Document:

exv10w5

    Exhibit 10.5

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    SHARE
    OPTION AWARD AGREEMENT

    (Performance-Based Share Options)

 

    GRANTED
    UNDER THE HILB ROGAL & HOBBS COMPANY

 

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and as

    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on

    December 31, 2009)

 

    THIS SHARE OPTION AWARD AGREEMENT (this
    “Agreement”), effective as of [INSERT DATE] is made by
    and between Willis Group Holdings Public Limited Company and any
    successor thereto (hereinafter referred to as the
    “Company”) and the individual (the
    “Optionee”) who has duly completed, executed and
    delivered the Option Acceptance Form, a copy of which is
    attached hereto as Schedule A and which is deemed to be a
    part hereof (the “Acceptance Form”) and; if applicable
    the Agreement of Restrictive Covenants and Other Obligations, a
    copy of which is set out in Schedule C attached hereto and
    deemed to be a part hereof;.

 

    WHEREAS, the Company wishes to carry out the Plan (as
    hereinafter defined), the terms of which are hereby incorporated
    by reference and made a part of this Agreement; and

 

    WHEREAS, the Committee (as hereinafter defined) has
    determined that it would be to the advantage and best interest
    of the Company and its shareholders to grant the Option (as
    hereinafter defined) provided for herein to the Optionee as an
    incentive for increased efforts on the part of the Optionee
    during the Optionee’s employment with the Company or its
    Subsidiaries (as hereinafter defined), and has advised the
    Company thereof and instructed the undersigned officer to
    prepare said Option.

 

    NOW, THEREFORE, the parties hereto do hereby agree as
    follows:

 

    ARTICLE I

    

 

    DEFINITIONS

 

    Defined terms used in this Agreement shall have the meaning
    specified in the Plan or below unless the context clearly
    indicates to the contrary.

 

     Section 1.1 —
    Act

 

    “Act” shall mean the Companies Act 1963 of
    Ireland.

 

    Section 1.2 —
    Adjusted Earnings Per Share

 

    “Adjusted Earnings Per Share” shall mean the
    adjusted earnings per share as stated by the Company in its
    annual financial results as issued by the Company with respect
    to the Performance Period.

 

    Section 1.3 —
    Adjusted Operating Margin

 

    “Adjusted Operating Margin” shall mean the
    adjusted operating margin as stated by the Company in its annual
    financial results as issued by the Company with respect to the
    Performance Period.

 

 

     Section 1.4 —
    Board

 

    “Board” shall mean the board of directors of
    the Company.

 

    Section 1.5 —
    Cause

 

    “Cause” shall mean (i) the Optionee’s
    continued
    and/or
    chronic failure to adequately
    and/or
    competently perform his material duties with respect to the
    Company or its Subsidiaries after having been provided
    reasonable notice of such failure and a period of at least ten
    days after the Optionee’s receipt of such notice to cure
    and/or
    correct such performance failure, (ii) willful misconduct
    by the Optionee in connection with the Optionee’s
    employment which is injurious to the Company or its Subsidiaries
    (willful misconduct shall be understood to include, but not be
    limited to, any breach of the duty of loyalty owed by the
    Optionee to the Company or its Subsidiaries),
    (iii) conviction of any criminal act (other than minor road
    traffic violations not involving imprisonment), (iv) any
    breach of the Optionee’s restrictive covenants and other
    obligations as provided in Schedule C to this Agreement (if
    applicable), in the Optionee’s employment agreement (if
    any), or any other non-compete agreement
    and/or
    confidentiality agreement entered into between the Optionee and
    the Company or any of its Subsidiaries (other than an
    insubstantial, inadvertent and non-recurring breach), or
    (v) any material violation of any written Company policy
    after reasonable notice and an opportunity to cure such
    violation within ten (10) days after the Optionee’s
    receipt of such notice.

 

    Section 1.6 —
    Change of Control

 

    “Change of Control” shall mean (a) the
    acquisition of ownership, directly or indirectly, beneficially
    or of record, by any Person (within the meaning of the Exchange
    Act and the rules of the U.S. Securities and Exchange
    Commission thereunder as in effect on the date hereof) or group
    of Persons of the Ordinary Shares representing more than 50% of
    the aggregate voting power represented by the issued and
    outstanding Ordinary Shares; or (b) the occupation of a
    majority of the seats (other than vacant seats) on the Board by
    persons who were neither (i) nominated by the Board nor
    (ii) appointed by directors so nominated. For the avoidance
    of doubt, a transaction shall not constitute a Change of Control
    (i) if effected for the purpose of changing the place of
    incorporation or form of organization of the ultimate parent
    entity of the Willis Group (including where the Company is
    succeeded by an issuer incorporated under the laws of another
    state, country or foreign government for such purpose and
    whether or not the Company remains in existence following such
    transaction) and (ii) where all or substantially all of the
    person(s) who are the beneficial owners of the outstanding
    voting securities of the Company immediately prior to such
    transaction will beneficially own, directly or indirectly, all
    or substantially all of the combined voting power of the
    outstanding voting securities entitled to vote generally in the
    election of directors of the ultimate parent entity resulting
    from such transaction in substantially the same proportions as
    their ownership, immediately prior to such transaction, of such
    outstanding securities of the Company.

 

    Section 1.7 —
    Committee

 

    “Committee” shall mean the Compensation
    Committee of the Board or any successor thereto (or if no such
    committee is appointed, the Board provided that a majority of
    the Board are “independent directors” for the purpose
    of the rules and regulations of the New York Stock Exchange).

 

    Section 1.8 —
    Earned Date

 

    “Earned Date” shall mean the date that the
    annual financial results of the Company are issued by the
    Company.

 

    Section 1.9 —
    Earned Performance Shares

 

    “Earned Performance Shares” shall mean Shares
    subject to the Option in respect of which the applicable
    Performance Objectives, as set out in Section 3.1 and
    Exhibit 1 to the Acceptance Form, have been achieved and
    shall become vested and exercisable as set out in
    Section 3.2.

 

    Section 1.10 —
    Grant Date

 

    “Grant Date” shall mean [INSERT DATE].

    

    2

 

 

    Section 1.11 —
    Option

 

    “Option” shall mean the option to purchase
    Ordinary Shares of the Company granted in accordance with this
    Agreement and the Plan.

 

    Section 1.12 —
    Option Price

 

    “Option Price” shall mean the price per Share
    purchased on exercise of the Option, as set forth in the
    Acceptance Form. The Option Price per Share shall not be less
    than 100% of the Fair Market Value of one Share on the Grant
    Date.

 

    Section 1.13 —
    Performance Period

 

    “Performance Period” shall mean [insert
    performance period].

 

    Section 1.14 —
    Performance Objectives

 

    “Performance Objectives” shall mean the
    performance objectives based on an Adjusted Earnings Per Share
    or Adjusted Operating Margin that are set forth in
    Section 3.1(a) and Exhibit 1 to the Acceptance Form.

 

    Section 1.15 —
    Permanent Disability

 

    The Optionee shall be deemed to have a “Permanent
    Disability” if the Optionee meets the requirements of the
    definition of such term, or of an equivalent term, as defined in
    the Company’s or Subsidiary’s long-term disability
    plan applicable to the Optionee or, if no such plan is
    applicable, in the event the Optionee is unable by reason of
    physical or mental illness or other similar disability, to
    perform the material duties and responsibilities of his job for
    a period of 180 consecutive business days out of 270 business
    days.

 

    Section 1.16 —
    Person

 

    “Person” shall have the meaning ascribed to
    such term used in Sections 13(d) and 14(d) of the Exchange
    Act.

 

    Section 1.17 —
    Plan

 

    “Plan” shall mean the Hilb, Rogal &
    Hobbs Company 2007 Share Incentive Plan, as amended from
    time to time.

 

    Section 1.18 —
    Pronouns

 

    The masculine pronoun shall include the feminine and neuter, and
    the singular the plural, where the context so indicates.

 

    Section 1.19 —
    Shares or Ordinary Shares

 

    “Shares” or “Ordinary Shares” means
    ordinary shares of the Company, which may be authorised but
    unissued.

 

    Section 1.20 —
    Subsidiary

 

    “Subsidiary” shall mean with respect to the
    Company, a body corporate which is a subsidiary of the Company
    within the meaning of Section 155 of the Act. For purposes
    of granting share options or any other “stock rights,”
    within the meaning of Section 409A of the Code, an entity
    shall not be considered a Subsidiary if granting any such share
    right would result in the share right becoming subject to
    Section 409A of the Code. For purposes of granting
    U.S. incentive stock options, an entity shall not be
    considered a Subsidiary if it does not also meet the
    requirements of Section 424(f) of the Code.

 

    Section 1.21 —
    Willis Group

 

    “Willis Group” shall mean the Company and its
    Subsidiaries collectively.

    

    3

 

 

    ARTICLE II

    

 

    GRANT OF
    OPTIONS

 

    Section 2.1 —
    Grant of Options

 

    Subject to the terms and conditions of the Plan and the
    additional terms and conditions set forth in this Agreement,
    including any country-specific provisions set forth in
    Schedule B to this Agreement, the Company hereby grants to
    the Optionee an Option to purchase all or part of the aggregate
    number of Shares, as stated in the Acceptance Form. In
    circumstances where Optionee is required to enter into the
    Agreement of Restrictive Covenants and Other Obligations set
    forth in Schedule C, the Optionee agrees that the grant of
    an Option pursuant to this Agreement is sufficient consideration
    for the Optionee entering into such agreement.

 

    Section 2.2 —
    Option Price

 

    Subject to Section 2.4, the Option Price of each Share
    subject to the Option shall be as stated in the Acceptance Form.

 

    Section 2.3 —
    Employment Rights

 

    Subject to the terms of the Agreement of Restrictive Covenants
    and Other Obligations where applicable, the rights and
    obligations of the Optionee under the terms of his office or
    employment with the Company or any Subsidiary shall not be
    affected by his participation in this Plan or any right which he
    may have to participate in it. The Option and the
    Optionee’s participation in the Plan will not be
    interpreted to form an employment agreement with the Company or
    any Subsidiary. The Optionee hereby waives any and all rights to
    compensation or damages in consequence of the termination of his
    office or employment for any reason whatsoever insofar as those
    rights arise or may arise from his ceasing to have rights under
    or be entitled to earn, vest in or exercise any Option as a
    result of such termination. If, notwithstanding the foregoing,
    any such claim is allowed by a court of competent jurisdiction,
    then, by participating in the Plan, the Optionee shall be deemed
    irrevocably to have agreed not to pursue such claim and agrees
    to execute any and all documents necessary to request dismissal
    or withdrawal of such claims.

 

    Section 2.4 —
    Adjustments Upon a Change in Ordinary Shares

 

    In accordance with and subject to Article X of the Plan, in
    the event that the Shares subject to any Option are, from time
    to time, changed into or exchanged for a different number or
    kind of Shares or other securities, by reason of a
    (i) share dividend, share
    split-up,
    subdivision or consolidation of shares or other similar changes
    in capitalization; (ii) spin-off, spin-out,
    split-up,
    split-off, or other such distribution of assets to shareholders;
    or (iii) direct or indirect assumptions
    and/or
    conversions of outstanding Options due to an acquisition of the
    Company, then the terms of the Option shall be adjusted as the
    Committee shall determine to be equitably required, provided the
    number of Shares subject to the Option shall always be a whole
    number. Any such adjustment or determination made by the
    Committee shall be final and binding upon the Associate, the
    Company and all other interested persons.

