Document:

exv10w13

Exhibit 10.13

 

RULES OF THE

WILLIS GROUP HOLDINGS

SHARESAVE PLAN 2001 FOR THE UNITED KINGDOM

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

A
SUB-PLAN TO THE WILLIS GROUP HOLDINGS 2001 SHARE PURCHASE
 AND OPTION PLAN AS AMENDED AND RESTATED ON DECEMBER
30, 2009 BY WILLIS GROUP
 HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND
ASSUMED BY WILLIS GROUP
 HOLDINGS
PUBLIC LIMITED COMPANY ON DECEMBER 31, 2009

 

HMRC Ref: [SRS2633/RF]

 

 

CONTENTS

	 	 	 	 	 	 	 
	1.

	 	DEFINITIONS
	 	 	1	 
	 
	 	 	 	 	 	 
	2.

	 	APPLICATION FOR OPTIONS
	 	 	5	 
	 
	 	 	 	 	 	 
	3.

	 	SCALING DOWN
	 	 	6	 
	 
	 	 	 	 	 	 
	4.

	 	GRANT OF OPTIONS
	 	 	7	 
	 
	 	 	 	 	 	 
	5.

	 	NUMBER OF SHARES IN RESPECT OF WHICH OPTIONS MAY BE GRANTED
	 	 	8	 
	 
	 	 	 	 	 	 
	6.

	 	RIGHTS OF EXERCISE AND LAPSE OF OPTIONS
	 	 	8	 
	 
	 	 	 	 	 	 
	7.

	 	TAKE-OVER, RECONSTRUCTIONS AND AMALGAMATION, AND LIQUIDATION
	 	 	10	 
	 
	 	 	 	 	 	 
	8.

	 	MANNER OF EXERCISE
	 	 	13	 
	 
	 	 	 	 	 	 
	9.

	 	ISSUE OR TRANSFER OF SHARES
	 	 	14	 
	 
	 	 	 	 	 	 
	10.

	 	ADJUSTMENTS
	 	 	14	 
	 
	 	 	 	 	 	 
	11.

	 	ADMINISTRATION
	 	 	15	 
	 
	 	 	 	 	 	 
	12.

	 	ALTERATIONS
	 	 	15	 
	 
	 	 	 	 	 	 
	13.

	 	GENERAL
	 	 	16	 

 

 

Rules of the Willis Group Holdings Sharesave Plan 2001

1. Definitions

	 	1.1	 	In this Plan, the following words and expressions shall bear, unless the
context otherwise requires, the meanings set out below:

	 	 	 
	“Appropriate Period”

	 	the meaning given by paragraph 38(3) of
Schedule 3;
	 
	 	 
	“Associated Company”

	 	the meaning given in paragraph 47 of Schedule
3 by virtue of section 187(2) of the Income
and Corporation Taxes Act 1988;
	 
	 	 
	“the Board”

	 	the board of directors of the Company, or a
duly authorised committee of the board;
	 
	 	 
	“Bonus Date”

	 	the date on which the bonus becomes payable
under the Sharesave Contract made in
connection with an Option being, in the case
of a 3 year contract, the date of completion
of 36 monthly contributions, in the case of a
5 year contract, the date of completion of 60
monthly contributions and, in the case of a 7
year contract, the second anniversary of the
date of completion of 60 monthly
contributions;
	 
	 	 
	“Business Day”

	 	a day on which the New York Stock Exchange is
open for business;
	 
	 	 
	“Close Company”

	 	a close company as defined in Section 989 of
the Income Tax Act 2007 as varied by paragraph
11(4) of Schedule 3;
	 
	 	 
	“the Company”

	 	Willis Group Holdings Public Limited Company,
a company incorporated in Ireland under
registered number 475616;
	 
	 	 
	“Constitution”

	 	the constitutional documents of the Company
consisting of the Memorandum and Articles of
Association from time to time;
	 
	 	 
	“Control”

	 	the meaning given by section 719 of ITEPA 2003;
	 
	 	 
	“Date of Grant”

	 	the date on which the Board resolves to grant
an Option;

1

 

	 	 	 
	“Date of Invitation”

	 	the date on which the Board issues
applications to Eligible Employees for
Options;
	 
	 	 
	“Eligible Employee”

	 	any individual who:
	 
	 	 

	 	 	 	 	 	 	 
	 

	 	(a)
	 	(i)
	 	is a full time director who works at
least 25 hours a week (excluding meal breaks)
or is an employee of one or more Participating
Companies; and
	 
	 

	 	 	 	(ii)
	 	has such qualifying period of continuous
service (being a period commencing not earlier
than five years prior to the Date of Grant) as
the Board may determine from time to time; and
	 
	 

	 	 	 	(iii)
	 	is subject to income tax under section
15 of ITEPA; or

	 	 	 	 	 
	 

	 	(b) 	 	is a full time director who works at least
25 hours a week (excluding meal breaks) or an
employee and is nominated by the Board either
individually or as a member of a category of
such full time directors or employees;

	 	 	 
	“Exercise Price”

	 	the amount payable in relation to the exercise
of an Option, whether in whole or in part,
being an amount equal to the relevant Option
Price multiplied by the number of Shares in
respect of which the Option is exercised;
	 
	 	 
	“HMRC”

	 	Her Majesty’s Revenue and Customs;
	 
	 	 
	“ITEPA 2003”

	 	Income Tax (Earnings and Pensions) Act 2003;
	 
	 	 
	“Key Feature”

	 	a provision of the Plan which is necessary in
order to meet the requirements of Schedule 3;
	 
	 	 

2

 

	 	 	 
	“Market Value”

	 	in relation to a Share:

	 	 	 	 	 
	 

	 	(a)
	 	if and for so long as Shares are listed
upon the New York Stock Exchange the closing
price of the Shares as quoted in the Wall
Street Journal on the Business Day relevant
date immediately preceding the Date of
Invitation;
	 
	 	 	 	 
	 

	 	(b)
	 	and where (a) does not apply its market
value as determined in accordance with Part
VIII of the Taxation of Chargeable Gains Act
1992 and agreed in advance with the Shares
Valuation Division of HMRC;

	 	 	 
	“Material Interest”

	 	the meaning given by paragraphs 11 to 16 of
Schedule 3;
	 
	 	 
	“Maximum Contribution”

	 	the lesser of:

	 	 	 	 	 
	 

	 	(a)
	 	such maximum monthly contribution as may
be permitted pursuant to paragraph 25(3) of
Schedule 3; or
	 
	 	 	 	 
	 

	 	(b)
	 	such maximum monthly contribution as may
be determined from time to time by the Board;

	 	 	 
	“Member of a Consortium”

	 	the meaning given by paragraph 48(2) of
Schedule 3;
	 
	 	 
	“Monthly Contributions”

	 	monthly contributions agreed to be paid by a
Participant under the Sharesave Contract made
in connection with his Option;
	 
	 	 
	“Option”

	 	a right to acquire Shares under the Plan which
is either subsisting or (where the context so
admits or requires) is proposed to be granted;
	 
	 	 
	“Option Price”

	 	the price per Share, as determined by the
Board, at which an Eligible Employee may
acquire Shares upon the exercise of an Option
being a price not less than:

	 	 	 	 	 
	 

	 	(a)
	 	80 per cent of the Market Value of the
Shares on the Business Day immediately
preceding the relevant date; and
	 
	 	 	 	 
	 

	 	(b)
	 	if the Shares are to be subscribed, their
nominal value,

	 	 	 
	 

	 	but subject to any adjustment pursuant to Rule
10;

3

 

	 	 	 
	“Ordinary Shares”

	 	the ordinary shares of the Company, nominal
value US$0.000115;
	 
	 	 
	“Participant”

	 	a full time director or employee, or former
director or employee, to whom an Option has
been granted or (where the context so admits
or requires) the personal representatives of
any such person;
	 
	 	 

	 	 	 	 	 
	“Participating Company”

	 	(a)
	 	the Company; and
	 
	 	 	 	 
	 

	 	(b)
	 	any other company which at the Date of
Grant is under the Control of the Company and
is for the time being designated by the Board
as a Participating Company;

