Document:

exv10w3

Exhibit 10.3

FOURTH AMENDMENT TO CREDIT AGREEMENT

     THIS FOURTH AMENDMENT TO CREDIT AGREEMENT dated as of November 18, 2009 (this
“Amendment”), is entered into among WILLIS NORTH AMERICA INC., a Delaware corporation (the
“Borrower”), WILLIS GROUP HOLDINGS LIMITED, an exempted company under the Companies Act
1981 of Bermuda (the “Parent”), the other Guarantors identified on the signature pages
hereto, the Lenders identified on the signature pages hereto and BANK OF AMERICA, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent”). Capitalized terms
used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit
Agreement.

RECITALS

     A. The Borrower, the Parent, the Lenders and the Administrative Agent entered into that
certain Credit Agreement dated as of October 1, 2008 (as amended and modified from time to time,
including by this Amendment, the “Credit Agreement”).

     B. The parties hereto have agreed to amend the Credit Agreement as provided herein.

     C. In consideration of the agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows.

AGREEMENT

     1. Amendments.

     (a) The definition of “Consolidated Funded Indebtedness” in Section 1.01 of the
Credit Agreement is amended by adding the words “other than Guarantees arising solely as a
result of Liens permitted by Section 7.02(i)”.

     (b) The following new definitions are added to Section 1.01 (Defined Terms) of
the Credit Agreement in alphabetical order:

     “Gras Savoye Transactions” means the series of
related transactions relating to the Disposition by the Parent
and any of its Subsidiaries of all of the Equity Interests in
Gras Savoye & Cie to Topco, or an affiliate thereof, for
consideration consisting of cash, notes issued by Topco or an
affiliate thereof or Equity Interest in Topco, or any
combination of the foregoing, and after giving effect to which
(a) unless otherwise permitted by Section 7.02, neither
the Parent nor any of its Subsidiaries shall be liable for any
Indebtedness of Topco or any of its Subsidiaries except to the
extent of the Liens permitted by Section 7.02(i), (b)
the Parent and its Subsidiaries receive Net Cash Proceeds in
exchange for the Disposition of Equity Interests in Gras Savoye
& Cie of not less than €85,000,000, and (c) no Person shall
have the right to require the Parent or any of its Subsidiaries
to purchase, acquire or otherwise hold any Equity Interests of,
or Indebtedness owing by, Topco or any of its Subsidiaries
prior to the Maturity Date except (i) Investments expressly
permitted by Section 7.03(j), or (ii) any Investment
required to be made pursuant to such Person’s right to

 

 

require the Parent or any of its Subsidiaries to purchase,
acquire or otherwise hold any Equity Interests of, or
Indebtedness owing by, Topco or any of its Subsidiaries that is
otherwise permitted by Section 7.03.

     “Topco” means any entity that following the
consummation of the Gras Savoye Transactions is owned in part
by the Parent or any Subsidiary and shall hold, directly or
indirectly, Equity Interests in Gras Savoye & Cie.

     (c) Section 7.01 (Negative Covenants; Subsidiary Indebtedness) of the Credit
Agreement is amended by (i) deleting the word “and” at the end of clause (f) thereof; (ii)
replacing the period at the end of clause (g) thereof with a semicolon and the word “and”;
and (iii) by inserting a new clause (h) thereto to read as follows:

     (h) Indebtedness consisting solely of Liens permitted
under Section 7.02(i) so long as no holder of any such
Indebtedness has any recourse with respect thereto to the
Parent or any of its Subsidiaries, or their assets, beyond the
assets subject to such Liens.

     (d) Section 7.02 (Negative Covenants; Liens) of the Credit Agreement is amended
by (i) deleting the word “and” at the end of clause (g) thereof; (ii) replacing the period
at the end of clause (h) thereof with a semicolon and the word “and”; and (iii) by inserting
a new clause (i) thereto to read as follows:

     (i) Liens on Investments in Topco granted in connection
with and as contemplated by the Gras Savoye Transactions.