 

    Section 2.5 —
    Clawback Policy

 

    The Company may cancel all or part of the Option or require
    payment by the Optionee to the Company of all or part of any
    amount or Shares received by the Optionee following the exercise
    of the Option pursuant to the Company’s Clawback Policy
    dated December 2009, as amended from time to time, except to the
    extent prohibited under applicable law.

 

    ARTICLE III

    

 

    PERIOD OF
    EXERCISABILITY

 

    Section 3.1 —
    Commencement of Earning

 

    (a) Subject to Sections 3.1(b) and 3.1(d), the Shares
    subject to Option shall become Earned Performance Shares as of
    the Earned Date and shall become eligible to vest and become
    exercisable in accordance with the provisions of

    

    4

 

    Section 3.2 if and to the extent that the Performance
    Objectives set out in Targets 1 (50% of Target Number of Shares)
    and 2 (50% of Target Number of Shares) of Exhibit 1 to the
    Acceptance Form are attained and subject to the Optionee being
    in the employment of the Company or any Subsidiary at each
    respective vesting date as set forth in Section 3.2 below.

 

    (b) The Optionee understands and agrees that the terms
    under which the Option shall become Earned Performance Shares as
    described in Section 3.1(a) above and in Exhibit 1 to
    the Acceptance Form is confidential and the Optionee agrees not
    to disclose, reproduce or distribute such confidential
    information concerning the Company, except as required in the
    course of the Optionee’s employment with the Company or one
    of its Subsidiaries, without the prior written consent of the
    Company. The Optionee’s failure to abide by this condition
    may result in the immediate cancellation of the Option.

 

    (c) As promptly as practicable following the Performance
    Period, the Committee shall determine whether the applicable
    Performance Objectives were attained, and based on such
    determination, shall declare the number of Shares subject to the
    Option that shall become Earned Performance Shares. Anything to
    the contrary in this Section 3.1 and Exhibit 1 to the
    Acceptance Form notwithstanding, the Committee retains sole
    discretion to determine the number of Shares subject to the
    Option that will become Earned Performance Shares.

 

    (d) If prior to the end of the Performance Period,
    (i) the Optionee’s employment terminates for reasons
    other than Cause, or (ii) there is a Change of Control, the
    Committee, may, in its sole discretion deem the Performance
    Objectives to be attained at the level (not to exceed the
    maximum level) determined by the Committee as to all or part of
    the unearned Shares underlying the Option and deem them to be
    Earned Performance Shares.

 

    (e) All Shares subject to the Option that are not declared
    by the Committee to be Earned Performance Shares shall be
    forfeited immediately on the earlier of the Optionee’s
    termination of employment or the date that the Committee makes a
    determination on whether the Performance Objectives were
    attained.

 

    Section 3.2 —
    Commencement of Vesting and Exercisability

 

    (a) Subject to the Optionee’s continued employment
    with the Willis Group through the applicable vesting date (set
    forth in the left column), the Earned Performance Shares shall
    vest and become exercisable in accordance with Section 3.2
    below:

 

	 	 	 	 	 
	
 
	
 
	
    Percentage of Earned

    

	
    Date Earned Performance Shares

    
	
 
	
    Performance Shares that Become

    

	
    Become Vested and Exercisable
	
 
	
    Vested and Exercisable

	
    Second anniversary of Grant Date

    [INSERT DATE]
	
 
	
 
	
    [insert]
	
    %

	
    Third anniversary of Grant Date

    [INSERT DATE]
	
 
	
 
	
    [insert]
	
    %

	
    Fourth anniversary of Grant Date

    [INSERT DATE]
	
 
	
 
	
    [insert]
	
    %

	
    Fifth anniversary of Grant Date

    [INSERT DATE]
	
 
	
 
	
    [insert]
	
    %

 

    (b) In the event of a termination of the Optionee’s
    employment as a result of death or Permanent Disability, then
    (i) the Earned Performance Shares and the Option in respect
    thereof shall become immediately vested and exercisable with
    respect to all of the Shares underlying such Option through the
    time period set forth in Section 3.3(b) below, and
    (ii) as of the date of termination of employment, any
    portion of the Option which then has not become an Earned
    Performance Share shall immediately terminate and will at no
    time be exercisable.

 

    (c) Notwithstanding anything herewith to the contrary the
    Option over Earned Performance Shares that have not yet vested
    shall immediately terminate and will at no time become
    exercisable, except that the Committee may, for termination of
    employment for reasons other than death, Permanent Disability or
    Cause, determine in its sole discretion that the Option over the
    Earned Performance Shares that have not yet vested and become
    exercisable, shall become vested and exercisable.

 

    (d) In the event of a termination of the Optionee’s
    employment for any reason other than death or Permanent
    Disability, then the Earned Performance Shares that have vested
    and become exercisable and the Option in respect thereof shall
    remain exercisable through the time period set forth in
    Section 3.3 (b) below.

    

    5

 

 

    (e) Unless otherwise determined by the Committee, in its
    sole discretion, the termination date for purposes of this
    Section 3.2 and the Agreement will be the later of
    (i) the last day of the Optionee’s active employment
    with the Company or any Subsidiary or (ii) the last day of
    any notice period or garden leave, as provided for under the
    Optionee’s employment or service contract or local law.

 

    (f) In the event of a Change of Control (as defined in the
    Agreement), the Option shall not automatically vest and become
    exercisable and the Committee shall have the sole discretion to
    accelerate the vesting of unvested Earned Performance Shares
    without regard to whether the Earned Performance Shares are
    assumed or substituted by a successor company.

 

    Section 3.3 —
    Expiration of Options

 

    (a) The Option shall immediately lapse upon the termination
    of the Optionee’s employment, subject to, and except as
    otherwise specified within, the terms and conditions of
    Section 3.2 above.

 

    (b) The Option over Earned Performance Shares that has
    become vested and exercisable in accordance with
    Section 3.2 will cease to be exercisable by the Optionee
    upon the first to occur of the following events:

 

    (i) The eighth anniversary of the Grant Date; or

 

    (ii) Twelve months after the date of the Optionee’s
    termination of employment by reason of death or Permanent
    Disability; or

 

    (iii) Ninety days after the date of any termination of the
    Optionee’s employment by the Company or its Subsidiary for
    any reason other than (A) death or Permanent Disability or
    (B) where the Committee has exercised its discretion in
    accordance with Section 3.2(c) above; or

 

    (iv) Six calendar months after the date of termination of
    the Optionee’s employment provided the Committee has
    exercised its discretion pursuant to Section 3.2(c) above
    and termination is other than for Cause; or

 

    (v) If the Committee so determines pursuant to
    Section 3.2(e) of this Agreement, the effective date of a
    Change of Control, so long as the Optionee has a reasonable
    opportunity to exercise his Options prior to such effective date.

 

    (c) The Optionee agrees to execute and deliver the
    following agreements or other documents in connection with the
    grant of the Option within the period set forth below:

 

    (i) the Optionee must execute the Agreement of Restrictive
    Covenants and Other Obligations pursuant to Article VII
    below, if applicable, and deliver it to the Company within
    45 days of the receipt of this Agreement;

 

    (ii) the Optionee must execute the Acceptance Form and
    deliver it to the Company within 45 days of the receipt of
    this Agreement; and

 

    (iii) the Optionees who are resident in the United Kingdom
    must execute the form of joint election as described in terms
    set forth in Schedule B for the United Kingdom and deliver
    it to their employing company within 45 days of the receipt
    of this Agreement.

 

    (d) The Committee may, in its sole discretion, cancel the
    Option, if the Optionee fails to execute and deliver the
    agreements and documents within the period set forth in
    Section 3.3(c) or fails to meet the requirements set forth
    in Section 3.1(a) and Exhibit 1 to the Acceptance Form.

    

    6

 

 

    ARTICLE IV

    

 

    EXERCISE
    OF OPTION

 

    Section 4.1 —
    Person Eligible to Exercise

 

    During the lifetime of the Optionee, only he may exercise an
    Option or any portion thereof. After the death of the Optionee,
    any exercisable portion of an Option may, prior to the time when
    an Option becomes unexercisable under Section 3.3, be
    exercised by any person empowered to do so under the
    Optionee’s will or under then applicable laws of
    inheritance.

 

    Section 4.2 —
    Partial Exercise

 

    Any exercisable portion of an Option or the entire Option, if
    then wholly exercisable, may be exercised in whole or in part at
    any time prior to the time when the Option or portion thereof
    becomes unexercisable under Section 3.3; provided, however,
    that any partial exercise shall be for whole Shares only.

 

    Section 4.3 —
    Manner of Exercise

 

    An Option, or any exercisable portion thereof, may be exercised
    solely by delivering to the Secretary or his office or the
    Company’s agent if so directed all of the following prior
    to the time when the Option or such portion becomes
    unexercisable under Section 3.3:

 

    (a) Notice in writing signed by the Optionee or the other
    person then entitled to exercise the Option or portion thereof,
    stating that the Option or portion thereof is thereby exercised,
    such notice complying with all applicable rules established by
    the Committee and made available to the Optionee (or such other
    person then entitled to exercise the Option);

 

    (b) Full payment (in cash, by cheque, electronic transfer,
    by way of a cashless exercise with a broker as approved by the
    Company, by way of surrender of Shares to the Company, by
    withholding in Shares to be issued upon Option exercise as
    approved by the Company in its sole discretion, or by a
    combination thereof) of the Option Price for the Shares with
    respect to which such Option or portion thereof is exercised,
    provided the Shares surrendered or withheld have a Fair Market
    Value (determined as of the day preceding the date of exercise)
    that is not less than such Option Price or part thereof and any
    Tax-Related Items (as defined in (d) below);

 

    (c) Full payment to the Company or any Subsidiary, by which
    the Optionee is employed (the “Employer”) of all
    income tax, payroll tax, payment on account, and social
    insurance contributions amounts (“Tax”) which, under
    federal, state, local or foreign law, it is required to withhold
    upon exercise of the Option; and

 

    (d) In a case where any Employer is obliged to (or would
    suffer a disadvantage if it were not to) account for any Tax (in
    any jurisdiction) for which the Optionee is liable by virtue of
    the Optionee’s participation in the Plan
    and/or any
    social security contributions recoverable from and legally
    applicable to the Optionee (the “Tax-Related Items”),
    the Optionee will pay or make adequate arrangements satisfactory
    to the Company
    and/or the
    Employer to satisfy all Tax-Related Items. In this regard, the
    Optionee may elect to satisfy the obligations with regard to all
    Tax-Related Items by one or a combination of the following:

 

    (i) withholding from the Optionee’s wages or other
    cash compensation paid to the Optionee by the Company
    and/or the
    Employer; or

 

    (ii) withholding from proceeds of the sale of Shares issued
    at exercise of the Option either through a voluntary sale or
    through a mandatory sale arranged by the Company (on the
    Optionee’s behalf pursuant to this authorization); or

 

    (iii) withholding in Shares to be issued at exercise of the
    Option, to the extent the Company permits this withholding
    method.

