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                                                                    EXHIBIT 4(b)

                                                                  EXECUTION COPY

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                          REGISTRATION RIGHTS AGREEMENT

                             Dated December 13, 2001

                                     between

                                 AON CORPORATION

                                       and

                        MORGAN STANLEY & CO. INCORPORATED

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                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT") is made and entered
into on December 13, 2001 between Aon Corporation, a Delaware corporation (the
"COMPANY"), and MORGAN STANLEY & CO. INCORPORATED (the "PURCHASER").

     This Agreement is made pursuant to the Purchase Agreement dated December 7,
2001 between the Company and the Purchaser (the "PURCHASE AGREEMENT"), which
provides for the sale by the Company to the Purchaser of $150,000,000 aggregate
principal amount of the Company's floating rate notes due 2003 and $250,000,000
aggregate principal amount of its 6.20% notes due 2007 (such notes due 2007, the
"SECURITIES"). In order to induce the Purchaser to enter into the Purchase
Agreement, the Company has agreed to provide to the Purchaser and its direct and
indirect transferees the registration rights set forth in this Agreement. The
execution of this Agreement is a condition to the closing under the Purchase
Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

      1. DEFINITIONS

     As used in this Agreement, the following capitalized defined terms shall
have the following meanings:

     "1933 ACT" shall mean the Securities Act of 1933, as amended from time to
time.

     "1934 ACT" shall mean the Securities Exchange Act of 1934, as amended from
time to time.

     "CLOSING DATE" shall mean the Closing Date as defined in the Purchase
Agreement.

     "COMPANY" shall have the meaning set forth in the preamble and shall also
include the Company's successors.

     "EXCHANGE OFFER" shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2(a) hereof.

     "EXCHANGE OFFER REGISTRATION" shall mean a registration under the 1933 Act
effected pursuant to Section 2(a) hereof.

     "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean an exchange offer

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registration statement on Form S-4 (or, if applicable, on another appropriate
form) under the 1933 Act and all amendments and supplements to such registration
statement, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

     "EXCHANGE SECURITIES" shall mean securities issued by the Company under the
Indenture containing terms identical to the Securities (except that (i) interest
thereon shall accrue from the last date on which interest was paid on the
Securities or, if no such interest has been paid, from December 13, 2001 and
(ii) the Exchange Securities generally will not contain restrictions on
transfer) and to be offered to Holders of Securities in exchange for Securities
pursuant to the Exchange Offer.

     "HOLDER" shall mean the Purchaser, for so long as it owns any Registrable
Securities, and each of its successors, assigns and direct and indirect
transferees who become registered owners of Registrable Securities under the
Indenture.

     "INDENTURE" shall mean the Indenture relating to the Securities dated as of
December 13, 2001 between the Company and The Bank of New York, as trustee, and
as the same may be amended from time to time in accordance with the terms
thereof.

     "MAJORITY HOLDERS" shall mean the Holders of a majority of the aggregate
principal amount of outstanding Registrable Securities; provided that whenever
the consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or
any of its affiliates (as such term is defined in Rule 405 under the 1933 Act)
(other than the Purchaser or subsequent Holders of Registrable Securities if
such subsequent Holders are deemed to be such affiliates solely by reason of
their holding of such Registrable Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage or amount.

     "PERSON" shall mean an individual, partnership, limited liability company,
corporation, trust or unincorporated organization, or a government or agency or
political subdivision thereof.

     "PURCHASER" shall have the meaning set forth in the preamble.

     "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble.

     "PROSPECTUS" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the

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Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including
all material incorporated by reference therein.

     "REGISTRABLE SECURITIES" shall mean the Securities; provided, however, that
the Securities shall cease to be Registrable Securities (i) when a Registration
Statement with respect to such Securities shall have been declared effective
under the 1933 Act and such Securities shall have been disposed of pursuant to
such Registration Statement, (ii) when such Securities have been sold to the
public pursuant to Rule 144(k) (or any similar provision then in force, but not
Rule 144A) under the 1933 Act or (iii) when such Securities shall have ceased to
be outstanding.

     "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue
sky laws (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with blue sky qualification of any of the
Exchange Securities or Registrable Securities), (iii) all expenses of any
Persons in preparing or assisting in preparing, word processing, printing and
distributing any Registration Statement, any Prospectus, any amendments or
supplements thereto, any underwriting agreements, securities sales agreements
and other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating
to the qualification of the Indenture under applicable securities laws, (vi) the
fees and disbursements of the Trustee and its counsel, (vii) the fees and
disbursements of counsel for the Company and, in the event the Company
determines to file a Shelf Registration Statement, the reasonable fees and
disbursements of one counsel for the Holders (which counsel shall be selected by
the Majority Holders and which counsel may also be counsel for the Purchaser)
and (viii) the fees and disbursements of the independent public accountants of
the Company, including the expenses of any special audits or "COLD COMFORT"
letters required by or incident to such performance and compliance, but
excluding fees and expenses of counsel to the underwriters (other than fees and
expenses set forth in clause (ii) above) or the Holders and underwriting
discounts and commissions and transfer taxes, if any, relating to the sale or
disposition of Registrable Securities by a Holder.

     "REGISTRATION STATEMENT" shall mean any registration statement of the
Company that covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement and all amendments and supplements
to any such Registration Statement, including post-effective amendments, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

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     "SEC" shall mean the Securities and Exchange Commission.

     "SHELF REGISTRATION" shall mean a registration effected pursuant to Section
2(b) hereof.

     "SHELF REGISTRATION STATEMENT" shall mean a "SHELF" registration statement
of the Company pursuant to the provisions of Section 2(b) of this Agreement
which covers all of the Registrable Securities but no other securities unless
approved by the Holders whose Registrable Securities are covered by such Shelf
Registration Statement on an appropriate form under Rule 415 under the 1933 Act,
or any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

     "TRUSTEE" shall mean the trustee with respect to the Securities under the
Indenture.

     "UNDERWRITER" shall have the meaning set forth in Section 3 hereof.

     "UNDERWRITTEN REGISTRATION" or "UNDERWRITTEN OFFERING" shall mean a
registration in which Registrable Securities are sold to an Underwriter for
reoffering to the public.

      2. REGISTRATION UNDER THE 1933 ACT.

          (a) To the extent not prohibited by any applicable law or applicable
     interpretation of the Staff of the SEC, the Company shall use its
     reasonable best efforts to cause to be filed an Exchange Offer Registration
     Statement covering the offer by the Company to the Holders to exchange all
     of the Registrable Securities for Exchange Securities and to have such
     Registration Statement remain effective until the closing of the Exchange
     Offer. The Company shall commence the Exchange Offer promptly after the
     Exchange Offer Registration Statement has been declared effective by the
     SEC and use its reasonable best efforts to have the Exchange Offer
     consummated not later than 60 days after such effective date. The Company
     shall commence the Exchange Offer by mailing the related exchange offer
     Prospectus and accompanying documents to each Holder stating, in addition
     to such other disclosures as are required by applicable law:

              (i)     that the Exchange Offer is being made pursuant to this
          Agreement and that all Registrable Securities validly tendered and not
          withdrawn will be accepted for exchange;

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              (ii)    the dates of acceptance for exchange (which shall be a
          period of at least 20 business days from the date such notice is
          mailed) (the "EXCHANGE DATES");

              (iii)   that any Registrable Security not tendered will remain
          outstanding and continue to accrue interest, but will not retain any
          rights under this Agreement;

              (iv)    that Holders electing to have a Registrable Security
          exchanged pursuant to the Exchange Offer will be required to surrender
          such Registrable Security, together with the enclosed letters of
          transmittal, to the institution and at the address (located in the
          Borough of Manhattan, The City of New York) specified in the notice
          prior to the close of business on the last Exchange Date; and

              (v)     that Holders will be entitled to withdraw their election,
          not later than the close of business on the last Exchange Date, by
          sending to the institution and at the address (located in the Borough
          of Manhattan, The City of New York) specified in the notice a
          telegram, telex, facsimile transmission or letter setting forth, among
          other things, the name of such Holder, the principal amount of
          Registrable Securities delivered for exchange and a statement that
          such Holder is withdrawing his election to have such Securities
          exchanged.

