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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/09/12 Willis Towers Watson PLC 10-Q 6/30/12 104:23M Donnelley … Solutions/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 1.78M
2: EX-10.1 Form of Time Based Share Option Award Agreement HTML 227K
3: EX-10.2 Form of Performance Based Share Option Award HTML 244K
Agreement
4: EX-10.3 Form of Time Based Restricted Share Unit Award HTML 224K
Agreement
5: EX-10.4 Form of Performance Based Restricted Share Unit HTML 243K
Award Agreement
6: EX-10.5 Form of Time Based Restricted Share Unit Award HTML 80K
Agreement
7: EX-10.6 Form of Performance Based Restricted Share Unit HTML 87K
Award Agreement
8: EX-31.1 Certification Pursuant to Rule 13A-14(A) HTML 35K
9: EX-31.2 Certification Pursuant to Rule 13A-14(A) HTML 35K
10: EX-32.1 Certification Pursuant to 18 U.S.C. Section 1350 HTML 29K
11: EX-32.2 Certification Pursuant to 18 U.S.C. Section 1350 HTML 29K
71: R1 Document and Entity Information HTML 48K
58: R2 Condensed Consolidated Statements of Comprehensive HTML 137K
Income (Unaudited)
69: R3 Condensed Consolidated Balance Sheets (Unaudited) HTML 195K
74: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 50K
(Parenthetical)
95: R5 Condensed Consolidated Statements of Cash Flows HTML 188K
(Unaudited)
60: R6 Nature of Operations HTML 33K
68: R7 Basis of Presentation and Significant Accounting HTML 34K
Policies
52: R8 Salaries and Benefits Expense HTML 49K
42: R9 Income Taxes HTML 60K
96: R10 Earnings Per Share HTML 61K
76: R11 Pension Plans HTML 81K
75: R12 Commitments and Contingencies HTML 61K
83: R13 Derivative Financial Instruments and Hedging HTML 124K
Activities
84: R14 Fair Value Measurement HTML 93K
81: R15 Goodwill HTML 54K
85: R16 Other Intangible Assets, Net HTML 67K
70: R17 Other Assets HTML 47K
72: R18 Other Liabilities HTML 46K
79: R19 Debt HTML 50K
104: R20 Supplemental Disclosures of Cash Flow Information HTML 43K
91: R21 Comprehensive Income HTML 64K
64: R22 Equity and Noncontrolling Interests HTML 79K
77: R23 Segment Information HTML 185K
66: R24 Financial Information for Parent Guarantor, Other HTML 637K
Guarantor Subsidiaries and Non-Guarantor
Subsidiaries
33: R25 Financial Information for Parent Issuer, Guarantor HTML 544K
Subsidiaries and Non-Guarantor Subsidiaries
92: R26 Salaries and Benefits Expense (Tables) HTML 44K
100: R27 Income Taxes (Tables) HTML 55K
47: R28 Earnings Per Share (Tables) HTML 57K
46: R29 Pension Plans (Tables) HTML 70K
50: R30 Derivative Financial Instruments and Hedging HTML 108K
Activities (Tables)
51: R31 Fair Value Measurement (Tables) HTML 91K
53: R32 Goodwill (Tables) HTML 56K
25: R33 Other Intangible Assets, Net (Tables) HTML 65K
89: R34 Other Assets (Tables) HTML 47K
62: R35 Other Liabilities (Tables) HTML 45K
65: R36 Debt (Tables) HTML 52K
37: R37 Supplemental Disclosures of Cash Flow Information HTML 40K
(Tables)
103: R38 Comprehensive Income (Tables) HTML 60K
18: R39 Equity and Noncontrolling Interests (Tables) HTML 72K
55: R40 Segment Information (Tables) HTML 179K
94: R41 Financial Information for Parent Guarantor, Other HTML 631K
Guarantor Subsidiaries and Non-Guarantor
Subsidiaries (Tables)
35: R42 Financial Information for Parent Issuer, Guarantor HTML 541K
Subsidiaries and Non-Guarantor Subsidiaries
(Tables)
45: R43 Salaries and Benefits Expense (Details) HTML 41K
49: R44 Salaries and Benefits Expense (Details 1) HTML 33K
59: R45 Salaries and Benefits Expense (Details Textual) HTML 42K
24: R46 Income Taxes (Details) HTML 62K
41: R47 Earnings Per Share (Details) HTML 87K
20: R48 Earnings Per Share (Details Textual) HTML 40K
93: R49 Pension Plans (Details) HTML 59K
34: R50 Pension Plans (Details Textual) HTML 61K