 

    To avoid any negative accounting treatment, the Company may
    withhold or account for Tax-Related Items by considering
    applicable minimum statutory withholding amounts or other
    applicable withholding rates. If the obligation for

    

    7

 

    Tax-Related Items is satisfied by withholding in Shares, for tax
    purposes, the Optionee is deemed to have been issued the full
    number of Shares subject to the exercised Option,
    notwithstanding that a number of Shares are held back solely for
    the purpose of paying the Tax-Related Items due as a result of
    any aspect of the Optionee’s participation in the Plan.

 

    Finally, the Optionee shall pay to the Company or the Employer
    any amount of Tax-Related Items that the Company or the Employer
    may be required to withhold or account for as a result of the
    Optionee’s participation in the Plan that cannot be
    satisfied by the means previously described.

 

    (e) In the event the Option or any portion thereof shall be
    exercised pursuant to Section 4.1 by any person or persons
    other than the Optionee, appropriate proof of the right of such
    person or persons to exercise the Option.

 

    Without limiting the generality of the foregoing, the Committee
    may prior to exercise, require an opinion of counsel reasonably
    acceptable to it to the effect that any subsequent transfer of
    Shares acquired on exercise of an Option does not violate the
    Exchange Act and may issue stop-transfer orders in the
    U.S. covering such Shares.

 

    Section 4.4 —
    Conditions to Issuance of Shares

 

    The Earned Performance Shares to be delivered upon the exercise
    of an Option, or any portion thereof, in accordance with
    Section 3.2 of this Agreement may be either previously
    authorized but unissued Shares or issued Shares held by any
    other person. Such Shares shall be fully paid. The Company shall
    not be required to issue or deliver any certificates
    representing such Shares or their electronic equivalent issued
    upon the exercise of an Option or portion thereof prior to
    fulfillment of all of the following conditions:

 

    (a) The obtaining of approval or other clearance from any
    state, federal, local or foreign governmental agency which the
    Committee shall, in its absolute discretion, determine to be
    necessary or advisable; and

 

    (b) The lapse of such reasonable period of time following
    the exercise of the Option as the Committee may from time to
    time establish for reasons of administrative convenience.

 

    Section 4.5 —
    Rights as Shareholder

 

    The Optionee shall not be, nor have any of the rights or
    privileges of, a shareholder of the Company in respect of any
    Shares that may be received upon the exercise of the Option or
    any portion thereof unless and until certificates representing
    such Shares or their electronic equivalent shall have been
    issued by the Company to the Optionee.

 

    ARTICLE V

    

 

    ADDITIONAL
    TERMS AND CONDITIONS OF OPTION

 

    Section 5.1 —
    Nature of Grant

 

    In accepting the Option, the Optionee acknowledges, understands
    and agrees that:

 

    (a) the Plan is established voluntarily by the Company, is
    discretionary in nature and may be amended, suspended or
    terminated by the Company at any time;

 

    (b) the grant of the Option is voluntary and occasional and
    does not create any contractual or other right to receive future
    options, or benefits in lieu of options, even if options have
    been granted repeatedly in the past;

 

    (c) all decisions with respect to future Option grants, if
    any, will be at the sole discretion of the Company;

 

    (d) the Optionee’s participation in the Plan is
    voluntary;

 

    (e) the Option and any Shares acquired under the Plan are
    not intended to replace any pension rights or compensation under
    any pension arrangement;

    

    8

 

 

    (f) the Option and any Shares acquired under the Plan are
    not part of normal or expected compensation or salary for any
    purposes, including, but not limited to, calculating any
    severance, resignation, termination, redundancy, end of service
    payments, dismissal, bonuses, long-service awards, pension or
    retirement or welfare benefits or similar payments and in no
    event should be considered as compensation for, or relating in
    any way to past services for, the Employer, the Company or a
    Subsidiary;

 

    (g) the future value of the Shares underlying the Option is
    unknown and cannot be predicted with certainty;

 

    (h) if the Optionee exercises the Option and acquires
    Shares, the value of such Shares may increase or decrease in
    value, even below the Option Price; and

 

    (i) no claim or entitlement to compensation or damages
    shall arise from termination of the Option or diminution in
    value of the Option or Shares acquired upon exercise of the
    Option in the event of the Optionee’s termination of
    employment (whether or not in breach of contract or local labor
    laws and whether or not later found to be invalid), and in
    consideration of the grant of the Option to which the Optionee
    is otherwise not entitled, the Optionee irrevocably agrees never
    to institute any claim against the Company or any Subsidiary,
    waives his ability, if any, to bring any such claim, and
    releases the Company and any Subsidiary from any such claim.

 

    Section 5.2 —
     No Advice Regarding Grant
    

 

    The Company is not providing any tax, legal or financial advice,
    nor is the Company making any recommendations regarding the
    Optionee’s participation in the Plan, or the issuance of
    Shares upon exercise of the Option or sale of the Shares. The
    Optionee is hereby advised to consult with his own personal tax,
    legal and financial advisors regarding his participation in the
    Plan before taking any action related to the Plan.

 

    ARTICLE VI

    

 

    DATA
    PRIVACY NOTICE AND CONSENT

 

    Section 6 —
    Data Privacy

 

    (a) The Optionee hereby explicitly and unambiguously
    consents to the collection, use and transfer, in electronic or
    other form, of the Optionee’s personal data as described in
    this Agreement and any other Option grant materials by and
    among, as applicable, the Employer, the Company and its
    Subsidiaries for the exclusive purpose of implementing,
    administering and managing the Optionee’s participation in
    the Plan.

 

    (b) The Optionee understands that the Company and the
    Employer may hold certain personal information about the
    Optionee, including, but not limited to, the Optionee’s
    name, home address, telephone number, date of birth, social
    insurance number or other identification number, salary,
    nationality, job title, any Shares or directorships held in the
    Company, details of all Options or any other entitlement to
    Shares awarded, canceled, exercised, vested, unvested or
    outstanding in the Optionee’s favor, for the exclusive
    purpose of implementing, administering and managing the Plan
    (“Data”).

 

    (c) The Optionee understands that Data will be
    transferred to Morgan Stanley Smith Barney or to any other third
    party assisting in the implementation, administration and
    management of the Plan. The Optionee understands that the
    recipients of the Data may be located in the Optionee’s
    country or elsewhere, and that the recipients’ country
    (e.g., Ireland) may have different data privacy laws and
    protections from the Optionee’s country. The Optionee
    understands that he may request a list with the names and
    addresses of any potential recipients of the Data by contacting
    his local human resources representative. The Optionee
    authorizes the Company, Morgan Stanley Smith Barney and any
    other recipients of Data which may assist the Company (presently
    or in the future) with implementing, administering and managing
    the Plan to receive, possess, use, retain and transfer the Data,
    in electronic or other form, for the sole purpose of
    implementing, administering and managing his participation in
    the Plan. The Optionee understands that Data will be held only
    as long as is necessary to implement, administer and manage the
    Optionee’s participation in the Plan. The Optionee
    understands that he may, at any time, view Data, request
    additional information about the storage and processing of Data,
    require any necessary amendments to Data or refuse or withdraw
    the consents herein, in any case without cost, by contacting in
    writing his local human resources representative. The Optionee
    understands, 

    

    9

 

    however, that refusing or withdrawing his consent may
    affect the Optionee’s ability to participate in the Plan.
    For more information on the consequences of the Optionee’s
    refusal to consent or withdrawal of consent, the Optionee
    understands that he may contact his local human resources
    representative.

 

    ARTICLE VII

    

 

    AGREEMENT
    OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

 

    Section 7 —
    Restrictive Covenants and Other Obligations

 

    In consideration of the grant of an Option, the Optionee shall
    enter into the Agreement of Restrictive Covenants and Other
    Obligations, a copy of which is attached hereto as
    Schedule C. In the event the Optionee does not sign and
    return the Agreement of Restrictive Covenants and Other
    Obligations within 45 days of the receipt of this
    Agreement, the Committee may, in its sole discretion, cancel the
    Option. If no such agreement is required, Schedule C shall
    state none or not applicable.

 

    ARTICLE VIII

    

 

    MISCELLANEOUS

 

    Section 8.1 —
    Administration

 

    The Committee shall have the power to interpret the Plan and
    this Agreement and to adopt such rules for the administration,
    interpretation and application of the Plan as are consistent
    therewith and to interpret or revoke any such rules. All actions
    taken and all interpretations and determinations made by the
    Committee shall be final and binding upon the Optionee, the
    Company and all other interested persons. No member of the
    Committee shall be personally liable for any action,
    determination or interpretation made in good faith with respect
    to the Plan or the Options. In its absolute discretion, the
    Committee may at any time and from time to time exercise any and
    all rights and duties of the Committee under the Plan and this
    Agreement.

 

    Section 8.2 —
    Options Not Transferable

 

    Neither the Options nor any interest or right therein or part
    thereof shall be subject to the debts, contracts or engagements
    of the Optionee or his successors in interest or shall be
    subject to disposition by transfer, alienation, anticipation,
    pledge, encumbrance, assignment or any other means whether such
    disposition be voluntary or involuntary or by operation of law
    by judgment, levy, attachment, garnishment or any other legal or
    equitable proceedings (including bankruptcy), and any attempted
    disposition thereof shall be null and void and of no effect;
    provided, however, that this Section 8.2 shall not prevent
    transfers made solely for estate planning purposes or under a
    will or by the applicable laws of inheritance.

 

    Section 8.3 —
    Binding Effect

 

    The provisions of this Agreement shall be binding upon and
    accrue to the benefit of the parties hereto and their respective
    heirs, legal representatives, successors and assigns.

 

    Section 8.4 —
    Notices

 

    Any notice to be given under the terms of this Agreement to the
    Company shall be addressed to the Company at the following
    address:

 

    Willis Group Holdings Public Limited Company

    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281

    Attention: Share Plans

 

    and any notice to be given to the Optionee shall be at the
    address set forth in the Option Acceptance Form.

    

    10

 

 

    By a notice given pursuant to this Section 8.4, either
    party may hereafter designate a different address for notices to
    be given to him. Any notice that is required to be given to the
    Optionee shall, if the Optionee is then deceased, be given to
    the Optionee’s personal representatives if such
    representatives have previously informed the Company of their
    status and address by written notice under this
    Section 8.4. Any notice shall have been deemed duly given
    when sent by facsimile or enclosed in a properly sealed envelope
    or wrapper addressed as aforesaid, deposited (with postage
    prepaid) in a post office or branch post office regularly
    maintained by the United States Postal Service or the United
    Kingdom’s Post Office or in the case of a notice given by
    an Optionee resident outside the United States of America or the
    United Kingdom, sent by facsimile or by a recognized
    international courier service.

 

    Section 8.5 —
    Titles

 

    Titles are provided herein for convenience only and are not to
    serve as a basis for interpretation or construction of this
    Agreement.

 

    Section 8.6 —
    Applicability of Plan

 

    The Options and the Earned Performance Shares underlying the
    Options shall be subject to all of the terms and provisions of
    the Plan, to the extent applicable to the Options. With the
    exception of the definition of Change of Control, in the event
    of any conflict between this Agreement and the Plan, the terms
    of the Plan shall control.