     (e) Section 7.03 (Negative Covenants; Investments) of the Credit Agreement is
amended by (i) inserting at the beginning of clause (f)(ii) thereof the words “at any time
prior the consummation of the Gras Savoye Transactions,”; (ii) deleting the word “and” and
the end of clause (g) thereof; (iii) replacing the period at the end of clause (h) thereof
with a semicolon; and (iv) by inserting new clauses (i) and (j) thereto to read as follows:

     (i) Investments in Topco made in connection with and as
contemplated by the Gras Savoye Transactions; and

     (j) Investments in Topco consisting of purchases of Equity
Interests of Topco held by past, present or future officers,
directors and employees of Topco and its Subsidiaries and any
relatives of the forgoing and any entities controlled thereby,
so long as such repurchase is required to be made in connection
with a termination of the applicable officer, director or
employee pursuant to, and is made in accordance with the terms
of, applicable management and/or employee stock plans, stock
subscription agreements or shareholders agreements.

2

 

     (f) Section 7.05 (Negative Covenants; Asset Sales) of the Credit Agreement is
amended by (i) deleting the word “and” and the end of clause (c) thereof; and (ii) by
inserting new clauses (e) and (f) thereto to read as follows:

     (e) Dispositions of all of the Equity Interests of Gras
Savoye & Cie in connection with and as contemplated by the Gras
Savoye Transactions            so long as 100% of the Net Cash
Proceeds from such Dispositions are applied to prepay the Term
Loan within ten Business Days from the date of receipt of such
Net Cash Proceeds; and

     (f) Dispositions of Equity Interests or other interests in
Topco to members of management of Topco under contractual
arrangements entered into in connection with the Gras Savoye
Transactions.

     2. Effectiveness; Conditions Precedent. This Amendment shall be effective as of the
date hereof (the “Amendment Effective Date”) upon satisfaction of each of the following
conditions:

     (a) Executed Documents. The Administrative Agent shall have received
counterparts of this Amendment executed by the Borrower, the Parent, the other Guarantors,
the Required Lenders and the Administrative Agent.

     (b) Fees and Expenses. The Borrower shall have paid to the Administrative
Agent (or its applicable affiliate), all fees and expenses required to be paid on or before
the date hereof in connection with this Amendment, in accordance with Section 10.04
of the Credit Agreement or any other Loan Document.

     3. Ratification of Loan Documents. Each Loan Party acknowledges and consents to the
terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its
obligations under the Loan Documents (as amended hereby).

     4. Authority/Enforceability. Each Loan Party represents and warrants to the
Administrative Agent and the Lenders that:

     (a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

     (b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person’s legal, valid and binding obligations, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

     (c) No consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and
effect, is required in connection with the execution, delivery or performance by such Person
of this Amendment.

3

 

     (d) The execution and delivery of this Amendment does not (i) violate, contravene or
conflict with any provision of its, or its Subsidiaries’ Organization Documents or (ii)
materially violate, contravene or conflict with any Laws applicable to it or any of its
Subsidiaries.

     5. Representations and Warranties of the Loan Parties. Each Loan Party represents and
warrants that after giving effect to this Amendment (a) the representations and warranties of (i)
the Parent and the Borrower contained in Article V of the Credit Agreement and (ii) each
Loan Party contained in each other Loan Document or in any document furnished at any time under or
in connection herewith or therewith, shall be true and correct in all material respects (or, if
such representation or warranty is itself modified by materiality or Material Adverse Effect, it
shall be true and correct in all respects) as of the date hereof, except (A) to the extent that
such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct as of such earlier date and (B) the making of the representation and warranty
contained in Section 5.04(b) of the Credit Agreement and (b) no event has occurred and is
continuing which constitutes a Default or an Event of Default.

     6. Counterparts/Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of executed counterparts of this Amendment
by telecopy or electronic mail shall be effective as an original.

     7. Reference to the Effect of the Credit Agreement.

          (a) As of the Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, shall mean and be a reference
to the Credit Agreement as modified hereby, and this Amendment and the Credit Agreement shall be
read together and construed as a single instrument. This Amendment shall constitute a Loan
Document.

