SEC Contract Filing

Filing Date: 2021-12-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d414791dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CLOSING LETTER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This closing letter agreement (this &#147;<U>Agreement</U>&#148;), effective December&nbsp;1, 2021, is made by and between Willis Towers
Watson Public Limited Company, an Irish public limited company (&#147;Sapphire&#148;) and Arthur J. Gallagher&nbsp;&amp; Co., a Delaware corporation (&#147;Buyer&#148;). Each of the foregoing parties is referred to herein as a &#147;Party&#148; and
collectively as the &#147;Parties.&#148;. Reference is made to that certain Security and Asset Purchase Agreement, dated as of August&nbsp;12, 2021, (the &#147;<U>SAPA</U>&#148;), by and between Sapphire and Buyer. Capitalized terms used herein
without definition have the meaning given to them in the SAPA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties wish to clarify certain matters relating to
the transactions contemplated by the SAPA; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, (i)&nbsp;the Parties acknowledge that certain agreed upon updates are required
to the Annexes, Exhibits and Schedules to the SAPA to reflect the availability of certain additional information and the Parties efforts in accordance with the terms of the SAPA prior to the date hereof and (ii)&nbsp;the Parties desire to effect the
Deferred Closings (other than for the People&#146;s Republic of China) on a date certain rather than on multiple dates to facilitate planning efforts; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the French Put Option Exercise has occurred prior to the date hereof; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, under applicable law, certain portions of the payments anticipated to be made at the Closing must be made at the local level
and the Parties desire to clarify that such payments are in respect of the payments required to be made at the Closing under the SAPA; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties desire for certain funds held by Retained Entities on behalf of certain third parties be transferred to Buyer and
its designees at the Principal Closing; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties and certain of their Affiliates will enter into various
agreements with each other in connection with transition arrangements and the Parties desire to clarify that performance thereunder shall not constitute a breach of the SAPA; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the mutual promises and covenants made herein and of the mutual benefits to be derived herefrom,
the Parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1. Amendments to SAPA. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Exhibit K of the SAPA is amended and restated in its entirety to reflect the contents of Exhibit K to this Agreement </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The SAPA is amended by appending Exhibits <FONT STYLE="white-space:nowrap">N-1</FONT> and <FONT STYLE="white-space:nowrap">N-2</FONT>
hereto as Exhibits <FONT STYLE="white-space:nowrap">N-1</FONT> and <FONT STYLE="white-space:nowrap">N-2</FONT> of the SAPA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Annex 1 to
the SAPA is amended as set forth on Annex 1 to this Agreement. </P>
</DIV></Center>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Annex 2 to the SAPA is amended as set forth on Annex 2 to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Annex 3 to the SAPA is amended as set forth on Annex 3 to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) The Schedules to the SAPA are amended to reflect the changes set forth in Schedule 1 to this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Deferred Closings. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Section 2.08(b) of the SAPA is hereby amended by replacing in its entirety the contents thereof with the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(b) The closing of the transfer of the Deferred Business Transferred Assets and the Deferred Business Equity Int