Document:

Exhibit 10.48

THIS AGREEMENT is made 22nd day of April 2005
BETWEEN:.

 

PARTIES:

 

AON LIMITED whose registered office is at 8
Devonshire Square, London, EC2M 4PL (“the Company”) and

 

Stephen P
McGill of
Green End Park, Dane End, Ware,
Hertfordshire, SG12 ONU (“you”)

 

IT IS HEREBY AGREED AS FOLLOWS:

 

1.                                You shall be employed by the Company in the
capacity set out in paragraph 2 of the Schedule and shall perform such duties
and exercise such powers as the Company may from time to time decide, in a
competent and expeditious manner.

 

2.                                You shall, when reasonably required by the
Company, perform services not only for the Company but also for any other Group
Company.

 

3.                                You shall comply with the reasonable
directions from time to time of the Board of Directors of any Group Company in
whose service you may at any time be engaged (“the
Board”).

 

4.                                You shall, unless prevented by physical or
mental incapacity, devote your whole time and attention to the business of the
Company and the Group and shall use your best endeavours to promote their
interests and financial success, giving to the Company at all times the full
benefit of your knowledge, expertise and skill. You shall not knowingly do and
shall exercise your best endeavours to prevent there being done, any act or
thing which may in any way be prejudicial or detrimental to the Company.

 

5.                                The parties agree to comply with the law in
relation to working time as amended and set out in paragraph 17 of the
Schedule.

 

6.1                          This Agreement shall commence on the date as
set out in paragraph 3(i) of the Schedule and shall (subject to
termination by notice as provided below or the provisions for termination as
provided in clause 6.3 of this Agreement, or the provisions for summary
termination as provided in clause 25 of this Agreement) continue for an initial
fixed period of 3 years expiring on 31st May 2008 (the “Fixed
Term Period”) and thereafter shall continue until terminated by either party
giving to the other not less than 12 months’ notice expiring on or at any time
after 31st May 2008 (the “Notice Period”).

 

Executive Contract: Stephen
P McGill

 

1

 

6.2                          The Company reserves the right to terminate
your employment prior to the end of the Fixed Term Period, in which event (and
unless such termination is under the provision as provided in clause 6.3 of
this Agreement or under the provisions for summary termination at clause 25 of
this Agreement) the Company will immediately pay you a sum equal to the
aggregate of the salary, pension contribution and the grade allowance (but not
the discretionary bonus) that would otherwise have been payable during the
remainder of the Fixed Term Period (the “Fixed Term Early Payment Period”). In
the event that the Company gives you Notice after 31st May 2007
so that your employment ends after the Fixed Term Period, the Company reserves
the right to apportion the payment to you for the Notice Period under this
clause 6 for the Fixed Term Early Payment Period and under clause 7 for the
remainder of the Notice Period.

 

6.3                          If, however, your employment is terminated by
the Company at any time because you have failed to attain or maintain
competence or because you have failed a “good repute” check as required by the
Company for FSA Regulatory purposes, then the Company may terminate your
employment prior to the end of the Fixed Term Period or the Notice Period by
giving you 1 month’s written notice expiring at any time or statutory written
notice if this is greater.

 

6.4                          This Agreement shall be in substitution for
any subsisting service agreement or contract of employment (oral or otherwise)
between you and the Company or between you and any other Group Company which
shall be deemed to have been terminated by mutual consent with effect from the
Effective Date.

 

7.                                If your employment continues after the Fixed
Term Period, the Company may (subject to clause 6.2 of this Agreement) in its
sole discretion make a payment of basic salary in lieu of giving you notice
throughout the Notice Period. In this event you will not be entitled to any
discretionary or contractual bonus or to any salary increases for the period in
which you would otherwise have worked. The payment in lieu of notice may at the
Company’s option be made in one lump sum or in instalments no less frequent
than such basic salary would otherwise have been paid. The Company will,
subject to clauses 8 and 9 make provision for:

 

7.1                          the continuation of additional benefits as et
out in paragraph 14 and 15 of the Schedule from the date of the termination for
a period equivalent to the notice period referred to in clause 6;

 

2

 

7.2         you will be granted retirement benefits which when aggregated with any
Revaluation are equal to those to which you would have been entitled had you
worked until the End Date (meaning expiry of the notice period referred to in
clause 6 , or until your Normal Retirement Date as specified in paragraph 9 of
the Schedule (if earlier), at a salary equivalent to your basic salary at the date
of the termination. For this purpose, “Revaluation” means any revaluation or
increase in your retirement benefits in respect of the period between the date
of termination and the End Date assuming that price inflation is throughout
that period at the same rate as it was over the 12 month period ending on the
date of termination. No account will be taken of any benefits attributable to
additional voluntary contributions. The benefits shall be provided at the
Company’s discretion from either: -

 

7.2.1      the Exempt Approved Pension Scheme specified in paragraph 10 of the
Schedule (subject to the consent of the trustees for the time being of the said
scheme), or

 

7.2.2      any other Exempt Approved Scheme, or

 

7.2.3      a combination of 7.2.1 and 7.2.2.

