Document:

EX-10b

 Exhibit 10b 
 VERIZON COMMUNICATIONS INC. LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK
UNIT AGREEMENT 
 2016–2018 AWARD CYCLE 
 AGREEMENT between Verizon Communications Inc. (“Verizon” or the “Company”) and you (the “Participant”) and your heirs and beneficiaries. 

1. Purpose of Agreement. The purpose of this Agreement is to provide a grant of restricted stock units (“RSUs”) to the
Participant. 
 2. Agreement. This Agreement is entered into pursuant to the 2009 Verizon Communications Inc. Long-Term
Incentive Plan, as amended and restated (the “Plan”), and evidences the grant of a restricted stock unit award in the form of RSUs pursuant to the Plan. In consideration of the benefits described in this Agreement, which Participant
acknowledges are good, valuable and sufficient consideration, the Participant agrees to comply with the terms and conditions of this Agreement, including the Participant’s obligations and restrictions set forth in Exhibit A to this Agreement
and the Participant’s non-competition, non-solicitation, confidentiality and other obligations and restrictions set forth in Exhibit B to this Agreement, both of which are incorporated into and are a part of the Agreement. The RSUs and this
Agreement are subject to the terms and provisions of the Plan. By executing this Agreement, the Participant agrees to be bound by the terms and provisions of the Plan and this Agreement, including but not limited to the Participant’s
obligations and restrictions set forth in Exhibits A and B to this Agreement. In addition, the Participant agrees to be bound by the actions of the Human Resources Committee of Verizon Communication’s Board of Directors or any successor thereto
(the “Committee”), and any designee of the Committee (to the extent that such actions are exercised in accordance with the terms of the Plan and this Agreement). If there is a conflict between the terms of the Plan and the terms of this
Agreement, the terms of this Agreement shall control. 
 3. Contingency. The grant of RSUs is contingent on the
Participant’s timely acceptance of this Agreement and satisfaction of the other conditions contained in it. Acceptance shall be through execution of the Agreement as set forth in paragraph 21. If the Participant does not accept this Agreement
by the close of business on May 27, 2016, the Participant shall not be entitled to this grant of RSUs regardless of the extent to which the requirements in paragraph 5 (“Vesting”) are satisfied. In addition, to the extent a
Participant is on a Company approved leave of absence, including but not limited to short-term disability leave, he or she will not be entitled to this grant of RSUs until such time as he or she returns to active employment with Verizon or a Related
Company (as defined in paragraph 13) and accepts this Agreement within the time period established by the Company. 
 4.
Number of Units. The Participant is granted the number of RSUs as specified in the Participant’s account under the 2016 RSU grant, administered by Fidelity Investments or any successor thereto (“Fidelity”). A RSU is a hypothetical
share of Verizon’s common stock. The value of a RSU on any given date shall be equal to the closing price of Verizon’s common stock on the New York Stock Exchange (“NYSE”) as of such date. A Dividend Equivalent Unit
(“DEU”) or fraction thereof shall be added to each RSU each time that a dividend is paid on Verizon’s common stock. The amount of each DEU shall be equal to the corresponding dividend paid on a share of Verizon’s common stock.
The DEU shall be converted into RSUs or fractions thereof based upon the closing price of Verizon’s common stock traded on the NYSE on the dividend payment date of each declared dividend on Verizon’s common stock, and such RSUs or
fractions thereof shall be added to the Participant’s RSU balance. To the extent that Fidelity or the Company makes an error, including but not limited to an administrative error with respect to the number or value of the RSUs granted to the
Participant under this Agreement, the DEUs credited to the Participant’s account or the amount of the final award payment, the Company or Fidelity specifically reserves the right to correct such error at any time and the Participant agrees that
he or she shall be legally bound by any corrective action taken by the Company or Fidelity. 

 5. Vesting. 
 (a) General. The Participant shall vest in the RSUs only if the Participant is continuously employed by the Company or a Related Company (as defined in paragraph 13) from the date the RSUs are
granted through the end of the Award Cycle, except as otherwise provided in paragraph 7 (“Early Cancellation/Accelerated Vesting of RSUs”) or as otherwise provided by the Committee. For purposes of these RSUs, “Award Cycle” shall
mean the three-year period beginning on January 1, 2016, and ending at the close of business on December 31, 2018. 
 (b) Effect of a Termination for Cause. Notwithstanding paragraph 5(a) or paragraph 7, if the Participant’s employment by the Company or a Related Company is terminated by the Company or a
Related Company for Cause at any time prior to the date that the RSUs are paid pursuant to paragraph 6, the RSUs (whether vested or not) shall automatically terminate and be cancelled as of the applicable termination date without payment of any
consideration by the Company and without any other action by the Participant. For purposes of this Agreement, “Cause” means (i) incompetence or negligence in the discharge of, or inattention to or neglect of or failure to perform, the
duties and responsibilities assigned to the Participant; fraud, misappropriation or embezzlement; or a material breach of the Verizon Code of Conduct (as in effect at the relevant time) or any of the Participant’s obligations and restrictions
set forth in Exhibits A and B to this Agreement, all as determined by the Executive Vice President and Chief Administrative Officer of Verizon (or his or her designee) in his or her discretion, or (ii) commission of any felony of which the
Participant is finally adjudged guilty by a court of competent jurisdiction. 
 (c) Transfer. Transfer of
employment from Verizon to a Related Company, from a Related Company to Verizon, or from one Related Company to another Related Company shall not constitute a separation from employment hereunder, and service with a Related Company shall be treated
as service with the Company for purposes of the three-year continuous employment requirement in paragraph 5(a). If the Participant transfers employment pursuant to this paragraph 5(c), the Participant will still be required to satisfy the definition
of “Retire” under paragraph 7 of this Agreement in order to be eligible for the accelerated vesting provisions in connection with a retirement. 
 6. Payment. All payments under this Agreement shall be made in shares of Verizon common stock. Subject to paragraph 5(b), as soon as practicable after the end of the Award Cycle (but in no event
later than March 15, 2019), the number of shares of the vested RSUs (minus any withholding for taxes) shall be paid to the Participant (subject, however, to any deferral election that the Participant has made under the deferral plan (if any)
then available to the Participant). The number of shares that shall be paid (plus withholding for taxes and any applicable deferral amount) shall equal the number of vested RSUs. If the Participant dies before any payment due hereunder is made, such
payment shall be made to the Participant’s beneficiary, as designated under paragraph 11. Once a payment has been made with respect to a RSU, the RSU shall be cancelled; however, all other terms of the Agreement, including but not limited to
the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement, shall remain in effect. 

  
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 7. Early Cancellation/Accelerated Vesting of RSUs. Notwithstanding the provisions of
paragraph 5, RSUs may vest or be forfeited before the end of the Award Cycle as follows: 
 (a) Retirement
Before July 1, 2016, Voluntary Separation On or Before December 31, 2018, or Other Separation Not Described in Paragraph 7(b). If the Participant (i) Retires (as defined in paragraph 7(b)(4)) before July 1, 2016,
(ii) voluntarily separates from employment on or before December 31, 2018 for any reason other than Retirement, or (iii) otherwise separates from employment on or before December 31, 2018 under circumstances not described in
paragraph 7(b), all the RSUs shall automatically terminate and be cancelled as of the applicable termination date without payment of any consideration by the Company and without any other action by the Participant. 

(b) Retirement After June 30, 2016, Involuntary Termination Without Cause On or Before December 31, 2018,
Termination Due to Death or Disability On or Before December 31, 2018. 
 (1) This paragraph 7(b) shall
apply if the Participant: 
 (i) Retires (as defined below) after June 30, 2016, or 

(ii) Separates from employment by reason of an involuntary termination without Cause (as determined by the Executive
Vice President and Chief Administrative Officer of Verizon (or his or her designee)), death, or Disability (as defined below) on or before December 31, 2018. “Disability” shall mean the total and permanent disability of the
Participant as defined by, or determined under, the Company’s long-term disability benefit plan. 
 (2) If
the Participant separates from employment on or before December 31, 2018 under circumstances described in paragraph 7(b)(1), the Participant’s RSUs shall vest (without prorating the award) without regard to the three-year continuous
employment requirement set forth in paragraph 5(a), provided that the Participant has not and does not commit a breach of any of the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement and provided that
the Participant executes, within the time prescribed by Verizon, a release satisfactory to Verizon waiving any claims he or she may have against Verizon and any Related Company (otherwise, paragraph 7(a) shall apply). 

