Document:

Unassociated Document

Exhibit 4.1

 

 

 

 

 

 

ROYAL CARIBBEAN CRUISES LTD.

 

1994 EMPLOYEE STOCK PURCHASE PLAN

 

 

 

 

 

 

 

 

 

 

  

  

 

TABLE OF CONTENTS

 

	  	  	
Page

	  	  	  
	
1.

	
PURPOSE

	
1

	  	  	  
	
2.

	
ADMINISTRATION

	
1

	  	  	  
	
3.

	
ELIGIBILITY

	
2

	  	  	  
	
4.

	
STOCK

	
3

	  	  	  
	
5.

	
GRANT OF OPTION

	
3

	  	  	  
	
6.

	
PARTICIPATION; PAYROLL DEDUCTIONS AND LUMP SUM DEPOSITS

	
4

	  	  	  
	
7.

	
EXERCISE OF OPTION

	
6

	  	  	  
	
8.

	
EMPLOYEE'S RIGHT TO ABANDON OPTION

	
7

	  	  	  
	
9.

	
TERMS AND CONDITIONS OF OPTIONS

	
8

	  	  	  
	
10.

	
AMENDMENT OF THE PLAN

	
14

	  	  	  
	
11.

	
EFFECTIVE DATE OF PLAN

	
14

	  	  	  
	
12.

	
ABSENCE OF RIGHTS

	
15

	  	  	  
	
13.

	
APPLICATION OF FUNDS

	
15

	  	  	  
	
14.

	
MISCELLANEOUS

	
15

 

 

  

-i-  

 

ROYAL CARIBBEAN CRUISES LTD.

1994 EMPLOYEE STOCK PURCHASE PLAN

 

	
1.  

	
PURPOSE

 

This Employee Stock Purchase Plan (the "Plan") is intended to encourage stock ownership by all eligible employees of Royal Caribbean Cruises Ltd. (the "Company"), and of any of its "subsidiary corporations" (as defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the "Code")) that are designated by the Company as participating employers, through the grant of stock options.  It is intended that options issued under this Plan shall constitute options issued under an "employee stock purchase plan," within the meaning of section 423 of the Code.

 

	
2.  

	
ADMINISTRATION

 

The Plan shall be administered by the Company.  The Company shall have the authority to establish and rescind, from time to time, such rules and regulations, not inconsistent with the provisions of the Plan, for the proper administration of the Plan and options granted thereunder, and to make such determinations and interpretations under or in connection with the Plan as it deems necessary or advisable, including the determination of which subsidiary corporations (if any) will be participating employers in the Plan.  In addition, the Company may correct any defect, supply any omission and reconcile any inconsistency in this Plan or in any option granted hereunder in the manner and to the extent it shall deem desirable.  All such rules, regulations, determinations and interpretations shall be binding and conclusive upon the Company and its subsidiary corporations, officers and employees (including former officers and employees) of the Company and any subsidiary corporation, and upon their respective legal representatives, beneficiaries, successors and assigns and upon all other persons claiming under or through any of them.

  

  

 

The Company may delegate any or all of its administrative authority under this Section 2 to one or more employees of the Company and/or to one or more third-party administrators.  Any employee to whom administrative authority is delegated, in the course of exercising such authority, shall be acting in his capacity as an employee of the Company.

 

	
3.  

	
ELIGIBILITY

 

(a) Except as provided below in this paragraph (a) and in paragraph (b) below, each employee of the Company (or of a subsidiary corporation designated by the Company as a participating employer) who has been employed by the Company (or such subsidiary corporation) for an aggregate of at least one year shall be granted an option as of the first business day on or after January 1, April 1, July 1 or October 1 (the "Grant Date") immediately following his completion of such year of employment, and as of each succeeding Grant Date, to purchase the Company's common stock, par value $0.01 (the "Common Stock"); provided such employee shall not be granted an option on a Grant Date if (i) he is not still employed by the Company or a designated subsidiary corporation as of such Grant Date, (ii) he is excluded from participation under paragraph (b) below, or (iii) he has received his maximum options for the calendar year under Section 9(e) or 9(k).  The term of each option shall be three calendar months (i.e., January 1 to March 31, April 1 to June 30; July 1 to September 30, and October 1 to December 31) (the "Option Terms").  Employment with a company or business prior to its acquisition by the Company as a subsidiary corporation shall be considered employment by the Company for the sole purpose of determining whether the one-year-of-employment requirement has been met.

    (b) An employee's employment by the Company (or a subsidiary corporation) prior to his break in such employment of one year or longer shall be disregarded for purposes of determining, under subsection (a) above, whether the employee has been employed for at least

  

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one year.  In addition, an employee will not be eligible to participate in the Plan if he is customarily employed by the Company or a designated subsidiary corporation for not more than five months in any calendar year.  Also, in no event may an employee be granted an option if such employee, immediately after the option is granted, owns stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or of its "parent corporation" (as defined in section 424(e) of the Code) (if any) or of a subsidiary corporation.  For purposes of determining stock ownership under this paragraph (b), the rules of section 424(d) of the Code (relating to attribution of stock ownership) shall apply, and stock which the employee may purchase under outstanding options shall be treated as stock owned by the employee.  Finally, an employee will not be eligible to participate in the Plan unless he complies with the participation rules set forth in Section 6, including the requirement that he file a payroll deduction agreement or lump sum deposit agreement at the time or times specified in Section 6.

 

	
4.  

	
STOCK

 

The stock subject to the options shall be shares of the Company's authorized but unissued or reacquired Common Stock.  The aggregate number of shares which may be issued under options shall not exceed 1,300,000 shares of Common Stock; provided that such number shall be adjusted if required by Section 9(h)(1).

 

	
5.  

