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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>Washington, D.C.  20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>_____________________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>Pursuant to Section 13 or 15(d) of the </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=3>Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>Date of report (Date of earliest event reported)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font SIZE=3>February 15, 2008</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>


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        <td width="648" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>Marsh &amp; McLennan Companies, Inc.</font></p> </td> </tr>
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        <td width="648" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>(Exact Name of Registrant as Specified in Charter)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>


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        <td width="223" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>Delaware</font></p> </td>
        <td width="208" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>1-5998</font></p> </td>
        <td width="216" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>36-2668272</font></p> </td> </tr>
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        <td width="223" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>(State or Other Jurisdiction of Incorporation)</font></p> </td>
        <td width="208" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>(Commission File Number)</font></p> </td>
        <td width="216" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>(IRS Employer</font><br> <font SIZE=3>Identification No.)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>1166 Avenue of the Americas, New York, NY &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10036</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>(Address of Principal Executive Offices)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>(Zip Code)</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>Registrant&#146;s telephone number, including area code</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font SIZE=3>(212) 345-5000</font></u></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.34in;text-align:left;'><font SIZE=3>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:3.0pt;line-height:151.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
        <td  valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=3>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:3.0pt;line-height:151.2%'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=3>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:3.0pt;line-height:151.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
        <td  valign=top style='padding:0in 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=3>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:151.2%'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font face=Wingdings>o</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font SIZE=3>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<b><font SIZE=3>Item 5.02</font></b><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font SIZE=3>Departure of Directors or Certain Officers; Election of Directors; </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:.87in;text-align:left;'><b><font SIZE=3>Appointment of Certain Officers; Compensatory Arrangements of Certain </font></b></p>


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            <p ><font size=1>&nbsp;</font></p></td>
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            <p ><b><font SIZE=3>Officers.</font></b></p></td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=3>(e)</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>On February 15, 2008, Marsh &amp; McLennan Companies, Inc. (&#147;</font><U><font SIZE=3>MMC</font></U><font SIZE=3>&#148;) and Michael G.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>Cherkasky, MMC&#146;s former president and chief executive officer, entered into a Separation and Release Agreement (the &#147;</font><u><font SIZE=3>Separation Agreement</font></u><font SIZE=3>&#148;).  The Separation Agreement sets forth the terms and conditions of Mr. Cherkasky&#146;s separation from MMC following termination of his employment effective January 29, 2008 (the &#147;</font><u><font SIZE=3>Separation Date</font></u><font SIZE=3>&#148;).  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>The compensation provided by MMC to Mr. Cherkasky under the Separation Agreement is largely determined by operation of the Employment Agreement entered into between MMC and Mr. Cherkasky as of July 25, 2005 (the &#147;</font><u><font SIZE=3>Employment Agreement</font></u><font SIZE=3>&#148;).  A copy of the Employment Agreement is attached as Exhibit 10.1 to MMC&#146;s Current Report on Form 8-K filed with the SEC on July 29, 2005.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>The principal terms of the Separation Agreement are summarized below.  This summary is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font SIZE=3>2007 Bonus Determination</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>The compensation committee of MMC&#146;s board of directors has determined that Mr. Cherkasky will receive no bonus in respect of fiscal 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font SIZE=3>Separation Payment</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>MMC did not terminate Mr. Cherkasky&#146;s employment for &#147;cause,&#148; as that term is defined in the Employment Agreement.  MMC therefore will pay Mr. Cherkasky a lump sum of $7,150,000.  This amount is calculated in accordance with &sect;5.5(d) of the Employment Agreement and represents two times the sum of: (x) $1.0 million, which was Mr. Cherkasky&#146;s base salary as of the Separation Date; and (y) $2.575 million, which was Mr. Cherkasky&#146;s average bonus for 2005 and 2006. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font SIZE=3>Full Vesting of Equity-Based Awards</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>The Separation Agreement recognizes that, in accordance with &sect;5.5(d) of the Employment Agreement, all unvested equity-based awards previously granted to Mr. Cherkasky vested in full as of the Separation Date.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Restricted Stock Units and Shares of Restricted Stock.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;As of the Separation Date, Mr. Cherkasky held 293,409 MMC restricted stock units (including 151,126 performance restricted stock units) and 128,469 shares of MMC restricted stock.  MMC had previously granted these equity awards to Mr. Cherkasky under MMC&#146;s 2000 Senior Executive Incentive and Stock Award Plan.  None of these awards had vested prior to the Separation Date.  As of the Separation Date, they all vested fully.  MMC will distribute all 293,409 restricted stock units and all </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>2</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>128,469 shares of restricted stock to Mr. Cherkasky within five weeks following</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font SIZE=3>the date of the Separation Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Stock Options.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;As of the Separation Date, Mr. Cherkasky held options, previously awarded under MMC&#146;s 2000 Senior Executive Incentive and Stock Award Plan, to purchase a total of 820,967 shares of MMC common stock.  Of this total, 343,938 stock options had already vested prior to the Separation Date.  The remaining 477,029 stock options vested fully as of the Separation Date.  Mr. Cherkasky&#146;s 820,967 vested stock options will be exercisable for five years following the Separation Date, subject to satisfaction of the following performance contingencies:  </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>&sect;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>426,621 stock options granted to Mr. Cherkasky in 2005 will become exercisable only if the closing price of MMC common stock is at least 115% of the exercise price for 30 consecutive trading days.  The exercise price is $29.19.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.25in;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>&sect;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>238,096 stock options granted to Mr. Cherkasky in 2006 will become exercisable only if the closing price of MMC common stock is at least 115% of the exercise price for 10 consecutive trading days.  The exercise price is $30.215.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="120" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>&sect;</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>156,250 stock options granted to Mr. Cherkasky in 2007 will become exercisable only if the closing price of MMC common stock is at least 115% of the exercise price for 10 consecutive trading days.  The exercise price is $29.60.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font SIZE=3>Separation Benefits</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>The Separation Agreement states that MMC will provide Mr. Cherkasky with certain benefits in connection with his separation of employment.  These include:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
&nbsp;