(3) Any RSUs that vest pursuant to paragraph 7(b)(2) shall be payable as soon as practicable after the end of the Award
Cycle (but in no event later than March 15, 2019). 
 (4) For purposes of this Agreement,
“Retire” and “Retirement” means: (i) to retire after having attained at least 15 years of vesting service (as defined under the applicable Verizon tax-qualified 401(k) savings plan) and a combination of age and years of
vesting service that equals or exceeds 75 points, or (ii) retirement under any other circumstances determined in writing by the Executive Vice President and Chief Administrative Officer of Verizon (or his or her designee), provided that, in the
case of either (i) or (ii) in this paragraph, the retirement was not occasioned by a discharge for Cause. Notwithstanding the preceding sentence, if the Participant is employed in the United Kingdom, “Retire” or
“Retirement” shall mean: (A) subject to applicable law, a termination of employment on the grounds of age, provided that the Participant has attained at least age 65; or (B) retirement under any other circumstances determined in
writing by the Executive Vice President and Chief Administrative Officer of Verizon (or his or her designee), provided that, in the case of either (A) or (B) in this paragraph, the retirement was not occasioned by a discharge for Cause.

 (c) Change in Control. If a Participant is involuntarily terminated without Cause within twelve
(12) months following the occurrence of a Change in Control of Verizon (as defined in the Plan) and before the end of the Award Cycle, the RSUs shall vest and become payable (without prorating the

  
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award) without regard to the three-year continuous employment requirement in paragraph 5(a); however, all other terms of the Agreement, including but not limited to the Participant’s
obligations and restrictions set forth in Exhibits A and B to this Agreement, shall remain in effect. A Change in Control or an involuntary termination without Cause that occurs after the end of the Award Cycle shall have no effect on whether any
RSUs vest or become payable under this paragraph 7(c). If both paragraph 7(b) and this paragraph 7(c) would otherwise apply in the circumstances, this paragraph 7(c) shall control. All payments provided in this paragraph 7(c) shall be made at their
regularly scheduled time as specified in paragraph 6. 
 (d) Vesting Schedule. Except and to the extent
provided in paragraphs 7(b) and (c), nothing in this paragraph 7 shall alter the vesting schedule prescribed by paragraph 5. 

8. Shareholder Rights. The Participant shall have no rights as a shareholder with respect to the RSUs until the date on which the
Participant becomes the holder of record with respect to any shares of Verizon common stock to which this grant relates. Except as provided in the Plan or in this Agreement, no adjustment shall be made for dividends or other rights for which the
record date occurs while the RSUs are outstanding. 
 9. Amendment of Agreement. Except to the extent required by law or
specifically contemplated under this Agreement, neither the Committee nor the Executive Vice President and Chief Administrative Officer of Verizon (or his or her designee) may, without the written consent of the Participant, change any term,
condition or provision affecting the RSUs if the change would have a material adverse effect upon the RSUs or the Participant’s rights thereto. Nothing in the preceding sentence shall preclude the Committee or the Executive Vice President and
Chief Administrative Officer of Verizon (or his or her designee) from exercising administrative discretion with respect to the Plan or this Agreement, and the exercise of such discretion shall be final, conclusive and binding. This discretion
includes, but is not limited to, corrections of any errors, including but not limited to any administrative errors, and determining whether the Participant has been discharged for Cause, has a disability, has Retired, has breached any of the
Participant’s obligations or restrictions set forth in Exhibits A and B to this Agreement or has satisfied the requirements for vesting and payment under paragraphs 5 and 7 of this Agreement. 

10. Assignment. The RSUs shall not be assigned, pledged or transferred except by will or by the laws of descent and distribution.
During the Participant’s lifetime, the RSUs may be deferred only by the Participant or by the Participant’s guardian or legal representative in accordance with the deferral regulations, if any, established by the Company. 

11. Beneficiary. The Participant shall designate a beneficiary in writing and in such manner as is acceptable to the Executive
Vice President and Chief Administrative Officer of Verizon (or his or her designee). Each such designation shall revoke all prior designations by the Participant with respect to the Participant’s benefits under the Plan and shall be effective
only when filed by the Participant with the Company during the Participant’s lifetime. If the Participant fails to so designate a beneficiary, or if no such designated beneficiary survives the Participant, the Participant’s beneficiary
shall be the Participant’s estate. 
 12. Other Plans and Agreements. Any payment received (or deferred) by the
Participant pursuant to this Agreement shall not be taken into account as compensation in the determination of the Participant’s benefits under any pension, savings, life insurance, severance or other benefit plan maintained by Verizon or a
Related Company. The Participant acknowledges that this Agreement or any prior RSU agreement shall not entitle the Participant to any other benefits under the Plan or any other plans maintained by the Company or a Related Company. 

  
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 13. Company and Related Company. For purposes of this Agreement, “Company”
means Verizon Communications Inc. “Related Company” means (a) any corporation, partnership, joint venture, or other entity in which Verizon Communications Inc. holds a direct or indirect ownership or proprietary interest of 50 percent
or more at any time during the term of this Agreement, or (b) any corporation, partnership, joint venture, or other entity in which Verizon Communications Inc. holds a direct or indirect ownership or other proprietary interest of less than 50
percent at any time during the term of this Agreement but which, in the discretion of the Committee, is treated as a Related Company for purposes of this Agreement. 
 14. Employment Status. The grant of the RSUs shall not be deemed to constitute a contract of employment for a particular term between the Company or a Related Company and the Participant, nor shall
it constitute a right to remain in the employ of any such Company or Related Company. 
 15. Withholding. The Participant
acknowledges that he or she shall be responsible for any taxes that arise in connection with this grant of RSUs, and the Company shall make such arrangements as it deems necessary for withholding of any taxes it determines are required to be
withheld pursuant to any applicable law or regulation. 
 16. Securities Laws. The Company shall not be required to make
payment with respect to any shares of common stock prior to the admission of such shares to listing on any stock exchange on which the stock may then be listed and the completion of any registration or qualification of such shares under any federal
or state law or rulings or regulations of any government body that the Company, in its discretion, determines to be necessary or advisable. 
 17. Committee Authority. The Committee shall have complete discretion in the exercise of its rights, powers, and duties under this Agreement. Any interpretation or construction of any provision of,
and the determination of any question arising under, this Agreement shall be made by the Committee in its discretion, as described in paragraph 9. The Committee and the Audit Committee may designate any individual or individuals to perform any of
its functions hereunder and utilize experts to assist in carrying out their duties hereunder. 
 18. Successors. This
Agreement shall be binding upon, and inure to the benefit of, any successor or successors of the Company and the person or entity to whom the RSUs may have been transferred by will, the laws of descent and distribution, or beneficiary designation.
All terms and conditions of this Agreement imposed upon the Participant shall, unless the context clearly indicates otherwise, be deemed, in the event of the Participant’s death, to refer to and be binding upon the Participant’s heirs and
beneficiaries. 
 19. Construction. In the event that any provision of this Agreement is held invalid or unenforceable,
such provision shall be considered separate and apart from the remainder of this Agreement, which shall remain in full force and effect. In the event that any provision, including any of the Participant’s obligations or restrictions set forth
in Exhibits A and B to this Agreement, is held to be unenforceable for being unduly broad as written, such provision shall be deemed amended to narrow its application to the extent necessary to make the provision enforceable according to applicable
law and shall be enforced as amended. The RSUs are intended not to be subject to any tax, interest or penalty under Section 409A of the Code, and this Agreement shall be construed and interpreted consistent with such intent. 

