Document:

exv10w1

Exhibit 10.1

AMENDMENT NO. 1

TO

LOAN AND SECURITY AGREEMENT

     This Amendment No. 1 to Loan and Security Agreement (this “Amendment”) is entered
into as of this 5th day of August, 2010, by and between Local.com Corporation, a Delaware
corporation (“Borrower”), and Silicon Valley Bank (“Bank”). Capitalized terms used herein
without definition shall have the same meanings given them in the Loan Agreement (as defined
below).

Recitals

     A. Borrower and Bank have entered into that certain Loan and Security Agreement dated as of
June 28, 2010 (as amended to date, the “Loan Agreement”), pursuant to which Bank agreed to extend
and make available to Borrower certain advances of money.

     B. Borrower desires that Bank amend the Loan Agreement to permit a buy-back program for
Borrower’s capital stock.

     C. Subject to the representations and warranties of Borrower herein and upon the terms and
conditions set forth in this Amendment, Bank is willing to so amend the Loan Agreement.

Agreement

       NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be
legally bound, the parties hereto agree as follows:

     1. Amendment to Loan Agreement.

          1.1 Section 13 (Definitions). The definition for the following term is amended and restated
in its entirety as follows:

     ““Permitted Distributions” are:

     (a) purchases of capital stock from former employees, consultants and directors pursuant to
repurchase agreements or other similar agreements in an aggregate amount not to exceed $50,000 in
any fiscal year provided that at the time of such purchase no Event of Default has occurred and is
continuing;

     (b) distributions or dividends consisting solely of Borrower’s capital stock;

     (c) purchases for value of any rights distributed in connection with any stockholder rights
plan;

     (d) purchases of capital stock or options to acquire such capital stock (i) pursuant to a
common stock buyback program approved by Borrower’s Board of Directors in an amount not in

 

 

excess of $2,000,000 in the aggregate; or (ii) with the proceeds received from a substantially
concurrent issuance of capital stock or convertible securities;

     (e) purchases of capital stock pledged as collateral for loans to employees;

     (f) purchases of capital stock in connection with the exercise of stock options or stock
appreciation rights by way of cashless exercise or in connection with the satisfaction of
withholding tax obligations; and

     (g) purchases of fractional shares of capital stock arising out of stock dividends, splits or
combinations or business combinations.”

     2. Borrower’s Representations And Warranties. Borrower represents and warrants that:

               (a) immediately upon giving effect to this Amendment (i) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material respects as of the
date hereof (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date), and (ii) no Event of Default has occurred
and is continuing;

               (b) Borrower has the corporate power and authority to execute and deliver this Amendment and
to perform its obligations under the Loan Agreement, as amended by this Amendment;

               (c) the certificate of incorporation, bylaws and other organizational documents of Borrower
delivered to Bank on the Effective Date remain true, accurate and complete and have not been
amended, supplemented or restated and are and continue to be in full force and effect;

               (d) the execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, have been duly
authorized by all necessary corporate action on the part of Borrower; and

               (e) this Amendment has been duly executed and delivered by the Borrower and is the binding
obligation of Borrower, enforceable against it in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or
other similar laws of general application and equitable principles relating to or affecting
creditors’ rights.

     3. Limitation. The consents, amendments and modifications set forth in this
Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or
modification of any other term or condition of the Loan Agreement or of any other instrument or
agreement referred to therein or to prejudice any right or remedy which Bank may now have or may
have in the future under or in connection with the Loan Agreement or any instrument or agreement
referred to therein; or (b) to be a consent to any future amendment or modification or

 

 

waiver to any instrument or agreement the execution and delivery of which is consented to
hereby, or to any waiver of any of the provisions thereof. Except as expressly amended hereby, the
Loan Agreement shall continue in full force and effect.

     4. Effectiveness. This Amendment shall become effective upon the satisfaction of all
the following conditions precedent:

          4.1 Amendment. Borrower and Bank shall have duly executed and delivered this Amendment to
Bank.

          4.2 Payment of Bank Expenses. Borrower shall have paid all Bank Expenses (including all
reasonable attorneys’ fees and reasonable expenses) incurred through the date of this Amendment.

     5. Counterparts. This Amendment may be signed in any number of counterparts, and by
different parties hereto in separate counterparts, with the same effect as if the signatures to
each such counterpart were upon a single instrument. All counterparts shall be deemed an original
of this Amendment.

