Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”) is
dated December 7, 2010, between Aon Corporation, a Delaware corporation
(the “Company”), and Stephen P. McGill (the “Executive”).

 

WHEREAS, the Executive is currently employed as
Chairman and Chief Executive Officer of Aon Risk Solutions pursuant to an
employment agreement between the Executive and Aon Limited (a U.K. subsidiary
of the Company) dated April 22, 2005, as amended from time to time (the “UK
Agreement”); and

 

WHEREAS, pursuant to the UK Agreement, the
Executive has been serving as an expatriate to the Company’s U.S. operations
since 2006; and

 

WHEREAS, the parties desire to make certain
changes to the Executive’s employment arrangement, including the Executive’s permanent
move to the U.S., the direct employment of the Executive by the Company, and an
extension of the term of the Executive’s employment, as set forth herein.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements contained herein, the parties hereby agree as follows:

 

1.  Employment Term; Title;
Responsibilities; Outside Activities.

 

(a)           Employment Term; Title.  The
Company will employ the Executive as Chairman and Chief Executive Officer, Aon
Risk Solutions, which position is currently directly below that of the Company’s
Chief Executive Officer (“CEO”), and the Executive will be employed, upon the
terms and subject to the conditions contained in this Agreement.  The extended term of Employment of the
Executive pursuant to this Agreement (the “Term of Employment”) will begin
effective as of November 18, 2010 (the “Effective Date”) and will end on
the fifth anniversary thereof, unless renewed pursuant to Section 3
hereof, or terminated during the Term of Employment as fully set forth in Section 3.  It will not be a breach of this Agreement if
the Executive’s title is changed by the Company so long as the new title is a
Level 1A senior executive role for the Company (or comparable level if levels
are changed).

 

(b)           Responsibilities.  The
Executive will report to the CEO.  The
Executive will have the authority and responsibility consistent with the
position in which he will serve.  The
Executive will also perform such other duties (not inconsistent with the
Executive’s title) on behalf of the Company and its subsidiaries as may from
time to time be authorized or directed by the CEO.

 

(c)           Outside Activities. 
The Executive may engage in charitable, civic or community activities
and, with the prior approval of the Company’s Chief Executive  Officer 

 

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(the “CEO”), may serve as a director of any other
business corporation, provided that (i) such activities or service do not
interfere with the Executive’s duties hereunder or violate the terms of any of
the covenants contained in Sections 4 or 6 hereof and (ii) such other
business corporation provides the Executive with director and officer insurance
coverage which, in the opinion of the CEO, is adequate under the circumstances.

 

2.  Compensation during Term
of Employment.

 

(a)           Base Salary.  During
the Term of Employment, the Company will pay to the Executive a base salary at
the rate of $1,100,000 per year (“Base Salary”), payable semi-monthly in
accordance with the Company’s executive payroll policy.  Such Base Salary will be reviewed annually on
the Company’s regular executive salary review schedule, and will be subject to
increase (but not decrease) at the discretion of the CEO and the Organization
and Compensation Committee of the Company’s Board of Directors (the “Compensation
Committee”), which increased amount will be thereafter the Executive’s “Base
Salary” for all purposes hereunder.

 

(b)       Annual Incentive Compensation.  The Executive will be eligible to participate
in the annual incentive compensation program for the Company’s senior
executives in accordance with the provisions of such program, as amended from
time to time.  For calendar years 2010
and 2011, the Executive’s target bonus will be 175% of the Executive’s Base
Salary, and his maximum bonus will be three times target (unless a lesser
maximum is established pursuant to the Company’s incentive compensation
program); provided, however, that for the remainder of the Term of Employment
the Executive’s target, maximum and actual bonus opportunity will be
established in accordance with the provisions of the Company’s annual incentive
compensation program, as amended from time to time.  The Executive acknowledges and agrees that
the annual incentive compensation awards earned hereunder will be subject to
payment pursuant to and in accordance with the Aon Incentive Stock Program,  payable in a combination of cash and restricted stock units
of Aon Corporation common stock (“RSUs”), if applicable.

 

(c)    
Leadership Performance Program Award.  Subject to the approval of the Compensation
Committee on or before March 31, 2011, the Executive shall receive an
additional award pursuant to the Company’s Leadership Performance Program, a
sub-plan of the 2001 Aon Stock Incentive Plan, or any successor plan, for the
performance period beginning January 1, 2011 and ending December 31,
2013.  Such additional award shall have a
grant date target value of $6 million. 
It is intended that such award value will reflect the Executive’s
exceptional performance to date and his commitment to the extended Term of
Employment set forth herein.  The $6
million value will be in addition to the value to be otherwise granted pursuant
to the Company’s regular annual long-term incentive award process, and will be
earned based on the same performance criteria and weightings as the regular
award, which will also be the same for other corporate participants for the
performance period.

 

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(d)        One-Time Transfer Payment.  In
connection with the Executive’s willingness to enter into this Agreement, he
will forfeit participation in expatriate allowances and certain valuable UK
employee benefits that are not available hereunder and incur certain relocation
costs to permanently relocate from the UK to the US.  The relocation costs include additional taxes
to be incurred on the sale of his residence as a result of his move outside the
European Union. In recognition of those factors, the Company will pay to the
Executive a lump sum transfer payment of $2,500,000, less authorized
deductions.  The payment will be made as
soon as practicable, but in no event later than 30 days, after the execution
date of the Agreement.   If the Executive
voluntarily terminates his employment with the Company pursuant to Section 3(b) hereof
prior to fifth anniversary of the Effective Date, the Executive agrees and
acknowledges that the Executive will re-pay promptly to the Company a pro-rata
portion of such transfer payment, and the portion to be repaid will be
calculated according to the following formula: (number of months remaining
before the fifth anniversary of the Effective Date divided by 60) x $2,500,000.

 

(e)         Employee Benefits. 
During the course of employment, the Executive will be entitled to
participate in the Company’s employee benefit plans generally available to
senior executives of the Company. 
Nothing in this Agreement will require the Company to establish,
maintain or continue any of the benefits already in existence or hereafter
adopted for executives of the Company and nothing in this Agreement will
restrict the right of the Company to amend, modify or terminate such programs.

 

(f)         Vacation Time.  The
Executive will be entitled to paid vacation time in accordance with usual
Company policies and procedures. The Company will not pay the Executive any
additional compensation for any vacation time not used by the Executive except
as required by law.

 

(g)        Expense Reimbursement.  In
accordance with Company policies and procedures and on prescribed Company
forms, the Company will reimburse the Executive for all proper expenses
incurred by the Executive in the performance of his duties hereunder.

 

3.  Renewal; Termination.

 

(a)         Renewal.  This
Agreement may be renewed upon (i) the issuance by the Company of a notice
of renewal (“Notice of Renewal”) to the Executive at least six (6) months
prior to the end date of the Term of Employment or any renewal period thereof
and (ii) the written acceptance of the Notice of Renewal by the Executive
within (60) days thereafter.

 

(b)        Termination.

 

(i)  Death or Disability.  The Executive’s employment under this
Agreement and the Term of Employment will be terminated immediately upon the
death of the Executive or upon written notice given by the Company to the
Executive in the event that the Executive 
has, because of any illness, injury, accident or condition 

 

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of either a physical or psychological nature,
been unable to perform substantially all of the Executive’s duties and
responsibilities for one hundred eight (180) consecutive calendar days (a “Disability
Termination”); provided, that the Executive is still “disabled” (in accordance
with the definition herein) on the date such notice is given; and provided,
further, however, if prior to such notice, the Executive incurs a “separation
from service” within the meaning of Treas. Reg. 1-409A-1(h) (“Separation
from Service”) as a result of illness, injury, accident or condition, such date
shall be the date of the Disability Termination.  In addition to the other amounts expressly
provided herein, (A) in the event of the Executive’s death during the Term
of Employment the Company will pay to the Executive’s estate an amount equal to
the Base Salary for the remainder of the full Term of Employment and the amount
of any benefit payable under any individual or group life insurance policy
maintained by the Company for the benefit of the Executive, with such amount
being paid in a lump sum sixty (60) days after the date of the Executive’s
death, and (B) in the event of a Disability Termination an amount equal to
the difference between the Base Salary for the remainder of the full Term of
Employment and the projected amount of any benefit payable under any disability
insurance policy maintained by the Company for the benefit of the Executive
assuming that the Executive remained disabled for the remainder of the full Term
of Employment, with such amount being paid in a lump sum sixty (60) days after
the date of the Disability Termination, plus (C) in the case of both (A) and
(B), a pro rata bonus for the year in which such termination of employment
occurs equal to the total value of the bonus (i.e. cash portion plus equity
portion) paid or payable to the Executive for the year prior to the year of
termination multiplied by the ratio of the number of days the Executive was
employed during the year of termination divided by 365 and paid in cash at the
same time such annual bonus would have been paid if the Executive continued to
be employed by the Company (or if applicable, as provided under any deferred
compensation plan).

