Document:

exv10w15

Exhibit 10.15

 

THE WILLIS GROUP HOLDINGS

INTERNATIONAL SHARESAVE 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

A
SUB-PLAN TO THE 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

 

 

 

CONTENTS

	 	 	 	 	 	 	 
	Rule	 	 	 	Page
	1.

	 	Definitions And Interpretation
	 	 	1	 
	 
	 	 	 	 	 	 
	2.

	 	Invitations And Applications
	 	 	2	 
	 
	 	 	 	 	 	 
	3.

	 	Grant Of Options
	 	 	3	 
	 
	 	 	 	 	 	 
	4.

	 	Limits
	 	 	4	 
	 
	 	 	 	 	 	 
	5.

	 	Exercise Of Options
	 	 	5	 
	 
	 	 	 	 	 	 
	6.

	 	Takeover, Reconstruction And Winding Up
	 	 	7	 
	 
	 	 	 	 	 	 
	7.

	 	Adjustment Of Options
	 	 	10	 
	 
	 	 	 	 	 	 
	8.

	 	Alterations
	 	 	10	 
	 
	 	 	 	 	 	 
	9.

	 	Cash Equivalent
	 	 	10	 
	 
	 	 	 	 	 	 
	10.

	 	Miscellaneous
	 	 	11	 

SCHEDULE

 

 

	1.	 	DEFINITIONS AND INTERPRETATION

	1.1	 	In this Plan, unless the context otherwise requires:
	 
	 	 	“Act” means the Taxes Consolidation Act 1997;
	 
	 	 	“Associated Company” means an associated company within the meaning given to that expression
by paragraph 1(1) of Schedule 12A of the Act;
	 
	 	 	“Assumed Rate of Interest” means a notional fixed rate of interest which, unless otherwise
determined by the Board before the date on which any invitation is given, shall be a rate of
interest (or, as the case may be, the number of bonus contributions) which would be payable
on a certified contractual savings contract taken out under the UK SAYE Plan at that time
and which shall in no event exceed the rate of interest (or, as the case may be, the number
of bonus contributions) payable on such a certified contractual savings contract;
	 
	 	 	“the Board” means the board of directors of the Company or a committee appointed by them;
	 
	 	 	“the Company” means Willis Group Holdings Public Limited Company, a company incorporated
under the laws of Ireland under registered number 475616;
	 
	 	 	“Dollar Exchange Rate” in relation to an amount of money in US dollars shall be calculated
by reference to the closing mid-point spot rate of exchange as quoted by the Financial Times
for the day in question (as printed on the first business day following the day in question)
or from such reasonable source as the Board may select from time to time;
	 
	 	 	“Eligible Employee” means an employee or director of a Participating Company and having such
qualifying period of service as the Board may determine from time to time;
	 
	 	 	“the Grant Date” shall mean the date on which an option is granted in accordance with Rule
3.1;
	 
	 	 	“Group Member” means the Company or any Subsidiary or any Associated Company or any other
company nominated by the Board for this purpose;
	 
	 	 	“Maturity Date” a date determined by the Board prior to grant and falling not more than 7
years from the Grant Date;
	 
	 	 	“Participant” means a person who holds an option granted under this Plan;
	 
	 	 	“Participating Company” means the Company or any Subsidiary of the Company;
	 
	 	 	“the Plan” means this Plan, being the Willis Group Holdings Limited International Sharesave
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, a sub-plan to
the 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;

1

 

	 	 	“Savings Body” means a person nominated by the Board to whom contributions are payable under
the terms of a Savings Contract;
	 
	 	 	“Savings Contract” means a commitment by an Eligible Employee to make a savings contribution
with such party, for such period (being no greater than 7 years) and on such terms as the
Board may specify for time to time for Eligible Employees employed in the country concerned.
	 
	 	 	“Savings Contract Repayment” means in respect of a Savings Contract on any particular day,
the aggregate of the savings contributions the Participant has undertaken to make by the day
in question and notional interest on such savings contributions at the Assumed Rate of
Interest;
	 
	 	 	“Savings Period” means the period over which the Participant commits to making savings
contributions under the Savings Contract starting at the beginning of the first day of the
month for which the first contribution is due and ending on the last day of the month for
which the final contribution is due
	 
	 	 	“Schedule 3” means Schedule 3 of the U.K. Income Tax (Earnings and Pensions) Act 2003;
	 
	 	 	“Shares” means the ordinary shares of the Company, nominal value US$0.000115;
	 
	 	 	“Special Schedule” means a schedule to this Plan (if any) adopted by the Board in relation
to the grant of options in a particular jurisdiction;
	 
	 	 	“Specified Percentage” is 80 per cent. or such other percentage as may be by the Board;
	 
	 	 	“Sterling Exchange Rate” in relation to an amount of money in sterling shall be calculated
by reference to the closing mid-point spot rate of exchange as quoted by the Financial Times
for the day in question (as printed on the first business day following the day in question)
or from such reasonable source as the Board may determine from time to time;
	 
	 	 	“Subsidiary” means a body corporate which is a subsidiary of the Company within the meaning
of section 155 of the Irish Companies Act 1963;
	 
	 	 	“the UK SAYE Plan” means the Willis Group Holdings Sharesave Plan 2001 for the United
Kingdom, 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, a sub-plan to
the 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;

	1.2	 	Any reference in this Plan to any enactment includes a reference to that enactment as from
time to time modified, extended or re-enacted.

	2.	 	INVITATIONS AND APPLICATIONS

	2.1	 	An invitation to apply for an option may be given by the Board to any Eligible Employee at
such time as the Board may determine within the period during which awards may be

2

 

	 	 	granted under the Company’s 2001 Share Purchase and Option Plan which expires on 3 May 2011.

	2.2	 	Each invitation shall include details of:

	 	(a)	 	eligibility;
	 
	 	(b)	 	the price payable per Share on the exercise of an option or the mechanism by
which the price payable per share will be calculated and notified to Eligible
Employees;
	 
	 	(c)	 	the terms of the Savings Contract;
	 
	 	(d)	 	the date by which applications made pursuant to Rule 2.3 must be received,

	 	 	and the Board may determine and include in the invitations details of the maximum number of
Shares over which applications for options are to be invited.

	2.3	 	The Board must make available an application in such form as the Board may from time to time
prescribe and which:-

	 	•	 	includes a proposal for a Savings Contract with a Savings Body chosen by the Board;
	 
	 	•	 	allows the Eligible Employee to state how much he wishes to save each month;
	 
	 	•	 	authorises the Eligible Employee’s employer to deduct the monthly savings
contributions from his pay and to pay them to the Savings Body; and
	 
	 	•	 	authorises the Board to amend the forms if applications have to be scaled down.

	3.	 	GRANT OF OPTIONS

	3.1	 	The Board may grant an option to any Eligible Employee who has submitted a valid application
to acquire Shares in the Company upon the terms set out in this Plan and for this purpose,
unless the Board determines otherwise, an option to acquire includes an option to purchase and
an option to subscribe.
	 
	3.2	 	The number of Shares in respect of which an option may be granted to any individual shall be
the maximum number which can be paid for, at the price determined under Rule 3.5 below, with
monies equal to the amount of the Savings Contract Repayment due on the Maturity Date under
the Savings Contract to be made in connection with the option and if necessary converted into
US dollars at the Dollar Exchange Rate on the dealing day by reference to which the share
price is determined.
	 
	3.3	 	For the purposes of 3.2 above, the Savings Contract Repayment on the Maturity Date shall be
taken as including interest at the Assumed Rate of Interest unless the Board shall have
determined, in relation to every option to be granted on the day in question, that it shall be
taken as not including such interest.
	 
	3.4	 	The amount of the monthly contribution under the Savings Contract to be made in connection
with an option granted to an individual shall, subject to Rule 4 below, be the amount which
the individual shall have specified in his application for the option that he

3

 

	 	 	is willing to
pay or, if lower, the maximum permitted amount, that is to say, the maximum amount which:

	 	3.4.1	 	when aggregated with the amount of his monthly contributions under any other
Savings Contract linked to this Plan or to any other savings-related share option plan
adopted by the Company, does not exceed the local currency equivalent of £250 but
exceeds a minimum of the equivalent £5 (and for this purpose the local currency
equivalent shall be calculated using the Sterling Exchange Rate on the dealing day by
reference to which the exercise price is determined) or such other maximum or minimum
amounts as may for the time being be permitted by the Board;
	 
	 	3.4.2	 	does not exceed the maximum amount for the time being permitted under the
terms of the Savings Contract; and
	 
	 	3.4.3	 	when aggregated with the amount of his monthly contributions under any other
Savings Contract linked to this Plan, does not exceed any maximum amount determined by
the Board.

