Document:

exv10w17

Exhibit 10.17

WILLIS GROUP HOLDINGS

2008 SHARE PURCHASE AND OPTION PLAN

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

AND AS AMENDED AND RESTATED AND ASSUMED BY WILLIS GROUP HOLDINGS PUBLIC
 LIMITED COMPANY ON DECEMBER 31, 2009)

RESTRICTED SHARE UNITS AWARD AGREEMENT

     THIS RESTRICTED SHARE UNITS AWARD AGREEMENT (this “Agreement”), effective as of                     
is made by and between Willis Group Holdings Public Limited Company and any successor thereto,
hereinafter referred to as the “Company”, and the individual (the “Associate”) who has duly
completed, executed and delivered the Award Acceptance Form, a copy of which is set out in Schedule
A attached hereto and deemed to be part hereof and, if applicable and the Agreement of Restrictive
Covenants and Other Obligations, a copy of which is set out in Schedule C attached hereto and
deemed to be a part hereof.

     WHEREAS, completion, execution and delivery of this Agreement shall be deemed to have taken
place where at the discretion of the Company, acceptance of the award to which this Agreement
relates is required to be made through an Internet-based administration system or other electronic
means identified for this purpose by the Company, to the maximum extent permitted by the laws in
the Associate’s country of residence at the time of grant.

     WHEREAS, the Company wishes to carry out the Plan (as hereinafter defined), the terms of which
are hereby incorporated by reference and made a part of this Agreement; and

     WHEREAS, the Board (as hereinafter defined) has determined that it would be to the advantage
and best interest of the Company and its shareholders to grant an award of Restricted Share Units
(as hereinafter defined) provided for herein to the Associate as an incentive for increased efforts
during his or her term of office with the Company or its Subsidiaries, and has advised the Company
thereof and instructed the undersigned officer to grant a Restricted Share Unit Award;

     NOW, THEREFORE, the parties hereto do hereby agree as follows:

ARTICLE I

DEFINITIONS

     Whenever the following terms are used in this Agreement, they shall have the meaning specified
in the Plan or below unless the context clearly indicates to the contrary.

Section 1.1 — Adjusted Earnings Per Share

     “Adjusted Earnings Per Share” shall mean the adjusted earnings per share as stated by the
Company in its annual financial results issued by the Company.

 

 

Section 1.2 — Adjusted Operating Margin

     “Adjusted Operating Margin” shall mean the adjusted operating margin as stated by the Company
in its annual financial results issued by the Company.

Section 1.3 — Board

     “Board” shall mean the Board of Directors of the Company.

Section 1.4  — Cause

     “Cause” shall mean (i) Associate’s continued and/or chronic failure to adequately and/or
competently perform his or her material duties with respect to the Company or its subsidiaries
after having been provided reasonable notice of such failure and a period of at least ten days
after Associate’s receipt of such notice to cure and/or correct such performance failure, (ii)
willful misconduct by Associate in connection with Associate’s employment which is injurious to the
Company or its subsidiaries (willful misconduct shall be understood to include, but not be limited
to, any breach of the duty of loyalty owed by Associate to the Company or its subsidiaries), (iii)
conviction of any criminal act (other than minor road traffic violations not involving
imprisonment), (iv) any breach of Associate’s restrictive covenants and other obligations as
provided in Schedule C to this Agreement (if applicable), in Associate’s employment agreement (if
any), or any other non-compete agreement and/or confidentiality agreement entered into between
Associate and the Company or any of its subsidiaries (other than an insubstantial, inadvertent and
non-recurring breach), or (v) any material violation of any written Company policy after reasonable
notice and an opportunity to cure such violation within ten (10) days after Associate’s receipt of
such notice.

Section 1.5 — Committee

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

Section 1.6 — Earned Date

     “Earned Date” shall mean the date that the annual financial results of the Company are issued
by the Company.

Section 1.7 — Earned Performance Shares

     “Earned Performance Shares” shall mean shares subject to the RSUs in respect of which the
applicable performance conditions, as set out in section 3.1, have been achieved and shall become
vested as set out in section 3.2.

Section 1.8 — Good Reason

     “Good Reason” shall mean (i) a reduction in Associate’s base salary or a material adverse
reduction in Associate’s benefits other than (a) in the case of base salary, a reduction that is
offset by an increase in Associate’s bonus opportunity upon the attainment of reasonable

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performance targets established by the Board, (b) a general reduction in the compensation or
benefits of, or a shift in the general compensation or benefits schemes affecting, a broad group of
employees of the Company or any of its subsidiaries, or (c) in the case of base salary, a reduction
which is imposed in accordance with normal administration and application of a producer
compensation plan, if applicable to Associate, (ii) a material adverse reduction in Associate’s
principal duties and responsibilities, which continues beyond ten days after written notice by
Associate to the Company or the applicable Subsidiary of such reduction or (iii) a significant
transfer of Associate away from Associate’s primary service area or primary workplace, other than
as permitted by Associate’s existing service contracts; provided, however, that Associate shall
have a period of ten days following any of the foregoing occurrences or the last event in a series
of events which culminate in providing the basis for such notice during which such Associate may
claim that a basis for a Good Reason termination by Associate has occurred.

Section 1.9 — Grant Date

     “Grant Date” shall be                     .

 Section 1.10  — Permanent Disability

     Associate shall be deemed to have a “Permanent Disability” if Associate meets the requirements
of the definition of such term, or of an equivalent term, as defined in the Company’s or
Subsidiary’s long-term disability plan applicable to Associate or, if no such plan is applicable,
in the event Associate is unable by reason of physical or mental illness or other similar
disability, to perform the material duties and responsibilities of his job for a period of 180
consecutive business days out of 270 business days.

Section 1.11 — Plan

     “Plan” shall mean the Willis Group Holdings 2008 Share Purchase and Option Plan, as amended
from time to time.

Section 1.12 — Pronouns

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

Section 1.13 — Restricted Share Unit

     Restricted Share Unit shall mean a conditional right to be given an ordinary share par value
of $0.000115 each in the Company (the “Ordinary Shares” or “Shares”) pursuant to the terms of the
Plan upon vesting, as set forth in Section 2.1 of this Agreement.

Section 1.14 — Secretary

     “Secretary” shall mean the Secretary of the Company.

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Section 1.15 — Subsidiary

     “Subsidiary” shall mean with respect to the Company, any subsidiary of the Company
within the meaning of Section 155 of the Act. For purposes of granting Share Options or other
“share rights,” within the meaning of Section 409A of the Code, an entity may not be considered a
Subsidiary if granting any such share right would result in the share right becoming subject to
Section 409A of the Code.

Section 1.16 — Willis Group

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

ARTICLE II

GRANT OF RESTRICTED SHARE UNITS

Section 2.1 — Grant of the Restricted Share Units

     Subject to the terms and conditions of the Plan and the additional terms and conditions set
forth in this Agreement including any country-specific provisions set forth in Schedule B to this
Agreement, the Company hereby grants Restricted Share Units (hereinafter called “RSUs”) to the
Associate, over a number of Shares as stated in Schedule A to this Agreement. In circumstances
where the Associate is required to enter into the Agreement of Restrictive Covenants and Other
Obligations set forth in Schedule C, the Associate agrees that the grant of RSUs pursuant to this
Agreement is sufficient consideration for the Associate entering into such agreement.

