Document:

exv10w1

    Exhibit 10.1

 

    FIRST
    AMENDMENT TO THE

    AMENDED AND RESTATED WILLIS U.S. 2005 DEFERRED COMPENSATION

    PLAN

 

    This amendment (the “First Amendment”) is made and
    entered into effective as of the 1st day of June, 2011.

 

    WHEREAS, Hilb Rogal & Hobbs Company
    (“HRH”) has previously adopted the Hilb
    Rogal & Hobbs Company Executive Voluntary Deferral
    Plan (the “EVDP”) to provide certain key executives an
    opportunity to defer a portion of their compensation on a
    pre-tax basis; and

 

    WHEREAS, Willis HRH, Inc. (the “Company”) is
    the successor to HRH by virtue of a merger of HRH into and with
    Willis HRH, Inc.; and

 

    WHEREAS, the EVDP was frozen effective December 31,
    2009 and after such date no additional contributions and no
    additional salary deferrals have been or will be credited to the
    EVDP; and

 

    WHEREAS, the Company intends to merge the trust for the
    EVDP into the trust for the Willis U.S. 2005 Deferred
    Compensation Plan (the “Willis Plan”) effective
    June 1, 2011; and

 

    WHEREAS, the Company desires to consolidate the
    administration and certain other provisions into a single plan
    document while maintaining the status of certain benefits and
    distribution provisions under the EVDP as
    “grandfathered” under section 409A of the Code
    and the terms and conditions of the EVDP shall continue to apply
    to the Pre-2005 Accounts and the Post-2004 Accounts as a
    separate plan and as if it were not part of the Willis Plan
    except as provided herein; and

 

    WHEREAS, Section 11.9(a) and (b) of the Willis
    Plan permits the Company to amend the Plan.

 

    NOW, THEREFORE, the plan is hereby amended, effective as
    of June 1, 2011 as follows:

 

    1. A Participant’s Pre-2005 Account shall be the
    amounts deferred under the EVDP by the Participant and any other
    amounts credited thereunder which were earned and vested prior
    to January 1, 2005, plus earnings thereon. The Pre-2005 Accounts
    are not intended to be subject to section 409A of the Code
    (“Section 409A”). It is intended that this First
    Amendment will not constitute a “material
    modification” for purposes of Section 409A and this
    First Amendment is not intended to provide a Participant with
    materially enhanced or a new material benefit so as to cause
    such accounts to be subject to Section 409A. Any provision
    herein or in the Willis Plan that would constitute a material
    modification to the Pre-2005 Accounts or constitute a materially
    enhanced or new material benefit with respect to the Pre-2005
    Accounts shall be void ab initio.

 

    2. The Pre-2005 Accounts shall be treated as grandfathered
    benefits under Section 409A of the Code, shall be
    maintained and accounted for separately and shall remain subject
    to the terms and conditions of the EVDP, as set forth in
    Appendix A.

 

    3. A Participant’s Post-2004 Account shall document
    the amounts deferred under the Plan by the Participant and any
    other amounts credited hereunder on and after January 1,
    2005, plus earnings thereon.

 

    4. It is intended that the provisions with respect to the
    separate Pre-2005 Accounts and Post-2004 Accounts with respect
    to vesting and distributions under the EVDP will continue to
    apply to such accounts and this First Amendment is not intended
    to any way affect or alter the distribution rights, Participant
    distribution elections or the form and time of any distributions
    otherwise applicable under the EVDP.

 

    5. This Amendment is intended to constitute a continuation
    of the EVDP for purposes of the Pre-2005 Accounts and the
    Post-2004 Accounts, except as specifically modified hereunder.
    The EVDP, with respect to the Pre-2005 Accounts, is not intended
    to be subject to Section 409A. Although the Pre-2005
    Accounts are not intended to be subject to Section 409A,
    neither the Company, any Affiliate nor any director, officer, or
    other representative of the

 

    Company or an Affiliate shall be liable for any adverse tax
    consequence suffered by a Participant or Beneficiary if a
    Pre-2005 Account becomes subject to Section 409A.

 

    6. The following provisions of the EVDP shall no longer
    apply to the Pre-2005 Accounts and the Post-2004 Accounts,
    except to the extent necessary to preserve the grandfathered
    status of the Pre-2005 Account under Section 409A, and the
    comparable provisions of the Willis Plan shall govern the rights
    of the Participants with respect to the matters covered by the
    following Sections of the EVDP: Article 1 (except
    Sections 1.1, 1.22, 1.26, 1.28, 1.29, 1.30, 1.32, 1.33 and
    1.34), Article 2, Article 3, Article 4,
    Article 7, Article 8, Article 10,
    Article 11, and Article 12.

