Document:

exv10w7

    Exhibit 10.7

 

    WILLIS
    GROUP HOLDINGS

    2008 SHARE PURCHASE AND OPTION PLAN

 

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

    HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

    ON DECEMBER 31, 2009)

 

    RESTRICTED
    SHARE UNIT AWARD AGREEMENT

    (Performance-Based
    Restricted Share Units)
    

 

    WHEREAS, Willis Group Holdings Public Limited Company and
    any successor thereto, hereinafter referred to as the
    “Company,” has adopted the Willis Group Holding
    2008 Share Purchase and Option Plan, as amended and
    restated on December 30, 2009 by Willis Group Holdings
    Limited and as amended and restated and assumed by Willis Group
    Holdings Public Limited Company on December 31, 2009 (the
    “Plan”);

 

    WHEREAS, the Committee (as hereinafter defined) has
    determined that it would be in the best interests of the Company
    and its shareholders to grant Restricted Share Units provided
    for herein to the Executive (as hereinafter defined) pursuant to
    the Plan and the terms set forth herein.

 

    WHEREAS, the award of Restricted Share Units is also
    granted pursuant to the terms and conditions of the SMIP (as
    hereinafter defined), and is, therefore, intended to qualify as
    “qualified performance-based compensation” for
    purposes of Section 162(m) of the Code (as hereinafter
    defined).

 

    NOW, THEREFORE, in consideration of the mutual covenants
    hereinafter set forth, the parties hereto do hereby agree as
    follows:

 

    THIS RESTRICTED SHARE UNIT AWARD AGREEMENT (this
    “Agreement”), effective as of May 2, 2011 is made
    by and between the Company and the individual (the
    “Executive”) who has duly completed, executed and
    delivered the Award Acceptance Form, a copy of which is set out
    in Schedule A attached hereto (including Exhibit 1
    thereto) and which is deemed to be part hereof (the
    “Acceptance Form”).

 

    ARTICLE I

    

 

    DEFINITIONS

 

    Defined terms used in this Agreement shall have the meaning
    specified below, or to the extent not defined, as 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 —
    Adjusted Earnings Per Share 

 

    “Adjusted Earnings Per Share” shall mean the
    adjusted earnings per share as stated by the Company in its
    annual financial results as issued by the Company with respect
    to the Performance Period.

 

    Section 1.3 —
    Adjusted Operating Margin

 

    “Adjusted Operating Margin” shall mean the
    adjusted operating margin as stated by the Company in its annual
    financial results as issued by the Company with respect to the
    Performance Period.

 

    Section 1.4 —
    Board

 

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

 

    Section 1.5 —
    Cause

 

    “Cause” shall have the same meaning as the
    definition stated in the Employment Agreement.

 

    Section 1.6 —
    Certification Date

 

    “Certification Date” shall mean the date that
    the Committee certifies in accordance with the requirements of
    Code Section 162(m), the amount payable under the SMIP
    based on “Earnings” for the Performance Period (as
    defined in the SMIP), the attainment level of the Performance
    Objectives and the number of Shares subject to RSUs that will
    become Earned Performance Shares based on the amount payable
    under the SMIP and attainment level of the additional
    Performance Objectives.

 

    Section 1.7 —
    Change of Control

 

    “Change of Control” shall have the same meaning
    as the definition stated in the Employment Agreement.

 

    Section 1.8 —
    Committee

 

    “Committee” shall mean the Compensation
    Committee of the Board (which Committee shall be constituted to
    satisfy the requirements of Section 162(m) of the Code).

 

    Section 1.9 —
    Disability 

 

    “Disability” shall have the same meaning as the
    definition stated in the Employment Agreement.

 

    Section 1.10 —
    Earned Performance Shares

 

    “Earned Performance Shares” shall mean Shares
    subject to the RSUs in respect of which the applicable
    Performance Objectives, as set out in Section 3.1 and
    Exhibit 1 to the Acceptance Form, and other conditions have
    been achieved in accordance with Section 3.1 and shall
    become eligible for vesting and payment as set out in
    Section 3.2.

 

    Section 1.11 —
    Employment Agreement

 

    “Employment Agreement” shall mean the 2010
    Amended and Restated Employment Agreement dated as of
    January 1, 2010 by and between Willis North America, Inc.
    and the Executive.

 

    Section 1.12 —
    Good Reason

 

    “Good Reason” shall have the same meaning as
    the definition stated in the Employment Agreement.

 

    Section 1.13 —
    Grant Date

 

    “Grant Date” shall mean May 2, 2011.

 

    Section 1.14 —
    Mutual Retirement

 

    “Mutual Retirement” shall have the same meaning
    as the definition stated in the Employment Agreement.

 

    Section 1.15 —
    Performance Period

 

    “Performance Period” shall mean January 1,
    2011 to December 31, 2011.

    

    2

 

    Section 1.16 —
    Performance Objectives

 

    “Performance Objectives” shall mean the
    performance objectives based on Adjusted Earnings Per Share or
    Adjusted Operating Margin that are set forth in
    Section 3.1(a) and Exhibit 1 to the Acceptance Form.

 

    Section 1.17 —
    Plan

 

    “Plan” shall mean the Willis Group Holdings
    2008 Share Purchase and Option Plan, as amended from time
    to time.

 

    Section 1.18 —
    Pronouns

 

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

 

    Section 1.19 —
    Restricted Share Unit

 

    “Restricted Share Unit” or “RSU”
    shall mean a conditional right to receive Ordinary Shares
    pursuant to the terms of the Plan and this Agreement, upon
    vesting and settlement, as set forth in Section 3.2 of this
    Agreement.

 

    Section 1.20 —
    Shares or Ordinary Shares

 

    “Shares” or “Ordinary Shares” means
    ordinary shares of the Company, nominal value of $0.000115 each,
    which may be authorised but unissued.