Section 2.2 — Employment Rights

     Subject to the terms of the Agreement of Restrictive Covenants and Other Obligations, where
applicable, the rights and obligations of the Associate under the terms of his office or employment
with the Company or any Subsidiary shall not be affected by his participation in this Plan or any
right which he may have to participate in it. The RSUs and the Associate’s participation in the
Plan will not be interpreted to form an employment agreement with the Company. The Associate hereby
waives any and all rights to compensation or damages in consequence of the termination of his
office or employment for any reason whatsoever insofar as those rights arise or may arise from his
ceasing to have rights under or be entitled to vest his RSUs as a result of such termination. If,
notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction,
then, by participating in the Plan, the Associate shall be deemed irrevocable to have agreed not to
pursue such claim and agrees to execute any and all documents necessary to request dismissal or
withdrawal of such claims.

Section 2.3 — Adjustments in RSUs Pursuant to Merger, Consolidation, etc.

     Subject to Section 9 of the Plan, in the event that the outstanding Shares subject to a RSU
are, from time to time, changed into or exchanged for a different number or kind of Shares or other
securities, by reason of a share split, spin-off, shares or extraordinary cash dividend, share
combination or reclassification, recapitalization, merger, Change of Control (as defined in the
Plan), or similar event, the Committee shall in its absolute discretion, make an appropriate and
equitable adjustment in the number and kind of Shares. Notwithstanding Section 10 of the Plan, in
the event of a Change of Control (as defined in the Plan), and regardless of whether the RSUs

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are assumed or substituted by a successor company, the RSUs shall not immediately vest unless the
Committee so determines at the time of the Change of Control, in its absolute discretion, on such
terms and conditions that the Committee deems appropriate. Any such adjustment or determination
made by the Committee shall be final and binding upon the Associate, the Company and all other
interested persons. For the avoidance of doubt, a transaction shall not constitute a Change of
Control (i) if effected for the purpose of changing the place of incorporation or form of
organization of the ultimate parent entity of the Willis group of companies (including where the
Company is succeeded by an issuer incorporated under the laws of another state, country or foreign
government for such purpose and whether or not the Company remains in existence following such
transaction) and (ii) where all or substantially all of the Person(s) who are the beneficial owners
of the outstanding voting securities of the Company immediately prior to such transaction will
beneficially own, directly or indirectly, all or substantially all of the combined voting power of
the outstanding voting securities entitled to vote generally in the election of directors of the
ultimate parent entity resulting from such transaction in substantially the same proportions as
their ownership, immediately prior to such transaction, of such outstanding securities of the
Company. The Board, in its sole discretion, may make an appropriate and equitable adjustment to
the Shares underlying the RSUs to take into account such transaction, including to substitute or
provide for the issuance of shares of the resulting ultimate parent entity in lieu of Shares of the
Company.

Section 2.4 — Employee Costs

     The Associate must make full payment to the Company or any Subsidiary by which the Associate
is employed (the “Employer”) of all income tax, payroll tax, payment on account, and social
insurance contribution amounts (“Tax”), which under federal, state, local or foreign law, it is
required to withhold upon vesting or other tax event of the RSUs. In a case where the Employer is
obliged to (or would suffer a disadvantage if it were not to) account for any Tax (in any
jurisdiction) for which the Associate is liable by virtue of the Associate’s participation in the
Plan or any social security contributions recoverable from and legally applicable to the Associate
(the “Tax-Related Items”), the Associate shall make full payment to the Employer of an amount equal
to the Tax-Related Items, or otherwise enter into arrangements acceptable to the Employer or
another Subsidiary to secure that such a payment is made (whether by withholding from the
Associate’s wages or other cash compensation paid to the Associate or from the proceeds of the sale
of Shares acquired at vesting of the RSUs).

     In the event that the Associate has not made payment of an amount equal to the Tax-Related
Items liability, or entered into arrangements to secure that such a payment is made by the date of
vesting or shortly thereafter as agreed by the Company, the Associate hereby authorizes and
empowers the Company to act on his behalf and procure and effect the sale of a sufficient number of
the Shares arising from the RSUs to vest and pay out of the sale proceeds the Tax-Related Items
liability to the Employer.

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ARTICLE III

PERIOD OF VESTING

Section 3.1 — Commencement of Earning

     (a) Subject to 3.1(b) and (c), the Shares subject to the RSUs shall become Earned Performance
Shares subject to the Participant being in the employment of the Company or any Subsidiary at each
respective date and provided the performance conditions applicable are achieved.

     (b) Shares subject to the RSUs shall become Earned Performance Shares with effect from the
Earned Date for the year ending                     , if (i) in respect of the year ending                     ,
the Company achieves an Adjusted Earnings Per Share of not less than                      and an Adjusted
Operating Margin of not less than                     , and (ii) in respect of the year ending
                    , the Company achieves an Adjusted Earnings Per Share of not less than                      and
an Adjusted Operating Margin of not less than                     .

     (c) The Associate understands and agrees that the terms under which the RSUs shall become
Earned Performance Shares is confidential and the Associate agrees not to disclose, reproduce or
distribute such confidential information concerning the Company, except as required in the course
of the Associate’s employment with the Company or one of its Subsidiaries, without the prior
written consent of the Company. The Associate’s failure to abide by this condition may result in
the immediate cancellation of the RSUs.

     (d) All Shares subject to the RSUs shall be forfeited if and immediately upon the Company
failing to meet any of the performance conditions set out in 3.1(b) above.

Section 3.2 — Commencement of Vesting

     (a) The Earned Performance Shares shall vest as follows:

	 	 	 	 	 
	 	 	Percentage of Earned
	Vesting Date	 	Performance Shares
	 
	

	 	 		
	 
	 	 	 	 
	

	 	 	       	
	 
	 	 	 	 
	

	 	 	       	
	 
	 	 	 	 
	

	 	 	       	

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     (b) The RSUs shall immediately be forfeited upon the termination of the Associate’s
employment, subject to, and except as otherwise specified within, the terms and conditions of
Sections 3.2(c) to 3.2(g) below.

     (c) In the event of a termination of the Associate’s employment as a result of death or
Permanent Disability, the RSUs shall become fully vested with respect to all Earned Performance
Shares upon termination.

     (d) In the event of a termination of the Associate’s employment for reasons other than death,
Permanent Disability or Cause, the Board may, in its discretion accelerate the vesting of the RSUs
over Earned Performance Shares held by the Associate immediately prior to such termination as to
all or a portion of the Shares subject thereto. If no determination is made, then the RSUs over
Earned Performance Shares shall, to the extent not then vested be immediately forfeited by the
Associate.

     (e) In the event of a termination of the Associate’s employment for Cause, the RSUs over
Earned Performance Shares shall, to the extent not then vested, be immediately forfeited by the
Associate.

     (f) In the event of a termination of the Associate’s employment for any reason other than as
set out above, the RSUs shall, to the extent not then vested, be forfeited by the Associate.

     (g) The RSUs will immediately vest, if the Committee so determines subject to Section 2.4 of
this Agreement, upon the effective date of a Change in Control.