	3.5	 	The price at which Shares may be acquired by the exercise of options granted on any day shall
be determined by the Board, provided that:

	 	3.5.1	 	if shares of the same class as those Shares are listed on the New York Stock
Exchange, the price shall not be less than the Specified Percentage of the closing
price of the Shares quoted in the Wall Street Journal on such dealing day as the Board
may choose provided that such day shall fall prior to the date on which applications
for options must be received by the Company;
	 
	 	3.5.2	 	and where 3.5.1 does not apply the price shall not be less than the Specified
Percentage of the market value of the Shares determined in accordance with Part VIII of
the UK Taxation of Chargeable Gains Act 1992;
	 
	 	3.5.3	 	the price may be set in US dollars or in any local currency equivalent
specified by the Board (and for this purpose the local currency equivalent shall be
calculated using the Dollar Exchange Rate on the dealing day by reference to which the
share price is determined);

	3.6	 	An option granted to any person:

	 	3.6.1	 	shall not, except as provided in Rule 5.3, be capable of being transferred by him; and

	 
	 	3.6.2	 	shall lapse forthwith if he is adjudged bankrupt.

	4.	 	LIMITS
	 
	4.1	 	No options shall be granted to acquire a number of Shares which exceeds any number determined
by the Board for this purpose.
	 
	4.2	 	If the grant of options on any day would but for this Rule 4.2 cause the limit in Rule 4.1
above to be exceeded, the Board shall scale down applications by reducing the monthly
contributions stated in applications for options in a manner which the Board considers

4

 

	 	 	fair and reasonable or adopt such other provision for scaling down the number of Shares available
so far as is necessary to ensure that such limit is not exceeded.
	 
	4.3	 	If the applications, as scaled down, are still for more Shares than are available, the Board
may decide no options will be granted on that occasion.

	5.	 	EXERCISE OF OPTIONS
	 
	5.1	 	The exercise of any option granted under this Plan shall be effected in the form and manner
prescribed by the Board, but to the extent that the actual savings made together with any
interest earned in respect of such savings are not sufficient to acquire the total number of
Shares in respect of which the option is exercisable (due to exchange rate movements, the
amount of interest received being less than interest receivable at the Assumed Rate of
Interest or missed savings contributions up to but not exceeding six monthly contributions),
the Participant may, if he so wishes, use funds separately provided by him to make up this
shortfall in order that the number of Shares in respect of which the option is exercisable may
be acquired.
	 
	5.2	 	Subject to Rules 5.3, 5.4, 5.6 and 6, an option granted under this Plan shall not be capable
of being exercised before the Maturity Date.
	 
	5.3	 	Subject to Rule 5.8:

	 	5.3.1	 	if any Participant dies before the Maturity Date, any option granted to him
may (and must, if at all) be exercised by his personal representatives within 12 months
after the date of his death provided that the total number of Shares which may be
acquired on exercise of the option shall not exceed the number of Shares which can be
acquired with the actual savings made together with any interest earned on the date of
death; and
	 
	 	5.3.2	 	if he dies on or within 6 months after the Maturity Date, any option granted
to him may (and must, if at all) be exercised by his personal representatives within 12
months after the Maturity Date provided that the total number of Shares which may be
acquired on exercise of the option shall not exceed the number of Shares which can be
acquired with the actual savings made together with any interest earned on the date of
death;
	 
	 	 	 	provided in either case that his death occurs at a time when he either holds the
office or employment by virtue of which he is eligible to participate in this Plan
or is entitled to exercise the option by virtue of Rule 5.4.

	5.4	 	Subject to Rule 5.8, if any Participant ceases to hold the office or employment by virtue of
which he is eligible to participate in this Plan (otherwise than by reason of his death), the
following provisions apply in relation to any option granted to him:

	 	5.4.1	 	if he so ceases by reason of injury, disability, redundancy, or retirement on
reaching the age of 65 or any other age at which he is bound to retire in accordance
with the terms of his contract of employment, the option may (and subject to Rule 6.3
must, if at all) be exercised within 6 months of his so ceasing provided that the total
number of Shares which may be acquired on exercise of the option shall not exceed the
number of Shares which can be

5

 

	 	 	 	acquired with the actual savings made together with any
interest earned on the date of his ceasing employment;
	 
	 	5.4.2	 	if he so ceases by reason only that the office or employment is in a company
of which the Company ceases to have control, or relates to a business or part of a
business which is transferred to a person who is neither an Associated Company of the
Company nor a company of which the Company has control, the option may (and subject to
Rule 5.3 must, if at all) be exercised within 6 months of his so ceasing provided that
the total number of Shares which may be acquired on exercise of the option shall not
exceed the number of Shares which can be acquired with the actual savings made together with
any interest earned on the date of his ceasing employment;
	 
	 	5.4.3	 	if he so ceases by reason of retirement at any age at which he is entitled to
retire in accordance with the terms of his contract of employment (other than at 65 or
any age at which he is bound to retire), early retirement with the agreement of the
employer, or pregnancy, but in each case only if such cessation of office or employment
is more than three years after the Grant Date, the option may (and subject to Rule 6.3
must if at all) be exercised within 6 months of his so ceasing provided that the total
number of shares which may be acquired on exercise of the option shall not exceed the
number of Shares which can be acquired with the actual savings made together with any
interest earned on the date of his ceasing employment;
	 
	 	5.4.4	 	if he so ceases for any other reason the option may not be exercised at all.

	 	 	For the purposes of the Plan, a woman who leaves employment due to pregnancy will
be regarded as having left the employment on the day on which she indicates that she
does not intend to return to work. In the absence of such indication she will be
regarded as having left employment on the last day on which she is entitled to return
to work, or if later, any other date specified in the terms of her employment.

	5.5	 	Subject to Rule 5.8, if, at the Maturity Date, a Participant holds an office or employment
with a company which is not a Participating Company but which is an Associated Company or a
company of which the Company has control, any option granted to him may (and subject to Rule
5.3 must, if at all) be exercised within 6 months of the Maturity Date.
	 
	5.6	 	Subject to Rule 5.8, where any Participant continues to hold the office or employment by
virtue of which he is eligible to participate in this Plan after the date on which he reaches
the age of 65, he may exercise any option within 6 months of that date to the extent of the
Savings Contract Repayment on the date on which he reaches 65.
	 
	5.7	 	Subject to Rule 5.3, an option shall not be capable of being exercised later than 6 months
after the Maturity Date.
	 
	5.8	 	Where, before an option has become capable of being exercised, the Participant gives notice
that he intends to stop paying monthly contributions under the Savings Contract made in
connection with the option, or is deemed under its terms to have given such

6

 

	 	 	notice, or makes
an application for repayment of the monthly contributions paid under it, the option may not be
exercised at all.
	 
	5.9	 	A Participant shall not be treated for the purposes of Rules 5.3 and 5.4 as ceasing to hold
the office or employment by virtue of which he is eligible to participate in this Plan until
he ceases to hold an office or employment in the Company or any Associated Company or company
of which the Company has control.
	 
	5.10	 	A Participant shall not be eligible to exercise an option at any time unless, subject to
Rules 5.3, 5.4 and 5.5, he is at that time a director or employee of a Participating Company.
	 
	5.11	 	An option shall not be capable of being exercised more than once.
	 
	5.12	 	An option may not be exercised unless:

	 	5.12.1	 	the Board consider that the issue or transfer of Shares pursuant to such
exercise would be lawful in all relevant jurisdictions; and
	 
	 	5.12.2	 	in a case where, if the option were exercised, a Group Member would be
obliged to (or would suffer a disadvantage if it were not to) account for any tax (in
any jurisdiction) for which the person in question would be liable by virtue of the
exercise of the option and/or for any social security contributions that would be
recoverable from the person in question (together, the “Tax Liability”), that person
has either:

	 	(a)	 	made a payment to the Group Member of an amount at least
equal to the Company’s estimate of the Tax Liability;
	 
	 	(b)	 	entered into arrangements acceptable to that or another Group
Member to secure that such a payment is made (whether by authorising the sale
of some or all of the Shares on his behalf and the payment to the Group Member
of the relevant amount out of the proceeds of sale or otherwise); or
	 
	 	(c)	 	the Group Member and the person in question have agreed that
the Tax Liability otherwise recoverable from him shall be waived.

