Document:

exv10w1

Exhibit 10.1

IDEX CORPORATION

LAKE FOREST, ILLINOIS

REVISED AND RESTATED

IDEX MANAGEMENT INCENTIVE COMPENSATION PLAN

FOR KEY EMPLOYEES

EFFECTIVE JANUARY 1, 2011

	1.	 	The purpose of this Plan is to provide incentive and reward to “key employees” who contribute
to the profits of the enterprise through their invention, ability, industry, loyalty or
exceptional service, by making them participants in that success. The primary objectives of
the Plan are to:

	 	–	 	Effectively incent desired organizational performance levels by focusing on a few
quantitative and qualitative indicators that drive overall company performance.
	 
	 	–	 	Ensure accountability, support, and accomplishment of corporate-wide initiatives.
	 
	 	–	 	Provide leverage for support of multi-business unit activities to take advantage of
synergies across units and within newly-formed groups.
	 
	 	–	 	Enhance the reward and retention of top performers.

	 	 	As herein used, the word “key employees” shall be understood to include the Corporation’s
officers, key executive office managerial employees, business unit presidents, and other
executives employed in the business units and subsidiaries (operating units) of the Corporation
generally reporting to an operating unit president, or other key managerial or professional
employees engaged in capacities of special responsibility and trust in the development, conduct,
or management of the operating unit who may from time to time in the manner herein set forth be
deemed and determined by the Chief Executive Officer of the Corporation to be “key employees”
for a particular award year.

	2.	 	Full power and authority to construe, interpret and administer this Plan shall be vested in
the Compensation Committee of the Board of Directors of the Corporation. However, the
day-to-day administration of the Plan shall be the responsibility of the senior management of
the Corporation, and the Compensation Committee of the Board of Directors shall rely on the
senior management for recommendations for awards and interpretation, when necessary. Decisions
of the Compensation Committee of the Board of Directors shall be final, conclusive, and
binding upon all parties, including the Corporation, the stockholders, and the employees.
	 
	3.	 	An employee shall be eligible for consideration for extra compensation if he or she is an
employee of the Corporation or a subsidiary as of October 1 of a fiscal year, remains an
employee as of the last day of the fiscal year and is a current employee through the date of
payout. No employee whose compensation, under a contract of employment or otherwise, is
determined in whole or in part on a commission basis, and no person who is compensated on the
basis of a fee or retainer, as distinguished from salary, shall be eligible for extra
compensation for the period during which his or her compensation is so determined.
	 
	4.	 	Subject to the provisions of this Plan, the Compensation Committee of the Board of Directors
shall have full discretion in making extra compensation awards.

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	5.	 	Extra compensation awards with respect to any fiscal year (the “award year”) shall be made as
soon as feasible after the close of such fiscal year. Awards shall be made and the
beneficiaries shall be notified thereof and paid therefore promptly, and in any event, between
January 1 and March 15 of the year following the award year.
	 
	6.	 	This document describes the process that will be used to determine extra compensation awards
for each Plan participant.
	 
	7.	 	The amount awarded to a “key employee” under the Plan shall be determined in accordance with
the following Plan description.

	 	A.	 	MICP PLAN FACTORS
	 
	 	 	 	The Plan will use the following factors to determine individual extra compensation payments:

	 	–	 	The Plan participant’s Annual Base Salary as of January 1 of the respective MICP
award year.
	 
	 	–	 	Individual Target Bonus Percentage, based on the position content of the
participant’s current job.
	 
	 	–	 	Corporate and Business unit performance against Quantitative Performance
Objectives, representing 65% of the Business Performance Factor.
	 
	 	–	 	Performance against up to five internally-assessed qualitative or quantitative
measures, representing 35% of the Business Performance Factor.
	 
	 	–	 	An individual Personal Performance Multiplier, ranging from 0.00 to 1.30; the
purpose of this individual multiplier is to identify and appropriately award top
performers and below average performers.
	 
	 	–	 	The Compensation Committee may establish minimum standards for award payouts under
the MICP.

	 	B.	 	QUANTITATIVE PERFORMANCE OBJECTIVES
	 
	 	 	 	Corporate and business unit accomplishments will be measured against any one or more of the
following Quantitative Performance Objectives representing 65% of the Business Performance
Factor and can range from 0 to 130%, depending upon achievement against established criteria
in total:

	 	–	 	margin growth,
	 
	 	–	 	net earnings (either before or after interest, taxes, depreciation, amortization
and non-recurring items),
	 
	 	–	 	economic value-added (as determined by the Compensation Committee),
	 
	 	–	 	sales or revenue, net income (either before or after taxes),
	 
	 	–	 	operating earnings,
	 
	 	–	 	cash flow (including, but not limited to, operating cash flow and free cash flow),

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	 	–	 	return on capital,
	 
	 	–	 	return on assets (net or gross),
	 
	 	–	 	return on stockholders’ equity,
	 
	 	–	 	stockholder returns,
	 
	 	–	 	return on sales,
	 
	 	–	 	gross or net profit margin,
	 
	 	–	 	productivity,
	 
	 	–	 	expense margins,
	 
	 	–	 	operating efficiency,
	 
	 	–	 	customer satisfaction,
	 
	 	–	 	working capital,
	 
	 	–	 	earnings per share (exclusive of restructuring charges),
	 
	 	–	 	price per share,
	 
	 	–	 	new product development, and
	 
	 	–	 	market share.