	
GRANT OF OPTION

 

(a) Aggregate Purchase Price of Shares Purchasable Under Option.  Subject to the limitation described in paragraph (c) below, each eligible employee shall be granted, as of each Grant Date, an option to purchase up to that number of whole and fractional shares of Common Stock which has an aggregate purchase price equal to $3,750.

  

3  

 

 

(b) Number of Shares Purchasable Under Option.  Subject to the limitation described in paragraph (c) below, the number of shares actually purchasable for an Option Term shall equal $3,750 divided by the price per share.  The “price per share” shall be the greater of (i) 85% of the average of the per share “fair market value” (as determined under Section 9(b)) as of the applicable Grant Date plus the per share fair market value as of the last business day of each calendar month in the Option Term; or (ii) the lesser of (A) 85% of the per share fair market value as of the applicable Grant Date or (B) 85% of the per share fair market value as of the last business day of the Option Term (the “Exercise Date”).

(c) Limitation on Number of Shares Purchasable Under Option.  Notwithstanding paragraphs (a) and (b) above, the aggregate number of whole and fractional shares purchasable under the option described in this Section 5 shall not exceed the lesser of (i) 150% of the number of shares of Common Stock determined by dividing $3,750 by 85% of the per share fair market value as of the applicable Grant Date or (ii) the limitations described in Sections 9(e) and 9(k).

 

	
6.  

	
PARTICIPATION; PAYROLL DEDUCTIONS AND LUMP SUM DEPOSITS

 

(a) Each employee shall be notified of the terms of the Plan, of his eligibility (or future eligibility) to receive option grants under the Plan, and of his eligibility (or future eligibility) to participate in the Plan by making payroll deductions or lump sum deposits.

(b) An employee from whose compensation the Company is not prohibited by law from taking payroll deductions may elect to participate in the Plan by making payroll deductions (as a set dollar amount each pay, subject to the limits set forth in paragraph (d) below) for each Option Term in which he is eligible to participate.  Payroll deduction agreements must be received by the Vice President, Human Resources (the "Plan Coordinator"), on or before the 15th calendar day of the last calendar month before the commencement of an Option Term.  Payroll deductions under an employee's payroll deduction agreement shall commence as of the first

  

4  

 

payroll period ending in the Option Term first beginning after the employee's submission of his agreement, and shall continue from Option Term to Option Term until the employee's employment terminates, subject to the employee's right to abandon his option for an Option Term under Section 8.  Notwithstanding the preceding sentence, an employee may elect to begin or terminate his payroll deductions, or to increase or decrease his rate of payroll deductions, for the immediately following Option Term by mailing or delivering a new payroll deduction agreement, which must be received by the Plan Coordinator on or before the 15th calendar day of the last calendar month before the commencement of such Option Term.

(c) An employee from whose compensation the Company is prohibited by law from taking payroll deductions, or any other employee who does not elect to make payroll deductions, may participate in the Plan by making a lump sum deposit for any Option Term in which he is eligible to participate.  A lump sum deposit agreement, specifying the maximum dollar amount the employee intends to contribute for the Option Term, must be received by the Plan Coordinator (or his delegate), on or before the 15th calendar day of the last calendar month before the commencement of each Option Term for which the employee wishes to make a lump sum deposit.  The lump sum deposit itself, equal to the maximum dollar amount specified or any lesser amount (subject to the limits set forth in paragraph (d) below), must be received by the Plan Coordinator on or before the 15th calendar day of the last calendar month in the Option Term.  An employee who makes a lump sum deposit for an Option Term before such 15th calendar day may subsequently elect to abandon his option for such Option Term under Section 8.

(d) An employee from whose compensation the Company is not prohibited by law from taking payroll deductions may elect to make either payroll deductions or a lump sum

  

5  

 

deposit, but not both, for a particular Option Term.  The total payroll deductions or lump sum deposit for any employee for an Option Term must equal at least $120.  The maximum total payroll deductions or lump sum deposit for any employee for an Option Term may not exceed $3,750.

(e) Each employee who has satisfied the eligibility requirements of Section 3 but who has elected to abandon (or is deemed to have abandoned) his option in accordance with Section 8 for an Option Term, shall be granted an option in accordance with Section 5 in subsequent Option Terms, provided he continues to meet the eligibility requirements of Section 3.  However, if such an employee is described in paragraph (b) above, he must submit a new payroll deduction agreement under paragraph (b) above in order to begin payroll deductions in a subsequent Option Term.  If such an employee is described in paragraph (c) above, he must submit a new lump sum deposit agreement under paragraph (c) above in order to make a lump sum deposit in a subsequent Option Term.

(f) Electing payroll deductions or making a lump sum deposit in any Option Term will not constitute a contract to purchase any of the option shares.

(g) An employee who fails to participate in the Plan for an Option Term in the manner and within the time provided under this Section 6 shall be deemed to have abandoned the option granted to him for such Option Term and shall have no further rights under the Plan for that Option Term.

 

	
7.  

	
EXERCISE OF OPTION

 

As of the last business day of an Option Term, unless the employee has abandoned his option in accordance with Section 8 (or is deemed to have abandoned his option under Section 6(g)), each employee will be deemed to have exercised his option for such number of shares (including fractional shares) of Common Stock as his accumulated payroll deductions or lump

 

  

6

 

sum deposit shall be sufficient to pay for, subject to the limitations of Sections 4, 5, 9(e) and 9(k).

 

	
8.  

