Document:

Exhibit
10.30

INDEMNITY
AGREEMENT

THIS INDEMNITY AGREEMENT (this
“Agreement”) dated as of __________ ___,
200__, is made by and between Rigel Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and _______________  (“Indemnitee”).

RECITALS

A.            The Company desires to attract and retain the services of
highly qualified individuals as directors, officers, employees and agents.

B.            The Company’s bylaws (the “Bylaws”)
require that the Company indemnify its directors, and empowers the Company to
indemnify its  officers, employees and agents,
as authorized by the Delaware General Corporation Law, as amended (the “Code”), under which the Company is organized and such Bylaws
expressly provide that the indemnification provided therein is not exclusive
and contemplates that the Company may enter into separate agreements with its
directors, officers and other persons to set forth specific indemnification
provisions.

C.            Indemnitee does not regard the protection currently
provided by applicable law, the Company’s governing documents and available
insurance as adequate under the present circumstances, and the Company has
determined that Indemnitee and other directors, officers, employees and agents
of the Company may not be willing to serve or continue to serve in such
capacities without additional protection.

D.            The Company desires and has requested Indemnitee to serve
or continue to serve as a director, officer, employee or agent of the Company,
as the case may be, and has proferred this Agreement to Indemnitee as an
additional inducement to serve in such capacity.

E.             Indemnitee is willing to serve, or to continue to serve,
as a director, officer, employee or agent of the Company, as the case may be,
if Indemnitee is furnished the indemnity provided for herein by the Company.

AGREEMENT

NOW THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, the
parties hereto, intending to be legally bound, hereby agree as follows:

1.             Definitions.

(a)           Agent.  For purposes of this Agreement, the term “agent”
of the Company means any person who: 
(i) is or was a director, officer,
employee or other fiduciary of the Company or a subsidiary of the Company; or
(ii) is or was serving at the request or for the convenience of, or
representing the interests of, the Company or a subsidiary of the Company, as a
director, officer, employee or other fiduciary of a foreign or domestic
corporation, partnership, joint venture, trust or other enterprise.

(b)           Expenses.  For purposes of this Agreement, the term “expenses”
shall be broadly construed and shall include, without limitation, all direct
and indirect costs of any type or nature whatsoever (including, without
limitation, all attorneys’, witness, or other professional fees and related
disbursements, and other out-of-pocket costs of whatever nature), actually and
reasonably incurred by Indemnitee in connection with the investigation, defense
or appeal of a proceeding or establishing or enforcing a right to
indemnification under this Agreement, the Code or otherwise, and amounts paid
in settlement by or on behalf of Indemnitee, but shall not include any
judgments, fines or penalties actually levied against Indemnitee for such
individual’s violations of law.  The term
“expenses” shall also include reasonable compensation for time spent by
Indemnitee for which he is not compensated by the Company or any subsidiary or
third party (i) for any period during which Indemnitee is not an 

agent, in the employment of, or providing services for
compensation to, the Company or any subsidiary; and (ii) if the rate of
compensation and estimated time involved is approved by the directors of the
Company who are not parties to any action with respect to which expenses are
incurred, for Indemnitee while an agent of, employed by, or providing services
for compensation to, the Company or any subsidiary.

(c)           Proceedings.  For purposes of this Agreement, the term “proceeding”
shall be broadly construed and shall include, without limitation, any
threatened, pending, or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any
other actual, threatened or completed proceeding, whether brought in the right
of the Company or otherwise and whether of a civil, criminal, administrative or
investigative nature, and whether formal or informal in any case, in which
Indemnitee was, is or will be involved as a party or otherwise by reason
of:  (i) the fact that Indemnitee is or
was a director or officer of the Company; (ii) the fact that any action taken
by Indemnitee or of any action on Indemnitee’s part while acting as director,
officer, employee or agent of the Company; or (iii) the fact that Indemnitee is
or was serving at the request of the Company as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise, and in any such case described above, whether
or not serving in any such capacity at the time any liability or expense is
incurred for which indemnification, reimbursement, or advancement of expenses
may be provided under this Agreement.

