Document:

exv10w3

    Exhibit 10.3

 

    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)

 

    SHARE
    OPTION AWARD AGREEMENT

    (Performance-Based Share Options)

 

    THIS SHARE OPTION AWARD AGREEMENT (this “Agreement”),
    effective as of [INSERT DATE] 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 “Optionee”) who has duly completed,
    executed and delivered the Option Acceptance Form, a copy of
    which is attached hereto as Schedule A and which is deemed
    to be a part hereof (the “Acceptance Form”) and; if
    applicable 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, 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 Committee (as hereinafter defined) has determined
    that it would be to the advantage and best interest of the
    Company and its shareholders to grant the Option (as hereinafter
    defined) provided for herein to the Optionee as an incentive for
    increased efforts on the part of the Optionee during the
    Optionee’s employment with the Company or its Subsidiaries
    (as hereinafter defined), and has advised the Company thereof
    and instructed the undersigned officer to prepare said Option.

 

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

 

    ARTICLE I

    

 

    DEFINITIONS

 

    Defined terms used in this Agreement shall have the meaning
    specified in the Plan or below unless the context clearly
    indicates to the contrary.

 

    Section 1.1
     — Act

 

    “Act” shall mean the Companies Act 1963 of
    Ireland.

 

    Section 1.2 — 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 as issued by the Company with respect
    to the Performance Period.

 

    Section 1.3
     — Adjusted Operating Margin

 

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

 

    Section 1.4
     — Board

 

    “Board” shall mean the board of directors of
    the Company.

 

    Section 1.5
     — Cause

 

    “Cause” shall mean (i) the Optionee’s
    continued
    and/or
    chronic failure to adequately
    and/or
    competently perform his 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 the Optionee’s receipt of such notice to cure
    and/or
    correct such performance failure, (ii) willful misconduct
    by the Optionee in connection with the Optionee’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 the
    Optionee 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 the Optionee’s restrictive covenants and other
    obligations as provided in Schedule C to this Agreement (if
    applicable), in the Optionee’s employment agreement (if
    any), or any other non-compete agreement
    and/or
    confidentiality agreement entered into between the Optionee 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 the Optionee’s
    receipt of such notice.

 

    Section 1.6
     — Committee

 

    “Committee” shall mean 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 1.7
     — Earned Date

 

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

 

    Section 1.8
     — Earned Performance Shares

 

    “Earned Performance Shares” shall mean Shares
    subject to the Option in respect of which the applicable
    Performance Objectives, as set out in Section 3.1, have
    been achieved and shall become vested and exercisable as set out
    in Section 3.2.

 

    Section 1.9 —
    Grant Date

 

    “Grant Date” shall mean [INSERT DATE].

 

    Section 1.10
     — Option

 

    “Option” shall mean the option to purchase
    Ordinary Shares of the Company granted in accordance with this
    Agreement and the Plan.

 

    Section 1.11
     — Option Price

 

    “Option Price” shall mean the exercise price of
    the Option set forth in Schedule A to this Agreement. The
    Option Price shall not be less than 100% of the Fair Market
    Value of the Shares on the Grant Date.

 

    Section 1.12
     — Performance Period

 

    “Performance Period” shall mean [insert
    performance period].

 

    Section 1.13
     — Performance Objectives

 

    “Performance Objectives” shall mean the
    performance objectives based on an Adjusted Earnings Per Share
    or Adjusted Operating Margin that are set forth in
    Section 3.1(a) and Exhibit 1 to the Acceptance Form.

    

    2

 

    Section 1.14
     — Permanent Disability

 

    The Optionee shall be deemed to have a “Permanent
    Disability” if the Optionee 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 the Optionee or, if no such plan is
    applicable, in the event the Optionee 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 1.15
     — Plan

 

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

 

    Section 1.16
     — Pronouns

 

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

 

    Section 1.17
     — Secretary

 

    “Secretary” shall mean the Secretary of the
    Company.

 

    Section 1.18
     — Shares or Ordinary Shares

 

    “Shares” or “Ordinary Shares”
    means ordinary shares of the Company, which may be authorised
    but unissued.

 

    Section 1.19
     — Subsidiary

 

    “Subsidiary” shall mean with respect to the
    Company, a body corporate which is a subsidiary of the Company
    within the meaning of Section 155 of the Act. For purposes
    of granting share options or any other “stock rights,”
    within the meaning of Section 409A of the Code, an entity
    shall 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. For purposes of granting
    U.S. incentive stock options, an entity shall not be
    considered a Subsidiary if it does not also meet the
    requirements of Section 424(f) of the Code.

 

    Section 1.20
     —  Willis Group

 

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

 

    ARTICLE II

    

 

    GRANT OF
    OPTIONS

 

    Section 2.1
     — Grant of Options

 

    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 to
    the Optionee an Option to purchase all or part of the aggregate
    number of Shares, as stated in the Acceptance Form. In
    circumstances where the Optionee is required to enter into the
    Agreement of Restrictive Covenants and Other Obligations set
    forth in Schedule C, the Optionee agrees that the grant of
    an Option pursuant to this Agreement is sufficient consideration
    for the Optionee entering into such agreement.

 

    Section 2.2
     — Option Price

 

    Subject to Section 2.4, the Option Price of each Share
    subject to the Option shall be as stated in the Acceptance Form.

    

    3

 

    Section 2.3
     — Employment Rights

 

    Subject to the terms of the Agreement of Restrictive Covenants
    and Other Obligations where applicable, the rights and
    obligations of the Optionee 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 Option and the
    Optionee’s participation in the Plan will not be
    interpreted to form an employment agreement with the Company or
    any Subsidiary. The Optionee 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 earn, vest in or exercise any Option 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 Optionee shall be deemed
    irrevocably 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 2.4
     — Adjustments in Options Pursuant to
    Merger, Consolidation, etc.

 

    Subject to Sections 9 and 10 of the Plan, in the event that
    the outstanding Shares subject to an Option 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, share or extraordinary cash dividend, share
    combination or reclassification, recapitalization or merger,
    Change of Control, or similar event, the Committee shall, in its
    absolute discretion, make an appropriate and equitable
    adjustment in the number and kind of Shares, the Option Price,
    the grant of dividends
    and/or other
    value determinations applicable to the Plan or outstanding
    Options, in all events in order to allow the Optionee to
    participate in such event in an equitable manner.
    Notwithstanding Section 10 of the Plan, in the event of a
    Change of Control and regardless of whether the Option is
    assumed or substituted by a successor company, the Option shall
    not immediately vest and become exercisable unless the Committee
    so determines at the time of the Change of Control. The
    Committee
    and/or the
    amount of consideration as to which or for which, as the case
    may be. Any such adjustment or determination made by the
    Committee shall be final and binding upon the Optionee, the
    Company and all other interested persons.

 

    Section 2.5 — Clawback
    Policy

 

    The Company may cancel all or part of the Option or require
    payment by the Optionee to the Company of all or part of any
    amount or Shares received by the Optionee following the exercise
    of the Option pursuant to the Company’s Clawback Policy
    dated December 2009, as amended from time to time, except to the
    extent prohibited under applicable law.

 

    ARTICLE III

    

 

    PERIOD OF
    EXERCISABILITY

 

    Section 3.1
     — Commencement of Earning

 

    (a) Subject to Sections 3.1(b) and 3.1(d), the Shares
    subject to Option shall become Earned Performance Shares as of
    the Earned Date and shall become eligible to vest and become
    exercisable in accordance with the provisions of
    Section 3.2 if and to the extent that the Performance
    Objectives set out in Targets 1 (50% of Target Number of Shares)
    and 2 (50% of Target Number of Shares) of Exhibit 1 to the
    Acceptance Form are attained and subject to the Optionee being
    in the employment of the Company or any Subsidiary at each
    respective vesting date as set forth in Section 3.2 below.

