Document:

OUTSIDE DIRECTORS DEFERRAL PLAN

 Exhibit 10.7 
 Hilb Rogal & Hobbs Company 
 Outside Directors Deferral Plan 
 Effective April 1, 1998 
 Amended and Restated 
 Effective January 1, 2007 
 (Board approved November 28, 2006) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
			
	 1.1
	  	Account	  	1
	 1.2
	  	Administrator	  	2
	 1.3
	  	Affiliate	  	2
	 1.4
	  	Beneficiary	  	2
	 1.5
	  	Benefit Commencement Date	  	2
	 1.6
	  	Board	  	2
	 1.7
	  	Closing Price	  	2
	 1.8
	  	Code	  	2
	 1.9
	  	Compensation	  	2
	 1.10
	  	Corporation	  	2
	 1.11
	  	Death Benefit	  	3
	 1.12
	  	Deferral Amount	  	3
	 1.13
	  	Deferral Benefit	  	3
	 1.14
	  	Deferral Contributions	  	3
	 1.15
	  	Deferral Election	  	3
	 1.16
	  	Deferral Year	  	3
	 1.17
	  	Deferred Cash Account	  	3
	 1.18
	  	Deferred Stock Unit	  	3
	 1.19
	  	Deferred Stock Unit Account	  	3
	 1.20
	  	Director	  	3
	 1.21
	  	Effective Date	  	4
	 1.22
	  	Eligible Director	  	4
	 1.23
	  	Former Plan	  	4
	 1.24
	  	Participant	  	4
	 1.25
	  	Plan	  	4
	 1.26
	  	Plan Year	  	4
	 1.27
	  	Rate of Return	  	4
	 1.28
	  	Short Plan Year	  	4
		
	 ARTICLE II ELIGIBILITY AND PARTICIPATION
	  	4
			
	 2.1
	  	Eligibility	  	4
	 2.2
	  	Notice and Election Regarding Active Participation	  	5
	 2.3
	  	Commencement of Active Participation	  	5
	 2.4
	  	Length of Participation	  	5
		
	 ARTICLE III DETERMINATION OF DEFERRAL
	  	5
			
	 3.1
	  	Deferral Benefit	  	5
	 3.2
	  	Transition Credits	  	6
	 3.3
	  	Deferral Election	  	6
	 3.4
	  	Subtractions from Deferred Cash Account and Deferred Stock Unit Account	  	8

					
	 	  	 	  	Page
	 3.5
	  	Crediting of Interest to Deferred Cash Account	  	8
	 3.6
	  	Equitable Adjustment in Case of Error or Omission	  	8
	 3.7
	  	Statement of Benefits	  	8
		
	 ARTICLE IV ACCOUNTS AND INVESTMENTS
	  	8
			
	 4.1
	  	Accounts	  	8
	 4.2
	  	Deferred Stock Units	  	9
	 4.3
	  	Hypothetical Nature of Accounts and Investments	  	10
		
	 ARTICLE V VESTING
	  	10
		
	 ARTICLE VI DEATH BENEFITS
	  	10
			
	 6.1
	  	Pre-Benefit Commencement Date Death Benefit	  	10
	 6.2
	  	Post-Benefit Commencement Date Death Benefit	  	11
		
	 ARTICLE VII PAYMENT OF BENEFITS
	  	11
			
	 7.1
	  	Payment of Deferral Benefit	  	11
	 7.2
	  	Payment of Death Benefit	  	12
	 7.3
	  	Form of Payment of Deferral Benefit	  	12
	 7.4
	  	Benefit Determination and Payment Procedure	  	12
	 7.5
	  	Payments to Minors and Incompetents	  	12
	 7.6
	  	Distribution of Benefit When Distributee Cannot Be Located	  	12
		
	 ARTICLE VIII BENEFICIARY DESIGNATION
	  	13
			
	 8.1
	  	Beneficiary Designations	  	13
		
	 ARTICLE IX WITHDRAWALS
	  	13
			
	 9.1
	  	No Withdrawals Permitted	  	13
	 9.2
	  	Hardship Exemption	  	14
		
	 ARTICLE X FUNDING
	  	14
			
	 10.1
	  	Funding	  	14
		
	ARTICLE XI CHANGE OF CONTROL	  	15
			
	 11.1
	  	Change of Control	  	15
	 11.2
	  	Effect of Change of Control	  	16
		
	 ARTICLE XII PLAN ADMINISTRATOR
	  	17
			
	 12.1
	  	Appointment of Administrator	  	17
	 12.2
	  	Duties and Responsibilities of Plan Administrator	  	18
		
	 ARTICLE XIII AMENDMENT OR TERMINATION OF PLAN
	  	18
		
	 ARTICLE XIV MISCELLANEOUS
	  	18

  

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	 	  	 	  	Page
	 14.1
	  	Non-assignability	  	18
	 14.2
	  	Notices and Elections	  	19
	 14.3
	  	Delegation of Authority	  	19
	 14.4
	  	Service of Process	  	19
	 14.5
	  	Governing Law	  	19
	 14.6
	  	Binding Effect	  	19
	 14.7
	  	Severability	  	19
	 14.8
	  	Gender and Number	  	19
	 14.9
	  	Titles and Captions	  	20
	 14.10
	  	Fiduciary Discretion	  	20
	 14.11
	  	Term	  	20

  

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 INTRODUCTION 
 Effective January 1, 1995, the Board of Directors of Hilb, Rogal and Hamilton Company adopted the Outside Directors Deferral Plan, under which non-employee directors of the Corporation had the opportunity to
defer receipt of certain compensation until retirement or departure from the Board. 
 The Board of Directors determined it to be in the best
interests of the Corporation to allow non-employee directors of the Corporation to continue to have the opportunity to defer receipt of certain compensation until retirement or departure from the Board provided that the deferred amounts are aligned
with the interests of the Corporation by being tied to the performance of the Corporation’s common stock. Therefore, effective April 1, 1998, the Board of Directors adopted the Hilb, Rogal and Hamilton Company Amended and Restated Outside
Directors Deferral Plan (the “Plan”). The Board of Directors subsequently amended and restated the Plan effective May 4, 2004. 
 Effective January 1, 2005, the Plan is amended to conform to the requirements of section 409A of the Internal Revenue Code. The amendments apply solely to amounts accrued on and after January 1, 2005, plus any amounts accrued
prior to January 1, 2005, that are not earned and vested as of December 31, 2004. Amounts accrued prior to January 1, 2005, that are earned and vested as of December 31, 2004, shall remain subject to the terms of the Plan as in
effect on December 31, 2004. 
 By Board action on November 28, 2006, and effective as of January 1, 2007, the Board of
Directors has determined it to be in the best interests of the Corporation to make certain additional amendments to the Plan. Therefore, the Board of Directors believes it to be in the best interest of the Corporation to amend and restate the Plan
for such purposes. 
 Pursuant to action taken by the Board of Directors and shareholders of the Corporation, the Plan is amended and
restated in its entirety as follows: 
 ARTICLE I 
 DEFINITIONS 
 The following words and terms as used in this Plan shall have the meaning set forth
below, unless a different meaning is clearly required by the context: 
 1.1 Account: A bookkeeping account established for a
Participant under Article IV hereof. Effective January 1, 2005, the Corporation shall maintain a Pre-2005 Account and Post-2004 Account for each Participant. A Participant’s Pre-2005 Account shall document the amounts deferred under the
Plan by the Participant and any other amounts credited hereunder which are earned and vested prior to January 1, 2005, plus earnings thereon. A Participant’s 

  

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Post-2004 Account shall document the amounts deferred under the Plan by the Participant and any other amounts credited hereunder on and after January 1,
2005, plus earnings thereon. Where applicable, a Participant’s Pre-2005 Account and Post-2004 Account may be referred to collectively as the Participant’s “Account.” 
 1.2 Administrator: The Human Resources and Compensation Committee of the Board is the Plan Administrator unless responsibility is delegated
as provided for in Article XII hereof. 
 1.3 Affiliate: Any subsidiary, parent, affiliate, or other related business entity to the
Corporation. 
 1.4 Beneficiary: The person or persons designated by a Participant or otherwise entitled pursuant to Section 8.1
to receive benefits under the Plan attributable to such Participant after the death of such Participant. 
 1.5 Benefit Commencement
Date: The date irrevocably elected by the Participant pursuant to Section 3.3, which date may not be later than the January 1 following the Participant’s 75th birthday. The same Benefit Commencement Date shall be required for all
Deferral Contributions made and Deferral Benefits attributable to a Deferral Year. 
 1.6 Board: The present and any succeeding Board
of Directors of the Corporation, unless such term is used with respect to a particular Affiliate and its Directors, in which event it shall mean the present and any succeeding Board of Directors of that Affiliate. 
 1.7 Closing Price: The closing price of a share of common stock of the Corporation as reported on the New York Stock Exchange composite
tape on such day or, if the common stock of the Corporation was not traded on the New York Stock Exchange on such day, then on the next preceding day that the common stock of the Corporation was traded on such exchange, all as reported by such
source as the Administrator may select. 
 1.8 Code: The Internal Revenue Code of 1986, as the same may be amended from time to time.