20. Defined Terms. Except where the context clearly indicates otherwise, all capitalized terms used herein shall have the
definitions ascribed to them by the Plan, and the terms of the Plan shall apply where appropriate. 

  
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 21. Execution of Agreement. The Participant shall indicate his or her consent and
acknowledgment to the terms of this Agreement (including the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement) and the Plan by executing this Agreement pursuant to the instructions provided and
otherwise shall comply with the requirements of paragraph 3. In addition, by consenting to the terms of this Agreement and the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement, the Participant expressly
agrees and acknowledges that Fidelity may deliver all documents, statements and notices associated with the Plan and this Agreement to the Participant in electronic form. The Participant and Verizon hereby expressly agree that the use of electronic
media to indicate confirmation, consent, signature, acceptance, agreement and delivery shall be legally valid and have the same legal force and effect as if the Participant and Verizon executed this Agreement (including the Participant’s
obligations and restrictions set forth in Exhibits A and B to this Agreement) in paper form. 
 22. Confidentiality.
Except to the extent otherwise required by law, the Participant shall not disclose, in whole or in part, any of the terms of this Agreement. This paragraph 22 does not prevent the Participant from disclosing the terms of this Agreement to the
Participant’s spouse or beneficiary or to the Participant’s legal, tax, or financial adviser, provided that the Participant take all reasonable measures to assure that the individual to whom disclosure is made does not disclose the terms
of this Agreement to a third party except as otherwise required by law. 
 23. Applicable Law. Except as expressly
provided in Exhibit B, the validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions
thereof. 
 24. Notice. Any notice to the Company provided for in this Agreement shall be addressed to the Company in
care of the Executive Vice President and Chief Administrative Officer of Verizon at 1095 Avenue of the Americas, New York, New York 10036 and any notice to the Participant shall be addressed to the Participant at the current address shown on the
payroll of the Company, or to such other address as the Participant may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy, sent by overnight carrier, or enclosed in a properly sealed envelope as stated
above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 

25. Dispute Resolution. 
 (a) General. Except as otherwise provided in paragraph 26 below, all disputes arising under or related to the Plan or this Agreement and all claims in which a Participant seeks damages or other
relief that relate in any way to RSUs or other benefits of the Plan are subject to the dispute resolution procedure described below in this paragraph 25. 
 (i) For purposes of this Agreement, the term “Units Award Dispute” shall mean any claim against the Company or a Related Company, other than Units Damages Disputes described in paragraph (a)(ii)
below, regarding (A) the interpretation of the Plan or this Agreement, (B) any of the terms or conditions of the RSUs issued under this Agreement, or (C) allegations of entitlement to RSUs or additional RSUs, or any other benefits,
under the Plan or this Agreement; provided, however, that any dispute relating to the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement or to the forfeiture of an award as a result of a breach of any of
the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement shall not be subject to the dispute resolution procedures provided for in this paragraph 25.

  
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(ii) For purposes of this Agreement, the term “Units Damages Dispute” shall mean any claims between the Participant and the Company or a Related Company (or against the past or present
directors, officers, employees, representatives, or agents of the Company or a Related Company, whether acting in their capacity as such or otherwise), that are related in any way to the Participant’s employment or former employment, including
claims of alleged employment discrimination, wrongful termination, or violations of Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, 42 U.S.C. § 1981, the Fair Labor
Standards Act, the Family Medical Leave Act, the Sarbanes-Oxley Act, or any other U.S. federal, state or local law, statute, regulation, or ordinance relating to employment or any common law theories of recovery relating to employment, such as
breach of contract, tort, or public policy claims, in which the damages or other relief sought relate in any way to RSUs or other benefits of the Plan or this Agreement. 

(b) Internal Dispute Resolution Procedure. All Units Award Disputes, and all Units Damages Dispute alleging breach
of contract, tort, or public policy claims with respect to the Plan or this Agreement (collectively, “Plan Disputes”), shall be referred in the first instance to the Verizon Employee Benefits Committee (“EB Committee”) for
resolution internally within Verizon. Except where otherwise prohibited by law, all Plan Disputes must be filed in writing with the EB Committee no later than one year from the date that the dispute accrues. Consistent with paragraph 25(c)(i) of
this Agreement, all decisions relating to the enforceability of the limitations period contained herein shall be made by the arbitrator. To the fullest extent permitted by law, the EB Committee shall have full power, discretion, and authority to
interpret the Plan and this Agreement and to decide all Plan Disputes brought under this Plan and Agreement. Determinations made by the EB Committee shall be final, conclusive and binding, subject only to review by arbitration pursuant to paragraph
(c) below under the arbitrary and capricious standard of review. A Participant’s failure to refer a Plan Dispute to the EB Committee for resolution will in no way impair the Company’s right to compel arbitration or the enforceability
of the waiver in paragraph 25(c)(ii). 
 (c) Arbitration. All appeals from determinations by the EB
Committee as described in paragraph (b) above, and any Units Damages Dispute, shall be fully and finally settled by arbitration administered by the American Arbitration Association (“AAA”) on an individual basis (and not on a
collective or class action basis) before a single arbitrator pursuant to the AAA’s Commercial Arbitration Rules in effect at the time any such arbitration is initiated. Any such arbitration must be initiated in writing pursuant to the aforesaid
rules of the AAA no later than one year from the date that the claim accrues, except where a longer limitations period is required by applicable law. However, a Participant’s failure to initiate arbitration within one year will in no way impair
the Company’s right, exercised at its discretion, to compel arbitration or the enforceability of the waiver in paragraph 25(c)(ii). Decisions about the applicability of the limitations period contained herein shall be made by the arbitrator. A
copy of the AAA’s Commercial Arbitration Rules may be obtained from Human Resources. The Participant agrees that the arbitration shall be held at the office of the AAA nearest the place of the Participant’s most recent employment by the
Company or a Related Company, unless the parties agree in writing to a different location. All claims by the Company or a Related Company against the Participant, except for breaches of any of the Participant’s obligations and restrictions set
forth in Exhibits A and B to this Agreement, may also be raised in such arbitration proceedings. 
 (i) The
arbitrator shall have the authority to determine whether any dispute submitted for arbitration hereunder is arbitrable. The arbitrator shall decide all issues submitted for arbitration according to the terms of the Plan, this Agreement (except for
breaches of any of the Participant’s obligations and restrictions set forth in Exhibits A and B to this 

  
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Agreement), existing Company policy, and applicable substantive Delaware State and U.S. federal law and shall have the authority to award any remedy or relief permitted by such laws. The final
decision of the EB Committee with respect to a Plan Dispute shall be upheld unless such decision was arbitrary or capricious. The decision of the arbitrator shall be final, conclusive, not subject to appeal, and binding and enforceable in any
applicable court. 
 (ii) The Participant understands and agrees that, pursuant to this Agreement,
both the Participant and the Company or a Related Company waive any right to sue each other in a court of law or equity, to have a trial by jury, or to resolve disputes on a collective, or class, basis (except for breaches of any of the
Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement), and that the sole forum available for the resolution of Units Award Disputes and Units Damages Disputes is arbitration as provided in this paragraph
25. If an arbitrator or court finds that the arbitration provisions of this Agreement are not enforceable, both Participant and the Company or a Related Company understand and agree to waive their right to trial by jury of any Units Award Dispute or
Units Damages Dispute. This dispute resolution procedure shall not prevent either the Participant or the Company or a Related Company from commencing an action in any court of competent jurisdiction for the purpose of obtaining injunctive relief to
prevent irreparable harm pending and in aid of arbitration hereunder; in such event, both the Participant and the Company or a Related Company agree that the party who commences the action may proceed without necessity of posting a bond.

 (iii) In consideration of the Participant’s agreement in paragraph (ii) above, the Company or
a Related Company will pay all filing, administrative and arbitrator’s fees incurred in connection with the arbitration proceedings. If the AAA requires the Participant to pay the initial filing fee, the Company or a Related Company will
reimburse the Participant for that fee. All other fees incurred in connection with the arbitration proceedings, including but not limited to each party’s attorney’s fees, will be the responsibility of such party. 

