Document:

exv10w2

Exhibit 10.2

WILLIS GROUP HOLDINGS

RESTRICTED SHARE UNITS AWARD AGREEMENT

(Performance-Based Restricted Share Units)

GRANTED UNDER THE HILB ROGAL & HOBBS COMPANY

2007
SHARE INCENTIVE PLAN

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

ON DECEMBER 31, 2009)

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

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

     WHEREAS, the Committee (as hereinafter defined) has determined that it would be to the
advantage and best interest of the Company and its shareholders to grant an award of Restricted
Share Units (as hereinafter defined) provided for herein to the Associate as an incentive for
increased efforts during his term of office with the Company or its Subsidiaries (as hereinafter
defined), and has advised the Company thereof and instructed the undersigned officer to prepare
said Restricted Share Unit Award;

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

ARTICLE I

DEFINITIONS

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

Section 1.1 - Act

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

Section 1.2 - Adjusted Earnings Per Share

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

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Section 1.3 - Adjusted Operating Margin

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

Section 1.4 - Board

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

Section 1.5 - Cause

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

non-compete agreement and/or confidentiality agreement entered into between
the Associate and the Company or any of its Subsidiaries (other than an insubstantial, inadvertent
and non-recurring breach), or (v) any material violation of any written Company policy after
reasonable notice and an opportunity to cure such violation within ten (10) days after the
Associate’s receipt of such notice.

Section 1.6 - Change of Control

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

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Section 1.7 - Committee

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

Section 1.8 - Earned Date

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

Section 1.9 - Earned Performance Shares

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

Section 1.10 - Grant Date

     “Grant Date” shall mean [INSERT DATE].

Section 1.11 - Performance Period

     “Performance Period” shall mean [INSERT PERFORMANCE PERIOD].

Section 1.12 - Performance Objectives

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

Section 1.13 - Permanent Disability

     The Associate shall be deemed to have a “Permanent Disability” if the Associate meets the
requirements of the definition of such term, or of an equivalent term, as defined in the Company’s
or Subsidiary’s long-term disability plan applicable to the Associate or, if no such plan is
applicable, in the event the Associate 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 1.14 - Person

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

Section 1.15 - Plan

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

Section 1.16 - Pronouns

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

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Section 1.17 - Restricted Share Unit

     “Restricted Share Units” shall mean a conditional right to receive ordinary shares, par value
of $0.000115 each, in the Company (the “Ordinary Shares” or “Shares”) pursuant to Article IX of the
Plan and this Agreement upon vesting and settlement, as set forth in Article III of this Agreement.

Section 1.18 - Subsidiary

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

Section 1.19 - Willis Group

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

ARTICLE II

GRANT OF RESTRICTED SHARE UNITS

Section 2.1 - Grant of the Restricted Share Units

     Subject to the terms and conditions of the Plan and the additional terms and conditions set
forth in this Agreement including any 

country-specific provisions set forth in Schedule B to this
Agreement, the Company hereby grants to the Associate the number of Restricted Share Units stated
in the Acceptance Form (hereinafter called “RSUs”). In circumstances where the Associate is
required to enter into the Agreement of Restrictive Covenants and Other Obligations set forth in
Schedule C, the Associate agrees that the grant of RSUs pursuant to this Agreement is sufficient
consideration for the Associate entering into such agreement.

Section 2.2 - RSU Payment

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

Section 2.3 - Employment Rights

     Subject to the terms of the Agreement of Restrictive Covenants and Other Obligations, where
applicable, the rights and obligations of the Associate under the terms of his office or employment
with the Company or any Subsidiary shall not be affected by his participation in this Plan or any
right which he may have to participate in it. The RSUs and the Associate’s participation in the
Plan will not be interpreted to form an employment agreement with the Company or any Subsidiary.
The Associate hereby waives any and all rights to compensation or damages in consequence of the
termination of his office or employment for any reason whatsoever insofar as those rights arise or
may arise from his ceasing to have rights under or be entitled to earn or vest in his RSUs as a
result of such termination. If, notwithstanding the

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foregoing, any such claim is allowed by a court of competent jurisdiction, then, by
participating in the Plan, the Associate shall be deemed irrevocably to have agreed not to pursue
such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal
of such claims.