 

    Section 1.21 —
    SMIP

 

    “SMIP” means the Willis Group Holdings Senior
    Management 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.

 

    Section 1.22 —
    Subsidiary

 

    “Subsidiary” shall mean with respect to the
    Company, any subsidiary of the Company within the meaning of
    Section 155 of the Act.

 

    Section 1.23 —
    Willis Group

 

    “Willis Group” shall mean the Company and the
    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 and the additional terms and
    conditions set forth in the SMIP, the Company hereby grants RSUs
    to the Executive, over a targeted number of Shares as stated in
    the Acceptance Form (including Exhibit 1 thereto).

 

    Section 2.2 —
    RSU Payment

 

    In accordance with Section 6(b) of the Plan, the Shares to
    be issued upon 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 Executive at the time the RSUs
    are settled from a Subsidiary or other source and shall
    establish any procedures or protocols necessary to ensure that
    payment is timely received.

    

    3

 

    Section 2.3 —
    Adjustments in RSUs Pursuant to Merger,
    Consolidation, etc.

 

    Subject to Sections 9 and 10 of the Plan, in the event that
    the outstanding Shares subject to the 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 share split,
    spin-off, shares or extraordinary cash dividend, share
    combination or reclassification, recapitalization, merger,
    Change of Control, or similar event, the Committee shall, in its
    absolute discretion, make an appropriate and equitable
    adjustment in the number and kind of Shares. Any adjustments or
    determination made by the Committee shall be final and binding
    upon the Executive, 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 2.4 —
    Tax Withholding

 

    The Executive must make full payment to the Company or any
    Subsidiary by which the Executive 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 any Employer is
    obliged to (or would suffer a disadvantage if it were not to)
    account for any Tax (in any jurisdiction) for which the
    Executive is liable by virtue of the Executive’s
    participation in the Plan
    and/or any
    social insurance contributions recoverable from and legally
    applicable to the Executive (the “Tax-Related Items”),
    the Executive will pay or make adequate arrangements
    satisfactory to the Company
    and/or the
    Employer to satisfy all Tax-Related Items. In this regard, the
    Executive may elect to satisfy the obligations with regard to
    all Tax-Related Items by one or a combination of the following:

 

    (i) withholding from the Executive’s wages or other
    cash compensation paid to the Executive by the Company
    and/or the
    Employer; or

 

    (ii) withholding from proceeds of the sale of Shares
    acquired upon vesting of the RSUs either through a voluntary
    sale or through a mandatory sale arranged by the Company (on the
    Executive’s behalf pursuant to this authorization); or

 

    (iii) withholding in Shares to be issued at vesting of the
    RSUs, to the extent the Company permits this withholding method.

 

    If the obligation for Tax-Related Items is satisfied by
    withholding in Shares, for tax purposes, the Executive is deemed
    to have been issued the full number of Shares subject to vested
    RSUs, notwithstanding that a number of Shares are held back
    solely for the purpose of paying the Tax-Related Items due as a
    result of any aspect of the Executive’s participation in
    the Plan. To avoid any negative accounting treatment, the
    Company may withhold or account for Tax-Related Items by
    considering applicable minimum statutory withholding amounts or
    other applicable withholding rates.

 

    Notwithstanding anything to the contrary in this
    Section 2.4, in order to avoid a prohibited acceleration
    under Section 409A of the Code, the number of Shares that
    the Employer shall be permitted to withhold or sell on behalf of
    the Executive to satisfy any liability for Tax-Related Items
    with respect to any portion of the RSUs that is considered
    deferred compensation subject to Section 409A of the Code
    shall not exceed that number of Shares that equals the aggregate
    amount of all Tax-Related Items.

 

    Finally, the Executive shall pay to the Company or the Employer
    any amount of Tax-Related Items that the Company or the Employer
    may be required to withhold or account for as a result of the
    Executive’s participation in the Plan that cannot be
    satisfied by the means previously described.

 

    Section 2.5 —
    Clawback Policy

 

    The Company may cancel all or part of the RSUs or require
    payment by the Executive to the Company of all or part of any
    amount or Shares acquired by the Executive upon vesting and
    settlement of the RSUs pursuant to the Company’s Clawback
    Policy dated December 2009, as amended from time to time, except
    to the extent prohibited under applicable law.

    

    4

 

    ARTICLE III

    

 

    PERFORMANCE
    AND TIME-BASED VESTING REQUIREMENTS

 

    Section 3.1 —
    Earned Performance Shares

 

    (a) Subject to Sections 3.1(b),(c), and (d) below
    and subject to the aggregate amount payable limitations under
    the SMIP, the Shares subject to the RSUs shall become Earned
    Performance Shares as of the Certification Date and shall become
    eligible to vest and become payable in accordance with the
    provisions of Section 3.2 if and to the extent that the
    Performance Objectives set out in Target 1 (applicable to 50% of
    Target Number of Shares) and Target 2 (applicable to 50% of
    Target Number of Shares) of Exhibit 1 to the Acceptance
    Form are attained and subject to the Executive being in the
    employment of the Company or any Subsidiary at each respective
    vesting date as set forth in Section 3.2 below.

 

    (b) The Performance Objectives may be adjusted in
    accordance with the terms of the Plan to the extent such
    adjustments would not prevent the RSUs from qualifying as
    qualified performance-based compensation under
    Section 162(m) of the Code.

 

    (c) As of the Certification Date, the Committee shall
    certify the amount payable under the SMIP, determine the
    attainment level of applicable Performance Objectives, and based
    on such certification and determination, shall declare the
    number of Shares subject to the RSUs that shall become Earned
    Performance Shares. Anything to the contrary in this
    Section 3.1 and Exhibit 1 to the Acceptance Form
    notwithstanding, the Committee retains sole discretion to
    determine the number of Shares subject to the RSUs that will
    become Earned Performance Shares, subject to any requirements
    under Code Section 162(m).