 

    7. The EVDP was frozen, effective December 31, 2009,
    and shall remain a frozen plan, and no additional Deferral
    Contributions, Corporation Contributions or any other
    contributions shall be made to or credited to any Account in the
    EVDP.

 

    8. To the extent of any compliance issues or ambiguous
    terms, this First Amendment shall be construed in such a manner
    so as to comply with the requirements of Section 409A,
    provided, however, with respect to the Pre-2005 Accounts, this
    First Amendment, including any ambiguous terms herein, shall be
    construed in such a manner so as to preserve the status of the
    Pre-2005 Accounts as “grandfathered accounts” and as
    not subject to Section 409A.

 

    9. Capitalized terms have the meaning set forth herein, or
    if not defined herein, shall have the meaning ascribed in the
    EVDP or Willis Plan, as applicable.

 

    10. This First Amendment to The Amended and Restated Willis
    U.S. 2005 Deferred Compensation Plan shall apply only to
    the amounts transferred from the EVDP and such accounts shall be
    held in separate accounts.

 

    [Signature
    Page Follows]

    

    2

 

    IN WITNESS WHEREOF, the parties hereto have executed this
    First Amendment to the Plan effective as of the date first
    written above.

 

    Willis North America Inc.
    

 

    /s/  Jennifer
    Neihoff

    By: Jennifer Neihoff

    Its: Vice President

    

    3

 

    Appendix A

 

    Hilb
    Rogal & Hobbs Company Executive Voluntary Deferral
    Plan

    

    4exv10w2

    Exhibit 10.2

 

    WILLIS
    GROUP HOLDINGS

    2001 SHARE PURCHASE AND OPTION PLAN

 

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

    HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

    ON DECEMBER 31, 2009)

 

    RESTRICTED
    SHARE UNIT AWARD AGREEMENT

    (Time-Based Restricted Share Units)

 

    THIS RESTRICTED SHARE UNIT 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
    “Executive”) 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 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;

 

    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
    Executive as an incentive for increased efforts during the
    Executive’s employment 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 used in 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
     — Board

 

    “Board” shall mean the board of directors of
    the Company or any duly authorized committee thereof.

 

    Section 1.3 — 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 1.4
     — Committee

 

    “Committee” shall mean the Compensation
    Committee of the Board (or if no such committee is appointed,
    the Board, provided that a majority of the Board are
    “independent directors” for the purpose of the rules
    and regulations of the New York Stock Exchange).

 

    Section 1.5
     — Grant Date

 

    “Grant Date” shall mean [insert date].

 

    Section 1.6
     — 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 1.7
     — Plan

 

    “Plan” shall mean the Willis Group Holdings
    2001 Share Purchase and Option Plan, as amended from time
    to time.

 

    Section 1.8
     — Pronouns

 

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

 

    Section 1.9
     — Restricted Share Units or
    RSUs

 

    “Restricted Share Units” or
    “RSUs” shall mean a conditional right to
    receive Ordinary Shares pursuant to the terms of the Plan upon
    vesting and settlement, as set forth in Section 3.1 of this
    Agreement.

 

    Section 1.10
     — 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 1.11 —
    Subsidiary

 

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

 

    Section 1.12
     — Willis Group

 

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

    

    2

 

    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 Executive the number of RSUs stated in the Acceptance Form.
    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 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 in RSUs Pursuant to
    Merger, Consolidation, etc.

 

    Subject to Sections 8 and 9 of the Plan, in the event that
    the outstanding 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 share split,
    spin-off, shares or extraordinary cash dividend, share
    combination or reclassification, recapitalization or 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. In the event of a
    Change of Control and regardless of whether the RSUs are assumed
    or substituted by a successor company, the RSUs shall not
    immediately vest unless the Committee so determines at the time
    of the Change of Control, in its absolute discretion, on such
    terms and conditions that the Committee deems appropriate. 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

 

    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-

    

    3

 

    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 issued
    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 upon vesting of
    the RSUs, to the extent the Company permits this method of
    withholding.

 

    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 the 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
    VESTING AND ISSUANCE OF SHARES

 

    Section 3.1
     — Vesting Schedule and Forfeiture
    Provisions

 

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

 

	 	 	 
	
 
	
 
	
    Percentage of Shares as to which

    

	
    Date RSUs Become Vested
	
 
	
    RSUs Become Vested

	 

	

    On [insert date]

	
 
	
    [insert] %

	

    On [insert date]

	
 
	
    [insert] %

	

    On [insert date]

	
 
	
    [insert] %

 

    (b) In the event of a termination of the Executive’s
    employment with Willis Group any unvested RSUs will be forfeited
    immediately by the Executive, subject to, and except as
    otherwise specified within, the terms and conditions of
    Sections 3.1(c) to 3.1(f) 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 Shares
    underlying such RSUs 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 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
    Executive.