(d)           Subsidiary.  For purposes of this Agreement, the term “subsidiary”
means any corporation or limited liability company of which more than 50% of
the outstanding voting securities or equity interests are owned, directly or
indirectly, by the Company and one or more of its subsidiaries, and any other
corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise of which Indemnitee is or was serving
at the request of the Company as a director, officer, employee, agent or
fiduciary.

(e)           Independent Counsel.  For purposes of this Agreement, the term “independent
counsel” means a law firm, or a partner (or, if applicable, member) of such a
law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five (5)  years has
been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party, or (ii) any other party to the proceeding giving
rise to a claim for indemnification hereunder. 
Notwithstanding the foregoing, the term “independent counsel” shall not
include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this
Agreement.

2.             Agreement to Serve.  Indemnitee will serve, or continue to serve,
as a director, officer, employee or agent of the Company or any subsidiary, as
the case may be, faithfully and to the best of his or her ability, at the will
of such corporation (or under separate agreement, if such agreement exists), in
the capacity Indemnitee currently serves as an agent of such corporation, so
long as Indemnitee is duly appointed or elected and qualified in accordance
with the applicable provisions of the bylaws or other applicable charter
documents of such corporation, or until such time as Indemnitee tenders his or
her resignation in writing; provided, however, that nothing contained in this
Agreement is intended as an employment agreement between Indemnitee and the
Company or any of its subsidiaries or to create any right to continued
employment of Indemnitee with the Company or any of its subsidiaries in any
capacity.

The Company acknowledges that it has entered into this
Agreement and assumes the obligations imposed on it hereby, in addition to and
separate from its obligations to Indemnitee under the Bylaws, to induce
Indemnitee to serve, or continue to serve, as a director,  officer,
employee or agent of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director, officer, employee or
agent of the Company.

3.             Indemnification.

(a)           Indemnification in Third Party
Proceedings.  Subject
to Section 10 below, the Company shall indemnify Indemnitee to the fullest
extent permitted by the Code, as the same may be amended from time to time
(but, only to the extent that such amendment permits Indemnitee to broader
indemnification rights than 

 2
 

the Code permitted prior to adoption of such
amendment), if Indemnitee is a party to or threatened to be made a party to or
otherwise involved in any proceeding, for any and all expenses, actually and
reasonably incurred by Indemnitee in connection with the investigation,
defense, settlement or appeal of such proceeding.

(b)           Indemnification in Derivative Actions
and Direct Actions by the Company.  Subject to Section 10 below, the Company shall
indemnify Indemnitee to the fullest extent permitted by the Code, as the same
may be amended from time to time (but, only to the extent that such amendment
permits Indemnitee to broader indemnification rights than the Code permitted
prior to adoption of such amendment), if Indemnitee is a party to or threatened
to be made a party to or otherwise involved in any proceeding by or in the
right of the Company to procure a judgment in its favor, against any and all
expenses actually and reasonably incurred by Indemnitee in connection with the
investigation, defense, settlement, or appeal of such proceedings.

4.             Indemnification of Expenses of
Successful Party. 
Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee has been successful on the merits or otherwise in defense of
any proceeding or in defense of any claim, issue or matter therein, including
the dismissal of any action without prejudice, the Company shall indemnify
Indemnitee against all expenses actually and reasonably incurred in connection
with the investigation, defense or appeal of such proceeding.

5.             Partial Indemnification.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
any expenses actually and reasonably incurred by Indemnitee in the
investigation, defense, settlement or appeal of a proceeding, but is precluded
by applicable law or the specific terms of this Agreement to indemnification
for the total amount thereof, the Company shall nevertheless indemnify
Indemnitee for the portion thereof to which Indemnitee is entitled.