 

8.           Clause 7.2 shall be subject to the consent of the Inland Revenue (if
necessary) and to any limits from time to time imposed by the Inland Revenue
upon Exempt Approved Schemes, and clause 7.2 shall operate only to the extent
(if at all) as permitted by the Inland Revenue. The expression “Exempt Approved Scheme” shall have the meaning given to it
by Section 592(1) of the Income and Corporation Taxes Act 1988.

 

9.           The provision of the additional benefits referred to in clause 7.1 will
cease immediately should you commence new employment at any time prior to the
expiry of the period referred to in clause 6.

 

10.         This Agreement will terminate automatically on the date as set out in
paragraph 9 of the Schedule. You shall be entitled to participate in any bonus
scheme as described in clause 13, on a pro-rata basis in your final year of
service under this Agreement, should your Normal Retirement Date fall other
than on the date on which the bonus is calculated.

 

11.         You shall be paid an annual salary of not less than that specified in
paragraph 6 of the Schedule, and such salary will accrue from day to day and
will be paid monthly in arrears.

 

12.         During the period of your employment the Company shall annually, on the
date specified in paragraph 7 of the Schedule, review your salary and any
subsequent salary change will have regard to your performance and other
circumstances which the Company considers relevant.

 

3

 

13.         At the Company’s sole discretion you shall be entitled to participate
in such incentive or bonus scheme(s) which the Company may offer to you,
subject to the terms and conditions of such scheme(s) from time to time.

 

14.         The Company shall be entitled to deduct from your salary and benefits,
all sums owing from you to the Company or any Group Company.

 

15.         The Company or a Group Company, as appropriate, shall pay or reimburse
you for all expenses properly and reasonably incurred by you in the performance
of your duties, upon production of all relevant receipts and vouchers where
available.

 

16.         You shall be entitled to:-

 

16.1       membership of the pension scheme referred to in paragraph 10 of the
Schedule, or such scheme(s) as the Company may from time to time operate
for its employees in accordance with your offer of membership, and the rules of
the scheme(s) from time to time;

 

16.2       those benefits as may from time to time be in force details of which
are set out in paragraph 14 of the Schedule subject always to the provisions of
any rules governing the availability of such benefits;

 

16.3       other benefits from time to time in force including, but not limited
to, those benefits as set out in paragraph 15 and 16 of the Schedule, subject
always to the rules of each of the schemes therein referred to or other
applicable rules in force from time to time.

 

17.         The rules governing absence from work due to sickness or injury
are set out in the Employee Handbook. Subject to those rules, you shall be
entitled to your full salary and benefits for up to an aggregate of 6 months in
any 12 month period for absence due to sickness or injury, and thereafter will
be eligible for consideration to receive benefit under the long term disability
scheme referred to in paragraph 16 of the Schedule, subject to the rules of
that scheme or other applicable rules in force from time to time.

 

18.         Your principal place of work at the date hereof is as set out in
paragraph 5 of the Schedule. You may be required to travel on the business of
the Company or any Group Company in the proper performance of your duties from
time to time, and you shall work in such place or places as the Company or any
Group Company shall reasonably require.

 

19.         The Company has the right as a term of your employment to transfer you
either temporarily or permanently to any of its establishments at other
locations, but the exercise of the right in the case of a permanent transfer
will be subject to:

 

·      the proposal being discussed with you;

 

·      your domestic circumstances being taken into account;

 

4

 

·      whether relocation would be required in your case and, if so, the terms
for such relocation;

 

·      the suitability for you of the work at the proposed new location; and

 

·      where relocation is neither proposed nor considered necessary for a
change of the geographical area in which you would undertake your duties,
whether the proposed new area will be realistically accessible from your normal
residence.

