Document:

Amended and Restated Employment Agreement with Victor Garcia

 Exhibit 10.2 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this
“Agreement”) is effective as of the 9th day of April, 2009, by and between Victor Garcia (“Employee”) and CAI International, Inc., a Delaware corporation (the “Company”). 
 RECITALS 
 A. Container Applications
International, Inc., a Nevada corporation and predecessor in interest to the Company, and Employee entered into that certain Employment Agreement dated as of November 1, 2006 (the “2006 Agreement”), whereby the Company
retained Employee as the Company’s Senior Vice President and Chief Financial Officer in exchange for certain consideration as detailed in the 2006 Agreement. 
 B. The Company and Employee amended and restated the 2006 Agreement on December 31, 2008 (the “Amended Agreement”) to conform certain terms of the 2006 Agreement to the provisions of
Section 409A of the Code (as defined below). The Company and the Employee wish to make certain corrections to the Amended Agreement as set forth in this Agreement. 
 AGREEMENT 
 In consideration of the foregoing recitals and the mutual covenants contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	 	1.	Duties and Scope of Employment. 

 (a)
Position. The Company agrees to employ Employee for the term of his employment under this Agreement in the position of Senior Vice President and Chief Financial Officer on the terms and conditions set forth in this Agreement. 
 (b) Management Authority. As such officer, Employee shall be responsible for the relations of the Company with financial institutions, including
lenders, lessors and owners of equipment managed by the Company, and shall approve the hiring by the Company of officers and management employees. Employee shall report directly to Mr. Masaaki Nishibori, the Chief Executive Officer of the
Company, and shall also be responsible for any other duties which Mr. Nishibori may specify; provided that such duties are consistent with Employee’s position as an executive officer of the Company. 
 (c) Obligations. During the term of his employment under this Agreement, Employee shall perform and discharge well and faithfully his duties and
shall devote his full business efforts and time to the Company. The foregoing, however, shall not preclude Employee from engaging in appropriate civic or charitable activities or from serving on the boards of directors of other noncommercial
entities, as long as such activities and service do not interfere or conflict with his responsibilities to the Company. 

	 	2.	Base Salary. 

 During his employment under this
Agreement, the Company agrees to pay to Employee as compensation for his services, effective January 1, 2009 (the “Effective Date”), a base salary (“Base Salary”) at an initial annual rate of $343,000 payable
in twenty-four (24) equal bi-monthly installments. On November 1 of each of the two (2) subsequent years that this Agreement is in place, beginning on November 1, 2009, Employee’s Base Salary shall be increased by at least
four percent (4%) of Employee’s then-current Base Salary. 
  

	 	3.	Employee Benefits. 

 (a) General. During the
term of his employment under this Agreement, Employee shall be eligible to participate in the employee benefit plans and executive compensation programs made available by the Company to its executive officers generally, including (without
limitation) any of the following plans if and when adopted and made available by the Board of Directors: pension plans, savings plans, deferred compensation plans, life, disability, health, accident and other insurance programs, paid vacations, and
similar plans or programs subject in each case to the generally applicable terms and conditions of the plan in question and to the determination of any committee administering such plan or program. 
 (b) Death and Disability. Subject to Employee’s insurability, the Company will (i) maintain a policy of long-term disability insurance
providing for a 60-day exclusion period and disability coverage for sixty percent (60%) of Employee’s Base Salary, with Employee named as the direct beneficiary and (ii) reimburse Employee for the cost of life insurance equal to
six hundred thousand dollars ($600,000). 
 (c) Vacation. Employee shall be entitled to paid vacation accruing at the rate of
20 days per year. No more than 20 days of accrued vacation shall carry forward to the next year. 
  

	 	4.	Options to Purchase Common Stock. 

 (a) On
May 15, 2007 the Employee was granted a stock option (“Option”) to purchase 130,200 shares of the Company’s Common Stock (as adjusted for any stock dividends, combinations or splits with respect to such shares,
the “Shares”) pursuant to the Company 2007 Equity Incentive Plan (the “Plan”) at an exercise price of $15.00 per share (the “Exercise Price”). 
 (b) The vesting of the option and the other terms and conditions governing the Option are set forth in the notice of grant of the Option. 
 (c) For all purposes of this Agreement, “Change in Control” shall mean any of the following transactions: 
 (i) a merger or consolidation of the Company with or into any other company or other entity (other than for the sole purpose of changing
the Company’s state of incorporation); 
 (ii) a sale in one transaction or a series of transactions undertaken with a
common purpose of all or a controlling portion of the Company’s outstanding voting securities or such amount of the Company’s outstanding voting securities as would enable the purchaser to obtain the right to appoint a majority of the
Company’s Board of Directors; or 
  

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 (iii) a sale, lease, exchange or other transfer in one transaction or a series of related
transactions undertaken with a common purpose of all or substantially all of the Company’s assets; 
 provided, however, a private sale
of stock beneficially owned by Hiromitsu Ogawa, his spouse or his children shall not constitute a Change in Control unless (after giving effect thereto) a single party (or group of related parties) obtains control of the Company as a result of such
transaction. 
  