(iv) The parties intend that the arbitration procedure to which they hereby agree shall be the exclusive means for
resolving all Units Award Disputes and Units Damages Disputes (subject to the mandatory EB Committee procedure provided for in paragraph 25(b) above). Their agreement in this regard shall be interpreted as broadly and inclusively as reason permits
to realize that intent. 
 (v) The Federal Arbitration Act (“FAA”) shall govern the enforceability of
this paragraph 25. If for any reason the FAA is held not to apply, or if application of the FAA requires consideration of state law in any dispute arising under this Agreement or subject to this dispute resolution provision, the laws of the State of
Delaware shall apply without giving effect to the conflicts of laws provisions thereof. 
 (vi) To the extent
an arbitrator determines that the Participant was not terminated for Cause and is entitled to the RSUs or any other benefits under the Plan pursuant to the provisions applicable to an involuntary termination without Cause, the Participant’s
obligation to execute a release satisfactory to Verizon as provided under paragraph 7(b)(2) shall remain applicable in order to receive the benefit of any RSUs pursuant to this Agreement. 

  
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 26. Additional Remedies. Notwithstanding the dispute resolution procedures, including
arbitration, of paragraph 25 of this Agreement, and in addition to any other rights or remedies, whether legal, equitable, or otherwise, that each of the parties to this Agreement may have (including the right of the Company to terminate the
Participant for Cause or to involuntarily terminate the Participant without Cause), the Participant acknowledges that— 
 (a) The Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement are essential to the continued goodwill and profitability of the Company and any Related Company;

 (b) The Participant has broad-based skills that will serve as the basis for other employment opportunities
that are not prohibited by the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement; 
 (c) When the Participant’s employment with the Company or any Related Company terminates, the Participant shall be able to earn a livelihood without violating any of the Participant’s
obligations and restrictions set forth in Exhibits A and B to this Agreement; 
 (d) Irreparable damage to the
Company or any Related Company shall result in the event that the Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement are not specifically enforced and that monetary damages will not adequately protect the
Company and any Related Company from a breach of any of such Participant obligations and restrictions; 
 (e) If
any dispute arises concerning the violation or anticipated or threatened violation by the Participant of any of the Participant’s obligations and restrictions set forth in Exhibits A or B, an injunction may be issued restraining such violation
pending the determination of such controversy, and no bond or other security shall be required in connection therewith; 
 (f) The Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement shall continue to apply after any expiration, termination, or cancellation of this Agreement;

 (g) The Participant’s breach of any of the Participant’s obligations and restrictions set forth in
Exhibits A and B to this Agreement, including, for example, any breach of the Participant’s non-competition, non-solicitation or confidentiality restrictions, shall result in the Participant’s immediate forfeiture of all rights and
benefits, including all RSUs and DEUs, under this Agreement; and 
 (h) All disputes relating to the
Participant’s obligations and restrictions set forth in Exhibits A and B to this Agreement, including their interpretation and enforceability and any damages (including but not limited to damages resulting in the forfeiture of an award or
benefits under this Agreement) that may result from the breach of such Participant obligations and restrictions shall not be subject to the dispute resolution procedures, including arbitration, of paragraph 25 of this Agreement, but shall instead be
determined in a court of competent jurisdiction. 

  
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	Exhibit A – Participant’s Obligations

 As part of the Agreement to which this Exhibit A is attached, you, the Participant, agree to the following
obligations: 
 1. Effect of a Material Restatement of Financial Results; Recoupment; Company Policies Regarding Securities
Transactions. 
 (a) General. Notwithstanding anything in this Agreement to the contrary, you agree
that, with respect to all RSUs granted to you on or after January 1, 2007 and all short-term incentive awards made to you on or after January 1, 2007, to the extent the Company or any Related Company is required to materially restate any
financial results based upon your willful misconduct or gross negligence while employed by the Company or any Related Company (and where such restatement would have resulted in a lower payment being made to you), you will be required to repay all
previously paid or deferred (i) RSUs and (ii) short-term incentive awards that were provided to you during the performance periods that are the subject of the restated financial results, plus a reasonable rate of interest. For purposes of
this paragraph, “willful misconduct” and “gross negligence” shall be as determined by the Committee. The Audit Committee of the Verizon Board of Directors shall determine whether a material restatement of financial results has
occurred. If you do not repay the entire amount required under this paragraph, the Company may, to the extent permitted by applicable law, offset your obligation to repay against any source of income available to it, including but not limited to any
money you may have in your nonqualified deferral accounts. 
 (b) Requirements of Recoupment Policy or
Applicable Law. The repayment rights contained in paragraph 1(a) of Exhibit A shall be in addition to, and shall not limit, any other rights or remedies that the Company may have under law or in equity, including, without limitation,
(i) any right that the Company may have under any Company recoupment policy that may apply to you, or (ii) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under
Section 10D of the Securities Exchange Act of 1934, as amended (as determined by the applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission) or under any other applicable law. By
accepting this award of RSUs, you agree and consent to the Company’s application, implementation and enforcement of any such Company recoupment policy (as it may be in effect from time to time) that may apply to you and any provision of
applicable law relating to cancellation, rescission, payback or recoupment of compensation and expressly agree that the Company may take such actions as are permitted under any such policy (as applicable to you) or applicable law, such as the
cancellation of RSUs and repayment of amounts previously paid or deferred with respect to any previously granted RSUs or short-term incentive awards, without further consent or action being required by you. 

(c) Company Policies Regarding Securities Transactions. By accepting this award of RSUs, you agree to comply with
all Company policies regarding trading in securities or derivative securities (including, without limitation, the Company’s policies prohibiting trading on material inside information regarding the Company or any business with which the Company
does business, the Company’s policies prohibiting engaging in financial transactions that would allow you to benefit from a devaluation of the Company’s securities, and any additional policy that the Company may adopt prohibiting you from
hedging your economic exposure to the Company’s securities), as such policies are in effect from time to time and for as long as such policies are applicable to you. 

  
 10 

 2. Definitions. Except where clearly provided to the contrary or as otherwise defined
in this Exhibit A, all capitalized terms used in this Exhibit A shall have the definitions given to those terms in the Agreement to which this Exhibit A is attached. 
 3. Agreement to Participant’s Obligations. You shall indicate your agreement to the obligations and restrictions set forth in this Exhibit A in accordance with the instructions provided in the
Agreement, and your acceptance of the Agreement shall include your acceptance of such obligations and restrictions. As stated in paragraph 21 of the Agreement, you and Verizon hereby expressly agree that the use of electronic media to indicate
confirmation, consent, signature, acceptance, agreement and delivery shall be legally valid and have the same legal force and effect as if you and Verizon executed this Exhibit A in paper form. 

  
 11 

	
	Exhibit B – Non-Competition, Non-Solicitation, Confidentiality and Other
Obligations

 As part of the Agreement to which this Exhibit B is attached, you, the Participant, and the Company or any
Related Company which employs or employed you, agree to the following obligations: 
 1. Noncompetition. 

(a) Prohibited Conduct. During the period of your employment with the Company or any Related Company, and for a
period ending twelve (12) months following a termination of your employment for any reason with the Company or any Related Company, you shall not, without the prior written consent of the Executive Vice President and Chief Administrative
Officer of Verizon (or his or her designee): 
 (1) personally engage in Competitive Activities (as defined
below); or 
 (2) work for, own, manage, operate, control, or participate in the ownership, management,
operation, or control of, or provide consulting or advisory services to, any person, partnership, firm, corporation, institution or other entity engaged in Competitive Activities, or any company or person affiliated with such person, partnership,
firm, corporation, institution or other entity engaged in Competitive Activities; provided that your purchase or holding, for investment purposes, of securities of a publicly traded company shall not constitute “ownership” or
“participation in the ownership” for purposes of this paragraph so long as your equity interest in any such company is less than a controlling interest; 

provided that this paragraph (a) shall not prohibit you from (i) being employed by, or providing services to, a
consulting firm, provided that you do not personally engage in Competitive Activities or provide consulting or advisory services to any person, partnership, firm, corporation, institution or other entity engaged in Competitive Activities, or any
person or entity affiliated with such person, partnership, firm, corporation, institution or other entity engaged in Competitive Activities, or (ii) engaging in the practice of law as an in-house counsel, sole practitioner or as a partner in
(or as an employee of or counsel to) a corporation or law firm in accordance with applicable legal and professional standards. Exception (ii), however, does not apply to any Participant that may be engaging in Competitive Activities or providing
services to any person, partnership, firm, corporation, institution or other entity engaged in Competitive Activities, wherein such engagement or services being provided are not primarily the practice of law. 