          (b) Except as expressly amended hereby, all of the terms and provisions of the Credit
Agreement are and shall remain in full force and effect and are hereby ratified and confirmed.

          (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Lenders, the
Administrative Agent under the Credit Agreement, nor constitute a waiver or amendment of any other
provision of the Credit Agreement or for any purpose except as expressly set forth herein.

     8. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK. THE PROVISIONS OF SECTIONS 10.14 AND 10.15 OF THE CREDIT AGREEMENT ARE
INCORPORATED BY REFERENCE, MUTATIS MUTANDIS, AS IF FULLY SET FORTH HEREIN.

[Remainder of page intentionally left blank.]

4

 

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

	 	 	 	 	 
	BORROWER: 	WILLIS NORTH AMERICA INC.

 	 
	 	By:  	 /s/ Derek Smyth	 
	 	 	Name:  	 Derek Smyth	 
	 	 	Title:  	 Chief Financial Officer	 
	 
	GUARANTORS: 	WILLIS GROUP HOLDINGS LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 CFO	 
	 
	 	TA I LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 Director	 
	 
	 	TA II LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 Director	 
	 
	 	TA III LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 Director	 
	 
	 	TA IV LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 Director	 
	 

Willis North America, Inc.

Fourth Amendment to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	TRINITY ACQUISITION LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 Director	 
	 
	 	WILLIS GROUP LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 Director	 
	 
	 	WILLIS INVESTMENT UK HOLDINGS LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 Director	 
	 

Willis North America, Inc.

Fourth Amendment to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	ADMINISTRATIVE

AGENT:
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	 /s/ John Kushnerick	 
	 	 	Name:  	 John Kushnerick	 
	 	 	Title: 	 Vice President
	 
	LENDERS: 	BANK OF AMERICA, N.A.

as a Lender and the Swing Line Lender

 	 
	 	By:  	 /s/ John Kushnerick	 
	 	 	Name:  	 John Kushnerick	 
	 	 	Title: 	 Vice President
	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	 /s/ Mark Cisz	 
	 	 	Name:  	 Mark Cisz	 
	 	 	Title:  	 Executive Director	 
	 
	 	THE ROYAL BANK OF SCOTLAND PLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SUNTRUST BANK

 	 
	 	By:  	 /s/ W. Bradley Hamilton	 
	 	 	Name:  	 W. Bradley Hamilton	 
	 	 	Title:  	 Director	 
	 
	 	ING CAPITAL LLC

 	 
	 	By:  	 /s/ Mark Newsome	 
	 	 	Name:  	 Mark Newsome	 
	 	 	Title:  	 Director	 
	 
	 	LLOYDS TSB BANK PLC

 	 
	 	By:  	 /s/ Candi Obrentz	 
	 	 	Name:  	 Candi Obrentz	 
	 	 	Title:  	 Associate Director	 
	 
	 	By:  	 /s/ Morgan Beanland	 
	 	 	Name:  	 Morgan Beanland	 
	 	 	Title:  	 Senior Vice President, Financial Institutions	 
	 

Willis North America, Inc.

Fourth Amendment to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	MORGAN STANLEY BANK

 	 
	 	By:  	 /s/ James E. Bonetti	 
	 	 	Name:  	 James E. Bonetti	 
	 	 	Title:  	 Authorized Signatory	 
	 
	 	BARCLAYS BANK PLC

 	 
	 	By:  	 /s/ S. McMillan	 
	 	 	Name:  	 S. McMillan	 
	 	 	Title:  	 Director-Strategic Debt Finance	 
	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NY BRANCH

 	 
	 	By:  	 /s/ Scott Schaffer	 
	 	 	Name:  	 Scott Schaffer	 
	 	 	Title:  	 Authorized Signatory	 
	 
	 	SCOTIABANK EUROPE PLC

 	 
	 	By:  	 /s/ Bram Cartwell	 
	 	 	Name:  	 Bram Cartwell	 
	 	 	Title:  	 Director	 
	 
	 	NATIONAL CITY BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	 /s/ Daniel R. Raynor	 
	 	 	Name:  	 Daniel R. Raynor	 
	 	 	Title:  	 Senior Vice President	 
	 
	 	MANUFACTURERS AND TRADERS TRUST COMPANY

 	 
	 	By:  	 /s/ Scott Royster	 
	 	 	Name:  	 Scott Royster	 
	 	 	Title:  	 Assistant Vice President	 
	 

Willis North America, Inc.