 

    (b) The Optionee understands and agrees that the terms
    under which the Option shall become Earned Performance Shares as
    described in Section 3.1(a) above and in Exhibit 1 to
    the Acceptance Form is confidential and the Optionee agrees not
    to disclose, reproduce or distribute such confidential
    information concerning the Company, except as required in the
    course of the Optionee’s employment with the Company or one
    of its Subsidiaries, without the prior written consent of the
    Company. The Optionee’s failure to abide by this condition
    may result in the immediate cancellation of the Option.

 

    (c) As promptly as practicable following the Performance
    Period, the Committee shall determine whether the applicable
    Performance Objectives were attained, and based on such
    determination, shall declare the number of Shares subject to the
    Option that shall become Earned Performance Shares. Anything to
    the contrary in this Section 3.1 and

    

    4

 

    Exhibit 1 to the Acceptance Form notwithstanding, the
    Committee retains sole discretion to determine the number of
    Shares subject to the Option that will become Earned Performance
    Shares.

 

    (d) If prior to the end of the Performance Period,
    (i) the Optionee’s employment terminates for reasons
    other than Cause, or (ii) there is a Change of Control, the
    Committee, may, in its sole discretion deem the Performance
    Objectives to be attained at the level (not to exceed the
    maximum level) determined by the Committee as to all or part of
    the unearned Shares underlying the Option and deem them to be
    Earned Performance Shares.

 

    (e) All Shares subject to the Option that are not declared
    by the Committee to be Earned Performance Shares shall be
    forfeited immediately on the earlier of the Optionee’s
    termination of employment or the date that the Committee makes a
    determination on whether the Performance Objectives were
    attained.

 

    Section 3.2 — Commencement
    of Vesting and Exercisability

 

    (a) Subject to the Optionee’s continued employment
    with the Willis Group through the applicable vesting date (set
    forth in the left column), the Earned Performance Shares shall
    vest and become exercisable in accordance with Section 3.2
    below:

 

	 	 	 	 	 
	
 
	
 
	
    Percentage of Earned

    
	
 

	
    Date Earned Performance Shares Become

    
	
 
	
    Performance Shares that Become

    
	
 

	
    Vested and Exercisable
	
 
	
    Vested and Exercisable
	
 

	 

	

    Second anniversary of Grant Date

	
 
	
 
	
    [insert]
	
    %

	

    [INSERT DATE]

	
 
	
 
	
 
	
 

	

    Third anniversary of Grant Date

	
 
	
 
	
    [insert]
	
    %

	

    [INSERT DATE]

	
 
	
 
	
 
	
 

	

    Fourth anniversary of Grant Date

	
 
	
 
	
    [insert]
	
    %

	

    [INSERT DATE]

	
 
	
 
	
 
	
 

	

    Fifth anniversary of Grant Date

	
 
	
 
	
    [insert]
	
    %

	

    [INSERT DATE]

	
 
	
 
	
 
	
 

 

    (b) In the event of a termination of the Optionee’s
    employment as a result of death or Permanent Disability, then
    (i) the Earned Performance Shares and the Option in respect
    thereof shall become immediately vested and exercisable with
    respect to all of the Shares underlying such Option through the
    time period set forth in Section 3.3 (b) below, and
    (ii) as of the date of termination of employment, any
    portion of the Option which then has not become an Earned
    Performance Share shall immediately terminate and will at no
    time be exercisable.

 

    (c) Notwithstanding anything herewith to the contrary the
    Option over Earned Performance Shares that have not yet vested
    shall immediately terminate and will at no time become
    exercisable, except that the Committee may, for termination of
    employment for reasons other than death, Permanent Disability or
    Cause, determine in its sole discretion that the Option over the
    Earned Performance Shares that have not yet vested and become
    exercisable, shall become vested and exercisable.

 

    (d) In the event of a termination of the Optionee’s
    employment for any reason other than death or Permanent
    Disability, then the Earned Performance Shares that have vested
    and become exercisable and the Option in respect thereof shall
    remain exercisable through the time period set forth in
    Section 3.3 (b) below.

 

    (e) Unless otherwise determined by the Committee, in its
    sole discretion, the termination date for purposes of this
    Section 3.2 and the Agreement will be the later of
    (i) the last day of the Optionee’s active employment
    with the Company or any Subsidiary or (ii) the last day of
    any notice period or garden leave, as provided for under the
    Optionee’s employment or service contract or local law.

 

    (f) In the event of a Change of Control, the Option shall
    not automatically vest and become exercisable and the Committee
    shall have the sole discretion to accelerate the vesting of
    unvested Earned Performance Shares without regard to whether the
    Earned Performance Shares are assumed or substituted by a
    successor company.

    

    5

 

    Section 3.3
     — Expiration of Options

 

    (a) The Option shall immediately lapse upon the termination
    of the Optionee’s employment, subject to, and except as
    otherwise specified within, the terms and conditions of
    Section 3.2 above.

 

    (b) The Option over Earned Performance Shares that has
    become vested and exercisable in accordance with
    Section 3.2 will cease to be exercisable by the Optionee
    upon the first to occur of the following events:

 

    (i) The eighth anniversary of the Grant Date; or

 

    (ii) Twelve months after the date of the Optionee’s
    termination of employment by reason of death or Permanent
    Disability; or

 

    (iii) Ninety days after the date of any termination of the
    Optionee’s employment by the Company or its Subsidiary for
    any reason other than (A) death or Permanent Disability or
    (B) where the Committee has exercised its discretion in
    accordance with Section 3.2(c) above; or

 

    (iv) Six calendar months after the date of termination of
    the Optionee’s employment provided the Committee has
    exercised its discretion pursuant to Section 3.2(c) above
    and termination is other than for Cause; or

 

    (v) If the Committee so determines pursuant to
    Section 9 of the Plan and 3.2(f) of this Agreement, the
    effective date of a Change of Control, so long as the Optionee
    has a reasonable opportunity to exercise or receive value for
    his Options prior to such effective date.

 

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

 

    (i) the Optionee must execute the Agreement of Restrictive
    Covenants and Other Obligations pursuant to Article VII
    below, if applicable, and deliver it to the Company within
    45 days of the receipt of this Agreement;

 

    (ii) the Optionee must execute the Acceptance Form and
    deliver it to the Company within 45 days of the receipt of
    this Agreement; and

 

    (iii) the Optionees who are resident in the United Kingdom
    must execute the form of joint election as described in terms
    set forth in Schedule B for the United Kingdom and deliver
    it to their employing company within 45 days of the receipt
    of this Agreement.

 

    (d) The Committee may, in its sole discretion, cancel the
    Option, if the Optionee fails to execute and deliver the
    agreements and documents within the period set forth in
    Section 3.3(c) or fails to meet the requirements set forth
    in Section 3.1(a) and Exhibit 1 to the Acceptance Form.

 

    ARTICLE IV

    

 

    EXERCISE
    OF OPTION

 

    Section 4.1
     — Person Eligible to Exercise

 

    During the lifetime of the Optionee, only he may exercise an
    Option or any portion thereof. After the death of the Optionee,
    any exercisable portion of an Option may, prior to the time when
    an Option becomes unexercisable under Section 3.3, be
    exercised by any person empowered to do so under the
    Optionee’s will or under then applicable laws of
    inheritance.

    

    6

 

    Section 4.2
     — Partial Exercise

 

    Any exercisable portion of an Option or the entire Option, if
    then wholly exercisable, may be exercised in whole or in part at
    any time prior to the time when the Option or portion thereof
    becomes unexercisable under Section 3.3; provided, however,
    that any partial exercise shall be for whole Shares only.