 

    Section 8.7 —
    Amendment

 

    The Committee shall have authority to make such amendments to
    this Agreement as are consistent with the Plan.

 

    Section 8.8 —
    Governing Law

 

    This Agreement shall be governed by, and construed in accordance
    with the laws of the Commonwealth of Virginia, without regard to
    its conflicts of law provisions, provided; however, that the
    Agreement of Restrictive Covenants and Other Obligations, if
    applicable, shall be governed by and construed in accordance
    with the laws specified in that agreement.

 

    Section 8.9 —
    Jurisdiction

 

    The courts of the state of New York shall have jurisdiction to
    hear and determine any suit, action or proceeding and to settle
    any disputes which may arise out of or in connection with this
    Agreement and, for such purposes, the parties hereto irrevocably
    submit to the jurisdiction of such courts; provided, however,
    where applicable, that with respect to the Agreement of
    Restrictive Covenants and Other Obligations the courts specified
    in such agreement shall have jurisdiction to hear and determine
    any suit, action or proceeding and to settle any disputes which
    may arise out of or in connection with that agreement.

 

    Section 8.10 —
    Electronic Delivery and Acceptance

 

    The Company may, in its sole discretion, decide to deliver any
    documents related to current or future participation in the Plan
    by electronic means. The Optionee hereby consents to receive
    such documents by electronic delivery and agrees to participate
    in the Plan through an on-line or electronic system established
    and maintained by the Company or a third party designated by the
    Company. Further, this Agreement has been executed on behalf of
    the Company electronically and the Optionee accepts the
    electronic signature of the Company.

 

    Section 8.11 —
    Language

 

    If the Optionee has received this Agreement, or any other
    document related to the Option
    and/or the
    Plan translated into a language other than English and if the
    translated version is different than the English version, the
    English version will control.

 

    Section 8.12 —
    Severability

 

    The provisions of this Agreement are severable and if any one or
    more provisions are determined to be illegal or otherwise
    unenforceable, in whole or in part, the remaining provisions
    shall nevertheless be binding and enforceable.

    

    11

 

 

    Section 8.13 —
    Schedule B

 

    The Option shall be subject to any special provisions set forth
    in Schedule B for the Optionee’s country of residence,
    if any. If the Optionee relocates to one of the countries
    included in Schedule B during the life of the Option, the
    special provisions for such country shall apply to the Optionee,
    to the extent the Company determines that the application of
    such provisions is necessary or advisable in order to comply
    with local law or facilitate the administration of the Plan.
    Schedule B constitutes part of this Agreement.

 

    Section 8.14 —
    Imposition of Other Requirements

 

    The Company reserves the right to impose other requirements on
    the Option and the Shares acquired upon exercise of the Option,
    to the extent the Company determines it is necessary or
    advisable in order to comply with local laws or facilitate the
    administration of the Plan, and to require the Optionee to sign
    any additional agreements or undertakings that may be necessary
    to accomplish the foregoing.

 

    Section 8.15 —
    Counterparts

 

    This Agreement may be executed in any number of counterparts
    (including by facsimile), each of which shall be deemed to be an
    original and all of which together shall constitute one and the
    same instrument.

 

    IN WITNESS WHEREOF the Company and the Optionee have each
    executed this Agreement.

 

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    By: ­
    ­

    Name: 

			
	 	    Title: 
	

    

    12

 

    SCHEDULE A

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    ACCEPTANCE
    FORM TO SHARE OPTION AWARD AGREEMENT

 

    HILB,
    ROGAL & HOBBS COMPANY

 

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and as

    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on

    December 31, 2009)

 

	 	 	 	 	 
	
    Name
	
 
	
 
	
 

	 

	

    Number of Shares Granted Under Option

	
 
	
 
	
 
	
 

	

    Grant Date

	
 
	
 
	
    [TBD]
	
 

	

    Option Price

	
 
	
 
	
    [TBD]
	
 

 

    I accept the grant of the Option under the Hilb,
    Rogal & Hobbs 2007 Share Incentive Plan, as
    amended from time to time and I agree to be bound by the terms
    and conditions of the Option Agreement dated [TBD] and any
    country-specific terms set forth in Schedule B, thereto.

 

	 
	

    Signature:

	

    Address:

 

    Once completed, please return one copy of this form to:

 

    Share Plans

    Willis Group Holdings Public Limited Company

    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281

    U.S.A.

 

    This form should be returned to the above address within
    45 days of receipt. Your option may be cancelled if your
    form is not received by that date.

    

    13

 

    EXHIBIT 1

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    ACCEPTANCE
    FORM TO SHARE OPTION AWARD AGREEMENT

 

    HILB,
    ROGAL & HOBBS COMPANY

 

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and as

    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on

    December 31, 2009)

 

    Performance Period: [Insert]

    Earned Date: Publication of Company’s Annual
    Financial Results

 

    Target 1:
    Adjusted Operating Margin (“OM”) Target
    [INSERT]%

    Percentage of Option Shares Subject to Target 1: 50%

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    (OM of [INSERT] or

    
	
 
	
    (OM of

    
	
 
	
    (OM of

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    below)
	
 
	
    [INSERT])
	
 
	
    [INSERT])
	
 
	
    100% or above

	 

	

    Percentage of Earned Performance Shares:

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    80-89
	
    %
	
 
	
 
	
    90-99
	
    %
	
 
	
 
	
    100
	
    %

 

    Target 2: Adjusted Earnings Per Share (“EPS”)
    Target $[INSERT]

    Percentage of Option Shares Subject to Target 2:
    50%

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    (EPS of $[INSERT]or

    
	
 
	
    (EPS of

    
	
 
	
    (EPS of

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    below)
	
 
	
    [INSERT])
	
 
	
    $[INSERT])
	
 
	
    100% or above

	 

	

    Percentage of Earned Performance Shares:

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    80-89
	
    %
	
 
	
 
	
    90-99
	
    %
	
 
	
 
	
    100
	
    %

 

 

			
	
    *		
    Performance between amounts is subject to interpolation.

    

    14

 

    SCHEDULE B

 

    WILLIS
    GROUP HOLDINGS

 

    COUNTRY-SPECIFIC
    APPENDIX TO OPTION AGREEMENT

 

    HILB
    ROGAL & HOBBS COMPANY

 

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and as

    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on

    December 31, 2009)

 

    Terms and
    Conditions

 

    This Schedule B includes additional terms and conditions
    that govern the Option granted to the Optionee under the Hilb
    Rogal & Hobbs 2007 Share Incentive Plan, as
    amended from time to time (the “Plan”) if the Optionee
    resides in one of the countries listed below. This
    Schedule B forms part of the Agreement. Capitalized terms
    used but not defined herein shall have the meanings ascribed to
    them in the Agreement or the Plan.

 

    Notifications

 

    This Schedule B also includes information based on the
    securities, exchange control and other laws in effect in the
    Optionee’s country as of June 2011. Such laws are often
    complex and change frequently. As a result, the Company strongly
    recommends that the Optionee not rely on the information noted
    herein as the only source of information relating to the
    consequences of the Optionee’s participation in the Plan
    because the information may be out of date at the time the
    Optionee exercises the Option under the Plan.

 

    In addition, the information is general in nature. The Company
    is not providing the Optionee with any tax advice with respect
    to the Option. The information is provided below may not apply
    to the Optionee’s particular situation, and the Company is
    not in a position to assure the Optionee of any particular
    result. Accordingly, the Optionee is strongly advised to seek
    appropriate professional advice as to how the tax or other laws
    in the Optionee’s country apply to the Optionee’s
    situation.

 

    Finally, if the Optionee is a citizen or resident of a country
    other than the one in which the Optionee is currently working,
    transfers employment after this Option is granted, or is
    considered a resident of another country for local law purposes,
    the notifications contained herein may not be applicable to the
    Optionee, and the Company shall, in its discretion, determine to
    what extent the terms and conditions contained herein shall be
    applicable to the Optionee.

 

    UNITED
    KINGDOM

 

    Terms
    and Conditions

 

    Tax Withholding Obligations.  The following
    provisions supplement Section 4.3(d) of the Agreement:

 

    The Optionee agrees that if he or she does not pay or the
    Employer or the Company does not withhold from the Optionee the
    full amount of Tax-Related Items that the Optionee owes at
    exercise of the Option, or the release or assignment of the
    Option for consideration, or the receipt of any other benefit in
    connection with the Option (the “Taxable Event”),
    within 90 days after the Taxable Event or such other period
    specified in section 222(1)(c) of the U.K. Income Tax
    (Earnings and Pensions) Act 2003, then the amount of any
    uncollected income taxes will constitute a benefit to
    Participant on which additional income tax and national
    insurance contributions (including the Employer’s NICs, as
    defined below) will be payable. The Optionee acknowledges that
    the Company or the Employer may recover any such additional
    income tax and NICs at any time thereafter by any of the means
    referred to in the Section 4.3(d) of the

    

    15

 

    Agreement, although the Optionee acknowledges that the Optionee
    ultimately will be responsible for reporting any income tax or
    National Insurance Contributions (“NICs”) due on this
    additional benefit directly to HMRC under the self-assessment
    regime.

 

    Joint Election

 

    If the Optionee is a U.K. tax resident, the grant of this Option
    is conditional upon the Optionee hereby agreeing to accept any
    liability for any employer National Insurance contributions
    (“Employer NICs”) which may be payable by the Employer
    in connection with the exercise, assignment, release or
    cancellation of any Option. The Optionee may elect that the
    Employer NICs may be collected by the Company or the Employer
    using any of the methods described in Section 4.3 of the
    Agreement. Without prejudice to the foregoing, the Optionee
    agrees to execute a joint election with the Company
    and/or the
    Employer (“Election”), the form of such Election being
    formally approved by Her Majesty’s Revenue &
    Customs (“HMRC”), and any other consent or elections
    required to accomplish the transfer of the Employer NICs to the
    Optionee. The Optionee further agrees to execute such other
    joint elections as may be required between the Optionee and any
    successor to the Company
    and/or the
    Employer. If the Optionee does not make an Election prior to the
    vesting of the Option or if approval to the Election is
    withdrawn by HMRC and a new Election is not entered into,
    without any liability to the Company, the Employer or any
    Subsidiary of the Company, the Option shall become null and void
    without any liability to the Company
    and/or the
    Employer and may not be exercised by the Optionee.

 

    UNITED
    STATES OF AMERICA

 

    Notifications

 

    Tax Information

 

    The Option is not an incentive stock option within the
    meaning of Section 422 of the Code.

    

    16exv10w6

    Exhibit 10.6

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    RESTRICTED
    SHARE UNIT AWARD AGREEMENT

 

    (Performance-Based
    Restricted Share Units)

 

    GRANTED
    UNDER THE HILB ROGAL & HOBBS COMPANY

 

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and as

    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on

    December 31, 2009)

 

    WHEREAS, Willis Group Holdings Public Limited Company and
    any successor thereto, hereinafter referred to as the
    “Company,” has assumed the Hilb, Rogal &
    Hobbs 2007 Share Incentive Plan, as amended and restated on
    December 30, 2009 by Willis Group Holdings Limited and as
    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on December 31, 2009 (the “Plan”);

 

    WHEREAS, the Committee (as hereinafter defined) has
    determined that it would be in the best interests of the Company
    and its shareholders to grant Restricted Share Units to the
    Executive pursuant to the Plan and the terms set forth herein.

