Document:

Exhibit 10.6

 

VOTING AGREEMENT

 

This VOTING AGREEMENT (this “Voting Agreement”), dated as of June 14, 2016, by and between QLT Inc., a corporation incorporated under the laws of British Columbia (“QLT”),  and Sarissa Capital Domestic Fund LP, a Delaware limited partnership and Sarissa Capital Offshore Master Fund LP, a Cayman Islands exempted limited partnership (together, the “Stockholder”).

 

W I T N E S S E T H:

 

WHEREAS, concurrently with the execution of this Voting Agreement, Aegerion Pharmaceuticals, Inc., a Delaware corporation (“Aegerion”), QLT and Isotope Acquisition Corp., a Delaware corporation and a wholly-owned indirect Subsidiary of QLT (“MergerCo”), have entered into an Agreement and Plan of Merger (as the same may be amended from time to time, the “Merger Agreement”), which provides, among other things, that MergerCo will be merged with and into Aegerion (the “Merger”), with Aegerion surviving the Merger as a wholly-owned indirect subsidiary of QLT;

 

WHEREAS, as of the date hereof, the Stockholder is the Beneficial Owner or record owner of 2,649,000 shares of common stock, par value $0.001 per share (“Aegerion Common Stock”), of Aegerion;

 

WHEREAS, the Merger Agreement is required under Section 251 of the Delaware General Corporation Law (the “DGCL”) to be adopted by the affirmative vote of the holders of a majority of the outstanding Shares (as defined below) entitled to vote on such matter; and

 

WHEREAS, as a condition to the willingness of QLT and MergerCo to enter into the Merger Agreement, and in order to induce QLT and MergerCo to enter into the Merger Agreement, the Stockholder has agreed to enter into this Voting Agreement.

 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements and covenants set forth herein and in the Merger Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

1.1          Capitalized Terms.  Capitalized terms used but not defined in this Voting Agreement shall have the meanings ascribed to them in the Merger Agreement.

 

1.2          Other Definitions.  For purposes of this Voting Agreement:

 

(a)           “Beneficially Own”, “Beneficial Ownership” or “beneficial owner” with respect to any Aegerion Common Stock means having “beneficial ownership” of such securities (as determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), including pursuant to any agreement, arrangement or understanding,

 

1

 

whether or not in writing.  Without duplicative counting of the same securities by the same holder, securities Beneficially Owned by a Person shall include securities Beneficially Owned by all other Persons who are Affiliates of such Person and who together with such Person would constitute a “group” within the meaning of Section 13(d)(3) of the Exchange Act, but excluding any Owned Shares that may be owned by employees of the Stockholder or its Affiliates in their capacity as directors of Aegerion.

 

(b)           “Owned Shares” means, collectively, all (i) Shares and other voting securities of Aegerion held of record or Beneficially Owned by the Stockholder as of the date hereof and (ii) Shares and other voting securities of Aegerion that become owned (whether Beneficially Owned or of record) by the Stockholder, whether upon the exercise of Adjusted Options or Adjusted RSUs, conversion of convertible securities or otherwise, after the execution of this Voting Agreement.

 

(c)           “QLT Common Shares” means, the common shares without par value of QLT to be received by the Stockholder as Merger Consideration pursuant to the Merger Agreement.

 

(d)           “Shares” means shares of Aegerion Common Stock.

 

ARTICLE II

 

TRANSFER AND VOTING OF SHARES

 

2.1          No Transfer of Shares. The Stockholder shall not, directly or indirectly, (a) sell, pledge, encumber, assign, transfer or otherwise dispose of any or all of the Owned Shares or any interest in the Owned Shares, (b) deposit the Owned Shares or any interest in the Owned Shares into a voting trust or enter into a voting agreement or arrangement with respect to any of his, her or its Shares or grant any proxy or power of attorney with respect thereto or (c) enter into any contract, commitment, option or other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, pledge, encumbrance, transfer or other disposition (whether by actual disposition or effective economic disposition due to hedging, cash settlement or otherwise) of any of the Owned Shares (any such action in clause (a), (b) or (c) above, a “transfer”). Notwithstanding anything to the contrary in the foregoing sentence, this Section 2.1 shall not prohibit a transfer of Owned Shares by the Stockholder if (a) the Stockholder is an individual, (i) to any member of the Stockholder’s immediate family or to a trust for the benefit of the Stockholder or any member of the Stockholder’s immediate family, or (ii) upon the death of the Stockholder to such Stockholder’s heirs, or (b) the Stockholder is a partnership or limited liability company, to one or more partners or members of the Stockholder or to an Affiliate under common control with the Stockholder, as applicable; provided, however, that in each case a transfer shall be permitted only if as a condition precedent to the effectiveness of such transfer, the transferee agrees in a writing, satisfactory in form and substance to QLT, to be bound by all of the terms of this Voting Agreement.

