Document:

Exhibit 10.12

 

AON CORPORATION

OUTSIDE DIRECTOR STOCK AWARD

AND RETIREMENT PLAN

 

(as
amended and restated effective January 1, 2003)

(a
subplan of the Aon Stock Incentive Plan)

 

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AON CORPORATION

OUTSIDE DIRECTOR STOCK AWARD

AND RETIREMENT PLAN

 

(as amended and restated effective January 1,
2003)

(a subplan of the Aon Stock Incentive Plan)

 

1.             Purpose:

 

Aon Corporation (the “Company”) previously maintained the 1994 Amended
and Restated Outside Director Stock Award Plan (the “1994 Plan”) as a separate
plan. The Aon Stock Incentive Plan (the “Stock Incentive Plan”) replaced the
1994 Plan and the other incentive compensation plans under which shares of the
Company’s common stock may be issued. The Company has established this Outside
Director Stock Award and Retirement Plan (the “Plan”) as a subplan within the
Stock Incentive Plan to provide for the granting of Annual Awards, Past Service
Retirement Awards and Future Service Retirement Awards (defined below) following
the replacement of the 1994 Plan by the Stock Incentive Plan. The purposes of
the Plan are to attract and retain well qualified persons for service as
directors of the Company, who are not employees of the Company or any of its
subsidiaries (“Outside Directors”); and to provide such Outside Directors with
the opportunity to increase their proprietary interest in the Company, and
thereby to increase their personal interest in the Company’s continued success,
through the payment of a portion of directors’ fees and through the payment of
retirement income in the form of shares of the Company’s common stock, $1.00
par value (“Common Stock”).

 

2.             Administration:

 

The Organization and Compensation Committee (the “Committee”) of the
Board of Directors of the Company will have the responsibility and authority to
administer and interpret the provisions of the Plan.

 

In administering the Plan, the Committee may employ attorneys,
consultants, accountants or other persons, and the Company and the Committee
shall be entitled to rely upon the advice, opinions or valuations of any such
persons. All usual and reasonable expenses of the Committee shall be paid by
the Company. No member of the Committee shall be personally liable for any

 

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action, determination or interpretation taken or
made with respect to the Plan or awards made thereunder, and all members of the
Committee shall be fully indemnified and protected by the Company in respect of
any such action, determination or interpretation, in the absence of a
fraudulent act or omission.

 

3.             Eligibility:

 

Awards under the Plan shall be available to all Outside Directors;
provided, that no director who is an employee of the Company or any of its
subsidiaries shall be eligible for participation in the Plan.

 

4.             Awards:

 

(a)           Annual Awards:   At each meeting of the Board of Directors of
the Company (the “Board”) next following the annual meeting of the Company’s
stockholders (the “Annual Meeting of the Board”), each Outside Director shall
be awarded a number of shares of Common Stock the value of which shall be
equivalent to $50,000 (the “Annual Award”), subject to and in accordance with
the terms of Section 5. The Annual Award shall be determined by dividing
$50,000 by the average Market Value (as hereinafter defined) of a share of
Common Stock for the period January 1 through March 31 of the
calendar year of the Annual Meeting of the Board, rounded up to the next full
share.

 

In the case of an Outside Director who becomes an Outside Director
other than at the annual meeting of the Company’s stockholders (the “Annual
Meeting of Stockholders”) in any year, such Outside Director shall be awarded a
prorated portion, rounded up to the next full share, of the number of shares of
Common Stock the Outside Director would have received as an Annual Award if the
Outside Director had become an Outside Director at the immediately preceding
Annual Meeting of Stockholders based on the number of full months between the
date on which such Outside Director becomes an Outside Director and the next
Annual Meeting of the Board.

 

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(b)           Retirement Awards:

 

(i)            An account (“Bookkeeping Account”) shall be established
for each Outside Director’s Past Service Retirement Awards and Future Service Retirement
Awards (collectively, “Retirement Awards”) and deferred Annual Awards.

 

(ii)           The Bookkeeping Account of each Outside
Director in office as of April 15, 1994 will be credited as of each Annual
Meeting of the Board with stock units representing shares of Common Stock with
a Market Value on the date of the Annual Meeting of the Board equivalent to the
product of (a) such Outside Director’s years of past service as an Outside
Director of the Company as of April 15, 1994, subject to a maximum of 10
years, multiplied by (b) ten thousand dollars ($10,000) and divided by (c) the
number of prospective full years of service from April 15, 1994 to such
Outside Director’s Mandatory Retirement Date (the “Past Service Retirement
Award”).

