Document:

Exhibit 10.46

  
	
   

  
	
  

  
	
   

  
	
  Gregory C. Case

  
	
  President and Chief Executive Officer

  

 

November 10,
2005

 

Richard M. Ravin

President and Chief Executive Officer

Combined Insurance Company of America

1000 Milwaukee Avenue

Northbrook, Illinois 60025

 

Dear Richard:

 

I am delighted
that you have agreed to stay on as Chairman, President and CEO of Combined
through March 31, 2009. As discussed, you will continue to be responsible
for all operations of Combined with any substantial changes being discussed
between us.

 

Further, I
look forward to your playing a significant leadership role in Aon Corporation,
and we will value greatly your advise, counsel and contributions. We have also
agreed that a critical objective during this period is to develop and implement
a succession plan that will sustain Combined in the future.

 

Your
employment agreement sets out the provisions of your position with Combined. In
addition, I have summarized below certain details with respect to your annual
bonus opportunity for 2006 through 2008 and your 2009 Performance Award.

 

Annual Bonus for 2006-08

 

With respect
to your annual bonus opportunity described in Section 3(b) of your
employment agreement, the “Company Portion” of your annual bonus for each of
2006, 2007 and 2008 shall be based on Combined’s attainment of GAAP pre-tax
profit growth of 3% to 5% and revenue
growth of 2% to 3%, on an annual compounded basis from the 2005 plan (excluding
the $12,000,000 extraordinary profit items in the 2005 actual return in
all calculations). The actual bonus amount to be paid will depend on the level
of Combined’s attainment of these profit and revenue growth criteria, which
will be set out in a chart that I will develop and provide to you, subject to
overall funding of the executive bonus pool.

 

 

Aon
Corporation

200 East Randolph Street * Chicago, Illinois 60601

tel: 312.381.3070 fax: 312.381.7700 e-mail: Greg_Case@aon.com

www.aon.com

 

 

2009 Performance Award

 

This  will confirm the agreement between you and
Aon, made contemporaneously with (but not prior to) your employment agreement
with Combined concerning your eligibility for a performance-based award in 2009
of shares of Aon common stock (“Performance Award”) under the Aon Stock
Incentive Plan.

 

If approved by
the Organization and Compensation Committee at its regular meeting at which
such matters are considered in March 2009, you will receive a Performance
Award of fully vested shares of Aon common
stock. The Performance Award shall be determined based on Combined’s
achievement of specific revenue (“Revenue”) and GAAP pre-tax profit (“Profit”)
targets measured as of December 31, 2008 (the $12 million extraordinary
profit item in the 2005 actual return will be excluded in all calculations),
with 20% of the total Award based on achievement of Revenue and Profit targets
for 2008 (“2008 Segment”), 30% of the total Award based on achievement of
cumulative Revenue and Profit targets for 2007 and 2008 (“2007-08 Segment”),
and 50% of the total Award based on achievement of cumulative Revenue and
Profit targets for 2006-2008 (“2006-08 Segment”). The attached Summary
Performance Chart sets forth the five Performance Levels with corresponding
Revenue and Profit targets for each of the 2008 Segment, the 2007-08 Segment
and the 2006-08 Segment.

 

Revenue and
Profit results for the above calculations will include all of Combined’s
Revenue and Profit and will be adjusted for any increase or decrease in the
Corporate Dividend from its current level of $100 million. Revenue and Profit
results will be adjusted based on currency rates used in the 2005 plan. No
adjustment to Revenue and Profit results will be made to remove any allocation
to Combined of the accounting expense related to your Performance Award.

 

For each of
the 2008, 2007-08 and 2006-08 Segments, Combined must achieve both the Revenue
and Profit targets for the particular Performance Level in order for you to
receive the Award associated with that Performance Level. For example, Combined’s
attainment of $3791 Revenue and $426 Profit for the 2007-08 Segment would yield
an Award at the second Performance level equal to $600,000 (30% of $2,000,000).
By way of an additional example, $1900 Revenue and $217 Profit for the 2008
Segment, $3745 Revenue and $437 Profit for the 2007-08 Segment, and $5591
Revenue and $652 Profit for the 2006-08 Segment would produce a total
Performance Award for the three Segments equal to the sum of $400,000 (20% of
$2,000,000), $750,000 (30% of $2,500,000) and $1,500,000 (50% of $3,000,000),
or $2,650,000 in the aggregate.

 

2

 

The actual
number of shares of Aon common stock to be granted to you shall be determined
by taking the total value of your Performance Award, as determined above, and
dividing it by the average of the high and low selling prices of Aon common
stock on the New York Stock Exchange as of the award date (or, if the New York
Stock Exchange was not open for trading or the stock was not traded on that
day, the next preceding day that the New York Stock Exchange was open for trading
and the stock was traded) as reported by the Wall Street Journal. Any
fractional share will be paid to you in cash.

 

Richard, I am delighted that
you will continue to lead and grow Combined as we develop its next chapter. You
are building a terrific legacy. In my view, you will end your professional
career as the lever that has had the greatest impact of anyone in
shaping and building Combined’s future. You have my complete support.

 

If you have any questions concerning the
above, please call me.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  /s/ Gregory C. Case

  
	
   

  	
  Gregory C. Case

  

 

GCC/ 

Attachment

 

3

 

Summary Performance Chart

Conversion of Richard Ravin’s Performance
Agreement

Into Leadership Performance Program Style of
Payout

 

	
   

  	
   

  	
  $ Value

  	
   

  	
  2006-2008

  	
   

  	
  2007 - 2008

  	
   

  	
   

  	
   

  
	
  Performance

  	
   

  	
  of

  	
   

  	
  Cumulative

  	
   

  	
  Cumulative

  	
   

  	
  2008

  	
   

  
	
  Level

  	
   

  	
  Award

  	
   

  	
  Revenue

  	
   

  	
  Profit

  	
   

  	
  Revenue

  	
   

  	
  Profit

  	
   

  	
  Revenue

  	
   

  	
  Profit

  	
   

  
	
  1

  	
   

  	
  $

  	
  1,500,000

  	
   

  	
  $

  	
  5,536

  	
   

  	
  $

  	
  615

  	
   

  	
  $

  	
  3,745

  	
   

  	
  $

  	
  416

  	
   

  	
  $

  	
  1,900

  	
   

  	
  $

  	
  211

  	
   

  
	
  2

  	
   

  	
  $

  	
  2,000,000

  	
   

  	
  $

  	
  5,536

  	
   

  	
  $

  	
  627

  	
   

  	
  $

  	
  3,745

  	
   

  	
  $

  	
  426

  	
   

  	
  $

  	
  1,900

  	
   