	 	 	 
	“Rate of Exchange”

	 	the closing mid-point spot rate of sterling
against the US dollar as quoted in the
Financial Times for the Business Day in
relation to which the Market Value is set;
	 
	 	 
	“Repayment”

	 	in relation to a Sharesave Contract, the
aggregate of the Monthly Contributions which
the Participant has made and any bonus due at
the Bonus Date;
	 
	 	 
	“Schedule 3”

	 	Schedule 3 of ITEPA 2003;
	 
	 	 
	“Sharesave Contract”

	 	a contract under a certified contractual
savings Plan (within the meaning of section
703 of the Income Tax (Trading and Other
Income) Act 2005) approved by HMRC for the
purposes of Schedule 3;
	 
	 	 
	“the Plan”

	 	the Willis Group Holdings Sharesave Plan 2001
for the United Kingdom, as amended and restated on December
30, 2009 by Willis Group Holdings Limited and
as amended and restated and assumed by Willis Group
Holdings Public Limited Company on December
31, 2009, a sub-plan to the Willis Group
Holdings 2001 Share Purchase and Option Plan,
as amended and restated on December 30, 2009 by Willis
Group Holdings Limited and as amended and restated and
assumed by Willis Group Holdings Public
Limited Company on December 31, 2009;
	 
	 	 
	“Share”

	 	An Ordinary Share of Willis Group Holdings
Public Limited Company which satisfies the
conditions specified in paragraphs 17 to 22
(inclusive) of Schedule 3 at the Date of Grant
and date of exercise;
	 
	 	 
	“Specified Age”

	 	65 years of age;

4

 

	 	 	 
	“Subsidiary”

	 	the meaning given by sections 1159 and
Schedule 6 of the Companies Act 2006;
	 
	 	 
	“Tax Liability”

	 	A Participant’s liability to account for any
tax, primary national insurance, employees’
social security or similar levies in respect
of the exercise of the Option, where the
Participant’s employer or former employer is
liable to make a payment to the appropriate
authorities on account of that liability
including for the avoidance of doubt any
liability arising after the termination of the
Participant’s employment and which may arise
or be incurred in any jurisdiction whatsoever
	 
	 	 
	“Trustee”

	 	The trustee or trustees for the time being of
the Trinity Employees’ Share Ownership Plan
Trust.

	 	1.2	 	In the Plan where the context so admits or requires the singular includes the
plural and the masculine includes the feminine and vice versa; references to any
statutory provisions shall include any modification or re-enactment.
	 
	 	1.3	 	Headings shall be ignored in construing these Rules.

2. Application for Options

	 	2.1	 	The Board may invite applications for Options from Eligible Employees on
broadly similar terms at any time.
	 
	 	2.2	 	Any invitation to apply for Options shall be in writing and shall include
details of:

	 	(a)	 	eligibility;
	 
	 	(b)	 	the sterling Option Price or the mechanism by which the
sterling Option Price will be notified to Eligible Employees (which, for the
avoidance of doubt, may be different in respect of 3, 5 and/or 7 year Sharesave
Contracts);
	 
	 	(c)	 	the Maximum Contribution payable;
	 
	 	(d)	 	whether the Eligible Employees may elect for a 3, 5 or 7 year
Sharesave Contract;
	 
	 	(e)	 	any restriction on the amount of bonus payable under the
Sharesave Contract which may be used in the exercise of the Option;
	 
	 	(f)	 	the date by which applications made pursuant to Rule 2.3 must
be received (being neither earlier than 14 days nor later than 25 days after
the Date of Invitation),

5

 

	 	 	 	and the Board may determine and include in the invitations details of the maximum
number of Shares over which applications for Options are to be invited.

	 	2.3	 	Applications for Options must incorporate or be accompanied by a proposal for a
Sharesave Contract. If application is made for more than one Option, each Option must
incorporate or be accompanied by a proposal for a Sharesave Contract.
	 
	 	2.4	 	An application for an Option shall be in writing in such form as the Board may
from time to time prescribe save that it shall provide for the applicant to state:

	 	(a)	 	the Monthly Contributions (being a multiple of £1 and not less
than £5) which he wishes to make under the Sharesave Contract to be made in
connection with the Option for which application is made;
	 
	 	(b)	 	that his proposed Monthly Contributions (when taken together
with any monthly contributions he makes under any other Sharesave Contract)
will not exceed the Maximum Contribution;
	 
	 	(c)	 	if Eligible Employees may elect for a 3, 5 or 7 year Sharesave
Contract, his election in that respect.

	 	2.5	 	Each application for an Option shall provide that, in the event of excess
applications, each application shall be deemed to have been modified or withdrawn in
accordance with the steps taken by the Board to scale down applications pursuant to
Rule 3.
	 
	 	2.6	 	Proposals for a Sharesave Contract shall be limited to such building society or
bank as the Board may designate.
	 
	 	2.7	 	Each application shall be deemed to be for a specified number of whole Options
over the number of Shares which will be acquired at the sterling Option Price with the
Repayment under the Sharesave Contract entered into in connection with the Option.

3. Scaling Down

	 	3.1	 	If valid applications are received for a total number of Shares in excess of
any maximum number of Shares determined by the Board pursuant to Rule 2.2, or any
limitation under Rule 5, the Board shall scale down applications by taking, at its
absolute discretion, any one or more of the following steps until the number of Shares
available equals or exceeds such total number of Shares applied for:

	 	(a)	 	by treating any elections for the maximum bonus (being that
bonus receivable if savings are made under a 7 year contract) as elections for
the standard bonus (being that bonus receivable if savings are made under a 5
year contract) and then, so far as necessary, by reducing the proposed Monthly
Contributions pro-rata to the excess over such

6

 

	 	 	 	amount as the Board shall
determine for this purpose being not less than £5 and then, so far as
necessary; or

	 
	 	(b)	 	by treating each election for a bonus as an election for no
bonus and then, so far as necessary, by reducing the proposed Monthly
Contributions pro rata to the excess over such amount as the Board shall
determine for this purpose being not less than £5 and then, so far as
necessary; or
	 
	 	(c)	 	by reducing the proposed Monthly Contributions pro rata to the
excess over such amount as the Board shall determine for this purpose being not
less than £5 and then, so far as necessary.

	 	3.2	 	If the number of Shares available is insufficient to enable an Option based on
Monthly Contributions of £5 a month to be granted to each Eligible Employee making a
valid application, the Board may, as an alternative to selecting by lot, determine in
its absolute discretion that no Options shall be granted.
	 
	 	3.3	 	If the Board so determines, the provisions in Rule 3.1(a), (b) and (c) may be
modified or applied in any manner as may be agreed in advance with HMRC.
	 
	 	3.4	 	If, in applying the scaling down provisions contained in this Rule 3, Options
cannot be granted within the 30 day period referred to in Rule 4.2 below, the Board may
extend that period by twelve days regardless of the expiry of the relevant period set
out in Rule 2.1.

4. Grant of Options

	 	4.1	 	No Option shall be granted to any person if:

	 	(a)	 	at the Date of Grant that person shall have ceased to be an
Eligible Employee; or
	 
	 	(b)	 	that person has, or has had at any time within the twelve month
period preceding the Date of Grant, a Material Interest in the issued ordinary
share capital of a Close Company or a company which has Control of the Close
Company or is a Member of a Consortium which owns the Close Company.

	 	4.2	 	The Board may determine when Options shall be granted save that no Option may
be granted more than 30 days after the earliest date by reference to which Market Value
of the Shares subject to that Option has been calculated.
	 
	 	4.3	 	The Company shall issue to each Participant an option certificate in such form
(not inconsistent with the provisions of the Plan) as the Board may from time to time
prescribe. Each such certificate shall specify the Date of Grant of the Option, the
number and class of Shares over which the Option is granted, the Option Price and the
Bonus Date.

7

 

	 	4.4	 	Except as otherwise provided in these Rules, every Option shall be personal to
the Participant to whom it is granted and shall not be transferable.
	 
	 	4.5	 	No amount shall be paid in respect of the grant of an Option.
	 
	 	4.6	 	Options shall be granted in sterling and accordingly, the Company shall bear
any risk in respect of the relevant Rate of Exchange.