     6. Integration. This Amendment, the Loan Documents and any documents executed in
connection herewith or pursuant hereto contain the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior agreements, understandings, offers and
negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be
introduced in any judicial or arbitration proceeding, if any, involving this Amendment or the Loan
Documents; except that any financing statements or other agreements or instruments filed by Bank
with respect to Borrower shall remain in full force and effect.

     7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA.

[Signature page follows.]

 

 

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

	 	 	 	 	 

	Borrower:	 	Local.com Corporation
	 	 	a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Brenda Agius
	 

	 	 	 	 
	 

	 	Printed Name:
	 	Brenda Agius
	 

	 	 	 	 
	 

	 	Title:
	 	CFO
	 

	 	 	 	 
	 
	 	 	 	 
	Bank:	 	Silicon Valley Bank
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Victoria Regan
	 

	 	 	 	 
	 

	 	Printed Name:
	 	Victoria Regan
	 

	 	 	 	 
	 

	 	Title:
	 	Relationship Managerexv10w1

Exhibit 10.1

WILLIS
GROUP HOLDINGS

RESTRICTED SHARE UNITS AWARD AGREEMENT

(Time-Based Restricted Share Units)

GRANTED
UNDER THE HILB ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

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

ON DECEMBER 31, 2009)

     THIS RESTRICTED SHARE UNITS AGREEMENT (this “Agreement”), effective as of [INSERT DATE] is
made by and between Willis Group Holdings Public Limited Company and any successor thereto,
hereinafter referred to as the “Company,” and the individual (the “Associate”) who has duly
completed, executed and delivered the Award Acceptance Form, a copy of which is attached hereto as
Schedule A, and which is deemed to be part hereof (the “Acceptance Form”) and, if applicable, the
Agreement of Restrictive Covenants and Other Obligations, a copy of which is set out in Schedule C
attached hereto and deemed to be a part hereof;

     WHEREAS, the Company wishes to carry out the Plan (as hereinafter defined), the terms of which
are hereby incorporated by reference and made a part of this Agreement; and

     WHEREAS, the Committee (as hereinafter defined) has determined that it would be to the
advantage and best interest of the Company and its shareholders to grant an award of Restricted
Share Units (as hereinafter defined) provided for herein to the Associate as an incentive for
increased efforts during his term of office with the Company or its Subsidiaries (as hereinafter
defined), and has advised the Company thereof and instructed the undersigned officer to prepare
said Restricted Share Unit Award;

     NOW, THEREFORE, the parties hereto do hereby agree as follows:

ARTICLE I

DEFINITIONS

     Defined terms in this Agreement shall have the meaning specified in the Plan unless the
context clearly indicates to the contrary.

Section 1.1 - Act

     “Act” shall mean the Companies Act 1963 of Ireland.

Section 1.2 - Board

     “Board” shall mean the board of directors of the Company.

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Section 1.3 - Cause

     “Cause” shall mean (i) the Associate’s continued and/or chronic failure to adequately and/or
competently perform his material duties with respect to the Company or its Subsidiaries after
having been provided reasonable notice of such failure and a period of at least ten days after the
Associate’s receipt of such notice to cure and/or correct such performance failure, (ii) willful
misconduct by the Associate in connection with the Associate’s employment which is injurious to the
Company or its Subsidiaries (willful misconduct shall be understood to include, but not be limited
to, any breach of the duty of loyalty owed by the Associate to the Company or its Subsidiaries),
(iii) conviction of any criminal act (other than minor road traffic violations not involving
imprisonment), (iv) any breach of the Associate’s restrictive covenants and other obligations as
provided in Schedule C to this Agreement (if applicable), in the Associate’s employment agreement
(if any), or any other 

non-compete agreement and/or confidentiality agreement entered into between
the Associate and the Company or any of its Subsidiaries (other than an insubstantial, inadvertent
and non-recurring breach), or (v) any material violation of any written Company policy after
reasonable notice and an opportunity to cure such violation within ten (10) days after the
Associate’s receipt of such notice.

Section 1.4 - Change of Control

     “Change of Control” shall mean (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the
rules of the U.S. Securities and Exchange Commission thereunder as in effect on the date hereof) of
the Ordinary Shares representing more than 50% of the aggregate voting power represented by the
issued and outstanding Ordinary Shares; or (b) occupation of a majority of the seats (other than
vacant seats) on the Board by persons who were neither (i) nominated by the Board nor (ii)
appointed by directors so nominated. For the avoidance of doubt, a transaction shall not constitute
a Change of Control (i) if effected for the purpose of changing the place of incorporation or form
of organization of the ultimate parent entity of the Willis Group (including where the Company is
succeeded by an issuer incorporated under the laws of another state, country or foreign government
for such purpose and whether or not the Company remains in existence following such transaction)
and (ii) where all or substantially all of the person(s) who are the beneficial owners of the
outstanding voting securities of the Company immediately prior to such transaction will
beneficially own, directly or indirectly, all or substantially all of the combined voting power of
the outstanding voting securities entitled to vote generally in the election of directors of the
ultimate parent entity resulting from such transaction in substantially the same proportions as
their ownership, immediately prior to such transaction, of such outstanding securities of the
Company.