 

(iii)          The Bookkeeping Account of each Outside
Director will also be credited as of each Annual Meeting of the Board with
stock units representing shares of Common Stock with a Market Value on the date
of the Annual Meeting of the Board equivalent to twenty thousand dollars
($20,000) (the “Future Service Retirement Award”).

 

(iv)          The “Market Value” of a share of Common Stock
as of any date shall mean the arithmetic mean of the high and low selling
prices of the Common Stock on the New York Stock Exchange on such date (or, if
the New York Stock Exchange was not open for trading or the Common Stock was
not traded on that day, the immediately preceding day that the New York Stock
Exchange was open for trading and the Common Stock was traded).

 

(v)           All accumulated stock units credited to an
Outside Director’s Bookkeeping Account pursuant to this subparagraph (b) (hereinafter
referred to as

 

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“Retirement Stock Units”) shall vest at the rate of ten percent per
year of total service; provided, however, that all Retirement Stock Units
credited to an Outside Director’s Bookkeeping Account pursuant to this
subparagraph (b) shall be 100% vested at the time of such Outside Director’s
Mandatory Retirement Date. As used herein, a “year of total service” means that
period of time measured from an Annual Meeting of Stockholders to the next
following Annual Meeting of Stockholders. As used herein an Outside Director’s “Mandatory
Retirement Date” shall mean the next regularly scheduled Annual Meeting of
Stockholders immediately following the Outside Director’s attainment of age 75.

 

(vi)          If an Outside Director retires on or after
the Mandatory Retirement Date, beginning as soon as practicable after first day
of the year following the later of an Outside Director’s Mandatory Retirement
Date or the date the Outside Director ceases to serve as a director, the number
of vested Retirement Stock Units credited to the Outside Director’s Bookkeeping
Account will be distributed to the retired Outside Director in the form of
shares of Common Stock in ten equal annual installments.

 

If an Outside Director
retires prior to the Outside Director’s Mandatory Retirement Date, the
distribution of vested Retirement Stock Units shall be made as soon as
practicable after the first day of the year following date the Outside Director’s
services to the Board cease and shall then be paid in the form of shares of
Common Stock in ten equal annual installments.

 

In the event of an Outside
Director’s death following retirement from the Board any remaining installments
of Retirement Stock Units payable pursuant to this subparagraph (b)(vi) shall
be distributed in the form of shares of Common Stock to the Outside Director’s
designated beneficiary or if none then to the Outside Director’s estate.

 

(vii)         In the event that an Outside Director becomes
unable to fulfill his duties as a director due to death or disability the
number Retirement Stock Units (based on the Market Value of a share of Common
Stock on the date of the immediately

 

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preceding Annual Meeting of the Board) that would have been credited to
the Outside Director as Past Service Retirement Awards from such date through
the Outside Director’s Mandatory Retirement Date shall be immediately credited
to the Outside Director’s Bookkeeping Account, all Retirement Stock Units
credited to the Outside Director’s Bookkeeping Account shall be 100% vested and
shall be distributed to the Outside Director, or to the Outside Director’s
designated beneficiary, or if none to the Outside Director’s estate, in the
form of shares of Common Stock in ten equal annual installments commencing as
soon as practicable after the first day of the year following the Outside
Director’s death or determination of disability.

 

5.             Terms and Conditions:

 

The shares of Common Stock received under an Annual Award by an Outside
Director who does not elect to defer receipt of such shares as provided in Section 6,
shall, unless otherwise elected by the Outside Director in a registration form
filed no later than 60 days after the shares are distributable to the Outside
Director, be registered in the name of the Outside Director as the “Stockholder
of Record” and the Outside Director shall immediately become entitled to all
dividends paid on the Company’s Common Stock and to all voting rights accorded
the Company’s Common Stock.