	 	 	 	Target, Minimum, and Maximum performance objectives will normally be established for each
Quantitative Performance Objective selected following the Board of Directors’ review of the
IDEX business plan at the first Board meeting of the year and by March 31 each year.
Objectives will usually be established on a business unit basis. In some instances where
individual locations within business units operate on a more independent basis from the
respective units, all or some objectives may be established on a location basis. In
addition, objectives may be established on operating group and corporate-wide basis to
determine accomplishments and bonus earned for group executives and executive office staff,
respectively.
	 
	 	 	 	Objectives established will reflect unit business plans, economic and market conditions, and
reasonable expectations of accomplishment. Bonus earned at target performance in each
Quantitative Performance Objective will be individually weighted as a specified percent of
the Business Performance Factor as set by the Compensation Committee each award year in its
discretion.
	 
	 	 	 	For performance in between Minimum and Target and between Target and Maximum, the
Compensation Committee will interpolate the appropriate bonus percentage earned. Results
will be stated on a constant exchange rate assumption so that results of international
locations will be included and considered on a currency neutral basis.
	 
	 	 	 	In the event an acquired company is added to a business unit during the year, appropriate
adjustments will be made to the targets to reflect the acquisition. The decisions of
Corporate management as to the amount of such adjustments shall be binding and final.

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	 	C.	 	QUALITATIVE/QUANTITATIVE OBJECTIVES
	 
	 	 	 	Accomplishments will also be measured against up to five objectives anchored by specific
criteria at benchmark levels of performance. This component is weighted 35% of the Business
Performance Factor and can range from 0% to 70%, depending on total achievement against
established criteria. Selected objectives must have a business focus, not an individual
development focus. They will be selected as areas of focus to a specific business unit for
the fiscal year. They may not be duplicative of the quantitative performance objectives in
section B.
	 
	 	 	 	The qualitative/quantitative measures may be selected from the list below or may be other
measures as appropriate as key areas of focus for the fiscal year. Measures may include:

	 	–	 	Global Expansion
	 
	 	–	 	Capital Management and Deployment
	 
	 	–	 	Commercial Excellence
	 
	 	–	 	Operational Excellence
	 
	 	–	 	New Product Development
	 
	 	–	 	Integration Effectiveness
	 
	 	–	 	Organizational Development
	 
	 	–	 	Customer Satisfaction

	 	 	 	Each criterion will be evaluated on a scale as compared to the criteria definition on the
Qualitative Factors worksheet and a total Business Performance Factor percentage computed.
	 
	 	D.	 	PERSONAL PERFORMANCE MULTIPLIER
	 
	 	 	 	A Personal Performance Multiplier will be determined each year for each MICP participant.
The Personal Performance Multiplier and its distribution among MICP participants will be
zero, or from 0.70 to 1.30 in increments of .05 as follows:

	 	 	 	 	 
	Personal Performance Multiplier	 	Distribution Among MICP Participants
	1.30
	 	Top 15% of participants
	1.15
	 	Next 10%
	1.0
	 	Middle 65%
	0.70 or 0.00
	 	Bottom 10%

	 	 	 	The Personal Performance Multiplier determination will reflect individual performance in the
participant’s job and unit during the award year, as well as active support of and
contribution to the success of corporate initiatives and achieving inter-unit synergies.
Business unit presidents will make recommendations for Personal Performance Multiplier
ratings within their units. Recommendations for Personal Performance Multipliers for each
business unit Plan participant will be submitted by the business unit president to the
respective group executive by January 15 following the end of each award year.

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	 	 	 	Group executives will be responsible for managing the distribution of ratings according to
the specified distribution above within the participants from their respective groups,
subject to the final review by the Chief Executive Officer of the Corporation.
	 
	 	 	 	The Chief Executive Officer will be responsible for managing the distribution of ratings
among all participants.
	 