Section 1.5 - Committee

     “Committee” shall mean the Compensation Committee of the Board or any successor thereto.

Section 1.6 - Grant Date

     “Grant Date” shall mean [INSERT DATE].

Section 1.7 - Permanent Disability

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     The Associate shall be deemed to have a “Permanent Disability” if the Associate meets the
requirements of the definition of such term, or of an equivalent term, as defined in the Company’s
or Subsidiary’s long-term disability plan applicable to the Associate or, if no such plan is
applicable, in the event the Associate is unable by reason of physical or mental illness or other
similar disability, to perform the material duties and responsibilities of his job for a period of
180 consecutive business days out of 270 business days.

Section 1.8 - Person

     “Person” shall have the meaning ascribed to such term used in Sections 13(d) and 14(d) of the
Exchange Act.

Section 1.9 - Plan

     “Plan” shall mean the Hilb Rogal & Hobbs Company 2007 Share Incentive Plan, as amended from
time to time.

Section 1.10 - Pronouns

     The masculine pronoun shall include the feminine and neuter, and the singular the plural,
where the context so indicates.

Section 1.11 - Restricted Share Unit

     “Restricted Share Units” shall mean a conditional right to receive ordinary shares, par value
of $0.000115 each, in the Company (the “Ordinary Shares” or “Shares”) pursuant to Article IX of the
Plan and this Agreement upon vesting and settlement, as set forth in Article III of this Agreement.

Section 1.12 - Subsidiary

     “Subsidiary” shall mean a body corporate which is a subsidiary of the Company within the
meaning of Section 155 of the Act and a “subsidiary corporation” of that corporation within the
meaning of Section 424(f) of the Code.

Section 1.13 - Willis Group

     “Willis Group” shall mean the Company and its Subsidiaries, collectively.

ARTICLE II

GRANT OF RESTRICTED SHARE UNITS

Section 2.1 - Grant of the Restricted Share Units

     Subject to the terms and conditions of the Plan and the additional terms and conditions set
forth in this Agreement, including any 

country-specific provisions set forth in Schedule B to this
Agreement, the Company hereby grants to the Associate the number of Restricted Share Units stated
in the Acceptance Form (hereinafter called “RSUs”). In circumstances where the Associate is
required to enter into the Agreement of Restrictive Covenants and Other Obligations set forth in
Schedule C, the Associate agrees that the grant of RSUs pursuant to this Agreement is sufficient
consideration for the Associate entering into such agreement.

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Section 2.2 - RSU Payment

     The Shares to be issued upon vesting and settlement of the RSUs must be fully paid up prior to
issuance of Shares by payment of the nominal value (US$0.000115) per Share. The Committee shall
ensure that payment of the nominal value for any Shares underlying the RSUs is received by it on
behalf of the Associate at the time the RSUs vest from a Subsidiary or other source and shall
establish any procedures or protocols necessary to ensure that payment is timely received.

Section 2.3 - Employment Rights

     Subject to the terms of the Agreement of Restrictive Covenants and Other Obligations, where
applicable, the rights and obligations of the Associate under the terms of his office or employment
with the Company or any Subsidiary shall not be affected by his participation in this Plan or any
right which he may have to participate in it. The RSUs and the Associate’s participation in the
Plan will not be interpreted to form an employment agreement with the Company or any Subsidiary.
The Associate hereby waives any and all rights to compensation or damages in consequence of the
termination of his office or employment for any reason whatsoever insofar as those rights arise or
may arise from his ceasing to have rights under or be entitled to vest in his RSUs as a result of
such termination. If, notwithstanding the foregoing, any such claim is allowed by a court of
competent jurisdiction, then, by participating in the Plan, the Associate shall be deemed
irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents
necessary to request dismissal or withdrawal of such claims.