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Administrative Support; Outplacement Services.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;MMC will provide Mr. Cherkasky with an offsite office and administrative support for one year following the Separation Date.  If requested by Mr. Cherkasky, MMC will provide him with six months of executive outplacement services.  </font></p> </td> </tr></table>
</div>
&nbsp;

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Executive Financial Services Program; Health Insurance.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;Mr. Cherkasky is permitted to participate in MMC&#146;s executive financial services program through December 31, 2008.  Mr. Cherkasky may elect group health insurance continuation coverage under COBRA or the MMC Retiree Medical Plan.  Alternatively, he may elect to receive certain MMC-sponsored group welfare continuation coverage.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>3</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font SIZE=3>Transition Consulting Services</font></b></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>The Separation Agreement provides that Mr. Cherkasky will render and be compensated for certain transition consulting services to MMC following the Separation Date.  These arrangements are not contemplated by the Employment Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Transition Consulting Services.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;Mr. Cherkasky will serve as a consultant to MMC through March 31, 2008, assisting with the transition process relating to his separation from employment and other projects as MMC may request.  </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font SIZE=3>&nbsp;</font></p>
&nbsp;

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Consulting Fee.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;As compensation for his consulting services, MMC will pay Mr. Cherkasky a monthly fee of $333,333 for each of January, February and March 2008.  The total fee will be reduced by the amount of salary paid to Mr. Cherkasky for the period January 1, 2008 through the Separation Date.</font></p> </td> </tr></table>
</div>
&nbsp;

