Second Amendment to Employment Letter Agreement between Marsh & McLennan Companies, Inc. and John Q. Doyle

Summary

This amendment updates the employment terms for John Q. Doyle with Marsh & McLennan Companies, Inc., effective January 1, 2022. Doyle will serve as Group President, Chief Operating Officer, and Vice Chair. The agreement sets his annual base salary at $1,200,000, a target annual bonus of $2,800,000 (with actual payout based on performance), and a target long-term incentive award of $4,000,000. The amendment also updates his board memberships and replaces Exhibit A of the original agreement. All other terms of the previous agreement remain in effect.

EX-10.75 2 letteragreementeffectiveas.htm LETTER AGREEMENT DOYLE Document


						Exhibit 10.75 Daniel S. Glaser President and Chief Executive Officer
						Marsh McLennan 1166 Avenue of the Americas New York, NY 10036 ###-###-#### www.mmc.com

December 1, 2021

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. as subsequently amended on February 19, 2020 (together, the “Letter Agreement”), revises the terms and conditions of your employment previously by Marsh LLC as its President and Chief Executive Officer. The Letter Agreement will continue to govern your employment except as specified below:

1. You will now be employed by Marsh & McLennan Companies, Inc.

2. Your title is Group President and Chief Operating Officer and Vice Chair, Marsh McLennan.

3. 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 1, 2022. Please acknowledge your agreement with the terms of the Letter Agreement, as further amended by this second amendment, by signing and dating this and the enclosed copy and returning one to me.

Sincerely,

/s/ Daniel S. Glaser

Daniel S. Glaser

President and Chief Executive Officer

Marsh McLennan

Page 2

December 1, 2021

John Q. Doyle

Accepted and Agreed:

/s/ John Q. Doyle

(Signature)

December 2, 2021

(Date)

Page 3

December 1, 2021

John Q. Doyle

Exhibit A


Board or Committee Memberships			The Board of the Greenberg School of Risk Management at St John’s University The Board of New York Police and Fire Widows and Children’s Benefit Fund Inner City Scholarship Fund
Annual Base Salary			$1,200,000 effective as of January 1, 2022.
Annual Target Bonus Opportunity			Bonus awards are discretionary. Target bonus of $2,800,000 commencing with the 2022 performance year (awarded in February 2023). Actual bonus may range from 0% - 200% of target, based on achievement of individual performance objectives, Marsh McLennan’s performance as Marsh McLennan may establish from time to time.
Annual Target Long-Term Incentive Opportunity			Long-term incentive awards are discretionary. Target award value of $4,000,000, commencing with the award made in 2022.