Willis Towers Watson PLC will pay over $ 2 million in retention bonuses to four senior executives, including Chief Financial Officer Mike Burwell, upon completion of Aon PLC's planned acquisition of the company.
Leaders will each receive six figures of cash awards after successfully completing their duties as long as the closure occurs by July 20, Willis Towers Watson said in an 8-K archive on Friday.
The other chiefs are Joseph Gunn, head of America; Carl Hess, Head of Investment, Risk and Reinsurance; and Gene Wickes, Head of Benefits.
The Remuneration Committee of the Willis Towers Watson Board of Directors entered into the detention agreements on Tuesday.
According to the agreements, Mr. Burwell eligible to earn a cash award of up to $ 750,000, Mr. Gunn up to $ 420,000 and Wickes and Mr. Hess up to $ 487,500 each, according to filing.
Incentive payments will be based on the number of full and partial months they are employed by Willis Towers Watson from January 1
To earn the retention bonus, managers must "successfully complete all tasks and projects assigned" to them during the period determined by Willis Towers Watson CEO John Haley.
The managers must also not have received an offer of employment after the end of time with Aon (or one of its subsidiaries) to serve on Aon's executive committee or equivalent, according to the application.
The leaders will not be entitled to any part of the retention bonuses if for any reason they decide to resign, or if their employment is terminated due to Willis Towers Watson during the period up to the end, the application states.
If the employment is terminated for no reason before the closure, the managers will be entitled to retention bonuses, subject to "potential reduction depending on the number of full and part months the executive is employed up to and including the date of termination", the application states.