     (h) The Associate agrees to execute and deliver the following agreements or other documents in
connection with the grant of the RSUs within the period set forth below:

	 	(i)	 	the Associate must execute the Agreement of Restrictive Covenants and
Other Obligations pursuant to Article IV below, if applicable, and deliver it to
the Company within 45 days of the Grant Date;
	 
	 	(ii)	 	the Associate must execute the form of joint election as described in
Schedule B for the United Kingdom and deliver it to his employing company within
45 days of the Grant Date; and
	 
	 	(iii)	 	the Associate must execute the RSU Award Agreement Acceptance Form
and deliver to the Company within 45 days of the Grant Date.

     (i) The Committee may, in its sole discretion, cancel the RSUs if the Associate fails to
execute and deliver the agreements and documents within the period set forth in Section 3.2(h) or
fails to meet the requirements as set forth in Section 3.1(c).

Section 3.3 — Conditions to Issuance of Shares

     The Shares to be delivered within one month of each vesting date of the RSUs, as set out in
3.1(a) above, may be either previously authorized but unissued shares or issued Shares held by any
other person. Such Shares shall be fully paid. The Company shall not be required to issue

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or deliver any Shares allotted and issued upon the applicable date of the vesting of the RSUs
prior to fulfillment of all of the following conditions:

     (a) The obtaining of approval or other clearance from any state or federal governmental agency
which the Board shall, in its absolute discretion, determine to be necessary or advisable; and

     (b) the Associate has paid or made arrangements to pay the Tax-Related Items liability in
accordance with Section 2.4.

     Without limiting the generality of the foregoing, the Board may in the case of U.S. resident
employees of the Company or any of its Subsidiaries require an opinion of counsel reasonably
acceptable to it to the effect that any subsequent transfer of Shares acquired on the vesting of
RSUs does not violate the U.S. Securities Exchange Act of 1934, as amended, and may issue
stop-transfer orders in the U.S. covering such Shares.

Section 3.4 — Rights as Shareholder

     The Associate shall not be, nor have any of the rights or privileges of, a shareholder of the
Company in respect of any Shares that may be received upon the vesting of the RSUs unless and until
certificates representing such Shares or their electronic equivalent shall have been issued by the
Company to the Associate.

Section 3.4 — Limitation on Obligations

     The Company’s obligation with respect to the RSUs granted hereunder is limited solely to the
delivery to the Associate of Shares within the period when such Shares are due to be delivered
hereunder, and in no way shall the Company become obligated to pay cash in respect of such
obligation. The RSUs shall not be secured by any specific assets of the Company or any of its
Subsidiaries, nor shall any assets of the Company or any of its Subsidiaries be designated as
attributable or allocated to the satisfaction of the Company’s obligations under this Agreement.
In addition, the Company shall not be liable to the Associate for damages relating to any delays in
issuing the share certificates or its electronic equivalent to the Associate (or his or her
designated entities), any loss of the certificates, or any mistakes or errors in the issuance of
the certificates (or the electronic equivalent) to the Associate (or his or her designated
entities) or in the certificates themselves.

ARTICLE IV

ADDITIONAL TERMS AND CONDITIONS OF THE RSUs

Section 4.1 — Nature of Award

     In accepting the RSUs, the Associate acknowledges, understands and agrees that:

     (a) the Plan is established voluntarily by the Company, is discretionary in nature and may be
amended, suspended or terminated by the Company at any time;

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     (b) the RSU award is voluntary and occasional and does not create any contractual or other
right to receive future RSU awards, or benefits in lieu of RSU awards, even if RSU awards have been
granted repeatedly in the past;

     (c) all decisions with respect to future RSUs, if any, will be at the sole discretion of the
Company;

     (d) the Associate’s participation in the Plan is voluntary;

     (e) the RSUs and any Shares acquired under the Plan are not intended to replace any pension
rights or compensation under any pension arrangement;

     (f) the RSUs and any Shares acquired under the Plan are not part of normal or expected
compensation or salary for any purposes, including, but not limited to, calculating any severance,
resignation, termination, redundancy, end of service payments, dismissal, bonuses, long-service
awards, pension or retirement or welfare benefits or similar payments and in no event should be
considered as compensation for, or relating in any way to past services for, the Employer, the
Company or any Subsidiary; and

     (g) the future value of the Shares underlying the RSUs is unknown and cannot be predicted with
certainty.

Section 4.2 — No Advice Regarding Grant

     The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding the Associate’s participation in the Plan, the issuance of Shares upon
vesting of the RSUs or sale of the Shares. The Associate is hereby advised to consult with his or
her own personal tax, legal and financial advisors regarding his or her participation in the Plan
before taking any action related to the Plan.

ARTICLE V

DATA PRIVACY NOTICE AND CONSENT

Section 5 — Data Privacy

     (a) The Associate hereby explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of the Associate’s personal data as described in this
Agreement and any other RSU materials by and among, as applicable, the Employer, the Company and
its Subsidiaries for the exclusive purpose of implementing, administering and managing the
Associate’s participation in the Plan.

     (b) The Associate understands that the Company and the Employer may hold certain personal
information about the Associate, including, but not limited to, the Associate’s name, home address,
telephone number, date of birth, social insurance number or other identification number, salary,
nationality, job title, any Shares or directorships held in the Company, details of all RSUs or any
other entitlement to Shares awarded, canceled, exercised,

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vested, unvested or outstanding in the Associate’s favor, for the exclusive purpose of
implementing, administering and managing the Plan (“Data”).

     (c) The Associate understands that Data will be transferred to                      or to any other
third party assisting in the implementation, administration and management of the Plan. The
Associate understands that the recipients of the Data may be located in the Associate’s country or
elsewhere, and that the recipients’ country (e.g., Ireland) may have different data privacy laws
and protections from the Associate’s country. The Associate understands that he or she may request
a list with the names and addresses of any potential recipients of the Data by contacting his or
her local human resources representative. The Associate authorizes the Company,                      and
any other recipients of Data which may assist the Company (presently or in the future) with
implementing, administering and managing the Plan to receive, possess, use, retain and transfer the
Data, in electronic or other form, for the sole purpose of implementing, administering and managing
his or her participation in the Plan. The Associate understands that Data will be held only as
long as is necessary to implement, administer and manage the Associate’s participation in the Plan.
The Associate understands that he or she may, at any time, view Data, request additional
information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or
her local human resources representative. The Associate understands, however, that refusing or
withdrawing his or her consent may affect the Associate’s ability to participate in the Plan. For
more information on the consequences of the Associate’s refusal to consent or withdrawal of
consent, the Associate understands that he or she may contact his or her local human resources
representative.

ARTICLE VI

AGREEMENT OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

Section 6 — Restrictive Covenants and Other Obligations

     In consideration of the grant of RSUs, the Associate shall enter into the Agreement of
Restrictive Covenants and Other Obligations, a copy of which is attached hereto as Schedule C. In
the event the Associate does not sign and return the Agreement of Restrictive Covenants and Other
Obligations within 45 days of the Grant Date. the Committee may, in its sole discretion, cancel the
RSUs. If no such agreement is required, Schedule C shall state none or not applicable.

ARTICLE VII

MISCELLANEOUS

Section 7.1 — Administration

     The Board shall have the power to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules. All actions taken and all interpretations and
determinations made by the Board shall be final and binding upon the Associate, the Company and all
other interested persons. No member of the Board shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan or the RSUs.

