Document:

THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

                        MARSH & McLENNAN COMPANIES, INC.
                                  U.S. EMPLOYEE
                  2001 CASH BONUS AWARD VOLUNTARY DEFERRAL PLAN

1.     ELIGIBILITY

       All active U.S. employees of Marsh & McLennan Companies, Inc. (the
       "Corporation") and its subsidiaries who are designated as eligible for
       participation in the MMC Partners Bonus Plan or a Local Bonus Plan, and
       who are presently in salary grade 15 (or its equivalent) or above, may,
       at management's discretion, be considered for participation in the Marsh
       & McLennan Companies, Inc. U.S. Employee 2001 Cash Bonus Award Voluntary
       Deferral Plan (the "2001 Plan"). Participants in the 2001 Plan may make
       deferral elections pursuant to the rules outlined in Section 2 below.

2.     PROGRAM RULES

       Except as otherwise provided herein, the 2001 Plan shall be administered
       by the Compensation Committee of the Board of Directors of the
       Corporation (the "Committee"). The Committee shall have authority in its
       sole discretion to interpret the 2001 Plan and make all determinations,
       including the determination of bonus awards eligible to be deferred, with
       respect to the 2001 Plan. All determinations made by the Committee shall
       be final 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 2001 Plan, and references to the Committee shall be
       deemed to include any such delegate. Exercise of deferral elections under
       the 2001 Plan must be made in accordance with the following rules.

       a.     RIGHTS TO AN AWARD AND TO A DEFERRAL ELECTION

              (i)    2001 CASH BONUS DEFERRAL. The right of an employee to a
                     deferral election currently applies to the annual cash
                     bonus scheduled to be awarded in early 2002 in respect of
                     2001 services, the payment of which bonus would normally be
                     made by the end of the first quarter of the 2002 calendar
                     year. The granting of such an annual cash bonus award is
                     discretionary, and neither delivery of deferral election
                     materials nor an election to defer shall affect entitlement
                     to such an award. The right to a deferral election does not
                     apply to bonuses (including, but not limited to, sign-on
                     bonuses, commissions or non-annual incentive payments) that
                     are not awarded as part of an annual cash bonus plan.

              (ii)   2002 CASH BONUS DEFERRAL. The right of an employee to a
                     deferral election currently applies to the annual cash
                     bonus scheduled to be awarded in early 2003 in respect of
                     2002 services, should the employee have a guarantee for the
                     bonus, the payment of which would normally be made by the
                     end of the first quarter of the 2003 calendar year. The
                     deferral of such a bonus will be made pursuant to the U.S.
                     Employee 2002 Cash Bonus Award Voluntary Deferral Plan (the
                     "2002 Plan") and is contingent upon approval of the 2002
                     Plan by the Committee. The terms and conditions for the
                     2002 Plan are expected to be essentially the same as for
                     the 2001 Plan.

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       b.     ELECTION FORMS

              In order to ensure that elections to defer bonus amounts
              (including such amounts for 2002 cash bonuses with a guarantee)
              are effective under applicable tax laws, please complete and sign
              the attached election form(s), and return them (postmarked,
              delivered or faxed) no later than December 3, 2001. Form(s) should
              be returned, and any questions should be directed, to:

                                        Brian A. Kenny
                       Manager, Compensation Systems and Administration
                               Marsh & McLennan Companies, Inc.
                                  1166 Avenue of the Americas
                                    New York, NY 10036-2774
                                  Telephone #: (212) 345-5287
                                  Facsimile #: (212) 345-4767

       c.     DEFERRAL OPTIONS

              (i)    DEFERRAL AMOUNT. An eligible employee may elect to defer a
                     portion of such employee's bonus award until January of a
                     specific year ("year certain") or until January of the year
                     following retirement in an amount represented by one of the
                     following two choices:

                     1.     25%, 50% or 75% of the employee's cash bonus award,
                            subject to a maximum limit established by the
                            Committee, or

                     2.     the lowest of 25%, 50% or 75% of the employee's cash
                            bonus award which results in a deferral of at least
                            $10,000.

                     If the percentage selected times the amount of the cash
                     bonus award is less than $10,000, NO deferral will be made
                     or deducted from the award.

              (ii)   2001 DEFERRED BONUS ACCOUNTS. If a deferral election is
                     made, deferrals may be made into one or both of the two
                     accounts which the Corporation shall make available to the
                     participating employee. The relevant portion of the award
                     deferral will be credited to the relevant account on the
                     first business day following the date on which the bonus
                     payment would have been made had it not been deferred. The
                     available accounts for deferrals of bonuses (the "2001
                     Deferred Bonus Accounts") shall consist of (a) the 2001
                     Putnam Fund Account and (b) the 2001 Corporation Stock
                     Account. Amounts may not be transferred between the 2001
                     Corporation Stock Account and the 2001 Putnam Fund Account.

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       d.     2001 PUTNAM FUND ACCOUNT

              (i)    ACCOUNT VALUATION. The 2001 Putnam Fund Account is a
                     bookkeeping account, the value of which shall be based upon
                     the performance of selected funds of the Putnam mutual fund
                     group. The Corporation will determine, in its sole
                     discretion, the funds of the Putnam mutual fund group into
                     which deferrals may be made. Deferrals among selected funds
                     comprising the 2001 Putnam Fund Account must be made in
                     multiples of 5% of the total amounts deferred into the 2001
                     Putnam Fund Account. Deferred amounts will be credited to
                     the 2001 Putnam Fund Account with units each reflecting one
                     Class Y share of the elected fund. Fractional units will
                     also be credited to such account, if applicable. The number
                     of such credited units will be determined by dividing the
                     value of the bonus award deferred into the elected fund by
                     the net asset value of such fund of the 2001 Putnam Fund
                     Account as of the close of business on the day on which
                     such bonus payment would have been made had it not been
                     deferred. All dividends paid with respect to an elected
                     fund of a 2001 Putnam Fund Account will be deemed to be
                     immediately reinvested in such fund.

