Document:

Form of Deferred Stock Unit Award, dated as of January 1, 2009

 Exhibit 10.20 
 This document constitutes part of a prospectus covering securities that have 
 been registered under
the Securities Act of 1933. 
 The date of this prospectus is [Date]. 
 MARSH & McLENNAN COMPANIES, INC. 
 2000 SENIOR EXECUTIVE INCENTIVE AND STOCK
AWARD PLAN 
 AND 
 2000 EMPLOYEE
INCENTIVE AND STOCK AWARD PLAN 
 Terms and Conditions for Award of Deferred Stock Units 
 to U.S. Award Recipients 
 This award of deferred stock
units has been granted to you on [Award Date] (the “Award Date”) 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”) as specified in the Award Letter (defined below). For purposes of these Terms and Conditions, “MMC” means Marsh & McLennan Companies, Inc.
and any successor thereto. 
  

	I.	GRANT, VESTING AND DISTRIBUTION OF AWARD; RESTRICTIVE COVENANTS AGREEMENT  

  

	 	A.	Grant of Award 

  

	 	1.	The letter delivered to you from MMC’s Chief Executive Officer dated [Date of Award], (the “Award Letter”) specifies the number of deferred stock units that
comprises your individual award (the “Award”). You must execute a Restrictive Covenants Agreement (as described in Section I.C.) by the date specified in the Award Letter to accept the Award. 

  

	 	B.	Deferred Stock Units 

  

	 	1.	General. A deferred stock unit (“DSU”) represents an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to these Terms and
Conditions and the terms and conditions of the Plan, one (1) share of MMC common stock as soon as practicable after vesting or as otherwise provided herein. 

  

	 	2.	Vesting. Subject to your continued employment, the DSUs are scheduled to vest on the [Vesting Date] of the Award Date (the “Scheduled Vesting Date”). If your
employment terminates prior to the Scheduled Vesting Date, your right to the DSUs will be determined in accordance with Section III below. 

  

 1 

	 	3.	Delivery of Shares. Shares of MMC common stock in respect of the DSUs 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 in respect of your deferred stock units is conditioned on your (i) having timely signed and returned a copy of the Restrictive Covenants Agreement (defined below) to MMC as instructed and
(ii) satisfaction of any applicable tax withholding with respect to the Award. 

  

	 	C.	Restrictive Covenants Agreement 

 As provided in
these Terms and Conditions, you must execute a Restrictive Covenants Agreement in a form determined by MMC (“Restrictive Covenants Agreement”) to accept your Award and for your Award to vest upon certain terminations of employment.
The Restrictive Covenants Agreement generally applies for a period of one year commencing with your termination of employment. A copy of the Restrictive Covenants Agreement is enclosed. You may wish to consider consulting an attorney at your own
expense before signing the Restrictive Covenants Agreement. Please retain a copy of your signed Restrictive Covenants Agreement for your records. Failure to timely execute and comply with the Restrictive Covenants Agreement by the date specified in
the Award Letter will result in forfeiture of all of your rights, title and interest in and to the Award. 
  

	II.	RIGHTS OF DEFERRED STOCK UNITS 

  

	 	A.	Unless and until both the vesting conditions of the Award have been satisfied and shares of MMC common stock have been delivered to you in accordance with the terms and conditions
described herein, you have only the rights of a general unsecured creditor and you have none of the attributes of ownership to such shares of stock (e.g., units cannot be used as payment for stock option exercises; units may not be transferred or
assigned; units have no voting rights). 

  

	 	B.	Dividend equivalents are payable on each DSU at or after the time of distribution of any dividend paid by MMC in respect of a share of its common stock (a “Dividend Payment
Date”), the record date of which occurs on or after the Award Date. You shall be entitled to receive an amount (less applicable withholding) equal to such dividend payment as would have been made in respect of one (1) share of MMC
common stock for each DSU covered by the Award. Payment of a dividend equivalent shall be made only with respect to DSUs that are outstanding on the ex-dividend date. 

  

	III.	TERMINATION OF EMPLOYMENT 

 If your employment with
MMC or any of its subsidiaries or affiliates (the “Company”) terminates, the following shall apply: 
  

	 	A.	Death 

 In the event your employment is terminated
because of your death, the DSUs will vest at such termination of employment. 
  

 2 

	 	B.	Permanent Disability 

 Upon the occurrence of your
Permanent Disability (as defined in Section III.G.), the DSUs will vest provided that you satisfy the condition to vesting described in Section III.F. 
  

	 	C.	Termination Other Than For Cause 

  

	 	1.	In the event your employment is terminated by the Company other than for Cause (as defined below), the Award will vest on a pro rata basis at such termination of employment provided
that you satisfy the condition to vesting described in Section III.F. The portion of DSUs under the Award that vest is equal to a fraction, the numerator of which is the number of days from the Award Date to the date of your termination of
employment, and the denominator of which is the number of days from the Award Date to the Scheduled Vesting Date. 

  

	 	2.	For purposes of these Terms and Conditions, “Cause” shall mean: 

  

	 	i.	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; 

  

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

  

	 	iii.	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; 

  

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

  

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

  

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

  

	 	D.	Sale of Business Unit For Which You Work 

 In the
event of a sale or similar transaction involving the business unit for which you work (the “Employing Company”) as a result of which the Employing Company ceases to be a subsidiary of MMC, your termination of employment will be
treated as a Termination Other than for Cause. 
  

	 	E.	All Other Employment Terminations 

 For all other
terminations of employment, 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, except to the extent that the Compensation Committee of the MMC
Board 

  

 3 

 
of Directors (the “Committee”) may determine otherwise. For purposes of these Terms and Conditions, your employment will be treated as
terminated when you are no longer employed by MMC or any affiliate or subsidiary of MMC. 
  

	 	F.	Condition to Vesting of Award Upon Termination of Employment 

 In the event of your termination of employment due to Permanent Disability or Termination other than for Cause as described in Section III.B or C, any unvested portion of the Award will vest as provided in Section
III.B or C; provided that you reaffirm your Restrictive Covenants Agreement within 30 days following your termination of employment. Failure to timely 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, whether vested or unvested. 
  

	 	G.	Definitions 

 As used in these terms and
conditions, “Permanent Disability” will be deemed to occur when MMC’s disability carrier determines 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. 
  

	IV.	CHANGE IN CONTROL PROVISIONS 

  

	 	A.	Change in Control if Award is Assumed by a Successor 

  

	 	1.	Upon the occurrence of a “Change in Control” of MMC, as defined in the Plan, if the Award is Assumed (as defined in Section IV.A.2) by the entity effecting the
Change in Control, the Award will become fully vested upon the earlier of the next Scheduled Vesting Date and your termination of employment without Cause or for Good Reason (as defined in the next sentence) during the 24-month period following such
Change in Control. For purposes of these Terms and Conditions, “Good Reason” includes any of the following without your written consent: (i) a material reduction in your base salary; (ii) a material reduction in your
annual incentive opportunity (including a material adverse change in the method of calculating your annual incentive); (iii) a material diminution of your duties, responsibilities or authority; or (iv) a relocation of more than 50 miles
from your office location in effect immediately prior to the Change in Control; provided that you provide MMC 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 MMC with at least 30 days following receipt of such notice to remedy such circumstances. 

  

	 	2.	For purposes of these Terms and Conditions, an Award will be considered assumed (“Assumed”) if the following conditions are met: 

  

	 	i.	The Award is converted into a replacement award (the “Replacement Award”) covering a number of shares of the entity effecting the Change in Control (or a successor
or parent corporation), as determined in a manner substantially similar to the treatment of an equal number of shares of MMC stock covered by the Award; provided that to the extent that any portion of the consideration received by holders of
MMC common stock in the Change Control transaction is not in the form of the common stock of such entity (or a successor or parent corporation), the number of shares covered by the replacement award shall be based on the average of the high and low
selling prices of the common stock of such entity (or a successor or parent corporation) on the established stock exchange on the trading day immediately preceding the date of the Change in Control. 

