Document:

SEC Exhibit

EXHIBIT 10.3

23 July 2013

Mr David Shalders
23 Montague Road
Richmond 
Surrey 
TW106QW

Dear David
Further to your recent interview, I am very pleased to offer you the opportunity to join the Willis team in the role of Group Operations & Technology Director at grade 14, reporting to Dominic Casserley. This position is within the Global Corporate Division of Willis Limited (the "Company") and is based at our London office. We are looking forward to you joining Willis on a date to be agreed.
Your employment with the Company is based on the terms set out below, together with the attached Schedule and the enclosed Contract of Employment (the "Contract") all of which should be read in conjunction with the Associate Handbook and Global  Policy Manual.
This offer is subject to our receipt of the appropriate documentation and satisfactory completion of our pre-employment checks.
Please find enclosed a New Associate Pack which contains information relevant to the start of your employment including a number of forms for you to complete. These forms, together with the documents requested in this letter, must be returned at least 10 working days prior to your expected start date. If you are unable to sign and return both copies of the Contract within this period, please contact me to discuss.
Please note; this offer remains valid for acceptance for 10 working days from the date of this letter, or until your expected start date, whichever is the sooner.
In addition to the main terms and conditions contained in the Contract the following terms will also apply to your employment:
 Contract:
This offer is for a permanent position. Please see the enclosed Contract for further details.
 Remuneration:
Your base salary is £450,000 per annum which will be paid by monthly instalments in arrears on the last working day of each month. Salary reviews are at the discretion of the Company and may be based on various factors including, but not limited to your individual performance as well as Company performance.

1

 The Willis Annual Incentive Plan:
Under the 2013 AlP you are eligible to receive a target payment of 125% of base salary. The target payment will be pro-rated if you join the Company part way through the year. Any payment is subject to the usual tax and National Insurance deductions and will only be paid if you are employed and not serving notice of termination of employment (whether given or received) at the time payment is normally made (in March 2014).
The Company reserves the right, in recognition of your future loyalty, to pay all or a portion of any AIP payment in the form of cash, restricted cash with claw back provisions, restricted stock, stock options or other long term incentive instrument.
 Long Term Incentive Program:
Following commencement of your employment and subject to the approval of the Compensation Committee of the Board of Directors of Willis Group Holdings Public Limited Company ("WGH") and/or its Share Award Committee, as applicable, the Company will (i) recommend that you be invited to join a Long Term Incentive Program ("LTIP") and (ii) propose a LTIP target equity grant award equal to seven hundred and fifty thousand US Dollars. For the year 2013 the LTIP award will be 50% of target.    If and to the extent approved and granted, any LTIP award to you will be subject to the usual terms and conditions of (i) the LTIP (which generally include specified performance conditions and vesting schedules, appropriate to an associate's position) and (ii) the Company's applicable  share plans, any and all of which may be amended from time to time.
Any equity grant award shall rest in the sole discretion of the Compensation Committee of the Board of Directors of Willis Group Holdings Public Limited Company (WGH) and/or its Share Award Committee, as applicable.    Being offered an LTIP equity grant award in a given year will not obligate the Company to offer or provide any equity grant award in any subsequent year. The detailed terms and conditions of any LTIP award will be provided to you under separate cover and, as applicable, you will need to sign and return acceptance forms in connection with those agreements.    If you do not sign and return the acceptance forms within the prescribed time limit, the Company retains the discretion to cancel such LTIP Award.
 Medical Requirements:
After two years' service at grade 14 or above, you may be required to have the first of your annual medical examinations at the Company's expense. The Company's Occupational Health Department will contact you at the appropriate time.
 Documents for Return:
I hope that you will formally accept this offer of employment on the terms set out in the various documents. I would be grateful if you could confirm your intended start date upon returning these documents, which must be returned at least 10 working days prior to your expected start date to Willis Group, HR Dept, Friars Street, Ipswich IP1 1TA. If you are unable to complete the documentation within this period, please contact me to discuss.
Please note: We suggest that you return these documents via Recorded Delivery in order to ensure safe and traceable receipt.
		
	▪
	The Company must be in receipt of the following mandatory forms prior to your start date: 

		
	•
	Written confirmation of your acceptance of our offer

		
	•
	Both contracts, signed and dated

		
	•
	Willis Application for Employment Form 

		
	•
	Personal Information & Bank Details Form

		
	•
	Expression of Wishes - Associate Application Form

		
	•
	Friends Life Expression of Wishes Form

		
	▪
	Failure to supply the mandatory documentation prior to your first day will result in your start date with the Company being delayed.

2

		
	▪
	Your P45 must be forwarded to us as soon as it becomes available.

