Document:

Exhibit 10.88

Exhibit 10.88

LAS VEGAS SANDS CORP.

NON-EMPLOYEE DIRECTOR DEFERRED COMPENSATION PLAN

Effective December 14, 2011

The Las Vegas Sands Corp. Non-Employee Director Deferred Compensation Plan (the
“Plan”) is intended to provide non-employee directors the ability to defer certain
compensation earned. This Plan applies to all deferrals made under the Plan on or after January 1,
2012. It is intended that this Plan will be supplemented by annual summaries describing the Plan
and participation in the Plan for the applicable Plan Year; in the event of a conflict between the
Plan and an annual summary, the terms of the Plan shall control. Following the Effective Date, no
deferrals shall be made to the Las Vegas Sands, Inc. Deferred Compensation Plan.

ARTICLE I

DEFINITIONS

Capitalized terms used in this Plan, shall have the meanings specified below.

1.1 “Account” or “Accounts” shall mean all of the Deferral Subaccounts that
are specifically provided in this Plan.

1.2 “Affiliate” means (i) any person or entity that directly or indirectly controls,
is controlled by or is under common control with the Company and/or (ii) to the extent provided by
the Committee, any person or entity in which the Company has a significant interest. The term
“control” (including, with correlative meaning, the terms “controlled by” and “under common control
with”), as applied to any person or entity, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such person or entity,
whether through the ownership of voting or other securities, by contract or otherwise.

1.3 “Beneficiary” or “Beneficiaries” shall mean the person or persons
designated in writing by a Participant in accordance with procedures established by the Committee
or the Plan Administrator to receive the benefits specified hereunder in the event of the
Participant’s death. No beneficiary designation shall become effective until it is filed with the
Committee or the Plan Administrator. If there is no such designation or if there is no surviving
designated Beneficiary, then the Participant’s surviving spouse shall be the Beneficiary. If there
is no surviving spouse to receive any benefits payable in accordance with the preceding sentence,
the duly appointed and currently acting personal representative of the Participant’s estate (which
shall include either the Participant’s probate estate or living trust) shall be the Beneficiary.

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

1.5 “Change in Control” shall have the meaning given such term under the
Company’s 2004 Equity Award Plan (or any successor plan).

 

 

 

1.6 “Code” shall mean the Internal Revenue Code of 1986, as amended. Reference in the
Plan to any section of the Code shall be deemed to include any regulations or other interpretative
guidance under such section, and any amendments or successor provisions to such section,
regulations or guidance.

1.7 “Committee” shall mean a committee that the Compensation Committee may appoint to
administer the Plan or, if no such committee has been appointed by the Compensation Committee, then
it shall mean the Compensation Committee. As of the Effective Date, the Committee shall consist of
those persons occupying the positions of Senior Vice President, Human Resources, General Counsel
and Chief Financial Officer of the Company.

1.8 “Company” shall mean Las Vegas Sands Corp., a Nevada corporation.

1.9 “Compensation Committee” shall mean the Compensation Committee of the Board.

1.10 “Deferral Subaccount” shall mean the bookkeeping account maintained by the
Company for each Participant that is credited with amounts equal to (i) the portion of the
Participant’s Director Payments that he or she elects to defer, and (ii) earnings and losses
attributable thereto.

1.11 “Director” shall mean a non-employee member of the Board.

1.12 “Director Payments” shall mean, with respect to any Director, the compensation
payable in the form of the annual retainer, meeting fees or other cash compensation.

1.13 “Disability” shall mean a circumstance where the Company or its subsidiaries
shall have cause to terminate a Participant’s service on account of “disability,” as defined in any
then-existing consulting or similar services agreement between the Participant and the Company or
its subsidiaries or, in the absence of such an agreement, a condition entitling the Participant to
receive benefits under a long-term disability plan of the Company or its subsidiaries, or, in the
absence of such a plan, as determined by the Committee based upon medical evidence acceptable to
it; provided, however, that a Participant shall not have a Disability for purposes
of the Plan unless the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, or the
Participant is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12
months, receiving income replacement benefits for a period of not less than three months under an
accident and health plan covering the employees of the Company or its subsidiaries.

1.14 “Distributable Amount” shall mean the vested balance in a Participant’s
Accounts subject to distribution in a given Plan Year.

 

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1.15 “Effective Date” means December 14, 2011.

1.16 “Enrollment Period” shall mean a period of time, as determined by the Committee
with respect to each Plan Year, ending no later than December 31 of the prior Plan Year.

1.17 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended.

1.18 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any
successor thereto. Reference in the Plan to any section of (or rule promulgated under) the
Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance
under such section or rule, and any amendments or successor provisions to such section, rules,
regulations or guidance.

1.19 “Fund” or “Funds” shall mean one or more of the notional investment
options selected by the Committee, or its designee, to which Participants may elect to make deemed
investments pursuant to Section 3.4. Funds may include, without limitation, the investment
alternatives available under the Company’s 401(k) plan as in effect from time to time, investment
in the Company’s common stock, or a specified fixed rate of return.

1.20 “In-Service Distribution Date” shall mean, in the case of a distribution to be
made while the Participant is still performing services for the Company or its subsidiaries, the
month of March of the Plan Year elected by the Participant.

1.21 “Nevada Gaming Laws” means the statutes of the State of Nevada, the regulations
of the Nevada Gaming Commission, the rules, directives and decisions of the Nevada Gaming
Commission and State Gaming Control Board, the ordinances of Clark County, Nevada, and the
regulations of the Clark County Liquor and Gaming Licensing Board.

1.22 “Participant” shall mean any Director who becomes a Participant in this Plan in
accordance with Article II.

