Document:

EXhibit 10.2

 Exhibit 10.2 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT is effective as of May 12,
2006 (the “Effective Date”), by and between WorldSpace, Inc. (“WORLDSPACE”), a Delaware corporation, having a place of business at 8515 Georgia Avenue, Silver Spring, Maryland 20910, and Gregory B. Armstrong
(“EXECUTIVE”), a resident of Colorado. 
 WHEREAS, WORLDSPACE is engaged in the development, implementation and operation of an
international digital direct audio, data and multimedia satellite service to portable receivers (the “WORLDSPACE System”); and 
 WHEREAS, EXECUTIVE will serve as a key employee of WORLDSPACE and/or its Affiliates and his services and knowledge are valuable to WORLDSPACE in connection with the management of one or more of WORLDSPACE’s principal operating
facilities, divisions, or subsidiaries; and 
 WHEREAS, WORLDSPACE considers the establishment and maintenance of a sound and vital
management to be essential to protecting and enhancing the best interests of WORLDSPACE and its shareholders; and 
 WHEREAS, EXECUTIVE has
accumulated substantial expertise and management experience in substantive areas which are material to WORLDSPACE’S business and EXECUTIVE is willing to bring this expertise to WORLDSPACE upon the terms and conditions herein contained.

 WHEREAS, the Board has determined that it is in the best interests of WORLDSPACE and its shareholders to secure EXECUTIVE’s services
and to ensure EXECUTIVE’s continued dedication and objectivity, and to encourage EXECUTIVE’s full attention and dedication to WORLDSPACE and/or its Affiliates, and, in order to further such goals, the Board (as hereinafter defined) has
authorized WORLDSPACE to enter into this Agreement. 
 NOW, THEREFORE, WORLDSPACE AND EXECUTIVE AGREE AS FOLLOWS: 
 ARTICLE 1 
 DEFINITIONS

 For purposes of this Agreement, the terms defined in this Article 1 shall have the respective meanings set forth below: 
 1.1 “Affiliate” means any corporation, partnership or other entity controlling, controlled by, or under common control with WORLDSPACE, by
virtue of direct or indirect beneficial ownership of voting securities or of voting interest in the controlled entity. 
 1.2
“Board” means the Board of Directors of WorldSpace, Inc. as in office from time to time. 
 1.3 “Cause” means
(a) EXECUTIVE’S willful or gross misconduct, willful or gross negligence in the performance of his duties for WORLDSPACE, or intentional or habitual neglect of his duties at WORLDSPACE, provided that WORLDSPACE shall have given EXECUTIVE
formal written notice specifying in sufficient detail the conduct it believes to fall within this sentence and EXECUTIVE shall have failed to remedy such conduct within ten (10) days thereafter; or (b) EXECUTIVE’s theft or
misappropriation of funds of WORLDSPACE or conviction of a felony relating to his services for WORLDSPACE. 

 1.4 “Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations
promulgated thereunder. 
 1.5 “Confidential Information” means all information which EXECUTIVE knew or should have known was
proprietary to WORLDSPACE or was designated as proprietary by WORLDSPACE or learned by EXECUTIVE during the term of employment and not generally known by non-WORLDSPACE employees, including, without limitation, any and all general and specific
knowledge, experience, information and data, technical or nontechnical business plans, business strategies, marketing strategies, including, without limitation and whether or not patentable, processes, skills, information, know-how, trade secrets,
data, designs, formulae, algorithms, specifications, samples, source code, object code, mask works, employee information and records, methods, techniques, compilations, computer programs, devices, concepts, inventions, developments, discoveries,
improvements, and commercial or financial information, in any form, including, without limitation, oral, written, graphic, demonstrative, machine recognizable, specimen or sample form. Confidential information shall also include any information
described above which WORLDSPACE obtains from another party and which EXECUTIVE knew or should have known was intended to be maintained as confidential by WORLDSPACE or was designated as proprietary. 
 1.6 “Conflicting Product or Service” means any product or service of any person or organization in the satellite radio business or related
business other than WORLDSPACE, in existence or under development, which resembles or competes with a product or service of WORLDSPACE, or about which he acquired Confidential Information through his work with WORLDSPACE. For purposes of this
Agreement a related business would be one which competes for the same customer base as WORLDSPACE and which offers a product that a typical customer would make an either/or buying decision in considering WORLDSPACE or the related business’s
product. 
 1.7 “Conflicting Organization” means any person or organization engaged in, or about to become engaged in, research on
or development, production, marketing, or selling of a Conflicting Product or Service. 
 1.8 “Date of Termination” means
(a) the effective date on which EXECUTIVE’s employment by WORLDSPACE and/or its Affiliates terminates as specified in a Notice of Termination by WORLDSPACE or EXECUTIVE, as the case may be, or (b) if EXECUTIVE’s employment by
WORLDSPACE and/or its Affiliates terminates by reason of death, the date of death of EXECUTIVE. Notwithstanding the previous sentence, (i) if the EXECUTIVE’s employment is terminated for Disability (as defined in Section 1.9) then
such Date of Termination shall be no earlier than thirty (30) days following the date on which a Notice of Termination is received, and (ii) if the EXECUTIVE’s employment is terminated by WORLDSPACE and/or its Affiliates other than
for Cause, then such Date of Termination shall be no earlier than thirty (30) days following the date on which a Notice of Termination is received. 
 1.9 “Disability” means EXECUTIVE’s failure to substantially perform his duties with WORLDSPACE and/or its Affiliates on a full-time basis for at least one hundred eighty (180) consecutive days or
two hundred and ten (210) days in any twelve month period as a result of EXECUTIVE’s incapacity due to mental or physical illness. 
 1.10 “Good Reason” means, without EXECUTIVE’s express written consent, the occurrence of any of the following events: 
 (a) (i) the assignment to EXECUTIVE of any duties inconsistent in any material adverse respect with EXECUTIVE’s position(s), duties, responsibilities, or status with 

 
WORLDSPACE and/or its Affiliates immediately prior thereto, (ii) a material adverse change in EXECUTIVE’s reporting responsibilities, titles or
offices with WORLDSPACE and/or its Affiliates as in effect immediately prior thereto, or (iii) any removal or involuntary termination of EXECUTIVE by WORLDSPACE and/or its Affiliates otherwise than as expressly permitted by this Agreement
(including any purported termination of employment which is not effected by a Notice of Termination), or (iv) any failure to re-elect EXECUTIVE to any position with WORLDSPACE and/or its Affiliates held by EXECUTIVE immediately prior thereto;

 (b) a reduction by WORLDSPACE and/or its Affiliates in EXECUTIVE’s rate of annual Base Salary as in effect immediately
prior thereto; 
 (c) a reduction by WORLDSPACE and/or its Affiliates of the level of EXECUTIVE’s Incentive Compensation
opportunity in effect immediately prior thereto; 
 (d) the failure of WORLDSPACE and/or its Affiliates to (i) provide
EXECUTIVE and EXECUTIVE’s dependents with welfare benefits (including, without limitation, medical, prescription drug, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and
programs) in accordance with the most favorable plans, practices, programs, and policies of WORLDSPACE and/or its Affiliates in effect for EXECUTIVE immediately prior thereto or as is in effect for other senior U.S. executives of WORLDSPACE and/or
any of its Affiliates, or (ii) provide fringe benefits and perquisites in accordance with the plans, practices, programs, and policies of WORLDSPACE and/or its Affiliates in effect for its U.S. executives immediately prior thereto or as is in
effect for other senior executives of WORLDSPACE and/or any of its Affiliates; 
 (e) the failure of WORLDSPACE and/or its
Affiliates to pay on a timely basis any amounts owed EXECUTIVE as salary, bonus, deferred compensation or other compensation; 
 (f) the failure of WORLDSPACE to obtain a written assumption agreement from any successor as contemplated in Section 8.8; 
 (g) the refusal by WORLDSPACE and/or its Affiliates to continue to allow EXECUTIVE, as set forth in Section 2.3(b) hereof, to attend to matters or engage in activities not directly related to the business of
WORLDSPACE and/or its Affiliates which were permitted by WORLDSPACE and/or its Affiliates immediately prior thereto, including without limitation serving on the boards of directors of other companies or entities, except pursuant to a policy of
WORLDSPACE applicable to its U.S. executives generally; 
 (h) the purported termination of EXECUTIVE’s employment which
is not effected pursuant to a Notice of Termination which satisfies the requirements of a Notice of Termination; or 
 (i) any
other material breach by WORLDSPACE of its obligations under this Agreement. 
 For purposes of this Agreement, any claimed Good Reason event
which is remedied by WORLDSPACE and/or its Affiliates within thirty (30) days after receipt of a Notice of Termination given by EXECUTIVE shall not constitute Good Reason, and provided further that EXECUTIVE shall be deemed to have consented to
a Good Reason event unless he shall have provided a Notice of Termination with respect to a Good Reason event within forty five (45) days of the first occurrence of such Good Reason event. No Good Reason event shall be deemed to have occurred
unless EXECUTIVE provides 

 
WORLDSPACE with a Notice of Termination within forty five (45) days of the initial occurrence of the claimed Good Reason event which provides details of
the claimed Good Reason event and cites the provision of this Section 1.10 on which EXECUTIVE relies. 
 1.11 “Inventions”
means inventions, designs, discoveries, developments, creations, and improvements created, discovered, developed or conceived, regardless of whether reduced to practice. 
 1.12 “Nonqualifying Termination” means a termination of EXECUTIVE’s employment (a) by WORLDSPACE and/or its Affiliates properly and rightly for Cause, (b) by EXECUTIVE for any reason other
than for Good Reason with Notice of Termination, (c) as a result of EXECUTIVE’s death, (d) by WORLDSPACE and/or its Affiliates due to EXECUTIVE’s Disability, unless within thirty (30) days after Notice of Termination is
provided to EXECUTIVE following such Disability EXECUTIVE shall have returned to substantial performance of EXECUTIVE’s duties on a full-time basis, or (e) as a result of EXECUTIVE’s Retirement. 
 1.13 “Notice of Termination” means a written notice by WORLDSPACE or EXECUTIVE, as the case may be, to the other, which (i) indicates the
specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of EXECUTIVE’s employment under the
provision so indicated, and (iii) specifies the termination date. The failure by EXECUTIVE or WORLDSPACE to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of
EXECUTIVE or WORLDSPACE hereunder or preclude EXECUTIVE or WORLDSPACE from asserting such fact or circumstance in enforcing EXECUTIVE’s or WORLDSPACE’s rights hereunder. 
 1.14 “Retirement” means termination of employment by either the EXECUTIVE or WORLDSPACE and/or its Affiliates on or after the EXECUTIVE’s
attainment of age 70. 
 1.15 “Works of Authorship” means all computer software programs or other writings, including, without
limitation, verbal works, designs, models, drawings, or audio, visual or audiovisual recordings. 
 ARTICLE 2 
 EMPLOYMENT 
 2.1 Employment.
WORLDSPACE agrees to employ EXECUTIVE as Co-Chief Operating Officer, and EXECUTIVE agrees to accept such employment by WORLDSPACE, on the terms and conditions set forth herein. EXECUTIVE represents and warrants that neither the execution and
delivery nor performance by him of this Agreement will violate any agreement, order, judgment or decree to which he is a party or by which he is bound. 
 2.2 Term. Subject to the provisions of Article 4 hereof, WORLDSPACE shall employ EXECUTIVE for a term of three (3) years commencing as of the Effective Date and continuing to and including May 11,
2009. The term (as herein extended) shall automatically be extended by one (1) additional year unless, at least three (3) months prior to the end of the term or any anniversary thereof, WORLDSPACE shall deliver to EXECUTIVE or EXECUTIVE
shall deliver to WORLDSPACE, written notice that the term shall not be so extended. 
 2.3 Duties. As Co-Chief Operating Officer of
WORLDSPACE, EXECUTIVE shall have the duties and responsibilities as may from time to time reasonably be assigned to or vested in EXECUTIVE by the Board consistent with his position. 

 (a) EXECUTIVE’s employment with WORLDSPACE shall be full-time and exclusive. During
the term of employment, EXECUTIVE shall, except during periods of vacation, sick leave, or other duly authorized leave of absence, devote the whole of EXECUTIVE’s time, attention, skill, and ability during usual business hours (and outside
those hours when reasonably necessary to EXECUTIVE’s duties hereunder) to the faithful and diligent performance of EXECUTIVE’s duties hereunder. EXECUTIVE acknowledges and agrees that EXECUTIVE may be required, without additional
compensation, to perform services for any Affiliates, and to accept such office or position with any Affiliate as the Board may reasonably require, including, but not limited to, service as an officer or director of WORLDSPACE or any Affiliate. The
details of any such office or position (including any applicable insurance coverage, compensation (if any) and employment arrangements) with an Affiliate will be detailed before EXECUTIVE assumes such role. EXECUTIVE will have the right to decline
any office or position with an Affiliate without breaching the terms of this Agreement in the event concerns with respect such an assignment raised in writing by EXECUITVE have not been resolved to the mutual satisfaction of the parties. EXECUTIVE
shall comply in all material respects with all applicable policies of WORLDSPACE and/or its Affiliates as found in the WORLDSPACE Policy Manual, a copy of which has been provided to EXECUTIVE. 
 (b) During the term of employment, it shall not be a violation of this Agreement for EXECUTIVE to serve as an officer or director of a
cooperative housing, or civic or charitable organization or committee, or to manage personal investments, or to serve as a member of the board of directors of a corporation or trade association, so long as such activities (individually or
collectively) do not conflict or materially interfere with the performance of EXECUTIVE’s duties hereunder, and/or on a prospective basis, as of the Effective Date, have been reviewed and approved by the Company’s General Counsel.

 (c) The reporting relationships and initial duties of EXECUTIVE are outlined in Attachment A. 
 2.4 Indemnification. WORLDSPACE will provide to EXECUTIVE, its standard indemnification for officers and directors of WORLDSPACE, the premiums for
which shall be paid by WORLDSPACE. 
 ARTICLE 3 
 COMPENSATION 
 3.1 Base Salary. For services rendered by EXECUTIVE pursuant to this Agreement,
WORLDSPACE agrees to pay EXECUTIVE a base annual salary (“Base Salary”) commencing as of the Effective Date at the annual rate of Four Hundred Fifty Thousand Dollars ($450,000) per year, payable in accordance with WORLDSPACE’s then
prevailing executive payroll practices. Base Salary payments will be made to EXECUTIVE at a minimum of once per month, unless otherwise agreed by both parties. Such Base Salary shall be subject to review at least annually on the anniversary of the
Effective Date of this Agreement by the Board and may be increased by the Board in its sole discretion but not decreased without the consent of EXECUTIVE (with the first such review to occur not later than May 1, 2007). In considering any such
increase, the Board shall consider any increases in the cost of living and may provide for any performance, merit or other increase. The term “Base Salary” as used herein shall include any increases thereto made from time to time as
permitted by this Section 3.1. 

 3.2 Bonuses. 
 (a) Incentive Compensation. During the term of this Agreement, and subject to the terms and limitations of this
Section 3.2(a), EXECUTIVE shall be eligible to earn incentive compensation targeted at seventy-eight percent (78%) of EXECUTIVE’s Base Salary per full calendar year of service commencing with the calendar year ending December 31,
2006 (prorated for any calendar year in which EXECUTIVE is employed for less than 12 full months). EXECUTIVE shall earn incentive compensation based on satisfying specific annual job performance goals or targets to be established for each calendar
year in consultation between EXECUTIVE and the Board, provided, however, that in the event of disagreement, the Board shall have the unilateral right, acting in good faith, to establish such goals and targets. Payment of incentive compensation for a
given year shall be made at a date of WORLDSPACE’s election on or before March 15th of the following
calendar year. In the event any portion of the incentive compensation paid under this section is paid in equity, and that equity has an associated vesting period, such equity will immediately vest upon termination of the EXECUTIVE from the company
or the expiration of this Agreement. Any vested options granted under this section will be exercisable for eighteen (18) months after the EXECUTIVE’S termination unless that termination is for Cause. 
 (b) Discretionary Bonuses. During the term of this Agreement, EXECUTIVE shall be entitled to such bonuses as may be authorized,
declared, and paid by the Board, in its sole discretion. Factors which the Board may, in its sole discretion, and without limitation, consider with respect to any determination by the Board with respect to the payment or amount of such bonus or
bonuses among other factors, include EXECUTIVE’s job performance and WORLDSPACE’s financial performance. 
 (c)
Section 162(m). WORLDSPACE may submit to the shareholders of WORLDSPACE for approval an annual incentive compensation and/or bonus program intended to meet the requirements of Section 162(m) of the Code and which is intended to
include all or a portion of the incentive compensation and bonus payments to be made to EXECUTIVE under this Section 3.2. 
 3.3
Participation in Benefit Plans. 
 (a) Benefit Plans. During the term of this Agreement, EXECUTIVE shall be
eligible to participate in any long-term incentive, shares option, employee stock ownership, pension, thrift, profit sharing, group life or disability insurance, medical or dental coverage, education, or other retirement or employee benefit plan or
program that WORLDSPACE has adopted or may adopt for the benefit of its employees, on the same basis as other most senior executive employees. Such participation shall be subject to the terms and conditions of such plans or programs, including, but
not limited to, such generally applicable eligibility provisions as may be in effect from time to time. 
 (b) Vacation.
EXECUTIVE shall be entitled to paid vacation (initially twenty-five (25) days per calendar year), paid sick leave, and holidays on the same basis as may from time to time apply to other WORLDSPACE senior executive employees generally.

 3.4 Participation in Shares Award Plan. EXECUTIVE shall be eligible to receive an award under the WorldSpace 2005 Incentive Award
Plan as approved by shareholders on July 7, 2005, which award shall be set forth in an award agreement to be entered into between WORLDSPACE and the EXECUTIVE. 

 (a) An initial grant of two hundred thousand (200,000) restricted shares of
WORLDSPACE Class A common stock effective on the date of the approval by Compensation Committee of the WorldSpace Board (the “Committee”). These shares would vest over a period of time provided certain performance milestones are
achieved within the established timeframe as detailed in the relevant Grant Agreement between WORLDSPACE and EXECUTIVE. 
 (b)
An initial grant of stock options of WORLDSPACE Class A common stock with an economic value of one million five hundred thousand dollars ($1,500,000) as calculated using a reasonable valuation methodology approved by the Committee that is
consistently applied. The exercise price of these stock options would be equal to the fair-market value of WORLDSPACE Class A common stock (as defined by the WorldSpace 2005 Incentive Award Plan) on the day the Committee approves the grant of
stock options. 
 (c) For each future fiscal year beginning with the 2007 fiscal year, EXECUTIVE shall be eligible to receive
an annual grant of restricted stock and/or stock options with a targeted value of one million five hundred thousand dollars ($1,500,000). In establishing and determining the amount of the annual grant, the Committee may, in its discretion, consider
such factors as it deems appropriate, which may include, but is not limited to the financial and operational performance of WORLDSPACE. The value of the annual grant under Section 3.4(c) shall be based on a reasonable valuation methodology
approved by the Committee that is consistently applied. 
 3.5 Expenses. WORLDSPACE shall reimburse EXECUTIVE in connection with
performance of the services and duties hereunder for all reasonable, ordinary and necessary business expenses actually incurred by EXECUTIVE in connection with such performance, including ordinary and necessary expenses incurred by EXECUTIVE in
connection with travel on WORLDSPACE and/or its Affiliates’ business, provided all such expenses have been approved by WORLDSPACE in accordance with and subject to the terms and conditions of WORLDSPACE’s then-prevailing expense policy and
any budget established for EXECUTIVE. As a condition precedent to obtaining such reimbursement, EXECUTIVE shall provide to WORLDSPACE any and all statements, bills, or receipts evidencing the expenses for which EXECUTIVE seeks reimbursement, and
such other related information or materials as WORLDSPACE may from time to time reasonably require. EXECUTIVE shall account to WORLDSPACE for any expenses that are eligible for reimbursement under this Section 3.6 in accordance with WORLDSPACE
policy. 
 3.6 Employment and Supplies. WORLDSPACE shall provide EXECUTIVE with reasonable administrative support relating to the
performance of EXECUTIVE’s duties of the same type and extent as is provided to other WORLDSPACE senior executive employees of a similar level. WORLDSPACE shall acquire and/or provide to EXECUTIVE for his business use: multimedia portable
computer and subscriptions to various trade publications (subject to reasonable, advance WORLDSPACE approval) and various trade books (subject to reasonable, advance WORLDSPACE approval). Such items shall remain the exclusive property of WORLDSPACE,
are to be used solely for WORLDSPACE’s benefit, and shall be returned promptly to WORLDSPACE upon the termination of EXECUTIVE’s employment for whatever reason. 
 3.7 Withholding. Anything in this Agreement to the contrary notwithstanding, all payments required to be made by WORLDSPACE hereunder to EXECUTIVE or EXECUTIVE’s estate or beneficiaries in connection with
EXECUTIVE’s employment hereunder shall be subject to the withholding of such amounts relating to taxes as WORLDSPACE may reasonably determine it should withhold pursuant to any applicable law or regulation. 