              As soon as practicable after the last Exchange Date, the Company
          shall:

              (i)     accept for exchange Registrable Securities or portions
          thereof validly tendered and not withdrawn pursuant to the Exchange
          Offer; and

              (ii)    deliver, or cause to be delivered, to the Trustee for
          cancellation all Registrable Securities or portions thereof so
          accepted for exchange by the Company and issue, and cause the Trustee
          to promptly authenticate and mail to each Holder, an Exchange Security
          equal in principal amount to the principal amount of the Registrable
          Securities surrendered by such Holder.

     The Company shall use its reasonable best efforts to complete the Exchange
Offer as provided above and shall comply with the applicable requirements of the
1933 Act, the 1934 Act and other applicable laws and regulations in connection
with the Exchange Offer. The Exchange Offer shall not be subject to any
conditions, other than that the Exchange Offer does not violate applicable law
or any applicable interpretation of the Staff of the SEC. The

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Company shall inform the Purchaser of the names and addresses of the Holders to
whom the Exchange Offer is made, and the Purchaser shall have the right, subject
to applicable law, to contact such Holders and otherwise facilitate the tender
of Registrable Securities in the Exchange Offer.

          (b) In the event that (i) the Company determines that the Exchange
     Offer Registration provided for in Section 2(a) above is not available or
     may not be consummated as soon as practicable after the last Exchange Date
     because it would violate applicable law or the applicable interpretations
     of the Staff of the SEC or (ii) the Exchange Offer has been completed and
     in the opinion of counsel for the Purchaser a Registration Statement must
     be filed and a Prospectus must be delivered by the Purchaser in connection
     with any offering or sale of Registrable Securities, the Company may cause
     to be filed after such determination or notice of such opinion of counsel
     is given to the Company, as the case may be, a Shelf Registration Statement
     providing for the sale by the Holders of all of the Registrable Securities
     and to have such Shelf Registration Statement declared effective by the
     SEC. In the event the Company files a Shelf Registration Statement solely
     as a result of the matters referred to in clause (ii) of the preceding
     sentence, the Company shall use its reasonable best efforts to file and
     have declared effective by the SEC both an Exchange Offer Registration
     Statement pursuant to Section 2(a) with respect to all Registrable
     Securities and a Shelf Registration Statement (which may be a combined
     Registration Statement with the Exchange Offer Registration Statement) with
     respect to offers and sales of Registrable Securities held by the
     Purchasers after completion of the Exchange Offer. If the Company has
     determined to file and use its reasonable best efforts to have the Shelf
     Registration Statement declared effective, the Company agrees to use its
     reasonable best efforts to keep the Shelf Registration Statement
     continuously effective until the expiration of the period referred to in
     Rule 144(k) with respect to the Registrable Securities or such shorter
     period that will terminate when all of the Registrable Securities covered
     by the Shelf Registration Statement have been sold pursuant to the Shelf
     Registration Statement. The Company further agrees to supplement or amend
     the Shelf Registration Statement if required by the rules, regulations or
     instructions applicable to the registration form used by the Company for
     such Shelf Registration Statement or by the 1933 Act or by any other rules
     and regulations thereunder for shelf registration or if reasonably
     requested by a Holder with respect to information relating to such Holder,
     and to use its reasonable best efforts to cause any such amendment to
     become effective and such Shelf Registration Statement to become usable as
     soon as thereafter practicable. The Company agrees to furnish to the
     Holders of Registrable Securities copies of any such supplement or
     amendment promptly after its being used or filed with the SEC.

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          (c) The Company shall pay all Registration Expenses in connection with
     the registration pursuant to Section 2(a) and Section 2(b). Each Holder
     shall pay all underwriting discounts and commissions and transfer taxes, if
     any, relating to the sale or disposition of such Holder's Registrable
     Securities pursuant to the Shelf Registration Statement.

          (d) An Exchange Offer Registration Statement pursuant to Section 2(a)
     hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof
     will not be deemed to have become effective unless it has been declared
     effective by the SEC; provided, however, that, if, after it has been
     declared effective, the offering of Registrable Securities pursuant to a
     Shelf Registration Statement is interfered with by any stop order,
     injunction or other order or requirement of the SEC or any other
     governmental agency or court, such Registration Statement will be deemed
     not to have become effective during the period of such interference until
     the offering of Registrable Securities pursuant to such Registration
     Statement may legally resume. In the event the Exchange Offer is not
     consummated and the Shelf Registration Statement is not declared effective
     on or prior to September 9, 2002, the interest rate on the Securities will
     be increased by 0.5% per annum until (i) the Exchange Offer is consummated,
     (ii) the Shelf Registration Statement is declared effective by the SEC, or
     (iii) the Securities shall have ceased to be outstanding.

          (e) Without limiting the remedies available to the Purchaser and the
     Holders, the Company acknowledges that any failure by the Company to comply
     with its obligations under Section 2(a) and Section 2(b) hereof may result
     in material irreparable injury to the Purchaser or the Holders for which
     there is no adequate remedy at law, that it will not be possible to measure
     damages for such injuries precisely and that, in the event of any such
     failure, the Purchaser or any Holder may obtain such relief as may be
     required to specifically enforce the Company's obligations under Section
     2(a) and Section 2(b) hereof.

      3. REGISTRATION PROCEDURES.

     In connection with the obligations of the Company with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) (if the
Company has determined to file a Shelf Registration Statement and use its
reasonable best efforts to have such Shelf Registration Statement declared
effective) hereof, the Company shall as expeditiously as possible:

          (a) prepare and file with the SEC a Registration Statement on the

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     appropriate form under the 1933 Act, which form (x) shall be selected by
     the Company and (y) shall, in the case of a Shelf Registration, be
     available for the sale of the Registrable Securities by the selling Holders
     thereof and (z) shall comply as to form in all material respects with the
     requirements of the applicable form and include all financial statements
     required by the SEC to be filed therewith, and use its reasonable best
     efforts to have such Registration Statement become effective and remain
     effective in accordance with Section 2 hereof;

          (b) prepare and file with the SEC such amendments and post-effective
     amendments to each Registration Statement as may be necessary to keep such
     Registration Statement effective for the applicable period and cause each
     Prospectus to be supplemented by any required prospectus supplement and, as
     so supplemented, to be filed pursuant to Rule 424 under the 1933 Act;

          (c) in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, to counsel for the Purchaser, to counsel for the
     Holders and to each Underwriter of an Underwritten Offering of Registrable
     Securities, if any, without charge, as many copies of each Prospectus,
     including each preliminary Prospectus, and any amendment or supplement
     thereto and such other documents as such Holder or Underwriter may
     reasonably request, in order to facilitate the public sale or other
     disposition of the Registrable Securities; and the Company consents to the
     use of such Prospectus and any amendment or supplement thereto in
     accordance with applicable law by each of the selling Holders of
     Registrable Securities and any such Underwriters in connection with the
     offering and sale of the Registrable Securities covered by and in the
     manner described in such Prospectus or any amendment or supplement thereto
     in accordance with applicable law;