Section 2.4 - Adjustments Upon a Change in Ordinary Shares

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

Section 2.5 - Employee Costs

     The Associate must make full payment to the Company or any Subsidiary by which the Associate
is employed (the “Employer”) of all income tax, payroll tax, payment on account, and social
insurance contribution amounts (“Tax”), which under federal, state, local or foreign law, it is
required to withhold upon vesting, settlement or other tax event of the RSUs. In a case where the
Employer is obliged to (or would suffer a disadvantage if it were not to) account for any Tax (in
any jurisdiction) for which the Associate is liable by virtue of the Associate’s participation in
the Plan or any social security contributions recoverable from and legally applicable to the
Associate (the “Tax-Related Items”), the Associate shall make full payment to the Employer of an
amount equal to the Tax-Related Items, or otherwise enter into arrangements acceptable to the
Employer or another Subsidiary to secure that such a payment is made (whether by withholding from
the Associate’s wages or other cash compensation paid to the Associate or from the proceeds of the
sale of Shares acquired at vesting and settlement of the RSUs).

     In the event that the Associate has not made payment of an amount equal to the Tax-Related
Items liability, or entered into arrangements to secure that such a payment is made by the date of
vesting or shortly thereafter as agreed by the Company, the Associate hereby authorizes and
empowers the Company to act on his behalf and procure and effect the sale of a sufficient number of
the Shares arising from the vesting or settlement of the RSUs (or other tax event) and pay out of
the sale proceeds the Tax-Related Items liability to the Employer.

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ARTICLE III

PERIOD OF PERFORMANCE-BASED AND TIME-BASED VESTING REQUIREMENTS

Section 3.1 - Earning Performance Shares

     (a) Subject to Sections 3.1(c) and (d), the Shares subject to the RSUs shall become Earned
Performance Shares as of the Earned Date and shall become eligible to vest and become payable in
accordance with the provisions of Section 3.2 if the following Performance Objectives are attained
and subject to the Participant being in the employment of the Company or any Subsidiary at each
respective date:

     (i) A number of Shares equal to 50% of the Shares subject to the RSUs shall become Earned
Performance Shares if in respect to the Performance Period the Company achieves an Adjusted
Earnings Per Share of not less than [INSERT VALUE].

     (ii) A number of Shares equal to 50% of the Shares subject to the RSUs shall become Earned
Performance Shares if in respect of the Performance Period the Company achieves an Adjusted
Operating Margin of not less than [INSERT PERCENTAGE].

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

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

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

Section 3.2 - Vesting/Settlement

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

	 	 	 
	 	 	Percentage of Earned Performance
	Date Earned Performance Shares Become Vested	 	Shares that Become Vested
	First anniversary of Grant Date

[INSERT DATE]

	 	[INSERT]%
	 
	 	 
	Second anniversary of Grant Date

[INSERT DATE]

	 	[INSERT]%
	 
	 	 
	Third anniversary of Grant Date

[INSERT DATE]

	 	[INSERT]%

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

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

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

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

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

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

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

     (iii) the Associate must execute the RSU Award Agreement Acceptance Form
and deliver to the Company within 45 days of the Grant Date.

     (g) The Committee may, in its sole discretion, cancel the RSUs if the Associate fails to
execute and deliver the agreements and documents within the period set forth in Section 3.2(f) or
fails to meet the requirements as set forth in Section 3.1(c).

     (h) Earned Performance Shares that become vested in accordance with this Section 3.2 shall be
delivered within one month following the applicable vesting date.

