Exhibit 10.22

 

5th Dated      July                            2006

 

 

 

 

 

 

WATSON WYATT LIMITED

 

and

 

HALIFAX CORPORATE TRUSTEES LIMITED

 

 

WATSON WYATT SHARE INCENTIVE PLAN 2005

 

DEED OF AMENDMENT

 

 

 

 

 

 

 

 

 

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One Silk Street

London EC2Y 8HQ

 

 

Telephone (44-20) 7456 2000

Facsimile (44-20) 7456 2222

 

 

Ref 01/145/K Kelleher

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This deed is made on     5 July                               2006 between:

(1)                              Watson Wyatt Limited (Number 05379716) whose
registered office is Watson House, London Road, Reigate, Surrey, RH2 9PQ (the
“Company”); and

(2)                              Halifax Corporate Trustees Limited (Number
2045938) whose registered office is Trinity Road, Halifax, West Yorkshire, HX1
2RG (the “Trustees”).

1                                      Introduction

1.1                            The Trustees are the current trustee of the
Watson Wyatt Share Incentive Plan (the “Plan”) which was established by deed
dated 7 September 2005 (the “Trust Deed”).

1.2                            Since the Plan was adopted, a merger has been
effected between Watson Wyatt & Company Holdings and Watson Wyatt Worldwide,
Inc. Following this merger, Watson Wyatt & Company Holdings has changed its name
to Watson Wyatt Worldwide, Inc.

1.3                            Under Clause 14.2 of the Trust Deed the directors
of the Company (or a duly authorised committee) and the Trustees may, together
by deed at any time, change the Plan rules.

1.4                            In exercise of their power under Clause 14.2 of
the Trust Deed, the directors of the Company and the Trustees wish to modify the
Trust Deed by replacing the words “Watson Wyatt & Companies Holdings” with the
words “Watson Wyatt Worldwide, Inc.” throughout.

1.5                            The Company and the Trustees have executed this
deed to show that they agree to the modification.

2                                      Operative Part

The Trust Deed is modified as follows:

In clause 1 of the Trust deed, the definition of “Share” is deleted and replaced
with the following:

‘“Share” means a share of Class A common stock of par value US$0.01 of Watson
Wyatt Worldwide, Inc., which meets the requirements of Part 4 of Schedule 2, and
any security which forms part of any new holding referred to in paragraph 86, of
Schedule 2.

To give effect to its provisions this document has been executed as a deed on
the date stated at the beginning.

 

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EXECUTED AS A DEED by Watson Wyatt
Limited acting by:

 

 

 

 

 

 

 

/s/ C. Ramamurthy

 

 

Chandrasekhar Ramamurthy

 

 

 

Director, Watson Wyatt Limited

 

 

 

 

/s/ T. Ovington

 

 

Tim Ovington

 

 

 

Head of HR, Watson Wyatt Limited

 

1

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EXECUTED AS A DEED by Halifax
Corporate Trustees Limited acting by:

 

 

 

 

 

 

 

 

 

 

 

 

Director /s/ [illegible]

 

 

 

 

 

 

 

 

 

 

 

Director/Secretary /s/ [illegible]

 

2

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