(b) Competitive Activities. For purposes of the Agreement, to which this Exhibit B is attached, “Competitive
Activities” means any activities relating to products or services of the same or similar type as the products or services (1) which were or are sold (or, pursuant to an existing business plan, will be sold) to paying customers of the
Company or any Related Company, and (2) for which you have any direct or indirect responsibility or any involvement to plan, develop, manage, market, sell, oversee, support, implement or perform, or had any such responsibility or involvement
within your most recent 24 months of employment with the Company or any Related Company. Notwithstanding the previous sentence, an activity shall not be treated as a Competitive Activity if the geographic marketing area of such same or similar
products or services does not overlap with the geographic marketing area for the applicable products and services of the Company or any Related Company. 

  
 12 

 2. Interference With Business Relations. During the period of your employment with
the Company or any Related Company, and for a period ending twelve (12) months following a termination of your employment for any reason with the Company or any Related Company, you shall not, without the prior written consent of the Executive
Vice President and Chief Administrative Officer of Verizon (or his or her designee): 
 (a) recruit,
induce or solicit, directly or indirectly, any employee of the Company or Related Company who was employed by the Company or any Related Company as of your termination date and whom you worked with or had contact with, or had confidential
information about, while employed by the Company or any Related Company for employment or for retention as a consultant or service provider to any person or entity; 

(b) hire or participate (with another person or entity) in the process of recruiting, soliciting or hiring,
directly or indirectly, (other than for the Company or any Related Company) any person who is then an employee of the Company or any Related Company whom you worked with or had contact with, or had confidential information about, while employed by
the Company or any Related Company, or provide, directly or indirectly, names or other information about any employees of the Company or Related Company whom you worked with or had contact with, or had confidential information about, while employed
by the Company or any Related Company to any person or entity (other than to the Company or any Related Company) under circumstances that could lead to the use of any such information for purposes of recruiting, soliciting or hiring any such
employee for any person or entity; 
 (c) interfere, or attempt to interfere, directly or indirectly,
with any relationship of the Company or any Related Company with any of its employees, agents, or representatives; 
 (d) solicit or induce, or in any manner attempt to solicit or induce, directly or indirectly, any client, customer, or Prospect (defined below) of the Company or any Related Company (1) to
cease being, or not to become, a customer of the Company or any Related Company, or (2) to divert any business of such customer or Prospect from the Company or any Related Company; or 

(e) otherwise interfere with, disrupt, or attempt to interfere with or disrupt, directly or indirectly, the
relationship, contractual or otherwise, between the Company or any Related Company and any of its customers, clients, Prospects, suppliers, vendors, service providers, developers, joint ventures, equity investments or partners, inventors,
consultants, employees, agents, or representatives. 
 For purposes of this paragraph 2, “Prospect” shall mean any
person or entity from whom or which any business was being solicited by Verizon or any Related Company within the most recent 12 month period of your employment. 
 3. Proprietary And Confidential Information. You shall at all times, including after any termination of your employment with the Company or any Related Company, preserve the confidentiality of all
Proprietary Information (defined below) and trade secrets of the Company or any Related Company, and you shall not use for the benefit of yourself or any person, other than the Company or a Related Company, or disclose to any person, except and to
the extent that disclosure of such information is legally required, any Proprietary Information or trade secrets of the Company or any Related Company. “Proprietary Information” means any information or data related to the Company or any
Related Company, including information entrusted to the Company or a Related Company by others, which has not been fully disclosed to the public by the Company or a Related Company, which is treated as confidential or otherwise protected within the
Company or any Related Company or is of value to competitors, such as strategic or tactical business plans; undisclosed business, operational or financial 

  
 13 

 
data; ideas, processes, methods, techniques, systems, models, devices, programs, computer software, or related information; documents relating to regulatory matters or correspondence with
governmental entities; information concerning any past, pending, or threatened legal dispute; pricing or cost data; the identity, reports or analyses of business prospects; business transactions (including those that are contemplated or planned);
research data; personnel information or data; identities of suppliers to the Company or any Related Company or users or purchasers of the Company’s or Related Company’s products or services; the Agreement to which this Exhibit B is
attached; and any other non-public information pertaining to or known by the Company or a Related Company, including confidential or non-public information of a third party that you know or should know the Company or a Related Company is obligated
to protect. 
 4. Return Of Company Property; Ownership of Intellectual Property Rights. You agree that on or before
termination of your employment for any reason with the Company or any Related Company, you shall return to the Company all property owned by the Company or any Related Company or in which the Company or any Related Company has an interest or to
which the Company or any Related Company has any obligation, including any and all files, documents, data, records and any other non-public information (whether on paper or in tapes, disks, memory devices, or other machine-readable form), office
equipment, credit cards, and employee identification cards. You acknowledge that the Company (or, as applicable, a Related Company) is the rightful owner of, and you hereby do grant and assign, all right, title and interest in and to any programs;
ideas, inventions and discoveries (patentable or unpatentable); works of authorship, data, information, and other copyrightable material; and trademarks that you may have originated, created or developed, or assisted or participated in originating,
creating or developing, during your period of employment with the Company or a Related Company, including all intellectual property rights in or based on the foregoing, where any such origination, creation or development (a) involved any use of
Company or Related Company time, information or resources, (b) was made in the exercise of any of your duties or responsibilities for or on behalf of the Company or a Related Company, or (c) was related to (i) the Company’s or a
Related Company’s past, present or future business, or (ii) the Company’s or a Related Company’s actual or demonstrably anticipated research, development or procurement activities. You shall at all times, both before and after
termination of your employment, cooperate with the Company (or, as applicable, any Related Company) and its representatives in executing and delivering documents requested by the Company or a Related Company, and taking any other actions, that are
necessary or requested by the Company or a Related Company to assist the Company or any Related Company in patenting, copyrighting, protecting, registering, or enforcing any programs; ideas, inventions and discoveries (patentable or unpatentable);
works of authorship, data, information, and other copyrightable material; trademarks; or other intellectual property rights, and to vest title thereto solely in the Company (or, as applicable, a Related Company). 

5. Definitions. Except where clearly provided to the contrary or as otherwise defined in this Exhibit B, all capitalized terms
used in this Exhibit B shall have the definitions given to those terms in the Agreement to which this Exhibit B is attached. 

6. Agreement to Non-Competition, Non-Solicitation, Confidentiality and Other Obligations. You shall indicate your agreement to the
obligations and restrictions set forth in this Exhibit B in accordance with the instructions provided in the Agreement, and your acceptance of the Agreement shall include your acceptance of such obligations and restrictions. As stated in paragraph
21 of the Agreement, you and Verizon hereby expressly agree that the use of electronic media to indicate confirmation, consent, signature, acceptance, agreement and delivery shall be legally valid and have the same legal force and effect as if you
and Verizon executed this Exhibit B in paper form. 

  
 14 

 7. Governing Law and Non-exclusive Forum. The parties expressly agree: (a) that,
because the Plan is centrally administered in the State of New Jersey by employees of a Verizon Communications Inc. affiliate, the subject matter of this Exhibit B bears a reasonable relationship to the State of New Jersey; (b) that this
Exhibit B is made under, shall be construed in accordance with, and governed in all respects by the laws of the State of New Jersey without giving effect to that jurisdiction’s choice of law rules; and (c) the parties consent to the
non-exclusive jurisdiction and venue of the courts of the State of New Jersey, and the federal courts of the United States of America located in the State of New Jersey, over any action, claim, controversy or proceeding arising under this Exhibit B,
and irrevocably waive any objection they may now or hereafter have to the non-exclusive jurisdiction and venue of such courts. 