90: R51 Commitments and Contingencies (Details) HTML 44K
38: R52 Derivative Financial Instruments and Hedging HTML 37K
Activities (Details)
56: R53 Derivative Financial Instruments and Hedging HTML 42K
Activities (Details 1)
19: R54 Derivative Financial Instruments and Hedging HTML 48K
Activities (Details 2)
22: R55 Derivative Financial Instruments and Hedging HTML 40K
Activities (Details 3)
48: R56 Derivative Financial Instruments and Hedging HTML 76K
Activities (Details Textual)
28: R57 Fair Value Measurement (Details) HTML 62K
97: R58 Fair Value Measurement (Details 1) HTML 64K
61: R59 Goodwill (Details) HTML 64K
82: R60 Other Intangible Assets, Net (Details) HTML 47K
40: R61 Other Intangible Assets, Net (Details 1) HTML 53K
43: R62 Other Assets (Details) HTML 74K
88: R63 Other Liabilities (Details) HTML 73K
86: R64 Debt (Details) HTML 37K
63: R65 Debt (Details 1) HTML 45K
87: R66 Debt (Details Textual) HTML 77K
39: R67 Supplemental Disclosures of Cash Flow Information HTML 50K
(Details)
67: R68 Comprehensive Income (Details) HTML 74K
99: R69 Comprehensive Income (Details 1) HTML 56K
21: R70 Comprehensive Income (Details Textual) HTML 45K
32: R71 Equity and Noncontrolling Interests (Details) HTML 117K
57: R72 Equity and Noncontrolling Interests (Details 1) HTML 64K
27: R73 Segment Information (Details) HTML 80K
102: R74 Segment Information (Details 1) HTML 62K
36: R75 Segment Information (Details 2) HTML 40K
29: R76 Segment Information (Details Textual) HTML 40K
31: R77 Financial Information for Parent Guarantor, Other HTML 161K
Guarantor Subsidiaries and Non-Guarantor
Subsidiaries (Details)
23: R78 Financial Information for Parent Guarantor, Other HTML 225K
Guarantor Subsidiaries and Non-Guarantor
Subsidiaries (Details 1)
26: R79 Financial Information for Parent Guarantor, Other HTML 144K
Guarantor Subsidiaries and Non-Guarantor
Subsidiaries (Details 2)
73: R80 Financial Information for Parent Guarantor, Other HTML 32K
Guarantor Subsidiaries and Non-Guarantor
Subsidiaries (Details Textual)
30: R81 Financial Information for Parent Issuer, Guarantor HTML 154K
Subsidiaries and Non-Guarantor Subsidiaries
(Details)
98: R82 Financial Information for Parent Issuer, Guarantor HTML 215K
Subsidiaries and Non-Guarantor Subsidiaries
(Details 1)
54: R83 Financial Information for Parent Issuer, Guarantor HTML 140K
Subsidiaries and Non-Guarantor Subsidiaries
(Details 2)
80: R84 Financial Information for Parent Issuer, Guarantor HTML 33K
Subsidiaries and Non-Guarantor Subsidiaries
(Details Textual)
101: XML IDEA XML File -- Filing Summary XML 149K
44: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 4.52M
12: EX-101.INS XBRL Instance -- wsh-20120630 XML 5.59M
14: EX-101.CAL XBRL Calculations -- wsh-20120630_cal XML 361K
15: EX-101.DEF XBRL Definitions -- wsh-20120630_def XML 896K
16: EX-101.LAB XBRL Labels -- wsh-20120630_lab XML 1.38M
17: EX-101.PRE XBRL Presentations -- wsh-20120630_pre XML 1.28M
13: EX-101.SCH XBRL Schema -- wsh-20120630 XSD 234K
78: ZIP XBRL Zipped Folder -- 0001193125-12-346209-xbrl Zip 273K
| Form of Time Based Restricted Share Unit Award Agreement |
Exhibit 10.5
WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY
2012 EQUITY INCENTIVE PLAN
RESTRICTED SHARE UNIT AWARD AGREEMENT
FOR NON-EMPLOYEE DIRECTORS
THIS RESTRICTED SHARE UNIT AGREEMENT (this “Agreement”), effective as of May 7, 2012, is made by and between Willis Group Holdings Public Limited Company, hereinafter referred to as the “Company,” and the individual (the “Director”) who has duly completed, executed and delivered the Award Acceptance Form, a copy of which is attached hereto as Schedule A and which is deemed to be part hereof (the “Acceptance Form”).