	 	5.	Bonuses 

 (a) Profit Sharing Bonus. For each
Fiscal Year (as defined below) during the term of this Agreement, the Company may pay to Employee a cash bonus based on the performance of Employee and on whether the Company meets its earnings goals. The amount of any bonus awarded pursuant to this
Section 5(a) will be determined by the Board of Directors of the Company (in its complete discretion), but shall not exceed forty percent (40%) of Employee’s Base Salary. Except as provided in Section 8(b)(iii), no bonus shall be
payable under this Section 5(a) unless Employee’s employment under this Agreement continues through the end of the Fiscal Year to which the bonus relates. Any amounts due to the Employee under this Section 5(a) shall be paid within
the two and one-half (2 1/2) month period immediately following the Fiscal Year to which the bonus relates. For all purposes of this Agreement, “Fiscal Year” shall mean the Company’s fiscal year ending on December 31.

 (b) IPO Bonus. Employee shall be entitled to receive the following cash bonus payment(s), provided he is an employee of the Company
on the date of such payment: 
 (i) Within 30 days of each of November 1, 2009 and November 1, 2010, Employee shall
be paid $100,000. 
 (ii) In the event of a Change in Control prior to November 1, 2010, the cash bonus obligation
described in Section 5(b)(i) above will accelerate such that upon consummation of the Change in Control Employee will be entitled to receive the balance of any amounts provided for in Section 5(b)(i) but not yet paid. Any cash bonus
obligation under this Section 5(b)(ii) shall be paid in a lump-sum payment within thirty (30) days after consummation of the Change in Control. 
  

	 	6.	Business Expenses and Travel. 

 During the term of
his employment under this Agreement, Employee shall be authorized to incur necessary and reasonable travel, entertainment and other business expenses in connection with his duties hereunder. The Company shall reimburse Employee for such expenses
upon presentation of any itemized account and appropriate supporting documentation, all in accordance with the Company’s generally applicable policies. 
  

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	 	7.	Term of Employment. 

 (a) Basic Rule. Unless
Employee’s employment terminates at an earlier date pursuant to the provisions of this Agreement, the Company agrees to continue Employee’s employment, and Employee agrees to remain in the employ of the Company, beginning on the Effective
Date until November 1, 2009. If not terminated in writing by either party at least ninety (90) days prior to the end of the applicable term, this Agreement shall automatically renew for an additional twenty-four (24) months.

 (b) Termination by the Company. Notwithstanding anything to the contrary herein, the Company may terminate Employee’s
employment for any of the following reasons: 
 (i) Death. Upon the event of Employee’s death, Employee’s
employment with the Company shall be considered automatically terminated. 
 (ii) Disability. Upon the event of
Employee’s Disability, Employee’s employment with the Company shall terminate 30 days after the Company gives Employee written notice of such termination. For all purposes of this Agreement, “Disability” shall mean that
the Board of Directors determines (with Employee abstaining) that Employee is unable to perform his duties under this Agreement for a continuous period of at least 180 days due to physical or mental illness or impairment. 
 (iii) Company Insolvency. If the Company becomes insolvent or the Company seeks relief (or an order is entered against the Company)
under any bankruptcy, reorganization, receivership, transfer for the benefit of creditors or other debtor relief statute or arrangement, Employee’s employment with the Company shall terminate thirty (30) days after the Company gives
Employee written notice of the termination. 
 (iv) Termination for Cause. The Company, at its option and without
prejudice to any other remedy to which the Company may be entitled either at law, in equity, or under this Agreement, may terminate Employee’s employment at any time for Cause by giving Employee notice in writing specifying the reason for the
termination. For all purposes under this Agreement, “Cause” shall mean: 
 (A) A failure by Employee to
substantially perform his duties hereunder which is not cured within thirty (30) days after notice from the Company, provided that any termination for any such failure due to physical or mental illness or impairment shall be made, if at all, in
accordance with Section 7(b)(ii); 
 (B) An act by Employee of material dishonesty, fraud, misrepresentation, or other
act(s) of moral turpitude; 
 (C) An intentional act by Employee (other than one constituting a business judgment that was
reasonable at the time or which was previously approved by the Board of Directors or the Board’s representative nominated by the Company’s Chairman of the Board pursuant to Section 1(d)), or a clear lack of reasonable care by
Employee, or gross misconduct by Employee, which (in each case) is seriously injurious to the Company; 
 (D) A material
breach by Employee of this Agreement which is not cured within thirty (30) days after notice from the Company; or 
  

