Document:

Schedule of Contributions for the Willis Pension Scheme

 Exhibit 10.2 

 

					
		 	

			
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 SCHEDULE OF CONTRIBUTIONS FOR THE WILLIS PENSION SCHEME 

 

			
	The participating Employers:	  	 Willis Group Limited (CRN 621757)
 Willis Limited (CRN 181116)
 Willis Management (Isle of Man) Limited (20302)

Willis Management (Guernsey) Limited (8802)

Glencairn Limited (02603956)
 Special Contingency
Risks Limited (617667)

 This Schedule of Contributions has been prepared in accordance with Part 3 of the Pensions Act 2004 and the Occupational
Pension Schemes (Scheme Funding) Regulations 2005 (SI 2005/3377). 
 It sets out the minimum contributions, other than Members’ additional
voluntary contributions, payable to the Willis Pension Scheme (“the Scheme”) over the period to 31 December 2017. It also sets out the contributions that have been paid to the Scheme between the effective date of the valuation to the
date the Actuary certifies the Schedule. 
 The Schedule applies to all employees of the Employers participating in the Scheme who are Members
of the Scheme. 
  

	1.	Member contributions 

 The following
contributions are payable by the Members who are required to pay contributions under Rule 2.1 of the Scheme Rules: 
  

			
	In respect of each calendar month from January 2011 to June 2011 inclusive	  	8% of Pensionable Salaries
		
	In respect of each calendar month from July 2011 to the end of the Schedule	  	 10% of Pensionable Salaries

  

	1.1.	Employers’ Contributions 

  

	1.2.	Contributions towards ongoing accrual of benefits 

 The following contributions are payable by the Employers until the end of the Schedule in respect of the ongoing accrual of benefits: 

 

			
		 	 Willis Pension Trustees Limited
 51 Lime St
 London
 EC3M 7DQ

		
		 	 Registered office 51 Lime St, London, EC3M 7DQ.
 Registered number 543828 England and Wales.

			
	In respect of each calendar month from January 2011 to December 2011	  	£2,083,333 (paid)
		
	In respect of each calendar month from January 2012 until the end of the Schedule period	  	15.9% of Pensionable Salary

 In respect of each calendar month from January 2011 to June 2011 inclusive, 8% of Pensionable Salaries in
respect of members for whom a SalaryPlus Election applies. 
 In respect of each calendar month from July 2011 onwards, 10% of
Pensionable Salaries in respect of members for whom a SalaryPlus Election applies. 
  

	1.3.	Contributions towards funding the deficit 

The following contributions are payable by the Employers to the Scheme to fund the deficit under the recovery plan except that the aggregate amount of
contributions payable under (b) and (c) shall not exceed £312,000,000: 
  

			
	 (a)    In respect of each calendar month from February 2011 to November 2011 inclusive
	  	£2,500,000 (paid)
		
	 (b)    In respect of the calendar month March 2012
	  	£9,000,000
		
	          In respect of each calendar month from April 2012 to December 2017
inclusive
	  	£3,000,000

  

	(c)	If in any financial year ending between 31 December 2012 and 31 December 2017 inclusive Willis Group Holdings plc (“Holdings”) Consolidated
EBITDA exceeds USD $900,000,000, “profit share” contributions shall be payable equal to 20% of the excess, calculated and verified in accordance with the Appendix to this Schedule of Contributions 

 

	(d)	If Holdings makes any exceptional returns to its shareholders (including share buy-backs and special dividends), “exceptional return” contributions shall be
payable equal to 10% of the amounts of the exceptional returns. 

 If and when total contributions of £312,000,000 have been
paid under paragraphs (b) and (c) above, this schedule of contributions shall be revised by the deletion of those paragraphs (subject to re-certification by the Actuary). 

