Document:

Unassociated Document

    
      FIRST
AMENDMENT

      TO

      LOAN
MODIFICATION, RENEWAL

      AND
EXTENSION AGREEMENT

      

      This First Amendment to Loan
Modification, Renewal and Extension Agreement (this “First Amendment”) is made
and entered into by and between FH Partners LLC, a Texas limited liability
company (“Holder”), and YTB International, Inc., a Delaware corporation
(“Borrower”) upon the following terms and conditions:

      

      WHEREAS, Holder and Borrower entered
into that certain Loan Modification, Renewal and Extension Agreement dated
effective July 26, 2009, (the “Modification Agreement”), relating to the
modification, renewal and extension of the Loan; said Modification Agreement
being incorporated herein by this reference thereto;

      

      WHEREAS, Holder and Borrower now desire
to modify the maturity date of the Loan as modified in the Modification
Agreement for the consideration hereinafter expressed;

      

      NOW THEREFORE, for an in consideration
of the sum of Ten and No/100 Dollars ($10.00) paid by Borrower to Holder and the
mutual covenants and agreements herein contained and other good and valuable
considerations, the receipt and adequacy of which considerations are hereby
expressly acknowledged by the undersigned, the parties hereto do agree as
follows:

      

      
        	
                 
      

              	
                1.

              	
                The
      maturity date of the Loan was extended to April 30, 2010 in the
      Modification Agreement.  Such maturity date shall be hereby
      extended to August 31, 2010 unless earlier accelerated pursuant to the
      terms of any of the instruments or documents evidencing, securing or
      pertaining to the Loan and Borrower hereby agrees that this First
      Amendment renews and extends, but does not extinguish, the July 26, 2006
      Note as renewed and extended by the July 26, 2008 Note and liens created
      by the Mortgage.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Except
      as modified herein, the Mortgage and all of the other instruments and loan
      documents evidencing, securing, or pertaining to the Loan shall continue
      in full force and effect as originally executed and
    delivered.

              

      

      

      
        	
                 
      

              	
                3.

              	
                Borrower
      hereby reaffirms all of the representations and warranties made to
      Meridian Bank, the original lender, at the time the Loan was made and at
      the time of the execution and delivery of the July 26, 2006 Note and the
      July 26, 2008 Note and declares the same to be true as of such date and as
      of the date hereof.

              

      

      

      
        	
                 
      

              	
                4.

              	
                Borrower
      acknowledges and represents that the liens created and evidenced by the
      Mortgage are valid and existing liens of the recited dignity and priority,
      and Borrower acknowledges and agrees that there is no offset, counterclaim
      or defense of any kind to the July 26, 2006 Note, July 26, 2008 Note,
      Modification Agreement or Mortgage as modified
  hereby.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      
        	
                 
      

              	
                5.

              	
                Contemporaneously
      with the execution and delivery hereof, and as a condition to the
      effectiveness hereof, Borrower shall pay or cause to be paid all accrued
      interest on the July 26, 2006 Note as renewed and extended by the July 26,
      2008 Note and all costs and expenses incident to the consummation of the
      transactions specified herein, including, without limitation (i)
      reasonable fees and expenses of legal counsel to the Holder, if any, and
      (ii) recording fees.

              

      

      

      
        	
                 
      

              	
                6.

              	
                Holder
      does not, by execution of this Agreement, waive any rights and remedies it
      may have against Borrower or any other person or entity not a party
      hereto.

              

      

      

      
        	
                 
      

              	
                7.