	 	E.	 	TOTAL BONUS CALCULATION
	 
	 	 	 	The Total Bonus Calculation for each individual participant will be determined as follows:
	 
	 	 	 	THE SUM OF
	 
	 	 	 	Business Performance Factor percentages earned on each of the Quantitative Performance
Objectives
	 
	 	 	 	PLUS
	 
	 	 	 	Business Performance Factor percentage earned on the Qualitative/Quantitative Performance
Objectives
	 
	 	 	 	TIMES
	 
	 	 	 	Individual Target Bonus Percentage
	 
	 	 	 	TIMES
	 
	 	 	 	Personal Performance Modifier
	 
	 	 	 	TIMES
	 
	 	 	 	Annual Base Salary as of January 1 of award year
	 
	 	 	 	The maximum bonus opportunity can be achieved when all quantitative and qualitative
objectives meet the maximum performance levels (200% of target) and the highest Personal
Performance Multiplier of 1.30 is awarded.
	 
	 	 	 	Where a participant has had a salary increase during the year, the bonus will be prorated
to reflect the change. However, any changes to base salary prior to April 2nd of the
performance cycle will be considered the base salary for incentive calculation purposes.
In addition, where a participant has moved into another position with a different
Individual Target Bonus Percentage or transferred to a different business unit, the bonus
calculation will be prorated to reflect the different Individual Target Bonus Percentages
and the different unit objectives measurement respectively.
	 
	 	F.	 	SPECIAL ADJUSTMENTS
	 
	 	 	 	In unusual circumstances, awards to specific individuals or units may be adjusted
positively or negatively to reflect performance, which significantly affected the operating
results of the unit or company. Such adjustments will be recommended by the Chief Executive
Officer of the

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	 	 	 	Corporation and approved by the Compensation Committee of the Board of Directors. However,
these adjustments will be made infrequently and on the basis of unusual positive or
negative performance.

	8.	 	While the Plan provides that participants must be an employee at the end of the year in
order to be eligible for payments under the Plan, exceptions will be made in the case of
death, total and permanent disability, or retirement. Retirement means voluntary termination
of service on or after accruing at least five Years of Service with the Corporation and
attaining an age of at least 50, if the sum of your age and Years of Service is at least 70.
“Years of Service” means the number of full years that you have been employed by or providing
service to the Corporation or any of its subsidiaries. In such cases, the participant will
receive an extra compensation payment for the prorated portion of the year (measured to the
nearest full month) he or she was employed by the Corporation. The prorated payment will be
based on actual quantitative performance through the end of the award year in which death,
disability, or retirement occurs and a Personal Performance Multiplier of 1.00. The prorated
extra compensation payment shall be paid along with bonus payments to other Plan participants
following the end of the award year. A participant who leaves the employ of the Corporation
prior to the end of the calendar year for any reason other than death, disability, or
retirement, as specified above, shall not be entitled to any payment under this Plan.
	 
	9.	 	If a beneficiary dies, his or her unpaid extra compensation awards, if any, shall be paid
and delivered in accordance with the terms specified in applicable beneficiary or trust
arrangements, if any, to his or her legal representatives or to the persons entitled thereto
as determined by a court of competent jurisdiction. Such unpaid extra compensation awards, if
any, may be paid out as determined by the Corporation in its discretion subject to the
approval of the Compensation Committee of the Board of Directors.
	 
	10.	 	Consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, IDEX
and the Board of Directors reserve the right to recover (“clawback”) from current and/or
former key employees any wrongfully earned performance-based compensation, upon the
determination by the Compensation Committee of the following:

	 	–	 	There is a restatement of Company financials, due to the material noncompliance with
any financial reporting requirement,
	 
	 	–	 	The cash incentive compensation to be recouped was calculated on, or its realized value
affected by, the financial results that were subsequently restated,
	 
	 	–	 	The cash incentive compensation would have been less valuable than what was actually
awarded or paid based upon the application of the correct financial results, and
	 
	 	–	 	The pay affected by the calculation was earned or awarded within three years of the
determination of the necessary restatement.

These provisions are designed to deter and prevent detrimental behavior and to protect our
investors from financial misconduct. The Compensation Committee has exclusive authority to
modify, interpret and enforce this provision in compliance with all regulations.

	11.	 	This Plan was effective as of January 22, 1988, and was amended and restated as of January
1, 1996, January 1, 1999, January 1, 2001, January 1, 2003, January 1, 2005, January 1, 2008,
January 2, 2010 and January 1, 2011. While, as in the past, it is contemplated that extra
compensation will be awarded annually, the Compensation Committee of the Board of Directors
shall have the right to modify,
suspend, or terminate this Plan at any time.

6exv10w1

Exhibit 10.1

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)

FORM
SHARE OPTION AWARD AGREEMENT- 2011 LONG TERM INCENTIVE PROGRAM GRANT

(Performance-Based Share Options)

          THIS SHARE OPTION AWARD AGREEMENT (this “Agreement”), effective as of May 2, 2011 is made by
and between Willis Group Holdings Public Limited Company, and any successor thereto (hereinafter
referred to as the “Company”) and the individual (the “Optionee”) who has duly completed, executed
and delivered the Option Acceptance Form, a copy of which is attached hereto as Schedule A
(including Exhibit 1 thereto) and which is deemed to be a part hereof (the “Acceptance Form”) and;
if applicable the Agreement of Restrictive Covenants and Other Obligations, a copy of which is set
out in Schedule C attached hereto and deemed to be a part hereof.