 1.9 Compensation: Fees payable to a Participant for service as a member of the Board, including (i) annual retainer fee
(“Retainer”) and (ii) meeting or committee fees (collectively referred to as “Additional Fees”) paid by the Corporation to an Eligible Director, but excluding any such compensation deferred from a prior period, expense
reimbursement and allowances and benefits not normally paid in cash to the Participant. 
 1.10 Corporation: Hilb Rogal &
Hobbs Company (formerly Hilb, Rogal and Hamilton Company), or any successor thereto. 
  

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 1.11 Death Benefit: The benefit with respect to a Participant due a Participant’s
Beneficiary, determined in accordance with Article VI hereof. 
 1.12 Deferral Amount: With respect to each Plan Year, the sum of the
Deferral Contributions of a Participant with respect to his Retainer and/or his Additional Fees earned during the Plan Year. 
 1.13
Deferral Benefit: The balance in a Participant’s Deferred Cash Account and Deferred Stock Unit Account. 
 1.14 Deferral
Contributions: That portion of a Participant’s Compensation which is deferred under the Plan or which has been deferred under the Former Plan. 
 1.15 Deferral Election: An irrevocable election of a Deferral Amount in writing executed by the Eligible Director or Participant and timely filed with the Administrator. 
 1.16 Deferral Year: The Plan Year with respect to which a Deferral Contribution is made. For purposes hereof, a Deferral Contribution is
considered made with respect to the Plan Year in which the amount was earned. 
 1.17 Deferred Cash Account: An unfunded, bookkeeping
account maintained on the books of the Corporation for a Participant which reflects his interest in amounts attributable to his Deferral Contributions under the Former Plan. The Deferred Cash Account of a Participant consists of his Deferral
Contributions made under the Former Plan with respect to Compensation earned after December 31, 1994 and before April 1, 1998. Separate subdivisions of the Deferred Cash Account shall continue to be maintained to reflect Deferral
Contributions made and Deferral Benefits attributable with respect to each Deferral Year and within each Deferral Year, the Deferral Contributions and Deferral Benefits attributable to Deferral Contributions of Retainer and Deferral Contributions of
Additional Fees. 
 1.18 Deferred Stock Unit: A hypothetical share of the Corporation’s common stock. 
 1.19 Deferred Stock Unit Account: An unfunded, bookkeeping account maintained on the books of the Corporation for a Participant which reflects his
interest in amounts attributable to his Deferral Contributions under the Plan. The Deferred Stock Unit Account of a Participant consists of his Deferral Contributions made under the Plan with respect to Compensation earned after April 1, 1998.
Separate subdivisions of the Deferred Stock Unit Account shall be maintained to reflect Deferral Contributions made and Deferral Benefits attributable with respect to each Deferral Year and within each Deferral Year, the Deferral Contributions and
Deferral Benefits attributable to Deferral Contributions of Retainer and Deferral Contributions of Additional Fees. 
 1.20 Director:
An individual who serves as a member of the Board. 
  

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 1.21 Effective Date: The Effective Date of the Plan is April 1, 1998. The Effective Date of
this amended and restated Plan is January 1, 2007. 
 1.22 Eligible Director: A Director who is not an employee of the
Corporation and who has not reached the age of 75 before the Deferral Year. 
 1.23 Former Plan: The Hilb, Rogal and Hamilton Company
Outside Directors Deferral Plan effective January 1, 1995. 
 1.24 Participant: An Eligible Director who elects to participate in
the Plan, and further differentiated as follows: 
 (i) “Active Participant”: A Participant who has an election to
make Deferral Contributions to the Plan in effect at the time in question. 
 (ii) “Inactive Participant”: A
Participant who does not have an election to make Deferral Contributions to the Plan in effect at the time in question. 
 1.25 Plan:
This document, as contained herein or duly amended, which shall be known as the “Hilb Rogal & Hobbs Company Outside Directors Deferral Plan”. 
 1.26 Plan Year: The calendar year or any Short Plan Year. 
 1.27 Rate of Return: Nine percent
(9%) for the 1995 through 2003 Deferral Years, and seven percent (7%) for Deferral Years after 2003 until, if ever, modified by the Human Resources and Compensation Committee. 
 1.28 Short Plan Year: The remaining portion of the calendar year after the Effective Date of this Plan. 
 ARTICLE II 
 ELIGIBILITY AND
PARTICIPATION 
 2.1 Eligibility 
 Each Eligible Director shall be eligible to participate in the Plan and to defer Compensation hereunder for such Plan Year. 
  

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 2.2 Notice and Election Regarding Active Participation 
 (a) The Administrator shall notify each Eligible Director within a reasonable period of time prior to the beginning of each Plan Year. 
 (b) In order to become an Active Participant and to make Deferral Contributions with respect to a Plan Year, an Eligible Director must file with the
Administrator a Deferral Election, as provided in Section 3.3 which is effective as of the first day of the Plan Year, such election must be filed by the date established by the Administrator, which date shall be no later than the
December 31 preceding such Plan Year or the last day before the commencement of a Short Plan Year, whichever is applicable. 
 (c) By
executing and filing such election with the Administrator, an Eligible Director consents and agrees to the following: 
 (i)
To execute such applications and take such physical examinations and to supply truthfully and completely such information as may be requested by any health questionnaire provided by the Administrator; 
 (ii) To be bound by all terms and conditions of the Former Plan, the Plan and all amendments thereto. 
 2.3 Commencement of Active Participation 
 An Eligible Director shall become an Active Participant with respect to a Plan Year only if he is expected to have Compensation during such Plan Year, and he timely files and has in effect a Deferral Election for such
Plan Year. 
 2.4 Length of Participation 
 An individual who is or becomes a Participant shall be or remain an Active Participant as long as he has a Deferral Election in effect; and he shall be or remain an Inactive Participant as long as he is entitled to
future benefits under the terms of the Plan and is not considered an Active Participant. 
 ARTICLE III 
 DETERMINATION OF DEFERRAL 
 3.1
Deferral Benefit 
 For purposes hereof, a Participant’s Deferral Benefit shall be the balance in his Deferred Cash Account
and his Deferred Stock Unit Account at the time in question. 
  

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 3.2 Transition Credits 
 Each Participant who has a balance standing to his credit in the Former Plan as of April 1, 1998, shall be permitted a one-time election, on or
before April 1, 1998, to convert all or a portion of the balance standing to his credit in the Former Plan to Deferred Stock Units as of April 1, 1998. A Participant who elects to convert all or a portion of his Deferral Account (as
defined in the Former Plan) in the Former Plan to Deferred Stock Units shall be credited with the number of Deferred Stock Units determined by dividing the portion of his Deferred Cash Account under the Former Plan on April 1, 1998 for which
such election is made, by the Closing Price on the date of the Participant’s election. If the formula produces a fractional Deferred Stock Unit, then the fractional Deferred Stock Unit shall be rounded off to the nearest thousandth and credited
to the Participant. Once a Participant has made an election under this Section 3.2 to convert some or all of his Deferred Cash Account to Deferred Stock Units of the Corporation, the Corporation’s rights and obligations, if any, with
respect to the Deferred Stock Units will be governed by this Plan. 
 3.3 Deferral Election 
 (a) Subject to the restrictions and conditions hereinafter provided, a Participant may irrevocably elect, as a Deferral Contribution with respect to a
Plan Year, to receive an amount of his Compensation which is specified by his Deferral Election for such Plan Year in the form of Deferred Stock Units. Any such election must be filed with the Administrator at the time required under
Section 2.2(b). 
 (b) The following conditions apply: 
 (i) The maximum Deferral Contribution of Retainer with respect to any Participant for a Plan Year shall be one hundred percent
(100%) of his Retainer for such Plan Year and such election shall be made in whole dollar amounts. A Participant who elects to receive his Retainer in Deferred Stock Units shall have credited to his Deferred Stock Unit Account as of the first
day of each calendar quarter the number of Deferred Stock Units determined by dividing that portion of his accrued, deferred Retainer for the quarter (determined by dividing the amount of such Retainer previously selected by the Participant to be
applied to the purchase of Deferred Stock Units by four) by the Closing Price as of the last day of the previous calendar quarter. 
 (ii) The maximum Deferral Contribution of Additional Fees with respect to any Participant for a Plan Year shall be one hundred percent (100%) of his Additional Fees for such Plan Year and such election shall be made in twenty-five
percent (25%) increments. A Participant who elects to receive his Additional Fees in Deferred Stock Units shall have credited to his Deferred Stock Unit Account as of the first day of the month following the month in which such Additional Fees
are accrued the number of Deferred Stock Units determined by dividing the deferred portion of his Additional Fees by the Closing Price as of the last day of the month preceding the month in which the Deferred Stock Units are credited to his Account.