		
	▪
	The Company also requires completion of medical details. Please complete the online Medical Questionnaire via the link to the Company's Occupational Health advisers, Rood Lane:

		
	•
	 https://www.roodlane.co.uk/placement/willis/

		
	•
	Your replies to this questionnaire will be treated in confidence and are requested for the purpose of the Equality Act 2010.

Requirements On Your First Day:
On your first day please arrive at the London office at 9.30am and report to reception ready for your induction. Please note that it is imperative that you bring with you the following documentation. Failure to do so will result in your start date with the Company being delayed.
		
	▪
	Evidence of your entitlement to work in the UK.  The evidence required is your passport and any supporting documentation you may have. The Company is required under the Immigration Act to see and photocopy this documentation before you commence work. If you do not have a passport, please contact me as soon as possible to discuss alternative document combinations acceptable to the Home Office, so that we can agree these before your first day.

		
	▪
	Certificates relating to the highest academic qualification and to all professional qualifications quoted on your application form, in your CV or verbally during the selection process.  It is a requirement of our regulatory body that we obtain this evidence to demonstrate that you are competent to be employed in the capacity offered.   Certificates will be returned to you, once a copy has been taken.

Finally, I would inform you that it is Company policy that all prospective and new employees fully observe their duties and obligations to previous and current employers and other third parties under contracts of employment and/or other agreements. In particular, the Company does not condone the removal, copying or retaining of confidential information of any former employer and any such conduct may result in disciplinary action. The Company also expects prospective and new employees to observe valid restrictive covenants whilst they remain in effect. If you have any concerns or doubts as to your obligations you should seek legal advice.
If you have any queries regarding the offer, please do not hesitate to contact me on the above direct line. I wish you a long and successful career with Willis.
Yours sincerely

Helen Stagg
HR Coordinator
GlobalHR

3

SCHEDULE:
This offer and your continuing employment are subject to:
Associate Responsibilities:
		
	▪
	Your acceptance of the conditions contained in this letter and the enclosed Contract of Employment.

		
	▪
	All representations, whether oral or in writing, made by you when applying for this position about your qualifications, experience and other material matters being true and correct and that you have not deliberately failed to disclose any matter that may have influenced the Company's decision to employ you.

		
	▪
	You providing the Company with evidence of your continuing entitlement to work in the UK whenever it is requested that you do so. The evidence required is your valid passport and any original supporting documentation you may have. The Company is required under the Immigration Act to see and photocopy specific documentation before you commence work and when applicable, at regular intervals during your employment.

		
	▪
	The Company receiving no information of an adverse nature regarding your character and past conduct which could affect your suitability for employment. The Company's activities are regulated by the Financial Conduct Authority (FCA) and consequently the Company adopts systems and controls that conform to FCA requirements. By accepting this offer of employment and by completing and returning the enclosed Application for Employment form you expressly authorise the Company to make enquiries about you.

		
	▪
	Receipt of references satisfactory to the Company and satisfactory completion of all ancillary checks. We will approach the referees indicated on your application form on receipt of your acceptance of this offer unless you advise us to the contrary.

Training:
		
	▪
	You providing the Company with evidence of all relevant professional qualifications and the highest academic qualification that you have quoted on your application form, in your CV or verbally during the selection process .It is both Company policy and a requirement of our regulatory body that we obtain evidence of your competence to be employed in the capacity offered and for this reason the Company reserves the right to invoke the Disciplinary Procedure if you do not fulfill this requirement.

		
	▪
	You passing the Company's Respect in the Workplace training module within 3 months of the start of your employment and other Insurance Essentials Training modules relevant to your role within 6 months. Please note that these training modules are Company specific and must be completed by all Associates. Details of the programs and how to access the system will be provided when you commence employment. You will be provided with appropriate support to pass these modules.

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CONTRACT OF EMPLOYMENT 

5

	
			
	Item
	 
	Content

	 
	 
	Contract of Employment

	1.
	 
	Definitions

	2.
	 
	Date This Employment Begins

	3.
	 
	Date Continuous Employment Begins

	4.
	 
	Current Job Title

	5.
	 
	Location

	6.
	 
	Base Salary

	7.
	 
	Hours of Work

	8.
	 
	Employment Obligations

	9.
	 
	Duty of Confidence

	10.
	 
	Errors and Omissions

	11.
	 
	Copyright, Inventions & Patents

	12.
	 
	Pension Scheme

	13.
	 
	Absence from Work

	14.
	 
	Right to Search

	15.
	 
	Medical Examination

	16.
	 
	Holidays

	17.
	 
	Employee Benefits

	18.
	 
	Termination of Employment

	19.
	 
	Termination Without Cause

	20.
	 
	Post Termination Obligations

	21.
	 
	Company Procedures

	22.
	 
	Regulatory Requirements

	23.
	 
	Data Protection

	24.
	 
	Amendments

	25.
	 
	Collective Agreements

	26.
	 
