Letter Agreement, effective as of January 15, 2020, between Marsh & McLennan Companies, Inc. and John Q. Doyle

EX-10.1 2 letteragreementdoyle20.htm LETTER AGREEMENT DOYLE Exhibit

Daniel S. Glaser
President and Chief Executive Officer
Marsh & McLennan Companies, Inc.
1166 Avenue of the Americas
New York, New York 10036
212 ###-###-#### Fax ###-###-####

Exhibit 10.1

February 19, 2020

John Q. Doyle
Hand delivery

Subject:    Terms of Employment

Dear John:

This amendment to the Letter Agreement, dated September 14, 2017, between you and Marsh & McLennan Companies, Inc. (the “Letter Agreement”), revises the terms and conditions of your employment by Marsh LLC (“Marsh”) as its President and Chief Executive Officer. The Letter Agreement will continue to govern your employment except as specified below:

Your title is President & Chief Executive Officer, Marsh and Vice Chair, Marsh & McLennan.

Exhibit A to the Letter Agreement shall be deleted and replaced in its entirety with the attached Exhibit A.

The terms of this amendment are effective as of January 15, 2020. Please acknowledge your agreement with the terms of the Letter Agreement, as amended by this first amendment, by signing and dating this and the enclosed copy and returning one to me.


/s/ Daniel S. Glaser
Daniel S. Glaser
President and Chief Executive Officer
Marsh & McLennan Companies, Inc.

Accepted and Agreed:

/s/ John Q. Doyle


February 19, 2020
John Q. Doyle
Page 2

Exhibit A

Board or Committee Memberships
The Board of New York Police and Fire Widows and Children’s Benefit Fund Inner City Scholarship Fund
Annual Base Salary
Annual Target Bonus Opportunity
Bonus awards are discretionary. Target bonus of $2,500,000 commencing with the 2020 performance year (awarded in 2021). Actual bonus may range from 0% - 200% of target, based on achievement of individual performance objectives, Marsh’s performance and/or Marsh & McLennan Companies’ performance as Marsh & McLennan Companies may establish from time to time.
Annual Target Long-Term Incentive Opportunity
Long-term incentive awards are discretionary. Target award value of $3,000,000, commencing with the award made in 2020.