 ARTICLE 4 
 TERMINATION 
 4.1 Nonqualifying Termination. 
 If the employment of EXECUTIVE shall terminate during the term of this Agreement (including any extension of such term), by reason of Nonqualifying
Termination, then EXECUTIVE shall be paid the EXECUTIVE’s earned but unpaid Base Salary from WORLDSPACE and/or its Affiliates through the Date of Termination at the rate in effect just prior to the time a Notice of Termination is given, any
thereto unreimbursed expenses, as well as any benefits (including accrued but unused vacation days at the Date of Termination) to which EXECUTIVE was entitled through the Date of Termination. 
 (a) In addition, in the event that termination of employment is due to EXECUTIVE’s death, WORLDSPACE shall continue to pay
EXECUTIVE’s then current Base Salary and bonus payments (based on the bonus payments, as set forth in Section 3.2, awarded to EXECUTIVE in the prior year), to EXECUTIVE’s legal representatives, estate, beneficiaries or heirs, in
accordance with WORLDSPACE’s then-prevailing executive payroll practices, through the end of the calendar month following EXECUTIVE’s death, but shall have no further obligation to EXECUTIVE or EXECUTIVE’s legal representatives,
estate, beneficiaries or heirs for any compensation, benefits or other payments hereunder. Any non-vested stock options or non-vested restricted shares shall become fully vested. EXECUTIVE or EXECUTIVE’s legal representatives, estate,
beneficiaries or heirs shall be entitled to exercise any of EXECUTIVE’s stock options within one year from the Date of Termination, but not beyond the expiration of the term of the stock option. 
 (b) In addition, in the event the termination of employment is due to EXECUTIVE’s Disability, WORLDSPACE shall continue to pay
EXECUTIVE’s then current Base Salary, if any, and bonus payments (based on the bonus payments, as set forth in Section 3.2, awarded to EXECUTIVE in the prior year), and shall continue to make applicable benefits available, to EXECUTIVE, in
accordance with WORLDSPACE’s then-prevailing executive payroll practices, through the end of the third calendar month following the Date of Termination. In addition, WORLDSPACE shall continue any health, medical, dental, or similar benefits
which EXECUTIVE (and/or members of the EXECUTIVE’s family) was receiving for a period of eighteen (18) months following the Date of Termination, or pay EXECUTIVE an amount equal to the cost of obtaining equivalent coverage.
EXECUTIVE’s non-vested stock options and non-vested restricted shares shall become fully vested. EXECUTIVE or EXECUTIVE’s legal representatives, estate, beneficiaries or heirs shall be entitled to exercise any of EXECUTIVE’s vested
stock options within one year from the Date of Termination, but not beyond the expiration of the term of the stock option. 
 (c) In the event that termination of employment is due to EXECUTIVE’s Disability, the payment of benefits under WORLDSPACE’s short-term and long-term disability insurance programs, if any, to the extent payable and received by
EXECUTIVE with respect to any period prior to the Date of Termination, shall offset WORLDSPACE’s obligations to pay benefits under Section 4.1(b). 
 (d) Except as otherwise provided herein or as may be required by law or the terms of any benefit plan, EXECUTIVE’s participation in
any benefit plans of WORLDSPACE and/or any of its Affiliates shall terminate as of his Date of Termination. 

 4.2 Other Than Nonqualifying Termination. If the employment of EXECUTIVE shall terminate during
the term of this Agreement (including any extension of such term), other than by reason of Nonqualifying Termination, then EXECUTIVE shall receive the following severance benefits as compensation for services rendered. 
 (a) Lump Sum Cash Payment. Following the Date of Termination, EXECUTIVE shall receive a lump sum cash payment in an amount equal to
the sum of the following: 
 (i) EXECUTIVE’s unpaid Base Salary from WORLDSPACE and/or its Affiliates through the Date of
Termination at the rate in effect (without taking into account any reduction of Base Salary constituting Good Reason), just prior to the time a Notice of Termination is given) plus any benefit awards, bonus payments and incentive awards which
pursuant to the terms of any plans have been earned or become payable, to the extent not theretofore paid; and 
 (ii) any
amounts owed for accrued but unused vacation as of the Date of Termination as well as any thereto unreimbursed expenses. 
 (b) Other Payments. Following the Date of Termination, EXECUTIVE shall receive the following payments: 
 (i)
as payment in lieu of a bonus or other incentive payment to be paid hereunder or under WORLDSPACE’s annual bonus plan or other incentive or other comparable plan for the year of termination, an amount equal to (x) the number of days
EXECUTIVE was employed during the year by WORLDSPACE prior to the Date of Termination (y) divided by the number of days in the year (z) multiplied by the amount of bonus and/or other incentive payments awarded to EXECUTIVE for the
immediately preceding year, unless the performance and economic circumstances of the Company dictate that no annual bonus or other incentive payments will be paid to any employee of the Company for such period, which amount shall be payable on the
date such bonus or other incentive payment would otherwise have been payable, provided that EXECUTIVE is not in violation of Articles 5 and 6 hereof; and 
 (ii) continuation of EXECUTIVE’s highest annual rate of Base Salary from WORLDSPACE and/or its Affiliates in effect during the 12-month period prior to the Date of Termination payable over twelve (12) months
from the Date of Termination in accordance with the payroll practices of WORLDSPACE, provided EXECUTIVE is not in violation of Articles 5 and 6 hereof. 
 (c) Stock Options and/or Restricted Shares. All stock options and/or restricted shares that have been granted to EXECUTIVE shall immediately vest and become exercisable, and EXECUTIVE shall be entitled to
exercise any of his vested stock options within eighteen (18) months after the Date of Termination, but not beyond the expiration of the term of the option. 
 (d) Loans. Any loans from WORLDSPACE and/or its Affiliates that the EXECUTIVE had outstanding shall remain payable according to
their terms. 
 (e) Benefits. EXECUTIVE, and any spouse and dependents, will be entitled to continued medical, dental
and other health benefits under WORLDSPACE’s health benefit plans or programs in which EXECUTIVE participated immediately prior to the Date of Termination for a period of eighteen (18) months after the Date of Termination, which shall
include the statutory period of COBRA continuation coverage, provided EXECUTIVE pays the applicable contribution for such coverage charged to similarly situated active employees of WORLDSPACE. 

 (f) Out-Placement Services. WORLDSPACE shall provide the EXECUTIVE with executive
out-placement services for a period of not less than twelve (12) months at a cost not to exceed $25,000 by entering into a contract with a company chosen by EXECUTIVE specializing in such services, subject to the reasonable approval of
WORLDSPACE and in accordance with the policies of WORLDSPACE as in effect from time to time. 
 4.3 Change in Control. 
 For purposes of this Agreement, a “Change in Control” will occur where after the Effective Date hereof (i) any person or group (other than
Noah Samara and any entities controlled by him) becomes the beneficial owner of securities of WORLDSPACE representing more than 40% of the then voting power of WORLDSPACE; (ii) Board members at the Effective Date of this Agreement or who were
appointed after the Effective Date by at least two thirds (2/3) of the members of the Board at the time of their appointment no longer constitute two thirds (2/3) of the Board during the term hereof; (iii) a merger/consolidation of
WORLDSPACE occurs wherein the WORLDSPACE voting securities immediately prior thereto do not constitute at least 60 percent of the combined voting securities after the merger/consolidation; or (iv) the stockholders approve a plan of complete
liquidation or winding-up or an agreement for the sale or disposition of all or substantially all of WORLDSPACE’s assets. WORLDSPACE will (within 30 days of such an event) provide written notice of a Change in Control to EXECUTIVE. 

If (i) a Change in Control occurs during the term of this Agreement, and (ii) during the 12-month period following the date of the Change in
Control, EXECUTIVE’s employment is terminated by WORLDSPACE or any successor for any reason other than Cause, death or Disability or by the EXECUTIVE for Good Reason, WORLDSPACE will pay the following benefits to the EXECUTIVE. 
 (a) Lump Sum Cash Payment. Following the Date of Termination, EXECUTIVE shall receive a lump sum cash payment in an amount equal to
the sum of the following: 
 (i) EXECUTIVE’s unpaid Base Salary from WORLDSPACE and/or its Affiliates through the Date of
Termination at the rate in effect (without taking into account any reduction of Base Salary constituting Good Reason), just prior to the time a Notice of Termination is given) plus any benefit awards, bonus payments and incentive awards which
pursuant to the terms of any plans have been earned or become payable, to the extent not theretofore paid; and 
 (ii) any
amounts owed for accrued but unused vacation as of the Date of Termination as well as any thereto unreimbursed expenses. 
 (b) Other Payments. Following the Date of Termination, EXECUTIVE shall receive the following payments: 
 (i)
as payment in lieu of a bonus or other incentive payment to be paid hereunder or under WORLDSPACE’s annual bonus plan or other incentive or other comparable plan for the year of termination, an amount equal to (x) the number of days
EXECUTIVE was employed during the year by WORLDSPACE prior to the Date of Termination (y) divided by the number of days in the year (z) multiplied by the amount of 

 
bonus and/or other incentive payments awarded to EXECUTIVE for the immediately preceding year, unless the performance and economic circumstances of the
Company dictate that no annual bonus or other incentive payments will be paid to any employee of the Company for such period, which amount shall be payable on the date such bonus or other incentive payment would otherwise have been payable, provided
that EXECUTIVE is not in violation of Articles 5 and 6 hereof; and 
 (ii) continuation of EXECUTIVE’s highest annual
rate of Base Salary from WORLDSPACE and/or its Affiliates in effect during the 12-month period prior to the Date of Termination payable over the greater of (x) the balance of the term of this agreement or (y) twelve (12) months from
the Date of Termination. Such payments will be made in accordance with the payroll practices of WORLDSPACE, provided EXECUTIVE is not in violation of Articles 5 and 6 hereof. 
 (c) Stock Options and/or Restricted Shares. All stock options and/or restricted shares that have been granted to EXECUTIVE shall
immediately vest and become exercisable, and EXECUTIVE shall be entitled to exercise any of his vested stock options within eighteen (18) months after the Date of Termination, but not beyond the expiration of the term of the option. 

(d) Loans. Any loans from WORLDSPACE and/or its Affiliates that the EXECUTIVE had outstanding shall remain payable according to
their terms. 
 (e) Benefits. EXECUTIVE, and any spouse and dependents, will be entitled to continued medical, dental
and other health benefits under WORLDSPACE’s health benefit plans or programs in which EXECUTIVE participated immediately prior to the Date of Termination for a period equal to the greater of (x) the balance of the term of this agreement
or (y) eighteen (18) months after the Date of Termination, which shall include the statutory period of COBRA continuation coverage, provided EXECUTIVE pays the applicable contribution for such coverage charged to similarly situated active
employees of WORLDSPACE. 
 (f) Out-Placement Services. WORLDSPACE shall provide the EXECUTIVE with executive
out-placement services for a period of not less than twelve (12) months at a cost not to exceed $25,000 by entering into a contract with a company chosen by EXECUTIVE specializing in such services, subject to the reasonable approval of
WORLDSPACE and in accordance with the policies of WORLDSPACE as in effect from time to time. 
 4.4 Change of Control Penalties.
Notwithstanding anything in this Agreement to the contrary, in the event that it is determined (as hereinafter provided) that any payment or distribution by WORLDSPACE or any of its Affiliates or any other person in connection with the Change in
Control to or for the benefit of EXECUTIVE, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including
without limitation any stock option, or the lapse or termination of any restriction on, or the vesting or exercisability of, any stock option, restricted stock award or other awards valued in whole or in part by reference to, or otherwise based on,
stock (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to such tax
(such tax or taxes, together with any such interest and penalties, being hereafter collectively referred to as the “Excise Tax”), and the EXECUTIVE would receive a greater net after-tax amount (taking into account all applicable taxes
payable by the EXECUTIVE, including any excise tax under Section 4999 of the Code) by applying the limitation contained in this Section 4.4, then the Payments to EXECUTIVE hereunder plus any other 

 
amounts treated as “change of control payments” under Section 280G of the Code, shall be reduced (but not below zero) to the maximum amount
which may be paid hereunder without the EXECUTIVE becoming subject to such an excise tax under Section 4999 of the Code (such reduced payments to be referred to as the “Payment Cap”). In the event that the EXECUTIVE receives reduced
payments and benefits hereunder, the EXECUTIVE shall have the right to designate which of the payments and benefits otherwise provided for in this Agreement that he will receive in connection with the application of the Payment Cap. 
 4.5 Resignations. Except to the extent requested by the Board, upon any termination of EXECUTIVE’s employment with WORLDSPACE, EXECUTIVE will
immediately resign all positions and directorships with WORLDSPACE and each of its Affiliates. 
 4.6 Release. The right of EXECUTIVE
to receive termination payments and benefits under Sections 4.2 and 4.3 is conditioned on the execution (and non-revocation) by EXECUTIVE of a general release of claims against WORLDSPACE in a form reasonably satisfactory to WORLDSPACE. Such release
of claims will be substantially in the form of the draft release of claims attached hereto as Attachment B. 
 4.7 Mitigation and
Offset. Except as otherwise provided herein, EXECUTIVE shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise. That is to say, no income or benefit for EXECUTIVE’s
employment with a company other than WORLDSPACE will be used to offset or mitigate benefits hereunder. 
 ARTICLE 5 
 RESTRICTIVE COVENANTS 
 5.1
Confidentiality. Except as authorized or directed by WORLDSPACE, EXECUTIVE shall not, at any time during or subsequent to the term of this Agreement, directly or indirectly publish or disclose any Confidential Information of WORLDSPACE or of
any of its Affiliates, or Confidential Information of others that has come into the possession of WORLDSPACE or of any of its Affiliates, or into EXECUTIVE’s possession in the course of his employment with WORLDSPACE or any of its Affiliates or
of his services and duties hereunder (whether prior to or during the term of this Agreement), to any other person or entity, and EXECUTIVE shall not use any such Confidential Information for EXECUTIVE’s own personal use or advantage or make it
available to others for use. All Confidential Information, whether oral or written, regarding the business or affairs of WORLDSPACE or any of its Affiliates, including, without limitation, information as to their products, services, systems,
designs, inventions, software, finances (including prices, costs and revenues), marketing plans, programs, methods of operation, prospective and existing contracts, customers and other business arrangements or business plans, procedures, and
strategies, shall all be deemed Confidential Information, except to the extent the same shall have been lawfully and without breach of confidential obligation made available to the general public without restriction, or that EXECUTIVE can prove, by
documentary evidence, was previously known to EXECUTIVE prior to the term of EXECUTIVE’s employment. WORLDSPACE shall be under no obligation to identify specifically any information as to which the protection of this Section 5.1 extends by
any notice or other action. Upon expiration or termination of this Agreement for any reason, EXECUTIVE shall return all records of Confidential Information, and all property of WORLDSPACE, including all copies thereof in EXECUTIVE’s possession,
whether prepared by him or others, to WORLDSPACE. 
 5.2 Unfair Competition. For a period of one (1) year after the Date of
Termination, or, if longer, for the period EXECUTIVE continues to receive Base Salary payments following the Date of 

 
Termination, EXECUTIVE shall not, directly or indirectly, and whether or not for compensation, as a shareholder owning beneficially or of record more than
five percent (5%) of the outstanding shares of any class of shares of an issuer, or as an officer, director, employee, consultant, partner, joint venturer, proprietor, or otherwise, engage in or become interested in any Conflicting Organization
in connection with research, development, consulting, manufacturing, purchasing, accounting, engineering, marketing, merchandising or selling of any Conflicting Product or Service, directly or indirectly, in competition with WORLDSPACE or any of its
Affiliates (or any of their successors) as conducted from time to time during such period. For the avoidance of doubt, such provision will not apply in the event this Agreement expires at the end of the specified term or at the end of the one-year
extension period. For a period of one (1) year after the Date of Termination, EXECUTIVE shall not, without the prior written consent of WORLDSPACE, solicit or hire or induce the termination of employment of any employees or other personnel
providing services to WORLDSPACE or any of its Affiliates, for any business activity, other than a business activity owned or controlled, directly or indirectly, by WORLDSPACE or any of its Affiliates. 
 5.3 Injunctive Relief; Survival. 
 (a) EXECUTIVE acknowledges and warrants that he will be fully able to earn an adequate livelihood for himself and his dependents if Section 5.2 should be specifically enforced against him, and that such
Section 5.2 merely prevents unfair competition against WORLDSPACE for a limited period of time. EXECUTIVE agrees and acknowledges that, by virtue of EXECUTIVE’s employment with WORLDSPACE, EXECUTIVE shall have access to and maintain an
intimate knowledge of WORLDSPACE’s activities and affairs, including trade secrets, Confidential Information, and other confidential matters. As a result of such access and knowledge, and because of the special, unique, and extraordinary
services that EXECUTIVE is capable of performing for WORLDSPACE or one of its competitors, EXECUTIVE acknowledges that the services to be rendered by EXECUTIVE pursuant to this Agreement are of a character giving them a peculiar value, the loss of
which cannot adequately or reasonably be compensated by money damages. Consequently, EXECUTIVE agrees that any breach or threatened breach by EXECUTIVE of EXECUTIVE’s obligations under this Article 5 would cause irreparable injury to
WORLDSPACE, and that WORLDSPACE shall be entitled to seek (i) preliminary and permanent injunctions enjoining EXECUTIVE from violating such provisions, and (ii) money damages in the amount of any fees, compensation, benefits, profits, or
other remuneration earned by EXECUTIVE or any competitor of WORLDSPACE as a result of such breach, together with interest, and costs and attorneys’ fees expended to collect such damages or secure such injunctions. Nothing in this Agreement,
however, shall be construed to prohibit WORLDSPACE from pursuing any other remedy, WORLDSPACE and EXECUTIVE having agreed that all such remedies shall be cumulative, 
 (b) The restrictions set forth in this Article 5 and the following Article 6 shall be construed as independent covenants, and shall
survive the termination or expiration of this Agreement, and the existence of any claim or cause of action against WORLDSPACE, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by WORLDSPACE of
the restrictions contained in this Article 5 or the following Article 6. EXECUTIVE hereby consents and waives any objection to the jurisdiction over his person or the venue of any courts within the State of Maryland with respect to any proceedings
in law or in equity arising out of this Article 5 or the following Article 6. If any court of competent jurisdiction shall hold that any of the restrictions contained in Section 5.2 are unreasonable as to time, geographical area, or otherwise,
said restrictions shall be deemed to be reduced to the extent necessary in the opinion of such court to make their application reasonable. 

