Document:

Asset Purchase Agreement

 Exhibit 10.44 
 ASSET PURCHASE AGREEMENT 
 FOR THE ACQUISITION OF 
 CERTAIN ASSETS OF 
 Gallagher Re,
Inc. 
 by 
 Aon Re,
Inc. 
 DATED AS OF 
 FEBRUARY 22, 2008 

 ASSET PURCHASE AGREEMENT 
 THIS ASSET PURCHASE AGREEMENT (this “Agreement”), is made and entered into as of the 22th day of February, 2008 (the “Closing
Date”), by and between Gallagher Re, Inc., a Delaware corporation (the “Company”) and Aon Re, Inc., an Illinois corporation (the “Buyer”). 
 W I T N E S S E T H: 
 WHEREAS, the Company owns certain client accounts and other assets related to its reinsurance brokerage business; and 
 WHEREAS, the Company desires to sell to Buyer and Buyer desires to purchase from the Company such accounts and certain other assets on the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements herein contained, and upon and subject to the
terms and the conditions hereinafter set forth, the parties do hereby agree as follows: 
 ARTICLE I 
 PURCHASE AND SALE OF ASSETS; ASSUMPTION OF LIABILITIES 
 1.01 Transfer of the Assets. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined herein), the Company shall sell, convey, assign, and transfer to the Buyer, and the Buyer
shall purchase, accept and take from the Company, the following assets, properties and rights (the (“Assets”): 
 (a) the treaty
reinsurance and certain facultative reinsurance brokerage client accounts and reinsurance treaties set forth in Schedule 1.01(a)(i) (the “Treaties”) and the “pipeline accounts” set forth in Schedule 1.01(a)(ii) (the
“Prospects”)); 
 (b) the accounts receivable and accounts payable, and cash in all custodial, trust and fiduciary accounts and
brokerage payables and brokerage receivables with respect to the Treaties. Schedule 1.01(b)(i) sets forth the accounts receivable and accounts payable, and cash in all custodial, trust and fiduciary accounts and Schedule 1.01(b)(ii) sets forth
brokerage payables and receivables as of December 31, 2007. The Company agrees to deliver to Buyer the information set forth on Schedules 1.01(b)(i) and 1.01(b)(ii) updated as of the Closing Date within 30 days following the Closing Date;

  

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 (c) all of the rights and benefits in and to all contracts set forth on Schedule 1.01(c); 
 (d) the Company’s rights to receive revenue, fees, income or payments and any other entitlements and rights of every kind and nature whatsoever to
receive money or payments with respect to Treaties, Prospects and contracts set out in Schedule 1.01(c); 
 (e) originals or copies of all of
the business records that arise from or which are used in connection with the Assets referred to in Schedules 1.01(a) through 1.01(f), including customer lists, accounting records (including ancillary records, paid invoices and work papers related
thereto), correspondence, computer and billing tapes, files, research data, and other records, and business records required for Buyer to perform its run-off service obligations pursuant to Section 1.03(c); and 
 (f) all claims of the Company against third parties relating to the Assets, whether choate or inchoate, known or unknown, contingent or noncontingent.

 1.02 Excluded Assets. Notwithstanding anything herein to the contrary, the Assets shall not include the following assets,
properties and/or rights (the “Excluded Assets”), which shall remain the property of the Company after the Closing Date: 
 (a) all
personnel records and other records pertaining to the Assets or the Transferring Employees that the Company is required by law to retain in its possession; 
 (b) all claims for the refund of taxes and other governmental charges of whatever nature arising from periods prior to the Closing Date; and 
 (c) any assets, properties or rights of the Company not described in Section 1.01. 
 1.03 Assumed Liabilities. Unless otherwise provided herein, the Buyer hereby assumes only the following liabilities of the Seller (the
“Assumed Liabilities”): 
 (a) except as otherwise provided in this Agreement (including Section 1.02 and 1.04), Buyer hereby
agrees that on or after the Closing Date it will assume and undertake to pay, satisfy and discharge when due the (i) liabilities, obligations and commitments of the Company arising out of any contract which is part of the Assets, including the
accounts payable set forth in Schedule 1.01(b) and (ii) any premiums, commissions and fees arising out of transactions occurring after the Closing Date, but only with respect to the clients, accounts and contracts set forth on Schedule
1.01(a)(i); 
 (b) the liabilities and obligations relating to employees and employee benefits but only to the extent set forth in
Section 5.03; and 
 (c) run-off services for current and prior years with respect of clients that have an in-force treaty among the
Treaties for the same class of business as the in-force treaty. For purposes of this sub-section (c), “class(es) of business” are: (a) property& casualty treaty; (b) accident & health treaty; and (c) property
facultative. Further, “clients”, for property facultative, refers to “Insured Name” as used in Schedule 1.01(a)(i). 
  

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 1.04 Excluded Liabilities. Except as set forth in Section 1.03 or as otherwise expressly
provided in this Agreement, the Buyer shall not assume any obligation or liability of the Company including, but not limited to the following: 
 (a) liability for taxes or other governmental charges, fees or assessments of the Company or related to the Assets for the period ending on or before the Closing Date; 
 (b) the Company’s obligation, if any, to pay any tax or other governmental charges, fees or assessments with respect to the sale of the Assets;

 (c) any suits, employee claims, including claims by Transferring Employees, causes of action or other claims or losses, however or
whenever asserted, that relate to or are in any way connected with or arise from events occurring before the Closing Date; 
 (d) any suits,
causes of action or obligations, or other claims or losses, however and whenever asserted, relating to performance under a contract that is a part of the Assets that relate to or are in any way connected with or arise from events occurring before
the Closing Date; 
 (e) the Company’s liabilities for failure to comply with any applicable law prior to the Closing Date; 

(f) any liability for errors or omissions brought by third parties allegedly committed in connection with the Assets by employees (including
Transferring Employees), agents, consultants or representatives of Company arising from acts or omissions at any time prior to the Closing Date; 
 (g) any premiums, commissions and fees arising out of transactions occurring after the Closing Date not related to the clients, accounts and contracts set forth on Schedule 1.01(a)(i); and 
 (h) any liability arising out of, or in connection with, any Excluded Asset. 
 ARTICLE II 
 PURCHASE PRICE; CLOSING 
 2.01 Purchase Price. The aggregate purchase price for the Assets (the “Initial Purchase Price”) shall be (a) Twelve Million Dollars
($12,000,000) which shall be paid by the Buyer in cash to the Company at the Closing, plus (b) the “Contingent Purchase Price”. 
 2.02 Contingent Purchase Price. Buyer shall pay the Company a Contingent Purchase Price computed in accordance with and subject to each of the conditions of Exhibit A of this Agreement, which is hereby incorporated by reference in,
and made a part of this Agreement. 
  

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 2.03 Allocation. The Buyer and the Company agree to file their federal and state income tax
returns on the basis of the allocation to be agreed by the parties within 90 days following the Closing Date and that neither shall thereafter take a tax return position inconsistent with such allocation unless such inconsistent position shall arise
out of or through an audit or other inquiry or examination by the Internal Revenue Service or other taxing authority. 
 2.04 Manner of
Effecting Sale. The sale, conveyance, transfer, assignment and delivery of the Assets by the Company to the Buyer shall be effected by such bills of sale, endorsements, assignments, transfers and other instruments of transfer in such form as the
Buyer shall reasonably request. 
 2.05 Closing. The Closing shall take place on the Closing Date. 
 2.05 Method of Payment. All monetary payments from one party to another under this Agreement shall be made by wire transfer of immediately
available federal funds to an account designated in writing by the party receiving such payment. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby represents and warrants to the Buyer as follows: 
 3.01 Organization and Authorization. 
 (a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of Delaware and has all requisite power
and authority, corporate or otherwise, to carry on and conduct its business as it is now being conducted and to own or lease its properties and assets. The Company is duly qualified and in good standing in every state of the United States in which
the conduct of its business or the ownership of the Assets requires it to be so qualified. 
 (b) The Company has the right, power and
capacity to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement by the Company, and the consummation of the transactions contemplated hereby,
have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly and validly executed and delivered by the Company and constitutes the Company’s legal, valid and binding obligation,
enforceable in accordance with their terms. 
 3.02 No Conflict. The execution and delivery of this Agreement by the Company, the
consummation of the transactions contemplated hereby, and the performance of the covenants and agreements of the Company will not, with or without the giving of notice or the lapse of time, or both, (a) violate or conflict with any of the
provisions of any charter document or bylaw of the Company; (b) violate, conflict with or result in a material breach or material default under or cause termination of any material term or condition of any contract set forth in Schedule 1.01(c)
; (c) violate any provision of material law, statute, regulation, court order or ruling of any governmental authority, to which the Company is a party or by which it or its properties may be bound; or (d) result 

  

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in the creation or imposition of any lien, claim, charge, restriction, security interest or encumbrance of any kind whatsoever upon any Asset. 
 3.03 Required Consents and Approvals. No material consent or approval is required by virtue of the execution hereof by the Company or the
consummation of any of the transactions contemplated herein by the Company to avoid the violation or breach of, or the default under, or the creation of a lien on the Assets pursuant to the terms of, any regulation, order, decree or award of any
court or governmental agency or any lease, agreement, contract, mortgage, note, license, or any other instrument to which the Company is a party or to which it or any Asset is subject. 
 3.04 No Violation of Law. The Company is not, has not been in material violation of any applicable local, state or federal law, ordinance,
regulation, order, injunction or decree, of any governmental body, agency or authority or court binding on it, or that would have an adverse effect on any Asset. 
 3.05 Certain Schedules True and Correct. The amount of accounts receivable and accounts payable and the amount of cash in custodial, trust or fiduciary accounts set forth in Schedule 1.01(b) on the Closing Date
and as updated as provided in Section 1.01(b) are, and shall be, true and correct, and shall in the aggregate net to $0. 
 3.06
Litigation. Schedule 3.06 (a) sets forth all litigation, claims, suits, actions, investigations, or proceedings or arbitrations, pending, or to the knowledge of the Company, threatened, before any court, commission, arbitration tribunal, or
judicial, governmental or administrative department, body, agency, administrator or official, against the Company relating to or involving any of the Assets. 
 3.07 Employees. 
 (a) Schedule 3.07 sets forth the names of those employees of the Company to whom
Buyer intends to offer employment effective as of the Closing. To the knowledge of the Company, no such employee has notified the Company of such employee’s intention to terminate his or her employment relationship with the Company as a result
of the transactions contemplated herein or otherwise. All such employees who accept Buyer’s offer of employment shall be considered “Transferring Employees”. 
 (b) To the knowledge of the Company, each Transferring Employees who is a foreign national is authorized to be present and employed in the United States.

 3.08 Title to Assets. The Company (i) has good and valid title to all of the Assets; (ii) owns the Assets free and clear
of all liens, mortgages, pledges, reservation, restriction, security interest, title retention or other security arrangement, default of title, infringement or any adverse right or charge (collectively, “Liens”); and (iii) will, upon
the Closing, convey good and valid title to the Assets to the Buyer free and clear of any and all Liens. 
 3.09 Contracts.
(a) Each contract set forth in Schedule 1.01(c) is in full force and effect and a copy has been made available to Buyer. 
  

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 (b) To the knowledge of the Company, with respect to the Company’s performance of its obligations
under the contracts set forth in Schedule 1.01(c), no event of default or non-compliance, or event which with the passage of time, giving notice or both, would constitute such an event or default of non-compliance, has occurred or is continuing
under any such contract which would have an adverse effect on any Asset. To the knowledge of the Company, with respect to the performance by any other party of its obligations under such contracts, no event of default or non-compliance, or event
which with the passage of time, giving of notice or both, would constitute such an event of default or non-compliance, has occurred or is continuing under any such contract. 
 3.10 Accuracy of Records. Information in the Records is complete and accurate. “Records” as used in this Section shall mean the
Company’s books and records relating to the Assets and the business related thereto (including the books and records related to the run-off Buyer is obligated to service pursuant to Section 1.03(c), and all such books and records in
relation to clients, underwriters third party administrators, service providers, and all related financial accounting records. 
 ARTICLE
IV 
 REPRESENTATIONS AND WARRANTIES OF THE BUYER 
 The Buyer hereby represents and warrants to the Company as follows: 
 4.01 Organization. The Buyer is
a corporation duly organized, validly existing and in good standing under the laws of Illinois and has all requisite corporate power and authority to effect the transactions contemplated hereunder. 
 4.02 Authorization. The Buyer has the right, power and capacity to execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby and thereby. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, have been duly and validly authorized by all necessary corporate action on the part of the
Buyer. This Agreement has been duly and validly executed and delivered by the Buyer and constitutes the Buyer’s legal, valid and binding obligation, enforceable in accordance with their terms. 
 4.03 No Conflict. The execution and delivery of this Agreement by the Buyer, the consummation of the transactions contemplated herein and therein
by the Buyer, and the performance of the covenants and agreements of the Buyer will not, with or without the giving of notice or the lapse of time, or both, (a) violate or conflict with any of the provisions of any charter document or bylaw of
the Buyer; (b) violate, conflict with or result in material breach or default under or cause termination of any term or condition of any mortgage, indenture, contract, license, permit, instrument, trust document, or other agreement, document or
instrument to which the Buyer is a party or by which the Buyer or any of its properties may be bound; or (c) violate any provision of any material law, statute, rule, regulation, court order, judgment or decree, or ruling of any governmental
authority, to which the Buyer is a party or by which the Buyer or its properties may be bound. 
  

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 ARTICLE V 
 COVENANTS OF THE PARTIES 
 The Company and the Buyer, respectively, hereby covenant to and agree with
one another as follows: 
 5.01 Approvals of Third Parties; Satisfaction of Conditions to Closing. If any consent or approval is not
obtained prior to or on the Closing Date, and such consent or approval relates to the transfer or assignment to the Buyer of a contract or other agreement that constitutes an Asset, the Company shall hold such contract in trust for the use and
benefit of the Buyer, and shall take such other action as may be reasonably requested by the Buyer in order to place the Buyer in the same position as if such consents or approvals had been obtained. 
 5.02 Publicity. Company and Buyer agree that no public release or announcement concerning the transactions contemplated hereby shall be issued by
either party without the prior written consent of the other party (which consent shall not be unreasonably withheld). The provisions of Confidentiality Agreement dated November 21, 2007 and between Arthur J. Gallagher & Co. and Aon
Corporation (the “CA”) shall remain in full force and effect. 
 5.03 Employee Matters. 
 (a) Except as otherwise specifically set forth herein, neither Buyer nor any of its affiliates shall adopt, assume or otherwise become responsible for,
either primarily or as a successor employer, any assets, liabilities or obligations of any Company employee benefit or pension plans, arrangements, commitments or policies currently provided by the Company in connection with any Transferring
Employee. 
 (b) The Company hereby consents to the hiring by the Buyer of the Transferring Employees and waives, with respect to the
employment by Buyer of such employees, any claims or rights the Company may have against Buyer or any such employee under any non-competition or employment agreement but only to the extent those agreements would preclude such employment by Buyer or
limit the ability of such employee to perform brokerage services on Buyer’s behalf or use confidential information of the Company in connection with the performing services in respect of the Assets. 
 (c) The Company or one of its affiliates shall retain responsibility under the Company welfare benefit plans in which the Transferring Employees
participate with respect to all amounts that are payable by reason of, or in connection with, any and all welfare benefit claims made by the Transferring Employees and their eligible dependents but only to the extent the claims were incurred on or
prior to the Closing Date. If the Transferring Employee elects to participate in a welfare benefit plan offered by Buyer or its affiliates, Buyer and its affiliates shall be responsible for all other welfare benefit claims made by the Transferring
Employees and their eligible dependents to the extent such claims are incurred after the Closing and covered under terms of Buyer’s welfare benefit plans. 
  

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 (d) To the extent that service is relevant for purposes of eligibility and vesting (and, in order to
calculate the amount of any vacation where applicable, severance and similar benefits, and defined contribution benefits, but not for purposes of benefit accruals or vesting under any defined benefit program ) under any of Buyer and its affiliates
programs offered for the benefit of the Transferring Employees, following the Closing such plans, programs or arrangements shall credit such Transferring Employees for service earned on and prior to the Closing Date with the Seller, any of its
affiliates or any of their respective predecessors in addition to the service earned with Buyer or any of Buyer’s affiliates after the Closing Date. In no event shall Transferring Employees participate in any defined benefit pension plan
sponsored by the Buyer and its affiliates. 
 (e) Following the Closing Date, Buyer shall, or shall cause its affiliates to, waive
limitations on eligibility, enrollment and benefits relating to any preexisting medical conditions of the Transferring Employees and their eligible dependents to the extent such pre-existing medical conditions were covered under a plan of the
Company. 
 (f) Following the Closing Date. Buyer shall, or shall cause an affiliate to, offer continuation health care coverage to all
Transferring Employees and their qualified beneficiaries, regardless of when a “qualifying event” occurs, in accordance with the continuation health care coverage requirements of Section 4980B of the Code and Title 1, Subtitle B, Part
6 of ERISA (“COBRA”) with respect to claims incurred at any time on or after the Closing Date. 
 (g) Buyer shall not be
responsible for any liabilities or obligations under the Worker Adjustment and Retraining Notification Act and similar state and local rules, statutes and ordinances resulting from any actions taken by Seller or its affiliates on or before the
Closing Date pursuant to this Agreement. 
 (h) Buyer shall assume as part of this transaction all liability for unpaid vacation pay accrued
between January 1, 2008 and the Closing Date for Transferring Employees prior to the Closing Date. Company shall have no further liability for vacation pay for Transferring Employees. 
 5.04 Non-competition. 
 The Company
shall comply with the following covenants: 
 (a) For a period of five (5) years following the Closing, the Company shall not, and shall
cause its affiliates not to solicit any Transferring Employees to leave the employ of Buyer or its affiliates or violate the terms of their contracts, or any employment arrangements, with Buyer or its affiliates, provided, however, that the Company
or any of its affiliates may solicit any such employees who are involuntarily discharged by Buyer or its affiliates. 
 (b) For a period of
five (5) years following the Closing (the “Restricted Period”), the Company and its affiliates shall continue to have the right to engage only in the following (“Acceptable Activities”): 
 (i) continue to engage in the traditional treaty reinsurance brokerage business for current clients operating out of Global Risks unit in
the United Kingdom; 
  

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 (ii) place reinsurance arising directly out of its United States advisory practice
engaged in consultative services to small and mid-size insurance companies, MGAs/MGUs and program managers; 
 (iii) place
reinsurance in connection with its retail and wholesale property and casualty insurance brokerage operations services for pools, captives, MGAs/MGUs and program managers, and other alternative risk mechanisms; 
 (iv) place reinsurance in connection with its current and future operations outside of the United States and the United Kingdom;

 (v) place facultative reinsurance; and 
 (vi) place reinsurance which is a part of any acquisition; provided however, the Company shall not make such an acquisition if the
acquired company’s annual revenues derived from traditional treaty reinsurance brokerage is more than $10,000,000 and a majority of the acquired company’s annual revenues is derived from traditional reinsurance brokerage; provided further,
that the acquired company shall only engage in Acceptable Activities. 
 Provided, however, in no event will the Company engage in the
following (the “Prohibited Activities”): 
 (vii) use the name Gallagher Re (or any variant thereof involving the
use of the name Gallagher and implying the conduct of reinsurance brokerage business) for any purpose whatsoever during the Restricted Period, including for the avoidance of doubt with respect to the Acceptable Activities; 
 (viii) solicit or accept business of the Treaties; and 
 (ix) for a period of two (2) years following the Closing Date, solicit or accept United States or United Kingdom domiciled
traditional treaty ceded reinsurance brokerage business in excess of $10,000,000 in ceded premium per treaty. 
 (c) Dispute
Resolution. Prior to the Buyer commencing legal action to enforce its rights under this Section 5.04, the Company and the Buyer shall negotiate in good faith to resolve any dispute with J. Patrick Gallagher and Paul Davies representing the
Company and the Buyer, respectively, in such negotiations. In the event either Mr. Gallagher or Mr. Davies is no longer employed by the Company or the Buyer, respectively, the Company or the Buyer, as the case may be, shall appoint a
successor who is a senior officer of their respective parent companies. 
  