 

6.             Deferment of Annual Award:

 

(a)           Each year an Outside Director may make an
irrevocable election to defer the receipt of the shares of Common Stock subject
to the Annual Award for such year until the date the Outside Director retires,
becomes unable to fulfill his duties as a director due to death or disability
or otherwise ceases to serve as a director (or, in the case of an Annual Award
that was deferred prior to the 2003 Annual Meeting of the Board, such other
date agreed upon between the Outside Director and the Company) (the “Distribution
Date”). Such election shall be made each year in advance of the date of the
Annual Meeting of Stockholders at which the Outside Director is standing for
election. In the case of an Outside Director who is elected to the Board other
than at the Annual Meeting of Stockholders, such election to defer shall be in
advance of the Board meeting at which the Outside Director is standing for
election.

 

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(b)           Each Outside Director’s Bookkeeping Account
shall be credited with the number of stock units representing the shares of
Common Stock deferred from time to time by such Outside Director (hereinafter
referred to as “Annual Stock Units”). The Annual Stock Units credited to an
Outside Director’s Bookkeeping Account shall be immediately vested.

 

(c)           An Outside Director’s Annual Stock Units will
be distributed to the Outside Director in the form of shares of Common Stock on
the first day of the year following the applicable Distribution Date, or, if so
elected by the Outside Director on the applicable deferral election form, in
equal annual installments over a period of up to ten years.

 

7.             Annual Awards Deemed Dividend Reinvestment:

 

Each Outside Director’s Bookkeeping Account shall be credited on each
dividend payment date with the number of Annual Stock Units (including
fractional units) equal to the amount of cash dividends such Outside Director
would have received on such dividend payment date had the Outside Director
actually owned the number of shares of Common Stock represented by the Annual
Stock Units credited to his or her Bookkeeping Account on the dividend record
date divided by the Market Value of a share of Common Stock on the dividend
payment date.

 

8.             Withdrawals for Immediate
Financial Needs:

 

Amounts deferred under the Plan may be distributed at the discretion of
the Committee based on immediate financial need of the Outside Director or the
Outside Director’s designated beneficiary. Such distributions shall occur only
if the Outside Director or the Outside Director’s designated beneficiary
suffers an extreme financial hardship occasioned by an unforeseeable event.
Extreme financial hardship means an immediate catastrophic financial need
occasioned by (1) an event such as death, total disability, serious injury
or illness of the Outside Director or the Outside Director’s designated
beneficiary, a spouse, or dependent, or (2) extreme financial reversal.
Adequate proof of extreme financial hardship must be provided to the Committee.
Distributions for extreme financial hardship may not exceed the amount required
to meet the hardship and may be made only if the Committee finds that extreme
financial hardship may not be met from other resources reasonably available to
the Outside Director or the Outside

 

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Director’s designated beneficiary including liquidation
of investment assets, liquidation of luxury assets, loans from financial
institutions or other sources.

 

9.            Company’s Obligation:

 

The Company’s obligation with respect to each Outside Director’s
Bookkeeping Account shall be a general liability of the Company and the Company
shall not be required to fund in any manner any-such Bookkeeping Account. Any
shares of Common Stock deliverable with respect to any Outside Director’s
Bookkeeping Account shall come solely from the general assets of the Company.
The rights of an Outside Director with respect to his or her Bookkeeping
Account shall be those of an unsecured general creditor. An Outside Director
shall not have the right to vote any shares of Common Stock represented by
stock units credited to his or her Bookkeeping Account, until shares of Common
Stock are distributed to the Outside Director.

 

10.          Transferability:

 

Annual Stock Units and Retirement Stock Units shall not be transferable
other than by will or the laws of descent and distribution, and shares of
Common Stock shall not be receivable with respect to Annual Stock Units and
Retirement Stock Units prior to the applicable distribution date hereunder.

 

11.          Regulatory Compliance and Listing:

 

The delivery of any shares of Common Stock under this Plan may be
postponed by the Company for such period as may be required to comply with
Federal or State securities laws, including listing requirements, national
securities exchange requirements and any other law or regulation applicable to
the delivery of such shares. The Company shall not be obligated to deliver any
shares of Common Stock under this Plan if such delivery shall constitute a
violation of any provision of any law or any regulation of any governmental
authority or any national securities exchange. In addition, the shares of
Common Stock when delivered may be subject to conditions, including transfer
restrictions, if such conditions are required to comply with applicable
securities law.