 

	1.4.	Additional contributions 

 The following
additional contributions are payable by the Employers to the Scheme: 
 Any additional contributions as required by the Trustee,
having consulted the Actuary, in accordance with the Scheme Rules, to meet benefit augmentations. 
 Any additional contributions
as required by the Trustee, having consulted the Actuary, in accordance with the Scheme Rules, to fund any augmented death in service lump sums provided under the flexible benefit arrangement 

	1.5.	Due dates 

 Contributions from Members are
payable monthly and are due (to be received by the Trustee) within 19 days of the end of the calendar month (the due date) in which they were deducted. 
 Contributions from the Employers in respect of each month are payable directly to the Trustee and are due (to be received by the Trustee) no later than 19 days after the end of the calendar month (the due
date) in which they are in respect of. Contributions in respect of a month can be paid in advance of the month to which they relate. Any profit share contributions in respect of a financial year are due 3 months after the end of that financial year
or such later date as the Trustee may agree. Any exceptional return contributions are due two months after the end of the Holdings financial year in which the relevant return to shareholders was made. Additional contributions in respect of the
augmented death in service lump sum are due within 28 days of the payment of salary relating to the benefit. Otherwise contributions will be due within 28 days of the date agreed by the Trustees and the Employers. 

This Schedule of Contributions replaces the Schedule of Contributions signed on 11 July 2011 with effect from the date of certification. 

This Schedule of Contributions will be reviewed and if necessary revised (by agreement between the Trustee and the Employers and subject to compliance
with statutory requirements) within 15 months of the effective date of the next actuarial valuation of the Scheme or at such earlier time as may be required by law or agreed between the Trustee and the Employers. 

 

													
	Agreed on behalf of the Trustee	 		 		 	Agreed on behalf of the Employers
							
	Signed:	 	 /s/ K. Abbott
	 		 		 	Signed:	 	 /s/ S.E. Wood
	 	
	Name:	 	K. Abbott	 	Date: 29.03.12	 		 	Name:	 	S.E. Wood	 	Date: 29.03.12

 Members’ contributions and in some cases Employers contributions are based on Pensionable Salary. Pensionable Salary
means Pensionable Salary as defined in the rules, or Part Time Contributory Salary where appropriate, but excludes salaries in respect of which no member contributions are due under the Scheme Rules during periods of absence or where no benefits are
being accrued. The definition of SalaryPlus Election is set out in the Scheme Rules. 
 The Employers’ contribution rate includes allowance
for insuring death in service benefits, expenses and the PPF levies. 

 Appendix 
 Consolidated EBITDA shall be calculated and reported on as set out below. 
 “Consolidated
EBITDA” means, for any year, consolidated Net Income as reported in the audited consolidated annual financial statements of Holdings for that year 
 plus (without duplication and to the extent deducted in determining consolidated net income): 
  

	 	(i)	consolidated interest expense for such period; 

  

	 	(ii)	consolidated income tax expense for such period; 

  

	 	(iii)	all amounts attributable to depreciation and amortization for such period; 

 

	 	(iv)	any extraordinary losses and nonrecurring charges for such period: 

  

	 	(v)	any non-cash charges (including the non-cash portion of pension expense) for such period; 

 

	 	(vi)	losses on asset sales outside the ordinary course of business for such period; 

 

	 	(vii)	restructuring charges or provisions for such period; 

  

	 	(viii)	any costs incurred in connection with acquisitions (including in connection with closure and/or consolidation of facilities) in an aggregate amount with respect to any
such acquisition not to exceed 5% of the aggregate consideration for such acquisition; 

  

	 	(ix)	any expenses or charges incurred in connection with any issuance of debt or equity securities for such period; and 

 

	 	(x)	any deduction for minority interest expense for such period with respect to a subsidiary that is not wholly owned by the Holdings, 

less (without duplication and to the extent included in determining consolidated net income): 

 

	 	(i)	any extraordinary gains and non-recurring gains for such period; 

  

	 	(ii)	any non-cash gains for such period; and 

  