  

 4 

	 	ii.	The Replacement Award contains provisions for scheduled vesting and treatment on termination of employment (including the definition of Cause) that are no less favorable to you than
the Award, and all other terms of the Replacement Award (other than the security and number of shares represented by the Replacement Award) are substantially similar to the Award. 

  

	 	iii.	The security represented by the Replacement Award is of a class that is publicly held and widely traded on an established stock exchange. 

  

	 	B.	Change in Control if Award is not Assumed by a Successor 

  

	 	1.	Upon the occurrence of a Change in Control of MMC, if the Award is not Assumed by the entity effecting the Change in Control, the Award will become fully vested on the date of the
Change in Control and any restrictions contained in the terms and conditions of the grant of the Award shall lapse. 

  

	 	2.	If in the Change in Control transaction shareholders of MMC receive consideration consisting of cash or other property (including securities of a successor or parent corporation),
there shall be delivered to you the consideration which you would have received in such transaction had you been, immediately prior to such transaction, a holder of that number of shares of MMC common stock equal to the number of shares of MMC
common stock deliverable upon a Change in Control in respect of any DSUs covered by the Award. 

  

	 	3.	As soon as practicable following the date of the Change of Control but in no event later than 60 days following such date, you will receive the consideration (consisting of cash or
other property (including securities of a successor or parent corporation)) which you would have received in the Change in Control transaction had you been, immediately prior to such transaction, a holder of that number of shares of MMC common stock
equal to the number DSUs covered by the Award. 

  

 5 

	 	C.	Additional Payment 

  

	 	1.	Should the vesting of your DSUs under the Award accelerate because of a Change in Control, all or part of the value thereof (the “Acceleration Value”) may be
subject to a 20% federal excise tax (the “Excise Tax”) under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”). 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 such employee’s last five years’ W-2 earnings. 

  

	 	2.	If a Change in Control occurs and the vesting of DSUs under the Award is accelerated, MMC will determine if the Excise Tax is payable by you. If the Excise Tax is payable by you,
MMC will pay to you, within five 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 Acceleration Value. 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 Acceleration Value, 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 Acceleration Value, you will be required to reimburse MMC (or its successor) for such excess.

  

	V.	OTHER PROVISIONS 

  

	 	A.	No Right to Continued Employment. The granting of an Award does not give you any right to continue to be employed by the Company for any specific duration, or restrict, in any way,
your right or the right of your employer to terminate your employment at any time for any reason, with or without cause or prior notice. Nothing in these Terms and Conditions or the Plan gives you any right to continue in the employ of the Company
or interfere in any way with your right, or the right of the Company, to terminate your employment at any time. 

  

	 	B.	Any shares 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.	The Company is not liable for the non-issuance or non-transfer, nor for any delay in the issuance or transfer, of any shares of MMC common stock due to you which results from the
inability of the Company to obtain, or in any delay in obtaining, from each regulatory body having jurisdiction, all requisite authority to issue or transfer shares of MMC common stock, if counsel for the Company deems such authority necessary for
the lawful issuance or transfer of any such shares. 

  

 6 

	 	D.	The Award is subject to all of these Terms and Conditions and to the terms and conditions of the Plan and to the terms and conditions of any employment agreement or offer letter
between you and the Company regarding the treatment of equity-based awards upon certain terminations of employment (“Contractual Provisions”), and your acceptance of the Award shall constitute your agreement to the terms and
conditions of the Plan and the administrative regulations of the Committee. In the event of any inconsistency between these Terms and Conditions, the Contractual Provisions and the provisions of the Plan, the provisions of the Plan shall prevail. In
the event of any inconsistency between these Terms and Conditions and any Contractual Provisions, the Contractual Provisions shall prevail. Your acceptance of the Award constitutes your agreement that the shares of MMC common stock acquired
hereunder, if any, will not be sold or otherwise disposed of by you in violation of any applicable securities laws or regulations. 

  

	 	E.	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 these Terms and Conditions or the Plan 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. 

  

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

  

	 	G.	The Committee has full discretion and authority to control and manage the operation and administration of the Awards and the Plan. The Committee is comprised of at least two members
of the MMC Board of Directors. 

  

	 	H.	The Plan, and the granting of Awards thereunder, and any delivery of shares in respect of an Award and the obligations of the Company and employees under the Plan, shall be subject
to all applicable governmental laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required, including, but not limited to, tax and securities regulations. 

  

	 	I.	The MMC Board of Directors may amend, alter, suspend, discontinue or terminate the Plan or the Committee’s authority to grant awards under the Plan; except that, without the
consent of an affected participant, no such action may materially adversely affect the rights of such participant under any award theretofore granted to him or her. Following the occurrence of a Change in Control (as defined in the Plan), the MMC
Board of Directors may not terminate the Plan or amend the Plan with respect to awards that have already been granted in any manner adverse to employees. 

  

	 	J.	 Awards relating to not more than eighty million (80,000,000) shares of MMC common stock (par value $1.00 per share), plus such number of shares authorized and
reserved for awards pursuant to certain preexisting share resolutions adopted by the MMC Board of Directors, may be made over the life of the Marsh & McLennan Companies, Inc. 2000 

  

 7 

	 	 
Employee Incentive and Stock Award Plan. Awards relating to not more than eight million (8,000,000) shares of MMC common stock (par value $1.00 per
share), plus such number of shares remaining unused under preexisting stock plans approved by MMC’s stockholders, may be issued under the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan. Employees
of the Company will be eligible for awards under the Plan. MMC common stock is traded on the New York Stock Exchange under the symbol “MMC” and is subject to market price fluctuation. Shares of MMC common stock delivered in respect of the
Award may be obtained through open market purchases, treasury stock or newly issued shares. 

  

	 	K.	The Plan is not qualified under Section 401(a) of the Code and is not subject to the provisions of the Employee Retirement Income Security Act of 1974. Your right to payment of
your Award is the same as the right of an unsecured general creditor of the Company. 

  

	 	L.	There are no investment fees associated with your Award, and MMC pays all administrative expenses associated with your Award, although you will be responsible for any fees
associated with the sale of any shares of MMC common stock delivered in respect of the Award. 

 Please retain this document in your permanent
records. If you have any questions regarding the Plan or your Award or would like an account statement detailing the number of units covered and the vesting date(s) of such Award or any other information, please contact: 
 MMC Global Compensation 
 Marsh &
McLennan Companies, Inc. 
 1166 Avenue of the Americas 
 New York, New York l0036-2774 
 Telephone Number: (212) 345-9722 
 Facsimile Number: (212) 948-8481 
  

	VI.	FEDERAL INCOME TAX CONSIDERATIONS 

 The following is a summary of
the United States Federal income tax consequences of your Award. This discussion does not address all aspects of the U.S. Federal income tax consequences that may be relevant to you in light of your personal investment or tax circumstances and does
not discuss any state or local tax consequences of your Award. This section is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Code, and published rulings and court
decisions, all as currently in effect. These laws are subject to change, possibly on a retroactive basis. Please consult your own tax advisor concerning the application of the U.S. Federal income tax laws to your particular situation, as well as the
applicability and effect of any state or local tax laws before taking any actions with respect to your Award. 
  