Section 3.3 - Conditions to Issuance of Shares

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

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

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

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

Section 3.4 - Rights as Shareholder

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

Section 3.5 - Limitation on Obligations

     The Company’s obligation with respect to the RSUs granted hereunder is limited solely to the
delivery to the Associate of Shares within the period when such Shares are due to be delivered
hereunder, and in no way shall the Company become obligated to pay cash in respect of such
obligation. The RSUs shall not be secured by any specific assets of the Company or any of its
Subsidiaries, nor shall any assets of the Company or any of its Subsidiaries be designated as
attributable or allocated to the satisfaction of the Company’s obligations under this Agreement.
In addition, the Company shall not be liable to the Associate for damages relating to any delays in
issuing the share certificates or its electronic equivalent to the Associate (or his designated
entities), any loss of the certificates, or any mistakes or errors in the issuance of the
certificates (or the electronic equivalent) to the Associate (or his designated entities) or in the
certificates themselves.

ARTICLE IV

ADDITIONAL TERMS AND CONDITIONS OF THE RSUs

Section 4.1 - Nature of Award

     In accepting the RSUs, the Associate 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;

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

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

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

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

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

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

Section 4.2 -No Advice Regarding Grant

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

ARTICLE V

DATA PRIVACY NOTICE AND CONSENT

Section 5 - Data Privacy

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

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

     (c) The Associate understands that Data will be transferred to Morgan Stanley SmithBarney or
to any other third party assisting in the implementation, administration and

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

ARTICLE VI

AGREEMENT OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

Section 6 - Restrictive Covenants and Other Obligations

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

ARTICLE VII

MISCELLANEOUS

Section 7.1 - Administration

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

Section 7.2 - RSUs Not Transferable

     Neither the RSUs nor any interest or right therein or part thereof shall be subject to the
debts, contracts or engagements of the Associate or his successors in interest or shall be subject
to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other

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means whether such disposition be voluntary or involuntary or by operation of law by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect; provided,
however, that this Section 7.2 shall not prevent transfers made solely for estate planning
purposes or under a will or by the applicable laws of inheritance.

Section 7.3 - Binding Effect

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

Section 7.4 - Notices

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

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

Attention: General Counsel

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

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

Section 7.5 - Titles

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

Section 7.6 - Applicability of Plan

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

Section 7.7 - Amendment

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

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Section 7.8 - Governing Law

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

Section 7.9 - Jurisdiction

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

Section 7.10 - Electronic Delivery

     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 Associate 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 7.11 - Language

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

Section 7.12 - Severability

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

Section 7.13 - Schedule B

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

Section 7.14 - Imposition of Other Requirements

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

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require the Associate to sign any additional agreements or undertakings that may be necessary
to accomplish the foregoing.

Section 7.15 - Counterparts.

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

Section 7.16 - Code Section 409A.

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

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

	 	 	 	 	 
	 	WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

13

 

	 	 	 	 	 

SCHEDULE A

WILLIS GROUP HOLDINGS

RESTRICTED SHARE UNITS AWARD AGREEMENT- ACCEPTANCE FORM

HILB ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

(AS AMENDED AND RESTATED ON DECEMBER 30, 2009 BY WILLIS GROUP 
HOLDINGS LIMITED AND AS AMENDED AND
RESTATED AND ASSUMED BY 
WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 
ON DECEMBER 31, 2009)

	 	 	 

	Name
	 	 
	 
	 	 
	Number of RSUs Granted
	 	 
	 
	 	 
	Grant Date

	 	[TBD]

I accept the grant of Restricted Stock Units (RSUs) under the Hilb Rogal & Hobbs 2007 Share
Incentive Plan, as amended from time to time and I agree to be bound by the terms and conditions of
the Restricted Share Units Agreement dated [TBD].

	 

	Signature:

	 

	Address:

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

General Counsel

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

U.S.A.

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

14

 

SCHEDULE B

WILLIS GROUP HOLDINGS

COUNTRY-SPECIFIC APPENDIX TO RESTRICTED SHARE UNITS AWARD AGREEMENT

HILB ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

(AS AMENDED AND RESTATED ON DECEMBER 30, 2009 BY WILLIS GROUP 
HOLDINGS LIMITED AND AS AMENDED AND
RESTATED AND ASSUMED BY 
WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 
ON DECEMBER 31, 2009)

Terms and Conditions

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

Notifications

This Schedule B also includes information based on the securities, exchange control and other laws
in effect in the Associate’s country as of July 2010. Such laws are often complex and change
frequently. As a result, the Company strongly recommends that the Associate not rely on the
information noted herein as the only source of information relating to the consequences of the
Associate’s participation in the Plan because the information may be out of date at the time the
RSUs vest under the Plan.