  

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 (iii) For Deferral Years prior to 2007, a Participant who elects to defer one hundred
percent (100%) of his Compensation shall receive additional Deferred Stock Units equal to thirty percent (30%) of said Participant’s Compensation for the Plan Year. For Deferral Years after December 31, 2006, a Participant who
elects to defer one hundred percent (100%) of his Compensation shall receive additional Deferred Stock Units equal to twenty percent (20%) of said Participant’s Compensation for the Plan Year. Such Deferred Stock Units shall be
credited to the Participant in addition to the Deferred Stock Units received as a result of the election to defer the Retainer and Additional Fees in the manner provided by subsections (i) and (ii) above. 
 (iv) A separate Deferral Election must be filed for each Plan Year. 
 (v) Each Deferral Election shall be made on a form provided by the Administrator and shall specify the Deferral Amount and source of
deferrals and such additional information as the Administrator may require. 
 (vi) A Deferral Election must specify the form
and period of payment and the Benefit Commencement Date. A Participant may elect to receive a lump sum payment or annual installment payments over periods of five, ten or fifteen years beginning on the January 1 after age 55, 60, 65, 70 or 75.

 (vii) A Participant may postpone his Benefit Commencement Date, as described below: 
 (A) This paragraph applies solely to a Participant’s Pre-2005 Account. A Participant shall have the option of postponing the elected
Benefit Commencement Date of a Deferral Benefit by making an irrevocable subsequent deferral election at least 12 months before such Deferral Benefit is payable, provided that the Participant may not change his previous allocation of amounts to his
Deferred Cash Account and Deferred Stock Unit Account at such time and provided that the Participant may not postpone the elected Benefit Commencement Date past the January 1 following the Participant’s 75th birthday. 
 (B) This paragraph applies solely to a Participant’s Post-2004 Account. A Participant shall have the option of postponing the elected
Benefit Commencement Date of a Deferral Benefit for a period of not less than five years by making an irrevocable subsequent deferral election at least 12 months before such Deferral Benefit is payable. In addition, an election to postpone a Benefit
Commencement Date may not take effect for 12 months after the date of the election and must specify a Benefit Commencement Date of January 1 following 

  

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attainment of a specified age up to age 75. No such election may be made if the minimum five-year period described in the first sentence of this subsection
(vii)(B) would extend past the January 1 following the Participant’s 75th birthday. 
 A Participant shall make an election to postpone his Benefit Commencement Date on a form designated by the Administrator. 
 3.4 Subtractions from Deferred Cash Account and Deferred Stock Unit Account 
 All distributions from a Participant’s Deferred Cash Account and Deferred Stock Unit Account shall be subtracted when such distributions are made.

 3.5 Crediting of Interest to Deferred Cash Account 
 There shall be credited to each Participant’s Deferred Cash Account an amount representing interest on the balance of such Account. Under the Former
Plan, the interest was credited as of the first day of the Deferral Year. Under this Plan, interest shall be credited as earned. Such interest shall be based on the applicable Rate of Return for the Deferral Year. 
 3.6 Equitable Adjustment in Case of Error or Omission 
 If an error or omission is discovered in the Deferred Cash Account and Deferred Stock Unit Account of a Participant, the Administrator shall make such equitable adjustment as the Administrator deems appropriate.

 3.7 Statement of Benefits 
 Within a reasonable time after the end of the Plan Year and at the date a Participant’s Deferral Benefit or Death Benefit becomes payable under the Plan, the Administrator shall provide to each Participant (or,
if deceased, to his Beneficiary) a statement of the benefit under the Plan. 
 ARTICLE IV 
 ACCOUNTS AND INVESTMENTS 
 4.1
Accounts 
 A separate Pre-2005 Account and Post-2004 Account under the Plan shall be established for each Participant. Such
Account shall be (a) credited with the amounts credited in accordance with Sections 3.2 and 3.3, (b) credited (or charged, as the case may be) with the investment results determined in accordance with Sections 4.2 and 4.3, and
(c) charged with the amounts paid by the Plan to or on behalf of the Participant in accordance with Article VII. With each 

  

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Participant’s Account, separate subaccounts (including, as necessary, a Deferred Stock Unit Account and a Deferred Cash Account) shall be maintained to
the extent that the Board determines them necessary or useful in the administration of the Plan. 
 4.2 Deferred Stock Units

 Except as provided below, a Participant’s Deferred Stock Unit Account shall be treated as if it were invested in Deferred Stock Units
that are equivalent in value to the fair market value of the shares of the Corporation’s common stock in accordance with the following rules: 
 (a) The number of Deferred Stock Units credited to a Participant’s Deferred Stock Unit Account shall be increased on the first day of the month following any month in which a dividend is paid on the Corporation’s common stock,
based on the number of Deferred Stock Units in the Participant’s Deferred Stock Unit Account as of the dividend record date. The number of additional Deferred Stock Units credited to a Participant’s Deferred Stock Unit Account as a result
of such deemed dividend shall be determined by (i) multiplying the total number of Deferred Stock Units (with fractional Deferred Stock Units rounded off to the nearest hundredth) credited to the Participant’s Deferred Stock Unit Account
as of the dividend record date by the amount of the dividend paid per share of the Corporation’s common stock on the dividend payment date, and (ii) dividing the product so determined on the first day of the month following payment of the
dividend by the Closing Price on the last day of the month in which the dividend was paid. 
 (b) The dollar value of the Deferred Stock
Units credited to a Participant’s Deferred Stock Unit Account on any date shall be determined by multiplying the number of Deferred Stock Units (including fractional Deferred Stock Units) credited to the Participant’s Deferred Stock Unit
Account by the Closing Price on that date. 
 (c) In the event of a transaction or event described in this subsection (c), the number of
Deferred Stock Units credited to a Participant’s Deferred Stock Unit Account shall be adjusted in such manner as the Board, in its sole discretion, deems equitable. A transaction or event is described in this subsection (c) if (i) it
is a dividend (other than regular quarterly dividends) or other distribution (whether in the form of cash, shares, other securities, or other property), extraordinary cash dividend, recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, repurchase, or exchange of shares or other securities, the issuance or exercisability of stock purchase rights, the issuance of warrants or other rights to purchase shares or other securities, or other
similar corporate transaction or event and (ii) the Board determines that such transaction or event affects the shares of the Corporation’s common stock, such that an adjustment pursuant to this subsection (c) is appropriate to
prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 
  

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 4.3 Hypothetical Nature of Accounts and Investments 
 Each Account established under this Article IV shall be maintained for bookkeeping purposes only. Neither the Plan nor any of the Accounts established
under the Plan shall hold any actual funds or assets. The Deferred Stock Units established hereunder shall be used solely to determine the amounts to be paid hereunder, shall not represent an equity security of the Corporation, and shall not carry
any voting or dividend rights. 
 ARTICLE V 
 VESTING 
 A Participant’s Deferred Cash Account and Deferred Stock Unit Account shall be fully
vested and non-forfeitable at all times. 
 ARTICLE VI 
 DEATH BENEFITS 
 6.1 Pre-Benefit Commencement Date Death Benefit 
 (a) In the event that a Participant who has not reached age 65 dies while he is a member of the Board and prior to his Benefit Commencement Date, the
Beneficiary of such Participant shall be entitled to receive as a Death Benefit an amount equal to the greater of (i) or (ii) below where: 
 (i) equals the lesser of 
 (A) the Deferral Benefit earned as of December 31, 2006, that
the Participant would have received had the Participant lived to his Benefit Commencement Date and received the full Deferral Benefit. The full Deferral Benefit shall be calculated by increasing the value of the Participant’s Deferred Cash
Account as of December 31, 2006, by the amount that would have been credited as interest at the Rate of Return from his December 31, 2006, through the Participant’s Benefit Commencement Date and by assuming that the value of the
Participant’s Deferred Stock Unit Account as of December 31, 2006, had been converted to a Deferred Cash Account as of December 31, 2006, and the Participant lived to the Benefit Commencement Date; or 
 (B) the Deferral Benefit earned that the Participant would have received had the Participant lived to his Benefit Commencement Date and
received the full Deferral Benefit. The full Deferral Benefit shall be calculated by increasing the value of the Participant’s Deferred Cash Account by the amount that would have 

  

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been credited as interest at the Rate of Return from his date of death through the Participant’s Benefit Commencement Date and by assuming that the
value of the Participant’s Deferred Stock Unit Account as of his date of death had been converted to a Deferred Cash Account as of the first of January following his date of death and the Participant lived to the Benefit Commencement Date.

