any rights, title and interest in and to the Award without any liability to the Company. 
IV.    CHANGE IN CONTROL PROVISIONS
A.    Treatment of Stock Options.  Upon the occurrence of a Change in Control (as defined in Section V.), the Option Shares will continue to vest in accordance with the vesting schedule specified in Section II.B.2 and subject to earlier vesting or forfeiture pursuant to Section III.; provided that the Option Shares will become fully vested at your termination of employment by the Company other than for Cause, or by you for Good Reason (as defined in Section V.), during the 24-month period following such Change in Control and will be treated as set forth below, provided that you satisfy the conditions described in Section IV.B.  Notwithstanding the foregoing, if the Option Share is not assumed, converted or replaced in connection with a Change in Control on an equivalent basis, the Option Shares will fully vest immediately prior to the Change in Control and will be treated as follows:
Provided that you satisfy the conditions described in Section IV.B., any such Option Shares that vest (and any Option Shares that were already vested at the time of your termination of employment) shall be exercisable until the earlier of (a) 90 days following your termination of employment or the occurrence of the Change in Control, as applicable, and (b) the Option Expiration Date.
B.    Waiver and Release.  In the event of 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, you will be required to execute and not revoke a waiver and release agreement, if provided by the Company at the time of your termination of employment.  Failure to meet these requirements by the date specified by the Company, which shall be in no event later than 60 days following your termination of employment, or failure to comply with the waiver and release agreement, and be in compliance with the agreement, if applicable, will result in the cancellation or forfeiture of any rights, title and interest in and to the Award.
C.    Other Matters.  For the avoidance of doubt, in the event of 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 
			
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in Control and, on or before the date of your termination of employment you satisfy the Age and Service Criteria for Vesting as described in Section III.C., any unvested Options covered by the Award will be treated as described in this Section IV.; provided that you satisfy or have satisfied, as applicable, the conditions described in Section IV.B.; provided further that any such Option Shares that vest (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 Option Expiration Date.
V.    DEFINITIONS  
As used in these Terms and Conditions:
A.    “Age and Service Criteria for Vesting” shall mean: (a) you are at least age 65 and have a minimum of one year of service with the Company or (b) you are at least age 55 but are not yet age 65 and have a minimum of five years of service with the Company.  
B.    “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 Marsh & McLennan Companies Code of Conduct, The Greater Good;
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.
C.    “Change in Control” shall have the meaning set forth in the Plan.
D.    “Committee” shall mean the Compensation Committee of the Board of Directors of Marsh & McLennan Companies.
E.    “Company” shall mean Marsh & McLennan Companies or any of its subsidiaries or affiliates. 
F.    “Good Reason” shall mean any one of the following events without your written consent:
1.    material reduction in your base salary;
			
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2.    material reduction in your annual incentive opportunity (including a material adverse change in the method of calculating your annual incentive);
3.    material diminution of your duties, responsibilities or authority; or
4.    relocation of more than 50 miles from your principal place of employment 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. 
G.    “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.
H.     “Tax-Related Items” shall have the meaning ascribed to such term in the Plan.
VI.    ADDITIONAL PROVISIONS
A.    Additional Provisions—General 
1.    Administrative Rules.  The Award shall be subject to such additional administrative regulations as the Committee (as defined in Section V.) 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, including, without limitation, to impose additional requirements on the Award and on any shares of Common Stock acquired with respect to the Award; provided, however, that if the Committee concludes, 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 the Award without your consent, except to the extent that any such action is made to cause the Award to comply with applicable law, currency controls, stock market or exchange rules and regulations, or accounting or tax rules and regulations, or is otherwise made in accordance with Section VI.A.4. 
			