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 (d) Specific Relief. The Company agrees that Buyer’s remedy at law for any breach of this
Section is inadequate and that in the event of any such breach or violation, Buyer shall be entitled to seek injunctive relief in addition to any other remedy at law, in equity or under this Agreement to which Buyer may be entitled. Without limiting
the generality of the preceding sentence, the parties acknowledge and agree that it is impossible to measure in monies all of the damages that would accrue to Buyer by reason of any breach of this Section. The Company agrees not to claim that an
adequate remedy at law exists in any action or proceeding that may in the future be commenced by Buyer to enforce such provisions. 
 (e)
Certain Activities. From and after the Closing the Company promptly shall forward or refer to Buyer: (A) any orders, inquiries or other communications received by the Company or any of its affiliates from clients or other parties with
respect to or otherwise relating to the Assets; and (B) in the form received, any payments which the Company or any of its affiliates may receive (such as payments of accounts receivable) which are included in the Assets or which are proceeds
thereof. 
 5.05 Payment of Stay Bonuses. The Company shall make available a pool equal to $1,182,051 for the purpose of the Buyer
making payment of stay bonuses to certain of the Transferring Employees set forth on Schedule 5.05(a) hereto, in the amounts set forth opposite therein for each individual. The stay bonus pool shall be paid by the Company to Buyer at Closing and the
payment shall be netted against the Initial Purchase Price. Any stay bonus not paid to an eligible Transferring Employee pursuant to the terms of the stay bonus arrangements for such Transferring Employee shall be returned to the Company and added
to the Initial Contingent Purchase Price if known by that date, or added to the subsequent Contingent Purchase Price payment . 
 5.06
Litigation Support; Access to Records. In the event and for so long as any party hereto actively is contesting or defending against any action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand in connection with
(i) any transaction contemplated under this Agreement or (ii) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident, action, failure to act, or transaction on or prior to the Closing
involving the Company, the other party will cooperate with the contesting or defending party and its counsel in the contest or defense, make available its personnel (including the Transferring Employees), and provide such testimony and access to its
books and records as shall be necessary in connection with the contest or defense, all at the sole cost and expense of the contesting or defending party (unless the contesting or defending Party is entitled to indemnification therefor under Article
VI below). 
 For a period of six years after the Closing Date, the Company and its representatives shall have reasonable access to all of
the books and records relating to the transactions contemplated by this Agreement which Buyer or any of their affiliates may retain 

  

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after the Closing. Such access shall be afforded by Buyer and their affiliates upon receipt of reasonable advance notice and during normal business hours.
The Company shall be solely responsible for any costs and expenses incurred by it pursuant to this Section 6.07. If Buyer or any of their affiliates shall desire to dispose of any of such books and records prior to the expiration of such
six-year period, Buyer shall, prior to such disposition, give the Company a reasonable opportunity, at the Company’s expense, to segregate and remove such books and records as the Company may select. 
 5.07 Transition of Business After Closing; Cooperation. The Company shall use all
commercially reasonable efforts and take all actions necessary to cooperate fully with Buyer, to transfer the Assets and related administration to Buyer as soon as practicable after the Closing. In addition, Buyer shall provide all services
necessary, including run-off services, such as, but not limited to, claims processing, premium processing, IT, accounting, contract wording and collections, to ensure that services to clients are not reduced or disrupted, for 90 days following the
Closing Date. The Company shall retain, at Company’s cost, the individuals set forth on Schedule 5.07 for 90 days after Closing to work primarily on such transfer. The Company shall incur the costs for such retained employees for the first 60
days and the and the Buyer shall pay the Company for such individual’s salary, benefits and any retention bonus that the Company would be contractually obligated to pay for the 61st through the 90th day following the Closing Date. Transition services performed by Company employees provided pursuant to this Section shall be performed under the direction of the Buyer.
Representatives of the Company and Buyer shall meet immediately after Closing and periodically thereafter as is necessary to ensure the most efficient and expeditious transfer of services related to the Assets. The Company’s obligation to
retain employees following the Closing Date as set forth in this Section shall be subject to the employee’s right to terminate their employment at any time and Company’s right to terminate the employment of such employees in the event the
Company terminates their employment for Cause. “Cause” shall mean: 
 (a) Conviction (including a plea of guilty or no contest) of a
crime involving moral turpitude or a felony; 
 (b) Malfeasance in connection with his or her employment or neglect of his or her duties
after written notification thereof by Gallagher or its successor, which notice shall specify the alleged instances of neglect of his or her duty, and shall provide such employee with 5 business days in which to remedy such neglect, if it is subject
to being remedied; 
 (c) Breach of this Agreement or any other agreement governing the terms, conditions and benefits of his or her
employment entered into with Gallagher; or 
 (d) His or her personally engaging in knowing and intentional illegal conduct which is
injurious to Gallagher or its affiliates. 
 5.08 Right to Direct Enforcement of Noncompetes. Where either the Buyer or the Seller has
reasonable grounds to believe that a Seller employee may act, or has acted, in breach of any post-employment restrictive covenant, the Seller shall take such steps as Buyer reasonably requests to enforce such restrictive covenant, at Buyer’s
cost and expense. For the purposes of this Section 

  

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post-employment restrictive covenant shall mean any contractual obligation owed to Seller that would restrict a Seller employee’s actions after his or
her employment has ended. 
 ARTICLE VI 
 INDEMNIFICATION 
 6.01 Indemnification Generally. 
 (a) Except as otherwise limited by this Article VI, the Company shall, indemnify, reimburse and hold harmless the Buyer, from and against any and all
claims, losses, liabilities, damages, costs (including court costs) and expenses (including reasonable attorneys’ and accountants’ fees) (hereinafter “Loss” or “Losses”) asserted against, imposed upon, suffered by or
incurred by Buyer as a result of, or with respect to, or arising from (i) any breach or inaccuracy of any representation or warranty of the Company; (ii) any breach of or noncompliance by the Company with any covenant or agreement of the
Company contained in this Agreement; (iii) any and all liabilities and obligations of the Company, whether accrued, absolute, contingent, known, unknown or otherwise, which the Buyer does not expressly assume pursuant to this Agreement,
including but not limited to liabilities arising from the Excluded Assets and the Excluded Liabilities; (iv) failure to recover receivables set forth on Schedule 1.01(b) after Buyer shall have made commercially reasonable efforts to effect
collection; provided, however, the Company shall not be liable to Buyer under Section 6.01(a)(i) (other than with respect to Section 3.05) until the amount of such Losses exceeds in the aggregate $150,000 and then only for such Losses in
the aggregate in excess of $150,000 up to $5,000,000 (the “Cap”); provided further, that the Cap shall not apply to Section 3.10. 
 (b) Except as otherwise limited by this Article VI, the Buyer shall, indemnify, reimburse and hold harmless the Company from and against any and all claims, losses, liabilities, damages, costs (including court costs) and expenses (including
reasonable attorneys’ and accountants’ fees) (hereinafter “Loss” or “Losses”) asserted against, imposed upon, suffered by or incurred by the Company as a result of, or with respect to, or arising from (i) any
breach or inaccuracy of any representation or warranty of the Buyer; (ii) any breach of or noncompliance by the Buyer with any covenant or agreement of the Buyer contained in this Agreement; (iii) any and all liabilities and obligations of
the Buyer, whether accrued, absolute, contingent, known, unknown or otherwise, which the Buyer expressly assumes at the Closing, including but not limited to liabilities arising after the Closing from the Assets and the Assumed Liabilities.

 (c) Buyer shall have the right to offset against any payment due the Company under Section 2.02 any unpaid Loss for which the Company
is obligated to indemnify Buyer under Section 6.01, subject to the provisions of Section 6.02 regarding the calculation of such Loss. 
 6.02 Indemnity Claims. The representations and warranties of the parties contained herein or in connection herewith shall not be extinguished by the Closing but shall survive the Closing and shall remain in effect for a period of
eighteen months following the 

  

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Closing Date. In calculating the amount of any Losses subject to indemnification under Section 6.01(a)(i) and 6.01(b)(i), the amount of such Losses:
(a) shall not be duplicative of any other Loss for which an indemnification claim has been made, (b) shall be computed net of any amounts actually recovered by the indemnified party under any insurance policy, indemnification right or
otherwise with respect to such Losses; and (c) shall be reduced by any tax benefit actually realized as a result of any such Loss. If the indemnifying parties pay an indemnified party for a claim and subsequently insurance, indemnification or
other proceeds in respect of such claim are collected by the indemnified party or tax benefits as described herein are actually realized as a result of such loss, then the indemnified party promptly shall remit the insurance, indemnification or
other proceeds or an amount equal to the actually realized tax benefit, to the indemnifying party (to the extent such proceeds or benefits do not exceed the amount of the indemnification payment). Indemnification payments made pursuant to
Section 6.01(a)(i) shall be treated as adjustments to the purchase price; all other indemnification payments shall be treated as an ordinary expense. 
 6.03 Notice of Claim. Any party seeking indemnification shall notify the other party, in writing, of any claim for indemnification, specifying in reasonable detail the nature of the loss, and, if known, the
amount, or an estimate of the amount, of the liability arising therefrom. The indemnified party shall provide to the other party as promptly as practicable thereafter such information and documentation as may be reasonably requested by the other
party to support and verify the claim asserted, so long as such disclosure would not violate the attorney-client privilege of the either party. 
 6.04 Defense. If the facts pertaining to a loss arise out of the claim of any third party, or if there is any claim against a third party available by virtue of the circumstances of the Loss, the “Indemnifying Party” may
assume the defense or the prosecution thereof by prompt written notice to the Indemnified Party, including the employment of counsel or accountants, at its cost and expense. The Indemnified Party shall have the right to employ counsel separate from
counsel employed by the Indemnifying Party in any such action and to participate therein, but the fees and expenses of such counsel employed by the Indemnified Party shall be at their expense. The Indemnifying Party shall not be liable for any
settlement of any such claim effected without its prior written consent, which shall not be unreasonably withheld; provided that if the Indemnifying Party does not assume the defense or prosecution of a claim as provided above within thirty
(30) days after notice thereof, the Indemnified Party may settle such claim without the Indemnifying Party’s consent. The Indemnifying Party shall not agree to a settlement of any claim which provides for any relief other than the payment
of monetary damages or which could have a material precedential impact or effect on the business or financial condition of any Indemnified Party without the Indemnified Party’s prior written consent. Whether or not the Indemnifying Party
chooses to so defend or prosecute such claim, all the parties hereto shall cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, and attend such conferences, discovery proceedings, hearings,
trials and appeals, as may be reasonably requested in connection therewith. The Indemnifying Party shall be subrogated to all rights and remedies of the Indemnifying Party. 
  

 14 

 ARTICLE VII 
 MISCELLANEOUS 
 7.01 Bulk Sales Law. The Buyer hereby waives compliance by the Company with
the provisions of the bulk sales law of any state, and the Company covenants and agrees to pay and discharge when due all claims of creditors which could be asserted against the Buyer by reason of such non-compliance to the extent such liabilities
are not assumed by the Buyer under this Agreement. 
 7.02 No Liens Created. This Agreement shall not be construed to create any lien
or encumbrance on any of the Assets, or to create any rights in any third persons or to indicate that the Buyer is assuming any liabilities of the Company. 
 7.03 Entire Agreement. This Agreement and the CA (including the Schedules and Exhibits, which are incorporated herein) constitutes the sole understanding of the parties with respect to the subject matter
hereof; provided, however, that this provision is not intended to abrogate any other written agreement between the parties executed with or after this Agreement. 
 7.04 Amendment. No amendment, modification or alteration of the terms or provisions of this Agreement shall be binding unless the same shall be in
writing and duly executed by the parties hereto. 
 7.05 Parties Bound by Agreement; Successors and Assigns. The terms, conditions and
obligations of this Agreement shall inure to the benefit of and be binding upon the parties hereto and the respective successors and assigns thereof. Without the prior written consent of the Buyer nor the Company may not assign its rights, duties or
obligations hereunder or any part thereof to any other person or entity. The Buyer may assign its rights and duties hereunder in whole or in part (before or after the Closing) to one or more entities but if it does so, it shall remain liable for all
the Buyer’s obligations hereunder. 
 7.06 Counterparts and Facsimile. This Agreement may be executed in multiple counterparts,
each of which shall for all purposes be deemed to be an original and all of which, when taken together, shall constitute one and the same instrument. This Agreement may be executed and delivered by facsimile. 
 7.07 Headings. The headings of the Sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof. 
 7.08 Modification and Waiver. Any of the terms or
conditions of this Agreement may be waived in writing at any time by the party which is entitled to the benefits thereof. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision
hereof (whether or not similar). 
  

 15 

 7.09 Expenses. Except as otherwise provided herein, the Company and the Buyer shall each pay all
costs and expenses incurred by each of them, or on their behalf respectively, in connection with this Agreement and the transactions contemplated hereby, including fees and expenses of their own financial consultants, accountants and counsel.

 7.10 Notices. Any notice, request, instruction or other document to be given hereunder by any party hereto to any other party
hereto shall be in writing and sent by facsimile or delivered personally or sent by registered or certified mail (including by overnight courier or express mail service), postage or fees prepaid, 
  

			
	if to the Company to:	  	Arthur J. Gallagher & Co.
		  	The Gallagher Centre
		  	Two Pierce Place
		  	Itasca, Illinois 60143
		  	 Attention: Walter Bay, General Counsel
 Telefax No.:
630-285-3483

		
	if to Buyer to:	  	Aon Re, Inc.
		  	200 East Randolph Street
		  	Chicago, Illinois 60601
		  	Attention: Richard E. Barry, Deputy General Counsel
		  	 Telefax No.: (312) 381-6165
 Copy to: dick_barry@aon.com

 or at such other address for a party as shall be specified by like notice. Any notice sent by facsimile shall be
deemed to have been duly given to the party to whom it is sent upon written confirmation of receipt, provided that a copy of such fax is delivered personally or mailed to the recipient within one business day of the date of the fax, in the manner
herein provided. Any notice which is delivered personally in the manner provided herein shall be deemed to have been duly given to the party to whom it is directed upon actual receipt by such party or the office of such party. Any notice which is
addressed and mailed in the manner herein provided shall be conclusively presumed to have been duly given to the party to which it is addressed at the close of business, local time of the recipient, on the fourth business day after the day it is so
placed in the mail or, if earlier, the time of actual receipt. 
 7.11 Governing Law; Jurisdiction. This Agreement shall be construed
in accordance with and governed by the laws of the State of Illinois without giving effect to the principles of conflicts of law thereof. Each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to
Section 5.04 of this Agreement or the transactions contemplated hereby, or for recognition and enforcement of any judgment in respect hereof, brought by the other party hereto or its successors or assigns may be brought and determined in state
or federal courts sitting in the State of Illinois, and each party hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the nonexclusive jurisdiction of
the aforesaid courts. Each party hereto hereby irrevocably waives, and agrees not to assert, by way of a motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to Section 5.04 of this Agreement, (a) any
claim that it 
  

 16 

 
is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve process, (b) that it or
its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of
judgment or otherwise), and (c) to the fullest extent permitted by applicable law, that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is
improper, and (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 
 7.12 Knowledge. As
used herein, the terms “the Company’s knowledge” or “to the knowledge of the Company” shall mean the knowledge of any senior officer of the Company. As used herein, the terms “the Buyer’s knowledge” or
“to the knowledge of the Buyer” shall mean the knowledge of any senior officer of the Buyer. 
 7.13 No Third Party
Beneficiaries. With the exception of the parties to this Agreement and the Protected Parties, there shall exist no right of any person to claim a beneficial interest in this Agreement or any rights occurring by virtue of this Agreement.

 7.14 Including. Words of inclusion shall not be construed as terms of limitation herein, so that references to “included”
matters shall be regarded as non exclusive, non characterizing illustrations. 
 7.15 Gender and Number. Where the context requires,
the use of a pronoun of one gender or the neuter is to be deemed to include a pronoun of the appropriate gender, singular words are to be deemed to include the plural, and vice versa. 
 7.16 References. Whenever reference is made in this Agreement to any Article, Section, Schedule or Exhibit, such reference shall be deemed to
apply to the specified Article or Section of this Agreement or the specified Schedule or Exhibit to this Agreement. 
 7.17
Severability. In case any one or more of the provisions contained in this Agreement should be found by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect against any party hereto, such invalidity,
illegality, or unenforceability shall only apply to such party in the specific jurisdiction where such judgment shall be made, and the validity, legality, and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired thereby, except that this Agreement shall not be reformed in any way that will deny to any party the essential benefits of this Agreement, unless such party waives in writing its rights to such benefits. 
 7.18 Further Assurances. Each of the parties hereto will use its reasonable good faith efforts to take all actions and to do all things necessary,
proper or advisable following the Closing to consummate and effectuate the transactions contemplated by this Agreement. 
 7.19 Ordinary
Course of Business. “Ordinary Course of Business” means, with respect to actions and operations conducted by the Company, actions and operations that are (a) consistent with the past practices of the Company as they relate to the
Assets, (b) taken in the ordinary course of the normal, day-to-day operations of the business. 
  

