Document:

exv10w9

Exhibit 10.9

WILLIS GROUP HOLDINGS

2001 SHARE PURCHASE AND OPTION PLAN

(AS AMENDED AND RESTATED ON DECEMBER 30, 2009 BY WILLIS GROUP HOLDINGS LIMITED

AND AS AMENDED AND RESTATED AND ASSUMED BY WILLIS GROUP HOLDINGS PUBLIC

LIMITED COMPANY ON DECEMBER 31, 2009)

	1.	 	Purpose of Plan

The Willis Group Holdings 2001 Share Purchase and Option Plan, as amended and restated on December 30, 2009 by
Willis Group Holdings Limited and as amended and restated and assumed by Willis Group Holdings Public Limited
Company on December 31, 2009 (the “Plan”), is designed:

	(a)	 	to promote the long term financial interests and growth of the Company and its Subsidiaries
(collectively, “Willis Group”) by attracting and retaining personnel with the training,
experience and ability to enable them to make a substantial contribution to the success of
Willis Group’s business;
	 
	(b)	 	to motivate management personnel by means of growth-related incentives to achieve long range
goals; and
	 
	(c)	 	to further the identity of interests of participants with those of the shareholders of Willis
Group through opportunities for increased shares, or share-based, ownership in Willis Group.

	2.	 	Definitions

As used in the Plan, the following words shall have the following meanings:

	(a)	 	“Act” means the Companies Act 1963 of Ireland.
	 
	(b)	 	“Board of Directors” means the Board of Directors of Willis.
	 
	(c)	 	“Change of Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Exchange Act and
the rules of the U.S. Securities and Exchange Commission there under as in effect on the date
hereof) of the ordinary shares of the Company representing more than 50% of the aggregate
voting power represented by the issued and outstanding ordinary shares of the Company; or (b)
occupation of a majority of the seats (other than vacant seats) on the Board of Directors by
Persons who were neither (i) nominated by the Company’s Board of Directors nor (ii) appointed
by directors so nominated. For the avoidance of doubt, a transaction shall not constitute a
Change of Control or other consolidating event described in Section 9 below (i) if effected
for the purpose of changing the place of incorporation or form of organization of the ultimate
parent entity of the Willis group of companies (including where the Company is succeeded by an
issuer incorporated under the laws of another state, country or foreign government for

 

 

	 	 	such purpose and whether or not the Company remains in existence following such transaction)
and (ii) where all or substantially all of the Person(s) who are the beneficial owners of
the outstanding voting securities of the Company immediately prior to such transaction will
beneficially own, directly or indirectly, all or substantially all of the combined voting
power of the outstanding voting securities entitled to vote generally in the election of
directors of the ultimate parent entity resulting from such transaction in substantially the
same proportions as their ownership, immediately prior to such transaction, of such
outstanding securities of the Company. The Board of Directors, in its sole discretion, may
make an appropriate and equitable adjustment to the Shares underlying a Grant to take into
account such transaction, including to substitute or provide for the issuance of shares of
the resulting ultimate parent entity in lieu of Shares of the Company.

	(d)	 	“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time.
	 
	(e)	 	“Committee” means the Compensation Committee of the Board of Directors (or, if no such
committee is appointed, the Board of Directors).
	 
	(f)	 	“Company” or “Willis” means Willis Group Holding Public Limited Company, a company
incorporated in Ireland under registered number 475616, or any successor thereto.
	 
	(g)	 	“Director” means any member of the Board of Directors.
	 
	(h)	 	“Employee” means a person, including a director and an officer, in the employment of Willis
Group.
	 
	(i)	 	“Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended.
	 
	(j)	 	“Grant” means an award made to a Participant pursuant to the Plan and described in Paragraph
5, including, without limitation, an award of a Share Option, Restricted Share, Purchase
Share, or Other Share-Based Grant or any combination of the foregoing.
	 
	(k)	 	“Grant Agreement” means an agreement between Willis and a Participant that sets forth the
terms, conditions and limitations applicable to a Grant.
	 
	(l)	 	“Group” means a “group” as such term is used in Sections 13(d) and 14(d) of the Exchange Act,
acting in concert.
	 
	(m)	 	“Ordinary Shares” or “Shares” means ordinary shares of the Company, par value $0.000115.
	 
	(n)	 	“Parent” shall mean with respect to the Company, a “parent corporation” of that corporation
within the meaning of section 424(e) of the Code.