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3.    Limitations.  Payment of the 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 Marsh & McLennan Companies by reason of the Award.  Your right to payment of the Award is the same as the right of an unsecured general creditor of Marsh & McLennan Companies.
4.    Cancellation or Clawback of Awards.  
a.    Marsh & McLennan Companies may, to the extent permitted or required by any applicable law, stock exchange rules, currency controls, or the Company Incentive Compensation Clawback Policy or any other applicable Company policy or arrangement in effect prior to the vesting of any unvested portion of the Award, or as specified in the Award Documentation, cancel, reduce or require reimbursement of the Award in the event of fraud, financial restatements, or other events as may be determined by the Committee.    
b.    If you fail to repay any amount due pursuant to this Section VI.A.4., the Company may bring an action in court to recover the amount due.  You acknowledge that, by accepting the Award, you agree to pay all costs, expenses and attorney’s fees incurred by the Company in any proceeding for the collection of amounts due pursuant to this Section VI.A.4., provided that the Company prevails in whole or in part in any such proceeding.  The Company may also, to the extent permitted by applicable law, reduce any amounts owed to you by the Company in an amount up to the full amount of the repayment due.
5.    Governing Law; Choice of Forum.  The Award and the Award Documentation applicable to the Award are governed by and subject to the laws of the State of Delaware, without regard to the conflict of law provisions, as set forth in Section 10.K of the Plan.  For purposes of any action, lawsuit, or other proceedings arising out of or relating to this Award, including without limitation, to enforce the Award Documentation, 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.  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.
6.    Severability; Captions.  In the event that any provision of this Award is determined to be invalid or unenforceable, in whole or in part, the remaining provisions of this Award will be unaffected thereby and will remain in full force and effect to the fullest extent permitted by law.  The captions of this Award are not part of the provisions of this Award and will have no force or effect.
7.    Electronic Delivery and Acceptance.  Marsh & McLennan Companies may, in its sole discretion, decide to deliver any documents related to the Award and/or your current or future participation in the Plan by electronic means.  You hereby consent to receive such 
			
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documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by Marsh & McLennan Companies or an agent appointed by Marsh & McLennan Companies.
8.    Waiver.  You acknowledge that neither a waiver by Marsh & McLennan Companies of your breach of any provision of the Award Documentation nor a prior waiver by Marsh & McLennan Companies of a breach of any provision of the Award Documentation by any other participant of the Plan shall operate or be construed as a waiver of any other provision of the Award Documentation, or of any subsequent breach by you.
9.    Eligibility for Award.  In order to be granted an Award, you must satisfy the eligibility criteria for grantees set forth in the Plan as of the grant date.
B.    Additional Provisions—Outside of 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 exercise of an Award (as described in these Terms and Conditions) by a participant outside the United States would not be appropriate, then Marsh & McLennan Companies may, in its sole discretion, determine how and when the value of the Award will be delivered.  Without limitation, this may include making any payments due under the Award in an amount equivalent to the value of the Award on the date of exercise after payment of applicable Tax-Related Items and 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 Tax-Related Items, 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 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 (other than the United States) in which you are then resident or primarily employed or were resident or primarily employed at the time of grant or during the term of the Award, 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 of 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.

			
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VII.    QUESTIONS AND ADDITIONAL INFORMATION
Please retain this document in your permanent records.  If you have any questions regarding the Award Documentation or if you would like an account statement detailing each type of equity-based award and the number of shares of Common Stock covered by such equity-based award that comprises the Award, and the exercise price, vesting date(s) and expiration date of such equity-based awards that comprise the Award, or any other information, please contact:

Executive Compensation
Marsh & McLennan Companies, Inc.
1166 Avenue of the Americas
New York, NY 10036-2774
United States of America
Telephone Number:    +1 212 345-9722
Facsimile Number:    +1 212 948-8481
Email:  mmc.compensation@mmc.com