1.23 “Plan” shall mean this Las Vegas Sands Corp. Deferred Compensation Plan.

1.24 “Plan Administrator” shall mean, if applicable, any record keeper appointed by
the Company (which may include an Affiliate of the Company) to perform administrative and other
functions associated with the Plan.

1.25 “Plan Year” shall mean the Company’s fiscal year, which as of the Effective Date
is the annual period commencing January 1 and ending the following December 31.

 

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1.26 “Section 409A” shall mean Section 409A of the Code.

1.27 “Separation from Service” shall mean that the service provider relationship with
the Company and any entity that is to be treated as a single employer with the Company for purposes
of Treasury Regulations Section 1.409A-1(h) (the “Single Employer”) terminates such that
the facts and circumstances indicate it is reasonably anticipated that no further services will be
performed or that the level of bona fide services the Participant would perform after the
termination would permanently decrease to no more than 20 percent of the average level of bona fide
services performed (over the immediately preceding 36-month period (or the full period of services
to the Single Employer if the Participant has been providing services to the Single Employer less
than 36 months).

1.28 “Separation from Service Distribution Date” shall mean, in the case of a
distribution on account of a Separation from Service, the first month following the month in which
the Separation from Service occurs (or, if the Participant is a Specified Employee on the date of
the Separation from Service, the seventh month following the month in which the Separation from
Service occurs).

1.29 “Specified Employee” shall mean a “specified employee” within the meaning of
Section 409A.

1.30 “Unforeseeable Emergency” shall mean a severe unforeseeable financial hardship as
defined in Section 409A, including a severe financial hardship resulting from (i) an illness or
accident of the Participant, the Participant’s spouse, the Participant’s designated Beneficiary, or
the Participant’s dependent (as defined in Section 152 of the Code, without regard to section
152(b)(1), (b)(2), and (d)(1)(B)), (ii) the loss of the Participant’s property due to casualty, or
(iii) other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the Participant’s control.

ARTICLE II

ELIGIBILITY FOR PARTICIPATION

2.1 Eligibility of Directors. Each Director shall be eligible to participate in the
Plan.

2.2 Participation. A Director shall become a Participant in the Plan by electing to
make a deferral of Director Payments in a Plan Year in accordance with Article III.

2.3 Amendment of Eligibility Criteria. The Committee may, in its discretion, change
the criteria for eligibility for any reason, including to comply with any applicable laws relating
to the operation of the Plan. Eligibility for participation in one Plan Year does not guarantee
eligibility to participate in any future Plan Year.

 

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ARTICLE III

ELECTIONS

3.1 Election of Director to Defer Director Payments.

(a) Timing of Election to Defer Director Payments. A Participant may elect to defer
Director Payments on or prior to December 31 of the calendar year prior to the calendar year for
which such Director Payments would be earned.

(b) Amount Eligible for Deferral. As of the Effective Date, a Participant may elect
to defer up to 100% of his Director Payments. The Committee may change the amount that may be
deferred in respect of any Plan Year at any time, or from time to time.

3.2 Special Rule. Notwithstanding the provisions of Section 3.1(a), a Participant who
has not previously been eligible to participate in another elective deferred compensation plan
(that would be treated as the same type of plan as the Plan for purposes of Section 409A) may make
an initial deferral election under the Plan in accordance with the other provisions of Section 3.1,
as applicable, within 30 calendar days of first becoming eligible to participate under the Plan;
provided, however, that in such event such deferral elections shall apply only to Director Payments
that are earned after the date of such election.

3.3 Elections as to Time and Form of Payment. At the time of making an election to
defer Director Payments, the Participant shall make an election regarding the time and form of
payment of the Director Payments deferred for that Plan Year (including earnings and losses
attributable thereto).

(a) Elections as to Time. A Participant shall elect to receive a distribution of his
or her Director Payments to be deferred for a Plan Year (and all earnings and losses attributable
thereto) (i) on an In-Service Distribution Date, (ii) on a Separation from Service Distribution
Date or (iii) a portion on an In-Service Distribution Date and a portion on a Separation from
Service Distribution Date; provided, however, that a Participant’s In-Service
Distribution Date may be no earlier than three years following the date on which the deferral of
Director Payments is made.

(b) Elections as to Form. A Participant shall elect the form of the distribution of
his or her Director Payments, whether in a lump sum payment or in annual installments. If no such
election is made, the Participant shall be deemed to have elected to receive payment in a lump sum.
A Participant may elect annual installments to be paid over a period not to exceed ten years. A
Participant’s election to receive payment in installments is subject to the terms of Article VI.

(c) Application of Election. An election as to time and form of payment made with
respect to a given Plan Year shall apply only to the Director Payments deferred for such Plan Year,
unless otherwise provided by the Compensation Committee.

 

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(d) No Changes Permitted. Except as permitted by Section 3.3(e) below, elections as
to time and form of payment shall become irrevocable as of December 31 of the Plan Year prior to
the calendar year for which such Director Payments are deferred.

(e) Subsequent Changes in Time and Form of Payment. A Participant may delay the
timing of a previously-scheduled payment or may change the form of a payment only if such
subsequent deferral election meets all of the following requirements:

(i) the subsequent deferral election shall not take effect until at least 12 months after the
date on which it is made;

(ii) the election must be made at least 12 months prior to the date the payment is scheduled
to be made. For installment payments, the election must be made at least 12 months prior to the
date the first payment in such installment was scheduled to be made; and

(iii) the subsequent deferral election must delay the payment for at least five years from the
date the payment would otherwise have been made. For installment payments, the delay is measured
from the date the first payment was scheduled to be made.

A Participant may make only one subsequent change with respect to deferrals made for a
specific Plan Year.