	5.13	 	Within 30 days after an option has been exercised by any person, the Board shall allot to him
(or a nominee for him) or, as appropriate, procure the transfer to him (or a nominee for him)
of the number of Shares in respect of which the option has been exercised, provided that the
Board considers that the issue or transfer of those Shares.
	 
	5.14	 	All Shares allotted under this Plan shall rank equally in all respects with Shares of the
same class then in issue except for any rights attaching to such Shares by reference to a
record date before the date of the allotment.

	6.	 	TAKEOVER, RECONSTRUCTION AND WINDING UP
	 
	6.1	 	If any person obtains control of the Company as a result of making a general offer to acquire
Shares in the Company, or having obtained control makes such an offer, subject to Rules 5.3,
5.4, 5.7, 5.8 and 6.5, any option may be exercised within 6 months after that

7

 

	 	 	person has
obtained control provided that the total number of Shares which may be acquired on exercise of
the option shall not exceed the number of Shares which can be acquired with the actual savings
made together with any interest earned on the day of exercise.

	6.2	 	For the purposes of Rule 6.1, a change of control shall mean: (a) the acquisition of
ownership, directly or indirectly, beneficially or of record, by any “Person” or group (within
the meaning of the U.S. Securities Exchange Act of 1934 as amended (the “Exchange Act”), and
the rules of the U.S. Securities and Exchange Commission there under as in effect on the date
hereof) of the ordinary shares of the Company representing more than 50% of the aggregate
voting power represented by the issued and outstanding ordinary shares of the Company; or (b)
occupation of a majority of the seats (other than vacant seats) on the Board by Persons who
were neither (i) nominated by the Company’s Board nor (ii) appointed by directors so
nominated. For the avoidance of doubt, a transaction shall not constitute a change of control
(i) if effected for the purpose of changing the place of incorporation or form of organisation
of the ultimate parent entity of the Willis group of companies (including where the Company is
succeeded by an issuer incorporated under the laws of another state, country or foreign
government for such purpose and whether or not the Company remains in existence following such
transaction) and (ii) where all or substantially all of the Person(s) who are the beneficial
owners of the outstanding voting securities of the Company immediately prior to such
transaction will beneficially own, directly or indirectly, all or substantially all of the
combined voting power of the outstanding voting securities entitled to vote generally in the
election of directors of the ultimate parent entity resulting from such transaction in
substantially the same proportions as their ownership, immediately prior to such transaction,
of such outstanding securities of the Company. The Board, in its sole discretion, may make an
appropriate and equitable adjustment to the ordinary shares underlying an option to take into
account such transaction, including to substitute or provide for the issuance of ordinary
shares of the resulting ultimate parent entity in lieu of ordinary shares of the Company.
“Person,” as used herein, shall have the meaning found in Sections 13(d) and 14(d) of the
Exchange Act.
	 
	6.3	 	If under section 201 of the Irish Companies Act 1963 (or any other equivalent legislation)
the court sanctions a compromise or arrangement proposed for the purposes of, or in connection
with, a scheme for the reconstruction of the Company or its amalgamation with any other
company or companies, subject to Rules 5.3, 5.4, 5.7 and 5.8, any option may be exercised
within six months of the court sanctioning the compromise or arrangement, provided that the
total number of Shares which may be acquired on exercise of the option shall not exceed the
number of Shares which can be acquired with the actual savings made together with any interest
earned on the day of exercise, but to the extent that it is not exercised within that period
shall (notwithstanding any other provision of this Plan) lapse on expiration of that period.
	 
	6.4	 	If a resolution for the voluntary winding-up of the Company is passed, subject to Rules 5.3,
5.4, 5.7 and 5.8, any option may be exercised within two months from the date of the passing
of the resolution, provided that the total number of Shares which may be acquired on exercise
of the option shall not exceed the number of Shares which can be acquired with the actual
savings made together with any interest earned on the day of

8

 

	 	 	exercise, but to the extent that
it is not exercised within that period shall (notwithstanding any other provision of this
Plan) lapse on expiration of that period.
	 
	6.5	 	If any person becomes bound or entitled to acquire Shares under section 204 of the Irish
Companies Act 1963 (or any other equivalent legislation) subject to Rules 5.3, 5.4, 5.5, 5.6,
5.7, and 5.8, any option may be exercised at any time when that person remains so bound or
entitled provided that the total number of Shares which may be acquired on exercise of the
option shall not exceed the number of Shares which can be acquired with the actual savings
made together with any interest earned on the day of exercise, but to the extent that it is
not exercised within that period shall (notwithstanding any other provision of this Plan)
lapse on the expiration of that period.
	 
	6.6	 	If any company (“the Acquiring Company”):

	 	6.6.1	 	obtains control of the Company as a result of making-

	 	(a)	 	a general offer to acquire the whole of the issued common
share capital of the Company which is made on a condition such that if it is
satisfied the acquiring company will have control of the Company, or
	 
	 	(b)	 	a general offer to acquire all the Shares in the Company
which are of the same class as the Shares which may be acquired by the
exercise of options granted under this Plan, or

	 	6.6.2	 	obtains control of the Company in pursuance of a compromise or arrangement
sanctioned by the court under section 201 of the Irish Companies Act 1963 (or under any
other equivalent legislation), or
	 
	 	6.6.3	 	becomes bound or entitled to acquire Shares in the Company under section 204
of the Irish Companies Act 1963 (or under any other equivalent legislation),

	 	 	any Participant may at any time within the appropriate period (which expression shall be
construed in accordance with paragraph 38(3) of Schedule 3 for the purposes of the UK SAYE
Plan), by agreement with the Acquiring Company, release any option which has not lapsed
(“the old option”) in consideration of the grant to him of an option (“the new option”)
which (for the purposes of that paragraph) is equivalent to the old option but relates to
Shares in a different company.

	6.7	 	The provisions of this Plan shall for this purpose be construed as if:

	 	6.7.1	 	the new option were an option granted under this Plan at the same time as the
old option;
	 
	 	6.7.2	 	except for the purposes of the definitions of “Participating Company” and
“Subsidiary” in Rules 1.1, 5.4.2, 5.5 and 5.9, the expression “the Company” were
defined as “a company whose Shares may be acquired by the exercise of options granted
under this Plan”;
	 
	 	6.7.3	 	the Savings Contract made in connection with the old option had been made in
connection with the new option; and

9

 

	 	6.7.4	 	the Maturity Date in relation to the new option were the same as that in
relation to the old option.

	7.	 	ADJUSTMENT OF OPTIONS
	 
	7.1	 	In the event of any variation of the share capital of the Company, the Board may make such
adjustments as it considers appropriate under Rule 7.2.
	 
	7.2	 	An adjustment made under this Rule shall be to one or more of the following:

	 	7.2.1	 	the number of Shares in respect of which any option may be exercised;
	 
	 	7.2.2	 	the price at which Shares may be acquired by the exercise of any option;
	 
	 	7.2.3	 	where any option has been exercised but no Shares have been allotted or
transferred pursuant to the exercise, the number of Shares which may be allotted or
transferred and the price at which they may be acquired.

	8.	 	ALTERATIONS
	 
	8.1	 	Subject to Rule 8.2 below the Board may at any time alter or add to all or any of the
provisions of the Plan.
	 
	8.2	 	No alteration or addition shall be made under Rule 8.1 which would abrogate or adversely
affect the subsisting rights of a Participant, unless it is made:

	 	(i)	 	with the consent in writing of such number of Participants as hold options to
acquire not less than 75 per cent of the Shares which would be issued or transferred if
all options granted and subsisting were exercised in respect of the maximum of Shares
the subject thereof; or
	 
	 	(ii)	 	by a resolution at a meeting of Participants passed by not less than 75 per
cent of the Participants who attend and vote either in person or by proxy,

	 	 	and for the purposes of this Rule 8.2 the Participants shall be treated as the holders of a
separate class of share capital and the provisions of the Constitution of the Company
relating to class meetings shall apply mutatis mutandis.

	8.3	 	Rule 8.2 shall not apply to any alteration or addition which:

	 	(i)	 	is necessary or desirable in order to comply with or take account of the
provisions of any proposed or existing legislation or law, to take advantage of any
changes to the legislation or law, to take account of any of the events mentioned in
Rule 7, or to obtain or maintain favourable taxation treatment of the Company, any
Subsidiary or any Participant; and
	 
	 	(ii)	 	does not affect the basic principles of the Plan, the calculation of the price
payable per share under an option or the limit in Rule 4.