 

    Section 4.3
     — Manner of Exercise

 

    An Option, or any exercisable portion thereof, may be exercised
    solely by delivering to the Secretary or his office or the
    Company’s agent, if so directed all of the following prior
    to the time when the Option or such portion becomes
    unexercisable under Section 3.3:

 

    (a) Notice in writing signed by the Optionee or the other
    person then entitled to exercise the Option or portion thereof,
    stating that the Option or portion thereof is thereby exercised,
    such notice complying with all applicable rules established by
    the Committee and made available to the Optionee (or such other
    person then entitled to exercise the Option);

 

    (b) Full payment (in cash, by cheque, electronic transfer,
    by way of a cashless exercise with a broker as approved by the
    Company, by way of surrender of Shares to the Company, by
    withholding in Shares to be issued upon Option exercise as
    approved by the Company in its sole discretion, or by a
    combination thereof) of the Option Price for the Shares with
    respect to which such Option or portion thereof is exercised,
    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 Option Price or part thereof and any
    Tax-Related Items (as defined in (d) below);

 

    (c) Full payment to the Company or any Subsidiary, by which
    the Optionee is employed (the “Employer”) of all
    income tax, payroll tax, payment on account, and social
    insurance contributions amounts (“Tax”) which, under
    federal, state, local or foreign law, it is required to withhold
    upon exercise of the Option; and

 

    (d) In a case where any Employer is obliged to (or would
    suffer a disadvantage if it were not to) account for any Tax (in
    any jurisdiction) for which the Optionee is liable by virtue of
    the Optionee’s participation in the Plan
    and/or any
    social security contributions recoverable from and legally
    applicable to the Optionee (the “Tax-Related Items”),
    the Optionee will pay or make adequate arrangements satisfactory
    to the Company
    and/or the
    Employer to satisfy all Tax-Related Items. In this regard, the
    Optionee may elect to satisfy the obligations with regard to all
    Tax-Related Items by one or a combination of the following:

 

    (i) withholding from the Optionee’s wages or other
    cash compensation paid to the Optionee by the Company
    and/or the
    Employer; or

 

    (ii) withholding from proceeds of the sale of Shares issued
    at exercise of the Option either through a voluntary sale or
    through a mandatory sale arranged by the Company (on the
    Optionee’s behalf pursuant to this authorization); or

 

    (iii) withholding in Shares to be issued at exercise of the
    Option, to the extent the Company permits this method of
    withholding.

 

    To avoid any negative accounting treatment, the Company may
    withhold or account for Tax-Related Items by considering
    applicable minimum statutory withholding amounts or other
    applicable withholding rates. If the obligation for Tax-Related
    Items is satisfied by withholding in Shares, for tax purposes,
    the Optionee is deemed to have been issued the full number of
    Shares subject to the exercised Option, notwithstanding that a
    number of Shares are held back solely for the purpose of paying
    the Tax-Related Items due as a result of any aspect of the
    Optionee’s participation in the Plan.

 

    Finally, the Optionee shall pay to the Company or the Employer
    any amount of Tax-Related Items that the Company or the Employer
    may be required to withhold or account for as a result of the
    Optionee’s participation in the Plan that cannot be
    satisfied by the means previously described.

 

    (e) In the event the Option or any portion thereof shall be
    exercised pursuant to Section 4.1 by any person or persons
    other than the Optionee, appropriate proof of the right of such
    person or persons to exercise the Option.

    

    7

 

    Without limiting the generality of the foregoing, the Committee
    may, prior to exercise, require an opinion of counsel reasonably
    acceptable to it to the effect that any subsequent transfer of
    Shares acquired on exercise of an Option does not violate the
    Exchange Act and may issue stop-transfer orders in the
    U.S. covering such Shares.

 

    Section 4.4
     — Conditions to Issuance of Shares
    

 

    The Earned Performance Shares to be delivered upon the exercise
    of an Option, or any portion thereof, in accordance with
    Section 3.2 of this Agreement 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 or deliver any certificates
    representing such Shares or their electronic equivalent issued
    upon the exercise of an Option or portion thereof prior to
    fulfillment of all of the following conditions:

 

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

 

    (b) The lapse of such reasonable period of time following
    the exercise of the Option as the Committee may from time to
    time establish for reasons of administrative convenience.

 

    Section 4.5
     — Rights as Shareholder

 

    The Optionee 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 exercise of the Option or
    any portion thereof unless and until certificates representing
    such Shares or their electronic equivalent shall have been
    issued by the Company to the Optionee.

 

    ARTICLE V

    

 

    ADDITIONAL
    TERMS AND CONDITIONS OF OPTION

 

    Section 5.1 — Nature
    of Grant

 

    In accepting the Option, the Optionee 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;

 

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

 

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

 

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

 

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

 

    (f) the Option 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 a
    Subsidiary;

 

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

 

    (h) if the Optionee exercises the Option and acquires
    Shares, the value of such Shares may increase or decrease in
    value, even below the Option Price; and

    

    8

 

    (i) no claim or entitlement to compensation or damages
    shall arise from termination of the Option or diminution in
    value of the Option or Shares acquired upon exercise of the
    Option in the event of the Optionee’s termination of
    employment (whether or not in breach of contract or local labor
    laws and whether or not later found to be invalid), and in
    consideration of the grant of the Option to which the Optionee
    is otherwise not entitled, the Optionee irrevocably agrees never
    to institute any claim against the Company or any Subsidiary,
    waives his ability, if any, to bring any such claim, and
    releases the Company and any Subsidiary from any such claim.

 

    Section 5.2 —
    No Advice Regarding Grant

 

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

 

    ARTICLE VI

    

 

    DATA
    PRIVACY NOTICE AND CONSENT

 

    Section 6 — Data
    Privacy

 

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

 

    (b) The Optionee understands that the Company and the
    Employer may hold certain personal information about the
    Optionee, including, but not limited to, the Optionee’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 Options or any other entitlement to
    Shares awarded, canceled, exercised, vested, unvested or
    outstanding in the Optionee’s favor, for the exclusive
    purpose of implementing, administering and managing the Plan
    (“Data”).

 

    (c) The Optionee understands that Data will be
    transferred to Morgan Stanley Smith Barney or to any other third
    party assisting in the implementation, administration and
    management of the Plan. The Optionee understands that the
    recipients of the Data may be located in the Optionee’s
    country or elsewhere, and that the recipients’ country
    (e.g., Ireland) may have different data privacy laws and
    protections from the Optionee’s country. The Optionee
    understands that he may request a list with the names and
    addresses of any potential recipients of the Data by contacting
    his local human resources representative. The Optionee
    authorizes the Company, Morgan Stanley Smith Barney 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 participation in
    the Plan. The Optionee understands that Data will be held only
    as long as is necessary to implement, administer and manage the
    Optionee’s participation in the Plan. The Optionee
    understands that he 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 local human resources representative. The Optionee
    understands, however, that refusing or withdrawing his consent
    may affect the Optionee’s ability to participate in the
    Plan. For more information on the consequences of the
    Optionee’s refusal to consent or withdrawal of consent, the
    Optionee understands that he may contact his local human
    resources representative.

    

    9

 

    ARTICLE VII

    

 

    AGREEMENT
    OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

 

    Section 7 — Restrictive
    Covenants and Other Obligations

 

    In consideration of the grant of an Option, the Optionee 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 Optionee does not sign and
    return the Agreement of Restrictive Covenants and Other
    Obligations within 45 days of the receipt of this
    Agreement, the Committee may, in its sole discretion, cancel the
    Option. If no such agreement is required, Schedule C shall
    state none or not applicable.

 

    ARTICLE VIII

    

 

    MISCELLANEOUS

 

    Section 8.1 — Administration

 

    The Committee 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
    Committee shall be final and binding upon the Optionee, the
    Company and all other interested persons. No member of the
    Committee shall be personally liable for any action,
    determination or interpretation made in good faith with respect
    to the Plan or the Options. In its absolute discretion, the
    Committee may at any time and from time to time exercise any and
    all rights and duties of the Committee under the Plan and this
    Agreement.