5. Number of Shares in respect of which Options may be granted

	 	5.1	 	Individual Limits
	 
	 	 	 	No Eligible Employee shall be granted an Option to the extent it would
at the proposed Date of Grant cause the aggregate amount of his
contributions under all Sharesave Contracts to exceed the Maximum
Contribution.
	 
	 	5.2	 	The number of Options over shares that an Eligible Employee may be granted will
be specified at the Date of Grant.

6. Rights of exercise and lapse of Options

	 	6.1	(a)	 	 Save as provided in Rules 6.2, 6.3, 6.4 and Rule 7, an Option shall not be
exercised earlier than the Bonus Date under the Sharesave Contract entered into in
connection with the Option.

	 	(b)	 	Save as provided in Rule 6.2, an Option shall not be exercised
later than six months after the Bonus Date under the Sharesave Contract entered
into in connection with the Option.
	 
	 	(c)	 	Save as provided in Rules 6.2, 6.3 and 6.6, an Option may only
be exercised by a Participant whilst he is a director or employee of a
Participating Company.
	 
	 	(d)	 	An Option may not be exercised by a Participant if he has, or
has had at any time within the twelve month period preceding the date of
exercise, a Material Interest in the issued ordinary share capital of a Close
Company or a company which has Control of a related Close Company or is a
Member of a Consortium which owns a related Close Company, nor may an Option be
exercised by the personal representatives of a deceased Participant if the
Participant had such a Material Interest at the date of his death.
	 
	 	(e)	 	An Option may only be exercised at a time when the Shares which
may thereby be acquired satisfy the conditions of paragraphs 17 to 22 of
Schedule 3.

	 	6.2	 	An Option may be exercised by the personal representatives of a
deceased Participant to the extent of the Repayments due under the
Sharesave Contract at the date of death:

8

 

	 	(a)	 	within twelve months following the date of his death if such
death occurs before the Bonus Date;
	 
	 	(b)	 	within twelve months following the Bonus Date in the event of
his death within six months after the Bonus Date.

	 	6.3	 	An Option may, to the extent of the Repayment due under the Sharesave Contract
at the date of cessation, be exercised by a Participant within six months following his
ceasing to hold the office or employment by virtue of which he is eligible to
participate in the Plan by reason of:

	 	(a)	 	injury, disability, redundancy within the meaning of the
Employment Rights Act 1996, or retirement on reaching the Specified Age or any
other age at which he is bound to retire in accordance with the terms of his
contract of employment; or
	 
	 	(b)	 	his office or employment being in a company of which the
Company ceases to have Control; or
	 
	 	(c)	 	the transfer of his contract of employment (which relates to a
business or part of a business) to a person who is neither an Associated
Company nor a company of which the Company has Control; or
	 
	 	(d)	 	retirement at any age at which he is entitled to retire in
accordance with the terms of his contract of employment (other than at the
Specified Age or any age at which he is bound to retire), early retirement with
the agreement of the employer, or pregnancy, but in each case only if such
cessation of office or employment is more than three years after the Date of
Grant.

	 	 	 	For the purposes of the Plan, a woman who leaves employment due to pregnancy will be
regarded as having left the employment on the day on which she indicates that she
does not intend to return to work. In the absence of such indication she will be
regarded as having left employment on the last day on which she is entitled to return to work under the
Employment Rights Act 1996 or, if later, any other date specified in the terms of
her employment.

	 	6.4	 	An Option may, to the extent of the Repayment due under the Sharesave Contract
at the date of reaching the Specified Age, be exercised by a Participant within six
months following the date he reaches the Specified Age if he continues after that date
to hold the office or employment by virtue of which he is eligible to participate in
the Plan.
	 
	 	6.5	 	No person shall be treated for the purposes of Rule 6.3 as ceasing to hold an
office or employment by virtue of which that person is eligible to participate in the
Plan until that person ceases to hold any office or employment in the Company or any
Associated Company or any company of which the company has Control.
	 
	 	6.6	 	If a Participant ceases to be a director or employee of a Participating
Company, but on the Bonus Date is an employee or director of an Associated

9

 

	 	 	 	Company or a
company of which the Company has Control, he may exercise his Option within six months
of that date.
	 
	 	6.7	 	An Option granted to a Participant shall lapse upon the occurrence of the
earliest of the following:

	 	(a)	 	subject to (b) below, six months after the Bonus Date under the
Sharesave Contract entered into in connection with the Option;
	 
	 	(b)	 	where the Participant dies before the Bonus Date, twelve months
after the date of death, and where the Participant dies in the period of six
months after the Bonus Date, twelve months after the Bonus Date;
	 
	 	(c)	 	the expiry of any of the six month periods specified in Rule
6.3 (a) to (d), save that if at the time any of such applicable periods expire,
time is running under the twelve month periods specified in Rule 6.2, the
Option shall not lapse by reason of this Rule 6.7 until the expiry of the
relevant twelve month period in Rule 6.2;
	 
	 	(d)	 	the expiry of any of the periods specified in Rules 7.1 to 7.5,
save where an Option is released in consideration of the grant of a New Option
over New Shares in the Acquiring Company (during the Appropriate Period)
pursuant to Rule 7.6;
	 
	 	(e)	 	the Participant ceasing to hold any office or employment with a
Participating Company or any Associated Company howsoever that cessation occurs
whether lawful or unlawful for any reason other than those specified in Rule
6.3 or as a result of his death;
	 
	 	(f)	 	subject to Rule 7.5, the passing of an effective resolution, or
the making of an order by the court, for the winding-up of the Company;
	 
	 	(g)	 	the Participant being deprived (otherwise than on death) of the
legal or beneficial ownership of the Option by operation of law, or doing
anything or omitting to do anything which causes him to be so deprived or
become bankrupt; and
	 
	 	(h)	 	before an Option has become capable of being exercised, the
Participant giving notice that he intends to stop paying Monthly Contributions,
or being deemed under the terms of the Sharesave Contract to have given such
notice by making an application for Repayment of the Monthly Contributions.

7. Take-over, reconstructions and amalgamation, and liquidation

	 	7.1	 	If any person obtains Control of the Company as a result of making a general
offer to acquire Shares which is either unconditional or is made on a condition such
that if it is satisfied the person making the offer will have Control of the Company,
an Option may be exercised within six months of the time when the person making the offer has obtained Control
of the

10

 

	 	 	 	Company and any condition subject to which the offer is made has been
satisfied or waived.
	 
	 	7.2	 	For the purpose of Rule 7.1 a person shall be deemed to have obtained Control
of the Company if he and others acting in concert with him have together obtained
Control of it.
	 
	 	7.3	 	If any person becomes bound or entitled to acquire Shares under the Companies
Acts 1963 — 2006 of Ireland pursuant to provisions that are accepted by HMRC as being
closely comparable to sections 979 to 982 of the UK Companies Act 2006 (or any other
legislation which HMRC accepts as equivalent to such sections), an Option may be
exercised at any time when that person remains so bound or entitled.
	 
	 	7.4	 	If, under Companies Acts 1963 — 2006 of Ireland pursuant to provisions that are
accepted by HMRC as being closely comparable to Part 26 of the UK Companies Act 2006
(or any other legislation which HMRC accepts as equivalent to such sections), the court
sanctions a compromise or arrangement proposed for the purposes of, or in connection
with, a Plan for the reconstruction of the Company or its amalgamation with any other
company or companies, an Option may be exercised within six months of the court
sanctioning the compromise or arrangement.
	 
	 	7.5	 	If a resolution for the voluntary winding-up of the Company is passed, an
Option may be exercised within two months from the date of the passing of the
resolution.
	 