 ARTICLE 6 
 INVENTIONS, WORKS OF AUTHORSHIP, 
 PATENTS AND COPYRIGHTS 
 6.1 Ownership of Inventions and Works of Authorship. EXECUTIVE agrees that all Inventions made, conceived, discovered, developed or reduced to
practice by EXECUTIVE and all software and other Works of Authorship created by EXECUTIVE, either alone or with others, at any time, within or without normal working hours, during or prior to the term of this Agreement, arising out of the
EXECUTIVE’s employment with WORLDSPACE and/or any of its Affiliates or based upon Confidential Information, or pertinent to any field of business or research in which, during such employment, WORLDSPACE or any Affiliate thereof is engaged or
(if such is known or ascertainable by EXECUTIVE) is considering engaging, whether or not patented or patentable, shall be and remain the sole property of WORLDSPACE or its Affiliates with respect to all rights of EXECUTIVE arising from any
discovery, conception, development, reduction to practice, or creation by EXECUTIVE. WORLDSPACE shall have the full right to assign, license, or transfer all rights thereto. EXECUTIVE agrees that all such Inventions and Works of Authorship are
“works made for hire” under applicable law and EXECUTIVE waives and agrees never to assert any “moral rights” with respect to such Inventions and Works of Authorship. 
 6.2 Disclosure of Inventions and Works of Authorship. EXECUTIVE shall promptly make full disclosure to WORLDSPACE or to an authorized
representative thereof all information relating to the making, conception, discovery, development, creation or reduction to practice of Inventions, or of software and other Works of Authorship owned by WORLDSPACE pursuant to Section 6.1 above.

 6.3 Patent and Copyright Applications. At the request of WORLDSPACE and at WORLDSPACE’s expense, EXECUTIVE shall execute such
documents and perform such other acts as WORLDSPACE deems necessary to obtain patents or the like on such applicable Inventions or copyright registrations for such software and other Works of Authorship which occurred during the term of this
Agreement in any jurisdiction or jurisdictions. Such obligation shall continue beyond the term of this Agreement. In the event that WORLDSPACE is unable solely because of EXECUTIVE’s mental or physical capacity or for any other reason to secure
EXECUTIVE’s signature to apply for or to pursue any applications for patent or copyright covering Inventions, software and other Works of Authorship owned by WORLDSPACE pursuant to Section 6.1, then EXECUTIVE hereby irrevocably designates
and appoints WORLDSPACE as EXECUTIVE’s agent and attorney in fact, to act for and in his behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents
and copyright registrations thereon with the same legal force and effect as if executed by EXECUTIVE. EXECUTIVE further agrees not to file any patent applications relating to or describing or otherwise disclosing any Confidential information or any
such Inventions, or to claim any copyright or file any applications to register any copyright in such software or other Works of Authorship, except with the prior written consent of WORLDSPACE. 
 6.4 Assignment of Inventions and Works of Authorship. EXECUTIVE agrees to assign to WORLDSPACE or its Affiliates all of EXECUTIVE’s right,
title and interest in and to any and all such Inventions and the patent applications and patents relating thereto and to the copyright in any and all such software and other Works of Authorship and any copyright applications and registrations
relating thereto conceived, reduced to practice, discovered, created or otherwise developed by EXECUTIVE and owned by WORLDSPACE pursuant to Section 6.1 above, including any moral rights. 

 ARTICLE 7 
 DISPUTE RESOLUTION; AGREEMENT TO ARBITRATE 
 7.1 General. The parties agree to perform the
terms of this Agreement in good faith, and to attempt to resolve any disputes that may arise between them through good faith negotiations. Accordingly, prior to either WORLDSPACE or EXECUTIVE initiating any arbitration proceeding with respect to any
controversy, claim, or dispute arising out of or related to this Agreement or with respect to the validity, construction, interpretation or performance of this Agreement, they shall first undertake the following steps: 
 (a) First, the aggrieved party will notify the other party in writing of the nature, scope, and basis of the dispute or controversy.
Within 15 days of such notice, the parties will meet at a mutually acceptable time and place, in person, to negotiate in good faith a resolution to the dispute or controversy described in the aggrieved party’s notice. As used in this section,
“in person” means physically present, and shall not include telephonic or videoconferences. No attorneys representing either party may be present at this meeting, unless otherwise agreed by each of the parties. However, if the parties
forsee that an additional meeting before the time described in (b) below with the presence of attorneys may be productive, such meeting maybe arranged by mutual agreement. 
 (b) Second, if, within 15 days of the meeting described in Section 7.1 (a) above, the parties fail to resolve the dispute or
controversy set forth in the aggrieved party’s notice, then, and only then, may either party institute an arbitration proceeding described in Section 7.2 below. 
 (c) All negotiations pursuant to this Section shall be considered and kept confidential and shall be treated as compromise and settlement
negotiations as they would be treated under the Federal Rules of Evidence and applicable state rules of evidence. 
 7.2 Binding
Arbitration. All claims, disputes, and controversies arising out of or in relation to the performance, interpretation, application, or enforcement of this Agreement, including but not limited to breach thereof (except any dispute relating to
Articles 5 or 6 of this Agreement), not resolved by the parties shall be referred to arbitration before a single, independent third party who will be selected by mutual agreement of the parties or, if such agreement is not reached within one week of
either party seeking such agreement, then in accordance with Employment Dispute Resolution Rules of the American Arbitration Association. Judgment upon the Award rendered by the arbitrator may be entered in any court of competent jurisdiction. Any
arbitration pursuant to this Article 7 shall take place in the State of Maryland, or such other place, as the parties shall mutually agree. 
 ARTICLE 8 
 MISCELLANEOUS 
 8.1 Notice. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when hand delivered, sent by
overnight courier, or mailed by first class, registered, or certified mail, return receipt requested, postage prepaid, or transmitted by telegram, telecopy, or telex, addressed as follows: 
 If to EXECUTIVE: 
 Gregory B. Armstrong 
 700 N. Colorado Blvd., 
 #399 
 Denver,
CO 80206 

 If to WORLDSPACE: 
 WorldSpace, Inc. 
 Attn: General Counsel 
 8515 Georgia Avenue 
 Silver Spring, MD 20910 
 Tel: +1 301-960-1200 
 Fax: +1 301-960-2200 
 or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective
only upon receipt. 
 8.2 Entire Agreement. From and after the Effective Date, this Agreement constitutes the entire agreement between
the parties hereto, and expressly supersedes all prior oral or written agreements, commitments or understandings with respect to the matters provided for herein. 
 8.3 Headings. Article and Section headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any
way define or affect the meaning, construction or scope of any of the provisions hereof. 
 8.4 Severability. In case any provision of
this Agreement shall be held illegal, unenforceable or void, such illegality, unenforceability or invalidity shall not affect the remaining provisions of this Agreement, but shall be fully severable, and this Agreement shall be construed and
enforced as if said illegal, unenforceable, or invalid provisions had never been inserted herein. 
 8.5 Governing Law. This
Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the substantive laws of the State of Delaware (excluding the choice of law rules
thereof). 
 8.6 Amendment; Modification; Waiver. No amendment, modification or waiver of the terms of this Agreement shall be valid
unless made in writing and duly executed by EXECUTIVE and WORLDSPACE. No delay or failure at any time on the part of WORLDSPACE or EXECUTIVE in exercising any right, power or privilege under this Agreement, or in enforcing any provision of this
Agreement, shall impair any such right, power, or privilege, or be construed as a waiver of any default or as any acquiescence therein, or shall affect the right of WORLDSPACE or EXECUTIVE thereafter to enforce each and every provision of this
Agreement in accordance with its terms. 
 8.7 Additional Obligations. Both during and after the term of employment, EXECUTIVE shall,
upon reasonable notice, furnish WORLDSPACE with such information as may be in EXECUTIVE’s possession or control, and cooperate with WORLDSPACE, as may reasonably be requested by WORLDSPACE (and, after the term of employment, with due
consideration for EXECUTIVE’s obligations with respect to any new employment or business activity) in connection with any litigation or other adversarial proceeding in which WORLDSPACE or any Affiliate is or may become a party. WORLDSPACE shall
reimburse EXECUTIVE for all reasonable expenses incurred by EXECUTIVE in fulfilling EXECUTIVE’s obligations under this Article 8.7. 
 8.8 Successors; Binding Agreement. This Agreement shall be binding upon and inure to the benefit of WORLDSPACE, EXECUTIVE and each of their respective successors, assigns, personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees, as applicable; provided, however, that neither this Agreement nor any rights or obligations hereunder will be 

 
assignable or otherwise subject to hypothecation by EXECUTIVE (except by will or by operation of the laws of intestate succession) or by WORLDSPACE, except
that WORLDSPACE may assign this Agreement to any successor (whether by merger, purchase or otherwise) to all or substantially all of the stock, assets, or businesses of WORLDSPACE, if such successor expressly agrees unconditionally to assume all of
the obligations of WORLDSPACE hereunder pursuant to a written agreement delivered to EXECUTIVE. 
 8.9 Beneficiaries. If EXECUTIVE
shall die while any amounts would be payable to EXECUTIVE hereunder had EXECUTIVE continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to such person or persons appointed
in writing by EXECUTIVE to receive such amounts or, if no person is so appointed, to EXECUTIVE’s estate. 
 8.10 Obligation to Make
Payments. 
 (a) WORLDSPACE’s obligation to make any payments provided for in this Agreement and otherwise to perform
its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which WORLDSPACE and/or its Affiliates may have against EXECUTIVE or others. In no event shall EXECUTIVE be obligated
to seek other employment or take any action by way of mitigation of the amounts payable to EXECUTIVE under any of the provisions of this Agreement and, such amounts shall not be reduced whether or not EXECUTIVE obtains other employment 

(b) If there shall be any dispute between WORLDSPACE and/or its Affiliates and EXECUTIVE in the event of any termination of
EXECUTIVE’s employment then, until there is a final, nonappealable, determination pursuant to arbitration declaring that such termination was for Cause, that the determination by EXECUTIVE of the existence of Good Reason was not made in good
faith, or that WORLDSPACE and/or its Affiliates are not otherwise obligated to pay any amount or provide any benefit to EXECUTIVE and his dependents or other beneficiaries, as the case may be, under Article 4, WORLDSPACE shall pay all amounts, and
provide all benefits, to EXECUTIVE and his dependents or other beneficiaries, as the case may be, that WORLDSPACE and/or its Affiliates would be required to pay or provide pursuant to Article 4 as though such termination were by WORLDSPACE and/or
its Affiliates without Cause or by EXECUTIVE with Good Reason; provided, however, that WORLDSPACE shall not be required to pay any disputed amounts pursuant to this Section 8.10 except upon receipt of an undertaking by or on behalf of EXECUTIVE
to repay all such amounts to which EXECUTIVE is ultimately determined by the arbitrator not to be entitled. 
 8.11 Date of Payment.
To the extent required by Section 409A of the Code to avoid any penalties on EXECUTIVE, payments to EXECUTIVE hereunder, and under any other agreement with the EXECUTIVE, upon termination of employment shall be distributed on the later of
(i) the dates specified in this Agreement or any other agreement with WORLDSPACE, and (ii) six (6) months after the Date of Termination. 

 8.12 Counterparts. This Agreement may be executed in two or more counterparts, 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, WORLDSPACE has
caused this Agreement to be executed by a duly authorized officer of WORLDSPACE. EXECUTIVE has executed this Agreement as of the day and written below. 
  

									
	ACCEPTED AND AGREED TO:	 		 	WORLDSPACE, INC.
					
	By	 	 /s/ Gregory B. Armstrong
	 		 	By	 	 /s/ Noah A. Samara

		 	Executive	 		 	Name:	 	Noah A. Samara
		 		 		 	Title:	 	Chairman, Chief Executive Officer and PresidentLetter Agreement

 Exhibit 10.3 
 Execution Copy 
 August 8, 2006 
 Mr. Russell P. Fradin 
 Dear Russ: 
 Based on our meetings, as well as your meetings with other members of the Board of Directors of
Hewitt Associates, Inc. (the “Company”), it is my pleasure to extend an offer of employment with the Company, commencing on September 5, 2006 (the “Effective Date”), as its Chief Executive Officer and Chairman
of the Board of Directors of the Company (the “Board”), reporting to the Board. You will have all of the duties, responsibilities and authority commensurate with such position. We are confident that your combination of talent,
strategic knowhow, operating skills, breadth of experience and personal commitment will make the difference we are seeking to lead the Company into the future and that you will be a tremendous addition to the Company team. The specifics of this
employment offer are set forth below. 
  

					
	1. Base Salary	  		  	Your annual base salary will be $900,000, subject to increase (but not decrease) from time to time in the discretion of the Compensation Committee of the Board of Directors (as increased, the
“Base Salary”), payable in accordance with the Company’s customary payroll practices.
			
	2. Annual Bonus	  		  	Your annual target bonus opportunity under the Company’s annual incentive bonus plan will be equal to at least 100% of your then-current Base Salary, and you can earn up to a maximum bonus
equal to at least 200% of your then-current Base Salary.
			
	3. Buy-Out Awards	  		  	On the Effective Date, to compensate you for certain forfeitures of previous employer incentive awards, the Company will grant or pay to you, as the case may be, subject, in the case of awards
pursuant to Paragraphs 3(iii), (iv) and (v), to the conditions specified therein:
			
		  	(i)	  	An award of 83,100 restricted stock units, pursuant to the Company’s Global Stock and Incentive Plan (“Plan”) (“Buy-Out RSU #1”), in a form of award
attached hereto as Attachment C. Buy-Out RSU #1 will vest and become nonforfeitable in accordance with the following schedule, provided that you have been continuously employed with the Company or a subsidiary of the Company through such vesting
date for such number of Buy-Out RSU #1 units to so vest (subject to earlier vesting pursuant to Paragraph 7, 8 or 10):

 Mr. Russell P. Fradin 
 August 8, 2006 
  Page
 2
 
  

									
	  	 	 Vesting Date
	  	Number of RSUs to Vest	  	 Total Vested RSUs
	  	 
		 	 February 2, 2007
	  	4,930	  	4,930	  	
		 	 August 20, 2007
	  	29,578	  	34,508	  	
		 	 February 2, 2008
	  	4,930	  	39,438	  	
		 	 August 20, 2008
	  	29,578	  	69,016	  	
		 	 August 20, 2009
	  	14,084	  	83,100	  	

  

					
	 	 	 	  	Vested Buy-Out RSU #1 units will be payable in fully vested Shares (as defined under the Plan)
as soon as is practicable after the date that such units vest, but not later than the last day
of the
calendar year in which the units vest, subject to the requirements of Section 409A of the Internal
Revenue Code (the “Code”) and the provisions of Paragraph 19 hereof.
			
		 	(ii)	  	An award of stock options to purchase 150,000 Shares, pursuant to the Plan (“Buy-Out Option”), in a form of award attached hereto as Attachment D. The Buy-Out Option will be
exercisable at a price per option share equal to the Fair Market Value (as defined under the Plan) of a Share on the grant date, have an option term ending on February 15, 2015, and will vest and become nonforfeitable in accordance with the
following schedule, provided that you have been continuously employed with the Company or a subsidiary of the Company through such vesting date for such number of Buy-Out Options to so vest (subject to earlier vesting pursuant to Paragraph 7, 8 or
10):

  

									
	  	 	 Vesting Date
	  	Number of Options to Vest	  	 Total Vested Options
	  	 
		 	Effective Date	  	45,714	  	45,714	  	
		 	August 20, 2007	  	30,000	  	75,714	  	
		 	August 20, 2008	  	30,000	  	105,714	  	
		 	August 20, 2009	  	30,000	  	135,714	  	
		 	August 20, 2010	  	14,286	  	150,000	  	

  

					
		 	(iii)	  	A conditional award of 4,780 restricted stock units pursuant to the Plan, in a form of award attached hereto as Attachment E (“Buy-Out RSU #2”), based on the value on the
date hereof of certain anticipated forfeitures under your previous employer deferred compensation plan and 401(k) plan. If the amount forfeited is less than the value replaced under this award, above, the number of units to be awarded under Buy-Out
RSU #2 will be reduced proportionately. Buy-Out RSU #2 will vest and become nonforfeitable on the first anniversary of the Effective Date, provided that you have been continuously employed with the Company or a subsidiary of

 Mr. Russell P. Fradin 
 August 8, 2006 
  Page
 3
 
  

					
		  		  	the Company through such vesting date for such Buy-Out RSU #2 units to so vest (subject to earlier vesting pursuant to Paragraph 7, 8 or 10). Vested Buy-Out RSU #2 units will be payable in fully
vested Shares (as defined under the Plan) as soon as is practicable after the date that such units vest, but not later than the last day of the calendar year in which the units vest, subject to the requirements of Section 409A of the Internal
Revenue Code and the provisions of Paragraph 19 hereof. Buy-Out RSU #1 and Buy-Out RSU #2 are collectively referred to herein as the “Buy-Out RSUs”
			
		  	(iv)	  	A conditional award of 29,600 Shares, pursuant to the Plan, which award will be granted only if you forfeit the 52,500 restricted shares scheduled to vest during August 2006, upon a termination
of your employment with your previous employer, and if you forfeit fewer than 52,500 of such restricted shares, the conditional award will be reduced proportionately to a number of Shares based on the number of restricted shares actually
forfeited.
			
		  	(v)	  	A conditional cash bonus in the amount of $700,000, payable within 10 days following the Effective Date, provided that you have not then received your annual bonus from your previous employer
for the fiscal year ended June 30, 2006. You agree to promptly repay to the Company an amount equal to the amount of annual bonus for such fiscal year that you thereafter may receive from your previous employer.
			
	4. Annual Equity Awards	  		  	Commencing with annual long-term incentive awards granted to senior management during fiscal 2007 (which commences on October 1, 2006), you will be eligible for further equity grants and other
long-term incentive awards in amounts commensurate with your title and position relative to grants to other senior officers of the Company, with a vesting schedule and other terms and conditions applicable generally to grants to other such senior
officers, as determined by the Board or the Compensation and Leadership Committee (“Committee”) in its good faith discretion. For purposes of the fiscal 2007 equity grant, you will be granted the following awards:
			
		  	(i)	  	On the Effective Date, an award of Nonqualified Options (as defined under the Plan) having a Black Scholes value (as reasonably determined by the Committee, but applying an applicable average
closing stock price for Company Shares over the shorter of (x) the 10-business day period ending on the date of grant and (y) the period commencing on the second business day after public announcement of this Agreement and ending on the date of
grant) on the date of grant equal to $1,500,000 (“Initial Option”), in a form of award attached hereto as Attachment F. The Initial Option will be exercisable at a price per option share equal to the Fair Market Value of a Share on
the grant date, will have a 10-year option term, and will become

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		  		  	vested and exercisable in equal increments on each of the first 4 anniversaries of the grant date, provided that you are continuously employed through such vesting date for such option Shares to
so vest (subject to earlier vesting pursuant to Paragraph 7, 8 or 10).
			