 17 

 7.20 Dispute Resolution. (a) Except as set forth in Section 2.02 herein or relating to
matters set forth in Section 5.04,, in the event of any dispute, controversy or claim between the parties hereto arising out of or relating to this Agreement, including any dispute as to the construction, validity, enforceability or breach of
this Agreement or the arbitrability of any issue arising hereunder (each a “dispute”), representatives of the parties shall meet at a place mutually agreed upon by such parties as soon as reasonably possible (but not later than ten
(10) days after notice from any party hereto to the other that the party giving notice has such a dispute) and shall enter into good faith negotiations aimed at resolving the dispute. If they are unable to resolve the dispute in a mutually
satisfactory manner within (10) business days from the date of such meeting, they shall proceed as set forth below. (b) First, the parties shall endeavor to: (i) choose a mutually acceptable alternative dispute resolution
(“ADR”) mechanism, including without limitation choosing one or more third party arbitrators; and (ii) set forth the general framework for the ADR process. If the parties are unable to agree to a mutually acceptable ADR mechanism
within ten (10) business days from the date of the initial proposal from any party with respect thereto, the parties shall, upon written notice from either party to the other, enter into binding arbitration as set forth below. 
 (c) All disputes among the parties arising out of or relating to this Agreement that are not resolved by good faith negotiations between the parties or
by an ADR mechanism as set forth above shall be resolved solely by binding arbitration pursuant to the United States Arbitration Act, 9 U.S.C. Section 1 et seq. Either party may commence arbitration proceedings at any time after the
fifth day after delivery of notice from one party to the other of the inability of the parties to agree upon a mutually acceptable ADR mechanism as set forth above. 
 (d) Any arbitration shall be conducted in the Chicago, Illinois metropolitan area (or such other area mutually agreeable to all parties) before a single arbitrator mutually selected by the parties thereto or, in the
event the parties shall fail to agree on such an arbitrator within fifteen (15) business days after initiation of the arbitration, by a three-person panel, in either case acting pursuant to the Commercial Arbitration Rules and, if applicable at
such time, the Streamlined Arbitration Rules and Procedures then in effect of the American Arbitration Association (“AAA”). Any three person arbitration panel shall consist of one arbitrator selected by each disputing party within ten
(10) business days of the expiration of the fifteen (15) business day period, as provided herein, and one arbitrator (who shall become the presiding arbitrator) selected by the first two arbitrators within ten (10) business days of
the second of the first two arbitrators’ acceptances to act as arbitrators. In the event that any disputing party shall fail to appoint timely an arbitrator, or in the event that the first two arbitrators fail to reach agreement within ten
(10) business days as to the presiding arbitrator, any disputing party may request the AAA to appoint such arbitrator. Before submitting a list of potential arbitrators to the parties for their consideration, the AAA shall consult with each
party to discuss the applicable qualifications for the proposed arbitrators. Each arbitrator shall be a currently licensed lawyer in the United States of America with at least ten (10) years’ experience. 
 (e) Unless otherwise agreed by the disputing parties or otherwise ordered by the arbitrator/panel in accordance with the applicable AAA rules prior to
the commencement of the arbitration: 
 (i) The parties shall commence arbitration proceedings within sixty (60) days of
the selection of the presiding arbitrator. 
  

 18 

 (ii) Each party shall have the right to conduct discovery, including through request for
documents and depositions, as the parties may agree or the arbitrator/panel may order. The presentation of evidence and all discovery shall be controlled by the arbitrator/panel. The arbitrators shall have the right to employ experts to assist them
in any arbitration proceeding. 
 (iii) The arbitrator(s) shall be and remain at all times wholly independent and neutral.

 (iv) The decision of the arbitrator/panel shall be reduced to writing, set forth any damages or other remedy (including
equitable relief) awarded by the arbitrator/panel, and include, if the parties so agree and advise the arbitrator/panel in writing prior to the rendition of the award, the arbitrator/panel’s findings of fact and conclusion of law. 

(v) The award shall be made on an expedited basis. 
 (vi) The award shall include as part of the arbitrator/panel’s determination the responsibility among the parties for payment of the
arbitrator/panel’s fees and expenses, and the prevailing party on any issue in dispute shall be entitled to recover from the other party all fees and expenses (including reasonable attorneys’ and other professionals’ fees and
disbursements) incurred in pursuing such issue if the arbitrator/panel, in its discretion, determines that such an award is warranted, but in no event shall such recovery exceed the amount paid on its own behalf by the losing party with respect to
such issue. 
 (vii) The award shall be final and binding upon the parties, without any further right of appeal absent fraud
or intentional malfeasance by the arbitrator/panel, and may be entered for enforcement in any court of competent jurisdiction or an application may be made to any such court for a judicial acceptance of such award and an order of enforcement, as
applicable. Any award shall be promptly paid by the losing party to the prevailing party, free of deduction or offset except as provided for in the award, with interest thereon at the rate of 2% per annum above the prime rate from the date of
any breach or violation of this Agreement (as determined as part of the award) to but not including the date of payment. To the extent allowed by applicable law, any losing party resisting payment of any such award shall also be responsible for
reimbursing the prevailing party for any fees and expenses incurred by such prevailing party incident to the enforcement thereof. 
 (f) Each
party will participate in any such arbitration in good faith and will (and will cause its representatives, employees and affiliates to, and will request each participant in any ADR mechanism and each arbitrator to) hold the existence, content and
result of any dispute in confidence except to the extent that disclosure of any such information is required by law. 
  

 19 

 (g) The arbitration will proceed in the absence of a disputing party who, after due notice, fails to
answer or appear. An award shall not be made solely upon the default of any such party, but the arbitrator/panel shall require each party that is present to submit such evidence as the arbitrator/panel may determine is reasonably necessary to make
an award. 
 (h) If an arbitrator, whether sole or part of a panel, should withdraw, die or otherwise become incapable of serving, or should
such arbitrator refuse to serve, a successor arbitrator shall be selected and appointed in the same manner as the original arbitrator and, subject to the rules applicable to the ADR process or arbitration applicable in such circumstances, the
dispute resolution process shall continue. 
 (i) This provision shall be a complete defense to any suit, action or proceeding instituted
before any court or agency with respect to any matter resolvable hereunder, provided, however, that, notwithstanding this provision, any party may seek interim judicial relief in aid of ADR or arbitration, to prevent a violation of this Agreement
pending ADR or arbitration or to enforce any ADR or arbitration award. 
 (Remainder of the page intentionally left blank; signatures on
the following page) 
  

 20 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed and delivered this Agreement as
of the date first above written. 
  

			
	 BUYER:
  

	 Aon Re, Inc.
  

	By:	 	 /s/ Richard E. Barry

	Name:	 	Richard E. Barry
	Title:	 	Vice President
	  
 COMPANY:
  

	 Gallagher Re, Inc.
  

	By:	 	 /s/ David E. McGurn, Jr.

	Name:	 	David E. McGurn, Jr.
	Title:	 	Chief Executive Officer

 Payment of Losses (as defined herein) are hereby unconditionally and irrevocably guaranteed by Arthur J.
Gallagher & Co. 
  

			
	By:	 	 /s/ J. Patrick Gallagher, Jr.

	Title:	 	President and Chief Executive Officer

  

 21 

 EXHIBIT A 
 Contingent Purchase Price 
 1. There shall be payable to the Company a Contingent Purchase Price, in accordance with
this Exhibit as follows:, 
 2a. UK Aggregate Seller Revenue shall be calculated pursuant to the provisions of Schedule 2 of the Agreement for the Sale and
Purchase of the UK reinsurance Business of Arthur J. Gallagher (UK) dated 22 February, 2008 (“UK APA”) and such amount shall be added to the US Aggregate Seller Revenue determined in accordance with this Exhibit (together, the
“Total Aggregate Seller Revenue”.) If the Total Aggregate Seller Revenue exceeds $29,300,000, then the excess amount is multiplied by 1.4. The resulting product plus any previously paid UK Contingent Purchase Price and US Contingent
Purchase Price (“Potential Earn Out”), is compared to $15,700,000 (the “Cap”). If the Potential Earn Out exceeds the Cap, the Cap is the “Total Seller Contingent Purchase Price”; otherwise, the Potential Earn Out is the
Total Seller Contingent Purchase Price. The Total Seller Contingent Purchase Price, less any previously paid UK Contingent Purchase Price and US Contingent Purchase Price, is paid to the Company and allocated to this Agreement and the UK APA by the
respective ratios of US and UK Aggregate Seller Revenue and the Total Aggregate Seller Revenue. 
 2b. In the event Roberto Salmeron and Tomas Castro execute
their offers of employment with Aon Re Limited, the following shall apply in lieu of paragraph 2a: UK Aggregate Seller Revenue shall be calculated pursuant to the provisions of Schedule 2 of the UK APA and such amount shall be added to the US
Aggregate Seller Revenue determined in accordance with this Exhibit (together, the “Total Aggregate Seller Revenue”.) If the Total Aggregate Seller Revenue exceeds $30,500,000, then the excess amount is multiplied by 1.4. The resulting
product plus any previously paid UK Contingent Purchase Price and US Contingent Purchase Price (“Potential Earn Out”), is compared to $14,500,000 (the “Cap”). If the Potential Earn Out exceeds the Cap, the Cap is the “Total
Seller Contingent Purchase Price”; otherwise, the Potential Earn Out is the Total Seller Contingent Purchase Price. The Total Seller Contingent Purchase Price, less any previously paid UK Contingent Purchase Price and US Contingent Purchase
Price, is paid to the Company and allocated to this Agreement and the UK APA by the respective ratios of US and UK Aggregate Seller Revenue and the Total Aggregate Seller Revenue. 
 3 The “Aggregate Seller Revenue” shall mean: 
 3.1 all sources of revenue will be given a unique identification
number, which will enable Revenue attributed to sources of revenue to be separately reported via the Buyer’s accounting system, on a monthly basis; 
 3.2 for the purposes of this Exhibit A, “Revenue” shall mean the minimum and deposit premiums, bordereau reports and/or adjustment premiums attributable to the Treaties and Prospects on risks attaching on and after the Closing
Date and before the first anniversary of the Closing Date (the “Contingent Purchase Price Period”), with installment premiums being booked in the period in which the installment is due to the reinsurer. The intention herein is that Seller
shall be credited with eighteen (18) months of 

  

 22 

 
revenues in respect of any risk attaching in such twelve (12) month period,. As used herein, the term “risks attaching” shall mean policies of
insurance issued or renewed during the relevant period; and 
 3.3 the Revenue attributable to the Treaties and Prospects may be adjusted in the event that a
client is as at Closing a client of both the Seller and the Buyer. If a reinsurance program is devised for such client which is a combination of historic Seller and Buyer business, the proportion of the Revenue of the revised program which is
attributed to the Seller for the purposes of this Exhibit A equal to the proportion of the aggregate Seller and Buyer revenues for risks attaching in the twelve (12) month period prior to Closing attributable to the Seller. 
 4. Within thirty (30) calendar days of the end of the Contingent Purchase Price Period, Buyer shall deliver
to the Company a statement certified by Buyer setting forth Buyers’ calculation of the Contingent Purchase Price as of the end of the Contingent Purchase Price Period (the “Initial Contingent Purchase Price”). Within thirty
(30) days following the end of the thirtieth (30th) month following the Closing Date, Buyer shall deliver to the Company a further
statement certified by the Buyer setting forth the Buyer’s calculation of the entire US Contingent Purchase Price. In each case, Buyer shall deliver to the Company sufficient backup materials and schedules to reasonably demonstrate how Buyer
arrived at the calculation. 
 5. The Company will be entitled to reasonable access during normal business hours to the relevant records and working papers
of the Buyer to aid in a review of the Initial Contingent Purchase Price calculation. Such calculation will be deemed to be accepted by the Company and shall be conclusive for purposes of determining the Initial Contingent Purchase Price except to
the extent, if any, that the Company shall have delivered within 30 business days after the date on which the calculation is delivered to the Company, a written notice stating in reasonable detail each item to which the Company takes exception. If a
change proposed by the Company is disputed by the Buyer, including any dispute relating to differences in the calculation based on revenue earned versus revenue placed, then the Company and Buyer shall negotiate in good faith to resolve such dispute
with J. Patrick Gallagher and Paul Davies representing the Company and the Buyer, respectively, in such negotiations. In the event either Mr. Gallagher or Mr. Davies is no longer employed by the Company or Buyer, respectively, the Company
or the Buyer, as the case may be, shall appoint a successor who is a senior officer of their respective parent companies. Any failure to resolve any dispute as set forth above shall be submitted to dispute resolution pursuant to the provisions of
Section 11.20 herein. 
 6. Once the total Initial Contingent Purchase Price and the balance of the Contingent Purchase Price have been agreed in
accordance with the provisions of this Exhibit A, such amounts shall be paid to the Company by the Buyer within five (5) business days . 
  

 23Agreement for the Sale and Purchase of Certain Assets

 Exhibit 10.45 
 ARTHUR J. GALLAGHER (UK) LIMITED 
 AND 
 AON LIMITED 
 AND 
 ARTHUR J. GALLAGHER & CO 
  
  
 AGREEMENT FOR THE SALE 

 AND PURCHASE OF CERTAIN ASSETS OF THE UK 
 REINSURANCE BUSINESS OF ARTHUR J. GALLAGHER 
 (UK) LIMITED 
  
  

 CONTENTS 
  

					
	 Clause
	 	 	  	Page
	1.	 	Interpretation	  	1
			
	2.	 	Sale And Purchase	  	8
			
	3.	 	Conditions And Termination Prior To Closing	  	9
			
	4.	 	Obligations Post Signing	  	11
			
	5.	 	Purchase Price	  	12
			
	6.	 	Closing	  	12
			
	7.	 	Warranties And Pre-Closing Conduct	  	13
			
	8.	 	Liabilities And Apportionments	  	14
			
	9.	 	Employees And Pensions	  	16
			
	10.	 	Value Added Tax	  	19
			
	11.	 	Post-Closing Obligations	  	21
			
	12.	 	Further Undertakings By The Seller	  	22
			
	13.	 	Seller’s Guarantor	  	23
			
	14.	 	Confidential Information	  	24
			
	15.	 	Announcements	  	25
			
	16.	 	Costs	  	26
			
	17.	 	General	  	26
			
	18.	 	Entire Agreement	  	27
			
	19.	 	Assignment	  	28
			
	20.	 	Notices	  	28
			
	21.	 	Arbitration	  	29
			
	22.	 	Governing Law	  	30
			
	23.	 	Counterparts	  	30

 Schedule 1 EXCLUDED ASSETS AND LIABILITIES 

Part A Excluded Assets 
 Part B Excluded
Liabilities 
 Schedule 2 DEFERRED CONSIDERATION 
 Schedule 3 CLOSING REQUIREMENTS 
 Schedule 4 WARRANTIES 
 Part A Seller’s Warranties 

 Part B Buyer’s Warranties 
 Schedule 5 EMPLOYEES 
 Part A Transferring Employees 
 Part A1 Specified Key Employees 
 Part B
Non-Transferring Employees 
 Part C Retention Bonuses 
 Schedule 6 CEDANTS 
 Schedule 7 LIMITATIONS ON WARRANTY CLAIMS

 Schedule 8 PROGRAMMES 
 Schedule 9
PROSPECTS 
 Schedule 10 ACCOUNTS DETAILS 
 Part A Accounts Receivable And Payable 
 Part
B Custodial, Trust And Fiduciary Accounts 
 Schedule 11 OWNED INTELLECTUAL PROPERTY RIGHTS

 Schedule 12 THIRD PARTY PAYEES 
 Schedule 13 TUCKER DOMAIN NAMES 
 Agreed Form Documents 
  

	1.	Notification Letters to Cedants and Underwriters 

  

	2.	Approval letter to Cedants 

  

	3.	Approval letter to Underwriters 

  

	4.	Transitional Support Agreement 

  

	5.	Intellectual Property Deed of Assignment 

  

	6.	Tucker Patent Deed of Assignment 

  

	7.	Bartell Patent Deed of Assignment 

  

	8.	Client Money Transfer Deed 

  

	9.	Compromise Agreement 

 THIS AGREEMENT is made on 22 February 2008 
 BETWEEN: 
  

	(1)	ARTHUR J. GALLAGHER (UK) LIMITED, a company incorporated in England and Wales (registered no. 01193013), whose registered office is at 9 Alie Street, London E1 8DE (the
“Seller”); 

  

	(2)	AON LIMITED, a company incorporated in England and Wales (registered no. 2372789), whose registered office is at 8 Devonshire Square, London EC2M 4PL (the
“Buyer”); 

  

	(3)	ARTHUR J. GALLAGHER & CO, incorporated in the state of Delaware, whose registered office is at 2 Pierce Place, Itasca, Illinois, 60143 (the “Seller’s
Guarantor”). 

 THE PARTIES AGREE as follows: 
  

	1.	INTERPRETATION 

  

	1.1	In this Agreement: 

 “Act” means the
Companies Act 1985 
 “Assets” means all the property and assets agreed to be sold and purchased under this Agreement as
described in clause 2.1; 
 “Bartell Patent Deed of Assignment” means the patent deed of assignment between Martin Bartell
and Aon Capital Markets Limited, in the agreed form; 
 “Business” means the business of broking reinsurance business, as
carried out by the Seller in the United Kingdom for the Cedants in respect of the Programmes, and the Re-Ex Business; 
 “Business
Day” means a day other than a Saturday or Sunday or public holiday in England and Wales; 
 “Buyer’s Group
Undertaking” means the Buyer or an undertaking which is, on or at any time after the date of this Agreement, a subsidiary undertaking or parent undertaking of the Buyer; 
 “Buyer’s Solicitors” means Clifford Chance Limited Liability Partnership of 10 Upper Bank Street, London E14 5JJ; 

“Buyer Warranty” means a statement contained in Part B of Schedule 4 and “Buyer Warranties” means all of those
statements; 
 “CASS” means the Client Asset Source Book of the FSA Handbook of Rules and Regulations (as amended from time
to time); 
 “Cedants” means certain clients of the Seller to whom the Seller provides reinsurance broking services, as set
out in Schedule 6; 
  

 1 

 “Client Money Transfer Deed” means the client money transfer deed, in the agreed form;

 “Closing” means completion of the sale and purchase of the Business and the Assets in accordance with this Agreement;

 “Closing Date” means the later of 25 March 2008 and the date (not being later than 30 April 2008) on which the
last of the Conditions to be satisfied or waived is satisfied or waived; 
 “Compromise Agreement” has the meaning given to
it in clause 9.5; 
 “Condition” means a condition set out in clause 3 and “Conditions” means all those
conditions; 
 “Confidential Information” means all information which is used in or otherwise relates to the Business, the
Assets or customers or financial or other affairs of the Seller in relation to the Business and all information which relates to the business, financial or other affairs of the Buyer including in each case information relating to: 
  

	 	(a)	the marketing of goods or services including customer names and lists and other details of customers, sales targets, sales statistics, market share statistics, prices, market
research reports and surveys, and advertising or other promotional materials; or 

  

	 	(b)	future projects, inventions, business development or planning, commercial relationships and negotiations; 

 but does not include information which is or becomes publicly available (other than as a result of the Seller’s breach of this Agreement) or
disclosed with the written consent of the Buyer; 
 “Contingent Purchase Price” has the meaning given to it in Schedule 2;

 “Effective Time” means 17.00 on the Closing Date or such other time as is agreed in writing between the Buyer and the
Seller; 
 “Encumbrance” means a mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of
pre-emption, any other third party right or interest having similar effect, other encumbrance or security interest of any kind (not being one arising by operation of law), or another type of preferential arrangement (including a title transfer or
retention arrangement) having similar effect; 
 “Excluded Assets” means the assets set out in Part A of Schedule 1;

 “Excluded Liabilities” means the liabilities set out in Part B of Schedule 1; 
 “FSA” means the UK Financial Services Authority; 
 “Goodwill” means the goodwill of the Business and the right for the Buyer to represent itself as operating the Business in succession to the Seller; 
  