	9.	 	CASH EQUIVALENT
	 
	9.1	 	Where an option granted under the Plan has been exercised by any person in respect of any
number of Shares, and those Shares have not yet been allotted or transferred to him in
accordance with Rule 5.13 above, the Board may determine that, in substitution for his

10

 

	 	 	right to acquire such number of those Shares as the Board may decide (but in full and final satisfaction of his
said right), he shall be paid a sum equal to the cash equivalent of that number of Shares.
	 
	9.2	 	For the purposes of this Rule, the cash equivalent of any Shares is the amount by which the
Board’s opinion of the market value of those Shares on the business day prior to the date on
which the option was exercised (or, if at the relevant time Shares of the same class as those
Shares were listed on the New York Stock Exchange, the closing price of Shares of that class
on the dealing day prior to that date) exceeds the price (or the dollar equivalent of the
price calculated using the Dollar Exchange Rate on the relevant dealing day) at which those
Shares may be acquired by the exercise of that option.
	 
	9.3	 	Subject to Rule 9.4 below, as soon as reasonably practicable after a determination has been
made under Rule 9.1 above that a person shall be paid a sum in substitution for his right to
acquire any number of Shares:-

	 	9.3.1	 	the Company shall pay to him or procure the payment to him of that sum in
cash in such currency and by such method as the Board shall in its absolute discretion
determine, and
	 
	 	9.3.2	 	if he has already paid the Company for those Shares, the Company shall return
to him the amount so paid by him.

	9.4	 	If the Board in its discretion so decides:-

	 	9.4.1	 	the whole or part of the sum payable under Rule 9.3.1 above shall, instead of
being paid to the person in question in cash, be applied on his behalf in subscribing
for Shares in the Company at a price equal to the market value (or, as the case may be,
the closing price) by reference to which the cash equivalent is calculated, or in
purchasing such Shares, or partly in one way and partly in the other, and
	 
	 	9.4.2	 	the Company shall allot to him (or a nominee for him) or procure the transfer
to him (or a nominee for him) of the Shares so subscribed for or purchased.

	9.5	 	There shall be made from any payment under this Rule such deductions (on account of tax,
dealing expenses, exchange rate costs or similar liabilities) as may be required by law or as
the Board may reasonably consider to be necessary or desirable.
	 
	10.	 	MISCELLANEOUS
	 
	10.1	 	The rights and obligations of any individual under the terms of his office or employment with
the Company or a Subsidiary shall not be affected by his participation in this Plan or any
right which he may have to participate in it, and an individual who participates in it shall
waive all and any rights to compensation or 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 exercise any option as a result of such
termination.

11

 

	10.2	 	In the event of any dispute or disagreement as to the interpretation of this Plan, or as to
any question or right arising from or related to this Plan, the decision of the Board shall be
final and binding upon all persons.
	 
	10.3	 	Any notice or other communication under or in connection with this Plan may be given by such
method as the Board may determine to be appropriate which may include but shall not be limited
to:-

	 	10.3.1	 	personal delivery or by sending it by post, in the case of a company to its
registered office, and in the case of an individual to his last known address, or,
where he is a director or employee of the Company or a Subsidiary, either to his last
known home address or to the address of the place of business at which he performs the
whole or substantially the whole of the duties of his office or employment;
	 
	 	10.3.2	 	electronic communication by e-mail or intranet; or
	 
	 	10.3.3	 	affixing notices in staff areas of the employee’s place of work.

	10.4	 	Unless the Board determines otherwise, any notice of exercise shall take effect only when
received by the Company.
	 
	10.5	 	The Board may, at any time, establish such Special Schedules to this Plan to take account or
advantage of local tax, exchange control or securities laws in any other country as the Board
may, in its discretion, decide.
	 
	10.6	 	This Plan and all the options granted under it shall be governed by and construed in
accordance with the law of Ireland.

12

 

WILLIS GROUP HOLDINGS

INTERNATIONAL SHARESAVE 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

A
SUB-PLAN TO THE 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

SPECIAL SCHEDULE

The Board may, in its absolute discretion, apply any of the provisions of this Schedule when
granting options under the Plan.

	1.	 	Australia
	 
	1.1	 	An option granted in accordance with Rule 3.1 shall be an option to subscribe for new issue shares and may not be satisfied by pre-existing shares.
	 
	1.2	 	Notwithstanding Rules 5.3 and 5.4, an option cannot be exercised by an Australian Participant
before 12 months from the date that the Company was first listed on the New York Stock
Exchange.
	 
	2.	 	Brazil
	 
	2.1	 	Notwithstanding Rules 5.3, 5.4, 5.5, 5.6 and 6, if a Participant, who is tax resident in
Brazil, ceases to hold the office or employment by virtue of which he is eligible to
participate in the Plan (including by reason of his death) before the Maturity Date, he will
not be entitled to exercise his option, his option will be cancelled and the proceeds of his
Savings Contract will be returned to him.
	 
	3.	 	Mexico
	 
	 	 	In the case of an option granted to a Participant who is tax resident in Mexico, the price
at which Shares may be acquired by the exercise of such option shall be determined by the
Board provided that it shall not be less than the higher of the price determined in
accordance with Rule 3.5 of the Plan and if shares of the same class as those Shares are
listed on the New York Stock Exchange, the closing price of the Shares quoted in the Wall
Street Journal on the dealing day immediately preceding the date on which invitations are
issued to employees in accordance with Rule 2.1 of the Plan.

13exv10w16

Exhibit 10.16

WILLIS GROUP HOLDINGS

2008 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)

1. Purpose of Plan

The Willis Group Holdings 2008 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 (the “Company” or “Willis”) on December 31, 2009, is designed:

(a) to promote the long term financial interests and growth of the Company and its
Subsidiaries (collectively, “Willis Group”) by attracting and retaining personnel with the
training, experience and ability to enable them to make a substantial contribution to the
success of Willis Group’s business;

(b) to motivate management personnel by means of growth-related incentives to achieve long
range goals; and

(c) to further the identity of interests of participants with those of the shareholders of
Willis through opportunities for increased share, or share-based, ownership in Willis.

2. Definitions

As used in the Plan, the following words shall have the following meanings:

(a) “2001 Plan” means the 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.

(b) “Act” means the Companies Act 1963 of Ireland.

(c) “Board of Directors” means the Board of Directors of Willis.

(d) “Change of Control” means (a) the acquisition of ownership, directly or indirectly,
beneficially or of record, by any Person or group (within the meaning of the Securities
Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as
in effect on the date hereof) of the Ordinary Shares representing more than 50% of the
aggregate voting power represented by the issued and outstanding Ordinary Shares; or (b)
occupation of a majority of the seats (other than vacant seats) on the Board of Directors by
Persons who were neither (i) nominated by Willis’ Board of Directors nor (ii) appointed by
directors so nominated. For the avoidance of doubt, a transaction shall not constitute a
Change of Control (i) if effected for the purpose of changing the place of incorporation or
form of organization of the ultimate parent entity of the Willis group of companies
(including where the Company is succeeded by an issuer incorporated under the laws of
another state, country or foreign government for such purpose and whether or not the Company
remains in existence following such transaction) and (ii) where all or substantially all of
the Person(s) who are the beneficial owners of the outstanding voting securities of the
Company immediately prior to such transaction will beneficially own, directly or indirectly,
all or substantially all of the combined voting power of the outstanding voting securities
entitled to vote generally in the election of directors of the ultimate parent entity
resulting from such transaction in substantially the same proportions as their ownership,
immediately prior to such transaction, of such outstanding securities of the Company. The
Board of Directors, in its sole discretion, may make an appropriate and equitable adjustment
to the Ordinary Shares underlying a Grant to take into account such

1

 

transaction, including to substitute or provide for the issuance of ordinary shares of the
resulting ultimate parent entity in lieu of Ordinary Shares of the Company.

(e) “Code” means the Internal Revenue Code of 1986 of the United States of America, as
amended from time to time.

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

(g) “Company” or “Willis” means Willis Group Holding Public Limited Company, a company
incorporated in Ireland under registered number 475616, or any successor thereto.