	 	(iii)	any gains on asset sales outside the ordinary course of business for such period 

 in each case as determined on a consolidated basis in accordance with GAAP as applicable for Holdings. 
 There shall be included in determining Consolidated EBITDA for any period the EBITDA (calculated on the same basis as Consolidated EBITDA) of any person, property, business or asset acquired outside the
ordinary course of business during such period by Holdings (or its subsidiary), to the extent not subsequently sold, transferred or otherwise disposed of by the Holdings (or that subsidiary) during such period (each such person, property, business
or asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”), based on the actual EBITDA of such Acquired Entity or Business for such period (including the portion thereof occurring
prior to such acquisition), and 
 There shall be excluded in determining Consolidated EBITDA for any period the EBITDA (calculated on the same
basis as Consolidated EBITDA) of any person, property, business or asset sold, transferred or otherwise disposed of outside the ordinary course of business by Holdings (or its subsidiary) during such period (each such person, property, business or
asset so sold or disposed of, a “Sold Entity or Business”) based on the actual EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer or
disposition). 

 Basis of Reporting 
 Holdings shall provide its audited consolidated annual financial statements to the Trustee no later than the earlier of (a) the date on which such financial statements are provided to its lenders or
(b) within 2 weeks of Form 10-K of Holdings for the relevant fiscal year being filed with the United States Securities and Exchange Commission. 
 At the same time as its audited consolidated annual financial statements are provided to the Trustee, Holdings shall provide to the Trustee: 

 

	(a)	a statement (signed by the chief financial officer of Holdings) confirming the amount of Consolidated EBITDA and providing reasonable details of the calculations
thereof; and 

  

	(b)	a copy of any report provided to Holdings financiers’ from the accounting firm that reported on such financial statements in relation to the calculation of, inter
alia, Consolidated EBITDA (or of a different amount using a similar calculation, in which case such report shall be provided together with an explanation of any differences in calculation). 

FX calculations 
 Contributions
payable under paragraph 2.2 (c) above (relating to payments in respect of Consolidated EBITDA) shall be converted into Pounds Sterling using the spot rate of exchange as at the date of payment of the contribution.Binding Offer Letter, dated April 2, 2012

 Exhibit 10.1 
 EXECUTION COPY 
 Biomet, Inc. 

56 E. Bell Drive 

P.O. Box 587 

Warsaw, Indiana 46581 

April 2, 2012 
 To the attention of:

 DePuy Orthopaedics, Inc. 
 700
Orthopaedic Drive 
 Warsaw, Indiana 46581 
 Attention: Aileen Stockburger, Vice President, 
 Worldwide Business Development

 Re: Final Binding Offer 

Ladies and Gentlemen: 
  

	1.	Submission of Offer. Biomet, Inc., an Indiana corporation (“Buyer”), is pleased to submit this final and binding offer (this
“Offer”) to DePuy Orthopaedics, Inc., an Indiana corporation (“Seller”), for the acquisition of certain assets, and the assumption of certain liabilities, of the Business (as defined in the Asset Purchase Agreement
referred to below) (the “Acquisition”), on the terms and subject only to the conditions set forth in the Asset Purchase Agreement attached to this Offer as Exhibit 1 and duly executed and delivered by Buyer (including the
Disclosure Letter and the Schedules and Exhibits thereto, the “Asset Purchase Agreement”). Buyer hereby confirms that, if the Principal Closing Date occurred on the date hereof, the conditions set forth in Section 5.02(a) of
the Asset Purchase Agreement would be satisfied, and Buyer hereby agrees to not take any action prior to the earlier of (a) the Offer Acceptance (as defined below) and (b) the Offer Termination Time (as defined below) that would cause such
condition not to be satisfied. Buyer hereby further agrees that it will comply with, and will cause its Affiliates that are or will be parties to any Ancillary Agreement to comply with, the covenants set forth in the Asset Purchase Agreement during
the period from the date of this Offer to the Offer Termination Time (or, if this Offer is accepted by Seller in the manner contemplated herein, to the time as set forth in the Asset Purchase Agreement) such that there would not be a failure of the
condition set forth in Section 5.02(b) of the Asset Purchase Agreement. Buyer hereby further agrees that, in order to satisfy the condition set forth in Section 5.02(g) of the Asset Purchase Agreement, it will execute any amendments to the
Asset Purchase Agreement pursuant to Section 11.05 of the Asset Purchase Agreement as the FTC or EC may request that are not materially adverse to Buyer. In the event that the Asset Purchase Agreement is so amended, Buyer acknowledges that it
shall be deemed to have submitted this Offer on the terms and subject only to the conditions set forth in the Asset Purchase Agreement, as so amended. Capitalized terms used in this Offer shall have the meanings ascribed to them in the Asset
Purchase Agreement unless otherwise defined herein. 