              	
                FURTHER,
      IT IS EXPRESSLY AGREED THAT FOR AND IN CONSIDERATION OF THIS AGREEMENT,
      BORROWER HEREBY RELEASES AND FOREVER DISCHARGES HOLDER AND ITS OFFICERS,
      DIRECTORS, COUNSEL, EMPLOYEES, AGENTS, PREDECESSORS, SUCCESSORS, AND
      ASSIGNS FROM ALL CAUSES OF ACTION, CLAIMS, RIGHTS, AND CONTROVERSIES,
      KNOWN OR UNKNOWN, WHICH BORROWER HAD, NOW HAS, OR MAY HEREAFTER ACQUIRE
      WHICH RELATE TO, ARE BASED ON, ARISE OUT OF, OR ARE IN ANY WAY CONNECTED
      WITH ANY ACTS OF HOLDER OCCURRING PRIOR TO THE EXECUTION OF THIS AGREEMENT
      AND RELATING IN ANY MANNER TO THE ABOVE DESCRIBED LOAN, MODIFICATION
      AGREEMENT OR MORTGAGE OR THE PROPERTY DESCRIBED HEREIN OR
      THEREIN.  THIS IS A GENERAL RELEASE OF ALL POSSIBLE CLAIMS AND
      CAUSES OF ACTION OF EVERY KIND AND CHARACTER RELATED TO THE ABOVE
      DESCRIBED SUBJECT MATTER AND IT IS TO BE INTERPRETED LIBERALLY TO
      EFFECTUATE MAXIMUM PROTECTION OF
HOLDER.

              

      

      

      
        	
                 
      

              	
                8.

              	
                It
      is understood and agreed that except as to such changes made herein, the
      terms and provisions of the July 26, 2006 Note as renewed and extended by
      the July 26, 2008 Note and as modified by the Modification Agreement and
      hereby shall be brought forward and remain in all respects unchanged and
      that the balance owing thereon as herein renewed, rearranged, modified
      and/or extended is subjection to no offsets, deductions, credits, charges
      or claims of whatsoever kind or character and shall be due and payable in
      the manner herein set out and that the aforesaid Mortgage, and any other
      documents securing the payment of the Note, except to the extent validly
      modified in writing or released prior to the date hereof and except as
      modified, renewed, rearranged and extended herein so as to secure the
      payment of the Loan, shall remain in full force and effect until the full
      and final payment of the Loan.  No further modification, release
      or amendment may be made related to the Loan unless such modification,
      release or amendment is made in a writing executed by Borrower and
      Holder.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
 

      
        	
                 
      

              	
                9.

              	
                This
      First Amendment may be executed in counterparts, each of which when taken
      together shall be deemed an original, but all of which shall be deemed for
      all purposes one and the same instrument.  Counterpart
      signatures may be transmitted by facsimile and this First Amendment shall
      be binding upon transmission of all signed counterparts to each
      party.

              

      

      

      
        	
                 
      

              	
                10.

              	
                Except
      as set forth above, the terms and conditions of the Modification Agreement
      are hereby republished, ratified and affirmed by Holder and Borrower and
      as so ratified and affirmed are hereby republished and incorporated herein
      by this reference thereto.

              

      

      

      
        	
                 
      

              	
                11.

              	
                All
      capitalized terms utilized and not defined herein shall have the meaning
      as defined in the Modification
Agreement.

              

      

      

      Executed effective the 1st day of
May, 2010 (the “Amendment Effective Date”).

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            	 
      	      
                                                                    HOLDER:

                                                                  
	 
      	 
      	 
	 
      	      
                                                                    FH
      Partners LLC

                                                                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                                                                    By:

                                                                  	
                                                                    /s/ Lonnie R. Abrahams,
    S.V.P.

                                                                  
	 
      	 
      	Name:  Lonnie
      R. Abrahams
	 
      	 
      	Title:  Senior
      Vice President
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	      
                                                                    BORROWER:

                                                                  
	 
      	 
      	 
      
	 
      	      
                                                                    YTB
      International, Inc.