              (ii)   FUND REALLOCATIONS. Amounts deferred into a 2001 Putnam
                     Fund Account may be reallocated between eligible funds of
                     these respective accounts pursuant to an election which may
                     be made daily. Such election shall be effective, and the
                     associated reallocation shall be based upon the net asset
                     values of the applicable funds of the 2001 Putnam Fund
                     Account, as of the close of business on the business day
                     the election is received by facsimile or mail, if received
                     by 2:30 p.m. Eastern Time of that day. If received later
                     than 2:30 p.m., the election shall be effective as of the
                     close of business on the following business day.

       e.     2001 CORPORATION STOCK ACCOUNT

              (i)    ACCOUNT VALUATION. The 2001 Corporation Stock Account is a
                     bookkeeping account, the value of which shall be based upon
                     the performance of the common stock of the Corporation.
                     Amounts deferred into the 2001 Corporation Stock Account
                     will be credited to such account with units each reflecting
                     one share of common stock of the Corporation. Fractional
                     units will also be credited to such account, if applicable.
                     The number of such credited units will be determined by
                     dividing the value of the bonus award deferred into the
                     2001 Corporation Stock Account (plus the "supplemental
                     amount" referred to in clause (ii) below) by the closing
                     price of the common stock of the Corporation on the New
                     York Stock Exchange on the day on which such bonus payment
                     would have been made had it not been deferred. Dividends
                     paid on the common stock of the Corporation shall be
                     reflected in a participant's 2001 Corporation Stock Account
                     by the crediting of additional units in such account equal
                     to the value of the dividend and based upon the closing
                     price of the common stock of the Corporation on the New
                     York Stock Exchange on the date such dividend is paid.
                     Deferrals into the 2001 Corporation Stock Account must be
                     deferred to a date not earlier than January 1, 2005. (For
                     deferrals relating to 2002 bonuses with a guarantee, such
                     deferrals will be allocated into the 2002 Corporation Stock
                     Account and must be deferred to a date not earlier than
                     January 1, 2006.)

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<PAGE>

              (ii)   SUPPLEMENTAL AMOUNT. With respect to that portion of a
                     bonus award which a participating employee defers into the
                     2001 Corporation Stock Account, there shall be credited to
                     such participant's 2001 Corporation Stock Account an amount
                     equal to the amount deferred into such account plus an
                     additional amount equal to 15% of the amount so deferred
                     (the "supplemental amount"). The maximum percentage of any
                     participating employee's annual bonus award permitted to be
                     deferred into the 2001 Corporation Stock Account (prior to
                     giving effect to the supplemental amount) is 50% of such
                     award.

              (iii)  STOCK DISTRIBUTIONS. Distributions from the 2001
                     Corporation Stock Account will be deposited automatically
                     via book entry for your personal account with the
                     Corporation's stock transfer agent. If you (or you and your
                     spouse, as joint tenants) already have such an account with
                     the stock transfer agent, then the shares will be deposited
                     into that account. If you do not have such an account, then
                     one will be established in your name, and the shares will
                     be deposited in the account.

       f.     STATEMENT OF ACCOUNT

              The Corporation shall provide periodically to each participant
              (but not less frequently than once per calendar quarter) a
              statement setting forth the balance to the credit of such
              participant in such participant's 2001 Deferred Bonus Accounts.

       g.     IRREVOCABILITY AND ACCELERATION

              Subject to the provisions of paragraphs h. (iii) and h. (vii)
              below, all deferral elections made under the 2001 Plan (and the
              2002 Plan) are irrevocable. However, the Committee may, in its
              sole discretion, and upon finding that a participant has
              demonstrated severe financial hardship, direct the acceleration of
              the payment of any or all deferred amounts then credited to the
              participant's 2001 Deferred Bonus Accounts.

       h.     PAYMENT OF DEFERRED AMOUNTS

              (i)    YEAR CERTAIN DEFERRALS. If the participant remains employed
                     until the deferral year elected, all amounts relating to
                     "year certain" deferrals will be paid in a single
                     distribution, less applicable withholding taxes, in January
                     of the deferral year elected, or the participant may elect
                     (at the time of the original deferral election) to have
                     distributions from the 2001 Corporation Stock Account or
                     the 2001 Putnam Fund Account, as the case may be, made in
                     up to fifteen (15) annual installments payable each January
                     commencing with the deferral year elected. Annual
                     installments will be paid in an amount, less applicable
                     withholding taxes, determined by multiplying (i) the
                     balance of the 2001 Corporation Stock Account or the 2001
                     Putnam Fund Account, as the case may be, by (ii) a
                     fraction, the numerator of which is 1 and the denominator
                     of which is a number equal to the remaining unpaid annual
                     installments.

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<PAGE>

              (ii)   RETIREMENT DEFERRALS. For participants who retire, amounts
                     relating to deferrals until the year following retirement
                     will be paid in a single distribution in January of the
                     year following retirement, or the participant may elect (at
                     the time of the original deferral election) to have
                     distributions from the 2001 Corporation Stock Account or
                     2001 Putnam Fund Account, as the case may be, made in up to
                     fifteen (15) annual installments payable each January
                     commencing with the year following retirement. Annual
                     installments will be paid in an amount, less applicable
                     withholding taxes, determined by multiplying (i) the
                     balance of the 2001 Corporation Stock Account or 2001
                     Putnam Fund Account, as the case may be, by (ii) a
                     fraction, the numerator of which is 1 and the denominator
                     of which is a number equal to the remaining unpaid annual
                     installments.

              (iii)  REDEFERRAL ELECTION. Participants shall be permitted to
                     delay the beginning date of distribution and/or increase
                     the number of annual installments (up to the maximum number
                     permitted under the 2001 Plan) for awards previously
                     deferred or redeferred under the 2001 Plan (and the 2002
                     Plan), provided that the redeferral election must be made
                     at least one full calendar year prior to the beginning date
                     of distribution.

              (iv)   TERMINATION OF EMPLOYMENT PRIOR TO END OF DEFERRAL PERIOD.
                     Subject to the provisions of paragraph (vi) below, in the
                     event of termination of employment for any reason prior to
                     completion of the elected deferral period, all amounts then
                     in the participant's 2001 Deferred Bonus Accounts will be
                     paid to the participant (or the participant's designated
                     beneficiary in the event of death) in a single
                     distribution, less applicable withholding taxes, as soon as
                     practicable after the end of the quarter in which the
                     termination occurred; PROVIDED, HOWEVER, that, subject to
                     the provisions of paragraph (vi) below, upon a
                     participant's retirement or termination for total
                     disability prior to completion of the elected deferral
                     period, all such amounts shall be paid in January of the
                     year following such retirement or termination for total
                     disability, as the case may be.

              (v)    DEATH DURING INSTALLMENT PERIOD. If a participant dies
                     after the commencement of payments from his or her 2001
                     Deferred Bonus Accounts, the designated beneficiary shall
                     receive the remaining installments over the elected
                     installment period.