	 	7.6	 	If any company (“the Acquiring Company”):

	 	(a)	 	obtains Control of the Company as a result of making:

	 	(i)	 	a general offer to acquire the whole of the
issued ordinary share capital of the Company which is made on a
condition such that if it is satisfied the Acquiring Company will have
Control of the Company; or
	 
	 	(ii)	 	a general offer to acquire all the shares in
the Company which are of the same class as the Shares which may be
acquired by the exercise of Options,

	 	 	 	in either case ignoring any Shares which are already owned by it or a member
of the same group of companies; or
	 
	 	(b)	 	obtains Control of the Company in pursuance of a compromise or
arrangement sanctioned by the court under the Companies Acts 1963 — 2006 of
Ireland pursuant to provisions that are accepted by HMRC as being closely
comparable to Part 26 of the UK Companies Act 2006 (or any other legislation
which HMRC accepts as equivalent to such sections); or
	 
	 	(c)	 	becomes bound or entitled to acquire Shares under the Companies
Acts 1963 — 2006 of Ireland pursuant to provisions that are accepted

11

 

	 	 	 	by HMRC as being closely comparable to sections 979 to 982 of the UK Companies Act 2006
(or any other legislation which HMRC accepts as equivalent to such sections),

	 	 	 	any Participant may at any time within the Appropriate Period, by agreement with the
Acquiring Company, release within a reasonable period of time any Option granted
under the Plan which has not lapsed (“the Old Option”) in consideration of the grant
to him of an option (“the New Option”) which (for the purposes of paragraph 39 of
Schedule 3) is equivalent to the Old Option but relates to shares in a different
company (whether the Acquiring Company itself or some other company falling with in
paragraph 18(b) or (c) of Schedule 3), the New Option shall for all other purposes
of the Scheme be treated as having been acquired at the same time as the Old Option.
	 
	 	 	 	Where any New Options are granted pursuant to this Rule, references in these Rules
in relation to the New Options shall where appropriate be construed as if reference
to the Company and to the Shares were references to the Acquiring Company, or as the
case may be, to the other company to whose shares the New Options relate and to shares in that
company, but references to Participating Companies shall continue to be construed as
if references to the Company were references to Willis Group Holdings Public Limited
Company. An exchange of Options pursuant to this Rule 7 shall not alter the fact
that this Plan remains that of Willis Group Holdings Public Limited Company as the
original scheme organiser.
	 
	 	7.7	 	The New Option shall not be regarded for the purposes of Rule 7.6 as equivalent
to the Old Option unless the conditions set out in paragraph 39 of Schedule 3 are
satisfied, but so that the provisions of the Plan shall be construed as if:

	 	(a)	 	the New Option were granted under the Plan at the same time as
the Old Option;
	 
	 	(b)	 	Rule 12.1 were omitted.

	 	7.8	 	Notwithstanding Rules 7.1, 7.3 and 7.4 above, if an Acquiring Company has
obtained Control of the Company or has become entitled and bound as mentioned in Rules
7.3 and/or 7.4 and:

	 	(a)	 	the shareholders of the Acquiring Company immediately after
it has obtained Control are substantially the same as the shareholders of the
Company immediately before the Acquiring Company obtained control, then the
obtaining of Control amounts to a merger with the Company; and
	 
	 	(b)	 	the Acquiring Company consents to an exchange of Options under
this Rule 7.8,

	 	 	 	all Options are exchanged during the period set out in paragraph
38(3) of Schedule 3 and the provisions of Rule 7.6 above shall apply. No
Options are exercisable if this Rule applies.

12

 

	 	7.9	 	Where, in accordance with Rules 7.6 and/or 7.8, Old Options are released and
New Options are granted, the New Options shall not be exercisable in accordance with
Rules 7.1, 7.3 and 7.4 by virtue of the event by reason of which the New Options were
granted.
	 
	 	7.10	 	The exercise of an Option pursuant to the preceding provisions of this Rule 7
shall be subject to the provisions of Rule 8 below.

8. Manner of exercise

	 	8.1	 	An Option may only be exercised during the periods specified in Rules 6 and 7,
and only with monies not exceeding the amount of the Repayment under the Sharesave
Contract entered into in connection therewith as at the date of such exercise. For
this purpose, no account shall be taken of such part (if any) of the Repayment of any
Monthly Contribution, the due date for the payment of which under the Sharesave
Contract arises after the date of the Repayment.
	 
	 	8.2	 	Exercise shall be by the delivery to the Secretary of the Company or its duly
appointed agent, of an option certificate covering the Shares over which the Option is
to be exercised, with the notice of exercise in the prescribed form duly completed and
signed by the Participant (or by his duly authorised agent or personal representative)
together with any remittance for the Exercise Price payable, or authority to the
Company to withdraw and apply monies equal to the Exercise Price payable, or authority
to the Company to withdraw and apply monies from the Sharesave Contract equal to the
Exercise Price to acquire the Shares over which the Option is to be exercised. The
effective date of exercise shall be the date of delivery of the notice of exercise.
	 
	 	8.3	 	If the Company or a Participating Company is obliged to account for any Tax
Liability for which the Participant in question is liable in respect of the Option and
neither the Company or any other Participating Company is able to withhold the
appropriate amount from that Participant’s remuneration, or alternatively, if the
Company has not received a payment from the Participant in satisfaction of the whole
Tax Liability then the Company shall be entitled to discharge such Tax Liability as has not been so satisfied by selling, with the
consent in writing of the Participant, such number of Shares in respect of which
the Option has been validly exercised as are required to satisfy the remaining Tax
Liability and transfer the balance of the Shares to the Participant.
	 
	 	8.4	 	All payments made on the exercise of an option granted under this Plan shall be
paid to the Company as agent for the Trustee PROVIDED THAT if at any time of exercise
the Board and the Trustee agree or have so agreed then such payments shall be made to
the Company as principal.

13

 

9. Issue or transfer of Shares

	 	9.1	 	Shares to be issued pursuant to the exercise of an Option shall be allotted
within 28 days following the effective date of exercise of the Option.
	 
	 	9.2	 	The Board shall procure the transfer of Shares to be transferred pursuant to
the exercise of an Option within 28 days following the effective date of exercise of
the Option.
	 
	 	9.3	 	Shares to be issued pursuant to the Plan will rank pari passu in all respects
with the Shares then in issue, except that they will not rank for any rights attaching
to shares by reference to a record date preceding the date of exercise.
	 
	 	9.4	 	Shares to be transferred pursuant to the Plan will be transferred free of all
liens, charges and encumbrances and together with all rights attaching thereto, except
they will not rank for any rights attaching to Shares by reference to a record date
preceding the date of exercise.

10. Adjustments

	 	10.1	 	The number of Shares over which an Option is granted and the Option Price
thereof shall be adjusted in such manner as the Board shall determine following any
capitalisation issue, rights issue, subdivision, consolidation or reduction of share
capital of the Company or any other variation of share capital to the intent that (as
nearly as may be without involving fractions of a Share or an Option Price calculated
to more than two decimal places) the Exercise Price payable in respect of an Option
shall not be either materially changed nor increased beyond the expected Repayment
under the Sharesave Contract at the appropriate Bonus Date, provided that:

	 	(a)	 	no adjustment made pursuant to this Rule 10.1 shall be made
without the prior approval of HMRC so long as the approval of the Plan is to be
maintained);
	 
	 	(b)	 	the Option Price for a Share is not reduced below its nominal
value; and
	 
	 	(c)	 	following the adjustment the Shares continue to satisfy the
conditions specified in paragraphs 17 to 22 of Schedule 3.

	 	10.2	 	The Board may take such steps as it may consider necessary to notify
Participants of any adjustments made under this Rule 10 and to call in, cancel,
endorse, issue or reissue an Option certificate consequent upon such adjustment.

14

 

11. Administration

	 	11.1	 	Any notice or other communication made under, or in connection with, the Plan
may be given by personal delivery, by electronic means or by post, in the case of a
company to its registered office and in the case of an individual to his last known
address, or, where he is a director or employee of the Company or an Associated Company, either to his last
known postal or electronic address or to the address of the place of business at
which he performs the whole or substantially the whole of the duties of his office
or employment. Where a notice or other communication is given by first-class post,
it shall be deemed to have been received 48 hours after it was put into the post
properly addressed and stamped. Where a notice or other communication is sent
electronically, it shall be deemed to have been received 24 hours after being sent.

	 	11.2	 	The Company may distribute to Participants copies of any notice or document
normally sent by the Company to the holders of Shares.
	 
