SEC Contract Filing

Filing Date: 2017-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="s88DB73BD568B36A50717B2F04C900907"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">SEPARATION AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Separation Agreement (this &#8220;Agreement&#8221;) entered into by and between Aon Corporation, a Delaware corporation (the &#8220;Company&#8221;), and Stephen McGill (the &#8220;Executive&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company and the Executive previously entered into an employment agreement effective July 8, 2015 (the &#8220;Prior Employment Agreement&#8221;), and an international assignment letter dated June 17, 2016 (the &#8220;Assignment Letter&#8221;) (collectively and individually, such agreements referred to herein as the &#8220;Prior Agreements&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Company desires to enter into an agreement regarding the Executive&#8217;s separation from employment with the Company and its affiliates to be effective January 31, 2017 (the &#8220;Separation Date&#8221;) and a release of claims, upon the terms and conditions set forth herein.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereby agree as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Termination</font><font style="font-family:inherit;font-size:11pt;">.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:inherit;font-size:11pt;">a.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Termination on the Separation Date</font><font style="font-family:inherit;font-size:11pt;">. The Prior Agreements and the Executive&#8217;s employment thereunder will terminate on the Separation Date. Such termination of the Executive&#8217;s employment on the Separation Date shall be deemed a termination of employment pursuant to mutual consent between the Executive and the Company. The Company will pay the Executive all accrued but unpaid base salary and vested benefits (subject to Section 3) as of the Separation Date, payable in accordance with the applicable Company policy, plan, or program, and, subject to the terms and conditions set forth in Section 2, the Separation Benefits (as defined below). Executive&#8217;s eligibility to participate in the Company&#8217;s employee benefit plans generally available to senior employees of the Company, including without limitation health care plans, shall terminate as of the Separation Date, subject to any applicable rights pursuant to COBRA. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-family:inherit;font-size:11pt;">b.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Effecting Termination</font><font style="font-family:inherit;font-size:11pt;">. As of the Separation Date, the Executive agrees that the Secretary of the Company may, as an irrevocable proxy and in the Executive&#8217;s name and stead, execute all documents and things which the Company deems necessary and desirable to effect the Executive&#8217;s resignation as an officer or director of the Company or any of its affiliates, parent companies, or subsidiaries (collectively and individually, &#8220;Aon&#8221;). </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:72px;"><font style="font-fa