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

If the Associate is a citizen or resident of a country other than the one the Associate is working
in or transfers employment after the Grant Date the information contained in this Schedule B may
not be applicable the Associate.

UNITED KINGDOM

Terms and Conditions

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

15

 

The Associate agrees that if he or she does not pay or the Employer or the Company does not
withhold from the Associate the full amount of Tax-Related Items that the Associate owes at vesting
of the RSUs, or the receipt of any other benefit in connection with the RSUs (the “Taxable Event”),
within 90 days after the Taxable Event or such other period specified in section 222(1)(c) of the
U.K. Income Tax (Earnings and Pensions) Act 2003, then the amount that should have been withheld
shall constitute a loan owed by the Associate to the Employer, effective 90 days after the Taxable
Event. The Associate agrees that the loan will bear interest at the official rate of HM Revenue &
Customs (“HMRC”) and will be immediately due and repayable by the Associate, and the Company and/or
the Employer may recover it at any time thereafter by withholding the funds from salary, bonus or
any other funds due to the Associate by the Employer, by withholding in Shares issued upon vesting
of the RSUs or from the cash proceeds from the sale of Shares or by demanding cash or a check from
the Associate. The Associate also authorizes the Company to delay the issuance of any Shares unless
and until the loan is repaid in full.

The Associate acknowledges that the Company or the Employer may recover any such additional income
tax and NICs at any time thereafter by any of the means referred to in Section 2.5 of the
Agreement, although the Associate acknowledges that the Associate ultimately will be responsible
for reporting any income tax or National Insurance Contributions (“NICs”) due on this additional
benefit directly to HMRC under the self-assessment regime.

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

UNITED STATES OF AMERICA

Notifications

Exchange Control Information. If you hold assets (i.e., RSUs, shares) or other financial assets in
an account outside of the United States and the aggregate amount of said assets is US$10,000 or
more, you are required to submit a report of Foreign Bank and Financial Account (“FBAR”) with the
United States Internal Revenue Service by June 30 of the year following the year in which the
assets in your account meet the US$10,000 threshold.

16exv10w3

Exhibit 10.3

WILLIS
GROUP HOLDINGS

OPTION AGREEMENT

(Time-Based Share Options)

GRANTED
UNDER THE HILB ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

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

HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 
ON DECEMBER 31, 2009)

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

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

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

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

ARTICLE I

DEFINITIONS

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

Section 1.1 - Act

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

Section 1.2 - Board

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

Section 1.3 - Cause

     “Cause” shall mean (i) the Optionee’s continued and/or chronic failure to adequately and/or
competently perform his material duties with respect to the Company or its Subsidiaries after
having been provided reasonable notice of such failure and a period of at least ten days after

1

 

the Optionee’s receipt of such notice to cure and/or correct such performance failure, (ii)
willful misconduct by the Optionee in connection with the Optionee’s employment which is injurious
to the Company or its Subsidiaries (willful misconduct shall be understood to include, but not be
limited to, any breach of the duty of loyalty owed by the Optionee to the Company or its
Subsidiaries), (iii) conviction of any criminal act (other than minor road traffic violations not
involving imprisonment), (iv) any breach of the Optionee’s restrictive covenants and other
obligations as provided in Schedule C to this Agreement (if applicable), in the Optionee’s
employment agreement (if any), or any other 

non-compete agreement and/or confidentiality agreement
entered into between the Optionee and the Company or any of its Subsidiaries (other than an
insubstantial, inadvertent and non-recurring breach), or (v) any material violation of any written
Company policy after reasonable notice and an opportunity to cure such violation within ten (10)
days after the Optionee’s receipt of such notice.