 

    WHEREAS, the award of Restricted Share Units is also
    granted pursuant to the terms and conditions of the SMIP (as
    hereinafter defined), and is, therefore, intended to qualify as
    “qualified performance-based compensation” for
    purposes of Section 162(m) of the Code (as hereinafter
    defined).

 

    NOW, THEREFORE, in consideration of the mutual covenants
    hereinafter set forth, the parties hereto do hereby agree as
    follows:

 

    THIS RESTRICTED SHARE UNIT AGREEMENT (this
    “Agreement”), effective as of [insert date] is made by
    and between the Company and the individual (the
    “Executive”) who has duly completed, executed and
    delivered the Acceptance Form, a copy of which is attached
    hereto as Schedule A (including Exhibit 1 thereto) and
    which is deemed to be a part hereof (the “Acceptance
    Form”) and, if applicable, the Agreement of Restrictive
    Covenants and Other Obligations, a copy of which is set out in
    Schedule C attached hereto and deemed to be a part hereof.

 

    ARTICLE I

    

 

    DEFINITIONS

 

    Defined terms used this Agreement shall have the meaning
    specified in the Plan or below unless the context clearly
    indicates to the contrary.

 

     Section 1.1 —
    Act

 

    “Act” shall mean the Companies Act 1963 of
    Ireland.

 

    Section 1.2 —
    Adjusted Earnings Per Share

 

    “Adjusted Earnings Per Share” shall mean the
    adjusted earnings per share as stated by the Company in its
    annual financial results as issued by the Company with respect
    to the Performance Period.

 

 

    Section 1.3 —
    Adjusted Operating Margin

 

    “Adjusted Operating Margin” shall mean the
    adjusted operating margin as stated by the Company in its annual
    financial results as issued by the Company with respect to the
    Performance Period.

 

    Section 1.4 —
    Board

 

    “Board” shall mean the board of directors of
    the Company.

 

    Section 1.5 —
    Cause

 

    “Cause” shall mean (i) the
    Executive’s continued
    and/or
    chronic failure to adequately
    and/or
    competently perform his material duties with respect to the
    Company or its Subsidiaries after having been provided
    reasonable notice of such failure and a period of at least ten
    days after the Executive’s receipt of such notice to cure
    and/or
    correct such performance failure, (ii) willful misconduct
    by the Executive in connection with the Executive’s
    employment which is injurious to the Company or its Subsidiaries
    (willful misconduct shall be understood to include, but not be
    limited to, any breach of the duty of loyalty owed by the
    Executive to the Company or its Subsidiaries),
    (iii) conviction of any criminal act (other than minor road
    traffic violations not involving imprisonment), (iv) any
    breach of the Executive’s restrictive covenants and other
    obligations as provided in Schedule C to this Agreement (if
    applicable), in the Executive’s employment agreement (if
    any), or any other non-compete agreement
    and/or
    confidentiality agreement entered into between the Executive and
    the Company or any of its Subsidiaries (other than an
    insubstantial, inadvertent and non-recurring breach), or
    (v) any material violation of any written Company policy
    after reasonable notice and an opportunity to cure such
    violation within ten (10) days after the Executive’s
    receipt of such notice.

 

    Section 1.6 —
    Change of Control

 

    “Change of Control” shall mean (a) the
    acquisition of ownership, directly or indirectly, beneficially
    or of record, by any Person (within the meaning of the Exchange
    Act and the rules of the U.S. Securities and Exchange
    Commission thereunder as in effect on the date hereof) or group
    of Persons of the Ordinary Shares representing more than 50% of
    the aggregate voting power represented by the issued and
    outstanding Ordinary Shares; or (b) the occupation of a
    majority of the seats (other than vacant seats) on the Board by
    persons who were neither (i) nominated by the Board nor
    (ii) appointed by directors so nominated. For the avoidance
    of doubt, a transaction shall not constitute a Change of Control
    (i) if effected for the purpose of changing the place of
    incorporation or form of organization of the ultimate parent
    entity of the Willis Group (including where the Company is
    succeeded by an issuer incorporated under the laws of another
    state, country or foreign government for such purpose and
    whether or not the Company remains in existence following such
    transaction) and (ii) where all or substantially all of the
    person(s) who are the beneficial owners of the outstanding
    voting securities of the Company immediately prior to such
    transaction will beneficially own, directly or indirectly, all
    or substantially all of the combined voting power of the
    outstanding voting securities entitled to vote generally in the
    election of directors of the ultimate parent entity resulting
    from such transaction in substantially the same proportions as
    their ownership, immediately prior to such transaction, of such
    outstanding securities of the Company.

 

    Section 1.7 —
    Certification Date

 

    “Certification Date” shall mean the date that
    the Committee certifies in accordance with the requirements of
    Code Section 162(m), the amount payable under the SMIP
    based on “Earnings” for the Performance Period (as
    defined in the SMIP), the attainment level of the Performance
    Objectives and the number of Shares subject to RSUs that will
    become Earned Performance Shares based on the amount payable
    under the SMIP and attainment level of the additional
    Performance Objectives.

 

    Section 1.8 —
    Code

 

    “Code” shall mean the United States Internal
    Revenue Code of 1986, as amended.

 

    Section 1.9 —
    Committee

 

    “Committee” shall mean the Compensation
    Committee of the Board or any successor thereto.

    

    2

 

 

    Section 1.10 —
    Earned Performance Shares

 

    “Earned Performance Shares” shall mean Shares
    subject to the Restricted Share Units in respect of which the
    applicable Performance Objectives, as set out in
    Section 3.1 and Exhibit 1 to the Acceptance Form, have
    been achieved and shall become eligible for vesting and payment
    as set out in Section 3.2.

 

    Section 1.11 —
    Grant Date

 

    “Grant Date” shall mean [insert date].

 

    Section 1.12 —
    Performance Period

 

    “Performance Period” shall mean [insert
    performance period].

 

    Section 1.13 —
    Performance Objectives

 

    “Performance Objectives” shall mean an Adjusted
    Earnings Per Share or Adjusted Operating Margin that are set
    forth in Section 3.1(a) and Exhibit 1 to the
    Acceptance Form.

 

    Section 1.14 —
    Permanent Disability

 

    The Executive shall be deemed to have a “Permanent
    Disability” if the Executive meets the requirements of the
    definition of such term, or of an equivalent term, as defined in
    the Company’s or Subsidiary’s long-term disability
    plan applicable to the Executive or, if no such plan is
    applicable, in the event the Executive is unable by reason of
    physical or mental illness or other similar disability, to
    perform the material duties and responsibilities of his job for
    a period of 180 consecutive business days out of 270 business
    days.

 

    Section 1.15 —
    Person

 

    “Person” shall have the meaning ascribed to
    such term used in Sections 13(d) and 14(d) of the Exchange
    Act.

 

    Section 1.16 —
    Plan

 

    “Plan” shall mean the Hilb Rogal &
    Hobbs Company 2007 Share Incentive Plan, as amended from
    time to time.

 

    Section 1.17 —
    Pronouns

 

    The masculine pronoun shall include the feminine and neuter, and
    the singular the plural, where the context so indicates.

 

    Section 1.18 —
    Restricted Share Units or RSUs

 

    “Restricted Share Units” or “RSUs”
    shall mean a conditional right to receive Ordinary Shares
    pursuant to Article IX of the Plan upon vesting and
    settlement, as set forth in Article III of this Agreement.

 

    Section 1.19 —
    Shares or Ordinary Shares

 

    “Shares” or “Ordinary Shares” means
    ordinary shares of the Company, nominal value of $0.000115 each,
    which may be authorised but unissued.

 

    Section 1.20 —
    SMIP

 

    “SMIP” means the Willis Group Holdings Senior
    Management Incentive Plan as amended and restated on
    December 30, 2009 by Willis Group Holdings Limited and as
    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on December 31, 2009.

    

    3

 

 

    Section 1.21 —
    Subsidiary

 

    “Subsidiary” shall mean with respect to the
    Company, a body corporate which is a subsidiary of the Company
    within the meaning of Section 155 of the Act and a
    “subsidiary corporation” of that corporation within
    the meaning of Section 424(f) of the Code.

 

    Section 1.22 —
    Willis Group

 

    “Willis Group” shall mean the Company and its
    Subsidiaries, collectively.

 

    ARTICLE II

    

 

    GRANT OF
    RESTRICTED SHARE UNITS

 

    Section 2.1 —
    Grant of the Restricted Share Units

 

    Subject to the terms and conditions of the Plan and the
    additional terms and conditions set forth in this Agreement,
    including any country-specific provisions set forth in
    Schedule B to this Agreement and the additional terms and
    conditions set forth in the SMIP, the Company hereby grants to
    the Executive the targeted number of RSUs stated in the
    Acceptance Form (including Exhibit 1 thereto). In
    circumstances where the Executive is required to enter into the
    Agreement of Restrictive Covenants and Other Obligations set
    forth in Schedule C, the Executive agrees that the grant of
    RSUs pursuant to this Agreement is sufficient consideration for
    the Executive entering into such agreement.

 

    Section 2.2 —
    RSU Payment

 

    The Shares to be issued upon vesting and settlement of the RSUs
    must be fully paid up prior to issuance of Shares by payment of
    the nominal value (US$0.000115) per Share. The Committee shall
    ensure that payment of the nominal value for any Shares
    underlying the RSUs is received by it on behalf of the Executive
    at the time the RSUs vest from a Subsidiary or other source and
    shall establish any procedures or protocols necessary to ensure
    that payment is timely received.

 

    Section 2.3 —
    Employment Rights

 

    Subject to the terms of the Agreement of Restrictive Covenants
    and Other Obligations, where applicable, the rights and
    obligations of the Executive under the terms of his office or
    employment with the Company or any Subsidiary shall not be
    affected by his participation in this Plan or any right which he
    may have to participate in it. The RSUs and the Executive’s
    participation in the Plan will not be interpreted to form an
    employment agreement with the Company or any Subsidiary. The
    Executive hereby waives any and all rights to compensation or
    damages in consequence of the termination of his office or
    employment for any reason whatsoever insofar as those rights
    arise or may arise from his ceasing to have rights under or be
    entitled to earn or vest in his RSUs as a result of such
    termination. If, notwithstanding the foregoing, any such claim
    is allowed by a court of competent jurisdiction, then, by
    participating in the Plan, the Executive shall be deemed
    irrevocably to have agreed not to pursue such claim and agrees
    to execute any and all documents necessary to request dismissal
    or withdrawal of such claims.