              (vi)   SPECIAL RULES APPLICABLE TO 2001 CORPORATION STOCK ACCOUNT.
                     Notwithstanding any provision in the 2001 Plan to the
                     contrary (other than the second sentence of Section 2.i.
                     above), with respect to a participant's 2001 Corporation
                     Stock Account, in the event that prior to January 1, 2005,
                     a participant's employment terminates for total disability
                     or retirement, all amounts in such account will be paid to
                     the participant, less applicable withholding taxes, in
                     January of 2005. In the event that, prior to January 2005,
                     a participant's employment terminates on account of death,
                     or a participant whose employment was earlier terminated
                     for total disability or retirement should die, the
                     distribution rule in paragraph (iv) above will apply. If,
                     however, the termination of employment prior to January 1,
                     2005 is on account of a reason other than death, total
                     disability or retirement, the participant will receive, as
                     soon as practicable following the end of the quarter in
                     which the termination occurred, a single distribution, less
                     applicable withholding taxes, of (a) the balance of the
                     participant's 2001 Corporation

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<PAGE>

                     Stock Account less (b) the portion of such balance
                     attributable to the supplemental amount (including earnings
                     thereon), which portion shall be forfeited in its entirety.
                     For purposes of determining the portion of the balance of
                     the 2001 Corporation Stock Account attributable to the
                     supplemental amount, the supplemental amount shall be
                     increased or decreased by the respective gain or loss in
                     the 2001 Corporation Stock Account attributable to such
                     supplemental amount.

              (vii)  ACCELERATION OF DISTRIBUTION. A participant may elect to
                     accelerate the distribution of all or a portion of the 2001
                     Deferred Bonus Accounts for any reason prior to the
                     completion of the elected deferral period, subject to the
                     imposition of a significant penalty in accordance with
                     applicable tax rules. The penalty shall be an account
                     forfeiture equal to (i) 6% of the amount that the
                     participant elects to have distributed from the 2001
                     Deferred Bonus Accounts and (ii) 100% of any unvested
                     supplemental amount as provided in Section 2(e)(ii) above,
                     including related earnings, that the participant elects to
                     have distributed from the 2001 Corporation Stock Account.
                     Amounts distributed to the participant will be subject to
                     applicable tax withholding, but amounts forfeited will not
                     be subject to tax.

              (viii) CHANGE IN CONTROL. Notwithstanding any other provision in
                     the 2001 Plan to the contrary, in the event of a "change in
                     control" of the Corporation, as defined in the
                     Corporation's 2000 Senior Executive Incentive and Stock
                     Award Plan (the "2000 Senior Executive Plan") and 2000
                     Employee Incentive and Stock Award Plan (the "2000 Employee
                     Plan"), all amounts credited to a participant's 2001
                     Deferred Bonus Accounts as of the effective date of such
                     change in control will be distributed within five days of
                     such change in control as a lump sum cash payment, less
                     applicable withholding taxes.

              (ix)   FORM OF PAYMENT. All payments in respect of the 2001 Putnam
                     Fund Account shall be made in cash and payments in respect
                     of the 2001 Corporation Stock Account shall be made in
                     shares of common stock of the Corporation; provided,
                     however, that in the event of a change in control of the
                     Corporation, payments from the 2001 Corporation Stock
                     Account shall be made in cash based upon (A) the highest
                     price paid for shares of common stock of the Corporation in
                     connection with such change in control or (B) if shares of
                     common stock of the Corporation are not purchased or
                     exchanged in connection with such change in control, the
                     closing price of the common stock of the Corporation on the
                     New York Stock Exchange on the last trading day on the New
                     York Stock Exchange prior to the date of the change in
                     control.

       i.     TAX TREATMENT

              Under present Federal income tax laws, no portion of the balance
              credited to a participant's 2001 Deferred Bonus Accounts will be
              includable in income for Federal income tax purposes during the
              period of deferral. However, FICA tax withholding is required
              currently on the cash bonus amount (excluding any portion subject
              to a mandatory deferral) awarded to the participant, and such
              withholding is required on the supplemental amount in January of
              2005. When any part of the 2001 Deferred Bonus Accounts is
              actually paid to the participant, such portion will be includable
              in income, and Federal, state and local income tax withholding
              will

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              apply. The Corporation may make necessary arrangements in order to
              effectuate any such withholding, including the mandatory
              withholding of shares of common stock of the Corporation which
              would otherwise be distributed to a participant.

       j.     BENEFICIARY DESIGNATION

              Each participant shall have the right, at any time, to designate
              any person or persons as beneficiary or beneficiaries (both
              principal and contingent) to whom payment shall be made under the
              2001 Plan and every other Cash Bonus Award Voluntary Deferral Plan
              for which the participant has or will have an account balance
              (collectively, including the 2001 Plan, "the Plans"), in the event
              of death prior to complete distribution to the participant of the
              amounts due under the Plans. Any beneficiary designation may be
              changed by a participant by the filing of such change in writing
              on a form prescribed by the Corporation. The filing of a new
              beneficiary designation form will cancel all beneficiary
              designations previously filed and apply to all deferrals in the
              account. A beneficiary designation form is attached for use by a
              participant who either does not have such form on file or wishes
              to make a change in the beneficiary designation. Upon completion
              of the attached form, it should be forwarded to Brian Kenny, at
              the address set forth in Section 2.b. above. If a participant does
              not have a beneficiary designation in effect, or if all designated
              beneficiaries predecease the participant, then any amounts payable
              to the beneficiary shall be paid to the participant's estate. The
              payment to the designated beneficiary or to the participant's
              estate shall completely discharge the Corporation's obligations
              under the Plans.

       k.     CHANGES IN CAPITALIZATION

              If there is any change in the number or class of shares of common
              stock of the Corporation through the declaration of stock dividend
              or other extraordinary dividends, or recapitalization resulting in
              stock splits, or combinations or exchanges of such shares or in
              the event of similar corporate transactions, each participant's
              2001 Corporation Stock Account shall be equitably adjusted by the
              Committee to reflect any such change in the number or class of
              issued shares of common stock of the Corporation or to reflect
              such similar corporate transaction.

3.     AMENDMENT AND TERMINATION OF THE 2001 PLAN

       The Committee may, at its discretion and at any time, amend the 2001 Plan
       in whole or in part. The Committee may also terminate the 2001 Plan in
       its entirety at any time and, upon any such termination, each participant
       shall be paid in a single distribution, or over such period of time as
       determined by the Committee (not to extend beyond the earlier of 15 years
       or the elected deferral period), the then remaining balance in such
       participant's 2001 Deferred Bonus Accounts.

