Amendment to Employment Letter Agreement between Marsh & McLennan Companies, Inc. and Julio A. Portalatin (June 6, 2014)

Summary

This amendment updates the employment terms for Julio A. Portalatin with Marsh & McLennan Companies, Inc., effective May 14, 2014. It replaces Exhibit A of the original November 21, 2013 letter agreement, setting a new annual base salary of $900,000, an anticipated target bonus of $1,700,000, and a target long-term incentive award of $2,000,000. Bonus and incentive awards are discretionary and based on performance. The agreement requires Julio to sign and return the document to confirm acceptance.

EX-10.5 6 mmc0630201410qex_105.htm PORTALATIN LETTER AGREEMENT MMC 06.30.2014 10Q Ex_10.5

Exhibit 10.5

June 6, 2014

Julio A. Portalatin

[Address]

[City, State, Zip Code]

Subject: Terms of Employment

Dear Julio:

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/ Julio A. Portalatin

(Signature)

June 9, 2014

(Date)

June 6, 2014

Julio A. Portalatin

Page 2

Exhibit A



Board or Committee Memberships	Hofstra University Board of Trustees
Annual Base Salary	$900,000 (effective April 1, 2014)
Annual Target Bonus Opportunity	Bonus awards are discretionary. Anticipated target bonus of $1,700,000 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, Mercer’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. Anticipated target grant date fair value of $2,000,000, commencing with the award made in 2015.