	Governing Law

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CONTRACT OF EMPLOYMENT:
The information contained in this document includes the requirement of a statement of the terms and conditions of your employment in accordance with the Employment Rights Act 1996.
This Contract is made on (for HR completion only) ......4 November 2013  and is between
NAME:     DAVID PETER SHALDERS
and
COMPANY:    WILLIS LIMITED
This Contract of Employment should be read in conjunction with your offer letter. In the event of any conflict between the content of this Contract and the offer letter, the content of this Contract shall take precedence. You are also referred to the Willis Global Policy Manual and the Associate Handbook.   Whilst the Global Policy Manual and Associate Handbook do not have contractual status they are indicative of Company Policy and Procedure. The Company reserves the right to vary its various Policies and Procedures from time to time.
1.     DEFINITIONS:
For the purposes of this Contract the following definitions shall apply:
"Business" means the business of a type carried on by the Company or by any other company in the Group at the date your employment terminates, including but not limited to the placing or broking of insurance or reinsurance world-wide and ancillary services, the provision of risk management or risk transfer advice or due diligence on mergers and acquisitions.
"Cause" means for the purposes of Clause 19 of this Contract of Employment: (i) your gross and/or chronic neglect of your duties; or (ii) your conviction in a Court or Tribunal of competent jurisdiction of an offence involving moral turpitude; or (iii) dishonesty, embezzlement, fraud or other material willful misconduct by you inco!ll1ection with your employment; or (iv) the issue of any final instruction or order for your removal as an associate of the  Company and/or Officer of the Company by any Court, Tribunal or regulatory authority of competent jurisdiction; or (v) your violation of any obligation of confidence and/or fiduciary duty and/or duty of loyalty and/or any other material obligation owed by you to the Company as set out in this Contract of Employment or other agreement with the Company or as implied at common law; or.(vi) any material breach by you of the Company's Code of Ethics; or (vii) your failure to maintain any insurance or other license or permission necessary for the proper performance of the duties of your position.
For the avoidance of doubt Cause shall not include an immaterial, isolated instance of ordinary negligence or failure to act, whether due to an error in judgment or otherwise, if you have exercised substantial efforts in good faith to perform the duties reasonably assigned or appropriate to your position.
"FCA" means the Financial Conduct Authority.
"Global Policy Manual" means the Global Policy Manual of Willis Group Holdings Public Limited Company.
"Group" means the Company and any parent undertaking and/or associated undertaking of the Company.
"Client" means any person, firm, company or other organisation who or which as at the date your employment terminates or at any time during the 12 months prior to that date:
		
	a.
	Gives or is in the habit of giving instructions directly or through an Intermediary to the Company or any other company in the Group concerning the Business; or

		
	b.
	Is supplied or is in the habit of being supplied directly by the Company or any company in the Group or indirectly through an Intermediary with services relating to the Business; or

		
	c.
	Is an insured or reassured or an Intermediary having influence over the introduction or facilitation of securing of the Business with the Company or any other company in the Group.

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"Intermediary" means any person, firm or company by or through or with whom or which the Business is introduced and/or facilitated on behalf of an insured or reassured whether or not such intermediary derives any financial benefit from the arrangement.
"Prospective Client" means any person, firm, company or other organisation engaged in negotiations (which have not yet finally been concluded) with the Company or with any other company in the Group in the 12 month period up to the date your employment terminates for the supply of services by the Company or any other company in the Group in relation to the Business.
2.     DATE THIS EMPLOYMENT BEGINS:     
Your Employment begins on 4 November 2013
3.    DATE CONTINUOUS EMPLOYMENT BEGINS:    
Your continuous employment begins from 4 November 2013
Employment prior to this date with any previous employer does not count as part of your continuous employment with the Company. This date is not necessarily the date used to determine your entitlement to certain benefits.
4.     CURRENT JOB TITLE:
Your job title is Group Operations & Technology Director.
You may be transferred to any other job in the Group which in the reasonable opinion of the Company would be suitable. In the event of such transfer your terms and conditions would be no less favourable than those set out in this Contract.
5.        LOCATION:                                     
Your location is London.
You may be transferred to any other location in the Group. Your agreement to such a transfer will be sought unless in the reasonable opinion of the Company, the transfer does not necessitate you having to move home address.
6.    BASE SALARY:
Your base salary is £450,000 per annum.
Your contractual salary will be your base salary less any sacrifice arrangements you have made.
Your contractual salary will be paid monthly in arrears by direct transfer to your bank account. Your base salary will be reviewed annually although such review does not imply any right to an increase in salary.
You authorise the Company to deduct from your remuneration, and to set off against any monies due to you as expenses or otherwise, any sum due to the Company from you including, but not limited to, any overpayments of salary and/or reimbursements of, bonuses (whether in whole or in part), study fees, loans or advances made to you by the Company, and the cost of repairing any damage or loss to the Company's property caused by you.
7.     HOURS OF WORK:
Your normal hours of work are 35 hours per week, 09:00 -17:00, Monday to Friday each week (but excluding public holidays) or as agreed locally by Management and/or local practice.
Unless otherwise agreed, these hours shall include one hour (unpaid) for lunch to be taken at a time agreed with your Manager or Director.
You will be expected to work such additional hours as necessary to meet the demands of the business.  You may also be required to vary the pattern of your working hours as necessitated by changing commercial needs, if in the reasonable opinion of the Company it is practicable for you to comply.  Any additional hours worked are subject to any statutory provisions governing the working time of employees which may be in force from time to time.