Section 2.4 - Adjustments Upon a Change in Ordinary Shares

     In accordance with and subject to Article X of the Plan, in the event that the Shares subject
to RSUs are, from time to time, changed into or exchanged for a different number or kind of Shares
or other securities, by reason of a (i) share dividend, share split-up, subdivision or
consolidation of shares or other similar changes in capitalization; or (ii) spin-off, spin-out,
split-up, split-off, or other such distribution of assets to shareholders, then the terms of the
RSUs shall be adjusted as the Committee shall determine to be equitably required, provided the
number of Shares subject to the RSUs shall always be a whole number. Any such adjustment or
determination made by the Committee shall be final and binding upon the Associate, the Company and
all other interested persons. An adjustment may have the effect of reducing the price at which
Shares may be acquired to less than their nominal value (the “Shortfall”), but only if and to the
extent that the Committee shall be authorized to capitalize from the reserves of the Company a sum
equal to the Shortfall and to apply that sum in paying up that amount on the Shares.

Section 2.5 - Employee Costs

     The Associate must make full payment to the Company or any Subsidiary by which the Associate
is employed (the “Employer”) of all income tax, payroll tax, payment on account, and social
insurance contribution amounts (“Tax”), which under federal, state, local or foreign law, it is
required to withhold upon vesting, settlement or other tax event of the RSUs. In a case where the
Employer is obliged to (or would suffer a disadvantage if it were not to) account for any Tax (in
any jurisdiction) for which the Associate is liable by virtue of the Associate’s participation in
the Plan or any social security contributions recoverable from and legally applicable to the
Associate (the “Tax-Related Items”), the Associate shall make full payment to the Employer of an
amount equal to the Tax-Related Items, or otherwise enter into arrangements acceptable to the

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Employer or another Subsidiary to secure that such a payment is made (whether by withholding
from the Associate’s wages or other cash compensation paid to the Associate or from the proceeds of
the sale of Shares acquired at vesting and settlement of the RSUs).

     In the event that the Associate has not made payment of an amount equal to the Tax-Related
Items liability, or entered into arrangements to secure that such a payment is made by the date of
vesting or shortly thereafter as agreed by the Company, the Associate hereby authorizes and
empowers the Company to act on his behalf and procure and effect the sale of a sufficient number of
the Shares arising from the vesting or settlement of the RSUs (or other tax event) and pay out of
the sale proceeds the Tax-Related Items liability to the Employer.

ARTICLE III

VESTING AND ISSUANCE OF SHARES

Section 3.1 - Vesting Schedule and Forfeiture Provisions

     (a) Subject to the Associates’ continued employment with the Willis Group through the vesting
date (set forth in the left column), the RSUs shall vest as follows:

	 	 	 
	 	 	Percentage of RSUs
	Date RSUs Become Vested	 	that Become Vested
	On [INSERT DATE]

	 	[INSERT]%
	 
	On [INSERT DATE]

	 	[INSERT]%
	 
	On [INSERT DATE]

	 	[INSERT]%

     (b) The RSUs, to the extent not vested, shall be forfeited immediately upon the termination of
the Associate’s employment, subject to, and except as otherwise specified within, the terms and
conditions of Sections 3.1(c) to 3.1(e) below.

     (c) In the event of a termination of the Associate’s employment as a result of death or
Permanent Disability, the RSUs shall become fully vested with respect to all Shares underlying such
RSUs.

     (d) In the event of a termination of the Associate’s employment for reasons other than death,
Permanent Disability or Cause, the Committee may, in its sole discretion, accelerate the vesting of
all or a portion of the RSUs. If no determination is made as of the date of termination, then the
RSUs shall, to the extent not then vested, be immediately forfeited by the Associate.

     (e) In the event of a Change of Control (as defined in the Agreement), the RSUs shall not
automatically vest and the Committee shall have the discretion to accelerate the vesting of the
RSUs without regard to whether the RSUs are assumed or substituted by a successor company.

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     (f) The Associate agrees to execute and deliver the following agreements or other documents in
connection with the grant of the RSUs within the period set forth below:

     (i) the Associate must execute the Agreement of Restrictive Covenants and Other Obligations
pursuant to Article VI below, if applicable, and deliver it to the Company within 45 days of the
Grant Date;

     (ii) the Associate must execute the form of joint election as described in Schedule B for the
United Kingdom and deliver it to his employing company within 45 days of the Grant Date; and

     (iii) the Associate must execute the RSU Award Agreement Acceptance Form and deliver to the
Company within 45 days of the Grant Date.

     (g) The Committee may, in its sole discretion, cancel the RSUs if the Associate fails to
execute and deliver the agreements and documents within the period set forth in Section 3.1(f).

     (h) Shares subject to RSUs that vest shall be delivered within one month following the
applicable vesting date.