(h) “Designated Associate Company” means any company in which a member of the Willis Group
owns twenty percent or more of the voting share interest but less than fifty percent of the
voting share interest and that has been designated by the Board of Directors as being
eligible for participation in the Plan.

(i) “Director” means any member of the Board of Directors.

(j) “Dividend Equivalents” means an entitlement to receive, in such form and on such terms
as the Committee may determine, the value of a dividend or distribution paid by Willis on
one of its Shares in accordance with its Bye-Laws that would be payable on the number of
Shares subject to a Grant.

(k) “Employee” means a person, including a Director and an officer, in the employment of
Willis Group or a Designated Associate Company.

(l) “Fair Market Value” means, with respect to any property other than Shares, the market
value of such property determined by such methods or procedures as shall be established from
time to time by the Committee. The Fair Market Value of Shares as of any date shall be the
per Share closing price of the Shares as reported on the New York Stock Exchange on that
date (or if there were no reported prices on such date, on the last preceding date on which
the prices were reported) or, if Willis is not then listed on the New York Stock Exchange,
on such other principal securities exchange on which the Shares are traded, and if Willis is
not listed on the New York Stock Exchange or any other securities exchange, the Fair Market
Value of Shares shall be determined by the Committee in its sole discretion using
appropriate criteria which, with respect to Grants to US Participants, shall comply with
Section 15 and shall be determined pursuant to a reasonable valuation method as set forth in
Section 409A of the Code.

(m) “Grant” means an award made to a Participant pursuant to the Plan and described in
Section 6, including, without limitation, an award of a Share Option, Restricted Share,
Restricted Share Unit, Purchase Shares, Other Share-Based Grant, or any combination of the
foregoing.

(n) “Grant Agreement” means an agreement between Willis and a Participant that sets forth
the terms, conditions and limitations applicable to a Grant.

(o) “Ordinary Shares” or “Share” means the ordinary shares of the Company, nominal value
$0.000115.

(p) “Participant” means an Employee or Director of any member of Willis Group or a
Designated Associate Company, to whom one or more Grants have been made, and such Grants
have not all expired or been forfeited or terminated under the Plan.

(q) “Person” means “person” as such term is used in Sections 13(d) and 14(d) of the Exchange
Act.

2

 

(r) “Share-Based Grants” means the collective reference to the grant of Purchase Shares,
Restricted Share, Restricted Share Units and Other Share-Based Grants.

(s) “Share Options” means options to purchase Ordinary Shares, which may or may not be
incentive stock options within the meaning of Section 422 of the Code (“Incentive Stock
Options”).

(t) “Subsidiary” shall mean with respect to the Company, any subsidiary of the Company
within the meaning of Section 155 of the Act. For purposes of granting Share Options or
other “stock rights,” within the meaning of Section 409A of the Code, an entity may not be
considered a Subsidiary if granting any such stock right would result in the stock right
becoming subject to Section 409A of the Code.

(u) “Substitute Awards” shall mean a Grant or Shares issued by the Company in assumption of,
or in substitution or exchange for, awards previously granted, or the right or obligation to
make future awards, in each case by a company acquired by the Company or any Subsidiary or
with which the Company or any Subsidiary combines.

3. Administration of Plan

(a) The Plan shall be administered by the Committee. All of the members of the Committee and
any other Directors shall be eligible to be selected for Grants under the Plan; provided,
however, that to the extent the Board of Directors determines it is necessary or desirable
to satisfy any regulation or rule, whether under Section 16 of the Securities Exchange Act
of 1934 of the United States, as amended (“Exchange Act”) or otherwise related to the
Grants, the members of the Committee shall qualify under such regulation or rules. The
Committee may adopt its own rules of procedure, and the action of a majority of the
Committee, taken at a meeting or taken without a meeting by a writing signed by such
majority, shall constitute action by the Committee. The Committee shall have the power and
authority to administer, construe and interpret the Plan in its sole discretion, to make
rules for carrying it out and to make changes in such rules. The Committee shall also have
the power to establish sub-plans, which may constitute separate schemes, for the purpose of
establishing schemes which qualify for approval by the UK Inland Revenue or meet any special
tax or regulatory requirements anywhere in the world. Any such interpretations, rules,
administration and sub-plans shall be consistent with the basic purposes of the Plan and
shall be binding on Participants.

(b) The Committee may delegate to the Chief Executive Officer and to other senior officers
of Willis Group its duties under the Plan subject to such conditions and limitations as the
Committee shall prescribe except that only the Committee may designate and make Grants,
including the variation (including substitution), cancellation or suspension of said Grant,
to Participants who are subject to Section 16 of the Exchange Act.

(c) The Committee may employ attorneys, consultants, accountants, appraisers, brokers or
other persons. The Committee, Willis Group, and the officers and Directors of Willis Group
shall be entitled to rely upon the advice, opinions or valuations of any such persons. All
actions taken and all interpretations and determinations made by the Committee in good faith
shall be final and binding upon all Participants, Willis Group 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 Grants, and all members
of the Committee shall be fully protected by Willis Group with respect to any such action,
determination or interpretation.

(d) Notwithstanding anything to the contrary contained in the Plan or any Grant Agreement,
(i) neither Willis, the Willis Group, any Designated Associate Company or any of their
respective employees, directors, officers, agents or representatives nor any member of the
Committee shall have liability to a Participant or otherwise with respect to the failure of
the Plan, any Grant or Grant Agreement to comply with Section 409A of the Code and (ii)
neither Willis, the Willis Group, any Designated Associate Company or any of their
respective employees, directors, officers, agents or representatives nor any member of the
Committee makes any representation or warranty to any Participant that any Grant hereunder
satisfies the requirements of Section 409A of the Code.

3

 

4. Eligibility

Subject to Section 12 of the Plan, the Committee may from time to time make Grants under the Plan
to such Employees of the Willis Group or of any Designated Associate Company, and in such form and
having such terms, conditions and limitations as the Committee may determine. Grants may be granted
singly, in combination or in tandem. The terms, conditions and limitations of each Grant under the
plan shall be set forth in a Grant Agreement, in a form approved by the Committee, consistent,
however, with the terms of the Plan.

5. Share Limitations and Conditions

(a) Number of Shares—Subject to adjustment as provided in Section 9, a total of
8,000,000 Shares shall be authorized for grant under the Plan. The Shares available for the
grant of Incentive Stock Options under the Plan shall not exceed 5,000,000 Shares, subject
to adjustment as provided in Section 9 and subject to the provisions of Sections 422 or 424
of the Code or any successor provisions. The Shares available for the grant of Restricted
Share, Restricted Share Units or other full-value share-based grants under the Plan shall
not exceed 2,000,000.

If any Shares subject to a Grant are forfeited, terminate, expire or a Grant is settled for
cash (in whole or in part) or otherwise does not result in the issuance of all or a portion
of the Shares subject to such Grant, the Shares subject to such Grant or award shall, to the
extent of such forfeiture, expiration, termination, non-issuance, cash settlement or
otherwise, again be available for Grants under the Plan. Notwithstanding anything to the
contrary contained herein, the following Shares shall not be added to the Shares authorized
for grant under paragraph (a) of this Section: (i) Shares tendered by the Participant or
withheld by the Company in payment of the purchase price of a Share Option; (ii) Shares
tendered by the Participant or withheld by the Company to satisfy any tax withholding
obligation with respect to a Grant; and (iii) Shares repurchased by the Company using Option
proceeds.

(b) Substitute Awards shall not reduce the Shares authorized for grant under the Plan or
authorized for grant to a Participant in any calendar year. Additionally, in the event that
a company acquired by Willis or any Subsidiary or with which the Willis or any Subsidiary
combines has shares available under a pre-existing plan approved by shareholders and not
adopted in contemplation of such acquisition or combination, the shares available for grant
pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate,
using the exchange ratio or other adjustment or valuation ratio or formula used in such
acquisition or combination to determine the consideration payable to the holders of Ordinary
Shares of the entities party to such acquisition or combination) may be used for Grants
under the Plan and shall not reduce the Shares authorized for grant under the Plan; provided
that Grants using such available shares shall not be made after the date grants could have
been made under the terms of the pre-existing plan, absent the acquisition or combination,
and shall only be made to individuals who were not Employees or Directors prior to such
acquisition or combination.

(c) Purchase Shares, as defined in Section 6 (c) below whether offered to a participant or
in connection with any other Grant under this Plan, shall not be counted against the above
limits if they are sold to a Participant at Fair Market Value on the date of purchase.