Section 1.4 - Change of Control

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

Section 1.5 - Committee

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

Section 1.6 - Good Reason

     “Good Reason” shall mean (i) a reduction in the Optionee’s base salary or a material adverse
reduction in the Optionee’s benefits other than (a) in the case of base salary, a reduction that is
offset by an increase in the Optionee’s bonus opportunity upon the attainment of reasonable
performance 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 the Optionee, (ii) a material adverse reduction in the
Optionee’s principal duties and responsibilities, which continues beyond ten days after written
notice by the Optionee to the Company or the applicable Subsidiary of such reduction or (iii) a

2

 

significant transfer of the Optionee away from the Optionee’s primary service area or primary
workplace, other than as permitted by the Optionee’s existing service contracts; provided, however,
that the 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 the Optionee may claim that a basis for a Good Reason termination by the Optionee has
occurred.

Section 1.7 - Grant Date

     “Grant Date” shall mean [INSERT DATE].

Section 1.8 - Option

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

Section 1.9 - Option Price

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

Section 1.10 - Permanent Disability

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

Section 1.11 - Person

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

Section 1.12 - Plan

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

Section 1.13 - Pronouns

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

Section 1.14 - Shares or Ordinary Shares

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

3

 

Section 1.15 - Subsidiary

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

Section 1.16 - Willis Group

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

ARTICLE II

GRANT OF OPTIONS

Section 2.1 - Grant of Options

     Subject to the terms and conditions of the Plan and the additional terms and conditions set
forth in this Agreement, including any 

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

Section 2.2 -Option Price

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

Section 2.3 - Employment Rights

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

4

 

Section 2.5 - Adjustments Upon a Change in Ordinary Shares

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

ARTICLE III

PERIOD OF EXERCISABILITY

Section 3.1 - Vesting/Exercisability

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

	 	 	 	 	 
	 	 	Percentage of Shares under Option as to which
	Date Option Becomes Vested and Exercisable	 	Become Exercisable Shares
	On or after 2nd anniversary of Grant Date
	 	[INSERT]%
	On or after 3rd anniversary of Grant Date
	 	[INSERT]%
	On or after 4th anniversary of Grant Date
	 	[INSERT]%
	On or after 5th anniversary of Grant Date
	 	[INSERT]%

     (b) In the event of a termination of the Optionee’s employment as a result of death or
Permanent Disability, the Option shall become fully vested and exercisable with respect to all
Shares underlying such Option.

     (c) In the event of a termination of the Optionee’s employment for any reason other than Death
or Permanent Disability, then (i) the Shares that have vested and become exercisable and the Option
in respect thereof shall remain exercisable as set forth in Section 3.2 (b) below and (ii) the
Option over Shares that have not yet vested shall immediately terminate and will at no time become
exercisable, except that the Committee may, for termination of employment for reasons other than
Cause, determine in its discretion that the Option over Shares that have not yet vested and become
exercisable, shall become vested and exercisable.

5

 

     (d) In the event of a termination of the Optionee’s employment for any reason other than set
out in (b) and (c) above and subject to Section 3.2, the Options, to the extent not then vested,
lapse and be forfeited on the date of termination.

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

Section 3.2 - Expiration of Options

     (a) The Option shall immediately lapse upon termination of the Optionee’s employment, subject
to and except as otherwise specified within, the terms and conditions of Section 3.1, above.

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

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

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

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

     (iv) Ninety days after the date of termination of the Optionee’s employment other than as set
forth in Section 3.1(b) or (c) above, or where the Committee has exercised its discretion in
accordance with Section 3.1(c)(ii), the period shall be six calendar months after the date of
termination; or

     (v) If the Committee so determines pursuant to Section 3.1(e) of this Agreement, the effective
date of a Change of Control, so long as the Optionee has a reasonable opportunity to exercise his
Options prior to such effective date.

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

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

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

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

6

 

     (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 3.2(c).