          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 the Option (as hereinafter
defined) provided for herein to the Optionee as an incentive for increased efforts on the part of
the Optionee during the Optionee’s employment with the Company or its Subsidiaries (as hereinafter
defined), and has advised the Company thereof and instructed the undersigned officer to prepare
said Option.

          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.

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     Section 1.1 — Act

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

     Section 1.2 — Adjusted Earnings Per Share

          “Adjusted Earnings Per Share” shall mean the adjusted earnings per share as stated by the
Company in its annual financial results as issued by the Company with respect to the Performance
Period.

     Section 1.3 — Adjusted Operating Margin

          “Adjusted Operating Margin” shall mean the adjusted operating margin as stated by the Company
in its annual financial results as issued by the Company with respect to the Performance Period.

     Section 1.4 — Board

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

     Section 1.5 — Cause

          “Cause” shall mean (i) the Optionee’s continued and/or chronic failure to adequately and/or
competently perform his material duties with respect to the Company or its Subsidiaries after
having been provided reasonable notice of such failure and a period of at least ten days after the
Optionee’s receipt of such notice to cure and/or correct such performance failure, (ii) willful
misconduct by the Optionee in connection with the Optionee’s employment which is injurious to the
Company or its Subsidiaries (willful misconduct shall be understood to include, but not be limited
to, any breach of the duty of loyalty owed by the Optionee to the Company or its Subsidiaries),
(iii) conviction of any criminal act (other than minor road traffic violations not involving
imprisonment), (iv) any breach of the Optionee’s restrictive covenants and other obligations as
provided in Schedule C to this Agreement (if applicable), in the Optionee’s employment agreement
(if any), or any other non-compete agreement and/or confidentiality agreement entered into between
the Optionee and the Company or any of its Subsidiaries (other than an insubstantial, inadvertent
and non-recurring breach), or (v) any material violation of any written Company policy after
reasonable notice and an opportunity to cure such violation within ten (10) days after the
Optionee’s receipt of such notice.

     Section 1.6 — 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 1.7 — Earned Date

          “Earned Date” shall mean the date that the annual financial results of the Company are issued
by the Company.

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     Section 1.8 — Earned Performance Shares

          “Earned Performance Shares” shall mean Shares subject to the Option in respect of which the
applicable Performance Objectives, as set out in Section 3.1, have been achieved and shall become
vested and exercisable as set out in Section 3.2.

     Section 1.9 — Exercise Price

          “Exercise Price” shall mean the exercise price of the Option set forth in Schedule A to this
Agreement. The Exercise Price shall not be less than 100% of the Fair Market Value of the Shares
on the Grant Date.

     Section 1.10 — Grant Date

          “Grant Date” shall mean May 2, 2011.

     Section 1.11 — Option

          “Option” shall mean the option to purchase Ordinary Shares of the Company granted in
accordance with this Agreement and the Plan.

     Section 1.12 — Performance Period

          “Performance Period” shall mean January 1, 2011 — December 31, 2011.

     Section 1.13 — Performance Objectives

          “Performance Objectives” shall mean the performance objectives based on an Adjusted Earnings
Per Share or Adjusted Operating Margin that are set forth in Section 3.1(a) and Exhibit 1 to the
Acceptance Form.

     Section 1.14 — Permanent Disability

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

     Section 1.15 — Plan

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

     Section 1.16 — Pronouns

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

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     Section 1.17 — Secretary

          “Secretary” shall mean the Secretary of the Company.

     Section 1.18 — Shares or Ordinary Shares

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

     Section 1.19 — Subsidiary

          “Subsidiary” shall mean with respect to the Company, a body corporate which is a subsidiary of
the Company within the meaning of Section 155 of the Act. For purposes of granting share options
or any other “stock rights,” within the meaning of Section 409A of the Code, an entity shall not be
considered a Subsidiary if granting any such share right would result in the share right becoming
subject to Section 409A of the Code. For purposes of granting U.S. incentive stock options, an
entity shall not be considered a Subsidiary if it does not also meet the requirements of Section
424(f) of the Code.

     Section 1.20 — Willis Group

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

ARTICLE II

GRANT OF OPTIONS

     Section 2.1 — Grant of Options

          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 to the Optionee an Option to purchase all or part of the
aggregate number of Shares, as stated in the Acceptance Form. In circumstances where the Optionee
is required to enter into the Agreement of Restrictive Covenants and Other Obligations set forth in
Schedule C, the Optionee agrees that the grant of an Option pursuant to this Agreement is
sufficient consideration for the Optionee entering into such agreement.