 

    (d) Shares subject to the RSUs that are not declared by the
    Committee on the Certification Date to be Earned Performance
    Shares shall be forfeited immediately.

 

    (e) If, prior to the end of the Performance Period there is
    a Change of Control, the Performance Objectives will be deemed
    to be attained at the level (not to exceed the maximum level)
    determined by the Committee as to all of the unearned Shares
    underlying the RSUs and deem them to be Earned Performance
    Shares; provided, however, (i) that no RSU shall become an
    Earned Performance Share prior to the Certification Date or to
    the extent such exercise of discretion would result in a payment
    exceeding the amount payable under SMIP, and (ii) that the
    time-based vesting requirements set forth in Section 3.2
    shall continue to apply. Notwithstanding the foregoing, the
    Committee shall retain all discretion to waive the vesting
    requirements set forth in Section 3.2 in connection with a
    Change of Control so as to vest the Shares at an earlier date
    than that specified in Section 3.2.

 

    Section 3.2 —
    Vesting/Settlement

 

    (a) Subject to the Executive’s continued employment
    with the Willis Group through the applicable vesting date set
    forth below and Section 3.2(b), the Earned Performance
    Shares shall vest as follows and become payable in accordance
    with Section 3.2(e) below:

 

	 	 	 	 	 
	
 
	
 
	
    Percentage of Earned

    

	
    Date Earned Performance Shares Become Vested
	
 
	
    Performance Shares

	 

	

    First anniversary of Grant Date (May 2, 2012) (or, if
    later, the Certification Date)

	
 
	
 
	
    50
	
    %

	

    Second anniversary of Grant Date (May 2, 2013)

	
 
	
 
	
    50
	
    %

 

    (b) In the event of a termination of the Executive’s
    employment with the Willis Group by an employer in the Willis
    Group without Cause, by the Executive for Good Reason, or due to
    death, Disability or Mutual Retirement, any employment or
    service requirements shall be waived but the performance
    criteria set forth in Section 3.1(a) and Exhibit 1 to
    the Acceptance Form, if any, shall remain and the RSUs shall
    become fully vested with respect to all Earned Performance
    Shares on the termination date or, if later, on the applicable
    Certification Date (or as otherwise provided in this
    Section 3.1(e)).

 

    (c) In the event of a termination of the Executive’s
    employment with the Willis Group by an employer in the Willis
    Group for Cause or by the Executive without Good Reason, any
    unvested Earned Performance Shares will be immediately forfeited
    by the Executive.

    

    5

 

    (d) The Executive agrees to execute the Acceptance Form and
    deliver it to the Company within 45 days of the receipt of
    the Agreement.

 

    (e) Earned Performance Shares that become vested in
    accordance with this Section 3.2 shall be delivered on the
    later of (i) March 1, 2012 or (ii) the date the
    Executive incurs a “separation from service” (within
    the meaning of Section 409A of the Code), subject to any
    delay in payment required as set forth in Section 7(k) of
    the Employment Agreement.

 

    Section 3.3 —
    Conditions to Issuance of Shares

 

    The Earned Performance Shares to be delivered, as set out in
    3.2(e) above, 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 settlement of the RSUs prior to fulfillment of all
    of the following conditions, and in any event, subject to
    Section 409A of the Code:

 

    (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;

 

    (b) The Executive has paid or made arrangements to pay the
    Tax-Related items pursuant to Section 2.4; and

 

    (c) 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 U.S. Securities Exchange Act of 1934, as
    amended, and may issue stop-transfer orders in the
    U.S. covering such Shares.

 

    Section 3.4 —
    Rights as Shareholder

 

    The Executive 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 settlement of the RSUs
    unless and until certificates representing such Shares or their
    electronic equivalent shall have been issued by the Company to
    the Executive.

 

    Section 3.5 —
    Limitation on Obligations

 

    The Company’s obligation with respect to the RSUs granted
    hereunder is limited solely to the delivery to the Executive 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 Executive for damages relating to any delays in
    issuing the share certificates or its electronic equivalent to
    the Executive (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 Executive (or
    his designated entities) or in the certificates themselves.

 

    ARTICLE IV

    

 

    DATA
    PRIVACY NOTICE AND CONSENT 

 

    Section 4 —
    Data Privacy

 

    (a) The Executive hereby explicitly and unambiguously
    consents to the collection, use and transfer, in electronic or
    other form, of the Executive’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 Executive’s participation in the Plan.

    

    6

 

    (b) The Executive understands that the Company and
    the Employer may hold certain personal information about the
    Executive, including, but not limited to, the Executive’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 Executive’s favor, for the exclusive purpose of
    implementing, administering and managing the Plan
    (“Data”).

 

    (c) The Executive understands that Data will be
    transferred to Morgan Stanley Smith Barney or to any other third
    party assisting in the implementation, administration and
    management of the Plan. The Executive understands that the
    recipients of the Data may be located in the Executive’s
    country or elsewhere, and that the recipients’ country
    (e.g., Ireland) may have different data privacy laws and
    protections from the Executive’s country. The Executive
    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 Executive
    authorizes the Company, Morgan Stanley Smith Barney 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 Executive understands that Data will be held only
    as long as is necessary to implement, administer and manage the
    Executive’s participation in the Plan. The Executive
    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 Executive
    understands, however, that refusing or withdrawing his consent
    may affect the Executive’s ability to participate in the
    Plan. For more information on the consequences of the
    Executive’s refusal to consent or withdrawal of consent,
    the Executive understands that he may contact his local human
    resources representative.