			
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IN WITNESS WHEREOF, Marsh & McLennan Companies has caused these Terms & Conditions to be duly executed by the facsimile signature of its Senior Vice President, Chief People Officer as of the day and year first above written.  By consenting to these Terms and Conditions, you agree to the following: (i) you have carefully read, fully understand and agree to all of the terms and conditions described herein and in the Award Documentation; and (ii) you understand and agree that these Terms & Conditions and the Award Documentation constitute the entire understanding between you and Marsh & McLennan Companies regarding the Award, and that any prior agreements, commitments or negotiations concerning the Award are replaced and superseded.  The grant of the Award is contingent upon your acceptance of these Terms and Conditions, Country-Specific Notices and Restrictive Covenants Agreement (if applicable) by the date and in the manner specified in materials provided to you by Executive Compensation and/or  the Company’s stock plan service provider.  If you decline the Award or you do not accept the Award and any applicable documents described in the preceding sentence by the date and in the manner specified, the Award will be cancelled as of the grant date of the Award.    
/s/ Carmen Fernandez
Carmen Fernandez
SVP, Chief People Officer 
			
	13EX-4.17

 Exhibit 4.17 

Contract No.: WeBank (CGW) HZ 2020 No. 001 

Cooperation Agreement on Automobile Finance Business of WeBank 

Party A: Shenzhen Qianhai WeBank Co., Ltd. 
 Address: Block A,
Building 7, Shenzhen Bay Science and Technology Ecological Park, No. 1819 Shahe West Road, Nanshan District, Shenzhen 
 Legal representative: Gu Min

 Contact information: [REDACTED] 
 Party B: Shanghai Cango
Investment and Management Consultation Service Co., Ltd. 
 Address: 10/F, Building 3, Youyou Century Square, No. 428 Yangwan South Road, Pudong New
Area, Shanghai 
 Legal representative: Zhang Xiaojun 

Contact information: [REDACTED] 
 Party A and Party B, through
friendly consultation, have reached this Agreement on matters such as the cooperation scenarios and term of cooperation of automobile finance business. 

Article I Cooperation Scenarios 

1.1     Vehicle purchase scenario: Party A shall provide financial services for vehicle purchase for customers through Party B’s
recommendation, in order to meet the customers’ demands for purchasing vehicles and/or automobile accessories (services). 

1.2     Vehicle rental scenario: Party A shall provide financial services for vehicle rental for customers through Party B’s
recommendation, in order to meet customers’ demands for renting cars and/or automobile accessories (services). 
 1.3    
After-market scenario: Party A shall provide after-market financial services for customers through Party B’s recommendation, in order to meet customers’ after-sales transaction demands. 

1.4     Other scenarios related to vehicle owners or vehicles: Party A shall provide other financial services for customers through Party
B’s recommendation, in order to meet other consumption demands of customers with vehicles. 
 Article II Term of Cooperation 

2.1     This Agreement shall take effect as of April 29, 2020 for a period of two years. If either party fails to receive a written
notice from the other party before the above-mentioned term of cooperation expires, the term of cooperation of this Agreement shall be automatically extended for one year and only once. 

 2.2     Where the existing customer loans under this Agreement have not been fully paid
off upon the expiration of term of cooperation between Party A and Party B, the business involving the existing customers shall still be subject to the terms of this Agreement until all existing customer loans are settled; in order to avoid
ambiguity, no new customer’s loan business shall be conducted according to this Agreement after the expiration of term of cooperation. 
 Article
III Rights and Responsibilities of Both Parties 
 3.1     Party B shall recommend relevant customers to Party A for each cooperation
scenario. Party A agrees to provide loans to the customers that are recommended by Party B and able to meet Party A’s loan conditions (hereinafter referred to as the “customers”), and sign the Automobile Finance Loan Contract
(the specific name of the contract shall be subject to the version actually signed by the customers. Hereinafter referred to as the “Master Contract” and the “Loan Contract”). Party A shall entrust Party B to provide relevant
services for the cooperative business under the Loan Contract. Party B shall, in accordance with this Agreement and the Service Agreement of Cooperation Agreement on Automobile Finance Business of WeBank and the Product Operation Agreement
of Cooperation Agreement on Automobile Finance Business of WeBank (including change and supplementation to the above agreements from time to time, hereinafter collectively referred to as the “Service Agreements”) separately signed by
both parties, provide relevant services and perform relevant responsibilities. Party A shall pay the service fee to Party B according to the service content, quantity, quality and other information provided by Party B as agreed in the Service
Agreements. 
 3.2     Party A shall grant loans to the customers who have obtained the loan qualification and meet the loan granting
conditions recommended by Party B, except that Party A is unable to grant loans due to laws and regulations, regulatory policies, risk policies, limit reasons, system failure, customer abandonment and other reasons. 