                                                                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                                                                    By:

                                                                  	
                                                                    /s/ Robert M. Van
      Patten   Date:  6/17/10

                                                                  
	 
      	 
      	Name:  Robert
      M. Van Patten
	 
      	 
      	Title:  PresidentExhibit 10.1
    

    

    

    
      Willis
    

    
      Susan A. Sztuka-Gunn
Group Human Resources Director
212.915.8781
susan.gunn@willis.com
    

    

    

    
      June 17, 2010
    

    

    

    
      Strictly Personal & Confidential
    

    

    

    
      Mr. Michael K. Neborak
16 Greenlawn Road
Katonah, NY  10536
    

    

    

    
      Dear Michael:
    

    

    

    
      We are delighted to offer you the position of Chief Financial
      Officer of Willis Group Holdings Public Limited Company
      (the “Company”).  All terms and conditions contained within this offer
      of employment are subject to the approval of the Company’s Board of
      Directors and such Board’s Compensation Committee.  In this role, you
      will report to the Company’s Chairman and Chief Executive Officer,
      Joseph J. Plumeri, and you will be an Executive Officer and Executive
      Committee member of the Company.  Your employing entity will be Willis
      North America Inc. (which is referred to hereafter as “Willis”) and your
      physical office will be located in New York, New York.  Unless otherwise
      mutually agreed, your employment will commence on July 6, 2010.  To
      accept this offer, please sign this letter where indicated below and
      return one copy of this letter at your earliest convenience.
    

    
      This offer is contingent upon satisfactory results with respect to:
    

    	
        An executive officer background check;
      
	
        A standard drug screening test (arrangement details to be provided
        separately); and
      
	
        Professional references.
      

    
      This offer is also conditioned upon your execution of a Willis Employment
      Agreement.  For your convenience, a copy of the agreement you will
      be asked to sign is enclosed for your review.  This document does not
      promise employment for a specified period -- either you or Willis may
      terminate the relationship at any time, subject to the notice
      requirements of the Employment Agreement.
    

    
      Compensation and benefits:  While in Willis’ employ and provided
      that you sign and return this letter and your Willis Employment
      Agreement on or before date of hire, you will receive compensation and
      benefits as described below:
    

    
    	
          1.
        	
          
            Base Salary: Your salary will be $ 41,666.67 per month
            (less applicable withholdings), which is equivalent to $500,000.04
            on a per annum basis. You will be eligible for an annual salary
            review to be performed at the time Willis normally conducts annual
            salary reviews. Your compensation and benefits may be adjusted, in
            accordance with the Willis’s normal compensation and benefits
            administration procedures, upon your annual review or from time to
            time.
          

        
	

        	
           
        
	
          2.
        	
          
            Annual Incentive Plan ("AIP"): You will
            participate in the Willis AIP under which you may become eligible
            to receive an annual award. Your annual AIP award will have a
            target value equal to 100% of your per annum base salary (your
            actual AIP award may be more or less than such target value), with
            the final determination of the amount of any AIP award
            distribution to rest in the discretion of the Willis and the
            Company. Further provided that, the AIP award which you will
            receive for your contributions in year 2010 will be
            guaranteed at target of five hundred thousand dollars ($500,000)
            and paid to you at the same time that Executive Officer AIP awards
            are distributed, generally in March 2011 (i.e., subject to your
            continuous employment with Willis following your date of hire by
            Willis up to and including the date that Willis would normally pay
            such AIP award during March 2011). Any AIP award distribution to
            you may be made, in whole or in part, in the form of (i)
            restricted stock units of Willis Group Holdings plc or other
            instruments (including, but not limited to, other forms of
            security instruments), any and or all of which may be a form of
            deferred compensation and/or subject to vesting schedules and/or
            (ii) a restricted cash payment that is subject to a vesting
            schedule and/or repayment obligation under such circumstances as
            Willis may specify. Each of the foregoing forms of compensation
            will be subject to such other terms and conditions as Willis
            specifies, in accordance with Willis’s usual compensation
            practices and procedures. Your participation in the AIP shall be
            subject to the AIP’s usual terms and conditions (as may be
            modified from time to time), including (i) you must be in the
            active employ of Willis at the time that any AIP award is normally
            paid in order to be eligible to receive such AIP award and (ii)
            AIP distributions will be subject to applicable withholdings.
          

        

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
    	
          3.
        	