 

    Section 2.4 —
    Adjustments Upon a Change in Ordinary Shares

 

    In accordance with and subject to Article X of the Plan, in
    the event that the Shares subject to RSUs are, from time to
    time, changed into or exchanged for a different number or kind
    of Shares or other securities, by reason of a (i) share
    dividend, share
    split-up,
    subdivision or consolidation of shares or other similar changes
    in capitalization; or (ii) spin-off, spin-out,
    split-up,
    split-off, or other such distribution of assets to shareholders,
    then the terms of the RSUs shall be adjusted as the Committee
    shall determine to be equitably required, provided the number of
    Shares subject to the RSUs shall always be a whole number. Any
    such adjustment or determination made by the Committee shall be
    final and binding upon the Executive, the Company and all other
    interested persons. An adjustment may have the effect of
    reducing the price at which Shares may be acquired to less than
    their nominal value (the “Shortfall”), but only if and
    to the extent that the Committee shall be authorized to
    capitalize from the reserves of the Company a sum equal to the
    Shortfall and to apply that sum in paying up that amount on the
    Shares.

    

    4

 

 

    Section 2.5 —
    Employee Costs

 

    (a) The Executive must make full payment to the Company or
    any Subsidiary by which the Executive is employed (the
    “Employer”) of all income tax, payroll tax, payment on
    account, and social insurance contribution amounts
    (“Tax”), which under federal, state, local or foreign
    law, it is required to withhold upon vesting, settlement or
    other tax event of the RSUs. In a case where any Employer is
    obliged to (or would suffer a disadvantage if it were not to)
    account for any Tax (in any jurisdiction) for which the
    Executive is liable by virtue of the Executive’s
    participation in the Plan
    and/or any
    social insurance contributions recoverable from and legally
    applicable to the Executive (the “Tax-Related Items”),
    the Executive will pay or make adequate arrangements
    satisfactory to the Company
    and/or the
    Employer to satisfy all Tax-Related Items. In this regard, the
    Executive may elect to satisfy the obligations with regard to
    all Tax-Related Items by one or a combination of the following:

 

    (i) withholding from the Executive’s wages or other
    cash compensation paid to the Executive by the Company
    and/or the
    Employer; or

 

    (ii) withholding from proceeds of the sale of Shares
    acquired upon vesting of the RSUs either through a voluntary
    sale or through a mandatory sale arranged by the Company (on the
    Executive’s behalf pursuant to this authorization); or

 

    (iii) withholding in Shares to be issued at vesting of the
    RSUs, to the extent the Company permits this method of
    withholding.

 

    To avoid any negative accounting treatment, the Company may
    withhold or account for Tax-Related Items by considering
    applicable minimum statutory withholding amounts or other
    applicable withholding rates. If the obligation for Tax-Related
    Items is satisfied by withholding in Shares, for tax purposes,
    the Executive is deemed to have been issued the full number of
    Shares subject to vested RSUs, notwithstanding that a number of
    Shares are held back solely for the purpose of paying the
    Tax-Related Items due as a result of any aspect of the
    Executive’s participation in the Plan.

 

    Finally, the Executive shall pay to the Company or the Employer
    any amount of Tax-Related Items that the Company or the Employer
    may be required to withhold or account for as a result of the
    Executive’s participation in the Plan that cannot be
    satisfied by the means previously described.

 

    Section 2.6 —
    Clawback Policy

 

    The Company may cancel all or part of the RSUs or require
    payment by the Executive to the Company of all or part of any
    amount or Shares acquired by the Executive upon vesting and
    settlement of the RSUs pursuant to the Company’s Clawback
    Policy dated December 2009, as amended from time to time, except
    to the extent prohibited under applicable law.

 

    ARTICLE III

    

 

    PERIOD OF
    PERFORMANCE-BASED AND TIME-BASED VESTING REQUIREMENTS

 

    Section 3.1 —
    Earning Performance Shares

 

    (a) Subject to Sections 3.1(c) and (d) and
    subject to the aggregate amount payable under the SMIP, the
    Shares subject to the RSUs shall become Earned Performance
    Shares as of the Earned Date and shall become eligible to vest
    and become payable in accordance with the provisions of
    Section 3.2 if and to the extent that the Performance
    Objectives set out in Targets 1 (applicable to 50% of Target
    Number of Shares) and Target 2 (applicable to 50% of Target
    Number of Shares) of Exhibit 1 to the Acceptance Form are
    attained and subject to the Executive being in the employment of
    the Company or any Subsidiary at each respective vesting date as
    set forth in Section 3.2 below.

 

    (b) The Executive understands and agrees that the terms
    under which the RSUs shall become Earned Performance Shares are
    confidential and the Executive agrees not to disclose, reproduce
    or distribute such confidential information concerning the
    Company, except as required in the course of the
    Executive’s employment with the Company or one of its

    

    5

 

    Subsidiaries, without the prior written consent of the Company.
    The Executive’s failure to abide by this condition may
    result in the immediate cancellation of the RSUs.

 

    (c) If prior to the end of the Performance Period,
    (i) the Executive’s employment terminates for reasons
    other than Cause, or (ii) there is a Change of Control, the
    Committee, may, in its sole discretion deem the Performance
    Objectives to be attained at the level (not to exceed the
    maximum level) determined by the Committee as to all or part of
    the unearned Shares underlying the RSUs and deem them to be
    Earned Performance Shares, provided, however, that no RSU shall
    become an Earned Performance Share to the extent that any such
    discretion would prevent the RSU from qualifying as qualified
    performance-based compensation under Section 162(m) of the
    Code.

 

    (d) The Performance Objectives may be adjusted in
    accordance with the terms of the Plan to the extent such
    adjustments would not prevent the RSUs from qualifying as
    qualified performance-based compensation under
    Section 162(m) of the Code.

 

    (e) As of the Certification Date, the Committee shall
    certify the amount payable under the SMIP, determine the
    attainment level of applicable Performance Objectives, and based
    on such certification and determination, shall declare the
    number of Shares subject to the RSUs that shall become Earned
    Performance Shares. Anything to the contrary in this
    Section 3.1 and Exhibit 1 to the Acceptance Form
    notwithstanding, the Committee retains sole discretion to
    determine the number of Shares subject to the RSUs that will
    become Earned Performance Shares, subject to any requirements
    under Code Section 162(m).

 

    (f) Shares subject to the RSUs that are not declared by the
    Committee on the Certification Date to be Earned Performance
    Shares shall be forfeited immediately.

 

    Section 3.2-
    Vesting/Settlement

 

    (a) Subject to the Executives’ continued employment
    with the Willis Group through the applicable vesting date (set
    forth in the left column), the Earned Performance Shares shall
    vest as follows and become payable in accordance with
    Section 3.2 below:

 

	 	 	 	 	 
	
    Date Earned Performance Shares

    
	
 
	
    Percentage of Earned Performance

    
	
 

	
    Become Vested
	
 
	
    Shares that Become Vested
	
 

	 

	
    First anniversary of Grant Date
	
 
	
 
	
    33
	
    %

	
    [INSERT DATE]
	
 
	
 
	
    33
	
    %

	
    Second anniversary of Grant Date

    [INSERT DATE]
	
 
	
 
	
    34
	
    %

	
    Third anniversary of Grant Date

    [INSERT DATE]
	
 
	
 
	
 
	
 

 

    (b) In the event of a termination of the Executive’s
    employment with Willis Group any unvested Earned Performance
    Shares as of the termination date will be forfeited immediately
    by the Executive, subject to, and except as otherwise specified
    within, the terms and conditions of Sections 3.2(c) to
    3.2(f) below.

 

    (c) In the event of a termination of the Executive’s
    employment as a result of death or Permanent Disability, the
    RSUs shall become fully vested with respect to all Earned
    Performance Shares on the termination date.

 

    (d) In the event of a termination of the Executive’s
    employment for reasons other than death, Permanent Disability or
    Cause, the Committee may, in its discretion accelerate the
    vesting of the RSUs over Earned Performance Shares as to all or
    a portion of the Earned Performance Shares subject thereto. If
    no determination is made as of the date of termination, then the
    Earned Performance Shares shall, to the extent not then vested
    be immediately forfeited by the Executive.

 

    (e) Unless otherwise determined by the Committee, in its
    sole discretion, the termination date for purposes of this
    Section 3.2 and the Agreement will be the later of
    (i) the last day of the Executives’s active employment
    with the Company or any Subsidiary or (ii) the last day of
    any notice period or garden leave, as provided for under the
    Executives’ employment or service contract or local law.

    

    6

 

 

    (f) In the event of a Change of Control (as defined in the
    Agreement), the RSUs shall not automatically vest and the
    Committee shall have the sole discretion to accelerate the
    vesting of unvested Earned Performance Shares without regard to
    whether the Earned Performance Shares are assumed or substituted
    by a successor company.

 

    (g) The Executive agrees to execute and deliver the
    following agreements or other documents in connection with the
    grant of the RSUs within the period set forth below:

 

    (i) the Executive must execute the Agreement of Restrictive
    Covenants and Other Obligations pursuant to Article VI
    below, if applicable, and deliver it to the Company within
    45 days of the receipt of this Agreement;

 

    (ii) the Executive must execute the form of joint election
    as described in Schedule B for the United Kingdom and
    deliver it to his employing company within 45 days of the
    receipt of this Agreement; and

 

    (iii) the Executive must execute the Acceptance Form and
    deliver it to the Company within 45 days of the receipt of
    this Agreement.

 

    (h) The Committee may, in its sole discretion, cancel the
    RSUs if the Executive fails to execute and deliver the
    agreements and documents within the period set forth in
    Section 3.2(g) or fails to meet the requirements set forth
    in Section 3.1(a) and Exhibit 1 to the Acceptance Form.

 

    (i) Except as provided herein, Earned Performance Shares
    that become vested in accordance with this Section 3.2
    shall be delivered within one month following the applicable
    vesting date (which payment schedule is intended to comply with
    the “short-term deferral” exception from the
    application of Section 409A of the Code). Subject to
    Section 7.16 hereof, in the case the Committee exercises
    its discretion under Section 3.1(c) hereof and the Earned
    Performance Shares become vested on an accelerated basis
    pursuant to either Section 3.2 (c), (d) or (e), the
    Earned Performance Shares underlying the RSUs shall be delivered
    on April 1st of the year following the last day of the
    applicable Performance Period. Finally, the Company shall not be
    required to pay out the Earned Performance Shares to the
    Participant unless and until the Participant has paid or made
    arrangements to pay any Tax-Related Items liability in
    accordance with Section 2.5.

 

    Section 3.3 —
    Conditions to Issuance of Shares

 

    The Earned Performance Shares to be delivered upon the vesting
    of the RSUs, in accordance with Section 3.2 of the
    Agreement, may be either previously authorized but unissued
    Shares or issued Shares held by any other person. Such Shares
    shall be fully paid. The Company shall not be required to
    deliver any certificates representing such Shares (or their
    electronic equivalent) allotted and issued upon the applicable
    date of the vesting of the RSUs prior to fulfillment of all of
    the following conditions, and in any event, subject to
    Section 409A of the Code for U.S. taxpayers:

 

    (a) The obtaining of approval or other clearance from any
    state, federal, local or foreign governmental agency which the
    Committee shall, in its absolute discretion, determine to be
    necessary or advisable; and

 

    (b) The Executive has paid or made arrangements to pay the
    Tax-Related Items pursuant to Section 2.5.

 

    Without limiting the generality of the foregoing, the Committee
    may in the case of U.S. resident employees of the Company
    or any of its Subsidiaries require an opinion of counsel
    reasonably acceptable to it to the effect that any subsequent
    transfer of Shares acquired on the vesting of RSUs does not
    violate the Exchange Act and may issue stop-transfer orders in
    the U.S. covering such Shares.