Section 3.2 - Conditions to Issuance of Shares

     The Shares to be delivered upon the vesting date of the RSUs, in accordance with Section 3.1
of the Agreement, may be either previously authorized but unissued Shares or issued Shares held by
any other person. Such Shares shall be fully paid. The Company shall not be required to deliver
any certificates representing such Shares (or their electronic equivalent) allotted and issued upon
the applicable date of the vesting of the RSUs prior to fulfillment of all of the following
conditions:

     (a) The obtaining of approval or other clearance from any state, federal, local or foreign
governmental agency which the Committee shall, in its absolute discretion, determine to be
necessary or advisable; and

     (b) The Associate has paid or made arrangements to pay the Tax-Related Items pursuant to
Section 2.5.

     Without limiting the generality of the foregoing, the Committee may in the case of U.S.
resident employees of the Company or any of its Subsidiaries require an opinion of counsel
reasonably acceptable to it to the effect that any subsequent transfer of Shares acquired on the
vesting of RSUs does not violate the Exchange Act, and may issue stop-transfer orders in the U.S.
covering such Shares.

Section 3.3 - Rights as Shareholder

     The Associate shall not be, nor have any of the rights or privileges of, a shareholder of the
Company in respect of any Shares that may be received upon the vesting of the RSUs unless and until
certificates representing such Shares or their electronic equivalent shall have been issued by the
Company to the Associate.

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Section 3.4 - Limitation on Obligations

     The Company’s obligation with respect to the RSUs granted hereunder is limited solely to the
delivery to the Associate of Shares within the period when such Shares are due to be delivered
hereunder, and in no way shall the Company become obligated to pay cash in respect of such
obligation. The RSUs shall not be secured by any specific assets of the Company or any of its
Subsidiaries, nor shall any assets of the Company or any of its Subsidiaries be designated as
attributable or allocated to the satisfaction of the Company’s obligations under this Agreement.
In addition, the Company shall not be liable to the Associate for damages relating to any delays in
issuing the share certificates or its electronic equivalent to the Associate (or his designated
entities), any loss of the certificates, or any mistakes or errors in the issuance of the
certificates (or the electronic equivalent) to the Associate (or his designated entities) or in the
certificates themselves.

ARTICLE IV

ADDITIONAL TERMS AND CONDITIONS OF THE RSUs

Section 4.1 - Nature of Award

     In accepting the RSUs, the Associate acknowledges, understands and agrees that:

     (a) the Plan is established voluntarily by the Company, is discretionary in nature and may be
amended, suspended or terminated by the Company at any time;

     (b) the RSU award is voluntary and occasional and does not create any contractual or other
right to receive future RSU awards, or benefits in lieu of RSU awards, even if RSU awards have been
granted repeatedly in the past;

     (c) all decisions with respect to future RSUs, if any, will be at the sole discretion of the
Company;

     (d) the Associate’s participation in the Plan is voluntary;

     (e) the RSUs and any Shares acquired under the Plan are not intended to replace any pension
rights or compensation under any pension arrangement;

     (f) the RSUs and any Shares acquired under the Plan are not part of normal or expected
compensation or salary for any purposes, including, but not limited to, calculating any severance,
resignation, termination, redundancy, end of service payments, dismissal, bonuses, long-service
awards, pension or retirement or welfare benefits or similar payments and in no event should be
considered as compensation for, or relating in any way to past services for, the Employer, the
Company or any Subsidiary; and

     (g) the future value of the Shares underlying the RSUs is unknown and cannot be predicted with
certainty.

Section 4.2
- No Advice Regarding Grant

     The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding the Associate’s participation in the Plan, the issuance of Shares upon
vesting of the RSUs or sale of the Shares. The Associate is hereby advised to

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consult with his own personal tax, legal and financial advisors regarding his participation in
the Plan before taking any action related to the Plan.

ARTICLE V

DATA PRIVACY NOTICE AND CONSENT

Section 5 - Data Privacy

     (a) The Associate hereby explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of the Associate’s personal data as described in this
Agreement and any other RSU materials by and among, as applicable, the Employer, the Company and
its Subsidiaries for the exclusive purpose of implementing, administering and managing the
Associate’s participation in the Plan.

     (b) The Associate understands that the Company and the Employer may hold certain personal
information about the Associate, including, but not limited to, the Associate’s name, home address,
telephone number, date of birth, social insurance number or other identification number, salary,
nationality, job title, any Shares or directorships held in the Company, details of all RSUs or any
other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the
Associate’s favor, for the exclusive purpose of implementing, administering and managing the Plan
(“Data”).