(f) Manner of Election. As determined by the Committee, initial elections and
subsequent elections, if any, may be made in writing or through an electronic medium such as a
website enrollment window or through an email enrollment form or as otherwise specified by a Plan
Administrator, or through such other method determined by the Committee, provided that there is
sufficient record of when such election is made.

3.4 Elections as to Deemed Investment Choices.

(a) Prior to the date on which the actual deferral of Director Payments in respect of a Plan
Year is made by the Company, a Participant shall make an election regarding how such Director
Payments shall be deemed to be invested for purposes of determining the amount of earnings or
losses to be credited to the Participant’s Accounts. If no such election is made in respect of
Director Payments deferred in any Plan Year, then (i) the Participant shall be deemed to have made
the same election made by such Participant in respect of the most recent Plan Year in which there
was a deferral of Director Payments and (ii) if no election contemplated by clause (i) has been
made, the deferred Director Payments shall be deemed invested in a default Fund selected by the
Committee from time to time.

 

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(b) The Committee shall identify the Funds periodically made available for the notional
investment of Accounts, and shall periodically communicate the
available Funds to Participants. The Committee may alter, modify, eliminate or replace any
Funds and, if it does so, it may provide affected Participants a different and/or modified Fund in
place of the Fund being altered, modified, eliminated or replaced. Participants shall be allowed
to select the Funds in which their Accounts will be deemed invested, and the portion of each
Account deemed invested in each selected Funds, by communicating such selection to the Company or
Plan Administrator in such form as shall be determined by the Committee. The Participants shall be
allowed to make the selection described in the preceding sentence as frequently as daily, unless
the Committee determines otherwise, provided that any change in a selected Fund shall not be
effective until the date prescribed by the Committee in accordance with such administrative
procedures as the Committee establishes from time to time in its sole discretion. The Committee
shall establish from time to time and communicate to Participants a default Fund in which the
Accounts of a Participant who does not select one or more Funds shall be deemed invested.

ARTICLE IV

DEFERRAL ACCOUNTS

4.1 Deferral Subaccount. The Company or Plan Administrator shall establish and
maintain a Deferral Subaccount for each Participant under the Plan. Each Participant’s Deferral
Subaccount shall be further divided into separate subaccounts (“investment fund subaccounts”), each
of which corresponds to a Fund elected by the Participant. A Participant’s Deferral Subaccount
shall be credited as follows:

(a) on the day the amounts are withheld and/or deferred from a Participant’s Director
Payments, with an amount equal to the Director Payments deferred by the Participant; and

(b) unless otherwise determined by the Committee, no less frequently than monthly to reflect
the equivalent of the earnings, gains and losses that the Deferral Subaccount would have
experienced had it actually been invested in the Funds chosen by the applicable Participant (or in
the default Fund, if and as applicable).

ARTICLE V

VESTING

5.1 Vesting. A Participant shall be 100% vested at all times in his or her Deferral
Subaccount.

ARTICLE VI

DISTRIBUTIONS

Distributions from the Plan shall be made only in accordance with this Article VI. All
distributions shall be in cash.

 

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6.1 Distribution of Accounts While Still Performing Services or Upon
Separation from Service (if not a Specified Employee).

(a) Scheduled Distributions. In respect of all Distributable Amounts payable in a
lump sum on an In-Service Distribution Date, the value thereof shall be determined as of the last
day of the month prior to the month in which the In-Service Distribution Date occurs, and the
distribution thereof shall be made as soon as administratively possible (and in no event later than
90 days) thereafter. In respect of all Distributable Amounts payable in installments on an
In-Service Distribution Date, all installments shall be valued as of the last day of the month
prior to the month in which the In-Service Distribution Date occurs in each applicable year, and
the distribution thereof shall be made as soon as administratively practicable (and in no event
later than 90 days) thereafter.

(b) Separation from Service. In the event a Participant has a Separation from Service
prior to such Participant’s In-Service Distribution Date, and the Participant is not a “Specified
Employee” on the date of the Separation from Service, then (except as otherwise provided in Section
6.1(c)):

(i) Lump Sum. For Distributable Amounts for which the Participant has
elected (or be deemed to have elected) a lump sum, the value thereof shall be
determined as of the last day of the month prior to the month in which the
Separation from Service occurs, and the distribution thereof shall be made as soon
as administratively possible (and in no event later than 90 days) thereafter. If
(A) a Participant has made an irrevocable election to defer his or her Director
Payments, (B) such Director Payments are deferred after the Participant’s Account
has been distributed, and (C) the Participant had elected to receive a lump sum
distribution, then the additional Account balance shall be valued and distributed
in the month immediately following the month in which the Director Payments are
deferred.

(ii) Installment Payments. For Distributable Amounts for which the
Participant has elected installments, (A) the first installment shall be valued as
of the last day of the month prior to the month in which the Separation from
Service occurs, and the distribution thereof shall be made as soon as
administratively possible (and in no event later than 90 days) thereafter, and (B)
each subsequent installment shall be valued as of the last day of February of each
of the following calendar years, and the distribution thereof shall be made as soon
as administratively possible (and in no event later than 90 days) thereafter. For
the avoidance of doubt, under no circumstances shall two installments be paid in a
single calendar year. If (x) a Participant has made an irrevocable election to
defer his or her Director Payments, (y) such Director Payments are deferred after
the Participant’s Account has started to be distributed, and (z) the Participant
had elected to receive installment payments, the additional deferral shall be added
to the Participant’s balance in his or her Deferral Subaccount and shall be
distributed in accordance with the installment election.

 

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(c) Death or Disability. Upon the death or Disability of a Participant, the
provisions of Section 6.2(b) and (c) shall apply, respectively.