 

    ARTICLE V

    

 

    MISCELLANEOUS

 

    Section 5.1 —
    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 Executive 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 5.1
    shall not prevent transfers made solely for estate planning
    purposes or under a will or by the applicable laws of
    inheritance.

 

    Section 5.2 —
    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 5.3 —
    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 Executive shall be at the
    address set forth in the RSUs Acceptance Form.

    

    7

 

    By a notice given pursuant to this Section 5.3, 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
    Executive shall, if the Executive is then deceased, be given to
    the Executive’s personal representatives if such
    representatives have previously informed the Company of their
    status and address by written notice under this
    Section 5.3. 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 by a
    recognized courier service.

 

    Section 5.5 —
    Titles

 

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

 

    Section 5.6 —
    Applicability of Plan and the Employment Agreement
    

 

    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. In the event
    of any conflict between this Agreement, the Plan and the
    Employment Agreement, the terms of the Plan shall control.
    Notwithstanding the foregoing, the definitions of Cause, Change
    of Control, Good Reason, Disability and Mutual Retirement shall
    be as set out in the Employment Agreement.

 

    Section 5.7 —
    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 5.8 —
    Governing Law

 

    This Agreement shall be governed by, and construed in accordance
    with the laws of Ireland without regard to its conflict of law
    principles.

 

    Section 5.9 —
    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.

 

    Section 5.10 —
    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 Executive 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.

 

    Section 5.11 —
    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 5.12 —
    Schedule B

 

    The RSUs shall be subject to any special provisions set forth in
    Schedule B for the Executive’s country of residence,
    if any. If the Executive 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
    Executive, 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.

    

    8

 

    Section 5.13 —
    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 Executive to sign
    any additional agreements or undertakings that may be necessary
    to accomplish the foregoing.

 

    Section 5.14 —
    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 5.15 —
    Code Section 409A.

 

    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, at any time with the Executive’s consent,
    modify the terms of the RSUs to the minimum extent reasonably
    appropriate to conform with Section 409A of the Code and
    the related U.S. Department of Treasury guidance.

 

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

 

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

			
	 	    By: 
	
    /s/  Adam
    Ciongoli

    Name:     Adam Ciongoli

			
	 	    Title: 
	
    Company Secretary

    

    9

 

    SCHEDULE A

 

    WILLIS
    GROUP HOLDINGS

    2008 SHARE PURCHASE AND OPTION PLAN

 

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

    HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND

    ASSUMED BY WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

    ON DECEMBER 31, 2009)

 

    RESTRICTED
    SHARE UNIT AWARD AGREEMENT- ACCEPTANCE FORM

 

	 	 	 
	

    Name

	
 
	
    Joseph J. Plumeri

	

    Target Number of RSUs Granted

	
 
	
    144,543

	

    Grant Date

	
 
	
    May 2, 2011

 

    I accept the grant of Restricted Share Units (RSUs) under the
    Willis Group Holdings 2008 Share Purchase and Option Plan,
    as amended from time to time, and I agree to be bound by the
    terms and conditions of the Restricted Share Unit Award
    Agreement dated May 2, 2011.

 

	 	 	 
	

    Signature:

	
 
	
 

	

    /s/  Joseph
    J. Plumeri

	
 
	
 

	

    Address:

	
 
	
 

	
    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281
	
 
	
 

 

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

 

    Willis Group Holdings Public Limited Company

    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281

    Attention: General Counsel

    

    10

 

    EXHIBIT 1

 

    WILLIS
    GROUP HOLDINGS

    2008 SHARE PURCHASE AND OPTION PLAN

 

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

    LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY WILLIS
    GROUP

    HOLDINGS PUBLIC LIMITED COMPANY ON DECEMBER 31, 2009)

 

    RESTRICTED
    SHARE UNIT AWARD
    AGREEMENT-ACCEPTANCE
    FORM

 

    Performance
    Period: January 1, 2011 through December 31,
    2011

 

    Target 1:
    Adjusted Operating Margin (“OM”)
    Target [     ]

 

    Percentage
    of RSU Shares Subject to Target 1: 50%

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    (OM of

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    [     ]

    
	
 
	
    (OM of

    
	
 
	
    (OM of

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    or below)
	
 
	
    [     ])
	
 
	
    [     ])
	
 
	
    100% or above

	

    Percentage of Earned Performance Shares:

	
 
	
    0%
	
 
	
    80-89%
	
 
	
    90-99%
	
 
	
    100%

 

    Target 2:
    Adjusted Earnings Per Share (“EPS”) Target
    $[     ]

 

    Percentage
    of RSU Shares Subject to Target 2: 50%

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    (EPS of

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    [     ]

    
	
 
	
    (EPS of

    
	
 
	
    (EPS of

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    or below)
	
 
	
    [     ])
	
 
	
    [     ])
	
 
	
    100% or above

	

    Percentage of Earned Performance Shares:

	
 
	
    0%
	
 
	
    80-89%
	
 
	
    90-99%
	
 
	
    100%

 

 

			
	
    * 		
    Performance between amounts is subject to interpolation.

    

    11

 

    SCHEDULE B

 

    COUNTRY-SPECIFIC
    APPENDIX TO

 

    WILLIS
    GROUP HOLDINGS

    2008 SHARE PURCHASE AND OPTION PLAN

 

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

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

 

    RESTRICTED
    SHARE UNIT AWARD AGREEMENT

 

    Terms and
    Conditions

 

    This Schedule B includes additional terms and conditions
    that govern the Restricted Share Unit Award granted to the
    Executive under the Plan if the Executive 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
    Executive’s country as of May 2011. Such laws are often
    complex and change frequently. As a result, the Company strongly
    recommends that the Executive not rely on the information noted
    herein as the only source of information relating to the
    consequences of the Executive’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 Executive with any tax advice with respect
    to the RSUs. The information is provided below may not apply to
    the Executive’s particular situation, and the Company is
    not in a position to assure the Executive of any particular
    result. Accordingly, the Executive is strongly advised to
    seek appropriate professional advice as to how the tax or other
    laws in the Executive’s country apply to the
    Executive’s situation.