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="368" style='border-collapse:collapse; '>
    <tr >
        <td width="368" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font SIZE=3>Non-Competition and Non-Solicitation; Release</font></b></i></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>The Separation Agreement contains non-competition, non-solicitation and release-of-claims provisions that are consistent with the terms of the Employment Agreement.</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Non-Competition and Non-Solicitation.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;As contemplated by &sect;4.1(a) of the Employment Agreement, during the 24-month period following the Separation Date, Mr. Cherkasky agrees to refrain from engaging in specified competitive activities with respect to MMC, soliciting MMC&#146;s clients with respect to specified competitive activities, and soliciting MMC&#146;s employees to leave MMC.  </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font SIZE=3>Release.</font></i><font SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;As contemplated by &sect;5.7 of the Employment Agreement, Mr. Cherkasky unconditionally releases MMC from legal claims and liabilities.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="355" style='border-collapse:collapse'>
    <tr >
        <td width="90" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=3>Item 9.01</font></b></p> </td>
        <td width="253" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=3>Financial Statements and Exhibits</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="120" style='border-collapse:collapse'>
    <tr >
        <td width="43" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=3>(d)</font></b></p> </td>
        <td width="77" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font SIZE=3>Exhibits</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="573" style='border-collapse:collapse'>
    <tr >
        <td width="43" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>10.1</font></p> </td>
        <td width="531" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>Separation and Release Agreement, dated February 15, 2008, between Marsh &amp;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="419" style='border-collapse:collapse; '>
    <tr >
        <td width="43" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="376" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>McLennan Companies, Inc. and Michael G. Cherkasky.</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>4</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.51in;text-align:left;'><font SIZE=3>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.39in; text-indent:0.5in;text-align:left;'><font size=3>MARSH &amp; McLENNAN COMPANIES, INC.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="320" style='margin-left:190pt;border-collapse:collapse'>
    <tr >
        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0in;text-indent:13.4pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=3>By:</font></p> </td>
        <td width="284" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>/s/ Luciana Fato</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.12in;text-align:left;'><font size=3>&nbsp;</font></p>
<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="452" style='border-collapse:collapse'>
    <tr >
        <td width="305" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Name:</font></p> </td>
        <td width="104" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Luciana Fato</font></p> </td> </tr></table>
</div>
<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="305" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Title:</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=3>Deputy General Counsel &amp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.62in;text-align:left;'><font size=3>&nbsp;&nbsp;Corporate Secretary</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.88in;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.88in;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="204" style='border-collapse:collapse; '>
    <tr >
        <td width="67" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>Date:</font></p> </td>
        <td width="137" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>February 22, 2008</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>EXHIBIT INDEX</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="168" style='border-collapse:collapse'>
    <tr >
        <td width="101" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font SIZE=3>Exhibit No.</font></u></p> </td>
        <td width="67" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font SIZE=3>Exhibit</font></u></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="650" style='border-collapse:collapse; '>
    <tr >
        <td width="97" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>10.1</font></p> </td>
        <td width="532" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=3>Separation and Release Agreement, dated February 15, 2008, between Marsh &amp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font SIZE=3>&nbsp;McLennan Companies, Inc. and Michael G. Cherkasky.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=3>5</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=3>&nbsp;</font></p>
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{"company-data": {"conformed-name": "MARSH & MCLENNAN COMPANIES, INC.", "cik": "0000062709", "assigned-sic": "6411", "irs-number": "362668272", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-05998", "film-number": "08635687"}, "business-address": {"street1": "1166 AVENUE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "2123455000"}, "mail-address": {"street1": "1166 AVENUE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10036"}, "former-company": [{"former-conformed-name": "MARSH & MCLENNAN COMPANIES INC", "date-changed": "19920703"}, {"former-conformed-name": "MARLENNAN CORP", "date-changed": "19760505"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported)
February 15, 2008
Marsh & McLennan Companies, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-5998
36-2668272
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1166 Avenue of the Americas, New York, NY                                                     10036
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code
(212) 345-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e)
On February 15, 2008, Marsh & McLennan Companies, Inc. ("
MMC
") and Michael G.
