Document:

Exhibit 10.50

 

8 Devonshire Square

London EC2M 4PL

tel: 020 7623 5500

fax: 020 7621 1511

 

30 January 2008

 

Strictly Private & Confidential 

Addressee Only

 

S P McGill Esq

Green
End Park

Dane End 

Ware

Hertfordshire 

SG12
0NU

 

Dear Steve

 

Re: Pension Arrangements

 

I
am writing to summarise the pension arrangements in place for you. In our
letter dated 22 April 2005, the Company had agreed to pay contributions on
your behalf to the Aon UK Pension Scheme or to a personal pension plan (PPP) of
your choice. The Company contribution payable was a flat amount of £125,000 per
annum. You are not required to contribute. Alternatively, you had the option of
taking all of Aon’s contributions as a non-pensionable cash supplement net of
basic rate tax and employee and employer National Insurance Contributions.

 

Due
to the limits on what could be paid (in accordance with UK pensions legislation
at that time) to either the Aon UK Pension Scheme or to a PPP up to 5 April 2006,
£26,400 was paid to an AXA PPP (based on
the advice given to you by Will Aitken of Aon Consulting) in the
2005/2006 tax year. Contributions exceeding this amount were held by Aon to be
paid after 5 April 2006, (as new Pensions legislation came into force in
the UK from 6 April 2006), subject to the Annual Allowance (£215,000 for
the 2006/2007 tax year).

 

The
US rules on pension contributions are less favourable than the UK and
limits are imposed that mean that pension contributions can become taxable in
the US if over certain limits. Our
understanding is that you were assigned to the US on 1st July 2006
and that your assignment will end on 30th June 2009. £23,605
was paid to your AXA PPP in the 2006/2007 tax year. Contributions
exceeding this amount were held by Aon to be paid after your assignment ends on
your return to the UK.

 

Aon Limited

Registered Office: 8 Devonshire Square, London EC2M 4PL

Registered in London No. 210725 · VAT Registration No. 480 8401 48

Aon Limited is authorised and regulated by the Financial Services
Authority in respect of insurance mediation activities only

 

 

In our letter dated 21 September 2006, the Company set out the
pension contribution payment schedule that would apply for the period 1 January 2007
to 6 April 2012. With effect from the 20 September 2007, it is
necessary to vary the payment schedule to reflect the change in Company
contribution to 25% of your salary. Using your current £550,000 salary from 20 September 2007
and updating the US IRS limit, the following revised schedule applies.

 

Aon will contribute to your UK pension according
to the following schedule over the following six-year period:

 

	
  1 January 2007

  	
  US
  $ 46,500    versus £125,000 x 262/365 +
  £550,000

  
	
   

  	
   

  
	
   

  	
  x 25% x 103/365

  
	
   

  	
   

  
	
  1 January 2008 

  	
  US
  $ 46,500    versus 25% salary

  
	
   

  	
   

  
	
  1 January 2009

  	
  US
  $ 46,500    versus 25% salary

  
	
   

  	
   

  
	
  1 January 2010 

  	
  GB
  £ 245,000 versus 25% salary and back payments

  
	
   

  	
   

  
	
  6 April 2010

  	
  GB
  £ 255,000 versus 25% salary and back payments

  
	
   

  	
   

  
	
  6 April 2011

  	
  GB
  £ 255,000 versus 25% salary and back payments

  
	
   

  	
   

  
	
  6 April 2012

  	
  GB £ equal to such balancing amount as is necessary to
  equal the difference
  between what has been due and what has been paid subject to the Annual
  Allowance.

  

 

From January 2013 your regular contribution
of 25% of salary per annum will be paid monthly. The payments from 2010 to 2012 are subject to HMRC
contribution limits (the Annual Allowance) at the time. If any amount remains
outstanding over the previous seven-year period this will be paid on 6 April 2013
and on future 6 Aprils as necessary.

 

Should the US limits increase
above the current $46,500 level, we will consider increasing the amount paid in 2008 and 2009.

 

 

In addition, if your assignment to the US IRS limits is extended beyond
the three-year period or different Annual Allowances are announced for the tax
years from 2011/2012 onwards, Aon will agree with you a revised payment
schedule if required. Furthermore, a review will be undertaken in 2010 in order
that your benefits (including any retained benefits) can be checked against the
Lifetime Allowance (which will be £1,800,000 in the 2010/2011 tax year) - a
revised payment schedule may also then be
required or it may be appropriate to cease contributions.

 

We believe that you are in possession of an O1 visa in the US. Should
your immigration status change in the US and you obtain a Green Card, please
let me know.