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<PAGE>

4.     MISCELLANEOUS

       a.     A participant under the 2001 Plan is merely a general (not
              secured) creditor, and nothing contained in the 2001 Plan shall
              create a trust of any kind or a fiduciary relationship between the
              Corporation and the participant or the participant's estate.
              Nothing contained herein shall be construed as conferring upon the
              participant the right to continued employment with the Corporation
              or its subsidiaries, or to a cash bonus award. Except as otherwise
              provided by applicable law, benefits payable under the 2001 Plan
              may not be assigned or hypothecated, and no such benefits shall be
              subject to legal process or attachment for the payment of any
              claim of any person entitled to receive the same. The adoption of
              the 2001 Plan and any elections made pursuant to the 2001 Plan are
              subject to approval of the 2001 Plan by the Committee.

       b.     Participation in the 2001 Plan is subject to these terms and
              conditions and to the terms and conditions of (i) the 2000 Senior
              Executive Plan with respect to those participants hereunder who
              are subject thereto and (ii) the 2000 Employee Plan with respect
              to all other participants. Participation in the 2001 Plan shall
              constitute an agreement by the participant to all such terms and
              conditions and to the administrative regulations of the Committee.
              In the event of any inconsistency between these terms and
              conditions and the provisions of the 2000 Senior Executive Plan or
              the 2000 Employee Plan, as applicable, the provisions of the
              latter shall prevail. The 2000 Senior Executive Plan and the 2000
              Employee Plan are not subject to any of the provisions of the
              Employee Retirement Income Security Act Of 1974.

       c.     Not more than four million (4,000,000) shares of the Corporation's
              common stock, plus such number of shares remaining unused under
              pre-existing stock plans approved by the Corporation's
              stockholders, may be issued under the 2000 Senior Executive Plan.

       d.     Not more than forty million (40,000,000) shares of the
              Corporation's common stock, plus such number of shares authorized
              and reserved for awards pursuant to certain preexisting share
              resolutions adopted by the Corporation's Board of Directors, may
              be issued under the 2000 Employee Plan.

5.     INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

       The Annual Report on Form 10-K of the Corporation for its last fiscal
       year, the Corporation's Registration Statement on Form 8 dated February
       3, 1987, describing Corporation common stock, including any amendment or
       reports filed for the purpose of updating such description, and the
       Corporation'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 the
       Corporation under the Securities Exchange Act of 1934, as amended (the
       Exchange Act), are incorporated by reference herein.

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       All documents subsequently filed by the Corporation pursuant to Sections
       13(a), 13(c), 14 and 15(d) of the Exchange Act, subsequent to the end of
       the Corporation'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.

       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 Mr.
       Brian Kenny, Manager, Compensation Systems and Administration, as
       indicated above.

                                       9Exhibit 10.20

                              AMENDED AND RESTATED
                         MARSH & McLENNAN CAPITAL, INC.
                        DEFERRED COMPENSATION AND PROFITS
                            LIMITED PARTNERSHIP PLAN

                       (Effective as of December 1, 1998)

Section 1.   PURPOSE.

              The  purpose of the Plan is to enable the  Employer to attract and
retain key employees who are expected to contribute to the Employer's success by
offering  them an  opportunity  to defer the  receipt of  compensation,  and the
opportunity  simultaneously to receive currently additional  compensation in the
form of a Profits Interest, enabling the Eligible Employee to obtain, subject to
certain additional credit risks not present in a direct investment,  an economic
interest in a Fund substantially  similar to the acquisition of a regular direct
limited partnership interest in such Fund.

Section 2.  DEFINITIONS.

              2.1    "ACCOUNTS"  means a  Participant's  AFR Accounts and T-Bill
Account.

              2.2    "AFR ACCOUNT"  means,  with respect to any  Participant,  a
book entry account  established  pursuant to and administered in accordance with
Section 5.

              2.3    "AFR RATE" shall mean,  with respect to any Fund, the fixed
rate of return as of the date of the first  capital call of such Fund,  equal to
the  applicable  federal  long-term  rate  under  section  1274(d)  of the Code,
compounded  annually,  as determined  in the good faith  judgment of the general
partner  of such  Fund,  PROVIDED  that the  general  partner  of such  Fund may
increase such fixed rate of return if, as of the date of any subsequent  capital
call of such Fund, such fixed rate of return is less than the applicable federal
rate under section 1274(d) of the Code, compounded annually.

              2.4    "BOARD" means the Board of Directors of the Corporation.

              2.5    "CODE" means the Internal Revenue Code of 1986, as amended.

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan

<PAGE>

              2.6    "COMMITTEE"  means  the  committee  or  individual  that is
authorized  by the  Board  to  administer  the  Plan  (or,  if  there is no such
committee or authorized individual, the Board).

              2.7    "CORPORATION"  means  Marsh &  McLennan  Capital,  Inc.,  a
Delaware corporation, or any successor thereto.

              2.8    "DEFAULT" has the meaning ascribed thereto in Section 8.1.

              2.9    "DEFERRAL  COMMITMENT"  with  respect  to each  Participant
means the total amount of compensation  the  Participant  commits to defer under
the Plan.

              2.10   "DEFERRAL  ELECTION" means the election made by an Eligible
Employee to defer receipt of compensation pursuant to Section 3 of the Plan.

              2.11   "EFFECTIVE DATE" means December 1, 1998.

              2.12   "ELIGIBLE  EMPLOYEE" means for the purpose of this Plan, an
officer,  director or employee of the Employer who meets the  requirements to be
an eligible employee established by the Committee.

              2.13   "EMPLOYER" means the Corporation, and any of its successors
or  affiliates  which  adopts the Plan with  respect to its  employees  with the
consent of the Corporation.

              2.14   "EMPLOYER  LP  INTEREST"  when used in the  context  of any
Participant's  interests under the Plan means the Employer LP Interest in a Fund
acquired  by  the   Participant's   Employer   which  is  associated   with  the
Participant's Profits Interest in such Fund.

              2.15   "FUND" means, as applicable,  the Marsh & McLennan  Capital
Professionals Fund, L.P., a Cayman Islands exempted limited partnership,  or the
Marsh & McLennan Capital Technology Professionals Venture Fund, L.P., a Delaware
limited  partnership,  or any other  private  equity or venture  capital  fund a
Profits  Interest (or series  thereof) in which the Committee deems suitable for
transfer to a Participant.

              2.16   "PARTICIPANT"  means  any  Eligible  Employee  who  makes a
Deferral Election.

              2.17   "PARTNERSHIP  AGREEMENT" means the agreement  governing the
rights and obligations of partners  (including the Employer and each Participant
who  becomes a partner in such Fund in  accordance  with  Section 4 hereof) in a
Fund, as in effect from time to time.

                                       2

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

              2.18   "PLAN" means this Marsh & McLennan  Capital,  Inc. Deferred
Compensation  and Profits Limited  Partnership  Plan, as in effect and as may be
amended from time to time.