 

Temporary transfers will be proposed principally to cover short-term
requirements at other locations. As these may occur at short notice, the
Company will take into account the grounds for any objections you may raise
about such a temporary move, while reserving the right to insist on your
compliance with a requirement for such a temporary transfer.

 

20.         You shall not, without the prior consent in writing of the Company
obtained from the Chairman of the Company or Group Company in whose service you
may at any time be engaged during the period of your employment under this
Agreement, be directly or indirectly engaged, concerned or interested in the
conduct and/or management of, or involvement with any other business of any
kind whatsoever, whether or not in competition with the Company or any Group
Company. Nothing in this clause shall, however, prevent you from holding or
being beneficially interested in shares or securities quoted on any recognised
Stock Exchange or dealt in on the Unlisted Securities Market or on any
recognised over-the-counter Market, provided that you shall, if reasonably
required by the Company, make a full disclosure to the Company of such
interest.

 

21.         Provided that nothing in this Agreement shall preclude you from making
a protected disclosure in accordance with the provisions set out in the
Employment Rights Act 1996 which should be made in accordance with the Company’s
disclosure procedure, you shall:

 

21.1       at all times during the period of your employment, keep secret and use
only for the Company and Group’s use and benefit, any Confidential Information;

 

21.2       at all times after your employment has ended, for whatever reason, keep
secret and not use for your benefit or for the benefit of others any
Confidential Information obtained or which otherwise came into your possession
during your employment;

 

21.3       not make or write any statement for any representative of television,
radio, film or other similar media and shall not write any article for the
press or otherwise for publication on any matter connected with or related to
the business of the Company or any Group Company without first obtaining the
written approval of the Chairman of the Company, such approval not to be
unreasonably withheld.

 

5

 

21.4       on the termination of your employment, for whatever reason, immediately
return all records, documents, computer disks, papers, notes (including copies)
and everything else which is in your possession or under your control and which
contains or records (in whatever form or media) Confidential Information and
shall not retain copies in any form or manner or media whatsoever.

 

22.         Subject to the provisions of the Patents Act 1977, the Registered
Designs Act 1949 and the Copyright Designs and Patents Act 1988, if at any time
in the course of or in connection with your employment under this Agreement you
make or discover or participate in the making or discovery of any Intellectual
Property directly or indirectly relating to or capable of being used in the
business carried on by the Company or by any Group Company, full details of the
Intellectual Property shall immediately be disclosed in writing by you to the
Company and the Intellectual - Property shall be the absolute property of the
Company. At the request and expense of the Company, you shall give and supply
all such information, data, drawings and assistance as may be necessary or in
the opinion of the Company desirable to enable the Company of any Group Company
to exploit the Intellectual Property to the best advantage, and shall execute
all documents and do all things which may be necessary or in the opinion of the
Company desirable for obtaining patent or other protection for the Intellectual
Property in such parts of the world as may be specified by the Company and for
vesting the same in the Company or as it may direct.

 

23.         If you are dissatisfied with any disciplinary decision relating to you,
or if you have any grievance arising from your employment, you may refer any
such matter to the relevant Divisional Chairman of Aon Limited and if the
grievance is not resolved by discussion with you, it will then be referred to
the Chairman and Chief Executive Officer of Aon Limited whose decision will be
conclusive.

 

24.         The Company may from time to time (including but without limitation
during all or part of any period of notice to terminate this Agreement) suspend
or exclude you from the performance of your duties and/or from all or any
premises of the Company or any Group Company for any period. If the Company
wishes you to work in one of its offices for all or part of your notice period,
you may be assigned reasonable alternative tasks and duties to those which you
were previously given. During any period of notice during which you are not
required to attend at the offices of the Company you shall:

 

24.1       continue to receive your full remuneration and other benefits payable
or otherwise provided hereunder during your notice period;

 

24.2       comply with the reasonable directions of the Company with regard to its
Clients and business;

 

24.3       arrange mutually suitable dates with the Company in which to take the
full amount of any outstanding unused holidays to which you are entitled.