  

	2.	Offer Termination Time; Survival. Except as expressly set forth herein, this Offer is irrevocable by Buyer. Unless previously accepted by Seller, in accordance
with paragraph 3, this Offer will terminate upon the earlier of (i) the Automatic Termination Time (as defined below) and (ii) the time at which this Offer is terminated by Buyer pursuant to paragraph 8 

 below (such earlier time, the “Offer Termination Time”). Upon the
occurrence of the Offer Termination Time, this Offer will become void and be of no further force or effect, with no liability on the part of either Buyer of Seller (or any of their respective former, current or future general or limited partners,
stockholders, managers, members, directors officers, employees or agents), except that the provisions of this paragraph 2 and paragraphs 6, 8, 10 and 11 shall survive any such termination and remain in full force and effect, and no such termination
shall relieve Buyer or Seller from any liability for any breach of any agreement of such party set forth in this Offer prior to such termination. 
  

	3.	Offer Acceptance and Extension. Seller may accept this Offer by executing and delivering to Buyer a countersignature to the Asset Purchase Agreement no later
than the Offer Termination Time. Delivery of the executed countersignature to the Asset Purchase Agreement may be made by Seller to Buyer in accordance with the notice provisions set forth in Section 11.07 of the Asset Purchase Agreement (the
“Offer Acceptance”). The term “Automatic Termination Time” shall mean 11:59 P.M., New York City time, on June 1, 2012; provided, however, if Seller determines that, in light of the status of the
information and/or consultation processes with the employees’ representative bodies of Seller and its Affiliates in connection with the Acquisition (the “Consultation Processes”), it is advisable to continue such Consultation
Processes for an additional period before Seller makes a decision with respect to the Offer, Seller may extend the Automatic Termination Time from time to time in consecutive increments of up to fourteen days each; provided further, if Buyer
elects to do so for any reason, Buyer may extend the Automatic Termination Time from time to time in consecutive increments of up to fourteen days each; provided further, however, that in no event shall the Automatic Termination Time
be extended by either Buyer or Seller beyond 11:59 P.M., New York time, on July 15, 2012. The party extending the Automatic Termination Time shall provide notice to the other party of any extension of the Automatic Termination Time no later
than three business days prior to the then current Automatic Termination Time. Seller agrees that, if Seller determines that all the Consultation Processes are completed, Seller shall promptly make a decision whether or not to accept the Offer, and
following such decision, Seller shall promptly communicate such decision to Buyer and, in the event such decision is to accept the Offer, promptly deliver the Offer Acceptance. 

 

	4.	Acknowledgement. Buyer hereby confirms to Seller that this Offer is binding, and may not be revoked by Buyer in any respect or for any reason prior to the Offer
Termination Time except as expressly set forth herein. Buyer hereby acknowledges that Seller is relying on this Offer and the promises, representations, warranties and covenants of Buyer contained herein. Seller hereby acknowledges that in making
the Offer Buyer is relying on the promises, representations, warranties and covenants of Seller contained herein. 