	
EMPLOYEE'S RIGHT TO ABANDON OPTION

 

(a) At any time during an Option Term, up to and including the 15th calendar day of the last calendar month of the Option Term, an employee may elect to abandon his option and withdraw the payroll deductions (if any) or the lump sum deposit (if any) credited to his account under the Plan by giving written notice to the Company.  In order for such abandonment to be effective for the Option Term, the employee's written notice must be received by the Plan Coordinator on or before such day.  All of such employee's payroll deductions or the lump sum deposit credited to his account will be refunded to him (without interest) as soon as practicable after receipt of his notice of withdrawal, and, in the case of an employee who had authorized payroll deductions, no further payroll deductions will be made from his pay as of the first pay date occurring at least 10 business days after the Plan Coordinator receives the employee's written notice, and for the remainder of that Option Term.  (If the first pay date occurs fewer than 10 business days after the written notice of abandonment is received, the scheduled deduction may be taken from the employee's pay for that period, but will be refunded to the employee, along with his other accumulated deductions for the Option Term, in accordance with this paragraph (a).)  The employee shall have no further option or right of any nature at any subsequent time as to any shares so abandoned.

(b) An employee's withdrawal from an Option Term will not have any effect upon his eligibility to participate in any subsequent Option Term, or any similar plan which may hereafter be adopted by the Company.

  

7  

 

 

	
9.  

	
TERMS AND CONDITIONS OF OPTIONS

 

Stock options granted pursuant to the Plan shall be subject to such conditions as the Company shall recommend, provided that all employees granted such options shall have the same rights and privileges (except as otherwise required by applicable law), and provided further that such options shall comply with and be subject to the terms and conditions set forth below.

(a) Employee Notification and Agreement.  Employees shall be notified (i) of the requirements they must meet to be granted options under the Plan, (ii) about the terms and conditions of such options, and (iii) that any employee eligible to be granted options under the Plan may request a copy of the Plan.  An employee's agreement to the terms of an option will be evidenced by his submission of a payroll deduction agreement or a lump sum deposit agreement for an Option Term.

(b) Option Price.  The per share option price for an Option Term shall be determined as set forth in Section 5(b).  In making such determination, during such time as the stock is listed upon an established stock exchange or exchanges, "fair market value" shall be deemed to be the mean between the highest and lowest quoted selling prices on the day the option is granted, on the day the option is exercised, or on one of the additional two business days used to calculate the average value under Section 5(b), as applicable.  During such time as such stock is not listed upon an established stock exchange, the fair market value per share on such days shall be determined by the Company by a method sanctioned by the Code, or rules and regulations thereunder.  The fair market value per share on any day is to be determined in accordance with Treas. Reg. §§ 1.421-7(e) and 20.2031-2.  Subject to the foregoing, the Company shall have full authority and be fully protected in fixing the option price.

  

8  

 

(c) Medium and Time of Payment.  The option price shall be payable in United States dollars upon the exercise of the option and shall be payable only by accumulated payroll deductions or a lump sum deposit made in accordance with Section 6.

(d) Term of Option.  No option may be exercised after the end of the Option Term in which the option was granted.

(e) Accrual Limitation.  No option shall permit the right of an employee to purchase stock under all employee stock purchase plans, intended to qualify under section 423 of the Code, of the Company and its parent corporation (if any) and subsidiary corporations to accrue at a rate which exceeds $25,000 in fair market value of such stock (determined at the time options are granted) for each calendar year in which the option is outstanding at any time.  (The maximum number of shares of Common Stock an employee may purchase under options under this Plan for the first Option Term in a calendar year for which the employee receives an option is determined by dividing (i) $25,000 by (ii) the per share fair market value of Common Stock on the Grant Date of such Option Term.  The maximum number of shares of Common Stock the employee may purchase under options under this Plan for any succeeding Option Term in a calendar year is determined by dividing (i) $25,000 by (ii) the per share fair market value of Common Stock on the Grant Date of such Option Term, and then subtracting from the quotient the total number of shares of Common Stock purchasable by the employee under options granted in the preceding Option Term(s) of the calendar year.  Such total number of shares purchasable shall be calculated as if the employee had elected for each preceding Option Term payroll deductions or a lump sum deposit equal to $3,750, and shall be subject to the 150% limit on the number of shares purchasable set forth in Section 5(c).)  For purposes of this paragraph (e), (i) the right to purchase stock under an option accrues when the option (or any portion thereof) first

  

9  

 

becomes exercisable during the calendar year; (ii) the right to purchase stock under an option accrues at the rate provided in the option but in no case may such rate exceed $25,000 of fair market value of such stock (determined at the time such option is granted) for any one calendar year; and (iii) a right to purchase stock which has accrued under one option granted pursuant to the Plan may not be carried over to any other option.

(f) Termination of Employment.  An option under this Plan granted to an employee who ceases to be employed by the Company or a subsidiary corporation during an Option Term for any reason (including disability or death) after the 15th calendar day of the last calendar month of the Option Term, shall be exercised for such number of whole or fractional shares as the individual's accumulated payroll deductions or lump sum deposit shall then be sufficient to pay for in full (subject to the restrictions in Sections 4, 5, 8, 9(e) and 9(k)) as of the end of such Option Term.  If such an employee ceases to be employed by the Company or a subsidiary corporation during an Option Term for any reason (including disability or death) on or before the 15th calendar day of the last calendar month of the Option Term, such individual's option shall not be exercised, and his accumulated payroll deductions or lump sum deposit shall be refunded (without interest) to him (or, in the event of his disability or death, to his or his estate's personal representative).  No further grants of stock options under this Plan shall be made on behalf of an individual described in this paragraph (f) unless and until such individual again satisfies the eligibility requirements of Section 3.

Whether an authorized leave of absence for military or governmental service shall constitute termination of employment for purposes of the Plan shall be determined by the Company subject to applicable law, which determination shall be final and conclusive.

  

10  

 

 

(g) Nontransferability.  Neither payroll deductions or a lump sum deposit credited to an employee's account nor any rights with regard to the exercise of an option or to receive stock or a return of payroll deductions or a lump sum deposit under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the employee other than by will or the laws of descent and distribution.  Any such attempted assignment, transfer, pledge or other disposition shall be without effect.  Any option may be exercised during the employee's lifetime only by the employee.

(h) Recapitalization.