 2 

 “HMRC” means HM Revenue and Customs or such authority as may succeed it in its functions
relating to VAT; 
 “IBA Balances” means the IBA Consent Balances and the IBA Non-Consent Balances; 
 “IBA Consent Balances” means all amounts outstanding on the Seller’s client, trust or fiduciary account as at the IBA Transfer Date
in respect of the Business, including for the avoidance of doubt funds held by the Seller as agent for Underwriters in respect of which consent to the transfer of such balances to the Buyer has been received; 
 “IBA Non-Consent Balances” means all amounts outstanding on the Seller’s client, trust or fiduciary accounts as at the IBA Transfer
Date in respect of the Business, including for the avoidance of doubt funds held by the Seller as agent for Underwriters and client monies in respect of which consent to the transfer of such balances to the Buyer has not been received; 

“IBA Debits” means those amounts that have accrued and are payable by any Cedants, Underwriters or intermediaries via the Seller as at
the Effective Time in respect of the Business (as set out in the IBA Ledger Account) including any unmatched cash debit items; 
 “IBA
Credits” means those amounts that have accrued and are payable to any Cedants, Underwriters or intermediaries via the Seller as at the Effective Time in respect of the Business (as set out in the IBA Ledger Account) including any unmatched
cash credit items; 
 “IBA Ledger Account” means the account established and maintained by the Seller for the purpose of
recording business transacted by the Seller for the benefit of any Cedants, Underwriters or intermediaries and showing, inter alia, the corresponding IBA Debits and IBA Credits in respect of the Business; 
 “IBA Funding Shortfall” means an amount which has been advanced by the Seller to any Cedant, Underwriter or intermediary in respect of
which the corresponding IBA Debit has not been received and which is not capable of being offset by other cash held on the Buyer’s relevant client money account for the benefit of such Cedant, Underwriter or intermediary; 
 “IBA Schedule” has the meaning given to it in clause 11.8; 
 “IBA Shortfall” means the amount by which an IBA Credit exceeds the amount that has been received by the Buyer in respect of the corresponding IBA Debit at the time such IBA Credit is due and payable;

 “IBA Transfer Date” means the date on which the Transitional Support Period expires or such earlier date as may be agreed
between the parties; 
 “Indemnified Party” and “Indemnifier” have the meaning given to them in clause
17.10; 
 “Initial Contingent Purchase Price” has the meaning given to it in Schedule 2; 
  

 3 

 “Intellectual Property” means all intellectual and industrial property rights wherever
subsisting in the world including, without limitation: 
  

	 	(a)	trade marks, designs, copyrights (all whether registered or unregistered), patents, database rights, internet domain names and e-mail addresses, service marks and all rights in, or
goodwill attaching to, trade, business and company names, including (insofar as the foregoing rights are obtainable by registration) applications for registration and the right to apply for registration; 

  

	 	(b)	rights in relation to know-how, confidential information and inventions; 

  

	 	(c)	rights of the same or similar effect or nature as or to those in paragraphs (a) or (b) which now or in the future may subsist; and 

  

	 	(d)	the right to sue for past infringements of any of the foregoing rights; 

 “Intellectual Property Deed of Assignment” means the deed of assignment of intellectual property between the Seller and a Buyer’s Group Undertaking, in the agreed form; 
 “Key Employees” has the meaning given to it in clause 9.1; 
 “Licensed In Intellectual Property Rights” means all Intellectual Property relevant to the Business owned by a third party of which a Seller’s Group Undertaking has a licence, including, without
limitation, the Intellectual Property the subject of the PCS Licence Agreement; 
 “Non-Transferring Employees” has the
meaning given to it in clause 9.1; 
 “NYMEX” means the New York Mercantile Exchange, Inc; 
 “NYMEX Licence Agreement” means the licence agreement dated 11 December 2006 between the Seller and New York Mercantile Exchange,
Inc.; 
 “NYMEX Licence Novation Agreement” means an agreement pursuant to which the Seller’s rights and obligations
under the NYMEX Licence Agreement are novated to a Buyers’ Group Undertaking, in a form acceptable to the Buyer; 
 “Ordinary
Course of Business” means with respect to actions and operations conducted by the Seller, actions and operations that are (a) consistent with the past practices of the Seller as they relate to the Assets and (b) taken in the
ordinary course of the normal, day-to-day operations of the Business; 
 “Owned Intellectual Property Rights” means all
Intellectual Property owned (wholly or partly) by the Seller or another Seller’s Group Undertaking and used or held for use exclusively in connection with the Business at the Effective Time (including the Intellectual Property identified in
Schedule 11); 
 “PCS Licence Agreement” means the licence agreement dated 6 November 2006 between ISO Services, Inc.
and the Buyer; 
  

 4 

 “PCS Licence Novation Agreement” means an agreement pursuant to which the Seller’s
rights and obligations under the PCS Licence Agreement are novated to a Buyer’s Group Undertaking, in a form acceptable to the Buyer; 
 “Post-Closing Liabilities” means all outgoings (including periodic outgoings), expenses, liabilities, obligations, debts, Tax and commitments incurred in connection with the Business and the Assets after and including the
Effective Time, excluding, for the avoidance of doubt, the Excluded Liabilities; 
 “Pre-Closing Liabilities” means all
outgoings (including periodic outgoings), expenses, liabilities, obligations, debts, Tax and commitments incurred in connection with the Business and the Assets before and excluding the Effective Time, whether or not due and payable and whether or
not invoiced or notified to the Business before the Effective Time excluding, for the avoidance of doubt, the Post-Closing Liabilities and the Run-Off Liabilities; 
 “Programmes” means the reinsurance programmes set out in Schedule 8; 
 “Prospects” means the clients and contracts representing UK pipeline revenue, as set out in Schedule 9; 
 “Records” means the Seller’s books and records relating exclusively to the Business and the Assets (including all such records in relation to the Cedants, Underwriters, current customers, third party insurance
administration service providers and the Owned and Licensed In Intellectual Property Rights and invoices and including the IBA Ledger Account); 
 “Relevant Claim” means a claim by the Buyer under this Agreement; 
 “Re-Ex Business” means the
Licence Agreement, the PCS Licence Agreement and the associated arrangements and the revenue due to the Seller pursuant to the terms of those agreements; 
 “Run-Off Liabilities” means the costs and expenses associated with the administration after Closing of the run-off for current and prior years in respect of Cedants that have an in-force treaty among
the Programmes, for the same class of business as the in-force treaty, whether or not invoiced and whether or not due and payable at that time and excluding, for the avoidance of doubt, the Excluded Liabilities. For the purposes of this definition,
“class of business” means (a) speciality property treaty, (b) casualty treaty, (c) life and accident & health treaty or (d) facultative; 
 “Seller Warranty” means a statement contained in Part A of Schedule 4 and “Seller Warranties” means all those
statements; 
 “Seller’s Bank Account” means the bank account at Barclays Bank PLC, account number 55482600, sort code
20-00-00, IBAN no GB83BARC20000055482600, swift code BARCGB22; 
  

 5 

 “Seller’s Group Undertaking” means the Seller or an undertaking which is, from time
to time after the date of this Agreement, a subsidiary undertaking or parent undertaking of the Seller or a subsidiary undertaking of a parent undertaking of the Seller; 
 “Singapore Confidential Information” has the meaning given to it in clause 14.3; 
 “Specified Key Employees” has the meaning given to it in clause 9.1; 
 “Tax” means any form of
taxation, levy, duty, charge, contribution, withholding or impost in the nature of taxation (including any related fine, penalty, surcharge or interest) imposed, collected or assessed by, or payable to, a Tax Authority; 
 “Tax Authority” means any government, state or municipality or any local, state, federal or other authority, body or official anywhere in
the world exercising a fiscal, revenue, customs or excise function including HMRC; 
 “Taxes Act” means the Income and
Corporation Taxes Act 1988; 
 “TOGC” means the transfer of a business or part of a business as a going concern for the
purposes of section 49 of the VAT Act and article 5 of the Value Added Tax (Special Provisions) Order 1995; 
 “Transferring
Employees” has the meaning given to it in clause 9.1; 
 “Transitional Support Agreement” means the agreement in the
agreed form to be entered into by the Buyer and the Seller at Closing setting out the support services to be provided by the Seller to the Buyer during the Transitional Support Period; 
 “Transitional Support Period” means the period commencing on Closing and ending 60 days after Closing; 
 “Tucker Domain Names” means any domain names registered in the name of Lorimer Patrick Tucker and incorporating or confusingly similar to
an Owned Intellectual Property or otherwise used or held for use in connection with the Business including, without limitation, those domain names listed in Schedule 13; 
 “Tucker Patent Deed of Assignment” means the patent deed of assignment between Lorimer Patrick Tucker and Aon Capital Markets Limited, in the agreed form; 
 “TUPE” shall mean the Transfer of Undertakings (Protection of Employment) Regulations 2006 as amended from time to time; 
 “TULRCA” means the Trade Union Labour Relations (Consolidation) Act 1992 (as amended from time to time); 
 “UK Aggregate Seller Revenue” means the aggregate seller revenue calculated pursuant to paragraph 4 of Schedule 2 to this Agreement;

 “UK Contingent Purchase Price” means the contingent purchase price payable by the Buyer to the Seller computed in
accordance with and subject to each of the conditions of Schedule 2 of this Agreement; 
  

 6 

 “Underwriters” means the reinsurance providers that underwrite the Programmes;

 “US Aggregate Seller Revenue” means the aggregate seller revenue calculated pursuant to paragraph 3 of Exhibit A to
the US APA; 
 “US APA” means the Asset Purchase Agreement for the acquisition of certain assets of Gallagher Re, Inc. by Aon
Re, Inc. dated as of February 22, 2008; 
 “US Contingent Purchase Price” means the contingent purchase price payable
under the US APA, as calculated in accordance with the provisions of Exhibit A thereto; 
 “VAT” and “Value
Added Tax” means value added tax as imposed by the VAT Act and any other tax of a similar fiscal nature whether imposed in the United Kingdom (instead of or in addition to value added tax) or elsewhere from time to time; 
 “VAT Act” means the Value Added Tax Act 1994 as modified or re-enacted or both from time to time whether before or after the date of this
Agreement and any subordinate legislation made under it from time to time whether before or after the date of this Agreement; 
 “Warranty” means a Buyer Warranty or a Seller Warranty, and “warranties” means all Buyer warranties and Seller warranties; and 
 “Warranty Claim” means a claim by the Buyer under the Seller Warranties. 
  

	1.2	In this Agreement, a reference to: 

  

	 	1.2.1	a “subsidiary undertaking” or “parent undertaking” is to be construed in accordance with section 258 of the Act and a “subsidiary”
or “holding company” is to be construed in accordance with section 736 of the Act; 

  

	 	1.2.2	liability under, pursuant to or arising out of (or any analogous expression) any agreement, contract, deed or other instrument includes a reference to contingent liability under,
pursuant to or arising out of (or any analogous expression) that agreement, contract, deed or other instrument; 

  

	 	1.2.3	a party being liable to another party, or to liability, includes, but is not limited to, any liability in equity, contract or tort (including negligence) or under the
Misrepresentation Act 1967; 

  

	 	1.2.4	a document in the “agreed form” is a reference to a document in a form approved and for the purposes of identification signed by or on behalf of the Buyer and the
Seller; 

  

	 	1.2.5	a statutory provision (except where stated otherwise) includes a reference to the statutory provision as modified or re-enacted or both from time to time before the date of this
Agreement and any subordinate legislation made under the statutory provision (as so modified or re-enacted) before the date of this Agreement; 

  

 7 

	 	1.2.6	a “person” includes a reference to any individual, firm, company, corporation or other body corporate, government, state or agency of a state or any joint venture,
association or partnership, works council or employee representative body (whether or not having separate legal personality); 

  

	 	1.2.7	an individual includes a reference to that individual’s legal personal representatives, successors and permitted assigns; 

  

	 	1.2.8	a “party” includes a reference to that party’s successors and permitted assigns; 

  

	 	1.2.9	a clause, paragraph or Schedule, unless the context otherwise requires, is a reference to a clause or paragraph of, or schedule to, this Agreement; 

  

	 	1.2.10	any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of any
jurisdiction other than England, be deemed to include what most nearly approximates in that jurisdiction to the English legal term and to any English statute shall be construed so as to include equivalent or analogous laws of any other jurisdiction;
and 

  

	 	1.2.11	a time of day is a reference to the time in London, United Kingdom. 

  

	1.3	In this Agreement “include” or “including” are to be construed without limitation. 

  

	1.4	The headings in this Agreement do not affect its interpretation. 

  

	1.5	A reference in Schedule 4 and clause 3 to the Seller’s knowledge shall be deemed to include knowledge which the Seller would have if the Seller had made all reasonable
enquiries into the subject matter of the Seller Warranties or the Condition (as the case may be), including reasonable enquiries of the relevant senior management employees involved in the Business. 

  

	2.	SALE AND PURCHASE 

  

	2.1	The Seller agrees to sell with full title guarantee and free of any Encumbrance, and the Buyer agrees to purchase, in each case with effect from the Effective Time, the Business
comprising the following Assets (in each case with the benefit of the Seller Warranties and undertakings contained in this Agreement and together with all rights and advantages attaching thereto at Closing): 

  

	 	2.1.1	the Records; 

  

	 	2.1.2	the Goodwill; 

  

	 	2.1.3	the Seller’s rights to receive revenue, fees, income or payments and any other entitlements and rights of every kind and nature whatsoever to receive money or payments with
respect to the Programmes subject only to the provisions of clause 8; 

  

	 	2.1.4	the Re-Ex Business; 

  

	 	2.1.5	the Owned Intellectual Property Rights; and 

  

 8 

	 	2.1.6	the benefit of any amount to which the Seller is entitled from a person (including an insurer) in respect of damage or injury to, or claims relating to, any of the Assets other than
an amount spent before the Effective Time in repairing the damage or injury. 

  

	2.2	The Seller shall use reasonable endeavours to procure the transfer to the Buyer with full title guarantee and free of any Encumbrance, with effect from the Closing Date of:

  

	 	2.2.1	the Tucker Domain Names; and 

  

	 	2.2.2	through execution of the Bartell Patent Deed of Assignment and the Tucker Patent Deed of Assignment, any right, title or interest which Martin Bartell or Lorimer Patrick Tucker may
have in US provisional patent application numbers 60/892,140 and 60/892, 334 or PCT application number WO 2007/141041. 

  

	2.3	The Excluded Assets and Excluded Liabilities are not included in the sale of the Business and the Assets. 

  

	3.	CONDITIONS AND TERMINATION PRIOR TO CLOSING 

  

	3.1	The obligations of the Buyer to be performed hereunder shall be subject to the satisfaction (or waiver by the Buyer) of each of the following Conditions: 

 

	 	3.1.1	Each of the Seller Warranties shall be true, accurate and not misleading as of the date of this Agreement and as of the Closing Date with the same force and effect as though made on
and as of the Closing Date; the Company shall have performed and complied in all material respects with the respective covenants and agreements set forth herein to be performed or complied with by it on or before the Closing Date; and the Seller
shall have delivered to the Buyer a certificate signed on behalf of the Seller by its Chief Executive Officer to all such effects. 

  

	 	3.1.2	No suit, investigation, action or other proceeding or claim shall be pending or so far as the Seller is aware threatened against the Seller before any court or governmental agency,
which has resulted in the restraint or prohibition of any such party, or could, in the reasonable opinion of the Buyer or its counsel, result in the obtaining of material damages or other relief from any such party, in connection with this Agreement
or the consummation of the transactions contemplated hereby; 

  

	3.2	The obligations of the Seller to be performed hereunder shall be subject to the satisfaction (or waiver by the Seller) of each of the following Conditions: 

 

	 	3.2.1	Each of the Buyer Warranties shall be true, accurate and not misleading as of the date of this Agreement and as of the Closing Date with the same force and effect as though made on
and as of the Closing Date; the Buyer shall have performed and complied in all material respects with the respective covenants and agreements set forth herein to be performed or complied with by it on or before the Closing Date.

  

 9 

	 	3.2.2	No suit, investigation, action or other proceeding or claim shall be pending or so far as the Buyer is aware threatened against the Buyer before any court or governmental agency,
which has resulted in the restraint or prohibition of any such party, or could, in the reasonable opinion of the Seller or its counsel, result in the obtaining of material damages or other relief from any such party, in connection with this
Agreement or the consummation of the transactions contemplated hereby. 

  

	3.3	The Seller and the Buyer will use their reasonable endeavours and act in good faith and will co-operate with one another, to secure all necessary consents, approvals, authorisations
and exemptions from governmental agencies and other third parties. The Buyer will use its reasonable endeavours and act in good faith, to cause or obtain the satisfaction of the Conditions specified in clause 3.2. The Seller will use its reasonable
endeavours and act in good faith, to cause or obtain the satisfaction of the Conditions specified in clause 3.1. 

  

	3.4	This Agreement may be terminated at any time prior to Closing: 

  

	 	3.4.1	by the mutual written consent of the Buyer and the Seller; 

  

	 	3.4.2	by the Seller in writing, without liability, if the Buyer shall (i) fail to perform in any material respect its obligations contained herein required to be performed by it on
or prior to the Closing Date, or (ii) materially breach any of its representations, warranties or covenants contained herein, which failure or breach is not cured within ten (10) days after the Seller has notified the Buyer of its intent
to terminate this Agreement pursuant to this clause 3.4.2; 

  

	 	3.4.3	by the Buyer in writing, without liability, if the Seller shall (i) fail to perform in any material respect its obligations contained herein required to be performed by it on
or prior to the Closing Date, or (ii) materially breach any of its warranties or covenants contained herein, which failure or breach is not cured within ten (10) days after the Buyer has notified the Seller of its intent to terminate this
Agreement pursuant to this clause 3.4.3; 

  

	 	3.4.4	by either the Seller or the Buyer, in writing, without liability, if there shall be any order, writ, injunction or decree of any court or governmental or regulatory agency binding
on the Buyer or the Seller, which prohibits or restrains the Buyer or the Seller from consummating the transactions contemplated hereby, provided that the Buyer and the Seller shall have used their reasonable endeavours and acted in good faith, to
have any such order, writ, injunction or decree lifted and the same shall not have been lifted within 30 days after entry, by any such court or governmental or regulatory agency; or 

  

	 	3.4.5	by either the Seller or the Buyer, in writing, without liability, if for any reason the Closing has not occurred by 30 April 2008 other than as a result of the breach of this
Agreement by the party attempting to terminate the Agreement. 

  

	3.5	Termination of this Agreement pursuant to this clause 3 shall terminate all obligations of the parties hereunder, except for the obligations under clauses 14 to 22 hereof provided,
however, that termination pursuant to clauses 3.4.2 and 3.4.3 shall not relieve a defaulting or breaching party from any liability to the other party hereto. 

  

 10 

	4.	OBLIGATIONS POST SIGNING 

  

	4.1	Promptly after execution of the Agreement, the parties shall send a joint letter in the agreed form to: 

  

	 	4.1.1	the Cedants advising them of the Buyer’s purchase of the Business and the Assets; 

  

	 	4.1.2	the Cedants advising them of certain arrangements relating to the disclosure of information and transfer of funds; 

  

	 	4.1.3	certain Underwriters advising them of certain arrangements relating to the transfer of funds; and 

  

	 	4.1.4	certain Underwriters advising them of the Buyer’s purchase of the Business and the Assets. 