	 	11.3	 	If any option certificate shall be worn out, defaced or lost, it may be
replaced on such evidence being provided as the Board may require.
	 
	 	11.4	 	The Company shall at all times procure that sufficient Shares are available for
transfer to satisfy all Options under which Shares may be acquired.
	 
	 	11.5	 	The decision of the Board in any dispute relating to an Option or the due
exercise thereof or any other matter in respect of the Plan shall be final and
conclusive.
	 
	 	11.6	 	The costs of introducing and administering the Plan shall be borne by the
Company.

12. Alterations

	 	12.1	 	Subject to the provisions of this Rule 12, the Board may at any time alter or
add to all or any of the provisions of the Plan in any respect except that, if the
approved status of the Plan is to be maintained, no such alteration or addition to a
Key Feature shall take effect until approved by HMRC.
	 
	 	12.2	 	No alteration or addition shall be made under Rule 12.1 which would abrogate or
adversely affect the subsisting rights of a Participant, unless it is made:

	 	(i)	 	with the consent in writing of such number of Participants as
hold Options to acquire not less than 75 per cent of the Shares which would be
issued or transferred if all Options granted and subsisting were exercised in
respect of the maximum number of Shares the subject thereof; or

15

 

	 	(ii)	 	by a resolution at a meeting of Participants passed by not less
than 75 per cent of the Participants who attend and vote either in person or by
proxy,

	 	 	 	and for the purposes of this Rule 12.4 the Participants shall be treated as the
holders of a separate class of share capital and the provisions of the Constitution
of the Company relating to class meetings shall apply mutatis mutandis.

	 	12.3	 	Rule 12.2 shall not apply to any alteration or addition which:

	 	(i)	 	is necessary or desirable in order to obtain or maintain HMRC
approval of the Plan under Schedule 3 or any other enactment, or to comply with
or take account of the provisions of any proposed or existing legislation or
law, to take advantage of any changes to the legislation or law, to take
account of any of the events mentioned in Rule 10, or to obtain or maintain
favourable taxation treatment of the Company, any Participating Company or any
Participant; and
	 
	 	(ii)	 	does not affect a Key Feature.

13. General

	 	13.1	 	The Plan shall terminate upon the tenth anniversary of its original adoption by
the Board. Termination of the Plan shall be without prejudice to the subsisting rights
of Participants.
	 
	 	13.2	 	The Company and any Subsidiary of the Company may provide money to the trustees
of any trust or any other person to enable them or him to acquire Shares to be held for
the purposes of the Plan, or enter into any guarantee or indemnity for these purposes.
	 
	 	13.3	 	The rights and obligations of any individual under the terms of his office or
employment with the Company, a Participating Company, a Subsidiary of the Company, or
an Associated Company shall not be affected by his participation in the Plan or any
right which he may have to participate therein, and an individual who participates
therein shall waive all and any rights to compensation or damages in consequence of the
termination of his office or employment with any such company for any reason
whatsoever, howsoever that termination occurs, whether lawful or unlawful, insofar as
those rights arise, or may arise, from his ceasing to have rights under or be entitled
to exercise any Option under the Plan as a result of such termination, or from the loss
or diminution in value of such rights or entitlements.
	 
	 	13.4	 	Notwithstanding any other provision of the Plan the Board may amend or add to
the provisions of the Plan and the terms of Options as they consider necessary or
desirable to take account of or to mitigate or to comply with relevant overseas
taxation, securities or exchange control laws provided that the terms of Options
granted under this Plan to such overseas Eligible

16

 

	 	 	 	Employees are not more favourable
than the terms of Options granted to other Eligible Employees.
	 
	 	13.5	 	These Rules shall be governed by and construed in accordance with English law.

17exv10w14

Exhibit 10.14

 

THE WILLIS GROUP HOLDINGS

IRISH SHARESAVE PLAN

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

A
SUB-PLAN TO THE WILLIS GROUP HOLDINGS 2001
 SHARE PURCHASE AND OPTION PLAN AS
AMENDED AND RESTATED ON
 DECEMBER 30, 2009 BY WILLIS GROUP HOLDINGS
 LIMITED AND AS AMENDED
AND RESTATED AND ASSUMED BY WILLIS
 GROUP HOLDINGS PUBLIC LIMITED COMPANY ON
 DECEMBER 31,
2009

 

 

 

CONTENTS

	 	 	 	 	 	 	 
	Rule	 	 	 	Page
	1.

	 	Definitions And Interpretation
	 	 	3	 
	 
	 	 	 	 	 	 
	2.

	 	Eligibility
	 	 	4	 
	 
	 	 	 	 	 	 
	3.

	 	Invitations And Applications
	 	 	5	 
	 
	 	 	 	 	 	 
	4.

	 	Grant Of Options
	 	 	5	 
	 
	 	 	 	 	 	 
	5.

	 	Limits And Scaling Down
	 	 	7	 
	 
	 	 	 	 	 	 
	6.

	 	Exercise Of Options
	 	 	8	 
	 
	 	 	 	 	 	 
	7.

	 	Take-Over, Reconstruction And Amalgamation, And Liquidation
	 	 	10	 
	 
	 	 	 	 	 	 
	8.

	 	Adjustment Of Options
	 	 	12	 
	 
	 	 	 	 	 	 
	9.

	 	Alterations
	 	 	12	 
	 
	 	 	 	 	 	 
	10.

	 	Miscellaneous
	 	 	13	 

- 2 -

 

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	In this Plan, unless the context otherwise requires:
	 
	 	 	“3-Year Option”, “5-Year Option” and “7-Year Option” have the meanings given in Rule 4.2
below;
	 
	 	 	“Act” means the Taxes Consolidation Act 1997;
	 
	 	 	“Associated Company” means an associated company within the meaning given to that expression
in paragraph 1(1) of Schedule 12A;
	 
	 	 	“the Board” means the board of directors of the Company or a committee appointed by them;
“Bonus Date”, in relation to an option, means:

	 	1.1.1	 	in the case of a 3-Year Option, the earliest date on which the bonus is payable,
	 
	 	1.1.2	 	in the case of a 5-Year Option, the earliest date on which the bonus is payable,
	 
	 	1.1.3	 	in the case of a 7-Year Option, the earliest date on which the maximum bonus is payable,
	 
	 	 	 	and for this purpose “payable” means payable under the Savings Contract made in
connection with the option;

	 	 	“the Company” means Willis Group Holdings Public Limited Company, a company incorporated in
Ireland under registered number 475616;
	 
	 	 	“Constitution” means the Company’s memorandum and articles of association;
	 
	 	 	“Eligible Employee” means an employee or director of a Participating Company eligible to be
granted an option by virtue of satisfying the conditions in Rule 2;
	 
	 	 	“the Grant Date” shall mean the date on which an option is granted in accordance with Rule
3.1;
	 
	 	 	“Group Member” means the Company or any Subsidiary or any Associated Company or any other
company nominated by the Board for this purpose;
	 
	 	 	“Participant” means a person who holds an option granted under this Plan;
	 
	 	 	“Participating Company” means the Company or any Subsidiary of the Company to which the Board
has resolved that this Plan shall for the time being extend;
	 
	 	 	“the Plan” means this Plan, being the Willis Group Holdings Irish Sharesave Plan, as amended and restated
on December 30, 2009 by Willis Group Holdings Limited and as amended and restated and assumed by Willis
Group Holdings Public Limited Company on December 31, 2009, a sub-plan to the Willis Group
Holdings Limited 2001 Share Purchase and Option Plan, as amended and restated on December 30, 2009 by
Willis Group Holdings Limited and as amended and restated and assumed by Willis Group Holdings Public
Limited Company on December 31, 2009;

- 3 -

 

	 	 	“Rule” means a rule of this Plan;
	 
	 	 	“Savings Body” means any building society or other institution as defined in section
519(C)(1) of the Act as being a qualifying savings institution with which a Savings Contract
can be made;
	 
	 	 	“Savings Contract” means an agreement to pay monthly contributions under the terms of a
certified contractual savings scheme within the meaning of Schedule 12B;
	 
	 	 	“Schedule 12A” means Schedule 12A to the Act;
	 
	 	 	“Schedule 12B” means Schedule 12B to the Act;
	 
	 	 	“Shares” means the ordinary shares of the Company, nominal value US$0.000115, which satisfy
the conditions of paragraphs 11 to 15 of Schedule 12A;
	 
	 	 	“Specified Age” means 65 years of age or any other age at which a Participant is bound to
retire provided it is not less than 60 or more than pensionable age (within the meaning of
section 2 of the Social Welfare (Consolidation) Act 1993);
	 
	 	 	“Specified Percentage” is 75 per cent or such other percentage as may be specified in the
Act.
	 