 

6

 

25.         Notwithstanding anything else in this Agreement, the Company shall be
entitled to terminate your employment immediately without notice at any time
during its continuance, without payment in lieu of notice and without prejudice
to any other rights of the Company if:-

 

25.1       you shall have acted in a manner which is materially prejudicial to the
Company, the Group or its or their businesses; or

 

25.2       you shall be guilty of any gross misconduct or after one or more
warnings, of any repeated misconduct, or shall fail or neglect efficiently and
diligently to perform your duties, or shall refuse or fail to observe any of
your obligations (other than minor failures which, being capable of being
remedied, are remedied forthwith by you upon being notified thereof by the
Board, a director, or any nominee of the Board); or

 

25.3       you are legally disqualified from being a director for any reason
whatsoever; or

 

25.4       you become bankrupt, or make any arrangement or composition with your
creditors; or

 

25.5       you are convicted of any criminal offence or are the subject of an
adverse finding of a disciplinary tribunal, other than an offence which, in the
opinion of the Company, does not affect your position as an employee of the
Company (bearing in mind the nature of the duties in which you are engaged and
the capacity in which you are employed); or

 

25.6       you are guilty of any conduct tending to bring yourself, the Company or
any Group Company into disrepute.

 

26.         In the case of activities subject to review in clauses 25.1.1, 25.1.2,
21.1.5 and 21.1.6, the Board for the time being of the Company shall determine,
by a majority decision, whether in their opinion those activities are such as
to entitle the Company to terminate your employment.

 

27.         In the event of the termination of your employment by the Company under
clause 25, the Company shall not be obliged to make any further payment to you
beyond both the amount of any remuneration actually accrued to the date of such
termination and payment in respect of any outstanding unused holiday
entitlement at the date of termination, The Company may deduct from such sums
any sums owing to it by you.

 

28.         Upon the termination of your employment with the Company, for whatever
reason, you shall, upon the request of the Company, resign without claim for
compensation from your office as a director of the Company and/or any Group
Company, or any other company in which the Company required you to hold office
in connection with your appointment and from all other offices and trusteeships
held by you in or in connection with such companies.

 

7

 

29.         Should you fail to resign from your office as a director, or from any
other office or trusteeship as is referred to in clause 28, either during your
employment when requested by the Company so to do, or on termination, the
Company is irrevocably authorised by you to appoint some person in your place
and on your behalf to execute any documents and to do all things requisite to
give effect thereto and you agree forthwith, on the request of the Company, to
ratify and confirm all such things done in pursuance of this power.

 

30.         RESTRICTION OF ACTIVITIES

 

Relations with Clients, Prospective
Clients and Producers

 

30.1       For 12 months after the lawful termination of your employment you shall
not for the purpose of seeking or doing Competing Business either directly or
indirectly, solicit, canvass or approach or endeavour to solicit, canvass or
approach, either on your own behalf or on behalf of any other person, firm or
company, any Client or Prospective Client of the Company or any Group Company
with whom you had material dealings in the course of your employment at any
time in the period of 12 months preceding the date of the termination of your
employment.

 

30.2       For 12 months after the lawful termination of your employment you shall
not for the purpose of seeking or doing Competing Business either directly or
indirectly handle or accept business from, either on your own behalf or on
behalf of any other person, firm or company, any Client or Prospective Client
of the Company or any Group Company with whom you had material dealings at any
time in the course of your employment in the period of 12 months preceding the
date of the termination of your employment.

 

30.3       For 12 months after the lawful termination of your employment you shall
not for the purpose of seeking or doing Competing Business either directly or
indirectly, solicit, canvass or approach or handle or accept business from or
endeavour to solicit, canvass or approach or handle or accept business from,
either on your own behalf or on behalf of any other person, firm or company,
any Producer of the business of a Client or Prospective Client with whom you
had material dealings at any time in the course of your employment in the
period of 12 months preceding the date of the termination of your employment.

 

30.4       The 12 month period mentioned in sub-clauses 30.1, 30.2. and 30.3 shall
be reduced by any period during which the Company, suspends you from your
normal duties and/or excludes you from the premises of the Company or of any
Group Company.

 

8

 

Relations with Company employees and former
employees

 

30.5       You shall not for 12 months after the lawful termination of your
employment either directly or indirectly solicit or entice away or endeavour to
solicit or entice away from the Company or any Group Company, either on your
own behalf or on behalf of any other person, firm or company, any person who is
employed by or is an agent, officer or consultant of the Company or any Group
Company who is or was personally known to you and who by reason of seniority or
position is likely to be in possession of confidential information which is
likely to be of assistance to any person, firm or company competing with the
Company or any Group Company whether or not such person would commit a breach
by reason of their leaving the Company or any Group Company.