3.3     Party A shall have the right to change/adjust the cooperation model and product modality according to regulatory requirements,
market changes, cooperative business status and other factors. Party B shall, in accordance with the requirements of Party A, sign relevant agreements on the above changes and adjustments and perform necessary formalities. Where Party B violates
this Agreement or Service Agreements, Party A shall have the right to suspend/terminate the loan under this Agreement only on this ground. 

3.4     Party B shall formulate corresponding management system and operation process for the cooperative business, and provide them to
Party A for review. 
 3.5     Where Party A cooperates with other cooperative financial institutions to jointly grant loans under this
Agreement to customers, any lender shall have the same rights and interests as Party A, and Party B shall not raise any defense against the obligations to be performed under the Agreement on this ground. 

3.6     Party A shall have the right to dispose of the loan creditor’s rights granted to customers under this Agreement at any time,
including but not limited to sales and transfer, and Party B shall provide Party A with all necessary assistance in this regard, including but not limited to signing relevant documents, handling corresponding procedures and taking corresponding
actions according to Party A’s instructions. However, Party A shall not cause additional expense burden on Party B due to the above sale/transfer of creditor’s rights. 

 3.7     Party B specifically represents and warrants as follows: 

(1) Party B is a legal person incorporated in accordance with the law, and is willing to use the assets owned by Party B or legally disposed by Party B to
perform the obligations under this Agreement, Service Agreements and all relevant documents signed by it as a party with respect to the cooperation hereunder; 

(2) The signing of this Agreement by Party B is the true intention of Party B. Party B shall have the full right, authority and legal power to sign and
perform this Agreement and Service Agreements and all relevant documents signed by it as a party with respect to the cooperation under this Agreement. And Party B has taken or obtained all necessary corporate actions, internal authorizations and
external approvals with respect to the signing and performance of the above agreements; 
 (3) Any change in the industrial and commercial registration,
organizational structure, equity structure, operating mode or financial condition of Party B or any debt restructuring, and substantive related party transactions shall not affect the legal binding force of this Agreement on Party B; 

(4) Any successor or transferee of Party B shall be bound by all articles of this Agreement. Unless otherwise agreed by Party A in writing, Party B shall not
transfer the obligations under this Agreement, Service Agreements and all relevant documents signed by it as a party with respect to the cooperation hereunder; 

(5) Where Party B shall perform the payment obligations of a certain amount in accordance with this Agreement and Service Agreements, Party B shall
irrevocably authorize Party A to deduct money from the account opened by Party B with Party A or entrust other financial institutions to deduct the money from Party B’s account opened with such institutions to any account of Party A, until the
payment obligations to be performed by Party B are fully performed; 
 (6) Where Party A and Party B negotiate to change the cooperation model and/or
content under this Agreement, they can sign supplementary agreements to this Agreement, and add the appendixes/ancillary agreements to the Agreement. The contents signed shall constitute an integral part of this Agreement; 

(7) Party B shall regularly (at least on a quarterly basis) provide Party A with the materials of the related companies controlled by Party B and the actual
controller of Party B (including but not limited to financial statements, audit reports, financial details and tax data, equity structure, financing status, financing receipt vouchers and asset operation data), and ensure the authenticity, integrity
and effectiveness of the aforesaid materials, so that Party A can timely assess Party B’s ability to perform this Agreement; 
 (8) Party B shall
provide Party A with the automobile production and sales (if any) and overall automobile finance business data (including but not limited to business model, product modality, granting amount and business balance, overdue data, organizational
structure changes, market channel changes) of Party B and its related parties on a monthly basis, and ensure the authenticity, integrity and effectiveness of the information, so as to facilitate the in-depth
cooperation between the two parties in the field of automobile finance; 