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 (E) A material and willful violation of a federal or state law or regulation applicable
to the business of the Company. 
 (c) Termination for Good Reason. Notwithstanding anything to the contrary herein, Employee may
terminate his employment for Good Reason in accordance with this Section 7(c). For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events, without the consent of Employee: 

(i) any material diminution in Employee’s authority, duties or responsibilities, 
 (ii) any action or inaction that constitutes a material breach by the Company of this Agreement, or 
 (iii) a material change in the geographic location at which Employee must perform his duties under this Agreement, except for office
relocation within the San Francisco Bay area; provided that Employee hereby acknowledges and agrees that he may be required to travel extensively in connection with the performance of his duties under this Agreement and that any such travel
requirement will not constitute a material change in the geographic location at which Employee must perform his duties under this Agreement. 
 Notwithstanding any provision in this Agreement to the contrary, termination of Employee’s employment will not be for Good Reason unless (i) Employee notifies the Company in writing of the existence of the condition which Employee
believes constitutes Good Reason within ninety (90) days of the initial existence of such condition (which notice specifically identifies such condition), (ii) the Company fails to remedy such condition within thirty (30) days after
the date on which it receives such notice (the “Remedial Period”), and (iii) Employee actually terminates employment within thirty (30) days after the expiration of the Remedial Period and before the Company remedies
such condition. If Employee terminates employment before the expiration of the Remedial Period or after the Company remedies the condition (even if after the end of the Remedial Period), then Employee’s termination will not be considered to be
for Good Reason. A termination of Employee’s employment for Good Reason hereunder shall be deemed a “Constructive Termination” for purposes of this Agreement. Notwithstanding the foregoing, if at the time Employee terminates
his employment with the Company for Good Reason any of the circumstances described in Section 7(b)(iii) or (iv) then exist, Employee’s employment shall be deemed to have been terminated by the Company pursuant to such Section, rather
than pursuant to this Section 7(c) for all purposes of this Agreement. 
  

	 	8.	Payments upon Certain Terminations of Employment. 

 If, during the term of this Agreement (including any renewal thereof), Employee’s employment is terminated, Employee shall be entitled to receive the following: 
 (a) Company Termination Under Section 7(b)(iii) or (iv). In the event Employee’s employment is terminated (or deemed terminated) by the
Company pursuant to Section 7(b)(iii) or (iv) or in the event Employee terminates his employment with the Company other than for Good Reason, Employee shall be entitled to all accrued compensation and all other accrued benefits through the
effective date of termination, but shall not be entitled to any other 

  

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compensation or benefits, and shall not be entitled to any profit-sharing bonus under Section 5(a) for the Fiscal Year in which the termination occurs
unless it occurs on the last day of such Fiscal Year. All accrued compensation and all other accrued benefits shall be paid to Employee within thirty (30) days after the date on which Employee’s employment with the Company terminates.