 8 

	 	A.	Deferred Stock Units 

 You will not be subject to
tax upon the grant of deferred stock units. Upon vesting of deferred stock units, the fair market value of the shares of common stock covered by the Award on the vesting date will be subject to FICA employment tax withholding. Upon distribution of
the shares of common stock (or, in the event Section IV.A.3 is applicable, cash or other property) underlying the deferred stock units, you will recognize as compensation income an amount equal to the fair market value on the date of distribution of
the shares of common stock (and/or cash or other property) received. This amount of income will be subject to income tax withholding on the date of distribution. Your basis in any shares of common stock received will be equal to the fair market
value of the shares of common stock on the date of distribution, and your holding period in such shares will begin on the day following the date of distribution. If any dividend equivalents are paid to you, they will be includible in your income as
additional compensation (and not as dividend income) and will be subject to income and employment tax withholding. In the taxable year in which you recognize ordinary income on account of shares of common stock awarded to you, the Company generally
will be entitled to a deduction equal to the amount of income recognized by you. 
  

	 	B.	Section 409A 

 Notwithstanding any other provision
herein, your Award may be subject to additional restrictions to ensure compliance with the requirements of Section 409A of the Code (regarding nonqualified deferred compensation) and regulations thereunder. 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 yet reflect Section 409A of the
Code and the regulations thereunder. If your Award is not in compliance with Section 409A of the Code, you may be subject to immediate taxation of all vested but unpaid awards under the Plan that are subject to Section 409A of the Code,
plus interest at the underpayment rate plus 1%, plus a 20% penalty. 
 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 the 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 the 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. 
  

 9 

	VII.	RESALE RESTRICTIONS 

  

	 	A.	If you are an “affiliate” of MMC at the time you receive shares of MMC common stock in respect of the Award, your ability to resell those shares may be restricted. In
order to resell such shares, you will be required either to observe the resale limitations of Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”), or offer your shares for resale in compliance with another
applicable exemption from the registration requirements of the Securities Act. 

  

	 	B.	An “affiliate” is defined, for purposes of the Securities Act, as a person who directly, or indirectly through one or more intermediaries, controls or is controlled by, or
is under common control with, MMC. A “person” is defined to include any relative or spouse of the person and any relative of the person’s spouse who has the same home as the person, any trust, estate, corporation or other organization
in which the person or any of the foregoing persons has collectively more than 10% beneficial interest, and any trust or estate for which the person or any of the foregoing persons serves as trustee, executor or in any similar capacity. A person
“controls, is controlled by or is under common control” with MMC when that person directly or indirectly possesses the power to direct or cause the direction of the management and policies of MMC whether through the ownership of voting
securities, by contract or otherwise. 

  

	VIII.	INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE 

  

	 	A.	The Annual Report on Form 10-K of MMC for its last fiscal year, MMC’s Registration Statement on Form 8 dated February 3, 1987, describing MMC common stock, including any
amendment or reports filed for the purpose of updating such description, and MMC’s Registration Statement on Form 8-A/A dated January 26, 2000, describing the Preferred Stock Purchase Rights attached to the common stock, including any
further amendment or reports filed for the purpose of updating such description, which have been filed by MMC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are incorporated by reference herein.

  

	 	B.	All documents subsequently filed by MMC pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, subsequent to the end of MMC’s last fiscal year and prior to the
filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date
of filing of such documents. 

  

	 	C.	The Annual Report can be viewed on MMC’s website at http://www.mmc.com/annualreport.html. Participants may receive without charge, upon written or oral request, a copy
of any of the documents incorporated herein by reference and any other documents that constitute part of this Prospectus by contacting MMC Global Compensation as indicated above. 

  

 10Amendments to Certain MMC Equity-Based Awards Due to U.S. Tax Law Changes

 Exhibit 10.21 
 

 
 AMENDMENTS TO CERTAIN MMC EQUITY-BASED AWARDS DUE TO U.S. TAX LAW CHANGES 
 AFFECTING EQUITY-BASED AWARDS GRANTED UNDER THE 
 MARSH &
McLENNAN COMPANIES, INC. 
 2000 EMPLOYEE INCENTIVE AND STOCK AWARD PLAN 
 AND THE 
 MARSH & McLENNAN COMPANIES, INC. 
 2000 SENIOR EXECUTIVE INCENTIVE AND STOCK AWARD PLAN 
 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE 
 BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933. THE DATE OF THIS PROSPECTUS IS 
 DECEMBER 10, 2008. 

 {Intentionally Left Blank} 

 Overview 
 This document provides various amendments to MMC equity-based awards and/or deferred cash awards that have been adopted to address changes in U.S. federal tax law. 
 Tax Law Change Summary 
 When the American Jobs Creation Act was signed into law on
October 22, 2004, it added a new section to the U.S. Internal Revenue Code (“IRC”) — Section 409A. IRC Section 409A and the regulations issued thereunder (“Section 409A”) applies to nonqualified
deferred compensation, which can cover a broad range of arrangements including some that are not traditionally thought of as providing for a deferral of compensation, such as equity-based awards. 
 If Section 409A applies to an award of deferred compensation and the award does not comply, affected individuals are subject to a
“penalty” tax of 20% (in addition to federal income taxes), as well as additional interest. Awards must be in compliance with Section 409A by January 1, 2009. 
 How This Affects Your Awards 
 MMC, like most other companies, is taking steps to limit the
risk that you will be subject to the adverse tax consequences described above. 
 Among other steps, MMC is amending the Terms and Conditions
of certain equity-based awards under the Marsh & McLennan Companies, Inc. 2000 Employee Incentive and Stock Award Plan and/or the Marsh & McLennan Companies, Inc. 2000 Senior Executive Incentive and Stock Award Plan (the
“Plans”). Those amendments are described in the Appendices to this document. To the extent possible, we have tried to minimize the impact that these Section 409A amendments will have on the original provisions of the awards.

 Section 409A will affect some, but not all of the awards you were previously granted under the Plans (“Covered
Awards”). In summary: 
 Covered Awards generally include the following types of awards

  

	•	 	 Restricted stock units (“RSUs”); 

  

	•	 	 Deferred stock units (sometimes referred to as deferred restricted stock units) (“DSUs”); 

  

	•	 	 Stock bonus units (“SBUs”); 

  

	•	 	 Deferred cash compensation (“Deferred Cash”), including awards granted as a part of a mandatory bonus deferral; and 

 

	•	 	 Restricted stock units that were granted in lieu of restricted stock (“RULs”). 

  

 1 

 Covered Awards generally do not include the following types
of awards 
  

	•	 	 Stock options; 

  

	•	 	 Restricted stock; 

  

	•	 	 Awards that have been distributed (i.e., awards that would be Covered Awards except that they have been or will be distributed in shares of MMC common stock
or cash by December 31, 2008); 

  

	•	 	 Any awards (including all stock units and Deferred Cash) that vested on or before December 31, 2004; and 

  

	•	 	 Any performance restricted units. 

 You are responsible for any tax consequences that apply to your Covered Awards. The amendments are intended to limit the risk that you will be subject to the adverse tax consequences of Section 409A. You do not need to take any action
for these amendments to apply to your Covered Awards. If you take no action, the amendments will become effective on January 1, 2009 and you will be deemed to have consented to them. 
 If you have any questions about these amendments, you can call the Ayco AnswerLine® service (“Ayco”) at 1-888-741-7739 until
December 31, 2008 and representatives from Ayco will be available to assist you. (Ayco is not affiliated with any of the Marsh & McLennan Companies.) You may also wish to consult with your own legal and/or tax advisors regarding the
application of the amendments to your Covered Awards. 
 If, after reviewing this document and the applicable Appendices, you decide to
withhold your consent to the amendments you must call Ayco at 1-888-741-7739 and request a form to withhold your consent. If a signed copy of the form is received by MMC by December 30, 2008, in accordance with the procedures set forth on the
form, the amendments to the Terms and Conditions of your Covered Awards will not become effective. If you decide that you do not want the amendments to apply to your Covered Awards and you follow the procedures to withhold your consent, MMC believes
your risk of being subject to adverse tax consequences is significantly greater. 
 Identifying Which Amendments Apply to Your Awards

 To determine which amendments apply to your awards, you will need to: 
  

	 	•	 	 Step 1: Identify the Grant Information such as Grant Type and Grant Date; 

  

	 	•	 	 Step 2: Identify your Retirement Status under the Terms and Conditions of your Covered Award; and 

  

	 	•	 	 Step 3: Refer to applicable Appendices (see reference tables beginning on page 4). 