     Section 2.2 — Exercise Price

          Subject to Section 2.4, the Exercise Price of each Share subject to the Option shall be as
stated in the Acceptance Form.

     Section 2.3 — Employment Rights

          Subject to the terms of the Agreement of Restrictive Covenants and Other Obligations where
applicable, the rights and obligations of the Optionee under the terms of his office or employment
with the Company or any Subsidiary shall not be affected by his participation in this Plan or any
right which he may have to participate in it. The Option and the Optionee’s participation in the
Plan will not be interpreted to form an employment agreement with the Company or any Subsidiary.
The Optionee hereby waives any and all rights to compensation or

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damages in consequence of the termination of his office or employment for any reason
whatsoever insofar as those rights arise or may arise from his ceasing to have rights under or be
entitled to earn, vest in or exercise any Option as a result of such termination. If,
notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction,
then, by participating in the Plan, the Optionee 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 Options Pursuant to Merger, Consolidation, etc.

          Subject to Sections 8 and 9 of the Plan, in the event that the outstanding Shares subject to
an Option are, from time to time, changed into or exchanged for a different number or kind of
Shares or other securities, by reason of a share split, spin-off, 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 and/or the amount of consideration as to which or for
which, as the case may be. The Committee, in its sole discretion, may make an appropriate and
equitable adjustment to the Shares underlying such Option, and/or portions thereof then
unexercised, shall be exercisable. Any such adjustment or determination made by the Committee
shall be final and binding upon the Optionee, the Company and all other interested persons.

     Section 2.5 — Clawback Policy

          The Company may cancel all or part of the Option or require payment by the Optionee to the
Company of all or part of any amount or Shares received by the Optionee following the exercise of
the Option pursuant to the Company’s Clawback Policy dated December 2009, as amended from time to
time, except to the extent prohibited under applicable law.

ARTICLE III

PERIOD OF EXERCISABILITY

     Section 3.1 — Commencement of Earning

          (a) Subject to Sections 3.1(b) and 3.1(d), the Shares subject to Option shall become Earned
Performance Shares as of the Earned Date and shall become eligible to vest and become exercisable
in accordance with the provisions of Section 3.2 if and to the extent that the Performance
Objectives set out in Targets 1 (50% of Target Number of Shares) and 2 (50% of Target Number of
Shares) of Exhibit 1 to the Acceptance Form are attained and subject to the Optionee being in the
employment of the Company or any Subsidiary at each respective vesting date as.

          (b) The Optionee understands and agrees that the terms under which the Option shall become
Earned Performance Shares as described in Section 3.1(a) above and in Exhibit 1 to the Acceptance
Form is confidential and the Optionee agrees not to disclose, reproduce or distribute such
confidential information concerning the Company, except as required in the course of the Optionee’s
employment with the Company or one of its Subsidiaries, without the

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prior written consent of the Company. The Optionee’s failure to abide by this condition may result in the
immediate cancellation of the Option.

          (c) As promptly as practicable following the Performance Period, the Committee shall determine
whether the applicable Performance Objectives were attained, and based on such determination, shall
declare the number of Shares subject to the Option that shall become Earned Performance Shares.
Anything to the contrary in this Section 3.1 and Exhibit 1 to the Acceptance Form notwithstanding,
the Committee retains sole discretion to determine the number of Shares subject to the Option that
will become Earned Performance Shares.

          (d) If prior to the end of the Performance Period, (i) the Optionee’s employment terminates
for reasons other than Cause, or (ii) there is a Change of Control, the Committee, may, in its sole
discretion deem the Performance Objectives to be attained at the level (not to exceed the maximum
level) determined by the Committee as to all or part of the unearned Shares underlying the Option
and deem them to be Earned Performance Shares.

          (e) All Shares subject to the Option that are not declared by the Committee to be Earned
Performance Shares shall be forfeited immediately on the earlier of the Optionee’s termination of
employment or the date that the Committee makes a determination on whether the Performance
Objectives were attained.

     Section 3.2
— Commencement of Vesting and Exercisability

          (a) Subject to the Optionee’s continued employment with the Willis Group through the
applicable vesting date (set forth in the left column), the Earned Performance Shares shall vest
and become exercisable in accordance with Section 3.2 below:

	 	 	 	 	 
	 	 	Percentage of Earned	 
	Date Earned Performance Shares Become	 	Performance Shares that Become	 
	Vested and Exercisable	 	Vested and Exercisable	 
	Third
anniversary of Grant Date 

[INSERT DATE]
	 	[insert]%
	Fourth anniversary of Grant Date

[INSERT DATE]
	 	[insert]%

          (b) In the event of a termination of the Optionee’s employment as a result of death or
Permanent Disability, then (i) the Earned Performance Shares and the Option in respect thereof
shall become immediately vested and exercisable with respect to all of the Shares underlying such
Option through the time period set forth in Section 3.3 (b) below, and (ii) as of the date of
termination of employment, any portion of the Option which then has not become an Earned
Performance Share shall immediately terminate and will at no time be exercisable.