          
            Annual Equity Participation: You will be eligible to
            participate in the Willis Partners Plan (the “WPP”) subject to the
            terms of the Company’s share and option plans, as may be amended
            from time to time. Your target annual equity grant award will be
            equal to one million dollars ($1,000,000). If granted, any equity
            award to you will be made at the same time as all other similarly
            situated executives receive their annual equity grant. The next
            expected grant date will be May 2011.
          

        
	

        	
           
        
	
          4.
        	
          
            Sign On Equity Award: Subject to the approval of the
            Company’s Board Compensation Committee, on the first trading day
            of the month immediately following the commencement of your
            employment (the “Grant Date”), you will be granted an equity award
            (the “Sign On Equity Award”) with a total fair market value as of
            the Grant Date of approximately five hundred thousand dollars
            ($500,000). The Sign On Equity Award will be comprised of both
            time vested restricted stock units and performance restricted
            stock units, to be allocated as follows: (i) two hundred and fifty
            thousand dollars ($250,000) in time vested restricted stock units
            (the “Time RSU Award”), the value of said award to be determined
            by the closing share price on the Grant Date; and (ii) two hundred
            and fifty thousand dollars ($250,000) in performance restricted
            stock units (the “Performance RSU Award”), the value of said award
            to be determined by the closing share price on the Grant Date. The
            Performance RSU Award will be earned subject to the achievement of
            the associated performance targets. Provided you are employed by
            Willis on each of the anniversary dates set forth below and
            subject to the performance targets being hit, where applicable,
            the Sign On Equity Award will vest as follows:
          

        
	

        	
           
        
	

        	
          
            Time RSU Award
          

        
	

        	
           
        
	

        	
          
            • 33% on the 1st anniversary of the Grant Date
          

        
	

        	
          
            • 33% on the 2nd anniversary of the Grant Date
          

        
	

        	
          
            • 34% on the 3rd anniversary of the Grant Date
          

        
	

        	
           
        
	

        	
          
            Performance RSU Award (if earned)
          

        
	

        	
           
        
	

        	
          
            • 33% on the 1st anniversary of the Grant Date
          

        
	

        	
          
            • 33% on the 2nd anniversary of the Grant Date
          

        
	

        	
          
            • 34% on the 3rd anniversary of the Grant Date
          

        
	

        	
           
        
	

        	
          Additional materials describing terms and conditions of the Sign On
          Equity Awards, including performance targets, will be provided to
          you under separate cover following the Grant Date -- such materials
          will include acceptance forms which you will need to execute to
          accept the Sign On Equity Awards. If you do not sign and return the
          acceptance forms within the prescribed time limit, Willis and/or the
          Company may, in their respective discretion, cancel the Sign On
          Equity Awards.
        

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
    	
          5.
        	
          
            Termination without Cause: If your employment is terminated
            by Willis without “Cause” (as defined below), you will thereafter
            receive severance pay equivalent to twelve (12) months’ base
            salary (less applicable withholdings) to be paid over twelve (12)
            months, in semi-monthly installments.
          

        
	

        	
           
        
	

        	
          All other compensation and other benefits shall cease following such
          employment termination (except for any accrued salary due with
          respect to service provided prior to employment termination and
          except for any accrued and vested pension benefits, if any, or other
          vested benefits, if any, payable in the future). If you ever become
          eligible to receive any severance payments described in this offer
          letter, you agree that (i) such severance payments will be subject
          to discontinuance at the Company’s and/or Willis’s discretion if you
          should violate the terms of any surviving restrictive covenants as
          set forth in your Employment Agreement with Willis and (ii) your
          acceptance of any such payments shall constitute your knowing and
          voluntary waiver of any right or claim to receive severance benefits
          from Willis (or any of its affiliates) pursuant to any severance
          benefit plan (if any) that Willis (or any of its affiliates) may, at
          the time of your employment termination, maintain.
        