 Step 1 – Identifying Grant Information: 
  

	 	•	 	 Information about your outstanding award types and grant dates can be found in the grant package(s) that included the Terms and Conditions of your Covered Award(s)
and/or on My Rewards @ MMC (“My Rewards”) available at www.mmcpeoplelink.com (“MMC PeopleLink”). 

  

 2 

	 	•	 	 Grant information can also be obtained by calling Ayco at 1-888-741-7739 and speaking with a representative. 

 Step 2 – Identifying Retirement Status: 
 If the Terms and Conditions of your Covered Award include “Early,” “Normal” and/or “Deferred” Retirement provisions, you will need to determine if any of the retirement provisions are or could become applicable
to you if you terminated employment at any point while the Covered Award is outstanding. In general, the retirement provisions apply if: 
  

	 	•	 	 you are at least age 55 but younger than age 65 and have at least five (5) years of service (“Early” Retirement); or 

  

	 	•	 	 you are at least age 65, regardless of your years of service (“Normal” or “Deferred” Retirement). 

 For your information, the Terms and Conditions of your Covered Awards define “Early,” “Normal” and/or “Deferred” Retirement
by reference to the terms (or any comparable substitute terms or concepts) set forth in the primary MMC retirement plan applicable to you upon your termination of employment (as one example, the MMC Retirement Plan). More information about
“Early,” “Normal” and/or “Deferred” Retirement under MMC plans can be found in the Benefits Handbook, available on MMC PeopleLink. 
 Step 3 – Determining Applicable Appendices: 
 Once you have completed Steps 1 and 2, the chart on the next two
pages will help you identify which Appendix applies to each of your Covered Awards. There will only be one Appendix that applies to any one of your Covered Awards. If you have more than one Covered Award, it is possible that you will need to refer
to more than one Appendix. 
  

 3 

 How to Determine the Appendix for Each Covered Award 
  

					
	 Appendix
	  	 Type of Covered Award
	  	 Amendment Overview

	 THE TERMS AND CONDITIONS OF YOUR COVERED AWARD DO NOT CONTAIN ANY RETIREMENT
 PROVISIONS OR
  
 IF YOU ARE NOT AND WILL NOT BECOME
RETIREMENT ELIGIBLE AT ANY POINT UNDER THE
 TERMS AND CONDITIONS OF YOUR COVERED AWARD WHILE THAT AWARD IS
 OUTSTANDING...

			
	A	  	 •   Stock unit (and/or Deferred Cash) awards granted prior to December 31,
2008
  
  
 (Awards codes include RSU, DSU, SBU)
	  	 All Awards (see page A-2)
  
 •   Disability
  
 •   Section 162(m) Deductibility
  
 Certain Awards (see page A-3)
  
 •   Treatment of Termination Without
Cause or Sale of a Business Unit
  
 •   Definition of “Good Reason”
  
 •   Timing of Distribution

	
	 IF YOU ARE OR WILL BECOME RETIREMENT ELIGIBLE AT
ANY POINT UNDER THE TERMS AND
 CONDITIONS OF YOUR COVERED AWARD WHILE THAT AWARD IS OUTSTANDING...

			
	B	  	 •   Stock unit (and/or Deferred Cash) awards granted prior to May 1, 2007
	  	 All Awards (see page B-2) 
  
 •   Definition of “Termination of Employment”

			
		  		  	 •   Change in Control

			
		  	 (Awards codes include RSU, DSU, SBU)
	  	 •   Delay in Distribution for Certain “Specified Employees”

			
		  		  	 •   Disability

			
		  		  	 •   Section 162(m) Deductibility

			
		  		  	Certain Awards (see page B-5)
			
		  		  	 •   Early Retirement and Execution of Restrictive Covenants Agreement

			
		  		  	 •   Treatment of Termination Without Cause or Sale of a Business Unit

			
		  		  	 •   Treatment of Sale of a Business Unit as Termination Without Cause

			
		  		  	 •   Timing of Distribution

  

 4 

 How to Determine the Appendix for Each Covered Award (continued) 
  

					
	 Appendix
	  	 Type of Covered Award
	  	 Amendment Overview

	C	  	 •   Stock unit (and/or Deferred Cash) awards granted on or after May 1, 2007
	  	 All Awards (see page C-2)
  
 •   Definition of “Termination of Employment”
  
 •   Change in
Control

			
		  	 (Awards codes include RSU, DSU, SBU)
	  	 •   Delay in Distribution for Certain “Specified Employees”

			
		  		  	 •   Disability

			
		  		  	 •   Section 162(m) Deductibility

			
		  		  	Certain Awards (see page C-6)
			
		  		  	 •   Early Retirement and Execution of Non-Competition Agreement

			
		  		  	 •   Treatment of Termination Without Cause or Sale of a Business Unit

	
	 REGARDLESS OF YOUR RETIREMENT STATUS UNDER THE TERMS AND CONDITIONS OF YOUR
 COVERED AWARD WHILE YOUR COVERED AWARD IS OUTSTANDING...

			
	B	  	 •   Stock unit awards granted on March 17, 2004 or May 18, 2005 with RUL award codes
	  	 All Awards (see page B-2)
  
 •   Definition of “Termination of Employment”
  
 •   Change in
Control

			
		  		  	 •   Delay in Distribution for Certain “Specified Employees”

			
		  		  	 •   Disability

			
		  		  	 •   Section 162(m) Deductibility

 Internally, MMC uses various terms and award codes to refer to various awards of stock units and Deferred Cash
that may constitute Covered Awards. To the extent that the title or heading of your stock unit or Deferred Cash Covered Award does not match the title or heading of an award or award code referenced within this document but otherwise has been
made on the same grant date and/or has all the same relevant identifying features, your award is a Covered Award and will be subject to the relevant amendments within. 
  

 5 

 {Intentionally Left Blank} 

 Appendix A 
 Amendments to Covered Awards 
  

	 	•	 	 There are two sets of applicable amendments: Universal Amendments (starting on page A-2) and
Award-Specific Amendments (starting on page A-3). 

  

	 	•	 	 Universal Amendments are applicable to the Terms and Conditions of Covered Awards that meet the following conditions: 

  

	 	•	 	 The Covered Award was granted before December 31, 2008, and 

  

	 	•	 	 Either 

  

	 	•	 	 The Terms and Conditions of your Covered Award do not contain any retirement provisions, or 

  

	 	•	 	 You are not and will not become retirement eligible at any point under the retirement provisions contained in the Terms and Conditions of your Covered Award
while it is outstanding. 

  

	 	•	 	 Award-Specific Amendments are applicable to the Terms and Conditions of the Covered Awards listed on page A-3. 

 IMPORTANT NOTE: If you have awards covered by the amendments in this Appendix A, MMC believes that amendments to those awards are appropriate in order to be exempt
from Section 409A. If your Covered Award is not exempt from and does not comply with Section 409A, you may incur a “penalty” tax of 20% (in addition to federal income taxes), as well as additional interest. Although MMC cannot
guarantee that you will not be subject to these adverse tax consequences, the following amendments to the Terms and Conditions of your Covered Awards are intended to take advantage of the short-term deferral exemption under Section 409A, which
requires vesting and distribution to occur within a short period of each other, while making as few substantive changes as possible. 
  