              2.19   "PROFITS  INTEREST"  with respect to each  Participant  who
executes a Subscription Agreement means a Profits Interest in a Fund transferred
to such Participant pursuant to Section 4.

              2.20   "RETIREMENT"  has the meaning ascribed thereto in the Marsh
& McLennan Companies Benefit Program.

              2.21   "SENIOR  PRINCIPALS" means any of Robert Clements,  Charles
A. Davis,  Stephen  Friedman and Jeffrey W. Greenberg,  PROVIDED that Jeffrey W.
Greenberg shall not be deemed to be a senior principal with respect to the Marsh
& McLennan Capital Technology Professionals Venture Fund, L.P.

              2.22   "SUBSCRIPTION AGREEMENT" with respect to any Participant in
connection with a specific Fund means the agreement  between the general partner
of such  Fund and the  Participant  pursuant  to which  such  Fund  sells to the
Participant,  and the Participant undertakes certain commitments as a partner in
such Fund, including,  without limitation, the obligation to pay to such Fund an
amount equal to the aggregate amount deferred, a rate of return thereon equal to
the AFR Rate and any profits  previously  distributed in respect of, the Profits
Interest.

              2.23   "T-BILL  ACCOUNT" means with respect to each  Participant a
book entry account  established  pursuant to and administered in accordance with
Section 5.

              2.24   "TOTAL  DISABILITY" has the meaning ascribed thereto in the
Marsh & McLennan Companies Benefit Program.

              2.25   "VALUE"  with  respect to any Fund and as of any date shall
mean the value,  as  determined  pursuant to the  Partnership  Agreement of such
Fund,  of a  Participant's  Profits  Interest  with  respect to such Fund on the
valuation date of such Fund coinciding with or immediately preceding the date of
determination.

Section 3.    PARTICIPATION.

              3.1    INITIAL  ELECTION TO  PARTICIPATE.  Subject to Section 3.2,
not later than 30 days after the Effective  Date, an employee who is an Eligible
Employee at the  Effective  Date may elect to defer receipt of up to that amount
of  compensation  that the Employer  shall permit to be deferred

                                       3

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

hereunder. An employee who becomes an Eligible Employee after the Effective Date
may elect,  not later than 30 days after becoming  eligible to  participate,  to
defer  receipt of up to that  amount of  compensation  that the  Employer  shall
permit to be deferred hereunder.

              3.2    COMMITTEE  DISCRETION.  At any time  after  the  applicable
period  specified in Section 3.1, the Committee may permit an Eligible  Employee
to elect prior to the commencement  of any period of service (or at such other
time or times and subject to such other conditions as the Committee may specify)
to defer receipt of up to that amount of compensation  otherwise  payable to the
Eligible  Employee in respect of such services that the Employer shall permit to
be  deferred  hereunder.  Notwithstanding  the  preceding  sentence,  unless the
Committee  otherwise  determines,  no  Eligible  Employee  shall be  eligible to
participate  in the Plan with  respect  to a  specific  Fund  unless  there is a
closing  of such Fund  which  takes  place at least 30 days (or such  greater or
lesser period as the Committee shall  determine) after the date as of which such
Eligible Employee files his or her election to participate in the Plan.

              3.3    FORMS AND TERMS OF ELECTION.  A Deferral  Election shall be
made by  written  notice  on a form  approved  by the  Committee  and  shall  be
effective only when filed with the Committee.  Each Deferral Election shall only
apply with respect to compensation  that the Participant does not have the right
to  receive at the time of the  election,  and shall  specify  the amount of the
Participant's  Deferral  Commitment.  In  determining  the  amount of his or her
Deferral  Commitment,  a Participant should consider all relevant aspects of the
Plan, including, without limitation, (I) the Committee's control over the timing
of distributions  pursuant to Section 6, (II) the generally limited availability
of any hardship  withdrawals  pursuant to Section 6.3, (III) the consequences of
termination of employment as described in Section 7.2 and (IV) the  consequences
of failing to satisfy such Deferral Commitment as described in Section 8. Unless
otherwise  determined  by the  Committee,  any  election  to defer  compensation
hereunder  shall  continue  in effect  during  the  period of the  Participant's
employment  with the Employer until the  Participant's  Deferral  Commitment has
been satisfied in full. The Corporation  may, from time to time and at any time,
establish a minimum  amount  (which may be stated as a percentage  of a class of
compensation  eligible  for  deferral  hereunder)  that may be  deferred  by any
Eligible Employee.

              3.4    TIMING OF DEFERRALS.  The  Corporation  shall determine the
time  or  times  at  which  amounts  are to be  deferred  in  accordance  with a
Participant's  Deferral  Election.  The Corporation shall specify the manner and
timing of deferrals in the  Deferral  Election or otherwise  identify the manner
and timing of deferrals in writing to the Participant prior to the time at which
the Participant makes his or her Deferral Election.

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                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

              3.5    SUBSCRIPTION AGREEMENT.  Each Participant shall be required
to execute and deliver a Subscription  Agreement in connection with each Fund in
which such Participant is to receive the transfer of a Profits  Interest,  which
Subscription  Agreement shall provide that, as a condition to the receipt of the
additional compensation represented by the Profits Interest described in Section
4 below,  the  Participant  agrees,  among  other  things:  (I) to make a timely
recognition  election  under  Section  83(b) of the  Code  with  respect  to the
transfer of the Profits  Interest with respect to such Fund,  based on the value
thereof  identified by the  Employer,  (II) to become a party to and be bound by
the terms of the  Partnership  Agreement  of such Fund and (III) to execute  any
documents related to such Profits Interest and to provide such information as is
requested by the general partner of the Fund or its duly appointed agent.

Section 4.    PROFITS INTEREST.

              A Profits  Interest in a particular  Fund will be  transferred  to
each  Participant  that executes a  Subscription  Agreement with respect to such
Fund  and the  Partnership  Agreement  of  such  Fund  at the  same  time as the
Participant's  Employer  acquires  the  associated  Employer LP Interest in such
Fund. A Participant's  rights with respect to any such Profits Interest shall be
subject to the terms and  conditions  set forth in this Plan,  the  Subscription
Agreement with respect to such Fund and the  Partnership  Agreement of such Fund
including,  without  limitation,  Section 7 hereof  (relating to  termination of
employment).

Section 5.    ACCOUNTS.

              5.1    Accounts. (a) ESTABLISHMENT OF ACCOUNTS. The Employer shall
establish for each Participant (I) a T-Bill Account, and (II) an AFR Account for
each Fund in which such  Participant  is to receive  the  transfer  of a Profits
Interest.