Fourth Amendment to Credit Agreement

Signature Pages

 

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	 /s/ Aurora A. Battaglia	 
	 	 	Name:  	 Aurora A. Battaglia	 
	 	 	Title:  	 Vice President	 
	 
	 	DANSKE BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE NORTHERN TRUST COMPANY

 	 
	 	By:  	 /s/ Chris McKean	 
	 	 	Name:  	 Chris McKean	 
	 	 	Title:  	 Vice President	 
	 
	 	ALLIED IRISH BANKS, P.L.C.

 	 
	 	By:  	 /s/ Shreya Shah	 
	 	 	Name:  	 Shreya Shah	 
	 	 	Title:  	 Vice President	 
	 
	 	By:  	 /s/ Gregory J. Wiske	 
	 	 	Name:  	 Gregory J. Wiske	 
	 	 	Title:  	 Sr. Vice President	 
	 
	 	BANK OF COMMUNICATIONS CO., LTD., NEW YORK BRANCH

 	 
	 	By:  	 /s/ Shelley He	 
	 	 	Name:  	 Shelley He	 
	 	 	Title:  	 Deputy General Manager	 
	 
	 	MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD. (NEW YORK BRANCH)

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CHANG HWA COMMERCIAL BANK

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	

AIB DEBT MANAGEMENT, LIMITED

 	 
	 	By:  	 /s/ Shreya Shah	 
	 	 	Name:  	 Shreya Shah	 
	 	 	Title:  	 Vice President	 
	 
	 	By:  	 /s/ Gregory J. Wiske	 
	 	 	Name:  	 Gregory J. Wiske	 
	 	 	Title:  	 Sr. Vice President	 

Willis North America, Inc.

Fourth Amendment to Credit Agreement

Signature Pagesexv10w4

Exhibit 10.4

DATED DECEMBER 31, 2009

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

DEED POLL OF ASSUMPTION

relating to

Equity Compensation-Related Plans of Willis Group Holdings Limited

 

 

 

DEED POLL OF ASSUMPTION

OF

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

This Deed Poll relating to the equity compensation-related plans of Willis Group Holdings Limited
and its affiliates, as listed in Annex A (together, the “Equity Plans”), is made on
December 31, 2009 by WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY, a company established in Ireland with
registered number 475616 having its registered office at Grand Mill Quay, Barrow Street, Dublin 4
(“Willis-Ireland”).

WHEREAS,
on December 18, 2009, Willis Group Holdings Limited, a company incorporated in Bermuda
(“Willis-Bermuda”), received approval from the Supreme Court of Bermuda for a scheme of arrangement
under Bermuda law (the “Scheme of Arrangement”) that effected a transaction that resulted in the
common shareholders of Willis-Bermuda becoming ordinary shareholders of Willis-Ireland and
Willis-Bermuda becoming a wholly-owned subsidiary of Willis-Ireland (the “Transaction”), such
Transaction becoming effective at 6:59 Eastern Time on December 31, 2009, after the filing of the
court order sanctioning the Scheme of Arrangement with the Bermuda Registrar of Companies (the
“Effective Time”);

WHEREAS, in connection with and contingent upon the consummation of the Transaction, Willis-Ireland
proposes to assume the Equity Plans and any outstanding awards issued thereunder (the
“Assumption”);

WHEREAS, in connection with and contingent upon the consummation of the Transaction and the
Assumption, Willis-Bermuda amended the Equity Plans as necessary or appropriate to give effect to
the Transaction and the Assumption, such amendments principally providing (1) for the appropriate
substitution of Willis-Ireland for Willis-Bermuda in such plans; and (2) that ordinary shares of
Willis-Ireland (“Ordinary Shares”) will be issued, held available or used, as appropriate, to
measure benefits under such plans in lieu of common shares of Willis-Bermuda (“Common Shares”),
including upon the exercise of any stock options or upon the vesting of restricted stock units or
performance share units issued under such plans; and

WHEREAS, as a result of the Transaction becoming effective, Willis-Ireland desires to assume (1)
sponsorship of the Equity Plans; and (2)
the rights and obligations of Willis-Bermuda under the Equity Plans and all outstanding awards
issued thereunder.