  	
  $

  	
  217

  	
   

  
	
  3

  	
   

  	
  $

  	
  2,500,000

  	
   

  	
  $

  	
  5,536

  	
   

  	
  $

  	
  640

  	
   

  	
  $

  	
  3,745

  	
   

  	
  $

  	
  437

  	
   

  	
  $

  	
  1,900

  	
   

  	
  $

  	
  224

  	
   

  
	
  4

  	
   

  	
  $

  	
  3,000,000

  	
   

  	
  $

  	
  5,591

  	
   

  	
  $

  	
  652

  	
   

  	
  $

  	
  3,791

  	
   

  	
  $

  	
  447

  	
   

  	
  $

  	
  1,928

  	
   

  	
  $

  	
  230

  	
   

  
	
  5

  	
   

  	
  $

  	
  3,500,000

  	
   

  	
  $

  	
  5,645

  	
   

  	
  $

  	
  665

  	
   

  	
  $

  	
  3,837

  	
   

  	
  $

  	
  458

  	
   

  	
  $

  	
  1,956

  	
   

  	
  $

  	
  237

  	
   

  

 

In each of the performance segments both performance targets must be met
to quality for the tier incentive. For example, cumulative revenue in the
2007-2008 period of $3791 and profit of $426 would mean that 30% of the award
would be assessed at the Tier 2 level this would yield a segment of the award
(30%) at $600,000.

 

Revenue

 

	
  % Increase

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  
	
  3.0%

  	
   

  	
  $

  	
  1,791

  	
   

  	
  $

  	
  1,845

  	
   

  	
  $

  	
  1,900

  	
   

  
	
  3.5%

  	
   

  	
  $

  	
  1,800

  	
   

  	
  $

  	
  1,863

  	
   

  	
  $

  	
  1,928

  	
   

  
	
  4.0%

  	
   

  	
  $

  	
  1,808

  	
   

  	
  $

  	
  1,881

  	
   

  	
  $

  	
  1,956

  	
   

  

 

Profit

 

	
  % increase

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  
	
  3%

  	
   

  	
  $

  	
  199

  	
   

  	
  $

  	
  205

  	
   

  	
  $

  	
  211

  	
   

  
	
  4%

  	
   

  	
  $

  	
  201

  	
   

  	
  $

  	
  209

  	
   

  	
  $

  	
  217

  	
   

  
	
  5%

  	
   

  	
  $

  	
  203

  	
   

  	
  $

  	
  213

  	
   

  	
  $

  	
  224

  	
   

  
	
  6%

  	
   

  	
  $

  	
  205

  	
   

  	
  $

  	
  217

  	
   

  	
  $

  	
  230

  	
   

  
	
  7%

  	
   

  	
  $

  	
  207

  	
   

  	
  $

  	
  221

  	
   

  	
  $

  	
  237Exhibit 10.47

 

TRANSITION AGREEMENT

 

This
Transition Agreement (the “Agreement”) is
made by and between AON CORPORATION, a Delaware corporation (“Aon” or the “Company”),
COMBINED INSURANCE COMPANY OF AMERICA, an
Illinois insurance corporation (“Combined”), and
RICHARD M. RAVIN (Mr. Ravin
or the “Executive”). The effective date of this
Agreement is December 13, 2007 (the “Effective Date”).

 

WHEREAS, Mr. Ravin
is currently employed as Chairman of Combined and the terms of his employment are described in an Employment
Agreement dated as of August 1, 2005, two side letters dated November 10,
2005, and a letter agreement between Mr. Ravin and Gregory C. Case, the Company’s Chief Executive Officer (“CEO”), dated January 31, 2007 (collectively, the
“Employment Agreement”); and

 

WHEREAS,
the Company has announced that it is considering strategic options for Combined
and its subsidiaries; and

 

WHEREAS,
the parties agree that Mr. Ravin’s employment with Combined will terminate and that he will subsequently be
employed by the Company, on terms and conditions described in this
Transition Agreement;

 

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth
herein, and other good and valuable consideration, the parties hereby agree as
follows:

 

1.                                       Termination of Employment with
Combined. As of the Effective Date, the Executive’s employment with Combined shall
terminate and he shall resign his positions as a director and/or officer of Combined and all of its subsidiaries. The
termination of the Executive’s employment
with Combined (and his resignation as a director and/or officer of Combined or
its subsidiaries) shall not constitute a termination within the meaning of any
part of Section 4 or any other Section of the Employment
Agreement.

 

2.                   Employment with the Company. The
Executive’s employment with the Company
shall begin on the Effective Date and, unless earlier terminated pursuant to Section 9
of the Agreement, shall end on the
later of (a) March 31, 2009 or (b) the day immediately following the date on which the Organization and
Compensation Committee (the “Committee”) of the Company’s Board of Directors meets in 2009
and awards bonus or incentive compensation (the “Employment
Period”).

 

3.                   Role and Responsibilities.

 

(A)       During the Employment Period
the Executive shall serve as Special Advisor
to the CEO. As Special Advisor, the Executive shall have senior-level duties
and responsibilities as the CEO assigns to him from time to time, which may
include sharing his expertise with
Company management upon request, and providing general support to the CEO in his management efforts upon request. The
Company anticipates that such duties will draw on the Executive’s
expertise in the insurance and underwriting industry and his well-established professional relationships with
colleagues at Combined and elsewhere. Although

 

 

the Executive’s duties will be greatly
diminished as a Special Advisor, the Executive shall be a benefits-eligible
common law employee of Aon.

 

(B)          The Executive and Combined agree to execute
all documents and take all other actions as may be necessary to effectuate the
termination of the Executive’s director and officer responsibilities.

 

(C)          On and after the Effective Date, the
Executive may engage in outside activities, including membership on boards of
for-profit entities and not-for-profit entities, and trade associations, and
employment or consulting with for-profit and not-for-profit entities; provided,
however, that such activities (i) may not significantly interfere with the
Executive’s performance of his duties hereunder, (ii) may not violate the
terms of Section 10 (Noncompetition; Nonsolicitation) and Section 12
(Confidentiality) of this Agreement, (iii) may not include employment or
consulting with any entity that is interested in, or is exploring strategic
options relating to, the acquisition of Combined, either alone or in
combination with other entities; and (iv) with the exception of outside
activities in which Executive is engaged as of the Effective date, are
pre-approved in writing by the CEO and the Company’s General Counsel as not
being in violation of this Section 3(c), which approval shall not be
unreasonably withheld.

 

4.                   Salary.
During the Employment Period, the Executive will receive a base salary that is
equal to or greater but in no event less than the amount of his base salary as
an employee of Combined as of the day prior to the Effective Date, which is
$800,000.