(d) The number of Shares subject to Grants under this Plan to any one Participant shall not
be more than 2,000,000 Shares in any one calendar year and such limit shall not include
Purchase Shares.

(e) No Grants shall be made under the Plan beyond ten years after the original effective
date of the Plan, but the terms of Grants made on or before the expiration of the Plan may
extend beyond such expiration. At the time a Grant is made or amended or the terms or
conditions of a Grant are changed, the Committee may provide for limitations or conditions
on such Grant.

(f) Nothing contained herein shall affect the right of Willis Group or, if applicable, a
Designated Associate Company to terminate any Participant’s employment at any time or for
any reason. The rights and obligations of any individual under the terms of his office or
employment with any member of Willis

4

 

Group or, if applicable, a Designated Associate Company shall not be affected by his or her
participation in this Plan or any right which he or she may have to participate in it, and
an individual who participates in this Plan shall waive any and all rights to compensation
or damages in consequence of the termination of his or her office or employment for any
reason whatsoever insofar as those rights arise or may arise from his or her ceasing to have
rights under or be entitled to exercise any Grant as a result of such termination.

(g) Subject to complying with Section 409A of the Code, deferrals of Grant payouts may be
provided for, at the sole discretion of the Committee, in the Grant Agreements.

(h) Except as otherwise prescribed by the Committee, the amounts of the Grants for any
employee of a Subsidiary, along with interest, dividend, and other expenses accrued on
deferred Grants shall be charged to the Participant’s employer during the period for which
the Grant is made. If the Participant is employed by more than one Subsidiary or by both the
Company and a Subsidiary during the period for which the Grant is made, the Participant’s
Grant and related expenses will be allocated between the companies employing the Participant
in a manner prescribed by the Committee.

(i) No option, right or benefit under the Plan may be transferred by a Participant other
than by will or the laws of descent and distribution, and except as set forth in paragraph
(k) of this Section, all options, rights and benefits under the Plan may be exercised during
the Participant’s lifetime only by the Participant. No such benefit shall, prior to receipt
thereof by the Participant, be in any manner liable for or subject to the debts, contracts,
liabilities, engagements, or torts of the Participant.

(j) Participants shall not be, and shall not have any of the rights or privileges of,
shareholders of Willis in respect of any Shares purchasable in connection with any Grant
unless and such Shares have been issued by Willis to such Participants, unless the
Committee shall otherwise determine.

(k) No election as to benefits or exercise of Share Options or other rights may be made
during a Participant’s lifetime by anyone other than the Participant or by a legal
representative appointed for or by the Participant.

(l) Absent express provisions to the contrary, any Grant under this Plan shall not be deemed
compensation for purposes of computing benefits or contributions under any retirement plan
of any member of Willis Group and shall not affect any benefits under any other benefit plan
of any kind now or subsequently in effect under which the availability or amount of benefits
is related to level of compensation. This Plan is not a “Pension Plan” or “Welfare Plan”
under the Employee Retirement Income Security Act of 1974 of the United States, as amended.

(m) Unless the Board of Directors determines otherwise, no benefit or promise under the Plan
shall be secured by any specific assets of any member of Willis Group, nor shall any assets
of any member of Willis Group be designated as attributable or allocated to the satisfaction
of Willis Group’s obligations under the Plan.

6. Grants

From time to time, the Committee will determine the forms and amounts of Grants for Participants.
Such Grants may take the following forms in the Committee’s sole discretion; provided, however,
that in no event shall the purchase price of any Grant be less than the par value of the Shares.
The terms of any Grant may include a requirement that the Participant enter into an agreement or
election under which the Participant agrees to pay his or her employer’s social security liability
(or reimburse the employer for such liability) in any jurisdiction arising on exercise of any Share
Option, or at any other time with respect to any other Share-Based Award, and if this requirement
is not permitted in any jurisdiction the Grant in such circumstances shall be null and void.

(a) Share Options—These are options to purchase Ordinary Shares, which may or may not be
Incentive Stock Options. The option price per each Share purchasable under any Share Option
granted pursuant to this Article shall not be less than 100% of the Fair Market Value of one
Share on the date of

5

 

grant of such option (or, if the person to whom the Incentive Stock Option is being granted
owns Ordinary Shares representing more than 10 percent of the voting power of all classes of
Willis’ equity, the exercise price shall be at least equal to 110% of the Fair Market Value
of one Ordinary Share on the date of grant) other than in connection with Substitute Awards.
At the time of the Grant the Committee shall determine, and shall have contained in the
Grant Agreement the option exercise period, the option price, and such other conditions or
restrictions on the grant or exercise of the option as the Committee deems appropriate,
which may include the requirement that the grant of options is predicated on the acquisition
of Purchase Shares under Section 6(c) by the Participant or as may be required pursuant to
applicable law, if such options shall be Incentive Stock Options, subject to Section 12.
Payment of the option price shall be made in cash or in Ordinary Shares (provided, that such
Shares have been held by the Participant for not less than six months (or such other period
as established by the Committee from time to time)), or a combination thereof, in accordance
with the terms of the Plan, the Grant Agreement and any applicable guidelines of the
Committee in effect at the time. Notwithstanding anything to the contrary in the Plan,
Incentive Stock Options may be granted only to employees of Willis or of a “parent
corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the
Code) at the date of grant. The aggregate Fair Market Value (generally determined as of the
time the Share Option is granted) of the Shares with respect to which Incentive Stock
Options are exercisable for the first time by a Participant during any calendar year (under
all plans of Willis and of any parent corporation or subsidiary corporation as defined in
Section 424 of the Code) shall not exceed one hundred thousand dollars ($100,000). For
purposes of the preceding sentence, Incentive Stock Options will be taken into account
generally in the order in which they are granted. No Incentive Stock Option may be exercised
later than ten (10) years after the date it is granted or five years, in the case of a
Participant who owns Ordinary Shares representing more than 10 percent of the voting power
of all classes of Willis’ equity. Each provision of the Plan and each Grant Agreement
relating to an Incentive Stock Option shall be construed so that each Incentive Stock Option
shall be an incentive stock option as defined in Section 422 of the Code, and any provisions
of the Grant Agreement thereof that cannot be so construed shall be disregarded. Except for
Substitute Awards and in certain limited situations, including, without limitation the
death, disability, termination of employment of the Participant without good cause as
determined by the Committee, or retirement of the Participant or a Change of Control, Share
Options shall have a vesting period of not less than three (3) years from date of grant (but
permitting pro rata vesting over such time) provided that such restrictions shall not be
applicable to grants of Share Options, Restricted Share Awards or Restricted Share Unit
Awards not in excess of 5% of the number of shares available for Grants under Section 5(a).
Share Options subject to the achievement of performance objectives shall have a minimum
vesting period of one (1) year.

(b) Restricted Share and Restricted Share Units—Grants of Restricted Share and of
Restricted Share Units may be issued to Participants either alone or in addition to other
Grants made under the Plan (a “Restricted Share Award” or “Restricted Share Unit Award”
respectively). Except for Substitute Awards and in certain limited situations, including,
without limitation the death, disability, termination of employment of the Participant
without good cause as determined by the Committee, or retirement of the Participant, a
Change of Control, Restricted Share Awards and Restricted Share Unit Awards subject to
continued service with the Company or a Subsidiary shall have a vesting period of not less
than three (3) years from date of grant (but permitting pro rata vesting over such time);
provided that such restrictions shall not be applicable to grants of Share Options,
Restricted Share Awards or Restricted Share Unit Awards not in excess of 5% of the number of
shares available for Grants under Section 5(a). Restricted Share Awards and Restricted Share
Unit Awards subject to the achievement of performance objectives shall have a minimum
vesting period of one (1) year.

Unless otherwise provided in the Grant Agreement, beginning on the date of grant of the
Restricted Share Award and subject to execution of the Grant Agreement, the Participant
shall become a shareholder of Willis with respect to all Shares subject to the Grant
Agreement and shall have all of the rights of a shareholder, including the right to vote
such Shares and the right to receive distributions made with respect to such Shares. A
Participant receiving a Restricted Share Unit Award shall not possess the rights of a
shareholder of Willis with respect to such grant. Except as otherwise provided in an Grant
Agreement any Shares or any other property (other than cash) distributed as a dividend or
otherwise with respect to any Restricted Share Award or Restricted Share Unit Award as to
which the restrictions have not yet lapsed shall be subject to the same restrictions as such
Restricted Share Award or Restricted Share Unit Award.