 

2.2          Vote in Favor of the Merger and Related Matters.  The Stockholder, solely in the Stockholder’s capacity as a stockholder of Aegerion (and not, if applicable, in the Stockholder’s capacity as an officer or director of Aegerion), agrees that, from and after the date hereof until

 

2

 

the Expiration Date (as defined below), at any meeting of the stockholders of Aegerion or any adjournment thereof, or in connection with any action by written consent of the stockholders of Aegerion, the Stockholder shall:

 

(a)           appear at each such meeting or otherwise cause all of the Owned Shares to be counted as present thereat for purposes of calculating a quorum;

 

(b)           vote (or cause to be voted), in person or by proxy, or deliver a written consent (or cause a consent to be delivered) covering, all of the Owned Shares:  (i) in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger Agreement, including, but not limited to, any stockholder vote required by the Aegerion Organizational Documents or Section 251 of the DGCL, and (ii) except for the Merger and the Merger Agreement, against any Aegerion Acquisition Proposal.

 

During the term of this Voting Agreement, the Stockholder shall retain, at all times, the right to vote its Owned Shares in its sole discretion and without any other limitation on those matters other than those set forth in this Section 2.2 that are at any time or from time to time presented for consideration to Aegerion’s stockholders, generally.

 

2.3          Termination.  This Voting Agreement and the obligations of the Stockholder pursuant to this Voting Agreement shall terminate upon the earlier to occur of (a) the date the Merger Agreement shall have been validly terminated pursuant to its terms, (b) the date of (i) any amendment, modification, change or waiver to any provision of the Merger Agreement that reduces the amount or changes the form of the Merger Consideration, (ii) any amendment, modification, change or waiver to any provision any of Section 5.12 of the Merger Agreement or (iii) any other material amendment, modification, change or waiver to any provision of the Merger Agreement, (c) in the event of an Aegerion Change of Recommendation or a QLT Change of Recommendation, in any such case in accordance with the terms of the Merger Agreement, and (d) the Effective Time (such earlier date, the “Expiration Date”).

 

2.4          Stockholder Capacity.  The parties acknowledge that this Voting Agreement is entered into by the Stockholder in his, her or its capacity as owner of the Owned Shares and that nothing in this Voting Agreement shall in any way restrict, limit or prohibit the Stockholder or any Affiliate or representative of the Stockholder from exercising his or her fiduciary duties in his or her capacity as a director or officer of Aegerion.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES 
 OF THE STOCKHOLDER

 

The Stockholder hereby represents and warrants to QLT as follows:

 

3.1          Authorization; Binding Agreement.  The Stockholder has all legal right, power, authority and capacity to execute and deliver this Voting Agreement, to perform his, her or its obligations hereunder, and to consummate the transactions contemplated hereby.  This Voting Agreement has been duly and validly executed and delivered by or on behalf of the Stockholder

 

3

 

and, assuming the due authorization, execution and delivery of this Voting Agreement by QLT, constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms (subject to bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other Laws relating to limitations of actions or affecting the availability of equitable remedies and the enforcement of creditors’ rights generally and general principles of equity).

 

3.2          No Conflict; Required Filings and Consents.

 

(a)           The execution and delivery of this Voting Agreement to QLT by the Stockholder does not, and the performance of this Voting Agreement will not, (i) conflict with or violate any Law applicable to the Stockholder or by which the Stockholder is bound or affected, (ii) violate or conflict with the organizational documents of the Stockholder, if applicable, or (iii) except where it would not interfere with the Stockholder’s ability to perform his, her or its obligations hereunder, result in or constitute (with or without notice or lapse of time or both) any breach of or default under, or give to another party any right of termination, material amendment, acceleration or cancellation of, or result in the creation of any lien or encumbrance or restriction on any of the property or assets of the Stockholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Stockholder is a party or by which the Stockholder or any of the Stockholder’s properties or assets is bound or affected.  There is no beneficiary or holder of a voting trust certificate or other interest of any trust of which the Stockholder is a trustee whose consent is required for the execution and delivery of this Voting Agreement or the consummation by the Stockholder of the transactions contemplated by this Voting Agreement. No proceedings are pending which, if adversely determined, will prevent or delay the Stockholder’s ability to vote or dispose of any of the Owned Shares.

 

(b)           The execution and delivery of this Voting Agreement by the Stockholder does not, and the performance of this Voting Agreement will not, require any consent, approval, authorization or permit of, or filing with or notification to, any third party or any governmental or regulatory authority, domestic or foreign, except where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, would not interfere with the Stockholder’s ability to perform his, her or its obligations hereunder.