 

5.                   Benefits.
During the Employment Period, the Executive will remain eligible for all
benefits under all welfare benefit plans offered to executives of the Company
during such period (including health, life and disability insurance) on the
same terms as offered to executives of the Company generally, with COBRA
continuation thereafter as applicable. The Executive will remain eligible for
benefits under the qualified and non-qualified retirement plans of the Company
in which the Executive participates as of the Effective Date on the same terms
as offered to executives of the Company generally, and for benefits under all
other qualified and non-qualified retirement plans of the Company. The
Executive shall receive a pension from the Company or any successor thereto,
upon his termination of employment for any or no reason, subject to the
following:

 

(A)         the pension shall be paid monthly to the
Executive for life commencing as of the first day of the calendar month
following his termination of employment in an amount equal to one-twelfth
(1/12) of .5% of the Executive’s final average pay multiplied by his aggregate
number of years of service with the Company (or any affiliate or subsidiary
thereof, including Combined) up to 20. The first monthly payment shall include
an additional amount of $461,538.46, which amount is equal to the maximum
amount that would be paid under the Aon Severance Plan (currently 30 weeks)
regardless of whether the Executive otherwise qualifies for such amount;

 

(B)          the Executive’s final average pay is equal to
the average of the Executive’s five highest consecutive calendar years of earnings
(salary and bonus) out of his last 10 calendar years of earnings;

 

2

 

(C)          the pension shall be in addition to, and not
in lieu of, the Executive’s rights to pension or other retirement benefits
under any employee 401(k), pension or nonqualified deferred compensation plan
or supplemental executive retirement plan that the Company maintains. The
pension provided under this Section shall not in any way affect the
Executive’s rights with respect to such other plans and benefits; and

 

(D)         Attached as Exhibit A to this Agreement
is a spreadsheet provided by Aon which Aon represents is a good faith estimate
of the amounts of the pension payments due to the Executive hereunder.

 

6.            Bonus
Payments.

 

(A)         For the 2007 performance year, the Executive
shall be paid a bonus of $1,350,000 and the bonus will be fully paid in cash
and not subject to the Company’s Incentive Stock Program. The Company shall pay
the bonus to the Executive on the first regularly- scheduled pay day in January 2008.

 

(B)          For the 2008 calendar year, the Executive
shall be paid a bonus of $1,350,000, provided that the Company has not properly
terminated the Executive’s employment for “Cause” (as such term is defined
herein). However, if before December 31, 2008, (i) the Executive
dies, (ii) the Company terminates his employment because of a physical or
mental incapacity pursuant to Section 9(B) of the Agreement, or (iii) the
Company terminates his employment without Cause pursuant to Section 9(D)  of
this Agreement, then he shall be paid a pro rata portion of such bonus. If the
Executive voluntarily terminates his employment before July 1, 2008, then
he shall be paid a pro rata portion of his the bonus. If the Executive
voluntarily terminates his employment on or after July 1, 2008, then he
shall be paid $1,350,000 as his bonus for 2008. The bonus will be fully paid in
cash and is not subject to the Company’s Incentive Stock Program. The Company
will pay the bonus to the Executive on the first regularly-scheduled pay day in
January 2009.

 

(C)          For the portion of the 2009 calendar year that
ends on March 31, 2009, the Executive shall be paid a bonus of $400,000, provided
that the Company has not properly terminated the Executive’s employment for “Cause”
(as such term is defined herein) However, if before March 31, 2009, (i) the Executive
dies, (ii) the Company terminates his employment because of a physical or mental
incapacity pursuant to Section 9(B) of this Agreement, or (iii) the Company terminates
his employment without Cause pursuant to Section 9(D) of this
Agreement, then he shall be paid a pro rata portion of such bonus. The bonus will
be fully paid in cash and is not subject to the Company’s Incentive Stock Program.
The Company will pay the bonus to the Executive on the first regularly-scheduled
pay day in April 2009.

 

7.            Outstanding
Equity Awards.

 

The transition
of the Executive’s employment from Combined to the Company as of the Effective Date
shall occur without interruption to the vesting of the Executive’s outstanding equity-based
awards, including without limitation the restricted stock units and the performance-based
award granted to the Executive pursuant to the Employment Agreement and

 

3

 

the Company’s Leadership Performance Program, and all such awards shall
continue to be subject to the terms and conditions set forth in the original award
documentation, subject to the following exceptions:

 

(A)         If Executive
is employed by Company on March 31, 2009, the Executive shall fully vest in his
award under the Company’s Leadership Performance Program for the performance period
beginning January 1, 2007 through December 31, 2009, and Executive’s award shall
equal the amount he would have received had he been employed by the Company on December
31, 2009.

 

(B)          On the earlier
of (i) 30 days after the closing date for the sale (pursuant to one or more definitive
purchase agreements), spin-off or other transfer of Combined and (ii) the first
regularly scheduled pay day of January, 2009, the Company shall pay Executive $3,500,000
in cash (in lieu of Company stock) as Executive’s 2009 Performance Award (which
Award is described in the November 10, 2005 letter from the Company to the Executive),
unless the Company properly terminates Executive for Cause (as defined herein) on
or after the Effective Date and before March 31, 2009.

 

8.            Expense Reimbursement.

 

(A)         During the Employment Period, the Company shall
reimburse the Executive in accordance with the Company’s policies and procedures
for all proper expenses he incurs (including but not limited to expenses for home
offices, club memberships and automobile) in the performance of his duties hereunder.
In addition, the Company will reimburse the Executive for reasonable legal fees
and other expenses he incurs in connection with the negotiation and drafting of
this Agreement.

 

(B)         The Executive agrees that as of the Effective Date
he will be required to relocate his office from Glenview, Illinois in order to perform
the duties and responsibilities set forth herein and that the Company will allow
him to maintain offices at his personal residences in Illinois and/or Florida. The
Company shall either reimburse the Executive for all proper expenses he incurs,
or pay him directly for any such proper expenses, in order to establish and maintain
such home offices, which he shall do within a reasonable time after the Effective
Date of this Agreement.

 

(C)         The expenses eligible for reimbursement during
any taxable year of the Executive shall not affect the expenses eligible for reimbursement
in any other taxable year of the Executive.

 

(D)         Reimbursement of expenses shall be made promptly
after the Executive incurs them but in any event no later than the last day of the
taxable year of the Executive following the taxable year in which the Executive
incurs such expenses.