6.             Advancement of Expenses.  To the extent not prohibited by law, the
Company shall advance  the expenses
incurred by Indemnitee in connection with any proceeding, and such advancement
shall be made within twenty (20) days after the receipt by the Company of a
statement or statements requesting such advances (which shall include invoices
received by Indemnitee in connection with such expenses but, in the case of
invoices in connection with legal services, any references to legal work
performed or to expenditures made that would cause Indemnitee to waive any
privilege accorded by applicable law shall not be included with the invoice)
and upon request of the Company, an undertaking to repay the advancement of
expenses if and to the extent that it is ultimately determined by a court of
competent jurisdiction in a final judgment, not subject to appeal, that
Indemnitee is not entitled to be indemnified by the Company.  Advances shall be unsecured, interest free
and without regard to Indemnitee’s ability to repay the expenses. Advances
shall include any and all expenses actually and reasonably incurred by
Indemnitee pursuing an action to enforce Indemnitee’s right to indemnification
under this Agreement, or otherwise and this right of advancement, including
expenses incurred preparing and forwarding statements to the Company to support
the advances claimed.  Indemnitee
acknowledges that the execution and delivery of this Agreement shall constitute
an undertaking providing that Indemnitee shall, to the fullest extent required
by law, repay the advance if and to the extent that it is ultimately determined
by a court of competent jurisdiction in a final judgment, not subject to
appeal, that Indemnitee is not entitled to be indemnified by the Company.  The right to advances under this Section
shall continue until final disposition of any proceeding, including any appeal
therein.  This Section 6 shall not apply
to any claim made by Indemnitee for which indemnity is excluded pursuant to
Section 10(b).

7.             Notice
and Other Indemnification Procedures.

(a)           Notification of Proceeding.  Indemnitee will notify the Company in writing
promptly upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any proceeding or matter
which may be subject to indemnification or advancement of expenses covered
hereunder.  The failure of Indemnitee to
so notify the Company shall not relieve the Company of any obligation which it
may have to Indemnitee under this Agreement or otherwise.

(b)           Request for Indemnification and
Indemnification Payments. 
Indemnitee shall notify the Company promptly in writing upon receiving
notice of nay demand, judgment or other requirement for payment 

 3
 

that Indemnitee reasonably believes to the subject to
indemnification under the terms of this Agreement, and shall request payment
thereof by the Company.  Indemnification
payments requested by Indemnitee under Section 3 hereof shall be made by
the Company no later than sixty (60) days after receipt of the written request
of Indemnitee.  Claims for advancement of
expenses shall be made under the provisions of Section 6 herein.

(c)           Application for Enforcement.  In the event the Company fails to make timely
payments as set forth in Sections 6 or 7(b) above, Indemnitee shall have the
right to apply to any court of competent jurisdiction for the purpose of
enforcing Indemnitee’s right to indemnification or advancement of expenses pursuant
to this Agreement.  In such an
enforcement hearing or proceeding, the burden of proof shall be on the Company
to prove by that indemnification or advancement of expenses to Indemnitee is
not required under this Agreement or permitted by applicable law.  Any determination by the Company (including
its Board of Directors, stockholders or independent counsel) that Indemnitee is
not entitled to indemnification hereunder, shall not be a defense by the
Company to the action nor create any presumption that Indemnitee is not
entitled to indemnification or advancement of expenses hereunder.

(d)           Indemnification of Certain Expenses.  The Company shall indemnify Indemnitee
against all expenses incurred in connection with any hearing or proceeding
under this Section 7 unless the Company prevails in such hearing or
proceeding on the merits in all material respects.

8.             Assumption of Defense.  In the event the Company shall be requested
by Indemnitee to pay the expenses of any proceeding, the Company, if
appropriate, shall be entitled to assume the defense of such proceeding, or to
participate to the extent permissible in such proceeding, with counsel
reasonably acceptable to Indemnitee. 
Upon assumption of the defense by the Company and the retention of such
counsel by the Company, the Company shall not be liable to Indemnitee under
this Agreement for any fees of counsel subsequently incurred by Indemnitee with
respect to the same proceeding, provided that Indemnitee shall have the right
to employ separate counsel in such proceeding at Indemnitee’s sole cost and
expense.  Notwithstanding the foregoing,
if Indemnitee’s counsel delivers a written notice to the Company stating that
such counsel has reasonably concluded that there may be a conflict of interest
between the Company and Indemnitee in the conduct of any such defense or the
Company shall not, in fact, have employed counsel or otherwise actively pursued
the defense of such proceeding within a reasonable time, then in any such event
the fees and expenses of Indemnitee’s counsel to defend such proceeding shall
be subject to the indemnification and advancement of expenses provisions of
this Agreement.