 

30.6       You shall not for 6 months after the lawful termination of your
employment work in any capacity either on your own behalf or on behalf of any
other person, firm or company, or handle Competing Business with any person
with whom who you worked for any material period of time in the period of 12
months preceding the date of the termination of your employment who was during
such period employed by or an agent, officer or consultant of the Company or
any Group Company where you and such person are each likely to be in possession
of information confidential to the Company or any Group Company which if
utilised by you together would be likely to be of assistance to any person,
firm or company competing with the Company or any Group Company.

 

Additional Covenants and Reasonableness of Restrictions

 

30.7       You covenant with the Company in terms identical to those contained in
clauses 30.1, 30.2 and 30.3, and 30.5 and 30.6 except that the references to
the termination of your employment shall refer to the termination of your
employment for any reason whatsoever whether lawful or wrongful.

 

30.8       You and the Company both agree that restrictions contained in this
clause 30 are reasonable.

 

Notification to prospective future employers

 

30.9       You shall provide a copy of this clause 30 to any prospective employer
before accepting employment with them and shall procure from the prospective
employer written confirmation to the Company that they have seen a copy of this
clause 30.

 

Severability

 

30.10     Each of the obligations contained in this clause 30 constitutes an
entirely separate and independent restriction on you notwithstanding that they
may be contained in the same paragraph, sentence or phrase.   If any particular obligation or obligations
are held unenforceable for any reason, this shall not affect the enforceability
of the other obligations upon you.

 

9

 

31.         If you shall, whilst this Agreement is in force, (or at any time during
a period of 12 months immediately following the termination of your employment
for whatever reason) receive from any person, firm or company an offer to
provide services in any capacity whatsoever, or to enter into employment where
acceptance of such offer, or the taking of such employment, might render you in
breach of the provisions of this Agreement, you shall promptly provide a copy
of this Agreement to the offerer.

 

32.         No amendment to this Agreement shall be effective unless made in
writing and signed by, or on behalf of, each of the Parties.

 

33.         The provisions of the Schedule and any special terms endorsed upon this
Agreement, or otherwise agreed in writing by, or on behalf of, the Parties,
shall be read and construed as part of this Agreement and shall be enforceable
accordingly.

 

34.         The contractual sections of the Employee Handbook are terms of this
Agreement. Where those terms differ, the terms of this Agreement override those
in the Employee Handbook.

 

35.         The Schedule to this Agreement sets out the particulars of your
employment with the Company in accordance with the requirements of the
Employment Rights Act 1996.

 

36.         In this Agreement, the following expressions shall have the meanings
assigned to them, respectively:-

 

36.1       “Associated Company”
means any company at least 20% of the equity share capital of which is
beneficially owned by the Company’s ultimate holding company, or any of its
subsidiaries.

 

36.2       “Chairman” means, in
relation to any company or other person holding the equivalent position, the
duly appointed Chairman.

 

36.3       “Client” means any
party to whom the Company provides risk management or risk transfer advice or
any insured party on insurance or reinsurance coverage arranged by the Company,
or any Group Company, whether such coverage is arranged either directly, or
through any intermediary.

 

36.4       “Competing Business”
means any business which competes with any business carried on at the time of
the termination of your employment by the Company or by any Group Company in
which you were involved to any material extent at any time in the    —12 months preceding the date of the
termination of your employment.

 

10

 

36.5       “Confidential Information” means all information which is of a confidential nature to the Company
and the Group, including without limitation business methods and systems and
contractual relations, whether with Clients, Producers, intermediaries, insurers
or underwriters, lists of Clients, Prospective Clients, and any other clients, insurers
or underwriters, and all confidential information relating to Clients or Prospective
Clients or any other clients, including policy terms, conditions and rates, expiry
dates, customer risk characteristics and information concerning the insurance arrangements
for large and complex risks and whether or not any papers or documents are
marked confidential.

 

36.6       “Employee Handbook”
the Aon Limited Employee Handbook, as amended from time to time.

 

36.7       “Group” means the
Company and all Associated Companies of it and its ultimate holding company.

 

36.8       “Group Company”
means any Company within the Group of which the Company is a member.

 

36.9       “Intellectual Property”
means inventions (whether patentable or not, and whether or not patent
protection has been applied for or granted), improvements, developments,
discoveries, proprietary information, trade marks, trade names, logos, art
work, slogans, know-how, processes, designs (whether or not registerable and
whether or not design rights subsist in them), utility models, works in which
copyright may subsist (including computer software and preparatory and design
materials therefor), and all works protected by rights or forms of protection
of a similar nature or having equivalent effect anywhere in the world.