8

8.     EMPLOYMENT OBLIGATIONS:
During your working hours you must devote the whole of your time, attention and ability to the business of the Company and at all times you must promote the interest and general welfare of the Group.
Whilst this Contract is in force you may not take any outside employment or engage in any business without the prior written agreement of the Company's Director of Human Resources nor may your additional employment render your total working time in breach of any statutory provisions governing the working time of employees which may be in force from time to time.     
You are not permitted to engage in any activity which might interfere with the performance of your duties or which may cause a conflict of any interest owed by you to the Company or any company in the Group.
9.     DUTY OF CONFIDENCE:
During and after the termination of this Contract you must keep with inviolable secrecy and may not use for any purpose nor reveal to anyone (other than those whose province it is to know the same) any secret or confidential information entrusted to or discovered by you. This includes but is not limited to information concerning the Company's business, operations, products, markets, marketing strategies, research activities, trade secrets, technical know how, product formulations or techniques, pricing policies, any document marked 'Confidential' or 'secret', any information notified to you as confidential or which you may reasonably expect the  Company or any company in the Group to regard as confidential, names or lists of employees, Clients or Prospective Clients and their insurance or commercial affairs or any other matters pertaining to them and revealed to you in the course of your employment which has not come into the public domain. This duty applies without time limit.
For further guidance, the provisions concerning Confidential Information are set out in full in the Global Policy Manual.
10.     ERRORS AND OMISSIONS:
During and following termination of your employment you agree to:
		
	a.
	Provide the Company with full co-operation and assistance where necessary in relation to any work carried out by you during your employment with the Company, including but not limited to:

		
	i.
	providing information and a factual explanation of your role in the insurance placing, administration and risk management process;

		
	ii.
	meeting with the Company's counsel to answer questions regarding any claims brought by or against the Company:and

		
	iii.
	providing statements of evidence, affidavits and meeting in person with the Company's counsel in order to be prepared for any evidence that you may be required to provide;

		
	b.
	In respect of actual or potential errors and omissions, participate in deposition, arbitration and/or hearing preparation meetings with the Company's counsel as required and to provide testimony and to allow Company's counsel to act as your counsel during the aforementioned preparation meetings and any hearings (payment of counsel's fees to be made by the Company); and additionally, to the extent necessary, you wi11 make available other information, statements of evidence and affidavits to the Company's counsel as needed provided however:

		
	i.
	the Company agrees to provide as much advance notice as possible to you regarding such assistance; plus

		
	ii.
	if the claim does not settle or otherwise resolve, and if requested by the Company by giving you no less than three weeks' notice of trial, you will give trial and/or arbitration testimony, and you will meet with Company's counsel for preparation for such testimony.

The Company will pay the reasonable costs incurred by you in participating in any deposition and/or hearing preparation meetings, providing the deposition and/or hearing testimony in the claim, and any trial and/or arbitration testimony and preparation are in accordance with the Company's expense management policy in force from time to time.