          (c) Notwithstanding anything herewith to the contrary, the Option over Earned Performance
Shares that have not yet vested shall immediately terminate and will at no time become exercisable,
except that the Committee may, for termination of employment for reasons

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other than death, Permanent Disability or Cause, determine in its sole discretion that the
Option over the Earned Performance Shares that have not yet vested and become exercisable, shall
become vested and exercisable.

          (d) In the event of a termination of the Optionee’s employment for any reason other than death
or Permanent Disability, then the Earned Performance Shares that have vested and become exercisable
and the Option in respect thereof shall remain exercisable through the time period set forth in
Section 3.3 (b) below.

          (e) In the event of a Change of Control, the Option shall not automatically vest and become
exercisable and the Committee shall have the sole discretion to accelerate the vesting of unvested
Earned Performance Shares without regard to whether the Earned Performance Shares are assumed or
substituted by a successor company.

     Section 3.3 — Expiration of Options

          (a) The Option shall immediately lapse upon the termination of the Optionee’s employment,
subject to, and except as otherwise specified within, the terms and conditions of Section 3.2
above.

          (b) The Option over Earned Performance Shares that has become vested and exercisable in
accordance with Section 3.2 will cease to be exercisable by the Optionee upon the first to occur of
the following events:

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

     (ii) Twelve months after the date of the Optionee’s termination of employment by reason
of death or Permanent Disability; or

     (iii) Ninety days after the date of any termination of the Optionee’s employment by the
Company or its Subsidiary for any reason other than (A) death or Permanent Disability or (B)
where the Committee has exercised its discretion in accordance with Section 3.2(c) above; or

     (iv) Six calendar months after the date of termination provided the Committee has
exercised its discretion pursuant to Section 3.2(c) above and termination is other than for
Cause; or

     (v) If the Committee so determines pursuant to Sections 8 or 9 of the Plan and Section
3.2(e) of this Agreement, the effective date of a Change of Control, so long as the Optionee
has a reasonable opportunity to exercise or receive value for his Options prior to such
effective date.

          (c) The Optionee agrees to execute and deliver the following agreements or other documents in
connection with the grant of the Option within the period set forth below:

     (i) the Optionee must execute the Agreement of Restrictive Covenants and Other
Obligations pursuant to Article VII below, if applicable, and deliver it to the Company
within 45 days of the receipt of this Agreement;

7

 

     (ii) the Optionee must execute the Option Acceptance Form and deliver it to the Company
within 45 days of the receipt of this Agreement; and

     (iii) the Optionees who are resident in the United Kingdom must execute the form of
joint election as described in terms set forth in Schedule B for the United Kingdom and
deliver it to their employing company within 45 days of the receipt of this Agreement.

          (d) The Committee may, in its sole discretion, cancel the Option, if the Optionee fails to
execute and deliver the agreements and documents within the period set forth in Section 3.3(c) or
fails to meet the requirements set forth in Section 3.1(a).

ARTICLE IV

EXERCISE OF OPTION

     Section 4.1 — Person Eligible to Exercise

          During the lifetime of the Optionee, only he may exercise an Option or any portion thereof.
After the death of the Optionee, any exercisable portion of an Option may, prior to the time when
an Option becomes unexercisable under Section 3.3, be exercised by any person empowered to do so
under the Optionee’s will or under then applicable laws of inheritance.

     Section 4.2 — Partial Exercise

          Any exercisable portion of an Option or the entire Option, if then wholly exercisable, may be
exercised in whole or in part at any time prior to the time when the Option or portion thereof
becomes unexercisable under Section 3.3; provided, however, that any partial exercise shall be for
whole Shares only.

     Section 4.3 — Manner of Exercise

          An Option, or any exercisable portion thereof, may be exercised solely by delivering to the
Secretary or his office or the Company’s agent, if so directed all of the following prior to the
time when the Option or such portion becomes unexercisable under Section 3.3:

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

          (b) Full payment (in cash, by cheque, electronic transfer, by way of a cashless exercise as
approved by the Company, by way of surrender of Shares to the Company, by withholding in Shares to
be issued upon Option exercise as approved by the Company in its sole discretion, or by a
combination thereof) of the Exercise Price for the Shares with respect to which such Option or
portion thereof is exercised, provided the Shares surrendered or withheld have a fair market value
(determined as of the day preceding the date of exercise) that is not less than such Exercise Price
or part thereof and any Tax-Related Items (as defined in (d) below);

8

 