(1) Subject to any required action by the stockholders, the number of shares of Common Stock provided for in Section 4 and the number covered by each outstanding option (and the price per share thereof in each such option), shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock of the Company resulting from a subdivision or consolidation of shares or the payment of a stock dividend (but only on the Common Stock) or any other increase or decrease in the number of such shares affected, without receipt of consideration by the Company.

(2) Subject to any required action by the stockholders, if the Company shall be the surviving corporation in any merger or consolidation, each outstanding option shall pertain and apply to the securities to which a holder of the number of shares of Common Stock subject to the option would have been entitled.  A dissolution or liquidation of the Company or a merger or consolidation in which the Company is not the surviving corporation, shall cause each outstanding option to terminate, provided that each employee granted an option under this Plan shall, in such event, have the right immediately prior to such dissolution or liquidation, or merger or consolidation in which the Company is not the surviving corporation, to exercise his option.

  

11  

 

(3) In the event of a change in the Common Stock of the Company as presently constituted which is limited to a change of all of its authorized shares with par value into the same number of shares with a different par value or without par value, the shares resulting from any such change shall be deemed to be Common Stock within the meaning of the Plan.

(4) To the extent that the foregoing adjustments relate to stock or securities of the Company, such adjustments shall be made by the Company, whose determination in that respect shall be final, binding and conclusive, provided that each option granted pursuant to this Plan shall not be adjusted in a manner that causes the option to fail to continue to qualify as an option issued pursuant to an "employee stock purchase plan" within the meaning of section 423 of the Code.

(5) Except as hereinbefore expressly provided in this paragraph (h), an employee shall have no rights by reason of any subdivision or consolidation of shares of stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class or by reason of any dissolution, liquidation, merger, or consolidation or spin-off of assets or stock of another corporation, and any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to the option.

(6) The grant of an option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or any part of its business or assets.

  

12  

 

 

(i) Rights as a Stockholder.  An employee or a transferee of an option (as described in paragraph (f) above) shall have no rights as a stockholder with respect to any shares covered by his option until, and only to the extent that, he exercises his option under the terms of the Plan.  No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions or other rights for which the record date is prior to the date such option is exercised, except as provided in paragraph (h) above.

(j) Investment Purpose.  Each option under the Plan shall be granted on the condition that the purchase of stock thereunder shall be for investment purposes and not with a view to resale or distribution, except that in the event the stock subject to such option is registered under the Securities Act of 1933, as amended, or in the event a resale of such stock without such registration would otherwise be permissible, such condition shall be inoperative if in the opinion of counsel for the Company such condition is not required under the Securities Act of 1933 or any other applicable law, regulation or rule of any governmental agency.

(k) Adjustment in Number of Shares Exercisable.  If the aggregate number of shares purchased under options granted under the Plan exceeds the aggregate number of shares of Common Stock specified in Section 4, the Company shall make a pro rata allocation of the shares available for distribution so that the limit of Section 4 is not exceeded, and the balance of payroll deductions or the lump sum deposit credited to the account of each participating employee shall be returned to him as promptly as possible.

(l) Other Provisions.  The option agreements authorized under the Plan may contain such provisions as the Company shall deem advisable, provided that no such provision may in any way be in conflict with the terms of the Plan.

  

13  

 

 

	
10.  

	
AMENDMENT OF THE PLAN

 

(a) The Company's Board of Directors may, from time to time, with respect to any shares not subject to options, suspend, discontinue, revise or amend the Plan in any respect whatsoever except that no such revision or amendment may permit the granting of options under this Plan to persons other than employees of the Company, its parent corporation or a subsidiary corporation, or otherwise cause options issued under it to fail to meet the requirements of section 423 of the Code.

(b) In addition, if he deems it advisable, the Chief Executive Officer of the Company may approve and execute an amendment(s) to the Plan restricting the ability of an employee to make payroll deductions or a lump sum deposit in one or more Option Terms subsequent to an Option Term in which the employee has abandoned his option under Section 8, provided the amendment(s) are consistent with the requirements for employee stock purchase plans under section 423 of the Code.

(c) Notwithstanding paragraph (a) above, the Plan may not, without the approval of a majority of the votes cast at a duly held stockholders' meeting at which a quorum representing a majority of all outstanding voting stock is, either in person or by proxy, present and voting on the Plan, be amended in any manner that will change the number of shares subject to the Plan.

 

	
11.  

	
EFFECTIVE DATE OF PLAN

 

The Plan will become effective as of November 19, 1993, subject, however, to approval of a majority of the votes cast at a duly held stockholders’ meeting at which a quorum representing a majority of all outstanding voting stock is, either in person or by proxy, present and voting on the Plan.  If the Plan is not so approved, the Plan shall nevertheless be effective, but options issued under the Plan shall not constitute options issued under an “employee stock purchase plan,” within the meaning of section 423 of the Code.

  

14  

 

 

	
12.  

	
ABSENCE OF RIGHTS

 

The granting of an option to a person shall not entitle that person to continued employment by the Company or a subsidiary corporation or affect the terms and conditions of such employment.  The Company, its parent corporation (if any) and any subsidiary corporation shall have the absolute rights, in their discretion, to terminate an employee's employment, whether or not such termination may result in a partial or total termination of his option under this Plan.

 

	
13.  

	
APPLICATION OF FUNDS

 

The proceeds received by the Company from the sale of Common Stock pursuant to options will be used for general corporate purposes.

 

	
14.  

	
MISCELLANEOUS

 

(a) The provisions of the Plan shall, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each employee participating in the Plan, including, without limitation, such employee's estate and the executors, administrators or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such employee.

(b) Florida law shall govern all matters relating to this Plan except to the extent it is superseded by United States federal law.