              (b)    TRANSFER OF DEFERRED AMOUNTS TO T-BILL ACCOUNTS. The amount
deferred  pursuant to a  Participant's  Deferral  Election  shall  initially  be
credited to such Participant's T-Bill Account.

              (c)    TRANSFERS TO AFR ACCOUNTS. At the time the Employer makes a
capital contribution to a Fund in respect of its Employer LP Interest associated
with the Profits  Interest of a  particular  Participant,  the lesser of (I) the
balance in such  Participant's  T-Bill  Account and (II) an amount  equal to the
amount of the Employer's  capital  contributions,  shall be transferred from the
Participant's  T-Bill Account to the Participant's AFR Account  established with
respect to such Fund. If the amount of capital  contributed by the Participant's
Employer to such Fund in respect of the Employer LP Interest associated with the
Profits Interest of such Participant exceeds the

                                       5

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

balance in such Participant's T-Bill Account, any amounts thereafter credited to
such  Participant's  T-Bill  Account  shall be  immediately  transferred  to the
Participant's  AFR Account until the amount  transferred  to such AFR Account is
equal to the amount of the Employer's capital contributions.

              (d)    TRANSFERS FROM FUND AND AFR ACCOUNTS.  Unless the Committee
otherwise determines,  whenever the Employer receives a distribution from a Fund
on or in  respect  of its  Employer  LP  Interest  associated  with the  Profits
Interest of a particular Participant,  an amount equal to the amount distributed
to the  Employer  shall  be  transferred  from  the  Participant's  AFR  Account
established with respect to such Fund to the Participant's T-Bill Account.

              5.2    INTEREST  DEEMED  CREDITED  ON T-BILL AND AFR  ACCOUNTS.  A
Participant's  T-Bill Account shall be credited with interest at the end of each
calendar month at a rate equal to the Generic  3-month  (Treasury Bill) Mid/Last
rate as of the first day of each month as  reported by  Bloomberg,  based on the
average  amount  credited to such T-Bill  Account  during such month.  Each of a
Participant's AFR Accounts at any time shall be credited with interest as of the
last day of each calendar  year at the AFR Rate,  based on the number of days in
the relevant  period  during which each amount was credited to such AFR Account;
PROVIDED that in the case of any amount  transferred or distributed  from an AFR
Account during the calendar  year,  interest shall be credited as of the date of
such transfer or distribution. Notwithstanding anything else contained herein to
the contrary, a Participant's AFR Account shall be reduced as of the date of any
transfer  or  distribution  from such AFR Account by the amount  transferred  or
distributed  from such AFR Account (plus any interest  credited thereon pursuant
to the preceding sentence).

Section 6.    DISTRIBUTIONS.

              6.1    DISTRIBUTIONS FROM A PARTICIPANT'S  T-BILL ACCOUNT.  Except
to the extent otherwise expressly provided herein, no distribution shall be made
from a  Participant's  T-Bill  Account  until the  earlier of (I) the  fifteenth
anniversary  of the  Effective  Date (or in such other  manner as the  Committee
shall permit from time to time) or (II) any date determined by the Committee, in
its  discretion,  which is at  least  one year  after  the date as of which  the
corresponding  compensation  was deferred.  In making a determination  under the
preceding  sentence,  the Committee may take into  consideration  any factors it
deems  relevant,  including,  without  limitation,  whether the  Participant has
completed his or her Deferral  Commitment.  Unless  otherwise  determined by the
Committee, any distribution from a Participant's T-Bill Account shall be made in
a  single  lump  sum in cash as soon as  practicable  following  the  date  such
distribution  is first  payable under the  preceding  sentence.  Notwithstanding
anything  else herein to the contrary,  if a Participant  has received a Profits
Interest  which,  at  the  time  an  amount  would  otherwise  be  distributable
hereunder, is (or, if the Participant's employment were then to terminate, would
be) subject to repurchase by the

                                       6

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

Participant's Employer pursuant to Section 7, unless otherwise determined by the
Committee,  no distribution shall be made from the Participant's  T-Bill Account
until the earlier to occur of the  following  events:  (I) the transfer from the
Participant's T-Bill Account to one or more of the Participant's AFR Accounts of
an aggregate amount at least equal to the Participant's  Deferral Commitment and
(II) the  repurchase  by the  Participant's  Employer of all or a portion of the
Participant's  Profits Interest pursuant to Section 7. Notwithstanding  anything
else herein to the contrary,  in the event that a Participant's  employment with
the Employer  terminates for any reason, and such Participant is or was a Senior
Principal, the Committee shall promptly, upon the request of such Participant or
an  authorized  representative  thereof,  authorize  the  distribution  to  such
Participant  or an  authorized  representative  thereof  of all  amounts in such
Participant's T-Bill Account, and such amounts shall be so distributed promptly.

              6.2    NO  DISTRIBUTIONS  FROM AFR ACCOUNTS.  Unless the Committee
shall otherwise determine,  no amount shall be distributed to a Participant from
any AFR Account of such Participant;  instead, amounts shall be transferred from
a  Participant's  AFR Account to the T-Bill  Account as described in Section 5.1
above.  If the  Committee  permits  a  distribution  from  an AFR  Account  of a
Participant,  the  Committee  shall  determine the time or times and the form of
such distribution.

              6.3    HARDSHIP  WITHDRAWALS.  Hardship withdrawals may be allowed
at the sole  discretion of the Committee  with the consent of the  Participant's
Employer (which consent may be withheld for any reason),  but it is intended and
expected that hardship withdrawals will generally not be permitted.

Section 7.    TERMINATION OF EMPLOYMENT.

              7.1    TERMINATION DUE TO DEATH,  TOTAL  DISABILITY OR RETIREMENT.
Notwithstanding  anything  else  contained in the Plan to the  contrary,  in the
event that a Participant's  employment terminates due to death, Total Disability
or Retirement,  such  Participant  (or such  Participant's  beneficiary or legal
representative)  may at any time  request  in  writing  that  the  Participant's
Employer  purchase (or designate a purchaser for) all or a portion of any or all
of such Participant's  Profits Interests at its or their Value (or at such other
amount agreed to by the Employer). The Employer shall have 90 days after receipt
of a  request  by a  Participant  (or such  Participant's  beneficiary  or legal
representative)  pursuant to this Section 7.1 to notify the Participant (or such
Participant's  beneficiary  or  representative)  whether  it will  purchase  (or
designate a purchaser for) all or a portion of any of such Participant's Profits
Interests.  If the Employer elects to purchase (or designate a purchase for) all
or a portion of any of a Participant's  Profits  Interests,  such purchase,  and
payment of the purchase price therefor to the seller, shall occur within 60 days
of such election.