9

11.     COPYRIGHT, INVENTIONS AND PATENTS:
You must promptly disclose to the Company all ideas, concepts, works, methods, discoveries, improvements, inventions or designs which you create or produce either alone or with others (except those created or produced wholly outside working hours which are totally unconnected with your employment) ("the Works"). All and any rights of whatever nature in each such Work shall belong absolutely to the Company and you shall hold the same in trust for the Company until such proprietary rights shall be fully and absolutely vested in the Company. The Company shall be entitled to make such modifications or adaptations to or from any of the Works as it shall in its absolute discretion determine.
You hereby assign to the Company with full title guarantee by way of assignment all present and future copyright, database rights, design rights (whether registered or unregistered) and other proprietary rights (if any) and all rights of action for damages for infringement of such rights for the full term thereof and any renewals and extensions thereof throughout the world and you hereby waive in favour of the Company all moral rights conferred on you by chapter 4 of part 1 of the Copyright Designs and Patents Act 1988 (as may subsequently be amended, consolidated, replaced or re-enacted from time to time) in relation to any of the Works and at the request and expense of the Company you shall do all things and execute all documents necessary or desirable to substantiate the rights of the Company in the Works.
12.     PENSION SCHEME:
You are entitled to membership of the Willis Stakeholder Pension Scheme. You will be enrolled as a member of this scheme with effect from the date in Section 2 above unless you notify the Company in writing that you wish to opt-out of the scheme. If you wish to make personal contributions to the scheme you must elect to do so. If you choose to opt-out of the scheme and then change your mind, you may have to provide evidence of good health before you can join.
The Company will hold certain personal data about you (see the section entitled 'Data Protection') including your name, address and date of birth and other information needed to assist in the smooth running of the scheme. In accordance with its statutory requirements the data will only be available to the Company and the provider of the scheme (currently Friends Life plc). Your data will only be used to calculate and provide benefits and for the efficient running of the scheme. As a member of the scheme you consent to the release of your data concerning your membership of the scheme and other data, such as fund values and investment choices, from the stakeholder provider to the Company.
Your base salary exceeds the Scheme Earnings Cap of £141,600. Contributions and your life assurance benefit will be calculated with reference to the Scheme Earnings Cap.
13.     ABSENCE FROM WORK:
Your entitlement to payments whilst you are absent from work, and the procedure that you should follow if you are unable to attend the office for any reason are contained in the Associate Handbook.
14.     RIGHT TO SEARCH:
In the interests of security the Company reserves  the right at any time to search you or your belongings including, without limitation, the x-ray examination of any items brought on to Company premises by you. Any personal search shall be carried out in private by an Associate duly authorised from time to time by a Director or Manager of the Company to perform a personal search. Prior to the commencement of any personal search you may request to be searched in the presence of a work colleague. The Company may refuse such a request if in its opinion it is reasonable to do so.
15.     MEDICAL EXAMINATION:
The Company reserves the right to require you at any time to submit yourself for examination by a doctor appointed by the Company at the Company's expense.

10

16.     HOLIDAYS:
	
		
	Holiday Entitlements

	Grades 1 - 8 inclusive
	23 days per annum

	Grade 9 and above
	25 days per annum

The above entitlement is exclusive of public and bank holidays for which payment will be made. 
Holiday entitlement accrues monthly and the holiday year runs from 1 January to 31 December. For Associates at Grade 8 or below holiday entitlement will increase by 1 day for each calendar year of completed service subject to a maximum number of2 additional days leave.
If you commence or leave your employment part way through a leave year you should refer to the Associate Handbook for your pro rata entitlement to holiday in the year of your commencement/leaving.
For part-time Associates, holiday entitlement and entitlement to payment for Public Holidays, is pro-rata. Details are contained in the Associate Handbook.
17.     EMPLOYEE BENEFITS:
The details and eligibility rules of Employee Benefits to which you may be entitled are contained in the Associate Handbook.
18.     TERMINATION OF EMPLOYMENT:
		
	a.
	You may terminate your employment by giving written notice as follows:

	
		
	EMPLOYEE TERMINATION NOTICE REQUIREMENTS

	Grades 1 - 8 inclusive

	Up to 4 weeks continuous service
	1 week

	Over 4 weeks continuous  service
	4 weeks

	Higher Grades:

	Grades 9 - 11 inclusive
	3 months

	Grades 12 and above
	6 months

		
	b.
	If your employment is terminated by the Company you will receive written notice as follows:

	
		
	COMPANY TERMINATION NOTICE REQUIREMENTS

	Grades 1 - 8 inclusive

	Up to 4 weeks continuous service
	1 week

	From 5 weeks to 4 years continuous service
	4 weeks

	From 5 years continuous service
	1 week for each year of completed service subject to a maximum notice period of 12 weeks

	Higher Grades:

	Grades 9 - 11 inclusive
	3 months

	Grades 12 and above
	6 months

		
	c.
	The Company shall not be obliged to provide you with work at any time after notice of termination is given by you or the Company and the Company may in its absolute discretion take one or more of the following steps in respect of all or part of the unexpired period of notice:

		
	i.
	require you to comply with such conditions as the Company may specify in relation to attending or remaining away from the place of business of the Company. During any period of lawful suspension you agree you shall take all holiday entitlement accrued by you up to the date of termination of your employment. Should you be required to remain away from the office you may not carry out any work (paid or unpaid) for any third party 

11

without the prior consent in writing of the Company;
		
	ii.
	require you not to communicate with or contact any client and/or employee of the Company and/or the Group about any aspect of the business of the Company and/or the Group;

		
	iii.
	assign you to such other duties as the Company shall in its absolute discretion determine;

		
	iv.
	withdraw any powers invested in you or suspend  or vary any duties or responsibilities assigned to you.

		
	d.
	On termination of your employment for whatever reason you must immediately return to the Company all Company and Group property in your possession or control including, but not limited to, reports, documents, computer disks, working papers and any other information (in whatever form) received in the course of your employment.