 A-1 

 APPENDIX A – UNIVERSAL AMENDMENTS 
 A1. Disability. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that upon your termination of employment due to your total and permanent disability, your Covered Award will
vest in full and be distributed to you. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 In order to take advantage of the short-term deferral exemption under Section 409A, any distribution made in connection with the occurrence of a disability
must be made as soon as you are “disabled” (as determined under the Terms and Conditions of your Covered Award) and not on the date upon which MMC formally terminates your employment due to such disability. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The current “Disability” provisions in the Terms and Conditions of your Covered Award are amended. Your Covered Award will now vest in full and be
distributed to you upon the occurrence of your “Disability.” For purposes of the Terms and Conditions of your Covered Award, a “Disability” will be deemed to occur when MMC’s disability carrier determines 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.

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This provision will have no bearing on you unless MMC’s disability carrier determines that you have a “Disability” (as described in the previous
paragraph). If you are determined to have a “Disability,” however, this amendment will generally cause MMC to pay you earlier than it otherwise would have paid you in the event of your “Disability” under the original Terms
and Conditions of your Covered Award. 

 A2. Section 162(m) Deductibility. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award may provide that if you are a “covered employee” within the meaning of IRC Section 162(m),
distribution of your Covered Award must be delayed until such time that the payment of the Covered Award may be deducted under IRC Section 162(m). 

  

	 	•	 	 NOTE: If your award does not provide for this, then your award will remain unchanged in this respect. 

  

 A-2 

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 In order to provide MMC with the necessary flexibility to make a business decision on a case-by-case basis to delay payment to take advantage of deductions allowed
by IRC Section 162(m), this provision is amended. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that this provision is eliminated in its entirety. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment is only relevant to “covered employees” (which generally includes MMC’s executive officers who are named in its proxy statement). No
other MMC employees will be affected by this amendment. 

 APPENDIX A – AWARD-SPECIFIC AMENDMENTS 
  

			
	 Type of Covered Award
	  	Applicable Amendment(s)
	 Mandatory Deferral of 2006 and/or 2007 Annual Bonus 
 •   Amendments apply to both SBUs and Deferred Cash components
	  	A3
		
	 DSUs granted April 2, 2007
	  	A4
		
	 SBUs granted on March 2, 2004
	  	A5
		
	 DSUs granted on May 20, 2004
	  	A5

 A3. Treatment of Termination Without Cause or Sale of a Business Unit.

  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 In the event of (1) your termination of employment without “Cause” (as defined in the Terms and Conditions of your Covered Award) or (2) a sale
of the business unit for which you work as a result of which it ceases to be an MMC subsidiary (which is treated the same as your termination of employment without “Cause”), the Terms and Conditions provide that your Covered Award will
continue to vest and be distributed in accordance with the original vesting schedule. 

  

	 	•	 	 For purposes of Section 409A, upon the occurrence of either of the two events noted directly above, under the existing Terms and Conditions of your Covered
Award, you are deemed to be vested in the award upon the occurrence of that event, even though payment may be made significantly later ( i.e., in accordance with the original vesting schedule). 

  

 A-3 

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 In order to take advantage of the short-term deferral exemption under Section 409A, which does not permit a significant delay between vesting and distribution
in any instance, this provision has been amended. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended and will now provide that in the event of (1) your termination of employment without
“Cause” (as defined in the Terms and Conditions of your Covered Award) or (2) a sale of the business unit for which you work as a result of which it ceases to be an MMC subsidiary and your employment from MMC terminates, your Covered
Award will vest in full and be distributed as soon as practicable, and in no event later than 60 days thereafter. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will only impact you if your employment is terminated without “Cause” or if the business for which you work is sold and, as a result, your
employment with MMC or any of its subsidiaries terminates. In both of these instances, the Terms and Conditions of your Covered Award will now provide for earlier distribution of your award to you (i.e., upon your termination of
employment rather than in accordance with the original vesting schedule). 

 A4. Definition of
“Good Reason.” 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The existing Terms and Conditions of your Covered Award include a definition of “Good Reason” that may be applicable after the occurrence of a
“Change in Control” (as defined in the Plan). 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 In order to take advantage of the short-term deferral exemption under Section 409A, it is advisable that the definition of “Good Reason” satisfy the
requirements of the safe harbor definition of “Good Reason” in Section 409A. The definition applicable to your Covered Award does not currently satisfy those requirements. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The “Good Reason” definition in the Terms and Conditions of your Covered Award is amended to fall within the safe harbor provisions of the “Good
Reason” definition under Section 409A by adding the term “material” to certain provisions of the current definition. All references in the Terms and Conditions of your Covered Award to “Good Reason” shall mean
the occurrence of any of the following without your written consent: 

  

	 	(i)	a material reduction in your base salary; 

  

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

  

 A-4 

	 	(iii)	a material diminution of your duties, responsibilities or authority; or 

  

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

 provided, that you provide MMC 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 MMC with at least 30 days following receipt of such notice to remedy such circumstances. 
  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 The only substantive change to the definition from the definition previously included in your Covered Award is the addition of the word “material” in
clauses (i) and (ii) above. 

 A5. Timing of Distribution. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that distribution of your Covered Award will occur a reasonable time subsequent to the date of vesting.

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 This provision is being clarified so that your Covered Award may qualify for the short-term deferral exemption under Section 409A, which does not permit a
significant delay between vesting and distribution in any instance. In particular, Section 409A requires that the period between vesting and distribution be of a short, fixed duration. A 60-day period between vesting and distribution in all
instances under your Covered Award will qualify for the short-term deferral exemption. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The current Terms and Conditions of your Covered Award will continue to apply; provided, however, that in no event will distribution be made later than 60
days after the date of vesting. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will not have any impact on you. The award is being clarified so that a “reasonable time subsequent” will in no case be longer than a
period of 60 days. 

  

 A-5 

 Appendix B 
 Amendments to Covered Awards 
  

	 	•	 	 There are two sets of applicable amendments: Universal Amendments (starting on page B-2) and Award-Specific
Amendments (starting on page B-5). 

  

	 	•	 	 Universal Amendments are applicable to the Terms and Conditions of Covered Awards that meet the following conditions:

  

	 	•	 	 The Covered Award was granted before May 1, 2007, and 

  

	 	•	 	 Either 

  

	 	•	 	 You are or will become retirement eligible at any point under the retirement provisions contained in the Terms and Conditions of your Covered Award while it
is outstanding, or 

  

	 	•	 	 The Covered Award is an RUL granted on March 17, 2004 or May 18, 2005. 

  

	 	•	 	 Award-Specific Amendments are applicable to the Terms and Conditions of the Covered Awards listed on page B-5.

 IMPORTANT NOTE: If you have awards covered by the amendments in this Appendix B, MMC believes that amendments to those awards are
appropriate in order to comply with Section 409A. If your Covered Award does not comply with Section 409A, you may incur a “penalty” tax of 20% (in addition to federal income taxes), as well as additional interest. Although MMC
cannot guarantee that you will not be subject to these adverse tax consequences, the following amendments to the Terms and Conditions of your Covered Awards are intended to bring them into compliance with Section 409A while making as few
substantive changes as possible. 
  