WHEREAS, the Company wishes to carry out the Plan (as hereinafter defined), the terms of which are hereby incorporated by reference and made a part of this Agreement; and
WHEREAS, the Committee (as defined in the Plan) has determined that it would be to the advantage and best interest of the Company and its shareholders to grant an Award of Restricted Share Units (as hereinafter defined) provided for herein to the Director as an incentive for increased efforts during his or her term as a member of the Board (as defined in the Plan), and has advised the Company thereof and instructed the undersigned officer to prepare the Agreement evidencing said Award;
NOW, THEREFORE, the parties hereto do hereby agree as follows:
ARTICLE I
DEFINITIONS
Defined terms used in this Agreement shall have the meaning specified in the Plan or below unless the context clearly indicates to the contrary.
Section 1.1 - Grant Date
“Grant Date” shall be the date set forth in the Acceptance Form.
Section 1.2 - Plan
“Plan” shall mean the Willis Group Holdings Public Limited Company 2012 Equity Incentive Plan, as amended from time to time.
Section 1.3 - Pronouns
The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates.
Section 1.4 - Restricted Share Units
“Restricted Share Units” or “RSUs” shall mean a conditional right to receive Shares pursuant to the terms of the Plan and this Agreement upon vesting, as set forth in Section 3.1 of this Agreement.
Section 1.5 - Secretary
“Secretary” shall mean the Secretary of the Company.
Section 1.6 - Shares
“Shares” means Ordinary Shares of the Company, Nominal Value of $0.000115 per Share, which Shares may be authorized but unissued.
ARTICLE II
GRANT OF RESTRICTED SHARE UNITS
Section 2.1 - Grant of the Restricted Share Units
Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in this Agreement, including any country-specific provisions set forth in Schedule B to this Agreement, the Company hereby grants RSUs to the Director, over a number of Shares as stated in the Acceptance Form.
Section 2.2 - RSU Payment
Pursuant to Section 7 of the Plan, the Shares to be issued upon vesting of the RSU must be fully paid up prior to vesting of the RSU by payment of the Nominal Value per Share. The Committee shall ensure that payment of the Nominal Value for any Shares underlying the RSU is received by it on behalf of the Director prior to the vesting date from a non-Irish Subsidiary or other source and shall establish any procedures or protocols necessary to ensure that payment is timely received.
Section 2.3 - Director’s Service
The rights and obligations of the Director as a member of the Board shall not be affected by his participation in this Plan or right to participate in the Plan, and the Director hereby waives any and all rights to compensation or damages in consequence of his termination as a member of the Board for any reason whatsoever insofar as those rights arise or may arise from his ceasing to have rights under or be entitled to vest his RSUs following cessation of service. If, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Director shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims.
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Section 2.4 - Adjustments in RSUs Pursuant to Change of Control or Similar Event etc.