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	(o)	 	“Participant” means an Employee or Director of any member of Willis Group, to whom one or
more Grants have been made, and such Grants have not all been forfeited or terminated under
the Plan.
	 
	(p)	 	“Person” means “person” as such term is used in Sections 13(d) and 14(d) of the Exchange Act.
	 
	(q)	 	“Share-Based Grants” means the collective reference to the grant of Purchase Shares,
Restricted Shares and Other Share-Based Grants.
	 
	(r)	 	“Share Options” means options to purchase Ordinary Shares, which may or may not be incentive
stock options (“Incentive Stock Options”) within the meaning of Section 422 of the Code.
	 
	(s)	 	“Subsidiary” shall mean with respect to the Company, any subsidiary of the Company within the
meaning of Section 155 of the Act. For purposes of granting share options or any other “stock
rights,” within the meaning of Section 409A of the Code, an entity shall not be considered a
Subsidiary if granting any such stock right would result in the stock right becoming subject
to Section 409A of the Code. For purposes of granting U.S. incentive stock options, an entity
shall not be considered a Subsidiary if it does not also meet the requirements of section
424(f) of the Code.

	3.	 	Administration of Plan

	(a)	 	The Plan shall be administered by the Committee. All of the members of the Committee and any
other Directors shall be eligible to be selected for Grants under the Plan; provided, however,
that to the extent the Board of Directors determines it is necessary or desirable to satisfy
any regulation or rule, whether under Section 16 of the Exchange Act or otherwise related to
the Grants, the members of the Committee shall qualify under such regulation or rules. The
Committee may adopt its own rules of procedure, and the action of a majority of the Committee,
taken at a meeting or taken without a meeting by a writing signed by such majority, shall
constitute action by the Committee. The Committee shall have the power and authority to
administer, construe and interpret the Plan, to make rules for carrying it out and to make
changes in such rules. The Committee shall also have the power to establish sub-plans, which
may constitute separate schemes, for the purpose of establishing schemes which qualify for
approval by the Her Majesty’s Revenue and Customs or meet any special tax or regulatory
requirements anywhere in the world. Any such interpretations, rules, administration and
sub-plans shall be consistent with the basic purposes of the plan.
	 
	(b)	 	The Committee may delegate to the Chief Executive Officer and to other senior officers of
Willis Group its duties under the Plan subject to such conditions and limitations as the
Committee shall prescribe except that only the Committee may designate and make Grants to
Participants who are subject to section 16 of the Exchange Act.

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	(c)	 	The Committee may employ attorneys, consultants, accountants, appraisers, brokers of other
person. The Committee, Willis Group, and the officers and Directors of Willis Group shall be
entitled to rely upon the advice, opinions or valuations of any such persons. All actions
taken and all interpretations and determinations made by the Committee in good faith shall be
final and binding upon all Participants, Willis Group and all other interested persons. No
member of the Committee shall be personally liable for any action, determination or
interpretation made in good faith with respect to the Plan or the Grants, and all members of
the Committee shall be fully protected by Willis Group with respect to any such action,
determination or interpretation.

	4.	 	Eligibility

Subject to Section 11 of the Plan, the Committee may from time to time make Grants under the plan
to such Employees or Directors of Willis Group, and in such form and having such terms, conditions
and limitations as the Committee may determine. Grants may be granted singly, in combination or in
tandem. The terms, conditions and limitations of each Grant under the plan shall be set forth in a
Schedule to the Plan (as described in Section 11 below), to be attached hereto, and/or a Grant
Agreement, in a form approved by the Committee, consistent, however, with the terms of the Plan.

	5.	 	Grants

From time to time, the Committee will determine the forms and amounts of Grants for Participants.
Such Grants may take the following forms in the Committee’s sole discretion; provided, however,
that in no event shall the purchase price of any Grant be less than the par value of the Shares;
and provided further that the maximum number of Ordinary Shares that may be issued,
sold or distributed as Restricted Shares, Purchase Shares or other Share-Based Grants shall not
exceed 3,500,000 Ordinary Shares. The terms of any Grant may include a requirement
that the Participant enter into an agreement or election under which the Participant agrees to pay
his or her employer’s social security or U.K. National Insurance liability (or reimburse the
employer for such liability) in any jurisdiction arising on exercise of any Share Option, or at any
other time with respect to any other Share-Based Award, and if this requirement is not permitted in
any jurisdiction the Grant in such circumstances shall be null and void.