 B-1 

 APPENDIX B – UNIVERSAL AMENDMENTS 
 B1. Definition of “Termination of Employment.” 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award include references to your “termination of employment” or when you “cease to be an employee” or
similar variations. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Under Section 409A, distributions can only be made on a “termination of employment” if it also
qualifies as a “separation from service” (as defined in Section 409A). 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that references to “termination of employment” or when you “cease to be an
employee” 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 and as further defined herein. Specifically, you will have incurred a “separation from service” when the level of services you
provide to MMC 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 MMC and its affiliates in the preceding 36 months
(or shorter period of service if, for example, your total service with MMC is less than 36 months), all as determined in accordance with Section 409A. 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 MMC Long-Term Disability benefits will be ignored. 
  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 In most cases, a “termination of employment” and a “separation from service” occur at the same time; however, they are not always identical. In
some cases, you may terminate employment but not have a separation from service under Section 409A. For instance, if you continue to perform services as an independent contractor or consultant following your termination of employment, you may
not have a separation from service. In other cases, you may have a separation from service without terminating employment. For instance, a reduction in your regular hours worked may cause a separation from service even though you remain employed.

  

 B-2 

 Important Note: As a result of this amendment, MMC will take reasonable steps to monitor
situations where you have either terminated employment without incurring a separation from service or incur a separation from service without terminating employment. However, you are in the best position to know if and when these situations occur.
As a result, we ask that you contact MMC if you believe that you may fit into one of these scenarios, so that we can partner with you to improve the chances that your Covered Awards are distributed in accordance with the terms of the Plans and the
Terms and Conditions of your award. 
 B2. Change in Control. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that upon the occurrence of a “Change in Control” of MMC (as defined under the Plan) your Covered
Award will vest in full and be distributed to you as soon as practicable, and in no event later than 60 days thereafter. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A does not permit distribution upon a “Change in Control” unless that term is defined
in compliance with Section 409A. The current definition of “Change in Control” in the Plan that governs the Terms and Conditions of your Covered Award is not compliant with Section 409A. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 Although your Covered Award will continue to immediately vest in full upon a “Change in Control” (as defined under the Plan), distribution will not
necessarily be made as soon as practicable thereafter if the transaction is not also a permissible “change in control event” (as defined in Section 409A). Instead, distribution will be made on the earliest of (i) a permissible
“change in control event” (as defined in Section 409A), (ii) your termination of employment from MMC for any reason or (iii) each remaining payment date related to the original vesting schedule under the Terms and Conditions
of your Covered Award. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This change will not affect you unless MMC experiences a “Change in Control” (as defined under the Plan) that is not also a “change in control
event” as defined in Section 409A. 

 B3. Delay in Distribution for Certain “Specified
Employees.” 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 Your Covered Award currently does not have a provision providing for a delay in distribution for certain “specified employees.”

  

 B-3 

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A requires a minimum six-month delay for all distributions subject to Section 409A that are
made to a “specified employee” of a public company like MMC in connection with his or her separation from service. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that if you are a “specified employee” no portion of your Covered Award that is determined
to be subject to Section 409A will be distributed until the first day of the seventh month after the separation from service, and any such distributions to which you would otherwise be entitled during the first six months following your
separation from service will be accumulated and distributed without interest on the first day of the seventh month after the separation from service. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will be relevant only if you are a “specified employee” as defined under Section 409A (i.e., generally the 50 top-paid officers
of MMC and its operating companies) at the time of your separation from service from MMC. 

 B4. Disability.

  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that upon your termination of employment due to your total and permanent disability, your Covered Award will
vest in full and be distributed to you. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A permits payment upon a disability only to the extent that the definition of
“Disability” is compliant with the definition in Section 409A. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The current “Disability” provisions in the Terms and Conditions of your Covered Award are amended. Your Covered Award will now vest in full and be
distributed to you upon the occurrence of your “Disability.” For purposes of the Terms and Conditions of your Covered Award, a “Disability” will be deemed to occur when MMC’s disability carrier determines 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.

  

 B-4 

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This provision will have no bearing on you unless MMC’s disability carrier determines that you have a “Disability” (as described in the previous
paragraph). If you are determined to have a “Disability,” however, this amendment will generally cause MMC to pay you earlier than it otherwise would have paid you in the event of your “Disability” under the original Terms
and Conditions of your Covered Award. 

 B5. Section 162(m) Deductibility. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award may provide that if you are a “covered employee” within the meaning of IRC Section 162(m),
distribution of your Covered Award must be delayed until such time that the payment of the Covered Award may be deducted under IRC Section 162(m). 

  

	 	•	 	 NOTE: If your award does not provide for this, then your award will remain unchanged in this respect. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 In order to provide MMC with the necessary flexibility to make a business decision on a case-by-case basis to delay payment to take advantage of deductions allowed
by IRC Section 162(m), this provision is amended. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that this provision is eliminated in its entirety. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment is only relevant to “covered employees” (which generally includes MMC’s executive officers who are named in its proxy statement). No
other MMC employees will be affected by this amendment. 

 APPENDIX B – AWARD-SPECIFIC AMENDMENTS 
  

			
	 Type of Covered Award
	  	Applicable Amendment(s)
		
	 Mandatory Deferral of 2006 Annual Bonus
 •   Amendments apply to both SBUs and Deferred Cash components
	  	B6 and B7
		
	 2007 Long-Term Incentive Award (RSUs granted February 12, 2007)
	  	B6
		
	 SBUs granted March 2, 2004
	  	B8 and B9

  

 B-5 

 B6. Early Retirement and Execution of Restrictive Covenants Agreement. 

  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that if you terminate due to Early Retirement (as defined in the applicable Terms and Conditions) and you
sign a restrictive covenants agreement, your Covered Award will vest in full and be distributed in accordance with the Covered Award’s original vesting schedule. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A generally does not allow different termination of employment events to result in different
distribution schedules. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that if you terminate your employment due to Early Retirement and you sign a restrictive
covenants agreement, your Covered Award will vest in full and be distributed as soon as practicable, and in no event later than 60 days thereafter. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will only impact you if you terminate your employment due to Early Retirement and sign a restrictive covenants agreement. In this case, the Terms and
Conditions of your Covered Award now provide for earlier distribution of your award to you (i.e., upon your termination of employment due to Early Retirement rather than in accordance with the original vesting schedule).

  

	 	•	 	 PLEASE NOTE: If you terminate your employment due to Early Retirement and you do not sign a restrictive covenants agreement, you will forfeit all rights,
title and interest in and to your Covered Award, whether vested or unvested (this provision remains unchanged). 

 B7.
Treatment of Termination Without Cause or Sale of a Business Unit. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 In the event of (1) your termination of employment without “Cause” (as defined in the Terms and Conditions of your Covered Award) or (2) a sale
of the business unit for which you work as a result of which it ceases to be an MMC subsidiary (which is treated the same as your termination of employment without “Cause”), the Terms and Conditions of your Covered Award provide that your
award will continue to vest and be distributed in accordance with the original vesting schedule. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A generally does not allow different termination of employment events to result in different
distribution schedules and this distribution schedule is different from the distribution schedule that applies in other instances of termination of employment. 

  

 B-6 

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended and will now provide that in the event of (1) your termination of employment without
“Cause” (as defined in the Terms and Conditions of your Covered Award) or (2) a sale of the business unit for which you work as a result of which it ceases to be an MMC subsidiary and your employment from MMC terminates, your Covered
Award will vest in full and be distributed as soon as practicable, and in no event later than 60 days thereafter. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment only impacts you if you are terminated without “Cause” or if the business unit for which you work is sold and, as a result, your employment
with MMC or any of its subsidiaries terminates. In both of these instances, the Terms and Conditions of your Covered Award now provide for earlier distribution of your award to you (i.e., upon your termination of employment rather than
in accordance with the original vesting schedule). 