 

9.            Termination.

 

(A)       Death. Upon the death
of the Executive during the Employment Period, this Agreement shall automatically
terminate and the Executive’s executor, administrator or

 

4

 

designated beneficiary shall receive (i) the Leadership
Performance Program award described in Section 7(A), (ii) $3,500,000, in cash, as
Executive’s 2009 Performance Award (iii) a pro rata portion of the bonus that the
Executive would have received for the year of his death under the terms of Section
6, (iv) the Executive’s base salary which shall have accrued to the date of such
death, and (v) other accrued and unpaid employee benefits to which the Executive
is entitled upon his termination of employment with the Company, including regular
and supplemental retirement and disability benefits, in accordance with the terms
of the plans and programs of the Company.

 

(B)         Disability. The Company may, at its option,
terminate this Agreement upon written notice to the Executive if the Executive,
because of physical or mental incapacity, fails to perform the essential functions
of his position, with reasonable accommodation if relevant, required of him hereunder
for a continuous period of 120 days or for any 180 days within any 12-month period.
Upon such termination, the Executive or his legal representative shall receive (i)
the Leadership Performance Program award described in Section 7(A), (ii) $3,500,000,
in cash, as Executive’s 2009 Performance Award, (iii) a pro rata portion of the
bonus that the Executive would have received for the year of his termination of
employment under the terms of Section 6, (iv) the Executive’s base salary which
shall have accrued to the date of termination, (v) other accrued and unpaid employee
benefits to which the Executive is entitled upon his termination of employment with
the Company, including regular and supplemental retirement and disability benefits,
in accordance with the terms of the plans and programs of the Company. In the event
of any dispute regarding the existence of the Executive’s incapacity hereunder,
a physician specializing in the claimed area of incapacity upon whom the Executive
and the Company agree shall resolve the matter. The Executive shall submit to appropriate
medical examinations for purposes of such determination.

 

(C)         Cause.

 

(1)       The Company may at any time,
at its option, terminate the Executive’s employment under this Agreement immediately
for Cause (as hereinafter defined). The Committee shall make the decision in this
regard. The Committee shall give the Executive at least twenty-one days advanced
written notice of any meeting at which the Committee proposes to put forward for
a vote a decision on whether or not to terminate the Executive for Cause. The written
notice shall describe in reasonable detail the basis on which the Committee may
conclude that Cause exists. The Executive shall have the opportunity to submit in
writing to the Committee any information the Executive thinks necessary. If a majority
of the Committee by an affirmative vote at a meeting of its members authorizes a
termination for Cause, such determination shall be final and binding upon the Company
and the Executive once such determination is reduced to writing and communicated
to the Executive. However, the Committee’s authorization of a termination for Cause
as defined in Section 9(C)(2) shall not be determinative unless the CEO of the Company
and Patrick G. Ryan, the Company’s Executive Chairman, agree in writing to such
determination. If Mr. Ryan is no longer serving in that capacity, a person mutually
agreed upon between the Company and the Executive, along with the CEO, shall make
such decision. In the event the Executive and the Company are unable to affirmatively
agree, within 14 days, on the person identified

 

5

 

in the foregoing
sentence, the parties agree that the Company’s General Counsel will serve in that capacity. In the event the Company has
incurred a change in control prior to the termination of the Executive’s employment,
his employment may not be terminated pursuant
to this Section 9(C) unless he has consented in writing to the identity of the person(s) authorized to make such termination decision.
For purposes of this section, a “change
in control” means a change in the ownership or effective control of the Company
or in the ownership of a substantial
portion of the assets of the Company within the meaning of Treasury Regulation
Section 1.409A-3(i)(5).

 

(2)           As used in this Agreement, the term “Cause” shall
mean any one or more of the following:

 

(a)            any
material failure (other than by reason of physical or mental incapacity determined in accordance with Section 9(B)) of the Executive
to perform his material duties under this Agreement to the satisfaction of at least
a majority of the members of the Committee,
including, without limitation, any refusal by the Executive to perform such duties or to perform such
specific directives of the Committee that
are consistent with the nature and scope
of the Executive’s duties and responsibilities under this Agreement;

 

(b)                 any intentional act of embezzlement, fraud or theft
by the Executive in connection with his
duties hereunder or in the course of his employment hereunder or the Executive’s
admission or conviction of, or plea of
nolo contendere to, a felony or of any crime
involving moral turpitude, fraud, embezzlement, theft or misrepresentation;

 

(c)                  any gross negligence, or intentional misconduct of
the Executive in connection with the performance of his duties hereunder or during the course of his employment that
results in a material monetary loss to
the Company or damage to the reputation of the Company;

 

(d)                 any breach by the Executive of any one or more of
the covenants contained in Section 10 or 12 hereof; or

 

(e)                  any
material violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries
in connection with his duties hereunder
or during the course of his employment.

 

(3)          Notwithstanding any other
provision of this Agreement, the definition of “Cause” is modified in accordance
with the fourth paragraph of the November 10, 2007 letter agreement between Greg
Case and Executive.

 

6

 

(4)          The exercise of the right of the Company to terminate
this Agreement pursuant to this Section 9(C) shall not abrogate the rights or remedies
of the Company in respect of the breach giving rise to such termination.

 

(5)          If the Company properly terminates the Executive’s
employment for Cause, as defined in Section 9(C)(2)(b), (c), (d) 
or (e), he shall receive the following:

 

(a)           accrued base salary through the date of the termination
of his employment; and

 

(b)          other accrued
and unpaid employee benefits to which the Executive is entitled upon his termination
of employment with the Company, including regular and supplemental retirement and
disability benefits, in accordance with the terms of the plans and programs of the
Company.

 

(6)          If
the Company properly terminates the Executive’s employment for Cause, as defined
in Section9(C)(2), he shall receive the following:

 

(a)          the payments specified by
Section 9(C)(5)(b); and

 

(b)         the continuation of the base
salary, at the rate in effect at the date of such termination of employment, for
a period of one year from the date of such termination of employment.

 

(D) Termination
Without Cause. The Company may terminate the Executive’s employment, with 30
days’ prior written notice, at any time for any reason other than a reason set forth
in Section 9(A), (B) or (C). A decision to terminate the Executive’s employment
without cause shall be made jointly and in writing by the CEO of the Company and
Patrick G. Ryan, the Company’s Executive Chairman. If Mr. Ryan is no longer serving
in that capacity, a person mutually agreed upon between the Company and the Executive
shall make such determination. In the event the Executive and the Company are unable
to affirmatively agree, within 14 days, on the person identified in the foregoing
sentence, the parties agree that the Company’s General Counsel will serve in that
capacity. In the event the Company has incurred a change in control prior to the
termination of the Executive’s employment, his employment may not be terminated
pursuant to this Section 9(D) unless he has consented in writing to the identity
of the person(s) authorized to make such termination decision. For purposes of this
section, a “change in control” means a change in the ownership or effective control
of the Company or in the ownership of a substantial portion of the assets of the
Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5). If the
Executive’s employment is terminated pursuant to this Section 9(D), he shall receive
the following:

 

(1)          the payments
and benefits described in Sections 9(C)(5) (b); and

 

(2)          his base salary
through March 31, 2009 at the rate in effect at the date of such termination of
employment;

 

7

 

(3)           a pro rata portion of the bonus that the Executive
would have received for the year of his termination of employment under the terms
of Section 6;

 

(4)           a pro rata portion of the Leadership Performance
Award described in Section 7(A) calculated according to the rules set forth in the
Leadership Performance Program document; and

 

(5)           the full value of the 2009 Performance Award
described in Section 7(B).