19.     TERMINATION WITHOUT CAUSE:
In the event the Company terminates your employment for a reason other than Cause the Company will pay you an amount equal to:
		
	a.
	your annual base salary applicable at the time the Company serves you with notice of termination of your employment; and

		
	b.
	your on target award under the Company's Annual Incentive Plan applicable at the time the Company serves you with notice of termination of your employment.

For the avoidance of doubt you acknowledge and agree that the above payment includes any amount which may be due to you in damages for any breach by the Company of any notice provision pertaining to your employment.
20.  POST TERMINATION OBLIGATIONS:
You acknowledge that whilst performing your duties for the Company or for any Group Company you will have access  to trade secrets and confidential information belonging to the Company or other Group Companies and you will obtain personal knowledge of, and influence over Clients, prospective Clients and employees. You therefore agree the following obligations are reasonable and necessary to protect the legitimate business interests of the Company and/or other Group Companies.
If you are in Grade 9 or above, and/or have any material dealings with any Client or Prospective Client in the course of your duties, you shall not without the prior written consent of the Company for a period of 12 months after the termination of your employment, other than after the wrongful termination of your employment by the Company, whether on behalf of yourself or any other person, firm or company in competition with the Company or the Group, directly or indirectly:
		
	a.
	solicit Business from; or

		
	b.
	seek to procure orders from; or

		
	c.
	transact or handle Business or otherwise deal with; or

		
	d.
	approach, canvass or entice away from the Company or the Group the Business of

any Client (or additionally, in respect of sub paragraphs a) and b), a Prospective Client) of the Group with whom in the course of your duties you or any person who reports directly to you have dealt at any time during the 12 months prior to the termination of your employment. The period of this restriction shall be reduced after the date your employment ends by a period equal in length to any period of lawful suspension from your duties or exclusion from any premises of the Company during any period of notice.
If you are in Grade 9 or above, you shall not for a period of 6 months after the lawful tem1ination of your employment directly or indirectly induce or seek to induce any employee of the Company or the Group with whom you have worked in the 12 months preceding the termination of your employment (excepting a clerical and secretarial employee) to leave his or her employment where the departure of that employee
(whether alone or in conjunction with the departure of other employees who are members of a team in which you performed duties) would do material harm to the Group and where the departure is intended for the benefit of you or your new employer or any other organisation carrying on a business in competition with the Company or the Group.

12

Whilst the above restrictions are regarded by you and the Company as fair and reasonable it is declared that each of the restrictions in this section is intended to be a separate and distinct restriction and the invalidity or unenforceability of any such restriction shall not affect the validity or enforceability of the remaining restrictions. If any restriction is held to be unreasonably wide but would be valid of part of the wording were deleted such restriction will apply with so much of the wording deleted as may be necessary to make it valid.
For further details of your obligations you are referred to the Global Policy Manual and the Associate Handbook.
21.     COMPANY PROCEDURES:
The Associate Handbook and the Global Policy Manual contain details of various Company policies and procedures including, but not limited to, its Ethical Code, Corporate Data Policy, Equal Opportunities Policy, Performance Improvement, Disciplinary, Appeals and Grievance procedures.
Other policies and procedures can be found within the Willis Excellence Model and on the Group Compliance intranet site including, but not limited to, the Group Compliance Manual.
These documents are available in electronic format on the Company's intranet site. It is your responsibility to familiarise yourself and comply with these documents, rules and procedures and to note any amendments notified to you from time to time.
Failure to comply with the Company's policies, rules and procedures may lead to disciplinary action in accordance with the Company's disciplinary procedures.
22.     REGULATORY REQUIREMENTS:
You are required to comply with all reasonable requests, instructions and regulations (whether statutory  or otherwise) which apply to your employment from time to time including any relevant requirements of the FCA and/or any other relevant regulator. It is your responsibility to familiarise yourself with all such regulations and requirements as made available to you by the Company.
It is a condition of your employment that you demonstrate and maintain competence for the role you carry out, through the initial completion and passing of relevant modules of Insurance Essentials, and of any other training packages and tests introduced by the Company from time to time thereafter. If you fail to maintain and demonstrate competence for your role the Company may commence its Performance Improvement Procedure against you.
23.    DATA PROTECTION
In order to meet its statutory requirements and to fulfill and maintain its employment relationship with you, the Company,  as your employer, needs to collect, process and retain personal information about you, including information defined by the Data Protection Act 1998 (the 'DPA) as sensitive personal data.
By signing this Contract you expressly agree that the Company may collect, process  and retain your personal information (including sensitive persona) data) in accordance with its Privacy Notice (which is attached to this Agreement, otherwise separately provided to you) and may transfer  your personal information to its members of the Group and third party service providers that are located in various locations inside and outside the European  Economic Area (EEA), including in the USA, India, and the Philippines, where the applicable data protection law may not be equivalent to the DPA.
You agree that to the extent your personal information is transferred to Willis North America Inc. ("WNA"), the Company's US-based affiliate, WNA may process your personal information in accordance with WNA's Safe Harbor Privacy Policy.  A copy of the Company's Safe Harbor Policy may be found on the Company's intranet site.
You also agree that, in order to protect the reputation and assets (including any confidential or proprietary information) of the Company, Clients, Prospective Clients, and other stakeholder, the Company may monitor your usage of the Company's Information Technology systems (including your usage of computers,
Handheld devices, telephony, emails, and Internet browsers) and that, depending on the role you perform, such monitoring may include the recording of telephone calls you make or receive.
24.     AMENDMENTS
The Company reserves the right to make reasonable changes to any terms of your employment. Any such changes will be notified to you as they arise either to you or, if appropriate, by electronic means via the Company e-mail account and/or its intranet site.