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In its absolute discretion, the Board may at any time and from time to time exercise any and
all rights and duties of the Board under the Plan and this Agreement.

Section 7.2 — RSUs Not Transferable

     Neither the RSUs nor any interest or right therein or part thereof shall be subject to the
debts, contracts or engagements of the Associate or his successors in interest or shall be subject
to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other
means whether such disposition be voluntary or involuntary or by operation of law by judgment,
levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy),
and any attempted disposition thereof shall be null and void and of no effect; provided,
however, that this Section 7.2 shall not prevent transfers made solely for estate planning
purposes or under a will or by the applicable laws of inheritance.

Section 7.3 — Binding Effect

     The provisions of this Agreement shall be binding upon and accrue to the benefit of the
parties hereto and their respective heirs, legal representatives, successors and assigns.

Section 7.4 — Notices

     Any notice to be given under the terms of this Agreement to the Company shall be addressed to
the Company at the following address:

Willis Group Holdings Public Limited Company

c/o Willis North America Inc.

One World Financial Center

200 Liberty Street

New York, NY 10281

Attention: Company Secretary

and any notice to be given to the Associate shall be at the address set forth in the RSUs
Acceptance Form.

     By a notice given pursuant to this Section 7.4, either party may hereafter designate a
different address for notices to be given to him. Any notice that is required to be given to the
Associate shall, if the Associate is then deceased, be given to the Associate’s personal
representatives if such representatives have previously informed the Company of their status and
address by written notice under this Section 7.4. Any notice shall have been deemed duly given
when sent by facsimile or enclosed in a properly sealed envelope or wrapper addressed as aforesaid,
deposited (with postage prepaid) in a post office or branch post office regularly maintained by the
United States Postal Service or the United Kingdom’s Post Office or in the case of a notice given
by an Associate resident outside the United States of America or the United Kingdom, sent by
facsimile or with a recognized international courier service.

Section 7.5 — Titles

     Titles are provided herein for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement.

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Section 7.6 — Applicability of Plan

     The RSUs shall be subject to all of the terms and provisions of the Plan, to the extent
applicable to the RSUs. In the event of any conflict between this Agreement and the Plan, the
terms of the Plan shall control.

Section 7.7 — Amendment

     This Agreement may be amended only by a document executed by the parties hereto, which
specifically states that it is amending this Agreement.

Section 7.8 — Governing Law

     This Agreement shall be governed by, and construed in accordance with the laws of Ireland;
provided, however, that the Agreement of Restrictive Covenants and Other Obligations, if
applicable, shall be governed by and construed in accordance with the laws specified in that
agreement.

Section 7.9 — Jurisdiction

     The courts of Ireland shall have jurisdiction to hear and determine any suit, action or
proceeding and to settle any disputes which may arise out of or in connection with this Agreement
and, for such purposes, the parties hereto irrevocably submit to the jurisdiction of such courts;
provided, however, where applicable, that with respect to the Agreement of Restrictive Covenants
and Other Obligations the courts specified in such agreement shall have jurisdiction to hear and
determine any suit, action or proceeding and to settle any disputes which may arise out of or in
connection with that agreement.

Section 7.10 — Electronic Delivery

     The Company may, in its sole discretion, decide to deliver any documents related to current or
future participation in the Plan by electronic means. The Associate hereby consents to receive
such documents by electronic delivery and agrees to participate in the Plan through an on-line or
electronic system established and maintained by the Company or a third party designated by the
Company.

Section 7.11 — Language

     If the Associate has received this Agreement, or any other document related to the RSUs and/or
the Plan translated into a language other than English and if the translated version is different
than the English version, the English version will control.

Section 7.12 — Severability

     The provisions of this Agreement are severable and if any one or more provisions are
determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions
shall nevertheless be binding and enforceable.

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Section 7.13 — Schedule B

     The RSUs shall be subject to any special provisions set forth in Schedule B for the
Associate’s country of residence, if any. If the Associate relocates to one of the countries
included in Schedule B during prior to the vesting of the RSUs, the special provisions for such
country shall apply to the Associate, to the extent the Company determines that the application of
such provisions is necessary or advisable in order to comply with local law or facilitate the
administration of the Plan. Schedule B constitutes part of this Agreement.

Section 7.14 — Imposition of Other Requirements

     The Company reserves the right to impose other requirements on the RSUs and the Shares
acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or
advisable in order to comply with local laws or facilitate the administration of the Plan, and to
require the Associate to sign any additional agreements or undertakings that may be necessary to
accomplish the foregoing.

Section 7.15 — Counterparts.

     This Agreement may be executed in any number of counterparts (including by facsimile), each of
which shall be deemed to be an original and all of which together shall constitute one and the same
instrument.

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

	 	 	 
	 

	 	WILLIS GROUP HOLDINGS PUBLIC

LIMITED COMPANY
	 
	 	 
	 

	 	By:
	 

	 	Name:
	 

	 	Title:

13exv10w18

Exhibit 10.18

HILB, ROGAL AND HAMILTON COMPANY

2000 SHARE INCENTIVE PLAN

(as amended and restated February 11, 2003, as amended and restated on December 30, 2009 by Willis Group

Holdings Limited and as amended and restated and assumed by Willis Group Holdings Public Limited Company on

December 31, 2009)

Article I

DEFINITIONS

     For purposes of this Plan, the following terms shall have the following meanings:

     1.01 Affiliate means any “subsidiary corporation” or “parent corporation” (within the meaning
of Section 424 of the Code) of the Company. For purposes of granting Share Options or any
other “stock rights,” within the meaning of Section 409A of the Code, an entity may not be
considered an Affiliate if granting any such stock right would result in the stock right becoming
subject to Section 409A of the Code.

     1.02 Agreement means a written agreement (including any amendment or supplement thereto)
between the Company and a Participant specifying the terms and conditions of a Grant or an Award
issued to such Participant.

     1.03 Award means an award of Ordinary Shares, Restricted Shares and/or Phantom Shares.

     1.04 Board means the Board of Directors of the Company.

     1.05 Change of Control means

     (i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of 25% or more of either (a) the then outstanding
Ordinary Shares of the Company (the “Outstanding Company Ordinary Shares”) or (b) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in
the election of directors (the “Outstanding Company Voting Securities”); provided, however, that
for purposes of this subsection (i), the following acquisitions shall not constitute a Change of
Control: (w) any acquisition directly from the Company, (x) any acquisition by the Company, (y) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company or (z) any acquisition by any corporation pursuant to
a transaction which complies with clauses (a), (b) and (c) of subsection (iii) of this Section
1.05; or

     (ii) Individuals who constitute the Board (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any

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individual becoming a director subsequent to the Effective Date whose election, or nomination
for election, by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

     (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition
of all or substantially all of the assets of the Company (a “Business Combination”), in each case,
unless, following such Business Combination, (a) all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding Company Ordinary Shares
and Outstanding Company Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding
Ordinary Shares and the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the corporation resulting from
such Business Combination (including, without limitation, a corporation which as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either directly or
through one or more Subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Company Ordinary Shares and
Outstanding Company Voting Securities, as the case may be, (b) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or related trust) of the
Company or such corporation resulting from such Business Combination) beneficially owns, directly
or indirectly, 25% or more of, respectively, the then outstanding Ordinary Shares of the
corporation resulting from such Business Combination or the combined voting power of the then
outstanding voting securities of such corporation except to the extent that such ownership existed
prior to the Business Combination and (c) at least a majority of the members of the board of
directors of the corporation resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

     (iv) Approval by the shareholders of the Company of a complete liquidation or dissolution of
the Company.