 

3.3          Title to Shares.  The Stockholder is (or, with respect to the Owned Shares not held of record or Beneficially Owned by the Stockholder as of the date hereof, will be) the record or beneficial owner of the Owned Shares and has (or, with respect to the Owned Shares not held of record or Beneficially Owned by the Stockholder as of the date hereof, will have) good title to the Owned Shares free and clear of all liens, encumbrances, security interests, charges, claims, proxies or voting restrictions other than pursuant to this Voting Agreement or securities Law.  The Stockholder and/or its affiliates have (or, with respect to the Owned Shares not held of record or Beneficially Owned by the Stockholder as of the date hereof, will have) sole power of disposition, sole power of conversion, sole power to demand appraisal rights and sole power to agree to all of the matters set forth in this Voting Agreement, in each case with respect to all of

 

4

 

the Owned Shares, with no limitations, qualifications or restrictions on such rights, subject to applicable securities laws and the terms of this Voting Agreement.

 

3.4                               Adequate Information.  The Stockholder is a sophisticated investor with respect to the Shares and has received a copy of the Merger Agreement in substantially final form and otherwise has adequate information concerning the business and financial condition of each of Aegerion and QLT to make an informed decision regarding entry into this Voting Agreement, and has made its own analysis and decision to enter into this Voting Agreement based on such information as the Stockholder has deemed appropriate.

 

ARTICLE IV

 

COVENANTS OF THE STOCKHOLDER

 

4.1                               Further Assurances.  From time to time, at the request of QLT and without additional consideration, the Stockholder shall use commercially reasonable efforts to execute and deliver, or cause to be executed and delivered, such additional transfers, assignments, endorsements, proxies, consents and other instruments, and shall take such further actions, as QLT may reasonably request for the purpose of carrying out and furthering the intent of this Voting Agreement.

 

4.2

 

4.3                               Stop Transfer Order. In furtherance of this Voting Agreement, the Stockholder authorizes QLT to request Aegerion to notify Aegerion’s transfer agent that there is a stop transfer order with respect to all of the Owned Shares other than Owned Shares permitted to be transferred hereunder, provided that any such stop transfer order will immediately be withdrawn and terminated by Aegerion upon the Expiration Date.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES OF QLT

 

5.1                               Authorization.    QLT has all legal right, power, authority and capacity to execute and deliver this Voting Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby.  This Voting Agreement has been duly and validly executed and delivered by or on behalf of QLT and, assuming the due authorization, execution and delivery of this Voting Agreement by the Stockholder, constitutes a legal, valid and binding obligation of QLT, enforceable against QLT in accordance with its terms (subject to bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other Laws relating to limitations of actions or affecting the availability of equitable remedies and the enforcement of creditors’ rights generally and general principles of equity).

 

5

 

5.2                               No Conflict; Required Filings and Consents.

 

(a)                                 The execution and delivery of this Voting Agreement to the Stockholder by QLT does not, and the performance of this Voting Agreement will not, (i) conflict with or violate any Law applicable to QLT or by which QLT is bound or affected, (ii) violate or conflict with the organizational documents of QLT, if applicable, or (iii) except where it would not interfere with QLT’s ability to perform its obligations hereunder, result in or constitute (with or without notice or lapse of time or both) any breach of or default under, or give to another party any right of termination, material amendment, acceleration or cancellation of, or result in the creation of any lien or encumbrance or restriction on any of the property or assets of QLT pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which QLT is a party or by which QLT or any of QLT’s properties or assets is bound or affected.

 

(b)                                 The execution and delivery of this Voting Agreement by QLT does not, and the performance of this Voting Agreement will not, require any consent, approval, authorization or permit of, or filing with or notification to, any third party or any governmental or regulatory authority, domestic or foreign, except where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, would not interfere with QLT’s ability to perform its obligations hereunder.

 

ARTICLE VI

 

GENERAL PROVISIONS

 

6.1                               Entire Agreement; Amendments.  This Voting Agreement, the Merger Agreement and the other agreements referred to therein constitute the entire agreement of the parties hereto and supersede all prior agreements and undertakings, both written and oral, between the parties hereto with respect to the subject matter hereof.  This Voting Agreement may not be amended or modified except in an instrument in writing signed by, or on behalf of, the parties hereto.

 

6.2                               No Survival of Representations and Warranties.  The representations and warranties made by the Stockholder in this Voting Agreement shall not survive any termination of the Merger Agreement or this Voting Agreement.

 

6.3                               Assignment.  The provisions of this Voting Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Neither this Voting Agreement nor any of the rights, interests or obligations under this Voting Agreement shall be assigned by any party to this Voting Agreement (by operation of Law or otherwise) without the prior written consent of the other parties to this Voting Agreement.

 

6.4                               Severability.  If any term or other provision of this Voting Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Voting Agreement shall nevertheless remain in full force and effect.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Voting Agreement so as to effect the original intent of the parties hereto as closely as possible to the fullest extent permitted by applicable Law in an acceptable manner.

