Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 
 TO CREDIT
AGREEMENT 
 This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) dated as of October 9, 2013, is
among TOWERS WATSON & CO., a Delaware corporation (the “Company”), certain Subsidiaries of the Company as Designated Borrowers (collectively with the Company, the “Borrowers” and each a
“Borrower”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the “Administrative Agent”),
and each of the Lenders party hereto. 
 W I T N E S S E T H: 

WHEREAS, the Borrowers, the Administrative Agent and the Lenders have entered into that certain Credit Agreement dated as of
November 7, 2011 (as hereby amended and as from time to time further amended, supplemented, restated, amended and restated or otherwise modified, the “Credit Agreement”; capitalized terms used in this Amendment not
otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have made revolving credit facilities available to the Borrowers; 

WHEREAS, each of the Subsidiary Guarantors has entered into the Subsidiary Guaranty pursuant to which it has guaranteed the obligations
of the Borrowers under the Credit Agreement and the other Loan Documents; 
 WHEREAS, the Company has entered into the Company
Guaranty pursuant to which it has guaranteed the obligations of the Designated Borrowers under the Credit Agreement and the other Loan Documents; 

WHEREAS, the Company has requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth herein, and
the Administrative Agent and the Lenders signatory hereto are willing to effect such amendment on the terms and conditions contained in this Amendment. 

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Amendment to Credit Agreement. Subject to the terms and conditions set
forth herein, Section 7.05(g)(iii) of the Credit Agreement is hereby amended by deleting the reference therein to “5%” and inserting “10%” in lieu thereof. 

2. Effectiveness; Conditions Precedent. The effectiveness of this Amendment is subject to (a) the Administrative
Agent’s receipt of counterparts of this Amendment duly executed by the Borrowers, Lenders constituting Required Lenders and the Administrative Agent and (b) no Event of Default or Default having occurred and being continuing. 

3. Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this Amendment, each
Borrower represents and warrants to the Administrative Agent and the Lenders as follows: 
 (a) At the time of and
immediately after giving effect to this Amendment, the representations and warranties of such Borrower set forth in Article V of the Credit Agreement shall be true and correct in all material respects on and as of the date hereof except that
(i) if a qualifier relating to materiality, Material Adverse Effect or a similar concept applies, such representation shall be true and correct in all respects, (ii) to the extent that such representations and warranties specifically refer
to an earlier date, in which case they were true and correct as of such earlier date, and (iii) for the purposes of this Amendment, the representations and warranties contained in Sections 5.05(a) and (b) of the Credit
Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement. 

(b) This Amendment has been duly executed and delivered by such Borrower. This Amendment constitutes a legal, valid and binding
obligation of such Borrower enforceable against such Borrower in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, Debtor Relief Laws or similar Laws affecting the enforcement of
creditors’ rights generally and by general principles of equity. 
 4. Entire Agreement. This Amendment, the Credit
Agreement as amended hereby, and the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and
supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no
such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto 

 
acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to any other
party in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the
Credit Agreement. 
 5. Full Force and Effect of Credit Agreement. Except as hereby specifically amended, modified or
supplemented, the Credit Agreement is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to its terms. 

6. Counterparts and Effectiveness. This Amendment may be executed in any number of counterparts and by the different parties on
separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Delivery of an executed counterpart of a signature page of this Amendment by
telecopy or electronic delivery (including by .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment. 

7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THIS
AMENDMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSES SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

8. Severability. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition of invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Amendment. 
 9. References. All references to the “Credit
Agreement” in the Loan Documents shall mean the Credit Agreement, as amended hereby. 
 10. Successors and Assigns. This
Amendment shall be binding upon each Borrower, each L/C Issuer, the Swing Line Lender, the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of each Borrower, each L/C Issuer, the Swing
Line Lender, the Lenders and the Administrative Agent and the respective successors and assigns of each Borrower, each L/C Issuer, the Swing Line Lender, the Lenders and the Administrative Agent. 

[Signature pages follow.] 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers
as of the day and year first above written. 
  

			
	 COMPANY:
  

TOWERS WATSON & CO.