          (d) use its reasonable best efforts to register or qualify the
     Registrable Securities under all applicable state securities or "BLUE SKY"
     laws of such jurisdictions as any Holder of Registrable Securities covered
     by a Registration Statement shall reasonably request in writing by the time
     the applicable Registration Statement is declared effective by the SEC, to
     cooperate with such Holders in connection with any filings required to be
     made with the National Association of Securities Dealers, Inc. and do any
     and all other acts and things which may be reasonably necessary or
     advisable to enable such Holder to consummate the disposition in each such
     jurisdiction of such Registrable Securities owned by such Holder; provided,
     however, that the Company shall not be required to (i) qualify as a foreign
     corporation or as a dealer in securities in any jurisdiction where it would
     not otherwise be required to qualify but for this Section 3(d), (ii) file
     any general consent to service of process or (iii) subject itself to

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     taxation in any such jurisdiction if it is not so subject;

          (e) in the case of a Shelf Registration, notify each Holder of
     Registrable Securities, counsel for the Holders and counsel for the
     Purchaser promptly and, if requested by any such Holder or counsel, confirm
     such advice in writing (i) when a Registration Statement has become
     effective and when any post-effective amendment thereto has been filed and
     becomes effective, (ii) of any request by the SEC or any state securities
     authority for amendments and supplements to a Registration Statement and
     Prospectus or for additional information after the Registration Statement
     has become effective, (iii) of the issuance by the SEC or any state
     securities authority of any stop order suspending the effectiveness of a
     Registration Statement or the initiation of any proceedings for that
     purpose, (iv) if, between the effective date of a Registration Statement
     and the closing of any sale of Registrable Securities covered thereby, the
     representations and warranties of the Company contained in any underwriting
     agreement, securities sales agreement or other similar agreement, if any,
     relating to the offering cease to be true and correct in all material
     respects or if the Company receives any notification with respect to the
     suspension of the qualification of the Registrable Securities for sale in
     any jurisdiction or the initiation of any proceeding for such purpose, (v)
     of the happening of any event during the period a Shelf Registration
     Statement is effective which makes any statement made in such Registration
     Statement or the related Prospectus untrue in any material respect or which
     requires the making of any changes in such Registration Statement or
     Prospectus in order to make the statements therein not misleading and (vi)
     of any determination by the Company that a post-effective amendment to a
     Registration Statement would be appropriate;

          (f) make every reasonable effort to obtain the withdrawal of any order
     suspending the effectiveness of a Registration Statement at the earliest
     possible moment and provide immediate notice to each Holder of the
     withdrawal of any such order;

          (g) in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, without charge, at least one conformed copy of each
     Registration Statement and any post-effective amendment thereto (without
     documents incorporated therein by reference or exhibits thereto, unless
     requested), unless such documents are available on the SEC's EDGAR Website;

          (h) in the case of a Shelf Registration, cooperate with the selling
     Holders of Registrable Securities to facilitate the timely preparation and
     delivery of certificates representing Registrable Securities to be sold and

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     not bearing any restrictive legends and enable such Registrable Securities
     to be in such denominations (consistent with the provisions of the
     Indenture) and registered in such names as the selling Holders may
     reasonably request at least one business day prior to the closing of any
     sale of Registrable Securities;

          (i) in the case of a Shelf Registration, upon the occurrence of any
     event contemplated by Section 3(e)(v) hereof, use its reasonable best
     efforts to prepare and file with the SEC a supplement or post-effective
     amendment to a Registration Statement or the related Prospectus or any
     document incorporated therein by reference or file any other required
     document so that, as thereafter delivered to the purchasers of the
     Registrable Securities, such Prospectus will not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements therein, in light of the circumstances under which they
     were made, not misleading. The Company agrees to notify the Holders to
     suspend use of the Prospectus as promptly as practicable after the
     occurrence of such an event, and the Holders hereby agree to suspend use of
     the Prospectus until the Company has amended or supplemented the Prospectus
     to correct such misstatement or omission;

          (j) a reasonable time prior to the filing of any Registration
     Statement, any Prospectus, any amendment to a Registration Statement or
     amendment or supplement to a Prospectus or any document which is to be
     incorporated by reference into a Registration Statement or a Prospectus
     after the initial filing of a Registration Statement, provide the Purchaser
     and its counsel (and, in the case of a Shelf Registration Statement, the
     counsel to the Holders) a reasonable opportunity to comment on such
     document;

          (k) obtain a CUSIP number for all Exchange Securities or Registrable
     Securities, as the case may be, not later than the effective date of a
     Registration Statement;

          (l) cause the Indenture to be qualified under the Trust Indenture Act
     of 1939, as amended (the "TIA"), in connection with the registration of the
     Exchange Securities or Registrable Securities, as the case may be,
     cooperate with the Trustee and the Holders to effect such changes to the
     Indenture as may be required for the Indenture to be so qualified in
     accordance with the terms of the TIA and execute, and use its reasonable
     best efforts to cause the Trustee to execute, all documents as may be
     required to effect such changes and all other forms and documents required
     to be filed with the SEC to enable the Indenture to be so qualified in a
     timely manner;

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          (m) in the case of a Shelf Registration, make available for inspection
     by the Holders of the Registrable Securities, any Underwriter participating
     in any disposition pursuant to such Shelf Registration Statement, and
     attorneys and accountants designated by the Holders, at reasonable times
     and in a reasonable manner, all financial and other records, pertinent
     documents and properties of the Company, and cause the respective officers,
     directors and employees of the Company to supply all information reasonably
     requested by any such representative, Underwriter, attorney or accountant
     in connection with a Shelf Registration Statement; provided, however, that
     the foregoing inspection and gathering of information shall be coordinated,
     on behalf of any Underwriter, by such Underwriter and, on behalf of the
     other parties, by one counsel designated by and on behalf of such other
     parties; and provided further that such persons shall first agree in
     writing with the Company that any information that is reasonably and in
     good faith designated by the Company as confidential at the time of
     delivery of such information shall be kept confidential by such persons
     unless (i) disclosure of such information is required by court or
     administrative order or is necessary to respond to inquiries of regulatory
     authorities, (ii) disclosure of such information is required by law
     (including any disclosure requirements pursuant to Federal securities laws
     in connection with the filing of the Shelf Registration Statement or the
     use of any Prospectus thereunder), (iii) such information becomes generally
     available to the public other than as a result of disclosure, directly or
     indirectly, or failure to safeguard by any such person, or (iv) such
     information becomes available to any such person on a non-confidential
     basis from a source other than the Company and such source is not bound by
     a confidentiality agreement or other obligation not to disclose such
     information;

          (n) in the case of a Shelf Registration, use its reasonable best
     efforts to cause all Registrable Securities to be listed on any securities
     exchange or any automated quotation system on which similar securities
     issued by the Company are then listed if requested by the Majority Holders,
     to the extent such Registrable Securities satisfy applicable listing
     requirements;

          (o) use its reasonable best efforts to cause the Exchange Securities
     or Registrable Securities, as the case may be, to be rated by two
     nationally recognized statistical rating organizations (as such term is
     defined in Rule 436(g)(2) under the 1933 Act);

          (p) if reasonably requested by any Holder of Registrable Securities
     covered by a Registration Statement, (i) promptly incorporate in a
     Prospectus supplement or post-effective amendment such information with
     respect to such Holder as such Holder reasonably requests to be

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     included therein and (ii) make all required filings of such Prospectus
     supplement or such post-effective amendment as soon as the Company has
     received notification of the matters to be incorporated in such filing; and