(d) Except as provided in Section 6.3, no unscheduled in-service distributions are permitted.

6.2 Distribution of Accounts for “Specified Employees” after Separation from Service. If a
Participant incurs a Separation from Service, and the Participant is a Specified Employee on the
date of the Separation from Service, then:

(a) Separation from Service. At the time of the Participant’s Separation from Service
(other than in the case of death or Disability), the Participant’s Account shall be distributed in
accordance with the Participant’s elections.

(1) Lump Sum. For Distributable Amounts for which the Participant has elected (or be
deemed to have elected) a lump sum, the value thereof shall be determined as of the last day of the
sixth month following the Separation from Service, and the distribution thereof shall be made as
soon as administratively possible (and in no event later than 90 days) thereafter. If (i) a
Participant has made an irrevocable election to defer his or her Director Payments, (ii) such
Director Payments are deferred after the Participant’s Account has been distributed, and (iii) the
Participant had elected to receive a lump sum distribution, then the additional Account balance
shall be valued and distributed in the month immediately following the month in which the Director
Payments are deferred.

(2) Installment Payments. For Distributable Amounts for which the Participant has
elected installments, (i) the first installment shall be valued as of the last day of the sixth
month following the Separation from Service, and the distribution thereof shall be made as soon as
administratively possible (and in no event later than 90 days) thereafter, and (ii) each subsequent
installment shall be valued as of the last day of February of each of the following calendar years,
and the distribution thereof shall be made as soon as administratively possible (and in no event
later than 90 days) thereafter. For the avoidance of doubt, under no circumstances shall two
installments be paid in a single calendar year. If (x) a Participant has made an irrevocable
election to defer his or her Director Payments, (y) such Director Payments are deferred after the
Participant’s Account has started to be distributed, and (z) the Participant had elected to receive
installment payments, the additional deferral shall be added to the Participant’s balance in his or
her Deferral Subaccount and shall be distributed in accordance with the installment election.

(b) Death. In the case of the death of a Participant, either while providing services
to the Company or its subsidiaries, or prior to distribution of the Participant’s entire Account
balance, the Participant’s Account balance shall be distributed to the Participant’s Beneficiary as
soon as administratively possible and in no event later than 90 days following the death of the
Participant. The value of the Participant’s Account shall be determined as of the date on which
the Participant dies.

 

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(c) Disability. In the case of the Disability of a Participant prior to the
commencement of distribution of the Participant’s Account balance, the Participant’s Account
balance shall be distributed to the Participant in a lump sum as soon as administratively possible
(and in no event later than 90 days) after it has been determined that the Participant suffers from
a Disability. The value of the Participant’s Account shall be determined as of the date on which
it has been determined that the Participant suffers from a Disability.

6.3 Unforeseeable Emergency. A Participant shall be permitted to elect a distribution
from his or her Deferral Subaccount prior to the date the Accounts were otherwise to be distributed
in the event of an Unforeseeable Emergency, subject to the following restrictions:

(a) the election to take a distribution due to an Unforeseeable Emergency shall be made by
requesting such a distribution in writing to the Committee, including the amount requested and a
description of the need for the distribution;

(b) the Committee shall make a determination, in its sole discretion, that the requested
distribution is on account of an Unforeseeable Emergency; and

(c) the Unforeseeable Emergency cannot be relieved (i) through reimbursement or compensation
by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the
liquidation of assets would not itself cause severe financial hardship, or (iii) by cessation of
deferrals under this Plan.

The amount determined by the Committee as distributable due to an Unforeseeable Emergency
shall be paid within 30 days after the request for the distribution is approved by the Committee.
The value of the Participant’s Account shall be determined as of the date on which the distribution
request was made.

6.4 Valuation Date. In the event that any valuation date contemplated by Section 6.1,
Section 6.2 or Section 6.3 is not a business day, then the valuation date shall be the immediately
preceding business day.

6.5 Change in Control. Notwithstanding anything to the contrary in this Article VI,
in the event that a Change in Control occurs that is also a “change in control” within the meaning
of Section 409A, the Participant’s Account balance shall be distributed to the Participant as soon
as administratively possible and in no event later than 14 days following the occurrence of the
Change in Control. The value of the Participant’s Account shall be determined as of the date on
which the Change in Control occurs.

 

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ARTICLE VII

ADMINISTRATION

7.1 Committee. A Committee shall be appointed by, and serve at the pleasure of, the
Compensation Committee. The number of members comprising the Committee
shall be determined by the Compensation Committee, which may from time to time vary the number
of members. A member of the Committee may resign by delivering a written notice of resignation to
the Compensation Committee. The Compensation Committee or the Board may remove any member, with or
without cause, by delivering a copy of its resolution of removal to such member.

7.2 Committee Action. The Committee shall act at meetings by affirmative vote of a
majority of the members of the Committee. Any action permitted to be taken at a meeting may be
taken without a meeting if, prior to such action, a written consent to the action is signed by a
majority of members of the Committee and such written consent is filed with the minutes of the
proceedings of the Committee. A member of the Committee shall not vote or act upon any matter
which relates solely to himself or herself as a Participant. Any member of the Committee may
execute any certificate or other written direction on behalf of the Committee.

