Document:

Exhibit 10.2

SUPPLEMENTAL
PENSION AGREEMENT

This Supplemental
Pension Agreement  (“Agreement”) is
dated as of January 18, 2007 (the “Effective Date”), between Aon Corporation, a
Delaware corporation (the “Company”), and Michael D. Rice (the “Executive”).

WHEREAS, in
recognition of the Executive’s valuable long-term contributions to the Company’s
growth and success, the Company wishes to provide the Executive with
supplemental pension benefit to which he is not otherwise entitled; and

WHEREAS, in
consideration of the supplemental pension benefits the Executive desires to
abide by the terms and conditions set forth herein.

NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein, the parties
hereby agree as follows:

1.             Additional Service Credit Under
Nonqualified Pension Plan.

(a)           In recognition of the Executive’s
years of employment with the Ryan Insurance Group prior to the date such entity
was acquired by the Company, to the extent such years are not considered under
the Company’s pension plans, the Executive shall be entitled to receive, upon
termination of the Executive’s employment for any reason, a supplemental
pension benefit contingent upon the Executive’s compliance with the covenants
set forth in Sections 2, 4 and 5 hereof. The supplemental pension benefit shall
be payable on a single life annuity basis at the date of termination of
employment, which will provide for the Executive aggregate pension benefits
(taking in account the offsets described in (b) below), in an annual amount
equal to the aggregate annual pension benefit to which the Executive would be
entitled under the Company’s qualified and non-qualified defined benefit plans
as in effect on the Effective Date as if the Executive’s Years of Service (as
defined in the Company’s pension plan) for benefit calculation purposes is
equal to (i) 14 years plus (ii) the Executive’s actual Years of Service under
the Company’s pension plans.

(b)           The amount of the supplemental
pension benefit described in Section 1(a) above shall be offset by the pension
benefits provided to the Executive under any qualified or non-qualified pension
plans of the Company. The offset described in this paragraph shall be
determined on the basis of such benefits payable on a single life annuity basis
payable at the date of termination of employment.

(c)           The Executive hereby elects to
receive the supplemental pension benefit in installments over a five-year
period beginning on the first day of the seventh month following the date of
termination of his employment.

(d)           If the Executive dies after the
Effective Date but before the supplemental pension benefit becomes payable, the
Executive’s spouse will be entitled to receive a survivor annuity. The survivor
annuity shall be payable as of the Executive’s date of death. The amount of the
survivor annuity shall be equal to the 50% joint and survivor 

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annuity to which the
spouse is entitled as if: (i) the Executive terminated employment immediately
before death, (ii) the Executive was fully vested in the supplemental pension
benefit as of such date, and (iii) the Executive elected to commence the
benefit in the form of a joint and 50% survivor annuity.

2.             Noncompetition;
Nonsolicitation.

(a)           Recitals.   The Company is
in the business of providing conventional and alternative risk management
products and services covering the businesses of insurance brokerage,
reinsurance brokerage, benefits consulting, compensation consulting, human
resources consulting, managing underwriting and related insurance services,
including accounting, claims management and handling, contract wording,
information systems and actuarial (the “Business”) as well as soliciting and
servicing the insurance and reinsurance needs of numerous commercial and
individual clients which are national and international and are not confined to
any geographic area. An essential element of the Business is the development
and maintenance of personal contacts and relationships with clients. Because of
these contacts and relationships, it is common for the Company’s clients to
develop an identification with the employee who serves its insurance needs
rather than with the Company itself. The Company, however, invests considerable
time and money necessary for a relationship between its employee and a client
to develop and be maintained, in that the Company pays the employee’s salary
and reimburses the employee for business expenses. The Company also assists its
employees in servicing clients by making available to these employees legal
advice, accounting support, advertising and other corporate services.

The personal
identification of clients of the Company with a Company employee creates the
potential for the employee’s appropriation of the benefits of the relationships
developed with clients on behalf of and at the expense of the Company. Since
the Company would suffer irreparable harm if an employee left the Company’s
employ and solicited the insurance or other related business of clients of the
Company, it is reasonable to protect the Company against solicitation activities
by an employee for a limited period of time after an employee leaves the
Company so that the Company may renew or restore its business relationship with
its clients.