          (c) Full payment to the Company or any Subsidiary, by which the Optionee is employed (the
“Employer”) of all income tax, payroll tax, payment on account, and social insurance contributions
amounts (“Tax”) which, under federal, state, local or foreign law, it is required to withhold upon
exercise of the Option; and

          (d) In a case where any Employer is obliged to (or would suffer a disadvantage if it were not
to) account for any Tax (in any jurisdiction) for which the Optionee is liable by virtue of the
Optionee’s participation in the Plan and/or any social security contributions recoverable from and
legally applicable to the Optionee (the “Tax-Related Items”), the Optionee will pay or make
adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related
Items. In this regard, the Optionee authorizes the Company and/or the Employer, or their
respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related
Items by one or a combination of the following:

(i) withholding from the Optionee’s wages or other cash compensation paid to the Optionee by
the Company and/or the Employer; or

(ii) withholding from proceeds of the sale of Shares issued at exercise of the Option either
through a voluntary sale or through a mandatory sale arranged by the Company (on the
Optionee’s behalf pursuant to this authorization); or

(iii) withholding in Shares to be issued at exercise of the Option.

          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 Optionee is deemed to have been issued the full number of Shares
subject to the exercised Option, notwithstanding that a number of Shares are held back solely for
the purpose of paying the Tax-Related Items due as a result of any aspect of the Optionee’s
participation in the Plan.

          Finally, the Optionee shall pay to the Company or the Employer any amount of Tax-Related Items
that the Company or the Employer may be required to withhold or account for as a result of the
Optionee’s participation in the Plan that cannot be satisfied by the means previously described.

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

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

     Section 4.4 — Conditions to Issuance of Shares

          The Earned Performance Shares to be delivered upon the exercise of an Option, or any portion
thereof, in accordance with Section 3.2 of this Agreement may be either previously

9

 

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 certificates representing
such Shares or their electronic equivalent issued upon the exercise of an Option or portion thereof
prior to fulfillment of all of the following conditions:

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

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

     Section 4.5 — Rights as Shareholder

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

ARTICLE V

ADDITIONAL TERMS AND CONDITIONS OF OPTION

Section 5.1 — Nature of Grant

          In accepting the Option, the Optionee 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;

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

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

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

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

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

10

 

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

          (h) if the Optionee exercises the Option and acquires Shares, the value of such Shares may
increase or decrease in value, even below the Exercise Price; and

          (i) no claim or entitlement to compensation or damages shall arise from termination of the
Option or diminution in value of the Option or Shares acquired upon exercise of the Option in the
event of the Optionee’s termination of employment (for any reason whatsoever and whether or not in
breach of local labor laws), and in consideration of the grant of the Option to which the Optionee
is otherwise not entitled, the Optionee irrevocably agrees never to institute any claim against the
Company or any Subsidiary, waive his or her ability, if any, to bring any such claim, and release
the Company and any Subsidiary from any such claim; if, notwithstanding the foregoing, any such
claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the
Optionee shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute
any and all documents necessary to request dismissal or withdrawal of such claims.

Section 5.2
— No Advice Regarding Grant

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

ARTICLE VI

DATA PRIVACY NOTICE AND CONSENT

Section 6 — Data Privacy

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

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

          (c) The Optionee understands that Data will be transferred to Morgan Stanley SmithBarney or to
any other third party assisting in the implementation, administration and management of the Plan.
The Optionee understands that the recipients of the Data may be

11

 

located in the Optionee’s country or elsewhere, and that the recipients’ country (e.g.,
Ireland) may have different data privacy laws and protections from the Optionee’s country. The
Optionee 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 Optionee
authorizes the Company, Morgan Stanley SmithBarney 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
Optionee understands that Data will be held only as long as is necessary to implement, administer
and manage the Optionee’s participation in the Plan. The Optionee 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 Optionee understands,
however, that refusing or withdrawing his consent may affect the Optionee’s ability to participate
in the Plan. For more information on the consequences of the Optionee’s refusal to consent or
withdrawal of consent, the Optionee understands that he may contact his local human resources
representative.

ARTICLE VII

AGREEMENT OF RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS

Section 7 — Restrictive Covenants and Other Obligations

          In consideration of the grant of an Option, the Optionee shall enter into the Agreement of
Restrictive Covenants and Other Obligations, a copy of which is attached hereto as Schedule C. In
the event the Optionee does not sign and return the Agreement of Restrictive Covenants and Other
Obligations within 45 days of the receipt of this Agreement, the Committee may, in its sole
discretion, cancel the Option. If no such agreement is required, Schedule C shall state none or
not applicable.

ARTICLE VIII

MISCELLANEOUS

Section 8.1 — 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 Optionee, the Company and
all other interested persons. No member of the Committee shall be personally liable for any
action, determination or interpretation made in good faith with respect to the Plan or the Options.
In its absolute discretion, the Committee may at any time and from time to time exercise any and
all rights and duties of the Committee under the Plan and this Agreement.