 

 

 

 

 

 

 

15Exhibit 10.52 - Form of Time-Based Option Award for D. Casserley

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 
2012 EQUITY INCENTIVE PLAN

TIME-BASED SHARE OPTION AWARD AGREEMENT

WHEREAS, Willis Group Holdings Public Limited Company and any successor thereto, hereinafter referred to as the “Company,” has adopted the Willis Group Holdings Public Limited Company 2012 Equity Incentive Plan, as may be amended from time to time (the “Plan”); 
WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its shareholders to grant a time-based share option ("Option"), provided for herein to the Executive (as hereinafter defined) pursuant to the Plan and the terms set forth herein;  

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

THIS TIME-BASED SHARE OPTION AWARD AGREEMENT (this “Agreement”), effective as of March 31, 2014, is made by and between the Company and the individual (the “Executive”) who has signed or electronically accepted this Agreement (including the Schedules attached hereto) in the manner specified in the Executive’s online account with the Company’s designated broker/stock plan administrator.

ARTICLE I

DEFINITIONS

Defined terms used in this Agreement shall have the meaning specified below, or to the extent not defined, as specified in the Plan unless the context clearly indicates to the contrary.
Section 1.1 - Cause
“Cause” shall have the same meaning as the definition stated in the Employment Agreement.
Section 1.2 - Change of Control
“Change of Control” shall have the same meaning as the definition stated in the Employment Agreement.
Section 1.3 - Disability 
“Disability” shall have the same meaning as the definition stated in the Employment Agreement.  
Section 1.4 - Employment Agreement
“Employment Agreement” shall mean the agreement entered into on October 16, 2012 by and between the Company and the Executive.
Section 1.5 - Exercise Price

“Exercise Price” shall mean the exercise price of the Option set forth in a Schedule to the Agreement or communicated to the Executive through his online account with the Company’s designated broker/stock plan administrator.  The Exercise Price shall be not less than 100% of the Fair Market Value of the Shares on the Grant Date.

Section 1.6 - Good Reason
“Good Reason” shall have the same meaning as the definition stated in the Employment Agreement.

Section 1.7 - Grant Date

“Grant Date” shall mean the date set forth in a schedule to the Agreement or communicated to the Executive through his or her online account with the Company’s designated broker/stock plan administrator.

Section 1.8 - Initial Term
“Initial Term” shall have the same meaning as the definition stated in the Employment Agreement. 
Section 1.9 - Option

“Option” shall mean a time-based share option to purchase a specified number of Shares at a specified Exercise Price during specified time periods granted in accordance with this Agreement and the Plan, subject to the Executive’s continued employment through each vesting date set forth in a schedule to the Agreement or provided to the Executive through the Executive’s online account with the Company’s designated broker/stock plan administrator, unless otherwise set forth in this Agreement.

Section 1.10 - Plan

“Plan” shall mean the Willis Group Holdings Public Limited Company 2012 Equity Incentive Plan, as amended from time to time.

Section 1.11 - Pronouns

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

Section 1.12 - Pro-Rata Portion
“Pro-Rata Portion” shall have the same meaning as the definition stated in the Employment Agreement.
Section 1.13 - Renewal Term
“Renewal Term” shall have the same meaning as the definition stated in the Employment Agreement.
Section 1.14 - Retirement
“Retirement” shall mean a termination of employment described in the first sentence of Section 3(c) of the Employment Agreement.
Section 1.15 - Secretary
 “Secretary” shall mean the Secretary of the Company.
Section 1.8 - Shares 
“Shares” shall mean Ordinary Shares of the Company, Nominal Value of $0.000115 each, which may be authorized but unissued.
ARTICLE II
GRANT OF OPTION

Section 2.1 - Grant of Option

Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, including any country-specific provisions set forth in Schedule A to this Agreement, the 

Company hereby grants to the Executive an Option to purchase all or part of the aggregate number of Shares that is specified in a schedule to the Agreement or as stated in the Executive’s online account with the Company’s designated broker/stock plan administrator.  This grant is a grant made pursuant to Section 1(f) of the Employment Agreement.  It is the understanding and intent of the parties that this Agreement shall in all respects be consistent with the provisions of the Employment Agreement.  In the event of any conflict between the terms of the Agreement or the Plan and the provisions of the Employment Agreement, the provisions of the Employment Agreement that are more favorable to the Executive shall control.

Section 2.2 - Exercise Price

Subject to Section 2.4, the Exercise Price of each Share subject to the Option shall be as stated in a schedule to the Agreement or communication to the Executive through the Executive’s online account with the Company’s designated broker/stock plan administrator.

Section 2.3 - Employment or Service Rights

Subject to the terms of the Employment Agreement, the rights and obligations of the Executive under the terms of his office or employment with the Company shall not be affected by his participation in this Plan or any right which he may have to participate in it.  

Section 2.4 - Adjustments in Options Pursuant to Change of Control or Similar Event, etc.

Subject to Sections 12 and 13 of the Plan, in the event that the outstanding Shares subject to the Option are, from time to time, changed into or exchanged for a different number or kind of Shares or other securities, by reason of a share split, spin-off, share or extraordinary cash dividend, share combination or reclassification, recapitalization or merger, Change of Control, or similar event, the Committee shall, in its absolute discretion, substitute or adjust proportionally (i) the number and kind of Shares subject to the Option; (ii) the terms and conditions of the Option; and/or (iii) the Exercise Price of the Option.  In the event of a Change of Control and regardless of whether the Option is assumed or substituted by a successor company, the Option shall not immediately vest and become exercisable unless the Committee so determines at the time of the Change of Control, in its absolute discretion, on such terms and conditions that the Committee deems appropriate. Any such adjustment or determination made by the Committee shall be final and binding upon the Executive, the Company and all other interested persons.