ARTICLE IV

EXERCISE OF OPTION

Section 4.1 - Person Eligible to Exercise

     During the lifetime of the Optionee, only he may exercise an Option or any portion thereof.
After the death of the Optionee, any exercisable portion of an Option may, prior to the time when
an Option becomes unexercisable under Section 3.2, be exercised by any person empowered to do so
under the Optionee’s will or under then-applicable laws of inheritance.

Section 4.2 - Partial Exercise

     Any exercisable portion of an Option or the entire Option, if then wholly exercisable, may be
exercised in whole or in part at any time prior to the time when the Option or portion thereof
becomes unexercisable under Section 3.2; provided, however, that any partial
exercise shall be for whole Shares only.

Section 4.3 - Manner of Exercise

     An Option, or any exercisable portion thereof, may be exercised solely by delivering to the
Secretary or his office or the Company’s agent if so directed all of the following prior to the
time when the Option or such portion becomes unexercisable under Section 3.2:

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

     (b) Full payment (in cash, by cheque, electronic transfer, by way of a cashless exercise as
approved by the Company, by way of surrender of Shares to the Company, or by a combination thereof)
of the Option 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 (in any jurisdiction) for which the Optionee is liable by virtue of the
Optionee’s participation in the Plan and/or any social security contributions recoverable from and
legally applicable to the Optionee (the “Tax-Related Items”), the Optionee has either:

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

7

 

     (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 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 the Optionee, appropriate proof of the right of such person or
persons to exercise the Option.

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

Section 4.4 - Conditions to Issuance of Shares

     The Shares to be delivered upon the exercise of an Option, or any portion thereof, in
accordance with Section 3.1 of this Agreement may be either previously authorized but unissued
Shares or issued Shares held by any other person. Such Shares shall be fully paid. The Company
shall not be required to issue or deliver any certificates representing such Shares or their
electronic equivalent 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 Committee shall, in its absolute discretion, determine to be
necessary or advisable; and

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

Section 4.5 - Rights as Shareholder

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

ARTICLE V

ADDITIONAL TERMS AND CONDITIONS OF OPTION

Section 5.1 - Nature of Grant

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

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

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

8

 

     (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 Option 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
own personal tax, legal and financial advisors regarding his participation in the Plan before
taking any action related to the Plan.

ARTICLE VI

DATA PRIVACY NOTICE AND CONSENT

Section 6 - Data Privacy

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

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

     (c) The Optionee understands that Data will be transferred to Morgan Stanley Smith Barney or
to any other third party assisting in the implementation, administration and management of the
Plan. The Optionee understands that the recipients of the Data may be

9

 

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

ARTICLE VII

AGREEMENT OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

Section 7 - Restrictive Covenants and Other Obligations

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

ARTICLE VIII

MISCELLANEOUS

Section 8.1 - Administration

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

Section 8.2 - Options Not Transferable

     Neither the Options nor any interest or right therein or part thereof shall be subject to the
debts, contracts or engagements of the Optionee or his successors in interest or shall be subject
to

10

 

disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation of law by
judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including
bankruptcy), and any attempted disposition thereof shall be null and void and of no effect;
provided, however, that this Section 8.2 shall not prevent transfers made solely
for estate planning purposes or under a will or by the applicable laws of inheritance.

Section 8.3 - Binding Effect

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

Section 8.4 - Notices

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

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

Attention: General Counsel

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

Section 8.5 - Titles

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

Section 8.6 - Applicability of Plan

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

11

 

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

Section 8.9 - Jurisdiction

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

Section 8.10 - Electronic Delivery

     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.

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.

12

 

Section 8.14 - Imposition of Other Requirements

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

Section 8.15 - Counterparts

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

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

	 	 	 	 	 
	 	WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 	 
	 	By: 	 	 
	 	Name:  	 
	 	Title:  	 
	 

13

 

SCHEDULE A

WILLIS
GROUP HOLDINGS

OPTION
AGREEMENT- ACCEPTANCE FORM

HILB
ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

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

HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

ON DECEMBER 31, 2009)

	 	 	 

	Name
	 	 
	 
	 	 
	Number of Shares Granted Under Option
	 	 
	 
	 	 
	Grant Date

	 	[TBD]
	 
	 	 
	Option Price

	 	[TBD]

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

	 

	Signature:

	 

	Address:

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

General Counsel

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

U.S.A.