 (9) Where Party B incurs matters that may affect the rights and interests of Party A, including but not
limited to changing Company’s organizational structure, business operation model and product modality, and signing or changing agreements that may affect this Agreement or the rights and interests of Party A, Party B shall notify Party A in
writing at least 15 workdays prior to the occurrence of the above matters. Party A shall have the right to require Party B to eliminate the adverse impact caused thereby, to add or change the conditions for Party A to perform relevant obligations
under this Agreement, and to terminate this Agreement and Service Agreements, or require Party B to compensate Party A for the losses; 
 (10) Where Party B
suffers matters that may affect its normal operation, legality/compliance and solvency, including but not limited to material adverse changes in operating conditions, high fines imposed by competent authorities, application for bankruptcy or
reorganization, major legal disputes, and negative incidents of actual controller and main management (including litigation), Party B shall notify Party A in writing within five workdays after the occurrence of the aforesaid matters. Party A shall
have the right to require Party B to eliminate the adverse impact caused thereby, to add or change the conditions for Party A to perform relevant obligations under this Agreement, and to terminate this Agreement and Service Agreements, or require
Party B to compensate Party A for the losses. 
 Article IV Information Authorization, Information Security and Confidentiality 

4.1     The customer information obtained by Party A and Party B based on the cooperative business shall be expressly authorized by the
customer to be collected, shared and used. Where Party A and Party B indirectly obtain customer information, they shall require the customer information provider to specify the source of customer information and confirm the legality of the source.
Party B shall not use or store customer information without the written authorization of the customer. 
 4.2     Party A and Party B
shall take effective technical measures to maintain the security of customer information and protect the rights of customers, and formulate specific protection clauses, accident handling methods and compensation liability provisions for information
security and rights of customers. 
 Where Party B intentionally or negligently causes the leakage of information not limited to the customers of the
cooperative business, Party B shall notify Party A within one natural day after becoming aware of the leakage, and assume full responsibility for the information leakage. 

4.3     The information exchanged between Party A and Party B based on the cooperative business shall be used only for the purpose of this
Agreement. Without the written consent of Party A, Party B shall not use relevant data and customer information inquired by Party A, as well as the results generated by Party B based on risk models and rules, and shall not disclose to any third
party irrelevant to this Agreement or provide any support for other business of Party B and its related party. 

 4.4     Both parties shall strictly keep confidential all information received or
obtained by the other party as a result of signing this Agreement in connection with the following matters, and shall not disclose or use any of the following information to any third party other than the regulatory authorities: 

(1) This cooperative business; 
 (2) Contents of negotiation on
the cooperative business; 
 (3) Credit investigation data, customer information and transaction information provided based on this cooperative business;

 (4) Other business, financial and other matters of both parties (including future plans and objectives). 

4.5     This confidentiality clause shall not prohibit the disclosure or use of business confidential information in the following ways
and within the following scope: 
 (1) Disclose or use business confidential information in accordance with the provisions or requirements of regulatory
authorities of both parties; 
 (2) Disclose or use for the purpose of any judicial, arbitral or other similar proceedings in connection with this Agreement
or any other agreement entered into pursuant to this Agreement. 
 4.6     The responsibility for confidentiality shall commence on the
date of signing this Agreement and continue until such information is made public or permitted to be made public by the disclosing party, regardless of the expiration of the term hereof. 

Article V Anti-Commercial Bribery 

5.1     Both parties are aware of and willing to strictly abide by legal provisions of the People’s Republic of China on
anti-commercial bribery, and both parties understand that bribery and corruption in any form will violate the law and will be severely punished by the law. 