 

(E) Voluntary Termination. The Executive
may voluntarily terminate his employment with the Company prior to the end of the
Employment Period for any reason. If the Executive voluntarily terminates his employment
pursuant to this Section 9(E) he shall give the Company 30 days’ prior written notice
and he shall receive the following:

 

(1)          the payments and benefits described in Sections
9(C)(5)(a) and (b) of this Agreement;

 

(2)          the pro rata, or full, bonus payment for the year
of termination as set forth in Section 6 of this Agreement;

 

(3)          a pro rata settlement of the Leadership Performance
Program award as described in Section 7(A), calculated according to the rules set
forth in the Leadership Performance Program document; and

 

(4)          the full amount of the 2009 Performance Award
described in Section 7(B), if his voluntary termination occurs after July 1, 2008.
If Executive voluntarily terminates his employments prior July 1, 2008, he shall
receive a pro rata portion of his 2009 Performance Award. The amount of a pro rata
portion of the award shall be calculated by multiplying $3,500,000 by a fraction,
the numerator of which is the number of days worked from January 1, 2006 through
December 31, 2008 and the denominator of which is 1095.

 

10.      Noncompetition; Nonsolicitation.

 

(A)         General. The Executive acknowledges that
in the course of his prior employment with Combined and in the course of his prospective
employment with the Company, he has and will become familiar with trade secrets
and other confidential information concerning the Company and its subsidiaries,
including Combined, and that his services will be of special, unique and extraordinary
value to the Company and its subsidiaries.

 

(B)         Noncompetition. The Executive agrees that
during the period of his employment with the Company and for a period of two years
thereafter (the “Noncompetition Period”) he shall not
in any manner, directly or indirectly, through any person, firm or corporation,
alone or as a member of a partnership or as an officer, director, stockholder, investor
or employee of or consultant to any other corporation or enterprise or otherwise,
engage or be engaged, or assist any other person, firm, corporation or enterprise
in engaging or

 

8

 

being engaged, in any business in
which the Executive was involved or had knowledge, being conducted
by, or contemplated by, the Company or any of its subsidiaries, as of the termination of the Executive’s employment in any geographic
area in which the Company or any of its subsidiaries is then conducting such
business.

 

(C)                Nonsolicitation. The Executive further
agrees that during the Noncompetition Period
he shall not in any manner, directly or indirectly, induce or attempt to induce any agent or employee of the Company or any
of its subsidiaries to terminate or abandon his or her employment for any
purpose whatsoever.

 

(D)                Exceptions. Nothing in this Section shall prohibit the Executive
from being (i) a stockholder in a mutual
fund or a diversified investment company or (ii) a passive owner of not more than 2% of the outstanding stock
of any class of a corporation, any securities
of which are publicly traded, so long as the Executive has no active participation
in the business of such corporation.

 

(E)           Reformation. If at any time of enforcement of this Section, a court holds that the restrictions stated herein are unreasonable
under circumstances then existing, the parties
hereto agree that the maximum period, scope or geographic area reasonable under
such circumstances shall be substituted
for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein
to cover the maximum period, scope and area
permitted by law. This Agreement shall not authorize a court to increase or broaden
any of the restrictions in this Section.

 

11.           Confidentiality.

 

(A)               The Executive
agrees that, at any time during or after the Employment Period, he will not make any public statements about
Combined, the Company, or his employment
or termination of employment with either entity, whether oral or written, or any
other statements which he reasonably
believes are likely to become public and which reasonably could be interpreted, under the circumstances, as disparaging,
embarrassing, prejudicial or in any way detrimental to the Company’s interests.

 

(B)                The Executive shall not, at any time during the Employment
Period or thereafter, make use of or
disclose, directly or indirectly, any (i) trade secret or other confidential or secret information of the Company
or of any of its subsidiaries, or (ii) other technical, business, proprietary or financial information of the Company
or of any of its subsidiaries not available to the public generally or to the competitors
of the Company or to the competitors of any of its subsidiaries, including Combined
(“Confidential Information”), except to the extent that such Confidential Information
(a) becomes a matter of public record or is published in a newspaper, magazine or
other periodical available to the general public, other than as a result of any act or omission of the
Executive, (b) is required to be disclosed by any law, regulation or order of any court or regulatory commission, department
or agency, provided that the Executive
gives prompt notice of such requirement to the Company to enable the Company to seek an appropriate protective order,
or (c) is necessary to perform properly the Executive’s duties under this Agreement.
Promptly following the termination of the Employment Period, the Executive shall
surrender to the Company all records, memoranda,

 

9

 

notes, plans, reports, computer tapes, software
and other documents and data that constitute Confidential Information that he may
then possess or have under his control (together with all copies thereof).

 

12.                Enforcement. The parties agree that
the Company and its subsidiaries would be damaged irreparably in the event that
any provision of Sections 10 or 12 were not performed in accordance with its terms
or were otherwise breached and that money damages would be an inadequate remedy
for any such nonperformance or breach. Accordingly, the Company and its successors
and permitted assigns shall be entitled, in addition to other rights and remedies
existing in their favor, to an injunction or injunctions to prevent any breach or
threatened breach of any of such provisions and to enforce such provisions specifically
(without posting a bond or other security). The Executive agrees that he will submit
himself to the personal jurisdiction of the courts of  the State of Illinois in any action by the Company to enforce
any provision of Sections 10 or 11.

 

13.                Cooperation. The Executive agrees to
cooperate with the Company during the Employment Period and thereafter by making
himself reasonably available to testify on behalf of the Company in any action,
suit, or proceeding, whether civil, criminal, administrative, or investigative,
and, if requested, to assist the Company in any such action, suit, or proceeding,
including by providing information to and meeting and consulting with the Company’s
Board of Directors or its representatives or counsel, or representatives or counsel
to the Company, provided that the same does not materially interfere with Executive’s
professional activities. The Company agrees to reimburse the Executive for all reasonable
expenses he actually incurs in connection with his provision of testimony or assistance.