 (b) Company Termination Without Cause or Under Section 7(b)(i) or (ii) or Termination for Good Reason. Subject to
Section 10, in the event Employee’s employment is terminated (i) by the Company (A) without Cause or (B) pursuant to Section 7(b)(i) or (ii) and none of the circumstances described in
Section 7(b)(iii)-(iv) then exists, or (ii) by Employee for Good Reason pursuant to Section 7(c) and none of the circumstances described in Sections 7(b)(iii)-(iv) then exist, then, in addition to all accrued
compensation and all other accrued benefits through the effective date of such termination, and (in the case of Sections 7(b)(i) and (ii) only) any death or disability benefits, respectively, Employee shall be entitled to the following
payments and benefits: 
 (i) Severance Payment. The Company shall pay Employee a lump sum amount equal to the
greater of (A) the aggregate amount of Employee’s Base Salary as in effect as of the date of employment termination for the remaining term of the Agreement, or (B) one hundred percent (100%) of Employee’s Base Salary
for the twelve (12) months immediately preceding the date of employment termination, such payment to be made within thirty (30) days after the date on which Employee’s employment with the Company terminates. 
 (ii) Group Health, Life and Disability Insurance Coverage. If Employee and his spouse and dependent children (as applicable) are
eligible for, and timely (and properly) elect, to continue their coverage under the Company’s group health plans in accordance with Section 4980B(f) of the Code (“COBRA”), the Company will pay the premium for such
coverage for whichever of the following periods is the shortest: (A) the longer of (1) the remaining term of this Agreement or (2) a period of twelve months following the date of Employee’s termination of employment or
(B) until Employee is no longer entitled to COBRA continuation coverage under the Company’s group health plans. Notwithstanding anything to the contrary in this Section 8(b)(ii), this Section 8(b)(ii) shall not require
continuation of any coverage after death in the case of termination under Section 7(b)(i), but nothing in this sentence shall affect any benefits payable on account of death. 
 (iii) Partial-Year Bonus. If the termination occurs more than one month after the end of the Company’s prior Fiscal Year, the
Company shall pay the Employee a bonus payment calculated under Section 5(a) for the Fiscal Year in which the termination occurs, prorated based on the number of days that the Employee was employed by the Company during the Fiscal Year in which
the termination occurs. Any such payment shall be made within thirty (30) days following the receipt by the Company of audited financial statements for the Fiscal Year in which the termination occurs, certified by the Company’s independent
public accountants, but in any event within the two and one-half (2 1/2) month period immediately following such Fiscal Year. 
 (iv) Remaining IPO Bonus. The Company shall pay Employee a lump sum amount equal to the balance of any amounts provided for in Section 5(b)(ii) but not yet paid. 
  

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 (v) No Duty To Mitigate. Employee shall not be required to mitigate the amount of
any payment contemplated by this Section 8(b) (whether by seeking new employment or in any other manner), nor shall any payment under this Section 8(b) be reduced by any earnings that Employee may receive from any other source. 

(c) Termination Following Change in Control. If the Company undergoes a Change in Control prior to November 1, 2009, and Employee
elects to terminate Employee’s employment with the Company following such Change in Control, the Company shall pay Employee severance equal to one hundred percent (100%) of Employee’s Base Salary for the twelve (12) months
immediately preceding the date of employment termination, less one-half of a month’s Base Salary for every month that Employee continues to be employed by the Company, a successor to the Company or an affiliate of the Company following
the Change in Control, such that Employee will be entitled to no severance pursuant to this Section 8(c) if Employee continues to be employed by any such person(s) twenty-four (24) months after the closing of the Change in Control.
Notwithstanding the foregoing, this Section 8(c) shall not apply to: (i) any renewal term of this Agreement or (ii) Employee’s termination of his employment for Good Reason following a Change in Control (which termination shall
be governed by Section 8(b)). The cash severance under this Section 8(c) shall be paid to Employee within thirty (30) after the effective date of Employee’s termination. 
  

	 	9.	Proprietary Information. 

 Employee agrees, during
and after the term of his employment by the Company, to comply fully with the Company’s policies relating to non-disclosure of the Company’s trade secrets and proprietary information and processes and hereby acknowledges and re-affirms his
obligations to the Company pursuant to that certain Employment, Confidential Information and Intellectual Property Assignment Agreement previously executed by Employee. 
  

	 	10.	Section 280G 

 (a) Notwithstanding anything to
the contrary herein, Section 10(b) shall apply in the event that the Company satisfies the requirement of Section 280G(b)(5)(A)(ii)(I) of the Code. In the event that the Company does not satisfy such requirement, Section 10(c), not
Section 10(b), shall apply. 
 (b) Prior to any change described in Section 280G(b)(2)(A)(i) of the Code (a “Section 280G
Transaction”) and in accordance with the requirements of Section 280G(b)(5)(B) of the Code, the Company shall seek, but shall not be required to obtain, approval by its shareholders of any payments, options, awards or benefits (including,
without limitation, the monetary value of any non-cash benefits and the accelerated vesting of stock options) under this Agreement or under any other plan, agreement or arrangement with the Company, any person whose actions result in a
Section 280G Transaction or any person affiliated with the Company or such person (collectively, the “Payments”), that may separately or in the aggregate constitute “parachute payments” within the meaning of
Section 280G (collectively, the “Potential Parachute Payments”). In the event that the shareholders of the Company do not approve the Employee’s Potential Parachute Payments in accordance with Section 280G(b)(5)(B) of the
Code, the Employee will have no right or entitlement to receive or retain, as the case may be, that portion of his Potential Parachute Payments that would otherwise cause any portion of any of his Potential Parachute Payments to be treated as an
“excess parachute payment” (within the meaning of Section 280G). 
  