		
	By:	 	/s/ Michael J. O’Boyle
	Name:	 	Michael J. O’Boyle
	Title:	 	Treasurer

 
			
	DESIGNATED BORROWERS:
	
	TOWERS WATSON DELAWARE INC., as a Borrower
		
	By:	 	/s/ Michael J. O’Boyle
	Name:	 	Michael J. O’Boyle
	Title:	 	Treasurer
	
	TOWERS WATSON PENNSYLVANIA INC., as a Borrower
		
	By:	 	/s/ Michael J. O’Boyle
	Name:	 	Michael J. O’Boyle
	Title:	 	Treasurer

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/ Liliana Claar
	Name:	 	Liliana Claar
	Title:	 	Vice President
	
	BANK OF AMERICA, N.A., as a Lender, as the Swing Line Lender and as an L/C Issuer
		
	By:	 	/s/ Lisa W. Reiter
	Name:	 	Lisa W. Reiter
	Title:	 	Director
	
	PNC BANK, NATIONAL ASSOCIATION, as a Lender and an L/C Issuer
		
	By:	 	/s/ Bremmer Kneib
	Name:	 	Bremmer Kneib
	Title:	 	Vice President
	
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Peter Martin
	Name:	 	Peter Martin
	Title:	 	Vice President
	
	JPMORGAN CHASE BANK, N.A., as a Lender 
		
	By:	 	/s/ Alicia Schreibstein
	Name:	 	Alicia Schreibstein
	Title:	 	Vice President
	
	U.S. BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Steven L. Sawyer
	Name:	 	Steven L. Sawyer
	Title:	 	Senior Vice President
	
	CITIZENS BANK OF PENNSYLVANIA., as a Lender
		
	By:	 	/s/ Leslie D. Broderick
	Name:	 	Leslie D. Broderick
	Title:	 	SVP
	
	SUNTRUST BANK, as a Lender
		
	By:	 	/s/ David Bennett
	Name:	 	David Bennett
	Title:	 	Director

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Tony Sood
	Name:	 	Tony Sood
	Title:	 	Director
	
	CITIBANK, N.A., as a Lender
		
	By:	 	/s/ James M. Walsh
	Name:	 	James M. Walsh
	Title:	 	Vice President and Managing Director
	
	SOVEREIGN BANK, as a Lender
		
	By:	 	/s/ Francis D. Phillips
	Name:	 	Francis D. Phillips
	Title:	 	Senior Vice President
	
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	/s/ Thomas E. Paton
	Name:	 	Thomas E. Paton
	Title:	 	Authorized Signatory
	
	TD BANK, N.A., as a Lender
		
	By:	 	/s/ Mark Hogan
	Name:	 	Mark Hogan
	Title:	 	Senior Vice President
	
	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By:	 	/s/ John K. Perez
	Name:	 	John K. Perez
	Title:	 	Senior Vice President
	
	WEBSTER BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ John H. Frost
	Name:	 	John H. Frost
	Title:	 	Vice PresidentEX-10.2

 Exhibit 10.2 

AMENDMENT NO. 1 
 TO TERM
LOAN CREDIT AGREEMENT 
 This AMENDMENT NO. 1 TO TERM LOAN CREDIT AGREEMENT (this “Amendment”) dated as
of October 9, 2013, is among TOWERS WATSON & CO., a Delaware corporation (the “Company”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Lenders (as defined in the Term Loan
Credit Agreement described below) (in such capacity, the “Administrative Agent”), and each of the Lenders party hereto. 

W I T N E S S E T H: 

WHEREAS, the Company, the Administrative Agent and the Lenders have entered into that certain Term Loan Credit Agreement dated as of
June 1, 2012 (as hereby amended and as from time to time further amended, supplemented, restated, amended and restated or otherwise modified, the “Term Loan Agreement”; capitalized terms used in this Amendment not
otherwise defined herein shall have the respective meanings given thereto in the Term Loan Agreement), pursuant to which the Lenders provided a term loan facility to the Company; 

WHEREAS, each of the Subsidiary Guarantors has entered into the Subsidiary Guaranty pursuant to which it has guaranteed the obligations
of the Company under the Term Loan Agreement and the other Loan Documents; 
 WHEREAS, the Company has requested that the
Administrative Agent and the Lenders amend the Term Loan Agreement as set forth herein, and the Administrative Agent and the Lenders signatory hereto are willing to effect such amendment on the terms and conditions contained in this Amendment. 

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Amendment to Term Loan Agreement. Subject to the terms and conditions
set forth herein, Section 7.05(g)(iii) of the Term Loan Agreement is hereby amended by deleting the reference therein to “5%” and inserting “10%” in lieu thereof. 