Pursuant to Sections 12 and 13 of the Plan, in the event that the outstanding Shares subject to RSUs are, from time to time, changed into or exchanged for a different number or kind of Shares or other securities, by reason of a share split, spin-off, share or extraordinary cash dividend, share combination or reclassification, recapitalization or merger, Change of Control, or similar event, the Committee shall, in its absolute discretion, substitute or adjust proportionately the number and kind of Shares subject to the RSU. An adjustment may have the effect of reducing the price at which Shares may be acquired to less than their Nominal Value (the “Shortfall”), but only if and to the extent that the Committee shall be authorized to capitalize from the reserves of the Company a sum equal to the Shortfall and to apply that sum in paying up that amount on the Shares. In the event of a Change of Control and regardless of whether the RSUs are assumed or substituted by a successor company, the RSUs shall not immediately vest unless the Committee so determines at the time of the Change of Control, in its absolute discretion, on such terms and conditions that the Committee deems appropriate. Any such adjustment or determination made by the Committee shall be final and binding upon the Director, the Company and all other interested persons.
Section 2.5 - Director Costs
The Director must make full payment to the Company by which the Director is providing service of all Tax-Related Items, which under federal, state, local or foreign law, the Company or any Subsidiary is required to withhold upon vesting, settlement or other tax event of the RSUs. In a case where the Company is obliged to (or would suffer a disadvantage if it were not to) account for any Tax (in any jurisdiction) for which the Director is liable by virtue of the Director’s participation in the Plan and/or any social insurance contributions recoverable from and legally applicable to the Director, the Director shall make full payment to the Company or any Subsidiary of an amount equal to the Tax-Related Items, or otherwise enter into arrangements acceptable to the Company or any Subsidiary to satisfy all Tax-Related Items. In this regard, the Director may elect to satisfy the obligations with regard to all the Tax-Related Items by one or a combination of the following:
(i) withholding from cash compensation paid to the Director by the Company; or
(ii) withholding from proceeds of the sale of Shares acquired upon settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Director’s behalf pursuant to this authorization without further consent); or
(iii) withholding in Shares to be issued at settlement of the RSUs, unless the Committee in its sole discretion indicates that this withholding method is not available prior to the taxable or tax withholding event.
Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Director will receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Director is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items.
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Finally, the Director agrees to pay to the Company any amount of Tax-Related Items that the Company may be required to withhold or account for as a result of the Director’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Director fails to comply with the Director’s obligations in connection with the Tax-Related Items.
ARTICLE III
VESTING AND SETTLEMENT
Section 3.1 - Vesting
(a) Provided the Director continues as a member of the Board through the vesting date, the RSUs shall become vested as follows:
| Vesting Date |
Percentage of Shares as to which RSUs Become Vested |
|||
| 100 | % | |||
(b) In the event the Director ceases to be a member of the Board, the RSUs, to the extent not vested, shall be forfeited immediately unless (i) the Committee, in its sole discretion, determines that the RSUs shall become fully vested with respect to all or a portion of the Shares at the time the Director’s services end or (ii) except as otherwise specified within the terms and conditions of Sections 3.1(c) and 3.1(d) below.
(c) In the event the Director ceases to be a member of the Board as a result of death or Permanent Disability, the RSUs shall become fully vested with respect to all Shares underlying such RSU Award at the time the Director’s services end.
(d) The RSUs may immediately vest, if the Committee, in its sole discretion, so determines subject to Section 2.4 of the Agreement, upon the effective date of a Change of Control or other similar event.
Section 3.2 - Settlement; Conditions to Issuance of Share Certificates
The Shares, which are to be delivered within one month of the vesting date, as set out in 3.1(a) above, may be either previously authorized but unissued Shares. Such Shares shall be fully paid. The Company shall not be required to issue or deliver any certificate or certificates (or their electronic equivalent) for Shares allotted and issued upon the applicable vesting date of the RSUs prior to fulfillment of all of the following conditions, and in any event, subject to Section 409A of the Code for U.S. taxpayers:
(a) The obtaining of approval or other clearance from any state, federal, local or foreign governmental agency which the Committee shall, in its absolute discretion, determine to be necessary or advisable; and
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(b) The Director has paid or made arrangements to pay the Tax-Related Items pursuant to Section 2.5.