	 	 	“Subsidiary” means a body corporate which is a subsidiary of the Company (within the meaning
of section 155 of the Irish Companies Act 1963) and over which the Company has control
(within the meaning of section 432 of the Act);
	 
	 	 	“Tax Liability” means a Participant’s liability to account for any tax, primary national
insurance, employees’ social security or similar levies in respect of the exercise of an
option, where the Participant’s employer or former employer is liable to make a payment to
the appropriate authorities on account of that liability including, for the avoidance of
doubt, any liability arising after the termination of the Participant’s employment and which
may arise or be incurred in any jurisdiction whatsoever.
	 
	1.2	 	Any reference in this Plan to any enactment includes a reference to that enactment as from
time to time modified, extended or re-enacted.
	 
	2.	 	ELIGIBILITY
	 
	2.1	 	Subject to Rule 2.5 below, an individual is eligible to be granted an option on any day (“the
Grant Date”) if (and only if):-

	 	2.1.1	 	he is on the Grant Date an employee or director of a company which is a
Participating Company; and
	 
	 	2.1.2	 	he either satisfies the conditions specified in Rule 2.2 below or is nominated
by the Board for this purpose.

	2.2	 	The conditions referred to in Rule 2.1.2 above are that the individual:-

- 4 -

 

	 	2.2.1	 	shall at all times during the qualifying period have been an employee (but not
a director) or a full-time director of the Company or a company which was for the time
being a Subsidiary; and
	 
	 	2.2.2	 	was at the relevant time chargeable to Irish tax in respect of his employment
or office under Schedule E of the Act.

	2.3	 	For the purposes of Rule 2.2 above, the qualifying period is such period falling within the
3-year period ending on the Grant Date as the Board may determine; and an individual shall be
treated as a full-time director of a company if he is obliged to devote to the performance of
the duties of his office or employment with the company not less than 25 hours a week.
	 
	2.4	 	Any determination of the Board under paragraph 2.3 above shall have effect in relation to
every individual for the purpose of ascertaining whether he is eligible to be granted an
option on the Grant Date.
	 
	2.5	 	An individual is not eligible to be granted an option at any time if he is at that time
ineligible to participate in this Scheme by virtue of paragraph 8 of Schedule 12A
(eligibility).
	 
	3.	 	INVITATIONS AND APPLICATIONS
	 
	3.1	 	The Board shall ensure that, in relation to the grant of options on any day:

	 	3.1.1	 	every individual who is eligible to be granted an option on that day has been
given an invitation;
	 
	 	3.1.2	 	the invitation specifies a period of not less than 14 days in which an
application for an option may be made; and
	 
	 	3.1.3	 	every eligible individual who has applied for an option as mentioned in Rule
4.1 is in fact granted an option on that day.

	3.2	 	An invitation to apply for an option may be given at any time as the Board may determine once
the Plan has been approved by the Irish Revenue Commissioners under Schedule 12A.
	 
	4.	 	GRANT OF OPTIONS
	 
	4.1	 	Subject to Rule 5, the Board may grant an option to acquire Shares upon the terms set out in
this Plan to any Eligible Employee who has submitted a valid application for an option and
proposed to make a Savings Contract in connection with it (with a Savings Body approved by the
Board) in the form and manner prescribed by the Board and for this purpose an option to
acquire includes an option to purchase and an option to subscribe.
	 
	4.2	 	The type of option to be granted to an individual, that is to say a 3-Year Option, a 5-Year
Option or a 7-Year Option, shall be determined by the Board or, if the Board so permits, by
the individual; and for this purpose:-

- 5 -

 

	 	4.2.1	 	a 3-Year Option is an option in connection with which a three year Savings
Contract is to be made and in respect of which, subject to Rule 5.2.2, the repayment is
to be taken as including the bonus;
	 
	 	4.2.2	 	a 5-Year Option is an option in connection with which a five year Savings
Contract is to be made and in respect of which, subject to Rule 5.2.2, the repayment is
to be taken as including a bonus other than the maximum bonus; and
	 
	 	4.2.3	 	a 7-Year Option is an option in connection with which a five year Savings
Contract is to be made and in respect of which, subject to Rule 5.2.2, the repayment is
to be taken as including the maximum bonus.
	 
	 	Where the type of option to be granted to an individual is determined by the Board, each
individual shall be treated on similar terms.

	4.3	 	The number of Shares in respect of which an option may be granted to any individual shall be
the maximum number which can be paid for, at the price determined under Rule 4.5 below, with
monies equal to the repayment due including the bonus payable on the Bonus Date under the
Savings Contract to be made in connection with the option.
	 
	4.4	 	The amount of the monthly contribution under the Savings Contract to be made in connection
with an option granted to an individual shall, subject to Rule 5 below, be the amount which
the individual shall have specified in his application for the option that he is willing to
pay or, if lower, the maximum permitted amount, that is to say, the maximum amount which:

	 	4.4.1	 	when aggregated with the amount of his monthly contributions under any other
Savings Contract linked to this Plan or to any other savings-related share option plan
approved under Schedule 12A, does not exceed €500 but exceeds a minimum of €12 or such other maximum or minimum
amounts as may for the time being be permitted by paragraph 25(a) or (b) of Schedule
12A;
	 
	 	4.4.2	 	does not exceed the maximum amount for the time being permitted under the
terms of the Savings Contract; and
	 
	 	4.4.3	 	when aggregated with the amount of his monthly contributions under any other
Savings Contract linked to this Plan, does not exceed any maximum amount determined by
the Board.

	4.5	 	The price at which Shares may be acquired by the exercise of options granted on any day shall
be determined by the Board, provided that:

	 	4.5.1	 	if shares of the same class as those Shares are listed on the New York Stock
Exchange, the price shall not be less than the Specified Percentage of :

	 	(a)	 	the closing price of the Shares quoted in the Wall Street
Journal on such dealing day as the Board may choose provided that such day
shall fall prior to the date on which applications for options must be received
by the Company; or

- 6 -

 

	 	(b)	 	if that dealing day does not fall within the period of 30 days
(or where Rule 5 applies, 42 days) ending with Date of Grant, the closing price
of the Shares quoted in the Wall Street Journal on the dealing day prior to the
Date of Grant or such other dealing day as may be agreed in writing with the
Revenue Commissioners;

	 	4.5.2	 	and where Rule 4.5.1 does not apply, the price shall not be less than the
Specified Percentage of the market value (within the meaning of section 548 of the Act)
of the Shares as agreed in advance with the Shares Valuation Division of the Revenue
Commissioners;

	4.6	 	If the Board so decides, it may convert the US dollar price determined under Rule 4.5 above
into a price denominated in Euros in accordance with the closing mid-point spot rate of the US
dollar against the Euro as quoted in the Financial Times or from such reasonable source as the
Board may select and agree in advance with the Revenue Commissioners from time to time for the
dealing day in relation to which the price is set.
	 
	4.7	 	An option granted to any person:

	 	4.7.1	 	shall not, except as provided in Rule 6.3, be capable of being transferred by him; and
	 
	 
	 	4.7.2	 	shall lapse forthwith if he is adjudged bankrupt. 

	5.	 	LIMITS AND SCALING DOWN
	 
	5.1	 	No options shall be granted to acquire a number of shares which exceeds any number determined
by the Board for this purpose.
	 