 (ii) equals the value of the Deferral Benefit as of the
January 1st following the Participant’s date of death. 
 (b) If the Participant is age 65 or older at the time of the Participant’s death, the
Beneficiary of such Participant shall be entitled to receive as a Death Benefit an amount equal to the Deferral Benefit as of the January 1st following the Participant’s date of death. 
 (c) This Death Benefit shall be paid pursuant to the Participant’s election form except that the payment shall be made, or begin, on the January 1st after the Participant’s date of death. 
 (d)
Notwithstanding the recalculation of the Participant’s Deferred Stock Unit Account as provided in this Section 6.1, distributions of the Participant’s Deferred Stock Unit Account shall be paid in shares of the Corporation’s
common stock with fractional shares paid in cash. The number of additional Deferred Stock Units added to the Participant’s Deferred Stock Unit Account as a result of this Section 6.1 shall be determined by dividing the amount of the
adjustment by the Closing Price on the first of January following the Participant’s death. 
 6.2 Post-Benefit Commencement Date
Death Benefit 
 In the event that a Participant dies after his Benefit Commencement Date, then the Beneficiary of such Participant
shall be entitled to receive as a Death Benefit a continuation of the payment of the Deferral Benefit in the same manner and in the same amount that the Participant would have received had the Participant lived to receive the Deferral Benefit.

 ARTICLE VII 
 PAYMENT
OF BENEFITS 
 7.1 Payment of Deferral Benefit  
 A Participant’s Deferral Benefit, if any, shall become payable to the Participant as of the Benefit Commencement Date specified in his Deferral
Election or as soon thereafter as is administratively practical. If the Participant has elected to receive the Deferral Benefit in annual installments, each of the Participant’s installment payments shall be comprised of accrued interest, if
any, and that portion of the Participant’s Deferral Benefit equal to the balances in the Participant’s Deferred Cash Account and Deferred Stock Unit Account divided by the number of remaining annual installment payments to be made to the
Participant. 
  

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 7.2 Payment of Death Benefit 
 A Participant’s pre-commencement Death Benefit shall be payable to his Beneficiary as set forth in Article VI. A Participant’s post-commencement
Death Benefit shall be paid to his Beneficiary in installments payable annually over the period irrevocably elected by the Participant pursuant to his Deferral Election. 
 7.3 Form of Payment of Deferral Benefit  
 A Participant shall be paid his Deferral Benefit
beginning at the Benefit Commencement Date in a lump sum or in periodic installment payments payable annually over a period of five, ten, or fifteen years as irrevocably elected by the Participant pursuant to Section 3.3. A Participant’s
Deferred Stock Unit Account shall be paid in shares of the Corporation’s common stock with fractional shares paid in cash, and a Participant’s Deferred Cash Account shall be paid in cash. 
 7.4 Benefit Determination and Payment Procedure 
 The Administrator shall make all determinations concerning eligibility for benefits under the Plan, the time or terms of payment, and the form or manner of payment to the Participant or the Participant’s
Beneficiary, in the event of the death of the Participant. The Administrator shall promptly notify the Corporation of each such determination that benefit payments are due and provide to the Corporation all other information necessary to allow the
Corporation to carry out said determination, whereupon the Corporation shall pay such benefits in accordance with the Administrator’s determination. 
 7.5 Payments to Minors and Incompetents 
 If a Participant or Beneficiary entitled to receive
any benefits hereunder is a minor or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to such person as the Administrator may designate for the
benefit of such Participant or Beneficiary. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan. 

7.6 Distribution of Benefit When Distributee Cannot Be Located 
 The Administrator shall make all reasonable attempts to determine the identity and/or whereabouts of a Participant or a Participant’s Beneficiary
entitled to benefits under the Plan, including the mailing by certified mail of a notice to the last known address shown on the Corporation’s or the Administrator’s records. If the Administrator is unable to locate such a person entitled
to benefits hereunder, or if there has been no claim made for such benefits, the Corporation shall continue to hold the benefit due such person, subject to any applicable statute of escheats. 
  

 -12- 

 7.7 Acceleration of Benefits Prohibited 
 Except as provided in Treasury Regulations, no acceleration in the time or schedule of any payment or amount scheduled to be paid from the
Participant’s Post-2004 Account is permitted. 
 ARTICLE VIII 
 BENEFICIARY DESIGNATION 
 8.1 Beneficiary Designations 

(a) A Participant may designate a Beneficiary. Any Beneficiary designation made hereunder shall be effective only if properly signed and dated by the
Participant and delivered to the Administrator prior to the time of the Participant’s death. The most recent Beneficiary designation received by the Administrator shall be the effective Beneficiary designation for all Plan Years and shall
supercede all prior Beneficiary designations unless specifically designated otherwise. Any Beneficiary designation hereunder shall remain effective until changed or revoked hereunder. 
 (b) A Beneficiary designation may be changed by the Participant at any time, or from time to time, by filing a new designation in writing with the
Administrator. 
 (c) If the Participant dies without having designated a Beneficiary, or if the Beneficiary so designated has predeceased
him, then his estate shall be deemed to be his Beneficiary. 
 (d) If a Beneficiary of the Participant shall survive the Participant but
shall die before the Participant’s entire benefit under the Plan has been distributed, then the unpaid balance thereof shall be distributed to any other beneficiary named by the deceased Beneficiary to receive his interest or, if none, to the
estate of the deceased Beneficiary. 
 ARTICLE IX 
 WITHDRAWALS 
 9.1 No Withdrawals Permitted 
 No withdrawals or other distributions shall be permitted from the Deferred Cash Account and Deferred Stock Unit Account except as provided in Article VII.

  

 -13- 

 9.2 Hardship Exemption 
 (a) A distribution of a portion of the Participant’s Deferral Benefit because of an Unforeseeable Emergency will be permitted only to the extent
required by the Participant to satisfy the emergency need. Whether an Unforeseeable Emergency has occurred will be determined solely by the Administrator. Distributions in the event of an Unforeseeable Emergency may be made by and with the approval
of the Administrator upon written request by a Participant. 
 (b) An “Unforeseeable Emergency” is defined as a severe financial
hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the Participant’s control. The circumstances that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any event, any distribution under this
Section 9.2 shall not exceed the remaining amount required by the Participant to resolve the hardship after (i) reimbursement or compensation through insurance or otherwise, (ii) obtaining liquidation of the Participant’s assets,
to the extent such liquidation would not itself cause a severe financial hardship, or (iii) suspension of deferrals under the Plan. 
 ARTICLE X 
 FUNDING 
 10.1 Funding 
 (a) All Participants and Beneficiaries are general unsecured creditors of the
Corporation with respect to the benefits due hereunder and the Plan constitutes a mere promise by the Corporation to make benefit payments in the future. It is the intention of the Corporation that the Plan be considered unfunded for tax purposes.

 (b) The Corporation may, but is not required to, purchase life insurance in amounts sufficient to provide some or all of the benefits
provided under this Plan or may otherwise segregate assets for such purpose. 
 (c) The Corporation may, but is not required to, establish a
grantor trust which may be used to hold assets of the Corporation which are maintained as reserves against the Corporation’s unfunded, unsecured obligations hereunder. Such reserves shall at all times be subject to the claims of the
Corporation’s creditors. To the extent such trust or other vehicle is established, and assets contributed, for the purpose of fulfilling the Corporation’s obligation hereunder, then such obligation of the Corporation shall be reduced to
the extent such assets are utilized to meet its obligations hereunder. Any such trust and the assets held thereunder are intended to conform in substance to the terms of the model trust described in Revenue Procedure 92-64. 
  