12

 

Section 8.2 — Options Not Transferable

          Neither the Options nor any interest or right therein or part thereof shall be subject to the
debts, contracts or engagements of the Optionee 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 8.2 shall not prevent transfers made solely for estate planning purposes or under
a will or by the applicable laws of inheritance.

Section 8.3 — 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 8.4 — 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 Optionee shall be at the address set forth in the Option
Acceptance Form.

          By a notice given pursuant to this Section 8.4, 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
Optionee shall, if the Optionee is then deceased, be given to the Optionee’s personal
representatives if such representatives have previously informed the Company of their status and
address by written notice under this Section 8.4. 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 Optionee resident outside the United States of America or the United Kingdom, sent by
facsimile or by a recognized international courier service.

Section 8.5
— Titles

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

13

 

Section 8.6 — Applicability of Plan

          The Options and the Earned Performance Shares underlying the Options shall be subject to all
of the terms and provisions of the Plan, to the extent applicable to the Options. In the event of
any conflict between this Agreement and the Plan, the terms of the Plan shall control.

Section 8.7 — 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 8.8 — Governing Law

          This Agreement shall be governed by, and construed in accordance with the laws of Ireland;
without regard to its conflicts of law provisions, provided, however, that the Agreement of
Restrictive Covenants and Other Obligations, if applicable, shall be governed by and construed in
accordance with the laws specified in that agreement.

Section 8.9 — Jurisdiction

          The courts of the state of New York shall have jurisdiction to hear and determine any suit,
action or proceeding and to settle any disputes which may arise out of or in connection with this
Agreement and, for such purposes, the parties hereto irrevocably submit to the jurisdiction of such
courts; provided, however, where applicable, that with respect to the Agreement of Restrictive
Covenants and Other Obligations the courts specified in such agreement shall have jurisdiction to
hear and determine any suit, action or proceeding and to settle any disputes which may arise out of
or in connection with that agreement.

Section 8.10 — 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 Optionee 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.

Section 8.11 — Language

          If the Optionee has received this Agreement, or any other document related to the Option
and/or the Plan translated into a language other than English and if the translated version is
different than the English version, the English version will control.

Section 8.12 — 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.

14

 

Section 8.13 — Schedule B

          The Option shall be subject to any special provisions set forth in Schedule B for the
Optionee’s country of residence, if any. If the Optionee relocates to one of the countries
included in Schedule B during the life of the Option, the special provisions for such country shall
apply to the Optionee, 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 8.14 — Imposition of Other Requirements

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

Section 8.15 — Counterparts

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

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

	 	 	 	 	 
	 	WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

15

 

SCHEDULE A

ACCEPTANCE FORM TO

SHARE OPTION AWARD AGREEMENT- 2011 LONG TERM INCENTIVE

PROGRAM GRANT

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)

	 

	Name

	Target Number of Shares Granted Under Option

	Grant Date

	Exercise Price

I accept the grant of the Option 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 Share
Option Award Agreement dated May 2, 2011 and any country-specific terms set forth in Schedule B,
thereto.

Signature:

Address:

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

General Counsel

Willis Group Holdings Public Limited Company

c/o Willis North America, Inc.

One World Financial Center

New York, NY 10281

U.S.A.

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

16

 

EXHIBIT 1 

ACCEPTANCE FORM TO

SHARE OPTION AWARD AGREEMENT — 2011 LONG TERM INCENTIVE PROGRAM

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)

Performance Period: January 1, 2011 through December 31, 2011

Earned Date: Publication of Company’s Annual Financial Results

Target 1: Adjusted Operating Margin (“OM”) Target [INSERT]%

Percentage of Option Shares Subject to Target 1: 50%

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Performance Scale:1
	 	89% or below	 	 	90-94	%	 	 	95-99	%	 	100% or above
	 
	 	(OM of [INSERT]or	 	(OM of [INSERT])	 	(OM of [INSERT])	 	 	 	 
	 
	 	below)	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage of Earned
Performance Shares:
	 	 	0	%	 	 	80-89	%	 	 	90-99	%	 	 	100	%

Target 2: Adjusted Earnings Per Share (“EPS”) Target $[INSERT]

Percentage of Option Shares Subject to Target 2: 50%

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Performance Scale:2
	 	89% or below	 	 	90-94	%	 	 	95-99	%	 	100% or above
	 
	 	(EPS of $[INSERT]or	 	(EPS of [INSERT])	 	(EPS of $[INSERT])	 	 	 	 
	 
	 	below)	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage of Earned
Performance Shares:
	 	 	0	%	 	 	80-89	%	 	 	90-99	%	 	 	100	%

 

			
	1	 	Performance between amounts is subject to
interpolation.
	 
	2	 	Performance between amounts is subject to
interpolation.

17

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