2. Effectiveness; Conditions Precedent. The effectiveness of this Amendment is subject to (a) the Administrative
Agent’s receipt of counterparts of this Amendment duly executed by the Company, Lenders constituting Required Lenders and the Administrative Agent and (b) no Event of Default or Default having occurred and being continuing. 

3. Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the
Company represents and warrants to the Administrative Agent and the Lenders as follows: 
 (a) At the time of and immediately
after giving effect to this Amendment, the representations and warranties of the Company set forth in Article V of the Term Loan Agreement shall be true and correct in all material respects on and as of the date hereof except that (i) if
a qualifier relating to materiality, Material Adverse Effect or a similar concept applies, such representation shall be true and correct in all respects, (ii) to the extent that such representations and warranties specifically refer to an
earlier date, in which case they were true and correct as of such earlier date, and (iii) for the purposes of this Amendment, the representations and warranties contained in Sections 5.05(a) and (b) of the Term Loan Agreement
shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Term Loan Agreement. 

(b) This Amendment has been duly executed and delivered by the Company. This Amendment constitutes a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, Debtor Relief Laws or similar Laws affecting the enforcement of
creditors’ rights generally and by general principles of equity. 
 4. Entire Agreement. This Amendment, the Term Loan
Agreement as amended hereby, and the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and
supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no
such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or
implied, have been made by any party to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in
accordance with Section 10.01 of the Term Loan Agreement. 

 5. Full Force and Effect of Term Loan Agreement. Except as hereby specifically
amended, modified or supplemented, the Term Loan Agreement is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to its terms. 

6. Counterparts and Effectiveness. This Amendment may be executed in any number of counterparts and by the different parties on
separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Delivery of an executed counterpart of a signature page of this Amendment by
telecopy or electronic delivery (including by .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment. 

7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THIS
AMENDMENT WILL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSES SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

8. Severability. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition of invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Amendment. 
 9. References. All references to the “Term Loan Credit
Agreement” in the Loan Documents shall mean the Term Loan Agreement, as amended hereby. 
 10. Successors and Assigns.
This Amendment shall be binding upon the Company, the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Lenders and the Administrative Agent and the respective
successors and assigns of the Company, the Lenders and the Administrative Agent. 
 [Signature pages follow.] 

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers
as of the day and year first above written. 
  

			
	COMPANY:
	
	TOWERS WATSON & CO.
		
	By:	 	/s/ Michael J. O’Boyle
	Name:	 	Michael J. O’Boyle
	Title:	 	Treasurer

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	/s/ Liliana Claar
	Name:	 	Liliana Claar
	Title:	 	Vice President
	
	BANK OF AMERICA, N.A., as a Lender 
		
	By:	 	/s/ Lisa W. Reiter
	Name:	 	Lisa W. Reiter
	Title:	 	Director
	
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Peter Martin
	Name:	 	Peter Martin
	Title:	 	Vice President
	
	JPMORGAN CHASE BANK, N.A., as a Lender 
		
	By:	 	/s/ Alicia Schreibstein
	Name:	 	Alicia Schreibstein
	Title:	 	Vice President
	
	PNC BANK, NATIONAL ASSOCIATION, as a Lender 
		
	By:	 	/s/ Bremmer Kneib
	Name:	 	Bremmer Kneib
	Title:	 	Vice President
	
	SUNTRUST BANK, as a Lender
		
	By:	 	/s/ David Bennett
	Name:	 	David Bennett
	Title:	 	Director
	
	U.S. BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Steven L. Sawyer
	Name:	 	Steven L. Sawyer
	Title:	 	Senior Vice President
	
	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By:	 	/s/ John K. Perez
	Name:	 	John K. Perez
	Title:	 	Senior Vice President
	
	CITIZENS BANK OF PENNSYLVANIA, as a Lender
		
	By:	 	/s/ Leslie D. Broderick
	Name:	 	Leslie D. Broderick
	Title:	 	SVP

 
			
	TD BANK, N.A., as a Lender
		
	By:	 	/s/ Mark Hogan
	Name:	 	Mark Hogan
	Title:	 	Senior Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Tony Sood
	Name:	 	Tony Sood
	Title:	 	Director
	
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	/s/ Thomas E. Paton
	Name:	 	Thomas E. Paton
	Title:	 	Authorized Signatory
	
	WEBSTER BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ John H. Frost
	Name:	 	John H. Frost
	Title:	 	Vice President

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