  
 15EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT TO REVOLVING NOTE 

AND CASH SUBORDINATION AGREEMENT 

THIS THIRD AMENDMENT TO REVOLVING NOTE AND CASH SUBORDINATION AGREEMENT (this “Amendment”), is made and entered
into as of April 27, 2016, by and among WILLIS SECURITIES, INC., a Delaware corporation (the “Broker/Dealer”), the several banks and other financial institutions from time to time party to the Credit Agreement referred
to below (collectively, the “Lenders”) and SUNTRUST BANK, in its capacity as administrative agent for the Lenders (the “Administrative Agent”). 

W I T N E S S E T H: 

WHEREAS, the Broker/Dealer, the Lenders and the Administrative Agent are parties to a certain Revolving Note and Cash Subordination Agreement,
dated as of March 3, 2014 (as amended by that certain First Amendment to Revolving Note and Cash Subordination Agreement, dated as of April 28, 2014, as further amended by that certain Second Amendment to Revolving Note and Cash
Subordination Agreement, dated as of February 27, 2015, as further amended by this Amendment, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders have made certain financial accommodations available to the
Broker/Dealer; 
 WHEREAS, the Broker/Dealer has requested that the Lenders and the Administrative Agent amend certain provisions of the
Credit Agreement and, subject to the terms and conditions hereof, the Lenders are willing to do so; 
 NOW, THEREFORE, for good and valuable
consideration, the sufficiency and receipt of all of which are acknowledged, the Broker/Dealer, the Lenders and the Administrative Agent agree as follows: 

1. Amendments. 

(a) Section 1(a) of the Credit Agreement is hereby amended by replacing the phrase “the 28th day of April, 2016” in the second line thereof with the phrase “the 28th day of April, 2017”. 

(b) Section 1(c) of the Credit Agreement is hereby amended by replacing the reference to “28th day of April, 2017” with
“28th day of April, 2018”. 
 (c) Section 7(a) of the Credit Agreement is hereby amended by replacing the reference to
“27th day of February, 2015” with “27th day of April, 2016”. 

 (d) Rider A to the Credit Agreement is hereby amended by adding the following as a new
Section 40 to the end thereof: 
 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the
extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

 

	 	(a)	the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

  

	 	(b)	the effects of any Bail-in Action on any such liability, including, if applicable: 

  

	 	(i)	a reduction in full or in part or cancellation of any such liability; 

  

	 	(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or
otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

 

	 	(iii)	the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

(e) The definition of “Applicable Rate” in Section 1 of Rider A to the Credit Agreement is hereby amended by: 

 

	 	(i)	replacing the pricing grid set forth therein with the following grid: 

  

															
	 Applicable Rate
	 
	 Pricing

Level
	  	Debt Ratings
S&P/Moody’s	  	Commitment
Fee	 	 	Eurocurrency
Rate	 	 	Base
Rate	 
	 1
	  	A3/A- or better	  	 	0.150	% 	 	 	1.250	% 	 	 	0.250	% 
	 2
	  	Baa1/BBB+	  	 	0.175	% 	 	 	1.375	% 	 	 	0.375	% 
	 3
	  	Baa2/BBB	  	 	0.200	% 	 	 	1.500	% 	 	 	0.500	% 
	 4
	  	Baa3/BBB-	  	 	0.250	% 	 	 	1.750	% 	 	 	0.750	% 
	 5
	  	Ba1/BB+ or worse	  	 	0.300	% 	 	 	2.000	% 	 	 	1.000	% 

  

	 	(ii)	deleting the phrase “other than as expressly provided in Pricing Level 4 above” in the fourth line of the first full paragraph of such definition. 

  
 2 

	(c)	Section 1 of Rider A to the Credit Agreement is hereby amended by amending the definition of “Defaulting Lender” to: 

  

	 	(i)	delete the word “or” after clause (d)(i) and before clause (d)(ii) thereof and add a comma in its place; and 

  

	 	(ii)	add the following phrase after clause (d)(ii) and before the proviso that immediately follows clause (d)(ii): “or (iii) become the subject of a Bail-In Action;” 

 

	(d)	Section 1 of Rider A to the Credit Agreement is hereby amended by adding each of the following new definitions in appropriate alphabetical order: 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority
in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA
Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any
EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association
(or any successor person), as in effect from time to time. 
 “Write-Down and Conversion Powers” means, with respect
to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the
EU Bail-In Legislation Schedule. 

  
 3 

 2. Conditions to Effectiveness of this Amendment. Notwithstanding any other
provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become effective, and the Broker/Dealer shall have no rights under this Amendment, until
the Administrative Agent shall have received (i) such fees as the Broker/Dealer has previously agreed to pay the Administrative Agent, any of its affiliates or the Lenders in connection with this Amendment, (ii) reimbursement or payment of
its costs and expenses incurred in connection with this Amendment or the Credit Agreement (including reasonable fees, charges and disbursements of King & Spalding LLP, counsel to the Administrative Agent) to the extent invoiced prior to the
date hereof, and (iii) each of the following documents: 
 (a) executed counterparts to this Amendment from the Broker/Dealer and the
Lenders; 
 (b) amended and restated (if applicable) Revolving Notes in the form attached hereto as Exhibit A executed by the
Broker/Dealer in favor of each Lender; 
 (c) such certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of the Broker/Dealer as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection
with this Amendment and the other Loan Documents to which the Broker/Dealer is a party or is to be a party; 
 (d) certificates of good
standing or existence, as may be available from the Secretary of State of the jurisdiction of organization of the Broker/Dealer and each guarantor of the Obligations; 

(e) a written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Weil, Gotshal & Manges
LLP, New York counsel and/or in-house counsel to the Broker/Dealer covering such other matters relating to the Broker/Dealer, this Amendment or the transactions contemplated hereby as the Administrative Agent shall reasonably request; 

(f) executed counterparts to an amendment and reaffirmation of that certain Guaranty Agreement, dated as of March 3, 2014, among Parent,
Trinity Acquisition PLC, certain other subsidiaries of the Parent party thereto as guarantors and the Administrative Agent, in the form of Exhibit B attached hereto and made a part hereof (the “Guaranty Amendment”); and 

(g) evidence that all governmental and third-party consents and approvals to this Amendment have been obtained (all of which shall be final,
with no waiting period to expire or ongoing governmental inquiry or investigation). 
 3. Guaranty Amendment. Each Lender hereby
authorizes the Administrative Agent to execute on behalf of all Lenders the Guaranty Amendment. 
 4. Representations and
Warranties. To induce the Lenders and the Administrative Agent to enter into this Amendment, the Broker/Dealer hereby represents and warrants to the Lenders and the Administrative Agent: 

(a) The execution, delivery and performance by the Broker/Dealer of this Amendment is within the Broker/Dealer’s organizational powers
and have been duly authorized by all necessary organizational, and if required, shareholder action; 
 (b) The execution, delivery and
performance by the Broker/Dealer of this Amendment (i) do not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and
effect, (ii) will not violate any requirement of Laws applicable to Broker/Dealer or any judgment, order or ruling of any Governmental Authority and (iii) will not give rise to a right thereunder to require any payment to be made by the
Broker/Dealer; 

  
 4 

 (d) This Amendment has been duly executed and delivered for the benefit of or on behalf of the
Broker/Dealer and constitutes a legal, valid and binding obligation of the Broker/Dealer, enforceable against the Broker/Dealer in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency,
reorganization, moratorium and other laws affecting creditors’ rights and remedies in general; 
 (e) After giving effect to this
Amendment, all representations and warranties of the Broker/Dealer set forth in the Credit Agreement are true and correct in all material respects (or if such representation or warranty is itself modified by materiality or Material Adverse Effect,
it shall be true and correct in all respects) on the date hereof (or if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), and no Event of Default, Event of Acceleration or
Funding Blockage Event has occurred and is continuing as of the date hereof; and 
 (f) Since December 31, 2015, there has not occurred
any event which has had or could reasonably be expected to have a Material Adverse Effect. 
 5. Effect of Amendment. Except
as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the
Broker/Dealer to the Lenders and the Administrative Agent. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders under the Credit
Agreement, nor constitute a waiver of any provision of the Credit Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement. 

