Amendment to Employment Letter Agreement between Marsh & McLennan Companies, Inc. and J. Michael Bischoff

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment terms for J. Michael Bischoff with Marsh & McLennan Companies, Inc., effective May 14, 2014. It replaces Exhibit A of the original November 21, 2013 Letter Agreement, setting Bischoff’s annual base salary at $750,000 (effective April 1, 2014), an anticipated annual target bonus of $1,250,000 (awarded in 2014, discretionary, and performance-based), and a discretionary long-term incentive award with a target value of $1,000,000 (starting in 2015). All other terms of the original agreement remain unchanged.

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EX-10.3 4 mmc0630201410qex_103.htm BISCHOFF LETTER AGREEMENT MMC 06.30.2014 10Q Ex_10.3







Exhibit 10.3

June 6, 2014

J. Michael Bischoff
[Address]
[City, State, Zip Code]

Subject:    Terms of Employment


Dear Mike:

This amendment to the Letter Agreement, dated November 21, 2013, between you and Marsh & McLennan Companies, Inc. (the “2013 Letter Agreement”) revises the terms and conditions of your employment by Marsh & McLennan Companies, Inc. The 2013 Letter Agreement will continue to govern your employment, except as specified below, effective as of May 14, 2014:

1.
Exhibit A to the 2013 Letter Agreement shall be deleted and replaced in its entirety with the attached Exhibit A.

Please acknowledge your agreement with the terms of this letter agreement by signing and dating below and the enclosed copy and returning one executed document to me on or before June 20, 2014.

Sincerely,


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



Accepted and Agreed:


/s/ J. Michael Bischoff            
(Signature)        


June 9, 2014                
(Date)






June 6, 2014
J. Michael Bischoff
Page 2


Exhibit A



Annual Base Salary
$750,000 (effective April 1, 2014)
Annual Target Bonus Opportunity
Bonus awards are discretionary. Anticipated target bonus of $1,250,000 commencing with the 2013 performance year (awarded in 2014). Actual bonus may range from 0% - 200% of target, based on achievement of individual performance objectives, 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. Anticipated target grant date fair value of $1,000,000, commencing with the award made in 2015.