 

    Section 8.2 — Options
    Not Transferable

 

    Neither the Options nor any interest or right therein or part
    thereof shall be subject to the debts, contracts or engagements
    of the Optionee 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 8.2 shall not prevent
    transfers made solely for estate planning purposes or under a
    will or by the applicable laws of inheritance.

 

    Section 8.3 — 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 8.4 — 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

    New York, NY 10281

    Attention: Share Plans

 

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

 

    By a notice given pursuant to this Section 8.4, 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
    Optionee shall, if the Optionee is then deceased, be given to
    the Optionee’s personal representatives if such
    representatives have previously informed the Company of their
    status

    

    10

 

    and address by written notice under this Section 8.4. 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 Optionee resident outside the
    United States of America or the United Kingdom, sent by
    facsimile or by a recognized international courier service.

 

    Section 8.5
     — Titles

 

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

 

    Section 8.6
     — Applicability of Plan 

 

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

 

    Section 8.7
     — Amendment

 

    The Committee shall have the authority to make such amendments
    to this Agreement as are consistent with the Plan.

 

    Section 8.8 — Governing
    Law

 

    This Agreement shall be governed by, and construed in accordance
    with the laws of Ireland, without regard to its conflicts of law
    provisions, 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 8.9 — Jurisdiction

 

    The courts of the state of New York 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 8.10 — Electronic
    Delivery and Acceptance

 

    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 Optionee 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. Further, this Agreement has been executed on behalf of
    the Company electronically and the Optionee accepts the
    electronic signature of the Company.

 

    Section 8.11 — Language

 

    If the Optionee has received this Agreement, or any other
    document related to the Option
    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 8.12 — 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.

    

    11

 

    Section 8.13 — Schedule B

 

    The Option shall be subject to any special provisions set forth
    in Schedule B for the Optionee’s country of residence,
    if any. If the Optionee relocates to one of the countries
    included in Schedule B during the life of the Option, the
    special provisions for such country shall apply to the Optionee,
    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 8.14 — Imposition
    of Other Requirements

 

    The Company reserves the right to impose other requirements on
    the Option and the Shares acquired upon exercise of the Option,
    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 Optionee to sign
    any additional agreements or undertakings that may be necessary
    to accomplish the foregoing.

 

    Section 8.15 — 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 Optionee have each
    executed this Agreement.

 

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    By:

    Name:     

    Title:

    

    12

 

    SCHEDULE A

 

    ACCEPTANCE
    FORM TO THE SHARE OPTION AWARD AGREEMENT

 

    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)

 

	 	 	 
	

    Name

	
 
	
 

	

    Target Number of Shares Granted Under Option

	
 
	
 

	

    Grant Date

	
 
	
 

	

    Option Price

	
 
	
 

 

    I accept the grant of the Option under the Willis Group Holdings
    2008 Share Purchase and Option Plan, as amended from time
    to time and I agree to be bound by the terms and conditions of
    the Share Option Award Agreement dated [insert date] and any
    country-specific terms set forth in Schedule B, thereto.

 

	 	 	 
	

    Signature:

	
 
	
 

	

    Address:

	
 
	
 

 

    Once completed, please return one copy of this form to:

 

    Share Plans

    Willis Group Holdings Public Limited Company

    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281

    U.S.A.

 

    This form should be returned to the above address within
    45 days of receipt. Your option may be cancelled if your
    form is not received by that date.

    

    13

 

    EXHIBIT 1

 

    ACCEPTANCE
    FORM TO

    SHARE OPTION AWARD AGREEMENT

 

    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)

 

    Performance
    Period: [Insert]

 

    Earned
    Date: Publication of Company’s Annual Financial
    Results

 

    Target 1:
    Adjusted Operating Margin
    (“OM”)
    Target [Insert]%
    

 

    Percentage
    of Option Shares Subject to Target 1: 50%

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    OM of [Insert])
	
 
	
    OM of [Insert])
	
 
	
    OM of [Insert])
	
 
	
    100% or above

	

    Percentage of Earned Performance Shares:

	
 
	
    0%
	
 
	
    80-89%
	
 
	
    90-99%
	
 
	
    100%

 

    Target 2:
    Adjusted Earnings Per Share
    (“EPS”)
    Target $ [Insert]
    

 

    Percentage
    of Option Shares Subject to Target 2: 50%

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    (EPS of [Insert])
	
 
	
    (EPS of [Insert])
	
 
	
    (EPS of [Insert])
	
 
	
    100% or above

	

    Percentage of Earned Performance Shares:

	
 
	
    0%
	
 
	
    80-89%
	
 
	
    90-99%
	
 
	
    100%

 

 

			
	
    * 		
    Performance between amounts is subject to interpolation.

    

    14

 

    SCHEDULE B

 

    COUNTRY-SPECIFIC
    APPENDIX TO

 

    SHARE
    OPTION AWARD AGREEMENT

    (Performance-Based and Time-Based Share Options)

 

    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)

 

    Terms and
    Conditions

 

    This Schedule B includes additional terms and conditions
    that govern the Option granted to the Optionee under the Willis
    Group Holdings 2008 Share Purchase and Option Plan, as
    amended from time to time (the “Plan”) if the Optionee
    resides in one of the countries listed below. This
    Schedule B forms part of the Agreement. Capitalized terms
    used but not defined herein shall have the meanings ascribed to
    them in the Agreement or the Plan.

 

    Notifications

 

    This Schedule B also includes information based on the
    securities, exchange control and other laws in effect in the
    Optionee’s country as of June 2011. Such laws are often
    complex and change frequently. As a result, the Company strongly
    recommends that the Optionee not rely on the information noted
    herein as the only source of information relating to the
    consequences of the Optionee’s participation in the Plan
    because the information may be out of date at the time the
    Optionee exercises the Option under the Plan.

 

    In addition, the information is general in nature. The Company
    is not providing the Optionee with any tax advice with respect
    to the Option. The information is provided below may not apply
    to the Optionee’s particular situation, and the Company is
    not in a position to assure the Optionee of any particular
    result. Accordingly, the Optionee is strongly advised to seek
    appropriate professional advice as to how the tax or other laws
    in the Optionee’s country apply to the Optionee’s
    situation.

 

    Finally, if the Optionee is a citizen or resident of a country
    other than the one in which the Optionee is currently working,
    transfers employment after this Option is granted, or is
    considered a resident of another country for local law purposes,
    the notifications contained herein may not be applicable to the
    Optionee, and the Company shall, in its discretion, determine to
    what extent the terms and conditions contained herein shall be
    applicable to the Optionee.

 

    UNITED
    KINGDOM

 

    Terms
    and Conditions

 

    Tax Withholding Obligations.  The following
    provisions supplement Section 4.3(d) of the Agreement:

 

    The Optionee agrees that if he or she does not pay or the
    Employer or the Company does not withhold from the Optionee the
    full amount of Tax-Related Items that the Optionee owes at
    exercise of the Option, or the release or assignment of the
    Option for consideration, or the receipt of any other benefit in
    connection with the Option (the “Taxable Event”),
    within 90 days after the Taxable Event or such other period
    specified in section 222(1)(c) of the U.K. Income Tax
    (Earnings and Pensions) Act 2003, then the amount of any
    uncollected income taxes will constitute a benefit to
    Participant on which additional income tax and national
    insurance contributions (including the Employer’s NICs, as
    defined below) will be payable. The Optionee acknowledges that
    the Company or the Employer

    

    15

 

    may recover any such additional income tax and NICs at any time
    thereafter by any of the means referred to in the
    Section 4.3(d) of the Agreement, although the Optionee
    acknowledges that the Optionee ultimately will be responsible
    for reporting any income tax or National Insurance Contributions
    (“NICs”) due on this additional benefit directly to
    HMRC under the self-assessment regime.