  

	4.2	As soon as reasonably practicable following the date of this Agreement and in any event prior to the Closing Date, pass (or procure the passing of) and file with the appropriate
court or registry, all resolutions required to change the corporate name of Re-Ex Limited to a name which does not incorporate the words “Re-Ex” and is not otherwise confusingly similar to any trade mark owned by the Seller. Upon receipt
of confirmation from the appropriate court or registry that such name change has been effected, the Seller shall provide the Buyer with documentary evidence of such change. 

  

	4.3	As soon as reasonably practicable following execution of this Agreement, the Seller shall send the NYMEX Licence Novation Agreement and PCS Licence Novation Agreement to NYMEX and
ISO Services, Inc. for execution by such persons. The Seller shall use reasonable endeavours to ensure that NYMEX and ISO Services, Inc. execute the NYMEX Licence Novation Agreement and PCS Licence Novation Agreement (as applicable) promptly.

  

	4.4	Until the NYMEX Licence Novation Agreement has been executed by NYMEX, with effect from the Effective Time: 

  

	 	4.4.1	the Seller shall hold any rights of the Seller to receive licence fees from NYMEX pursuant to the NYMEX Licence Agreement for the benefit of the Buyer and shall pay such fees (less
any amount due to the Seller in accordance with clause 11.10) to the Buyer promptly after receipt thereof; and 

  

	 	4.4.2	subject to receipt by the Buyer (from ISO Services, Inc. or the Seller) of the relevant information to be provided, or accessed, under the PCS Licence Agreement, the Buyer shall
provide such assistance as is reasonably required by the Seller to enable it to perform its obligations under the NYMEX Licence Agreement after the Effective Time in the manner in which such obligations were performed immediately prior to the
Effective Time. 

  

 11 

	4.5	Until the PCS Licence Novation Agreement has been executed by ISO Services, Inc., with effect from the Effective Time the Buyer shall pay to the Seller an amount equal to any
licence fees to be paid pursuant to the PCS Licence Agreement in respect of the period after the Effective Time. 

  

	4.6	This Agreement does not constitute an assignment or an attempted assignment of the rights and obligations under the NYMEX Licence Agreement and PCS Licence Agreement if the
assignment or attempted assignment would constitute a breach thereof. 

  

	4.7	The Seller agrees to deliver to the Buyer: 

  

	 	4.7.1	the information set forth in Schedule 10 updated as of the Closing Date within 30 days following the Closing Date; and 

  

	 	4.7.2	to the extent such information is within the Seller’s possession or control, the full legal names of the Cedants within 2 Business Days of the date of this Agreement, provided
that if such information is not within the Seller’s possession or control the Seller shall use its best endeavours to identify the full legal names of the relevant Cedants and inform the Buyer thereof as soon as reasonably practicable following
the date of this Agreement. 

  

	5.	PURCHASE PRICE 

  

	5.1	The purchase price of the Business is US $17,300,000 in respect of the Assets listed in clause 2.1. 

  

	5.2	At Closing the Buyer shall pay to the Seller US $17,300,000 on account of the purchase price payable under clause 5.1, less the amount payable by the Seller to the Buyer
pursuant to clause 9.20. 

  

	5.3	The Buyer shall pay to the Seller deferred consideration computed and paid in accordance with, and subject to, Schedule 2. 

  

	5.4	If both Tom Castro and Rob Salmeron become Transferring Employees in accordance with clause 9.18, the purchase price of the Business (as set out in clause 5.1) shall be increased by
US $1,200,000 and, without prejudice to clause 5.2, the Buyer shall pay the Seller US $1,200,000 less the amount payable by the Seller to the Buyer in respect of Tom Castro and Rob Salmeron pursuant to clause 9.20. 

  

	5.5	If any further payment (other than interest under clause 17.5 or a payment under clause 5.3) is made by a party to another party under this Agreement, to the extent that such
payment is in respect of a breach of Warranty be made by way of an adjustment to the purchase price, but to the extent that it is a payment otherwise than in respect of a breach of Warranty, such payment shall so far as possible be made by way of
ordinary expense and shall not be treated as a further adjustment to the purchase price. 

  

	6.	CLOSING 

  

	6.1	Closing shall take place at the office of the Buyer’s Solicitors on the Closing Date. 

  

	6.2	At Closing the Seller and the Buyer shall do all those things respectively required of them in Schedule 3. 

  

 12 

	7.	WARRANTIES AND PRE-CLOSING CONDUCT 

  

	7.1	The Seller warrants to the Buyer that each Seller Warranty is true, accurate and not misleading. 

  

	7.2	The Buyer warrants to the Seller that each Buyer Warranty is true, accurate and not misleading. 

  

	7.3	The liability of the Seller under this clause 7 and Schedule 4 shall be limited in accordance with the provisions of Schedule 7. 

  

	7.4	Save in the case of fraud or wilful misconduct, the Seller undertakes not to make any claim against any director, officer or employee of the Seller who at Closing will become a
director, officer or employee of the Buyer or the Business or enforce a right which it may have in respect of inaccuracy or omission in or from information or advice provided by such a person for the purpose of assisting the Seller to give a Seller
Warranty. 

  

	7.5	Each Warranty is to be construed independently and (except where this Agreement provides otherwise) is not limited by a provision of this Agreement or another Warranty.

  

	7.6	The Seller hereby covenants and agrees that, except as consented to in writing by the Buyer, prior to Closing the Seller will: 

  

	 	7.6.1	operate and conduct its business insofar as it affects the Business and the Assets only in the Ordinary Course of Business; 

  

	 	7.6.2	not amend any of the terms and conditions of employment of any Transferring Employee including but not limited to duties, job title, salary, benefits, bonus or any other
entitlements; 

  

	 	7.6.3	not terminate the employment or give notice to terminate the employment of any Transferring Employee; and 

  

	 	7.6.4	use its best endeavours to preserve the goodwill associated with the Business and the Assets and relationships with the Cedants, Underwriters, producers, brokers and intermediaries.

  

	7.7	From the date of this Agreement to the Closing Date, the Seller shall: 

  

	 	7.7.1	provide the Buyer and its representatives (e.g., officers, counsel, accountants, and other authorised representatives) with such information as the Buyer or its representatives may
from time to time reasonably request with respect to the Business and the Assets and the transactions contemplated by this Agreement (subject to it having obtained the necessary consents for it to lawfully be permitted to do so);

  

	 	7.7.2	 provide the Buyer and its representatives, access during regular business hours and upon reasonable notice to the books, records, offices and personnel of the
Seller (including, for the avoidance of doubt, any such information held on the Seller’s computer systems) as the Buyer or its representatives may from time to time reasonably request 

  

 13 

	 	 
(subject to it having obtained the necessary consents for it to lawfully be permitted to do so). Any investigation shall be conducted in such a manner so as
not to interfere unreasonably with the operation of the business of the Seller and once any such investigation has been completed, any subsequent requests for access in respect of the subject matters of such investigation shall be at the
Seller’s discretion. No such investigation shall limit or modify in any way the Seller’s obligations with respect to any breach of their warranties, covenants or agreements contained herein; and 

  

	 	7.7.3	co-operate with the Buyer to ensure the efficient transition of the Business to the Buyer, ensure the efficient continuation of management of the Business after Closing and prepare
for the introduction of the Buyer’s normal working procedures in readiness for Closing. 

  

	7.8	The Seller shall promptly notify the Buyer in writing of any change, circumstance, event, fact or condition that causes or constitutes a breach of any of the Seller Warranties as of
the date of this Agreement, or after the date of this Agreement and prior to Closing, or any change, circumstance, event, fact or condition which prevents or is reasonably likely to prevent the Seller from complying with any of their obligations
hereunder. 

  

	8.	LIABILITIES AND APPORTIONMENTS 

  

	8.1	The Seller shall: 

  

	 	8.1.1	be responsible for all Pre-Closing Liabilities and Excluded Liabilities; 

  

	 	8.1.2	promptly pay and discharge all of the Pre-Closing Liabilities and Excluded Liabilities pursuant to clause 8.1.1 above; and 

  

	 	8.1.3	indemnify and keep indemnified the Buyer on demand against each loss, liability and cost that the Buyer incurs: 

  

	 	(a)	as a result of the Seller’s failure to pay and discharge the Pre-Closing Liabilities and Excluded Liabilities; 

  

	 	(b)	arising out of, or in connection with, an IBA Shortfall or IBA Funding Shortfall; 

  

	 	(c)	in connection with interest charges payable in respect of IBA Credits that are due and payable, but as yet unpaid, at Closing; 

  

	 	(d)	arising out of the inaccuracy or incompleteness of the IBA Schedule; and 

  

	 	(e)	arising out of the inaccuracy or incompleteness of the Records (provided that the Seller shall not be liable under this clause 8.1.3(e) unless and until the amounts that would
otherwise be recoverable from the Seller under this clause 8.1.3(e) exceed £100,000 (in aggregate)). 

  

	8.2	The Buyer shall: 

  

	 	8.2.1	be responsible for the Post-Closing Liabilities and the Run-Off Liabilities; and 

  

 14 

	 	8.2.2	indemnify and keep indemnified the Seller on demand against each loss, liability and cost that the Seller incurs as a result of the Buyer’s failure to pay and discharge the
Post-Closing Liabilities and the Run-Off Liabilities. 

  

	8.3	The Buyer hereby undertakes: 

  

	 	8.3.1	to return to the Seller without delay, upon receipt by the Buyer of a written notice in a form satisfactory to the Buyer, the Buyer acting reasonably, any IBA funds that do not
relate to the Business and which were transferred to the Buyer as part of the IBA Balances in error; and 

  

	 	8.3.2	to the extent an amount has been received by the Buyer pursuant to clause 8.1 (the aggregate of such amounts from time to time being the “Indemnity Amounts”), to
pay to the Seller such proportion of any unclaimed part of the IBA Balances that the Buyer may from time to time become entitled to retain for its own benefit in accordance with CASS as equals the Indemnity Amounts. 

  

	8.4	From the IBA Transfer Date the Buyer shall use reasonable commercial endeavours to effect collection of the IBA Debits, provided that the Buyer shall be under no obligation to use
greater endeavours than were used by the Seller to collect IBA Debits in the Ordinary Course of Business in the 12 months prior to the date of this Agreement. 

  

	8.5	In the event that a third party recipient (other than a Cedant or an Underwriter) (“Funds Recipient”) to whom the Buyer is under an obligation to make a payment of
an amount (“Funds Amount”) in connection with the Business after the Effective Time does not meet with the approval of the Buyer, acting reasonably, in respect of the Buyer’s internal compliance requirements, the obligation of
the Buyer to pay such Funds Amount shall be deemed to have transferred to the Seller (to the extent the Seller is put in funds by the Buyer to pay the Funds Amount) and the Seller shall pay the Funds Amount to the Funds Recipient subject to, and in
accordance with, clause 8.6 below. 

  

	8.6	The Buyer shall deliver to the Seller a written notice (“Funds Notice”) detailing the Funds Amount, the identity of the Funds Recipient and the relevant payment
details. 

  

	8.7	The Buyer shall indemnify and hold harmless the Seller against each loss, liability and cost that the Seller incurs solely as a result of paying a Funds Amount in accordance with a
Funds Notice. 

  

	8.8	The Buyer agrees that after the Closing Date, the Buyer will retain, and exert reasonable efforts to preserve the condition of the Records and shall use reasonable endeavours to
ensure that no such Records are destroyed or disposed of or permitted to be destroyed or disposed of during a six year period from the Closing Date, provided that the Buyer may destroy or dispose of any such Records prior to the expiration of said
six years if the Seller is provided with reasonable advance notice of the Buyer’s intention to discard or destroy the Records and the Seller either consents to such disposal or destruction (such consent not to be unreasonably withheld) or fails
to make arrangements for the pickup and delivery of such documents within thirty days after the date of the Buyer’s notice. 

  

 15 

	9.	EMPLOYEES AND PENSIONS 

 In this clause 9,
“Liabilities” means in respect of any matter, event or circumstances all payments, losses, liabilities, damages, costs and expenses (including but not limited to reasonable legal and other professional fees and disbursements and the
costs of investigation, litigation, settlement, judgement, interest and penalties) incurred by a party and “Liability” shall be construed accordingly. 
  

	9.1	The individuals named on the list in Part A of Schedule 5 are the “Transferring Employees” (together with any additional employees who become Transferring Employees
in accordance with clause 9.18). The “Transferring Employees” include the “Specified Key Employees” whose names appear in Part A1 of Schedule 5. The individuals named on the list in Part B of Schedule 5 are the
“Non-Transferring Employees”. 

  

	9.2	The Buyer and the Seller agree that (except to the extent that (i) a Transferring Employee has objected to such transfer pursuant to Regulation 4(7) of TUPE; or (ii) is a
Specified Key Employee) the employment of each Transferring Employee and their contracts of employment will transfer to the Buyer in accordance with TUPE with effect from the Effective Time. 

  

	9.3	The Buyer and Seller agree that no Non-Transferring Employees shall transfer to the Buyer by operation of TUPE at Closing and that sufficient Non-Transferring Employees shall be
retained by the Seller to provide the services required under the Transitional Support Agreement during the Transitional Support Period. Further the Buyer and Seller agree that no Non-Transferring Employees shall transfer to the Buyer by operation
of TUPE during or at the end of the Transitional Support Period. 

  

	9.4	Without prejudice to the Seller’s obligations to complete its consultation under the Trade Union and Labour Relations (Consolidation) Act 1992, the Seller shall:

  

	 	9.4.1	ensure that no employment of any Non-Transferring Employee and no Liability associated with the employment or termination of employment of any Non-Transferring Employee will
transfer to any Buyer’s Group Undertaking whether under TUPE or otherwise or whether at Closing, during or at the end of the Transitional Support Period or otherwise as a result of the transaction contemplated by this Agreement (including the
Transitional Support Agreement); and 

  

	 	9.4.2	indemnify and hold harmless the Buyer and each Buyer’s Group Undertaking against all Liabilities arising out of or in connection with any claim brought by or on behalf of any
Non-Transferring Employee and/or any claim brought by any “appropriate representative” (as defined for the purposes of TUPE and TULRCA) against any Buyer’s Group Undertaking which claim arises out of or in connection with the
employment of the Non-Transferring Employee or the termination thereof. 

  

	9.5	The Seller and the Buyer shall each use their respective reasonable endeavours to procure that prior to Closing each of the Specified Key Employees enters into a tripartite
statutory compromise agreement (a “Compromise Agreement”) between the Specified Key Employee, the Seller and the Buyer in the agreed form and the Buyer shall procure that each such individual has accepted an offer of employment with
it. 

  

 16 

	9.6	If any individual (whether employed or engaged by any member of the Seller’s Group Undertaking, any third party contractor or any individual who has supplied his services to a
Seller’s Group Undertaking on a self-employed or consulting basis or via an agency) who is not a Transferring Employee establishes or alleges that his employment or any Liability associated with his employment (or the termination thereof) has
transferred to any Buyer’s Group Undertaking as a result of the operation of TUPE in relation to the transaction contemplated by this Agreement (including the Transitional Support Agreement): 

  

	 	9.6.1	if it is established or alleged that the individual’s employment has transferred, the relevant Buyer’s Group Undertaking (as appropriate) shall be entitled to terminate
the employment or alleged employment of the individual within twenty one days after becoming aware of such transfer or alleged transfer and the Seller shall indemnify and hold harmless each Buyer’s Group Undertaking against all Liabilities
arising out of or in connection with the employment of the individual or the termination thereof; 

  

	 	9.6.2	if it is not alleged that the employment of the individual has transferred but that a Liability associated with that employment or its termination (including any Liability
associated with a dismissal made in connection with a TUPE transfer) has transferred, the Seller will indemnify and hold harmless each Buyer’s Group Undertaking against all such Liabilities. 

  

	9.7	If a Transferring Employee, other than a Specified Key Employee, alleges that he has not transferred to the Buyer by operation of TUPE or has objected to such transfer pursuant to
Regulation 4(7), the Seller shall refrain (and shall procure that any relevant Seller’s Group Undertaking shall refrain) from any act which would discourage the individual from honouring any offer of employment with a Buyer’s Group
Undertaking which he has already accepted or accepting any offer which the Buyer shall make within one month after Closing and the Seller shall (and shall procure that any relevant Seller’s Group Undertaking shall) if the Buyer so requests in
writing, waive any notice period or post-termination restriction which might otherwise impede the ability of the individual to commence employment with the Buyer and perform his duties in full pursuant to such offer. If, no offer is or has been made
or an offer is or has been made but is rejected, the relevant Transferring Employee shall cease to be a Transferring Employee for the purposes of this Agreement and the Seller shall be responsible for all Liabilities associated with the employment
of such an individual. 

  

	9.8	Subject to clause 9.9, if any Transferring Employee or an “appropriate representative” (as defined under TUPE) brings a claim under Regulation 15 of TUPE, the Seller shall
indemnify and hold harmless each Buyer’s Group Undertaking in respect of all Liabilities arising out of or in connection with such claim. 

  

	9.9	The Buyer shall within 3 working days of the date of this Agreement send to the Seller a letter including the information that it is required to provide as “transferee” in
accordance with Regulation 13(4) of TUPE and if the Buyer does not do so, or fails to include in that letter information that should have been so included, the Seller shall not be obliged to indemnify any Buyer Group Undertaking under Clause 9.8 in
respect of claims under Regulation 15 of TUPE that arise as a result of such failure. 

  

 17 

	9.10	The Seller shall indemnify and hold harmless each Buyer’s Group Undertaking in relation to all Liabilities that arise as a result of any claim brought by or on behalf of a
Transferring Employee as a result of any matter occurring in relation to or in connection with his employment prior to Closing. 

  

	9.11	Except as provided in 9.12 below, the Buyer shall indemnify and hold harmless each Seller’s Group Undertaking in relation to all Liabilities that arise as a result of any claim
brought against such Seller’s Group Undertaking by or on behalf of a Transferring Employee as a result of any matter occurring in relation to or in connection with his employment by the Buyer after Closing. The Buyer shall indemnify and hold
harmless each Seller’s Group Undertaking in relation to any claim brought under Regulation 15 of TUPE that arises as a result of the Buyer’s failure to provide the information as required under clause 9.9. 

  

	9.12	The Seller shall indemnify and hold harmless the Buyer and any Buyer’s Group Undertaking in respect of any Liability: (1) which was prior to Closing a Liability of a
Seller Group Undertaking arising under, out of, or in connection with the proceedings issued with claim number HQ07X00978 in the High Court of Justice involving Colemont Insurance Brokers Limited and Others and/or arising out of or in connection
with the Deed of Settlement entered into in relation to that claim; and/or (2) which arises from any claim by Mr Castro or Mr Salmeron for reimbursement or indemnity in respect of their obligations under clause 3.2 or clause 5 of the said Deed
of Settlement to the extent that such claim is made by Mr Castro or Salmeron because of a commitment or representation made by any Seller Group Undertaking prior to Closing. 