9.             Insurance. To the
extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents of the
Company or of any subsidiary (“D&O Insurance”), Indemnitee shall be covered
by such policy or policies in accordance with its or their terms to the maximum
extent of the coverage available for any such director, officer, employee or
agent under such policy or policies.  If,
at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has D&O Insurance in effect, the Company shall give prompt
notice of the commencement of such proceeding to the insurers in accordance
with the procedures set forth in the respective policies.  The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee,
all amounts payable as a result of such proceeding in accordance with the terms
of such policies.

10.          Exceptions.

(a)           Certain Matters.  Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee on account of any proceeding with
respect to (i) remuneration paid to Indemnitee if it is determined by
final judgment or other final adjudication that such remuneration was in
violation of law (and, in this respect, both the Company and Indemnitee have been
advised that the Securities and Exchange Commission believes that
indemnification for liabilities arising under the federal securities laws is
against public policy and is, therefore, unenforceable and that claims for
indemnification should be submitted to appropriate courts for adjudication, as
indicated in Section 10(d) below); (ii) a final judgment rendered against
Indemnitee for an accounting, disgorgement or repayment of profits made from
the purchase or sale by Indemnitee of securities of the Company against
Indemnitee [or in connection with a settlement by or on behalf of Indemnitee to
the extent it is acknowledged by Indemnitee and the Company that such amount
paid in settlement resulted from Indemnitee’s conduct from which Indemnitee
received monetary personal 

 4
 

profit,] pursuant to the provisions of
Section 16(b) of the Securities Exchange Act of 1934, as amended, or other
provisions of any federal, state or local statute or rules and regulations
thereunder; (iii) a final judgment or other final adjudication that
Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately
dishonest or constituted willful misconduct (but only to the extent of such
specific determination); or (iv) on account of conduct that is established by a
final judgment as constituting a breach of Indemnitee’s duty of loyalty to the
Company or resulting in any personal profit or advantage to which Indemnitee is
not legally entitled.  For purposes of
the foregoing sentence, a final judgment or other adjudication may be reached
in either the underlying proceeding or action in connection with which
indemnification is sought or a separate proceeding or action to establish
rights and liabilities under this Agreement.

(b)           Claims Initiated by Indemnitee.  Any provision herein to the contrary
notwithstanding, the Company shall not be obligated to indemnify or advance
expenses to Indemnitee with respect to proceedings or claims initiated or
brought by Indemnitee against the Company or its directors, officers, employees
or other agents and not by way of defense, except (i) with respect to
proceedings brought to establish or enforce a right to indemnification under
this Agreement or under any other agreement, provision in the Bylaws or [Certificate/Articles] of Incorporation or applicable law,
or (ii) with respect to any other proceeding initiated by Indemnitee that is
either approved by the Board of Directors or Indemnitee’s participation is
required by applicable law.  However,
indemnification or advancement of expenses may be provided by the Company in
specific cases if the Board of Directors determines it to be appropriate.

(c)           Unauthorized Settlements.  Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee under this Agreement for any amounts
paid in settlement of a proceeding effected without the Company’s written
consent.  Neither the Company nor
Indemnitee shall unreasonably withhold consent to any proposed settlement; provided,
however, that the Company may in any event decline to consent to (or to
otherwise admit or agree to any liability for indemnification hereunder in
respect of) any proposed settlement if the Company is also a party in such
proceeding and determines in good faith that such settlement is not in the best
interests of the Company and its stockholders.

(d)           Securities Act Liabilities.  Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee or otherwise act in violation of any
undertaking appearing in and required by the rules and regulations promulgated
under the Securities Act of 1933, as amended (the “Act”), or in any
registration statement filed with the SEC under the Act.  Indemnitee acknowledges that paragraph
(h) of Item 512 of Regulation S-K currently generally requires the Company
to undertake in connection with any registration statement filed under the Act
to submit the issue of the enforceability of Indemnitee’s rights under this
Agreement in connection with any liability under the Act on public policy
grounds to a court of appropriate jurisdiction and to be governed by any final
adjudication of such issue.  Indemnitee
specifically agrees that any such undertaking shall supersede the provisions of
this Agreement and to be bound by any such undertaking.