 

In order to confirm your acceptance to this
agreement please sign the enclosed copy of this letter and then return it to me.

 

	
  Yours sincerely

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Lynne Stannard

  	
   

  
	
  Lynne Stannard

  	
   

  
	
   

  	
   

  
	
  HR Director, Aon Limited

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signed:

  	
  /s/ (S P McGill)

  	
   

  
	
   

  	
  (S P McGill)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date: 4th Feb 2008Exhibit 10.51

 

24th July 2006

 

	
  Private and Confidential

  	
   

  	
  Human
  Resources

  
	
  Addressee Only

  	
   

  	
   

  
	
   

  	
   

  	
  8  Devonshire Square

  
	
   

  	
   

  	
  London EC2M 4PL

  
	
   

  	
   

  	
  tel: 020 7623
  5500

  
	
  Steve McGill

  	
   

  	
  direct fax: 020  7216 3227

  
	
  Green End Park

  	
   

  	
   

  
	
  Dane End

  	
   

  	
   

  
	
  Ware

  	
   

  	
   

  
	
  Hertfordshire

  	
   

  	
   

  
	
  SC12 0NU

  	
   

  	
   

  

 

Dear Steve

 

Following your discussion with Jeremy Farmer and myself, I am pleased to confirm
the terrns of your overseas assignment as outlined below.

 

1)                       Introduction

 

(a)          During your expatriate assignment to Aon, in Chicago,
USA, your job title will be CEO, ARSA and you will report to Greg Case. This
assignment is expected to last for
three years and will commence on 1st July 2006.

 

(b)         This assignment is subject to your holding any necessary visa, work permit and
admission to the USA and, whilst in
the USA, observing all conditions to maintain your employment status. It is also subject to your
acceptance of the terms and conditions outlined in this letter.

 

(c)          The terms and conditions outlined in this letter will only be in effect for
the period of this  assignment. During this period you will remain an employee
of Aon Ltd. in the UK (hereafter referred to as “the Company”) and will be
expected to conform with the general requirements of the Company Employee
Handbook, Standards & Procedures Manual and any local rules and
procedures and relevant legislation.

 

(d)         Your compensation and benefits package is designed to provide you with a
level of income and benefits which do not disadvantage you in comparison to
those you would have received in the UK.

 

(e)          The Company reserves the right to terminate the
assignment at any time, whereon you would be required to return to the Company
in the UK.

 

(f)            To the extent that anything in this letter conflicts
with your current employment contract or the Company Employee Handbook this letter, once countersigned by
you, will be a variation to your employment contract.

 

Aon Limited

 

Registered Office: 8 Devonshire Square,
London EC2M 4RL

Registered in London No. 210725 · VAT Registration No. 480 8401 48

Aon Limited is authorised
and regulated by the Financial Services Authority in respect of insurance mediation
activities only

 

 

 

 

2)                        Salary

 

You will receive a gross base salary of GBP£550,000 and your salary will be reviewed
annually in April. Upon completion of your assignment, the ending salary
(excluding bonus and allowances) that you will be receiving during your assignment,
will become your salary in the UK. Should your assignment become permanent,
your salary will be reassessed to exclude any housing allowance or any other
allowances and the total remuneration package will be in line with local market
remuneration.

 

3)                        Incentive Scheme

 

You will continue to be entitled to participate in the
Company’s Discretionary Incentive Schemes (bonus, stock and long-term
incentives) as defined in your contract of employment dated 22nd April 2005.

 

4)                        Provision of Car/Grade Allowance

 

You will be paid a non-pensionable car allowance of GBP£30,000 gross p.a.

 

5)                       Income Taxes

 

In keeping with the spirit of 1(d) above, the
Company’s tax equalisation policy is designed to equalise your employment tax
liability so that the employment-related tax you will pay will be no more and
no less than that you would have incurred if you had remained in the UK and not taken up the assignment.
Details of the treatment of your income
tax are outlined in Schedule A
attached.

 

You remain responsible for any tax liability on
non-Aon earnings.

 

The Company’s Expatriate Accountants will be
responsible for preparing your US tax returns in respect of your employment.
They will contact you directly regarding this matter on our instructions. The
company’s Expatriate Accountants will also be responsible for calculating your
hypothetical tax calculations.
We understand you wish your private accountant to continue preparing your UK tax returns.

 

6)                       National Insurance

 

You will be required to contribute to the UK National
Insurance Scheme for the duration of your assignment. Should your assignment be
extended, this arrangement will be reviewed in line with prevailing HMRC rules.