 

14.                Release of Claims.
The payments and benefits to the Executive pursant to this Agreement are contingent
upon (A) the Executive executing and delivering to the Company, during the twenty-one
(21)-day period immediately following the date the Company executes this Agreement
and presents it to the Executive for his signature, a release of claims in the form
attached to this Agreement as Exhibit B (the “Executive Release”),
(B) the Executive not revoking the Release during the applicable seven (7)-day revocation
period and (C) the Company executing and delivering to Executive a release of claim
in the form attached to this Agreement as Exhibit C (the “Company Release”).

 

15.                Assignability and Binding Nature.
This Agreement is not assignable by any party except as permitted herein. This Agreement
shall be binding upon and inure to the benefit of the parties and their respective
successors, heirs (in the case of the Executive) and permitted assigns. No rights
or obligations of any party to this Agreement may be assigned, except that the Company’s
rights or obligations may be assigned in connection with the sale or transfer of
all or substantially all of its assets, provided that the assignee is the successor
to all or substantially all of the assets of the Company and such assignee assumes
the obligations of the Company as contained in this Agreement, either contractually
or as a matter of law. The Company further agrees that, in the event of a sale or
transfer of assets as described in the preceding sentence, it shall cause such assignee
expressly to assume the obligations of the Company hereunder. No rights or obligations
of the Executive under this Agreement may be assigned other than Executive’s rights
to benefits and compensation, which may be transferred but only by will or operation
of law.

 

10

 

16.              Notices. Any notices
or other communications shall, in every case, be in writing and shall be deemed
properly served if (A) delivered personally, (B) sent by registered
or certified mail, in all such cases with first class postage prepaid, return
receipt requested, (C) delivered to a nationally recognized overnight
courier service or (D) sent by facsimile or other means of electronic
transmission (with a copy sent by first-class mail) to the other party at the
addresses set forth below:

 

	
  If
  to the Company or Combined:

  	
   

  	
  Aon
  Corporation

  
	
   

  	
   

  	
  200 E. Randolph Street

  
	
   

  	
   

  	
  Chicago, Illinois 60601

  
	
   

  	
   

  	
  Attention: General Counsel

  
	
   

  	
   

  	
   

  
	
  If to the Executive:

  	
   

  	
  At his address shown on the

  
	
   

  	
   

  	
  records of the Company.

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Schiff Hardin LLP

  
	
   

  	
   

  	
  6600 Sears Tower

  
	
   

  	
   

  	
  Chicago, Illinois 60606

  
	
   

  	
   

  	
  Attention: Barry S. Hyman

  

 

or such other address as may
hereafter be. specified by notice given pursuant to this Section. Date of
service of any such notice shall be (A) the date such notice is personally
delivered, (B) five (5) business days after the date of mailing if
sent certified or registered mail, (C) one (1) business day after the
date of delivery to the overnight courier service if sent by overnight courier,
and (D) when sent, if sent by facsimile or other means of electronic
transmission, between 9:00 A.M. and 5:00 P.M. Central time or the
next business day thereafter if sent after 5:00 P.M. Central time.

 

17.              Survival.  Sections
10 through 14 shall continue in full force and effect in accordance with their
respective terms, notwithstanding any termination of the Employment Period.

 

18.              Section  Headings.  Section headings
contained in this Agreement are for convenience of reference only and shall not
affect the meaning of any provision herein.

 

19.              Entire
Agreement.  This Agreement sets forth the entire
understanding of the parties and supersedes all previous and contemporaneous
oral or written negotiations, commitments, understanding and agreements
relating to the specific subject matter contained herein. Any failure of a
party to demand complete adherence to one or more of this Agreement’s terms, on
one or more occasions, shall neither be construed as a waiver nor deprive such
party of the right at any time to insist upon strict compliance. The parties
have entered into this Agreement in the belief that its provisions are
enforceable. However, if any provision contained in this Agreement shall be
held to be unenforceable, such unenforceability shall not affect any other
provision of this Agreement, and this Agreement shall be construed as if such
unenforceable provision had never been contained therein. This Agreement shall
be construed according to its fair meaning, and not strictly for or against
either of the parties hereto. Any modification of this Agreement must be in a
written document that each of the parties must sign.

 

 

11

 

20.        Governing
Law.  This Agreement shall be governed by and construed and
enforced in accordance with the internal laws of Illinois without regard to
principles of conflict of laws. The parties hereto agree to the exclusive
jurisdiction of the state and federal courts of located in Cook Country,
Illinois for the purposes of any proceeding arising out the this Agreement.

 

21.              Withholding.  All payments the Company makes hereunder to the
Executive shall be subject to withholding of such amounts relating to taxes as
the Company may reasonably determine it should withhold pursuant to any
applicable tax law or regulation.

 

22.              Counterparts.  This
Agreement may be executed in two counterparts, each of which shall be deemed an
original and both of which together shall constitute one and the same
instrument.

 

23.        Section 409A
Compliance. It is intended that any
amounts payable under this Agreement and the Employment Agreement and the
Company’s and the Executive’s exercise of authority or discretion thereunder
shall comply with the provisions of Internal Revenue Code Section 409A and
the Internal Revenue Service regulations and guidance thereunder (“Section 409A”)
so as not to subject the Executive to the payment of interest and tax penalty
that may be imposed under Section 409A. Notwithstanding anything contained
herein to the contrary, if, at the Executive’s separation from service, (A) the
Executive is a specified employee as defined in Section 409A and (B) any
of the payments or benefits provided hereunder constitute deferred compensation
under Section 409A, then, and only to the extent Section 409A
requires , the date of payment of such payments or benefits otherwise provided
shall be delayed for a period of six (6) months following the separation
from service and shall be paid on the first day of the seventh month following
the date of the separation from service.

 

12

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the date
first herein above written.

 

	
   

  	
   

  	
  AON
  CORPORATION

  
	
  \s\Richard M. Ravin

  	
   

  	
   

  	
  \s\ Jeremy Farmer

  	
   

  
	
  RICHARD
  M. RAVIN

  	
   

  	
  [name]
  Jeremy Farmer

  
	
   

  	
   

  	
  [title]
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COMBINED
  INSURANCE OF

  
	
   

  	
   

  	
  AMERICA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  \s\ Richard E. Barry

  	
   

  
	
   

  	
   

  	
  [name]
  Richard E. Barry 

  
	
   

  	
   

  	
  [title]
  Vice President

  
						

 

13

 

EXHIBIT A

 

Richard Ravin

 

Assuming a retirement date
of April 1, 2009.