          (q) in the case of a Shelf Registration, use its reasonable best
     efforts to enter into such customary agreements and take all such other
     actions in connection therewith (including those requested by the Holders
     of a majority of the Registrable Securities being sold) in order to
     expedite or facilitate the disposition of such Registrable Securities in an
     Underwritten Offering and in such connection, (i) to the extent possible,
     make such representations and warranties to the Holders and any
     Underwriters of such Registrable Securities with respect to the business of
     the Company and its subsidiaries, the Registration Statement, Prospectus
     and documents incorporated by reference or deemed incorporated by
     reference, if any, in each case, in form, substance and scope as are
     customarily made by issuers to underwriters in underwritten offerings, (ii)
     obtain opinions of counsel to the Company (which counsel and opinions, in
     form, scope and substance, shall be reasonably satisfactory to the Holders
     and such Underwriters and their respective counsel) addressed to each
     selling Holder and Underwriter of Registrable Securities, covering the
     matters customarily covered in opinions requested in underwritten
     offerings, (iii) obtain "COLD COMFORT" letters from the independent
     certified public accountants of the Company (and, if necessary, any other
     certified public accountant of any subsidiary of the Company, or of any
     business acquired by the Company for which financial statements and
     financial data are or are required to be included in the Registration
     Statement) addressed to each selling Holder and Underwriter of Registrable
     Securities, such letters to be in customary form and covering matters of
     the type customarily covered in "COLD COMFORT" letters in connection with
     underwritten offerings, and (iv) deliver such documents and certificates as
     may be reasonably requested by the Holders of a majority in principal
     amount of the Registrable Securities being sold or the Underwriters, and
     which are customarily delivered in underwritten offerings, to evidence the
     continued validity of the representations and warranties of the Company
     made pursuant to clause (i) above and to evidence compliance with any
     customary conditions contained in an underwriting agreement.

     In the case of a Shelf Registration Statement, the Company may require each
Holder of Registrable Securities to furnish to the Company such information
regarding the Holder and the proposed distribution by such Holder of such
Registrable Securities as the Company may from time to time reasonably request
in writing. Each Holder agrees to provide such information to the Company.

     In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Company of the happening of any event of the

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kind described in Section 3(e)(v) hereof, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to a Registration Statement until
such Holder's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 3(i) hereof, and, if so directed by the Company, such
Holder will deliver to the Company (at its expense) all copies in its
possession, other than permanent file copies then in such Holder's possession,
of the Prospectus covering such Registrable Securities current at the time of
receipt of such notice. If the Company shall give any such notice to suspend the
disposition of Registrable Securities pursuant to a Registration Statement, the
Company shall extend the period during which the Registration Statement shall be
maintained effective pursuant to this Agreement by the number of days during the
period from and including the date of the giving of such notice to and including
the date when the Holders shall have received copies of the supplemented or
amended Prospectus necessary to resume such dispositions and any such
suspensions may not exceed 90 days in the aggregate during any 365 day period.

     The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment banker
or investment bankers and manager or managers (the "UNDERWRITERS") that will
administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering.

      4. INDEMNIFICATION AND CONTRIBUTION.

          (a) The Company agrees to indemnify and hold harmless the Purchaser,
     each Holder and each Person, if any, who controls the Purchaser or any such
     Holder within the meaning of either Section 15 of the 1933 Act or Section
     20 of the 1934 Act, from and against all losses, claims, damages and
     liabilities (including, without limitation, any legal or other expenses
     reasonably incurred in connection with defending or investigating any such
     action or claim) caused by any untrue statement or alleged untrue statement
     of a material fact contained in any Registration Statement (or any
     amendment thereto) pursuant to which Exchange Securities or Registrable
     Securities were registered under the 1933 Act, including all documents
     incorporated therein by reference, or caused by any omission or alleged
     omission to state a material fact required to be stated therein or
     necessary to make the statements therein not misleading, or caused by any
     untrue statement or alleged untrue statement of a material fact contained
     in any Prospectus (as amended or supplemented if the Company shall have
     furnished any amendments or supplements thereto), or caused by any omission
     or alleged omission to state a material fact necessary to make the
     statements therein in light of the circumstances under which they were made
     not misleading, except insofar as such losses, claims, damages or
     liabilities are caused by any such untrue statement or

                                       13
<Page>

     omission or alleged untrue statement or omission based upon information
     relating to the Purchaser or any Holder furnished to the Company in writing
     by Morgan Stanley & Co. Incorporated or any selling Holder expressly for
     use therein, provided, however, that the foregoing indemnity with respect
     to any such Registration Statement or Prospectus, including any document
     incorporated therein by reference, shall not inure to the benefit of the
     Purchaser or any Holder (or to the benefit of any Person controlling such
     Holder) from whom the Person asserting any such losses, claims, damages or
     liabilities purchased the Registrable Securities if such untrue statement
     or omission or alleged untrue statement or alleged omission made in any
     such Registration Statement or Prospectus, including any document
     incorporated therein by reference, is eliminated or remedied in an
     amendment or supplement thereto and a copy of the amended or supplemented
     Registration Statement or Prospectus has not been furnished to such person
     on or prior to the written confirmation of the sale of such Registrable
     Securities to such Person. In connection with any Underwritten Offering
     permitted by Section 3, the Company will also indemnify the Underwriters,
     if any, selling brokers, dealers and similar securities industry
     professionals participating in the distribution, their officers and
     directors and each Person who controls such Persons (within the meaning of
     the 1933 Act and the 1934 Act) to the same extent as provided above with
     respect to the indemnification of the Holders, if requested in connection
     with any Registration Statement.

          (b) Each Holder agrees, severally and not jointly, to indemnify and
     hold harmless the Company, the Purchaser and the other selling Holders, and
     each of their respective directors, officers of the Company who sign the
     Registration Statement and each Person, if any, who controls the Company,
     the Purchaser and any other selling Holder within the meaning of either
     Section 15 of the 1933 Act or Section 20 of the 1934 Act to the same extent
     as the foregoing indemnity from the Company to the Purchaser and the
     Holders, but only with reference to information relating to such Holder
     furnished to the Company in writing by such Holder expressly for use in any
     Registration Statement (or any amendment thereto) or any Prospectus (or any
     amendment or supplement thereto).

          (c) In case any proceeding (including any governmental investigation)
     shall be instituted involving any Person in respect of which indemnity may
     be sought pursuant to either paragraph (a) or paragraph (b) of this Section
     4, such Person (the "INDEMNIFIED PARTY") shall promptly notify the Person
     against whom such indemnity may be sought (the "INDEMNIFYING PARTY") in
     writing and the indemnifying party, upon request of the indemnified party,
     shall retain counsel reasonably satisfactory to the indemnified party to
     represent the indemnified party and any others the indemnifying party may
     designate in such proceeding and

                                       14
<Page>

     shall pay the fees and disbursements of such counsel related to such
     proceeding. In any such proceeding, any indemnified party shall have the
     right to retain its own counsel, but the fees and expenses of such counsel
     shall be at the expense of such indemnified party unless (i) the
     indemnifying party and the indemnified party shall have mutually agreed to
     the retention of such counsel or (ii) the named parties to any such
     proceeding (including any impleaded parties) include both the indemnifying
     party and the indemnified party and representation of both parties by the
     same counsel would be inappropriate due to actual or potential differing
     interests between them. It is understood that the indemnifying party shall
     not, in connection with any proceeding or related proceedings in the same
     jurisdiction, be liable for (A) the fees and expenses of more than one
     separate firm (in addition to any local counsel) for the Purchaser and all
     Persons, if any, who control the Purchaser within the meaning of either
     Section 15 of the 1933 Act or Section 20 of the 1934 Act, (B) the fees and
     expenses of more than one separate firm (in addition to any local counsel)
     for the Company, its directors, its officers who sign the Registration
     Statement and each Person, if any, who controls the Company within the
     meaning of either such Section and (C) the fees and expenses of more than
     one separate firm (in addition to any local counsel) for all Holders and
     all Persons, if any, who control any Holders within the meaning of either
     such Section, and that all such fees and expenses shall be reimbursed as
     they are incurred. In such case involving the Purchaser and Persons who
     control the Purchaser, such firm shall be designated in writing by Morgan
     Stanley & Co. Incorporated. In such case involving the Holders and such
     Persons who control any Holder, such firm shall be designated in writing by
     the Majority Holders. In all other cases, such firm shall be designated by
     the Company. The indemnifying party shall not be liable for any settlement
     of any proceeding effected without its written consent but, if settled with
     such consent or if there be a final judgment for the plaintiff, the
     indemnifying party agrees to indemnify the indemnified party from and
     against any loss or liability by reason of such settlement or judgment.
     Notwithstanding the foregoing sentence, if at any time an indemnified party
     shall have requested an indemnifying party to reimburse the indemnified
     party for fees and expenses of counsel as contemplated by the second and
     third sentences of this paragraph, the indemnifying party agrees that it
     shall be liable for any settlement of any proceeding effected without its
     written consent if (i) such settlement is entered into more than 30 days
     after receipt by such indemnifying party of the aforesaid request and (ii)
     such indemnifying party shall not have reimbursed the indemnified party for
     such fees and expenses of counsel in accordance with such request prior to
     the date of such settlement. No indemnifying party shall, without the prior
     written consent of the indemnified party, effect any settlement of any
     pending or threatened proceeding in respect of which such indemnified party
     is or could have been a party and indemnity could