 

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12.          No Right to Continue as Outside Director:

 

Nothing contained in this Plan shall be construed as conferring upon an
Outside Director the right to continue to be associated with the Company as an
Outside Director or in any other capacity.

 

13.          Amendment or Discontinuance:

 

The Board may amend, rescind or terminate the Plan as it shall deem
advisable; provided, however, that no changes may be made in Awards theretofore
granted under the Plan which would impair an Outside Director’s rights without
his or her consent.

 

14.          Governing Law:

 

This Plan and all determinations made and actions taken pursuant hereto
shall be governed by the laws of the State of Illinois pertaining to contracts
made and to be performed wholly within such jurisdiction, except as Federal law
may apply.

 

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First Amendment to the

Aon Corporation Outside
Directors Stock Award

And Retirement Plan, as
Amended and Restated

Effective January 1,
2003

 

WHEREAS, Aon Corporation
(the “Company”) has adopted the Aon Corporation Outside Directors Stock Award
and Retirement Plan, as amended and restated as of January 1, 2003 (the “Plan”),
which is a subplan of the Aon Stock Incentive Plan, as approved and adopted by
the Company’s stockholders in 2001; and

 

WHEREAS, the Board of Directors of the Company
desires to amend the Plan pursuant to the Board’s authority to do so under Section 13
of the Plan;

 

NOW, THEREFORE, the Plan is
hereby amended as follows, effective as of January 1, 2005:

 

Section 4. The last sentence of Subsection (b)(v) of
Section 4, “Awards,” shall be deleted in its entirety and the following
substituted in its place:

 

“As used herein an Outside Director’s ‘Mandatory
Retirement Date’ shall mean the next regularly scheduled Annual Meeting of
Stockholders immediately following the Outside Director’s attainment of age 75;
provided, however, that if the Board exercises its authority to extend an
Outside Director’s service on the Board beyond such date, the term ‘Mandatory
Retirement Date’ shall mean the date the Outside Director ceases his or her
service on the Board.”

 

IN WITNESS WHEREOF, Aon
Corporation has adopted the First Amendment to the Aon Corporation Outside
Directors Stock Award and Retirement Plan, as Amended and Restated Effective January 1,
2003, effective as set forth above.Exhibit 10.20

 

IMPORTANT NOTICE –  PLEASE READ BEFORE PROCEEDING

 

This grant must be accepted within ninety (90)
days of the grant date in order to be eligible to receive any benefits from
this grant. Refer to Section 9 Other Provisions, “Need to Accept Grant” for
more information.  Additionally, if this
is your first grant of stock awards (RSUs) from Aon, please make sure to submit
a “Stock Award (RSU) Beneficiary” form now.   The form can be found at www.etrade.com/stockplans in the “Company
Info” tab.  The same form is
also used to change your beneficiary.

 

AON CORPORATION

2001 AON STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT
AGREEMENT

 

This Restricted Stock Unit Agreement (the “Agreement”) is entered into
between Aon Corporation, a Delaware corporation (the “Company”) and the
employee (the “Employee”) as listed on the “Notice of Grant of Restricted Stock
Units”(the “Notice”).

 

The Company desires to grant the Employee restricted stock units (“RSU’s”),
each RSU representing the right to receive a share of Aon common stock (“Common
Stock”), $1.00 par value per share of Common Stock, to encourage the Employee
to remain in the employ of the Company or its subsidiaries, to provide the
Employee with an incentive to contribute to the financial progress of the Company,
and to encourage ownership of the Company’s stock by the Employee.

 

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

 

1.              Grant
of Restricted Stock Units.   The Company
grants to the Employee under the 2001 Aon Stock Incentive Plan (the “Plan”) an
award of RSU’s as specified in the “Notice of Grant of Restricted Stock Units”.

 

2.              Notice
of Grant of Restricted Stock Units.   The Notice
shall specify the date of grant (the “Grant Date”), number of RSU’s and the
vesting schedule of the RSU’s. The Notice is incorporated herein by reference
and the terms of this Agreement are incorporated by reference in the Notice.