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25.     COLLECTIVE AGREEMENTS
There are no collective agreements in force that will affect your employment with the Group.
26.     GOVERNING LAW
This Contract shall be governed by and construed in accordance with English law and you and the Company submit to the exclusive jurisdiction of the English Courts.
This Contract of Employment supersedes any existing or prior arrangements between you and the Company or Group Company.

	
		
	SIGNED FOR AND ON BEHALF OF THE COMPANY

	Signed:
	/s/  H Stagg

	PRINT NAME:
	H STAGG

	Date:
	November 4, 2013

	I HAVE READ, UNDERSTOOD AND AGREE TO BE BOUND BY THE TERMS OF THIS CONTRACT OF EMPLOYMENT:

	Signed:
	/s/  David Shalders

	PRINT NAME:
	DAVID SHALDERS

	Date:
	September 3, 2013

14SEC Exhibit

EXHIBIT 10.4

April 30, 2014

David Peter Shalders
51 Lime Street
London EC3M 7DQ

Dear David;
In consideration for your continued employment by Willis Limited, your Contract of Employment, dated September 3, 2013 (your ‘Contract of Employment’), is amended by deleting Section 19 and replacing it in entirety with the fo1lowing paragraphs:
If your employment is terminated by the Company without Cause (and other than by reason of death or Permanent Disability) or by you for Good Reason, then you shall be entitled to:
a.continued payment of your base salary during the 12 month period following the termination date (the ‘Severance Period’) payable in accordance with normal payroll practices, beginning on the first payroll date on or after the 60th day follow1ng the termination date; provided that, in the event such termination occurs within 24 months following a Change in Control, such payment shall equal two times your base annual salary and shall be made in a cash lump sum on the first business day on or after the 60th day following the termination date; provided further that, such amount shall be reduced by any salary paid to you between the date the Company provides you with notice of termination and your termination date;
b.payment of an amount equal to one times your’ target award under the annual incentive plan of Willis Group Holdings Public Limited Company (‘Willis’) applicable at the time of your termination (your ‘Target AIP’), payable in equal instalments during the Severance Period in accordance with normal payroll practices, beginning on the first payroll date on or after the 60th day following the termination date; provided that, in the event such termination occurs within 24 months following a Change in Control, such payment shall equal two times your Target AIP and shall be made in a cash lump sum on the first business day on or after the 60th day following the termination date;
c.payment of a pro-rated award under Willis’ annual incentive plan applicable for the fiscal year in which the termination date occurs equal to the award you are entitled based on actual performance for such year, multiplied by a fraction, the numerator of which is the number of days in the fiscal year of your termination prior to the termination date, and the denominator of which is 365, payable at the time as such awards are paid generally to participants for the applicable year; provided that, in the event such termination occurs within 24 months following a Change in Control, such  prorated award shall be determined based upon the Target AlP rather than actual results;
d.continued participation for you and your spouse and then covered dependents in the applicable group medical plan of the Company, if any, in which you and your eligible spouse and dependents participate as of the date of termination in accordance with the terms of such plan in effect from time to time for officers of the Company generally and so long as such continued participation is permissible under applicable law and does not result in any penalty or additional tax (other than taxes applicable to the payment of wages) upon you or the Company or,  in lieu of such continued coverage and solely in order to avoid any such penalty or additional tax, monthly payments equal to the excess of the full premium rate (or equivalent rate) under such group medical plan over the amount payable generally by officers of the Company, in each case until the earlier of (x) 12 months following the termination date or (y) the date that you (or any eligible spouse or dependent but only as to the eligibility of such spouse or dependent) obtains new employment that offers 