7.3 Powers of the Committee. The Committee, on behalf of the Participants and their
Beneficiaries, shall enforce the Plan in accordance with its terms, shall be charged with the
general administration of the Plan, and shall have all powers necessary to accomplish its purposes,
including, but not limited to, the following:

(a) to select the Funds;

(b) to construe and interpret the terms and provisions of this Plan;

(c) to compute and certify to the amount and kind of benefits payable to Participants and
their Beneficiaries;

(d) to maintain all records that may be necessary for the administration of the Plan;

(e) to provide for the disclosure of all information and the filing or provision of all
reports and statements to Participants, Beneficiaries or governmental agencies as shall be required
by law;

(f) to make and publish such rules for the regulation of the Plan and procedures for the
administration of the Plan as are not inconsistent with the terms hereof;

(g) to appoint a Plan Administrator, or any other agent, and to delegate to them such powers
and duties in connection with the administration of the Plan as the Committee may from time to time
prescribe; and

(h) to take all actions necessary for the administration of the Plan.

7.4 Construction and Interpretation. The Committee shall have full discretion to
construe and interpret the terms and provisions of this Plan, which interpretations or construction
shall be final and binding on all parties, including but not limited to the
Company and any Participant or Beneficiary.

 

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7.5 Compensation, Expenses and Indemnity.

(a) The members of the Committee shall serve without compensation for their services
hereunder.

(b) The Committee is authorized at the expense of the Company to employ such legal counsel or
other advisors as it may deem advisable to assist in the performance of its duties hereunder.
Expenses and fees in connection with the administration of the Plan shall be paid by the Company.

ARTICLE VIII

MISCELLANEOUS

8.1 Unsecured General Creditor. Participants and their Beneficiaries, heirs,
successors, and assigns shall have no legal or equitable rights, claims, or interest in any
specific property or assets of the Company. No assets of the Company shall be held in any way as
collateral security for the fulfilling of the obligations of the Company under this Plan. Any and
all of the Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the
Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured
promise of the Company to pay money in the future, and the rights of the Participants and
Beneficiaries shall be no greater than those of unsecured general creditors. It is the intention
of the Company that this Plan be unfunded for purposes of the Code and for purposes of Title I of
ERISA.

8.2 Restriction Against Assignment. The Company shall pay all amounts payable
hereunder only to the person or persons designated by the Plan and not to any other person or
corporation. No part of a Participant’s Accounts shall be liable for the debts, contracts, or
engagements of any Participant, his or her Beneficiary, or successors in interest, nor shall a
Participant’s Accounts be subject to execution by levy, attachment, or garnishment or by any other
legal or equitable proceeding, nor shall any such person have any right to alienate, anticipate,
sell, transfer, commute, pledge, encumber, or assign any benefits or payments hereunder in any
manner whatsoever.

8.3 Withholding. There shall be deducted from each payment made under the Plan or any
other compensation payable to the Participant (or Beneficiary) all taxes, if any, which are
required to be withheld by the Company or its subsidiaries in respect to such payment or this Plan.
The Company or its subsidiaries shall have the right to reduce any payment (or compensation) by
the amount of cash sufficient to provide the amount of said taxes.

8.4 Amendment, Modification, Suspension or Termination. The Compensation Committee
may amend, modify, suspend or terminate the Plan in whole or in part, except that no amendment,
modification, suspension or termination shall have any retroactive effect to reduce any amounts
allocated to a Participant’s Accounts. The Committee may also amend the Plan, provided that the
Committee may only adopt
amendments that (i) do not have a negative material financial impact on the Company or its
subsidiaries; or (ii) are required by tax or legal statutes, regulations or pronouncements.

 

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8.5 Governing Law. Except to extent preempted by Federal law, this Plan shall be
governed by and construed in accordance with the internal laws of the State of Nevada applicable to
contracts made and performed wholly within the State of Nevada, and, to the extent applicable, the
Nevada Gaming Laws, without giving effect to the conflict of laws provisions thereof.

8.6 Receipt or Release. Any payment to a Participant or the Participant’s Beneficiary
in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction
of all claims against the Committee and the Company and its subsidiaries. The Committee may
require such Participant or Beneficiary, as a condition precedent to such payment, to execute a
receipt and release to such effect.

8.7 Limitation of Rights and Service Relationship. Neither the establishment of the
Plan nor any modification thereof, nor the creating of any fund or account, nor the payment of any
benefits shall be construed as giving to any Participant, or Beneficiary or other person any legal
or equitable right against the Company or its subsidiaries except as provided in the Plan; and in
no event shall the terms of service relationship of any Participant be modified or in any way be
affected by the provisions of the Plan.

8.8 Headings. Headings and subheadings in this Plan are inserted for convenience of
reference only and are not to be considered in the construction of the provisions hereof.

8.9 Section 409A. All provisions of the Plan shall be construed and interpreted in a
manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the
Code (“Section 409A”). If the Committee determines that any amounts payable hereunder may
be taxable to a Participant under Section 409A, the Company may (i) adopt such amendments to the
Plan and appropriate policies and procedures, including amendments and policies with retroactive
effect, that the Committee determines necessary or appropriate to preserve the intended tax
treatment of the benefits provided by the Plan and/or (ii) take such other actions as the Committee
determines necessary or appropriate to avoid or limit the imposition of an additional tax under
Section 409A; provided, that neither the Company nor any of its subsidiaries nor any other person
or entity shall have any liability to a Participant or Beneficiary with respect to the tax imposed
by Section 409A.

 

13

 

As evidence of the adoption of this Plan, effective December 14, 2011, by Las Vegas Sands
Corp., this document is signed by a duly authorized officer.

	 	 	 	 	 
	 	LAS VEGAS SANDS CORP.

 	 
	 	By:  	/s/ Michael A. Leven
 	 

 

14exv10w14

Exhibit 10.14

WILLIS GROUP HOLDINGS

2001 SHARE PURCHASE AND OPTION PLAN

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

HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

ON DECEMBER 31, 2009)

RESTRICTED SHARE UNIT AWARD AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

     THIS RESTRICTED SHARE UNIT AGREEMENT (this “Agreement”), effective as of May 2, 2011 is made
by and between Willis Group Holdings Public Limited Company, hereinafter referred to as the
“Company”, and the individual (the “Director”) who has duly completed, executed and delivered the
Award Acceptance Form, a copy of which is attached hereto as Schedule A and which is deemed to be
part hereof (the “Acceptance Form”).