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

14

 

SCHEDULE B

WILLIS
GROUP HOLDINGS

COUNTRY-SPECIFIC
APPENDIX TO OPTION AGREEMENT

HILB
ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

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

HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

ON DECEMBER 31, 2009)

Terms and Conditions

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

Notifications

This Schedule B also includes information based on the securities, exchange control and other laws
in effect in the Optionee’s country as of July 2010. Such laws are often complex and change
frequently. As a result, the Company strongly recommends that the Optionee not rely on the
information noted herein as the only source of information relating to the consequences of the
Optionee’s participation in the Plan because the information may be out of date at the time the
Optionee exercises the Option under the Plan.

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

If the Optionee is a citizen or resident of a country other than the one the Optionee is working in
or transfers employment after the Grant Date, the information contained in this Schedule B may not
be applicable the Optionee.

UNITED KINGDOM

Terms and Conditions

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

The Optionee agrees that if he or she does not pay or the Employer or the Company does not withhold
from the Optionee the full amount of Tax-Related Items that the Optionee owes at

15

 

exercise of the Option, or the release or assignment of the Option for consideration, or the
receipt of any other benefit in connection with the Option (the “Taxable Event”), within 90 days
after the Taxable Event or such other period specified in section 222(1)(c) of the U.K. Income Tax
(Earnings and Pensions) Act 2003, then the amount that should have been withheld shall constitute a
loan owed by the Optionee to the Employer, effective 90 days after the Taxable Event. The Optionee
agrees that the loan will bear interest at the official rate of HM Revenue & Customs (“HMRC”) and
will be immediately due and repayable by the Optionee, and the Company and/or the Employer may
recover it at any time thereafter by withholding the funds from salary, bonus or any other funds
due to the Optionee by the Employer, by withholding in Shares issued upon exercise of the Option or
from the cash proceeds from the sale of Shares or by demanding cash or a check from the Optionee.
The Optionee also authorizes the Company to delay the issuance of any Shares unless and until the
loan is repaid in full.

The Optionee acknowledges that the Company or the Employer may recover any such additional income
tax and NICs at any time thereafter by any of the means referred to in the Section 4.3(d) of the
Agreement, although the Optionee acknowledges that the Optionee ultimately will be responsible for
reporting any income tax or National Insurance Contributions (“NICs”) due on this additional
benefit directly to HMRC under the self-assessment regime.

Joint Election

If the Optionee is a U.K. tax resident, the grant of this Option is conditional upon the Optionee
hereby agreeing to accept any liability for any employer National Insurance contributions
(“Employer NICs”) which may be payable by the Employer in connection with the exercise, assignment,
release or cancellation of any Option. The Employer NICs may be collected by the Company or the
Employer using any of the methods described in Section 4 of the Agreement. Without prejudice to the
foregoing, the Optionee agrees to execute a joint election with the Company and/or the Employer
(“Election”), the form of such Election being formally approved by HMRC, and any other consent or
elections required to accomplish the transfer of the Employer NICs to the Optionee. The Optionee
further agrees to execute such other joint elections as may be required between the Optionee and
any successor to the Company and/or the Employer. If the Optionee does not make an Election prior
to the vesting of the Option or if approval to the Election is withdrawn by HMRC and a new Election
is not entered into, without any liability to the Company, the Employer or any Subsidiary of the
Company, the Option shall become null and void without any liability to the Company and/or the
Employer and may not be exercised by the Optionee.

UNITED STATES OF AMERICA

Notifications

Tax Information

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

Exchange Control Information. If the Optionee holds assets (i.e., Options, Shares) or other
financial assets in an account outside of the United States and the aggregate amount of said assets
is US$10,000 or more, the Optionee is required to submit a report of Foreign Bank and Financial
Account (“FBAR”) with the United States Internal Revenue Service by June 30 of the year following
the year in which the assets in his or her account meet the US$10,000 threshold.

16

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