                                       15
<Page>

     have been sought hereunder by such indemnified party, unless such
     settlement includes an unconditional release of such indemnified party from
     all liability on claims that are the subject matter of such proceeding.

          (d) If the indemnification provided for in paragraph (a) or paragraph
     (b) of this Section 4 is unavailable to an indemnified party or
     insufficient in respect of any losses, claims, damages or liabilities
     referred to therein, then each indemnifying party under such paragraph, in
     lieu of indemnifying such indemnified party thereunder, shall contribute to
     the amount paid or payable by such indemnified party as a result of such
     losses, claims, damages or liabilities in such proportion as is appropriate
     to reflect the relative fault of the indemnifying party or parties on the
     one hand and of the indemnified party or parties on the other hand in
     connection with the statements or omissions that resulted in such losses,
     claims, damages or liabilities, as well as any other relevant
     considerations. The relative fault of the Company, the Holders and the
     Underwriters, if any, shall be determined by reference to, among other
     things, whether the untrue or alleged untrue statement of a material fact
     or the omission or alleged omission to state a material fact relates to
     information supplied by the Company or by the Holders or the Underwriters,
     if any, and the parties' relative intent, knowledge, access to information
     and opportunity to correct or prevent such statement or omission. The
     Holders' respective obligations to contribute pursuant to this Section 4(d)
     are several in proportion to the respective principal amount of Registrable
     Securities of such Holder that were registered pursuant to a Registration
     Statement.

          (e) The Company and each Holder agree that it would not be just or
     equitable if contribution pursuant to this Section 4 were determined by pro
     rata allocation or by any other method of allocation that does not take
     account of the equitable considerations referred to in paragraph (d) above.
     The amount paid or payable by an indemnified party as a result of the
     losses, claims, damages and liabilities referred to in paragraph (d) above
     shall be deemed to include, subject to the limitations set forth above, any
     legal or other expenses reasonably incurred by such indemnified party in
     connection with investigating or defending any such action or claim.
     Notwithstanding the provisions of this Section 4, no Holder shall be
     required to indemnify or contribute any amount in excess of the amount by
     which the total price at which Registrable Securities were sold by such
     Holder exceeds the amount of any damages that such Holder has otherwise
     been required to pay by reason of such untrue or alleged untrue statement
     or omission or alleged omission. No Person guilty of fraudulent
     misrepresentation (within the meaning of Section 11(f) of the 1933 Act)
     shall be entitled to contribution from any Person who was not guilty of
     such fraudulent misrepresentation. The remedies provided for in this
     Section 4 are not exclusive and shall not limit any rights or remedies

                                       16
<Page>

     which may otherwise be available to any indemnified party at law or in
     equity.

     The indemnity and contribution provisions contained in this Section 4 shall
remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of the Purchaser,
any Holder or any Person controlling the Purchaser or any Holder, or by or on
behalf of the Company, its officers or directors or any Person controlling the
Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of
Registrable Securities pursuant to a Shelf Registration Statement.

      5. MISCELLANEOUS.

          (a) No Inconsistent Agreements. The Company has not entered into, and
     on or after the date of this Agreement will not enter into, any agreement
     which breaches the rights granted to the Holders of Registrable Securities
     in this Agreement or the provisions hereof. The rights granted to the
     Holders hereunder do not breach the rights granted to the holders of the
     Company's other issued and outstanding securities under any such
     agreements.

          (b) Amendments and Waivers. The provisions of this Agreement,
     including the provisions of this sentence, may not be amended, modified or
     supplemented, and waivers or consents to departures from the provisions
     hereof may not be given unless the Company has obtained the written consent
     of Holders of at least a majority in aggregate principal amount of the
     outstanding Registrable Securities affected by such amendment,
     modification, supplement, waiver or consent; provided, however, that no
     amendment, modification, supplement, waiver or consent to any departure
     from the provisions of Section 4 hereof shall be effective as against any
     Holder of Registrable Securities unless consented to in writing by such
     Holder.

          (c) Notices. All notices and other communications provided for or
     permitted hereunder shall be made in writing by hand-delivery, registered
     first-class mail, telex, telecopier, or any courier guaranteeing overnight
     delivery (i) if to a Holder, at the most current address given by such
     Holder to the Company by means of a notice given in accordance with the
     provisions of this Section 5(c), which address initially is, the address of
     the Purchaser set forth in the Purchase Agreement; and (ii) if to the
     Company, initially at the Company's address set forth in the Purchase
     Agreement and thereafter at such other address, notice of which is given in
     accordance with the provisions of this Section 5(c).

     All such notices and communications shall be deemed to have been duly

                                       17
<Page>

     given: at the time delivered by hand, if personally delivered; five
     business days after being deposited in the mail, postage prepaid, if
     mailed; when answered back, if telexed; when receipt is acknowledged, if
     telecopied; and on the next business day if timely delivered to an air
     courier guaranteeing overnight delivery.

     Copies of all such notices, demands, or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.

          (d) Successors and Assigns. This Agreement shall inure to the benefit
     of and be binding upon the successors, assigns and transferees of each of
     the parties, including, without limitation and without the need for an
     express assignment, subsequent Holders; provided that nothing herein shall
     be deemed to permit any assignment, transfer or other disposition of
     Registrable Securities in violation of the terms of the Purchase Agreement.
     If any transferee of any Holder shall acquire Registrable Securities, in
     any manner, whether by operation of law or otherwise, such Registrable
     Securities shall be held subject to all of the terms of this Agreement, and
     by taking and holding such Registrable Securities such Person shall be
     conclusively deemed to have agreed to be bound by and to perform all of the
     terms and provisions of this Agreement and such Person shall be entitled to
     receive the benefits hereof. The Purchaser (in its capacity as Purchaser)
     shall have no liability or obligation to the Company with respect to any
     failure by a Holder to comply with, or any breach by any Holder of, any of
     the obligations of such Holder under this Agreement.

          (e) Purchases and Sales of Securities. The Company shall not, and
     shall use its reasonable best efforts to cause its affiliates (as defined
     in Rule 405 under the 1933 Act) not to, purchase and then resell or
     otherwise transfer any Securities (other than to another affiliate of the
     Company).

          (f) Third Party Beneficiary. The Holders shall be third party
     beneficiaries to the agreements made hereunder between the Company, on the
     one hand, and the Purchaser, on the other hand, and shall have the right to
     enforce such agreements directly to the extent it deems such enforcement
     necessary or advisable to protect its rights or the rights of Holders
     hereunder.