Section 2.5 - Clawback Policy

The Company may cancel all or part of the Option or require payment by the Executive to the Company of all or part of any amount or Shares received by the Executive following the exercise of the Option pursuant to the Company’s Clawback Policy, as stated in Section 10 of the Plan, only if the Executive violates the noncompetition provision in Section 6(d) of the Employment Agreement

ARTICLE III
PERIOD OF EXERCISABILITY

Section 3.1 - Commencement of Vesting and Exercisability

(a)Subject to the Executive’s continued employment with the Company or its Subsidiaries through the applicable vesting date, the Option shall vest and become exercisable according to the vesting schedule set forth below and the terms of the Employment Agreement and shall remain exercisable through the periods set forth in Section 3.2 below:

	
		
	Date the Option Becomes Vested and Exercisable
	Percentage of the Option that Becomes Vested and Exercisable

	 
	 

(b)In the event of the Executive’s Termination of Service as a result of death or Disability, the Option shall become vested and exercisable with respect to the Pro-Rata Portion of the Shares underlying the Option.

(c)If, within two years of a Change of Control, the Executive experiences Termination of Service as result of  (i) termination by the Company without Cause, (ii) resignation with Good Reason by the Executive or (iii) delivery to the Executive of a notice of non-renewal prior to the end of the Initial Term or first Renewal Term,  the Option shall become fully vested and exercisable with respect to all Shares underlying such Option one day prior to the date of the Executive’s Termination of Service.

(d)If the Executive experiences a Termination of Service as a result of (i) a termination by the Company without Cause, (ii) resignation with Good Reason by the Executive, or (iii) delivery to the Executive of a notice of non-renewal prior to the end of the Initial Term or the first Renewal Term, the Executive shall be entitled to service credit equal to an additional twelve (12) months, measured as of the date of termination. If, after giving effect to the service vesting credit provided under this Section 3.1(d), the Executive is not deemed to have satisfied the requirement of continued employment through one or more of the applicable vesting dates pursuant to Section 3.1(a), any unvested portion of the Option shall be forfeited as of the date of Termination of Service.

(e)If, the Executive experiences a Termination of Service as a result of his Retirement, (i) the Executive shall be entitled to service credit equal to an additional twenty-four (24) months, measured as of the date of termination.  If, after giving effect to the service vesting credit provided under this Section 3.1(e), the Executive is not deemed to have satisfied the requirement of continued employment through one or more of the applicable vesting dates pursuant to Section 3.1(a), any unvested portion of the Option shall be forfeited as of the date of termination.

(f)Unless otherwise determined by the Committee in its sole discretion, no Option or any portion thereof shall vest and become exercisable in the event of the Executive’s Termination of Service for any reason that is not contemplated under Sections 3.1(b), (c), (d) or (e). 

(g)Any portion of an Option that is vested and exercisable as of a Termination of Service (after giving effect to vesting acceleration and any vesting credits contemplated under Sections 3.1(b) through 3.1(f) or Section 3.1(h)) shall remain exercisable for the period set forth in Section 3.2 (b) below.  The Option over Shares that have not yet vested shall immediately terminate and will at no time become exercisable.

(h)In the event of a Change of Control, the Option shall not automatically vest and become exercisable and the Committee shall have the sole discretion to accelerate the vesting of unvested portion of the Option.

Section 3.2 - Expiration of Option

(a)The Option shall immediately lapse upon the Executive’s Termination of Service, subject to, and except as otherwise specified within, the terms and conditions of Section 3.1, above, and this Section 3.2.

(b)The Option over Shares that has become vested and exercisable in accordance with Section 3.1 will cease to be exercisable by the Executive upon the first to occur of the following events:

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

(ii)Twelve months after the date of the Executive’s Termination of Service by reason of death or Disability; or

(iii)Thirty-six months after the date of the Executive’s Termination of Service by reason of (A) a termination by the Company without Cause, (B) resignation with Good Reason by the Executive, (C) delivery to the Executive of a notice of non-renewal prior to the end of the Initial Term or the first Renewal Term, or (D) Retirement.

(iii)    Ninety days after the date of the Executive’s Termination of Service for any reason other than (A) the reasons set forth in 3.2 (b)(ii) or (iii) or (B) where the Committee has exercised its discretion in accordance with Section 3.1(f) above; or

(iv)    Six calendar months after the date of the Executive’s Termination of Service where the Committee has exercised its discretion pursuant to Section 3.1(f) above and termination is other than for Cause; or

(v)    If the Committee so determines pursuant to Section 13 of the Plan and 3.1(h) of this Agreement, during a specified period immediately prior to the effective date of a Change of Control, so long as the Executive has a reasonable opportunity to exercise or receive value for his Option prior to such effective date. 

(c)The Executive agrees to execute and deliver or electronically accept, in the manner and within the period specified in the Executive’s online account with the Company’s designated broker/stock plan administrator, the Agreement including any applicable Schedules thereto.

(d)The Committee may, in its sole discretion, cancel the Option, if the Executive fails to execute and deliver or electronically accept the Agreement and documents in the manner specified within the period set forth in Section 3.2(c).

ARTICLE IV
EXERCISE OF OPTION

Section 4.1 - Person Eligible to Exercise

During the lifetime of the Executive, only he may exercise an Option or any portion thereof.  After the death of the Executive, any exercisable portion of an Option may, prior to the time when an Option becomes unexercisable under Section 3.2, be exercised by any person empowered to do so under the Executive’s will or under then-applicable laws of inheritance.

Section 4.2 - Partial Exercise

Any exercisable portion of an Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.2; provided, however, that any partial exercise shall be for whole Shares only.