	(a)	 	Share Options — These are options to purchase Ordinary Shares, which may or may not be
Incentive Stock Options. Any options that are granted as Incentive Stock Options shall have
an exercise price at least equal to the fair market value of one Ordinary Share on the date of
Grant (or, if the person to whom the option is being granted owns Ordinary Shares representing
more than 10 percent of the voting power of all classes of Company equity, the exercise price
shall be at least equal to 110 percent of the fair market value of one Ordinary Share on the
date of Grant). At the time of the Grant the Committee shall determine, and shall have
contained in the Grant Agreement or other Plan rules, the option exercise period, the exercise
price, and such other conditions or restrictions on the

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	 	 	grant or exercise of the option as the Committee deems appropriate, which may include the
requirement that the grant of options is predicated on the acquisition of Purchase Shares
under Section 5(c) by the Participation or as may be required pursuant to applicable law, if
such options shall be Incentive Stock Options, Payment of the exercise price shall be made in
cash or in shares of Ordinary Shares (provided, that such Shares have been held by the
Participation for not less than six months (or such other period as established by the
Committee from time to time)), or a combination thereof, in accordance with the terms of the
Plan, the Grant Agreement and any applicable guidelines of the Committee in effect at the
time. Incentive Stock Options may be granted only to Employees of the Company or any Parent or
Subsidiary.

	(b)	 	Restricted Shares — Restricted Shares are Ordinary Shares delivered to a Participant with
payment of consideration and restrictions or conditions on the Participant’s right to transfer
or sell such shares; provided that the price of any Restricted Share may not be less than the
par value of the Ordinary Shares. The number of shares of Restricted Shares and the
restrictions or conditions on such shares shall be as the Committee determines, in the grant
Agreement or by other Plan rules, and the Restricted Shares shall bear evidence of such
restrictions or conditions. Subject to Section 9 and Section 11, Restricted Shares may NOT
have a restriction period of less than 6 months. Should the Restricted Shares be issued in
circumstances where they are not otherwise fully paid up, the Board of Directors may require
the Participant pay the aggregate nominal value of such Restricted Shares on the basis that
such Restricted Shares shall then be allotted as fully paid to the Participant.
	 
	(c)	 	Purchase Shares — Purchase Shares refers to Ordinary Shares offered to a Participant at such
price as determined by the Committee, the acquisition of which may make him eligible to
receive under the Plan, among other things, Share Options.
	 
	(d)	 	Other Share-Based Grants — The Committee may make other Grants under the Plan pursuant to
which Ordinary Shares or other equity securities of Willis Group are or may in the future be
acquired, or Grants denominated in share units, including ones valued using measures other
than market value. Other Share-Based Grants may be issued with consideration. Should
Ordinary Shares be issued in circumstances where they are not otherwise fully paid up, the
Board of Directors may require the Participant pay the aggregate nominal value of such
Share-Based Grants on the basis that such Share-Based Grants shall then be allotted as fully
paid to the Participant.
	 
	6.	 	Limitations and Conditions
	 
	(a)	 	The number of Shares available for Grants under this Plan shall be 25,000,000 shares of the
authorized Ordinary Shares as of the original effective date of the Plan.
The
number of Shares subject to Grants under this Plan to any one Participant shall not be more
than

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	 	 	5,000,000 Share in any one calendar year. Unless restricted by applicable law, Shares related
to Grants that are forfeited, terminated, cancelled or expire unexercised, shall immediately
become available for new Grants.
	 
	(b)	 	No Grants shall be made under the Plan beyond ten years after the original effective date of
the Plan, but the terms of Grants made on or before the expiration of the Plan may extend
beyond such expiration. At the time a Grant is made or amended or the terms or conditions of
a Grant are changed, the Committee may provide for limitations or conditions on such Grant.
	 
	(c)	 	Nothing contained herein shall affect the right of Willis Group to terminate any
Participant’s employment at any time or for any reason. The rights and obligations of any
individual under the terms of his office or employment with any member of Willis Group shall
not be affected by his or her participation in this Plan or any right which he or she may have
to participate in it, and an individual who participates in this Plan shall waive any and all
rights to compensation or damages in consequence of the termination of his or her office or
employment for any reason whatsoever insofar as those rights arise or may arise from his or
her ceasing to have rights under or be entitled to exercise any Grant as a result of such
termination.
	 