 

7)                       Pension Arrangements

 

Details of your UK pension arrangement will be
provided on a separate letter. Should the terms of your assignment be modified,
your pension arrangement will be reviewed in line with prevailing legislation.
This will be discussed with you at the relevant time.

 

2

 

As you will remain in the UK benefits scheme, you will
not be eligible for the US benefits such as Aon Pension Plan, the Aon
Savings Plan or any non-qualified benefit plan.

 

8)                       Expatriate Allowances

 

The Company’s expatriate policy provides allowances
and adjustments to ensure that you do not suffer financial loss due to
differences in costs and standards of living between the UK and the USA. These include the
following allowances and are non-pensionable:

 

(a)           Accommodation Allowance

You will receive
an accommodation allowance of GBP£8,675 gross per month or GBP£104,l00 gross
per year to assist you with the incremental cost of living in the USA. Please
note that this allowance also contains an element of annual travel allowance
for your spouse. Please note that from 1st September 2006  this
allowance will be paid to your nominated US bank account.

The payment of your UK  housing expenses will remain your
responsibility.

 

(b)           Shipment of Personal Effects

The Company will
assume all reasonable expenses incurred in shipping your personal effects to
the USA and for insuring them during the journey, using an authorised shipping
firm. Please note that exceptions apply. Two quotes will be required prior to approval by Human Resources.

The Company will also
pay for any import duties and other expenses necessary for the actual delivery
of these goods.

You agree to repay
one hundred percent of the total relocation and any other assignment-related
expenses incurred by the Company if you voluntarily terminate your employment
within 12 months after the date of termination of this assignment. You agree
that the Company may offset any such amounts against any amount the Company
owes you on or after termination of your employment.

 

9)                       Healthcare

 

Cover for yourself and your family will be provided
under Aon Inc health benefits scheme. Details will be provided to you by the
Chicago office.

 

3

 

10)                Hours of Work and Holidays

 

Your days and hours of work will follow the practice
in the USA. Your annual holiday entitlement will be as per your contract of
employment.

 

You will observe local holidays established in the USA
which replace holidays observed in the UK.

 

11)                Payment of Salary,
Allowances and Expenses

 

Payment of your salary, allowances and expenses (are outlined in Schedule A and
will be paid via the UK payroll except for your private medical health cover
which will be arranged by the US
office).

 

12)                Extension of Assignment

 

This assignment may be extended by mutual
agreement.

 

13)                Notice Period

 

You will be expected to give and receive notice as per
your the UK contract of employment
in relation to the termination of your employment.

 

14)                Termination of
Employment

 

If your employment is terminated whilst abroad as a
result of the Company’s decision,
the Company will pay reasonable moving and transportation expenses for you, your
spouse and your household goods and furniture to the UK. Notice provisions will be in accordance with this letter and
your employment contract.

 

If you terminate your employment, you will bear all costs incurred after the
date of your resignation.

 

15)                Completion of Assignment

 

On completion of your assignment the Company will endeavour
to repatriate you into a position in accordance with your capabilities,
interest and career potential.

 

4

 

16)    Choice of Law/Choice of Jurisdiction

 

This letter and your employment contract shall be
governed by the laws of England
and Wales and both you and the Company submit to the exclusive jurisdiction of
England and Wales

 

 

Yours sincerely

 

 

	
  /s/ Stuart Fox

  	
   

  

Stuart Fox

Managing Director, Human Resources

 

 

I have read, understood and agree to the above and
attached terms of my assignment.

 

 

	
  Signed:

  	
   

  	
   (Steve
  McGill)

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

5

 

SCHEDULE
A

 

Income Taxes

 

a)              The Company will estimate what your income taxes would be in the UK  and reduce your salary by this
amount. This is known as your
hypothetical tax deduction.

 

b)             In return the
Company will pay your income taxes as
they are due in the USA (and the UK if necessary).

 

c)              This commitment is given on the understanding
that you will co-operate with the Company in minimising both your US and
your UK  tax liabilities.

 

d)             Tax equalisation covers your income earned
from the Company, but any tax liability arising from personal income (such as
investment income or income arising from the letting of your UK property will
be your own responsibility.

 

e)              After all income and deductions are known and your
income tax returns are completed, a “theoretical” tax will be calculated. This represents the tax  liability you would have incurred
had you not been on assignment, based on your actual earnings  for
the year.

 

f)                A tax
reconciliation will compare the theoretical tax to the hypothetical tax.

 

g)             If the hypothetical tax was higher, you will receive the difference. If the theoretical tax is higher you will reimburse the Company for the difference.

 

6

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