Document:

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                                                                   Exhibit 10.11

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
                  2000 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 2000 Cash Bonus Award Voluntary
      Deferral Plan (the "2000 Plan"). Participants in the 2000 Plan may make
      deferral elections pursuant to the rules outlined in Section 2 below.

2.    PROGRAM RULES

      Except as otherwise provided herein, the 2000 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 2000 Plan and make all determinations,
      including the determination of bonus awards eligible to be deferred, with
      respect to the 2000 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 2000 Plan, and references to the Committee shall be
      deemed to include any such delegate. Exercise of deferral elections under
      the 2000 Plan must be made in accordance with the following rules.

      a.    RIGHTS TO AN AWARD AND TO A DEFERRAL ELECTION

            (i)   2000 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 2001 in respect of 2000
                  services, the payment of which bonus would normally be made by
                  the end of the first quarter of the 2001 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)  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, 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 2002 calendar year. The deferral of such
                  a bonus will be made pursuant to the U.S. Employee 2001 Cash
                  Bonus Award Voluntary Deferral Plan (the "2001 Plan") and is
                  contingent upon approval of the 2001 Plan by the Committee.
                  The terms and conditions for the 2001 Plan are expected to be
                  essentially the same as for the 2000 Plan.

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      b.    ELECTION FORMS

            In order to ensure that elections to defer bonus amounts (including
            such amounts for 2001 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 1, 2000. Form(s) should be returned, and any
            questions should be directed, to:

                                 Brian A. Kenny
                     Manager, HR 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)  2000 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 "2000 Deferred Bonus Accounts") shall
                        consist of (a) the 2000 Putnam Fund Account and (b) the
                        2000 Corporation Stock Account. Amounts may not be
                        transferred between the 2000 Corporation Stock Account
                        and either the 2000 Putnam Fund Account or the "Putnam
                        Transfer Fund Account" (as referred to in Section 2.e.
                        below).

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      d.    2000 PUTNAM FUND ACCOUNT

                  (i)   ACCOUNT VALUATION. The 2000 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 2000 Putnam Fund Account
                        must be made in multiples of 5% of the total amounts
                        deferred into the 2000 Putnam Fund Account. Deferred
                        amounts will be credited to the 2000 Putnam Fund Account
                        with units each reflecting one Class A 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 2000 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 2000 Putnam Fund Account will be deemed to be
                        immediately reinvested in such fund.

                  (ii)  FUND REALLOCATIONS. Amounts deferred into a 2000 Putnam
                        Fund Account and the Putnam Transfer Fund Account may be
                        reallocated between eligible funds of these respective
                        accounts (but not between the 2000 Putnam Fund Account
                        and the Putnam Transfer Fund Account) 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 2000 Putnam Fund Account or the Putnam Transfer
                        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.    PUTNAM TRANSFER FUND ACCOUNT

                  By December 1, 2000, each individual with respect to whom
                  there is maintained an "Interest Factor Account" (established
                  for all pre-1993 bonus deferrals and account balances
                  transferred from certain Sedgwick plans), whether or not any
                  such individual is eligible for participation under Section 1
                  above, may make an irrevocable election to transfer ALL (but
                  not less than all) of such participant's Interest Factor
                  Account into a "Putnam Transfer Fund Account", which election
                  shall be effective, and which transfer shall be based upon the
                  net asset value of the selected funds of such Putnam Transfer
                  Fund Account, as of the close of business on the last trading
                  day in 2000. The Putnam Transfer Fund Account shall be
                  administered in a manner consistent with the administration of
                  the 2000 Putnam Fund Account pursuant to Section 2.d.(i)
                  above. Distribution elections (including the form of payment)
                  otherwise in effect for the Interest Factor Account shall
                  remain in effect for amounts transferred to the Putnam
                  Transfer Fund Account.

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      f.    2000 CORPORATION STOCK ACCOUNT

            (i)   ACCOUNT VALUATION. The 2000 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 2000 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 2000
                  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 2000
                  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 2000 Corporation Stock Account must
                  be deferred to a date not earlier than January 1, 2004. (For
                  deferrals relating to 2001 bonuses with a guarantee, such
                  deferrals will be allocated into the 2001 Corporation Stock
                  Account and must be deferred to a date not earlier than
                  January 1, 2005.)

            (ii)  SUPPLEMENTAL AMOUNT. With respect to that portion of a bonus
                  award which a participating employee defers into the 2000
                  Corporation Stock Account, there shall be credited to such
                  participant's 2000 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 2000 Corporation Stock Account (prior to
                  giving effect to the supplemental amount) is 50% of such
                  award.

            (iii) STOCK DISTRIBUTIONS. Distributions from the 2000 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.

      g.    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 2000 Deferred Bonus Accounts and Putnam Transfer Fund
            Account.

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      h.    IRREVOCABILITY AND ACCELERATION

            Subject to the provisions of paragraphs i. (iii) and i. (vii) below,
            all deferral elections made under the 2000 Plan (and the 2001 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 2000
            Deferred Bonus Accounts and Putnam Transfer Fund Account.

      i.    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
                  2000 Corporation Stock Account or the 2000 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 2000 Corporation Stock Account or the
                  2000 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.

            (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 2000 Corporation Stock Account or 2000 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 2000 Corporation Stock
                  Account or 2000 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. 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 2000 Plan) for awards previously deferred or
                  redeferred under the 2000 Plan (and the 2001 Plan), provided
                  that the redeferral election must be made at least one full
                  calendar year prior to the beginning date of distribution.
                  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 2000 Deferred Bonus Accounts and Putnam
                  Transfer Fund Account 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

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                  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 2000 Deferred
                  Bonus Accounts and Putnam Transfer Fund Account, the
                  designated beneficiary shall receive the remaining
                  installments over the elected installment period.