	(d)	 	Deferrals of Grant payouts may be provided for, at the sole discretion of the Committee, in
the Grant Agreements.
	 
	(e)	 	Except as otherwise prescribed by the Committee, the amounts of the Grants for any employee
of a Subsidiary, along with interest, dividend, and other expenses accrued on deferred Grants
shall be charged to the Participant’s employer during the period for which the Grant is made.
If the Participant is employed by more than one Subsidiary or by both Willis Group and a
Subsidiary during the period for which the Grant is made, the Participant’s Grant and related
expenses will be allocated between the companies employing the Participant in a manner
prescribed by the Committee.
	 
	(f)	 	Other than as specifically provided pursuant to a Grant Agreement or other related agreement
between a Participant and Willis Group, no benefit under the Plan shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or
charge, and any attempt to do so shall be void. No such benefit shall, prior to receipt
thereof by the Participant, be in any manner liable for or subject to the debts, contracts,
liabilities, engagements, or torts of the Participant.
	 
	(g)	 	Participants shall not be, and shall not have any of the rights or privileges of,
shareholders of Willis Group in respect of any Shares purchasable in connection with any Grant
unless and until such Shares have been issued by Willis Group to such Participants, unless the
Committee shall otherwise determine.
	 
	(h)	 	No election as to benefits or exercise of Share Options or other rights may be made during a
Participant’s lifetime by anyone other than the Participant except by a legal representative
appointed for or by the Participant.

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	(i)	 	Absent express provisions to the contrary, any grant under this Plan shall not be deemed
compensation for purposes of computing benefits or contributions under any retirement plan of
any member of Willis Group and shall not affect any benefits under any other benefit plan of
any kind now or subsequently in effect under which the availability or amount of benefits is
related to level of compensation. This Plan is not a “Retirement Plan” or “Welfare Plan”
under the Employee Retirement Income Security Act of 1974 of the United States, as amended.
	 
	(j)	 	Unless the Board of Directors determines otherwise, no benefit or promise under the Plan
shall be secured by any specific assets of any member of Willis Group, nor shall any assets of
any member of Willis Group be designated as attributable or allocated to the satisfaction of
Willis Group’s obligations under the Plan.
	 
	7.	 	Transfers and Leaves of Absence

For purposes of the Plan, unless the Committee determines otherwise: (a) a transfer of a
Participant’s employment without an intervening period of separation among Willis Group and any
Subsidiary shall not be deemed a termination of employment, and (b) a Participant who is granted in
writing a leave of absence shall be deemed to have remained in the employ of Willis Group during
such leave of absence.

	8.	 	Adjustments

In the event of any change in the outstanding Ordinary Shares by reason of a share split, spin-off,
share dividend, share combination or reclassification recapitalization or merger, Change of
Control, or similar event, the Committee shall adjust appropriately the number of Shares subject to
the Plan and available for or covered by Grants and Share prices related to outstanding Grants to
the extent necessary, and may make such other revisions to outstanding Grants as it deems are
equitably required including, without limitation, in an event that is not a Change of Control,
providing for the payment of a dividend in respect of the Share subject to any outstanding Grants,
in all events in order to allow Participants to participate to such event in an equitable manner.
An adjustment under this provision may have the effect of reducing the price at which Ordinary
Shares may be acquired to less than their nominal value (the “Shortfall”), but only if and to the
extent that the Board of Directors shall be authorized to capitalize from the reserves of the
Company a sum equal to the Shortfall and to apply that sum in paying up that amount on the Ordinary
Shares.

	9.	 	Change of Control, Merger, Consolidation, Exchange, Acquisition, Liquidation or Dissolution

In its absolute discretion, and on such terms and conditions as it deems appropriate coincident
with or after the grant of any Share Option or any Share-Based Grant, the Committee may provide
that such Share Option or Share-Based Grant cannot be exercised after a Change of Control, merger,
amalgamation pursuant to Irish law, or other consolidation of Willis or Willis Group with or into
another company, the exchange of all or substantially all of the assets of