  

	5.	 Exclusivity. Seller hereby agrees that, during the period beginning on the date hereof and continuing until the earlier of (a) the Offer
Acceptance and (b) the Offer Termination Time (the “Exclusivity Period”), Seller and its Subsidiaries, Affiliates, directors, officers and employees, and any attorney, accountant and other representative retained by any of them
(collectively, the “Seller Parties”), will not, directly or indirectly, (i) take any action to solicit, initiate or encourage (including by way of furnishing information), or take any other action designed or reasonably likely
to facilitate, any inquiry or the making of any proposal that constitutes, or could reasonably be expected to lead to, any Alternative Proposal (as defined below), (ii) enter into, continue or otherwise participate in any discussions or
negotiations regarding, or otherwise cooperate in any way with, or assist or participate in any effort or attempt by any Person with respect to, any Alternative Proposal or (iii) enter into any letter of intent or similar arrangement or any
agreement with respect to any Alternative Proposal. For 

  
 2 

 
purposes of this paragraph 5, the term “Alternative Proposal” means any inquiry, proposal or offer, other than a proposal or offer by Buyer or any of its Affiliates, for an
acquisition or other business combination with respect to the Business or any material portion of the Transferred Assets. For purposes of this Offer, any action taken by a Seller Party that violates the first sentence of this paragraph 5 shall be
deemed to be a failure by Seller to comply with this paragraph 5. 
  

	6.	Publicity. With respect to this Offer and the transactions contemplated hereby and by the Asset Purchase Agreement, Buyer and Seller hereby agree to comply with
the restrictions set forth in Section 6.02 of the Asset Purchase Agreement; provided, however, that, without limiting Seller’s ability to make such disclosures as may be required by applicable Law, in connection with the
Consultation Processes Seller may make available to the applicable employees’ representative bodies of Seller and its Affiliates such information as Seller determines is reasonably necessary to effect such Consultation Processes.

  

	7.	Consultation Process; Consents; Seller Covenants and Representations. Without limiting the generality of paragraph 1 of this Offer or the following sentences of
this paragraph 7, (a) Buyer hereby agrees to cooperate and use its reasonable best efforts to assist Seller (as contemplated by Section 6.03 of the Asset Purchase Agreement) in effecting the Consultation Processes, including providing such
information to, and attending such meetings with, the applicable employees’ representative bodies, in each case as may be required by applicable Laws or practices or as may be reasonably requested by Seller or such employees’
representative bodies or their respective agents or advisors in connection with the Consultation Processes and (b) Buyer and Seller hereby agree, as permitted by applicable Law, to commence the filing and obtaining of consents, approvals,
authorizations, qualifications and orders of Governmental Entities and other third parties as contemplated by Section 6.03 as soon as reasonably practicable after the date hereof. Seller agrees to comply with Section 6.03 of the Asset
Purchase Agreement as if it signed the Asset Purchase Agreement as of the date hereof, including with respect to effecting the Consultation Processes. Seller further agrees to comply with the other Sections of Article VI and Section 8.01(b) of
the Asset Purchase Agreement as if it signed the Asset Purchase Agreement as of the date hereof. Seller hereby confirms that, if the Principal Closing Date occurred on the date hereof, the conditions set forth in Section 5.01(a) of the Asset
Purchase Agreement would be satisfied with respect to Sections 3.01, 3.02, 3.06 and 3.15 of the Asset Purchase Agreement, and Seller hereby agrees to not take any action prior to the earlier of (a) the Offer Acceptance and (b) the Offer
Termination Time that would cause such condition not to be satisfied hereof. 

