Letter Agreement, effective as of September 22, 2022, between Marsh & McLennan Companies, Inc. and Mark C. McGivney

EX-10.2 2 mmc0930202210qex_102.htm LETTER AGREEMENT MARK C. MCGIVNEY Document


Daniel S. Glaser
President and Chief Executive Officer

Marsh McLennan
1166 Avenue of the Americas
New York, NY 10036
###-###-####
www.mmc.com






September 22, 2022

Subject: Terms of Employment

Dear Mark,

This third amendment to the Letter Agreement, dated September 17, 2015, between you and Marsh & McLennan Companies, Inc. as subsequently amended on January 17, 2018 and February 19, 2019 (together, the “Letter Agreement”), revises the terms and conditions of your employment. The Letter Agreement will continue to govern your employment except as specified below:

1.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 September 22, 2022. Please acknowledge your agreement with the terms of the Letter Agreement, as further amended by this third 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


Accepted and Agreed:


/s/ Mark C. McGivney
(Signature)
    

9/22/22
(Date)


Page 2
September 22, 2022
Mark C. McGivney

Exhibit A
Board or Committee MembershipsNone
Annual Base Salary$800,000 effective as of April 1, 2019.
Annual Target Bonus OpportunityBonus awards are discretionary. Target bonus of $1,600,000 commencing with the 2022 performance year (awarded in February 2023). Actual bonus may range from 0% - 200% of target, based on achievement of individual and Marsh McLennan performance objectives, as Marsh McLennan may establish from time to time.
Annual Target Long-Term Incentive OpportunityLong-term incentive awards are discretionary. Target award value of $2,600,000, commencing with the award made in 2019.