 

(ii)       Without Cause  or for Good Reason.   This Agreement may be terminated by the
Company without cause on no less than three hundred sixty-five (365) days’
advance notice by the Company or by the Executive without cause on no less than
ninety (90) days’, but no more than 365 days’, advance notice to the Company or
by the Executive for Good Reason.  The
notice from either party will specify the effective date of the Executive’s
employment termination (the “Termination Date”).  If terminated without cause by the Company or
for Good Reason by the Executive, the Company will pay to the Executive all
accrued but unpaid Base Salary and benefits as of the date such notice of
termination is delivered (the “Notice Date”). 
On the Termination Date, the Company will provide the Executive with a
cash payment equal to the Executive’s annual Base Salary as of the Notice
Date.  In addition, if this Agreement is
terminated without cause by the Company or for Good Reason by the Executive, so
long as the Executive continues to abide by the provisions of Sections 4(b), 4(c) and
6 herein 

 

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notwithstanding any expiration of the period
specified therein, the Company will continue to pay to the Executive an amount
equal to the Base Salary as and when it would be paid to its executives
generally through the Termination Date.

 

As used herein, “Good Reason” will mean any of
the following which remains uncured by the Company for twenty (20) days after
the Notice Date: (a) a substantial adverse alteration in the then-current
responsibilities of the Executive; (b) any material breach of this
Agreement by the Company, including any purported termination of the Executive’s
employment which breaches this Agreement; or (c) a change by the Company
in the location at which the Executive is required to perform his principal
duties hereunder to offices that are not located in the Chicago or New York
greater metropolitan areas.

 

Notwithstanding anything to the contrary in this Section 3(b)(ii),
the Company may require the Executive to leave Company premises immediately on
the Notice Date. Such a requirement will not relieve the Company of its
obligations herein, including its obligation to continue Base Salary and
benefits through the Termination Date.

 

In the event the Executive terminates this Agreement
without cause or Good Reason, the Company will only be required to pay or
provide to the Executive all accrued but unpaid Base Salary and benefits as of
the date of such termination.

 

(iii)        For Cause. 
The Company may at any time during the initial Term of Employment and
during any renewals thereof, terminate this Agreement for “cause”, effective
immediately by written notice of termination given to the Executive setting
forth the basis for such termination. 
For the purposes of this Agreement, “cause” will mean the Executive’s: (A) willful
failure to substantially perform his duties with the Company (other than any
such failure resulting from the Executive’s physical or mental incapacity),
after a written demand for substantial performance is delivered to the
Executive that specifically identifies the manner in which the CEO believes
that the Executive has willfully and not substantially performed his duties,
and the Executive has failed to remedy the situation within fifteen (15)
business days of such written notice from the Company; (B) gross
negligence with regard to material matters in the performance of the Executive’s
duties; (C) willful engagement in misconduct with regard to the Company or
his duties that is, or is reasonably anticipated by the Company to be,
materially injurious to the Company, monetarily or otherwise; (D) deliberate,
voluntary or intentional material violation of the Company’s written policies
and procedures, (E) willful material violation of the Aon Code of Business
Conduct or the Aon Code of Ethics, (F) willful material non compliance
with the terms of this Agreement, including but not limited to Sections 4 and
6, which is not promptly cured after written notice (with specificity as to the
noncompliance) is given to the 

 

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Executive thereof, or (G) conviction of, or
a plea of guilty or nolo contendere to, any felony whatsoever or any other
crime involving the personal enrichment of the Executive at the expense of the
Company.  No act or failure to act on the
Executive’s part shall be considered “willful” if conducted by the Executive in
good faith and with a reasonable belief that the Executive’s act or omission
was in, and not opposed to, the best interests of the Company.

 

In the event of a termination for “cause,” the
Company will only be required to pay or provide to the Executive all accrued
but unpaid Base Salary and benefits as of the date of such termination.

 

(iv)  As of the effective date of
termination, the Executive agrees that the Secretary of the Company may, as an
irrevocable proxy and in the Executive’s name and stead, execute all documents
and things which the Company deems necessary and desirable to effect the
Executive’s resignation as an officer or director of the Company and its
subsidiaries and affiliates.

 

(v)  Upon the effective date of termination,
or other expiration of this Agreement, the obligations of the parties under
this Agreement, other than the Executive’s obligations under Sections 3(c), 4,
6, and 9(e), and the Company’s obligations under Sections 3(b) will cease;
provided further that any other provision which contemplates performance or
observance by either or both parties subsequent to any termination of this
Agreement will survive any termination of this Agreement and continue in full
force and effect.

 

(vi)  Any agreement herein by the Company to
continue to pay Base Salary or any other benefits after the termination of
employment will be reduced by any benefits provided by the Aon Severance Plan.

 

(vii)  For purposes of this Agreement, the
terms “retirement,” “termination of employment,” “terminated,” “termination,” “this
Agreement will be terminated” and variations thereof, as used in this
Agreement, are intended to mean a termination of employment that constitutes a “separation
from service” under Section 409A of the Internal Revenue Code of 1986, as
amended (“Code Section 409A”).

 

(c)         The Executive agrees that, prior to the commencement of any new
employment in the insurance business, the Executive will furnish the
prospective new employer with a copy of this Agreement.  The Executive also agrees that the Company
may advise any prospective new employer of the Executive of the existence and
terms of this Agreement and furnish the prospective new employer with a copy of
this Agreement.

 

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4.    Noncompetition;
Nonsolicitation.

 

(a)             General.  The
Executive acknowledges that in the course of his employment with the Company,
and any predecessor company or affiliated company, the Executive has and will
become familiar with trade secrets and other confidential information
concerning the Company and its subsidiaries and that the Executive’s services
will be of special, unique and extraordinary value to the Company and its
affiliates.

 

(b)              Noncompetition.  The
Executive agrees that during the Term of Employment  and for a period of two years beginning on
the effective date of the Executive’s termination of employment (the “Noncompetition
Period”) the Executive will not in any manner, directly or indirectly, through
any person, firm or corporation, alone or as a member of a partnership or as an
officer, director, stockholder, investor or employee of or consultant to any
other corporation or enterprise or otherwise, engage or be engaged, or assist
any other person, firm, corporation or enterprise in engaging or being engaged,
in any business, in which the Executive was involved or had knowledge, being
conducted by, or contemplated by, the Company or any of its subsidiaries as of
the termination of the Executive’s employment in any geographic area in which
the Company or any of its subsidiaries is then conducting such business.

 

(c)           Nonsolicitation.  The Executive further agrees that during the
Noncompetition Period the Executive will not in any manner, directly or
indirectly, induce or attempt to induce any employee of the Company or any of
its subsidiaries to terminate or abandon his or her employment with the Company
for any purpose whatsoever.

 

(d)              Exceptions.  Nothing
in this Section 4 will prohibit the Executive from being (i) a
stockholder in a mutual fund or a diversified investment company or (ii) a
passive owner of not more than two percent of the outstanding stock of any
class of a corporation, any securities of which are publicly traded, so long as
the Executive has no active participation in the business of such corporation.

 

(e)              Reformation.  If, at
any time of enforcement of this Section 4, a court holds that the
restrictions stated herein are unreasonable under circumstances then existing,
the parties hereto agree that the maximum period, scope or geographical area
reasonable under such circumstances will be substituted for the stated period,
scope or area and that the court will be allowed to revise the restrictions
contained herein to cover the maximum period, scope and area permitted by
law.  This Agreement will not authorize a
court to increase or broaden any of the restrictions in this Section 4.

 

(f)               Consideration; Breach.  The Company and the Executive agree that the
payments to be made, and the benefits to be provided, by the Company to the
Executive pursuant to Section 3 hereof will be made and provided in
consideration of the Executive’s agreements contained in Section 4
hereof.  In the event that the Company
determines that the Executive has committed a material breach of any provision
of Section 4 hereof, on written 

 

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notice to the Executive setting forth the basis for such
determination, the Company will be entitled immediately to terminate making all
remaining payments and providing all remaining benefits pursuant to Section 3
hereof and upon such termination the Company will have no further liability to
the Executive under this Agreement; provided, however, that if a court of law
determines that no such material breach occurred, the Company will be obligated
to make such payments in a timely manner.

 

5.  Company’s Right to
Injunctive Relief.

 

The Executive acknowledges that the Executive’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 Section 4
or 6 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 will be entitled to injunctive relief
for a breach of this Agreement by the Executive.

 

6.  Trade
Secrets and Confidential Information; Inventions.

 

(a)         Trade Secrets and
Confidential Information.  The
Executive 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 the business of the Company requires that
this information remain proprietary to the Company.

 

The
Executive will 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 Executive becomes aware by reason of being
employed by the Company or to which the Executive gains access during his
employment by the Company and which has not been publicly disclosed (other than
by the Executive 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 Executive during the course of employment or to which
the Executive has access.  All records
and equipment and other materials relating in any way to any confidential
information relating to clients or to the business of the Company or Aon Group
will be and remain the sole property of the Company during and after the end of
employment.