 -14- 

 ARTICLE XI 
 CHANGE OF CONTROL 
 11.1 Change of Control 
 A “Change of Control” shall mean 
 (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (i) the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common Stock”) or (ii) the
combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); provided, however, that for purposes of this
subsection (a), the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Corporation, (ii) any acquisition by the Corporation, (iii) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Corporation or any corporation controlled by the Corporation or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of
subsection (c) of this Section; or 
 (b) Individuals who, as of February 2, 1999, constitute the Board “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to February 2, 1999 whose election, or nomination for election by the Corporation’s
shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board; or 
 (c) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or
substantially all of the assets of the Corporation (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding
shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including,
without limitation a corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as
their ownership, immediately prior to such Business Combination of the Outstanding 

  

 -15- 

 
Corporation Common Stock and Outstanding Corporation Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from
such Business Combination or any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding
shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business
Combination and (iii) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the
action of the Board, providing for such Business Combination; or 
 (d) Approval by the shareholders of the Corporation of a complete
liquidation or dissolution of the Corporation. 
 Notwithstanding the foregoing, for purposes of subsection (a) of this Section, a
Change of Control shall not be deemed to have taken place if, as a result of an acquisition by the Corporation which reduces the Outstanding Corporation Common Stock or the Outstanding Corporation Voting Securities, the beneficial ownership of a
Person increases to 25% or more of the Outstanding Corporation Common Stock or the Outstanding Corporation Voting Securities; provided, however, that if a Person shall become the beneficial owner of 25% or more of the Outstanding Corporation Common
Stock or the Outstanding Corporation Voting Securities by reason of share purchases by the Corporation and, after such share purchases by the Corporation, such Person becomes the beneficial owner of any additional shares of the Outstanding
Corporation Common Stock or the Outstanding Corporation Voting Stock through any means except an acquisition directly from the Company, for purposes of subsection (a) of this Section, a Change of Control shall be deemed to have taken place.

 11.2 Effect of Change of Control 
 (a) Upon a Change of Control, the Corporation shall establish, if one has not been established, a grantor trust, as described in Section 10.1(c), and shall contribute to such trust, within seven days of the
Change of Control, and within 30 days of the end of each Plan Year thereafter, a lump-sum payment equal to the difference between the aggregate value of all Participants’ Accounts and the value of the assets of the trust on the date of the
Change of Control or end of the Plan Year. 
 (b) Notwithstanding any other provision in any other Article of this Plan to the contrary, in
the event a Participant ceases to serve as a Director of the Corporation or an entity in control of the Corporation within three years following a Change of Control, other than on account of the Participant’s death, the value of such
Participant’s Deferred Stock Unit Account as of the date he ceases to serve as a Director shall be paid in a lump-sum payment in shares of the Corporation’s common stock (or an Acquiring Corporation’s stock, as provided in
Section 11.2(c), below) with fractional shares paid in cash, and the value of such Participant’s Deferred Cash Account as of the date he ceases to serve as a Director shall be paid to Participant in a lump-sum cash payment within 30 days
after such date, or as soon thereafter as is practicable. 
  

 -16- 

 (c) Upon a Change of Control, each Participant’s Deferred Stock Unit Account shall be adjusted as
provided in Section 4.2(c). The amount of such adjustment shall be determined by the Board (which, for this purpose, shall be comprised solely of employee members of the Board prior to the Change of Control) so as to reflect fairly and
equitably appropriate circumstances as the Board deems appropriate, including, without limitation, the recent price of shares of the Corporation’s common stock. For purposes of adjustments under this Section 11.2(c), the value of a
Participant’s Deferred Stock Unit Account shall be adjusted to the greater of (i) the Closing Price on or nearest the date on which the Change of Control is deemed to occur, or (ii) the highest per share price for shares of the
Corporation’s common stock actually paid in connection with the Change of Control. In the event the consideration received in the Change of Control transaction by the holders of the Corporation’s common stock includes shares of stock of
another corporation (an “Acquiring Corporation”), the adjustment under this Section 11.2(c) shall include converting each Deferred Stock Unit into units of stock of the Acquiring Corporation of the same class as the shares received by
the holders of the Corporation’s common stock in the Change of Control transaction using the same exchange ratio as the exchange ratio used in the Change of Control transaction and such units shall be deemed to be equivalent in value to the
fair market value of such shares of the Acquiring Corporation. Such units shall thereafter be deemed to be Deferred Stock Units within the meaning of this Plan and accounted for and adjusted accordingly. Any other adjustment made to a Deferred Stock
Unit Account, including an adjustment relating to other consideration received in the Change of Control transaction by the holders of the Corporation’s common stock, shall be credited to the Participant’s Deferred Cash Account. 

ARTICLE XII 
 PLAN ADMINISTRATOR

 12.1 Appointment of Administrator 
 (a) The Human Resources and Compensation Committee may appoint one or more persons to serve as the Administrator for the purpose of administering the Plan. In the event more than one person is appointed, the persons
shall form a committee for the purpose of functioning as the Administrator of the Plan. The person or committeemen serving as Administrator shall serve for indefinite terms at the pleasure of the Human Resources and Compensation Committee, and may,
by 30 days prior written notice to the Human Resources and Compensation Committee, terminate such appointment. 
  

 -17- 

 12.2 Duties and Responsibilities of Plan Administrator 
 (a) The Administrator shall maintain and retain necessary records regarding its administration of the Plan. 
 (b) The Administrator is empowered to settle claims against the Plan and to make such equitable adjustments in a Participant’s or Beneficiary’s
rights or entitlements under the Plan as it deems appropriate in the event an error or omission is discovered or claimed in the operation or administration of the Plan. 
 (c) The Administrator may construe the Plan, correct defects, supply omissions or reconcile inconsistencies to the extent necessary to effectuate the Plan, and such action shall be conclusive. 
 ARTICLE XIII 
 AMENDMENT OR
TERMINATION OF PLAN 
 The Plan may be terminated or amended at any time by the Board, or its authorized delegate, effective as of any
date specified. Any such action taken by the Board, or its authorized delegate, shall be evidenced by a resolution and shall be communicated to Participants and Beneficiaries prior to the effective date thereof. No amendment or termination shall
decrease a Participant’s Deferral Benefit accrued prior to the effective date of the amendment or termination. Solely with respect to a Participant’s Pre-2005 Account, the Board, or its authorized delegate, reserves the unilateral right to
shorten the Deferral Period of any Participant hereunder in its sole discretion if, in its sole discretion, it determines that to do so will be fair and equitable to the Participant. 
 ARTICLE XIV 
 MISCELLANEOUS 
 14.1 Non-assignability 
 The
interests of each Participant under the Plan are not subject to claims of the Participant’s creditors; and neither the Participant nor his Beneficiary shall have any right to sell, assign, transfer or otherwise convey the right to receive any
payments hereunder or any interest under the Plan, which payments and interest are expressly declared to be non-assignable and non-transferable. 
  

 -18- 

 14.2 Notices and Elections 
 All notices required to be given in writing and all elections required to be made in writing under any provision of the Plan shall be invalid unless made
on such forms as may be provided or approved by the Administrator and, in the case of a notice or election by a Participant or Beneficiary, unless executed by the Participant or Beneficiary giving such notice or making such election. Notices and
elections shall be deemed given or made when received by any member of the committee that serves as Administrator. 
 14.3 Delegation
of Authority 
 Whenever the Corporation is permitted or required to perform any act, such act may be performed by its Chief Executive
Officer or President or other person duly authorized by its Chief Executive Officer or President or its Board. 
 14.4 Service of
Process  
 The Administrator shall be the agent for service of process on the Plan. 
 14.5 Governing Law 
 The Plan
shall be construed, enforced and administered in accordance with the laws of the Commonwealth of Virginia. 
 14.6 Binding
Effect 
 The Plan shall be binding upon and inure to the benefit of the Corporation, its successors and assigns, and the Participant
and his heirs, executors, administrators and legal representatives. 
 14.7 Severability  
 If any provision of the Plan should for any reason be declared invalid or unenforceable by a court of competent jurisdiction, the remaining provisions
shall nevertheless remain in full force and effect. 
 14.8 Gender and Number 
 In the construction of the Plan, the masculine shall include the feminine or neuter and the singular shall include the plural and vice-versa in all cases
where such meanings would be appropriate. 
  