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

     WHEREAS, the Committee (as hereinafter defined) has determined that it would be to the
advantage and best interest of the Company and its shareholders to grant an Award of Restricted
Stock Units (as hereinafter defined) provided for herein to the Director as an incentive for
increased efforts during his or her term as a member of the Board (as defined below), and has
advised the Company thereof and instructed the undersigned officer to prepare said Agreement;

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

ARTICLE I

DEFINITIONS

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

Section 1.1 - Act

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

Section 1.2 - Board

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

Section 1.3 - Change of Control

     “Change of Control” shall mean (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the
rules of the U.S. Securities and Exchange Commission there under as in effect on the date

 

 

hereof) of the ordinary shares of the Company representing more than 50% of the aggregate
voting power represented by the issued and outstanding ordinary shares of the Company; or (b)
occupation of a majority of the seats (other than vacant seats) on the Board by Persons who were
neither (i) nominated by the Company’s Board nor (ii) appointed by directors so nominated. For the
avoidance of doubt, a transaction shall not constitute a Change of Control or other consolidating
event described in Section 9 of the Plan (i) if effected for the purpose of changing the place of
incorporation or form of organization of the ultimate parent entity of the Willis Group (including
where the Company is succeeded by an issuer incorporated under the laws of another state, country
or foreign government for such purpose and whether or not the Company remains in existence
following such transaction) and (ii) where all or substantially all of the Person(s) who are the
beneficial owners of the outstanding voting securities of the Company immediately prior to such
transaction will beneficially own, directly or indirectly, all or substantially all of the combined
voting power of the outstanding voting securities entitled to vote generally in the election of
directors of the ultimate parent entity resulting from such transaction in substantially the same
proportions as their ownership, immediately prior to such transaction, of such outstanding
securities of the Company. The Committee, in its sole discretion, may make an appropriate and
equitable adjustment to the Shares underlying a grant to take into account such transaction,
including to substitute or provide for the issuance of shares of the resulting ultimate parent
entity in lieu of Shares of the Company.

Section 1.4 - Committee

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

Section 1.5 - Grant Date

     “Grant Date” shall be May 2, 2011.

Section 1.6 - Permanent Disability

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

Section 1.7 - Plan

     “Plan” shall mean the Willis Group Holdings 2001 Share Purchase and Option Plan, as amended
from time to time.

Section 1.8 - Pronouns

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

- 2 -

 

Section 1.9 - Restricted Share Units

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

Section 1.10 - Secretary

     “Secretary” shall mean the Secretary of the Company.

Section 1.11 - Shares or Ordinary Shares

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

Section 1.12 - Subsidiary

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

Section 1.13 - Willis Group

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

ARTICLE II

GRANT OF RESTRICTED SHARE UNITS

Section 2.1 - Grant of the Restricted Share Units

     Subject to the terms and conditions of the Plan and the additional terms and conditions set
forth in this Agreement, including any country-specific provisions set forth in Schedule B to this
Agreement, the Company hereby grants RSUs to the Director, over a number of Shares as stated in the
Acceptance Form.

Section 2.2 - RSU Payment

     Subject to Section 5 of the Plan, the Shares to be issued upon vesting of the RSU must be
fully paid up prior to vesting of the RSU by payment of the nominal value (US$0.000115) per Share.
The Committee shall ensure that payment of the nominal value for any Shares underlying the RSU is
received by it on behalf of the Director prior to the vesting date from a non-Irish Subsidiary or
other source and shall establish any procedures or protocols necessary to ensure that payment is
timely received.

Section 2.3 - Director’s Service

     The rights and obligations of the Director as a member of the Board of the Company shall not
be affected by his participation in this Plan or right to participate in the Plan, and the Director
hereby waives any and all rights to compensation or damages in consequence of his termination as a
member of the Board for any reason whatsoever insofar as those rights arise or may arise

- 3 -

 

from his ceasing to have rights under or be entitled to vest his RSUs following cessation of
service. If, notwithstanding the foregoing, any such claim is allowed by a court of competent
jurisdiction, then, by participating in the Plan, the Director shall be deemed irrevocably to have
agreed not to pursue such claim and agrees to execute any and all documents necessary to request
dismissal or withdrawal of such claims.

Section 2.4 - Adjustments in RSUs Pursuant to Merger, Consolidation, etc.

     Subject to Sections 8 and 9 of the Plan, in the event that the outstanding Shares subject to
RSUs are, from time to time, changed into or exchanged for a different number or kind of Shares or
other securities, by reason of a share split, spin-off, shares or extraordinary cash dividend,
share combination or reclassification, recapitalization or merger, Change of Control, or similar
event, the Committee shall, in its absolute discretion, make an appropriate and equitable
adjustment in the number and kind of Shares. In the event of a Change of Control and regardless of
whether the RSUs are assumed or substituted by a successor company, the RSUs shall not immediately
vest unless the Committee so determines at the time of the Change of Control, in its absolute
discretion, on such terms and conditions that the Committee deems appropriate. Any such adjustment
or determination made by the Committee shall be final and binding upon the Director, the Company
and all other interested persons. An adjustment may have the effect of reducing the price at which
Shares may be acquired to less than their nominal value (the “Shortfall”), but only if and to the
extent that the Committee shall be authorized to capitalize from the reserves of the Company a sum
equal to the Shortfall and to apply that sum in paying up that amount on the Shares.