                                       7

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

Upon  the  purchase  of all or a  portion  of  any  of a  Participant's  Profits
Interests  pursuant to this Section 7.1,  the balance in the  Participant's  AFR
Accounts shall be transferred to the Participant's T-Bill Account.

              7.2    TERMINATION PRIOR TO SATISFYING  DEFERRAL  COMMITMENT.  (a)
REPURCHASE  OF  PROFITS  INTERESTS.  If  the  employment  of  a  Participant  is
terminated  for any reason  other than those  specified  in Section 7.1 prior to
satisfying  his or her Deferral  Commitment,  the  Participant's  Employer  will
purchase  the  portion  of all of such  Eligible  Employee's  Profits  Interests
attributable  to the unpaid  deferral for $1. With respect to any specific Fund,
this will result in the  Eligible  Employee  having a Profits  Interest  only in
investments  of such Fund that were made  during  the period  when the  Eligible
Employee  made  deferrals to the Plan when due,  PROVIDED,  that amounts held in
such Eligible  Employee's  T-Bill Account at the time of  termination  shall not
thereafter  be  transferred  to an AFR  Account  of such  Eligible  Employee  or
invested in any Fund.  In addition to the rights of the Employer  under  Section
8.1, and subject to the last sentence of this Section  7.2(a),  the Employer may
at any time at its  discretion  purchase or designate a purchaser for all or any
portion of any of such  Participant's  Profits Interest or other interest in the
Fund,  as set forth in the  Partnership  Agreement  for such Fund.  The purchase
price of any such  Profits  Interest or portion  thereof will be as set forth in
the relevant Partnership Agreement.  Notwithstanding the foregoing,  the consent
of a  Participant  who is a  Senior  Principal  will be  required  prior  to the
purchase of all or any portion of any of such Participant's Profits Interests.

              (b)    REMEDY FOR  BREACH OF  DEFERRAL  COMMITMENT.  If (a) at the
time a Participant  terminates his or her employment (I) the Participant has not
fulfilled his or her  obligation to make the Deferral  Commitment,  and (II) the
amount, if any, of the Participant's Employer's capital contributions in respect
of its Employer LP Interest  exceeds the amount of the  Participant's  deferrals
and (b) the Employer does not purchase the entire Profits  Interest  pursuant to
Section 7.2(a), the Employer may, in its discretion,  put to the Participant for
purchase,  and the  Participant  shall  purchase  for  cash the  portion  of the
Employer LP Interest  attributable  to such excess  contributions  in accordance
with the procedures set forth in Sections 8.2 and 8.3.

Section 8.    DEFAULT.

              8.1    The  failure to defer  compensation  at the time and in the
amount  required by the Plan shall  constitute  a default  under the Plan by the
Participant (a "DEFAULT").  The Employer may permit the Default to be cured by a
future deferral of  compensation  and such  Participant  shall not be in Default
hereunder,  and shall not be in  Default  with  respect  to such  Participants's
Profits Interest  pursuant to the Partnership  Agreement,  to the extent of such
cure. In the event that a Participant  commits a Default that is not cured, with
respect to each Fund the Participant will only

                                       8

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

have a Profits  Interest  in  investments  of such Fund that are made during the
period when the Eligible  Employee  made  deferrals to the Plan when due,  based
upon the ratio of the  Eligible  Employee's  deferred  amount  to total  capital
contributed  to  such  Fund  during  the  same  period.  This  reduction  in the
Participant's  Profits  Interests in the Funds will occur by having the Employer
purchase  for $1 the rights  represented  by all of such  Participant's  Profits
Interests attributable to the unpaid deferral (including to any contributions by
the Employer which exceed the Participant's deferrals).

              8.2    In  addition  to the  rights of the  Employer  set forth in
Section 8.1, if, at the time of Default the amount, if any, of the Participant's
Employer's  capital  contributions  in  respect  of its  Employer  LP  Interests
associated with the Profits Interests of such Participant  exceeds the amount of
the  Participant's  deferrals,  the Employer may, in its discretion,  put to the
Participant  for purchase,  and the  Participant  shall  purchase for cash,  the
portion of any Employer LP Interest attributable to such excess contributions.

              8.3    The purchase  price for such portion  (described in Section
8.2) of an  Employer  LP  Interest in a Fund shall equal the sum of (i) and (ii)
where:

              (i)    is the amount by which the Employer's capital contributions
                     to such Fund with  respect to the  Participant  exceeds the
                     aggregate  amount deferred by the  Participant  pursuant to
                     his or her Deferral Commitment, and

              (ii)   is an  amount  equal to the sum of the  products,  for each
                     calendar   year  during   which  the   Employer's   capital
                     contributions  at  any  time  exceeded  the  amount  of the
                     Participant's deferrals, of (x), (y) and (z), where:

                     (x)    is the AFR Rate;

                     (y)    is  the  average  amount,   if  any,  by  which  the
                            Employer's capital contributions, if any, in respect
                            of its  Employer  LP  Interest  associated  with the
                            Profits  Interest  of such  Participant  exceeds the
                            amount of the  Participant's  deferrals  credited to
                            his or her AFR  Account  with  respect to such Fund;
                            and

                     (z)    is a fraction,  the numerator of which is the number
                            of days in  such  calendar  year  during  which  the
                            amount  described in subclause  (y) was greater than
                            zero and the denominator of which is 365.

                                       9

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

The  Employer's  right to put such  portion of its  Employer LP Interests to the
Participant  shall be  exercised,  if at all,  by giving  written  notice to the
Participant of its intention to put such portion of such Employer LP Interest to
the  Participant  for purchase as of a date not less than 10 days after the date
the Employer  sends written notice of such exercise to the  Participant.  If the
Participant fails to purchase such portion of such Employer LP Interest from the
Employer  within 5  business  days of the date  specified  in such  notice,  the
purchase  price for such portion of such Employer LP Interest will increase on a
daily basis at a rate equal to the AFR Rate, with such increase to be compounded
annually on the anniversary of the date of the original notice.  Notwithstanding
anything else  contained  herein to the contrary,  if the  Participant  does not
purchase such portion of such Employer LP Interest within the time period stated
in the put notice,  the Employer may elect at any time,  upon written  notice to
the  Participant,  not to sell such portion of such  Employer LP Interest to the
Participant.

Section 9.    TRANSFERABILITY.