 

	
  Aon Pension Plan

  	
   

  	
  Monthly

  	
   

  	
  Annual

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Life Annuity

  	
   

  	
  $

  	
  10,117.12

  	
   

  	
  $

  	
  121,405.44

  	
   

  
	
  Joint and 100% Survivor Annuity

  	
   

  	
  $

  	
  8,475.11

  	
   

  	
  $

  	
  101,701.32

  	
   

  
	
  Joint and 75% Survivor Annuity

  	
   

  	
  $

  	
  8,833.26

  	
   

  	
  $

  	
  105,999.12

  	
   

  
	
  Joint and 50% Survivor Annuity

  	
   

  	
  $

  	
  9,223.78

  	
   

  	
  $

  	
  110,685.36

  	
   

  
	
  Five Year Certain and Life Annuity

  	
   

  	
  $

  	
  9,87633

  	
   

  	
  $

  	
  118,515.96

  	
   

  
	
  Ten Year Certain and Life Annuity

  	
   

  	
  $

  	
  9,344.17

  	
   

  	
  $

  	
  112,130.04

  	
   

  
	
  Fifteen Year Certain and Life Annuity

  	
   

  	
  $

  	
  8,701.74

  	
   

  	
  $

  	
  104,420.88

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Aon Excess Benefit Plan

  	
   

  	
  Monthly

  	
   

  	
  Annual

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Life Annuity

  	
   

  	
  $

  	
  31,549.55

  	
   

  	
  $

  	
  378,594.56

  	
   

  
	
  Joint and 100% Survivor Annuity

  	
   

  	
  $

  	
  26,429.06

  	
   

  	
  $

  	
  317,148.72

  	
   

  
	
  Joint and 75% Survivor Annuity

  	
   

  	
  $

  	
  27,545.91

  	
   

  	
  $

  	
  330,550.92

  	
   

  
	
  Joint and 50% Survivor Annuity

  	
   

  	
  $

  	
  28,763.72

  	
   

  	
  $

  	
  345,164.64

  	
   

  
	
  Five Year Certain and Life Annuity

  	
   

  	
  $

  	
  30,798.67

  	
   

  	
  $

  	
  369,584.04

  	
   

  
	
  Ten Year Certain and Life Annuity

  	
   

  	
  $

  	
  29,139.16

  	
   

  	
  $

  	
  349,669.92

  	
   

  
	
  Fifteen Year Certain and Life Annuity

  	
   

  	
  $

  	
  27,135.76

  	
   

  	
  $

  	
  325,629.12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5 Year Certain Only

  	
   

  	
  $

  	
  71,534.18

  	
   

  	
  $

  	
  858,410.12

  	
   

  
	
  10 Year Certain Only

  	
   

  	
  $

  	
  40,841.61

  	
   

  	
  $

  	
  490,099.33

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Contractual Pension per Sea. 3(f)

  	
   

  	
  Monthly

  	
   

  	
  Annual

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Life Annuity

  	
   

  	
  $

  	
  16.899.61

  	
   

  	
  $

  	
  202,795.31

  	
   

  
	
  Joint and 100% Survivor Annuity

  	
   

  	
  $

  	
  14,156.80

  	
   

  	
  $

  	
  169,881.60

  	
   

  
	
  Joint and 75% Survivor Annuity

  	
   

  	
  $

  	
  14,755.05

  	
   

  	
  $

  	
  177,060.60

  	
   

  
	
  Joint and 50% Survivor Annuity

  	
   

  	
  $

  	
  15,407.37

  	
   

  	
  $

  	
  184,888.44

  	
   

  
	
  Five Year Certain and Life Annuity

  	
   

  	
  $

  	
  16,497.40

  	
   

  	
  $

  	
  197,968.80

  	
   

  
	
  Ten Year Certain and Life Annuity

  	
   

  	
  $

  	
  15,608,48

  	
   

  	
  $

  	
  187,301.76

  	
   

  
	
  Fifteen Year Certain and Life Annuity

  	
   

  	
  $

  	
  4535.35

  	
   

  	
  $

  	
  174,424.20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5 Year Certain Only

  	
   

  	
  $

  	
  38,317.50

  	
   

  	
  $

  	
  459,809.95

  	
   

  
	
  10 Year Certain Only

  	
   

  	
  $

  	
  11,876.93

  	
   

  	
  $

  	
  262,523.17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Aon Severance Plan Amount

  	
   

  	
   

  	
   

  	
  $

  	
  461,538.46

  	
   

  

 

 

EXHIBIT B

 

GENERAL RELEASE
OF ALL CLAIMS

 

1.                 This document (the “Release”) is attached to, is incorporated into, and forms a
part of, the Transition Agreement, dated December 13, 2007 (the “Agreement”) by and between Aon Corporation (“Aon”), Combined Insurance Company of America (“Combined”), and Richard M. Ravin (the “Executive”).
For valuable consideration, the adequacy of which is hereby acknowledged, the
undersigned the Executive, on his own behalf and on behalf of his heirs,
executors, administrators, successors, representatives and assigns, does herein
unconditionally release, waive, and fully discharge Aon, its affiliates and
subsidiaries including Combined (and including successors and assigns thereof)
(collectively, the “Company”), and
all of their respective past, present and future employees, officers,
directors, agents, predecessors, administrators, representatives, attorneys,
and shareholders, and employee benefit plans, from any and all legal claims,
liabilities, suits, causes of action (whether before a court or an
administrative agency), damages, costs, attorneys’ fees, interest, injuries,
expenses, debts, or demands of any nature whatsoever, known or unknown,
liquidated or unliquidated, absolute or contingent, at law or in equity, which
were or could have been filed with any Federal, state, or local court, agency,
arbitrator or any other entity, based directly or indirectly on the Executive’s
employment with and separation from the Company or based on any other alleged
act or omission by or on behalf of the Company prior to the Executive’s signing
this General Release. Without limiting the generality of the foregoing terms,
this General Release specifically includes all claims based on the terms,
conditions, and privileges of employment, and those based on breach of contract
(express or implied), tort, harassment, intentional infliction of emotional
distress, defamation, negligence, privacy, employment discrimination,
retaliation, discharge not for just cause, constructive discharge, wrongful
discharge, the Age Discrimination in Employment Act, as amended (the “ADEA”), Executive Order 11,141 (age discrimination), Title
VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866
and 1871, 41 U.S.C. §1981 (discrimination), 29 U.S.C. §206(d)(l) (equal pay),
Executive Order 11,246 (race, color, religion, sex and national origin
discrimination), the National Labor Relations Act, the Fair Labor Standards
Act, the Americans with Disabilities Act of 1990, the Family Medical Leave Act,
the Immigration Reform and Control Act, the Vietnam Era Veterans Readjustment
Assistance Act, §§503-504 of the Rehabilitation Act of 1973 (handicap
rehabilitation), any federal, state or local fair employment, human rights wage
and hour laws and wage payment laws, and any and all other Federal, state,
local or other governmental statutes, laws, ordinances, regulations and orders,
under common law. This General Release shall not waive or release any rights or
claims that the Executive may have which arises after the date of this General
Release or any rights to indemnification under Section 16 of the
Agreement.