Section 2.5 - Director Costs

     The Director must make full payment to the Company by which the Director is providing service
of all income tax, payroll tax, payment on account, and social insurance contribution amounts
(“Tax”), which under federal, state, local or foreign law, the Company or any Subsidiary is
required to withhold upon vesting, settlement or other tax event of the RSUs. In a case where the
Company is obliged to (or would suffer a disadvantage if it were not to) account for any Tax (in
any jurisdiction) for which the Director is liable by virtue of the Director’s participation in the
Plan and/or any social insurance contributions recoverable from and legally applicable to the
Director (the “Tax-Related Items”), the Director shall make full payment to the Company or any
Subsidiary of an amount equal to the Tax-Related Items, or otherwise enter into arrangements
acceptable to the Company or any Subsidiary to satisfy all Tax-Related Items. In this regard, the
Director authorizes the Company, or its respective agents, at the Company’s discretion to satisfy
the obligations with regard to all the Tax-Related Items by one or a combination of the following:

(i) withholding from cash compensation paid to the Director by the Company; or

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

(iii) withholding in Shares to be issued at vesting of the RSUs.

- 4 -

 

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

     Finally, the Director shall 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 Director’s participation in
the Plan that cannot be satisfied by the means previously described.

ARTICLE III

PERIOD OF VESTING

Section 3.1 - Commencement of Vesting

     (a) Provided the Director continues as a member of the Board through the vesting date, the
RSUs shall become vested as follows:

	 	 	 	 	 
	 	 	Percentage of Shares as to which	 
	Vesting Date	 	RSUs Become Vested	 
	May 2, 2012
	 	 	100%	 

     (b) In the event the Director ceases to be a member of the Board, the RSUs, to the extent not
vested shall be forfeited immediately unless (i) the Committee, in its sole discretion, determines
that the RSUs shall become fully vested with respect to all or a portion of the Shares at the time
the Director’s services end or (ii) except as otherwise specified within the terms and conditions
of Sections 3.1(c) and 3.1(d) below.

     (c) In the event the Director ceases to be a member of the Board as a result of Death or
Permanent Disability, the RSUs shall become fully vested with respect to all Shares underlying such
RSU Award at the time the Director’s services end.

     (d) The RSUs may immediately vest, if the Committee, in its sole discretion, so determines
subject to Section 2.4 of the Agreement, upon the effective date of a Change of Control or other
similar event.

Section 3.2 - Conditions to Issuance of Share Certificates

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

- 5 -

 

and issued upon the applicable vesting date of the RSUs prior to fulfillment of all of the
following conditions, and in any event, subject to Section 409A of the Code for U.S. taxpayers:

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

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

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

Section 3.3 - Rights as Shareholder

     The Director shall not be, nor have any of the rights or privileges of, a shareholder of the
Company in respect of any Shares that may be received upon the vesting of the RSUs unless and until
certificates representing such Shares (or their electronic equivalent) shall have been issued by
the Company to the Director. No dividend equivalent payments shall be made on the RSUs.

Section 3.4 - Limitation on Obligations

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

ARTICLE IV

ADDITIONAL TERMS AND CONDITIONS OF THE RSUs

Section 4.1 - Nature of Award

     In accepting the RSUs, the Director 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;

- 6 -

 

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

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

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

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

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

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

Section 4.2 - No Advice Regarding Grant

     The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding the Director’s participation in the Plan, the issuance of Shares upon
vesting of the RSUs or sale of the Shares. The Director 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.

Section 4.3 - Director Reporting Obligation

     Directors of the Company are subject to certain notification requirements under the Act.
Directors must notify the company for which the Director is providing service of the Director’s
interest in the Company and the number and class of Shares or rights to which the interest relates
within five days of the issuance or disposal of Shares or within five days of becoming aware of the
event giving rise to the notification by submitting a Form 53. This disclosure requirement also
applies to any rights or Shares acquired by the Director’s spouse or children (under the age of
18).

ARTICLE V

DATA PRIVACY NOTICE AND CONSENT

Section 5 - Data Privacy

     (a) The Director hereby explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of the Director’s personal data as described in this
Agreement and any other RSU materials by and among, as applicable, the Company and

- 7 -

 

its Subsidiaries for the exclusive purpose of implementing, administering and managing the
Director’s participation in the Plan.

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

     (c) The Director 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 Director understands that the recipients of the Data may be located in the Director’s
country or elsewhere, and that the recipients’ country (e.g., Ireland) may have different data
privacy laws and protections from the Director’s country. The Director understands that he may
request a list with the names and addresses of any potential recipients of the Data by contacting
his local human resources representative. The Director 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 Director understands that Data will be held only
as long as is necessary to implement, administer and manage the Director’s participation in the
Plan. The Director understands that he may, at any time, view Data, request additional information
about the storage and processing of Data, require any necessary amendments to Data or refuse or
withdraw the consents herein, in any case without cost, by contacting in writing his local human
resources representative. The Director understands, however, that refusing or withdrawing his
consent may affect the Director’s ability to participate in the Plan. For more information on the
consequences of the Director’s refusal to consent or withdrawal of consent, the Director
understands that he may contact his local human resources representative.

ARTICLE VI

MISCELLANEOUS

Section 6.1 - Administration

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

Section 6.2 - RSUs Not Transferable

- 8 -

 

     Neither the RSUs nor any interest or right therein or part thereof shall be subject to the
debts, contracts or engagements of the Director 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 6.2 shall not prevent transfers made solely for estate planning
purposes or under a will or by the applicable laws of inheritance.