  

	9.13	The Seller confirms that it has complied fully with its obligation to provide “Employee Liability Information” (as defined in TUPE) in relation to each Transferring
Employee. The Seller will indemnify and hold harmless each Buyer’s Group Undertaking against any Liabilities arising as a result of the Employee Liability Information not being complete, up to date and accurate in all material respects.

  

	9.14	The Seller shall provide to the Buyer as soon as reasonably practicable after the date of the Effective Time copies of the personnel files of each Transferring Employee together
with copies of all relevant records relating to each Transferring Employee which the Seller was obliged by law to keep. 

  

	9.15	The Seller confirms that as at Closing each Transferring Employee is lawfully employed and entitled to work in the UK and shall co-operate with the Buyer to ensure any necessary
work permits, visas or similar permissions to work are transferred. 

  

	9.16	 The costs of all payments of basic salary, overtime and other contractual and discretionary cash and non-cash benefits which have accrued to any Transferring
Employee in respect of his or her employment prior to Closing and all tax and national insurance liabilities relating thereto shall be for the account of the Seller and all apportionments shall be carried out accordingly. Further, if the Seller has
paid to a third party supplier an amount to secure benefits for or in respect of all or any of 

  

 18 

	 	 
the Transferring Employees that relates to employment before and after Closing, the Buyer shall be under no obligation to have made any pro-rata payout to
the Seller in respect thereof. 

  

	9.17	The Seller will procure that prior to Closing Mark Flower is paid all and any amounts that he may be due by way of bonus in relation to the 2007 financial year and shall indemnify
and hold the Buyer harmless in respect of any claim made by Mark Flower in relation to such bonus. 

  

	9.18	As soon as reasonably practical after the date of this Agreement, the Buyer shall offer each of Mr Platford, Mr Hall, Mr Castro and Mr Salmeron employment and if the offer is
accepted such individual will cease to be a Non-Transferring Employee and will become a Transferring Employee. 

  

	9.19	Where either the Buyer or the Seller has reasonable grounds to believe that Mr Phillips may act in breach of any Post Termination Restriction, the Seller shall take such steps as
the parties reasonably agree to enforce the Post Termination Restriction. For the purposes of this clause Post Termination Restriction shall mean any contractual obligation owed to any Seller Group Undertaking by Mr Phillips whether by his contract
of employment or otherwise which restrict his actions after his employment has ended. 

  

	9.20	The Seller shall make available a pool equal to US$4,117,949 for the purpose of the Buyer making payment of retention bonuses to certain of the Transferring Employees set forth in
part C of Schedule 5, (together with the employer’s national insurance contributions thereon). Such retention bonus pool shall be paid by the Seller to the Buyer at Closing and shall be netted against the purchase price of the Business as set
out in clause 5.1. Any retention bonus not paid to an eligible Transferring Employee pursuant to the terms of the retention bonus arrangements for such Transferring Employee shall be returned to the Seller and added to the Initial Contingent
Purchase Price if known by that date, or added to the subsequent Contingent Purchase Price payments. If both Mr Castro and Mr Salmeron become Transferring Employees pursuant to clause 9.18, a further US$250,000 shall be made available by the Seller
to pay retention bonuses to them and the provisions of the remainder of this clause 9.20 shall apply in respect of such further amount. 

  

	10.	VALUE ADDED TAX 

  

	10.1	All sums payable by one party to another party pursuant to this Agreement are exclusive of VAT. 

  

	10.2	If one party (the “Supplier”) makes a supply to another party (the “Recipient”) for VAT purposes pursuant to this Agreement:

  

	 	10.2.1	the Recipient shall pay to the Supplier (in addition to any other consideration for that supply) a sum equal to the amount of VAT which is or becomes chargeable on that supply for
which the Supplier has the liability to account to HMRC; and 

  

	 	10.2.2	the Recipient shall pay that sum on the later of: 

  

	 	(a)	the date which is three Business Days before the last day (as notified to the Recipient in writing) on which the Supplier can account to HMRC for that VAT without incurring any
interest or penalties; and 

  

 19 

	 	(b)	receipt by the Recipient of a valid VAT invoice in respect of that supply. 

  

	10.3	If: 

  

	 	10.3.1	a party has paid any amount in respect of VAT pursuant to clause 10.2 on the basis that the relevant transaction gave rise to a positive rated supply for VAT purposes, and it
subsequently transpires that the transaction did not give rise to a positive rated supply; or 

  

	 	10.3.2	a party has paid any amount in respect of VAT pursuant to clause 10.2, and it subsequently transpires that such amount was in excess of the amount of VAT actually chargeable on
the relevant supply for which the party to whom that amount in respect of VAT was paid has the liability to account to HMRC, 

 the party (the “Payee”) to whom that amount in respect of VAT was paid shall repay to the payer an amount equal to the difference between such amount in respect of VAT and the amount of VAT actually chargeable in respect of
the relevant transaction or on the relevant supply, such repayment to be made within three Business Days after the Payee first becomes aware of the relevant error. 
  

	10.4	If one party (“Party A”) is required by the terms of this Agreement to reimburse another party (“Party B”) for any cost or expense, Party A shall
reimburse Party B for the full amount of such cost or expense, including any part of it which represents VAT, except where this Agreement provides otherwise save to the extent that Party B is entitled to credit or repayment in respect of that VAT
from HMRC. 

  

	10.5	The parties believe that the sale of the Business and the Assets will be treated by HMRC as a TOGC and they shall use their reasonable endeavours to procure that such sale is so
treated. 

  

	10.6	The Seller warrants to the Buyer that it is registered for VAT purposes under the VAT Act. 

  

	10.7	The Buyer warrants to the Seller that it is duly registered for VAT purposes under the VAT Act and: 

  

	 	10.7.1	it intends to continue the business of the Seller at or in relation to the Business and the Assets as a going concern; 

  

	 	10.7.2	it is not buying the Business and the Assets as a nominee of any other person; and 

  

	 	10.7.3	acknowledges that, if it is in breach of any such warranties, VAT may be payable in accordance with clause 10.2. 

  

 20 

	11.	POST-CLOSING OBLIGATIONS 

  

	11.1	If title to any of the Assets is not effectively vested in the Buyer at Closing the Seller holds those Assets in trust for the Buyer until title is effectively vested in the Buyer.

  

	11.2	For six years starting on the day of Closing, the Buyer shall allow the Seller, its employees and agents and any other person authorised by the Seller: 

  

	 	11.2.1	to inspect the Records at all reasonable times during usual business hours; and 

  

	 	11.2.2	at the Seller’s cost, to take copies of any of the Records the Seller reasonably requires. 

  

	11.3	After Closing, the Seller shall allow the Buyer, its employees and agents and any other person authorised by the Buyer: 

  

	 	11.3.1	to inspect all information it possesses or to which it has access relating to the Business at all reasonable times during reasonable business hours; and 

  

	 	11.3.2	at the Buyer’s cost, to take copies of any such information the Buyer reasonably requires. 

  

	11.4	Each party shall immediately give to the other all payments, notices, correspondence, information or enquiries in relation to the Business or the Assets which it receives after
Closing and which belong to the other. 

  

	11.5	For 120 days starting on the expiration of the Transitional Support Period the Seller shall give to the Buyer any information and help the Buyer reasonably requires in connection
with the Business and the Assets at the Buyer’s cost. 

  

	11.6	In the event that a Buyer’s Group Undertaking or a Seller’s Group Undertaking discovers after Closing that a Seller’s Group Undertaking owns any Intellectual Property
which has been used, or held for use exclusively in relation to the Business, the Seller shall procure that such Intellectual Property is transferred (free from all Encumbrances) to the Buyer (or its nominee) as soon as reasonably practicable for
nominal consideration. 

  

	11.7	The Seller shall for a period of 3 years from the Closing Date retain records in relation to the IBA Consent Balances in accordance with CASS 5.5.84R. 

  

	11.8	On the IBA Transfer Date the Seller shall: 

  

	 	11.8.1	transfer to the Buyer a sum equal to the IBA Non-Consent Balances to be dealt with in accordance with the Client Money Transfer Deed; 

  

	 	11.8.2	transfer to the Buyer a sum equal to the IBA Consent Balances; and 

  

	 	11.8.3	provide to the Buyer a schedule setting out the details of the IBA Non-Consent Balances and IBA Consent Balances on the Business Day prior to the IBA Transfer Date (the “IBA
Schedule”). 

  

	11.9	Upon receipt of the IBA Consent Balance, the Buyer shall acknowledge the transfer of the IBA Consent Balance as client money and that, upon receipt thereof, it holds the money as
client money and owes fiduciary obligations to the Cedants and Underwriters. 

  

 21 

	11.10	For the period of 3 years starting on the Closing Date, the Seller shall be entitled to an amount equal to 10 per cent. of any licence fees payable to the Buyer in connection
with the NYMEX Licence Agreement. 

  

	11.11	After the NYMEX Licence Novation Agreement has been executed by the parties thereto, the Buyer shall pay amounts due to the Seller under clause 11.10 promptly after receipt by the
Buyer of licence fees pursuant to the NYMEX Licence Novation Agreement. 

  

	11.12	On receiving the Buyer’s or the Seller’s reasonable request the Seller or the Buyer (respectively) shall do and execute, or arrange to be done and executed, each act,
document and thing necessary to implement this Agreement. 

  

	12.	FURTHER UNDERTAKINGS BY THE SELLER 

  

	12.1	Subject to clause 12.3, the Seller undertakes to the Buyer that it will not do any of the following things for a period of two years starting on the Closing Date:

  

	 	12.1.1	save in respect of any assistance provided to Arthur J. Gallagher Asia Pte. Ltd or its successors in title for a period terminating one year after the completion of any agreement
for the sale and purchase of that company to its management, either alone or jointly with, through or as adviser or consultant to, or agent of, or manager for, any person directly or indirectly carry on or be engaged, concerned or interested in, or
assist, a business which competes directly, with the Business as carried on at the Closing Date or at any time in the twelve months prior to that date in any territory in which the Business is or was carried on at any such date or time;

  

	 	12.1.2	do or say anything (not being a statement of fact in response to a direct question) in relation to the Business which could reasonably be expected to be harmful to the goodwill of
the Business (as subsisting at the Closing Date) or which may lead a person who has dealt with the Business at any time during the twelve months prior to the Closing Date to cease to deal with the Business on substantially equivalent terms to those
previously offered or at all; 

  

	 	12.1.3	directly or indirectly solicit or contact with a view to his engagement or employment by another person, any Transferring Employee where the person in question either has
Confidential Information or know-how or would be in a position to exploit the trade connections of the Business; 

  

	 	12.1.4	use the name “Gallagher Re” (or any variant thereof involving the use of the name “Gallagher” and implying the conduct of reinsurance brokerage business) for any
purpose whatsoever; or 

  

	 	12.1.5	solicit or accept United States or United Kingdom domiciled traditional ceded treaty reinsurance brokerage business in excess of US$10,000,000 in ceded premiums per treaty.

  

	12.2	The Seller shall ensure that each Seller’s Group Undertaking complies with clauses 12.1.1 to 12.1.5 and each undertaking in clauses 12.1.1 to 12.1.5 constitutes an entirely
independent undertaking and if one or more of the undertakings is held to be against the public interest or unlawful or in any way an unreasonable restraint of trade the remaining undertaking(s) shall continue to bind the Seller.

  

 22 

	12.3	Nothing contained in clause 12.1 shall preclude or restrict the Seller or any Seller’s Group Undertaking from holding not more than three per cent. of the issued share capital
of any company whose shares are listed on a recognised stock exchange. 

  

	13.	SELLER’S GUARANTOR 

  

	13.1	The Seller’s Guarantor irrevocably and unconditionally guarantees to the Buyer the due and punctual performance of each obligation of the Seller contained in the Agreement. The
Seller’s Guarantor shall pay to the Buyer from time to time on demand a sum of money which the Seller is at any time liable to pay to the Buyer under or pursuant to the Agreement and which has not been paid at the time the demand is made. The
Seller’s Guarantor’s obligations under this clause 13 are primary obligations and not those of a mere surety. 

  

	13.2	The Seller’s Guarantor irrevocably and unconditionally agrees to indemnify (and keep indemnified) the Buyer on demand against any loss, liability or cost incurred by the Buyer
as a result of any obligation of the Seller referred to in clause 13.1 above being or becoming void, voidable or unenforceable as against the Seller for any reason whatsoever. The amount of the loss, liability or cost shall be equal to the
amount which the Buyer would otherwise have been entitled to recover from the Seller. 

  

	13.3	The Seller’s Guarantor’s obligations under clauses 13.1 and 13.2 are continuing obligations and are not satisfied, discharged or affected by an intermediate payment
or settlement of account by, or a change in the constitution or control of, or merger or consolidation with any other person of, or the insolvency of, or bankruptcy, winding up or analogous proceedings relating to, the Seller.

  

	13.4	The Seller’s Guarantor’s liabilities under clauses 13.1 and 13.2 are not affected by an arrangement which the Buyer may make with the Seller or with another person
which (but for this clause 13.4) might operate to diminish or discharge the liability of or otherwise provide a defence to a surety. 

  

	13.5	Without affecting the generality of clause 13.4, the Buyer may at any time as it thinks fit and without reference to the Seller’s Guarantor and without prejudice to the
Seller’s Guarantor’s obligations under this clause 13: 

  

	 	13.5.1	grant a time for payment or grant another indulgence or agree to an amendment, variation, waiver or release in respect of an obligation of the Seller under the Agreement;

  

	 	13.5.2	give up, deal with, vary, exchange or abstain from perfecting or enforcing other securities or guarantees held by the Buyer; 

  

	 	13.5.3	discharge a party to other securities or guarantees held by the Buyer and realise all or any of those securities or guarantees; and 

  

 23 

	 	13.5.4	compound with, accept compositions from and make other arrangements with the Seller or a person or persons liable on other securities or guarantees held or to be held by the Buyer.

  

	13.6	So long as the Seller is under an actual or contingent obligation under the Agreement the Seller’s Guarantor shall not exercise a right which it may at any time have by reason
of the performance of its obligations under clauses 13.1 and 13.2 to be indemnified by the Seller, to claim a contribution from another surety of the Seller’s obligations or to take the benefit (wholly or partly and by way of subrogation
or otherwise) of any of the Buyer’s rights under the Agreement or of any other security taken by the Buyer in connection with the Agreement. 

  

	13.7	The Seller’s Guarantor’s liabilities under clauses 13.1 and 13.2 are not affected by the avoidance of an assurance, security or payment or a release, settlement or
discharge which is given or made on the faith of an assurance, security or payment, in either case, under an enactment relating to bankruptcy or insolvency. 

  

	13.8	The Seller’s Guarantor waives any right it may have of first requiring the Buyer (or any trustee or agent on its behalf) to proceed against or enforce any other rights or
security or claim payment from any person before claiming from the Seller’s Guarantor under this clause 13. This waiver applies irrespective of any law or any provision of the Agreement to the contrary. 

  

	14.	CONFIDENTIAL INFORMATION 

  

	14.1	The Seller undertakes (on its behalf and on behalf of each Seller’s Group Undertaking) to the Buyer that before and after Closing the Seller and each Seller’s Group
Undertaking shall not use or disclose to a person Confidential Information it has or acquires and shall make every effort to prevent the use or disclosure of Confidential Information by the Seller, each Seller’s Group Undertaking and their
employees, officers and advisers. 

  

	14.2	Clause 14.1 does not apply to disclosure of Confidential Information: 

  

	 	14.2.1	to a director, officer, employee or adviser of the Buyer whose function requires him to have the Confidential Information; 

  

	 	14.2.2	required to be disclosed by law, by a rule of a listing authority or stock exchange by or on which the shares of a Seller’s Group Undertaking are listed or traded or by a
governmental authority or other authority with relevant powers to which the Seller is subject or submits, whether or not the requirement has the force of law, provided that the disclosure shall be made to the extent reasonably practicable after
consultation with the Buyer and after taking into account the Buyer’s reasonable requirements as to its timing, content and manner of making or despatch; or 

  

	 	14.2.3	to an adviser for the purpose of advising the Seller in connection with the transactions contemplated by this Agreement provided that such disclosure is essential for these purposes
and is on the basis that clause 14.1 applies to use and disclosure by the adviser. 

  

 24 

	14.3	The Buyer has been supplied with certain confidential information relating to the business and assets of Arthur J. Gallagher Asia Pte Ltd (the “Singapore Confidential
Information”) under the terms of a confidentiality agreement made between Arthur J. Gallagher & Co and Aon Corporation dated 21 November 2007. In consideration of the mutual undertakings and obligations contained herein, the
Buyer confirms on behalf of itself and as agent for the Buyer’s Group Undertaking, that it has only used such confidential information for the purposes of evaluating the proposed acquisition of the business and assets of Arthur J. Gallagher
Asia Pte Ltd, that it shall not use such information for any other purpose and that it has returned to the Seller all such information together with any copies it has made. 

  

	15.	ANNOUNCEMENTS 

  

	15.1	Subject to clauses 15.2 to 15.5, neither party may, before or after Closing, make or send a public announcement, communication or circular concerning the transactions referred to in
this Agreement unless it has first obtained the other party’s written consent, which may not be unreasonably withheld or delayed. 

  

	15.2	Clause 15.1 does not apply to: 

  

	 	15.2.1	any letters or announcements in agreed form (or otherwise) required to be sent by the parties as expressly stated in this Agreement; or 

  

	 	15.2.2	a public announcement, communication or circular required by law, by a rule of a listing authority or stock exchange by or on which the shares of any of the Seller’s Group
Undertakings and/or the Buyer’s Group Undertakings are listed or traded or by a governmental authority or other authority with relevant powers to which either party is subject or submits, whether or not the requirement has the force of law,
provided that the public announcement, communication or circular shall be made to the extent reasonably practicable after consultation with the other party and after taking into account the reasonable requirements of the other party as to its
timing, content and manner of making or despatch. 

  

	15.3	The provisions of the confidentiality agreement made between Arthur J. Gallagher & Co and Aon Corporation dated 21 November 2007 shall remain in full force and effect
to the extent that they relate to the rights and obligations of the parties. 

  

	15.4	Except as provided in clause 4.1, after Closing the Seller may not give to a Cedant or Underwriter or a customer, client or supplier of the Business information about the
transactions referred to in this Agreement other than informing them that it has sold the Business and the Assets to the Buyer. 

  

	15.5	After Closing the Buyer may give to any Cedant or Underwriter or a customer, client or supplier of the Business information about the transactions referred to in this Agreement
other than the amount of the purchase price. 

  

 25 

	16.	COSTS 

 Except where this Agreement or the relevant
document provides otherwise, each party shall pay its own costs relating to the negotiation, preparation, execution and performance by it of this Agreement and of each document referred to in it. 
  

	17.	GENERAL 

  

	17.1	A variation of this Agreement is valid only if it is in writing and signed by or on behalf of each party. 

  

	17.2	The failure to exercise or delay in exercising a right or remedy provided by this Agreement or by law does not impair or constitute a waiver of the right or remedy or an impairment
of or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this Agreement or by law prevents further exercise of the right or remedy or the exercise of another right or remedy.