 

Upon termination of employment, the Executive
will promptly return to the Company all materials and all copies or tangible
embodiments of materials involving any confidential information in the
Executive’s possession or control.

 

(b)        Inventions.  The
Executive hereby assigns to the Company his or her entire right, title and
interest in and to all discoveries and improvements, patentable or otherwise,
trade 

 

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secrets and ideas writings and copyrightable
material, which may be conceived by the Executive or developed or acquired by
the Executive during the Term of Employment, which may pertain directly or
indirectly to the business of the Company or any of its affiliates, parent
companies, or subsidiaries. The Executive agrees to disclose fully all such
developments to the Company upon its request, which disclosure will be made in
writing promptly following any such request. The Executive will upon the
Company’s request, execute, acknowledge and deliver to the Company all
instruments and do all other acts which are necessary or desirable to enable
the Company or any of its affiliates, parent companies, or subsidiaries to file
and prosecute applications for, and to acquire, maintain and enforce, all
patents, trademarks, and copyrights in all countries.

 

7.  Change in Control
Protection.  Beginning on
the Effective Date and extending through the Term of Employment, the Executive
will be entitled to “Tier 1” Change in Control severance protection pursuant to
the Company’s standard form of change-in-control agreement (“CIC Agreement”) in
effect at such time, which agreement does not provide for gross-up protection
for excise tax incurred by the Executive under Section 4999 of the
Internal Revenue Code of 1986, as amended. 
The parties agree and acknowledge that such CIC Agreement will supersede
the Change in Control Agreement entered into by the parties on September 19,
2008, and any other prior or contemporaneous agreement providing severance
protection in the event of a change in control of the Company.

 

8.  Mergers and Consolidations; Assignability.

 

The rights and obligations under this Agreement
will inure to the benefit of and be binding upon the Company and its successors
and assigns.  By way of explanation, and
without limiting the generality of the foregoing sentence, if the Company or
any entity resulting from any merger or consolidation referred to in this Section 8
is merged with or consolidated into any other entity or entities, or if
substantially all of the assets of the Company or any such entity are sold or
otherwise transferred to another entity, the provisions of this Agreement will
be binding upon and will inure to the benefit of the continuing entity in or
the entity resulting from such merger or consolidation or the entity to which
such assets are sold or transferred. 
This Agreement will not be assignable by the Executive, but in the event
of the Executive’s death it will be binding upon and inure to the benefit of
the Executive’s legal representatives to the extent required to effectuate its
terms.

 

9.  Miscellaneous.

 

(a)         Integration; Amendment; Counterparts.  Except as is otherwise provided herein, this
Agreement contains all of the terms and conditions agreed upon by the parties
relating to the subject matter of this Agreement and supersedes all prior and
contemporaneous agreements, negotiations, correspondence, undertakings and
communications of the parties, whether oral or written, respecting the subject
matter of this Agreement.

 

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This Agreement may not be amended, altered or
modified without the prior written consent of both parties and such instrument
must acknowledge that it is an amendment or modification of this Agreement.

 

This Agreement may be executed in two
counterparts, each of which will be deemed an original and both of which
together will constitute one and the same instrument.

 

(b)        Waiver.  Waiver of any
term or condition of this Agreement by any party will 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.

 

(c)         Captions.  The
captions in this Agreement are not part of its provisions, are merely for
reference and have no force or effect. 
If any caption is inconsistent with any provision of this Agreement,
such provision will govern.

 

(d)        Governing Law. The validity, interpretation, construction,
performance, enforcement and remedies of, or relating to, this Agreement, and
the rights and obligations of the parties hereunder, will 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.

 

(e)           Agreement To Be Available In Future Proceedings.  During the Term of Employment, and after
employment termination, the Executive agrees, subject to the advice of legal
counsel, to voluntarily make himself available to the Company and its legal
counsel, at the Company’s request, without the necessity of obtaining a
subpoena or court order, in the Company’s investigation, preparation,
prosecution and/or defense of any actual or potential legal proceeding,
regulatory action, or internal matter. 
Subject to the advice of legal counsel, the Executive agrees to provide
any information reasonably within the Executive’s recollection.  The Company will reimburse the Executive for
reasonable out-of-pocket expenses actually incurred as a result of such
requests, or, at Company’s option, will arrange to advance the Executive’s
expenses or incur such expenses directly. 
Payment or reimbursement of the Executive’s expenses will be made
promptly and in no event later than December 31 of the year following the
year in which such expenses were incurred, and the amount of such expenses
eligible for payment or reimbursement, or in-kind benefits provided, in any
year will not affect the amount of such expenses eligible for payment or
reimbursement, or in-kind benefits to be provided, in any other year.  Additionally, any right to expense reimbursement
or in-kind benefits will not be subject to liquidation or exchange for another
benefit.

 

(f)         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 will be modified or deleted in such manner so as to
afford the Company the fullest protection commensurate with making this
Agreement, as modified, legal 

 

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and enforceable under applicable laws, and the
balance of this Agreement will not be affected thereby, the balance being
construed as severable and independent.

 

(g)        Notice.  All notices
given hereunder will be in writing and will be sent by registered or certified
mail or delivered by hand and, if intended for the Company, will be addressed
to it or delivered to it at its principal office for the attention of the
Secretary of the Company.  If intended
for the Executive, notices will be delivered personally or will be addressed
(if sent by mail) to the Executive’s then current residence address as shown on
the Company’s records, or to such other address as the Executive directs in a
notice to the Company.  All notices will
be deemed to be given on the date received at the address of the addressee or,
if delivered personally, on the date delivered.

 

(h)        Prohibition on Acceleration of Payments.  The time or schedule of any
payment or amount scheduled to be paid pursuant to the terms of this Agreement,
including but not limited to any restricted stock unit or other equity-based
award, payment or amount that provides for the ‘deferral of compensation’ (as
such term is described under Code Section 409A), may not be accelerated
except as otherwise permitted under Code Section 409A and the guidance and
Treasury regulations issued thereunder.

 

(i)          Code Section 409A.  The
parties intend that this Agreement and the benefits provided hereunder be
interpreted and construed to comply with Code Section 409A to the extent
applicable thereto. The time and form of payment of incentive compensation,
disability benefits, severance payments, expense reimbursements and payments of
in-kind benefits described herein will be made in accordance with the
applicable sections of this Agreement, provided that with respect to termination
of employment for reasons other than death, the payment at such time can be
characterized as a “short-term deferral” for purposes of Code Section 409A
or as otherwise exempt from the provisions of Code Section 409A, or if any
portion of the payment cannot be so characterized, and the Executive is a “specified
employee” under Code Section 409A, such portion of the payment will be
delayed until the earlier to occur of the Executive’s death or the date that is
six months and one day following the Executive’s termination of employment (the
“Delay Period”).  Upon the expiration of
the Delay Period, all payments and benefits delayed pursuant to this section
will be paid or reimbursed to the Executive in a lump sum, and any remaining
payments due under this Agreement will be payable at the same time and in the
same form as such amounts would have been paid. 
Further, if the Executive is a “specified employee” and if any
equity-based awards granted to the Executive by the Company, pursuant to this
Agreement or otherwise, continue to vest upon the Executive’s termination of
employment, and are deemed a “deferral of compensation” (as such term is
described under Code Section 409A), the equity-based awards will not be
settled or released until the expiration of the Delay Period.  For purposes of applying the provisions of
Code Section 409A, each separately identifiable amount to which the
Executive is entitled will be treated as a separate payment.  In addition, the disability benefits and
severance payments will be treated as a series of separate payments.

 

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Although the Company intends to administer the
Agreement so that it will comply with the requirements of Code Section 409A,
the Company does not represent or warrant that the Agreement will comply with
Code Section 409A or any other provision of federal, state, local, or
non-United States law.  Provided that the
Company administers this Agreement in a manner consistent with the terms of
this Agreement, neither the Company, its subsidiaries, nor their respective
directors, officers, employees or advisers will be liable to the Executive (or
any other individual claiming a benefit through the Executive) for any tax,
interest, or penalties the Executive may owe as a result of compensation paid
under the Agreement, and the Company and its subsidiaries will have no
obligation to indemnify or otherwise protect the Executive from the obligation
to pay any taxes pursuant to Code Section 409A.

 

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

 

 

	
   

  	
  AON CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Greg Case

  
	
   

  	
   

  
	
   

  	
  Its: 

  	
  President and CEO

  

 

I have read the above Agreement and understand
and agree to be bound by its terms.

 

 

	
   

  	
  /s/ Stephen P. McGill

  
	
   

  	
  Stephen P. McGill

  

 

12Exhibit 10.2

 

CHANGE IN CONTROL AGREEMENT

 

This
Agreement is dated December 7, 2010 and effective as of November 19,
2010 between Aon Corporation, a Delaware corporation, and Stephen P. McGill
(the “Executive”).