 

    Joint
    Election

 

    If the Optionee is a U.K. tax resident, the grant of this Option
    is conditional upon the Optionee hereby agreeing to accept any
    liability for any employer National Insurance contributions
    (“Employer NICs”) which may be payable by the Employer
    in connection with the exercise, assignment, release or
    cancellation of any Option. The Optionee may elect that the
    Employer NICs may be collected by the Company or the Employer
    using any of the methods described in Section 4 of the
    Agreement. Without prejudice to the foregoing, the Optionee
    agrees to execute a joint election with the Company
    and/or the
    Employer (“Election”), the form of such Election being
    formally approved by HMRC, and any other consent or elections
    required to accomplish the transfer of the Employer NICs to the
    Optionee. The Optionee further agrees to execute such other
    joint elections as may be required between the Optionee and any
    successor to the Company
    and/or the
    Employer. If the Optionee does not make an Election prior to the
    vesting of the Option or if approval to the Election is
    withdrawn by HMRC and a new Election is not entered into,
    without any liability to the Company, the Employer or any
    Subsidiary of the Company, the Option shall become null and void
    without any liability to the Company
    and/or the
    Employer and may not be exercised by the Optionee.

 

    UNITED
    STATES OF AMERICA

 

    Notifications

 

    Tax
    Information

 

    The Option is not an incentive stock option within the
    meaning of Section 422 of the Code.

    

    16exv10w4

    Exhibit 10.4

 

    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 UNIT AWARD AGREEMENT

    (Performance-Based
    Restricted Share Units)
    

 

    WHEREAS, Willis Group Holdings Public Limited Company and
    any successor thereto, hereinafter referred to as the
    “Company,” has adopted the Willis Group Holding
    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 (the
    “Plan”);

 

    WHEREAS, the Committee (as hereinafter defined) has
    determined that it would be in the best interests of the Company
    and its shareholders to grant Restricted Share Units to the
    Executive pursuant to the Plan and the terms set forth herein.

 

    WHEREAS, the award of Restricted Share Units is also
    granted pursuant to the terms and conditions of the SMIP (as
    hereinafter defined), and is, therefore, intended to qualify as
    “qualified performance-based compensation” for
    purposes of Section 162(m) of the Code (as hereinafter
    defined).

 

    NOW, THEREFORE, in consideration of the mutual covenants
    hereinafter set forth, the parties hereto do hereby agree as
    follows:

 

    THIS RESTRICTED SHARE UNIT AGREEMENT (this
    “Agreement”), effective as of [insert date] is made by
    and between the Company and the individual (the
    “Executive”) who has duly completed, executed and
    delivered the Acceptance Form, a copy of which is attached
    hereto as Schedule A (including Exhibit 1 thereto) and
    which is deemed to be a part hereof (the “Acceptance
    Form”) and, if applicable, 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.

 

    ARTICLE I

    

 

    DEFINITIONS

 

    Defined terms used in this Agreement shall have the meaning
    specified in the Plan or below unless the context clearly
    indicates to the contrary.

 

    Section 1.1 — Act

 

    “Act” shall mean the Companies Act 1963 of
    Ireland.

 

    Section 1.2 — 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 as issued by the Company with respect
    to the Performance Period.

 

    Section 1.3 — Adjusted
    Operating Margin

 

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

 

    Section 1.4 — Board

 

    “Board” shall mean the board of directors of
    the Company.

 

    Section 1.5 — Cause

 

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

 

    Section 1.6 — Certification
    Date

 

    “Certification Date” shall mean the date that
    the Committee certifies in accordance with the requirements of
    Code Section 162(m), the amount payable under the SMIP
    based on “Earnings” for the Performance Period (as
    defined in the SMIP), the attainment level of the Performance
    Objectives and the number of Shares subject to RSUs that will
    become Earned Performance Shares based on the amount payable
    under the SMIP and attainment level of the additional
    Performance Objectives.

 

    Section 1.7 — Code

 

    “Code” shall mean the United States Internal
    Revenue Code of 1986, as amended

 

    Section 1.8 — Committee

 

    “Committee” shall mean 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 1.9 — Earned
    Performance Shares

 

    “Earned Performance Shares” shall mean Shares
    subject to the RSUs in respect of which the applicable
    Performance Objectives, as set out in Section 3.1 and
    Exhibit 1 to the Acceptance Form, have been achieved and
    shall become eligible for vesting and payment as set out in
    Section 3.2.

 

    Section 1.10 — Grant
    Date

 

    “Grant Date” shall mean [insert date].

 

    Section 1.11 — Performance
    Period

 

    “Performance Period” shall mean [insert
    performance period].

    

    2

 

    Section 1.12 — Performance
    Objectives

 

    “Performance Objectives” shall mean an Adjusted
    Earnings Per Share or Adjusted Operating Margin that are set
    forth in Section 3.1(a) and Exhibit 1 to the
    Acceptance Form.

 

    Section 1.13 — Permanent
    Disability

 

    The Executive shall be deemed to have a “Permanent
    Disability” if the Executive meets the requirements of the
    definition of such term, or of an equivalent term, as defined in
    the Willis Group’s or Designated Associate Company’s
    long-term disability plan applicable to the Executive or, if no
    such plan is applicable, in the event the Executive 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 1.14 — Plan

 

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

 

    Section 1.15 — Pronouns

 

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

 

    Section 1.16 — Restricted
    Share Units or RSUs

 

    “Restricted Share Units” or “RSUs”
    shall mean a conditional right to receive Ordinary Shares,
    pursuant to the terms of the Plan and this Agreement upon
    vesting and settlement, as set forth in Sections 3.1 and
    3.2 of this Agreement.

 

    Section 1.17 — Shares
    or Ordinary Shares

 

    “Shares” or “Ordinary Shares” means
    ordinary shares of the Company, nominal value of $0.000115 each,
    which may be authorised but unissued.

 

    Section 1.18 — SMIP
    

 

    “SMIP” means the Willis Group Holdings Senior
    Management 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.

 

    Section 1.19 — Subsidiary

 

    “Subsidiary” shall mean with respect to the
    Company, any subsidiary of the Company within the meaning of
    Section 155 of the Act.

 

    Section 1.20 — Willis
    Group

 

    “Willis Group” shall mean the Company and its
    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 and the additional terms and
    conditions set forth in the SMIP, the Company hereby grants to
    the Executive the targeted number of RSUs stated in the

    

    3

 

    Acceptance Form (including Exhibit 1 thereto). In
    circumstances where the Executive is required to enter into the
    Agreement of Restrictive Covenants and Other Obligations set
    forth in Schedule C, the Executive agrees that the grant of
    RSUs pursuant to this Agreement is sufficient consideration for
    the Executive entering into such agreement.

 

    Section 2.2 — RSU
    Payment

 

    The Shares to be issued upon vesting and settlement of the RSUs
    must be fully paid up prior to issuance of Shares by payment of
    the nominal value (US$0.000115) per Share. The Committee shall
    ensure that payment of the nominal value for any Shares
    underlying the RSUs is received by it on behalf of the Executive
    at the time the RSUs vest from a Subsidiary or other source and
    shall establish any procedures or protocols necessary to ensure
    that payment is timely received.

 

    Section 2.3 — Employment
    Rights

 

    Subject to the terms of the Agreement of Restrictive Covenants
    and Other Obligations, where applicable, the rights and
    obligations of the Executive under the terms of his office or
    employment with the Company or any Subsidiary or Designated
    Associate Company 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 Executive’s participation in the Plan will
    not be interpreted to form an employment agreement with the
    Company or any Subsidiary or Designated Associate Company. The
    Executive 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 earn or vest in 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 Executive shall be deemed
    irrevocably 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 2.4 — Adjustments
    in RSUs Pursuant to Merger, Consolidation, etc.

 

    Subject to Sections 9 and 10 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, 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, and regardless of whether the RSUs 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 Executive, the Company and all other
    interested persons. An adjustment may have the effect of
    reducing the price at which Shares may be acquired to less than
    their nominal value (the “Shortfall”), but only if and
    to the extent that the Committee shall be authorized to
    capitalize from the reserves of the Company a sum equal to the
    Shortfall and to apply that sum in paying up that amount on the
    Shares.