Section 4.3 - Manner of Exercise

An Option, or any exercisable portion thereof, may be exercised solely by delivering to the Secretary or his office or the Company’s agent, if so directed, all of the following prior to the time when the Option or such portion becomes unexercisable under Section 3.2:

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

(b) Full payment  (i) in cash, (ii) electronic transfer, (iii) by way of a cashless exercise with a broker as approved by the Company, (iv) by withholding in Shares to be issued upon exercise of the Option, if this method of exercise is approved by the Committee in its sole discretion; (iv) by way of a surrender of Shares previously-owned by the Executive to the Company, (v) by check, if the Company, in its sole discretion allows this method of payment, (vi) or by a combination thereof) of the Exercise Price for such Option or portion thereof that is exercised, provided the Shares surrendered or withheld have a Fair Market Value (determined as of the day preceding the date of exercise) that is not less than such Exercise Price or part thereof and any Tax-Related Items (as defined in (d) below);

(c) Full payment to the Company of all Tax-Related Items which, under federal, state, local or foreign law, it is required to withhold upon exercise of the Option; 

(d)     In a case where the Company is obliged to (or would suffer a disadvantage if it were not to) account for any Tax-Related Items (in any jurisdiction) for which the Executive is liable by virtue of the Executive’s participation in the Plan that are legally applicable to the Executive or deemed by the Company, in its discretion, to be an appropriate charge to the Executive, the Executive agrees to make adequate arrangements satisfactory to the Company, or its respective agents, to satisfy all Tax-Related Items by electing one or a combination of the following: (i) withholding from the Executive’s wages or other cash compensation paid to the Executive by the Company; (ii) withholding from proceeds of the sale of Shares issued upon exercise of the Option either through a voluntary sale or through a mandatory sale arranged by the Company (on the Executive’s behalf pursuant to this authorization without further consent); (iii) withholding in Shares to be issued upon the exercise of the Option, if this method of exercise is approved by the Committee, in its sole discretion; (iv) by way of surrender of Shares previously-owned by the Executive to the Company; or (v) by the Executive’s payment of the Tax-Related Items by cash, electronic transfer or by check if the Company, in its sole discretion, allows the Executive to pay any Tax-Related Items by check.  Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Executive will receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent.  If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Executive is deemed to have been issued the full number of Shares subject to the exercised Option, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items. Finally, the Executive agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Executive’s participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Executive fails to comply with his obligations in connection with the Tax-Related Items; and 

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

Without limiting the generality of the foregoing, the Committee may, prior to exercise, require an opinion of counsel reasonably acceptable to it to the effect that any subsequent transfer of Shares acquired on exercise of an Option (other than a transfer through a sale of the Shares on the principal stock exchange or electronic trading system on which such Shares are then traded) does not violate the Exchange Act and may issue stop‐transfer orders in the United States covering such Shares.

Section 4.4 - Conditions to Issuance of Shares

The Shares to be delivered upon the exercise of the Option, or any portion thereof in accordance with Section 3.1 of this Agreement, may be previously authorized but unissued Shares.  Such Shares shall be fully paid.  The Company shall not be required to issue or deliver any certificates representing such Shares or their electronic equivalent issued upon the exercise of an Option or portion thereof prior to fulfillment of all of the following conditions:

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

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

Section 4.5 - Rights as Shareholder

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

ARTICLE V
ADDITIONAL TERMS AND CONDITIONS OF OPTION

Section 5.1 - Nature of Grant 

In accepting the Option, the Executive acknowledges, understands and agrees that:

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

(b)the Executive’s participation in the Plan is voluntary and subject to the terms of the Employment Agreement;

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

(d)the Option and any Shares acquired under the Plan and the income and the value of the same are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, dismissal, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

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

(f)if the underlying Shares do not increase in value, the Option will have no value; 

(g)if the Executive exercises the and acquires Shares, the value of such Shares may increase or decrease in value, even below the Exercise Price; 
(h)unless otherwise provided in the Plan, the Employment Agreement or by the Company in its discretion, the Option and the benefits evidenced by this Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Change of Control or similar event affecting the Shares of the Company; and

(i)the Executive acknowledges and agrees that neither the Company nor any Subsidiary shall be liable for any foreign exchange rate fluctuation between the Executive’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to the Executive pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise.

Section 5.2 - No Advice Regarding Grant  

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

ARTICLE VI
DATA PRIVACY NOTICE AND CONSENT

Section 6.1 - Data Privacy

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

(b)    The Executive understands that the Company may hold certain personal information about the Executive, including, but not limited to, the Executive’s name, home address, telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Executive’s favor, for the exclusive purpose of implementing, administering and managing the Plan.  

(c)    The Executive understands that Data will be transferred to Morgan Stanley Smith Barney or to any other third party assisting in the implementation, administration and management of the Plan.  The Executive understands that the recipients of the Data may be located in the Executive’s country or elsewhere, and that the recipients’ country (e.g., Ireland) may have different data privacy laws and protections from the Executive’s country.  The Executive understands that if he resides outside the United States, he may request a list with the names and addresses of any potential recipients of the Data by contacting his local human resources representative.  The Executive authorizes the Company, Morgan Stanley Smith Barney and any other recipients of Data which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his participation in the Plan.  The Executive understands that Data will be held only as long as is necessary to implement, administer and manage the Executive’s participation in the Plan.  The Executive understands that if he resides outside the United States, he or she may, at any 

time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.  Further, the Executive understands that he is providing the consents herein on a purely voluntary basis.  If the Executive does not consent, or if Executive later seeks to revoke his consent, his employment status or service and career with the Company  will not be adversely affected; the only adverse consequence of refusing or withdrawing the Executive's consent is that the Company would not be able to grant the Executive an Option or other equity awards or administer or maintain such awards.  Therefore, the Executive understands that refusing or withdrawing his consent may affect the Executive's ability to participate in the Plan.  For more information on the consequences of the Executive's refusal to consent or withdrawal of consent, the Executive understands that he may contact his local human resources representative.

ARTICLE VII
MISCELLANEOUS

Section 7.1 - Administration

The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules.  Subject to the terms of the Employment Agreement, all actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Executive, the Company and all other interested persons.  No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Options.  In its absolute discretion, the Committee may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan and this Agreement.