NOW THIS DEED POLL WITNESSES AS FOLLOWS:

Willis-Ireland hereby declares, undertakes and agrees for the benefit of each participant in the
Equity Plans that, with effect from the Effective Time, it:

	1.	 	accepts assignment of and assumes the Equity Plans from Willis-Bermuda;
	 
	2.	 	shall undertake and discharge all of the rights and obligations relating to sponsorship of
the Equity Plans which have been undertaken and were to be discharged by Willis-Bermuda prior
to the Effective Time;
	 
	3.	 	shall exercise all of the powers of the plan sponsor relating to the Equity Plans which were
exercised by Willis-Bermuda prior to the Effective Time;

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	4.	 	shall be bound by the terms of the Equity Plans so that Willis-Ireland will be bound by the
requirements, without limitation, that:

	 	4.1	 	any outstanding Grant, Award or RSU Award subject to a Grant Agreement or
Agreement (as such terms are defined in the Equity Plans listed in items 1 through 5 of
Annex A), for this purpose and for purposes of Section 5 below, any outstanding Option
(as such term is defined in the Equity Plan listed in item 6 of Annex A) and any other
right to Shares (as defined in the Equity Plans listed in items 7 through 10 of Annex
A) (collectively, the “Assumed Awards”) shall be subject to the same terms and
conditions of the respective Equity Plan, Grant Agreement, or Agreement (each, a
“Benefit Document”, and collectively, the “Benefit Documents”) as in effect immediately
prior to the effective date of this Deed Poll, including the vesting schedule set forth
in the applicable Assumed Award, save for such changes as are necessary to effectuate
and reflect the assumption by Willis-Ireland of the respective Equity Plan and Assumed
Award and the rights and obligations of Willis-Bermuda thereunder;
	 
	 	4.2	 	to the extent any Benefit Document provides for the issuance, acquisition,
holding or purchase of, or otherwise relates to or references, Common Shares, then,
pursuant to the terms hereof and thereof, such Benefit Document is hereby amended to
provide for the issuance, acquisition, purchase or holding of, or otherwise relate to
or reference, Ordinary Shares (or benefits or other amounts determined in accordance
with the Benefit Documents);
	 
	 	4.3	 	all references in the Equity Plans to Willis-Bermuda or its predecessors are
hereby amended to be references to Willis-Ireland;
	 
	 	4.4	 	all outstanding Assumed Awards or any other benefits available which are based
on Common Shares and which have been granted under the Equity Plans (including, as
applicable, any Common Shares exchanged in connection with the Transaction) shall
remain outstanding pursuant to the terms hereof and thereof;
	 
	 	4.5	 	each Assumed Award shall, pursuant to the terms hereof and thereof, be
exercisable, issuable, held, available or vest upon the same terms and conditions as
under the applicable Benefit Document, except that upon the exercise, issuance,
holding, availability or vesting of such Assumed Awards, as applicable, Ordinary Shares
are hereby issuable or available, or benefits or other amounts determined, in lieu of
Common Shares;
	 
	 	4.6	 	with respect to The Willis Group Holdings Irish Sharesave Plan, which
is a sub-plan to the Willis Group Holdings 2001 Share Purchase and Option Plan,
in addition to the provisions of Section 3.1 above, Willis-Ireland agrees that any
Assumed Awards issued under such sub-plan shall be subject to any approval that may be
obtained by Willis-Bermuda or Willis-Ireland from the Irish Revenue Commissioners;
	 