The Company and
the Employee acknowledge and agree that the covenant contained in Sections 2(b)
and (c) below is reasonably necessary for the protection of the Company and is
reasonably limited with respect to the activities it prohibits, its duration
(particularly in the context of annual and multi-year insurance renewal
periods), its geographical scope and its effect on the Employee and the public.
The parties acknowledge that the purpose and effect of the covenant simply is
to protect the Company for a limited period of time from unfair competition by
the Employee.

(b)              Noncompetition.   The
Employee hereby covenants and agrees that, except with the prior written
consent of the Company, the Employee will not, for the longer of either two (2)
years after the end of employment, or the period during which the Company is
making Base Salary payments to the Employee pursuant to Section 3(b)(ii) of the
Employment Agreement between the parties, dated as of March 17, 2006 (the 

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“Noncompetition Period”),
compete directly or indirectly in any way with the Business. For the purposes
of this Agreement, “compete directly or indirectly in any way with the Business”
means to enter into or attempt to enter into (on Employee’s own behalf or on
behalf of any other person or entity) any business relationship of the same
type or kind as the business relationship which exists between the Company and
its clients or customers to provide services related to the Business for any
individual, partnership, corporation, association or other entity who or which
was a client or customer for whom the Employee was the producer or on whose
account Employee worked or became familiar with during the twenty-four (24)
months prior to the end of employment. “Client” or “customer” means any person
or entity listed on the books of the Company as such.

The Employee
acknowledges that there is no general geographical restriction contained in the
preceding paragraph because the restriction applies only to the specified
clients and customers of the Company.

Nothing in this
Agreement shall prohibit the Employee from obtaining a livelihood for himself
or his family by being engaged in the insurance business. The intent of the
parties is that the restrictive covenant of non-competition by the
Employee is limited to those clients and customers of the Company, as reflected
by the books of the Company, during the twenty-four (24) months prior to the
end of the Employee’s employment with the Company.

(c)           Nonsolicitation.   The
Employee hereby also agrees not to induce or attempt to induce, or to cause any
person or other entity to induce or attempt to induce, any person who is an
employee of the Company to leave the employ of the Company during the term of
the covenant set forth herein.

(d)           Exceptions.   Nothing in
this Section shall prohibit the Executive from being (i) a stockholder in a
mutual fund or a diversified investment company or (ii) a passive owner of not
more than 2% of the outstanding stock of any class of a corporation, any
securities of which are publicly traded, so long as the Executive has no active
participation in the business of such corporation.

(e)           Reformation.   If at any
time of enforcement of this Section, a court holds that the restrictions stated
herein are unreasonable under circumstances then existing, the parties hereto
agree that the maximum period, scope or geographical area reasonable under such
circumstances shall be substituted for the stated period, scope or area and
that the court shall be allowed to revise the restrictions contained herein to
cover the maximum period, scope and area permitted by law. This Agreement shall
not authorize a court to increase or broaden any of the restrictions in this
Section.

3.             Consideration; Breach.   The
Company and the Executive agree that the payments to be made, and the benefits
to be provided, by the Company to the Executive shall be made and provided in
consideration of the Executive’s agreements contained in Section 2. In the
event that the Executive shall breach any provision of Section 2, the Company
shall be entitled immediately to terminate making all remaining payments and 

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providing all remaining
benefits pursuant to Section 1 and upon such termination the Company shall have
no further liability to the Executive under this Agreement.

4.             Confidentiality.   The
Executive shall not, at any time during the Employment Period or thereafter,
make use of or disclose, directly or indirectly, any (i) trade secret or other
confidential or secret information of the Company or of any of its
subsidiaries, or (ii) other technical, business, proprietary or financial
information of the Company or of any of its subsidiaries not available to the
public generally or to the competitors of the Company or to the competitors of
any of its subsidiaries (“Confidential Information”), except to the extent that
such Confidential Information (a) becomes a matter of public record or is
published in a newspaper, magazine or other periodical available to the general
public, other than as a result of any act or omission of the Executive, (b) is
required to be disclosed by any law, regulation or order of any court or
regulatory commission, department or agency, provided that the Executive gives
prompt notice of such requirement to the Company to enable the Company to seek
an appropriate protective order, or (c) is necessary to perform properly the
Executive’s duties under this Agreement. Promptly following the termination of
the Employment Period, the Executive shall surrender to the Company all
records, memoranda, notes, plans, reports, computer tapes and software and
other documents and data which constitute Confidential Information which he may
then possess or have under his control (together with all copies thereof).