6. Governing Law. This Amendment shall be made under, and shall be governed by, the laws of the State of New York in all
respects. 
 7. No Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation
of the Credit Agreement or an accord and satisfaction in regard thereto. 
 8. Costs and Expenses. The Broker/Dealer agrees to
pay all costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for the
Administrative Agent with respect thereto, in each case, in accordance with the terms of the Credit Agreement. 
 9.
Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and
the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be as effective as delivery of a manually executed counterpart hereof. 

10. Binding Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective
successors, successors-in-titles, and assigns. 

  
 5 

 11. Entire Understanding. This Amendment sets forth the entire understanding of the
parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto. 

[Signature Pages To Follow] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	BROKER/DEALER:

 
			
	
	WILLIS SECURITIES, INC.

 
			
		
	By:	 	 /s/ Rafal Walkiewicz

	Name:	 	Rafal Walkiewicz
	Title:	 	President and Chief Executive Officer

  
 [SIGNATURE PAGE TO
THIRD AMENDMENT] 

 
			
	LENDERS:
	
	SUNTRUST BANK, individually and as Administrative Agent

 
			
		
	By:	 	 /s/ Andrew Johnson

	Name:	 	Andrew Johnson
	Title:	 	Director

 
			
	
	BMO HARRIS BANK N.A., as a Lender

 
			
		
	By:	 	 /s/ Joan Murphy

	Name:	 	Joan Murphy
	Title:	 	Director

 
			
	
	LLOYDS BANK PLC, as a Lender

 
			
		
	By:	 	 /s/ Erin Doherty /s/ Daven Popat

	Name:	 	Erin Doherty / Daven Popat
	Title:	 	Assistant Vice President / Senior Vice President

 
			
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
	as a Lender

 
			
		
	By:	 	 /s/ Glenn Schuermann

	Name:	 	Glenn Schuermann
	Title:	 	Director

 
			
	
	BARCLAYS BANK PLC,
	as a Lender

 
			
		
	By:	 	 /s/ Kayode Sulola

	Name:	 	Kayode Sulola
	Title:	 	AVP

  
 [SIGNATURE PAGE TO
THIRD AMENDMENT] 

 
			
	THE ROYAL BANK OF SCOTLAND PLC, as a Lender

 
			
		
	By:	 	 /s/ David Weaver

	Name:	 	David Weaver
	Title:	 	Director

 
			
	
	SCOTIABANK (IRELAND) LIMITED,
	as a Lender

 
			
		
	By:	 	 /s/ Clive Sinnamon /s/ Sue Foster

	Name:	 	Clive Sinnamon / Sue Foster
	Title:	 	Director / CEO

 
			
	
	 BANK OF AMERICA, N.A.,
 as a
Lender

 
			
		
	By:	 	 /s/ Lisa W. Reiter

	Name:	 	Lisa W. Reiter
	Title:	 	Managing Director

 
			
	
	WELLS FARGO BANK NATIONAL ASSOCIATION,
	as a Lender

 
			
		
	By:	 	 /s/ Michelle S. Dagenhart

	Name:	 	Michelle S. Dagenhart
	Title:	 	Director

 
			
	
	MANUFACTURERS AND TRADERS TRUST COMPANY,
	as a Lender

 
			
		
	By:	 	 /s/ Ramal L. Moreland

	Name:	 	Ramal L. Moreland
	Title:	 	Vice President

  
 [SIGNATURE PAGE TO
THIRD AMENDMENT] 

 EXHIBIT A 
  

 
 FINRA Form REV - 33R 

EXHIBIT A 
 [AMENDED AND
RESTATED] REVOLVING NOTE 
 For value received, WILLIS SECURITIES, INC. (“Broker/Dealer”) 

hereby promises to pay to                      (the
“Lender”) 
 on the 28th day of April, 2018 (“Scheduled Maturity Date”), the
principal sum of the aggregate unpaid principal amount of all Advances made by the Lender to the Broker/Dealer under the terms of a Revolving Note And Cash Subordination Agreement between the Broker/Dealer and certain lenders from time to time
parties thereto (collectively, the “Lenders”), SunTrust Bank (the “Administrative Agent”), as Administrative Agent, BMO Harris Bank N.A., as Syndication Agent and Lloyds Bank plc, as Documentation Agent, dated the 3rd day of
March, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Agreement”), as shown on the attached schedule. Such sum shall not exceed the Dollar Equivalent of
$                    . 
 The Broker/Dealer also
promises to pay interest on the unpaid principal amount of each Advance hereunder from the date of each such Advance until maturity (whether by acceleration or otherwise) and, after maturity, until paid, at the rates per annum established as set
forth in Rider A of the Agreement, said interest to be payable on each Interest Payment Date as set forth in Rider A of the Agreement. 
 This Revolving
Note is subject in all respects to the provisions of the Agreement, which are deemed to be incorporated herein and a copy of which may be examined at the principal office of the Broker/Dealer. 

All principal and interest payable hereunder shall be due and payable in accordance with the terms of the Agreement. Principal and interest payments shall be
in money of the United States, lawful at such times for the satisfaction of public and private debts. 
 The Broker/Dealer promises to pay costs of
collection, including reasonable attorney’s fees, if default is made in the payment of this Revolving Note. 
 The terms and provisions of this
Revolving Note shall be governed by the applicable laws of the State of New York. 
 [This Revolving Note is an amendment and restatement of that certain
Revolving Note dated February 27, 2015, in the original principal amount of $                    , executed by the Broker/Dealer in favor
of the Lender, and is not a novation.] 
 (Signature Page Follows) 

  
 B-1 

 IN WITNESS HEREOF the parties hereto have set their hands and seals this      day of
            , 2016. 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

		 	(Broker/Dealer)

  
 B-2 

 

 
 FINRA Form REV - 33R 

SCHEDULE to EXHIBIT A 

SCHEDULE 

Advances/Payments and Interest of Account Referred to in the Revolving Note 

 
  

Commitment Amount $             

 

																			
	 Date of
Advance
	 	 Amount
Advanced
	 	 Currency
	 	 Interest

Rate
	 	 Date of Re-
Payment
	 	
Principal
Amount Re-Paid
	 	 Date of Interest
Paid
	 	 Amount of
Interest Paid
	 	 Outstanding
Amount after
Transaction
	 	 Signature

		 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 		 	

 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 (see
attached) 

 SECOND AMENDMENT TO GUARANTY AGREEMENT 

THIS SECOND AMENDMENT TO GUARANTY AGREEMENT (this “Amendment”), is made and entered into as of April 27,
2016, by and among WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY, a company formed under the laws of the Republic of Ireland having the company number 475616 (the “Parent”), TRINITY ACQUISITION PLC, a public limited company
organized under the laws of England and Wales and having company number 03588435 (“Trinity”), the other Guarantors identified on the signature pages hereto and SUNTRUST BANK, in its capacity as administrative agent for the
Lenders (the “Administrative Agent”). 
 W I T N E S S E
T H: 
 WHEREAS, the Parent, Trinity, the other Guarantors party thereto and the Administrative Agent are each party to
that certain Guaranty Agreement, dated as of March 3, 2014 (as amended by that certain First Amendment to Guaranty Agreement, dated as of February 27, 2015, and as the same may have been or may be amended, extended, restated, replaced,
supplemented or otherwise modified from time to time, the “Guaranty Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Guaranty Agreement), pursuant to which
the Parent and Trinity have made certain covenants in favor of the Administrative Agent and each of the Guarantors have guaranteed payment of the Obligations; 