 

    Section 2.5 — Employee
    Costs

 

    The Executive must make full payment to the Company or any
    Subsidiary or Designated Associate Company by which the
    Executive 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, settlement or other tax event of the RSUs. In a case
    where any Employer is obliged to (or would suffer a disadvantage
    if it were not to) account for any Tax (in any jurisdiction) for
    which the Executive is liable by virtue of the Executive’s
    participation in the Plan or any social insurance contributions
    recoverable from and legally applicable to the Executive (the
    “Tax-Related Items”), the Executive will pay or make
    adequate arrangements satisfactory to the Company
    and/or the
    Employer to satisfy all Tax-Related Items. In this regard, the
    Executive may elect to satisfy the obligations with regard to
    all Tax-Related Items by one or a combination of the following:

 

    (i) withholding from the Executive’s wages or other
    cash compensation paid to the Executive by the Company
    and/or the
    Employer; or

 

    (ii) withholding from proceeds of the sale of Shares
    acquired at vesting either through a voluntary sale or through a
    mandatory sale arranged by the Company (on the Executive’s
    behalf pursuant to this authorization); or

    

    4

 

    (iii) withholding in Shares to be issued at vesting of the
    RSUs, to the extent the Company permits this method of
    withholding.

 

    To avoid any negative accounting treatment, the Company may
    withhold or account for Tax-Related Items by considering
    applicable minimum statutory withholding amounts or other
    applicable withholding rates. If the obligation for Tax-Related
    Items is satisfied by withholding in Shares, for tax purposes,
    the Executive is deemed to have been issued the full number of
    Shares subject to the vested RSUs, notwithstanding that a number
    of Shares are held back solely for the purpose of paying the
    Tax-Related Items due as a result of any aspect of the
    Executive’s participation in the Plan.

 

    Finally, the Executive shall pay to the Company or the Employer
    any amount of Tax-Related Items that the Company or the Employer
    may be required to withhold or account for as a result of the
    Executive’s participation in the Plan that cannot be
    satisfied by the means previously described.

 

    Section 2.6 — Clawback
    Policy

 

    The Company may cancel all or part of the RSUs or require
    payment by the Executive to the Company of all or part of any
    amount or Shares acquired by the Executive upon vesting and
    settlement of the RSUs pursuant to the Company’s Clawback
    Policy, dated December 2009, as amended from time to time,
    except to the extent prohibited under applicable law.

 

    ARTICLE III

    

 

    PERIOD
    OF PERFORMANCE-BASED AND TIME-BASED VESTING
    REQUIREMENTS

 

    Section 3.1 — Earning
    Performance Shares

 

    (a) Subject to Sections 3.1(c) and (d), the Shares
    subject to the RSUs shall become Earned Performance Shares as of
    the Earned Date and shall become eligible to vest and become
    payable in accordance with the provisions of Section 3.2 if
    and to the extent that the Performance Objectives set out in
    Targets 1 (50% of Target Number of Shares) and 2 (50% of Target
    Number of Shares) of Exhibit 1 to the Acceptance Form are
    attained and subject to the Executive being in the employment of
    the Company, any Subsidiary or Designated Associate Company at
    each respective vesting date as set forth in Section 3.2
    below.

 

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

 

    (c) If prior to the end of the Performance Period,
    (i) the Executive’s employment terminates for reasons
    other than Cause, or (ii) there is a Change of Control, the
    Committee, may, in its sole discretion deem the Performance
    Objectives to be attained at the level (not to exceed the
    maximum level) determined by the Committee as to all or part of
    the unearned Shares underlying the RSUs and deem them to be
    Earned Performance Shares, provided, however, that no RSU shall
    become an Earned Performance Share to the extent that any such
    discretion would prevent the RSU from qualifying as qualified
    performance-based compensation under Section 162(m) of the
    Code.

 

    (d) The Performance Objectives may be adjusted in
    accordance with the terms of the Plan to the extent such
    adjustments would not prevent the RSUs from qualifying as
    qualified performance-based compensation under
    Section 162(m) of the Code.

 

    (e) As of the Certification Date, the Committee shall
    certify the amount payable under the SMIP, determine the
    attainment level of applicable Performance Objectives, and based
    on such certification and determination, shall declare the
    number of Shares subject to the RSUs that shall become Earned
    Performance Shares. Anything to the contrary in this
    Section 3.1 and Exhibit 1 to the Acceptance Form
    notwithstanding, the Committee retains sole discretion to
    determine the number of Shares subject to the RSUs that will
    become Earned Performance Shares, subject to any requirements
    under Code Section 162(m).

    

    5

 

    (f) Shares subject to the RSUs that are not declared by the
    Committee on the Certification Date to be Earned Performance
    Shares shall be forfeited immediately.

 

    Section 3.2 — Vesting/Settlement

 

    (a) Subject to the Executives’ continued employment
    with the Willis Group or any Designated Associate Company
    through the applicable vesting date (set forth in the left
    column), the Earned Performance Shares shall vest as follows and
    become payable in accordance with Section 3.2 below:

 

	 	 	 	 	 
	
 
	
 
	
    Percentage of Earned

    

	
    Date Earned Performance Shares Become Vested
	
 
	
    Performance Shares that Become Vested

	 

	

    First anniversary of Grant Date

	
 
	
 
	
    [insert]
	
    %

	

    [INSERT DATE]

	
 
	
 
	
 
	
 

	

    Second anniversary of Grant Date

	
 
	
 
	
    [insert]
	
    %

	

     [INSERT DATE]

	
 
	
 
	
 
	
 

	

    Third anniversary of Grant Date

	
 
	
 
	
    [insert]
	
    %

	

    [INSERT DATE]

	
 
	
 
	
 
	
 

 

    (b) In the event of a termination of the Executive’s
    employment with Willis Group or any Designated Associate Company
    any unvested Earned Performance Shares as of the termination
    date will be forfeited immediately by the Executive, subject to,
    and except as otherwise specified within, the terms and
    conditions of Sections 3.2(c) to 3.2(f) below.

 

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

 

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

 

    (e) Unless otherwise determined by the Committee, in its
    sole discretion, the termination date for purposes of this
    Section 3.2 and the Agreement will be the later of
    (i) the last day of the Executive’s active employment
    with the Company or any Subsidiary or Designated Associate
    Company or (ii) the last day of any notice period or garden
    leave, as provided for under the Executives’ employment or
    service contract or local law

 

    (f) In the event of a Change of Control, the RSUs shall not
    automatically vest and the Committee shall have the sole
    discretion to accelerate the vesting of unvested Earned
    Performance Shares without regard to whether the Earned
    Performance Shares are assumed or substituted by a successor
    company.

 

    (g) The Executive 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 Executive must execute the Agreement of Restrictive
    Covenants and Other Obligations pursuant to Article VI
    below, if applicable, and deliver it to the Company within
    45 days of the receipt of this Agreement;

 

    (ii) the Executive 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
    receipt of this Agreement; and

 

    (iii) the Executive must execute the Acceptance Form and
    deliver to the Company within 45 days of the receipt of
    this Agreement.

    

    6

 

    (h) The Committee may, in its sole discretion, cancel the
    RSUs if the Executive fails to execute and deliver the
    agreements and documents within the period set forth in
    Section 3.2(g) or fails to meet the requirements as set
    forth in Section 3.1(a) and Exhibit 1 to the
    Acceptance Form.