 

WHEREAS,
the Executive will continue serve as a key employee of the Company (as defined
in Section 1) and the Executive’s continued services and knowledge are
valuable to the Company in connection with the management of one or more of the
Company’s principal operating facilities, divisions, departments or
subsidiaries; and

 

WHEREAS,
the Board (as defined in Section 1) has determined that it is in the best
interests of the Company and its stockholders to secure the Executive’s
continued services and to ensure the Executive’s dedication and objectivity in
the event of any threat or occurrence of, or negotiation or other action that
could lead to, or create the possibility of, a Change in Control (as defined in
Section 1) of the Company, without concern as to whether the Executive
might be hindered or distracted by personal uncertainties and risks created by
any such possible Change in Control, and to encourage the Executive’s full
attention and dedication to the Company, the Board has authorized the Company
to enter into this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements herein contained, the Company and the Executive hereby agree as
follows:

 

1.             Definitions.  As used in this Agreement, the following
terms shall have the respective meanings set forth below:

 

(a)           “Board” means the Board of Directors
of the Company.

 

(b)           “Cause” means:

 

(1)           a
material breach by the Executive of those duties and responsibilities of the
Executive which do not differ in any material respect from the duties and
responsibilities of the Executive during the 90-day period immediately prior to
a Change in Control (other than as a result of incapacity due to physical or
mental illness) which is demonstrably willful and deliberate on the Executive’s
part, which is committed in bad faith or without reasonable belief that such
breach is in the best interests of the Company and which is not remedied in a
reasonable period of time after receipt of written notice from the Company
specifying such breach;

 

(2)           gross
misconduct, theft, fraud, breach of trust or any act of dishonesty by the
Executive which results in material harm to the Company; or

 

(3)           the
commission by the Executive of a felony involving moral turpitude.

 

 

(c)           “Change in Control” means:

 

(1)           the
acquisition by any individual, entity or group (a “Person”), including any “person”
within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 30% or more of either (i) the then outstanding shares of common
stock of the Company (the “Outstanding Common Stock”) or (ii) the combined
voting power of the then outstanding securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Voting Securities”);
excluding, however, the following: (A) any acquisition directly from the
Company (excluding any acquisition resulting from the exercise of an exercise,
conversion or exchange privilege unless the security being so exercised,
converted or exchanged was acquired directly from the Company), (B) any
acquisition by the Company, (C) any acquisition by an employee benefit
plan (or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company, or (D) any acquisition by any corporation
pursuant to a transaction which complies with clauses (i), (ii) and (iii) of
subsection (3) of this Section 1(c); provided further, that for
purposes of clause (B), if any Person (other than the Company or any employee
benefit plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company) shall become the beneficial owner of 30%
or more of the Outstanding Common Stock or 30% or more of the Outstanding
Voting Securities by reason of an acquisition by the Company, and such Person
shall, after such acquisition by the Company, become the beneficial owner of
any additional shares of the Outstanding Common Stock or any additional
Outstanding Voting Securities and such beneficial ownership is publicly
announced, such additional beneficial ownership shall constitute a Change in
Control;

 

(2)           individuals
who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of such Board; provided that
any individual who becomes a director of the Company subsequent to the date
hereof whose election, or nomination for election by the Company’s
stockholders, was approved by the vote of at least a majority of the directors
then comprising the Incumbent Board shall be deemed a member of the Incumbent
Board; and provided further, that any individual who was initially elected as a
director of the Company as a result of an actual or threatened solicitation by
a Person other than the Board for the purpose of opposing a solicitation by any
other Person with respect to the election or removal of directors, or any other
actual or threatened solicitation of proxies or consents by or on behalf of any
Person other than the Board shall not be deemed a member of the Incumbent
Board;

 

(3)           the
consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company (a “Corporate
Transaction”); excluding, however, a Corporate Transaction pursuant to which (i) all
or substantially all of the individuals or entities who are the beneficial
owners, respectively, of the Outstanding Common Stock and the Outstanding
Voting Securities immediately prior to such Corporate Transaction will
beneficially own, directly or indirectly, more than  60%
of, respectively, the outstanding shares of common

 

2

 

stock,
and the combined voting power of the outstanding securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Corporate Transaction (including, without limitation, a
corporation which as a result of such transaction owns the Company or all or substantially
all of the Company’s assets either directly or indirectly) in substantially the
same proportions relative to each other as their ownership, immediately prior
to such Corporate Transaction, of the Outstanding Common Stock and the
Outstanding Voting Securities, as the case may be, (ii) no Person (other
than:  the Company; any employee benefit
plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company; the corporation resulting from such
Corporate Transaction; and any Person which beneficially owned, immediately
prior to such Corporate Transaction, directly or indirectly, 30% or more of the
Outstanding Common Stock or the Outstanding Voting Securities, as the case may
be) will beneficially own, directly or indirectly, 30% or more of,
respectively, the outstanding shares of common stock of the corporation
resulting from such Corporate Transaction or the combined voting power of the
outstanding securities of such corporation entitled to vote generally in the
election of directors and (iii) individuals who were members of the
Incumbent Board will constitute at least a majority of the members of the board
of directors of the corporation resulting from such Corporate Transaction; or

 

(4)           the
consummation of a plan of complete liquidation or dissolution of the Company.

 

(d)           “Code” means the Internal Revenue
Code of 1986, as amended.

 

(e)           “Company” means Aon Corporation, a
Delaware corporation.

 

(f)            “Good Reason” means, without the
Executive’s express written consent, the occurrence of any of the following
events after a Change in Control:

 

(1)           a
material adverse change in the nature or scope of the Executive’s authority,
powers, functions, duties or responsibilities as in effect immediately prior to
such Change in Control;

 

(2)           a
material reduction by the Company in the Executive’s rate of annual base salary
or bonus opportunity as in effect immediately prior to such Change in Control
or as the same may be increased from time to time thereafter;

 

(3)           the
failure of the Company to continue in effect any material employee benefit plan
or compensation plan in which the Executive is participating immediately prior
to such Change in Control, unless the Executive is permitted to participate in
other plans providing the Executive with substantially comparable benefits, or
the taking of any action by the Company which would adversely affect the
Executive’s participation in or materially reduce the Executive’s benefits
under any such plan;

 

3

 

(4)           a
change in the Executive’s primary employment location to a location that is
more than 50 miles from the primary location of the Executive’s employment at
the time of such Change in Control; or

 

(5)           the
failure of the Company to obtain from any successor or transferee of the
Company an express written and unconditional assumption of the Company’s
obligations under this Agreement, as further described in Section 12(b) of
this Agreement.

 

For
purposes of this Agreement, any good faith determination of Good Reason made by
the Executive shall be conclusive; provided, however, that an
isolated, insubstantial and inadvertent action taken in good faith and which is
remedied by the Company promptly after receipt of notice thereof given by the
Executive shall not constitute Good Reason.

 

The
Executive’s employment may be terminated by the Executive for Good Reason if (x) an
event or circumstance set forth in this Section 1(f) shall have
occurred and the Executive provides the Company with written notice thereof
within 90 days after the Executive has knowledge of the occurrence or existence
of such event or circumstance, which notice shall specifically identify the
event or circumstance that the Executive believes constitutes Good Reason, (y) the
Company fails to correct the circumstance or event so identified within 30 days
after the receipt of such notice, and (z) the Executive resigns during the
Termination Period and after the date of delivery of the notice referred to in
clause (x) above.

 

(g)           “Nonqualifying Termination” means a
termination of the Executive’s employment (1) by the Company for Cause, (2) by
the Executive for any reason other than a Good Reason, (3) as a result of
the Executive’s death or (4) by the Company due to the Executive’s absence
from the Executive’s duties with the Company on a full-time basis for at least
180 consecutive days as a result of the Executive’s incapacity due to physical
or mental illness.

 

(h)           “Termination Date” means the date
during the Termination Period on which the Executive’s employment is terminated
other than by reason of a Nonqualifying Termination.

 

(i)            “Termination Period” means the
period of time beginning with a Change in Control and ending on the earlier to
occur of (1) the date which is two (2) years following such Change in
Control and (2) the Executive’s death; provided, however, that, anything
in this Agreement to the contrary notwithstanding, if a Change in Control
occurs and if the Executive’s employment with the Company was terminated prior
to the date on which the Change in Control occurs, and if it is reasonably
demonstrated by the Executive that such termination of employment (a) was
at the request of a third party who was taking steps reasonably calculated to
effect a Change in Control or (b) otherwise arose in connection with or in
anticipation of a Change in Control, then for purposes of this Agreement, “Termination
Period” means the period of time commencing upon the date immediately prior to
the date of such termination of employment and ending on the earlier to occur
of (x) two (2) years following such Change in Control and (y) the
Executive’s death.

 

4

 

2.             Obligations of the Executive.  The Executive agrees that in the event any
person or group attempts a Change in Control, he shall not voluntarily leave
the employ of the Company without Good Reason (a) until such attempted
Change in Control terminates or (b) if a Change in Control shall occur,
until 90 days following such Change in Control.