6

 

Should Shares be issued upon vesting of Restricted Share Award or Restricted Share Unit
Awards in circumstances where they are not otherwise fully paid up, the Board may require
the Participant to pay the aggregate nominal value of the Shares on the basis that such
Shares underlying the Restricted Share Award or Restricted Share Unit Award shall then be
allotted as fully paid to the Participant.

(c) Purchase Shares—Purchase Shares refer to Ordinary Shares held in Willis’ employee share
ownership plan trust, The Trinity Employees’ Share Ownership Plan Trust, offered to a
Participant at not less than 100% of the Fair Market Value of one Share on the date of
purchase, the acquisition of which may make him eligible to receive under the Plan, among
other things, Share Options.

(d) Other Share-Based Grants—The Committee may make other Grants under the Plan pursuant to
which Ordinary Shares or other equity securities of Willis are or may in the future be
acquired, or Grants denominated in Share units, including ones valued using measures other
than Fair Market Value. Other Share-Based Grants may be granted with or without
consideration. Should Ordinary Shares be issued on the vesting of a Share-Based Grant in
circumstances where they are not otherwise fully paid up, the Board may require the
Participant to pay the aggregate nominal value of such Ordinary Shares on the basis that
such Ordinary Shares shall then be allotted as fully paid to the Participant.

(e) Entitlement to Dividend Equivalents—Subject to complying with Section 409A of the Code
and the provisions of the Plan, including, without limitation Section 14, and any Grant
Agreement, the recipient of a Grant other than a Share Option may, if so determined by the
Committee, be entitled to receive, currently or on a deferred basis, cash, Share or other
property dividends, or cash payments in amounts equivalent to cash, Share or other property
dividends on Shares (“Dividend Equivalents”) with respect to the number of Shares covered by
the Grant, as determined by the Committee, in its sole discretion. The right of US
Participants to receive Dividend Equivalents or other dividends or payments shall be treated
as a separate Grant and such Dividend Equivalents or other dividends or payments for such US
Participants, if any, shall be credited to a notional account maintained by Willis or paid,
as of the dividend payment dates during the period between the date of the Grant and the
date the Grant is exercised, vested, expired, credited or paid, as applicable and shall be
subject to such limitations as may be determined by the Committee. The Committee may provide
that such amounts and Dividend Equivalents (if any) shall be deemed to have been reinvested
in additional Shares or otherwise reinvested and may provide that such amounts and Dividend
Equivalents are subject to the same vesting or performance conditions as the underlying
Grant.

(f) Performance Awards—If the Committee determines that a Share Option, Restricted Share
Award, a Restricted Share Unit Award, a Performance Award or an Other Share-Based Award is
intended to be subject to performance goals, the lapsing of restrictions thereon and the
distribution of cash, Shares or other property pursuant thereto, as applicable, shall be
subject to the achievement of one or more objective performance goals established by the
Committee, which shall be based on the attainment of specified levels of one or any
combination of the following: net revenue; revenue growth or product revenue growth;
operating income (before or after taxes); pre- or after-tax income (before or after
allocation of corporate overhead and bonus); earnings per share; net income (before or after
taxes); return on equity; total shareholder return; return on assets or net assets;
appreciation in and/or maintenance of the price of the Shares or any other publicly-traded
securities of Willis; market share; gross profits; earnings (including earnings before
taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation
and amortization); economic value-added models or equivalent metrics; comparisons with
various Share market indices; reductions in costs; cash flow or cash flow per share (before
or after dividends); return on capital (including return on total capital or return on
invested capital); cash flow return on investment; improvement in or attainment of expense
levels or working capital levels; operating margins, gross margins or cash margin; year-end
cash; debt reductions; Shareholder equity; market share; regulatory achievements; and
implementation, completion or attainment of measurable objectives with respect to research,
development, products or projects, production volume levels, acquisitions and divestitures
and recruiting and maintaining personnel. Such performance goals also may be based solely by
reference to Willis’ performance or the performance of a Subsidiary, division, business
segment or business unit of Willis, or based upon the relative performance of other
companies or upon comparisons of any of the indicators of performance relative to other
companies. The Committee may also exclude charges related to an event or

7

 

occurrence which the Committee determines should appropriately be excluded, including (a)
restructurings, discontinued operations, extraordinary items, and other unusual or
non-recurring charges, (b) an event either not directly related to the operations of Willis
or not within the reasonable control of Willis’ management, or (c) the cumulative effects of
tax or accounting changes in accordance with U.S. generally accepted accounting principles.
Such performance goals shall be set by the Committee within the time period prescribed by,
and shall otherwise comply with the requirements of, Section 162(m) of the Code, and the
regulations thereunder.

7. Forfeiture or Clawback of Awards

Notwithstanding anything to the contrary contained herein, a Grant Agreement may provide that the
Grant shall be canceled if the Participant, without the consent of Willis, while employed by
Willis, any Subsidiary or, if applicable, a Designated Associate Company or after termination of
such employment or service, establishes a relationship with a competitor of Willis, any Subsidiary
or, if applicable, a Designated Associate Company or engages in activity that is in conflict with
or adverse to the interest of Willis, any Subsidiary or, if applicable, a Designated Associate
Company (including conduct contributing to financial restatements or irregularities), as determined
by the Board of Directors in its sole discretion. The Committee may provide in a Grant Agreement
that if within the time period specified in the Grant Agreement the Participant establishes a
relationship with a competitor or engages in an activity referred to in the preceding sentence, the
Participant will forfeit any gain realized on the vesting or exercise of the Grant and must repay
such gain to Willis.

8. Transfers and Leaves of Absence

For purposes of the Plan, unless the Committee determines otherwise: (a) a transfer of a
Participant’s employment without an intervening period of separation among a member of the Willis
Group and any Subsidiary or Designated Associate Company shall not be deemed a termination of
employment, and (b) a Participant who is granted in writing a leave of absence shall be deemed to
have remained in the employ of Willis Group or Designated Associate Company during such leave of
absence.

9. Adjustments

In the event of any change in the outstanding Ordinary Shares by reason of a Share split, spin-off,
Share or extraordinary cash dividend, Share combination or reclassification, recapitalization or
merger, Change of Control, or similar event, the Committee shall substitute or adjust
proportionately, in its sole discretion, (a) the number and kind of Shares or other securities that
may be issued under the Plan or under particular forms of Grants, (b) the number and kind of Shares
or other securities subject to outstanding Grants, (c) the Share Option exercise price, grant price
or purchase price applicable to outstanding Grants, (d) the grant of a Dividend Equivalent or other
dividends or payments, and/or (e) other value determinations applicable to the Plan or outstanding
Grants, in all events in order to allow Participants to participate to such event in an equitable
manner. An adjustment under this provision may have the effect of reducing the price at which
Ordinary Shares may be acquired to less than their nominal value (the “Shortfall”), but only if and
to the extent that the Board shall be authorized to capitalize from the reserves of the Company a
sum equal to the Shortfall and to apply that sum in paying up that amount on the Ordinary
Shares.

10. Change of Control

(a) Grant Agreements may provide that in the event of a Change of Control of Willis, Share
Options outstanding as of the date of the Change of Control shall be cancelled and
terminated without payment therefore if 100% of the Fair Market Value of one Share as of the
date of the Change of Control is less than the per Share Option exercise price grant price.