Section 7.2 - Options Not Transferable

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

Section 7.3 - Binding Effect

The provisions of this Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns. 
 
Section 7.4 - Notices

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

Willis Group Holdings Public Limited Company
c/o Willis North America, Inc.
One World Financial Center
New York, NY 10281
Attention:  General Counsel

and any notice to be given to the Executive shall be at his address contemplated by the Employment Agreement.

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

Section 7.5 - Titles

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

Section 7.6 - Applicability of Plan 

The Options shall be subject to all of the terms and provisions of the Plan, to the extent applicable to the Options. 

Section 7.7 - Amendment

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

Section 7.8 - Governing Law
This Agreement shall be governed by, and construed in accordance with the laws of Ireland without regard to its conflicts of law provisions.

Section 7.9 - Jurisdiction

The State and Federal courts located in the County of New York, State of New York shall have exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, the parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of such courts.

Section 7.10 - Arbitration

Any dispute with may arise out of or in connection with this Agreement will be subject to the Arbitration clause set forth in Section 7(i) of the Employment Agreement.

Section 7.11 - Electronic Delivery and Acceptance

The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Executive hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party broker/stock plan administrator designated by the Company.  Further, to the extent that this Agreement has been executed on behalf of the Company electronically, the Executive accepts the electronic signature of the Company.

Section 7.12 - Severability

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

Section 7.13 - Schedule B

The Option shall be subject to any special provisions set forth in Schedule B for the Executive’s country of residence, if any.  If the Executive relocates to one of the countries included in Schedule B during the life of the Option, the special provisions for such country shall apply to the Executive, to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons.  Schedule B constitutes part of this Agreement.

Section 7.14 - Imposition of Other Requirements 

The Company reserves the right to impose other requirements on the Option and the Shares acquired upon exercise of the Option, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Executive to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

Section 7.15 - Waiver

The Executive acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Executive or any other Participant of the Plan.

Section 7.16 - Counterparts

This Agreement may be executed in any number of counterparts (including by facsimile), each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.
By the Executive’s execution or electronic acceptance of this Agreement (including the Schedules attached hereto) in the manner specified in the Executive’s online account with the Company’s designated broker/stock plan administrator, the Executive and the Company have agreed that the Option is granted under and governed by the terms and conditions of the Plan and this Agreement (including the Schedules attached hereto).

	
		
	 
	SIGNED for and on behalf of
WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY by:

           
__________________________________         
Name:  
Title:    

SCHEDULE A

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY
2012 EQUITY INCENTIVE PLAN

TIME-BASED SHARE OPTION AWARD Agreement- Acceptance Form 

	
		
	Name
	   

	Number of Shares Granted Under Option
	 

	Grant Date
	   

	Option Price
	

I accept the grant of the Options under the Willis Group Holdings Public Limited Company 2012 Equity Incentive Plan, as amended from time to time, and I agree to be bound by the terms and conditions of the Share Option Award Agreement dated [•] and any country-specific terms set forth in Schedule B, thereto.

	
	
	Signature:

	Address:

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

General Counsel 
Willis Group Holdings Public Limited Company
c/o Willis North America, Inc.
One World Financial Center
New York, NY 10281 
U.S.A.

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

SCHEDULE B

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY 
2012 EQUITY INCENTIVE PLAN

COUNTRY-SPECIFIC APPENDIX TO 
TIME-BASED SHARE OPTION AWARD AGREEMENT

Terms and Conditions
This Schedule B includes additional terms and conditions that govern the Option granted to the Executive under the Plan if the Executive resides in one of the countries listed below. This Schedule B forms part of the Agreement.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement or the Plan.
Notifications
This Schedule B also includes information based on the securities, exchange control and other laws in effect in the Executive’s country as of March 2014.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Executive not rely on the information noted herein as the only source of information relating to the consequences of the Executive’s participation in the Plan because the information may be out of date at the time the Executive exercises the Option under the Plan.
In addition, the information is general in nature.  The Company is not providing the Executive with any tax advice with respect to the Option.  The information provided below may not apply to the Executive’s particular situation, and the Company is not in a position to assure the Executive of any particular result. Accordingly, the Executive is strongly advised to seek appropriate professional advice as to how the tax or other laws in the Executive’s country apply to the Executive’s situation.  
Finally, if the Executive is a citizen or resident of a country other than the one in which the Executive is currently working, transfers employment after this Option is granted, or is considered a resident of another country for local law purposes, the notifications contained herein may not be applicable to the Executive, and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to the Executive.
United Kingdom
Terms and Conditions
Tax Withholding Obligations
The following provisions supplements Section 4.3(d) of the Agreement: 

The Executive agrees that if he or she does not pay or the Company does not withhold from the Executive the full amount of income tax that the Executive owes at exercise, or the release or assignment of the Option for consideration, or the receipt of any other benefit in connection with the Option (the “Taxable Event”), within 90 days after the Taxable Event or such other period specified in section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003, then the amount of any uncollected income tax may constitute a benefit to him on which additional income tax and national insurance contributions ("NICs" may be payable.  The Executive understands and agrees that he will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company for the value of any NICs due on this additional benefit.  
UNITED STATES OF AMERICA

Notifications
 
Tax Information
The Option is not an incentive stock option within the meaning of Section 422 of the Code.
Exchange Control Information
Under the Foreign Account Tax Compliance Act (“FATCA”), United States taxpayers who hold Shares or rights to acquire Shares (i.e., an Option) may be required to report certain information related to their holdings to the extent the aggregate value of the Options/Shares exceeds certain thresholds (depending on the Executive’s filing status) with the Executive’s annual tax return.  The Executive is advised to consult with his or her personal tax or legal advisor regarding any FATCA reporting requirements with respect to the Option or any Shares acquired under the Plan.

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

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