	

        	
           
        
	

        	
          “Cause” for purposes of employment termination by Willis is defined
          as (i) your gross and/or chronic neglect of your duties, (ii) your
          conviction of a felony or misdemeanor involving moral turpitude,
          (iii) material willful dishonesty, embezzlement, fraud or other
          material willful misconduct by you in connection with your
          employment, (iv) the issuance of any final order for your removal as
          an associate of Willis by any state or federal regulatory agency,
          (v) your violation of the restrictive covenant provisions contained
          in your Employment Agreement with Willis or other agreement with the
          Company and/or Willis, (vi) your material breach of any material
          duty owed to the Company and/or Willis, including, without
          limitation, the duty of loyalty, (vii) your material breach of any
          of your other material obligations under your Employment Agreement
          with Willis or other agreement with the Company and/or Willis,
          (viii) any material breach of the Company’s/Willis’s Code of Ethics
          by you, (ix) your failure to achieve reasonable performance goals as
          specified by Willis or the Company, or (x) your failure to maintain
          any insurance or other license necessary to the performance of the
          duties of your position. Cause shall not exist unless the Willis
          first provides you with written notice of such alleged Cause,
          including specifying with particularity the conduct that is the
          basis for such alleged Cause, and shall have provided you a period
          of no less than 30 days in which to cure such Cause, if curable1.
          Cause shall not include an immaterial, isolated instance of ordinary
          negligence or failure to act, whether due to an error in judgment or
          otherwise, if you have exercised substantial efforts in good faith
          to perform the duties reasonably assigned or appropriate to your
          position. You will not be entitled to severance pay of any type from
          Willis following employment termination for Cause.
        
	

        	
           
        
	

        	
          Anything herein or elsewhere to the contrary notwithstanding, in the
          event of a Change of Control2 all of your earned and
          unvested restricted stock units and options in Willis Group Holdings
          plc shares shall immediately vest.
        
	

        	
           
        
	
          6.
        	
          
            General Benefits: You will be allowed to participate in
            those employee benefit programs which are generally made available
            by Willis to its associates, in accordance with and subject to the
            normal terms and conditions of those programs. A summary of
            Willis’s employee benefit programs will be provided for your
            review.
          

        
	

        	
           
        
	
          7.
        	
          
            Vacation: You will be allowed to accrue (in accordance with
            and subject to the Willis’s vacation accrual policy) five (5)
            weeks of vacation per year, until such time as Willis policy
            allows you to accrue more than that number of weeks’ vacation per
            year.
          

        
	

        	
           
        
	
          8.
        	
          
            Application of Section 409A. Notwithstanding anything to
            the contrary in the foregoing provisions, if Willis determines3
            that you are a “specified employee” within the meaning of Section
            409A of the Internal Revenue Code of 1986, as amended ( “Section
            409A”) and if you become eligible under the terms and conditions
            of this letter agreement to receive a payment from Willis or the
            Company after your employment has ended, then, as and if required
            by Section 409A, any such payment otherwise payable under this
            letter agreement following your employment separation, if any,
            shall be issued (as and if applicable) on or within 30 days
            following the first business day of the seventh month following
            your “separation from service” within the meaning of Section 409A.
          

        

    

    

    
      1 Both you and Willis acknowledge and agree that it is
      possible for certain types of conduct which can give rise to Cause to be
      of such a severe and serious nature that the Cause cannot be cured.  In
      such event, Wills will be under no obligation to provide you with a
      reasonable period in which to cure the conduct which gave rise to Cause.
2
      “Change in Control” shall be defined as set forth in the relevant option
      plan, restricted stock unit plan, option agreement and/or restricted
      stock unit agreement.
3 As determined in accordance with
      the methodology established by Willis as in effect on the date of
      termination.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      It is Willis’ strict policy that no associate bring or use any
      confidential materials, proprietary materials or property (including,
      but not limited to, files, computer diskettes or other documentation or
      property) belonging to that person’s prior employer(s).  By signing
      below, you acknowledge that you understand this policy and will comply
      with it.  
    

    
      Willis has assembled some of the best professionals in the insurance
      brokerage industry.  We are convinced that your experience and expertise
      will help us maintain and enhance our reputation.  We look forward to
      having you join the Willis team!
    