11.          Nonexclusivity and Survival of Rights.  The provisions for indemnification and
advancement of expenses set forth in this Agreement shall not be deemed exclusive
of any other rights which Indemnitee may at any time be entitled under any
provision of applicable law, the Company’s Certificate of Incorporation, Bylaws
or other agreements, both as to action in Indemnitee’s official capacity and
Indemnitee’s action as an agent of the Company, in any court in which a
proceeding is brought, and Indemnitee’s rights hereunder shall continue after
Indemnitee has ceased acting as an agent of the Company and shall inure to the
benefit of the heirs, executors, administrators and assigns of Indemnitee.  The obligations and duties of the Company to
Indemnitee under this Agreement shall be binding on the Company and its
successors and assigns until terminated in accordance with its terms.  The Company shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company, expressly
to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession
had taken place.

No amendment, alteration or repeal of this Agreement
or of any provision hereof shall limit or restrict any right of Indemnitee
under this Agreement in respect of any action taken or omitted by such
Indemnitee in his or her corporate status prior to such amendment, alteration
or repeal.  To the extent that a change
in the Code, whether by 

 5
 

statute or judicial decision, permits greater
indemnification or advancement of expenses than would be afforded currently
under the Company’s Certificate of Incorporation, Bylaws and this Agreement, it
is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right
and remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or
remedy hereunder, or otherwise, by Indemnitee shall not prevent the concurrent
assertion or employment of any other right or remedy by Indemnitee.

12.          Term.  This Agreement shall continue until and terminate
upon the later of: (a) five (5) years after the date that Indemnitee shall have
ceased to serve as a director or and/or officer, employee or agent of the
Company; or (b) one (1) year after the final termination of any proceeding,
including any appeal then pending, in respect to which Indemnitee was granted
rights of indemnification or advancement of expenses hereunder.

No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against an
Indemnitee or an Indemnitee’s estate, spouse, heirs, executors or personal or
legal representatives after the expiration of five (5) years from the date of
accrual of such cause of action, and any claim or cause of action of the
Company shall be extinguished and deemed released unless asserted by the timely
filing of a legal action within such five-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to such cause of
action, such shorter period shall govern.

13.          Subrogation.  In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who, at the request and expense of the
Company, shall execute all papers required and shall do everything that may be
reasonably necessary to secure such rights, including the execution of such
documents necessary to enable the Company effectively to bring suit to enforce
such rights.

14.          Interpretation of Agreement.  It is understood that the parties hereto
intend this Agreement to be interpreted and enforced so as to provide
indemnification to Indemnitee to the fullest extent now or hereafter permitted
by law.

15.          Severability.  If any provision of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever,
(a) the validity, legality and enforceability of the remaining provisions
of the Agreement (including without limitation, all portions of any paragraphs
of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall
not in any way be affected or impaired thereby; and (b) to the fullest
extent possible, the provisions of this Agreement (including, without
limitation, all portions of any paragraph of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall be construed so as to give effect to
the intent manifested by the provision held invalid, illegal or unenforceable
and to give effect to Section 14 hereof.

16.          Amendment and Waiver.  No supplement, modification, amendment, or
cancellation of this Agreement shall be binding unless executed in writing by
the parties hereto.  No waiver of any of
the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provision hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver.

17.          Notice.  Except as otherwise provided herein, any notice
or demand which, by the provisions hereof, is required or which may be given to
or served upon the parties hereto shall be in writing and, if by telegram,
telecopy or telex, shall be deemed to have been validly served, given or
delivered when sent, if by overnight delivery, courier or personal delivery,
shall be deemed to have been validly served, given or delivered upon actual
delivery and, if mailed, shall be deemed to have been validly served, given or
delivered three (3) business days after deposit in the United States mail, as
registered or certified mail, with proper postage prepaid and addressed to the
party or parties to be notified at the addresses set forth on the signature
page of this Agreement (or such other address(es) as a party may designate for
itself by like notice).  If to the
Company, notices and demands shall be delivered to the attention of the
Secretary of the Company.

 6
 

18.          Governing Law.  This Agreement shall be governed exclusively
by and construed according to the laws of the State of California, as applied
to contracts between California residents entered into and to be performed
entirely within California.