		  	(ii)	  	On the date first following the September 30, 2006 fiscal year end that the Company grants to senior executives annual long-term incentive awards (but in no event later than October 31,
2006) pursuant to the Plan, an award of performance shares (or performance units, if so awarded to senior executives by the Committee) having a target (100%) face value equal to $1,500,000 (“Initial Performance Shares”) on the date
of grant, the actual number of shares that become earned by Executive thereunder to be between 0% and 200% of the number of Initial Performance Shares granted based on the satisfaction of performance goals for the fiscal year ending September 30,
2007 determined by the Committee and set forth in such award. The Initial Performance Shares so earned will cliff vest on the third anniversary of the grant date (or cliff or pro rata vest on such earlier date or dates as is provided in the grant of
performance shares to other senior executives at such time), provided that Executive is continuously employed through such vesting date for such Initial Performance Shares to so vest (subject to earlier vesting pursuant to Paragraph 7, 8 or 10). The
award of Initial Performance Shares will be subject to such other terms and conditions as apply to performance share awards to other senior executives at such time, subject to the terms of this letter agreement, provided that in no event shall such
grant be subject to any restrictive covenant or “claw back” provisions. All references to performance shares herein shall refer to performance units, if so awarded by the Committee, which performance units shall be earned and vested, and
payable in Shares, in a manner consistent with the provisions of this Paragraph 4(ii), subject to the provisions of Paragraph 19.
			
	5. Benefits, Perquisites	  		  	You will be eligible to participate in all employee benefit plans, be entitled to such vacation benefits (but not less than four (4) weeks) and to receive all perquisites, which the Company
provides to its senior executives, in accordance with the terms thereof. During any period of physical or mental incapacity, you shall continue to be entitled to all compensation and benefits set forth herein until the Company exercises its right to
terminate your employment in accordance with the terms and conditions hereof.
			
	6. Relocation	  		  	You will be entitled to relocation benefits in accordance with the Company’s policy governing relocation of its senior executives. Additionally, the Company will pay you an unitemized
miscellaneous relocation allowance of $100,000 within 30 days after the Effective Date.

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	7. Separation Without Cause, For Good Reason
			
		  		  	In the event of an involuntary termination of your employment at any time by the Company without Cause or by you for Good Reason (each such term as defined on Attachment A hereto), you will be
entitled to receive, subject to the provisions of Paragraph 19 hereof:
			
		  	(i)	  	A severance amount equal to 1-1/2 multiplied by the sum of (a) your then-prevailing Base Salary plus (b) your then-prevailing target bonus amount, which severance will be paid in regular payroll
installments over an 18-month period (“Severance Payment Period”).
			
		  	(ii)	  	Reimbursement of the portion of your COBRA healthcare continuation benefits premium for the duration of the severance payment period, provided that you timely elect COBRA continuation coverage,
as equals the difference between the COBRA premium amount charged other employees for the same coverage as you had elected minus the amount charged to active senior executives who had elected such coverage; provided, such reimbursement will
terminate upon your becoming entitled to comparable coverage in connection with subsequent employment.
			
		  	(iii)	  	A pro rata bonus for the fiscal year in which such termination occurs in an amount, if any, based on the actual performance of the Company (and for which purpose any individual nonfinancial
goals will be deemed satisfied at target), payable on the date that annual bonuses for such fiscal year are paid to other senior executives, such proration to be based on the fraction the numerator of which is the number of days employed during such
fiscal year and the denominator of which is 365 (“Pro Rata Bonus”).
			
		  	(iv)	  	The Buy-Out RSUs, to the extent not then vested, will be become fully vested and shall be payable as soon as practicable following termination.
			
		  	(v)	  	The Buy-Out Option, to the extent not then vested, will be become fully vested and all Buy-Out Options will be exercisable for 90 days following the date of termination of your employment, but
not beyond the expiration of the option term.
			
		  	(vi)	  	The Initial Option, to the extent not then vested, will continue to vest during the severance payment period and all Initial Options will be exercisable for 90 days following the later of (x)
the date of termination of your employment or (y) the date such option shares vest, but in either case not beyond the expiration of the option term.
			
		  	(vii)	  	The Initial Performance Shares will be earned, to the extent not then earned, in such number as are determined by the Committee in due course

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		  		 	to be earned pursuant to the terms of the award through the last day of the performance period, a pro rata portion of which earned performance shares will become vested on the later to occur of
(x) the last day of the performance period and (y) the date of termination of employment, such proration to be based on the fraction of earned performance shares the numerator of which is the number of days employed from the grant date to the date
of termination of employment and the denominator of which is the total number of days (commencing on the grant date) constituting the vesting period.
			
		  	(viii)	 	All other equity, performance and other long-term incentive awards will vest or not vest, and vested stock options will be exercisable, and other such awards will be payable, all in accordance
with the terms of the applicable plan or award agreement under which such awards were granted.
			
		  	(ix)	 	The Accrued Obligations (as defined below) of the Company. For purposes of this agreement, “Accrued Obligations” of the Company refers to: (a) accrued and unpaid Base Salary
through the date of termination, payable within thirty (30) days following termination, (b) accrued and unused vacation through the date of termination, payable within thirty (30) days following termination, (c) unreimbursed business expenses
incurred through the date of termination, and adequately documented, in accordance with the Company’s expense reimbursement policy, and (d) all vested and accrued amounts due you under the Company’s retirement and welfare benefit plans in
which you participated on the date of termination.
			
		  	(x)	 	If unpaid on the date of termination of employment, you will receive payment of your annual bonus earned for the completed fiscal year occurring on or preceding the date of termination, based on
actual performance (any individual nonfinancial objectives will be deemed satisfied at target), which amount will be payable when such bonus is paid to other senior executives (“Prior Year Bonus”).
			
		  		 	Your entitlement to the amounts, benefits and equity vesting treatment provided under this Paragraph 7, except for your Accrued Obligations, are subject to (x) your providing the Company a
release of all claims in the form of release attached as Attachment B and (y) forfeiture of any amounts due thereafter for a material breach of any of the confidentiality, noncompetition or nonsolicitation post-employment covenants described at
Paragraph 12 of this letter; provided, for this purpose, an intentional material breach will be required respecting the “no hire” component of your employee nonsolicitation covenant.

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	8. Separation Due to Death, Disability
			
		  		  	In the event of a termination of your employment by the Company due to your Disability (as defined on Attachment A hereto), subject to Paragraph 19 hereof, or a termination due to your death,
you will be entitled to receive:
			
		  	(i)	  	Your Accrued Obligations.
			
		  	(ii)	  	A Prior Year Bonus, if any.
			
		  	(iii)	  	The Buy-Out RSUs, to the extent not then vested, will become fully vested and shall be payable as soon as practicable following termination.
			
		  	(iv)	  	The Buy-Out Option, to the extent not then vested, will become fully vested, and all Buy-Out Options will be exercisable for 12 months in the case of your death and 36 months in the case of a
termination due to your Disability, but in either case not beyond the expiration of the option term.
			
		  	(v)	  	The unvested portion of the Initial Option, to the extent not then vested, will become fully vested, and all Initial Options will be exercisable for 12 months in the case of your death and 36
months in the case of a termination due to your Disability, but in either case not beyond the expiration of the option term.
			
		  	(vi)	  	The Initial Performance Shares will be earned, to the extent not then earned, in such number as are determined by the Committee in due course to be earned pursuant to the terms of the award
through the last day of the performance period, a pro rata portion of which earned performance shares will become vested on the later to occur of (x) the last day of the performance period and (y) the date of termination of employment, such
proration to be based on the fraction of earned performance shares the numerator of which is the number of days employed from the grant date to the date of termination of employment and the denominator of which is the total number of days
(commencing on the grant date) constituting the vesting period.
			
		  	(vii)	  	All other equity, performance and other long-term incentive awards will vest or not vest, and vested stock options will be exercisable, and other such awards will be payable, all in accordance
with the terms of the applicable plan or award agreement under which such awards were granted.

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	9. Separation For Cause; Without Good Reason
			
		  		 	In the event of an involuntary termination of your employment by the Company for Cause or
your voluntary termination of employment without Good Reason, you will be entitled
to
receive:
			
		  	(i)	 	Your Accrued Obligations;
			
		  	(ii)	 	All unvested equity, performance and other long-term incentive awards will be forfeited; and
			
		  	(iii)	 	All vested equity, performance and other long-term incentive awards will be payable, and stock
options will be exercisable, all in accordance with the terms of the applicable plan
or award
agreement under which such awards were granted.
				
	10. Change in Control	  		 		 	
			
		  	(i)	 	Upon a Change in Control (as defined under the Plan):
				
		  		 	(a)	 	The Buy-Out RSUs, Buy-Out Option and Initial Option will fully vest, to the extent not then vested, and the Buy-Out RSUs shall be payable as soon as practicable following the Change in
Control.
				
		  		 	(b)	 	The Initial Performance Shares will be determined in number based on a target level of performance to the extent that the performance period has not been completed prior to such Change in
Control, and will become fully vested to the extent not then fully vested.
				
		  		 	(c)	 	Upon a Change in Control occurring on or before the fifth anniversary of the Effective Date, all other equity, performance and other long-term incentive awards will fully vest and all
performance awards will be deemed satisfied at target (to the extent that the performance period has not been completed prior to the Change in Control).
				
		  		 	(d)	 	Upon a Change in Control occurring after the fifth anniversary of the Effective Date, all other equity, performance and other long-term incentive awards will fully vest or not vest, and vested
stock options will be exercisable, and other such awards will be payable, all in accordance with the terms of Section 3.3(e) of the Company’s Change in Control Executive Severance Plan.
			
		  	(ii)	 	You will be eligible to participate in the Company Change in Control Executive Severance Plan
for its senior executives, subject to the following modifications:

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		  		  	(a)	 	The plan, as in effect on the Effective Date, will not be amended or terminated at any time on or before the fifth anniversary of the Effective Date, insofar as it affects you, without your
written consent. The foregoing shall not limit the authority of the Company to amend or terminate the plan in any respect in accordance with its terms in a manner affects only other participating employees.
				
		  		  	(b)	 	If you reasonably demonstrate that the Company’s termination of your employment without Cause prior to a Change of Control was at the request of a third party who was taking steps
reasonably calculated to effect a Change in Control (or such termination otherwise occurs in contemplation of a Change in Control) and a Change in Control actually occurs within no later than six months thereafter, such termination will be deemed to
be a “Qualifying Termination” thereunder.
				
		  		  	(c)	 	The terms “Cause” and “Disability” thereunder will have the meanings set forth in Attachment A hereof and the term “Good Reason” will include the events under that
definition under the plan and the definition in Attachment A hereto.
				
		  		  	(d)	 	The payments and benefits to be provided under the plan will be subject to the limitations of Section 409A of the Code and the provisions of Paragraph 19 hereof.
				
		  		  	(e)	 	Section 3.3(e) of the plan shall be deemed modified to effectuate Section 10(i) hereof.
				
		  		  	(f)	 	Section 1.3 of the plan shall be modified to provide for survival after the two year period of obligations under the plan incurred prior thereto and the obligations under Section 5.1
thereof.
				
		  		  	(g)	 	Section 3.3(f)(ii) of the plan shall be deemed modified to provide for a cash payment to you in the event of any violation of the non-discrimination requirements applicable to the health
insurance coverage.
				
		  		  	(h)	 	Article 4 of the plan shall be deemed to refer to Attachment G hereto as modified by the last subparagraph of Paragraph 7 hereof.
				
		  		  	(i)	 	Section 5.1 of the plan shall be deemed to cover any payments or benefits subject to Section 280G of the Code. In addition, with respect to the cutback provision therein, you will have the power
to determine how the cutback is applied.

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		  		  	(j)	  	Upon termination of employment, you will be entitled to the better (on an item by item basis) of the amounts and benefits provided for herein or under the plan.
			
	11. Indemnification	  		  	In addition to, but not in lieu of, any other indemnity arrangement with the Company, the Company will indemnify for all acts and omissions occurring during your employment and
service as a member of the Board of Directors as provided under the Company’s by-laws as in effect on the Effective Date. During your employment and service as a member of the Board, and thereafter for such period as you may be subject to
liability for any claims brought in connection with such employment or service under applicable statutes of limitations, laches and any other statutory, common law or equitable period during which a claim may be brought against you, the Company will
insure you under any policy of directors and officers liability insurance in effect from time to time to the same extent as the Company insures thereunder members of the Board and its senior officers.
			
	12. Restrictive Covenants	  		  	Upon commencement of employment, you and the Company will be required to enter into a form of restrictive covenant agreement as set forth on Attachment G hereto (collectively, the
“Covenants”).
			
	13. Stock Ownership	  		  	You will be subject to the Company’s policy governing the accumulation and ownership of Company Shares, applicable at a level for the Chief Executive Officer, during the period
of your employment.
			
	14. Mitigation; Offset	  		  	You will not be obligated to mitigate your severance, and no amounts payable to you hereunder will be reduced as a result of subsequent employment except for health benefits
continuation as provided at Paragraph 7(ii). You will not be subject to offset of amounts owed to you hereunder, other than severance and benefit forfeitures provided upon a breach of a post-employment covenant above, by amounts you owe to the
Company.
			
	15. Arbitration	  		  	Any controversy or claim arising out of or relating to this letter or the breach of this letter, or any agreement identified hereunder, that cannot be resolved by you and the Company
will be submitted to arbitration in metropolitan Chicago, Illinois in accordance with the commercial dispute rules and procedures of the American Arbitration Association, which arbitration will be a binding and conclusive settlement of any such
claims or disputes; provided that the Company will be entitled to seek a temporary injunction in any court of competent jurisdiction for any breach by you in accordance with the terms of the Covenants, which is the subject of an arbitration, for the
duration of any arbitration proceeding. The Company will pay for the costs of arbitration. Each party will be responsible for his or its own attorneys fees and other litigation costs incurred in connection with

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		  		  	the arbitration; provided, the Company will reimburse you for reasonable attorneys fees and litigation costs incurred if the arbitrator determines that you prevailed on a material issue in
dispute.
	
	16. Representations and Warranties
			
		  	(i)	  	The Company represents and warrants that, as of the Effective Date, all financial statements for each quarter and fiscal year since October 1, 2003 fairly present in all material respects the
financial position of the Company in conformity with Generally Accepted Accounting Principles as of the applicable reporting dates. You acknowledge that the Company’s Chief Financial Officer has disclosed to you information regarding the
Company’s financial results for the fiscal quarter ended June 30, 2006, which are not yet publicly reported.
			
		  	(ii)	  	You represent and warrant that, except as previously disclosed in writing to the Company, you are not a party to any agreement or understanding, written or oral, which could prevent you from
entering into employment with the Company as its Chief Executive Officer or performing all of your obligations hereunder.
			
	17. Miscellaneous	  		  	This letter and any dispute hereunder will be construed, interpreted and governed in accordance with the laws of the State of Illinois without reference to rules relating to conflicts of law.
Your employment with the Company will at all times be at-will. Subject to your rights to certain payments and benefits upon certain terminations of employment hereunder, nothing herein will confer upon you any right to continue in the employment of
the Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or you to terminate your employment at any time and for any reason, with or without Cause. Upon your termination of
employment for any reason, at the request of the Board you will immediately resign from the Board, your position as an officer of the Company and all offices and directorships of all subsidiaries and affiliates of the Company. The provisions of
Paragraphs 7, 8, 9, 10, 11, 12, 14, 15 and this Paragraph 16 of this letter will survive a termination of your employment. Any waiver of any breach of this agreement shall not be construed to be a continuing waiver or consent to any subsequent
breach on the part of either you or the Company.
			
	18. Legal Fees	  		  	The Company will pay an amount, not to exceed $40,000, of reasonable attorneys’ fees incurred by you in connection with the negotiation and documentation of this letter, the Covenants and
the Buy-Out RSU and Buy-Out Option awards, together with a gross-up for any taxes incurred by you solely as a result of such payment.

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	19. Section 409A Compliance
			
		  	(i)	 	Notwithstanding any provision to the contrary in this agreement, if you are deemed on the date of termination to be a “specified employee” within the meaning of that term under Section
409A(a)(2)(B) of the Code, then with regard to any payment or the provision of any benefit that is required to be delayed in compliance with Section 409A(a)(2)(B) of the Code such payment or benefit shall not be made or provided (subject to the last
sentence hereof) prior to the earlier of (A) the expiration of the six (6)-month period measured from the date of your “separation from service” (as such term is defined under Section 409A of the Code) or (B) the date of your death (the
“Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this subparagraph (whether they would have otherwise been payable in a single sum or in installments in the absence of such
delay) shall be paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under this agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Notwithstanding the foregoing,
to the extent that the foregoing applies to the provision of any ongoing welfare benefits to you that would not be required to be delayed if the premiums therefore were paid by you, you shall pay the full cost of premiums for such welfare benefits
during the Delay Period and the Company shall pay you an amount equal to the amount of such premiums paid by you during the Delay Period promptly after its conclusion.
			
		  	(ii)	 	You shall be entitled to interest at the short-term applicable federal rate compounded semi-annually for the month in which your termination occurs on or in respect of any amounts that are
delayed pursuant to Section 19(i) hereof and any premium costs advanced by you for welfare benefits during the Delay Period.
			
		  	(iii)	 	To the extent applicable, it is intended that this agreement comply with the provisions of Section 409A of the Code, and this agreement shall be construed and applied in a manner consistent with
this intent. In the event that any payment or benefit under this agreement are determined by the Company to be in the nature of deferred compensation payments, you and the Company hereby agree to take such actions as may be mutually agreed between
the parties to ensure that such payments comply with the applicable provisions of Section 409A of the Code and the treasury regulations and other official guidance promulgated thereunder.
			
	20. Successors	  		 	Neither party hereto may assign any rights or delegate any duties under this agreement without the prior written consent of the other party; provided, however, that (i) this agreement shall
inure to the benefit of and be binding upon the successors and assigns of the Company upon any sale of all or

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		  		  	substantially all of the Company’s assets, or upon any merger, consolidation or reorganization of the Company with or into any other corporation, all as though such successors and
assigns of the Company and their respective successors and assigns were the Company; and (ii) this agreement shall inure to the benefit of and be binding upon your heirs, assigns or designees to the extent of any payments due to them
hereunder.
			
	21. Entire Agreement	  		  	Except as otherwise contemplated herein, this agreement contains the entire agreement between you and the Company with respect to the subject matter hereof. No modification or termination of
this agreement may be made orally, but must be made in writing and signed by you and the Company.

 This offer of employment may be executed in one or more counterparts, each of which will be deemed
an original, but all of which will constitute one and the same instrument. 
 This is a very exciting time to join Hewitt Associates, Inc.
This offer has been approved by the Board and will remain open for your acceptance until 6:00 p.m. (C.D.T.), August 9, 2006. 
 If the
foregoing terms and conditions are acceptable and agreed to by you, please sign this letter where indicated below and return one executed copy to me. 
 Welcome to Hewitt! 
  

			
	Hewitt Associates, Inc.
		
	By:	 	 /s/ Cheryl Francis

	Name:	 	Cheryl Francis
	Title:	 	Director and Chair of the Search Committee

  

	
	Accepted and Agreed:
	
	 /s/ Russell Fradin

 ATTACHMENT A 
 Definitions 
 “Cause” shall mean the occurrence of any one or more of the following
(references to “Executive” mean Russell P. Fradin): 
 (i) The Executive’s willful failure to substantially perform his
duties with the Company (other than any such failure resulting from the Executive’s physical or mental incapacity), after a written demand for substantial performance is delivered to the Executive that specifically identifies the manner in
which the Board believes that the Executive has not substantially performed his duties, and the Executive has failed to remedy the situation within fifteen (15) business days of such written notice from the Company; 
 (ii) Gross negligence with regard to material matters in the performance of the Executive’s duties; 
 (iii) The Executive’s conviction of, or plea of guilty or nolo contendere, to any felony whatsoever, or any other crime involving the personal
enrichment of the Executive at the expense of the Company; 
 (iv) The Executive’s willful engagement in misconduct with regard to the
Company or his duties that is materially injurious to the Company, monetarily or otherwise; 
 (v) Willful material violation of the
Company’s code of conduct; or 
 (vi) Willful material violation of any of the Executive’s restrictive covenants, as applicable.