     (c) The Associate understands that Data will be transferred to Morgan Stanley SmithBarney or
to any other third party assisting in the implementation, administration and management of the
Plan. The Associate understands that the recipients of the Data may be located in the Associate’s
country or elsewhere, and that the recipients’ country (e.g., Ireland) may have different data
privacy laws and protections from the Associate’s country. The Associate understands that he may
request a list with the names and addresses of any potential recipients of the Data by contacting
his local human resources representative. The Associate authorizes the Company, Morgan Stanley
SmithBarney and any other recipients of Data which may assist the Company (presently or in the
future) with implementing, administering and managing the Plan to receive, possess, use, retain and
transfer the Data, in electronic or other form, for the sole purpose of implementing, administering
and managing his participation in the Plan. The Associate understands that Data will be held only
as long as is necessary to implement, administer and manage the Associate’s participation in the
Plan. The Associate understands that he may, at any time, view Data, request additional
information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing his
local human resources representative. The Associate understands, however, that refusing or
withdrawing his consent may affect the Associate’s ability to participate in the Plan. For more
information on the consequences of the Associate’s refusal to consent or withdrawal of consent, the
Associate understands that he may contact his local human resources representative.

ARTICLE VI

AGREEMENT OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

Section 6 - Restrictive Covenants and Other Obligations

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     In consideration of the grant of RSUs, the Associate shall enter into the Agreement of
Restrictive Covenants and Other Obligations, a copy of which is attached hereto as Schedule C. In
the event the Associate does not sign and return the Agreement of Restrictive Covenants and Other
Obligations within 45 days of the Grant Date, the Committee may, in its sole discretion, cancel the
RSUs. If no such agreement is required, Schedule C shall state none or not applicable.

ARTICLE VII

MISCELLANEOUS

Section 7.1 - Administration

     The Committee shall have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules. All actions taken and all interpretations and
determinations made by the Committee shall be final and binding upon the Associate, the Company and
all other interested persons. No member of the Committee shall be personally liable for any
action, determination or interpretation made in good faith with respect to the Plan or the RSUs.
In its absolute discretion, the Committee may at any time and from time to time exercise any and
all rights and duties of the Committee under the Plan and this Agreement.

Section 7.2 - RSUs Not Transferable

     Neither the RSUs nor any interest or right therein or part thereof shall be subject to the
debts, contracts or engagements of the Associate or his successors in interest or shall be subject
to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other
means whether such disposition be voluntary or involuntary or by operation of law by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect; provided,
however, that this Section 7.2 shall not prevent transfers made solely for estate planning
purposes or under a will or by the applicable laws of inheritance.

Section 7.3 - Binding Effect

     The provisions of this Agreement shall be binding upon and accrue to the benefit of the
parties hereto and their respective heirs, legal representatives, successors and assigns.

Section 7.4 - Notices

     Any notice to be given under the terms of this Agreement to the Company shall be addressed to
the Company at the following address:

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

Attention: General Counsel

and any notice to be given to the Associate shall be at the address set forth in the RSUs
Acceptance Form.

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     By a notice given pursuant to this Section 7.4, either party may hereafter designate a
different address for notices to be given to him. Any notice that is required to be given to the
Associate shall, if the Associate is then deceased, be given to the Associate’s personal
representatives if such representatives have previously informed the Company of their status and
address by written notice under this Section 7.4. Any notice shall have been deemed duly given
when sent by facsimile or enclosed in a properly sealed envelope or wrapper addressed as aforesaid,
deposited (with postage prepaid) in a post office or branch post office regularly maintained by the
United States Postal Service or the United Kingdom’s Post Office or in the case of a notice given
by an Associate resident outside the United States of America or the United Kingdom, sent by
facsimile or with a recognized international courier service.

Section 7.5 - Titles

     Titles are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement.

Section 7.6 - Applicability of Plan

     The RSUs and the Shares underlying the RSUs shall be subject to all of the terms and
provisions of the Plan, to the extent applicable to the RSUs and the underlying Shares. With the
exception of the definition of Change of Control, in the event of any conflict between this
Agreement and the Plan, the terms of the Plan shall control.

Section 7.7 - Amendment

     This Agreement may be amended only by a document executed by the parties hereto, which
specifically states that it is amending this Agreement.

Section 7.8 - Governing Law

     This Agreement shall be governed by, and construed in accordance with the laws of the
Commonwealth of Virginia without regard to its conflicts of law provisions; provided, however, that
the Agreement of Restrictive Covenants and Other Obligations, if applicable, shall be governed by
and construed in accordance with the laws specified in that agreement.