 

    Finally, if the Executive is a citizen or resident of a country
    other than the one in which the Executive is currently working,
    transfers employment after the RSU award is granted, or is
    considered a resident of another country for local law purposes,
    the notifications contained herein may not be applicable to the
    Executive, and the Company shall, in its discretion, determine
    to what extent the terms and conditions contained herein shall
    be applicable to the Executive.

 

    UNITED
    STATES OF AMERICA

 

    Exchange Control Information.  United States
    persons who have signature or other authority over, or a
    financial interest in, bank, securities or other financial
    accounts outside of the United States (including a
    non-U.S. brokerage
    account holding the Company’s Shares or proceeds from the
    sale of same) must file a Foreign Bank and Financial Accounts
    Report (“FBAR”) with the United States Internal
    Revenue Service each calendar year in which the aggregate value
    of the accounts exceeds $10,000. The FBAR must be on file by
    June 30 of each calendar year for accounts held in the previous
    year which exceed the aggregate value.

    

    12exv10w8

    Exhibit 10.8

 

    WILLIS
    GROUP HOLDINGS

 

    RESTRICTED
    SHARE UNITS AWARD AGREEMENT

 

    (Performance-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)

 

    WHEREAS, Willis Group Holdings Public Limited Company and
    any successor thereto, hereinafter referred to as the
    “Company,” has assumed the Hilb, Rogal &
    Hobbs 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 (the “Plan”);

 

    WHEREAS, the Committee (as defined below) has determined
    that it would be in the best interests of the Company and its
    shareholders to grant Restricted Share Units to the Executive
    pursuant to the Plan and the terms set forth herein;

 

    WHEREAS, the award of Restricted Share Units is also
    granted pursuant to the terms and conditions of the SMIP (as
    hereinafter defined), and is, therefore, intended to qualify as
    “qualified performance-based compensation” for
    purposes of Section 162(m) of the Code (as defined herein).

 

    NOW, THEREFORE, in consideration of the mutual covenants
    hereinafter set forth, the parties hereto do hereby agree as
    follows:

 

    THIS RESTRICTED SHARE UNITS AGREEMENT (this
    “Agreement”), effective as of May 2, 2011, is
    made by and between the Company and the individual (the
    “Executive”) who has duly completed, executed and
    delivered the Acceptance Form, a copy of which is attached
    hereto as Schedule A (including Exhibit 1 thereto) and
    which is deemed to be a 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.

 

    ARTICLE I

    

 

    DEFINITIONS

 

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

 

    Section 1.1 — Act

 

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

 

    Section 1.2 — Adjusted
    Earnings Per Share

 

    “Adjusted Earnings Per Share” shall mean the
    adjusted earnings per share as stated by the Company in its
    annual financial results as issued by the Company with respect
    to the Performance Period.

 

 

    Section 1.3 — Adjusted
    Operating Margin

 

    “Adjusted Operating Margin” shall mean the
    adjusted operating margin as stated by the Company in its annual
    financial results as issued by the Company with respect to the
    Performance Period.

 

    Section 1.4 — Board

 

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

 

    Section 1.5 — Cause

 

    “Cause” shall mean (i) the
    Executive’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 Executive’s receipt of such notice to cure
    and/or
    correct such performance failure, (ii) willful misconduct
    by the Executive in connection with the Executive’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
    Executive 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 Executive’s restrictive covenants and other
    obligations as provided in Schedule C to this Agreement (if
    applicable), in the Executive’s employment agreement (if
    any), or any other non-compete agreement
    and/or
    confidentiality agreement entered into between the Executive 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 Executive’s
    receipt of such notice.

 

    Section 1.6 — Certification
    Date

 

    “Certification Date” shall mean the date that
    the Committee certifies in accordance with the requirements of
    Code Section 162(m), the amount payable under the SMIP
    based on “Earnings” for the Performance Period (as
    defined in the SMIP), the attainment level of the Performance
    Objectives and the number of Shares subject to RSUs that will
    become Earned Performance Shares based on the amount payable
    under the SMIP and attainment level of the additional
    Performance Objectives.

 

    Section 1.7 — 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 1.8 — Code

 

    “Code” shall mean the United States Internal
    Revenue Code of 1986, as amended.

 

    Section 1.9 — Committee

 

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

    

    2

 

    Section 1.10 — Earned
    Performance Shares

 

    “Earned Performance Shares” shall mean Shares
    subject to the Restricted Share Units in respect of which the
    applicable Performance Objectives, as set out in
    Section 3.1, have been achieved and shall become eligible
    for vesting and payment as set out in Section 3.2.

 

    Section 1.11 — Employment
    Documents

 

    “Employment Documents” shall mean the
    Employment Agreement made effective on September 7, 2010
    between Martin Sullivan and Willis North America, Inc. and the
    Offer Letter dated September 1, 2010 to Martin Sullivan.

 

    Section 1.12 — Grant
    Date

 

    “Grant Date” shall mean May 2, 2011.

 

    Section 1.13 — Performance
    Period

 

    “Performance Period” shall mean January 1,
    2011 to December 31, 2011.

 

    Section 1.14 — Performance
    Objectives

 

    “Performance Objectives” shall mean Adjusted
    Earnings Per Share and Adjusted Operating Margin, as set forth
    in Section 3.1(a) and Exhibit 1 to the Acceptance Form.