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Willis or Willis Group for the securities of another company, the acquisition by another Person or
Group of 80% or more of Willis or Willis Group’s then outstanding shares of voting shares or the
recapitalization, reclassification, liquidation or dissolution of Willis or Willis Group, and if
the Committee so provides, it shall, on such terms and conditions as it deems appropriate in its
absolute discretion, also provide, either by the terms of such Share Option or Share-Based Grant or
by a resolution adopted prior to the occurrence of such Change of Control, merger, consolidation,
exchange, acquisition, recapitalization, reclassification, liquidation or dissolution, that, for
some period of time prior to such event, such Share Option or Share-Based Grant shall be
exercisable as to all shares subject thereto, notwithstanding anything to the contrary herein (but
subject to the provisions of Section 6(b)) and that, upon the occurrence of such event, such Share
Option or Share-Based Grant shall terminate and be of no further force or effect; provided,
however, that the Committee may also provide, in its absolute discretion, that even if the Share
Option or Share-Based Grant shall remain exercisable after any such event, from and after such
event, any such Share Option or Share-Based Grant shall be exercisable only for the kind and amount
of securities and/or other property, or the cash equivalent thereof, receivable as a result of such
event by the holder of a number of shares for which such Share Option or Share-Based Grant could
have been exercised immediately prior to such event.

	10.	 	Amendment and Termination

The Committee shall have the authority to make such amendments to any terms and conditions
applicable to outstanding Grants as are consistent with this Plan. The Board of Directors may
amend, suspend or terminate the Plan at any time.

	11.	 	Foreign Options and Rights

The Committee or Board of Directors, as applicable, may establish rules or schemes in order to make
Grants to Employees who are subject to the laws of nations other than Ireland, which Grants may
have terms and conditions that differ from the terms thereof as provided elsewhere in the Plan for
the purpose of complying with foreign laws. In the event that the Committee or Board of Directors
establishes such rules or schemes, the substantive provisions thereof shall be set forth on
schedules attached hereto, and are hereby incorporated by reference as part of the Plan, subject to
any additional action required to be taken pursuant to the applicable foreign law.

	12.	 	Withholding Taxes

	(a)	 	Willis Group shall have the right to deduct from any cash payment made under the Plan any
federal, state, local, national, provincial, foreign or other income or other taxes required
by law to be withheld with respect to such payment. It shall be a condition to the obligation
of Willis Group to deliver shares upon the exercise of an Option, upon delivery of Restricted
Share or upon exercise, settlement or payment of any Other Share-Based Grant that the
Participant pay to Willis Group such amount as may be requested by Willis Group for the
purpose of satisfying any liability for such withholding taxes. Any Grant Agreement may
provide that the Participant may elect, in accordance with any conditions set forth in such
Grant Agreement, to pay a portion or the entire minimum amount of such withholding taxes in shares of Ordinary Shares:

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	(b)	 	Notwithstanding anything set forth in section 12 (a), an option may not be exercised unless:

	 	(i)	 	the Board of Directors considers that the issue or transfer of shares pursuant
to such exercise would be lawful in all relevant jurisdictions; and
	 
	 	(ii)	 	in a case where, if the option were exercised, Willis Group would be obliged to
(or would suffer a disadvantage if it were not to) account for any tax (in any
jurisdiction) for which the person in question would be liable by virtue of the
exercise of the option and/or for any social security contributions that would be
recoverable from the person in question (together, the “Tax Liability”), that person
has either:

	 	(A)	 	made a payment to Willis Group of an amount at least equal to
the Willis’ estimate of the Tax Liability; or
	 
	 	(B)	 	entered into arrangements acceptable to Willis Group to secure
that such a payment is made (whether by authorizing the sale of some or all of
the shares on his behalf and the payment to Willis Group of the relevant amount
out of the proceeds of sale or otherwise).

	13.	 	Governing Law

This Plan shall be governed by the laws of Ireland, without regard to conflicts of laws.

	14.	 	Effective Date and Termination Dates

The Plan became effective as of the date of its original approval by the board of directors of
Willis Group Holdings Limited and approved by the shareholders. The Plan shall terminate ten years
after the original approval date, subject to earlier termination by the Board of Directors pursuant
to Sections 9 and 10.

9exv10w10

Exhibit 10.10

WILLIS GROUP HOLDINGS

2001 SHARE PURCHASE AND OPTION PLAN

(AS
AMENDED AND RESTATED ON DECEMBER 30, 2009 BY WILLIS GROUP HOLDINGS LIMITED

AND AS AMENDED AND RESTATED AND ASSUMED BY WILLIS GROUP HOLDINGS PUBLIC
 LIMITED COMPANY ON DECEMBER 31, 2009)

OPTION AGREEMENT

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

     WHEREAS, completion, execution and delivery of this Agreement shall be deemed to have taken
place where at the discretion of the Company, acceptance of the award to which this Agreement
relates is required to be made through an Internet-based administration system or other electronic
means identified for this purpose by the Company, to the maximum extent permitted by the laws in
the Optionee’s country of residence at the time of grant.