Without limiting the generality of the foregoing, the Committee may in the case of U.S. resident directors of the Company require an opinion of counsel reasonably acceptable to it to the effect that any subsequent transfer of Shares acquired on the vesting of RSUs does not violate the Exchange Act and may issue stop-transfer orders in the U.S. covering such Shares.
Section 3.3 - Rights as Shareholder
The Director shall not be, nor have any of the rights or privileges of, a shareholder of the Company in respect of any Shares that may be received upon the settlement of the RSUs unless and until certificates representing such Shares (or their electronic equivalent) shall have been issued by the Company to the Director. No dividend equivalent payments shall be made on the RSUs.
Section 3.4 - Limitation on Obligations
The Company’s obligation with respect to the RSUs granted hereunder is limited solely to the delivery to the Director of Shares within the period when such Shares are due to be delivered hereunder, and in no way shall the Company become obligated to pay cash in respect of such obligation. This RSU Award shall not be secured by any specific assets of the Company or any of its Subsidiaries, nor shall any assets of the Company or any of its Subsidiaries be designated as attributable or allocated to the satisfaction of the Company’s obligations under this Agreement. In addition, the Company shall not be liable to the Director for damages relating to any delays in issuing the share certificates or its electronic equivalent to him (or his designated entities), any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves.
ARTICLE IV
ADDITIONAL TERMS AND CONDITIONS OF THE RSUs
Section 4.1 - Nature of Award
In accepting the RSUs, the Director acknowledges, understands and agrees that:
(a) the Plan is established voluntarily by the Company, is discretionary in nature and may be amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;
(b) the RSU Award is voluntary and occasional and does not create any contractual or other right to receive future RSU Awards, or benefits in lieu of a RSU Award, even if RSU Awards have been granted repeatedly in the past;
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(c) all decisions with respect to future RSUs Awards or other grants, if any, will be at the sole discretion of the Committee;
(d) the Director’s participation in the Plan is voluntary;
(e) the RSUs and any Shares acquired under the Plan are not intended to replace any pension rights or compensation under any pension arrangement;
(f) the RSUs and any Shares and the income value of the same are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, end of service payments, dismissal, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; and
(g) the future value of the Shares underlying the RSUs is unknown, indeterminable and cannot be predicted with certainty.
Section 4.2 - No Advice Regarding Grant
The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Director’s participation in the Plan, the issuance of Shares upon vesting of the RSUs or sale of the Shares. The Director is hereby advised to consult with his own personal tax, legal and financial advisors regarding his participation in the Plan before taking any action related to the Plan.
Section 4.3 - Director Reporting Obligation
Directors of the Company are subject to certain notification requirements under the Act. Directors must notify the company for which the Director is providing service of the Director’s interest in the Company and the number and class of Shares or rights to which the interest relates within five days of the issuance or disposal of Shares or within five days of becoming aware of the event giving rise to the notification by submitting a Form 53. This disclosure requirement also applies to any rights or Shares acquired by the Director’s spouse or children (under the age of 18).
ARTICLE V
DATA PRIVACY NOTICE AND CONSENT
Section 5 - Data Privacy
(a) The Director hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Director’s personal data as described in this Agreement and any other RSU materials (“Data”) by and among, as applicable, the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing the Director’s participation in the Plan.
(b) The Director understands that the Company and its Subsidiaries may hold certain personal information about the Director, including, but not limited to, the Director’s name, home address, telephone number, date of birth, social insurance number or other
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identification number, compensation, nationality, job title, any Shares or directorships held in the Company, details of all RSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Director’s favor, for the exclusive purpose of implementing, administering and managing the Plan.