 No act or failure to act on the Executive’s part shall be considered “willful” if it conducted by the Executive in good
faith and with a reasonable belief that the Executive’s act or omission was in, and not opposed to, the best interests of the Company. Any determination of Cause by the Company shall be made by a resolution approved by a majority of the members
of the Board (other than the Executive), provided that no such determination may be made until the Executive has been given written notice detailing the specific Cause event and a reasonable opportunity (with legal counsel) to appear before the full
Board to discuss the specific circumstances alleged to constitute a Cause event. 
 “Disability” shall (i) have the
meaning defined under the Company’s then-current long-term disability insurance plan, policy, program or contract as entitles the Executive to payment, after satisfaction of any applicable waiting period, of disability benefits thereunder, or
(ii) if there shall be no such plan, policy, program or contract, mean permanent and total disability as defined in Section 22(e)(3) of the Internal Revenue Code. 
 “Good Reason” shall mean, without the Executive’s express written consent, the occurrence of any one or more of the following:

 (i) Material reduction of the Executive’s authorities, duties, or responsibilities as an executive or officer of the Company, other
than (x) an insubstantial reduction, or (y) an inadvertent reduction that is remedied by the Company promptly after receipt of notice thereof given by the Executive; provided, however, that the fact that the Executive is not named as the
Chief Executive Officer of the ultimate parent entity surviving the Change of Control shall constitute Good Reason; 

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 (ii) The Company’s requiring the Executive to be based at a location in excess of fifty
(50) miles from the location of the Executive’s principal job location or office; except for required travel on the Company’s business to an extent substantially consistent with the Executive’s then present business travel
obligations; 
 (iii) A reduction by the Company of the Executive’s Base Salary or target bonus percentage as in effect from time to
time; 
 (iv) The failure of the Company to obtain a satisfactory agreement from any successor to the Company to assume and agree to perform
the Company’s obligations under the agreement and deliver a copy thereof to you; and 
 (v) The removal of the Executive from the Board
by the Company (other than for Cause) or the failure to re-elect the Executive to serve on the Board; or 
 (vi) A material breach by the
Company of its obligations hereunder which is not remedied by the Company within fifteen (15) business days of receipt of written notice of such breach delivered by the Executive to the Company; 
 (vii) Any material breach of the Company’s representation at Paragraph 16(i) which has a material adverse impact on the Company; or 
 (viii) Any notice of termination or modification of the Company’s Change in Control Executive Severance Plan on or prior to the fifth anniversary of
the Effective Date as it applies to the Executive. 
 The Executive shall provide the Company a written notice detailing the specific circumstances alleged
to constitute Good Reason within 90 days after the first occurrence of such circumstances; otherwise, any claim of such circumstances as “Good Reason” is irrevocably deemed waived. 

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 ATTACHMENT B 
 Agreement and General Release 
 Hewitt Associates, Inc., its affiliates, subsidiaries, divisions,
successors and assigns in such capacity, and the current, future and former employees, officers, directors, trustees and agents thereof (collectively referred to throughout this Agreement as “Employer”) and Russell P. Fradin, his
heirs, executors, administrators, successors and assigns (collectively referred to throughout this Agreement as “Employee”) agree: 
 1. Last Day of Employment. Employee’s last day of employment with Employer is DATE. In addition, effective as of DATE, Employee resigns from his position as Chairman and Chief Executive Officer of Hewitt Associates, Inc. and
will not be eligible for any benefits or compensation after DATE, other than as specifically provided in Paragraph 7 of the employment agreement between Hewitt Associates, Inc. and Employee dated as of August 8, 2006 (the “Employment
Agreement”), in the Company’s Change in Control Executive Severance Plan (as modified by the Employment Agreement) to the extent that it becomes applicable, and his right to indemnification and directors and officers liability
insurance. Employee further acknowledges and agrees that, after DATE, he will not represent himself as being a director, employee, officer, trustee, agent or representative of the Employer for any purpose. In addition, effective as of DATE, Employee
resigns from all offices, directorships, trusteeships, committee memberships and fiduciary capacities held with, or on behalf of, the Employer or any benefit plans of the Employer. These resignations will become irrevocable as set forth in
Section 3 below. 
 2. Consideration. The parties acknowledge that this Agreement and General Release is being executed in
accordance with Section 7 of the Employment Agreement. 
 3. Revocation. Employee may revoke this Agreement and General Release
for a period of seven (7) calendar days following the day he executes this Agreement and General Release. Any revocation within this period must be submitted, in writing, to Employer and state, “I hereby revoke my acceptance of our
Agreement and General Release.” The revocation must be personally delivered to the Company’s Chief Legal Officer, or his/her designee, or mailed to Employer, 100 Half Day Road, Lincolnshire, Illinois 600069 and postmarked within seven
(7) calendar days of execution of this Agreement and General Release. This Agreement and General Release shall not become effective or enforceable until the revocation period has expired. If the last day of the revocation period is a Saturday,
Sunday, or legal holiday in Illinois, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday. 
 4. General Release of Claim. Employee knowingly and voluntarily releases and forever discharges Employer from any and all claims, causes of action, demands, fees and liabilities of any kind whatsoever, whether
known and unknown, against Employer, Employee has, has ever had or may have as of the date of execution of this Agreement and General Release, including, but not limited to, any alleged violation of: 
  

	 	•	 	The National Labor Relations Act, as amended; 

  

	 	•	 	Title VII of the Civil Rights Act of 1964, as amended; 

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	 	•	 	The Civil Rights Act of 1991; 

  

	 	•	 	Sections 1981 through 1988 of Title 42 of the United States Code, as amended; 

  

	 	•	 	The Employee Retirement Income Security Act of 1974, as amended; 

  

	 	•	 	The Immigration Reform and Control Act, as amended; 

  

	 	•	 	The Americans with Disabilities Act of 1990, as amended; 

  

	 	•	 	The Age Discrimination in Employment Act of 1967, as amended; 

  

	 	•	 	The Older Workers Benefit Protection Act of 1990; 

  

	 	•	 	The Worker Adjustment and Retraining Notification Act, as amended; 

  

	 	•	 	The Occupational Safety and Health Act, as amended; 

  

	 	•	 	The Family and Medical Leave Act of 1993; 

  

	 	•	 	The Illinois Human Rights Act, as amended; 

  

	 	•	 	The Illinois Wage Payment and Collection Act, as amended; 

  

	 	•	 	Equal Pay Law for Illinois, as amended; 

  

	 	•	 	Any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; 

  

	 	•	 	Any public policy, contract, tort, or common law; or 

  

	 	•	 	Any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters. 

 Notwithstanding anything herein to the contrary, the sole matters to which the Agreement and General Release do not apply are: (i) the
Employee’s rights of indemnification and directors and officers liability insurance coverage to which he was entitled immediately prior to DATE with regard to his service as an officer and director of the Employer (including, without
limitation, under Paragraph 11 of the Employment Agreement); (ii) the Employee’s rights under any tax-qualified pension or claims for accrued vested benefits under any other employee benefit plan, policy or arrangement maintained by the
Employer or under COBRA; (iii) the Employee’s rights under the provisions of the Employment Agreement which are intended to survive termination of employment; (iv) the Company’s Change in Control Executive Severance Plan (as
modified by the Employment Agreement) to the extent that it becomes applicable; or (v) the Employee’s rights as a stockholder. 
 5. No Claims Permitted. Employee waives his right to file any charge or complaint against Employer arising out of his employment with or separation from Employer before any 

 Mr. Russell P. Fradin 
 August 8, 2006 
  Page
 18
 
  

 federal, state or local court or any state or local administrative agency, except where such waivers are prohibited
by law. This Agreement, however, does not prevent Employee from filing a charge with the Equal Employment Opportunity Commission, any other federal government agency, and/or any government agency concerning claims of discrimination, although
Employee waives his right to recover any damages or other relief in any claim or suit brought by or through the Equal Employment Opportunity Commission or any other state or local agency on behalf of Employee under the Age Discrimination in
Employment Act, Title VII of the Civil Rights Act of 1964 as amended, the Americans with Disabilities Act, or any other federal or state discrimination law, except where such waivers are prohibited by law. 
 6. Affirmations. Employee affirms he has not filed, has not caused to be filed, and is not presently a party to, any claim, complaint, or action
against Employer in any forum or form. Employee further affirms that he has been paid and/or has received all compensation, wages, bonuses, commissions, and/or benefits to which he may be entitled and no other compensation, wages, bonuses,
commissions and/or benefits are due to him, except as provided in Paragraph 7 of the Employment Agreement. Employee also affirms he has no known workplace injuries. 
 7. Cooperation; Return of Property. Employee agrees to reasonably cooperate with the Employer and its counsel in connection with any investigation, administrative proceeding or litigation relating to any matter
that occurred during his employment in which he was involved or of which he has knowledge. The Employer will reimburse the Employee for any reasonable out-of-pocket travel, delivery or similar expenses incurred in providing such service to the
Employer. Employee represents that he has returned to the Employer all property belonging to the Employer, including but not limited to any leased vehicle, laptop, cell phone, keys, access cards, phone cards and credit cards, provided that the
Executive may retain, and the Company shall cooperate in transferring, his cell phone number, his rolodex and other address books. 
 8.
Governing Law and Interpretation. This Agreement and General Release shall be governed and conformed in accordance with the laws of the State of Illinois without regard to its conflict of laws provision. In the event Employee or Employer
breaches any provision of this Agreement and General Release, Employee and Employer affirm either may institute an action to specifically enforce any term or terms of this Agreement and General Release. Should any provision of this Agreement and
General Release be declared illegal or unenforceable by any court of competent jurisdiction and should the provision be incapable of being modified to be enforceable, such provision shall immediately become null and void, leaving the remainder of
this Agreement and General Release in full force and effect. Nothing herein, however, shall operate to void or nullify any general release language contained in the Agreement and General Release. 
 9. Nonadmission of Wrongdoing. Employee agrees neither this Agreement and General Release nor the furnishing of the consideration for this Release
shall be deemed or construed at any time for any purpose as an admission by Employer of any liability or unlawful conduct of any kind. 
 10.
Amendment. This Agreement and General Release may not be modified, altered or changed except upon express written consent of both parties wherein specific reference is made to this Agreement and General Release. 

 Mr. Russell P. Fradin 
 August 8, 2006 
  Page
 19
 
  

 11. Entire Agreement. This Agreement and General Release sets forth the entire agreement
between the parties hereto and fully supersedes any prior agreements or understandings between the parties; provided, however, that notwithstanding anything in this Agreement and General Release, the provisions in the Employment Agreement which are
intended to survive termination of the Employment Agreement, including but not limited to those contained in Paragraph 12 thereof, shall survive and continue in full force and effect. Employee acknowledges he has not relied on any representations,
promises, or agreements of any kind made to him in connection with his decision to accept this Agreement and General Release. 
 EMPLOYEE HAS
BEEN ADVISED THAT HE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO REVIEW THIS AGREEMENT AND GENERAL RELEASE AND HAS BEEN ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF THIS AGREEMENT AND GENERAL RELEASE. 
 EMPLOYEE AGREES ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND GENERAL RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL
TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD. 
 HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE
PROMISES SET FORTH HEREIN, AND TO RECEIVE THE SUMS AND BENEFITS SET FORTH IN THE EMPLOYMENT AGREEMENT, EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE
ALL CLAIMS HE HAS OR MIGHT HAVE AGAINST EMPLOYER. 
 IN WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this Agreement
and General Release as of the date set forth below: 
  

									
	 	 	 	 	 	 	HEWITT ASSOCIATES, INC.
				
	  
	 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
	Date:                    	 		 	Date:                    

 ATTACHMENT C 
 Buy-Out RSU #1 Award 
 Hewitt 
 Restricted Stock Unit Award Agreement 
 Congratulations on your selection as a Participant in the Hewitt Associates,
Inc. Global Stock and Incentive Compensation Plan (the “Plan”). This Award Agreement and the Plan together govern your rights under the Plan and set forth all of the conditions and limitations affecting such rights. Capitalized terms used
in this Award Agreement shall have the meanings ascribed to them in the Plan or in this Award Agreement (with the meaning ascribed to such term in this Award Agreement, or in any document referred to herein, controlling over such meaning set forth
in the Plan); provided that in the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Employment Letter Agreement (as defined in Section 3(c) hereof), the Employment Letter Agreement
shall govern and prevail. For purposes of this Agreement, “Hewitt” means the Company, its Affiliates, and/or its Subsidiaries. 
 This Award Agreement refers to awards which are delivered via Restricted Stock Units (“Units”). 
 Overview of
Your Restricted Stock Unit Award 
  

	1.	Date of Award: The Date of Award is the date you were awarded the Units as set forth in the personal statement accompanying the award (“Date of Award”).

  

	2.	Vesting Period: The Units shall vest in accordance with the following: 

  

	 	(a)	The Units shall vest in accordance with the following schedule, provided that you have continued in the employment of Hewitt through the applicable vesting date:

  

					
	 Vesting Date
	  	Number of RSUs to Vest	  	Total Vested RSUs
	 February 2, 2007
	  	4,930	  	4,930
	 August 20, 2007
	  	29,578	  	34,508
	 February 2, 2008
	  	4,930	  	39,438
	 August 20, 2008
	  	29,578	  	69,016
	 August 20, 2009
	  	14,084	  	83,100

 Each of the foregoing dates is a “Vesting Date,” and the period between the Date of
Grant and the applicable Vesting Date is referred to herein as the “Vesting Period.” 
  

	 	(b)	All restrictions shall lapse and the Units shall become one hundred percent (100%) vested upon your termination of employment due to death or Disability, provided you have
continued in the employment of Hewitt through such event. 

  

	 	(c)	All restrictions shall lapse and the Units shall become one hundred percent (100%) vested upon termination of your employment by the Company without 

 Cause or by you for Good Reason, in accordance with Paragraph 7 of your employment letter agreement with
the Company dated as of August 8, 2006 (the “Employment Letter Agreement”), provided you have continued in the employment of Hewitt through the date of such termination. 
  

	 	(d)	All restrictions shall lapse and the Units shall become one hundred percent (100%) vested upon termination of your employment due to Retirement after the twelve (12) month
anniversary of the Date of Award, provided you have continued in the employment of Hewitt through such event. 

  

	 	(e)	In the event that your employment with Hewitt terminates for any reason other than those reasons set forth in Paragraphs 2(b) through 2(d), all unvested Units you hold at the time
of your employment termination shall be forfeited to the Company. 

 The terms “Cause”, “Disability” and “Good
Reason” shall have the meanings ascribed to them in the Employment Letter Agreement. 
 If you change your employment status from a full-time Employee
to a part-time Employee, you will continue to vest in your Award if you work at least sixty percent (60%) of Hewitt’s Standard Work Time during the applicable Vesting Period. If you work less than sixty percent (60%) of Hewitt’s
Standard Work Time in a Vesting Period, you will forfeit the portion of the Award related to such Vesting Period. For purposes of this Award Agreement, “Hewitt’s Standard Work Time” means forty (40) hours per week; provided,
however, allowable time off (including, but not limited to, holidays, sick days, and vacation) is included when calculating the forty (40) hours per week. 
 If you take a leave of absence for medical reasons (as determined in accordance with the Company’s disability plans—meaning you qualify for disability benefits/salary continuation benefits), you will continue to vest in your Award
during such leave of absence. Notwithstanding anything in this paragraph, you shall be entitled to receive vesting credit during any period of physical or mental incapacity (even if you are not performing your duties to the Company) prior to the
date of your actual Disability termination. If you take a leave of absence for nonmedical reasons (except for military service as described in the next sentence of this paragraph) and you are on leave for more than three (3) months (excluding
allowable time off which includes, but is not limited to, holidays, sick days, and vacation) during any Vesting Period, you will forfeit the portion of the Award related to such Vesting Period; provided, however, if the state law which you are
subject to allows you to take a leave of absence for nonmedical reasons for a period in excess of three (3) months, and the state law requires the Company to continue to provide benefits under all Company benefit plans, the requirements of such
state law shall override this general provision. Notwithstanding anything herein to the contrary, if you take a leave of absence for any service, voluntary or involuntary, in the Armed Forces of the United States, you will continue to vest in your
Award. 
  

	3.	Removal of Restrictions: Upon the vesting of such Units in accordance with Paragraphs 2 and 5, the Units will be converted to and payable in Shares pursuant to this Award
Agreement as soon as practicable after the Units vest, but not later than the last day of 

  

					
	 Hewitt Associates
	 	2	 	Hewitt RSU

 the calendar year in which the Units vest (provided, the issuance of Shares shall be deferred until the
first such later date after a Vesting Date as may be required to comply with the provisions of Section 409A of the Code), and shall become freely transferable. 
  

	4.	Voting Rights and Dividends: During the Vesting Period, you will not be able to exercise any voting rights with respect to the Units but you shall receive all dividends and
other distributions paid with respect to a corresponding number of Shares. If any such dividends or distributions are paid in Shares or Units, the Shares or Units shall be subject to the same restrictions on transferability as are the Shares or
Units with respect to which they were paid. 

  

	5.	Change in Control: In the event of a Change in Control or a termination of your employment covered by Paragraph 10(ii)(b) of the Employment Letter Agreement, all restrictions
on the transferability of outstanding Awards of Units as set forth in this Award Agreement shall immediately lapse, and thereafter such Units will be converted to Shares and shall be freely transferable, subject to applicable federal, state, and
local, domestic or foreign, securities laws. 

  

	6.	Tax Withholding: Hewitt shall have the power and the right to deduct or withhold, or require you or your beneficiary to remit to Hewitt an amount sufficient to satisfy
federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Award Agreement. 

  

	7.	Stock Withholding: With respect to withholding required upon any taxable event arising as a result of Units awarded hereunder, Hewitt, unless notified otherwise by you in
writing within thirty (30) days prior to the taxable event, will satisfy the withholding requirement by withholding Shares having a Fair Market Value equal to the total minimum statutory tax required to be withheld on the transaction.

  

	8.	Requirements of Law: The awarding of Units and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by
any governmental agencies or national securities exchanges as may be required. 

  

	9.	Applicable Laws and Consent to Jurisdiction: The validity, construction, interpretation, and enforceability of this Award Agreement shall be determined and governed by the
laws of the State of Illinois without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Award Agreement, the parties hereby consent to exclusive jurisdiction and agree that such
litigation shall be conducted in the federal or state courts of the State of Illinois. 

  

	10.	Nontransferability: During the Vesting Period, Units awarded pursuant to this Award Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated (“Transfer”) other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of the Units is made, or if any attachment, execution, garnishment,
or lien shall be issued against or placed upon the Units, your right to such Units shall be immediately forfeited to the Company, and this Award Agreement shall lapse. 

  

					
	 Hewitt Associates
	 	3	 	Hewitt RSU

	11.	Administration: This Award Agreement and your rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well
as to such rules and regulations as the Board may adopt for administration of the Plan. It is expressly understood that the Board is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of
the Plan and this Award Agreement, all of which shall be binding upon you, the Participant. 