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 (c) In the event that the Employee becomes entitled to receive or receives any Payments and it is
determined that, but for this Section 10(c), any of the Payments will be subject to any excise tax pursuant to Section 4999 of the Code or any similar or successor provision (the “Excise Tax”), the Company shall pay to the
Employee either (i) the full amount of the Payments or (ii) an amount equal to the Payments, reduced by the minimum amount necessary to prevent any portion of the Payments from being an “excess parachute payment” (within the
meaning of Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results in the receipt by the Employee, on an after-tax basis, of the greatest amount of Payments notwithstanding that all or some portion of the
Payments may be subject to the Excise Tax. For purposes of determining whether an Employee would receive a greater after-tax benefit from the Capped Payments than from receipt of the full amount of the Payments, (i) there shall be taken into
account any Excise Tax and all applicable federal, state and local taxes required to be paid by the Employee in respect of the receipt of such payments and (ii) such payments shall be deemed to be subject to federal income taxes at the highest
rate of federal income taxation applicable to individuals that is in effect for the calendar year in which the benefits are to be paid, and state and local income taxes at the highest rate of taxation applicable to individuals in the state and
locality of the Employee’s residence on the effective date of the Section 280G Transaction, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes (as determined by
assuming that such deduction is subject to the maximum limitation applicable to itemized deductions under Section 68 of the Code and any other limitations applicable to the deduction of state and local income taxes under the Code). 

(d) All calculations and determinations under this Section 10, including application and interpretation of the Code and related regulatory,
administrative and judicial authorities, shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the “Tax Advisor”). All determinations made by the Tax Advisor under this Section 10 shall
be conclusive and binding on both the Company and the Employee, and the Company shall cause the Tax Advisor to provide its determinations and any supporting calculations with respect to the Employee to the Company and the Employee. The Company shall
bear all fees and expenses charged by the Tax Advisor in connection with its services. For purposes of making the calculations and determinations under this Section 10, after taking into account the information provided by the Company and the
Employee, the Tax Advisor may make reasonable, good faith assumptions and approximations concerning the application of Sections 280G and 4999 of the Code. The Company and the Employee shall furnish the Tax Advisor with such information and
documents as the Tax Advisor may reasonably request to assist the Tax Advisor in making calculations and determinations under this Section 10. In the event that Section 10(c) applies and a reduction is required to be applied to the
Payments thereunder, the Payments shall be reduced by the Company in its reasonable discretion in the following order: (i) reduction of any Payments that are subject to Section 409A of the Code on a pro-rata basis or such other manner that
complies with Code Section 409A, as determined by the Company, and (ii) reduction of any Payments that are exempt from Code Section 409A. 
  

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 (e) Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 (i) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the Treasury regulations promulgated
thereunder. 
 (ii) “Section 280G” shall mean Section 280G of the Code and the Treasury regulations promulgated
thereunder or any similar or successor provision. 
  

	 	11.	Section 409A 

 The Company makes no
representations or warranties to Employee with respect to any tax, economic or legal consequences of this Agreement or any payments or other benefits provided hereunder, including without limitation under Section 409A of the Code, and no
provision of the Agreement shall be interpreted or construed to transfer any liability for failure to comply with Code Section 409A or any other legal requirements from Employee or any other individual to the Company or any of its affiliates.
Employee, by executing this Agreement, shall be deemed to have waived any claim against the Company and its affiliates with respect to any such tax, economic and legal consequences. However, the parties intend that this Agreement and the payments
and other benefits provided hereunder be exempt from the requirements of Code Section 409A to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4),
the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the extent Code Section 409A is applicable to this Agreement (and such payments and benefits), the parties intend
that this Agreement (and such payments and benefits) comply with the deferral, payout and other limitations and restrictions imposed under Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary, this Agreement
shall be interpreted, operated and administered in a manner consistent with such intentions. Without limiting the generality of the foregoing, and notwithstanding any other provision of this Agreement to the contrary, with respect to any payments
and benefits under this Agreement to which Code Section 409A applies, all references in this Agreement to the termination of Employee’s employment are intended to mean Employee’s “separation from service,” within the meaning
of Code Section 409A(a)(2)(A)(i). In addition, if Employee is a “specified employee,” within the meaning of Code Section 409A(a)(2)(B)(i), then to the extent necessary to avoid subjecting Employee to the imposition of any
additional tax under Code Section 409A, amounts that would otherwise be payable under this Agreement during the six-month period immediately following Employee’s “separation from service,” within the meaning of
Section 409A(a)(2)(A)(i) of the Code, shall not be paid to Employee during such period, but shall instead be accumulated and paid to Employee (or, in the event of Employee’s death, Employee’s estate) in a lump sum on the first
business day following the earlier of (a) the date that is six months after Employee’s separation from service or (b) Employee’s death. 
  