5.             Inventions.   The
Executive hereby assigns to the Company his entire right, title and interest in
and to all discoveries and improvements, patentable or otherwise, trade secrets
and ideas, writings and copyrightable material, which may be conceived by the
Executive or developed or acquired by him during the Employment Period, which
may pertain directly or indirectly to the business of the Company or any of its
subsidiaries. The Executive agrees to disclose fully all such developments to
the Company upon its request, which disclosure shall be made in writing
promptly following any such request. The Executive shall, upon the Company’s
request, execute, acknowledge and deliver to the Company all instruments and do
all other acts which are necessary or desirable to enable the Company or any of
its subsidiaries to file and prosecute applications for, and to acquire,
maintain and enforce, all patents, trademarks and copyrights in all countries.

6.             Enforcement.   The
parties hereto agree that the Company and its subsidiaries would be damaged
irreparably in the event that any provision of Sections 2, 4 or 5 were not
performed in accordance with its terms or were otherwise breached and that
money damages would be an inadequate remedy for any such nonperformance or
breach. Accordingly, the Company and its successors and permitted assigns shall
be entitled, in addition to other rights and remedies existing in their favor,
to an injunction or injunctions to prevent any breach or threatened breach of
any of such provisions and to enforce such provisions specifically (without
posting a bond or other security). The Executive agrees that he will submit
himself to the personal jurisdiction of the courts of the State of Illinois in
any action by the Company to enforce any provision of Sections 2, 4 or 5.

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7.             Survival.   Sections 2,
4, 5 and 6 shall survive and continue in full force and effect in accordance
with their respective terms, notwithstanding any termination of the Employment
Period.

8.             Waiver of Breach.   No
waiver by either party hereto of a breach of any provision of this Agreement by
the other party, or of compliance with any condition or provision of this
Agreement to be performed by such other party, will operate or be construed as
a waiver of any subsequent breach by such other party of any similar or
dissimilar provisions and conditions at the same or any prior or subsequent
time. The failure of either party hereto to take any action by reason of such
breach will not deprive such party of the right to take action at any time
while such breach continues.

9.             Notices.   Notices and
all other communications provided for in this Agreement shall be in writing and
shall be delivered personally or sent by registered or certified mail, return
receipt requested, postage prepaid (provided that international mail shall be
sent via overnight or two-day delivery), or sent by facsimile or prepaid
overnight courier to the parties at the addresses set forth below (or such
other addresses as shall be specified by the parties by like notice). Such
notices, demands, claims and other communications shall be deemed given:

(a)           in
the case of delivery by overnight service with guaranteed next day delivery,
the next day or the day designated for delivery;

(b)           in
the case of certified or registered U.S. mail, five days after deposit in the
U.S. mail; or

(c)           in
the case of facsimile, the date upon which the transmitting party received
confirmation of receipt by facsimile, telephone or otherwise;

provided, however, that
in no event shall any such communications be deemed to be given later than the
date they are actually received. Communications that are to be delivered by the
U.S. mail or by overnight service or two-day delivery service are to be
delivered to the addresses set forth below:

to the Company:

Aon Corporation

200 East Randolph Drive

Chicago, Illinois 60601

Attention: Executive Vice President & General Counsel

or, if to Executive, to
the last known residential address on file in the Company’s records.

Each party, by written
notice furnished to the other party, may modify the applicable delivery
address, except that notice of change of address shall be effective only upon
receipt.

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10.           Severability.   Whenever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
any other provision of this Agreement or the validity, legality or
enforceability of such provision in any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

11.           Entire Agreement.   This
Agreement constitutes the entire agreement and understanding between the
parties with respect to the subject matter hereof and supersedes and preempts
any prior understandings, agreements or representations by or between the
parties, written or oral, which may have related in any manner to the subject
matter hereof.

12.           Code Section 409A.   Nothing
contained in this Agreement is intended to trigger the excise tax pursuant to
Code Section 409A. To the extent any provision of this Agreement would inadvertently
trigger the excise tax, the parties hereto agree that the Agreement shall be
amended in writing not later than December 31, 2007 to prevent the imposition
of such excise tax. Further, in the event that any payment or distribution to
be made to the Executive hereunder is determined to constitute “deferred
compensation” subject to Code Section 409A, such payment or distribution shall
not be made before the date which is the first day of the seventh month
following the date of termination of the Executive’s employment (or, if
earlier, the date of the Executive’s death).