          (g) Counterparts. This Agreement may be executed in any number of
     counterparts and by the parties hereto in separate counterparts, each of
     which when so executed shall be deemed to be an original and all of which
     taken together shall constitute one and the same agreement.

          (h) Headings. The headings in this Agreement are for

                                       18
<Page>

     convenience of reference only and shall not limit or otherwise affect the
     meaning hereof.

          (i) Governing Law. This Agreement shall be governed by the laws of the
     State of New York.

          (j) Severability. In the event that any one or more of the provisions
     contained herein, or the application thereof in any circumstance, is held
     invalid, illegal or unenforceable, the validity, legality and
     enforceability of any such provision in every other respect and of the
     remaining provisions contained herein shall not be affected or impaired
     thereby.

                                       19
<Page>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                            AON CORPORATION

                                            By: /s/ Patrick G. Ryan
                                                --------------------------------
                                                Name:  Patrick G. Ryan
                                                Title: Chairman and Chief
                                                        Executive Officer

Confirmed and accepted as of
 the date first above written:

MORGAN STANLEY & CO. INCORPORATED

By: /s/ Harold J. Hendershot III
    -----------------------------------------
    Name:  Harold J. Hendershot III
    Title: Executive Director

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EXHIBIT 10.15    
  

 
 

CHANGE IN CONTROL AGREEMENT
  FOR
  JONI M. BARROTT
  (As amended September 18, 2002)    
  

        This Agreement is entered into this 9th day of September, 2002, by and between Cutter & Buck Inc. (the "Company") and Joni M. Barrott ("Executive").
Executive is an at-will employee of the Company. The parties wish to provide Executive with severance benefits if Executive's employment is terminated in connection with a change in
control of the Company. The Company is willing to provide such benefits if Executive enters into the Company's form of Confidentiality and Non-Competition Agreement for executive officers. 

        NOW,
THEREFORE, in consideration of the foregoing recitals and the covenants and conditions contained herein, the parties hereby agree as follows: 

        1.    CHANGE IN CONTROL.    

        (a)  If,
within the period commencing 90 days prior to the date of occurrence (the "Event Date") of a Control Event and ending on the date eighteen (18) months
after the Event Date (the "Window"), the Company terminates Executive's employment (other than for Cause) or Executive resigns for Good Reason, the Company shall pay to Executive the Severance Payment
in immediately available funds. If the termination occurs prior to the Control Event, the Severance Payment is due on the twentieth business day following the Event Date; if the termination occurs on
or subsequent to the Event Date, the Severance Payment is due on the twentieth business day following the date of termination (the "Termination Date"). 

        (b)  The
Severance Payment shall be equal to 150% of Executive's annual base salary as of the Termination Date. If the Termination Date occurs during the Window but prior to
the Control Event, the Severance Payment shall be reduced by the sum of any severance payments previously received by Executive from the Company (but not below zero). 

        (c)  Each
of the following shall constitute a "Control Event": 

        (1)  the
acquisition of Common Stock of the Company (the "Common Stock") by any "Person" (as such term is defined in the Rights Agreement dated as of November 20, 1998
between the Company and Mellon Investor Services LLC (the "Rights Plan"), together with all Affiliates and Associates (as such terms are defined in the Rights Plan) of such Person, such that such
Person becomes, after the date of this Agreement, the Beneficial Owner (as defined in the Rights Plan) of twenty-five percent (25%) or more of the shares of Common Stock then outstanding,
but shall not include any such acquisition by (i) the Company, (ii) any subsidiary of the Company, (iii) any employee or director of the Company as of the date hereof, or
(iv) any employee benefit plan of the Company or of any subsidiary of the Company or any Person or entity organized, appointed or established by the Company for or pursuant to the terms of any
such employee benefit plan; or 

        (2)  the
consummation of any merger, consolidation, reorganization or other transaction providing for the conversion or exchange of twenty-five percent (25%) or
more of the outstanding shares of Common Stock into securities of any Person, or cash, or property, or a combination of any of the foregoing; or 

        (3)  the
consummation of any sale or other disposition of all or substantially all of the assets of the Company; or 

1

 

        (4)  individuals
who, as of the date hereof, constitute the Company's Board of Directors (the "Incumbent Board") cease for any reason to constitute at least a majority of the
Company's Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for the election by the Company's shareholders, was
approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board of Directors. 

        (d)  Each
of the following shall constitute "Good Reason", provided that it occurs during the Window: 

        (1)  the
material diminution of Executive's position, duties, responsibilities or status with the Company or its successor, as compared with the position, duties,
responsibilities or status of Executive with the Company immediately prior to the Event Date, except in connection with the termination of Executive for Cause; 

        (2)  the
Company's assignment of Executive on a substantially full-time basis to work at a location where the distance between the new location and Executive's
principal residence is at least 20 miles greater than the distance between the former location and such residence; provided, however, that this paragraph shall not apply to travel in the furtherance
of the Company's business to an extent substantially consistent with Executive's business travel obligations as of the date hereof; 

        (3)  the
Company's failure to obtain an assumption of the obligations of the Company to perform this Agreement by any successor to the Company; 

        (4)  any
reduction in Executive's base salary, or a material reduction in benefits payable to Executive or failure of the Company to pay Executive any earned salary, bonus or
benefits except with the prior written consent of Executive; 

        (5)  the
exclusion or limitation of Executive from participating in some form of variable compensation plan which provides the Executive the opportunity to achieve a level of
total compensation (base salary plus variable compensation) consistent with what the Executive had the opportunity to earn at the Event Date; or 

        (6)  any
demand by any director or officer of the Company that Executive take any action or refrain from taking any action where such action or inaction, as the case may be,
would violate any law, rule, regulation or other governmental pronouncement, court order, decree or judgment, or breach any agreement or fiduciary duty. 

        (e)  Each
of the following shall constitute "Cause": 

        (1)  any
violation by Executive of any material obligation under this Agreement or the attached Confidentiality and Non-Disclosure Agreement; 

        (2)  conviction
for commitment of a felony; 

        (3)  any
violation of law which has a material adverse effect on the Company; 

        (4)  habitual
abuse of alcohol or a controlled substance under circumstances that adversely affect the Executive's performance of his or her duties in any way; 

        (5)  theft
or embezzlement from the Company; 

        (6)  repeated
unexcused absence from work; 

2

 

        (7)  Disability
of Executive (as defined below); and 

        (8)  repeated
failure or refusal by Executive to carry out the reasonable directives, orders or resolutions of the Company's Board of Directors or any officer to whom he or
she reports. 

        (f)    "Disability"
shall mean any physical, mental or other health condition which renders the Executive unable to perform the essential functions of his or her position with
or without reasonable accommodation. Any disagreement as to whether Executive is disabled shall be resolved by a physician selected by the Company after an examination of Executive. Executive hereby
consents to such physical examination and to the examination of all medical records of Executive necessary, in the judgment of the examining physician, to make the determination of disability. 