	5.2	 	If valid applications are received for a total number of shares in excess of any maximum
number of shares determined by the Board pursuant to Rule 5.1 above, the Board shall scale
down applications by taking, at its absolute discretion, any one or more of the following
steps until the number of shares available equals or exceeds such total number of shares
applied for:

	 	5.2.1	 	by treating an application for a 7 year option as an application for a 5-year
option and then, so far as necessary, by reducing the proposed monthly contributions pro
rata to the excess over such amount as the Board shall determine for this purpose being
not less than o12 or such other minimum amount as may be permitted by paragraph 25 (b)
of Schedule 12A from time to time; or
	 
	 	5.2.2	 	for the purposes of Rule 4.3, the repayment due shall be taken as not
including a bonus and then, so far as necessary, by reducing the proposed monthly
contribution pro rata to the excess over such amount as the Board shall determine for
this purpose being not less than o12 or such other minimum amount as may be permitted by
paragraph 25 (b) of Schedule 12A from time to time; or
	 
	 	5.2.3	 	by reducing the proposed monthly contributions pro rata to the excess over
such amount as the Board shall determine for this purpose being not less than o12 or
such other

- 7 -

 

	 	 	 	minimum amount as may be permitted by paragraph 25(b) of Schedule 12A from
time to time and then, so far as necessary.

	5.3	 	If the number of shares available is insufficient to enable an option based on monthly
contributions of €12 a month or such other minimum amount as may be permitted by paragraph
25(b) of Schedule 12A from time to time to be granted to each Eligible Employee making a valid
application, the Board may determine in its absolute discretion that no options shall be
granted.
	 
	5.4	 	If the Board so determines, the provisions of Rule 5.2 may be modified or the Board may apply
an alternative method for scaling down, provided such modification or alternative method has
been agreed in advance with the Revenue Commissioners.
	 
	6.	 	EXERCISE OF OPTIONS
	 
	6.1	 	The exercise of any option granted under this Plan shall be effected in the form and manner
prescribed by the Board, provided that the monies paid for Shares on such exercise shall not
exceed the amount of the repayment (including any bonus) made and any interest paid under the
Savings Contract made in connection with the option.
	 
	6.2	 	Subject to Rules 6.3, 6.4, 6.6 and 7, an option granted under this Plan shall not be capable
of being exercised before the Bonus Date.
	 
	6.3	 	Subject to Rule 6.8:

	 	6.3.1	 	if any Participant dies before the Bonus Date, any option granted to him may
(and must, if at all) be exercised by his personal representatives within 12 months
after the date of his death provided that the monies paid for Shares on such exercise
shall not exceed the amount of the repayment made and any interest paid under the
Savings Contract in connection with the option; and
	 
	 	6.3.2	 	if he dies on or within 6 months after the Bonus Date, any option granted to
him may (and must, if at all) be exercised by his personal representatives within 12
months after the Bonus Date provided that the monies paid for Shares on such exercise
shall not exceed the amount of the repayment made and any interest paid under the
Savings Contract in connection with the option;
	 
	 	 	 	provided in either case that his death occurs at a time when he either holds the
office or employment by virtue of which he is eligible to participate in this Plan
or is entitled to exercise the option by virtue of Rule 6.4.

	6.4	 	Subject to Rule 6.8, if any Participant ceases to hold the office or employment by virtue of
which he is eligible to participate in this Plan (otherwise than by reason of his death), the
following provisions apply in relation to any option granted to him:

	 	6.4.1	 	if he so ceases by reason of injury, disability, redundancy within the meaning
of the Redundancy Payments Act 1967 to 2007, or retirement on reaching the Specified
Age, the option may (and subject to Rule 6.3 must, if at all) be exercised within 6
months of his

- 8 -

 

	 	 	 	so ceasing provided that the monies paid for Shares on such exercise shall
not exceed the amount of the repayment made and any interest paid under the Savings
Contract in connection with the option;
	 
	 	6.4.2	 	if he so ceases by reason only that the office or employment is in a company
of which the Company ceases to have control, or relates to a business or part of a
business which is transferred to a person who is neither an Associated Company of the
Company nor a company of which the Company has control, the option may (and subject to
Rule 6.3 must, if at all) be exercised within 6 months of his so ceasing provided that
the monies paid for Shares on such exercise shall not exceed the amount of the repayment
made and any interest paid under the Savings Contract in connection with the option;
	 
	 	6.4.3	 	if he so ceases by reason of retirement at any age at which he is entitled to
retire in accordance with the terms of his contract of employment (other than at the
Specified Age), early retirement with the agreement of the employer, or pregnancy, but
in each case only if such cessation of office or employment is more than three years
after the Grant Date, the option may (and subject to Rule 6.3 must if at all) be
exercised within 6 months of his so ceasing provided that the monies paid for Shares on
such exercise shall not exceed the amount of the repayment made and any interest paid
under the Savings Contract in connection with the option;
	 
	 	6.4.4	 	if he so ceases for any other reason the option may not be exercised at all.
	 
	 	A Participant shall not be treated for the purposes of Rules 6.3 and 6.4 above as ceasing to
hold the office or employment by virtue of which he is eligible to participate in this Scheme
until he ceases to hold an office or employment in the Company or any Associated Company or
company of which the Company has control, and a female Participant who ceases to hold the
office or employment by virtue of which she is eligible to participate in this Scheme by
reason of pregnancy or confinement and who exercises her right to return to work under The
Maternity Protection Acts 1994 and 2004 before exercising her option shall be treated for the
purposes of Rule 6.4 above as not having ceased to hold that office or employment.

	6.5	 	Subject to Rule 6.8, if, at the Bonus Date, a Participant holds an office or employment with
a company which is not a Participating Company but which is an Associated Company or a company
of which the Company has control, any option granted to him may (and subject to Rule 6.3 must,
if at all) be exercised within 6 months of the Bonus Date.
	 
	6.6	 	Subject to Rule 6.8, where any Participant continues to hold the office or employment by
virtue of which he is eligible to participate in this Plan after the date on which he reaches
the Specified Age, he may exercise any option within 6 months of that date to the extent of
the repayment due under the Savings Contract on the date on which he reaches the Specified
Age.
	 
	6.7	 	Subject to Rule 6.3, an option shall not be capable of being exercised later than 6 months
after the Bonus Date.

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	6.8	 	Where, before an option has become capable of being exercised, the Participant gives notice
that he intends to stop paying monthly contributions under the Savings Contract made in
connection with the option, or is deemed under its terms to have given such notice, or makes
an application for repayment of the monthly contributions paid under it, the option may not be
exercised at all.
	 
	6.9	 	An option shall not be capable of being exercised more than once.
	 
	6.10	 	A Participant shall not be eligible to exercise an option at any time:

	 	6.10.1	 	unless, subject to Rules 6.3, 6.4, 6.5 and 6.6 above, he is at that time a
director or employee of a Participating Company;
	 
	 	6.10.2	 	if he is not at that time eligible to participate in this Plan by virtue of
paragraph 8 of Schedule 12A (eligibility).

	6.11	 	Within 30 days after an option has been exercised by any person, the Board shall allot to him
(or a nominee for him) or, as appropriate, procure the transfer to him (or a nominee for him)
of the number of Shares in respect of which the option has been exercised, provided that the
Board considers that the issue or transfer of those Shares would be lawful.
	 
	6.12	 	All Shares allotted under this Plan shall rank equally in all respects with Shares of the
same class then in issue except for any rights attaching to such Shares by reference to a
record date before the date of the allotment.
	 
	6.13	 	If the Company or a Participating Company is obliged to account for any Tax Liability for
which the Participant in question is liable in respect of an option and neither the Company or
any other Participating Company is able to withhold the appropriate amount from the
Participant’s remuneration, or alternatively, if the Company has not received a payment from
the Participant in satisfaction of the whole Tax Liability then the Company shall be entitled
to discharge such tax liability as has not been so satisfied by selling, with the consent in
writing of the Participant, such number of Shares in respect of which the option has been
validly exercised as are required to satisfy the remaining Tax Liability and transfer the
balance of the Shares to the Participant.
	 
	7.	 	TAKE-OVER, RECONSTRUCTION AND AMALGAMATION, AND LIQUIDATION
	 
	7.1	 	If any person obtains control of the Company as a result of making a general offer to acquire
the whole of the issued ordinary share capital of the Company which is made on a condition
such that if it is satisfied the person making the offer will have control of the Company or
to acquire all the shares in the Company which are of the same class as the Shares, subject to
Rules 6.3, 6.4, 6.7 and 6.8, any option may be exercised within 6 months after that person has
obtained control of the Company and any condition subject to which the offer is made has been
satisfied.
	 