	 	12.	Successors. 

 (a) Company’s Successors.
Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume this Agreement and agree

  

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expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession.
For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this subsection (a) or which
becomes bound by this Agreement by operation of law. 
 (b) Employee’s Successors. This Agreement and all rights of Employee
hereunder shall inure to the benefit of, and be enforceable by, Employee’s personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees. 
  

	 	13.	Notice. 

 Notices and all other communications
contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Employee,
mailed notices shall be addressed to him at the home address which he most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be
directed to the attention of its Secretary. 
  

	 	14.	Miscellaneous Provisions. 

 (a) Waiver. No
provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by Employee and by authorized officer of the Company (other than Employee). No waiver by either party
of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (b) Whole Agreement. No agreements, representations or understanding (whether oral or written and whether express or implied) which are not
expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. 
 (c)
Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California. 
 (d) Severability. The invalidity or enforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full
force and effect. 
 (e) No Assignment of Benefits. The rights of any person to payments or benefits under this Agreement shall not be
made subject to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and any action in violation of this
subsection (e) shall be void. 
  

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 (f) Limitation of Remedies. If Employee’s employment hereunder terminates for any reason,
Employee shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement. 
 (g)
Withholding. The Company shall be entitled to deduct and withhold from any amounts payable under this Agreement such amounts as the Company is required to deduct or withhold therefrom under the Code or under any other applicable law.

 (h) Captions. Captions contained herein are inserted only as a matter of convenience and in no way define, limit or extend the
scope or intent of any provision hereof. 
 (i) Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together will constitute one and the same instrument. 
 (j) Arbitration. Any dispute or claim
arising under or relating to this Agreement (including without limitation the validity or scope of this Agreement or of any provision hereof or of this Section 12(j)) shall be determined exclusively by arbitration before a single arbitrator in
accordance with the commercial arbitration rules of the American Arbitration Association. In the event the parties cannot agree on an arbitrator within 10 days after either party makes a written call for arbitration hereunder, the arbitrator shall
be appointed by the Executive Director of the Northern California office of the American Arbitration Association. 
  

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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its
duly authorized officer, as of the day and year first above written. 
  

			
	CAI INTERNATIONAL, INC.
		
	By: 	 	/s/ Masaaki Nishibori
	Name:	 	Masaaki Nishibori
	Title:	 	Chief Executive Officer
	
	EMPLOYEE
	
	/s/ Victor Garcia
	Victor Garcia

  

 -12-Form of 2009 Long-term Incentive Award

 Exhibit 10.1 
 MARSH & McLENNAN COMPANIES, INC. 
 2000 SENIOR EXECUTIVE INCENTIVE AND STOCK AWARD PLAN 
 AND 
 2000 EMPLOYEE INCENTIVE AND STOCK AWARD PLAN 
 TERMS AND CONDITIONS 
 OF 
 [YEAR] LONG-TERM INCENTIVE AWARDS 
 GRANTED ON [DATE] 
  
  
  

 1 

 TABLE OF CONTENTS 
  

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

  

 2 

	I.	BACKGROUND 

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

	II.	AWARDS 

  

	 	A.	General. 

  

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

  

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

  

	 	3.	Restrictive Covenants Agreement. You must execute a Restrictive Covenants Agreement in a form determined by MMC (“Restrictive Covenants Agreement”) in order to accept
your Award and you must further reaffirm the Restrictive Covenants Agreement in order to exercise an Option and/or reaffirm your Award in order for it to vest as provided in Section III. Failure to timely execute or reaffirm and comply with the
Restrictive Covenants Agreement by the date specified in the Grant Documentation will result in forfeiture of all of your rights, title and interest in and to the Award. 

  

 3 

	 	B.	Stock Units. 

  

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

  

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

  

	 	3.	Accumulation of Dividend Equivalents. Dividend equivalents equal to the dividend payment that would have been made in respect of one share of MMC common stock for each outstanding
Stock Unit covered by the Award will accrue in U.S. dollars on any dividend payment date that occurs on or after the date of grant of the Award while the Award is outstanding. Dividend equivalents will be accrued only with respect to Stock Units
that are outstanding on an ex-dividend date. Accrued dividend equivalents will vest when the corresponding Stock Units covered by the Award in respect of which such dividend equivalents were accrued vests. Such vested dividend equivalents will be
delivered when the shares of MMC stock in respect of such vested Stock Units are delivered, subject to the satisfaction of any applicable tax obligations, as described in Section II.E. Dividend equivalents will not be paid on Stock Units that do not
vest or are forfeited. 