  

	17.3	The Buyer’s rights and remedies contained in this Agreement are cumulative and not exclusive of rights or remedies provided by law. 

  

	17.4	Except to the extent that they have been performed and except where this Agreement provides otherwise, the obligations contained in this Agreement remain in force after Closing.

  

	17.5	If a party fails to pay a sum due from it under this Agreement on the due date of payment in accordance with the provisions of this Agreement, that party shall pay interest on the
overdue sum from the due date of payment until the date on which its obligation to pay the sum is discharged at the rate of 3 per cent. per annum (whether before or after judgment). Interest accrues and is payable from day to day.

  

	17.6	If any payment under this Agreement requiring a party to indemnify or compensate the other will be or has been subject to Tax, the party required to make such payment shall on
demand pay to the other the amount (after taking into account Tax payable in respect of the amount) that will ensure that such party receives and retains a net sum equal to the sum it would have received had the payment not been subject to Tax.

  

	17.7	Except as provided in clause 17.6, a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from that act. 

  

	17.8	The Seller and the Buyer acknowledge and agree that damages may not be an adequate remedy for a breach of this Agreement and the Buyer may be entitled to the remedies of injunction,
specific performance and other equitable relief for a threatened or actual breach of this Agreement. 

  

	17.9	In respect of any third party claim against the Buyer or the Seller that gives rise to a claim under an indemnity contained in this Agreement, the losses, liabilities and costs
covered by the indemnity shall include the reasonable costs and expenses (external and internal) incurred by the Indemnified Party in the handling, administration and defence of the third party claim. 

  

 26 

	17.10	If a party (the “Indemnified Party”) becomes aware of a matter, which might give rise to a claim under an indemnity contained in this Agreement, the Indemnified
Party shall: 

  

	 	17.10.1	notify the other party (the “Indemnifier”) promptly in writing of any matters in respect of which the indemnity may apply and of which the Indemnified Party (and,
where relevant, any of its Affiliates) has knowledge in order to allow the Indemnifier the opportunity to investigate and defend the matter; and 

  

	 	17.10.2	give the Indemnifier full opportunity to control the defence of any claim to which the indemnity applies, including any agreement relating to the settlement of the claim provided
however that the Indemnified Party (and, where relevant, any of its Affiliates) will have the right to participate in any legal proceeding to contest and defend a claim for indemnification and to be represented by legal counsel of its choosing. The
Indemnified Party agrees to co-operate in good faith with the Indemnifier at the request and expense of the Indemnifier (for the avoidance of doubt the Indemnifier shall indemnify the Indemnified Party for all reasonable costs incurred as a result
of a request or choice by the Indemnifier in respect of the conduct of a claim), 

 and the Indemnifier will not be responsible
for any settlement or compromise made without its consent, unless the Indemnified Party has tendered notice and the Indemnifier has then refused to assume and defend (or failed to assume and defend promptly) the claim. 
  

	17.11	An Indemnified Party shall return to the Indemnifier without delay, upon receipt by the Indemnified Person of a written notice in a form satisfactory to the Indemnified Person, the
Indemnified Person acting reasonably, any amount which is received by the Indemnified Person pursuant to an indemnity claim under this Agreement and which is subsequently recovered by the Indemnified Person from a third party.

  

	18.	ENTIRE AGREEMENT 

 In this clause 18, the
following definition applies: 
 “Representation” means representation, warranty, statement, assurance, covenant,
undertaking, indemnity, guarantee or commitment (whether contractual or otherwise). 
  

	18.1	This Agreement and the agreements entered into pursuant to this Agreement constitute the entire agreement between the parties and supersedes any previous agreements between the
parties relating to the subject matter of this Agreement. 

  

	18.2	The Buyer acknowledges and represents that it has not relied on or been induced to enter into this Agreement by a Representation given by the Seller other than the Seller Warranties
or otherwise as set out in this Agreement. 

  

	18.3	The Seller is not liable to the Buyer for a Representation that is not set out in this Agreement. 

  

	18.4	The Seller acknowledges and represents that it has not relied on or been induced to enter into this Agreement by a Representation given by the Buyer or any adviser to the Buyer
other than the Buyer Warranties. 

  

 27 

	18.5	The Buyer is not liable to the Seller for a Representation that is not set out in this Agreement. 

  

	18.6	The Seller agrees that no adviser to the Buyer shall have any liability to the Seller for a Representation that is not set out in this Agreement. The Buyer agrees that no adviser to
the Seller shall have any liability to the Buyer for a Representation that is not set out in this Agreement. An adviser to the Buyer or the Seller may enforce the terms of this clause 18 subject to and in accordance with the provisions of the
Contracts (Rights of Third Parties) Act 1999. 

  

	18.7	The Buyer and the Seller agree that neither party shall bring any action against the other in relation to (a) any previous agreement(s) between them relating to the subject
matter of this Agreement or (b) any Representation other than the Warranties or otherwise as set out in this Agreement. 

  

	18.8	Nothing in this clause 18 shall have the effect of limiting or restricting any liability arising as a result of any fraud, wilful misconduct or dishonest concealment.

  

	19.	ASSIGNMENT 

 Without the prior written consent of
the Buyer, the Seller may not assign its rights, duties or obligations hereunder or any part thereof to any other person or entity. The Buyer may assign its rights and duties hereunder in whole or in part (before or after Closing) to one or more
entities but if it does so, it shall remain liable for all the Buyer’s obligations hereunder. 
  

	20.	NOTICES 

  

	20.1	A notice or other communication under or in connection with this Agreement (a “Notice”) shall be: 

  

	 	20.1.1	in writing; 

  

	 	20.1.2	in the English language; and 

  

	 	20.1.3	delivered personally or sent by first class post pre-paid recorded delivery (and air mail if overseas) or by fax to the party due to receive the Notice to the address set out in
clause 20.3 or to another address, person, or fax number specified by that party by not less than seven days’ written notice to the other party received before the Notice was despatched. 

  

	20.2	Unless there is evidence that it was received earlier, a Notice is deemed given if: 

  

	 	20.2.1	delivered personally, when left at the address referred to in clause 20.3; 

  

	 	20.2.2	sent by mail, except air mail, two Business Days after posting it; 

  

	 	20.2.3	sent by air mail, six Business Days after posting it; and 

  

	 	20.2.4	sent by fax, when confirmation of its transmission has been recorded by the sender’s fax machine, provided that if such Notice does, or would be deemed to, arrive out of
business hours (being 9.00am to 5.00pm Monday to Friday) or on a day other than a Business Day, then it shall be deemed given at the start of the next Business Day. 

  

 28 

	20.3	The address referred to in clause 20.1.3 is: 

  

									
	  	 	 Name of party
	  	 Address
	  	 Facsimile No.
	  	 Marked for the attention of

		 	The Seller	  	 9 Alie Street
 London
 E1 8DE
	  	+44(0)20 7204 6025	  	 Alissa Pfitzner
 Chief Counsel and Company
Secretary

					
		 	The Buyer	  	 8 Devonshire Square
 London
 EC2M 4PL
	  	+44(0)20 7505 7321	  	 Jackie Aggett,
 Managing Director, Aon Limited
Reinsurance Division

					
		 	 The Seller’s            
 Guarantor
	  	 The Gallagher Centre
 Two Pierce Place
 Itasca, Illinois 60143
	  	+1 630 285 3483	  	 Walter Bay,
 General Counsel

  

	21.	ARBITRATION 

  

	21.1	Any dispute, controversy or claim arising from or connected with this Agreement, including a dispute regarding the existence, validity or termination of this Agreement or the
consequences of its nullity (a “Dispute”) shall to the extent possible be resolved by negotiation between the respective Chief Executives of the Parties. 

  

	21.2	Any Dispute that remains unresolved 30 days after a Party gives written notice of the existence of such Dispute to the other Parties shall be referred to and finally resolved by
arbitration under the UNCITRAL Arbitration Rules. 

  

	21.3	The arbitral tribunal shall consist of one arbitrator who shall be a Queen’s Counsel with at least ten years’ experience of international insurance and reinsurance
business (including broking). 

  

	21.4	The appointing authority shall be the LCIA. 

  

	21.5	The seat of the arbitration shall be London, England. 

  

	21.6	The language of the arbitration shall be English. 

  

	21.7	The parties waive any right to refer points of law or to appeal to the courts, to the extent that such waiver can validly be made. 

  

	21.8	The Parties agree that the arbitral tribunal shall have the power to make such directions and any provisional, interim or partial award as it considers just and desirable.

  

 29 

	21.9	The arbitral tribunal shall have the power to hear and determine at any stage of the proceedings any issue asserted by any party to be dispositive of any claim or counterclaim, in
whole or in part, in accordance with such procedure as the arbitral tribunal deems appropriate, and the arbitral tribunal may render an award on such issue. 

  

	21.10	Nothing in this clause 21 shall be construed as preventing a Party from seeking conservatory or similar interim relief in any court of competent jurisdiction.

  

	22.	GOVERNING LAW 

 This Agreement, including clause 21,
is governed by English law, excluding conflict of law rules. 
  

	23.	COUNTERPARTS 

 This Agreement may be executed in any
number of counterparts, each of which when executed and delivered is an original and all of which together evidence the same agreement. 
  

 30 

 SCHEDULE 1 
 EXCLUDED ASSETS AND LIABILITIES 
 Part
A 
 Excluded Assets 
  

	1.	Any non-fiduciary cash in hand and at bank. 

  

	2.	All claims for refunds of taxes and other governmental charges of whatever nature arising from periods prior to the Closing Date. 

  

	3.	All personnel records and other records relating to the Assets or the Transferring Employees that the Seller is required by law to retain in its possession.

  

	4.	Any fiduciary cash and/or other balances in the IBA Ledger Account which do not relate to the Business. 

 Part B 
 Excluded Liabilities 
 Save in respect of any liabilities relating to Employees (dealt with in accordance with clause 9 of this Agreement). 
  

	1.	Liability for taxes or other governmental charges, fees or assessments of the Seller or related to the Business or the Assets for the period before and excluding the Effective Time.

  

	2.	The Seller’s obligation, if any, to pay any tax or other governmental charges, fees or assessments with respect to the sale of the Business or the Assets.

  

	3.	Any liability in respect of suits, employee claims, causes of action or other claims or losses, however or whenever asserted (whether before or after Closing) that relate to or are
in any way connected with or arise or originate from events, acts or omissions occurring before and excluding the Effective Time. 

  

	4.	The Seller’s liabilities for failure to comply with any applicable law or regulation before and excluding the Effective Time. 

  

	5.	Any liability for claims brought by third parties in respect of errors or omissions allegedly committed in connection with the Business or the Assets by employees, agents,
consultants or representatives of the Seller arising or originating from events, acts or omissions at any time before and excluding the Effective Time. 

  

	6.	Any liability arising out of, or in connection with, any Excluded Asset. 

 SCHEDULE 2 
 DEFERRED CONSIDERATION 
  

	1.	There shall be payable to the Seller by way of deferred consideration a UK Contingent Purchase Price determined in accordance with the provisions of this Schedule, as follows:

  

	2.	The UK Aggregate Seller Revenue shall be calculated pursuant to the provisions of this Schedule and such amount shall be added to the US Aggregate Seller Revenue (together, the
“Total Aggregate Seller Revenue”). Subject to paragraph 3 below, if the Total Aggregate Seller Revenue exceeds $29,300,000, then the excess amount is multiplied by 1.4. The resulting product plus any previously paid UK Contingent
Purchase Price and US Contingent Purchase Price (“Potential Earn Out”), is compared to $15,700,000 (the “Cap”). If the Potential Earn Out exceeds the Cap, the Cap is the “Total Seller Contingent Purchase Price”;
otherwise, the Potential Earn Out is the Total Seller Contingent Purchase Price. The Total Seller Contingent Purchase Price, less any previously paid UK Contingent Purchase Price and US Contingent Purchase Price, is paid to the Seller and the
Company under this Agreement and the US APA respectively in proportions determined by reference to the respective ratios of each of the US and UK Aggregate Seller Revenue to the Total Aggregate Seller Revenue. The proportion of the Total Seller
Contingent Purchase Price payable to the Seller hereunder shall be the “UK Contingent Purchase Price”. 

  

	3.	In the event that Roberto Salmeron and Tomas Castro execute their offers of employment with Aon Re Limited, the following shall apply in lieu of paragraph 2 of this Schedule.
The UK Aggregate Seller Revenue shall be calculated pursuant to the provisions of this Schedule 2 and such amount shall be added to the US Aggregate Seller Revenue (together, the “Total Aggregate Seller Revenue”). If the Total Aggregate
Seller Revenue exceeds $30,500,000, then the excess amount is multiplied by 1.4. The resulting product plus any previously paid UK Contingent Purchase Price and US Contingent Purchase Price (“Potential Earn Out”), is compared to
$14,500,000 (the “Cap”). If the Potential Earn Out exceeds the Cap, the Cap is the “Total Seller Contingent Purchase Price”; otherwise, the Potential Earn Out is the Total Seller Contingent Purchase Price. The Total Seller
Contingent Purchase Price, less any previously paid UK Contingent Purchase Price and US Contingent Purchase Price, is paid to the Seller and the Company under this Agreement and the US APA respectively in proportions determined by reference to the
respective ratios of each of the US and UK Aggregate Seller Revenue to the Total Aggregate Seller Revenue. The proportion of the Total Seller Contingent Purchase Price payable to the Seller hereunder shall be the “UK Contingent Purchase
Price”. 

  

	4.	The “Aggregate Seller Revenue” will be identified as follows: 

  

	4.1	all sources of revenue will be given a unique identification number, which will enable Revenue attributed to sources of revenue to be separately reported via the Buyer’s
accounting system, on a monthly basis; 

	4.2	for the purposes of this Schedule, “Revenue” shall mean the minimum and deposit premiums, bordereau reports and/or adjustment premiums attributable to the risks
attaching in respect of the Programmes and Prospects on and after the Closing Date and before the first anniversary of the Closing Date (the “Contingent Purchase Price Period”), with instalment premiums being booked in the period in
which the instalment is due to the reinsurer. The intention of this Schedule is that the Seller shall be credited with eighteen (18) months of revenues in respect of any risk attaching in such twelve (12) month period,. As used in this
Schedule, the term “risks attaching” shall mean policies of insurance issued or renewed during the relevant period; and 

  

	4.3	the Revenue attributable to the Programmes and Prospects may be adjusted in the event that a client is as at Closing a client of both the Seller and the Buyer. If a reinsurance
programme is devised for such client which is a combination of historic Seller and Buyer business, the proportion of the Revenue of the revised programme which is attributed to the Seller for the purposes of this Schedule shall be equal to the
proportion of the aggregate Seller and Buyer revenues for risks attaching in the twelve (12) month period prior to Closing attributable to the Seller. 

  

	5.	The provisions of paragraphs 4 and 5 of Exhibit A to the US APA shall apply mutatis mutandis to the determination of the Initial Contingent Purchase Price and any
dispute relating thereto, it being the intention that calculation of the UK Contingent Purchase Price and US Contingent Purchase Price and resolution of any disputes relating thereto will be carried out on a global basis. 

 

	6.	Once the total Initial UK Contingent Purchase Price and the balance of the UK Contingent Purchase Price have been agreed in accordance with the provisions of this Schedule 2, such
amounts shall be paid to the Seller by the Buyer within five (5) Business Days. 

 SCHEDULE 3 
 CLOSING REQUIREMENTS 
  

	1.	Seller’s obligations 

 At Closing the Seller
shall: 
  

	1.1	as evidence of the authority of each person executing a document referred to in this Schedule on the Seller’s behalf deliver to the Buyer: 

  

	 	1.1.1	a copy of the minutes of a duly held meeting of the directors of the Seller (or a duly constituted committee thereof) authorising the execution by the Seller of the document and,
where such execution is authorised by a committee of the board of directors of the Seller, a copy of the minutes of a duly held meeting of the directors constituting such committee or the relevant extract thereof; or 

  

	 	1.1.2	a copy of the power of attorney conferring the authority 

 in each case certified to be true by a director or the secretary of the Seller; 
  

	1.2	deliver to the Buyer the Records; 

  

	1.3	deliver to the Buyer: 

  

	 	1.3.1	the Intellectual Property Deed of Assignment duly executed by the Seller; and 

  

	 	1.3.2	those Compromise Agreements that are duly executed by the Specified Key Employees. 

  

	2.	Buyer’s obligations 

 At Closing the Buyer
shall deliver to the Seller as evidence of the authority of each person executing a document referred to in this Schedule on the Buyer’s behalf: 
  

	2.1	a copy of the minutes of a duly held meeting of the directors of the Buyer (or a duly constituted committee thereof) authorising the execution by the Buyer of the document and,
where such execution is authorised by a committee of the board of directors of the Buyer, a copy of the minutes of a duly held meeting of the directors constituting such committee or the relevant extract thereof; or 

  

	2.2	a copy of the power of attorney conferring the authority, 

 in each case certified to be true by a director or the secretary of the Buyer. 
  

	2.3	In accordance with clause 5.2, the Buyer shall pay to the Seller by electronic transfer of cleared funds for same day value to the Seller’s Bank Account an amount equal to US
$17,300,000 (less the amount payable by the Seller to the Buyer pursuant to clause 9.20). 

  

	3.	At Closing the Buyer and the Seller shall enter into the Transitional Support Agreement. 

 SCHEDULE 4 
 WARRANTIES 
 Part A 
 Seller’s Warranties 
 TABLE OF CONTENTS 
 No. Subject Matter 
  

	1.	Capacity and Authority 

  

	2.	Accounts 

  

	3.	Assets 

  

	4.	Intellectual Property 

  

	5.	No conflict 

  

	6.	Employees 

  

	7.	Regulatory Compliance 

  

	8.	Litigation and Compliance with Law 

	1.	CAPACITY AND AUTHORITY 

  

	1.1	Incorporation and existence 

 The Seller is a
limited company incorporated under English law and has been in continuous existence since incorporation. 
  

	1.2	Right, power, authority and action 

  

	 	1.2.1	The Seller has the right, power and authority and has taken all action necessary to execute and deliver this Agreement and shall have the right, power and authority and shall, at
Closing, have taken all actions necessary to execute, deliver and exercise its rights and perform its obligations under this Agreement and each document to be executed at Closing. 

  

	 	1.2.2	The Seller has the right, power and authority to own the Assets and to conduct the Business as conducted at the date of this Agreement. 

  

	1.3	Binding agreements 

 The Seller’s obligations
under this Agreement and each document to be executed at or before Closing are, or when the relevant document is executed will be legal, valid and binding obligations, enforceable in accordance with their terms 
  

	2.	ACCOUNTS AND RECORDS 

  

	2.1	The amount of accounts receivable and accounts payable set forth in Part A of Schedule 10 and the amount of cash in custodial, trust or fiduciary accounts set forth in Part B of
Schedule 10 are true and correct (and shall be true and correct as updated as provided in clause 4.7.1). 