 

    (i) Except as provided herein, Earned Performance Shares
    that become vested in accordance with this Section 3.2
    shall be delivered within one month following the applicable
    vesting date (which payment schedule is intended to comply with
    the “short-term deferral” exception from the
    application of Section 409A of the Code). Subject to
    Section 7.16 hereof, in the case the Committee exercises
    its discretion under Section 3.1(c) hereof and the Earned
    Performance Shares become vested on an accelerated basis
    pursuant to either Section 3.2 (c), (d) or (e), the
    Earned Performance Shares underlying the RSUs shall be delivered
    on April 1st of the year following the last day of the
    applicable Performance Period. Finally, the Company shall not be
    required to pay out the Earned Performance Shares to the
    Participant unless and until the Participant has paid or made
    arrangements to pay any Tax-Related Items liability in
    accordance with Section 2.5.

 

    Section 3.3 — Conditions
    to Issuance of Shares

 

    The Earned Performance Shares to be delivered upon the vesting
    of the RSUs, in accordance with Section 3.2 of the
    Agreement, 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
    deliver any certificates representing such Shares (or their
    electronic equivalent) allotted and issued upon the applicable
    date of the vesting of the RSUs prior to fulfillment of all of
    the following conditions, and in any event, subject to
    Section 409A of the Code for U.S. taxpayers:

 

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

 

    (b) The Executive has paid or made arrangements to pay the
    Tax-Related Items pursuant to Section 2.5.

 

    Without limiting the generality of the foregoing, the Committee
    may in the case of U.S. resident employees of the Company
    or any of its Subsidiaries or Designated Associate Companies
    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 Exchange Act, and may issue
    stop-transfer orders in the U.S. covering such Shares.

 

    Section 3.4 — Rights
    as Shareholder

 

    The Executive 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 settlement of the RSUs
    unless and until certificates representing such Shares or their
    electronic equivalent shall have been issued by the Company to
    the Executive.

 

    Section 3.5 — Limitation
    on Obligations

 

    The Company’s obligation with respect to the RSUs granted
    hereunder is limited solely to the delivery to the Executive 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 or Designated Associate Companies, nor
    shall any assets of the Company or any of its Subsidiaries or
    Designated Associate Companies 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 Executive for damages relating to any delays in
    issuing the share certificates or its electronic equivalent to
    the Executive (or his designated entities), any loss of the
    certificates, or any mistakes or errors in the issuance of the
    certificates (or the electronic equivalent) to the Executive (or
    his designated entities) or in the certificates themselves.

    

    7

 

    ARTICLE IV

    

 

    ADDITIONAL
    TERMS AND CONDITIONS OF THE RSUs

 

    Section 4.1 — Nature
    of Award

 

    In accepting the RSUs, the Executive 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;

 

    (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 Executive’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, any
    Subsidiary or Designated Associate Company;

 

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

 

    (h) no claim or entitlement to compensation or damages
    shall arise from the forfeiture of the RSUs or the Shares
    underlying the RSUs in the event of the Executive’s
    termination employment (whether or not in breach of contract or
    local labor laws and whether or not later found to be invalid),
    and in consideration of the RSU award to which the Executive is
    otherwise not entitled, the Executive irrevocably agrees never
    to institute any claim against the Company or any Subsidiary or
    Designated Associate Company, waives his ability, if any, to
    bring any such claim, and releases the Company and any
    Subsidiary or Designated Associate Company from any such claim.

 

    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
    Executive’s participation in the Plan, the issuance of
    Shares upon vesting of the RSUs or sale of the Shares. The
    Executive is hereby advised to consult with his own personal
    tax, legal and financial advisors regarding his 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 Executive hereby explicitly and unambiguously
    consents to the collection, use and transfer, in electronic or
    other form, of the Executive’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 or
    Designated Associate Companies for the exclusive purpose of
    implementing, administering and managing the Executive’s
    participation in the Plan.

 

    (b) The Executive understands that the Company and
    the Employer may hold certain personal information about the
    Executive, including, but not limited to, the Executive’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 

    

    8

 

    in the Company, details of all RSUs or any other
    entitlement to Shares awarded, canceled, exercised, vested,
    unvested or outstanding in the Executive’s favor, for the
    exclusive purpose of implementing, administering and managing
    the Plan (“Data”).

 

    (c) The Executive understands that Data will be
    transferred to Morgan Stanley Smith Barney or to any other third
    party assisting in the implementation, administration and
    management of the Plan. The Executive understands that the
    recipients of the Data may be located in the Executive’s
    country or elsewhere, and that the recipients’ country
    (e.g., Ireland) may have different data privacy laws and
    protections from the Executive’s country. The Executive
    understands that he may request a list with the names and
    addresses of any potential recipients of the Data by contacting
    his local human resources representative. The Executive
    authorizes the Company, Morgan Stanley Smith Barney 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 participation in
    the Plan. The Executive understands that Data will be held only
    as long as is necessary to implement, administer and manage the
    Executive’s participation in the Plan. The Executive
    understands that he 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 local human resources representative. The Executive
    understands, however, that refusing or withdrawing his consent
    may affect the Executive’s ability to participate in the
    Plan. For more information on the consequences of the
    Executive’s refusal to consent or withdrawal of consent,
    the Executive understands that he may contact his 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 Executive 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 Executive does not sign and
    return the Agreement of Restrictive Covenants and Other
    Obligations within 45 days of the receipt of this
    Agreement, 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 Committee 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
    Committee shall be final and binding upon the Executive, the
    Company and all other interested persons. No member of the
    Committee shall be personally liable for any action,
    determination or interpretation made in good faith with respect
    to the Plan or the RSUs. In its absolute discretion, the
    Committee may at any time and from time to time exercise any and
    all rights and duties of the Committee 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 Executive 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

    

    9

 

    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

    New York, NY 10281

    Attention: Share Plans

 

    and any notice to be given to the Executive 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
    Executive shall, if the Executive is then deceased, be given to
    the Executive’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 Executive 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.

 

    Section 7.6 — Applicability
    of Plan 

 

    The RSUs and the Shares underlying the RSUs shall be subject to
    all of the terms and provisions of the Plan, to the extent
    applicable to the RSUs and the underlying Shares. 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, without regard to its conflict of law
    provisions 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 the state of New York 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

    

    10

 

    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 and Acceptance

 

    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 Executive 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. Further, this Agreement has been executed on behalf of
    the Company electronically and the Executive accepts the
    electronic signature of the Company.

 

    Section 7.11 — Language

 

    If the Executive 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.

 

    Section 7.13 — Schedule B

 

    The RSUs shall be subject to any special provisions set forth in
    Schedule B for the Executive’s country of residence,
    if any. If the Executive 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
    Executive, 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 Executive 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.

 

    Section 7.16 — Code
    Section 409A.

 

    For purposes of U.S. taxpayers, it is intended that the
    terms of the RSUs will comply with the provisions of
    Section 409A of the Code and the Treasury Regulations
    relating thereto so as not to subject the Executive to the
    payment of additional taxes and interest under Section 409A
    of the Code, and this Agreement will be interpreted, operated
    and administered in a manner that is consistent with this
    intent. In furtherance of this intent, the Committee may adopt
    such amendments to this Agreement or adopt other policies and
    procedures (including amendments, policies and procedures with
    retroactive effect), or take any other actions, in each case,
    without the consent of the Executive, that the Committee
    determines are reasonable, necessary or appropriate to comply
    with the requirements of Section 409A of the Code and
    related U.S. Department of Treasury guidance. In that
    light, the Willis Group makes no representation or covenant to
    ensure that the RSUs that are intended to be exempt from, or
    compliant with, Section 409A of the Code are not so exempt
    or compliant or for any action taken by the Committee with
    respect thereto.

 

    Anything in this Agreement to the contrary notwithstanding, no
    Shares underlying the RSU Awards under this Agreement that
    constitute an item of deferred compensation under
    Section 409A of the Code that become payable by reason of a
    Participant’s termination of employment with the Company
    shall be issued to the Participant unless the

    

    11

 

    Participant’s termination of employment constitutes a
    “separation from service” (within the meaning of
    Section 409A of the Code and any the regulations or other
    guidance thereunder). In addition, no such issuance shall be
    made to the Participant prior to the earlier of (a) the
    expiration of the six-month period measured from the date of the
    Participant’s separation from service or (b) the date
    of the Participant’s death, if the Participant is deemed at
    the time of such separation from service to be a “specified
    employee” (within the meaning of Section 409A of the
    Code and any the regulations or other guidance thereunder) and
    to the extent such delayed commencement is otherwise required in
    order to avoid a prohibited distribution under Section 409A
    of the Code and any the regulations or other guidance thereunder.