  

	 	4.	Delivery of Shares. Shares of MMC common stock in respect of the Stock Units covered by the Award shall be distributed to you as soon as practicable after vesting, and in no event
later than 60 days after vesting. The delivery of shares in respect of the Stock Units is conditioned on the satisfaction of any applicable tax obligations, as described in Section II.E. 

  

	 	C.	Options. 

  

	 	1.	General. A stock option (“Option”) represents the right to purchase the number of shares of MMC common stock specified in the Grant Documentation (the “Option
Shares”) at the exercise price specified in the Grant Documentation. 

  

	 	2.	Vesting. Subject to your continued employment, 25% of the Option Shares covered by the Option will vest on each of the first four anniversaries of the grant date of the Award. If your
employment terminates prior to the fourth anniversary of the grant date of the Award, your right to the unvested portion of the Option will be determined in accordance with Section III below. 

  

 4 

	 	3.	Term. Subject to your continued employment, the Option will expire on the day immediately preceding the tenth anniversary of the grant date of the Award. If your employment terminates
prior to the date the Option is fully vested or prior to the date the Option expires, your right to exercise any remaining portion of the Option will be determined in accordance with Section III below. 

  

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

  

	 	5.	Method of Exercise of an Option. 

  

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

  

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

  

	 	c.	Registration and Distribution of Option Shares. 

  

	 	i.	The shares from your Option exercise will be registered as specified in the Exercise Notice. The shares may be registered only in (A) your name or (B) your name and your
spouse’s name as joint tenants with rights of survivorship. 

  

	 	ii.	The shares from the Option exercise will be distributed as specified in the Exercise Notice, after you have satisfied applicable taxes and fees. 

  

	 	iii.	You will receive written confirmation of the Option exercise by mail at your home address on file, generally within a week following the exercise date. 

  

	 	D.	Cash Awards. 

  

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

  

 5 

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

  

	 	3.	Payment of Award. Your Award shall be paid on, or as soon as practicable after, vesting, and in no event later than 60 days after vesting. The delivery of the amount credited to the
Cash Account is conditioned on the satisfaction of any applicable tax obligations, as described in Section II.E. 

  

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

  

	 	E.	Satisfaction of Tax Obligations. 

  

	 	1.	U.S. Employees. 

  

	 	a.	Stock Units and Cash Awards. Applicable employment taxes are required by law to be withheld when a Stock Unit or the amount credited to a Cash Account vests. Applicable income taxes
are required by law to be withheld when shares of MMC common stock (or cash, as applicable) in respect of Stock Units or the amount credited to a Cash Account is delivered to you. A sufficient number of shares of MMC common stock or portion of the
Cash Account, as applicable, will be retained by MMC to satisfy the tax-withholding obligation. 

  

	 	b.	Options. Applicable taxes (including employment taxes) are required by law to be withheld when an Option is exercised. A sufficient number of shares of MMC common stock resulting from
the Option exercise will be retained by MMC to satisfy the tax-withholding obligation unless you elect in the Exercise Notice to satisfy all applicable tax withholding by check. 

  

 6 

	 	2.	Non-U.S. Employees. 

  

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

  

	 	b.	Stock Units. In most countries, the value of a Stock Unit is generally not taxable on the date of grant. If the value of the Stock Unit is not taxable on the date of grant, it will, in
most countries, be taxed at a later time, for example, upon delivery of shares of MMC common stock in respect of the Stock Unit, and/or the subsequent sale of the shares. 

  

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

  

	 	d.	Withholding. MMC and/or your local employer shall have the power and the right to deduct and withhold from your Award and other compensation, or require you to remit to MMC and to your
local employer, an amount sufficient to satisfy any taxes that MMC considers are payable under the laws of any country, state, province, city or other jurisdiction, including but not limited to income taxes, capital gain taxes, transfer taxes,
social security contributions, and National Insurance Contributions with respect to the Award, including any and all associated tax events derived therefrom. If applicable, MMC and/or your local employer may retain and sell a sufficient number of
shares of MMC common stock distributable in respect of the Award for this purpose. 

  

	III.	EMPLOYMENT EVENTS 

  

	 	A.	Death. 

  

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

  

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

  

 7 

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

  

	 	B.	Permanent Disability. 

  

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

  

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

  

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

  

	 	C.	Normal Retirement – Outside the European Union. 

  

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

  

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

  

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

  

 8 

	 	D.	Early Retirement – Outside the European Union. 

  

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

  

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

  

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

  

	 	E.	Retirement Treatment – Within the European Union. 

  

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

 

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

  

 9 

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

  

	 	F.	Termination by the Company Other Than for Cause. 

  

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

  

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

  

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

  

	 	4.	Sale of Business Unit. For the avoidance of doubt, in the event of a sale or similar transaction involving the business unit for which you work (“Employing Company”)
as a result of which the Employing Company ceases to be a subsidiary of MMC, 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.