 

3.             Payments and Benefits Upon
Termination of Employment.  If during
the Termination Period the employment of the Executive shall terminate, other
than by reason of a Nonqualifying Termination, and the Executive (or the
Executive’s executor or other legal representative in the case of the Executive’s
death or disability following such termination) executes a noncompetition,
nonsolicitation and confidentiality agreement and release of claims
substantially in the form of Exhibit A hereto (the “Noncompetition
Agreement and Release”) within 45 days following the Termination Date, the
Company shall provide to the Executive, as compensation for services rendered
to the Company, and in consideration of the covenants set forth in the
Noncompetition Agreement and Release, the payments and benefits described in
this Section 3.  The Executive shall
forfeit the payments and benefits described in this Section 3 in the event
that the Executive fails to execute and deliver the Noncompetition Agreement
and Release to the Company in accordance with the timing and other provisions
of the preceding sentence or revokes such Noncompetition Agreement and Release
prior to the date the release of claims contained therein becomes
effective.  For purposes of this
Agreement, the Executive shall be considered to have a termination of
employment with the Company and its subsidiaries on the date the Executive has
a “separation from service” as described under Section 409A of the Code
and the guidance and Treasury Regulations issued thereunder with the Company
and its subsidiaries.  Any amount paid
pursuant to this Section 3 shall be paid in lieu of any other severance
payments and benefits, which benefits may, without limitation, include pay in
lieu of notice, salary continuation through a contractual notice period or
enhanced supplemental pension benefits conferred, in any event as a result of
termination of employment, from the Company or any of its subsidiaries which
are not payable pursuant to this Agreement, but are payable pursuant to an
employment agreement or other compensation arrangement entered into between
such Employee and the Company or any of its subsidiaries.

 

(a)           Except as otherwise provided in Section 6,
and conditioned upon the Executive’s execution of the Noncompetition Agreement
and Release without revocation within the time period described in the
preceding provisions of this Section 3, the Company shall pay to the
Executive (or the Executive’s beneficiary or estate, as the case may be) on the
60th day following the later to occur of the
Termination Date or the Change in Control:

 

(1)           a
cash amount (subject to any applicable payroll or other taxes required to be
withheld pursuant to Section 7 and any deductions authorized by the
Executive) equal to the sum of (i) the Executive’s full annual base salary
from the Company and its affiliated companies through the Termination Date, to
the extent not theretofore paid, (ii) the average of the Executive’s
annual cash incentive for each of the three fiscal years immediately preceding
the fiscal year in which the Termination Date occurs, multiplied by a fraction,
the numerator of which is the number of days in the fiscal year in which the
Termination Date occurs and the denominator of which is 365 or 366, as
applicable, and (iii) any accrued vacation pay, in each case to the extent
not theretofore paid; plus

 

5

 

(2)           a
lump sum cash amount (subject to any applicable payroll or other taxes required
to be withheld pursuant to Section 7 and any deductions authorized by the
Executive) in an amount equal to two (2) times the sum of (a) Executive’s
annual base salary from the Company and its affiliated companies in effect on
the Termination Date and (b) the average incentive compensation paid to
the Executive by the Company for the previous two years; plus

 

(3)           a
lump sum cash amount (subject to any applicable payroll or other taxes required
to be withheld pursuant to Section 7 and any deductions authorized by the
Executive) in an amount equal to the amount forfeited by the Executive under
any qualified defined contribution plan maintained by the Company or any of its
subsidiaries as a result of the Executive’s termination of employment.

 

(b)           The Executive shall become fully
(100%) vested in the Executive’s accrued benefits under the Aon Excess Benefit
Plan, the Aon Supplemental Savings Plan, or successor plans in effect on the
date of the Executive’s termination of employment (the “Nonqualified Plans”).  The Executive’s accrued benefits under the
Aon Supplemental Savings Plan, as applicable to the Executive on the date of
the Executive’s termination of employment, shall be determined by crediting the
Executive with two (2) additional years of retirement plan contributions,
which for purposes of this paragraph will be calculated using the Executive’s
compensation for the last full calendar year ending on or prior to the date of
the Executive’s termination of employment.

 

(c)           For the period commencing on the
Termination Date and ending on the earlier of (i) the date which is two (2) years
following the Termination Date and (ii) the date on which the Executive
becomes eligible to participate in and receive medical, dental and life
insurance benefits under a plan or arrangement sponsored by another employer
having benefits substantially equivalent to the benefits provided pursuant to
this Section 3(c), the Company shall continue the Executive’s medical,
dental and life insurance coverage, under the Company-sponsored plans or
otherwise, upon the same terms and otherwise to the same extent as such
coverage shall have been in effect immediately prior to the Executive’s
Termination Date, and the Company and the Executive shall share the costs of
the continuation of such medical, dental and life insurance coverage in the
same proportion as such costs were shared immediately prior to the Termination
Date; provided, that the cost of any medical insurance plan premium
reimbursement paid by the Company to the Executive following the end of the
continuation coverage period under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, shall be the full cost thereof;
provided, further, the Company’s share of the cost of the continuation of
coverage under any self-insured medical reimbursement plan that is subject to Section 105(h) of
the Code shall be included in the Executive’s taxable income from the
Company.  Such continuation of medical
and dental coverage shall be in satisfaction of the Company’s obligations under
the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).  Payment or reimbursement of expenses incurred
by the Executive pursuant to this Section 3(c) shall be made promptly
and in no event later than December 31 of the year following the year in
which such expenses were incurred, and the amount of expenses eligible for
reimbursement, or in-kind benefits provided, in any year shall not affect the
amount of expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other year, except

 

6

 

for
any limit on the amount of expenses that may be reimbursed under an arrangement
described in Section 105(b) of the Code.  Additionally, such right to payment or
reimbursement, or in-kind benefits to be provided, shall not be subject to
liquidation or exchange for another benefit. 
If the Executive is a “specified employee” under Section 409A of
the Code, the full cost of the continuation or provision of employee benefits
described under this Section 3(c) (other than any cost of medical or
dental benefit plans or programs or the cost of any other plan or program that
is exempt from Section 409A of the Code) shall be paid by the Executive
until the earlier to occur of the Executive’s death or the date that is six
months and one day following the Executive’s termination of employment, and
such cost shall be reimbursed by the Company or the applicable subsidiary to,
or on behalf of, the Executive in a lump sum cash payment on the earlier to
occur of the Executive’s death or the date that is six months and one day
following the Executive’s termination of employment.

 

4.             Vesting of Equity Awards Upon
Termination Date; Exercise Period. 
Immediately upon the Executive’s Termination Date, all stock options and
other equity awards, if any, granted by the Company to the Executive (or stock
options and other equity awards granted in substitution therefor by an acquiror
of, or successor to, the Company) that are not otherwise exercisable or vested
shall become exercisable and vested in full.  Notwithstanding the foregoing, the time or
schedule of any payment or amount scheduled to be paid pursuant to the terms of
this Section 4, including but not limited to any restricted stock unit or
other equity-based award, payment or amount that provides for the “deferral of
compensation” (as such term is defined under Section 409A of the Code),
may not be accelerated except as otherwise permitted under Section 409A of
the Code and the guidance and Treasury regulations issued thereunder.  With respect to any and all outstanding stock
options granted by the Company to the Executive, each such option shall remain
exercisable following the Executive’s termination of employment until and
including the expiration date of the term of the option (as set forth in the
written agreement relating to such option).

 

5.             Code Section 4999 Excise
Tax.  (a) Anything in this
Agreement to the contrary notwithstanding, in the event it shall be determined
that (i) any payment, award, benefit or distribution (or any acceleration of
any payment, award, benefit or distribution) by the Company (or any of its
affiliated entities) or any entity which effectuates a Change in Control (or
any of its affiliated entities) to or for the benefit of the Executive (whether
pursuant to the terms of this Agreement or otherwise) (the “Payments”) would be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), and (ii) the reduction of the amounts payable to the Executive
under this Agreement to the maximum amount that could be paid to the Executive
without giving rise to the Excise Tax (the “Safe Harbor Cap”) would provide the
Executive with a greater after-tax amount than if such amounts were not
reduced, then the amounts payable to the Executive under this Agreement shall
be reduced (but not below zero) to the Safe Harbor Cap.  The reduction of the amounts payable
hereunder, if applicable, shall be made to the extent necessary in the
following order: (i) the acceleration of vesting of stock options with an
exercise price that exceeds the then fair market value of the stock subject to
the award and of other equity awards, provided that such stock options and of
other equity awards are not permitted to be valued under Treasury Regulation Section 1.280G-1
Q/A — 24(c); (ii) the payments under Section 3(a); (iii) the
payments and benefits under Section 3(b); (iv) the payments and
benefits under Section 3(c); (v) any equity awards accelerated
pursuant to Section 4 or otherwise valued

 

7

 

at
full value, provided that such equity awards are not permitted to be valued
under Treasury Regulation Section 1.280G-1 Q/A — 24(c); (vi) the
acceleration of vesting of stock options with an exercise price that exceeds
the then fair market value of the stock subject to the award and other equity
awards, provided that such stock options and other equity awards are permitted
to be valued under Treasury Regulation Section 1.280G-1 Q/A — 24(c); and (vii) the
acceleration of vesting of all other stock options and equity awards on a basis
resulting in the highest amount retained by the Executive.  For purposes of reducing the Payments to the
Safe Harbor Cap, only amounts payable under this Agreement (and no other Payments)
shall be reduced.  If the reduction of
the amounts payable hereunder would not result in a greater after-tax result to
the Executive, no amounts payable under this Agreement shall be reduced
pursuant to this provision.