  

	2.2	The information in the Records and IBA Schedule is complete and accurate in all material respects. 

  

	3.	ASSETS 

 Each of the Assets is legally and
beneficially owned solely by the Seller free from any Encumbrance and the Seller will, at Closing, convey good and valid title to the Assets to the Buyer free from any Encumbrance. 
  

	4.	INTELLECTUAL PROPERTY 

  

	4.1	Schedule 11 contains accurate details of all the Intellectual Property in respect of which the Seller is the legal and beneficial owner. Parts A and B of Schedule 11 contain
accurate details of all the Intellectual Property in respect of which the Seller is the registered owner or the applicant for registration. 

  

	4.2	There is and during the six years ending on the date of this Agreement has been, no civil, criminal, arbitration, administrative or other proceeding, dispute or investigation in any
jurisdiction concerning any of the Owned or Licensed In Intellectual Property Rights. No civil, criminal, arbitration, administrative or other proceeding or dispute concerning any of the Owned or Licensed In Intellectual Property Rights is pending
or threatened. So far as the Seller is aware, no fact or circumstance exists which might give rise to a proceeding of that type. 

	4.3	So far as the Seller is aware, there is not, and never has been, an infringement or unauthorised use of any of the Owned or Licensed In Intellectual Property Rights, and no third
party is using all or any portion of the Owned or Licensed In Intellectual Property Rights in derogation of any rights to be acquired by the Buyer under this Agreement or, in the case of know-how no third party is or has used such know-how without
the authority of the relevant Seller’s Group Undertaking. 

  

	4.4	So far as the Seller is aware the conduct of the Business does not, and has not, infringed any Intellectual Property of any third party. The Seller has not received notice of
infringement of, misappropriation of or conflict with any asserted right of any third party, and, so far as the Seller is aware, there is no basis for any such notice. 

  

	4.5	There is no Licensed In Intellectual Property other than the PCS Licence Agreement. 

  

	4.6	There are no licences of Owned Intellectual Property from a Seller’s Group Undertaking to a third party other than the NYMEX Licence Agreement. 

  

	4.7	The Intellectual Property identified in Schedule 11 together with the Intellectual Property licensed to the Seller under the PCS Licence Agreement comprises all the Intellectual
Property necessary to carry on the Business in all material respects as carried on at the Effective Date and for 1 year prior thereto. 

  

	5.	NO CONFLICT 

  

	5.1	The execution and delivery of this Agreement by the Seller, the consummation of the transactions contemplated hereby, and the performance of the covenants and agreements of the
Seller will not, with or without the giving of notice or the lapse of time, or both: 

  

	 	5.1.1	violate or conflict with any of the provisions of any charter document or bye law of the Seller; 

  

	 	5.1.2	violate, conflict with or result in a material breach or material default under or cause termination of any material term or condition of any contract; 

  

	 	5.1.3	violate any provision of material law, statute, regulation, court order or ruling of any governmental authority, to which the Seller is a party or by which it or its properties may
be bound; or 

  

	 	5.1.4	result in the creation or imposition of any Encumbrance of any kind whatsoever upon any Asset. 

  

	6.	EMPLOYEES 

  

	6.1	General employment 

  

	 	6.1.1	Details which are accurate and complete in all respects have been disclosed by the Seller of: 

  

	 	(a)	the standard terms and conditions of employment, any employee handbook and all policies relating to the provision of benefits applicable to each Transferring Employee;

	 	(b)	all retention arrangements and change of control provisions to which any Transferring Employee is a party; 

  

	 	(c)	each bonus, commission, profit sharing, share option, share incentive or other incentive scheme for any Transferring Employee of the Business; and 

  

	 	(d)	details of any applicable collective agreement. 

  

	6.1.2	There are no policies whether written or otherwise and whether contractual or discretionary and there are no established customs or practices relating to redundancy, severance or
the termination of employment. 

  

	6.1.3	Neither the Seller nor any Seller’s Group Undertaking is a party to a consultancy agreement in connection with the Business which will continue and not be terminated with
effect from Closing. 

  

	6.1.4	Neither the Seller nor any Seller’s Group Undertaking owes any amount to any of the Transferring Employees (or their dependants) in connection with the Business other than for
accrued remuneration or reimbursement of business expenses. 

  

	6.1.5	The Seller and each relevant Seller’s Group Undertaking has maintained all records required by law and good human resources practices regarding the employment of each of the
Transferring Employees including, without limitation, details of terms of employment, payments of statutory sick pay and statutory maternity pay, income tax and social security contributions, disciplinary and health and safety matters and
termination of employment. 

  

	6.1.6	No Transferring Employee is under any enforceable legal obligation to a former employer (whether under contract or a court order) which would restrict that employee from carrying
out his obligations under his contract of employment in full. 

  

	6.1.7	The Seller warrants that, except for Mark Flower, no Transferring Employee has any entitlement, claim or expectation under or in connection with any contractual or discretionary
bonus scheme operated by the Seller or any Seller’s Group Undertaking in relation to the 2007 financial year. 

  

	6.1.8	The Seller warrants that no Transferring Employee is entitled to receive after Closing any enhanced retirement benefits on early retirement or redundancy as a result of any
obligation under any scheme provision, contract, agreement, arrangement, custom or practice operated prior to Closing transferring to any Buyer’s Group Undertaking by operation of TUPE. 

	6.2	Compliance with law 

  

	 	6.2.1	The Seller and each relevant Seller’s Group Undertaking has in connection with the Business complied with each obligation imposed on it by, and each order and award made under,
statute, regulation, code of conduct and practice, collective agreement, custom and practice relevant to the relations between it and the Transferring Employees in connection with the Business or a trade union or the terms of employment of the
Transferring Employees in connection with the Business. 

  

	 	6.2.2	There are no active, pending or threatened court, tribunal or arbitration proceedings in respect of the Transferring Employees. 

  

	6.3	Pensions 

  

	 	6.3.1	For the purposes of this clause “Occupational Pension Scheme” and “Personal Pension Scheme” are as defined in section 1 of the Pension Schemes Act
1993. “Disclosed Scheme” means the AJG Flexible Retirement Plan. 

  

	 	6.3.2	The Disclosed Scheme is a Personal Pension Scheme and is the only Personal Pension Scheme in respect of which the Seller or any Seller’s Group Undertaking has any legal
obligations in relation to any Transferring Employee; there is no Occupational Pension Scheme in respect of which the Seller or any Seller’s Group Undertaking has any legal obligations in relation to any Transferring Employee.

  

	 	6.3.3	The Seller contributes 5% of salary to the Disclosed Scheme in respect of each employee who joins it. In addition the Seller matches employee contributions up to a further 5%
contribution to the Disclosed Scheme. In most but not all cases contributions are based on salary capped at £112,800. 

  

	 	6.3.4	No written assurance, promise or guarantee has been made to a Transferring Employee of a particular level or amount of benefits to be provided for or in respect of him (other than
insured lump sum death in service benefits) whether under a Disclosed Scheme or otherwise. 

  

	 	6.3.5	Each Seller and each Seller’s Group Undertaking has complied with all legal obligations imposed on it in relation to each Disclosed Scheme in so far as these obligations
related to the Transferring Employees. 

  

	 	6.3.6	The Seller has complied with its obligations under section 3 of the Welfare Reform and Pensions Act 1999 in relation to stakeholder access. 

  

	7.	REGULATORY COMPLIANCE 

  

	7.1	The Seller has obtained all material licences, permissions, consents and other approvals of a regulatory nature required for or in connection with carrying on the Business in the
manner and in the jurisdictions in which the Business is now carried on. 

	7.2	So far as the Seller is aware, no material licences, permissions, consents and other approvals of a regulatory nature will be revoked, suspended, cancelled, varied or not renewed as
a result of the execution or performance of this Agreement or any document to be executed at or before Closing. 

  

	7.3	No material consent or approval is required by virtue of the execution hereof by the Seller or the consummation of any of the transactions contemplated herein by the Seller to avoid
the violation or breach of, or the default under, or the creation of a lien on the Assets pursuant to the terms of, any regulation, order, decree or award of any court or governmental agency or any lease, agreement, contract, mortgage, note,
license, or any other instrument to which the Seller is a party or to which it or any Asset is subject. 

  

	8.	LITIGATION AND COMPLIANCE WITH LAW 

  

	8.1	Litigation 

  

	 	8.1.1	Neither the Seller nor, so far as the Seller is aware, a person for whose acts or defaults the Seller is vicariously liable is involved, or has during the two years ending on the
date of this Agreement been involved, in a civil, criminal, arbitration, administrative or other proceeding in relation to the Business or any of the Assets. No civil, criminal, arbitration, administrative or other proceeding in relation to the
Business or any of the Assets is pending or has been threatened by or against the Seller or, so far as the Seller is aware, a person for whose acts or defaults the Seller is vicariously liable. 

  

	 	8.1.2	There is no outstanding judgment, order, decree, arbitral award or decision of a court, tribunal, arbitrator or governmental agency in any jurisdiction against the Seller or a
person for whose acts or defaults the Seller, so far as the Seller is aware, is vicariously liable in relation to the Business or any of the Assets. 

  

	8.2	Compliance with law 

 The Seller has during the
period of six years immediately preceding the date of this Agreement conducted the Business and dealt with the Assets in all material respects in accordance with all applicable legal, regulatory and administrative requirements including the rules,
requirements and guidance of the FSA, the General Insurance Standards Council and the Corporation of Lloyd’s. 

	8.3	Investigations 

 There is not and has not been
during the period of three years immediately preceding the date of this Agreement any governmental or other investigation, enquiry or disciplinary proceeding concerning the Seller or the Business and, so far as the Seller is aware, none is pending
or threatened. So far as the Seller is aware, no fact or circumstance exists which are likely to give rise to an investigation, enquiry or proceeding of that type. 
  

	8.4	Money Laundering Information 

 Schedule 12 contains
a complete and accurate list of all third parties (other than Cedants and Underwriters) to whom the Seller has made a payment in connection with the Business. 

 Part B 
 Buyer’s Warranties 
 TABLE OF CONTENTS 
  

			
	No.	  	Subject Matter
		
	1.	  	Capacity and Authority
		
	2.	  	No conflict

	1.	CAPACITY AND AUTHORITY 

  

	1.1	Incorporation and existence 

 The Buyer is a limited
company incorporated under English law and has been in continuous existence since incorporation. 
  

	1.2	Right, power, authority and action 

  

	 	1.2.1	The Buyer has the right, power and authority and has taken all action necessary to execute and deliver this Agreement and shall have the right, power and authority and shall, at
Closing, have taken all actions necessary to execute, deliver and execute its rights and perform its obligations under this Agreement and each document to be executed at Closing. 

  

	1.3	Binding agreements 

 The Buyer’s obligations
under this Agreement and each document to be executed at or before Closing are, or when the relevant document is executed will be, legal, valid and binding obligations, enforceable in accordance with their terms. 
  

	2.	NO CONFLICT 

  

	2.1	The execution and delivery of this Agreement by the Buyer, the consummation of the transactions contemplated hereby, and the performance of the covenants and agreements of the Buyer
will not, with or without the giving of notice or the lapse of time, or both: 

  

	 	2.1.1	violate or conflict with any of the provisions of any charter document or bye law of the Buyer; 

  

	 	2.1.2	violate, conflict with or result in material breach or default under or cause termination of any term or condition of any mortgage, indenture, contract, license, permit, instrument,
trust document, or other agreement, document or instrument to which the Buyer is a party or by which the Buyer or any of its properties may be bound; 

  

	 	2.1.3	violate any provision of any material law, statute, regulation, court order or ruling of any governmental authority, to which the Buyer is a party or by which it or its properties
may be bound. 

  

	3.	CLIENT MONEY 

 The Buyer shall at all times hold
client money balances in a client bank account (constituted in accordance with CASS) and treat the client money in accordance with CASS 5.5 and the FSA Handbook (to the extent applicable and as amended from time to time). 
  

 43 

 SCHEDULE 5 
 EMPLOYEES 
 Part A 
 Transferring Employees 
 Simon Gander 
 Larry Tucker 
 William Bushell 
 Steven Gerken 
 Graham Gradwick-Light 
 Warren Cassidy 
 Paul Barnes 
 Simon Cook 
 Timothy Edwards 
 David Major 
 Simon Jennings 
 Gillian James 
 Mark Flower 
 Steve Allen 
 Martin Bartell 
 Stuart Rushton 
 Kenneth Field 
 Norman Wiltshire 
 Terry Corcoran 
 Iain Ward 
 Richard Pike 
 Richard Cowland 
 Colin Peploe 
 Simon Carr 
 Darren Humphries 
 Ankishkumar Jadav 
 Theodora Koutsoukou 
 Elizabeth Churcher 
 Nicola Edgell-Turner 
 Part A1 
 Specified Key Employees

 Simon Gander 
 Larry Tucker 
 Norman Wiltshire 
 Simon Jennings 

 Martin Bartell 
 Kenneth
Field 
 Gillian James 
 Graham Gradwick-Light 
 Warren Cassidy 
 Paul Barnes 
 Tim Edwards 
 Simon Cook 
 Darren Humphries 
 Stuart Rushton 

 Part B 
 Non-Transferring Employees 
 Joseph Soto 
 Daniel Haley 
 Stephen Sampson 
 Laura Lindsey 
 Alison Shroff 
 Amanda Burton

 Leone Coleman 
 Jane Burfoot 
 Matthew Dowse 
 Richard Knott 
 Charles Kettlewell 
 Richard Theobald 
 Edward Sweet 
 Stewart Beckwith 
 David Mowat 
 Karen Barker 
 Sean Sawyer 
 Kirsty Gray 
 Julian Platford 
 Joanne Power 
 Rachel Dawes 
 Paula Preston 
 Lisa Hurd 
 Nicola Quinsee 
 Paul Oliveira 
 Nicholas Griffiths 
 Deena Sullivan 
 Brian Watts 
 Anna Zalaf 
 Peter Sharpe 
 Jeremy Crowch 
 Vanessa Rathbone 
 Richard Hall 
 Daniel Driscoll 
 David Penfold 
 Simon Moore 
 Graham Wood 
 Richard Phillips 
 Simon Anthony Field 
 Suzanne Yeulett 
 Tom Castro 
 Rob Salmeron 

 Part C 
 Retention Bonuses 
 The following Transferring Employees who are eligible for retention bonuses and the amount
payable to each are as set out in the attached offer letters. 
 Simon Gander 
 Larry Tucker 
 William Bushell 
 Graham Gradwick-Light 
 Gillian James 
 Steven Gerken

 Steve Allen 
 Warren Cassidy 
 Martin Bartell 
 Paul Barnes 
 Simon Cook 
 Timothy Edwards 
 Simon Jennings 
 Stuart Rushton 

 SCHEDULE 6 
 CEDANTS 

 SCHEDULE 7 
 LIMITATIONS ON WARRANTY CLAIMS 
  

	1.	This Schedule limits the liability of the Seller in relation to any Warranty Claim. 

  

	2.	The liability of the Seller for all Warranty Claims when taken together shall not exceed US$5,000,000. 

  

	3.	The Seller shall not be liable for a Warranty Claim unless the amount of all Warranty Claims exceeds US$150,000, in which event the Seller shall be liable to the Buyer solely for
the excess above US$150,000, subject always to the overall limit of liability set out in paragraph 2 above. 

  

	4.	The Seller shall not be liable for a Warranty Claim unless the Buyer has given the Seller notice of the Warranty Claim, specifying (in reasonable detail) the nature of the Warranty
Claim and the amount claimed within the period of 18 months beginning with the Closing Date. 

  

	5.	The limitations in this Schedule 7 shall not apply to any Warranty Claim that arises as a result of dishonesty, fraud, wilful misconduct or wilful concealment by the Seller.

  

	6.	In calculating the amount of any Warranty Claims, the amount of such Warranty Claims: 

  

	6.1	shall not be duplicative of any other Warranty Claim; 

  

	6.2	shall be computed net of any amounts actually recovered by the Buyer under any insurance policy, indemnification right or otherwise with respect to such Warranty Claims; and

  

	6.3	shall be reduced by any tax benefit actually realised by the Buyer as a result of any such Warranty Claim. 

  

	7.	If the Seller pays the Buyer for a Warranty Claim and subsequently insurance, indemnification or other proceeds in respect of such Warranty Claim are collected by the Buyer or tax
benefits as described herein are actually realised as a result of such Warranty Claim, then the Buyer promptly shall remit the insurance, indemnification or other proceeds or an amount equal to the actually realised tax benefit, to the Seller (to
the extent such proceeds or benefits do not exceed the amount of the Warranty Claim payment). 

 SCHEDULE 8 
 PROGRAMMES 

 SCHEDULE 9 
 PROSPECTS 

 SCHEDULE 10 
 ACCOUNTS DETAILS 
 Part A 
 Accounts Receivable and Payable 

 Part B 
 Custodial, Trust and Fiduciary Accounts 

 SCHEDULE 11 
 OWNED INTELLECTUAL PROPERTY RIGHTS 
 Part A - Patents

  

	 	•	 	 US provisional application no. 60/812023 

  

	 	•	 	 US provisional application no. 60/892,140 

  

	 	•	 	 US provisional application no. 60/892,334 

  

	 	•	 	 PCT published patent no. WO/2007/141041 titled “Computer-Implemented Futures Based Exchange Systems and Methods” 

 Part B - Registered Trade Marks 
  

					
	 Trade Mark
	 	 Application/Registration No.
	 	 Territory

	 RE-EX
	 	2,429,529	 	UK
	 RE-EX
	 	2,423,484	 	UK
	 RE-EX
	 	5,254,271	 	EU
	 RE-EX
	 	78950057	 	US
	 RE-EX
	 	78950037	 	US

 Part C - Copyrights 
  

	 	•	 	 Copyright in the web pages located at the Effective Date at www.re-ex.com. 

  

	 	•	 	 Copyright in the CAT risk futures and options contracts first listed for trade on 5 March 2007 and 6 March 2007 respectively.

 SCHEDULE 12 
 THIRD PARTY PAYEES 

 SCHEDULE 13 
 TUCKER DOMAIN NAMES 
 re-ex.co.uk 
 re-ex.com 
 re-ex.org 
 re-ex.biz 
 re-exfutures.com 
 re-exfutures.co.uk 
 reinsurance-exchange.com 
 reinsurance-exchange.co.uk 
 reinsurance-ex.com 
 reinsurance-ex.co.uk 
 reins-ex.com 
 reins-ex.co.uk 
 reins-exchange.com 
 re-ex-futures.com 
 re-ex-futures.co.uk 

 EXECUTED by the parties 
  

			
	Signed by Michael Keith Barton	 	)
		
	for and on behalf of	 	)  /s/ Michael Keith Barton
	ARTHUR J. GALLAGHER (UK) LIMITED	 	)

 [Continued on next page] 

			
	Signed by E. Jane Owen                        	  	)
		
	for and on behalf of	  	)  /s/ E. Jane Owen
	AON LIMITED	  	)

 [Continued on next page] 

			
	Signed by J. Patrick Gallagher, Jr.                    	  	)
		
	for and on behalf of	  	)  /s/ J. Patrick Gallagher, Jr.
	ARTHUR J. GALLAGHER & CO	  	)

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