Cherkasky, MMC's former president and chief executive officer, entered into a Separation and Release Agreement (the "
Separation Agreement
").  The Separation Agreement sets forth the terms and conditions of Mr. Cherkasky's separation from MMC following termination of his employment effective January 29, 2008 (the "
Separation Date
").
The compensation provided by MMC to Mr. Cherkasky under the Separation Agreement is largely determined by operation of the Employment Agreement entered into between MMC and Mr. Cherkasky as of July 25, 2005 (the "
Employment Agreement
").  A copy of the Employment Agreement is attached as Exhibit 10.1 to MMC's Current Report on Form 8-K filed with the SEC on July 29, 2005.
The principal terms of the Separation Agreement are summarized below.  This summary is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
2007 Bonus Determination
The compensation committee of MMC's board of directors has determined that Mr. Cherkasky will receive no bonus in respect of fiscal 2007.
Separation Payment
MMC did not terminate Mr. Cherkasky's employment for "cause," as that term is defined in the Employment Agreement.  MMC therefore will pay Mr. Cherkasky a lump sum of $7,150,000.  This amount is calculated in accordance with §5.5(d) of the Employment Agreement and represents two times the sum of: (x) $1.0 million, which was Mr. Cherkasky's base salary as of the Separation Date; and (y) $2.575 million, which was Mr. Cherkasky's average bonus for 2005 and 2006.
Full Vesting of Equity-Based Awards
The Separation Agreement recognizes that, in accordance with §5.5(d) of the Employment Agreement, all unvested equity-based awards previously granted to Mr. Cherkasky vested in full as of the Separation Date.
•
Restricted Stock Units and Shares of Restricted Stock.
As of the Separation Date, Mr. Cherkasky held 293,409 MMC restricted stock units (including 151,126 performance restricted stock units) and 128,469 shares of MMC restricted stock.  MMC had previously granted these equity awards to Mr. Cherkasky under MMC's 2000 Senior Executive Incentive and Stock Award Plan.  None of these awards had vested prior to the Separation Date.  As of the Separation Date, they all vested fully.  MMC will distribute all 293,409 restricted stock units and all
2
128,469 shares of restricted stock to Mr. Cherkasky within five weeks following
the date of the Separation Agreement.
•
Stock Options.
As of the Separation Date, Mr. Cherkasky held options, previously awarded under MMC's 2000 Senior Executive Incentive and Stock Award Plan, to purchase a total of 820,967 shares of MMC common stock.  Of this total, 343,938 stock options had already vested prior to the Separation Date.  The remaining 477,029 stock options vested fully as of the Separation Date.  Mr. Cherkasky's 820,967 vested stock options will be exercisable for five years following the Separation Date, subject to satisfaction of the following performance contingencies:
§
426,621 stock options granted to Mr. Cherkasky in 2005 will become exercisable only if the closing price of MMC common stock is at least 115% of the exercise price for 30 consecutive trading days.  The exercise price is $29.19.
§
238,096 stock options granted to Mr. Cherkasky in 2006 will become exercisable only if the closing price of MMC common stock is at least 115% of the exercise price for 10 consecutive trading days.  The exercise price is $30.215.
§
156,250 stock options granted to Mr. Cherkasky in 2007 will become exercisable only if the closing price of MMC common stock is at least 115% of the exercise price for 10 consecutive trading days.  The exercise price is $29.60.
Separation Benefits
The Separation Agreement states that MMC will provide Mr. Cherkasky with certain benefits in connection with his separation of employment.  These include:
•
Administrative Support; Outplacement Services.
MMC will provide Mr. Cherkasky with an offsite office and administrative support for one year following the Separation Date.  If requested by Mr. Cherkasky, MMC will provide him with six months of executive outplacement services.
•
Executive Financial Services Program; Health Insurance.
Mr. Cherkasky is permitted to participate in MMC's executive financial services program through December 31, 2008.  Mr. Cherkasky may elect group health insurance continuation coverage under COBRA or the MMC Retiree Medical Plan.  Alternatively, he may elect to receive certain MMC-sponsored group welfare continuation coverage.
3
Transition Consulting Services
The Separation Agreement provides that Mr. Cherkasky will render and be compensated for certain transition consulting services to MMC following the Separation Date.  These arrangements are not contemplated by the Employment Agreement.
•
Transition Consulting Services.
Mr. Cherkasky will serve as a consultant to MMC through March 31, 2008, assisting with the transition process relating to his separation from employment and other projects as MMC may request.
•
Consulting Fee.
As compensation for his consulting services, MMC will pay Mr. Cherkasky a monthly fee of $333,333 for each of January, February and March 2008.  The total fee will be reduced by the amount of salary paid to Mr. Cherkasky for the period January 1, 2008 through the Separation Date.
Non-Competition and Non-Solicitation; Release
The Separation Agreement contains non-competition, non-solicitation and release-of-claims provisions that are consistent with the terms of the Employment Agreement.
•
Non-Competition and Non-Solicitation.
As contemplated by §4.1(a) of the Employment Agreement, during the 24-month period following the Separation Date, Mr. Cherkasky agrees to refrain from engaging in specified competitive activities with respect to MMC, soliciting MMC's clients with respect to specified competitive activities, and soliciting MMC's employees to leave MMC.
•
Release.
As contemplated by §5.7 of the Employment Agreement, Mr. Cherkasky unconditionally releases MMC from legal claims and liabilities.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
10.1
Separation and Release Agreement, dated February 15, 2008, between Marsh &
McLennan Companies, Inc. and Michael G. Cherkasky.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MARSH & McLENNAN COMPANIES, INC.
By:
/s/ Luciana Fato
Name:
Luciana Fato
Title:
Deputy General Counsel &
Corporate Secretary
Date:
February 22, 2008
EXHIBIT INDEX
Exhibit No.
Exhibit
10.1
Separation and Release Agreement, dated February 15, 2008, between Marsh &
McLennan Companies, Inc. and Michael G. Cherkasky.
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