 

(b)           All determinations required to be
made under this Section shall be made by the public accounting firm that
is retained by the Company as of the date immediately prior to the Change in
Control (the “Accounting Firm”) which shall provide detailed supporting
calculations both to the Company and the Executive within fifteen (15) business
days of the receipt of notice from the Company or the Executive that there has
been a Payment, or such earlier time as is requested by the Company.  Notwithstanding the foregoing, in the event (i) the
Board shall determine prior to the Change in Control that the Accounting Firm
is precluded from performing such services under applicable auditor
independence rules or (ii) the Audit Committee of the Board
determines that it does not want the Accounting Firm to perform such services
because of auditor independence concerns or (iii) the Accounting Firm is
serving as accountant or auditor for the person(s) effecting the Change in
Control, the Board shall appoint another nationally recognized public
accounting firm to make the determinations required hereunder (which accounting
firm shall then be referred to as the Accounting Firm hereunder).  All fees, costs and expenses (including, but
not limited to, the costs of retaining experts) of the Accounting Firm shall be
borne by the Company.  If payments are
reduced to the Safe Harbor Cap or the Accounting Firm determines that no Excise
Tax is payable by the Executive without a reduction in payments, the Accounting
Firm shall provide a written  opinion to
the Executive to the effect that the Executive is not required to report any
Excise Tax on the Executive’s federal income tax return, and that the failure
to report the Excise Tax, if any, on the Executive’s applicable federal income
tax return will not result in the imposition of a negligence or similar penalty.  The determination by the Accounting Firm
shall be binding upon the Company and the Executive (except as provided in Section 5(c) below).

 

(c)           If it is established pursuant to a
final determination of a court or an Internal Revenue Service (the “IRS”)
proceeding which has been finally and conclusively resolved, that Payments have
been made to, or provided for the benefit of, the Executive by the Company
which are in excess of the limitations provided in this Section (referred
to hereinafter as an “Excess Payment”), the Executive shall repay the Excess
Payment to the Company on demand, together with interest on the Excess Payment
at the applicable federal rate (as defined in Section 1274(d) of the
Code) from the date of the Executive’s receipt of such Excess Payment until the
date of such repayment.  As a result of
the uncertainty in the application of Section 4999 of the Code at the time
of the determination, it is possible that Payments which will not have been
made by the Company should have been made (an “Underpayment”), consistent with
the calculations required to be made under this Section.  In the event that it is determined (i) by
the Accounting Firm, the Company (which shall include the position taken by the
Company, or together with its consolidated group, on its federal income tax
return) or the IRS or (ii) pursuant

 

8

 

to
a determination by a court, that an Underpayment has occurred, the Company
shall pay an amount equal to such Underpayment to the Executive within 10 days
of such determination together with interest on such amount at the applicable
federal rate from the date such amount would have been paid to the Executive
until the date of payment.  The Executive
shall cooperate, to the extent the Executive’s expenses are reimbursed by the
Company, with any reasonable requests by the Company in connection with any
contests or disputes with the IRS in connection with the Excise Tax or the
determination of the Excess Payment. 
Notwithstanding the foregoing, in the event that amounts payable under
this Agreement were reduced pursuant to Section 5(a) and the present
value of any Payment is subsequently re-determined by the Accounting Firm
within the context of Treasury Regulation Section 1 280G-1 Q/A 33 that
reduces the value of the Payment, the Company shall promptly pay to Executive
any amounts payable under this Agreement that were not previously paid solely
as a result of Section 5(a), subject to the Safe Harbor Cap.

 

(d)           A payment or reimbursement of
expenses described in this Section 5 shall be made promptly and in no
event later than December 31 of the year following the year in which such
expenses were incurred, any reimbursement of expenses incurred due to a tax
audit or litigation shall be made no later than the end of the calendar year
immediately following the calendar year in which the taxes that are the subject
of the audit or litigation are remitted to the taxing authority, or, if no
taxes are to be remitted, the end of the calendar year following the calendar
year in which the audit or litigation is completed, and the amount of such
expenses eligible for payment or reimbursement in any year shall not affect the
amount of such expenses eligible for payment or reimbursement in any other year
nor shall such right to payment or reimbursement be subject to liquidation or
exchange for another benefit.

 

6.             Delay of Payments.  (a)  Except as otherwise provided in Section 6(b) below,
in the event that any payment or distribution or portion of any payment or
distribution to be made to the Executive under Section 3(a) of this
Agreement cannot be characterized as a “short term deferral” for purposes of Section 409A
of the Code or is not otherwise exempt from the provisions of Section 409A
of the Code, and “Change in Control” as defined for purposes of this Agreement
does not satisfy the requirements of a change in control event as described in Section 409A
of the Code and the guidance and regulations issued thereunder or, if “Change
in Control” does satisfy such requirements under Code Section 409A, the
Termination Date is not within two years following the Change in Control in
accordance with Treasury Regulation Section 1.409A-3(c)(1), then an amount
equal to the aggregate severance payments that would otherwise be payable to
the Executive upon an involuntary termination of employment under any other
employment agreement or other compensation arrangement entered into between the
Executive and the Company or any of its subsidiaries shall be paid to the Executive
at the same time and in the same form of payment as such other severance
payments would otherwise be paid and the remainder of the payment or
distribution, or portion thereof, under Section 3(a) of this
Agreement shall be paid in accordance with Section 3(a).

 

(b)           In the event that any payment or
distribution or portion of any payment or distribution to be made to the
Executive hereunder cannot be characterized as a “short term deferral” for
purposes of Section 409A of the Code or is not otherwise exempt from the
provisions of Section 409A of the Code, and the Executive is determined to
be a “specified employee” under Section 409A of the Code, such portion of
the payment shall be delayed until 

 

9

 

the
earlier to occur of the Executive’s death or the date that is six months and
one day following the Executive’s termination of employment with the Company
and its subsidiaries (the “Delay Period”). 
Upon the expiration of the Delay Period, the payments delayed pursuant
to this Section 6 shall be paid to the Executive or his beneficiary in a
lump sum, and any remaining payments due under this Agreement shall be payable
in accordance with their original payment schedule.

 

7.             Withholding Taxes.  The Company may withhold from all payments
due to the Executive (or the Executive’s beneficiary or estate) hereunder all
taxes which, by applicable federal, state, local or other law, the Company is
required to withhold therefrom.

 

8.             Reimbursement of Expenses.  If any contest or dispute shall arise under
this Agreement involving termination of the Executive’s employment with the
Company or involving the failure or refusal of the Company to perform fully in
accordance with the terms hereof, the Company shall reimburse the Executive, on
a current basis, for all legal fees and expenses, if any, incurred by the
Executive in connection with such contest or dispute; provided, however, that
in the event the resolution of any such contest or dispute includes a finding
denying, in total, the Executive’s claims in such contest or dispute, the
Executive shall be required to reimburse the Company, over a period of 12
months from the date of such resolution, for all sums advanced to the Executive
pursuant to this Section 8.  Payment
or reimbursement of expenses described in this Section 8 shall be made
promptly and in no event later than December 31 of the year following the
year in which such expenses were incurred, and the amount of such expenses
eligible for payment or reimbursement in any year shall not affect the amount
of such expenses eligible for payment or reimbursement in any other year nor
shall the right to payment or reimbursement be subject to liquidation or
exchange for another benefit.

 

9.             Operative Event.  No amounts shall be payable hereunder unless
and until there is a Change in Control.

 

10.           Termination of Agreement.  (a)  This Agreement shall be effective
on the date hereof and shall continue until terminated by the Company as
provided in Section 10(b); provided, however, that this
Agreement shall terminate in any event upon the earlier to occur of (1) termination
of the Executive’s employment with the Company prior to a Change in Control and
(2) the Executive’s death.

 

(b) 
The Company shall have the right prior to a Change in Control, in its sole
discretion, pursuant to action by the Board, to approve the termination of this
Agreement, which termination shall not become effective until the date fixed by
the Board for such termination, which date shall be at least 120 days after
notice thereof is given by the Company to the Executive in accordance with Section 13;
provided, however, that no such action shall be taken by the
Board during any period of time when the Board has knowledge that any person
has taken steps reasonably calculated to effect a Change in Control until, in
the opinion of the Board, such person has abandoned or terminated its efforts
to effect a Change in Control; and provided  further, that in no
event shall this Agreement be terminated in the event of a Change in Control.