 -19- 

 14.9 Titles and Captions  
 Titles and captions and headings herein have been inserted for convenience of reference only and are to be ignored in any construction of the provisions
hereof. 
 14.10 Fiduciary Discretion 
 In discharging the duties assigned to it under the Plan, the Committee or any named fiduciary has the discretion to interpret the Plan; adopt, amend and rescind rules and regulations pertaining to its duties under the
Plan; and to make all other determinations necessary or advisable for the discharge of its duties under the Plan. The Committee’s or any named fiduciary’s discretionary authority is absolute and exclusive if exercised in a uniform and
nondiscriminatory manner with respect to similarly situated individuals, except as otherwise specifically provided herein. The express grant in the Plan of any specific power to the Committee or any named fiduciary with respect to any duty assigned
to it under the Plan must not be construed as limiting any power or authority of the Committee or any named fiduciary to discharge its duties. The Committee’s or any named fiduciary’s decision is final and conclusive. Benefits under the
Plan will be paid only if the Committee and any named fiduciary decide that the applicant is entitled to them. 
 14.11 Term

 No Deferral Contributions may be made under the Plan for any Plan Year ending after December 31, 2013. Except as provided in
Section 13.1, the expiration or termination of this Plan with respect to Deferral Contributions shall not shorten the deferral period of any Participant. 
  

 -20-SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 Exhibit 10.8 
 HILB ROGAL & HOBBS COMPANY 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Effective December 16, 1994 
 Amended and Restated 
 Effective January 1, 2005 
 (Board approved February 13, 2007) 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I GENERAL
	  	1
			
	 1.1
	  	Effective Date	  	1
	 1.2
	  	Purpose	  	1
		
	 ARTICLE II DEFINITIONS AND USAGE
	  	1
			
	 2.1
	  	Definitions	  	1
	 2.2
	  	Usage	  	5
		
	 ARTICLE III ELIGIBILITY AND PARTICIPATION
	  	5
			
	 3.1
	  	Eligibility and Participation	  	5
		
	 ARTICLE IV SUPPLEMENTAL BENEFIT
	  	6
			
	 4.1
	  	Entitlement to Benefits	  	6
	 4.2
	  	Supplemental Benefit	  	6
	 4.3
	  	Normal Form of Payment	  	7
	 4.4
	  	Time of Payment	  	7
	 4.5
	  	Segregation of Assets	  	7
	 4.6
	  	Forfeiture of Supplemental Benefit	  	7
		
	 ARTICLE V DEATH AND DISABILITY BENEFITS
	  	8
			
	 5.1
	  	Death Benefit	  	8
	 5.2
	  	Disability Benefit	  	8
		
	 ARTICLE VI ADMINISTRATION
	  	8
			
	 6.1
	  	General	  	8
	 6.2
	  	Administrative Rules	  	8
	 6.3
	  	Duties	  	8
	 6.4
	  	Fees	  	9
		
	 ARTICLE VII CLAIMS PROCEDURE
	  	9
			
	 7.1
	  	General	  	9
	 7.2
	  	Denials	  	9
	 7.3
	  	Notice	  	10
	 7.4
	  	Appeals Procedure	  	10
	 7.5
	  	Review	  	10
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	11
			
	 8.1
	  	Amendment	  	11
	 8.2
	  	Termination	  	11
	 8.3
	  	No Assignment	  	11
	 8.4
	  	Incapacity	  	11
	 8.5
	  	Successors and Assigns	  	11
	 8.6
	  	Governing Law	  	12
	 8.7
	  	No Guarantee of Employment	  	12

  

 i 

					
	 8.8
	  	Unfunded Plan	  	12
	 8.9
	  	Severability	  	12
	 8.10
	  	Notification of Addresses	  	12
	 8.11
	  	Bonding	  	12

 ARTICLE I 
 GENERAL 
 1.1 Effective Date 
 The provisions of the Plan were originally effective as of December 16, 1994. The Plan has been amended and restated from time to time since that
date. This amendment and restatement is effective January 1, 2005. The rights, if any, of any person whose status as an employee of the Company and its subsidiaries and affiliates, if any, has terminated shall be determined pursuant to the Plan
as in effect on the date such employee terminated, unless subsequently adopted provisions of the Plan are made specifically applicable to such person. 
 Effective January 1, 2005, the Plan is amended and restated to conform the Plan to the requirements of section 409A of the Internal Revenue Code. The amendments apply solely to amounts accrued on and after
January 1, 2005, plus any amounts accrued prior to January 1, 2005, that are not earned and vested as of December 31, 2004, plus earnings and less losses thereon. Amounts accrued prior to January 1, 2005, that are earned and
vested as of December 31, 2004, plus earnings and less losses thereon, shall remain subject to the terms of the Plan as in effect on December 31, 2004. 
 1.2 Purpose 
 The purpose of the Plan is to provide supplemental retirement income to a
Participant. The Plan is intended to be (and shall be construed and administered as) an “employee pension benefit plan” under the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”) which is unfunded and
maintained by the Company solely to provide retirement income to a select group of management or highly compensated employees as such group is described under sections 201(2), 301(a)(3), and 401(a)(1) of ERISA as interpreted by the U.S. Department
of Labor. The Plan is not intended to be a plan described in section 401(a) of the Code or section 3(2)(A) of ERISA. 
 ARTICLE II

 DEFINITIONS AND USAGE 
 2.1 Definitions 
 Wherever used in the Plan, the following words and phrases shall have the meanings set forth below
unless the context plainly requires a different meaning: 
 • “Benefit Commencement Date” means, solely with respect to
a Participant’s Pre-2005 Supplemental Benefit, the January 1 following a Participant’s termination of employment with the Company or such earlier date in the absolute discretion of the Committee. “Benefit Commencement Date”
means, solely with respect to a Participant’s Post-2004 Supplemental Benefit, the earlier of the January 1 or July 1 next following the six-month anniversary of the Participant’s termination of employment. 
  

 1 

 • “Board” means the Board of Directors of the Company. 
 • “Cause” for termination as used herein shall be solely determined in good faith by the Company and shall mean upon the occurrence
of any one of the following events: 
 (i) any act of dishonesty, fraud, or an act that would constitute a breach of fiduciary duty on the
part of Participant; or 
 (ii) Participant’s committing or being charged with or convicted of any crime; or 
 (iii) death of Participant; or 
 (iv)
disability of Participant, defined as any medically determinable physical or mental impairment that prevents Participant from performing the essential functions of Participant’s job with a reasonable accommodation; or 
 (v) Participant’s breach of any representation, warranty, term, condition or covenant in this Agreement, or any other contract or agreement between
Participant and the Company or any of its subsidiaries or affiliates; or 
 (vi) any act by Participant which may have an adverse effect on
the reputation or business of the Company or any of its subsidiaries or affiliates; or 
 (vii) Participant’s violation of any policy or
code of conduct of the Company or any of its subsidiaries or affiliates or Participant’s commission of any act which the Employer reasonably deems to constitute misconduct associated with Participant’s employment; or 
 (viii) Participant’s failure to perform or neglect by Participant of the duties which Participant is required to perform as an employee of the
Company or any of its subsidiaries or affiliates or Participant’s failure to perform Participant’s duties to the full satisfaction of the Company or any of its subsidiaries or affiliates; or 
 (ix) the termination or cancellation of any license required to be held by Participant to perform the duties required of Participant by the Company or
any of its subsidiaries or affiliates. 
 • “Change of Control” means 
 (i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (a) the then outstanding shares of common stock of the Company
(the “Outstanding Company Common Stock”) or (b) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, 

  

 2 

 
however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (w) any acquisition directly
from the Company, (x) any acquisition by the Company, (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (z) any acquisition by
any corporation pursuant to a transaction which complies with clauses (a), (b) and (c) of subsection (iii) of this Section; or 
 (ii) Individuals who, as of February 2, 1999, constitute the Board “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent
to February 2, 1999 whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (iii) Consummation of
a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (a) all or
substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be,
of the corporation resulting from such Business Combination (including, without limitation a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one
or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (b) no Person
(excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more
of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such
ownership existed prior to the Business Combination and (c) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (iv) Approval by the
shareholders of the Company of a complete liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, for purposes of
subsection (i) of this Section, a Change of Control shall not be deemed to have taken place if, as a result of an acquisition by the 