 

2.                 The Executive intends this
General Release to be binding on his successors, and the Executive specifically
agrees not to file or continue any claim in respect of matters covered by Section 1
above. The Executive further agrees never to institute any suit, complaint,
proceeding, grievance or action of any kind at law, in equity, or otherwise in
any court of the United States or in any state, or in any administrative agency
of the United States or any state, county or municipality, or before any other
tribunal, public or private, against the Company arising from or relating to
his employment with or his termination of employment from the Company and/or
any other occurrences to the date of this General Release, other than a claim

 

A-1

 

challenging
the validity of this General Release under the ADEA or respecting any matters
not covered by this General Release.

 

3.                 The Executive is further
waiving his right to receive money or other relief in any action instituted by
him or on his behalf by any person, entity or governmental agency in respect of
matters covered by this General Release. Nothing in this General Release shall
limit the rights of any governmental agency or the Executive’s right of access
to, cooperation or participation with any governmental agency, including
without limitation, the United States Equal Employment Opportunity Commission.
The Executive further agrees to waive his rights under any other statute or
regulation, state or federal, which provides that a general release does not
extend to claims which the Executive does not know or suspect to exist in his
favor at the time of executing this General Release, which if known to him must
have materially affected his settlement with the Company.

 

4.                 In further consideration of
the promises made by the Company in this General Release, the Executive
specifically waives and releases the Company from all claims the Executive may
have as of the date of this General Release, whether known or unknown, arising
under the ADEA. The Executive further agrees that:

 

(A)         the Executive’s
waiver of rights under this General Release is knowing and voluntary and in
compliance with the Older Workers Benefit Protection Act of 1990 (“OWBPA”);

 

(B)          the Executive
understands the terms of this General Release;

 

(C)          the Company is
hereby advising the Executive in writing to consult with an attorney prior to
executing this General Release;

 

(D)         the Company is
giving the Executive a period of twenty-one (21) days within which to consider
this General Release;

 

(E)          following the Executive’s
execution of this General Release, the Executive has seven (7) days in
which to revoke this General Release by written notice. An attempted revocation
not actually received by the Company prior to the revocation deadline will not
be effective; and

 

(F)          this General Release shall
be void and of no force and effect if the Executive chooses to so revoke, and
if the Executive chooses not to so revoke this General Release shall then
become effective and enforceable.

 

5.           This General Release does not waive rights or claims
that may arise under the ADEA after the date the Executive signs this General
Release. To the extent barred by the OWBPA, the covenant not to sue contained
in Section 2 does not apply to claims under the ADEA that challenge the
validity of this General Release. The Executive specifically acknowledges that,
accept as specifically described above, it is his intention to release all
claims known and unknown.

 

A-2

 

6.          To revoke this
General Release, the Executive must send a written statement of revocation to
the Company to the address provided in Section 19 of the Agreement.
The revocation must be received no later than 5:00 p.m. on the seventh
(7th) day following The Executive’s execution of this General Release. If the
Executive does not revoke, the eighth (8th) day following the Executive’s
acceptance will be the “effective date” of this General Release.

 

7.          Effective upon
the lapse of the seven (7) day revocation period and provided the
Executive elects not to revoke this General Release, the Company and its
affiliates hereby release the Executive, his heirs, successors, representatives
and assigns from any an all legal claims, liabilities, suits, causes of action
(whether before a court or an administrative agency), damages, costs, attorneys’
fees, interest, injuries, expenses, debts or demands of any nature whatsoever,
known or unknown, liquidated or unliquidated, absolute or contigent, at law or
in arbitrator or any other entity, based directly or indirectly in the
Executive’s employment with and separation from the Company or based on any
other alleged actor omission by or on behalf of the Executive prior to him
signing this General Release other them original acts, fraud, or actions taken
in bad faith against the interests of the Company.

 

8.          This General
Release shall be governed by the Internal laws (and not the choice of laws) of
the State of Minots.

 

PLEASE
READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS.

 

	
  Date:
  

  	
  12/13/07

  	
   

  	
  \s\Richard
  M. Ravin

  	
   

  
	
   

  	
  RICHARD
  M. RAVIN

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  AON
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  COMBINED
  INSURANCE COMPANY

  
	
   

  	
  OF
  AMERICA

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
											

 

A-3

 

Exhibit C

 

GENERAL RELEASE OF ALL CLAIMS

 

This General Release of All Claims is entered into by and between Aon
Corporation and Combined Insurance Company of America, on the one hand
(collectively, the “Company”), and Richard Ravin, on the other hand (“Executive”),
on this                day
of 2007 (“Effective Date”).

 

This General Release of All Claims is hereby made a part of and
incorporated into the Transition Agreement, dated December       ,
2007, between the parties hereto.

 

For valuable consideration, the adequacy of which is hereby
acknowledged, the undersigned the Company, on its own behalf and on behalf
itself and its past, present and future employees, officers, directors, agents,
predecessors, administrators, representatives, affiliates and subsidiaries
attorneys, and shareholders, and employee benefit plans, successors, and
assigns, do herein unconditionally release, waive, and fully discharge
Executive and his heirs, family, representatives, agents, attorneys,
successors, assigns and advisors, from any and all legal claims, liabilities,
suits, causes of action (whether before a court or an administrative agency),
damages, costs, attorneys’ fees, interest, injuries, expenses, debts, or
demands of any nature whatsoever, known or unknown, liquidated or unliquidated,
absolute or contingent, at law or in equity, which were or could have been
filed with any Federal, state, or local court, agency, arbitrator or any other
entity, based directly or indirectly on the Executive’s employment with and
separation from the Company or based on any other alleged act or omission by or
on behalf of the Executive prior to the Effective Date.

 

This General Release shall
be governed by the internal laws (and not the choice of laws) of the State of
Illinois.

 

The persons signing this
agreement warrant and represent that they are duly authorized representatives
with the power and authority to execute this General Release of All Claims on
behalf of the parties for whom they are signing.

 

	
  Aon Corporation

  
	
   

  
	
  By:

  	
  \s\Richard
  E. Barry

  	
   

  
	
  Its:

  	
  Vice President

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