            (vi)  SPECIAL RULES APPLICABLE TO 2000 CORPORATION STOCK ACCOUNT.
                  Notwithstanding any provision in the 2000 Plan to the contrary
                  (other than the second sentence of Section 2.h. above), with
                  respect to a participant's 2000 Corporation Stock Account, in
                  the event that prior to January 1, 2004, 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 2004. In the event
                  that, prior to January 2004, 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, 2004 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 2000 Corporation 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 2000 Corporation
                  Stock Account attributable to the supplemental amount, the
                  supplemental amount shall be increased or decreased by the
                  respective gain or loss in the 2000 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 2000
                  Deferred Bonus Accounts and Putnam Transfer Fund Account 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 2000 Deferred
                  Bonus Accounts and Putnam Transfer Fund Account and (ii) 100%
                  of any unvested supplemental amount as provided in Section
                  2(f)(ii) above, including related earnings, that the
                  participant elects to have distributed from the 2000
                  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
                  2000 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 2000 Deferred Bonus Accounts and
                  Putnam Transfer Fund Account as of the effective date of such
                  change in

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            (ix)  control will be distributed within five days of such change in
                  control as a lump sum cash payment, less applicable
                  withholding taxes.

            (x)   FORM OF PAYMENT. All payments in respect of the 2000 Putnam
                  Fund Account shall be made in cash and payments in respect of
                  the 2000 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 2000 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.

      j.    TAX TREATMENT

            Under present Federal income tax laws, no portion of the balance
            credited to a participant's 2000 Deferred Bonus Accounts or Putnam
            Transfer Fund Account 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 2004. When any part of the 2000
            Deferred Bonus Accounts or Putnam Transfer Fund Account is actually
            paid to the participant, such portion will be includable in income,
            and Federal, state and local income tax withholding will 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.

      k.    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 2000 Plan
            and every other Cash Bonus Award Voluntary Deferral Plan for which
            the participant has or will have an account balance (collectively,
            including the 2000 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.

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      l.    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 2000
            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 2000 PLAN

      The Committee may, at its discretion and at any time, amend the 2000 Plan
      in whole or in part. The Committee may also terminate the 2000 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 2000 Deferred Bonus Accounts and Putnam Transfer Fund
      Account.

4.    MISCELLANEOUS

      a.    A participant under the 2000 Plan is merely a general (not secured)
            creditor, and nothing contained in the 2000 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 2000 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 2000
            Plan and any elections made pursuant to the 2000 Plan are subject to
            approval of the 2000 Plan by the Committee.

      b.    Participation in the 2000 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 2000 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

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            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.

      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, HR Systems and Administration, as indicated above.

                                       9<PAGE>
                                                                   Exhibit 10.14

                        AMENDMENT TO EMPLOYMENT AGREEMENT

      AMENDMENT (the "Amendment") made as of January 1, 2001, among Putnam
Investments, Inc., a Massachusetts corporation ("Putnam"), Putnam Investments
Trust, a Massachusetts business trust (the "Business Trust"), and Lawrence J.
Lasser (the "Executive"). This Amendment amends the employment agreement made as
of December 31, 1997 between Putnam and the Executive (the "Employment
Agreement") as set forth below.

      WHEREAS, Putnam is restructuring such that Putnam will become a limited
liability company wholly owned by the Business Trust;

      WHEREAS, pursuant to such restructuring, outstanding shares of Class A
Common Stock, par value $.01 per share, of Putnam ("Class A Putnam shares") and
outstanding shares of Class B Common Stock, par value $.01 per share, of Putnam
("Class B Putnam Shares") will be exchanged for Class A and Class B Common
Shares, respectively, of the Business Trust;

      WHEREAS, under the Employment Agreement, the Executive is entitled to
awards and payments denominated in Class B Putnam Shares;

      NOW THEREFORE, the parties hereto agree to amend the Employment
Agreement as follows:

      1. The Employment Agreement is hereby amended, effective as of the date of
the consummation of the restructuring described above, such that all references
to (i) Class B Common Stock of Putnam and Class B Putnam Shares shall be deemed
to refer to, respectively, Class B Common Shares of the Business Trust and Class
B Common Shares, (ii) Class A Common Stock of Putnam and Class A Putnam Shares
shall be deemed to refer to, respectively, Class A Common Shares of the Business
Trust and Class A Common Shares and (iii) Putnam Investments, Inc. and Putnam
shall be deemed to refer collectively to the Business Trust and Putnam
Investments, Inc. and any successors thereto.

      2. Notice is hereby given that the shareholders of the Business Trust
shall not be personally liable for any claims arising from obligations of the
Business Trust under the Employment Agreement and the Executive shall look
solely to the Trust Estate (as such term is defined in the Declaration of Trust
for the Business Trust) for the payment of any claim arising from obligations of
the Business Trust under the Employment Agreement.

      3.    Except as set forth above, the Employment Agreement is hereby
ratified and confirmed in all respects.

<PAGE>

      IN WITNESS WHEREOF, the parties have duly executed this agreement as of
the date first written above.

                                    PUTNAM INVESTMENTS, INC.

                              By:   /s/ William H. Woolverton
                                    -------------------------

                                    PUTNAM INVESTMENTS TRUST

                              By:   /s/ William H. Woolverton
                                    -------------------------

                              By:   /s/ Lawrence J. Lasser
                                    -------------------------

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