(b) Assumption or Substitution of Certain Awards—Unless otherwise provided in a Grant
Agreement, in the event of a Change of Control of Willis in which the successor company
assumes or substitutes for a Share Option, Restricted Share Award, Restricted Share Unit
Award or Other Share-Based Grant, if a Participant’s employment with such successor company
(or a subsidiary thereof) terminates within 24 months following such Change of Control (or
such other period set forth in the Grant Agreement,

8

 

including prior thereto if applicable) and under the circumstances specified in the Grant Agreement:
(i) Share Options outstanding as of the date of such termination of employment will
immediately vest, become fully exercisable, and may thereafter be exercised for 24 months
(or the period of time set forth in the Grant Agreement), (ii) restrictions and deferral
limitations on Restricted Share Awards and Restricted Share Units Awards shall lapse and the
Restricted Shares and Restricted Share Units shall become free of all restrictions and
limitations and become fully vested, and (iii) the restrictions and deferral limitations and
other conditions applicable to any Other Share-Based Grants or any other Grants shall lapse,
and such Other Share-Based Grants or such other Grants shall become free of all
restrictions, limitations or conditions and become fully vested and transferable to the full
extent of the original Grant. For the purposes of this Section 10(b), a Share Option,
Restricted Share Award, Restricted Share Unit Award or Other Share-Based Grants shall be
considered assumed or substituted for if following the Change of Control the Grant confers
the right to purchase or receive, for each Share subject to the Share Option, Restricted
Share Award, Restricted Share Unit Award or Other Share-Based Grants immediately prior to
the Change of Control, the consideration (whether Shares, cash or other securities or
property) received in the transaction constituting a Change of Control by holders of Shares
for each Share held on the effective date of such transaction (and if holders were offered a
choice of consideration, the type of consideration chosen by the holders of a majority of
the outstanding shares); provided, however, that if such consideration received in the
transaction constituting a Change of Control is not solely ordinary shares of the successor
company, the Committee may, with the consent of the successor company, provide that the
consideration to be received upon the exercise or vesting of a Share Option, Restricted
Share Award, Restricted Share Unit Award or Other Share-Based Grant, for each Share subject
thereto, will be solely ordinary shares of the successor company substantially equal in Fair
Market Value to the per Share consideration received by holders of Shares in the transaction
constituting a Change in Control. The determination of such substantial equality of value of
consideration shall be made by the Committee in its sole discretion and its determination
shall be conclusive and binding.

(c) Unless otherwise provided in a Grant Agreement, in the event of a Change of Control of
Willis to the extent the successor company does not assume or substitute for a Share Option,
Restricted Stock Award, Restricted Stock Unit Award or Other Share-Based Grant: (i) those
Share Options outstanding as of the date of the Change of Control that are not assumed or
substituted for shall immediately vest and become fully exercisable, (ii) restrictions and
deferral limitations on Restricted Stock and Restricted Stock Units that are not assumed or
substituted for shall lapse and the Restricted Stock and Restricted Stock Units shall become
free of all restrictions and limitations and become fully vested, and (iii) the restrictions
and deferral limitations and other conditions applicable to any Other Share-Based Grants or
any other Grants that are not assumed or substituted for shall lapse, and such Other
Share-Based Grants or such other Grants shall become free of all restrictions, limitations
or conditions and become fully vested and transferable to the full extent of the original
grant.

(d) The Committee, in its discretion, may determine that, upon the occurrence of a Change of
Control of Willis, each Share Option outstanding shall terminate within a specified number
of days after notice to the Participant, and/or that each Participant shall receive, with
respect to each Share subject to such Share Option an amount equal to the excess of the Fair
Market Value of such Share immediately prior to the occurrence of such Change of Control
over the exercise price per share of such Share Option; such amount to be payable in cash,
in one or more kinds of Shares or property (including the Shares or property, if any,
payable in the transaction) or in a combination thereof, as the Committee, in its
discretion, shall determine.

11. Amendment and Termination

The Committee shall have the authority to make such amendments to any terms and conditions
applicable to outstanding Grants as are consistent with this Plan. The Board of Directors may
amend, suspend or terminate the Plan at any time.

Without the approval of Willis’ Shareholders, other than pursuant to Section 9, the Committee shall
not (i) increase the benefits accrued to Participants, (ii) increase the number of shares which may
be issued under the Plan, (iii) cancel any Share Option in exchange for cash or another Grant
(other than in connection with Substitute

9

 

Awards) (iv) modify the requirements for participation in the Plan, (v) lapse or waive restrictions except
in limited cases relating to death, disability, retirement, termination of employment without
“cause” or for “good reason” as is determined by the Board, or Change of Control.

12. Foreign Options and Rights

The Committee or Board of Directors, as applicable, may establish rules or schemes in order to make
Grants to Employees who are subject to the laws of nations other than Ireland, which Grants may
have terms and conditions that differ from the terms thereof as provided elsewhere in the Plan for
the purpose of complying with foreign laws. In the event that the Committee or Board of Directors
establishes such rules or schemes, the substantive provisions thereof shall be set forth on
schedules attached hereto, and are hereby incorporated by reference as part of the Plan, subject to
any additional action required to be taken pursuant to the applicable foreign law.

13. Withholding Taxes

(a) Willis Group shall have the right to deduct from any cash payment made under the Plan
any federal, state, local, national, provincial or other income or other taxes required by
law to be withheld with respect to such payment. It shall be a condition to the obligation
of Willis Group to deliver shares upon the exercise of a Share Option, upon delivery of
Restricted Share or upon exercise, settlement or payment of Restricted Share Units or any
Other Share-Based Grant that the Participant shall pay to Willis Group such amount as may be
requested by Willis Group for the purpose of satisfying any liability for such withholding
taxes. Any Grant Agreement may provide that the Participant may elect, in accordance with
any conditions set forth in such Grant Agreement, to pay a portion or the entire minimum
amount of such withholding taxes in Ordinary Shares.

(b) In the event that Willis Group is required to account for tax arising from the exercise
or vesting of a Grant to the relevant tax authorities and the Participant has not paid, or
otherwise made arrangements acceptable to Willis Group to pay the amounts due, Willis Group
shall be authorized to procure and effect the sale of a sufficient number of Shares to be
allotted or transferred to the Participant as a consequence of the vesting or exercise of
the Grant in order to pay the amounts due out of the sale proceeds.

(c) Notwithstanding anything set forth in this Section 13, an option may not be exercised
unless:

(i) the Board of Directors considers that the issue or transfer of shares pursuant
to such exercise would be lawful in all relevant jurisdictions; and

(ii) in a case where, if the option were exercised, Willis Group would be obliged to
(or would suffer a disadvantage if it were not to) account for any tax (in any
jurisdiction) for which the person in question would be liable by virtue of the
exercise of the option and/or for any social security contributions that would be
recoverable from the person in question (together, the “Tax Liability”), that person
has either:

(d) made a payment to Willis Group of an amount at least equal to the Company’s estimate of
the Tax Liability; or

(e) entered into arrangements acceptable to Willis Group to secure that such a payment is
made (whether by authorizing the sale of some or all of the shares on his behalf and the
payment to Willis Group of the relevant amount out of the proceeds of sale or otherwise).

14. Compliance with Section 409A of the Code

(a) To the extent that the Plan and/or Grants are subject to Section 409A of the Code, the
Committee may, in its sole discretion and without a Participant’s prior consent, amend the
Plan and/or Grants, adopt policies and procedures, or take any other actions (including
amendments, policies, procedures and actions with retroactive effect) as are necessary or
appropriate to (a) exempt the Plan and/or any Grant from the

10

 

application of Section 409A of the Code, (b) preserve the intended tax treatment of any such
Grant, and/or (c) comply with the requirements of Section 409A of the Code. This Plan shall
be interpreted at all times in such a manner that the terms and provisions of the Plan and
Grants are exempt from or comply with Section 409A of the Code. Reference to Section 409A of
the Code includes reference to any proposed, temporary or final regulations and any other
guidance promulgated with respect to such section by the U.S. Department of the Treasury of
the Internal Revenue Service.

(b) All Grants that would otherwise be subject to Section 409A of the Code shall be paid or
otherwise settled on or as soon as practicable after the applicable vesting date and not
later than the 15th day of the third month from the end of (i) the Participant’s tax year
that includes the applicable vesting date, or (ii) Willis’ tax year that includes the
applicable vesting date, whichever is later; provided, however, that the Committee reserves
the right to delay payment or specify a compliant payment date with respect to any such
Grant under circumstances set forth in Section 409A of the Code; provided, further, that
notwithstanding any contrary provision of the Plan or a Grant Agreement, any payment(s) that
are otherwise required to be made under the Plan to a “specified employee” (as defined under
Section 409A of the Code) as a result of his or her separation from service (other than a
payment that is not subject to Section 409A of the Code) shall be delayed for the first six
(6) months following such separation from service (or, if earlier, the date of death of the
specified employee) and shall instead be paid (in a manner set forth in the Grant Agreement)
on the date that immediately follows the end of such six-month period or as soon as
administratively practicable thereafter.

15. Governing Law

This Plan shall be governed by the laws of Ireland, without regard to conflicts of laws.

16. Effective Date and Termination Dates

The Plan became effective on and as of the date of the original approval of the Willis Group
Holdings 2008 Share Purchase and Option Plan by a majority of the shareholders of Willis,
and shall terminate ten years thereafter, subject to earlier termination by the Board of Directors
pursuant to Section 11.

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]