 

3.              Tax
Withholding Obligations.   Prior to the
delivery of shares, the Employee shall deposit with the Company, through means
provided for by the Company, an amount of cash equal to the amount determined
by the Company to be necessary upon delivery of the shares for any taxes,
social security / social insurance contributions, or the like under any
government statute. Alternatively, the Company may, at its sole election, a)
withhold the required amounts from the Employee’s pay, or b) may permit the
Employee, subject to such conditions as the Company shall require, to sell a
number of shares otherwise deliverable having a value sufficient to satisfy all
or part of the Employee’s estimated total tax obligations associated with
vesting of the shares.  The Company shall
not deliver any of the shares until and unless the Employee has made the
deposit required herein or proper provision for required withholding has been
made.

 

4.              Effect of
Termination of Employment.

a)              Voluntary
termination prior to age 55.   The unvested portion of the RSU will be
forfeited.

b)              Termination
due to disability or death.   All unvested RSUs will be fully
vested immediately.

c)              Involuntary
termination (other than for cause) or voluntary termination on or after age 55.   The RSU shall be immediately vested pro
rata.  The remaining unvested portion of
the RSU shall be forfeited.  Pro rata
vesting is based on the period of employment since the Grant Date.

d)              Termination
for cause.  All unvested shares shall be forfeited.  Termination for cause shall mean performing
an act of dishonesty, fraud, theft, embezzlement, or misappropriation involving
Employee’s employment with the Company, or breach of the duty of loyalty to the
Company; performing an act of race, sex, national origin, religion, disability,
or age-based discrimination which after investigation, counsel to the Company
reasonably concludes will result in liability being imposed on the Company and
/ or Employee; material violation of Company policies and procedures including,
but not limited to, the Aon 

 

RSU 06

 

 

Business Conduct Guidelines and the Aon Code of Ethics; material
non-compliance with any terms of an employment agreement; or, performing an act
resulting in a criminal felony charge brought against the Employee or a
criminal conviction of Employee (other than conviction of a minor traffic
violation).

 

5.              Receipt
by the Employee of the Prospectus.   The
Employee acknowledges receipt of the Plan prospectus that contains the entire
Plan, and is incorporated herein by reference. 
The Employee represents and warrants that the Employee has read the Plan
and agrees that all RSU’s awarded under it shall be subject to all of the terms
and conditions of the Plan.

 

6.              Issuance of Shares.   RSUs
shall be converted to shares of Common Stock as of the vesting date. Shares of
Common Stock will be issued to the Employee as soon as practicable after the
vesting date, subject to Section 3 of this Agreement

 

7.              Rights
as Shareholder.  The Employee
may not have voting or any other right as a shareholder of the Company with
respect to the RSU’s. Upon conversion of the RSU to shares of Company Stock,
the Employee will obtain full voting and other rights as a shareholder of the
Company

 

8.              Additional Covenants

a)              Non-Solicitation
Covenant

 

(i)            Business Considerations.  The
Company is in the business of providing insurance brokerage, reinsurance
brokerage, conventional and alternative risk management products and services, benefits
consulting, compensation consulting, human resources consulting, managing
underwriting and related insurance services including accounting, claims management
and handling, contract wording, information systems, actuarial services and the
solicitation and servicing of individual and commercial clients.. An essential
element of its business is the development and maintenance of personal contacts
and relationships with clients.  Because
of these contacts and relationships, it is common for the Company’s clients to
develop identification with the employee who services its insurance needs,
rather than with the Company itself. The personal identification of clients of
the Company with a Company employee creates the potential for the Employee’s
appropriation of the benefits of the relationships developed with clients on
behalf of and at the expense of the Company. 
Since the Company would suffer irreparable harm if Employee left its
employ and solicited the insurance or other related business of clients of the
Company, it is reasonable to protect the Company against solicitation
activities by Employee for a limited period of time after Employee leaves the
Company so that the Company may renew or restore its business relationship with
its client.

 

(ii)        Covenant Not to Solicit.  Employee
hereby covenants and agrees that, except with the prior written consent of the
Company, Employee will not for a period of two years after the end of
employment compete directly or indirectly in any way with the business of the
Company.  For the purposes of this
Agreement, “compete directly or indirectly in any way with the business of the
Company” means to enter into or attempt to enter into (on Employee’s own behalf
or on behalf of any other person or entity) any business relationship of the
same type or kind as the business relationship which exists between the Company
and its clients or customers to provide services related to the business of the
Company for any individual, partnership, corporation, association or other
entity who or which was a client or customer for whom the Employee was the
producer or on whose account Employee worked or became familiar during 24
months prior to the end of employment.