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

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

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

ARTICLE I

DEFINITIONS

     Whenever the following terms are used in this Agreement, they shall have the meaning specified
in the Plan or below unless the context clearly indicates to the contrary.

Section 1.1 — Adjusted Earnings Per Share

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

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Section 1.2 — Adjusted Operating Margin

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

Section 1.3 — Board

     “Board” shall mean the Board of Directors of the Company.

Section 1.4 — Cause

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

Section 1.5 — Committee

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

Section 1.6 — Earned Date

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

Section 1.7 — Earned Performance Shares

     “Earned Performance Shares” shall mean shares subject to the Option in respect of which the
applicable performance conditions, as set out in section 3.1 or as otherwise determined by the
Compensation Committee, have been achieved and shall become exercisable as set out in section 3.2.

Section 1.8 — Good Reason

     “Good Reason” shall mean (i) a reduction in Optionee’s base salary or a material adverse
reduction in Optionee’s benefits other than (a) in the case of base salary, a reduction that is
offset by an increase in Optionee’s bonus opportunity upon the attainment of reasonable performance

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targets established by the Board, (b) a general reduction in the compensation or benefits of,
or a shift in the general compensation or benefits schemes affecting, a broad group of employees of
the Company or any of its Subsidiaries, or (c) in the case of base salary, a reduction which is
imposed in accordance with normal administration and application of a producer compensation plan,
if applicable to Optionee, (ii) a material adverse reduction in Optionee’s principal duties and
responsibilities, which continues beyond ten days after written notice by Optionee to the Company
or the applicable Subsidiary of such reduction or (iii) a significant transfer of Optionee away
from Optionee’s primary service area or primary workplace, other than as permitted by Optionee’s
existing service contracts; provided, however, that Optionee shall have a period of ten days
following any of the foregoing occurrences or the last event in a series of events which culminate
in providing the basis for such notice during which such Optionee may claim that a basis for a Good
Reason termination by Optionee has occurred.

Section 1.9 — Grant Date

     “Grant Date” shall be                                         .

Section 1.10 — Option

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

Section 1.11 — Exercise Price

     “Exercise Price” shall mean the exercise price of the Option set forth in Schedule A to this
Agreement.

Section 1.12 — Permanent Disability

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

Section 1.13 — Plan

     “Plan” shall mean the Willis Group Holdings 2001 Share Purchase and Option Plan, as amended
from time to time.

Section 1.14 — Pronouns

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

Section 1.15 — Secretary

     “Secretary” shall mean the Secretary of the Company.

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Section 1.16 — Shares or Ordinary Shares

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

Section 1.17 — Subsidiary

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

ARTICLE II

GRANT OF OPTIONS

Section 2.1 — Grant of Options

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

     Optionee acknowledges and agrees that the Company may provide grants of an Option and/or
Shares pursuant to this Plan in lieu of any grants the Company is obligated to make under any
pre-existing plans, agreements or letters and that such grants when made pursuant to this Plan
shall fully discharge the Company’s obligations to make any such grant under any pre-existing plan,
agreement or letter.

Section 2.2 — Exercise Price

     Subject to Section 2.4, the exercise price of each Share subject to the Option shall be as
stated in Schedule A to this Agreement.

Section 2.3 — Employment Rights

     Subject to the terms of the Agreement of Restrictive Covenants and Other Obligations where
applicable, the rights and obligations of Optionee under the terms of his office or employment with
the Company or any Subsidiary shall not be affected by his participation in this Plan or any right
which he may have to participate in it. The Option and the Optionee’s participation in the Plan
will not be interpreted to form an employment agreement with the Company. Optionee hereby waives
any and all rights to compensation or damages in consequence of the termination of his office or
employment for any reason whatsoever insofar as

4

 

those rights arise or may arise from his ceasing to have rights under or be entitled to vest
in or exercise any Option as a result of such termination. If, notwithstanding the foregoing, any
such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the
Optionee shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute
any and all documents necessary to request dismissal or withdrawal of such claims.