 

    Section 1.15 — Permanent
    Disability

 

    The Executive shall be deemed to have a “Permanent
    Disability” if the Executive 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 Executive or, if no such plan is
    applicable, in the event the Executive 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 1.16 — Person

 

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

 

    Section 1.17 — Plan

 

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

 

    Section 1.18 — Pronouns

 

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

 

    Section 1.19 — Restricted
    Share Units or RSUs

 

    “Restricted Share Units” or “RSUs”
    shall mean a conditional right to receive Ordinary Shares
    pursuant to Article IX of the Plan upon vesting and
    settlement, as set forth in Article III of this Agreement.

 

    Section 1.20 — Shares
    or Ordinary Shares

 

    “Shares” or “Ordinary Shares” means
    ordinary shares of the Company, par value of $0.000115 each,
    which may be authorised but unissued.

    

    3

 

    Section 1.21 — SMIP

 

    “SMIP” means the Willis Group Holdings Senior
    Management 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.

 

    Section 1.22 — Subsidiary

 

    “Subsidiary” shall mean with respect to the
    Company, 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 1.23 — 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 and the additional terms and
    conditions set forth in the SMIP, the Company hereby grants to
    the Executive the targeted number of RSUs stated in the
    Acceptance Form (including Exhibit 1 thereto). In
    circumstances where the Executive is required to enter into the
    Agreement of Restrictive Covenants and Other Obligations set
    forth in Schedule C, the Executive agrees that the grant of
    RSUs pursuant to this Agreement is sufficient consideration for
    the Executive entering into such agreement.

 

    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 Executive
    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 Executive 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 Executive’s
    participation in the Plan will not be interpreted to form an
    employment agreement with the Company or any Subsidiary. The
    Executive 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 earn or 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 Executive 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

    

    4

 

    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 Executive, 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

 

    (a) The Executive must make full payment to the Company or
    any Subsidiary by which the Executive 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 any Employer is
    obliged to (or would suffer a disadvantage if it were not to)
    account for any Tax (in any jurisdiction) for which the
    Executive is liable by virtue of the Executive’s
    participation in the Plan
    and/or any
    social insurance contributions recoverable from and legally
    applicable to the Executive (the “Tax-Related Items”),
    the Executive will pay or make adequate arrangements
    satisfactory to the Company
    and/or the
    Employer to satisfy all Tax-Related Items. In this regard, the
    Executive authorizes the Company
    and/or the
    Employer, or their respective agents, at their discretion, to
    satisfy the obligations with regard to all Tax-Related Items by
    one or a combination of the following:

 

    (i) withholding from the Executive’s wages or other
    cash compensation paid to the Executive by the Company
    and/or the
    Employer; or

 

    (ii) withholding from proceeds of the sale of Shares
    acquired upon vesting of the RSUs either through a voluntary
    sale or through a mandatory sale arranged by the Company (on the
    Executive’s behalf pursuant to this authorization); or

 

    (iii) withholding in Shares to be issued at vesting of the
    RSUs.

 

    To avoid any negative accounting treatment, the Company may
    withhold or account for Tax-Related Items by considering
    applicable minimum statutory withholding amounts or other
    applicable withholding rates. If the obligation for Tax-Related
    Items is satisfied by withholding in Shares, for tax purposes,
    the Executive is deemed to have been issued the full number of
    Shares subject to vested RSUs, notwithstanding that a number of
    Shares are held back solely for the purpose of paying the
    Tax-Related Items due as a result of any aspect of the
    Executive’s participation in the Plan.

 

    Finally, the Executive shall pay to the Company or the Employer
    any amount of Tax-Related Items that the Company or the Employer
    may be required to withhold or account for as a result of the
    Executive’s participation in the Plan that cannot be
    satisfied by the means previously described.

 

    Section 2.6 — Clawback
    Policy

 

    The Company may cancel all or part of the RSUs or require
    payment by the Executive to the Company of all or part of any
    amount or Shares acquired by the Executive upon vesting and
    settlement of the RSUs pursuant to the Company’s Clawback
    Policy dated December 2009, as amended from time to time, except
    to the extent prohibited under applicable law.

 

    ARTICLE III

    

 

    PERIOD OF
    PERFORMANCE-BASED AND TIME-BASED VESTING REQUIREMENTS

 

    Section 3.1 — Earned
    Performance Shares

 

    (a) Subject to Sections 3.1(c) and (d) and
    subject to the aggregate amount payable under the SMIP, the
    Shares subject to the RSUs shall become Earned Performance
    Shares as of the Certification Date and shall become eligible to
    vest and become payable in accordance with the provisions of
    Section 3.2 if and to the extent that the Performance
    Objectives set out in Targets 1 (applicable to 50% of Target
    Number of Shares) and Target 2 (applicable to 50% of Target

    

    5

 

    Number of Shares) of Exhibit 1 to the Acceptance Form are
    attained and subject to the Executive being in the employment of
    the Company or any Subsidiary at each respective vesting date as
    set forth in Section 3.2 below.

 

    (b) The Executive understands and agrees that the terms
    under which the RSUs shall become Earned Performance Shares are
    confidential and the Executive agrees not to disclose, reproduce
    or distribute such confidential information concerning the
    Company, except as required in the course of the
    Executive’s employment with the Company or one of its
    Subsidiaries, without the prior written consent of the Company.
    The Executive’s failure to abide by this condition may
    result in the immediate cancellation of the RSUs.

 

    (c) If, prior to the end of the Performance Period,
    (i) the Executive’s employment terminates for reasons
    other than Cause, or (ii) there is a Change of Control, the
    Committee, may, in its sole discretion, deem the Performance
    Objectives to be attained at the level (not to exceed the
    maximum level) determined by the Committee as to all or part of
    the unearned Shares underlying the RSUs and deem them to be
    Earned Performance Shares; provided, however, that no RSU shall
    become an Earned Performance Share prior to the Certification
    Date or to the extent such exercise of discretion would result
    in a payment exceeding the amount payable under SMIP.