     (v) Notwithstanding the foregoing, for purposes of subsection (i) of this Section 1.05, a
Change of Control shall not be deemed to have taken place if, as a result of an acquisition by the
Company which reduces the Outstanding Company Ordinary Shares or the Outstanding Company Voting
Securities, the beneficial ownership of a Person increases to 25% or more of the Outstanding
Company Ordinary Shares or the Outstanding Company Voting Securities; provided, however, that if a
Person shall become the beneficial owner of 25% or more of the Outstanding Company Ordinary Shares
or the Outstanding Company Voting Securities by reason of share purchases by

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the Company and, after such share purchases by the Company, such Person becomes the beneficial
owner of any additional shares of the Outstanding Company Ordinary Shares or the Outstanding
Company Voting Share through any means except an acquisition directly from the Company, for
purposes of subsection (i) of this Section 1.05, a Change of Control shall be deemed to have taken
place. For the avoidance of doubt, a transaction shall not constitute a Change of Control (i) if
effected for the purpose of changing the place of incorporation or form of organization of the
ultimate parent entity of the Willis group of companies (including where the Company is succeeded
by an issuer incorporated under the laws of another state, country or foreign government for such
purpose and whether or not the Company remains in existence following such transaction) and (ii)
where all or substantially all of the Person(s) who are the beneficial owners of the Outstanding
Company Voting Securities immediately prior to such transaction will beneficially own, directly or
indirectly, all or substantially all of the combined voting power of the Outstanding Company Voting
Securities entitled to vote generally in the election of directors of the ultimate parent entity
resulting from such transaction in substantially the same proportions as their ownership,
immediately prior to such transaction, of such Outstanding Company Voting Securities. The Board,
in its sole discretion, may make an appropriate and equitable adjustment to the Outstanding Company
Ordinary Shares underlying an Award to take into account such transaction, including to substitute
or provide for the issuance of ordinary shares of the resulting ultimate parent entity in lieu of
Ordinary Shares of the Company.

     1.06 Change of Control Date is the date on which an event described in (i) through (iv) of
Section 1.05 occurs.

     1.07 Code means the U.S. Internal Revenue Code of 1986, as amended from time to time.
References to the Code shall include the valid and binding governmental regulations, court
decisions and other regulatory and judicial authority issued or rendered thereunder.

     1.08 Commission means the U.S. Securities and Exchange Commission or any successor agency.

     1.09 Committee means the Compensation Committee of the Board.

     1.10 Company means Willis Group Holdings Public Limited Company, a company organized under
the laws of Ireland under registered number 475616, the successor entity to Willis Group Holdings
Limited, which acquired Hilb, Rogal & Hobb Company (f/k/a Hilb Rogal and Hamilton Company).

     1.11 Disability, with respect to a Participant, means “‘disability” as defined from time to
time under any long-term disability plan of the Company or Subsidiary with which the Participant is
employed.

     1.12 Effective Date means the date on which this Plan was originally approved by the
shareholders of Hilb, Rogal & Hamilton Company.

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     1.13 Exchange Act means the U.S. Securities Exchange Act of 1934, as amended from time to
time, and any successor thereto.

     1.14 Fair Market Value means, on any given date, the closing price of an Ordinary Share as
reported on the New York Stock Exchange composite tape on such day or, if the Ordinary Share was
not traded on the New York Stock Exchange on such day, then on the next preceding day that the
Ordinary Share was traded on such exchange, all as reported by such source as the Committee may
select.

     1.15 Grant means the grant of an Option or a SAR, or both.

     1.16 Incentive Stock Option means an Option which qualifies and is intended to qualify as an
“incentive stock option” under Section 422 of the Code.

     1.17 Initial Value means, with respect to a SAR, the Fair Market Value of one share of
Ordinary Shares on the date of grant, as set forth in an Agreement.

     1.18 Non-Qualified Share Option means an Option other than an Incentive Stock Option.

     1.19 Option means a Share Option that entitles the holder to purchase from the Company a
stated number of Ordinary Shares at the price and on the conditions set forth in an Agreement.

     1.20 Option Price means the price per share for Ordinary Shares purchased on the exercise of
an Option as provided in Article VI.

     1.21 Ordinary Shares means the ordinary shares of the Company, nominal value US$0.000115.

     1.22 Parent shall mean with respect to the Company, a “parent corporation” of that corporation
within the meaning of section 424(e) of the Code.

     1.23 Participant means an officer, director or employee of the Company or of a Subsidiary
who satisfies the requirements of Article IV and is selected by the Committee to receive a Grant or
an Award.

     1.24 Phantom Shares means a bookkeeping entry on behalf of a Participant by which his or her
account is credited (but not funded) as though Ordinary Shares had been transferred to such
account.

     1.25 Plan means the Hilb, Rogal and Hamilton Company 2000 Share Incentive Plan, as amended and restated on
December 30, 2009 by Willis Group Holdings Limited and as amended and restated and assumed by Willis Group
Holdings Public Limited Company on December 31, 2009.

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     1.26 Prior Plan means the Hilb, Rogal and Hamilton Company 1989 Stock Plan.

     1.27 Restricted Shares means Ordinary Shares awarded to a Participant under Article IX and
designated as Restricted Shares. Ordinary Shares shall cease to be Restricted Shares when, in
accordance with the terms of the applicable Agreement, they become transferable and free of
substantial risk of forfeiture.

     1.28 Rule 16b-3 means Rule 16b-3, as promulgated by the Commission under Section 16(b) of the
Exchange Act, as amended from time to time, or any successor rule.

     1.29 SAR means a share appreciation right granted pursuant to this Plan that entitles the
holder to receive, with respect to each share of Ordinary Shares encompassed by the exercise of
such SAR, the excess of the Fair Market Value at the time of exercise over the Initial Value of the
SAR; provided, that any limited share appreciation right granted by the Committee and exercisable
upon a Change of Control shall entitle the holder to receive, with respect to each share of
Ordinary Shares encompassed by the exercise of such SAR, the higher of (x) the highest closing
sales price (excluding after-hours trading) of a share of Ordinary Shares as reported on the New
York Stock Exchange composite tape during the 60-day period prior to and including the Change of
Control Date, or (y) the highest price per share paid in a Change of Control transaction, over the
Initial Value of such SAR, except that in the case of SARs related to Incentive Stock Options, such
price shall be based only on the Fair Market Value of the Ordinary Shares on the date that the
Incentive Stock Option is exercised.

     1.30 Securities Broker means the registered securities broker acceptable to the Company who
agrees to effect the cashless exercise of an Option pursuant to Section 8.04 hereof.

     1.31 Subsidiary means, a body corporate which is a subsidiary of the Company within the
meaning of section 155 of the Irish Companies Act 1963 and a “subsidiary corporation” of that
corporation within the meaning of Section 424(f) of the Code.