 

6

 

6.5                               Specific Performance.  The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Voting Agreement is not performed in accordance with its specific terms or is otherwise breached.  The Stockholder agrees that, in the event of any breach or threatened breach by the Stockholder of any covenant or obligation contained in this Voting Agreement, QLT shall be entitled to seek and obtain (a) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation and (b) an injunction restraining such breach or threatened breach.  The Stockholder further agrees that none of QLT or any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 6.5, and the Stockholder irrevocably waives any right he, she or it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

6.6                               Governing Law.  This Voting Agreement, and all claims or causes of action (whether at Law, in contract or in tort or otherwise) that may be based upon, arise out of or relate to this Voting Agreement, or the negotiation, execution or performance hereof, shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

6.7                               No Waiver.  No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  None of the parties hereto shall be deemed to have waived any claim available to such party arising out of this Voting Agreement, or any right, power or privilege hereunder, unless the waiver is expressly set forth in writing duly executed and delivered on behalf of such waiving party.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law.

 

6.8                               Notices.  Unless otherwise specifically provided in this Voting Agreement, all notices and other communications hereunder shall be in writing and made in accordance with this Section 6.8, and shall be deemed given: (a) if sent by registered or certified mail in the United States, return receipt requested, upon receipt; (b) if personally delivered, upon personal delivery to the party receiving notice; (c) if sent by facsimile or email of a .pdf, .tif, .gif, .jpeg or similar electronic attachment, on the Business Day transmitted so long as such notice is transmitted before 5:00 p.m. in the time zone of the receiving party, otherwise, on the next Business Day; or (d) if sent by a nationally recognized overnight air courier (such as UPS or Federal Express), upon receipt of proof of delivery.  Notice shall be provided to a party at the following address, facsimile number or email address:

 

To QLT or MergerCo:

 

QLT Inc.

887 Great Northern Way, Suite 250

Vancouver, B.C. V5T 4T5

Canada

Facsimile:       (604) 707-7001

 

7

 

	
Attention:
    	
Geoffrey   Cox, Interim Chief Executive Officer
    
	
 
    	
Dori   Assaly, Senior Vice President, Legal
    
	
Email:
    	
gfcox@qltinc.com
    
	
 
    	
dassaly@qltinc.com
    
	
 
    	
 
    
	
with copies to:
    
	
 
    	
 
    
	
Weil, Gotshal & Manges LLP
    
	
767 Fifth Avenue
    
	
New York, New York 10153
    
	
Facsimile:
    	
212-310-8007
    
	
Attention:
    	
Raymond   O. Gietz
    
	
Email:
    	
raymond.gietz@weil.com
    
	
 
    	
 
    

To the Stockholder: to the address, facsimile number or email address set forth on the signature page hereto.

 

Any party to this Voting Agreement may notify any other party of any changes to the address or any of the other details specified in this Section 6.8; provided, however, that such notification shall only be effective on the date specified in such notice or five Business Days after the notice is given, whichever is later.  Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability to deliver.

 

6.9                               Headings.  The heading references herein are for convenience of reference only and do not form part of this Voting Agreement, and no construction or reference shall be derived therefrom.

 

6.10                        Counterparts.  This Voting Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

6.11                        Amendment.  This Voting Agreement may not be amended, modified or supplemented except by an instrument in writing signed by each of the parties hereto.

 

[remainder of page left intentionally blank]

 

8

 

IN WITNESS WHEREOF, each of QLT and the Stockholder has executed or has caused this Voting Agreement to be executed by their respective duly authorized officers, him or her, as applicable, as of the date first written above.

 

 

	
 
    	
QLT   INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Glen Ibbott
    
	
 
    	
 
    	
Name:   Glen Ibbott
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    

 

 

	
 
    	
SARISSA CAPITAL OFFSHORE
    
	
 
    	
MASTER FUND LP
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark DiPaolo
    
	
 
    	
 
    	
Name:   Mark DiPaolo
    
	
 
    	
 
    	
Title: Authorized Signatory
    

 

Notice Address of the Stockholder:

 

C/o Sarissa Capital Management LP

660 Steamboat Road, 3rd Floor

Greenwich, CT 06830

Attention:  Mark DiPaolo

Email:  mdipaolo@sarissacap.com

 

with a copy to:

 

Facsimile:

Attention:

Email:

 

 

	
 
    	
SARISSA CAPITAL DOMESTIC FUND LP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mark DiPaolo
    
	
 
    	
 
    	
Name:   Mark DiPaolo
    
	
 
    	
 
    	
Title: Authorized Signatory
    

 

Notice Address of the Stockholder:

 

C/o Sarissa Capital Management LP

660 Steamboat Road, 3rd Floor

Greenwich, CT 06830

Attention:  Mark DiPaolo

Email:  mdipaolo@sarissacap.com

 

with a copy to:

 

Facsimile:

Attention:

Email:EX-10.1

 Exhibit 10.1 

SUPPLEMENTAL RESTRICTED SHARE UNIT AWARD AGREEMENT 

(Performance-Based Vesting) 

Willis Towers Watson Public Limited Company 

2012 Equity Incentive Plan, as amended 

This SUPPLEMENTAL RESTRICTED SHARE UNIT AWARD AGREEMENT (this “Agreement”), made as of this 14 day of June 2016, between
Willis Towers Watson Public Limited Company (together with its successors and assigns, the “Company”), and John Haley (the “Participant”), is made pursuant to the terms of the Willis Towers Watson Public Limited
Company 2012 Equity Incentive Plan, as amended (the “Plan”). Capitalized terms used herein but not defined shall have the meanings set forth in the Plan. 

Section 1. Restricted Share Unit Award. The Company grants to the Participant, on the terms and conditions set forth in this
Agreement, a target award (the “Award”) of 225,000 restricted share units (the “RSUs”), effective as of the date hereof. The RSUs are notional, non-voting units of measurement based on the Fair Market Value of an
Ordinary Share that may entitle the Participant to receive a payment, subject to the terms hereof, in Ordinary Shares (the “Shares”). 

Section 2. Vesting of RSUs. Subject to the terms of this Agreement, the Participant shall have the right to become vested in a
number of Shares (the “Vested Shares”) based upon (A) the achievement of specified performance criteria and applicable goals during, in the case of the Total Shareholder Return goal, the period from February 26,
2016 (the “Initial Award Date”) through December 31, 2018 (the “Performance Period”), and, in the case of the Earnings Per Share goal, the period from January 1, 2016 through December 31, 2018, and in
each case as set forth in Appendix A hereto (the “Performance Measures”) and (B) subject to Section 3, the Participant’s employment with the Company (“Service”) is continuous through the end of the
Performance Period. Vested Shares shall be settled in accordance with Section 5. 
 Section 3. Termination of Service; Change
of Control 
 (a) General. Subject to Sections 3(b) and (c) hereof, any RSUs for which the continued Service or Performance
Measures have not been satisfied as of the end of the Performance Period shall be immediately forfeited and automatically cancelled without further action of the Company. 

(b) Termination with Good Reason; Termination of Service without Cause; Death; Disability. In the event that, prior to a Change of
Control, the Participant’s Service terminates prior to the end of the Performance Period as a result of (i) the Participant’s termination with Good Reason, (ii) the termination of the Participant’s Service by the Company
without Cause, (iii) the Participant’s death or (iv) the Participant’s Disability (each, a “Qualifying Termination”), the Participant shall become vested in a number of Shares underlying the Award based upon the
achievement of the Performance Measures as of the end of the calendar year in which such termination occurs (as further described in Appendix A), multiplied 

 
by a fraction, the numerator of which is equal to the number of months from January 1, 2016 through December 31 of the calendar year in which such termination occurs, and the
denominator of which is 36. Such Vested Shares shall be settled in accordance with Section 5(b). 
 (c) Change of Control. 

(i) Notwithstanding any provisions of this Agreement or Section 13 of the Plan to the contrary, in the event of a Change of Control of
the Company occurring during the Performance Period, the number of RSUs that may become payable shall be determined at the greater of (a) the target level of the Award or (b) the amount determined pursuant to Appendix A (as applicable, the
“Converted RSUs”), but, in either case, vesting and settlement of the RSUs shall remain subject to the Participant’s continued Service through the last day of the Performance Period, except as otherwise expressly
provided in this Agreement. 
 (ii) If (i) the Participant terminates his Service with Good Reason upon or within 12 months following
a Change of Control or (ii) the Participant’s Service is terminated by the Company without Cause within 6 months prior to, upon, or within 12 months following a Change of Control, then the Participant shall become vested in a pro rata
number of Shares underlying the Award based upon the number of the Converted RSUs, multiplied by a fraction, the numerator of which is equal to the sum of the number of whole months elapsed from January 1, 2016 through the date of the
Participant’s termination of Service, plus 12 (up to a maximum numerator of 36), and denominator of which is 36. Such Shares shall be settled within 30 days following the date of the Participant’s termination of Service. For the avoidance
of doubt, if the Participant terminates his Service with Good Reason or the Participant’s Service is terminated by the Company without Cause, and this Section 3(c)(ii) does not apply, then Section 3(b) shall apply. 

For purposes of this Agreement, “Cause”, “Good Reason”, and “Disability” shall be as defined in, and determined under, the
Employment Agreement between the Participant and the Company dated as of March 1, 2016 (the “Employment Agreement”). 