 

    (d) The Performance Objectives may be adjusted in
    accordance with the terms of the Plan to the extent such
    adjustments would not prevent the RSUs from qualifying as
    qualified performance-based compensation under
    Section 162(m) of the Code.

 

    (e) As of the Certification Date, the Committee shall
    certify the amount payable under the SMIP, determine the
    attainment level of applicable Performance Objectives, and based
    on such certification and determination, shall declare the
    number of Shares subject to the RSUs that shall become Earned
    Performance Shares. Anything to the contrary in this
    Section 3.1 and Exhibit 1 to the Acceptance Form
    notwithstanding, the Committee retains sole discretion to
    determine the number of Shares subject to the RSUs that will
    become Earned Performance Shares, subject to any requirements
    under Code Section 162(m).

 

    (f) Shares subject to the RSUs that are not declared by the
    Committee on the Certification Date to be Earned Performance
    Shares shall be forfeited immediately.

 

    Section 3.2 —
    Vesting/Settlement

 

    (a) Subject to the Executives’ continued employment
    with the Willis Group through the applicable vesting date (set
    forth in the left column), the Earned Performance Shares shall
    vest as follows and become payable in accordance with
    Section 3.2(h) below:

 

	 	 	 	 	 
	
    Date Earned Performance Shares

    
	
 
	
    Percentage of Earned Performance

    

	
    Become Vested
	
 
	
    Shares that Become Vested

	 

	

    First anniversary of Grant Date

	
 
	
 
	
    33
	
    %

	

    May 2, 2012

	
 
	
 
	
 
	
 

	

    Second anniversary of Grant Date

	
 
	
 
	
    33
	
    %

	

    May 2, 2013

	
 
	
 
	
 
	
 

	

    Third anniversary of Grant Date

	
 
	
 
	
    34
	
    %

	

    May 2, 2014

	
 
	
 
	
 
	
 

 

    (b) In the event of a termination of the Executive’s
    employment with Willis Group, any unvested Earned Performance
    Shares as of the termination will be forfeited immediately by
    the Executive, subject to, and except as otherwise specified
    within, the terms and conditions of Sections 3.2(c) to
    3.2(e) below.

 

    (c) In the event of a termination of the Executive’s
    employment as a result of death or Permanent Disability, the
    RSUs shall become fully vested with respect to all Earned
    Performance Shares on the termination date.

 

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

    

    6

 

    (e) In the event of a Change of Control, the Earned
    Performance Shares shall not automatically vest and the
    Committee shall have the sole discretion to accelerate the
    vesting of unvested Earned Performance Shares without regard to
    whether the Earned Performance Shares are assumed or substituted
    by a successor company.

 

    (f) The Executive 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 Executive 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 receipt of this Agreement; and

 

    (iii) the Executive must execute the Acceptance Form and
    deliver to the Company within 45 days of the receipt of
    this Agreement.

 

    (g) The Committee may, in its sole discretion, cancel the
    RSUs if the Executive fails to execute and deliver the
    agreements and documents within the period set forth in
    Section 3.2(f) or fails to meet the requirements set forth
    in Section 3.1(c).

 

    (h) Earned Performance Shares that become vested in
    accordance with this Section 3.2 shall be delivered within
    one month following the applicable vesting date.

 

    Section 3.3 — Conditions
    to Issuance of Shares

 

    The Earned Performance Shares to be delivered upon the vesting
    of the RSUs, in accordance with Section 3.2 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, and in any event, subject to
    Section 409A of the Code for U.S. taxpayers:

 

    (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 Executive 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 3.4 — Rights
    as Shareholder

 

    (a) Subject to Section 3.4(b) below, the Executive
    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 settlement of the RSUs unless and until
    certificates representing such Shares or their electronic
    equivalent shall have been issued by the Company to the
    Executive.

 

    (b) Pursuant to the terms of the Executive’s
    Employment Documents, the Executive is prohibited from selling,
    transferring or otherwise disposing of any Shares acquired upon
    the settlement of the RSUs under this Agreement and the
    Executive’s participation in the Plan until the earlier of
    (i) May 2, 2015 or (ii) the date the Company or
    Willis North America, Inc. provides the Executive with consent
    to sell, transfer or otherwise dispose of the Shares.

 

    Section 3.5 — Limitation
    on Obligations

 

    The Company’s obligation with respect to the RSUs granted
    hereunder is limited solely to the delivery to the Executive 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 Executive for damages relating to any delays in
    issuing the share certificates or its

    

    7

 

    electronic equivalent to the Executive (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 Executive (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 Executive 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 Executive’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;

 

    (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
    Executive’s participation in the Plan, the issuance of
    Shares upon vesting of the RSUs or sale of the Shares. The
    Executive is hereby advised to 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 Executive hereby explicitly and unambiguously
    consents to the collection, use and transfer, in electronic or
    other form, of the Executive’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 Executive’s participation in the Plan.

 

    (b) The Executive understands that the Company and
    the Employer may hold certain personal information about the
    Executive, including, but not limited to, the Executive’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 

    

    8

 

    or outstanding in the Executive’s favor, for the
    exclusive purpose of implementing, administering and managing
    the Plan (“Data”).