 B8. Treatment of Sale of a Business Unit as Termination
Without Cause. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The “Change in Control” section in the Terms and Conditions of your Covered Award currently provides that upon the sale of the business unit for which you
work as a result of which it ceases to be an MMC subsidiary, your Covered Award will vest in full and be distributed to you shortly thereafter. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A, which does not recognize the sale of a business unit as a permissible payment event.

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended to delete the provision that deals specifically with the sale of a business unit in its entirety. (Please
note that the amendment that otherwise addresses “Change in Control” is set forth as Amendment B2 on page B-3.) Instead, the sale of a business unit for which you work will be treated as your termination of employment without
“Cause.” Accordingly, the current provisions in the Terms and Conditions of your Covered Award that deal with the treatment of your Covered Award in the event of a termination of employment will govern instead.

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will only affect you if the business unit for which you work is sold and, as a result, your employment with MMC or any of its subsidiaries
terminates. In this case, you will be treated as an MMC employee who has been terminated without “Cause,” and the original provisions in the Terms and Conditions of your Covered Award will apply. 

  

 B-7 

 B9. Timing of Distribution. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that distribution of your Covered Award will occur a reasonable time subsequent to the date of vesting.

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A requires that distributions be made within a fixed time period after a permissible payment
event. A 60-day period between the payment event date and the actual payment date is permissible and would comply with Section 409A. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The current Terms and Conditions of your Covered Award will continue to apply; provided, however, that in no event will distribution be made later than 60
days after the permissible payment event. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will not have any impact on you. The award is being clarified so that a “reasonable time subsequent” will in no case be longer than a
period of 60 days. 

  

 B-8 

 Appendix C 
 Amendments to Covered Awards 
  

	 	•	 	 There are two sets of applicable amendments: Universal Amendments (starting on page C-2) and Award-Specific
Amendments (starting on page C-6). 

  

	 	•	 	 Universal Amendments are applicable to the Terms and Conditions of Covered Awards that meet the following conditions:

  

	 	•	 	 The Covered Award was granted on or after May 1, 2007, and 

  

	 	•	 	 You are or will become retirement eligible at any point under the retirement provisions contained in the Terms and Conditions of your Covered Award while it
is outstanding, and 

  

	 	•	 	 The Covered Award does not have an RUL award code. 

  

	 	•	 	 Award-Specific Amendments are applicable to the Terms and Conditions of the Covered Awards listed on page C-6.

 IMPORTANT NOTE: If you have awards covered by the amendments in this Appendix C, MMC believes that amendments to those awards are
appropriate in order to comply with Section 409A. If your Covered Award does not comply with Section 409A, you may incur a “penalty” tax of 20% (in addition to federal income taxes), as well as additional interest. Although MMC
cannot guarantee that you will not be subject to these adverse tax consequences, the following amendments to the Terms and Conditions of your Covered Awards are intended to bring them into compliance with Section 409A while making as few
substantive changes as possible. 
  

 C-1 

 APPENDIX C – UNIVERSAL AMENDMENTS 
 C1. Definition of “Termination of Employment.” 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award include references to your “termination of employment” or when you “cease to be an employee” or
similar variations. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Under Section 409A, distributions can only be made on a “termination of employment” if it also
qualifies as a “separation from service” (as defined in Section 409A). 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that references to “termination of employment” or when you “cease to be an
employee” 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 and as further defined herein. Specifically, you will have incurred a “separation from service” when the level of services you
provide to MMC 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 MMC and its affiliates in the preceding 36 months
(or shorter period of service if, for example, your total service with MMC is less than 36 months), all as determined in accordance with Section 409A. 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 MMC Long-Term Disability benefits will be ignored. 
  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 In most cases, a “termination of employment” and a “separation from service” occur at the same time; however, they are not always
identical. In some cases, you may terminate employment but not have a separation from service under Section 409A. For instance, if you continue to perform services as an independent contractor or consultant following your termination of
employment, you may not have a separation from service. In other cases, you may have a separation from service without terminating employment. For instance, a reduction in your regular hours worked may cause a separation from service even though you
remain employed. 

  

 C-2 

 Important Note: As a result of this amendment, MMC will take reasonable steps to monitor
situations where you have either terminated employment without incurring a separation from service or incur a separation from service without terminating employment. However, you are in the best position to know if and when these situations occur.
As a result, we ask that you contact MMC if you believe that you may fit into one of these scenarios, so that we can partner with you to improve the chances that your Covered Awards are distributed in accordance with the terms of the Plans and the
Terms and Conditions of your award. 
 C2. Change in Control. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award currently provide that upon a “Change in Control” of MMC (as defined under the Plan), if your Covered Award
is assumed by a successor, then it will vest upon the earlier of the next scheduled vesting date and your termination of employment without “Cause” or for “Good Reason” (each as defined in the Terms and Conditions of your Covered
Award) during the 24-month period following such “Change in Control.” The Terms and Conditions of your Covered Award also currently provide that if upon a “Change in Control” your Covered Award is not assumed by a
successor, then it will vest on the date of the “Change in Control” and be distributed. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A does not permit distribution upon a “Change in Control” unless that term is defined
in compliance with Section 409A. The current definition of “Change in Control” that relates to the Terms and Conditions of your Covered Award is not compliant with Section 409A. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award that relate to a “Change in Control” (as defined under the Plan) have been amended. The provision that
provides that your Covered Award will vest and be distributed in full upon a “Change in Control” if the Covered Award is not assumed by the successor has been deleted. 

  

	 	•	 	 In addition, the provision that provides for the assumption of your Covered Award by a successor entity upon a “Change in Control” has been modified. The
Terms and Conditions of your Covered Award will now provide that upon the occurrence of a “Change in Control” (as defined under the Plan), your Covered Award will continue to vest and be distributed in accordance with the original vesting
schedule set forth under the Terms and Conditions of the Covered Award unless your employment is terminated without “Cause” or you terminate employment for “Good Reason” (each as defined in the Terms and Conditions of your
Covered Award) during the 24-month period following the “Change in Control,” in which case your Covered Award will vest in full and be distributed following your termination of employment. 

  

 C-3 

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This change will not affect you unless (i) there is a “Change of Control” of MMC and (ii) MMC’s acquirer would have otherwise chosen not to
assume the Covered Awards. 

 C3. Delay in Distribution for Certain “Specified Employees.” 

  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 Your Covered Award currently does not have a provision providing for a delay in distribution for certain “specified employees.”

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A requires a minimum six-month delay for all distributions subject to Section 409A that are
made to a “specified employee” of a public company like MMC in connection with his or her separation from service. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that if you are a “specified employee” no portion of your Covered Award that is determined
to be subject to Section 409A will be distributed until the first day of the seventh month after the separation from service, and any such distributions to which you would otherwise be entitled during the first six months following your
separation from service will be accumulated and paid without interest on the first day of the seventh month after the separation from service. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will be relevant only if you are a “specified employee” as defined under Section 409A (i.e., generally the 50 top-paid officers
of MMC and its operating companies) at the time of your separation from service from MMC. 

 C4. Disability.

  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that upon your termination of employment due to your total and permanent disability, your Covered Award will
vest in full and be distributed to you. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A permits payment upon a disability only to the extent that the definition of
“Disability” is compliant with the definition in Section 409A. 

  

 C-4 

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The current “Disability” provisions in the Terms and Conditions of your Covered Award are amended. Your Covered Award will now vest in full and be
distributed to you upon the occurrence of your “Disability.” For purposes of the Terms and Conditions of your Covered Award, a “Disability” will be deemed to occur when MMC’s disability carrier determines 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.