Section 2.4 — Adjustments in Options Pursuant to Merger, Consolidation, etc.

     Subject to Section 8 of the Plan, in the event that the outstanding Shares subject to an
Option are, from time to time, changed into or exchanged for a different number or kind of Shares
or other securities, by reason of a share split, spin-off, share dividend, share combination or
reclassification, recapitalization or merger, Change of Control (as defined in the Plan), or
similar event, the Committee, in its absolute discretion shall make an appropriate and equitable
adjustment in the number and kind of Shares and/or the amount of consideration as to which or for
which, as the case may be, as is permitted under the Plan. For the avoidance of doubt, a
transaction shall not constitute a Change of Control or other consolidating event described in
Section 9 of the Plan (i) if effected for the purpose of changing the place of incorporation or
form of organization of the ultimate parent entity of the Willis group of companies (including
where the Company is succeeded by an issuer incorporated under the laws of another state, country
or foreign government for such purpose and whether or not the Company remains in existence
following such transaction) and (ii) where all or substantially all of the Person(s) who are the
beneficial owners of the outstanding voting securities of the Company immediately prior to such
transaction will beneficially own, directly or indirectly, all or substantially all of the combined
voting power of the outstanding voting securities entitled to vote generally in the election of
directors of the ultimate parent entity resulting from such transaction in substantially the same
proportions as their ownership, immediately prior to such transaction, of such outstanding
securities of the Company. The Board, in its sole discretion, may make an appropriate and
equitable adjustment to the Shares underlying the Option to take into account such transaction,
including to substitute or provide for the issuance of shares of the resulting ultimate parent
entity in lieu of Shares of the Company.

ARTICLE III

PERIOD OF EXERCISABILITY

Section 3.1 — Commencement of Earning

     (a) Subject to 3.1(b), the Shares subject to Option shall become Earned Performance Shares
subject to the Optionee being in the employment of the Company or any Subsidiary at each respective
date and provided the performance conditions applicable are achieved.

     (b) Shares subject to the Option shall become Earned Performance Shares with effect from the
Earned Date for the year ending                      if (i) in respect of the year ending                     , the
Company achieves an Adjusted Earnings Per Share of not less than                      and an Adjusted
Operating Margin of not less than                     , and (ii) in respect of year ending                     ,
the Company achieves an Adjusted Earnings Per Share of not less than                      and an Adjusted
Operating Margin of not less than                     .

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

     (d) All Shares subject to the Option shall be forfeited if and immediately upon the Company
failing to meet any of the performance conditions set out in 3.1(b) above.

Section 3.2
— Commencement of Vesting and Exercisability

     (a) The Earned Performance Shares shall vest and become exercisable as follows:

	 	 	 	 	 
	 	 	Percentage of Earned
	Vesting Date	 	Performance Shares
	 
	

	 	 		
	 
	 	 	 	 
	

	 	 	       	
	 
	 	 	 	 
	

	 	 	       	
	 
	 	 	 	 
	

	 	 	       	

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

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

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

6

 

     (e) In the event of a termination of Optionee’s employment for any reason other than set out
in (b) and (d) above and subject to Section 3.3, all Options will lapse with effect from the date
of termination.

Section 3.3 — Expiration of Options

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

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

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

     (ii) The first anniversary of the date of Optionee’s termination of employment by
reason of death or Permanent Disability; or

     (iii) Ninety days after the date of any termination of Optionee’s employment by the
Company or its Subsidiary for Cause or by Optionee without Good Reason; or

     (iv) Ninety days after the date of termination of Optionee’s employment other than as
set forth in Section 3.2(b) or (d), above or where the Board has exercised its discretion in
accordance with Section 3.2(c), the period shall be six calendar months after the date of
termination;

     (v) If the Committee so determines pursuant to Section 9 of the Plan, the effective
date of a Change of Control, merger, amalgamation pursuant to Irish law, or other
consolidation of the Company or group of companies collectively known as Willis Group, or
other similar event, as provided in the Plan, so long as Optionee has a reasonable
opportunity to exercise his Options prior to such effective date.