Section 4. Dividend Equivalent Rights. Except in the case of an adjustment upon certain recapitalizations and other events in
accordance with Section 9 hereof, in the event that any dividends or other distributions are made to holders of an Ordinary Share while the RSUs are outstanding, the Participant shall be credited with dividend equivalent rights in respect of
the dividends and other distributions that would have been made on the Shares subject to the RSUs. Any such dividend equivalent rights shall be accumulated and deemed to be reinvested in additional RSUs subject to the same vesting requirements that
apply to the underlying RSUs and shall be paid at the time that such underlying RSUs are settled hereunder. 

  
 2 

 Section 5. Certification; Settlement 

(a) Continued Service through Performance Period. If the Participant has been continuously employed by the Company through the last day of the
Performance Period, then: 
 (i) as soon as practicable following the end of the last day of the Performance Period (the “2019
Certification Date”), the Committee shall certify in writing the attainment level of applicable Performance Measures, and based on such certification shall declare the number of Shares underlying the Award that have vested; and 

(ii) settlement of such Vested Shares shall be made in Ordinary Shares as follows: 

(1) 50% of the Vested Shares shall be settled within 30 days following the later of (x) 2019 Certification Date, but in no event later
than March 15, 2019 and (y) the date of the Participant’s termination of Service; and 
 (2) (ii) 50% of the Vested Shares
shall be settled with 30 days following the later of (x) the first anniversary of the 2019 Certification Date and (y) the date of the Participant’s termination of Service. 

(b) Qualifying Termination During Performance Period. If the Participant experiences a Qualifying Termination during the Performance
Period, then: 
 (i) as soon as practicable following the end of the last day of the calendar year in which the Qualifying Termination
occurs (the “Alternative Certification Date”), the Committee shall certify in writing the attainment level of the applicable Performance Measures as of such date, and based on such certification shall declare the number of Shares
underlying the Award that have vested; and 
 (ii) settlement of such vested RSUs shall be made in Ordinary Shares within 30 days following
the Alternative Certification Date, but in no event later than March 15 of the year immediately following the year in which the Qualifying Termination occurs. 

(c) Withholding. The RSUs shall be settled and paid to the Participant after deduction of applicable Federal, state and local income
taxes and employment or payroll taxes and other amounts required by law to be paid or withheld (the “Withholding Taxes”) in an amount equal to the minimum statutory amount required to satisfy such Federal, state and local taxes and
other obligations in respect of the RSUs. In lieu of the foregoing, the Company may allow the Participant to pay the Withholding Taxes to the Company in Ordinary Shares, cash or such other form as approved by the Company. Notwithstanding any of the
foregoing, the Participant shall be required to remit the applicable portion of the Withholding Taxes that may become due in connection with the vesting of the RSUs to the extent not paid under the first sentence of this Section 5. 

Section 6. Restrictions on Transfer. Neither this Agreement nor any RSUs covered hereby may be sold, assigned, transferred,
encumbered, hypothecated or pledged by the Participant, other than to the Company. 
 Section 7. Investment Representation. Upon
the acquisition of the RSUs or Ordinary Shares at a time when there is not in effect a registration statement under the Securities Act of 1933 relating to the Ordinary Shares, the Participant hereby represents and warrants, and by virtue of such
acquisition shall be deemed to represent and warrant, to the Company that the 

  
 3 

 
RSUs or Ordinary Shares shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing the same, and the Participant shall
provide the Company with such further representations and warranties as the Company may require in order to ensure compliance with applicable federal and state securities, blue sky and other laws. No RSUs or Ordinary Shares shall be acquired unless
and until the Company and/or the Participant shall have complied with all applicable federal or state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction, unless
the Committee has received evidence satisfactory to it that the Participant may acquire the RSUs or Ordinary Shares pursuant to an exemption from registration under the applicable securities laws. Any determination in this connection by the
Committee shall be final, binding and conclusive. The Company reserves the right to legend any certificate or book entry representation of the Ordinary Shares conditioning sales of such shares upon compliance with applicable federal and state
securities laws and regulations. 
 Section 8. Restrictions. 

(a) The Participant understands and agrees that the granting of the Award is conditioned on the Participant agreeing to the restrictive
covenants contained in Section 6 of the Employment Agreement (the “Restrictions”). Participant acknowledges that he is agreeing to the Restrictions in consideration of the Award under this Agreement and other consideration
provided under the Employment Agreement. If the Participant materially breaches the Restrictions while they remain in effect, the RSUs that have not been settled under Section 5 of this Agreement shall be immediately forfeited and cancelled if
the breach is not cured on 15 days written notice from the Company describing the breach in reasonable detail and requesting cure. 
 (b)
The Participant understands and agrees that this Award is subject to the “Clawback Policy” described in the Company’s Corporate Governance Guidelines, as approved by the Board. 