 

11.           Scope of Agreement.  Nothing in this Agreement shall be deemed to
entitle the Executive to continued employment with the Company or its
subsidiaries and, subject

 

10

 

to
Section 2 hereof, if the Executive’s employment with the Company shall
terminate prior to a Change in Control, then the Executive shall have no
further rights under this Agreement; provided, however, that any
termination of the Executive’s employment following a Change in Control shall
be subject to all of the provisions of this Agreement.

 

12.           Successors; Binding Agreement.

 

(a) 
This Agreement shall not be terminated by any merger or consolidation of the
Company whereby the Company is or is not the surviving or resulting corporation
or as a result of any transfer of all or substantially all of the assets of the
Company.  In the event of any such
merger, consolidation or transfer of assets, the provisions of this Agreement
shall be binding upon the surviving or resulting corporation or the person or
entity to which such assets are transferred.

 

(b) 
The Company agrees that concurrently with any merger, consolidation or transfer
of assets referred to in Section 12(a), it will cause any successor or
transferee unconditionally to assume, by written instrument delivered to the
Executive (or the Executive’s beneficiary or estate), all of the obligations of
the Company hereunder.  Failure of the
Company to obtain such assumption prior to the effectiveness of any such
merger, consolidation or transfer of assets shall be a breach of this Agreement
and shall entitle the Executive to compensation and other benefits from the
Company in the same amount and on the same terms as the Executive would be
entitled hereunder if the Executive’s employment were terminated following a
Change in Control other than by reason of a Nonqualifying Termination during
the Termination Period.  For purposes of
implementing the foregoing, the date on which any such merger, consolidation or
transfer becomes effective shall be deemed the Date of Termination.

 

(c) 
This Agreement shall inure to the benefit of and be enforceable by the
Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.  If the Executive shall die while any amounts
would be payable to the Executive hereunder had the Executive continued to
live, all such amounts, unless otherwise provided herein, shall be paid in accordance
with the terms of this Agreement to such person or persons appointed in writing
by the Executive to receive such amounts or, if no person is so appointed, to
the Executive’s estate.

 

13.           Notices.  (a)  For purposes of this Agreement, all
notices and other communications required or permitted hereunder shall be in
writing and shall be deemed to have been duly given when delivered or five days
after deposit in the United States mail, certified and return receipt
requested, postage prepaid, addressed (1) if to the Executive, to the last
known residential address on file for the Executive with the Company, and if to
the Company, to Aon Corporation, 200 East Randolph Drive, Chicago, Illinois
60602, 3d Floor, attention General Counsel, with a copy to the Secretary, or (2) to
such other address as either party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

 

(b)           A written notice of the Executive’s
Termination Date by the Company or the Executive, as the case may be, to the
other, shall (1) indicate the specific termination provision in this
Agreement relied upon, (2) to the extent applicable, set forth in
reasonable 

 

11

 

detail
the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated and (3) specify
the termination date (which date shall be not less than 15 days after the
giving of such notice).  The failure by
the Executive or the Company to set forth in such notice any fact or
circumstance which contributes to a showing of Good Reason or Cause shall not
waive any right of the Executive or the Company hereunder or preclude the
Executive or the Company from asserting such fact or circumstance in enforcing
the Executive’s or the Company’s rights hereunder.

 

14.           Full Settlement; Resolution of
Disputes.  (a) The Company’s
obligation to make any payments provided for in this Agreement and otherwise to
perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense or other claim, right or action which the
Company may have against the Executive or others.  In no event shall the Executive be obligated
to seek other employment or take any other action by way of mitigation of the
amounts payable to the Executive under any of the provisions of this Agreement
and, subject to Section 3(c) hereof,  such
amounts shall not be reduced whether or not the Executive obtains other
employment.

 

(b)           If there shall be any dispute between
the Company and the Executive in the event of any termination of the Executive’s
employment, then, unless and until there is a final, nonappealable judgment by
a court of competent jurisdiction declaring that such termination was for
Cause, that the determination by the Executive of the existence of Good Reason
was not made in good faith, or that the Company is not otherwise obligated to
pay any amount or provide any benefit to the Executive and the Executive’s
dependents or other beneficiaries, as the case may be, under Sections 3 and 4
hereof, the Company shall pay all amounts, and provide all benefits, to the
Executive and the Executive’s dependents or other beneficiaries, as the case
may be, that the Company would be required to pay or provide pursuant to
Sections 3 and 4 hereof as though such termination were by the Company without
Cause or by the Executive with Good Reason; provided, however,
that the Company shall not be required to pay any disputed amounts pursuant to
this Section 14(b) except upon receipt of an undertaking by or on
behalf of the Executive to repay all such amounts to which the Executive is
ultimately adjudged by such court not to be entitled.

 

12

 

15.           Employment with, and Action by,
Subsidiaries.  For purposes of this
Agreement, employment with the Company or actions taken by the Company with
respect to the Executive shall include employment with or actions taken by any
corporation or other entity in which the Company has a direct or indirect
ownership interest of 50% or more of the total combined voting power of the
then outstanding securities of such corporation or other entity entitled to
vote generally in the election of directors.

 

16.           Governing Law; Validity.  The interpretation, construction and
performance of this Agreement shall be governed by and construed and enforced
in accordance with the internal laws of the State of Illinois without regard to
the principle of conflicts of laws.  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this
Agreement, which other provisions shall remain in full force and effect.

 

17.           Counterparts.  This Agreement may be executed in two
counterparts, each of which shall be deemed to be an original and both of which
together shall constitute one and the same instrument.

 

18.           Miscellaneous.  No provision of this Agreement may be
modified or waived unless such modification or waiver is agreed to in writing
and signed by the Executive and by a duly authorized officer of the
Company.  No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.  Failure by the Executive or the Company to
insist upon strict compliance with any provision of this Agreement or to assert
any right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason,
shall not be deemed to be a waiver of such provision or right or any other
provision or right of this Agreement.

 

19.           Prohibition on Acceleration of
Payments.  The time or schedule of
any payment or amount scheduled to be paid pursuant to the terms of this
Agreement, or pursuant to the terms of any other employment agreement or
compensation arrangement entered into between the Executive and the Company or
any of its subsidiaries, may not be accelerated hereunder, or under any such
other employment agreement or other compensation arrangement, except as
otherwise permitted under Section 409A of the Code and the guidance and
Treasury Regulations issued thereunder.

 

20.           Code Section 409A.  The parties intend that this Agreement and
the benefits provided hereunder be interpreted and construed to comply with Section 409A
of the Code to the extent applicable thereto. 
Notwithstanding any provision of the Agreement to the contrary, the
Agreement shall be interpreted and construed consistent with this intent,
provided that the Company shall not be required to assume any increased economic
burden in connection therewith.  Although
the Company intends to administer the Agreement so that it will comply with the
requirements of Section 409A of the Code, the Company does not represent
or warrant that the Agreement will comply with Section 409A of the Code or
any other provision of federal, state, local or non-United States law.

 

13

 

21.           Entire Agreement.  This Agreement supersedes the Severance
Agreement (or Change in Control Agreement) 
between the parties entered into, and approved by the Board for
execution by the parties, in 2006 and any and all similar agreements entered
into by the parties prior to the date hereof. 
This Agreement constitutes the entire understanding between the parties
with respect to the Executive’s severance pay in the event of a termination of
the Executive’s employment with the Company in connection with a Change in
Control; provided, however, that except as otherwise expressly set forth in
this Agreement, the rights of, and benefits payable to, the Executive, the
Executive’s estate or the Executive’s beneficiaries pursuant to this Agreement
are in addition to any rights of, or benefits payable to, the Executive, the
Executive’s estate or the Executive’s beneficiaries under any other employee
benefit plan or broad-based compensation program of the Company.

 

14

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly
authorized officer of the Company and the Executive has executed this Agreement
as of the day and year first above written.

 

	
   

  	
  AON
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeremy G.O. Farmer

  
	
   

  	
  Its:

  	
   SVP and Head of Human Resources

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Stephen P. McGill

  
	
   

  	
  Stephen
  P. McGill

  

 

15

 

EXHIBIT A TO 
  AGREEMENT

 

NONCOMPETITION, NONSOLICITATION,

CONFIDENTIALITY AGREEMENT AND RELEASE OF CLAIMS

 

This
Noncompetition, Nonsolicitation, Confidentiality Agreement and Release of
Claims (this “Noncompetition Agreement”) is executed by Aon Corporation, a
Delaware corporation (the “Company”), and                (the
“Executive”) pursuant to the Change in Control Agreement dated as of                ,
20      between the Company and the Executive (the “Agreement”).