	 	4.7	 	with respect to the Rules of the Willis Group Holding Sharesave Plan
2001 for the United Kingdom, which is a sub-plan to the Willis Group Holdings 2001 Share Purchase and
Option Plan, in addition to the provisions of Section 3.1 above, Willis-Ireland agrees
that any Assumed Awards issued under such sub-plan shall be subject to any approval
that may be obtained by Willis-Bermuda or Willis-Ireland from Her Majesty’s Revenue and
Customs; and
	 
	 	4.8	 	certain ordinary shares of Willis-Ireland, rather than Willis-Bermuda, shall be
issued, held available or used, as appropriate, to give effect to purchases made under
the

-3-

 

	 	 	 	2001 North America Employee Stock Purchase Plan on and after the effective date of
this Deed Poll;

	5.	 	Willis-Ireland hereby assumes and adopts, for the time being, the form of Grant Agreement or
Agreement adopted by Willis-Bermuda for the issuance of Awards on and after the Effective
Time, with such amendments and modifications thereto as may be necessary or appropriate to
effectuate and reflect the assumption by Willis-Ireland of the Equity Plans and the form of
Grant Agreement or Agreement and the rights and obligations of Willis-Bermuda thereunder.
	 
	6.	 	Each Assumed Award that is a stock option (i) is hereby assumed by Willis-Ireland, or (ii)
the obligations thereunder are hereby assumed by Willis-Ireland, as applicable, in such manner
that Willis-Ireland would be a corporation “assuming a stock option in a transaction to which
section 424(a) applies” within the meaning of Section 424 of the Internal Revenue Code of
1986, as amended (the “Code”), were Section 424 of the Code applicable to such Assumed Award,
with regard to the requirements of Treasury Regulation Section 1.424-1(a)(5)(iii) for options
that are intended to qualify under Section 422 of the Code, and with regard to the
requirements of Treasury Regulation Section 1.409A-1(b)(5)(v)(D) for other options.

-4-

 

IN WITNESS WHEREOF this Deed Poll has been executed by Willis-Ireland on the date first above
written.

	 	 	 
	PRESENT when the common seal of
	 	)
	WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY
	 	)
	was affixed hereto:
	 	)

	 	 	 	 	 
	/s/ Adam G. Ciongoli
	 	 	 	 
	Director
	 	 	 	 
	 
	/s/ Patrick C. Regan
	 	 	 	 
	Director/Secretary
	 	 	 	 

The terms of this Deed Poll of Assumption are hereby acknowledged and accepted by Willis-Bermuda.

	 	 	 
	Signed for and on behalf of
	 	)
	WILLIS GROUP HOLDINGS LIMITED
	 	)

	 	 	 	 	 
	/s/ Adam G. Ciongoli
	 	 	 	 
	Authorised Officer
	 	 	 	 

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ANNEX A

Assumed Equity Plans

	1.	 	1998 Share Purchase and Option Plan for Key Employees of Willis Group Holdings Limited,
including the following sub-plan:
	 
	2.	 	The Award Plan for Key Employees of Willis Group Holdings Limited.
	 
	3.	 	Willis Group Holdings 2001 Share Purchase and Option Plan, including the following sub-plans:

	 	A.	 	The Willis Group Holdings 2001 Bonus and Stock Plan
	 
	 	B.	 	The Willis Group Holdings 2004 Bonus and Stock Plan
	 
	 	C.	 	Rules of the Willis Group Holdings Sharesave Plan 2001 for
the United Kingdom
	 
	 	D.	 	Willis Group Holding Irish Sharesave Plan
	 
	 	E.	 	Willis Group Holding International Sharesave Plan

	4.	 	Willis Group Holdings 2008 Share Purchase and Option Plan
	 
	5.	 	Hilb, Rogal and Hamilton Company 2000 Share Incentive Plan
	 
	6.	 	Hilb, Rogal and Hamilton Company 2007 Share Incentive Plan
	 
	7.	 	Willis Group Holdings 2001 North America Employee Stock Purchase Plan
	 
	8.	 	Hilb, Rogal and Hamilton Company Executive Voluntary Deferral Plan
	 
	9.	 	Willis Group Senior Management Incentive Plan
	 
	10.	 	Willis Group Holdings Limited Non-Employee Directors’ Deferred Compensation Plan

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