 

36.10     “Producer” means a
party (including but not limited to an insurance or reinsurance intermediary)
who has introduced a Client to the Company or a Group Company.

 

36.11     “Prospective Client”
means a party for whom the Company or any Group Company has had material
dealings with a view to providing risk management or risk transfer advice or
arranging insurance or reinsurance coverage for that party, whether such
coverage is to be arranged either directly or through any intermediary.

 

36.12     “Subsidiary” shall
have the meaning given to it by the Companies Act 1985.

 

37.         Any notice under this Agreement may be served by the Company or any
Group Company on you, either personally, or by leaving it at, or sending it by
registered post to your last known residential address, or by facsimile to your
facsimile number.

 

37.1       Any notice under this Agreement may be served by you on the Company, or
any Group Company, by delivery to the Chairman of the Company, or Group
Company, or by sending it by registered post to the registered office of the
Company or Group Company, or by facsimile to the Company or Group Company’s
facsimile number, or to such other address, or facsimile number as may be
notified to you from time to time for this purpose.

 

11

 

37.2       Any notice sent by registered post, by either party, shall be deemed to
have been served on the second day following that on which it was posted
(excluding a Saturday, Sunday, Bank Holiday or Public Holiday) and, in proving
such service, it shall be sufficient to show that the notice was properly
addressed and posted.

 

37.3       Any notice given by facsimile, by either party, shall be deemed to have
been served at the time of successful transmission.

 

38.         This Agreement shall be governed by, and interpreted according to, the
Laws of England.

 

12

 

 

	
  SIGNED for and on behalf of Aon Limited by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DIRECTOR

  	
  ILLEGIBLE

  	
   

  
	
   

  	
   

  
	
  NAME
  (BLOCK CAPITALS)

  	
  ILLEGIBLE

  	
   

  
	
   

  	
   

  
	
  COMPANY
  SECRETARY

  	
  ILLEGIBLE

  	
   

  
					

 

I
have read, agree and accept the terms and conditions of this Agreement and
further confirm that I have received a copy of the Employee Handbook referred
to therein and have read and understood its terms.

 

	
  SIGNED as a deed and delivered by the said

  	
   

  
	
   

  	
   

  
	
  SIGNATURE
  

  	
  /s/ Stephen Phillip
  Mcgill

  	
   

  
	
   

  	
   

  
	
  NAME
  (BLOCK CAPITALS) 

  	
  STEPHEN PHILLIP MCGILL

  	
   

  
	
   

  	
   

  
	
  DATE  

  	
  5/7/05

  	
   

  
					

 

	
  in
  the presence of:-

  	
   

  
	
   

  	
   

  
	
  Name:
  

  	
  SALLY
  TIMMS

  	
   

  
	
   

  	
   

  
	
  Address:

  	
  171, CONWAY AVENUE
  GREAT WAKERING 

  ESSEX SS3OBH

  	
   

  
	
   

  	
   

  
	
  Occupation:
  

  	
  PERSONAL
  ASSISTANT

  	
   

  
					

 

 

13

 

THE SCHEDULE

 

1.
THE EXECUTIVE:

 

	
   

  	
  NAME:

  	
  Mr
  Stephen P McGill

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ADDRESS:

  	
  Green
  End Park

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Dane
  End

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Ware

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Hertfordshire

  	
   

  
	
   

  	
   

  	
   

  
	
  SG12 0NU

  	
   

  	
   

  

 

	
  2.  CAPACITY
  OF EMPLOYMENT OF THE EXECUTIVE:

  	
   

  
	
   

  	
   

  
	
   

  	
  Chief Executive Officer, GLC

  
	
   

  	
  This is an appointment at Aon Role Level

  
	
   

  	
  (ARL) 1

  
	
   

  	
   

  
	
  3.  (i) 
  THE TERMS OF THIS AGREEMENT WILL TAKE EFFECT FROM:

  
	
   

  	
  at a start date no later than 1st
  June 2005 as mutually agreed

  
	
   

  	
   

  
	
  4.  THE EMPLOYER:

  	
   

  
	
   

  	
  Aon Limited

  
	
   

  	
   

  
	
  5.
    ADDRESS OF WORKPLACE:

  	
   

  
	
   

  	
  London

  
	
   

  	
   

  
	
  6.  SALARY:

  	
   

  
	
   

  	
  £550,000 p.a. Payable monthly

  
	
   

  	
   

  
	
  7.  ANNUAL
  REVIEW DATE:

  	
   