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group medical coverage;
e.for purposes of determining the achievement of any employment or service-based vesting requirements applicable to any outstanding stock options, restricted stock units or other long term incentive awards, you shall be treated as having an additional 12 months of employment or service as of the date of termination; provided that, in the event such termination without Cause or for Good Reason occurs within 24 months following a Change in Control, all employment or service-based vesting requirements in such awards shall be waived as of the date of termination; and
f.each stock option granted to you which is vested (or deemed vested in accordance with this Section 19) on your termination date will remain exercisable until the earlier of (x) one year following the date of such termination without Cause or for Good Reason (or, if later, the post-termination expiration date specified in the option) and (y) the normal expiration date of such stock option that would have applied if your employment with the Company had continued.
Any and all amounts payable pursuant to this Section 19 will only be payable if you deliver to the Company and does not revoke a general release in a form reasonably acceptable to the Company within 30 days following the termination date. Except as may be required by applicable law, you will not be entitled to severance pay of any type following your employment termination for any other reason or pursuant to any severance policy of Willis or its affiliates.
For the avoidance of doubt, you acknowledge and agree that the above payments include any amount which may be due to you in damages for any breach by the Company of any notice provision pertaining to your employment.
“Cause” means (i) your gross and/ or chronic neglect of your duties, (ii) your conviction in a Court or Tribunal of competent jurisdiction of an offence involving moral turpitude, (iii) dishonesty, embezzlement, fraud or other material wilful misconduct  by you in connection with your employment, (iv) the issue of any final instruction or order for your removal as an associate of the Company and/or officer of the Company by any Court, Tribunal Or’ regulatory authority of competent jurisdiction, (v) your violation of any obligation of confidence and/or fiduciary duty and/or duty or loyalty and/or any other material obligation owed by you to the Company as set out in this Contract of Employment or other agreement with the Company or as implied at common law, (vi) any material breach by you of the Company’s Code of Ethics, or (vii) your failure to maintain any insurance or other license or permission necessary for the proper performance of the duties of your position. Cause shall not include an immaterial, isolated instance of ordinary negligence or failure to act, whether due to an error in judgment or otherwise if your have exercised substantial efforts in good faith to perform the duties reasonably assigned or appropriate to your position.
“Change in Control” has the meaning set forth in Willis’ 2012 Equity Incentive Plan).
“Good Reason” means one or more of the following events has occurred without your written consent: (i) a material adverse diminution in your position, authority or responsibilities or the assignment to you of duties or responsibilities which are materially inconsistent with your position; provided, that, a material diminution in the foregoing shall not be deemed to have occurred solely as a result of the occurrence of a Change in Control or Willis ceasing to be a public company, so long as your position, authority or responsibilities with Willis or any successor is not otherwise materially diminished, (ii) a reduction in your· monthly base salary or Target AIP percentage; or (iii) you is required to relocate your office outside a radius of 35 miles from the current office location of the Willis Building at 51 Lime Street in London. You may not resign or otherwise terminate your employment for any reason set forth above as Good Reason unless you first notifies the Company in writing describing such Good Reason within 90 days of the first occurrence of such circumstances and, thereafter, such Good Reason is not corrected by the Company within 30 days of your written notice of such Good Reason, and you actually terminates employment within 90 days following the expiration of the Company’s 30-day cure period described above.
“Permanent Disability” has the meaning set forth in Willis’ 2012 Equity Incentive Plan), 
Notwithstanding the foregoing, if it is reasonably determined by Willis that any payments or benefits that are to be 

2

paid or provided to you or for your own benefit in connection with a change of control (within the meaning of Section 280G of the Internal Revenue Code) (the ‘Payments’) would be subject to the excise tax imposed under section 4999 of the Internal Revenue Code (the ‘Excise Tax’), then such Payments shall be reduced by the smallest amount necessary in order for no portion of the Payments to be subject to the Excise Tax; provided that, no reduction in the Payments shall be made if the After Tax Amount of the Payments payable to you without such reduction would exceed the After Tax Amount of the reduced Payments payable to you. For purposes of the foregoing, the “After Tax Amount” of your Payments shall mean the amount of the Payments that you would retain after payment of all taxes (including without limitation any federal, state or local income taxes, the Excise Tax, and employment taxes) imposed with respect to such Payments. The payment reduction shall be implemented by (i) first reducing any cash severance payments, and (ii) then reducing all other payments and benefits, in each case, with amounts having later payment dates being reduced first.
Except as set forth above, your Contract of Employment will remain in full force and effect. Please acknowledge the changes to your Contract of Employment by signing and dating this letter agreement as indicated below.

Sincerely yours,
	
		
	Signed:
	/s/  Dominic Casserley

	Name:
	DOMINIC CASSERLEY

	Title:
	Chief Executive Officer

	Signed and Acknowledged

	Signed:
	/s/  David Shalders

	Name:
	DAVID SHALDERS

	Date:
	MAY 1, 2014

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