 

    Section 3.4 —
    Rights as Shareholder

 

    The Executive shall not be, nor have any of the rights or
    privileges of, a shareholder of the Company in respect of any
    Shares that may be received upon the settlement of the RSUs
    unless and until certificates representing such Shares or their
    electronic equivalent shall have been issued by the Company to
    the Executive.

 

    Section 3.5 —
    Limitation on Obligations

 

    The Company’s obligation with respect to the RSUs granted
    hereunder is limited solely to the delivery to the Executive of
    Shares within the period when such Shares are due to be
    delivered hereunder, and in no way shall the Company become
    obligated to pay cash in respect of such obligation. The RSUs
    shall not be secured by any specific

    

    7

 

    assets of the Company or any of its Subsidiaries, nor shall any
    assets of the Company or any of its Subsidiaries be designated
    as attributable or allocated to the satisfaction of the
    Company’s obligations under this Agreement. In addition,
    the Company shall not be liable to the Executive for damages
    relating to any delays in issuing the share certificates or its
    electronic equivalent to the Executive (or his designated
    entities), any loss of the certificates, or any mistakes or
    errors in the issuance of the certificates (or the electronic
    equivalent) to the Executive (or his designated entities) or in
    the certificates themselves.

 

    ARTICLE IV

    

 

    ADDITIONAL
    TERMS AND CONDITIONS OF THE RSUs

 

    Section 4.1 —
    Nature of Award

 

    In accepting the RSUs, the Executive acknowledges, understands
    and agrees that:

 

    (a) the Plan is established voluntarily by the Company, is
    discretionary in nature and may be amended, suspended or
    terminated by the Company at any time;

 

    (b) the RSU award is voluntary and occasional and does not
    create any contractual or other right to receive future RSU
    awards, or benefits in lieu of RSU awards, even if RSU awards
    have been granted repeatedly in the past;

 

    (c) all decisions with respect to future RSUs, if any, will
    be at the sole discretion of the Company;

 

    (d) the Executive’s participation in the Plan is
    voluntary;

 

    (e) the RSUs and any Shares acquired under the Plan are not
    intended to replace any pension rights or compensation under any
    pension arrangement;

 

    (f) the RSUs and any Shares acquired under the Plan are not
    part of normal or expected compensation or salary for any
    purposes, including, but not limited to, calculating any
    severance, resignation, termination, redundancy, end of service
    payments, dismissal, bonuses, long-service awards, pension or
    retirement or welfare benefits or similar payments and in no
    event should be considered as compensation for, or relating in
    any way to past services for, the Employer, the Company or any
    Subsidiary;

 

    (g) the future value of the Shares underlying the RSUs is
    unknown and cannot be predicted with certainty; and

 

    (h) no claim or entitlement to compensation or damages
    shall arise from the forfeiture of the RSUs or the Shares
    underlying the RSUs in the event of the Executive’s
    termination of employment (whether or not in breach of contract
    or local labor laws and whether or not later found to be
    invalid), and in consideration of the RSU award to which the
    Executive is otherwise not entitled, the Executive irrevocably
    agrees never to institute any claim against the Company or any
    Subsidiary, waives his ability, if any, to bring any such claim,
    and releases the Company and any Subsidiary from any such claim.

 

    Section 4.2 —
    No Advice Regarding Grant
    

 

    The Company is not providing any tax, legal or financial advice,
    nor is the Company making any recommendations regarding the
    Executive’s participation in the Plan, the issuance of
    Shares upon vesting of the RSUs or sale of the Shares. The
    Executive is hereby advised to consult with his own personal
    tax, legal and financial advisors regarding his participation in
    the Plan before taking any action related to the Plan.

    

    8

 

 

    ARTICLE V

    

 

    DATA
    PRIVACY NOTICE AND CONSENT

 

    Section 5 —
    Data Privacy

 

    (a) The Executive hereby explicitly and unambiguously
    consents to the collection, use and transfer, in electronic or
    other form, of the Executive’s personal data as described
    in this Agreement and any other RSU materials by and among, as
    applicable, the Employer, the Company and its Subsidiaries for
    the exclusive purpose of implementing, administering and
    managing the Executive’s participation in the Plan.

 

    (b) The Executive understands that the Company and
    the Employer may hold certain personal information about the
    Executive, including, but not limited to, the Executive’s
    name, home address, telephone number, date of birth, social
    insurance number or other identification number, salary,
    nationality, job title, any Shares or directorships held in the
    Company, details of all RSUs or any other entitlement to Shares
    awarded, canceled, exercised, vested, unvested or outstanding in
    the Executive’s favor, for the exclusive purpose of
    implementing, administering and managing the Plan
    (“Data”).

 

    (c) The Executive understands that Data will be
    transferred to Morgan Stanley Smith Barney or to any other third
    party assisting in the implementation, administration and
    management of the Plan. The Executive understands that the
    recipients of the Data may be located in the Executive’s
    country or elsewhere, and that the recipients’ country
    (e.g., Ireland) may have different data privacy laws and
    protections from the Executive’s country. The Executive
    understands that he may request a list with the names and
    addresses of any potential recipients of the Data by contacting
    his local human resources representative. The Executive
    authorizes the Company, Morgan Stanley Smith Barney and any
    other recipients of Data which may assist the Company (presently
    or in the future) with implementing, administering and managing
    the Plan to receive, possess, use, retain and transfer the Data,
    in electronic or other form, for the sole purpose of
    implementing, administering and managing his participation in
    the Plan. The Executive understands that Data will be held only
    as long as is necessary to implement, administer and manage the
    Executive’s participation in the Plan. The Executive
    understands that he may, at any time, view Data, request
    additional information about the storage and processing of Data,
    require any necessary amendments to Data or refuse or withdraw
    the consents herein, in any case without cost, by contacting in
    writing his local human resources representative. The Executive
    understands, however, that refusing or withdrawing his consent
    may affect the Executive’s ability to participate in the
    Plan. For more information on the consequences of the
    Executive’s refusal to consent or withdrawal of consent,
    the Executive understands that he may contact his local human
    resources representative.

 

    ARTICLE VI

    

 

    AGREEMENT
    OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

 

    Section 6 —
    Restrictive Covenants and Other Obligations

 

    In consideration of the grant of RSUs, the Executive shall enter
    into the Agreement of Restrictive Covenants and Other
    Obligations, a copy of which is attached hereto as
    Schedule C. In the event the Executive does not sign and
    return the Agreement of Restrictive Covenants and Other
    Obligations within 45 days of the receipt of this
    Agreement, the Committee may, in its sole discretion, cancel the
    RSUs. If no such agreement is required, Schedule C shall
    state none or not applicable.

    

    9

 

 

    ARTICLE VII

    

 

    MISCELLANEOUS

 

    Section 7.1 —
    Administration

 

    The Committee shall have the power to interpret the Plan and
    this Agreement and to adopt such rules for the administration,
    interpretation and application of the Plan as are consistent
    therewith and to interpret or revoke any such rules. All actions
    taken and all interpretations and determinations made by the
    Committee shall be final and binding upon the Executive, the
    Company and all other interested persons. No member of the
    Committee shall be personally liable for any action,
    determination or interpretation made in good faith with respect
    to the Plan or the RSUs. In its absolute discretion, the
    Committee may at any time and from time to time exercise any and
    all rights and duties of the Committee under the Plan and this
    Agreement.

 

    Section 7.2 —
    RSUs Not Transferable

 

    Neither the RSUs nor any interest or right therein or part
    thereof shall be subject to the debts, contracts or engagements
    of the Executive or his successors in interest or shall be
    subject to disposition by transfer, alienation, anticipation,
    pledge, encumbrance, assignment or any other means whether such
    disposition be voluntary or involuntary or by operation of law
    by judgment, levy, attachment, garnishment or any other legal or
    equitable proceedings (including bankruptcy), and any attempted
    disposition thereof shall be null and void and of no effect;
    provided, however, that this Section 7.2
    shall not prevent transfers made solely for estate planning
    purposes or under a will or by the applicable laws of
    inheritance.

 

    Section 7.3 —
    Binding Effect

 

    The provisions of this Agreement shall be binding upon and
    accrue to the benefit of the parties hereto and their respective
    heirs, legal representatives, successors and assigns.

 

    Section 7.4 —
    Notices

 

    Any notice to be given under the terms of this Agreement to the
    Company shall be addressed to the Company at the following
    address:

 

    Willis Group Holdings Public Limited Company

    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281

    Attention: Share Plans

 

    and any notice to be given to the Executive shall be at the
    address set forth in the RSUs Acceptance Form.

 

    By a notice given pursuant to this Section 7.4, either
    party may hereafter designate a different address for notices to
    be given to him. Any notice that is required to be given to the
    Executive shall, if the Executive is then deceased, be given to
    the Executive’s personal representatives if such
    representatives have previously informed the Company of their
    status and address by written notice under this
    Section 7.4. Any notice shall have been deemed duly given
    when sent by facsimile or enclosed in a properly sealed envelope
    or wrapper addressed as aforesaid, deposited (with postage
    prepaid) in a post office or branch post office regularly
    maintained by the United States Postal Service or the United
    Kingdom’s Post Office or in the case of a notice given by
    an Executive resident outside the United States of America or
    the United Kingdom, sent by facsimile or by a recognized
    international courier service.

 

    Section 7.5 —
    Titles

 

    Titles are provided herein for convenience only and are not to
    serve as a basis for interpretation or construction of this
    Agreement.

    

    10

 

 

    Section 7.6 —
    Applicability of Plan

 

    The RSUs and the Shares underlying the RSUs shall be subject to
    all of the terms and provisions of the Plan, to the extent
    applicable to the RSUs and the underlying Shares. With the
    exception of the definition of Change of Control, in the event
    of any conflict between this Agreement and the Plan, the terms
    of the Plan shall control.

 

    Section 7.7 —
    Amendment

 

    This Agreement may be amended only by a document executed by the
    parties hereto, which specifically states that it is amending
    this Agreement.

 

    Section 7.8 —
    Governing Law

 

    This Agreement shall be governed by, and construed in accordance
    with the laws of the Commonwealth of Virginia without regard to
    its conflicts of law provisions; provided, however, that the
    Agreement of Restrictive Covenants and Other Obligations, if
    applicable, shall be governed by and construed in accordance
    with the laws specified in that agreement.

 

    Section 7.9 —
    Jurisdiction

 

    The courts of the state of New York shall have jurisdiction to
    hear and determine any suit, action or proceeding and to settle
    any disputes which may arise out of or in connection with this
    Agreement and, for such purposes, the parties hereto irrevocably
    submit to the jurisdiction of such courts; provided, however,
    where applicable, that with respect to the Agreement of
    Restrictive Covenants and Other Obligations the courts specified
    in such agreement shall have jurisdiction to hear and determine
    any suit, action or proceeding and to settle any disputes which
    may arise out of or in connection with that agreement.

 

    Section 7.10 —
    Electronic Delivery and Acceptance

 

    The Company may, in its sole discretion, decide to deliver any
    documents related to current or future participation in the Plan
    by electronic means. The Executive hereby consents to receive
    such documents by electronic delivery and agrees to participate
    in the Plan through an on-line or electronic system established
    and maintained by the Company or a third party designated by the
    Company. Further, this Agreement has been executed on behalf of
    the Company electronically and the Executive accepts the
    electronic signature of the Company.