    

    

    
      Sincerely,
    

    
      /s/ Susan Sztuka-Gunn

Susan Sztuka-Gunn
Group
      Director of Human Resources

I, Michael K.
      Neborak, hereby agree to accept employment pursuant to the terms and
      conditions set forth above:
    

    

    

    
      /s/ M. K. Neborak                                                                                   
    

    
      SIGNATURE
    

    

    

    
      Date:  June 22, 2010
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      FORM OF EMPLOYMENT AGREEMENT
    

    

    

    
      This EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of the 6th
      day of July 2010 between Willis North America Inc. (”Employer”) and
      Michael K. Neborak (”Employee”).
    

    
       In consideration of the mutual covenants and promises contained herein
      and for other valuable consideration, the receipt and sufficiency of
      which are hereby acknowledged, the parties agree as follows:
    

    
      1.        Employment,
      Compensation and Benefits. Employer will pay Employee such
      compensation and benefits as are set forth in the offer letter attached
      as Exhibit A. Such compensation and benefits may be changed by Employer
      pursuant to its normal compensation and benefit review procedures or
      from time to time.
    

    
      2.        Confidential
      Information and Work for Hire.
    

    
      a.  Employer shall provide Employee with access to nonpublic
      Employer/Willis4 information to the extent reasonably
      necessary to the performance of Employee’s job duties. Employee
      acknowledges that all non-public information (including, but not limited
      to, information regarding Employer’s clients), owned or possessed by
      Employer/Willis (collectively, “Confidential Information”) constitutes a
      valuable, special and unique asset of the business of Employer/Willis.
      Employee shall not, during or after the period of his/her employment
      with Employer (i) disclose, in whole or in part, such Confidential
      Information to any third party without the consent of Employer or (ii)
      use any such Confidential Information for his/her own purposes or for
      the benefit of any third party.  These restrictions shall not apply to
      any information in the public domain provided that Employee was not
      responsible, directly or indirectly, for such information entering the
      public domain without the Employer’s consent. Upon termination of
      Employee’s employment hereunder, Employee shall promptly return to
      Employer all Employer/Willis materials, information and other property
      (including all files, computer discs and manuals) as may then be in
      Employee’s possession or control.
    

    
      b.  Any work prepared by Employee as an employee of Employer including
      written and/or electronic reports and other documents and materials
      shall be “work for hire” and shall be the exclusive property of the
      Employer.  If, and to the extent that, any rights to such work do not
      vest in Employer automatically, by operation of law, Employee shall be
      deemed to hereby unconditionally and irrevocably assign to Employer all
      rights to such work and Employee shall cooperate fully with Employer’s
      efforts to establish and protect its rights to such work.
    

    
      3.        Employee Loyalty,
      Non-competition and Non-solicitation.  Employee understands that
      Employee owes a duty of loyalty to Employer and, while in Employer’s
      employ, shall devote Employee’s entire business time and best good faith
      efforts to the furtherance of Employer’s legitimate business
      interests.  All business activity participated in by Employee as an
      employee of Employer shall be undertaken solely for the benefit of
      Employer.  Employee shall have no right to share in any commission or
      fee resulting from such business activity other than the compensation
      referred to in paragraph 1.  While this Agreement is in effect and for a
      period of two years following termination of Employee’s employment with
      Employer, Employee shall not, within the “Territories” described below:
    

    
      a.  directly or indirectly solicit, accept, or perform, other than on
      Employer’s behalf, insurance brokerage, insurance agency, risk
      management, claims administration, consulting or other business
      performed by the Employer/Willis from or with respect to (i) clients of
      Employer/Willis with whom Employee had business contact or provided
      services to, either alone or with others, while employed by either
      Employer or any affiliate of Employer and, further provided, such
      clients were clients of Employer/Willis either on the date of
      termination of Employee’s employment with Employer or within twelve (12)
      months prior to such termination (the “Restricted Clients”) and (ii)
      active prospective clients of Employer/Willis with whom Employee had
      business contacts regarding the business of the Employer/Willis within
      six (6) months prior to termination of Employee’s employment with
      Employer (the “Restricted Prospects”).
    