Article II

PURPOSES

     The Plan is intended to assist the Company in recruiting and retaining officers, directors and
key employees with ability and initiative by enabling such persons who contribute significantly to
the Company or an Affiliate to participate in its future success and to associate their interests
with those of the Company and its shareholders. The Plan is intended to permit the award of
Ordinary Shares, Restricted Shares and Phantom Shares, and the grant of Options, qualifying as
Incentive Stock Options or Non-Qualified Stock Options as designated by the Committee at the time
of grant, and SARs. No Option that is intended to be an Incentive Stock Option, however, shall be
invalid for

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failure to qualify as an Incentive Stock Option under Section 422 of the Code but shall be
treated as a Non-Qualified Stock Option.

Article III

ADMINISTRATION

     This Plan shall be administered by the Committee. The Committee shall have authority to issue
Grants and Awards upon such terms (not inconsistent with the provisions of this Plan) as the
Committee may consider appropriate. The terms of such Grants and Awards may include conditions (in
addition to those contained in this Plan) on (i) the exercisability of all or any part of an Option
or SAR and (ii) the transferability or forfeitability of Restricted Shares or Phantom Shares. In
addition, the Committee shall have complete authority to interpret all provisions of this Plan; to
prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to
the administration of the Plan; and to make all other determinations necessary or advisable for the
administration of this Plan. To fulfil the purposes of the Plan without amending the Plan, the
Committee may also modify any Grants or Awards issued to Participants who are non-resident aliens
or employed outside of the United States to recognize differences in local law, tax policy or
custom.

     The express grant in the Plan of any specific power to the Committee shall not be construed as
limiting any power or authority of the Committee. Any decision made, or action taken, by the
Committee or in connection with the administration of this Plan shall be final and conclusive. All
expenses of administering this Plan shall be borne by the Company.

Article IV

ELIGIBILITY

     4.01 General. Any officer, director or employee of the Company or of any Company Affiliate
(including any corporation that becomes an Affiliate of the Company after the adoption of this
Plan) who, in the judgment of the Committee, has contributed significantly or can be expected to
contribute significantly to the profits or growth of the Company or a Subsidiary of the Company may
receive one or more Awards or Grants, or any combination or type thereof. Employee and non-employee
directors of the Company are eligible to participate in this Plan.

     4.02 Grants and Awards. The Committee will designate the individuals to whom Grants and/or
Awards are to be made and will specify the number of Ordinary Shares subject to each such Grant or
Award. An Option may be granted alone or in addition to other Grants and/or Awards under the Plan.
The Committee shall have the authority to grant Incentive Stock Options, Non-Qualified Stock
Options or both types of Options to any Participant (in each case with or without a related SAR);
provided, however, that Incentive Stock Options may be granted only to employees of the Company and
any Parent or Subsidiary. A SAR may be granted with or without a related

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Option. All Grants or Awards under this Plan shall be evidenced by Agreements which shall be
subject to applicable provisions of this Plan and to such other provisions as the Committee may
determine. No Participant may be granted Options that are Incentive Stock Options or related SARs
(under all plans of the Company and its Affiliates which provide for the grant of Incentive Stock
Options) which are first exercisable in any calendar year for Ordinary Shares having an aggregate
Fair Market Value (determined as of the date an Option is granted) exceeding $100,000 or such other
amount as shall be specified in Code Section 422 and the rules and regulations thereunder from time
to time. No Participant may receive Grants or Awards under the Plan with respect to more than
200,000 Ordinary Shares during any one calendar year.

     4.03 Designation of Option as an Incentive Stock Option or Non-Qualified Share Option. The
Committee will designate at the time an Option is granted whether the Option is to be treated as an
Incentive Stock Option or a Non-Qualified Stock Option. In the absence, however, of any such
designation, such Option shall be treated as a Non-Qualified Stock Option.

     4.04 Qualification of Incentive Stock Option under Section 422 of the Code. Anything in this
Plan to the contrary notwithstanding, no term of this Plan relating to Incentive Stock Options
shall be interpreted, amended or altered, nor shall any discretion or authority granted under the
Plan be exercised so as to disqualify the Plan under Section 422 of the Code or, without the
consent of the Participant so affected, to disqualify any Incentive Stock Option under such Section
422. No Option that is intended to be an Incentive Stock Option however, shall be invalid for
failure to qualify as an Incentive Stock Option under Section 422 of the Code but shall be treated
as a Non-Qualified Share Option.

Article V

SHARE SUBJECT TO PLAN

     5.01 Maximum Number of Shares to be Issued. Subject to the adjustment provisions of Article
XI and the provisions of (a) through (c) of this Article V, up to 4,400,000 Ordinary Shares may be
issued under the Plan. In addition to such authorization, the following Ordinary Shares may be
issued under the Plan:

     (a) Ordinary Shares that are forfeited under the Prior Plan, and Ordinary Shares that are not
issued under the Prior Plan because of (i) the cancellation, termination or expiration of Grants
and Awards, and/or (ii) other similar events under the Prior Plan, shall be available for issuance
under this Plan.

     (b) If a Participant tenders, or has withheld, Ordinary Shares in payment of all or part of
the Option Price under an Option granted under the Plan or the Prior Plan, or in satisfaction of
withholding tax obligations thereunder, the Ordinary Shares so tendered by the Participant or so
withheld shall become available for issuance under the Plan.

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     (c) Ordinary Shares that are forfeited under the Plan, and Ordinary Shares that are not
issued under the Plan because of (i) a payment of cash in lieu of Ordinary Shares, (ii) the
cancellation, termination or expiration of Grants and Awards, and/or (iii) other similar events
under the Plan, shall be available for issuance under this Plan.

     Notwithstanding (a) above, any Ordinary Shares that are authorized to be issued under the
Prior Plan but that are not issued or covered by Grants or Awards under the Prior Plan, shall not
be available for issuance under this Plan.

     Subject to the adjustment provisions of Article XI, not more than 1,100,000 Ordinary Shares
shall be issued under Awards of Ordinary Shares, Restricted Shares and/or Phantom Shares.

     Subject to the foregoing provisions of this Section 5.01, if a Grant or an Award may be paid
only in Ordinary Shares, or in either cash or Ordinary Shares, the Ordinary Shares shall be deemed
to be issued hereunder only when and to the extent that payment is actually made in Ordinary
Shares. However, the Committee may authorize a cash payment under a Grant or an Award in lieu of
Ordinary Shares if there are insufficient Ordinary Shares available for issuance under the Plan.

     5.02 Independent SARs. Upon the exercise of a SAR granted independently of an Option, the
Company may deliver to the Participant authorized but previously unissued Ordinary Shares, cash, or
a combination thereof as provided in Section 8.06. The maximum aggregate number of Ordinary Shares
that may be issued pursuant to SARs that are granted independently of Options is subject to the
provisions of Section 5.01 hereof.

Article VI

OPTION PRICE

     The price per share for Ordinary Shares purchased on the exercise of an Option shall be fixed
by the Committee on the date of grant; provided, however, that the price per share shall not be
less than the Fair Market Value on such date. Notwithstanding the foregoing, if an Incentive Stock
Option is granted to a Participant who, at the time of the Grant, is a 10% shareholder as
determined under Section 422 of the Code, then the Option Price shall be not less than 110% of the
Fair Market Value on the date of Grant.