 

(iii)    Covenant Not to Hire.  The Employee
hereby also agrees not to induce or attempt to induce, or to cause any person
or other entity to induce or attempt to induce, any person who is an employee
of the Company to leave the employ of the Company during the term of the
covenant set forth in (ii) above.

 

(iv)       Acknowledgments.   The Company
and the Employee acknowledge and agree that the covenants contained in (ii) and
(iii) are reasonably necessary for the protection of the Company and are
reasonably limited with respect to the activities they prohibit, their
duration, their geographical scope and their effect on the Employee and the
public. The parties acknowledge that the purpose and effect of 

 

RSU 06

 

 

the covenants simply are to protect the Company for a
limited period of time from unfair competition by the Employee.

 

Nothing in this Agreement shall prohibit the Employee
from obtaining a livelihood. The intent of the parties is that the restrictive
covenant of non-solicitation by the Employee is limited to those clients and
customers of the Company, as reflected by the books of the Company, during the
24 months prior to the end of Employee’s employment with the Company.

 

b)              Company’s Right to
Injunctive Relief; Attorneys’ Fees.   The Employee acknowledges that the Employee’s
services to the Company are of a unique character which gives them a special
value to the Company, the loss of which cannot reasonably or adequately be
compensated in damages in an action at law, and that a breach of this Agreement
will result in irreparable and continuing harm to the Company, and that
therefore, in addition to any other remedy which the Company may have at law or
in equity, the Company shall be entitled to injunctive relief for a breach of this
Agreement by Employee.   In the event
that the Company brings an action to enforce the terms and conditions of this
Agreement, Employee shall pay the costs and expenses incurred by the Company in
bringing such action, including legal fees.

 

c)              Trade Secrets and
Confidential Information.   Employee acknowledges that the
Company’s business depends to a significant degree upon the possession of
information which is not generally known to others, and that the profitability
of such business requires that this information remain proprietary to the
Company.  The Employee shall not, except
as required in the course of employment by the Company, disclose or use during
or subsequent to the course of employment, any trade secrets or confidential or
proprietary information relating to the business of the Company of which the
Employee becomes aware by reason of being employed or to which Employee gains
access during his employment by the Company and which has not been publicly
disclosed (other than by Employee in breach of this provision).

 

Such information includes client and customer lists,
data, records, computer programs, manuals, processes, methods and intangible
rights which are either developed by the Employee during the course of
employment or to which the Employee has access. 
All records and equipment and other materials relating in any way to any
confidential information relating to clients or business of the Company shall
be and remain the sole property of the Company during and after the end of
employment.

 

d)              In the event this program is
determined to be a “deferred compensation plan” subject to Section 409A of
the Internal Revenue Code of 1986, as amended, the Company shall as necessary
adopt such conforming amendments as are necessary to comply with Section 409A.

 

9.                                      Other Provisions

a)              Plan Terms
Take Precedence over Agreement Terms.   RSUs are
granted pursuant to the Plan, the terms and condition of which are incorporated
into this Agreement by reference.  If
there are any inconsistencies between the terms of this Agreement and the Plan,
the terms of the Plan will govern.

 

b)              Prior Agreement(s) Will
Not Control.   Employee’s
acceptance of this Agreement will supersede provisions of any prior agreement
that could be construed as governing the terms of this grant.

 

c)              Restriction
on Transfer.   Unless the RSUs
are vested as provided above,  they
may not be sold, transferred, pledged, assigned, or otherwise alienated at any
time.

 

d)              Right of
Employment.   Grants of RSUs
under the Plan and of this Agreement do not confer upon Employee any right to
continue in the employ of the Employer.

 

e)              Beneficiary.   An Employee’s “beneficiary” means the person(s) or
entity designated by the Employee in the most recent written beneficiary
designation form filed with the Company to receive the benefits specified under
the Plan upon the death of the Employee, or, if there is no designated
beneficiary or surviving designated beneficiary, then the estate of the
Employee.