  

	12.	No Right to Future Grants; No Right of Employment or Continued Employment; Extraordinary Item: In accepting the grant, you acknowledge that, except as provided in your
Employment Letter Agreement: (a) the Plan is established voluntarily by Hewitt, it is discretionary in nature and it may be modified, suspended or terminated by Hewitt at any time, as provided in the Plan and this Award Agreement; (b) the
grant is voluntary and occasional and does not create any contractual or other right to receive future grants; (c) all decisions with respect to future grants, if any, will be at the sole discretion of Hewitt; (d) your participation in the
Plan is voluntary; (e) the grant is 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, bonuses,
long-service awards, pension or retirement benefits or similar payments; (f) in the event that you are an employee of an Affiliate or Subsidiary of the Company, the grant will not be interpreted to form an employment contract or relationship
with the Company; and furthermore, the grant will not be interpreted to form an employment contract with the Affiliate or Subsidiary that is your employer; (g) this grant shall not confer upon you any right to continuation of employment by
Hewitt, nor shall this grant interfere in any way with Hewitt’s right to terminate your employment at any time; (h) the future value of the underlying Shares is unknown and cannot be predicted with certainty; and (i) notwithstanding
any terms or conditions of the Plan or this Award Agreement to the contrary, in the event of involuntary termination of your employment, your right to receive Awards and vest in Awards under the Plan, if any, will terminate effective as of the date
that you are no longer actively employed and will not be extended by any notice period mandated under any federal, state, provincial, or local law (including but not limited to the Worker Adjustment and Retraining Notification Act).

  

	13.	Employee Data Privacy: You are hereby notified that Hewitt collects, uses and transfers your personal data, in electronic or other form, to implement, administer and manage
your participation in the Plan. Your acceptance of this Award Agreement constitutes your acceptance of your Award Agreement and acknowledgement of the data privacy notification below. 

 Hewitt holds certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social
security number or other identification number, salary, nationality, job title, any Shares of stock or directorships held in Hewitt, details of all Options or any other entitlement to Shares of stock awarded, canceled, exercised, vested, unvested or
outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”). In addition, Hewitt may transfer this information to third parties outside your country of residence who assist Hewitt in the
implementation, administration and management of the Plan. If you have any questions regarding the collection, use, or disclosure of your personal information for this purpose, please contact your local human resources representative. 
  

					
	 Hewitt Associates
	 	4	 	Hewitt RSU

	14.	Amendment to the Plan: The Board may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way
adversely affect your rights under this Award Agreement, without your written approval. 

  

	15.	Successor: All obligations of the Company under the Plan and this Award Agreement, with respect to the Units, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

	16.	Severability: The provisions of this Award 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. 

  

	17.	Section 409A: It is intended that the Units and the Company’s, Board’s and/or your exercise of authority or discretion hereunder shall comply with
Section 409A of the Code (including any proposed or final United States Department of the Treasury regulations and other published guidance relating thereto) so as not to subject you to the payment of any interest or additional tax imposed
under Section 409A of the Code. In furtherance of this intent, to the extent that any United States Department of the Treasury regulations, guidance, interpretations or changes to Section 409A would result in you becoming subject to
interest and additional tax under Section 409A of the Code, the Company and you shall agree to amend this Award Agreement to bring the Units into compliance with Code Section 409A. 

 Agreement to Participate 
 If you do not wish to
participate in the Plan and be subject to the provisions of this Award Agreement, please contact your Human Resources Representative within thirty (30) days of receipt of this Award Agreement. If you do not respond within thirty (30) days
of receipt of this Award Agreement, the Award Agreement is deemed accepted. If you choose to participate in the Plan, you agree to abide by all of the governing terms and provisions of the Plan and this Award Agreement. Additionally, by agreeing to
participate, you acknowledge that you have reviewed the Plan and this Award Agreement, and fully understand all of your rights under the Plan and this Award Agreement, and the Company’s remedies if you violate the terms of this Award Agreement,
as well as, all of the terms and conditions which may limit your eligibility to retain and receive the Units issued pursuant to the Plan and this Award Agreement. 
 Please refer any questions you may have regarding your Units to your Human Resources Representative. 
  

					
	 Hewitt Associates
	 	5	 	Hewitt RSU

 This statement prepared for: 
  

			
	<Name>	 	<insert> Segment
	<associate id>	 	<insert> location
		 	<insert> mgr (DO NOT INCLUDE ON INT’L STMTS)

 Private and Confidential 
 Your Hewitt Associates Buy-Out Restricted Stock Unit Award Statement 
 This certifies that Hewitt Associates has granted you restricted units of its common stock as indicated below subject to the terms and conditions of the Hewitt Associates, Inc. Global Stock and Incentive Compensation Plan adopted on
17 June 2002. 
  

			
	Award Date:	 	__ September 2006            
	Shares:	 	83,100            

  

			
	 Vesting Schedule
	  	Number of Shares Vesting
	 February 2, 2007
	  	4,930
	 August 20, 2007
	  	29,578
	 February 2, 2008
	  	4,930
	 August 20, 2008
	  	29,578
	 August 20, 2009
	  	14,084

 Your Restricted Stock (RS) Award must be formally accepted online via the Smith Barney Benefit Access web
site. You will receive an email shortly with complete details on the award acceptance process. 
 Award Date is the day on which your Restricted Stock
Award was granted. 
 Your RS Award will vest according to the schedule above; vesting can be affected if your service is interrupted. 
 For further details, refer to your Award booklet, Award Agreement, and/or the plan document, all of which can be found on the Smith Barney Benefit Access web site
(www.benefitaccess.com). You can also visit Benefit Access to view your award, model scenarios for managing your shares, make transactions, and get answers to your questions. 
 If you are new to the equity plan, you will receive an email Welcome Package from Smith Barney within the next two weeks; this includes information on how to access the Benefit Access web site for the first time. If
you do not receive this information or have additional questions, please call Smith Barney Customer Service at 1-800-523-2085 in the U.S., or ++1-312-419-3565 outside the U.S. 
  

					
	 Hewitt Associates
	 	6	 	Hewitt RSU

 ATTACHMENT D 
 Buy-Out Option Award 
 Hewitt 
 ONEshares Options Award Agreement 
 Congratulations on your selection as a Participant in the Hewitt Associates, Inc.
Global Stock and Incentive Compensation Plan (the “Plan”). This Award Agreement and the Plan together govern your rights under the Plan and set forth all of the conditions and limitations affecting such rights. Capitalized terms used in
this Award Agreement shall have the meanings ascribed to them in the Plan or in this Award Agreement (with the meaning ascribed to such term in this Award Agreement, or in any document referred to herein, controlling over such meaning set forth in
the Plan); provided that in the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Employment Letter Agreement (as defined in Section 3(c) hereof), the Employment Letter Agreement
shall govern and prevail. For purposes of this Agreement, “Hewitt” means the Company, its Affiliates, and/or its Subsidiaries. 
 This Award Agreement refers to awards which are delivered via Nonqualified Stock Options. 
 Overview of Your ONEshares
Option Grant 
  

	1.	Date of Grant: The Date of Grant is the date you were awarded the Options as set forth in the personal statement accompanying the award (“Date of Grant”).

  

	2.	Option Term: The Options have been granted for a period commencing on the Date of Grant and ending on February 15, 2015 (“Option Term”).

  

	3.	Vesting Period: The Options do not provide you with any rights or interests therein until they vest in accordance with the following: 

  

	 	(a)	The Options will vest in accordance with the following schedule, provided that you have continued in the employment of Hewitt through the applicable vesting date:

  

					
	 Vesting Date
	  	Number of Options to Vest	  	Total Vested Options
	 Date of Grant
	  	45,714	  	45,714
	 August 20, 2007
	  	30,000	  	75,714
	 August 20, 2008
	  	30,000	  	105,714
	 August 20, 2009
	  	30,000	  	135,714
	 August 20, 2010
	  	14,286	  	150,000

 Each of the foregoing dates is a “Vesting Date,” and the period between the Date of Grant
and the applicable Vesting Date is referred to herein as the “Vesting Period.” 

	 	(b)	One hundred percent (100%) of the unvested Options will vest upon your termination of employment due to death or Disability, provided you have continued in the employment of
Hewitt through such event. 

  

	 	(c)	One hundred percent (100%) of the unvested Options will vest upon termination of your employment by the Company without Cause or by you for Good Reason, in accordance with
Paragraph 7 of your employment letter agreement with the Company dated as of August 8, 2006 (the “Employment Letter Agreement”), provided you have continued in the employment of Hewitt through the date of such termination.

  

	 	(d)	If you terminate employment due to Retirement after the twelve (12) month anniversary of the Date of Grant, one hundred percent (100%) of the unvested Options will vest
upon such termination, provided you have continued in the employment of Hewitt through such event. 

  

	 	(e)	In the event that your employment with Hewitt terminates for any reason other than those reasons set forth in Paragraphs 3(b) through 3(d), all unvested Options you hold at the time
of your employment termination shall be cancelled and of no further force and effect 

 The terms “Cause”, “Disability” and
“Good Reason” shall have the meanings ascribed to them in the Employment Letter Agreement. 
 “Retirement” for purposes of this Award
Agreement shall mean termination of employment with Hewitt for any reason other than a leave of absence, death, Disability, or Cause on or after the attainment of age fifty-five (55) with five (5) years of service. 
 If you change your employment status from a full-time Employee to a part-time Employee, you will continue to vest in your Award if you work at least sixty percent
(60%) of Hewitt’s Standard Work Time during the applicable Vesting Period. If you work less than sixty percent (60%) of Hewitt’s Standard Work Time in a Vesting Period, you will forfeit the portion of the Award related to such
Vesting Period. For purposes of this Award Agreement, “Hewitt’s Standard Work Time” means forty (40) hours per week; provided, however, allowable time off (including, but not limited to, holidays, sick days, and vacation) is
included when calculating the forty (40) hours per week. 
 If you take a leave of absence for medical reasons (as determined in accordance with the
Company’s disability plans—meaning you qualify for disability benefits/salary continuation benefits), you will continue to vest in your Award during such leave of absence. Notwithstanding anything in this paragraph, you shall be entitled
to receive vesting credit during any period of physical or mental incapacity (even if you are not performing your duties to the Company) prior to the date of your actual Disability termination. If you take a leave of absence for nonmedical reasons
(except for military service as described in the next sentence of this paragraph) and you are on leave for more than three (3) months (excluding allowable time off which includes, but is not limited to, holidays, sick days, and vacation) during
any Vesting Period, you will forfeit the portion of the Award related to such Vesting Period; provided, 
  

 2 

 however, if the state law which you are subject to allows you to take a leave of absence for nonmedical reasons for a
period in excess of three (3) months, and the state law requires the Company to continue to provide benefits under all Company benefit plans, the requirements of such state law shall override this general provision. Notwithstanding anything
herein to the contrary, if you take a leave of absence for any service, voluntary or involuntary, in the Armed Forces of the United States, you will continue to vest in your Award. 
  

	4.	Exercise: You, or your representative upon your death, may exercise vested Options at any time prior to the termination of the Options as provided in Paragraphs 6, 7 and 8.

  

	5.	How to Exercise: The Options hereby granted shall be exercised by written notice to Salomon Smith Barney or such other administrator, specifying the number of Shares you then
desire to purchase, together with a check payable to the order of the Company for an amount in United States dollars equal to the Option Price of such Shares or, delivery (or certification of ownership) of any class of the Company’s stock
having an aggregate Fair Market Value (as of the trading date immediately preceding the date of exercise) equal to such Option Price, or a combination of cash and such Shares. The notice shall also specify how any applicable tax withholding will be
satisfied. 

 You shall be permitted to exercise pursuant to a “cashless exercise” procedure, as permitted under the
Federal Reserve Board’s Regulation T, subject to securities law restrictions, or by any other means which the Board, in its sole discretion, determines to be consistent with the Plan’s purpose and applicable law. 
 As soon as practicable after receipt of such written notification and payment, the Company shall issue or transfer to you, the number of Shares with
respect to which such Options shall be so exercised and not sold. However, if the Option Price is satisfied by certification of previously acquired Shares, the Company shall issue or transfer to you a number of Shares equal to the number of Shares
with respect to which the Options are exercised less the number to which you have certified ownership. Upon receipt of applicable withholding taxes, the Company shall deliver to you a certificate or certificates, or evidence of book entry Shares.

  

	6.	Termination of Options: The Options, which become exercisable as provided in Paragraph 3 above, shall terminate and be of no force or effect as follows:

  

	 	(a)	If your employment terminates during the Option Term by reason of death, the Options terminate and have no force or effect upon the earlier of: (i) twelve (12) months
after the date of death, or (ii) the expiration of the Option Term; 

  

	 	(b)	If your employment terminates during the Option Term by reason of Disability, the Options terminate and have no force or effect upon the earlier of: (i) thirty-six
(36) months after your termination of employment, or (ii) the expiration of the Option Term; 

  

	 	(c)	If your employment terminates during the Option Term by reason of Retirement, the Options terminate and have no force or effect upon the earlier of: (i) sixty (60) months
after your termination of employment, or (ii) the expiration of the Option Term; 

  

 3 

	 	(d)	If your employment terminates during the Option Term due to your dismissal by Hewitt for Cause, the Options terminate and have no force or effect upon the earlier of:
(i) thirty (30) days after your termination of employment, or (ii) the expiration of the Option Term; 

  

	 	(e)	If your employment terminates during the Option Term for any other reason, the Options terminate and have no force or effect upon the earlier of: (i) ninety (90) days
after your termination of employment, or (ii) the expiration of the Option Term; and 

  

	 	(f)	If you continue employment with Hewitt through the Option Term, the Options terminate and have no force or effect upon the expiration of the Option Term. 

 

	7.	Change in Control: In the event of a Change in Control, all of the unvested Options shall become immediately vested and exercisable. If your employment is terminated by
Hewitt for reasons other than death, Disability, Retirement, or Cause at or within twelve (12) months following a Change in Control or if such termination is covered by Paragraph 10(ii)(b) of the Employment Letter Agreement, the Options shall
terminate and have no force or effect upon the earlier of: (i) twelve (12) months after your termination of employment, or (ii) the expiration of the Option Term. 

  

	8.	Who Can Exercise: During your lifetime, the Options shall be exercisable only by you. No assignment or transfer of the Options, whether voluntary or involuntary, by operation
of law or otherwise, except by will or the laws of descent and distribution or as otherwise required by applicable law, shall vest in the assignee or transferee any interest whatsoever. Upon your death, your estate (or the beneficiary that receives
the Options under your will) may exercise vested Options. 

  

	9.	Tax Withholding: Hewitt shall have the power and the right to deduct or withhold, or require you or your beneficiary to remit to Hewitt, an amount sufficient to satisfy
federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Award Agreement. 

  

	10.	Stock Withholding: With respect to withholding required upon any taxable event arising as a result of Options granted hereunder, Hewitt, unless notified otherwise by you in
writing within thirty (30) days prior to the taxable event, will satisfy the withholding requirement by withholding Shares having a Fair Market Value equal to the total minimum statutory tax required to be withheld on the transaction.

  

	11.	Requirements of Law: The granting of Options and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 

  

	12.	Applicable Laws and Consent to Jurisdiction: The validity, construction, interpretation, and enforceability of this Award Agreement shall be determined and

  

 4 

 governed by the laws of the State of Illinois without giving effect to the principles of conflicts of
law. For the purpose of litigating any dispute that arises under this Award Agreement, the parties hereby consent to exclusive jurisdiction and agree that such litigation shall be conducted in the federal or state courts of the State of Illinois.

  

	13.	Nontransferability: Options awarded pursuant to this Award Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated
(“Transfer”), other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of the Options is made, or if any attachment, execution, garnishment, or lien
shall be issued against or placed upon the Options, your right to such Options shall be immediately forfeited to the Company, and this Award Agreement shall lapse. 

  

	14.	Administration: This Award Agreement and your rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well
as to such rules and regulations as the Board may adopt for administration of the Plan. It is expressly understood that the Board is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of
the Plan and this Award Agreement, all of which shall be binding upon you, the Participant. 

  

	15.	No Right to Future Grants; No Right of Employment or Continued Employment; Extraordinary Item: In accepting the grant, you acknowledge that, except as provided in your
Employment Letter Agreement: (a) the Plan is established voluntarily by Hewitt, it is discretionary in nature and it may be modified, suspended or terminated by Hewitt at any time, as provided in the Plan and this Award Agreement; (b) the
grant is voluntary and occasional and does not create any contractual or other right to receive future grants; (c) all decisions with respect to future grants, if any, will be at the sole discretion of Hewitt; (d) your participation in the
Plan is voluntary; (e) the grant is 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, bonuses,
long-service awards, pension or retirement benefits or similar payments; (f) in the event that you are an employee of an Affiliate or Subsidiary of the Company, the grant will not be interpreted to form an employment contract or relationship
with the Company; and furthermore, the grant will not be interpreted to form an employment contract with the Affiliate or Subsidiary that is your employer; (g) this grant shall not confer upon you any right to continuation of employment by
Hewitt, nor shall this grant interfere in any way with Hewitt’s right to terminate your employment at any time; (h) the future value of the underlying Shares is unknown and cannot be predicted with certainty; and (i) notwithstanding
any terms or conditions of the Plan or this Award Agreement to the contrary, in the event of involuntary termination of your employment, your right to receive Awards and vest in Awards under the Plan, if any, will terminate effective as of the date
that you are no longer actively employed and will not be extended by any notice period mandated under any federal, state, provincial, or local law (including but not limited to the Worker Adjustment and Retraining Notification Act).

  

	16.	Employee Data Privacy: You are hereby notified that Hewitt collects, uses and transfers your personal data, in electronic or other form, to implement, administer and manage

  

 5 

 your participation in the Plan. Your acceptance of this Award Agreement constitutes your acceptance of
your Award Agreement and acknowledgement of the data privacy notification below. 
 Hewitt holds certain personal information about you,
including, but not limited to, your name, home address and telephone number, date of birth, social security number or other identification number, salary, nationality, job title, any Shares of stock or directorships held in Hewitt, details of all
Options or any other entitlement to Shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”). In addition, Hewitt may
transfer this information to third parties outside your country of residence who assist Hewitt in the implementation, administration and management of the Plan. If you have any questions regarding the collection, use, or disclosure of your personal
information for this purpose, please contact your local human resources representative. 
  

	17.	Amendment to the Plan: The Board may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way
adversely affect your rights under this Award Agreement, without your written approval. 

  

	18.	Successor: All obligations of the Company under the Plan and this Award Agreement, with respect to the Options, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

	19.	Severability: The provisions of this Award 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. 

  

	20.	Section 409A: It is intended that the Options and the Company’s, Board’s and/or your exercise of authority or discretion hereunder shall comply with
Section 409A of the Code (including any proposed or final United States Department of the Treasury regulations and other published guidance relating thereto) so as not to subject you to the payment of any interest or additional tax imposed
under Section 409A of the Code. In furtherance of this intent, to the extent that any United States Department of the Treasury regulations, guidance, interpretations or changes to Section 409A would result in you becoming subject to
interest and additional tax under Section 409A of the Code, the Company and you shall agree to amend this Award Agreement to bring the Options into compliance with Code Section 409A. 

 Agreement to Participate 
 If you do not wish to
participate in the Plan and be subject to the provisions of this Award Agreement, please contact your Human Resources Representative within thirty (30) days of receipt of this Award Agreement. If you do not respond within thirty (30) days
of receipt of this Award Agreement, the Award Agreement is deemed accepted. If you choose to participate in 
  

 6 

 the Plan, you agree to abide by all of the governing terms and provisions of the Plan and this Award Agreement.
Additionally, by agreeing to participate, you acknowledge that you have reviewed the Plan and this Award Agreement, and fully understand all of your rights under the Plan and this Award Agreement, and the Company’s remedies if you violate the
terms of this Award Agreement, as well as, all of the terms and conditions which may limit your eligibility to retain and receive the Options issued pursuant to the Plan and this Award Agreement. 
 Please refer any questions you may have regarding your Options to your Human Resources Representative. 
  