  

	8.	 Termination by Buyer, Fees. This Offer may be terminated by Buyer by written notice to Seller (such notice to be delivered in accordance with
the notice provisions set forth in Section 11.07 of the Asset Purchase Agreement), at any time prior to the Offer Acceptance, if (a) Seller shall have failed to comply with any of Seller’s covenants or agreements contained in
paragraph 5 in any material respect; or (b) Buyer would have been entitled to terminate the Asset Purchase Agreement pursuant to Section 9.01 thereof (subject to complying with the terms of such Section), assuming Seller had also signed
the Asset Purchase Agreement as of the date hereof. If (A) this Offer terminates pursuant to paragraph 2 and (B)(1) at the Offer Termination Time, Buyer would have been entitled to receive the termination fee pursuant to Section 9.03 of
the Asset Purchase Agreement, assuming Seller had also signed the Asset Purchase Agreement as of the date hererof, and assuming the Asset Purchase Agreement was terminated at the Offer Termination Time or (2) this Offer is terminated by Buyer
as a result of a breach by Seller of clause (ii) or (iii) of paragraph 5, then Seller shall promptly (but in 

  
 3 

 
any event not more than five Business Days following the Offer Termination Time) pay to Buyer, in immediately available funds by wire transfer to a bank account designated in writing by Buyer an
amount equal to such termination fee. The parties hereto acknowledge and agree that the agreements contained in this paragraph 8 are an integral part of the transactions contemplated by this Offer, and that, without these agreements, neither
Seller nor Buyer would have entered into this Offer. Accordingly, if Seller fails to promptly pay any amount due pursuant to this paragraph 8, and, in order to obtain such payment, Buyer commences any action which results in an award of, or a
Judgment against Seller for, such termination fee (or any portion thereof), Seller shall pay Buyer’s reasonable costs and expenses (including reasonable attorney’s fees and expenses of enforcement) in connection with such action, together
with interest on the amounts owed at the prime lending rate prevailing at such time, as published in the Wall Street Journal from the date such amount was required to be paid until the date actually received by Buyer. 

 

	9.	Date of the Asset Purchase Agreement. Buyer and Seller hereby agree that the date of the Asset Purchase Agreement as used therein shall be deemed to be the date
hereof. 

  

	10.	Governing Law. This Offer shall be governed by the law of the State of New York without reference to the choice of law doctrine of such state. Any dispute, claim
or controversy arising from or related in any way to this Offer or the interpretation, application, breach, termination or validity thereof, including any claim of inducement of this Offer by fraud or otherwise, will be subject to the arbitration
and mediation provisions of Sections 11.12 and 11.13 of the Asset Purchase Agreement. 

  

	11.	Countersignature. Seller shall countersign and return to Buyer on and as of April 2, 2012, one of the two enclosed original copies of this letter to confirm
(i) Seller’s acknowledgement of the terms of this Offer, (ii) Seller’s agreements and acknowledgements set forth herein and (iii) its acceptance of the governing law and dispute resolution procedures contemplated by
paragraph 10 of this Offer. Seller’s countersignature of this Offer shall in no event create any binding obligations on Seller except as expressly set forth herein. The parties acknowledge and agree that, unless the Offer Acceptance occurs,
Seller shall not be under any obligation to sell or transfer to Buyer or any of its Affiliates any portion of the Business or to execute the Asset Purchase Agreement or any other agreements in respect of the Acquisition, and except as set forth
herein, Seller shall have no liability to Buyer or any of its Affiliates in the event of any determination by Seller not to accept this Offer. 

  
 4 

			
	 Very truly yours,
  

On behalf of Biomet, Inc.,

		
	By:	 	/s/ Jeffrey R. Binder            
	Name:	 	Jeffrey R. Binder
	Title:	 	President and Chief Executive Officer

 [Signature Page to the Offer] 

 
			
	 Acknowledged and agreed to
 (subject to the terms of paragraph 11 of the Offer)
 as of the date set forth above:

 
 DePuy Orthopaedics, Inc.

		
	By:	 	/s/ Aileen Stockburger            
	Name:	 	Aileen Stockburger
	Title:	 	Vice President, Worldwide Business Development

 [Acceptance of the Offer]

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