 

    Section 7.11 —
    Language

 

    If the Executive has received this Agreement, or any other
    document related to the RSUs
    and/or the
    Plan translated into a language other than English and if the
    translated version is different than the English version, the
    English version will control.

 

    Section 7.12 —
    Severability

 

    The provisions of this Agreement are severable and if any one or
    more provisions are determined to be illegal or otherwise
    unenforceable, in whole or in part, the remaining provisions
    shall nevertheless be binding and enforceable.

 

    Section 7.13 —
    Schedule B

 

    The RSUs shall be subject to any special provisions set forth in
    Schedule B for the Executive’s country of residence,
    if any. If the Executive relocates to one of the countries
    included in Schedule B during prior to the vesting of the
    RSUs, the special provisions for such country shall apply to the
    Executive, to the extent the Company determines that the
    application of such provisions is necessary or advisable in
    order to comply with local law or facilitate the administration
    of the Plan. Schedule B constitutes part of this Agreement.

 

    Section 7.14 —
    Imposition of Other Requirements

 

    The Company reserves the right to impose other requirements on
    the RSUs and the Shares acquired upon vesting of the RSUs, to
    the extent the Company determines it is necessary or advisable
    in order to comply with local laws or

    

    11

 

    facilitate the administration of the Plan, and to require the
    Executive to sign any additional agreements or undertakings that
    may be necessary to accomplish the foregoing.

 

    Section 7.15 —
    Counterparts.

 

    This Agreement may be executed in any number of counterparts
    (including by facsimile), each of which shall be deemed to be an
    original and all of which together shall constitute one and the
    same instrument.

 

    Section 7.16 —
    Code Section 409A.

 

    For purposes of U.S. taxpayers, it is intended that the
    terms of the RSUs will comply with the provisions of
    Section 409A of the Code and the Treasury Regulations
    relating thereto so as not to subject the Executive to the
    payment of additional taxes and interest under Section 409A
    of the Code, and this Agreement will be interpreted, operated
    and administered in a manner that is consistent with this
    intent. In furtherance of this intent, the Committee may adopt
    such amendments to this Agreement or adopt other policies and
    procedures (including amendments, policies and procedures with
    retroactive effect), or take any other actions, in each case,
    without the consent of the Executive, that the Committee
    determines are reasonable, necessary or appropriate to comply
    with the requirements of Section 409A of the Code and
    related U.S. Department of Treasury guidance. In that
    light, the Willis Group makes no representation or covenant to
    ensure that the RSUs that are intended to be exempt from, or
    compliant with, Section 409A of the Code are not so exempt
    or compliant or for any action taken by the Committee with
    respect thereto.

 

    Anything in this Agreement to the contrary notwithstanding, no
    Shares underlying the RSU Awards under this Agreement that
    constitute an item of deferred compensation under
    Section 409A of the Code that become payable by reason of a
    Participant’s termination of employment with the Company
    shall be issued to the Participant unless the Participant’s
    termination of employment constitutes a “separation from
    service” (within the meaning of Section 409A of the
    Code and any the regulations or other guidance thereunder). In
    addition, no such issuance shall be made to the Participant
    prior to the earlier of (a) the expiration of the six-month
    period measured from the date of the Participant’s
    separation from service or (b) the date of the
    Participant’s death, if the Participant is deemed at the
    time of such separation from service to be a “specified
    employee” (within the meaning of Section 409A of the
    Code and any the regulations or other guidance thereunder) and
    to the extent such delayed commencement is otherwise required in
    order to avoid a prohibited distribution under Section 409A
    of the Code and any the regulations or other guidance thereunder.

 

    IN WITNESS WHEREOF, the Company and the Executive have each
    executed this Agreement.

 

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    By: ­
    ­

    Name: 

			
	 	    Title: 
	

    

    12

 

    SCHEDULE A

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    ACCEPTANCE
    FORM TO RESTRICTED SHARE UNIT AWARD AGREEMENT

 

    GRANTED
    UNDER THE HILB ROGAL & HOBBS COMPANY

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and as

    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on

    December 31, 2009)

 

	 	 	 	 	 
	
    Name
	
 
	
 

	 

	

    Target Number of Restricted Share Units Granted

	
 
	
 
	
 
	
 

	

    Grant Date

	
 
	
 
	
    [TBD]
	
 

 

    I accept the grant of Restricted Share Units by Willis Group
    Holdings Public Limited Company under the Hilb,
    Rogal & Hobbs 2007 Share Incentive Plan, as
    amended from time to time, and I agree to be bound by the terms
    and conditions of the Restricted Share Unit Award Agreement
    dated [TBD].

 

	 
	

    Signature:

	

    Address:

 

    Once completed, please return one copy of this form to:

 

    Share Plans

    Willis Group Holdings Public Limited Company

    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281

    U.S.A.

 

    This form should be returned to the above address within
    45 days of receipt. Your RSUs may be cancelled if your form
    is not received by that date.

    

    13

 

    EXHIBIT 1

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    ACCEPTANCE
    FORM TO RESTRICTED SHARE UNIT AWARD AGREEMENT

 

    GRANTED
    UNDER THE HILB ROGAL & HOBBS COMPANY

 

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and as

    amended and restated and assumed by Willis Group Holdings Public
    Limited Company on

    December 31, 2009)

 

    Performance Period: [INSERT PERIOD]

    Earned Date: Certification by the Committee of the Annual
    Financial Results

 

    Target 1:
    Adjusted Operating Margin (“OM”) Target
    [INSERT]%

    Percentage of RSU Shares Subject to Target 1: 50%

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    (OM of [INSERT] or

    
	
 
	
    (OM of

    
	
 
	
    (OM of

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    below)
	
 
	
    [INSERT])
	
 
	
    [INSERT])
	
 
	
    100% or above

	 

	

    Percentage of Earned Performance Shares:

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    80-89
	
    %
	
 
	
 
	
    90-99
	
    %
	
 
	
 
	
    100
	
    %

 

    Target 2:
    Adjusted Earnings Per Share (“EPS”) Target
    $[INSERT]

    Percentage of RSU Shares Subject to Target 2: 50%

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    (EPS of

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    $ [INSERT] or

    
	
 
	
    (EPS of

    
	
 
	
    (EPS of

    
	
 
	
 

	
    Performance
    Scale:*

	
 
	
    below)
	
 
	
    [INSERT])
	
 
	
    $ [INSERT])
	
 
	
    100% or above

	 

	

    Percentage of Earned Performance Shares:

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    80-89
	
    %
	
 
	
 
	
    90-99
	
    %
	
 
	
 
	
    100
	
    %

 

 

			
	
    *		
    Performance between amounts is subject to interpolation.

    

    14

 

    SCHEDULE B

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    COUNTRY-SPECIFIC
    APPENDIX TO RESTRICTED SHARE UNIT AWARD AGREEMENT

 

    HILB
    ROGAL & HOBBS COMPANY

 

    2007
    SHARE INCENTIVE PLAN

 

    (as
    amended and restated on December 30, 2009 by Willis Group
    Holdings Limited and

    as amended and restated and assumed by Willis Group Holdings
    Public Limited Company on

    December 31, 2009)

 

    Terms and
    Conditions

 

    This Schedule B includes additional terms and conditions
    that govern the Restricted Share Unit Award granted to the
    Executive under the Plan if the Executive resides in one of the
    countries listed below. This Schedule B forms part of the
    Agreement. Capitalized terms used but not defined herein shall
    have the meanings ascribed to them in the Agreement or the Plan.

 

    Notifications

 

    This Schedule B also includes information based on the
    securities, exchange control and other laws in effect in the
    Executive’s country as of June 2011. Such laws are often
    complex and change frequently. As a result, the Company strongly
    recommends that the Executive not rely on the information noted
    herein as the only source of information relating to the
    consequences of the Executive’s participation in the Plan
    because the information may be out of date at the time the RSUs
    vest under the Plan.

 

    In addition, the information is general in nature. The Company
    is not providing the Executive with any tax advice with respect
    to the RSUs. The information is provided below may not apply to
    the Executive’s particular situation, and the Company is
    not in a position to assure the Executive of any particular
    result. Accordingly, the Executive is strongly advised to
    seek appropriate professional advice as to how the tax or other
    laws in the Executive’s country apply to the
    Executive’s situation.

 

    Finally, if the Executive is a citizen or resident of a country
    other than the one in which the Executive is currently working,
    transfers employment after the RSU award is granted, or is
    considered a resident of another country for local law purposes,
    the notifications contained herein may not be applicable to the
    Executive, and the Company shall, in its discretion, determine
    to what extent the terms and conditions contained herein shall
    be applicable to the Executive.

 

    UNITED
    KINGDOM

 

    Terms
    and Conditions

 

    Tax Withholding Obligations.  The following
    provisions supplement Section 2.5 of the Agreement:

 

    The Executive agrees that if he or she does not pay or the
    Employer or the Company does not withhold from the Executive the
    full amount of Tax-Related Items that the Executive owes at
    vesting of the RSUs, or the release or assignment of the RSUs
    for consideration, or the receipt of any other benefit in
    connection with the RSUs (the “Taxable Event”), within
    90 days after the Taxable Event or such other period
    specified in section 222(1)(c) of the U.K. Income Tax
    (Earnings and Pensions) Act 2003, then the amount of any
    uncollected income taxes will constitute a benefit to
    Participant on which additional income tax and national
    insurance contributions (“NICs”), including the
    Employer’s NICs (as defined below) will be payable. The
    Executive acknowledges that the Company or the Employer may
    recover any such additional income tax and NICs at any time
    thereafter by any of the means referred to in the
    Section 2.5 of the

    

    15

 

    Agreement, although the Executive acknowledges that the
    Executive ultimately will be responsible for reporting any
    income tax or NICs due on this additional benefit directly to
    HMRC under the self-assessment regime.

 

    Joint Election.  In the case of Executives who
    are U.K. tax residents, the RSU Award is conditional upon the
    Executive hereby agreeing to accept any liability for any
    employer National Insurance contributions (“Employer
    NICs”) which may be payable by the Employer in connection
    with the vesting, assignment, release or cancellation of any
    RSUs. The Employer NICs may be collected by the Company or the
    Employer using any of the methods described in Section 2.5.
    Without prejudice to the foregoing, the Executive agrees to
    execute a joint election with Company
    and/or the
    Employer (“Election”), the form of such Election being
    formally approved by Her Majesty’s Revenue &
    Customs (“HMRC”), and any other consent or elections
    required to accomplish the transfer of the Employer NICs to the
    Executive. The Executive further agrees to execute such other
    joint elections as may be required between the Executive and any
    successor to the Company
    and/or the
    Employer. If the Executive does not make an Election prior to
    the vesting of the RSUs or if approval to the Election is
    withdrawn by HMRC and a new Election is not entered into,
    without any liability to the Company, the Employer or any
    Subsidiary, the RSUs shall become null and void without any
    liability to the Company
    and/or the
    Employer.

 

    UNITED
    STATES OF AMERICA

 

    There are no country-specific provisions.

    

    16

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