  

	 	G.	All Other Terminations. 

 For all other terminations of employment not
described in Sections III.A through F above, 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 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. 
  

 10 

	 	H.	Condition to Vesting of Award Prior To a Scheduled Vesting Date. 

 In
the event of your Permanent Disability, termination of employment due to Normal Retirement or Early Retirement, the determination that you are eligible for retirement treatment upon your termination of employment, or your termination of employment
other than for Cause as described in Sections III.B through F, any unvested portion of the Award will vest as provided in the applicable portion of Section III; provided that you execute and return to MMC (or an agent appointed by MMC) a
Restrictive Covenants Agreement within 30 days following your termination of employment or the occurrence of your Permanent Disability. Failure to timely execute 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. 
  

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

 The
number of Stock Units or the portion of the amount credited to your Cash Account, as applicable, that vests pro-rata upon termination of employment is determined using the following formula: 
  

															
	 (
	 	 A
	  	X	 	 B
	 	)	 	–	 	D	  	
	 	  	 	C	 	 	 	  

 where 
  

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

  

	 	J.	Section 409A of the Code. 

  

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

  

 11 

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

 Your “termination of employment” (or similar terms) shall occur when you have incurred a “separation from service” within the meaning of Section 409A of the Code and as further defined herein.
Specifically, 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 of the Code. In determining whether a “separation from service” has occurred, any period of up to six months during which you are on a bona fide leave of absence or up to 29 months during which you are absent from work
due to a disability for which you are receiving MMC Long-Term Disability benefits will be ignored. 
  

	 	3.	Notwithstanding any provision herein, if at the time of the termination of your employment you are a “specified employee” (as defined in Section 409A of the Code) no
portion of your Award that is determined to be nonqualified deferred compensation subject to Section 409A of the Code shall be distributed until the first day of the seventh month after 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. 

  

	IV.	CHANGE IN CONTROL PROVISIONS 

  

	 	A.	Treatment of Awards. 

 Upon the occurrence of a “Change in
Control” of MMC, as defined in the Plan, the Award will continue to vest as specified in Section II or, if earlier, will become fully vested upon 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, and any Option Shares that were vested at the time of such termination of employment shall be exercisable until the earlier of 90 days following your termination of employment and the
expiration date of the Award. 
  

 12 

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

  

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

  

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

  

	V.	DEFINITIONS 

 As used in these Terms and Conditions: 
  

	 	A.	“Cause” shall mean: 

  

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

  

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

  

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

  

 13 

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

  

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

  

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

  

	 	B.	“Company” shall mean MMC or any of its subsidiaries or affiliates. 

  

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

  

	 	1.	a material reduction in your base salary; 

  

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

  

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

  

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

 provided that you provide 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. 
  

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

  

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

  

 14 

	 	F.	“Retirement Treatment Committee” is comprised of MMC employees appointed by the Committee. 

  

	 	G.	Additional Definitions. 

 The terms below are defined on the following
pages: 
  

			
	 Accelerated Award
	  	13
	 Additional Payment
	  	13
	 Award
	  	3
	 Award Documentation
	  	3
	 Cash Account
	  	5
	 Cash Award
	  	5
	 Change in Control
	  	12
	 Committee
	  	10
	 Country Specific Notices
	  	3
	 Employing Company
	  	10
	 Excise Tax
	  	13
	 Exercise Notice
	  	5
	 Grant Documentation
	  	3
	 MMC
	  	3
	 Option
	  	4
	 Option Shares
	  	4
	 Plan
	  	3
	 Restrictive Covenants Agreement
	  	3
	 RSU
	  	4
	 Scheduled Vesting Date
	  	4, 6
	 Section 409A of the Code
	  	11
	 Stock Unit
	  	4
	 Terms and Conditions
	  	3

  

	VI.	ADDITIONAL PROVISIONS 

  

	 	A.	Additional Provisions—General 

  

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

  

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

  

 15 

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

  

	 	B.	Additional Provisions—Outside the United States 

  

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

  

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

  

	VII.	QUESTIONS AND ADDITIONAL INFORMATION 

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

 1166 Avenue of the Americas 
 New York, New York
l0036-2774 
 United States of America 
 Telephone
Number: (212) 345-9722 
 Facsimile Number: (212) 948-8481 
 mmc.compensation@mmc.com 
  

 16

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