 

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

 

    WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 

    By:

    Name:     

    Title:

    

    12

 

    SCHEDULE A

 

    ACCEPTANCE
    FORM TO RESTRICTED SHARE UNIT AWARD AGREEMENT 

    

 

    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)

 

    Name

 

    Target Number of RSUs Granted

 

    Grant Date

 

    I accept the grant of Restricted Share Units (RSUs) under the
    Willis Group Holdings 2008 Share Purchase and Option Plan,
    as amended from time to time and I agree to be bound by the
    terms and conditions of the Restricted Share Unit Award
    Agreement dated [insert date].

 

    Signature:

 

    Address:

 

    Once completed, please return one copy of this form to:

 

    Share Plans

    Willis Group Holdings Public Limited Company

    c/o Willis
    North America, Inc.

    One World Financial Center

    New York, NY 10281

    U.S.A.

 

    This form should be returned to the above address within
    45 days of receipt. Your RSUs may be cancelled if your form
    is not received by that date.

    

    13

 

    EXHIBIT 1
    

 

    ACCEPTANCE
    FORM TO RESTRICTED SHARE UNIT AWARD AGREEMENT

 

    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)

 

    Performance
    Period: [Insert Period]

 

    Earned
    Date: Publication of Company’s Annual Financial
    Results

 

    Target 1:
    Adjusted Operating Margin
    (“OM”)
    Target [INSERT]%
    

 

    Percentage
    of RSU Shares Subject to Target 1: 50%

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    (OM of [INSERT]

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    or below)
	
 
	
    (OM of [INSERT])
	
 
	
    (OM of [INSERT])
	
 
	
    100% or above

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	

    Percentage of Earned Performance Shares:

	
 
	
    0%
	
 
	
    80-89%
	
 
	
    90-99%
	
 
	
    100%

 

    Target 2:
    Adjusted Earnings Per Share
    (“EPS”)
    Target $[INSERT]
    

 

    Percentage
    of RSU Shares Subject to Target 2: 50%

 

	 	 	 	 	 	 	 	 	 
	
 
	
 
	
    89% or below

    
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
    (EPS of $ [INSERT]

    
	
 
	
    90-94%

    
	
 
	
    95-99%

    
	
 
	
 

	
    Performance Scale:*
	
 
	
    or below)
	
 
	
    (EPS of [INSERT])
	
 
	
    (EPS of $ [INSERT])
	
 
	
    100% or above

	

    Percentage of Earned Performance Shares:

	
 
	
    0%
	
 
	
    80-89%
	
 
	
    90-99%
	
 
	
    100%

 

 

			
	
    * 		
    Performance between amounts is subject to interpolation.

    

    14

 

    COUNTRY-SPECIFIC
    APPENDIX TO RESTRICTED SHARE UNIT AWARD AGREEMENT

    (Performance-Based RSUs) 

    

 

    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)

 

    Terms and
    Conditions

 

    This Schedule B includes additional terms and conditions
    that govern the Restricted Share Unit Award granted to the
    Executive under the Willis Group Holdings 2008 Share
    Purchase and Option Plan, as amended from time to time (the
    “Plan”) if the Executive resides in one of the
    countries listed below. This Schedule B forms part of the
    Agreement. Capitalized terms used but not defined herein shall
    have the meanings ascribed to them in the Agreement or the Plan.

 

    Notifications

 

    This Schedule B also includes information based on the
    securities, exchange control and other laws in effect in the
    Executive’s country as of June 2011. Such laws are often
    complex and change frequently. As a result, the Company strongly
    recommends that the Executive not rely on the information noted
    herein as the only source of information relating to the
    consequences of the Executive’s participation in the Plan
    because the information may be out of date at the time the RSUs
    vest under the Plan.

 

    In addition, the information is general in nature. The Company
    is not providing the Executive with any tax advice with respect
    to the RSUs. The information is provided below may not apply to
    the Executive’s particular situation, and the Company is
    not in a position to assure the Executive of any particular
    result. Accordingly, the Executive is strongly advised to
    seek appropriate professional advice as to how the tax or other
    laws in the Executive’s country apply to the
    Executive’s situation.

 

    Finally, if the Executive is a citizen or resident of a country
    other than the one in which the Executive is currently working,
    transfers employment after the Grant Date, or is considered a
    resident of another country for local law purposes, the
    notifications contained herein may not be applicable to the
    Executive, and the Company shall, in its discretion, determine
    to what extent the terms and conditions contained herein shall
    be applicable to the Executive.

 

    UNITED
    KINGDOM

 

    Terms
    and Conditions

 

    Tax Withholding Obligations.  The following
    provisions supplement Section 2.5 of the Agreement:

 

    The Executive agrees that if he or she does not pay or the
    Employer or the Company does not withhold from the Executive the
    full amount of Tax-Related Items that the Executive owes at
    vesting of the RSUs, or the release or assignment of the RSUs
    for consideration, or the receipt of any other benefit in
    connection with the RSUs (the “Taxable Event”), within
    90 days after the Taxable Event or such other period
    specified in section 222(1)(c) of the U.K. Income Tax
    (Earnings and Pensions) Act 2003, then the amount of any
    uncollected income taxes will constitute a benefit to
    Participant on which additional income tax and national
    insurance contributions (“NICs”), including the
    Employer’s NICs (as defined below) will be payable. The
    Executive acknowledges that the Company or the Employer may
    recover any such additional income tax and NICs at any time
    thereafter by any of the means referred to in the
    Section 2.5 of the Agreement, although the Executive
    acknowledges that the Executive ultimately will be responsible
    for reporting any income tax or NICs due on this additional
    benefit directly to HMRC under the self-assessment regime.

    

    15

 

    Joint Election.  In the case of Executives who
    are U.K. tax residents, the RSU Award is conditional upon the
    Executive hereby agreeing to accept any liability for any
    employer National Insurance contributions (“Employer
    NICs”) which may be payable by the Employer in connection
    with the vesting, assignment, release or cancellation of any
    RSUs. The Employer NICs may be collected by the Company or the
    Employer using any of the methods described in Section 2.5.
    Without prejudice to the foregoing, the Executive agrees to
    execute a joint election with Company
    and/or the
    Employer (“Election”), the form of such Election being
    formally approved by Her Majesty’s Revenue &
    Customs (“HMRC”), and any other consent or elections
    required to accomplish the transfer of the Employer NICs to the
    Executive. The Executive further agrees to execute such other
    joint elections as may be required between the Executive and any
    successor to the Company
    and/or the
    Employer. If the Executive does not make an Election prior to
    the vesting of the RSUs or if approval to the Election is
    withdrawn by HMRC and a new Election is not entered into,
    without any liability to the Company, the Employer or any
    Subsidiary, the RSUs shall become null and void without any
    liability to the Company
    and/or the
    Employer.

 

    UNITED
    STATES OF AMERICA

 

    Notifications

 

    Exchange
    Control Information

 

    United States persons who have signature or other authority
    over, or a financial interest in, bank, securities or other
    financial accounts outside of the United States (including a
    non-U.S. brokerage
    account holding the Company’s Shares or proceeds from the
    sale of same) must file a Foreign Bank and Financial Accounts
    Report (“FBAR”) with the United States Internal
    Revenue Service each calendar year in which the aggregate value
    of the accounts exceeds $10,000. The FBAR must be on file by
    June 30 of each calendar year for accounts held in the previous
    year which exceed the aggregate value.

    

    16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]