  
	
   

  	
  1st April

  
	
   

  	
   

  
	
  8.  NOTICE
  PERIOD:

  	
   

  
	
   

  	
  You are referred to Clause 6 of this agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
  9.  NORMAL
  RETIREMENT DATE:

  	
   

  
	
   

  	
  Your 65th Birthday

  
	
   

  	
   

  
	
  10.  PENSION
  SCHEME:

  	
   

  
	
   

  	
  Aon 1999 Pension Scheme Tier 3 £125,000 per annum

  
	
   

  	
   

  
	
  11.  A
  CONTRACTING-OUT CERTIFICATE IS NOT IN FORCE.

  
			

 

14

 

	
  12.  DISCIPLINARY
  AND GRIEVANCE PROCEDURES :

  
	
   

  	
  You are referred to the Disciplinary Procedure in the
  online Employee Handbook and clause 23 of this Agreement

  
	
   

  	
   

  
	
  13.  SICKNESS
  AND STATUTORY SICK PAY:

  	
   

  
	
   

  	
  You are referred to the Sickness Absence section of the
  online Employee Handbook and clause 17 of this Agreement

  
	
   

  	
   

  
	
  14.  BENEFITS:

  	
   

  
	
   

  	
  A minimum of 25 days’ paid annual holiday, to be
  taken at such time or times as shall be agreed with the Company, in addition
  to public holidays;

  
	
   

  	
   

  
	
   

  	
  Reimbursement of 75% of your home telephone bill;

  
	
   

  	
   

  
	
   

  	
  Payment of a non-pensionable grade allowance of
  £30,000 gross per annum.

  
	
   

  	
   

  
	
   

  	
  Mandatory 2-yearly Executive Platinum health-screening.

  
	
   

  	
   

  
	
  15.  PRIVATE
  MEDICAL INSURANCE SCHEME.

  
	
   

  	
  Cover will be provided in accordance with the scheme
  arranged by the Company provided a satisfactory medical report has been
  obtained by the Company.

  
	
   

  	
   

  
	
  16.  LONG
  TERM DISABILITY SCHEME.

  	
   

  
	
   

  	
  Cover will be provided in accordance with the scheme
  arranged by the Company provided a satisfactory medical report has been
  obtained by the Company.

  
	
   

  	
   

  
	
  17.  WORKING
  TIME:

  	
   

  
	
   

  	
  The parties agree that your working hours in excess
  of 35 hours are not measured or predetermined and can be determined by you
  yourself. You therefore agree that regulations 4(1) and (2), 6(1),
  (2) and (7), 10(1), 11(1) and (2) of the Working Time
  Regulations 1998 shall not apply to that part of your work which is not
  measured or predetermined and which can be determined by you.

  

 

15Exhibit 10.49

 

8 Devonshire Square

London EC2M 4PL

tel: 020 7623 5500

fax: 020 7621 1511

 

31 December 2007

 

Strictly
private and confidential - 

Addressee
only

 

Mr
Stephen P. McGill

Green
End Park

Dane
End

Ware

Hertfordshire

SG12
ONU

 

Dear
Stephen

 

Re: Variation
of your executive agreement

 

I set out below the
amendments to the terms and conditions of your employment with Aon Limited (“the
Company”) as set out in your offer
letter and Executive Agreement dated 22 April 2005 and your
overseas assignment letter dated 26 July 2006.

 

1.                 Contract Term and Payment
in Lieu of Notice:    Clauses
6.1 and 6.2 of your Executive Agreement
shall be deleted and replaced with the following paragraphs:

 

6.1.1                           This Agreement shall commence on the date set out
in paragraph 3 (i) of the Schedule to this Agreement and shall
(subject to termination by notice as provided below, the provisions for
termination in clause 6.3 below, or the provisions for summary termination as
provided in clause 25 of this Agreement)
continue for a fixed period until 1 January 2013 (the “Fixed
Term Period”);

 

6.1.2                      This
Agreement can be renewed beyond 1 January 2013 by the Company giving to
you 90 days notice of renewal by 1 October 2012, such offer of renewal to
be accepted by you within 30 days of the date of the offer. If this Agreement
is renewed then it shall continue until terminated by either party giving to
the other not less than 12 months’ written notice (the “Notice Period”);

 