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This provision will have no bearing on you unless MMC’s disability carrier determines that you have a “Disability” (as described in the previous
paragraph). If you are determined to have a “Disability,” however, this amendment will generally cause MMC to pay you earlier than it otherwise would have paid you in the event of your “Disability” under the original Terms
and Conditions of your Covered Award. 

 C5. Section 162(m) Deductibility. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award may provide that if you are a “covered employee” within the meaning of IRC Section 162(m),
distribution of your Covered Award must be delayed until such time that the payment of the Covered Award may be deducted under IRC Section 162(m). 

  

	 	•	 	 NOTE: If your award does not provide for this, then your award will remain unchanged in this respect. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 In order to provide MMC with the necessary flexibility to make a business decision on a case-by-case basis to delay payment to take advantage of deductions allowed
by IRC Section 162(m), this provision is amended. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that this provision is eliminated in its entirety. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment is only relevant to “covered employees” (which generally includes MMC’s executive officers who are named in its proxy statement). No
other MMC employees will be affected by this amendment. 

  

 C-5 

 APPENDIX C – AWARD-SPECIFIC AMENDMENTS 
  

			
	 Type of Covered Award
	  	Applicable Amendment(s)
	 Mandatory Deferral of 2007 Annual Bonus
 •   Amendments apply to both SBUs and Deferred Cash components
	  	C6 and C7

 C6. Early Retirement and Execution of Non-Competition Agreement. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 The Terms and Conditions of your Covered Award provide that if you terminate due to Early Retirement (as defined in the applicable Terms and Conditions) and you
sign a non-competition agreement, your Covered Award will vest in full and be distributed in accordance with the Covered Award’s original vesting schedule, but if you do not sign a non-competition agreement, you will receive a pro rata vesting
and distribution as soon as practicable and in no event later than 60 days thereafter. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A generally does not permit an employee to change the timing of distribution at the time of
termination of employment. As a result, your ability to electively change the timing of distribution under your Covered Award at the time of your termination of employment (depending on whether or not you decide to sign a non-competition agreement)
does not comply with Section 409A. In addition, Section 409A generally does not allow different termination of employment events to result in different distribution schedules. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended so that if you terminate your employment due to Early Retirement and you sign a non-competition
agreement, your Covered Award will vest in full and be distributed as soon as practicable, and in no event later than 60 days thereafter. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will only impact you if you terminate your employment due to Early Retirement and sign a non-competition agreement. In this case, the Terms and
Conditions of your Covered Award now provide for earlier distribution of your award to you ( i.e., upon your termination of employment due to Early Retirement rather than in accordance with the original vesting schedule).

  

	 	•	 	 PLEASE NOTE: If you terminate your employment due to Early Retirement and you do not sign a non-competition agreement, you will receive pro
rata vesting upon your termination of employment and distribution of your Covered Award (this provision remains unchanged). 

  

 C-6 

 C7. Treatment of Termination Without Cause or Sale of a Business Unit. 
  

	 	•	 	 What are the applicable terms of your existing Covered Award? 

  

	 	•	 	 In the event of (1) your termination of employment without “Cause” (as defined in the Terms and Conditions of your Covered Award) or (2) a sale
of the business unit for which you work as a result of which it ceases to be an MMC subsidiary (which is treated the same as your termination of employment without “Cause”), the Terms and Conditions of your Covered Award provide that your
award will continue to vest and be distributed in accordance with the original vesting schedule. 

  

	 	•	 	 Why are these terms being amended? 

  

	 	•	 	 Your Covered Award is subject to Section 409A. Section 409A generally does not allow different termination of employment events to result in different
distribution schedules and this distribution schedule is different from the distribution schedule that applies in other instances of termination of employment. 

  

	 	•	 	 What amendments are being made and what are the resulting new terms? 

  

	 	•	 	 The Terms and Conditions of your Covered Award are amended and will now provide that in the event of (1) your termination of employment without
“Cause” (as defined in the Terms and Conditions of your Covered Award) or (2) a sale of the business unit for which you work as a result of which it ceases to be an MMC subsidiary and your employment from MMC terminates, your Covered
Award will vest in full and be distributed as soon as practicable, and in no event later than 60 days thereafter. 

  

	 	•	 	 What impact will this amendment have on you? 

  

	 	•	 	 This amendment will only impact you if your employment is terminated without “Cause” or the business for which you work is sold and, as a result, your
employment with MMC or any of its subsidiaries terminates. In both of these instances, the Terms and Conditions of your Covered Award will now provide for earlier distribution of your award to you (i.e., upon your termination of
employment rather than in accordance with the original vesting schedule). 

  

 C-7 

 Important Legal Information 
 This document (including the Appendices) describes the amendments to the Terms and Conditions of Covered Awards. Except to the extent specifically amended as described herein, the Terms and Conditions of the Award (including, for awards
granted outside the United States, Country-Specific Notices which should be read in conjunction with the Terms and Conditions) and the Plans shall continue to apply to the Covered Awards. 
 Internally, MMC uses various terms and award codes to refer to various awards of stock units and Deferred Cash that may constitute Covered Awards. To the extent that the
title or heading of your stock unit or Deferred Cash Covered Award does not match the title or heading of an award or award code referenced within this document but otherwise has been made on the same grant date and/or has all the same
relevant identifying features, your award is a Covered Award and will be subject to the relevant amendments within. 
 The granting of an award or any
exercise or delivery thereof does not give you any right to continue to be employed by MMC or its subsidiaries or affiliates, or restrict in any way, your right or the right of your employer to terminate your employment at any time or for any reason
with or without cause or prior notice. Neither the grant of an award nor any future grant of any award shall be deemed to create any obligation to grant any further awards, whether or not such a reservation is explicitly stated at the time of grant.

 MMC and its operating companies will not be liable for any decrease in the price of MMC’s common stock or, for international grantees, the loss of
value due to fluctuations in the exchange rates between local currencies and the U.S. Dollar. 
 This document is limited to the U.S. federal tax issues
addressed herein. It was not intended or written to be used, and cannot be used by you, for the purpose of avoiding penalties that may be asserted against you under the Internal Revenue Code. The tax laws are complicated and often change. This
document is not intended to provide personal tax advice. 
 Please note that not all employees of Marsh & McLennan Companies and its participating
subsidiaries are eligible for all of the company’s benefit and compensation plans. For example, some affiliated employers are not participating employers in one or more of the company’s plans and programs; some plans have age, service,
and/or compensation requirements; and certain rewards programs are maintained at the operating company level, and/or are programs that are made available through the company but are not company-sponsored. 
 References to certain company benefit and/or compensation plans are intended to provide an easy-to-understand explanation of certain provisions relating to Covered
Awards. Every effort has been made to assure that this explanation is accurate. If any conflict arises between this document and the official plan documents of those benefit and/or compensation plans, then the official plan documents will always
govern. MMC reserves the right to terminate any plan or to amend it at any time or from time to time as it may determine at its sole discretion. References to certain company benefit and/or compensation plans do not give rise to any right to
participate in any such plan. 
 Please note that, while the company generally intends to maintain the various plans and programs it currently offers, the
company retains the right to amend or terminate every plan or benefit to the fullest extent allowed by law at any time, and for any reason it deems advisable, as to any or all of the employees, retirees, former employees or other 

 
participants or beneficiaries who are or may become covered. In fact, as a matter of prudent business planning, the company periodically re-evaluates its
plans and programs. Proposed changes that are periodically considered, if finally approved and implemented, might be more or less advantageous to you than the provisions of the current programs, depending on your individual circumstances.

 Because of the need for confidentiality, such proposals generally are discussed and evaluated only at the appropriate levels of management. Unless and
until these proposals are formally adopted and announced by the company, they are not binding. The company may establish the effective date for any changes that are formally adopted. 

 {Intentionally Left Blank}

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]