        (g)  Notwithstanding
any other provision of this Agreement to the contrary, in the event that any severance or other payment, benefit or right payable or accruing to
Executive hereunder or under any of the Company's benefit plans (the "Benefit Plans") would constitute a "parachute payment" as defined in Section 280G(b)(2) of the Internal Revenue Code of
1986, as amended (the "Code"), then the total amount of severance and other payments or benefits payable to Executive hereunder and under the Benefit Plans which is deemed to constitute a "parachute
payment" shall not exceed and shall, if necessary, be reduced to an amount (the "Revised Severance Payment") equal to 2.99 times Executive's "base amount" as defined in Code Section 280G(b)(3).
In the event of a disagreement between the Company and Executive as to whether the provisions of Code Section 280G are applicable or the amount of the Revised Severance Payment, such
determination shall be made by the Company's independent public accountants or, if such firm is unable or unwilling to render such a determination, then by a law firm mutually acceptable to Executive
and the Company. All costs relating to such determination shall be borne by the Company. The Company and the Executive shall cooperate in good faith to make the determination required by this
Section 1(g) by mutual agreement not later than the later of: (i) the fifth day preceding the date that the Severance Payment is or would be due or
(ii) the earlier of (x) the tenth day following the expiration of any period of accelerated vesting of options to purchase the Company's Common Stock provided by Section 5(n) of
the Benefit Plan or (y) the tenth day following the date of exercise by Executive of his or her last remaining option which was exercisable solely due to the application of Section 5(n)
of the Benefit Plan. Pending the final calculation of the Severance Payment or Revised Severance Payment, the Company shall pay the amounts described under subsection (b) above at the time and
in the manner provided herein; provided that, pending such determination, such payments shall be reduced by such amounts as the Company estimates in good faith to be necessary to satisfy its tax
(including excise tax) withholding obligations and effect the reduction in the amount of the Severance Payment, as contemplated by this subsection 1(g). The aggregate amount of any compensation
actually paid or provided to Executive under the terms of this Agreement and in excess of the Revised Severance Payment shall be deemed, to the extent of such excess, a loan to Executive payable upon
demand and bearing interest at the rate of 8% per annum. 

        2.    CONFIDENTIALLY AND NON-COMPETITION AGREEMENT.    In consideration of the obligations undertaken by
the Company pursuant to this Agreement, contemporaneously with the execution of this Agreement, Executive and the Company shall enter into the form of Confidentiality and Non-Competition
Agreement attached hereto as EXHIBIT A and each agreement shall be effective only if both agreements have been executed. 

        3.    TERM OF AGREEMENT.    The Company's obligations under Section 1 of this Agreement shall expire with
respect to Control Events occurring on or after the second anniversary of the date of this Agreement ("Initial Expiration Date"), provided however, that such obligations shall automatically extend for
one (1) year on each anniversary of the Initial Expiration Date unless terminated by the Company effective as of the last day of the then current one (1) year extension by written notice
to 

3

 

that effect delivered to the Executive not fewer than ninety (90) days prior to such anniversary of the Expiration Date. 

        4.    AT WILL EMPLOYMENT.    Unless and to the extent otherwise agreed by the Company and Executive in a separate
written employment agreement, Executive's employment shall be "at will", with either party permitted to terminate the employment at any time, with or without cause. No term of any employment agreement
between the Company and Executive shall be construed to conflict with, lessen or expand the obligations of the parties under this Agreement. 

        5.    NOTICES.    All notices and other communications called for or required by this Agreement shall be in writing
and shall be addressed to the parties at their respective addresses stated below or to such other address as a party may subsequently specify by written notice and shall be deemed to have been
received (i) upon delivery in person, (ii) five days after mailing it by U.S. certified or registered mail, return receipt requested and postage prepaid, or (iii) two days after
depositing it with a commercial overnight carrier which provides written verification of delivery: 

	To the Company:	 	701 N. 34th Street, Suite 400

Seattle, Washington 98103

Attention: Chief Executive Officer
	

To Executive:	
 	

    
    
    

        6.    WITHHOLDING.    Except as described in subsection 1(g) of this Agreement, all payments
due to and all benefits to be provided to Executive hereunder shall be subject to reduction for any applicable withholding taxes, including excise taxes. 

        7.    ASSIGNMENT.    Executive's rights and duties hereunder are personal to Executive and are not assignable to
others, but Executive's obligations hereunder will bind his heirs, successors, and assigns. The Company may assign its rights under this Agreement in connection with any merger or consolidation of the
Company or any sale of all or any portion of the Company's assets (including, without limitation, any division or product line), provided that any such successor or assignee expressly assumes in
writing the Company's obligations hereunder. 

        8.    NO DUTY TO MITIGATE.    Executive shall not be required to mitigate the amount of any payment made or benefit
provided hereunder. The Company may offset any payment due hereunder by the amount of damages to the Company resulting from any breach of this Agreement by Executive. 

        9.    GENERAL.    This Agreement constitutes the exclusive agreement of the parties with respect to the subject matter
hereof and supersedes all prior agreements or understandings of the parties. No waiver of or forbearance to enforce any right or provision hereof shall be binding unless in writing and signed by the
party to be bound, and no such waiver or forbearance in any instance shall apply to any other instance or to any other right or provision. This Agreement will be governed by the local laws of the
State of Washington without regard to its conflicts of laws rules to the contrary. The parties hereby consent to the exclusive jurisdiction and venue of the state and federal courts sitting in King
County, Washington for all matters and actions arising under this Agreement. The prevailing party shall be entitled to reasonable attorneys' fees and costs incurred in connection with such litigation.
No term hereof shall be construed to limit or supersede any other right or remedy of the Company under applicable law with respect to the protection of trade secrets or otherwise. If any provision of
this Agreement is held to be invalid or unenforceable to any extent in any context, it shall nevertheless be enforced to the fullest extent allowed by law in that and other contexts, and the validity
and force of the remainder of this Agreement shall not be affected thereby. 

4

 

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the date first above written. 

	CUTTER & BUCK INC.	 	EXECUTIVE:
	

By:	

/s/  FRANCES M. CONLEY      
	
 	

Signature	

/s/  JONI M. BARROTT      

	 	Frances M. Conley	 	Printed Name:	Joni M. Barrott
	Its:	Chief Executive Officer	 	 	 

5

 
 
 

Exhibit A    
  

 
 

CONFIDENTIALITY AND NON-COMPETITION AGREEMENT
  FOR

                                         
           

        This Agreement is entered into this        day
of                        , 2002, by and between Cutter & Buck Inc. (the "Company") and
                        ("Executive"). Executive is an at-will employee of the Company. In consideration of entering into an
agreement to provide Executive with severance benefits if Executive's
employment is terminated in connection with a change in control in the Company, Executive promises, on the terms set forth herein, at all times to protect the Company's proprietary information and to
not compete with the Company following termination of Executive's employment in connection with a change in control. 

        NOW,
THEREFORE, in consideration of the foregoing recitals and the covenants and conditions contained herein, the parties hereby agree as follows: 

        1.    Non-competition and Non-solicitation.    

        (a)  Executive
agrees that during the term of Executive's employment with the Company and, subject to receipt of the Severance Payment (as defined below) by the Executive,
until eighteen (18) months following the Termination Date (as defined below), Executive will not in any capacity directly or indirectly engage in, assist others to engage in or own a material
interest in any business or activity that is, or is preparing to be, in competition with the Company with respect to any product or service sold or service provided by the Company up to the time of
termination of employment in any geographical area in which at the time of termination of employment such product or service is sold or is actively engaged in. For the purposes of this Agreement, the
terms "Severance Payment" and "Termination Date" shall have the meanings assigned to them in the Change in Control Agreement (as defined in Section 6 below). 

        (b)  Executive
further agrees that during the period stated above, he/she will not directly or indirectly call on, reveal the name of, or otherwise solicit, accept business
from or attempt to entice away from the Company any actual or identified potential customer of the Company, nor will he/she assist others in doing so. Executive further agrees that he/she will not,
during the period stated above, encourage or solicit any other employee or consultant of the Company to leave such employment for any reason, nor will he/she assist others to do so. 

        (c)  Executive
acknowledges that the covenants in this Section 1 are necessary and reasonable to protect the Company in the conduct of its business and that compliance
with such covenants will not prevent him/her from pursuing his/her livelihood. However, should any court find that any provision of such covenants is unreasonable, invalid or unenforceable, whether in
period of time, geographical area, or otherwise, then in that event the parties hereby agree that such covenants shall be interpreted and enforced to the maximum extent which the court deems
reasonable. 