Section 9. Adjustments. The RSUs granted hereunder shall be subject to the provisions of Section 12 of the Plan relating to
adjustments for recapitalizations, reclassifications and other changes in the Company’s corporate structure. 
 Section 10.
Section 409A. 
 (a) Interpretation. The Company intends that payments under this Agreement will either comply with or be
exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from
Section 409A or in compliance therewith, as applicable. 
 (b) Separation from Service. A termination of Service shall not be
deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of Service,
unless such termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A. For purposes of any such provision
of the Agreement or relating to any such payments or benefits, references to a “termination,” “termination of Service,” or like terms shall mean “separation from service.”  

  
 4 

 (c) Specified Employee. Notwithstanding any other provision of this Agreement to the
contrary, if at the time of the Participant’s “separation from service” (as defined in Section 409A), the Participant is a “Specified Employee” (as defined below), then the Company will defer the payment, settlement or
commencement of any nonqualified deferred compensation subject to Section 409A payable upon separation from service (without any reduction in such payments ultimately paid to the Participant) until the date that is six months following
separation from service or, if earlier, the earliest other date as is permitted under Section 409A (and any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration of
the six-month period or such shorter period, if applicable). The Participant will be a “Specified Employee” for purposes of this Agreement if, on the date of his separation from service, the Participant is an individual who is, under the
method of determination adopted by the Company designated as, or within the category of executives deemed to be, a “Specified Employee” within the meaning and in accordance with Treasury Regulation Section 1.409A-1(i). The Company
shall determine in its sole discretion all matters relating to who is a “Specified Employee” and the application of and effects of the change in such determination. 

Section 11. No Right of Continued Employment. Nothing in the Plan or this Agreement shall confer upon the Participant any right to
continued Service or to interfere in any way with any right of the Company to terminate the Participant’s Service at any time. 

Section 12. Limitation of Rights. The Participant shall not have any privileges of a shareholder of the Company with respect to
the RSUs awarded hereunder, including without limitation any right to vote shares underlying the RSUs or to receive dividends or other distributions in respect thereof (except for the dividend equivalent rights provided in Section 4 hereof),
until the date of the issuance to the Participant of an Ordinary Share in settlement of the RSUs. 
 Section 13. Notices. Any
notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Company, delivered to Willis Towers Watson Public Limited Company, c/o Willis North America,
Inc., One World Financial Center, 200 Liberty Street, New York, NY 10281, Attention: General Counsel. Any notice hereunder by the Company shall be given to the Participant in writing, with a copy to Morrison Cohen, LLP, 909 3rd Avenue, 27th
Floor, New York, NY 10022, Attention: Robert M. Sedgwick, that shall not itself constitute notice to the Participant, and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the
Company. 
 Section 14. Construction. This Agreement and the RSUs granted hereunder are granted by the Company pursuant to the
Plan and are in all respects subject to the terms and conditions of the Plan except as otherwise expressly provided in this Agreement. The Participant hereby acknowledges that a copy of the Plan has been delivered to the Participant and accepts the
RSUs hereunder subject to all terms and provisions of the Plan, which are incorporated herein by reference, except as otherwise expressly provided in this Agreement. In the event of a conflict or

  
 5 

 
ambiguity between any express provision set forth herein and a term or provision of the Plan, this Agreement will govern and prevail. The construction of and decisions under the Plan and this
Agreement are vested in the Committee, whose determinations shall be final, conclusive and binding upon the Participant, subject however to de novo review in arbitration with respect to matters expressly set forth in this Agreement.

 Section 15. Governing Law. This Agreement shall be subject to and interpreted in accordance with the laws of the State of New
York, without reference to the principles of conflicts of laws. 
 Section 16. Arbitration. Any dispute arising out of or
relating to this Agreement shall be resolved in accordance with the dispute resolution provisions of the Employment Agreement. 

Section 17. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all
of which together shall constitute one and the same instrument. Signatures delivered by facsimile (including, without limitation, by “”pdf”) shall be effective for all purposes. 

Section 18. Binding Effect. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, administrators, successors and assigns.  
 Section 19. Entire Agreement. This Agreement and
the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, merging any and all prior agreements. No provision in this Agreement may be amended unless such amendment is set forth in a writing
that expressly refers to the provision of this Agreement that is being amended and that is signed by the Participant and by an authorized (or apparently authorized) officer of the Company. No amendment, modification, suspension, cancellation or
termination of the Plan or any Award thereunder shall adversely affect the rights of the Participant under this Agreement without his express written consent. No waiver by any person or entity of any breach of any condition or provision contained in
this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the same or any prior or subsequent time. To be effective, any waiver must be set forth in a writing signed by the waiving person or entity and must
specifically identify the condition(s) or provision(s) of this Agreement being waived. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date first above written.

 WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY 
  

			
	By:	 	 /s/ Matthew Furman

	Name:	 	Matthew Furman
	Title:	 	General Counsel

  

	
	PARTICIPANT
	
	 /s/ John J. Haley

	John J. Haley

  
 7 

 Appendix A – Performance Measures 

“Earnings per Share or EPS” means the Company’s “Adjusted Diluted Earnings per Share” (non-GAAP) for its calendar years 2016,
2017 and 2018, determined for each such year by taking the Adjusted Net Income for such year divided by the weighted average of Ordinary Shares, diluted, for such year. 