 

f)                Data Privacy.   Employee
understands and authorizes Employer to share Employee’s personal data with the
Company, the U.S. parent company.  Employee
also understands and authorizes that this data,

 

RSU 06

 

 

as listed below, will be shared with third party vendors hired by the
Company to assist in administering the Plan. 
Employee consents to the Employee’s Employer sharing of personal data
(i.e. identification data, including name, address, telephone; financial data,
including account numbers, wages; personal data, including age, gender, date of
birth; education related data, including academic curriculum, professional
experience; profession related data, including title and description of
functions with the Company).  Employee
also authorizes Employer and the Company to receive, possess, use, retain, and
transfer the data, in electronic form or other, and to further transfer data to
third party vendors for purposes of assisting in the administration and
managing Employee’s participation in the Plan.

 

g)             Need to
Accept Grant.   Employee
acknowledges that this grant must be accepted within ninety (90) days of the
Grant Date in order to be eligible to receive any benefits from this grant. If
this grant is not accepted within ninety days, the grant will be cancelled and
all benefits under this grant will be forfeited.  To accept this grant, the Employee must access
the www.etrade.com/stockplans website and follow the instructions for
acceptance.  If this grant was
distributed to the Employee via mail, Employee must sign the agreement and
return it to Aon’s Executive Compensation Department within ninety (90) days.

 

h)             Computation
of Severance / Retirement Benefits.   Benefits and rights acquired
under the Plan do not constitute “base salary” or other regular employment
earnings.  Accordingly, Employee
understands and accepts that benefits provided under the Plan will not be
considered in calculating any of the Company’s and its subsidiaries’
obligations to Employee for bonus, retirement, severance, termination, health
and welfare, or any other such payments, unless otherwise specified in the
applicable plan.

 

i)                Plan Changes / Acquired Rights.  Employee
understands and agrees that the Company may terminate, change or otherwise
alter the terms and conditions of the Plan at any time, and that any such
termination, change or alteration will not amount to a breach or breaches,
fundamental or otherwise, of Employee’s terms and conditions of employment.  The
scope of any change in terms is unforeseen; however, potential changes to the
Plan may include, but are not limited to, 1) alteration of the discount at
which employees are allowed to acquire Company shares, 2) modification of the
vesting and/or offering periods, 3) adjustment of the award amounts, and 4)
cancellation of the Plan.  Employee
hereby elects to participate in the Plan with full knowledge that benefits
under the Plan can be terminated or otherwise modified by the Company at its
sole discretion at any time.

 

j)                Waiver.   Waiver of any term or condition of this
Agreement by any party shall not be construed as a waiver of a subsequent
breach or failure of the same term or condition, or a waiver of any other term
or condition of this Agreement.  Any
waiver must be in writing.

 

k)            Severability.   To the
extent that the terms set forth in this Agreement or any word, phrase, clause
or sentence is found to be illegal or unenforceable for any reason, such word,
phrase, clause or sentence shall be modified or deleted in such manner so as to
afford the Company the fullest protection commensurate with making this
Agreement, as modified, legal and enforceable under applicable laws, and the
balance of this Agreement shall not be affected thereby, the balance being
construed as severable and independent.

 

l)                Governing Law.   The
validity, interpretation,
instruction, performance, enforcement and remedies of or relating to this
Agreement, and the rights and obligations of the parties hereunder, shall be
governed by and construed in accordance with the substantive laws of the State
of Illinois, without regard to the conflict of law principles, rules or
statutes of any jurisdiction.  For  Employees outside of the United States, this Agreement shall
be governed by the applicable regulations or international treaty.

 

m)          Notice.   All notices given hereunder shall be in
writing and, if intended for the Company, shall be addressed to it or delivered
to it at its principal office to the attention of Executive Compensation
Department.  If intended for the
Employee, notices shall be delivered personally or shall be addressed (if sent
by mail) to the Employee’s then current residence address as shown on the
Company’s records, or to such other address as the Employee directs in a notice
to the Company.  All notices shall be 

 

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deemed to be given on the
date received at the address of the addressee or, if delivered personally, on
the date delivered.

 

IN
WITNESS WHEREOF, the parties have accepted this Agreement as of the date
hereof.

 

 

AON CORPORATION

 

 

	
  /s/
  Gregory C. Case

  	
   

  
	
  Gregory
  C. Case

  
	
  President
  and Chief Executive Officer

  

 

 

	
  (Accept grant online via your www.etrade.com/stockplans account)

  	
   

  	
   

  
	
  RSU
  Recipient (Employee)

  	
   

  	
  Date

  

 

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