  

 3 

 
Company which reduces the Outstanding Company Common Stock or the Outstanding Company Voting Securities, the beneficial ownership of a Person increases to
25% or more of the Outstanding Company Common Stock or the Outstanding Company Voting Securities; provided, however, that if a Person shall become the beneficial owner of 25% or more of the Outstanding Company Common Stock or the Outstanding Company
Voting Securities by reason of share purchases by the Company and, after such share purchases by the Company, such Person becomes the beneficial owner of any additional shares of the Outstanding Company Common Stock or the Outstanding Company Voting
Stock through any means except an acquisition directly from the Company, for purposes of subsection (a) of this Section, a Change of Control shall be deemed to have taken place. 
 • “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 • “Committee” means the Compensation Committee of the Board, if any, and otherwise, the Board. 
 • “Company” means Hilb Rogal & Hobbs Company and any successor thereto. 
 • “Compensation” means total base compensation, excluding bonuses and other forms of compensation, paid to a Participant for
personal services rendered to the Company without regard to any Compensation Limitation. 
 • “Compensation Limitation”
means $200,000 as adjusted to reflect cost-of-living increases by the Secretary of the Treasury or his delegate from time to time under section 401(a)(17) of the Code. For 2006, the Compensation limit under Code section 401(a)(17) is $220,000.

 • “Competitor” means any individual or entity which offers or provides brokerage, risk management, insurance,
employee benefits, consulting, or bond products or services which are similar to and competitive with those products or services provided by the Company or any subsidiary or affiliate of the Company by which the Participant was employed. 

• “Eligible Employee” means an employee of the Company whose Compensation exceeds $200,000 as adjusted from time to time under
section 401(a)(17) of the Code. 
 • “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time. 
 • “Grandfathered Participant” means a Participant who is designated by the Committee as a
“grandfathered participant.” 
 • “Participant” means an Eligible Employee who is participating in the Plan
in accordance with Section 3.1 hereof and shall include a Grandfathered Participant, unless otherwise specified. 
  

 4 

 • “Plan” means the Hilb Rogal & Hobbs Company Supplemental Executive
Retirement Plan. 
 • “Plan Year” means the calendar year. 
 • “Post-2004 Supplemental Benefit” means the portion of a Participant’s Supplemental Benefit accrued on and after
January 1, 2005, plus amounts accrued prior to January 1, 2005 that are not earned and vested as of December 31, 2004, plus earnings and less losses thereon. 
 • “Pre-1998 Accrued Benefit” means the value of the benefit for each Participant in the Plan who was not in pay status (receiving
benefits) as of December 31, 1997 determined in accordance with the terms of the Plan determined in accordance with the terms of the Plan then in effect as though the Participant had terminated employment as of that date. 
 • “Pre-2005 Supplemental Benefit” means the portion of a Participant’s Supplemental Benefit accrued prior to January 1,
2005, that is earned and vested as of December 31, 2004, plus earnings and less losses thereon. 
 • “Retirement
Plan” means the Hilb Rogal & Hobbs Company Profit Sharing Savings Plan. 
 • “Separation from
Service” means a Participant’s termination from employment as described in the Retirement Plan. 
 • “Supplemental
Benefit” means the benefit provided in accordance with Section 4.2 of the Plan. 
 • “Years of Service”,
for purposes of benefit accrual and vesting, means a Participant’s full years of employment with the Company. Years of employment with Insurance Management Corporation shall be credited as Years of Service for purposes of vesting and benefit
accrual. 
 2.2 Usage 
 Except where otherwise indicated by the context, any masculine terminology used herein shall also include the feminine and vice versa, and the definition of any term herein in the singular shall also include the plural and vice versa.

 ARTICLE III 
 ELIGIBILITY AND PARTICIPATION 
 3.1 Eligibility and Participation 
 The Committee shall designate from time to time Eligible Employees of the Company who shall participate in the Plan; provided, however, that such Eligible
Employees shall be 

  

 5 

 
members of a select group of management or highly compensated employees as such group is described under sections 201(2), 301(a)(3), and 401(a)(1) of ERISA.
The Eligible Employees of the Company so designated by the Committee shall become Participants in the Plan. 
 ARTICLE IV 

SUPPLEMENTAL BENEFIT 
 4.1
Entitlement to Benefits 
 Each Participant shall be entitled to the vested portion of his Supplemental Benefit provided in
Section 4.2 of the Plan upon reaching his Benefit Commencement Date. A Participant who terminates employment (for any reason other than disability or death) shall have a vested interest in his Supplemental Benefit, based upon the following
vesting schedule: 
  

			
	 Years of Service
	  	 Vesting Percentage

	 0-4
	  	0%
	 5
	  	33.33%
	 6-15
	  	6.66% per year

 Notwithstanding the foregoing, a Participant shall be fully vested upon a Change of Control.

 4.2 Supplemental Benefit 
 A Participant’s Supplemental Benefit shall be equal to his account balance under the Plan. 
 (a) Deemed
Contributions to Account. Annually the account of a Participant shall be credited (deemed to have been contributed) with an amount that is calculated by determining the total employer match and profit sharing contribution (as a percentage of
compensation) that the Participant would have received under the Retirement Plan but without the Compensation Limitation that applies to such Retirement Plan, reduced by the amount of employer match and profit sharing contribution actually
contributed to the Retirement Plan by the Company. 
 (b) Account Adjustments. A deemed contribution to the Participant’s account shall
be treated as having been invested in one or more deemed investments designated by the Committee from time to time. The value of a Participant’s account shall be adjusted at least annually to reflect increase or decrease in the value of such
deemed investments. In the absence of any designation of one or more deemed investments, the Participant’s account shall be credited with interest at an annual rate specified from time to time by the Committee. 
 (c) Exception for Grandfathered Participants. Participants in the Plan as of December 31, 1997 shall be regarded as Grandfathered Participants.
Effective January 1, 1998, their accounts shall be administered as set forth above except as follows: 
 (1) A Grandfathered
Participant’s Pre-1998 Accrued Benefit shall be determined and shall be the beginning amount in the Participant’s account as of January 1, 1998. 
  

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 (2) Annually, the account of a Grandfathered Participant shall be credited with the greater of 2% of
Compensation or the amount determined in Paragraph (a) above. 
 4.3 Normal Form of Payment 
 The normal form of payment of the Participant’s Supplemental Benefit shall be five annual installments with interest as determined by the Committee
from time to time. Effective as of June 7, 1999, if, at the Participant’s Benefit Commencement Date, the Participant’s account balance is $20,000 or less, then the Participant’s Supplemental Benefit shall be paid in one lump sum
distribution. 
 4.4 Time of Payment 
 (a) General Time of Payment. The actual payment of the Supplemental Benefit shall commence on the Participant’s Benefit Commencement Date. 
 (b) Accelerated Payment of Benefits: Solely with respect to a Participant’s Pre-2005 Supplemental Benefit, notwithstanding anything herein to the
contrary, in the sole discretion of the Committee, payment of benefits under Article IV or V of the Plan may be accelerated. Except as may be permitted by Treasury Regulations, no acceleration in the time or schedule of any payment or any amount
scheduled to be paid from a Participant’s Post-2004 Supplemental Benefit shall be permitted. 
 4.5 Segregation of Assets

 The Company may, but shall not be obligated, to segregate assets in trust or otherwise for the purpose of paying obligations under this
plan. Further, the Company has no obligation to match with actual investment any deemed contribution or deemed investment. 
 4.6
Forfeiture of Supplemental Benefit 
 Notwithstanding anything in Article IV to the contrary, a Participant (and his or her
spouse or other beneficiary) shall forfeit all rights to any payment made or scheduled to be made under this Plan after the date the Participant (i) enters into employment with a Competitor without the written consent of the Company;
(ii) violates any restrictive covenant contained in any agreement Participant entered into with the Company or any of its subsidiaries or affiliates or which may be enforced by the Company or any of its subsidiaries or affiliates against the
Participant, including, without limitation, any covenant dealing with confidential information or nonpiracy of business or other employees; or (iii) is terminated by the Company or any of its subsidiaries or affiliates for Cause. The Company
shall be entitled to reimbursement of any payment made under this Plan for which a Participant’s rights are forfeited under the preceding sentence. 
  