WHEREAS, Willis Securities, Inc., a Delaware corporation (the “Broker/Dealer”), the Lenders from time to time party
thereto and the Administrative Agent are each party to that certain Revolving Note and Cash Subordination Agreement, dated as of March 3, 2014 (as amended pursuant to that certain First Amendment to Revolving Note and Cash Subordination
Agreement, dated as of April 28, 2014, that certain Second Amendment to Revolving Note and Cash Subordination Agreement, dated as of February 27, 2015, as further amended by that certain Third Amendment to Revolving Note and Cash
Subordination Agreement, dated as of the date hereof (the “Third Amendment”), and as further amended, extended, restated, replaced, supplemented or otherwise modified from time to time, the “Credit
Agreement”); 
 WHEREAS, it is a condition to the Lenders’ entry into the Third Amendment and the continued extension of
credit under the Credit Agreement that the Guarantors enter into this Amendment to provide further assurances to the Lenders; 
 WHEREAS,
the Parent and the Guarantors are affiliates of the Broker/Dealer, will derive substantial benefits from the continued extension of credit to the Broker/Dealer pursuant to the Credit Agreement and have entered into the Guaranty Agreement in order to
induce the Lenders to make Loans; 
 NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of which are
acknowledged, the parties hereto each agree as follows: 
 1. Amendments. 

(a) Clause (b) of Section 2.01 of the Guaranty Agreement is hereby amended by inserting after the phrase “Each Guarantor agrees
that the Administrative Agent,” the following phrase: 
 “acting solely at the direction of the Required Lenders,” 

 (b) Section 2.05 of the Guaranty Agreement is hereby amended by replacing the phrase
“subject to Article III” in the last line thereof with the phrase “subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all Obligations (other than contingent indemnification obligations for
which no claim has been made)”. 
 (c) Clause (b) of Section 5.02 of the Guaranty Agreement is hereby amended by replacing
the phrase “subject to any consent required in accordance with Section 28 of Rider A of the Credit Agreement” with the following: 

“subject to the written consent of the Required Lenders” 

2. Conditions to Effectiveness of this Amendment. Notwithstanding any other provision of this Amendment and without affecting in
any manner the rights of the Administrative Agent hereunder, it is understood and agreed that this Amendment shall not become effective, and the Parent and the other Guarantors shall have no rights under this Amendment, until the Administrative
Agent shall have received (i) executed counterparts to this Amendment from the Parent and the other Guarantors; (ii) such fees as Trinity or the Parent has previously agreed to pay the Administrative Agent, any of its affiliates or the
Lenders in connection with this Amendment; and (iii) reimbursement or payment of its costs and expenses incurred in connection with this Amendment to the extent invoiced prior to the date hereof. 

3. Representations and Warranties. To induce the Administrative Agent to enter into this Amendment, each of the Guarantors
represents and warrants to the Administrative Agent: 
 (a) The execution, delivery and performance of this Amendment by such Guarantor is
within such Guarantor’s organizational powers and have been duly authorized by all necessary organizational, and if required, shareholder action; 

(b) The execution, delivery and performance by such Guarantor of this Amendment (i) do not require any consent or approval of,
registration or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect, (ii) will not violate any requirement of Laws applicable to such Guarantor or any judgment,
order or ruling of any Governmental Authority and (iii) will not give rise to a right thereunder to require any payment to be made by such Guarantor; 

(c) This Amendment has been duly executed and delivered for the benefit of or on behalf of such Guarantor and constitutes a legal, valid and
binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’
rights and remedies in general; and 
 (d) After giving effect to this Amendment, all representations and warranties of such Guarantor set
forth in the Guaranty Agreement are true and correct in all material respects (or if such representation or warranty is itself modified by materiality or Material Adverse Effect, it shall be true and correct in all respects) on the date hereof (or
if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), and no Event of Default, Event of Acceleration, Funding Blockage Event or other Trigger Event has occurred and is
continuing as of the date hereof. 
 4. Effect of Amendment. Except as set forth expressly herein, all terms of the Guaranty
Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of each of the Guarantors

  
 2 

 
to the Administrative Agent. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the
Administrative Agent under the Guaranty Agreement, nor constitute a waiver of any provision of the Guaranty Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement. 

5. Reaffirmation of Guaranty. Each Guarantor consents to the execution and delivery by the Broker/Dealer of the Third Amendment
and jointly and severally ratifies and confirms the terms of the Guaranty Agreement with respect to the Obligations now or hereafter outstanding under the Credit Agreement and all notes issued thereunder. Each Guarantor acknowledges that,
notwithstanding anything to the contrary contained herein or in any other Loan Document evidencing any indebtedness of the Broker/Dealer to the Administrative Agent or Lenders or any other obligation of the Broker/Dealer thereunder, or any actions
now or hereafter taken by the Administrative Agent or Lenders with respect to any obligation of the Broker/Dealer thereunder, the Guaranty Agreement (a) is and shall continue to be a primary obligation of the Guarantors, (b) is and shall
continue to be an absolute, unconditional, joint and several, continuing and irrevocable guaranty of payment, and (c) is and shall continue to be in full force and effect in accordance with its terms. Nothing contained in the Third Amendment or
in this Amendment to the contrary shall release or discharge the liability of the Guarantors under the Guaranty Agreement. 
 6.
Governing Law. This Amendment shall be made under, and shall be governed by, the laws of the State of New York in all respects 

7. No Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the
Guaranty Agreement or an accord and satisfaction in regard thereto. 
 8. Costs and Expenses. Each of the Guarantors, jointly
and not severally, agrees to pay all costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of
outside counsel for the Administrative Agent with respect thereto, in each case, in accordance with the terms of the Guaranty Agreement. 

9. Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts,
each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form
shall be as effective as delivery of a manually executed counterpart hereof. 
 10. Binding Nature. This Amendment shall be
binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns. 
 11.
Entire Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect
thereto. 
 [Signature Pages To Follow] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written. 
 GUARANTORS: 

 

			
	WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
		
	By:	 	 /s/ Roger Millay

	Name:	 	Roger Millay
	Title:	 	Chief Financial Officer

 
			
	
	TRINITY ACQUISITION PLC
		
	By:	 	 /s/ Oliver Goodinge

	Name:	 	Oliver Goodinge
	Title:	 	Director

 
			
	
	TA I LIMITED
		
	By:	 	 /s/ Oliver Goodinge

	Name:	 	Oliver Goodinge
	Title:	 	Director

 
			
	
	WILLIS GROUP LIMITED
		
	By:	 	 /s/ Alistair Peel

	Name:	 	Alistair Peel
	Title:	 	Secretary

  
 [Signature Page to Second
Amendment to Guaranty Agreement] 

 
			
	WILLIS INVESTMENT UK HOLDINGS LIMITED
		
	By:	 	 /s/ Oliver Goodinge

	Name:	 	Oliver Goodinge
	Title:	 	Director

 
			
	
	WILLIS NORTH AMERICA INC.
		
	By:	 	 /s/ Andrew M. Wasserman

	Name:	 	Andrew M. Wasserman
	Title:	 	Secretary

 
			
	
	WILLIS NETHERLANDS HOLDINGS B.V.
		
	By:	 	 /s/ Carlo de Moel

	Name:	 	Carlo de Moel
	Title:	 	Managing Director A

 
			
	
	WILLIS TOWERS WATSON SUB HOLDINGS LIMITED
		
	By:	 	 /s/ James Campbell

	Name:	 	James Campbell
	Title:	 	Director

 
			
	
	WTW BERMUDA HOLDINGS LTD.
		
	By:	 	 /s/ Oliver Goodinge

	Name:	 	Oliver Goodinge
	Title:	 	Director

  
 [Signature Page to Second
Amendment to Guaranty Agreement] 

 
			
	ADMINISTRATIVE AGENT:
	
	SUNTRUST BANK
		
	By:	 	 /s/ Andrew Johnson

	Name:	 	Andrew Johnson
	Title:	 	Director

 [Signature Page to Second Amendment to Guaranty Agreement]

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