6.2                               The
Company reserves the right to terminate your employment prior to the end of the Fixed Term Period by giving you not
less than 12 months’ notice or in its sole discretion making a payment
in lieu of notice as set out below. Unless such termination is under the
provision as provided in clause 6.3 of this
Agreement or under the provisions for summary termination at clause 25 of this
Agreement the Company will pay you a sum equal to the aggregate of the
salary and benefits for any period of the 12 months notice not worked by you
plus the salary that would otherwise have been payable during the remainder of the Fixed Term Period (the “Fixed Term Early Payment Period”). In
the event that the Company gives you notice after 2 January 2012 so that your
employment ends after the Fixed Term Period, the Company reserves the right to
apportion the payment to you for the notice period under this clause 6 for the Fixed Term Early Payment Period
and under clause 7 for the remainder of the notice period.

 

Aon Limited

Registered Office: 8 Devonshire Square, London EC2M 4PL

Registered in London No. 210725 ·  VAT Registration No. 480 8401 48

Aon Limited is authorised and regulated by the Financial Services
Authority in respect of insurance mediation activities only

 

 

2.                                       Bonus Scheme: In accordance with clause 13 of your Executive
Agreement, you shall, from 1 January 2008, be entitled to participate in
the Senior Management Incentive Plan, subject to the terms and conditions of
such scheme from time to time in force. Any awards under this Plan are made
entirely at the Company’s discretion. Subject to approval by the Organisation
and Compensation Committee, your target bonus rate shall be no less than 150%
of your salary as at 1 April of each year.

 

The Company may,
at its sole discretion, pay any award under this Plan as cash and/or Aon
restricted stock (RSUs). Any award made as RSUs shall be subject to the terms
and conditions of the RSUs from time to time in force.

 

From 1 January 2008,
you shall not participate in any other bonus scheme including the bonus scheme
set out on page 4 of your offer letter dated 22nd April 2005.

 

3.                                       Leadership Performance Plan:

 

Subject to the
Compensation Committee’s approval, you shall be eligible to participate in the
Company’s Leadership Performance Plan, a sub plan of the Aon Stock Incentive
Plan, for the performance cycle from 1 January 2008 to 31 December 2010
at a target participation level of $3 million. You shall be eligible to be
considered for an award each subsequent year beginning in 2009. Any award
granted will be governed by the terms and conditions of the Leadership
Performance Plan, or such successor plan, that shall from time to time be in
force.

 

4.                                       Pension: Your existing pension arrangements shall continue,
save that paragraph 10 of the Schedule to the Executive Agreement shall be
deleted and replaced with the following:

 

Aon 1999 Pension
Scheme, Tier 3, 25% of salary per annum.

 

Until your return
to work for the Company in the UK, the Company will discuss your pension
arrangements with you and seek to provide this benefit in a tax efficient
manner.

 

5.                                       Expatriate Allowance: In recognition of the increase in
costs associated with your expatriate service in the U.S, your expatriate
allowance as set out in clause 8(a) of your overseas assignment letter
dated 26th July 2006 shall be increased to $25,000 net of tax
per month effective from 1 January 2007. Your expatriate allowance for 2007
shall be paid to you in the US by 15 December 2007.

 

The Company shall
deduct from your expatriate allowance for 2007 all non-reimburseable expenses
for travel costs to and from work, for travel costs for you and your spouse for
non-business related reasons during 2007 and for the costs of your move from
Northfield to Chicago including the maintenance and preparation of your home
for sale and your moving expenses. Your expatriate allowance from January 2008
shall be payable to you in twice monthly instalments in the US.

 

This allowance
shall cover your housing and travel costs and other incidental expenses whilst
on assignment in the US including but not limited to the following:

 

Your rent or
mortgage payments, travel costs for you to and from work and a car allowance.

 

This allowance
shall not cover any expenses incurred by you in filing your tax returns with
the relevant authorities while on expatriate assignment.

 

This allowance
will cease upon the earlier of your return to work for the Company in the UK or
the end of the Fixed Term Period.

 

2

 

Please sign and
date this letter and return one copy to me to confirm your understanding of
this letter and acceptance of the changes to your Executive Agreement set out
above.

 

	
  Yours
  sincerely,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Jane Owen

  	
   

  
	
  Jane
  Owen

  	
   

  
	
  Aon Limited

  	
   

  

 

I understand and accept the amendments to my Executive Agreement as set
out above.

 

	
  /s/ Stephen P. McGill

  	
   

  	
  31st
  January 2008

  
	
  Stephen P. McGill

  	
   

  	
  Date

  
					

 

3

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