    

    4

 

    (e) Unless otherwise determined by the Committee, in its
    sole discretion, the termination date for purposes of this
    Section 3.1 and the Agreement will be the later of
    (i) the last day of the Executive’s active employment
    with the Company or any Subsidiary or (ii) the last day of
    any notice period or garden leave, as provided for under the
    Executive’s employment or service contract or local law.

 

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

 

    (g) 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;

 

    (ii) the Executive 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
    receipt of this Agreement; and

 

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

 

    (h) 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 3.1(g).

 

    (i) 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 this 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 3.3
     — 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 3.4
     — 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

    

    5

 

    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 a RSU, 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; and

 

    (h) no claim or entitlement to compensation or damages
    shall arise from the forfeiture of the RSUs or the Shares
    underlying the RSUs in the event of the Executive’s
    termination of employment (whether or not in breach of contract
    or local labor laws and whether or not later found to be
    invalid), and in consideration of the RSU award to which the
    Executive is otherwise not entitled, the Executive irrevocably
    agrees never to institute any claim against the Company or any
    Subsidiary, waives his ability, if any, to bring any such claim,
    and releases the Company and any Subsidiary from any such claim.

 

    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.

    

    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 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 receipt of this Agreement.
    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,

    

    7

 

    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: Share Plans

 

    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 

 

    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 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 Ireland without regard to its conflict 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.

    

    8

 

    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 and Acceptance

 

    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. Further, this Agreement has been executed on behalf of
    the Company electronically and the Executive accepts the
    electronic signature of 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.

    

    9

 

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

 

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    By:

    Name:     

    Title:

    

    10

 

    SCHEDULE A

 

    ACCEPTANCE
    FORM TO RESTRICTED SHARE UNIT AWARD AGREEMENT

 

    WILLIS
    GROUP HOLDINGS

    2001 SHARE PURCHASE AND OPTION PLAN

 

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

    HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND

    ASSUMED BY WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

    ON DECEMBER 31, 2009)

 

    Name

 

    Number of RSUs Granted

 

    Grant Date

 

    I accept the grant of the Restricted Share Units
    (“RSUs”) under the Willis Group Holdings
    2001 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 [insert date]
    and any country-specific terms set forth in Schedule B,
    thereto.

 

    Signature:

 

    Address:

 

 

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

 

    Share Plans

    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.

    

    11

 

    SCHEDULE B

 

    COUNTRY-SPECIFIC
    APPENDIX TO RESTRICTED SHARE UNIT AWARD AGREEMENT

    (Performance and Time-Based Restricted Share Units)

 

    WILLIS
    GROUP HOLDINGS

    2001 SHARE PURCHASE AND OPTION PLAN

 

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

    HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND

    ASSUMED BY WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

    ON DECEMBER 31, 2009)

 

    Terms and
    Conditions

 

    This Schedule B includes additional terms and conditions
    that govern the Restricted Share Unit Award granted to the
    Executive under the Willis Group Holdings 2001 Share
    Purchase and Option Plan, as amended from time to time (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 June 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 Grant Date, 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
    KINGDOM

 

    Terms
    and Conditions

 

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

 

    The Executive agrees that if he or she does not pay or the
    Employer or the Company does not withhold from the Executive the
    full amount of Tax-Related Items that the Executive owes at
    vesting of the RSUs, or the release or assignment of the RSUs
    for consideration, 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 of any
    uncollected income taxes will constitute a benefit to
    Participant on which additional income tax and national
    insurance contributions (“NICs”), including the
    Employer’s NICs (as defined below) will be payable. The
    Executive 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 the
    Section 2.5 of the

    

    12

 

    Agreement, although the Executive acknowledges that the
    Executive ultimately will be responsible for reporting any
    income tax or NICs due on this additional benefit directly to
    HMRC under the self-assessment regime.

 

    Joint Election.  In the case of Executives who
    are U.K. tax residents, the RSU Award is conditional upon the
    Executive 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 Executive agrees to
    execute a joint election with Company
    and/or the
    Employer (“Election”), the form of such Election being
    formally approved by Her Majesty’s Revenue &
    Customs (“HMRC”), and any other consent or elections
    required to accomplish the transfer of the Employer NICs to the
    Executive. The Executive further agrees to execute such other
    joint elections as may be required between the Executive and any
    successor to the Company
    and/or the
    Employer. If the Executive 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

 

    There are no country-specific provisions.

    

    13

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