December 1, 2021 John Q. Doyle Hand delivery Subject: Terms of Employment
Exhibit 10.75 Xxxxxx X. Xxxxxx President and Chief Executive Officer | ||||||||
Xxxxx McLennan 0000 Xxxxxx xx xxx Xxxxxxxx Xxx Xxxx, XX 00000 T x0 000 000 0000 xxx.xxx.xxx |
December 1, 2021
Xxxx X. Xxxxx
Hand delivery
Subject: Terms of Employment
Dear Xxxx,
This amendment to the Letter Agreement, dated September 14, 2017, between you and Xxxxx & XxXxxxxx Companies, Inc. as subsequently amended on February 19, 2020 (together, the “Letter Agreement”), revises the terms and conditions of your employment previously by Xxxxx 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 Xxxxx & XxXxxxxx Companies, Inc.
2. Your title is Group President and Chief Operating Officer and Vice Chair, Xxxxx 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/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
President and Chief Executive Officer
Xxxxx McLennan
Page 2
December 1, 2021
Xxxx X. Xxxxx
Accepted and Agreed:
/s/ Xxxx X. Xxxxx
(Signature)
December 2, 2021
(Date)
Page 3
December 1, 2021
Xxxx X. Xxxxx
Exhibit A
Board or Committee Memberships | The Board of the Xxxxxxxxx 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, Xxxxx XxXxxxxx’x performance as Xxxxx 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. |