(c) The Director understands that Data will be transferred to Morgan Stanley Smith Barney or to any other third party assisting in the implementation, administration and management of the Plan. The Director understands that the recipients of the Data may be located in the Director’s country or elsewhere, and that the recipients’ country (e.g., Ireland) may have different data privacy laws and protections from the Director’s country. The Director understands that he may request a list with the names and addresses of any potential recipients of the Data by contacting his local human resources representative. The Director authorizes the Company, Morgan Stanley Smith Barney and any other recipients of Data which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his participation in the Plan. The Director understands that Data will be held only as long as is necessary to implement, administer and manage the Director’s participation in the Plan. The Director understands that he may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s local human resources representative. Further, the Director understands that he or she is providing the consents herein on a purely voluntary basis. If the Director does not consent, or if Director later seeks to revoke his or her consent, his or her service with the Company will not be adversely affected; the only adverse consequence of refusing or withdrawing the Director’s consent is that the Company would not be able to grant the Director RSUs or other equity awards or administer or maintain such awards. Therefore, the Director understands that refusing or withdrawing his or her consent may affect the Director’s ability to participate in the Plan. For more information on the consequences of the Director’s refusal to consent or withdrawal of consent, the Director understands that he or she may contact the Company’s local human resources representative.
ARTICLE VI
MISCELLANEOUS
Section 6.1 - Administration
The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Director, the Company and all other interested persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, the Agreement or the RSUs. In its absolute discretion, the Committee may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan and this Agreement.
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Section 6.2 - RSUs Not Transferable
Neither the RSUs nor any interest or right therein or part thereof shall be subject to the debts, contracts or engagements of the Director or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 6.2 shall not prevent transfers made solely for estate planning purposes or under a will or by the applicable laws of inheritance.
Section 6.3 - Binding Effect
The provisions of this Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.
Section 6.4 - Notices
Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company at the following address:
Willis Group Holdings Public Limited Company
c/o Willis North America, Inc.
One World Financial Center
Attention: Company Secretary
and any notice to be given to the Director shall be addressed to him at the address given beneath his signature hereto.
By a notice given pursuant to this Section 6.4, either party may hereafter designate a different address for notices to be given to him. Any notice that is required to be given to the Director shall, if the Director is then deceased, be given to the Director’s personal representatives if such representatives have previously informed the Company of their status and address by written notice under this Section 6.4. Any notice shall have been deemed duly given when sent by facsimile or enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service or the United Kingdom’s Post Office or in the case of a notice given by an Director resident outside the United States of America or the United Kingdom, sent by facsimile or by a recognized international courier service.
Section 6.5 - Titles
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
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Section 6.6 - Applicability of Plan
The RSU Award shall be subject to all of the terms and provisions of the Plan, to the extent applicable to the RSU Award. In the event of any conflict between this Agreement and the Plan, the terms of the Plan shall control.
Section 6.7 - Amendment
This Agreement may be amended only by a document executed by the parties hereto, which specifically states that it is amending this Agreement.
Section 6.8 - Governing Law
This Agreement shall be governed by, and construed in accordance with the laws of Ireland, without regard to conflicts of law principles.
Section 6.9 - Jurisdiction; Arbitration
Each party hereto hereby consents to the jurisdiction of the federal and state courts in the State of New York, irrevocably waives any objection it may now or hereafter have to laying of the venue of any suit, action, or proceeding in connection with this Agreement in any such court, and hereby irrevocably waive any claim that any such suit, action or proceeding brought in any such court has been brought in any inconvenient forum. No suit, action or proceeding against the Company or the Director with respect to this Agreement may be brought in any court, domestic or foreign, or before any similar domestic or foreign authority other than in a court of competent jurisdiction in the State of New York, and the Company and the Director hereby irrevocably waive any right which he may otherwise have had to bring such action in any other court, domestic or foreign, or before any similar domestic or foreign authority. The Company and the Director hereby submit accordingly to the jurisdiction of such courts for the purpose of any such suit, action or proceeding, and further agrees that service upon it shall be sufficient if made by registered mail; provided, however, with respect to the provisions of this Agreement governed by the laws of the State of New York, any dispute hereunder or with regard to any document or agreement referred to herein, shall be resolved by arbitration before the American Arbitration Association in New York City, New York. The determination of the arbitrator shall be final and binding on the parties hereto and may be entered in any court of competent jurisdiction. In the event of any arbitration or other disputes with regard to this Agreement or any other document or agreement referred to herein, the Company shall pay the Directors’ legal fees and disbursements promptly upon presentation of invoices thereof, subject to an obligation of the Director to repay such amounts if an arbitrator finds the Directors’ positions in such arbitration or dispute to have been frivolous or made in bad faith.