        2.    Trade Secrets and Confidential Information.    

        (a)  Executive
acknowledges that the Company's business and future success depend upon the preservation of the trade secrets and other confidential information of the Company
and its suppliers and customers (the "Secrets"). The Secrets may include, without limitation, existing and to-be-developed or acquired product designs, new product plans or
ideas, market surveys, the identities of past, present or potential customers, business and financial information, pricing methods or data, terms of contracts with present or past customers, proposals
or bids, marketing plans, personnel information, procedural and technical manuals and practices, servicing routines, and parts and supplier lists proprietary to the Company or its customers or
suppliers, and any other sorts of items or information of the Company or its customers or suppliers which are not 

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generally known to the public at large. Executive agrees to protect and to preserve as confidential during and after the term of his employment all of the Secrets at any time known to Executive or in
his/her possession or control (whether wholly or partially developed by Executive or provided to Executive, and whether embodied in a tangible medium or merely remembered). 

        (b)  Executive
shall mark all items containing any of the Secrets with prominent confidentiality notices acceptable to the Company. Executive shall neither use nor allow any
other person to use any of the Secrets in any way, except for the benefit of the Company and as directed by Executive's supervisor. All material containing or disclosing any portion of the Secrets
shall be and remain the property of the Company, shall not be removed from the Company's premises without specific consent from an officer of the Company, and shall be returned to the Company upon the
termination of Executive's employment or the earlier request of Executive's supervisor. At such time, Executive shall also assemble all materials in his possession or control which contain any of the
Secrets, and promptly deliver such items to the Company. 

        3.    Intellectual Properties.    

        (a)  All
ownership, copyright, patent, trade secrecy and other rights in all works, designs, inventions, ideas, manuals, improvements, discoveries, processes, customer lists
or other properties (the "Intellectual Properties") made or conceived by Executive during the term of his/her employment by the Company shall be the rights and property solely of the Company, whether
developed independently by Executive or jointly with others, and whether or not developed or conceived during regular working hours or at the Company's facilities, and whether or not the Company uses,
registers, or markets the same. 

        (b)  In
accordance with the Company's policy and RCW 49.44.140 and RCW 49.44.150, this Agreement (other than Subsection 3(c)) does not apply to, and Executive has no
obligation to assign to the Company, any invention for which no Company trade secrets and no equipment, supplies, services, or facilities of the Company were used and which was developed entirely on
Executive's own time, unless: (i) the invention relates directly to the business of the Company, (ii) the invention relates to actual or demonstrably anticipated research or development
work of the Company, or (iii) the invention results from any work performed by Executive for the Company. 

        (c)  If
and to the extent that Executive makes use, in the course of his employment, of any items or Intellectual Properties previously developed by Executive or developed by
Executive outside of the scope of this Agreement, Executive hereby grants the Company a nonexclusive, royalty-free, perpetual, irrevocable, worldwide license (with right to sublicense) to
make, use, sell, copy, distribute, modify, and otherwise to practice and exploit any and all such items and Intellectual Properties. 

        (d)  Executive
will assist the Company as reasonably requested during and after the term of his employment to further evidence and perfect, and to enforce, the Company's
rights in and ownership of the Intellectual Properties covered hereby, including without limitation, the execution of additional instruments of conveyance and assisting the Company with applications
for patents or copyright or other registrations. 

        4.    Authority and Non-Infringement.    Executive warrants that any and all items, technology, and
Intellectual Properties of any nature developed or provided by Executive under this Agreement and in any way for or related to the Company will be original to Executive and will not, as provided to
the Company or when used and exploited by the Company and its contractors and customers and its and their successors and assigns, infringe in any respect on the rights or property of Executive or any
third party. Executive will not, without the prior written approval of the Company, use any equipment, supplies, facilities, or proprietary information of any other party. Executive warrants that
Executive is 

7

 

fully authorized to enter into employment with the Company and to perform under this Agreement, without conflicting with any of Executive's other commitments, agreements, understandings or duties,
whether to prior employers or otherwise. Executive will indemnify the Company for all losses, claims, and expenses (including reasonable attorneys' fees) arising from any breach of by him/her of this
Agreement. 

        5.    Remedies.    The harm to the Company from any breach of Executive's obligations under this Agreement may be
wholly or partially irreparable, and Executive agrees that such obligations may be enforced by injunctive relief and other appropriate remedies, as well as by damages. If any bond from the Company is
required in connection with such enforcement, the parties agree that a reasonable value of such bond shall be $5,000. Any amounts received by Executive or by any other through Executive in breach of
this Agreement shall be held in constructive trust for the benefit of the Company. 

        6.    Executive Agreement.    In consideration of the obligations undertaken by Executive pursuant to this Agreement,
contemporaneously with the execution of this Agreement, Executive and the Company are entering into a Change in Control Agreement (the "Change in Control Agreement"), and each agreement shall be
effective only if both agreements have been executed. 

        7.    At Will Employment.    Unless and to the extent otherwise agreed by the Company and Executive in a separate
written employment agreement, Executive's employment shall be "at will", with either party permitted to terminate the employment at any time, with or without cause. No term of any employment agreement
between the Company and Executive shall be construed to conflict with or lessen Executive's obligations under this Agreement. 

        8.    Notices.    All notices and other communications called for or required by this Agreement shall be in writing
and shall be addressed to the parties at their respective addresses stated below or to such other address as a party may subsequently specify by written notice and shall be deemed to have been
received (i) upon delivery in person, (ii) five days after mailing it by U.S. certified or registered mail, return receipt requested and postage prepaid, or (iii) two days after
depositing it with a commercial overnight carrier which provides written verification of delivery: 

	To the Company:	 	701 N. 34th Street, Suite 400

Seattle, Washington 98103

Attention: Chief Executive Officer
	

To Executive:	
 	

    
    
    

        9.    Assignment.    Executive's rights and duties hereunder are personal to Executive and are
not assignable to others, but Executive's obligations hereunder will bind his/her heirs, successors, and assigns. The Company may assign its rights under this Agreement in connection with any merger
or consolidation of the Company or any sale of all or any portion of the Company's assets (including, without limitation, any division or product line), provided that any such successor or assignee
expressly assumes in writing the Company's obligations under the Executive Agreement. 

        10.    General.    This Agreement constitutes the exclusive agreement of the parties with respect to the subject
matter hereof and supersedes all prior agreements or understandings of the parties. No waiver of or forbearance to enforce any right or provision hereof shall be binding unless in writing and signed
by the party to be bound, and no such waiver or forbearance in any instance shall apply to any other instance or to any other right or provision. This Agreement will be governed by the local laws of
the State of Washington without regard to its conflicts of laws rules to the contrary. The parties hereby consent to the exclusive jurisdiction and venue of the state and federal courts residing in
King County, Washington for all matters and actions arising under this Agreement. The prevailing party shall be entitled to reasonable attorneys' fees and costs incurred in connection with such
litigation. No term hereof shall be construed to limit or supersede any other right or remedy of the Company under 

8

 

applicable law with respect to the protection of trade secrets or otherwise. If any provision of this Agreement is held to be invalid or unenforceable to any extent in any context, it shall
nevertheless be enforced to the fullest extent allowed by law in that and other contexts, and the validity and force of the remainder of this Agreement shall not be affected thereby. 

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the date first above written. 

	CUTTER & BUCK INC.	 	EXECUTIVE:
	

By:	

    
	
 	

Signature	

    

	 	Frances M. Conley	 	Printed Name	 
	Its:	Chief Executive Officer	 	 	 

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QuickLinks

EXHIBIT 10.15

CHANGE IN CONTROL AGREEMENT FOR JONI M. BARROTT (As amended September 18, 2002)

Exhibit A

CONFIDENTIALITY AND NON-COMPETITION AGREEMENT FOR

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