5.2     Both parties shall not ask for, accept or offer any interest other than those stipulated in the Agreement from the other party or
the handling personnel or other relevant personnel of other parties, including but not limited to explicit deduction, hidden deduction, cash, shopping card, physical objects and negotiable securities, tourism or other
non-material interest. Where such interest is customary in the industry, it shall be expressly stated in this Agreement. 

5.3     Party A shall strictly prohibit any commercial bribery of the handling personnel of Party A, and the occurrence of any of the
behaviors listed in Article 5.2 by such handling personnel is in violation of Party A’s company system, and shall be punished by Party A’s company system and national laws. 

5.4     Party A solemnly prompts: Party A objects to any behavior listed in Article 5.2 between Party B and the handling personnel of
Party A and any third party for the purpose of this Agreement. Such behaviors are in violation of national laws and shall be punished by national laws. 

5.5     If one party or one party’s handling personnel causes any loss to the other party due to its violation of the provisions of
Articles 5.2, 5.3 and 5.4 above, he or she shall be liable for damages. 

 5.6     In this Article V, “other relevant persons” refer to persons other
than the handling personnel of Party A who has a direct or indirect interest relationship with this Agreement, including but not limited to the relatives and friends of the persons handling this Agreement. 

Article VI Breach of Contract 

6.1     In case of any of the following events (hereinafter referred to as the “event of default”) by either party shall
constitute breach of contract under this Agreement (hereinafter referred to as the “default party”): 
 (1) Violate any provision of this
Agreement and Service Agreements, or fail to perform this Agreement and Service Agreements or perform in a manner that is inconsistent with this Agreement and Service Agreements; 

(2) Seriously untrue or substantially misleading representations, warranties and commitments made by either party hereunder; 

(3) Refuse to perform all or part of agreements in an explicit or implied manner, or show by actual conduct that it is unable to continue performing all or
part of agreements; 
 (4) Any party (including its related company and actual controller) is subject to deterioration of operating conditions, bankruptcy
or reorganization application, loss of goodwill, and commits a material breach of contract against the other party to the contract; or any observant party has reasonable doubt that it is unable to perform this Agreement; 

(5) Violate any applicable law, which will directly affect this Agreement or cause losses to the other party; 

(6) Violate other contracts and supplementary agreements signed by both parties. 

6.2     Notice of Default 
 6.2.1 Upon the
occurrence of an event of default, the default party shall notify the observant party as soon as practicable, but shall not be later than five natural days after becoming aware of the event of default under any circumstances (except for force
majeure). 
 6.2.2 In the event of default, without prejudice to the right of the observant party to claim for compensation, the observant party may, after
receiving the notice of event of default from the default party or within 90 natural days after it becomes aware of or should have become aware of the occurrence of such an event (whichever is earlier), send a written notice to the default party to
choose to continue this Agreement in whole/in part or notify the default party to terminate this Agreement. 
 6.2.3 This Agreement shall terminate in whole
or in part upon receipt by the default party of all or part of the termination notice for the cooperation hereunder. 
 6.2.4 Where the observant party
exercises any tolerance, grace period or delay in the performance of the rights and interests of the default party in respect of any breach or delay of the default party, it shall not impair, affect or restrict all rights and interests of the
observant party in accordance with relevant laws and this Agreement; it shall not be deemed as a license or acceptance by the observant party of any breach of this Agreement by the default party, nor shall it be deemed to be a waiver of the right of
the observant party to take action against any existing or future breach. 

 6.2.5 After the occurrence of an event of default, the observant party may take one or more of the following
measures: 
 (1) Require the default party to eliminate the adverse impact caused to it; 

(2) Require the default party to continue to perform its obligations, provided that the observant party has the right to require the default party to bear the
losses caused by its breach of contract; 
 (3) Where the default party fails to perform its obligations in accordance with this Agreement and Service
Agreements, the observant party shall have the right not to pay the service fee corresponding to the part, and the observant party has the right to request the default party to return the service fee already paid by the observant party; 

(4) Require the default party to compensate the observant party for the losses caused by the event of default, including the actual expenses incurred by the
observant party in performing the Agreement by itself or employing a third party, the expenses incurred to eliminate the adverse impact of the default, and the reasonable interests that can be obtained after the normal performance of this Agreement;

 (5) Take any other measures permitted by applicable laws and regulations or agreed in this Agreement. 