 7 

 This statement prepared for: 
  

			
	<Name>	 	<insert> LOB/SSP
	<associate id>	 	<insert> practice
		 	<insert> region
		 	<insert> location
		 	<insert> mgr (DO NOT INCLUDE ON INT’L STMTS)

 Private and Confidential 
 Your ONEshares Buy-Out Options Statement 
 This certifies that Hewitt
Associates has granted you a non-statutory stock option to purchase shares of its common stock as indicated below upon the terms and conditions of the Hewitt Associates, Inc. Global Stock and Incentive Compensation Plan adopted on 17 June 2002.

  

							
	Grant Date:	 		 		 	      September 2006

			
	Number of Shares Under Option:	 		 	 150,000

				
	Option Price:	 		 		 	 $<XX.XX>

				
	Option Expiration Date:	 		 		 	 15 February 2015

  

			
	 Vesting Schedule
	  	Number of Options Exercisable
	 Date of Grant
	  	45,714
	 August 20, 2007
	  	30,000
	 August 20, 2008
	  	30,000
	 August 20, 2009
	  	30,000
	 August 20, 2010
	  	14,286

 Your ONEshares Options award must be formally accepted online via the Smith Barney Benefit Access web site.
You will receive an email shortly with complete details on the award acceptance process. 
 For further details, refer to your ONEshares Options booklet,
ONEshares Options Award Agreement, and/or the plan document, all of which can be found on the Smith Barney Benefit Access web site (www.benefitaccess.com). 
 You can also visit Benefit Access to view your options account, model scenarios for managing your options, make transactions, and get answers to your questions. 
 If you are new to the ONEshares Options plan, you will receive an email Welcome Package from Smith Barney within the next two weeks; this includes information on how to access the Benefit Access web site for the first
time. If you do not receive this information or have additional questions, please call Smith Barney Customer Service at 1-800-523-2085 in the U.S., or ++1-312-419-3565 outside the U.S. 
  

 8 

 ATTACHMENT E 
 Buy-Out RSU #2 Award 
 Hewitt 
 Restricted Stock Unit Award Agreement 
 Congratulations on your selection as a Participant in the Hewitt Associates,
Inc. Global Stock and Incentive Compensation Plan (the “Plan”). This Award Agreement and the Plan together govern your rights under the Plan and set forth all of the conditions and limitations affecting such rights. Capitalized terms used
in this Award Agreement shall have the meanings ascribed to them in the Plan or in this Award Agreement (with the meaning ascribed to such term in this Award Agreement, or in any document referred to herein, controlling over such meaning set forth
in the Plan); provided that in the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Employment Letter Agreement (as defined in Section 3(c) hereof), the Employment Letter Agreement
shall govern and prevail. For purposes of this Agreement, “Hewitt” means the Company, its Affiliates, and/or its Subsidiaries. 
 This Award Agreement refers to awards which are delivered via Restricted Stock Units (“Units”). 
 Overview of
Your Restricted Stock Unit Award 
  

	1.	Date of Award: The Date of Award is the date you were awarded the Units as set forth in the personal statement accompanying the award (“Date of Award”).

  

	2.	Vesting Period: The Units shall vest in accordance with the following: 

  

	 	(a)	The Units shall vest in accordance with the following schedule, provided that you have continued in the employment of Hewitt through the applicable vesting date:

  

							
	 Vesting Date
	  	Number of RSUs to Vest	 	 	Total Vested RSUs	 
	 September 5, 2007
	  	[4,780	]1	 	[4,780	]

 September 5, 2007 is the “Vesting Date,” and the period between the Date of Grant
and the Vesting Date is referred to herein as the “Vesting Period.” 
  

	 	(b)	All restrictions shall lapse and the Units shall become one hundred percent (100%) vested upon your termination of employment due to death or Disability, provided you have
continued in the employment of Hewitt through such event. 

  

	 	(c)	All restrictions shall lapse and the Units shall become one hundred percent (100%) vested upon termination of your employment by the Company without Cause or by you for Good
Reason, in accordance with Paragraph 7 of your employment letter agreement with the Company dated as of August 8, 2006 (the “Employment Letter Agreement”), provided you have continued in the employment of Hewitt through the date of
such termination. 

  

	1	Subject to adjustment under Section 3(iii) of the Employment Agreement. 

	 	(d)	All restrictions shall lapse and the Units shall become one hundred percent (100%) vested upon termination of your employment due to Retirement after the twelve (12) month
anniversary of the Date of Award, provided you have continued in the employment of Hewitt through such event. 

  

	 	(e)	In the event that your employment with Hewitt terminates for any reason other than those reasons set forth in Paragraphs 2(b) through 2(d), all unvested Units you hold at the time
of your employment termination shall be forfeited to the Company. 

 The terms “Cause”, “Disability” and “Good
Reason” shall have the meanings ascribed to them in the Employment Letter Agreement. 
 If you change your employment status from a full-time Employee
to a part-time Employee, you will continue to vest in your Award if you work at least sixty percent (60%) of Hewitt’s Standard Work Time during the applicable Vesting Period. If you work less than sixty percent (60%) of Hewitt’s
Standard Work Time in a Vesting Period, you will forfeit the portion of the Award related to such Vesting Period. For purposes of this Award Agreement, “Hewitt’s Standard Work Time” means forty (40) hours per week; provided,
however, allowable time off (including, but not limited to, holidays, sick days, and vacation) is included when calculating the forty (40) hours per week. 
 If you take a leave of absence for medical reasons (as determined in accordance with the Company’s disability plans—meaning you qualify for disability benefits/salary continuation benefits), you will continue to vest in your Award
during such leave of absence. Notwithstanding anything in this paragraph, you shall be entitled to receive vesting credit during any period of physical or mental incapacity (even if you are not performing your duties to the Company) prior to the
date of your actual Disability termination. If you take a leave of absence for nonmedical reasons (except for military service as described in the next sentence of this paragraph) and you are on leave for more than three (3) months (excluding
allowable time off which includes, but is not limited to, holidays, sick days, and vacation) during any Vesting Period, you will forfeit the portion of the Award related to such Vesting Period; provided, however, if the state law which you are
subject to allows you to take a leave of absence for nonmedical reasons for a period in excess of three (3) months, and the state law requires the Company to continue to provide benefits under all Company benefit plans, the requirements of such
state law shall override this general provision. Notwithstanding anything herein to the contrary, if you take a leave of absence for any service, voluntary or involuntary, in the Armed Forces of the United States, you will continue to vest in your
Award. 
  

	3.	Removal of Restrictions: Upon the vesting of such Units in accordance with Paragraphs 2 and 5, the Units will be converted to and payable in Shares pursuant to this Award
Agreement as soon as practicable after the Units vest, but not later than the last day of the calendar year in which the Units vest (provided, the issuance of Shares shall be deferred until the first such later date after a Vesting Date as may be
required to comply with the provisions of Section 409A of the Code), and shall become freely transferable. 

  

					
	 Hewitt Associates
	 	2	 	Hewitt RSU

	4.	Voting Rights and Dividends: During the Vesting Period, you will not be able to exercise any voting rights with respect to the Units but you shall receive all dividends and
other distributions paid with respect to a corresponding number of Shares. If any such dividends or distributions are paid in Shares or Units, the Shares or Units shall be subject to the same restrictions on transferability as are the Shares or
Units with respect to which they were paid. 

  

	5.	Change in Control: In the event of a Change in Control or a termination of your employment covered by Paragraph 10(ii)(b) of the Employment Letter Agreement, all restrictions
on the transferability of outstanding Awards of Units as set forth in this Award Agreement shall immediately lapse, and thereafter such Units will be converted to Shares and shall be freely transferable, subject to applicable federal, state, and
local, domestic or foreign, securities laws. 

  

	6.	Tax Withholding: Hewitt shall have the power and the right to deduct or withhold, or require you or your beneficiary to remit to Hewitt an amount sufficient to satisfy
federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Award Agreement. 

  

	7.	Stock Withholding: With respect to withholding required upon any taxable event arising as a result of Units awarded hereunder, Hewitt, unless notified otherwise by you in
writing within thirty (30) days prior to the taxable event, will satisfy the withholding requirement by withholding Shares having a Fair Market Value equal to the total minimum statutory tax required to be withheld on the transaction.

  

	8.	Requirements of Law: The awarding of Units and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by
any governmental agencies or national securities exchanges as may be required. 

  

	9.	Applicable Laws and Consent to Jurisdiction: The validity, construction, interpretation, and enforceability of this Award Agreement shall be determined and governed by the
laws of the State of Illinois without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Award Agreement, the parties hereby consent to exclusive jurisdiction and agree that such
litigation shall be conducted in the federal or state courts of the State of Illinois. 

  

	10.	Nontransferability: During the Vesting Period, Units awarded pursuant to this Award Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated (“Transfer”) other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of the Units is made, or if any attachment, execution, garnishment,
or lien shall be issued against or placed upon the Units, your right to such Units shall be immediately forfeited to the Company, and this Award Agreement shall lapse. 

  

					
	 Hewitt Associates
	 	3	 	Hewitt RSU

	11.	Administration: This Award Agreement and your rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well
as to such rules and regulations as the Board may adopt for administration of the Plan. It is expressly understood that the Board is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of
the Plan and this Award Agreement, all of which shall be binding upon you, the Participant. 

  

	12.	No Right to Future Grants; No Right of Employment or Continued Employment; Extraordinary Item: In accepting the grant, you acknowledge that, except as provided in your
Employment Letter Agreement: (a) the Plan is established voluntarily by Hewitt, it is discretionary in nature and it may be modified, suspended or terminated by Hewitt at any time, as provided in the Plan and this Award Agreement; (b) the
grant is voluntary and occasional and does not create any contractual or other right to receive future grants; (c) all decisions with respect to future grants, if any, will be at the sole discretion of Hewitt; (d) your participation in the
Plan is voluntary; (e) the grant is 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, bonuses,
long-service awards, pension or retirement benefits or similar payments; (f) in the event that you are an employee of an Affiliate or Subsidiary of the Company, the grant will not be interpreted to form an employment contract or relationship
with the Company; and furthermore, the grant will not be interpreted to form an employment contract with the Affiliate or Subsidiary that is your employer; (g) this grant shall not confer upon you any right to continuation of employment by
Hewitt, nor shall this grant interfere in any way with Hewitt’s right to terminate your employment at any time; (h) the future value of the underlying Shares is unknown and cannot be predicted with certainty; and (i) notwithstanding
any terms or conditions of the Plan or this Award Agreement to the contrary, in the event of involuntary termination of your employment, your right to receive Awards and vest in Awards under the Plan, if any, will terminate effective as of the date
that you are no longer actively employed and will not be extended by any notice period mandated under any federal, state, provincial, or local law (including but not limited to the Worker Adjustment and Retraining Notification Act).

  

	13.	Employee Data Privacy: You are hereby notified that Hewitt collects, uses and transfers your personal data, in electronic or other form, to implement, administer and manage
your participation in the Plan. Your acceptance of this Award Agreement constitutes your acceptance of your Award Agreement and acknowledgement of the data privacy notification below. 

 Hewitt holds certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social
security number or other identification number, salary, nationality, job title, any Shares of stock or directorships held in Hewitt, details of all Options or any other entitlement to Shares of stock awarded, canceled, exercised, vested, unvested or
outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”). In addition, Hewitt may transfer this information to third parties outside your country of residence who assist Hewitt in the
implementation, administration and management of the Plan. If you have any questions regarding the collection, use, or disclosure of your personal information for this purpose, please contact your local human resources representative. 
  

					
	 Hewitt Associates
	 	4	 	Hewitt RSU

	14.	Amendment to the Plan: The Board may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way
adversely affect your rights under this Award Agreement, without your written approval. 

  

	15.	Successor: All obligations of the Company under the Plan and this Award Agreement, with respect to the Units, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

	16.	Severability: The provisions of this Award 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. 

  

	17.	Section 409A: It is intended that the Units and the Company’s, Board’s and/or your exercise of authority or discretion hereunder shall comply with
Section 409A of the Code (including any proposed or final United States Department of the Treasury regulations and other published guidance relating thereto) so as not to subject you to the payment of any interest or additional tax imposed
under Section 409A of the Code. In furtherance of this intent, to the extent that any United States Department of the Treasury regulations, guidance, interpretations or changes to Section 409A would result in you becoming subject to
interest and additional tax under Section 409A of the Code, the Company and you shall agree to amend this Award Agreement to bring the Units into compliance with Code Section 409A. 

 Agreement to Participate 
 If you do not wish to
participate in the Plan and be subject to the provisions of this Award Agreement, please contact your Human Resources Representative within thirty (30) days of receipt of this Award Agreement. If you do not respond within thirty (30) days
of receipt of this Award Agreement, the Award Agreement is deemed accepted. If you choose to participate in the Plan, you agree to abide by all of the governing terms and provisions of the Plan and this Award Agreement. Additionally, by agreeing to
participate, you acknowledge that you have reviewed the Plan and this Award Agreement, and fully understand all of your rights under the Plan and this Award Agreement, and the Company’s remedies if you violate the terms of this Award Agreement,
as well as, all of the terms and conditions which may limit your eligibility to retain and receive the Units issued pursuant to the Plan and this Award Agreement. 
 Please refer any questions you may have regarding your Units to your Human Resources Representative. 
  

					
	 Hewitt Associates
	 	5	 	Hewitt RSU

 This statement prepared for: 
  

			
	<Name>	 	<insert> Segment
	<associate id>	 	<insert> location
		 	<insert> mgr (DO NOT INCLUDE ON INT’L STMTS)

 Private and Confidential 
 Your Hewitt Associates Buy-Out Restricted Stock Unit Award Statement 
 This certifies that Hewitt Associates has granted you restricted units of its common stock as indicated below subject to the terms and conditions of the Hewitt Associates, Inc. Global Stock and Incentive Compensation Plan adopted on
17 June 2002. 
  

			
	Award Date:	 	     September 2006            
	Shares:	 	[4,780]            

  

				
	 Vesting Schedule
	  	Number of Shares Vesting	 
	 September 5, 2007
	  	[4,780	]

 Your Restricted Stock (RS) Award must be formally accepted online via the Smith Barney Benefit Access web
site. You will receive an email shortly with complete details on the award acceptance process. 
 Award Date is the day on which your Restricted Stock
Award was granted. 
 Your RS Award will vest according to the schedule above; vesting can be affected if your service is interrupted. 
 For further details, refer to your Award booklet, Award Agreement, and/or the plan document, all of which can be found on the Smith Barney Benefit Access web site
(www.benefitaccess.com). You can also visit Benefit Access to view your award, model scenarios for managing your shares, make transactions, and get answers to your questions. 
 If you are new to the equity plan, you will receive an email Welcome Package from Smith Barney within the next two weeks; this includes information on how to access the Benefit Access web site for the first time. If
you do not receive this information or have additional questions, please call Smith Barney Customer Service at 1-800-523-2085 in the U.S., or ++1-312-419-3565 outside the U.S. 
  

					
	 Hewitt Associates
	 	6	 	Hewitt RSU

 ATTACHMENT F 
 Initial Option Award 
 Hewitt 
 ONEshares Options Award Agreement 
 Congratulations on your selection as a Participant in the Hewitt Associates, Inc.
Global Stock and Incentive Compensation Plan (the “Plan”). This Award Agreement and the Plan together govern your rights under the Plan and set forth all of the conditions and limitations affecting such rights. Capitalized terms used in
this Award Agreement shall have the meanings ascribed to them in the Plan or in this Award Agreement (with the meaning ascribed to such term in this Award Agreement, or in any document referred to herein, controlling over such meaning set forth in
the Plan); provided that in the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Employment Letter Agreement (as defined in Section 3(c) hereof), the Employment Letter Agreement
shall govern and prevail. For purposes of this Agreement, “Hewitt” means the Company, its Affiliates, and/or its Subsidiaries. 
 This Award Agreement refers to awards which are delivered via Nonqualified Stock Options. 
 Overview of Your ONEshares
Option Grant 
  

	1.	Date of Grant: The Date of Grant is the date you were awarded the Options as set forth in the personal statement accompanying the award (“Date of Grant”).

  

	2.	Option Term: The Options have been granted for a period of ten (10) years from the Date of Grant (“Option Term”). 

  

	3.	Vesting Period: The Options do not provide you with any rights or interests therein until they vest in accordance with the following: 

  

	 	(a)	Twenty-five percent (25%) of the Options (rounded to a whole Share) will vest on each of the first, second, third, and fourth anniversaries of the Date of Grant (each a
“Vesting Date,” and the period between the Date of Grant and the applicable Vesting Date is referred to herein as the “Vesting Period”); provided you have continued in the employment of Hewitt through the applicable Vesting Date.

  

	 	(b)	One hundred percent (100%) of the unvested Options will vest upon your termination of employment due to death or Disability, provided you have continued in the employment of
Hewitt through such event. 

  

	 	(c)	Upon termination of your employment by the Company without Cause or by you for Good Reason in accordance with Paragraph 7 of your employment letter agreement with the Company dated
as of August 8, 2006 (the “Employment Letter Agreement”), the unvested Options will continue to vest according to the schedule set forth in Paragraph 3(a) above for the eighteen (18) month severance payment period provided under
the Employment Letter Agreement. 

  

	 	(d)	If you terminate employment due to Retirement after the twelve (12) month anniversary of the Date of Grant, one hundred percent (100%) of the unvested Options will vest
upon such termination, provided you have continued in the employment of Hewitt through such event. 

	 	(e)	In the event that your employment with Hewitt terminates for any reason other than those reasons set forth in Paragraphs 3(b) through 3(d), all unvested Options you hold at the time
of your employment termination shall be cancelled and of no further force and effect. 

 The terms “Cause,” “Disability”
and “Good Reason” shall have the meanings ascribed to them in the Employment Letter Agreement. 
 “Retirement” for purposes of this Award
Agreement shall mean termination of employment with Hewitt for any reason other than a leave of absence, death, Disability, or Cause on or after the attainment of age fifty-five (55) with five (5) years of service. 
 If you change your employment status from a full-time Employee to a part-time Employee, you will continue to vest in your Award if you work at least sixty percent
(60%) of Hewitt’s Standard Work Time during the applicable Vesting Period. If you work less than sixty percent (60%) of Hewitt’s Standard Work Time in a Vesting Period, you will forfeit the portion of the Award related to such
Vesting Period. For purposes of this Award Agreement, “Hewitt’s Standard Work Time” means forty (40) hours per week; provided, however, allowable time off (including, but not limited to, holidays, sick days, and vacation) is
included when calculating the forty (40) hours per week. 
 If you take a leave of absence for medical reasons (as determined in accordance with the
Company’s disability plans—meaning you qualify for disability benefits/salary continuation benefits), you will continue to vest in your Award during such leave of absence. Notwithstanding anything in this paragraph, you shall be entitled
to receive vesting credit during any period of physical or mental incapacity (even if you are not performing your duties to the Company) prior to the date of your actual Disability termination. If you take a leave of absence for nonmedical reasons
(except for military service as described in the next sentence of this paragraph) and you are on leave for more than three (3) months (excluding allowable time off which includes, but is not limited to, holidays, sick days, and vacation) during
any Vesting Period, you will forfeit the portion of the Award related to such Vesting Period; provided, however, if the state law which you are subject to allows you to take a leave of absence for nonmedical reasons for a period in excess of three
(3) months, and the state law requires the Company to continue to provide benefits under all Company benefit plans, the requirements of such state law shall override this general provision. Notwithstanding anything herein to the contrary, if
you take a leave of absence for any service, voluntary or involuntary, in the Armed Forces of the United States, you will continue to vest in your Award. 
  

	4.	Exercise: You, or your representative upon your death, may exercise vested Options at any time prior to the termination of the Options as provided in Paragraphs 6, 7 and 8.