“Adjusted Net Income” means net income (attributable to holders of Ordinary Shares) appropriately adjusted for tax-effected merger and
acquisition related items of amortization of intangible assets and transaction and integration expenses, the tax-effected gain or loss on the sale of any business or assets of the Company, tax-effected, one-time unusual or nonrecurring expenses
related to restructuring activities or litigation expenses. 
 “Total Shareholder Return” means (i) the Adjusted Ending Share Value
minus the Beginning Share Value, divided by (ii) the Beginning Share Value, determined on a compound annual basis. Total Shareholder Return expressed as a formula shall be as follows: 

Total Shareholder Return = [Adjusted Ending Share Value/Beginning Share Value]Annualization
Factor – 1 
 “Adjusted Ending Share Value” is the value of one Ordinary Share at the Initial Award Date closing share
price, with dividends deemed reinvested in fractional shares on each date dividends are paid, and then multiplying the final number of shares (one share plus all deemed reinvested fractional shares) by the Ending Share Price. 

“Ending Share Price” shall (unless otherwise provided in this Agreement) be equal to the average trading price of an Ordinary Share over the
20 consecutive trading-day period ending on the 10th trading day of January, 2019. 

“Beginning Share Value” shall be equal to the closing price of an Ordinary Share on the Initial Award Date 

“Annualization Factor” means a fraction, the numerator of which is 365 and the denominator of which is the number of days from
January 1, 2016 to December 31, 2018 or December 31 of the year in which a Qualifying Termination occurs, whichever is applicable. 
 The
share prices and dividend equivalents reflected in the calculation of Total Shareholder Return shall be appropriately adjusted to reflect stock splits, stock dividends, spinoffs and other corporate adjustments during the Performance Period, and
dividends and other distribution to shareholders shall be assumed to be reinvested in the relevant issuer’s shares (on the date they are paid) for purposes of the calculation of Total Shareholder Return. 

Subject to the terms of this Agreement, the RSUs shall vest based on Earnings Per Share relative to Total Shareholder Return as set forth below, with
performance in between the identified EPS and TSR performance levels determined by linear interpolation with respect to both EPS and TSR between the points shown. 

 Vesting Percentage (as a percentage of target Award) 

 

							
	 3-Year Annualized TSR
	 	 2018 EPS <$10.10
	 	 2018 EPS = $10.10
	 	 2018 EPS = $11.50

	 £20%
	 	0%	 	0%	 	0%
	 30%
	 	100%	 	100%	 	100%
	 34%
	 	150%	 	150%	 	150%

 Calculation in the event of a Qualifying Termination: 

 

	 	•	 	The degree to which the EPS performance goals have been met as of an Alternative Certification Date shall be determined by: (i) calculating the rate of growth, compounded annually, of EPS from a deemed EPS of $6.54
for calendar year 2015 to the EPS for the 12 month period that ends on December 31 of the year in which a Qualifying Termination occurs; (ii) extrapolating that rate (via annual compounding) through December 31, 2018, and then
(iii) using that deemed EPS for determining which EPS goals have been met. 

  

	 	•	 	The Ending Share Price will be the average share price over the 20 consecutive trading-day period ending on the 10th trading day of January in the year immediately
following the year in which a Qualifying Termination occurs. 

  

	 	•	 	The Annualization Factor denominator shall be the number of days from January 1, 2016 to December 31 of the year in which a Qualifying Termination occurs. 

Calculation of Converted RSUs upon a Change of Control: 

The number of Converted RSUs shall be determined in the same manner as in the calculation above, except that: 

 

	 	•	 	The final date of the Performance Period shall be the date of the Change of Control 

  

	 	•	 	The degree to which the EPS performance goals have been met as of the date of the Change of Control shall be determined by: (i) annualizing the EPS as of the most recently completed fiscal quarter by multiplying
the calendar year-to-date EPS by a fraction, the numerator of which is 4 and the denominator of which is the number of quarters completed year-to-date in the calendar year of the Change of Control. If no quarters have been completed, the EPS shall
be the prior year end EPS; (ii) calculating the rate of growth, compounded annually, of EPS from a deemed EPS of $6.54 for calendar year 2015 to the above calculated EPS through the end of the calendar year of the Change of Control;
(iii) extrapolating that rate (via annual compounding) through December 31, 2018, and then (iv) using that deemed EPS for determining which EPS goals have been met. 

 

	 	•	 	The Ending Share Price shall be the price on the date of the Change of Control. 

  

	 	•	 	The Annualization Factor denominator shall be the number of days from January 1, 2016 to the date of the Change of Control.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]