    

    
      4  All references in this Employment Agreement to
      “Employer/Willis” shall be understood to refer to Employer and/or
      Employer’s parent companies and other affiliates, as well as their
      successors and assigns.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      b. directly or indirectly (i) solicit any employee of Employer/Willis
      (“Protected Employees”) to work for Employee or any third party,
      including any competitor (whether an individual or a competing company)
      of Employer/Willis or (ii) induce any such employee of Employer/Willis
      to leave the employ of Employer/Willis. Notwithstanding the foregoing
      (and as an exception to the foregoing terms of this paragraph 3.b.),
      Protected Employees will not include  Illena McComiskey, should she
      become employed by Employer or by any of its affiliates  (i.e., that
      administrative assistant with whom you worked prior to becoming employed
      with  Employer).
    

    
      For purposes of this paragraph 3, “Territories” shall refer to those
      counties where the Restricted Clients, Restricted Prospects, or
      Protected Employees of Employer/Willis are present and available for
      solicitation.
    

    
      4.        Term and Termination.  This
      Agreement shall commence upon the effective date first set forth above
      and shall continue until terminated (i) by either party, with or without
      cause, upon ninety calendar days’ prior written notice, (ii) immediately
      by Employer upon any willful misconduct or material breach by Employee
      of this Agreement, or (iii) immediately upon the Employee’s death or
      disability (as disability is defined in Employer’s Long Term
      Disability Benefits Plan).  If this Agreement is terminated by either
      party on ninety days’ prior written notice pursuant to this paragraph 4,
      Employee shall remain an employee of Employer through the effective date
      of such termination, subject to all of the rights and obligations of an
      employee during such period, and Employee’s employment hereunder shall
      terminate at the end of the notice period. At its sole option, Employer
      may elect to direct Employee not to report to work and/or enter
      Employer’s office premises or otherwise perform certain services during
      such ninety day notice period, and Employee shall comply with any such
      direction.  During such ninety day notice period, Employer shall pay
      Employee the base salary due Employee during the notice period in
      accordance with its normal payroll practices. Paragraphs 2, 3, 5 and 7
      shall survive termination of this Agreement.
    

    
      5.        Mandatory Binding
      Arbitration.  Except for a claim beginning with a
      request for injunctive relief brought by Employer or Employee, Employer
      and Employee agree that any dispute arising either under this Agreement
      or from the employment relationship shall be resolved by arbitration –
      it is understood that disputes arising either under this Agreement  or
      from the employment relationship shall be understood to include, but not
      be limited to, any and all disputes  concerning any claim by the
      Employee against the Employer/Willis concerning or  relating to (i)
      alleged illegal discrimination against the Employee in the terms and
      conditions of employment (including but not limited to any claim of
      alleged illegal discrimination on the basis of  race, color, religion,
      sex, gender,  national origin, age, physical disability and/or mental
      disability), (ii) alleged public policy violations, (iii) alleged
      wrongful employment termination and/or (iv) any other disputes arising
      from or in connection with the employment relationship.   Each party
      expressly waives any right, whether pursuant to any applicable federal,
      state, or local statute, to a jury trial and/or to have a court of law
      determine rights and award damages with respect to any such dispute. The
      party invoking arbitration shall notify the other party in writing (the
      “Written Notice”).  The parties shall exercise their best efforts, in
      good faith, to agree upon selection of a single arbitrator.  If the
      parties are unable to agree upon selection of a single arbitrator, they
      shall so notify the American Arbitration Association (“AAA”) or another
      agreed upon arbitration administrator and request that the arbitration
      provider work with the parties to select a single arbitrator.  The
      arbitration shall be (i) conducted in accordance with the American
      Arbitration Association’s National Rules for the Resolution of
      Employment Disputes, (ii) held at a location reasonably convenient to
      that office of the Employer at which the Employee had most recently been
      assigned and (iii) completed within six months (or within such other
      time as the parties may mutually agree) of the receipt of Written Notice
      by the party being notified. The arbitrator shall have no authority to
      assess punitive or exemplary damages as to any dispute arising out of or
      concerning the provisions of this Agreement or otherwise arising out of
      the employment relationship, except as and unless such damages are
      expressly authorized by otherwise applicable and controlling statutes.
      The arbitrator’s decision shall be final and binding and enforceable in
      any court of competent jurisdiction.  To the extent permitted by
      applicable law, each party shall bear its own costs, including
      attorneys’ fees, and share all costs of the arbitration
      equally.  Nothing provided herein shall interfere with either party’s
      right to seek or receive damages or costs as may be allowed by
      applicable statutory law.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      6.        Representations and
      Warranties.  Employee represents and warrants:
    