Section 6.10 - Electronic Delivery and Acceptance
The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Director hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
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Section 6.11 - Schedule B
The RSUs shall be subject to any special provisions, if any, set forth in Schedule B for the Director’s country of residence. If the Director relocates to one of the countries included in Schedule B during prior to the vesting of the RSUs, the special provisions for such country shall apply to the Director, to the extent the Company determines that the application of such provisions is necessary or advisable for legal or administrative reasons. Schedule B constitutes part of this Agreement.
Section 6.12 - Severability
The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
Section 6.13 - Imposition of Other Requirements
The Company reserves the right to impose other requirements on the RSUs and the Shares acquired upon vesting of the RSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Director to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
Section 6.14 - Code Section 409A
For purposes of U.S. taxpayers, it is intended that the terms of the RSUs will comply with the provisions of Section 409A of the Code and the U.S. Treasury Regulations relating thereto so as not to subject the Director to the payment of additional taxes and interest (or other adverse tax consequences) under Section 409A of the Code, and this Agreement will be interpreted, operated and administered in a manner that is consistent with this intent. In furtherance of this intent, the Committee may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, in each case, without the consent of the Director, that the Committee determines are reasonable, necessary or appropriate to comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance. In that light, the Willis Group makes no representation or covenant (and shall be under no obligation) to ensure that the RSUs that are intended to be exempt from, or compliant with, Section 409A of the Code are not so exempt or compliant or for any action taken by the Committee with respect thereto. Nothing in the Agreement shall provide a basis for any person to take action against the Willis Group based on matters covered by Section 409A of the Code, including the tax treatment of any Shares or other payments made under the RSUs granted hereunder, and the Willis Group shall not under any circumstances have any liability to the Director or his estate or any other party for any taxes, penalties or interest due on amounts paid or payable under this Agreement, including taxes, penalties or interest imposed under Section 409A of the Code.
Section 6.15 - Waiver
The Director acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Director or any Participant.
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Section 6.16 - Counterparts
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Company and the Director have each executed this Agreement.
| WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY |
| By: |
| Name: |
| Title: |
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SCHEDULE A
WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY
2012 EQUITY INCENTIVE PLAN
RESTRICTED SHARE UNITS AWARD AGREEMENT- ACCEPTANCE FORM FOR
NON-EMPLOYEE DIRECTORS
| Name | ||
| Number of RSUs Granted | 2,753 | |
| Grant Date | May 7, 2012 | |
I accept the grant of Restricted Share Units (RSUs) under the Willis Group Holdings Public Limited Company 2012 Equity Incentive Plan, as amended from time to time and I agree to be bound by the terms and conditions of the Restricted Share Units Award Agreement and the Schedules thereto dated [insert date].
| Signature: |
| Address: |
Once completed, please return one copy of this form to:
Willis Group Holdings Public Limited Company
c/o Willis North America, Inc.
One World Financial Center
Attention: Company Secretary
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SCHEDULE B
WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY
2012 EQUITY INCENTIVE PLAN
APPENDIX TO
RESTRICTED SHARES UNITS AWARD AGREEMENT FOR NON-EMPLOYEE
DIRECTORS
Terms and Conditions
This Schedule B includes additional terms and conditions that govern the RSU Award granted to the Director under the Plan if the Director resides in one of the countries listed below. This Schedule B forms part of the Agreement. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement or the Plan.