Article VII

EXERCISE OF OPTIONS AND SARS

     7.01 Maximum Option Period or SAR Period. The period in which an Option or SAR may be
exercised shall be determined by the Committee on the date of grant; provided, however, that an
Option or SAR shall not be exercisable after the expiration of 10 years (or 5 years in the case of
an Incentive Stock Option granted to a

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10% shareholder as determined under Section 422 of the Code) from the date the Option or SAR
was granted. The date upon which any Option or SAR granted by the Committee becomes exercisable
may be accelerated by the Committee in its discretion. Subject to the terms hereof, the term of
exercisability for any Option or SAR granted by the Committee may be extended by the Committee and
may be made contingent upon the continued employment of the Participant by the Company or
Affiliate.

     7.02 Transferability of Options and SARs. Non-Qualified Share Options and SARs may be
transferable by a Participant and exercisable by a person other than a Participant, but only to the
extent specifically provided in an Option or SAR Agreement. Incentive Stock Options and any
related SARs, by their terms, shall not be transferable except by will or by the laws of descent
and distribution and shall be exercisable, during the Participant’s lifetime, only by the
Participant. No right or interest of a Participant in any Option or SAR shall be liable for, or
subject to, any lien, obligation or liability of such Participant.

     7.03 Employee Status. For purposes of determining the applicability of Section 422 of the
Code (relating to Incentive Stock Options), or in the event that the terms of any Grant provide
that it may be exercised only during employment or within a specified period of time after
termination of employment, the Committee may decide to what extent leaves of absence for
governmental or military service, illness, temporary Disability, or other reasons shall not be
deemed interruptions of continuous employment.

Article VIII

METHOD OF EXERCISE

     8.01 Exercise. Subject to the provisions of Articles VII and XII, an Option or SAR may be
exercised in whole at any time or in part from time to time at such times and in compliance with
the applicable Agreement and such other requirements as the Committee shall determine; provided,
however, that a SAR that is related to an Incentive Stock Option may be exercised only to the
extent that the related Option is exercisable and when the Fair Market Value exceeds the Option
Price of the related Option. An Option or SAR granted under this Plan may be exercised with
respect to any number of whole shares less than the full number for which the Option or SAR could
be exercised. Such partial exercise of an Option or SAR shall not affect the right to exercise the
Option or SAR from time to time in accordance with this Plan with respect to remaining shares
subject to the Option or SAR. The exercise of an Option or SAR shall result in the termination of
any related Option or SAR to the extent of the number of shares with respect to which the Option or
SAR is exercised.

     8.02 Payment. Unless otherwise provided by the Agreement, payment of the Option Price shall
be made in cash. If the Agreement provides, payment of all or part of the Option Price (and any
applicable withholding taxes) may be made by surrendering (by either actual delivery or
attestation) already owned Ordinary Shares to the Company or by the Company withholding Ordinary
Shares from the Participant upon exercise,

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provided the shares surrendered or withheld have a Fair Market Value (determined as of the day
preceding the date of exercise) that is not less than such price or part thereof and any such
withholding taxes. In addition, the Committee may establish such payment or other terms as it may
deem to be appropriate and consistent with these purposes.

     8.03 Shareholder Rights. No Participant shall have any rights as a shareholder with respect
to shares subject to his or her Option or SAR until the date he or she exercises such Option or
SAR.

     8.04 Cashless Exercise. To the extent permitted under the applicable laws and regulations, at
the request of the Participant and with the consent of the Committee, the Company agrees to
cooperate in a “cashless exercise” of the Option. The cashless exercise shall be effected by the
Participant delivering to the Securities Broker instructions to exercise all or part of the Option,
including instructions to sell a sufficient number of Ordinary Shares to cover the costs and
expenses associated therewith. The Committee may permit a Participant to elect to pay any
applicable withholding taxes by requesting that the Company withhold the number of Ordinary Shares
equivalent at current Fair Market Value to the withholding taxes due.

     8.05 Cashing Out of Option. The Committee may elect to cash out all or part of the portion of
any Option to be exercised by paying the optionee an amount, in cash or Ordinary Shares, equal to
the excess of the Fair Market Value of the Ordinary Shares that is the subject of the portion of
the Option to be exercised over the Option Price times the number of Ordinary Shares subject to the
portion of the Option to be exercised on the effective date of such cash out.

     8.06 Determination of Payment of Cash and/or Ordinary Shares Upon Exercise of SAR. At the
Committee’s discretion, the amount payable as a result of the exercise of a SAR may be settled in
cash, Ordinary Shares, or a combination of cash and Ordinary Shares. No fractional shares shall be
delivered upon the exercise of a SAR but a cash payment will be made in lieu thereof.

Article IX

ORDINARY SHARES AND RESTRICTED SHARES

     9.01 Award. In accordance with the provisions of Article IV, the Committee will designate the
individuals to whom an Award of Ordinary Shares and/or Restricted Shares is to be made and will
specify the number of Ordinary Shares covered by such Award or Awards.

     9.02 Vesting. In the case of Restricted Shares, on the date of the Award, the Committee may
prescribe that the Participant’s rights in the Restricted Shares shall be forfeitable or otherwise
restricted in any manner in the discretion of the Committee for such period of time as is set forth
in the Agreement. Subject to the provisions of Article

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XII hereof, the Committee may award Ordinary Shares to a Participant which is not forfeitable
and is free of any restrictions on transferability.

     9.03 Shareholder Rights. Prior to their forfeiture in accordance with the terms of the
Agreement and while the shares are Restricted Shares, a Participant will have all rights of a
shareholder with respect to Restricted Shares, including the right to receive dividends and vote
the shares; provided, however, that (i) a Participant may not sell, transfer, pledge, exchange,
hypothecate, or otherwise dispose of Restricted Shares, (ii) the Company shall retain custody of
the Ordinary Shares underlying the Restricted Shares, and (iii) the Participant will deliver to the
Company a stock transfer form, executed in blank, with respect to each award of Restricted Shares.

Article X

PHANTOM SHARES

     10.01 Award. Pursuant to this Plan or an Agreement establishing additional terms and
conditions, the Committee may designate employees to whom Awards of Phantom Shares may be made and
will specify the number of Ordinary Shares covered by the Award.

     10.02 Vesting. On the date of the Award, the Committee may prescribe that the Participant’s
right to receive payment for Phantom Shares shall be forfeitable or otherwise restricted in any
manner in the discretion of the Committee for such period of time set forth in the Agreement.

     10.03 Shareholder Rights. A Participant for whom Phantom Shares has been credited shall have
none of the rights of a shareholder with respect to such Phantom Shares. However, an Agreement for
the use of Phantom Shares may provide for the crediting of a Participant’s Phantom Shares account
with cash or Share dividends declared with respect to Ordinary Shares represented by such Phantom
Shares.

     10.04 Payment. At the Committee’s discretion, the amount payable to a Participant for Phantom
Shares credited to his or her account shall be made in cash, Ordinary Shares or a combination of
cash and Ordinary Shares.