    
      a. except as specifically provided by Employee to Employer in writing,
      Employee is not subject to either an agreement with any former employer
      or otherwise or any court order, judgment or decree which places
      restrictions on Employee’s business activities and that if employee is
      subject to any of the foregoing, Employee will, by the earlier of the
      commencement date of employment or execution of the Agreement provide
      Employer with a copy of such agreement, order, judgment, or decree; and
    

    
      b.   Employee has reviewed and will abide by the Employer/Willis Code of
      Ethics.
    

    
      7.        Miscellaneous.  This
      Agreement sets forth the entire agreement between the parties and
      supersedes any and all prior agreements and understandings regarding the
      subject matter herein.  This Agreement may only be modified by a written
      instrument signed by both parties. If any term of this Agreement is
      rendered invalid or unenforceable by judicial, legislative or
      administrative action, the remaining provisions hereof shall remain in
      full force and effect and shall in no way be affected, impaired or
      invalidated.  Except for notices by Employer to Employee which Employer
      chooses to hand deliver to Employee, any notices given pursuant to this
      Agreement shall be sent by first class US postal service or overnight
      courier service to the addresses set forth below (or, to the then
      current address of a party, with both parties agreeing to promptly
      provide the other party with written notice of any change in address).
      This Agreement shall be governed by the law of the state in which
      Employee is assigned a regular office location by Employer, without
      giving effect to that state’s conflicts of law principles.  The waiver
      by either party of any breach of this Agreement shall not operate or be
      construed as a waiver of that party’s rights upon any subsequent
      breach.  This Agreement shall inure to the benefit of and be binding
      upon and enforceable against the heirs, legal representatives and
      assigns of Employee and the successors and assigns of Employer. Should
      Employee be transferred or reassigned from Employer to a parent company
      or affiliate of Employer, this Agreement shall be deemed to be
      automatically assigned by Employer to such new employer.  Employee’s
      acceptance of Employee’s first payment of compensation from such new
      employer shall be deemed as Employee’s acknowledgement of (i) such
      assignment and (ii) the continuation of Employee’s employment pursuant
      to the terms and conditions of this Agreement. Monetary damages may not
      be an adequate remedy for Employee’s breach of paragraphs 2 or 3 of this
      Agreement and Employer may, in addition to recovering legal damages
      (including lost commissions and fees), proceed in equity to enjoin
      Employee from violating any of the provisions. Upon the commencement by
      the Employee of employment with any third party, during the two (2) year
      period following termination of employment hereunder, the Employee shall
      promptly inform such new employer of the substance of paragraphs 2 and 3
      of this Agreement.
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      IN WITNESS WHEREOF, the parties hereto have executed this Employment
      Agreement to become effective as of the date first above written.
    

    
      EMPLOYEE:  Michael K. Neborak
    

    

    

    
      ____________________________________
    

    
      Date:  _______________________________
    

    
      

      Address:

EMPLOYER:  Willis North
      America Inc.
One World Financial Center
200 Liberty Street
New
      York, NY 10281-1003
    

    

    

    
      BY:_________________________________
    

    
      TITLE:______________________________
    

    

    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    

    

    

    

    
      EXHIBIT A
OFFER LETTER
    

    

    

    
      [Attach copy of signed offer letter]

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