 7 

 ARTICLE V 
 DEATH AND DISABILITY BENEFITS 
 5.1 Death Benefit 
 If a Participant dies while employed by the Company before his Benefit Commencement Date, the surviving spouse of the Participant shall be entitled to a
death benefit equal to the Participant’s Supplemental Benefit determined as of the Participant’s date of death. A deceased Participant shall be fully vested in his Supplemental Benefit as of his date of death. If a Participant dies after
retirement and after he has begun to receive his benefits under the Plan, the death benefit shall be equal to the principal of any of the Participant’s remaining payments. 
 The death benefit shall be paid to his designated beneficiary, if any, in a lump sum sixty
(60) days after (or, for a Participant’s Pre-2005 Supplemental Benefit, within sixty (60) days of) the Participant’s date of death or as soon thereafter as is practicable; provided that such payment must be made by the later of
(a) December 31 of the calendar year in which payment was scheduled or (b) the 15th day of the third
month following the scheduled payment date. If no beneficiary is designated, the death benefit shall be paid to his estate. 
 5.2
Disability Benefit 
 If a Participant becomes disabled, as defined in the Retirement Plan, he shall become fully vested in his
Supplemental Benefit determined as of the date of his separation from service as a result of disability. 
 ARTICLE VI 
 ADMINISTRATION 
 6.1
General 
 The Administrator shall be the Committee, or such other person or persons as designated by the Committee. Except as
otherwise specifically provided in the Plan, the Administrator shall be responsible for administration of the Plan. The Administrator shall be the “named fiduciary” within the meaning of Section 402(c)(2) of ERISA. 
 6.2 Administrative Rules 
 The
Administrator may adopt such rules of procedure as it deems desirable for the conduct of its affairs, except to the extent that such rules conflict with the provisions of the Plan. 
 6.3 Duties 
 The Administrator
shall have the following rights, powers and duties: 
 (a) The decision of the Administrator in matters within its jurisdiction shall be
final, binding and conclusive upon the Company and upon any other person affected by such decision, subject to the claims procedure hereinafter set forth. 
  

 8 

 (b) The Administrator shall have the duty and authority to interpret and construe the provisions of the
Plan, to decide any question that may arise regarding the rights of employees, Participants and beneficiaries, and the amounts of their respective interests, to adopt such rules and to exercise such powers as the Administrator may deem necessary for
the administration of the Plan, and to exercise any other rights, powers or privileges granted to the Administrator by the terms of the Plan. 
 (c) The Administrator shall maintain full and complete records of its decisions. Its records shall contain all relevant data pertaining to the Participant and his rights and duties under the Plan. The Administrator shall have the duty to
maintain account records of all Participants. 
 (d) The Administrator shall cause the principal provisions of the Plan to be communicated to
the Participants, and a copy of the Plan and other documents to be available at the principal office of the Company for inspection by the Participants at reasonable times determined by the Administrator. 
 (e) The Administrator shall periodically report to the Committee with respect to the status of the Plan. 
 6.4 Fees 
 No fee or
compensation shall be paid to any person for services as the Administrator. 
 ARTICLE VII 
 CLAIMS PROCEDURE 
 7.1
General 
 Any claim for benefits under the Plan shall be filed by the Participant or surviving spouse (“claimant”) on
the form prescribed for such purpose with the Administrator. No benefit will be paid under the Plan unless the Administrator determines in its sole discretion that the claimant is entitled to such benefit. 
 7.2 Denials 
 If a claim for
benefits under the Plan is wholly or partially denied, notice of the decision shall be furnished to the claimant by the Administrator within a reasonable period of time after receipt of the claim by the Administrator, but in no event later than the
time permitted by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
  

 9 

 7.3 Notice 
 Any claimant who is denied a claim for benefits shall be furnished written notice setting forth: 
 (a) the
specific reason or reasons for the denial; 
 (b) specific reference to the pertinent provision of the Plan upon which the denial is based;

 (c) a description of any additional material or information necessary for the claimant to perfect the claim; and 
 (d) an explanation of the claim review procedure under the Plan. 
 7.4 Appeals Procedure 
 In order that a claimant may appeal a denial of a claim, the claimant
or the claimant’s duly authorized representative may: 
 (a) request a review by written application to the Administrator, or its
designate, no later than sixty (60) days after receipt by the claimant of written notification of denial of a claim; 
 (b) review
pertinent documents; and 
 (c) submit issues and comments in writing. 
 7.5 Review 
 A decision on
review of a denied claim shall be made not later than sixty (60) days after receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered within a
reasonable period of time, but not later than one hundred and twenty (120) days after receipt of a request for review. The decision on review shall be in writing and shall include the specific reason(s) for the decision and the specific
reference(s) to the pertinent provisions of the Plan on which the decision is based. 
  

 10 

 ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 
 8.1 Amendment 
 The Company reserves the right to amend the Plan in any manner that it deems advisable by a resolution of the Board, or its authorized delegate, which
shall be communicated to Participants not later than sixty (60) days following the effective date of such amendment. No amendment shall, without the Participant’s consent, affect the amount of the Participant’s Supplemental Benefit at
the time the amendment becomes effective or the right of the Participant to receive a Retirement Benefit after the Participant has met the entitlement requirements provided in Section 4.1 of the Plan. 
 8.2 Termination 
 The Company
reserves the right to terminate the Plan at any time by resolution of the Board, which shall be communicated to Participant not later than sixty (60) days following the effective date of such amendment. No termination shall, without the consent
of the Participant, affect the amount of the Participant’s Supplemental Benefit prior to the termination of the right of the Participant to receive a Supplemental Benefit after the Participant has met the entitlement requirements provided in
Section 4.1 of the Plan. 
 8.3 No Assignment 
 The Participant shall not have the power to pledge, transfer, assign, anticipate, mortgage or otherwise encumber or dispose of in advance any interest in
amounts payable hereunder or any of the payments provided for herein, no shall any interest in amounts payable hereunder or in any payments be subject to seizure for payment of any debts, judgments, alimony or separate maintenance, or be reached or
transferred by operation of law in the event of bankruptcy, insolvency or otherwise. 
 8.4 Incapacity 
 If the Administrator determines that any person to whom such benefit is payable is incompetent by reason of physical or mental disability, the
Administrator may cause the payments becoming due to such person to be made to another for his benefit. Payments made pursuant to this Section shall, as to such payment, operate as a complete discharge of the Plan, each Company, the Committee and
the Administrator. 
 8.5 Successors and Assigns 
 The provisions of the Plan are binding upon and inure to the benefit of each Company, its respective successors and assigns, and the Participant and his beneficiaries, heirs, legal representatives, and assigns.

  

 11 

 8.6 Governing Law 
 The Plan shall be subject to and construed in accordance with the laws of the Commonwealth of Virginia to the extent not preempted by the provisions of
ERISA. 
 8.7 No Guarantee of Employment 
 Nothing contained in the Plan shall be construed as a contract of employment or deemed to give any Participant the right to be retained in the employ of the Company or to give any Participant any equity or other
interest in the assets, business, or affairs of the Company. No Participant hereunder shall have a security interest in assets of any Company used to make contributions or pay benefits. 
 8.8 Unfunded Plan 
 The
obligation of the Company to make payments under this Plan constitutes nothing more than an unsecured promise of the Company to make such payments, and any property of the Company that may be set aside in a trust or otherwise for the payment of
benefits under this Plan shall, in the event of the Company’s bankruptcy or insolvency, remain subject to the claims of the Company’s general creditors until such benefits are distributed in accordance with Article IV hereof. 

8.9 Severability 
 If any
provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, but the Plan shall be construed and enforced as if such illegal or invalid provision had
never been included herein. 
 8.10 Notification of Addresses 
 Each Participant shall file with the Administrator, from time to time, in writing, the post office address of the Participant, the post office address of
each Beneficiary, and each change of post office address. Any communication, statement or notice addressed to the last post office address filed with the Administrator (or if no such address was filed with the Administrator, then to the last post
office address of the Participant or beneficiary as shown on the Company’s records) shall be binding on the Participant and each beneficiary for all purposes of the Plan and neither the Administrator nor any Company shall be obliged to search
for or ascertain the whereabouts of any Participant or beneficiary. 
 8.11 Bonding 
 The Administrator and all agents and advisors employed by it shall not be required to be bonded, except as otherwise required by ERISA. 
  

 12 

 IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly authorized officer.

  

			
	 HILB ROGAL & HOBBS COMPANY

		
	 By
	 	 /s/ Walter L. Smith

  

 13

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