 

    (c) The Executive 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 Executive understands that the
    recipients of the Data may be located in the Executive’s
    country or elsewhere, and that the recipients’ country
    (e.g., Ireland) may have different data privacy laws and
    protections from the Executive’s country. The Executive
    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 Executive
    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
    Executive understands that Data will be held only as long as is
    necessary to implement, administer and manage the
    Executive’s participation in the Plan. The Executive
    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 Executive
    understands, however, that refusing or withdrawing his consent
    may affect the Executive’s ability to participate in the
    Plan. For more information on the consequences of the
    Executive’s refusal to consent or withdrawal of consent,
    the Executive 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

 

    In consideration of the grant of RSUs, the Executive 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 Executive 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 Executive, 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 Executive 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.

    

    9

 

    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: Company Secretary

 

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

 

    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
    Executive shall, if the Executive is then deceased, be given to
    the Executive’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 Executive resident outside the United States of America or
    the United Kingdom, sent by facsimile or by 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 and the Employment Documents

 

    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. With the exception of the definitions
    in this Agreement, in the event of any conflict between this
    Agreement, the Plan and the Employment Agreement, the terms of
    the Employment Documents 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

    

    10

 

    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 Executive 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.

 

    Section 7.11 — Language

 

    If the Executive 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 Executive’s country of residence,
    if any. If the Executive 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
    Executive, 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 Executive 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 Executive, 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.

    

    11

 

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

 

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

			
	 	    By: 
	
    /s/  Adam
    Ciongoli
    
    

    Name:     Adam Ciongoli

			
	 	    Title: 
	
    Company Secretary

    

    12

 

    SCHEDULE A

 

    ACCEPTANCE
    FORM TO

 

    WILLIS
    GROUP HOLDINGS

 

    RESTRICTED
    SHARE UNITS AWARD AGREEMENT

    (Performance-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)

 

	 	 	 
	

    Name

	
 
	
    Martin Sullivan

	

    Target Number of Restricted Share Units Granted

	
 
	
    50,000

	

    Grant Date

	
 
	
    May 2, 2011

 

    I accept the grant of Restricted Stock Units 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 Award Agreement
    dated May 2, 2011.

 

	 
	

    Signature:

	
 

	

    /s/  Martin
    Sullivan

	
 

	

    Address:

	
 

	
    276 Quaker Road

    Chappaqua, NY 10514

 

    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

 

    EXHIBIT 1

 

    ACCEPTANCE
    FORM TO

 

    WILLIS
    GROUP HOLDINGS

 

    RESTRICTED
    SHARE UNITS AWARD AGREEMENT

    (Performance-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)

 

    Performance Period: January 1, 2011 through
    December 31, 2011

    Certification Date: Certification by the Committee of the
    Annual Financial Results

 

    Target 1:
    Adjusted Operating Margin (“OM”) Target
    [     ]%

    Percentage of RSU Shares Subject to Target 1: 50%

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    (OM of [     ] or

    
	
 
	
    (OM of [     ]

    
	
 
	
    (OM of

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    below)
	
 
	
    21.808%)
	
 
	
    [     ])
	
 
	
    100% or above

	 

	

    Percentage of Earned Performance Shares:

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    80-89
	
    %
	
 
	
 
	
    90-99
	
    %
	
 
	
 
	
    100
	
    %

 

    Target 2: Adjusted Earnings Per Share (“EPS”)
    Target $[     ]

    Percentage of RSU Shares Subject to Target 2: 50%

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
 
	
 
	
    (EPS of [     ] or

    
	
 
	
    (EPS of

    
	
 
	
    (EPS of

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    below)
	
 
	
    [     ])
	
 
	
    [     ])
	
 
	
    100% or above

	 

	

    Percentage of Earned Performance Shares:

	
 
	
 
	
    0
	
    %
	
 
	
 
	
    80-89
	
    %
	
 
	
 
	
    90-99
	
    %
	
 
	
 
	
    100
	
    %

 

 

			
	
    *		
    Performance between amounts is subject to interpolation.

    

    14

 

    SCHEDULE B

 

    COUNTRY-SPECIFIC
    APPENDIX TO

 

    WILLIS
    GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    RESTRICTED
    SHARE UNIT AWARD AGREEMENT

    (Performance-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)

 

    Terms and
    Conditions

 

    This Schedule B includes additional terms and conditions
    that govern the Restricted Share Unit Award granted to the
    Executive under the Plan if the Executive 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
    Executive’s country as of May 2011. Such laws are often
    complex and change frequently. As a result, the Company strongly
    recommends that the Executive not rely on the information noted
    herein as the only source of information relating to the
    consequences of the Executive’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 Executive with any tax advice with respect
    to the RSUs. The information is provided below may not apply to
    the Executive’s particular situation, and the Company is
    not in a position to assure the Executive of any particular
    result. Accordingly, the Executive is strongly advised to
    seek appropriate professional advice as to how the tax or other
    laws in the Executive’s country apply to the
    Executive’s situation.

 

    Finally, if the Executive is a citizen or resident of a country
    other than the one in which the Executive is currently working,
    transfers employment after the RSU award is granted, or is
    considered a resident of another country for local law purposes,
    the notifications contained herein may not be applicable to the
    Executive, and the Company shall, in its discretion, determine
    to what extent the terms and conditions contained herein shall
    be applicable to the Executive.

 

    UNITED
    STATES OF AMERICA

 

    Exchange Control Information.  United States
    persons who have signature or other authority over, or a
    financial interest in, bank, securities or other financial
    accounts outside of the United States (including a
    non-U.S. brokerage
    account holding the Company’s Shares or proceeds from the
    sale of same) must file a Foreign Bank and Financial Accounts
    Report (“FBAR”) with the United States Internal
    Revenue Service each calendar year in which the aggregate value
    of the accounts exceeds $10,000. The FBAR must be on file by
    June 30 of each calendar year for accounts held in the previous
    year which exceed the aggregate value.

    

    15

 

    SCHEDULE C

 

    Not applicable.

    

    16

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