Section 7.9 - Jurisdiction

     The courts of the state of New York shall have jurisdiction to hear and determine any suit,
action or proceeding and to settle any disputes which may arise out of or in connection with this
Agreement and, for such purposes, the parties hereto irrevocably submit to the jurisdiction of such
courts; provided, however, where applicable, that with respect to the Agreement of Restrictive
Covenants and Other Obligations the courts specified in such agreement shall have jurisdiction to
hear and determine any suit, action or proceeding and to settle any disputes which may arise out of
or in connection with that agreement.

Section 7.10
- Electronic Delivery

     The Company may, in its sole discretion, decide to deliver any documents related to
current or future participation in the Plan by electronic means. The Associate hereby consents to
receive such documents by electronic delivery and agrees to participate in the Plan through an
on-line or electronic system established and maintained by the Company or a third party designated
by the Company.

10

 

Section 7.11 - Language

     If the Associate has received this Agreement, or any other document related to the RSUs
and/or the Plan translated into a language other than English and if the translated version is
different than the English version, the English version will control.

Section 7.12 - Severability

     The provisions of this Agreement are severable and if any one or more provisions are
determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions
shall nevertheless be binding and enforceable.

Section 7.13 - Schedule B

     The RSUs shall be subject to any special provisions set forth in Schedule B for the
Associate’s country of residence, if any. If the Associate relocates to one of the countries
included in Schedule B during prior to the vesting of the RSUs, the special provisions for such
country shall apply to the Associate, to the extent the Company determines that the application of
such provisions is necessary or advisable in order to comply with local law or facilitate the
administration of the Plan. Schedule B constitutes part of this Agreement.

Section 7.14 - Imposition of Other Requirements

     The Company reserves the right to impose other requirements on the RSUs and the Shares
acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or
advisable in order to comply with local laws or facilitate the administration of the Plan, and to
require the Associate to sign any additional agreements or undertakings that may be necessary to
accomplish the foregoing.

Section 7.15 - Counterparts.

     This Agreement may be executed in any number of counterparts (including by facsimile), each of
which shall be deemed to be an original and all of which together shall constitute one and the same
instrument.

Section 7.16 - Code Section 409A.

     For purposes of U.S. taxpayers, it is intended that the terms of the RSUs will comply with the
provisions of Section 409A of the Code and the Treasury Regulations relating thereto so as not to
subject the Executive to the payment of additional taxes and interest under Section 409A of the
Code, and this Agreement will be interpreted, operated and administered in a manner that is
consistent with this intent. In furtherance of this intent, the Committee may adopt such
amendments to this Agreement or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, in each case, without the
consent of the Associate, that the Committee determines are reasonable, necessary or appropriate to
comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury
guidance. In that light, the Willis Group makes no representation or covenant to ensure that the
RSUs that are intended to be exempt from, or compliant with, Section 409A of the Code are not so
exempt or compliant or for any action taken by the Committee with respect thereto.

IN WITNESS WHEREOF, the Company and the Associate have each executed this Agreement.

11

 

	 	 	 	 	 
	 	WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

12

 

SCHEDULE A

WILLIS GROUP HOLDINGS

RESTRICTED SHARE UNITS AWARD AGREEMENT- ACCEPTANCE FORM

HILB ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

(AS AMENDED AND RESTATED ON DECEMBER 30, 2009 BY WILLIS GROUP
 HOLDINGS LIMITED AND AS AMENDED AND
RESTATED AND ASSUMED BY 

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 
ON DECEMBER 31, 2009)

	 	 	 

	Name
	 	 
	 
	 	 
	Number of RSUs Granted
	 	 
	 
	 	 
	Grant Date

	 	[TBD]

I accept the grant of Restricted Stock Units (RSUs) under the Hilb Rogal & Hobbs 2007 Share
Incentive Plan, as amended from time to time and I agree to be bound by the terms and conditions of
the Restricted Share Units Agreement dated [TBD].

	 

	Signature:

	 

	Address:

Once completed, please return one copy of this form to:

General Counsel

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

U.S.A.

This form should be returned to the above address within 45 days of receipt. Your RSUs may be
cancelled if your form is not received by that date.