13.           Governing Law.   This
Agreement shall be governed by and construed and enforced in accordance with
the internal laws of the State of Illinois without regard to principles of
conflict of laws.

14.           Amendment.   The
provisions of this Agreement may be amended only by the written agreement of
the Company and the Executive, and no course of conduct or failure or delay in
enforcing the provisions of this Agreement shall affect the validity, binding
effect or enforceability of this Agreement.

15.           Counterparts.   This
Agreement may be executed in two counterparts, each of which shall be deemed to
be an original and both of which together shall constitute one and the same
instrument.

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The
Executive has hereunto set his hand, and the Company has caused these presents
to be executed in its name and on its behalf, all as of the date first stated
above.

	
  

  	
   /s/ Michael
  D. Rice

  
	
  

  	
  Michael D. Rice

  
	
   

  	
   

  
	
   

  	
  Aon Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jeremy G.
  O. Farmer

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

 7Exhibit 10.3

March 17, 2006

Michael D. Rice

Chairman

ARSA

200 E. Randolph Street

Chicago, Illinois 60601

Dear Mike:

I am delighted
that you have agreed to stay on through December 31, 2007 as the Chairman of
ARSA, with special responsibilities for Global Affinity and AIS (or in such
other capacity as Aon’s Chief Executive Officer may request). Your employment
agreement sets out the provisions of your position. In addition, I have
summarized below certain details with respect to stock awards related to your continued
employment.

RSU Grant Upon
Acceptance of Contract. Contingent upon your acceptance of
the employment agreement no later than March 16, 2006, Aon will award to you
27,500 restricted stock units pursuant to the terms of the Aon Stock Incentive
Plan (the “Stock Plan”), subject to approval of the Organization and
Compensation Committee of Aon’s Board of Directors (the “O&C Committee”) at
its March 16, 2006 meeting. We agree and acknowledge that your acceptance of
the employment agreement shall, in turn, be contingent upon the O&C
Committee’s approval of your employment agreement and this letter agreement.
The restricted stock units will vest in full on (i) December 31, 2007,
contingent upon your continued employment through such date, or the termination
of your employment by the Company without “cause” (as such term is defined in
your employment agreement) on such earlier date as determined by Aon’s Chief
Executive Officer, (ii) your death, or (iii) your disability, as such term is
defined in the Stock Plan.

Performance Shares
under New Stock Award Program. You will be eligible to
participate in the new Aon stock award program for Policy Committee members at
the $1.5 million participation level, subject to the approval of such program
and related awards by the O&C Committee at its March 2006 meeting. Your
award will be governed by the terms and conditions of such program generally
applicable to all participants; however, unlike other participants’ awards,
your award will become fully vested upon termination of employment provided
that you have successfully strengthened and transitioned the leadership team to
ARSA’s Chief Executive Officer, in the sole discretion of Aon’s Chief Executive
Officer and the O&C Committee.

RSU Grant in March
2008. Provided that you remain in ARSA’s employment through
December 31, 2007 (or at such
earlier time as Aon’s Chief Executive Officer may determine and, in the sole
discretion of Aon’s Chief Executive Officer and the O&C Committee, by such
date you have strengthened and transitioned the leadership team to ARSA’s Chief
Executive Officer 

Michael D. Rice

March 17, 2006

Page 2

and, in your role as
Chairman, aided and counseled the Chief Executive Officer of our Global
Affinity business in the development of that business internationally) Aon will
grant to you restricted stock units under the Stock Plan having an aggregate
value of $1 million, subject to approval of the O&C Committee at is March
2008 regular meeting. The restricted stock units shall be fully vested upon grant.
The actual number of restricted stock units to be granted to you shall be
determined by taking $1 million and dividing it by the average of the high and
low selling prices of Aon common stock on the New York Stock Exchange as of the
grant date (or, if the New York Stock Exchange was not open for trading or the
stock was not traded on that day, the next preceding day that the New York
Stock Exchange was open for trading and the stock was traded) as reported by
the Wall Street Journal. In the event of your death prior to the termination of
your employment, Aon will provide your estate a lump sum cash payment of $1 million, as soon as
administratively feasible, in lieu of the restricted stock unit award
contemplated in this paragraph.

If you have any
questions concerning the above, please call me.

	
  

  	
  Sincerely,

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   /s/ Greg Case

  	
   

  
	
   

  	
  Gregory C. Case

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