              Neither a Participant  nor such  Participant's  beneficiary  shall
have the right or power to sell, exchange, pledge, transfer, assign or otherwise
encumber or dispose of such Participant's or beneficiary's Accounts,  other than
in accordance with this Section 9. The  Participant's or beneficiary's  interest
in the  Participant's  Accounts  shall also not be  subject  to seizure  for the
payment  of  any  debt,   judgment,   alimony  or  separate  maintenance  or  be
transferable  by the operation of law in the event of the  Participant's  or any
beneficiary's  bankruptcy or insolvency. A Participant or his or her beneficiary
shall be able to transfer or encumber  his or her Profits  Interest in a Fund to
the  extent  permitted  pursuant  to the  Partnership  Agreement  of such  Fund,
PROVIDED that the Participant agrees to have the transferee acknowledge that the
transfer  does not in any way  impair  the  rights of a  Participant's  Employer
pursuant to Section 7.

Section 10.   ADMINISTRATION.

              10.1   ADMINISTRATION.  The administrator of the Plan shall be the
Committee.  The Committee shall have the authority,  subject to the terms of the
Plan; to interpret the Plan; to determine the amount of benefits payable to each
Participant  under the Plan; to adopt,  amend and rescind rules and  regulations
for the administration of the Plan; and to make all determinations  necessary or
advisable for the  administration of the Plan. In the exercise of its discretion
hereunder,  the Committee may treat different Participants,  including similarly
situated  Participants,   differently,   and  may  treat  the  same  Participant
differently  at  different  times.  Any  action  taken or  decision  made by the
Committee  in  connection  with the Plan,  including,  without  limitation,  the
interpretation by the Committee of any provision of the Plan, shall be final and
binding on each affected  Employee and any Participant and any persons  claiming
thereunder.

                                       10

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

              10.2   ACTIONS BY THE CORPORATION OR THE EMPLOYER. The Corporation
shall be the sponsor of the Plan,  and any action taken by the  Corporation  (or
any of its  officers,  directors or agents,  including the members of the Board,
but excluding the members of the Committee solely when acting for the Committee)
shall be taken solely in such capacity.  Any action  required or permitted to be
taken by the  Corporation  pursuant  to the Plan may be taken by any  authorized
officer  without  further  action of the Board or the board of  directors of the
Employer  (or any  committee  thereof).  In no event  shall the  consent  of the
Employer be required  with respect to any action  (including  any  discretionary
action) taken by the  Corporation  or any of its officers,  directors or agents,
including the members of the Board,  pursuant to or in accordance with the terms
of the Plan.

Section 11.   AMENDMENT AND TERMINATION.

              Subject to the last sentence of this Section 11, (I) the Board may
from  time to time  and at any  time  alter,  amend,  suspend,  discontinue,  or
terminate  this Plan,  and (II) the  Employer  may at any time elect to suspend,
discontinue  or terminate its  participation  in the Plan as to its own Eligible
Employees.  Notwithstanding the immediately  preceding  sentence,  except as set
forth in the Partnership  Agreement,  no action with respect to the amendment or
termination  of the Plan (or the Employer as to its  participation  in the Plan)
shall reduce any Participant's  accrued rights under the Plan without his or her
consent,  except as may otherwise be required by law.  Alterations,  amendments,
suspensions,  discontinuances  or  terminations  of this Plan that  would have a
material  and  adverse  effect  on the  substantive  rights  under  this Plan of
Participants who are or were Senior Principals shall require the express consent
of any such affected Participants.

Section 12.   MISCELLANEOUS.

              12.1   WITHHOLDING.   Any  payment  made  or  other   compensation
provided under the Plan shall be reduced by any amounts  required to be withheld
or paid with  respect  to such  payment  or  compensation  under all  applicable
federal,  state and local tax and  other  laws and  regulations  which may be in
effect as of the date of such payment.

              12.2   NO RIGHT TO  CONTINUED  EMPLOYMENT.  Nothing in the Plan or
any  agreement  entered into under the Plan shall be construed as providing  any
Participant  or other  employee  with the right to continue in the employ of the
Employer.

              12.3   NO RIGHTS TO CORPORATE ASSETS. The Plan is an unfunded plan
of deferred  compensation and nothing in the Plan shall give a Participant,  the
Participant's  beneficiaries or any other person any interest of any kind in the
assets of the Employer or its affiliates  (including,  without

                                       11

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan
<PAGE>

limitation,   any   Employer  LP  Interest)  or  create  a  trust  or  fiduciary
relationship   of  any  kind   between  the   Employer   and  any  such  person.
Notwithstanding anything in the Plan to the contrary, nothing in this Plan shall
be  construed  to limit the right of the  Employer to  transfer or encumber  any
Employer  LP  Interest  in a Fund it shall  hold from time to time to the extent
permitted  under  the  terms of the  Partnership  Agreement  of such  Fund.  The
obligations hereunder to any Participant shall be the sole responsibility of the
Participant's  Employer  and no other  Employer  shall be  deemed  by  reason of
becoming a sponsor of this Plan to have assumed any liability or  responsibility
therefor, or to guarantee the payment or performance by the Employer.

              12.4   NO LIMIT ON CORPORATE ACTIONS. Except as otherwise provided
in Section 11,  nothing  contained in the Plan shall  prevent the Employer  from
taking any action  which is deemed by the Employer to be  appropriate  or in its
best  interest,  whether or not such action would have any adverse effect on the
Plan or any Participant's interests under the Plan. No Participant,  beneficiary
or other  person  shall have any claim  against the  Employer as a result of any
such action.

              12.5   COMPLIANCE WITH APPLICABLE  LAWS. The Employer shall not be
required to take any action, including the making of any payment under the Plan,
if such action would violate any  applicable  federal or state law. The Employer
shall use its best efforts to effect compliance with such laws, including taking
all reasonable actions necessary to obtain any required consents.

              12.6   RIGHT OF OFFSET. Notwithstanding anything else contained in
this Plan to the contrary,  as a condition of  participation  in the Plan and of
receipt by a Participant of any Profits  Interest  hereunder,  each  Participant
agrees and acknowledges that any amount due from his or her Employer may, at the
discretion  of the  Employer,  be reduced to the  maximum  extent  permitted  by
applicable law by any and all amounts due and owing from the  Participant to the
Employer.

              12.7   GOVERNING  LAW. All rights and  obligations  under the Plan
shall be governed by, and the Plan shall be construed in  accordance  with,  the
laws of the State of New York.  Titles  and  headings  to  sections  are for the
purpose of reference  only, and in no way limit or otherwise  affect the meaning
or interpretation of any provision of the Plan.

                                        Marsh & McLennan Capital, Inc.

                                       12

                                       Amended and Restated M&M Capital Deferred
                               Compensation and Profits Limited Partnership Plan

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