13

 

SCHEDULE B

WILLIS GROUP HOLDINGS

COUNTRY-SPECIFIC APPENDIX TO RESTRICTED SHARE UNITS AWARD AGREEMENT

HILB ROGAL & HOBBS COMPANY

2007 SHARE INCENTIVE PLAN

(AS AMENDED AND RESTATED ON DECEMBER 30, 2009 BY WILLIS GROUP 
HOLDINGS LIMITED AND AS AMENDED AND
RESTATED AND ASSUMED BY 

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 

ON DECEMBER 31, 2009)

Terms and Conditions

This Schedule B includes additional terms and conditions that govern the Restricted Stock Unit
Award granted to the Associate under the Hilb Rogal & Hobbs 2007 Share Incentive Plan, as amended
from time to time (the “Plan”) if the Associate resides in one of the countries listed below. This
Schedule B forms part of the Agreement. Capitalized terms used but not defined herein shall have
the meanings ascribed to them in the Agreement or the Plan.

Notifications

This Schedule B also includes information based on the securities, exchange control and other laws
in effect in the Associate’s country as of July 2010. Such laws are often complex and change
frequently. As a result, the Company strongly recommends that the Associate not rely on the
information noted herein as the only source of information relating to the consequences of the
Associate’s participation in the Plan because the information may be out of date at the time the
RSUs vest under the Plan.

In addition, the information is general in nature. The Company is not providing the Associate with
any tax advice with respect to the RSUs. The information is provided below may not apply to the
Associate’s particular situation, and the Company is not in a position to assure the Associate of
any particular result. Accordingly, the Associate is strongly advised to seek appropriate
professional advice as to how the tax or other laws in the Associate’s country apply to the
Associate’s situation.

If the Associate is a citizen or resident of a country other than the one the Associate is working
in or transfers employment after the Grant Date the information contained in this Schedule B may
not be applicable the Associate.

UNITED KINGDOM

Terms and Conditions

Tax Withholding Obligations. The following provisions supplement Section 2.5 of the Agreement:

14

 

The Associate agrees that if he or she does not pay or the Employer or the Company does not
withhold from the Associate the full amount of Tax-Related Items that the Associate owes at vesting
of the RSUs, or the receipt of any other benefit in connection with the RSUs (the “Taxable Event”),
within 90 days after the Taxable Event or such other period specified in section 222(1)(c) of the
U.K. Income Tax (Earnings and Pensions) Act 2003, then the amount that should have been withheld
shall constitute a loan owed by the Associate to the Employer, effective 90 days after the Taxable
Event. The Associate agrees that the loan will bear interest at the official rate of HM Revenue &
Customs (“HMRC”) and will be immediately due and repayable by the Associate, and the Company and/or
the Employer may recover it at any time thereafter by withholding the funds from salary, bonus or
any other funds due to the Associate by the Employer, by withholding in Shares issued upon vesting
of the RSUs or from the cash proceeds from the sale of Shares or by demanding cash or a check from
the Associate. The Associate also authorizes the Company to delay the issuance of any Shares unless
and until the loan is repaid in full.

The Associate acknowledges that the Company or the Employer may recover any such additional income
tax and NICs at any time thereafter by any of the means referred to in Section 2.5 of the
Agreement, although the Associate acknowledges that the Associate ultimately will be responsible
for reporting any income tax or National Insurance Contributions (“NICs”) due on this additional
benefit directly to HMRC under the self-assessment regime.

Joint Election. In the case of Associates who are U.K. tax residents, the RSU Award is conditional
upon the Associate hereby agreeing to accept any liability for any employer National Insurance
contributions (“Employer NICs”) which may be payable by the Employer in connection with the
vesting, assignment, release or cancellation of any RSUs. The Employer NICs may be collected by the
Company or the Employer using any of the methods described in Section 2.5. Without prejudice to the
foregoing, the Associate agrees to execute a joint election with Company and/or the Employer
(“Election”), the form of such Election being formally approved by HMRC, and any other consent or
elections required to accomplish the transfer of the Employer NICs to the Associate. The Associate
further agrees to execute such other joint elections as may be required between the Associate and
any successor to the Company and/or the Employer. If the Associate does not make an Election prior
to the vesting of the RSUs or if approval to the Election is withdrawn by HMRC and a new Election
is not entered into, without any liability to the Company, the Employer or any Subsidiary, the RSUs
shall become null and void without any liability to the Company and/or the Employer.

UNITED STATES OF AMERICA

Notifications

Exchange Control Information. If you hold assets (i.e., RSUs, shares) or other financial assets in
an account outside of the United States and the aggregate amount of said assets is US$10,000 or
more, you are required to submit a report of Foreign Bank and Financial Account (“FBAR”) with the
United States Internal Revenue Service by June 30 of the year following the year in which the
assets in your account meet the US$10,000 threshold.

15

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