 

WHEREAS,
the Executive’s employment with the Company and its subsidiaries is
terminating;

 

WHEREAS,
the Executive acknowledges that the benefits to be provided to the Executive
under the Agreement are in consideration of, and are sufficient to support, the
covenants set forth in this Noncompetition Agreement; and

 

WHEREAS,
the Executive understands that the Company regards the representations and
covenants by the Executive in this Noncompetition Agreement as material and
that the Company is relying on such representations and covenants in paying
amounts to the Executive pursuant to the Agreement.

 

NOW,
THEREFORE, the Company and the Executive hereby agree as follows:

 

1.             Severance Benefits.  The Executive’s employment with the Company
and its subsidiaries shall terminate on                ,
and the Executive shall receive the severance benefits set forth in the
Agreement in accordance with the terms and subject to the conditions thereof.

 

2.             Restrictive Covenants.  The Executive acknowledges and agrees that
the provisions in Sections       and      
of the Executive’s employment agreement with the Company, dated as of November 18,
2010 (the “Employment Agreement”) shall continue to apply.

 

3.             General Release of All Claims.  (a) For valuable consideration, the
adequacy of which is hereby acknowledged, the undersigned Executive, on his own
behalf and on behalf of his heirs, executors, administrators, successors,
representatives and assigns, does herein knowingly and voluntarily
unconditionally release, waive, and fully discharge the Company and its
subsidiaries (including successors and assigns thereof) and all of their
respective past, present and future employees, officers, directors, agents,
affiliates, parents, predecessors, administrators, representatives, attorneys,
and shareholders, and employee benefit plans, from any and all legal claims,
liabilities, suits, causes of action (whether before a court or an
administrative agency), damages, costs, attorneys’ fees, interest, injuries,
expenses, debts, or demands of any nature whatsoever, known or unknown,
liquidated or unliquidated, absolute or contingent, at law or in equity, which
were or could have been filed with any Federal, state or 

 

16

 

local
court, agency, arbitrator or any other entity, based directly on indirectly on
the Executive’s employment with and separation from the Company or based on any
other alleged act or omission by or on behalf of the Company prior to the
Executive’s signing this Noncompetition Agreement.  Without limiting the generality of the
foregoing terms, this Noncompetition Agreement and this Section providing
a general release of all claims specifically includes all claims based on the
terms, conditions, and privileges of employment, and those based on breach of
contract (express or implied), tort, harassment, intentional infliction of
emotional distress, defamation, negligence, privacy, employment discrimination,
retaliation, discharge not for just cause, constructive discharge, wrongful
discharge, the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”),
the Older Workers Benefit Protection Act of 1990, the Worker Adjustment and
Retraining Notification Act, as amended, Executive Order 11,141 (age discrimination),
Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of
1991, the Civil Rights Act of 1866 and 1871, Section 1981 through 1988 of
Title 42 of the United States Code, as amended, 41 U.S.C. Section 1981
(discrimination), 29 U.S.C. Section 206(d)(1) (equal pay), Executive
Order 11,246 (race, color, religion, sex and national origin discrimination),
the National Labor Relations Act, the Equal Pay Act of 1993, the Americans with
Disabilities Act of 1990, the Occupational Safety and Health Act, as amended,
the Family Medical Leave Act, the Immigration Reform and Control Act, as
amended, the Vietnam Era Veterans Readjustment Assistance Act, Sections 503-504
of the Rehabilitation Act of 1973 (handicap rehabilitation), the Employee Retirement
Income Security Act of 1974, as amended, any federal, state or local fair
employment, civil or human rights, wage and hour laws and wage payment laws,
and any other Federal, state, local or other governmental statutes, laws,
ordinances, regulations and orders, under common law, and under any Company
policy, procedure, bylaw or rule.  This Section 3
of the Noncompetition Agreement shall not waive or release any rights or claims
(i) that the Executive may have which arise after the date of this Noncompetition
Agreement or that arise under or are preserved by the Agreement, and shall not
waive any claims for benefits required by applicable law (including
post-termination health-continuation insurance benefits required by state or
Federal law) or claims arising under the terms of any applicable plan, program
or other arrangement of the Company; (ii) for payments and benefits under
Sections 3 and 4 of the Agreement; (iii) for indemnification (including
advancement of attorneys’ fees) and directors and officers liability insurance;
and (iv) for any rights for any equity awards pursuant to the terms of
such equity grant, including, but not limited, to any rights for accelerated
vesting and extended exercise periods of exercisable equity awards.

 

(b) 
The Executive intends this Section 3 of the Noncompetition Agreement to be
binding on his successors, and the Executive specifically agrees not to file or
continue any claim in respect of matters released herein.  The Executive further agrees, with respect of
matters released herein, never to institute any suit, complaint, proceeding,
grievance or action of any kind at law, in equity, or otherwise in any court of
the United States or in any state, or in any administrative agency of the
United States or any state, county or municipality, or before any other
tribunal, public or private, against the Company arising from or relating to
his employment with or his termination of employment from the Company and/or
any other occurrences to the date of this Noncompetition Agreement, other than
a claim challenging the validity of this Section 3 of the Noncompetition
Agreement under the ADEA or respecting any matters not covered herein.

 

17

 

(c) 
The Executive is further waiving his right to receive money or other relief in
any action instituted by him or on his behalf by any person, entity or
governmental agency in respect of matters covered by this Section 3.  Nothing in this Section 3 shall limit
the rights of any governmental agency or his right of access to, cooperation or
participation with any governmental agency, including without limitation, the
United States Equal Employment Opportunity Commission.  The Executive further agrees to waive his
rights under any other statute or regulation, state or federal, with provides
that a general release does not extend to claims which the Executive does not
know or suspect to exist in his favor at the time of executive this
Noncompetition Agreement, which if known to him must have materially affected
his settlement with the Company.

 

(d) The
Executive agrees that he shall not be eligible and shall not seek or apply for
reinstatement or re-employment with the Company, and he agrees that any
application for re-employment may be rejected without explanation or liability
pursuant to this provision.

 

(e) In
further consideration of the promises made by the Company in this
Noncompetition Agreement, the Executive specifically waives and releases the
Company, to the extent set forth in this Section 3, from all claims the
Executive may have as of the date of this Noncompetition Agreement, whether
known or unknown, arising under the ADEA. 
The Executive further agrees that:

 

(1) the
Executive’s waiver of rights under Section 3 of this Noncompetition Agreement
is knowing and voluntary and in compliance with the Older Workers Benefit
Protection Act of 1990 (“OWBPA”);

 

(2) the
Executive understands the terms of this Section 3 of the Noncompetition
Agreement;

 

(3) the
consideration offered by the Company under this Noncompetition Agreement and
the Agreement in exchange for the general release of all claims in this Section 3
represents consideration over and above that to which the Executive would
otherwise be entitled, and that the consideration would not have been provided
had the Executive no agreed to sign this Noncompetition Agreement and did not
sign it;

 

(4) the
Company is hereby advising the Executive in writing to consult with an attorney
prior to executing this Noncompetition Agreement;

 

(5) the
Company is giving the Executive a period of twenty-one (21) days within which
to consider this Noncompetition Agreement;

 

(6) following
the Executive’s execution of this Noncompetition Agreement, the Executive has
seen (7) days in which to revoke this Noncompetition Agreement by written
notice.  An attempted revocation not
actually received by the Company prior to the revocation deadline will not be
effective; and

 

(7) this
Noncompetition Agreement, the Agreement, and all payments and benefits under
either or both of them shall be void and of no force and effect if the
Executive 

 

18

 

chooses
to so revoke, and if the Executive chooses not to so revoke this Noncompetition
Agreement and the Agreement then become effective and enforceable.

 

(f) 
This Section 3 does not waive rights or claims that may arise under the
ADEA after the date the Executive signs this Noncompetition Agreement.  To the extent barred by the OWBPA, the
covenant not to sue contained herein does not apply to claims under the ADEA
that challenge the validity of this Section 3 of the Noncompetition
Agreement.

 

(g) 
To revoke this Noncompetition Agreement, the Executive must send a written
statement of revocation to:                                     .  The revocation must be received no later than
5:00 pm on the seventh day following the Executive’s execution of this
Noncompetition Agreement.  If the
Executive does not revoke, the eighth day following the Executive’s acceptance
will be the “effective date” of this Noncompetition Agreement.

 

4.             Entire Agreement.  The Agreement and this Noncompetition
Agreement constitute the entire understanding between the parties.  The Executive has not relied on any oral
statements that are not included in the Agreement or this Noncompetition
Agreement.

 

5.             Severability.  If any provision of this Noncompetition
Agreement shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provision hereof, and this
Noncompetition Agreement shall be construed and enforced as if such provision
had not been included.

 

6.             Governing Law.  This Noncompetition Agreement shall be
construed, interpreted and applied in accordance with the internal laws of the
State of Illinois without regard to the principles of conflicts of laws.

 

IN
WITNESS WHEREOF, the Company has caused this Noncompetition Agreement to be
executed by a duly authorized officer of the Company and the Executive has
executed this Noncompetition Agreement as of the day and year first above
written.

 

	
   

  	
  AON
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Executive’s
  Name]

  

 

19

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