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

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

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

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

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

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ARTICLE IV

EXERCISE OF OPTION

Section 4.1 — Person Eligible to Exercise

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

Section 4.2 — Partial Exercise

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

Section 4.3 — Manner of Exercise

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

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

     (b) Full payment (in cash, by cheque, electronic transfer, by way of a cashless exercise as
approved by the Company, by way of surrender of Shares to the Company or by a combination thereof)
of the Exercise Price for the Shares with respect to which such Option or portion thereof is
exercised;

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

     (d) In a case where any Employer is obliged to (or would suffer a disadvantage if it were not
to) account for any Tax for which Optionee is liable by virtue of the Optionee’s participation in
the Plan and/or any social security contributions recoverable from and legally applicable to the
Optionee (the “Tax-Related Items”), the Optionee has either:

     (i) made full payment to the Employer of an amount equal to the Tax-Related Items, or

     (ii) entered into arrangements acceptable to the Employer or another Subsidiary to
secure that such a payment is made (whether by withholding from the Optionee’s

8

 

wages or other cash compensation paid to the Optionee or from the proceeds of the sale
of Shares acquired at exercise of the Option either through a voluntary sale or through a
mandatory sale arranged by the Company (on the Optionee’s behalf pursuant to this
authorization));

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

     Without limiting the generality of the foregoing, the Board may in the case of U.S. resident
Optionees of the Company or any Subsidiary require an opinion of counsel reasonably acceptable to
it to the effect that any subsequent transfer of Shares acquired on exercise of an Option does not
violate the U.S. Securities Exchange Act of 1934, as amended, and may issue stop-transfer orders in
the U.S. covering such Shares.

Section 4.4 — Conditions to Issuance of Shares

     The Shares deliverable upon the exercise of an Option, or any portion thereof, may be either
previously authorized but unissued Shares or issued Shares held by any other person. Such Shares
shall be fully paid. The Company shall not be required to issue or deliver any Shares granted upon
the exercise of an Option or portion thereof prior to fulfillment of all of the following
conditions:

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

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

Section 4.5 — Rights as Shareholder

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

ARTICLE V

ADDITIONAL TERMS AND CONDITIONS OF OPTION

Section 5.1 — Nature of Grant

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

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

9

 

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

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

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

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

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

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

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

Section 5.2 -No Advice Regarding Grant

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

ARTICLE VI

DATA PRIVACY NOTICE AND CONSENT

Section 6 — Data Privacy

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

     (b) The Optionee understands that the Company and the Employer may hold certain personal
information about the Optionee, including, but not limited to, the Optionee’s name, home address,
telephone number, date of birth, social insurance number or other identification number, salary,
nationality, job title, any Shares or directorships held in the

10

 

Company, details of all Options or any other entitlement to Shares awarded, canceled,
exercised, vested, unvested or outstanding in the Optionee’s favor, for the exclusive purpose of
implementing, administering and managing the Plan (“Data”).

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

ARTICLE VII

AGREEMENT OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

Section 7 — Restrictive Covenants and Other Obligations

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

ARTICLE VIII

MISCELLANEOUS

Section 8.1 — Administration

     The Board shall have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules. All actions taken and all interpretations and

11

 

determinations made by the Board shall be final and binding upon Optionee, the Company and all
other interested persons. No member of the Board shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or the Options. In its
absolute discretion, the Board may at any time and from time to time exercise any and all rights
and duties of the Board under the Plan and this Agreement.

Section 8.2 — Options Not Transferable

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

Section 8.3 — Binding Effect

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

Section 8.4 — Notices

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

Willis Group Holdings Public Limited Company

c/o Willis North America Inc.

One World Financial Center

200 Liberty Street

New York, NY 10281

Attention: Company Secretary

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

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

12

 

Section 8.5
— Titles

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

Section 8.6
— Applicability of Plan

      The Options shall be subject to all of the terms and provisions of the Plan, to the extent
applicable to the Options. In the event of any conflict between this Agreement and the Plan, the
terms of the Plan shall control.

Section 8.7
— Amendment

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

Section 8.8 — Governing Law

     This Agreement shall be governed by, and construed in accordance with the laws of Ireland;
provided, however, that the Agreement of Restrictive Covenants and Other Obligations, if
applicable, shall be governed by and construed in accordance with the laws specified in that
agreement.

Section 8.9 — Jurisdiction

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

Section 8.10 — Electronic Delivery

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

Section 8.11 — Language

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

13

 

Section 8.12 — Severability

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

Section 8.13 — Schedule B

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

Section 8.14 — Imposition of Other Requirements

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

Section 8.15 — Counterparts

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

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

	 	 	 	 	 
	 	WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

14

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