  

	5.	How to Exercise: The Options hereby granted shall be exercised by written notice to Salomon Smith Barney or such other administrator, specifying the number of Shares you then
desire to purchase, together with a check payable to the order of the Company for an 

  

 2 

 amount in United States dollars equal to the Option Price of such Shares or, delivery (or certification
of ownership) of any class of the Company’s stock having an aggregate Fair Market Value (as of the trading date immediately preceding the date of exercise) equal to such Option Price, or a combination of cash and such Shares. The notice shall
also specify how any applicable tax withholding will be satisfied. 
 [You shall] be permitted to exercise pursuant to a “cashless
exercise” procedure, as permitted under the Federal Reserve Board’s Regulation T, subject to securities law restrictions, or by any other means which the Board, in its sole discretion, determines to be consistent with the Plan’s
purpose and applicable law. 
 As soon as practicable after receipt of such written notification and payment, the Company shall issue or
transfer to you, the number of Shares with respect to which such Options shall be so exercised and not sold. However, if the Option Price is satisfied by certification of previously acquired Shares, the Company shall issue or transfer to you a
number of Shares equal to the number of Shares with respect to which the Options are exercised less the number to which you have certified ownership. Upon receipt of applicable withholding taxes, the Company shall deliver to you a certificate or
certificates, or evidence of book entry Shares. 
  

	6.	Termination of Options: The Options, which become exercisable as provided in Paragraph 3 above, shall terminate and be of no force or effect as follows:

  

	 	(a)	If your employment terminates during the Option Term by reason of death, the Options terminate and have no force or effect upon the earlier of: (i) twelve (12) months
after the date of death, or (ii) the expiration of the Option Term; 

  

	 	(b)	If your employment terminates during the Option Term by reason of Disability, the Options terminate and have no force or effect upon the earlier of: (i) thirty-six
(36) months after your termination of employment, or (ii) the expiration of the Option Term; 

  

	 	(c)	If your employment terminates during the Option Term by reason of Retirement, the Options terminate and have no force or effect upon the earlier of: (i) sixty (60) months
after your termination of employment, or (ii) the expiration of the Option Term; 

  

	 	(d)	If your employment terminates during the Option Term due to your dismissal by Hewitt for Cause, the Options terminate and have no force or effect upon the earlier of:
(i) thirty (30) days after your termination of employment, or (ii) the expiration of the Option Term; 

  

	 	(e)	If your employment terminates during the Option Term for any other reason, the Options terminate and have no force or effect upon the earlier of: (i) ninety (90) days
after your termination of employment, or (ii) the expiration of the Option Term; provided, that, Options that vest during the eighteen (18) month severance payment period described in Paragraph 3(c) above shall terminate and have no force
or effect upon the earlier of: (A) ninety (90) days after the date they vest, or (B) the expiration of the Option Term; and 

  

 3 

	 	(f)	If you continue employment with Hewitt through the Option Term, the Options terminate and have no force or effect upon the expiration of the Option Term. 

 

	7.	Change in Control: In the event of a Change in Control, all of the unvested Options shall become immediately vested and exercisable. If your employment is terminated by
Hewitt for reasons other than death, Disability, Retirement, or Cause at or within twelve (12) months following a Change in Control or if such termination is covered by Paragraph 10(ii)(b) of the Employment Letter Agreement, the Options shall
terminate and have no force or effect upon the earlier of: (i) twelve (12) months after your termination of employment, or (ii) the expiration of the Option Term. 

  

	8.	Who Can Exercise: During your lifetime, the Options shall be exercisable only by you. No assignment or transfer of the Options, whether voluntary or involuntary, by operation
of law or otherwise, except by will or the laws of descent and distribution or as otherwise required by applicable law, shall vest in the assignee or transferee any interest whatsoever. Upon your death, your estate (or the beneficiary that receives
the Options under your will) may exercise vested Options. 

  

	9.	Tax Withholding: Hewitt shall have the power and the right to deduct or withhold, or require you or your beneficiary to remit to Hewitt, an amount sufficient to satisfy
federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Award Agreement. 

  

	10.	Stock Withholding: With respect to withholding required upon any taxable event arising as a result of Options granted hereunder, Hewitt, unless notified otherwise by you in
writing within thirty (30) days prior to the taxable event, will satisfy the withholding requirement by withholding Shares having a Fair Market Value equal to the total minimum statutory tax required to be withheld on the transaction.

  

	11.	Requirements of Law: The granting of Options and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 

  

	12.	Applicable Laws and Consent to Jurisdiction: The validity, construction, interpretation, and enforceability of this Award Agreement shall be determined and governed by the
laws of the State of Illinois without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that arises under this Award Agreement, the parties hereby consent to exclusive jurisdiction and agree that such
litigation shall be conducted in the federal or state courts of the State of Illinois. 

  

	13.	Nontransferability: Options awarded pursuant to this Award Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated
(“Transfer”), other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of the Options is made, or if any attachment, execution, garnishment, or lien
shall be issued against or placed upon the Options, your right to such Options shall be immediately forfeited to the Company, and this Award Agreement shall lapse. 

  

 4 

	14.	Administration: This Award Agreement and your rights hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well
as to such rules and regulations as the Board may adopt for administration of the Plan. It is expressly understood that the Board is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of
the Plan and this Award Agreement, all of which shall be binding upon you, the Participant. 

  

	15.	No Right to Future Grants; No Right of Employment or Continued Employment; Extraordinary Item: In accepting the grant, you acknowledge that, except as provided in your
Employment Letter Agreement: (a) the Plan is established voluntarily by Hewitt, it is discretionary in nature and it may be modified, suspended or terminated by Hewitt at any time, as provided in the Plan and this Award Agreement; (b) the
grant is voluntary and occasional and does not create any contractual or other right to receive future grants; (c) all decisions with respect to future grants, if any, will be at the sole discretion of Hewitt; (d) your participation in the
Plan is voluntary; (e) the grant is 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, bonuses,
long-service awards, pension or retirement benefits or similar payments; (f) in the event that you are an employee of an Affiliate or Subsidiary of the Company, the grant will not be interpreted to form an employment contract or relationship
with the Company; and furthermore, the grant will not be interpreted to form an employment contract with the Affiliate or Subsidiary that is your employer; (g) this grant shall not confer upon you any right to continuation of employment by
Hewitt, nor shall this grant interfere in any way with Hewitt’s right to terminate your employment at any time; (h) the future value of the underlying Shares is unknown and cannot be predicted with certainty; and (i) notwithstanding
any terms or conditions of the Plan or this Award Agreement to the contrary, in the event of involuntary termination of your employment, your right to receive Awards and vest in Awards under the Plan, if any, will terminate effective as of the date
that you are no longer actively employed and will not be extended by any notice period mandated under any federal, state, provincial, or local law (including but not limited to the Worker Adjustment and Retraining Notification Act).

  

	16.	Employee Data Privacy: You are hereby notified that Hewitt collects, uses and transfers your personal data, in electronic or other form, to implement, administer and manage
your participation in the Plan. Your acceptance of this Award Agreement constitutes your acceptance of your Award Agreement and acknowledgement of the data privacy notification below. 

 Hewitt holds certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social
security number or other identification number, salary, nationality, job title, any Shares of stock or directorships held in Hewitt, details of all Options or any other entitlement to Shares of stock awarded, canceled, exercised, vested, unvested or
outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”). In addition, Hewitt may 
  

 5 

 transfer this information to third parties outside of your country of residence who assist Hewitt in the
implementation, administration and management of the Plan. If you have any questions regarding the collection, use, or disclosure of your personal information for this purpose, please contact your local human resources representative. 
  

	17.	Amendment to the Plan: The Board may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way
adversely affect your rights under this Award Agreement, without your written approval. 

  

	18.	Successor: All obligations of the Company under the Plan and this Award Agreement, with respect to the Options, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

	19.	Severability: The provisions of this Award 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. 

  

	20.	Section 409A: It is intended that the Options and the Company’s, Board’s and/or your exercise of authority or discretion hereunder shall comply with
Section 409A of the Code (including any proposed or final United States Department of the Treasury regulations and other published guidance relating thereto) so as not to subject you to the payment of any interest or additional tax imposed
under Section 409A of the Code. In furtherance of this intent, to the extent that any United States Department of the Treasury regulations, guidance, interpretations or changes to Section 409A would result in you becoming subject to
interest and additional tax under Section 409A of the Code, the Company and you shall agree to amend this Award Agreement to bring the Options into compliance with Code Section 409A. 

 Agreement to Participate 
 If you do not wish to
participate in the Plan and be subject to the provisions of this Award Agreement, please contact your Human Resources Representative within thirty (30) days of receipt of this Award Agreement. If you do not respond within thirty (30) days
of receipt of this Award Agreement, the Award Agreement is deemed accepted. If you choose to participate in the Plan, you agree to abide by all of the governing terms and provisions of the Plan and this Award Agreement. Additionally, by agreeing to
participate, you acknowledge that you have reviewed the Plan and this Award Agreement, and fully understand all of your rights under the Plan and this Award Agreement, and the Company’s remedies if you violate the terms of this Award Agreement,
as well as, all of the terms and conditions which may limit your eligibility to retain and receive the Options issued pursuant to the Plan and this Award Agreement. 
 Please refer any questions you may have regarding your Options to your Human Resources Representative. 
  

 6 

 This statement prepared for: 
  

			
	<Name>	 	<insert> LOB/SSP
	<associate id>	 	<insert> practice
		 	<insert> region
		 	<insert> location
		 	<insert> mgr (DO NOT INCLUDE ON INT’L STMTS)

 Private and Confidential 
 Your 2006 ONEshares Options Statement 
 This certifies that Hewitt
Associates has granted you a non-statutory stock option to purchase shares of its common stock as indicated below upon the terms and conditions of the Hewitt Associates, Inc. Global Stock and Incentive Compensation Plan adopted on 17 June 2002.

  

					
	Grant Date:	 		 	     September 2006
		
	 Total Face Value of Shares Under Option
 (based on closing share price on [·], 2006):
	 	

<$X,XXX,XXX>
			
	Number of Shares Under Option:	 		 	<XXX,XXX>
			
	Option Price:	 		 	$<XX.XX>
			
	Option Expiration Date:	 		 	     September 2016

  

			
	 Vesting Schedule
	  	Number of Options Exercisable
	     September 2007
	  	<XXX,XXX>
	     September 2008
	  	<XXX,XXX>
	     September 2009
	  	<XXX,XXX>
	     September 2010
	  	<XXX,XXX>

 Your ONEshares Options award must be formally accepted online via the Smith Barney Benefit Access web site.
You will receive an email shortly with complete details on the award acceptance process. 
 For further details, refer to your ONEshares Options booklet,
ONEshares Options Award Agreement, and/or the plan document, all of which can be found on the Smith Barney Benefit Access web site (www.benefitaccess.com). 
 You can also visit Benefit Access to view your options account, model scenarios for managing your options, make transactions, and get answers to your questions. 
 If you are new to the ONEshares Options plan, you will receive an email Welcome Package from Smith Barney within the next two weeks; this includes information on how to access the Benefit Access web site for the first
time. If you do not receive this information or have additional questions, please call Smith Barney Customer Service at 1-800-523-2085 in the U.S., or ++1-312-419-3565 outside the U.S. 
  

 7 

 ATTACHMENT G 
 Restrictive Covenant Agreement 
 AGREEMENT 
 The term “Hewitt” as used in this Agreement shall include Hewitt Associates LLC and its parent and subsidiary entities as well as its
successors and assigns to all or substantially all of its assets or business. 
 I understand that I am employed by Hewitt and will learn and
have access to Hewitt’s confidential, trade secret and proprietary information. I understand that the products and services that Hewitt develops, provides and markets are unique. Further, I know that my promises in this Agreement are an
important way for Hewitt to protect its proprietary interests. 
 In addition to other good and valuable consideration, I am expressly being
given employment, Hewitt Leadership Group information and participation, and other Hewitt Leadership Group benefits and/or trade secrets and confidential information of Hewitt and its clients, suppliers, vendors or affiliates to which I would not
have access to but for my participation in the Hewitt Leadership Group and my employment by Hewitt in exchange for this Agreement. In consideration of the foregoing, I agree as follows: 
 1. Disclosure of Confidential Information. I will not, without Hewitt’s prior permission, except in good faith performance of my duties
to Hewitt, directly or indirectly utilize or disclose to anyone outside of Hewitt, either during or after my employment or relationship with Hewitt ends, trade secrets or other confidential information of Hewitt, or any information received in
confidence from third parties by Hewitt or about third parties by Hewitt, as long as such matters remain trade secrets or confidential. Trade secrets and other confidential information shall include any information or material which is not generally
known to the public and which is generated or collected by or utilized in the operations of Hewitt and relates to the actual or anticipated business of Hewitt. Information made generally known to the public through improper means shall nonetheless
be considered confidential and/or trade secrets. The confidentiality obligations herein shall not prevent me from revealing evidence of criminal wrongdoing to law enforcement or prohibit me from divulging confidential information or trade secrets by
order of court or agency of competent jurisdiction; however, I shall promptly inform Hewitt of any such situations in advance of such disclosure. 
 2. Ownership of Work. I hereby assign to Hewitt my entire right, title and interest in any work that I perform while employed by Hewitt that relates in any way to the actual or demonstrably anticipated business of Hewitt. I
acknowledge that the copyright and any other intellectual property right in such work and related documentation, and work of authorship, which are created within the scope of my relationship with Hewitt, belong to Hewitt. 
 3. Return of Property and Copying. I agree that all materials in my possession or control as a result of my employment with Hewitt which in
any way relate to Hewitt’s business shall be the sole property of Hewitt. I will at any time upon the request of Hewitt and in any event promptly upon termination of my employment or relationship with Hewitt, deliver all such materials to
Hewitt and will not retain any originals or copies of such materials, except that I may retain my rolodex, address book, cell phone number and other similar personal items (but not any Company-provided computer equipment, cell phone, wireless e-mail
devices and the like). I also agree that I will not copy or remove from Hewitt’s place of business property or information belonging to Hewitt or entrusted to Hewitt or provide any such materials to any competitor of Hewitt without the express
written consent of Hewitt. 

 4. Protection of Proprietary Interests. 
 (a) I agree that during my employment or relationship with Hewitt and for 18 months thereafter I will not, directly or indirectly, in any capacity solicit
to provide, or provide products or services competitive with products or services offered by Hewitt to any person, company or entity that was a Hewitt client or potential client for such products or services and with which I had direct or indirect
contact regarding those products or services at any time during the last 18 months of my employment or relationship with Hewitt; provided that nothing in this Section 4(a) shall prohibit me from soliciting to provide such products or services
through general advertising, and further provided that with regard to the activities permitted pursuant to the proviso in the first sentence in Section 4(b) hereof, I shall not be in violation of this Section 4(a) if I am not personally
involved in soliciting or providing the services to the client or personally directing others to provide services to such clients and have not specifically identified such client to the persons involved as an entity for soliciting. 
 (b) I agree that during my employment or relationship with Hewitt and for 18 months thereafter, I will not directly or indirectly, in any capacity,
conduct business on behalf of or become employed by, personally consult for (whether individually or through an entity), own, manage or operate, any business which provides products or services competitive with the products or services offered by
Hewitt within 30 miles of any office of Hewitt from which Executive conducted business during the last 18 months of his employment or relationship with Hewitt (the “Competitive Activities”); provided, however, that nothing in this
Section 4(b) shall prohibit me (i) from being employed by any entity and from having under my direction or control within such entity any Competitive Activities (for such purpose, “direction or control” shall include, without
limitation, a senior executive policy-making position for such entity involving portions thereof engaged in Competitive Activities despite having no direct line authority over such Competitive Activity) so long as such Competitive Activities under
my direction or control constitute less than the lesser of (x) 5% of the revenues generated by all activities under my direction or control and (y) $300 million, (ii) from personally providing consulting services to a non-Competitive
Activity of an entity that engages in Competitive Activities or to provide general consulting services to an entity or portion thereof that satisfies the limitation of clause (i) above so long as clause (i) above is satisfied with regard
to the actual beneficiary of such consulting, (iii) from receiving any form of equity compensation from such entity, and (iv) from being a passive owner of not more than 2% of the equity securities of any publicly traded corporation, fund
or pooled account that is engaged in Competitive Activities so long as I have no active participation in such Competitive Activities. Revenues under clause (i) above shall be measured as of the last fiscal year of the entity prior to the fiscal
year in which I commence to engage in such business. 
 (c) I agree that during my employment or relationship with Hewitt and for 18 months
thereafter, I will not, directly or indirectly, hire, solicit, or attempt to hire any employee or independent contractor of Hewitt or any person who was an employee or independent contractor of Hewitt during the 6 months preceding the termination of
my employment or relationship with Hewitt; provided, nothing in this Section 4(c) shall prohibit me from (i)
  

 2 

 soliciting or hiring such an employee solely through general advertising or (ii) providing such an employee an
employment reference. I shall not be deemed to hire, solicit or attempt to hire any such employee or independent contractor because a company that employs me does so as long as I am not personally involved, directly or indirectly, in the prohibited
activities, and, if the unit doing the hiring is under my authority or control with regard to hiring of employees or independent contractors, I have no actual specific knowledge (as to the Hewitt relationship) prior to the actual hire of the intent
to hire an employee or independent contractor covered by the prohibition herein. Furthermore, the prohibition as it applies to independent contractors shall not apply so long as such independent contractor provides services to multiple entities and
I do not interfere with such independent contractor’s relationship with Hewitt. 
 5. Jurisdiction, Choice of Law, Injunctive
Relief and Attorney Fees. I consent to the jurisdiction of the courts of Illinois and the application of Illinois law with respect to any matter arising out of this Agreement. In the event of a breach or a threatened breach of this
Agreement, by me, I acknowledge that Hewitt will face irreparable injury which may be difficult to calculate in dollar terms and that Hewitt shall be entitled, in addition to remedies otherwise available at law or in equity, to seek temporary
restraining orders and preliminary injunctions and final injunctions enjoining such breach or threatened breach. 
 6. Amendment,
Severability and Merger. With respect to the subject matter hereof, this Agreement is my entire agreement with Hewitt, and it amends all previous oral or written understandings or agreements, if any, made by or with Hewitt regarding the same
subject matter. No waiver of any breach of any provision of this Agreement by Hewitt shall be construed to be a waiver of any succeeding breach or as a modification of such provision. The provisions of this Agreement shall be severable and in the
event that any provision of this Agreement shall be found by any court to be unenforceable, in whole or in part, the remainder of this Agreement shall nevertheless be enforceable and binding on the parties. I also agree that the court may modify any
invalid, overbroad or unenforceable term of this Agreement so that such term, as modified, is valid and enforceable under applicable law. Further, I affirmatively state that I have not, will not and cannot rely on any representations not expressly
made herein. 
 7. Assignability. The rights herein may be assigned by Hewitt only to any successor of all or substantially all
of Hewitt’s assets or business and shall bind and inure to the benefit of such successor; provided that the restrictions on my conduct set forth herein shall only be applicable to the Hewitt business of such successor entity. If Hewitt makes
any assignment of the rights herein, I agree that this Agreement shall remain binding upon me in any event. 
 8. Change of
Position. I acknowledge and agree that any change in my position or title with Hewitt shall not cause this Agreement to terminate and shall not effect any change in my obligations under this Agreement as long as my relationship remains with
Hewitt. 
 9. Acceptance. I agree that this Agreement is accepted by me through my original, electronic or facsimile signature
or acknowledgement. I further agree that Hewitt is deemed to have accepted this Agreement as evidenced by my employment or relationship with Hewitt and/or the payment of wages or monies to me. 
  

 3 

			
	Agreed to by:	  	
	  
	  	  

	Associate	  	Date
		
	  
	  	
	Associate Printed Name	  	

  

 4

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