19.          Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute but one and the same Agreement.  Only one such counterpart need be produced to
evidence the existence of this Agreement.

20.          Headings.  The headings of the sections of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction hereof.

21.          Entire Agreement.  This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements, understandings and negotiations, written and
oral, between the parties with respect to the subject matter of this Agreement;
provided, however, that this Agreement is a supplement to and in furtherance of
the Company’s Certificate of Incorporation, Bylaws, the Code and any other
applicable law, and shall not be deemed a substitute therefor, and does not
diminish or abrogate any rights of Indemnitee thereunder.

 7
 

IN WITNESS WHEREOF,
the parties hereto have entered into this Agreement effective as of the date
first above written.

	
  

  	
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  INDEMNITEE 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature of Indemnitee 

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print or Type Name of Indemnitee

  
					

 

 8Exhibit
10.1

 

FIRST AMENDMENT TO
THE

THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This
First Amendment to the Third Amended and Restated Employment Agreement dated as
of the 25th of May 2004, (the “Agreement”) by and between
Willis Group Holdings Limited, a company established under the laws of Bermuda
(“Willis  Holdings”), Willis North America Inc. (“Willis US”,
collectively with Willis Holdings “Employer”) and Joseph J. Plumeri (“Executive”)
is entered into on the date set forth below (the “First Amendment”).

1.               All terms not
defined herein shall have the meaning set forth in the Agreement.

2.                Section 2(a) shall
be replaced in its entirety to read:

(a)            Term.  This Agreement shall become effective as of
the Commencement Date.  Unless terminated
earlier pursuant to Section 2(b), below, Executive’s employment hereunder shall
remain in effect until the day after the ninth anniversary of the Commencement
Date.  For purposes of this Agreement,
the nine-year employment term (which began on the Commencement Date) shall be
deemed to be the “Term”, and each twelve-month period commencing on the
Commencement Date and on each anniversary thereof occurring during the Term
shall be deemed to be a “Contract Year”.

3.      Section 7(l) shall be added to the
Agreement and shall read as follows:

(l)                Code
Section 409A.

(i)                The
intent of the parties is that payments and benefits under this Agreement comply
with Internal Revenue Code Section 409A and the regulations and guidance
promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to
the maximum extent permitted, this Agreement shall be interpreted to be in
compliance therewith.  If any provision
herein (or any award of compensation, including equity compensation or benefits)
would cause the Executive to incur any additional tax or interest under
Internal Revenue Code Section 409A, the Company shall, after consulting with
the Executive, reform such provision to try to comply with Code Section 409A;
provided that such modification shall, to the maximum extent practicable,
maintain the original intent and economic benefit to the Executive and the
Company of the applicable provision without violating the provisions of Code
Section 409A.

(ii)             Notwithstanding
any provision to the contrary in this Agreement and subject to subsection
(iii), if the Executive is deemed on the Date of Termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B),
then with regard to any payment or the provision of any benefit that is
required to be delayed in compliance with 

 1
 

Section 409A(a)(2)(B)
such payment or benefit shall not be made or provided (subject to the last
sentence hereof) prior to the earlier of (i) the expiration of the six
(6)-month period measured from the date of his “separation from service” (as
such term is defined under Code Section 409A) or (ii) the date of his death
(the “Delay Period”).  Upon the
expiration of the Delay Period, all payments and benefits delayed pursuant to
this section (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
the Executive 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 the Executive that would
not be required to be delayed if the premiums therefore were paid by the
Executive, the Executive shall pay the full cost of premiums for such welfare
benefits during the Delay Period and the Company shall pay the Executive an
amount equal to the amount of such premiums paid by the Executive during the
Delay Period promptly after its conclusion.

4.     All other
terms of the Agreement shall remain in full force and effect.

In Witness
Whereof, the parties hereto have executed this First Amendment as of the 9th
day of March 2007.

WILLIS NORTH
AMERICA INC.

 

	
  By:

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  

 

 

WILLIS GROUP
HOLDINGS LIMITED

 

	
  By:

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  

 

EXECUTIVE

 

	
  

  

Joseph J. Plumeri

 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]