Notifications
This Schedule B also includes information based on the securities, exchange control and other laws in effect in the Director’s country as of May 2012. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Director not rely on the information noted herein as the only source of information relating to the consequences of the Director’s participation in the Plan because the information may be out of date at the time the RSUs vest under the Plan.
In addition, the information is general in nature. The Company is not providing the Director with any tax advice with respect to the RSUs. The information provided below may not apply to the Director’s particular situation, and the Company is not in a position to assure the Director of any particular result. Accordingly, the Director is strongly advised to seek appropriate professional advice as to how the tax or other laws in the Director’s country apply to the Director’s situation.
Finally, if the Director is a citizen or resident of a country other than the one in which the Director is currently providing service, transfers his or her country of service after the Grant Date, or is considered a resident of another country for local law purposes, the notifications contained herein may not be applicable to the Director, and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to the Director.
IRELAND
There are no country-specific provisions.
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UNITED KINGDOM
Terms and Conditions
RSU Payment. This provision supplements Section 2.2 of the Agreement:
The RSUs do not provide any right for the Director to receive a cash payment and the RSUs will be settled in Shares only.
Director Costs. This provision supplements Section 2.5 of the Agreement:
The Director understands and agrees that it is his obligation to satisfy the full amount of Tax-Related Items that the Grantee owes at vesting of the RSUs, or the release or assignment of the RSUs for consideration, or the receipt of any other benefit in connection with the RSUs (the “Taxable Event”) within 90 days after the Taxable Event, or such other period specified in section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003. Notwithstanding the foregoing, where the Company is obliged to (or would suffer a disadvantage if it were not to) account for any income tax or National Insurance Contributions (“NICs”) for which the Director is liable by virtue of the Director’s participation in the Plan, the Director shall make full payment to the Company or any Subsidiary of an amount equal to the Tax-Related Items, or otherwise enter into arrangements acceptable to the Company or any Subsidiary to secure that such a payment by any method set forth in Section 2.5 of the Agreement within 90 days after the Taxable Event although the Director acknowledges that he ultimately will be responsible for reporting any income tax or NICs due on the RSU income directly to the HMRC under the self-assessment regime.
UNITED STATES OF AMERICA
Notifications
Exchange Control Information. Under the Foreign Account Tax Compliance Act (“FATCA”), United States persons who hold Shares or rights to acquire Shares (i.e., RSUs) may be required to report certain information related to their holdings in Shares to the extent the aggregate value of the Shares exceeds certain thresholds (depending on the Director’s filing status) with the Director’s annual tax return. The Director is advised to consult with his or her personal tax or legal advisor regarding any FATCA reporting requirements with respect to the RSUs or any Shares acquired under the Plan.
In addition, United States persons who have signature or other authority over, or a financial interest in, bank, securities or other financial accounts outside of the United States (including a non-U.S. brokerage account holding the Shares or proceeds from the sale of Shares) must file a Foreign Bank and Financial Accounts Report (“FBAR”) with the United States Internal Revenue Service each calendar year in which the aggregate value of the accounts exceeds $10,000. The FBAR must be on file by June 30 of each calendar year for accounts held in the previous year which exceed the aggregate value.
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| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 5/7/13 | 4 | |||
| Filed on: | 8/9/12 | SC 13G/A | ||
| For Period end: | 6/30/12 | |||
| 5/7/12 | 3, 4 | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/22/24 Willis Towers Watson plc 10-K 12/31/23 156:33M Donnelley … Solutions/FA 2/24/23 Willis Towers Watson plc 10-K 12/31/22 163:47M Donnelley … Solutions/FA 2/24/22 Willis Towers Watson plc 10-K 12/31/21 163:47M Donnelley … Solutions/FA 2/23/21 Willis Towers Watson plc 10-K 12/31/20 153:44M ActiveDisclosure/FA |