     10.05 Transferability of Phantom Shares. Phantom Shares may be transferable by a Participant,
but only to the extent specifically provided in the Agreement. No right or interest of a
Participant in any Phantom Shares shall be subject to any lien, obligation or liability of such
Participant.

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Article XI

ADJUSTMENT UPON CHANGE IN ORDINARY SHARES

     Should the Company effect one or more (x) share dividends, share split-ups, subdivisions or
consolidations of shares or other similar changes in capitalization; (y) spin-offs, spin-outs,
split-ups, split-offs, or other such distribution of assets to shareholders; or (z) direct or
indirect assumptions and/or conversions of outstanding Options due to an acquisition of the
Company, then the maximum number of Ordinary Shares as to which Grants and Awards may be issued
under this Plan shall be proportionately adjusted and their terms shall be adjusted as the
Committee shall determine to be equitably required, provided that the number of Ordinary Shares
subject to any Grant or Award shall always be a whole number. Any determination made under this
Article XI by the Committee shall be final and conclusive.

     The issuance by the Company of shares of any class, or securities convertible into Ordinary
Shares, for cash or property or for labor or services, either upon direct sale or upon the exercise
of rights or warrants to subscribe therefor, or upon conversion of Ordinary Shares or obligations
of the Company convertible into such Ordinary Shares or other securities, shall not affect, and no
adjustment by reason thereof shall be made with respect to any Grant or Award.

Article XII

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

     No Grant shall be exercisable, no Ordinary Shares shall be issued, no Ordinary Shares shall be
delivered, and no payment shall be made under this Plan except in compliance with all applicable
federal, state, local and foreign laws and regulations (including, without limitation, withholding
tax requirements) and the rules of any stock exchanges on which the Company’s shares may be listed.
The Company may rely on an opinion of its counsel as to such compliance. Any Ordinary Shares
issued for which a Grant is exercised or an Award is issued may bear such legends and statements as
the Committee may deem advisable to assure compliance with federal and state laws and regulations.
No Grant shall be exercisable, no Ordinary Shares shall be issued, and no payment shall be made
under this Plan until the Company has obtained such consent or approval as the Committee may deem
advisable from regulatory bodies having jurisdiction over such matters.

Article XIII

GENERAL PROVISIONS

     13.01 Effect on Employment. Neither the adoption of this Plan, its operation, nor any
documents describing or referring to this Plan (or any part thereof) shall confer upon any employee
any right to continue in the employ of the Company or an Affiliate or in any way affect any right
and power of the Company or an Affiliate to terminate the employment of any employee at any time
with or without assigning a reason therefor.

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     13.02 Unfunded Plan. The Plan, insofar as it provides for a Grant or an Award of Phantom
Shares, is not required to be funded, and the Company shall not be required to segregate any assets
that may at any time be represented by a Grant or an Award of Phantom Shares under this Plan.

     13.03 Change of Control. Notwithstanding any other provision of the Plan to the contrary, in
the event of a Change of Control:

          (a) Unless otherwise provided by the Committee in an Agreement, any outstanding Option or SAR
(including any limited SAR) or Phantom Shares which is not presently exercisable and vested as of a
Change of Control Date shall become fully exercisable and vested to the full extent of the original
Grant upon such Change of Control Date.

          (b) Unless otherwise provided by the Committee in an Agreement, the restrictions applicable
to any outstanding Restricted Shares shall lapse, and such Restricted Shares shall become free of
all restrictions and become fully vested, nonforfeitable and transferable to the full extent of the
original Award. The Committee may also provide in an Agreement that a Participant may elect, by
written notice to the Company within 60 days after a Change of Control Date, to receive, in
exchange for shares that were Restricted Shares immediately before the Change of Control Date, a
cash payment equal to the Fair Market Value of the shares surrendered on the last business day the
Ordinary Shares is traded on the New York Stock Exchange prior to receipt by the Company of such
written notice.

          (c) The Committee may, in its complete discretion, cause the acceleration or release of any
and all restrictions or conditions related to a Grant or Award, in such manner, in the case of
officers and directors of the Company who are subject to Section 16(b) of the Exchange Act, as to
conform to the provisions of Rule 16b-3.

     13.04 Rules of Construction. Headings are given to the articles and sections of this Plan
solely for ease of reference and are not to be considered in construing the terms and conditions of
the Plan. The reference to any statute, regulation, or other provision of law shall be construed
to refer to any amendment to or successor of such provision of law.

     13.05 Rule 16b-3 Requirements. Notwithstanding any other provisions of the Plan, the
Committee may impose such conditions on any Grant or Award, and the Board may amend the Plan in any
such respects, as they may determine, on the advice of counsel, are necessary or desirable to
satisfy the provisions of Rule 16b-3. Any provision of the Plan to the contrary notwithstanding,
and except to the extent that the Committee determines otherwise: (a) transactions by and with
respect to officers and directors of the Company who are subject to Section 16(b) of the Exchange
Act shall comply with any applicable conditions of Rule 16b-3; and (b) every provision of the Plan
shall be

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administered, interpreted and construed to carry out the foregoing provisions of this
sentence.

     13.06 Amendment, Modification and Termination. At any time and from time to time, the Board
may terminate, amend or modify the Plan. Such amendment or modification may be without shareholder
approval except to the extent that such approval is required by the Code, pursuant to the rules
under Section 16 of the Exchange Act, by any national securities exchange or system on which the
Ordinary Shares is then listed or reported, by any regulatory body having jurisdiction with respect
thereto or under any other applicable laws, rules, or regulations. No termination, amendment, or
modification of the Plan, other than pursuant to Section 13.05 herein, shall in any manner
adversely affect any Grant or Award theretofore issued under the Plan, without the written consent
of the Participant. The Committee may amend the terms of any Grant or Award theretofore issued
under this Plan, prospectively or retrospectively, but no such amendment shall impair the rights of
any Participant without the Participant’s written consent except an amendment provided for or
contemplated in the terms of the Grant or Award, an amendment made to cause the Plan, or Grant or
Award, to qualify for the exemption provided by Rule 16b-3, or an amendment to make an adjustment
under Article XI. Except as provided in Article XI, the Option Price of any outstanding Option may
not be adjusted or amended, whether through amendment, cancellation or replacement, unless such
adjustment or amendment is approved by the shareholders of the Company.

     13.07 Governing Law. The validity, construction and effect of the Plan and any actions taken
or related to the Plan shall be determined in accordance with the laws of the Commonwealth of
Virginia and applicable federal law.

     13.08 Successors and Assigns. All obligations of the Company under the Plan, with respect to
Grants and Awards issued hereunder, shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation
or otherwise, of all or substantially all of the business and/or assets of the Company. The Plan
shall be binding on all successors and permitted assigns of a Participant, including, but not
limited to, the estate of such Participant and the executor, administrator or trustee of such
estate, and the guardians or legal representative of the Participant.

     13.09 Effect on Prior Plan and Other Compensation Arrangements. The adoption of this Plan
shall have no effect on Grants and Awards made pursuant to the Prior Plan and the Company’s other
compensation arrangements. Nothing contained in this Plan shall prevent the Company from adopting
other or additional compensation plans or arrangements for its officers, directors or employees.

     13.10 Duration of Plan. No Grant or Award may be made under this Plan after May 31, 2010.

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