Section 6.3 - 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 6.4 - 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: Company Secretary

and any notice to be given to the Director shall be addressed to him at the address given beneath
his signature hereto.

     By a notice given pursuant to this Section 6.4, 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
Director shall, if the Director is then deceased, be given to the Director’s personal
representatives if such representatives have previously informed the Company of their status and
address by written notice under this Section 6.4. 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 Director resident outside the United States of America or the United Kingdom, sent by
facsimile or by a recognized international courier service.

Section 6.5 - Titles

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

Section 6.6 - Applicability of Plan

- 9 -

 

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

Section 6.7 - 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 6.8 - Governing Law

     This Agreement shall be governed by, and construed in accordance with the laws of Ireland,
without regard to conflicts of law principles.

Section 6.9 - Jurisdiction; Arbitration

     Each party hereto hereby consents to the jurisdiction of the federal and state courts in the
State of New York, irrevocably waives any objection it may now or hereafter have to laying of the
venue of any suit, action, or proceeding in connection with this Agreement in any such court, and
hereby irrevocably waive any claim that any such suit, action or proceeding brought in any such
court has been brought in any inconvenient forum. No suit, action or proceeding against the
Company or the Director with respect to this Agreement may be brought in any court, domestic or
foreign, or before any similar domestic or foreign authority other than in a court of competent
jurisdiction in the State of New York, and the Company and the Director hereby irrevocably waive
any right which he may otherwise have had to bring such action in any other court, domestic or
foreign, or before any similar domestic or foreign authority. The Company and the Director hereby
submit accordingly to the jurisdiction of such courts for the purpose of any such suit, action or
proceeding, and further agrees that service upon it shall be sufficient if made by registered mail;
provided, however, with respect to the provisions of this Agreement governed by the
laws of the State of New York, any dispute hereunder or with regard to any document or agreement
referred to herein, shall be resolved by arbitration before the American Arbitration Association in
New York City, New York. The determination of the arbitrator shall be final and binding on the
parties hereto and may be entered in any court of competent jurisdiction. In the event of any
arbitration or other disputes with regard to this Agreement or any other document or agreement
referred to herein, the Company shall pay the Directors legal fees and disbursements promptly upon
presentation of invoices thereof, subject to an obligation of the Director to repay such amounts if
an arbitrator finds the Directors positions in such arbitration or dispute to have been frivolous
or made in bad faith.

Section 6.10 - Electronic Delivery

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

- 10 -

 

Section 6.11 - Schedule B

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

Section 6.12 - 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 6.13 - Imposition of Other Requirements

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

Section 6.14 - Code Section 409A

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

Section 6.15 - Counterparts

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

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

WILLIS
GROUP HOLDINGS PUBLIC LIMITED COMPANY

- 11 -

 

	 	 	 	 	 

	 

	 	By:	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

- 12 -

 

SCHEDULE A

WILLIS GROUP HOLDINGS

2001 SHARE PURCHASE AND OPTION PLAN

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

HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

ON DECEMBER 31, 2009)

RESTRICTED SHARE UNITS AWARD AGREEMENT- ACCEPTANCE FORM FOR

NON-EMPLOYEE DIRECTORS

	 	 	 

	Name
	 	 
	 
	 	 
	Number of RSUs Granted
	 	 
	 
	 	 
	Grant Date

	 	May 2, 2011

I accept the grant of Restricted Share Units (RSUs) under the Willis Group Holdings 2001 Share
Purchase and Option Plan, as amended from time to time and I agree to be bound by the terms and
conditions of the Restricted Share Units Award Agreement dated May 2, 2011.

	 

	Signature:

	 

	Address:

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

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

Attention: Company Secretary

- 13 -

 

SCHEDULE B

WILLIS GROUP HOLDINGS

2001 SHARE PURCHASE AND OPTION PLAN

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

HOLDINGS LIMITED AND AS AMENDED AND RESTATED AND ASSUMED BY

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

ON DECEMBER 31, 2009)

APPENDIX TO

RESTRICTED SHARES UNITS AWARD AGREEMENT FOR NON-EMPLOYEE

DIRECTORS

Terms and Conditions

This Schedule B includes additional terms and conditions that govern the RSU Award granted to the
Director under the Plan if the Director 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 Director’s country as of May 2011. Such laws are often complex and change
frequently. As a result, the Company strongly recommends that the Director not rely on the
information noted herein as the only source of information relating to the consequences of the
Director’s participation in the Plan because the information may be out of date at the time the
RSUs vest under the Plan.

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

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

IRELAND

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There are no country-specific provisions.

UNITED KINGDOM

Terms and Conditions

Director Costs. This provision supplements Section 2.5 of the Agreement:

The Director understands and agrees that it is his obligation to satisfy the full amount of
Tax-Related Items that the Grantee owes at vesting of the RSUs, or the release or assignment of the
RSUs for consideration, or the receipt of any other benefit in connection with the RSUs (the
“Taxable Event”) within 90 days after the Taxable Event, or such other period specified in section
222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003. Notwithstanding the foregoing,
where the Company is obliged to (or would suffer a disadvantage if it were not to) account for any
income tax or National Insurance Contributions (“NICs”) for which the Director is liable by virtue
of the Director’s participation in the Plan, the Director shall make full payment to the Company or
any Subsidiary of an amount equal to the Tax-Related Items, or otherwise enter into arrangements
acceptable to the Company or any Subsidiary to secure that such a payment by any method set forth
in Section 2.5 of the Agreement within 90 days after the Taxable Event although the Director
acknowledges that he ultimately will be responsible for reporting any income tax or NICs due on the
RSU income directly to the HMRC under the self-assessment regime.

UNITED STATES OF AMERICA

There are no country-specific provisions.

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