Article VII Termination of Cooperation 

7.1     In case of any of the following events (hereinafter referred to as “termination event”), either party shall have the
right to terminate this Agreement, Service Agreements and other relevant agreements entered into pursuant to this Agreement: 
 (1) Where the policies of
the regulatory authorities of Party A (including the China Banking and Insurance Regulatory Commission or the People’s Bank of China and its branches) have material changes at the time of conclusion of this Agreement or Party A requests in
writing to terminate this cooperative business; 
 (2) Where any new applicable law or normative document has been promulgated by governmental or regulatory
authorities, or any new interpretation or modification has been made to the existing applicable law and normative document, resulting in that it is impossible to carry out this cooperative business or either party is unable to obtain all of its
interests under any important provision of this Agreement, and either party requests for termination; 
 (3) Where either party incurs a material adverse
change, which makes it impossible to continue the performance of this Agreement or will cause material damage to both parties at the same time, and either party asks to terminate this Agreement; 

(4) Where the observant party requests for termination when the event of default specified in Article VI of this Agreement occurs. 

7.2     Termination notice 
 7.2.1 Upon the
occurrence of a termination event, the party entitled to request the termination shall decide to terminate the event as soon as practicable, provided that in no event (other than force majeure) shall the other party be notified in writing of the
termination (the “termination notice”) not later than five natural days after the relevant termination event becomes known or occurs. 

 7.2.2 This Agreement, Service Agreements and any cooperation entered into pursuant to this Agreement shall
terminate upon receipt of the termination notice by the other party. 
 7.3 Upon expiration of the term of cooperation of this Agreement, the cooperative
business hereunder shall be terminated, unless otherwise agreed in this Agreement. 
 Article VIII Supplementary Provisions 

8.1     This Agreement is a cooperation framework agreement, and both parties may separately sign supplementary texts (including but not
limited to appendixes, supplementary agreements and ancillary agreements) according to the actual business needs to implement the details of the cooperation project. 

8.2     The supplementary texts of this Agreement and supplementary agreements and appendixes hereto shall constitute an integral part
hereof, and shall be subject to this Agreement. 
 8.3     In this Agreement, “in writing” means in the form of paper, e-mail, telegram, telex, fax or electronic data interchange or any other tangible representation of the contents contained herein. “Notice” means any communication, request, demand and decision. The notice
shall take effect when the notice arrives at the registration place, business place or designated place of the other party or reaches the e-mail address. 

8.4     Any dispute arising from the performance of this Agreement by Party A and Party B shall be settled by both parties through
negotiation. If negotiation fails, either party may file a lawsuit to the people’s court where Party A is located. 
 8.5     The
conclusion, interpretation and dispute resolution of this Agreement shall be governed by the laws of the People’s Republic of China. 

8.6     This Agreement shall be signed by the legal representatives or authorized agents of Party A and Party B on the signing date, and
shall take effect after being signed (or affixed with name seals) and affixed with the official seal/special contract seal. 
 8.7    
This Agreement shall be made in quadruplicate with each party holding two copies that have the same legal effect. 

 (No text below) 

(No text on this page and it is the signature page of this Agreement) 

Party A (seal) [Shenzhen Qianhai WeBank Co., Ltd.] (seal) 

Legal representative or authorized agent (signature or seal): [Gu Min] (seal) 

Signing date: 
 Party B (seal) [Shanghai Cango Investment and
Management Consultation Service Co., Ltd.] (seal) 
 Legal representative or authorized agent (signature or seal): [Zhang Xiaojun] (seal) 

Signing date: April 30, 2020

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