	7.2	 	For the purposes of Rule 7.1, a person shall be deemed to have obtained control of the
Company if he and others acting in concert with him have together obtained control of it.
	 
	7.3	 	If under section 201 of the Companies Act 1963 (or any other relevant legislation) the court
sanctions a compromise or arrangement proposed for the purposes of, or in connection with, a

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	 	 	 scheme for the reconstruction of the Company or its amalgamation with any other company or
companies, subject to Rules 6.3, 6.4, 6.7 and 6.8, any option may be exercised within six
months of the court sanctioning the compromise or arrangement but to the extent that it is not
exercised within that period shall (notwithstanding any other provision of this Plan) lapse on
expiration of that period.
	 
	7.4	 	If a resolution for the voluntary winding-up of the Company is passed, subject to Rules 6.3,
6.4, 6.7 and 6.8, any option may be exercised within 6 months from the date of the passing of
the resolution but to the extent that it is not exercised within that period shall
(notwithstanding any other provision of this Plan) lapse on expiration of that period.
	 
	7.5	 	If any person becomes bound or entitled to acquire Shares under section 204 of the Companies
Act 1963 (or any other equivalent legislation) subject to Rules 6.3, 6.4, 6.5, 6.6, 6.7, and
6.8, any option may be exercised at any time when that person remains so bound or entitled but
to the extent that it is not exercised within that period shall (notwithstanding any other
provision of this Plan) lapse on the expiration of that period.
	 
	7.6	 	If any company (“the Acquiring Company”):

	 
	 	7.6.1	 	obtains control of the Company as a result of making- 

	 	(a)	 	a general offer to acquire the whole of the issued ordinary
share capital of the Company which is made on a condition such that if it is
satisfied the acquiring company will have control of the Company, or
	 
	 	(b)	 	a general offer to acquire all the Shares in the Company which
are of the same class as the Shares which may be acquired by the exercise of
options granted under this Plan, or

	 	7.6.2	 	obtains control of the Company in pursuance of a compromise or arrangement
sanctioned by the court under section 201 of the Companies Act 1963 (or under any other
equivalent legislation), or
	 
	 	7.6.3	 	becomes bound or entitled to acquire Shares in the Company under section 204
of the Companies Act 1963 (or under any other equivalent legislation),

	 	 	any Participant may at any time within the appropriate period (which expression shall be
construed in accordance with paragraph 16(2) of Schedule 12A), by agreement with the
Acquiring Company, release any option which has not lapsed (“the old option”) in
consideration of the grant to him of an option (“the new option”) which (for the purposes of
that paragraph) is equivalent to the old option but relates to Shares in a different company
(whether the Acquiring Company itself or some other company falling within paragraph 11(b) or
(c) of Schedule 12A). Where a Participant does not withdraw his savings or exercise his
options and continues to make Monthly Contributions to his savings contract in the period
following the Acquiring Company’s acquisition of control of the Company he shall be deemed to
have agreed to the exchange of options immediately prior to the end of the earlier of (i) six
months following the Acquiring Company’s acquisition of control of

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	 	 	the Company and (ii) two
months from the date the resolution for a voluntary winding up of the Company is passed.

	7.7	 	The new option shall not be regarded for the purposes of Rule 7.6 above as equivalent to the
old option unless the conditions set out in paragraph 16(3) of Schedule 12A are satisfied, but
so that the provisions of this Plan shall for this purpose be construed as if:

	 	7.7.1	 	the new option were an option granted under this Plan at the same time as the
old option;
	 
	 	7.7.2	 	except for the purposes of the definitions of “Participating Company” and
“Subsidiary” in Rules 1.1, 6.4.2, 6.5 and 6.4.4, the expression “the Company” were
defined as “a company whose Shares may be acquired by the exercise of options granted
under this Plan”;
	 
	 	7.7.3	 	the Savings Contract made in connection with the old option had been made in
connection with the new option;
	 
	 	7.7.4	 	the Bonus Date in relation to the new option were the same as that in relation
to the old option.

	8.	 	ADJUSTMENT OF OPTIONS
	 
	8.1	 	In the event of any variation of the share capital of the Company, the Board may make such
adjustments as it considers appropriate under Rule 8.2.
	 
	8.2	 	An adjustment made under this Rule shall be to one or more of the following:

	 	8.2.1	 	the number of Shares in respect of which any option may be exercised;
	 
	 	8.2.2	 	the price at which Shares may be acquired by the exercise of any option;
	 
	 	8.2.3	 	where any option has been exercised but no Shares have been allotted or
transferred pursuant to the exercise, the number of Shares which may be allotted or
transferred and the price at which they may be acquired.

	8.3	 	At a time when this Plan is approved by the Revenue Commissioners under Schedule 12A, no
adjustment under Rule 8.2 above shall be made without the prior written approval of the
Revenue Commissioners.
	 
	9.	 	ALTERATIONS
	 
	9.1	 	Subject to Rule 9.2 below the Board may at any time alter or add to all or any of the
provisions of the Plan provided that no alteration shall be made at a time when this Plan is
approved by the Revenue Commissioners under Schedule 12A without the prior written approval of
the Revenue Commissioners.
	 
	9.2	 	No alteration or addition shall be made under Rule 9.1 which would abrogate or adversely
affect the subsisting rights of a Participant, unless it is made:

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	 	(i)	 	with the consent in writing of such number of Participants as hold options to
acquire not less than 75 per cent of the Shares which would be issued or transferred if
all options granted and subsisting were exercised in respect of the maximum of Shares
the subject thereof; or
	 
	 	(ii)	 	by a resolution at a meeting of Participants passed by not less than 75 per
cent of the Participants who attend and vote either in person or by proxy,

	 	 	and for the purposes of this Rule 9.2 the Participants shall be treated as the holders of a
separate class of share capital and the provisions of the Constitution of the Company (from
time to time in force) relating to class meetings shall apply mutatis mutandis.

	9.3	 	Rule 9.2 shall not apply to any alteration or addition which:

	 	(i)	 	is necessary or desirable in order to comply with or take account of the
provisions of any proposed or existing legislation or law, to take advantage of any
changes to the legislation or law, to take account of any of the events mentioned in
Rule 7, or to obtain or maintain favourable taxation treatment of the Company, any
Subsidiary or any Participant; and
	 
	 	(ii)	 	does not affect the basic principles of the Plan, the calculation of the price
payable per share under an option.

	10.	 	MISCELLANEOUS
	 
	10.1	 	The rights and obligations of any individual under the terms of his office or employment with
the Company or a Subsidiary shall not be affected by his participation in this Plan or any
right which he may have to participate in it, and an individual who participates in it shall
waive all and any rights to compensation or damages in consequence of the termination of his
office or employment for any reason whatsoever insofar as those rights arise or may arise from
his ceasing to have rights under or be entitled to exercise any option as a result of such
termination.
	 
	10.2	 	In the event of any dispute or disagreement as to the interpretation of this Plan, or as to
any question or right arising from or related to this Plan, the decision of the Board shall be
final and binding upon all persons.
	 
	10.3	 	Any notice or other communication under or in connection with this Plan may be given by such
method as the Board may determine to be appropriate which may include but shall not be limited
to:-

	 	10.3.1	 	personal delivery or by sending it by post, in the case of a company to its
registered office, and in the case of an individual to his last known address, or, where
he is a director or employee of the Company or a Subsidiary, either to his last known
home address or to the address of the place of business at which he performs the whole
or substantially the whole of the duties of his office or employment;
	 
	 	10.3.2	 	electronic communication; or
	 
	 	10.3.3	 	affixing notices in staff areas of the employee’s place of work.

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	 	10.4	 	Unless the Board determines otherwise, any notice of exercise shall take effect only when
received by the Company.
	 
	 	10.5	 	This Plan and all the options granted under it shall be governed by and construed in
accordance with the law of Ireland.

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