AON CORP
EX-10.4
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<DESCRIPTION>EX-10.4
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.4</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Aon Corporation</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2008 Executive Committee Incentive Plan</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Overview</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since
2001, Aon has maintained its Omnibus Incentive Plan to encourage the highest
level of performance of its executives through the establishment of
quantifiable performance goals.&#160; Awards
granted under the Omnibus Incentive Plan are intended to qualify as deductible &#147;performance-based&#148;
compensation pursuant to Section&nbsp;162(m)&nbsp;of the Code.&#160; This Plan was adopted by the Committee,
effective January&nbsp;1, 2008, as a sub-plan to the Omnibus Incentive Plan to
determine the funding and form of distribution of awards under such plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Performance
Period</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Plan is based on successive calendar-year performance periods beginning January&nbsp;1,
2008.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eligibility</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
members of Aon&#146;s Executive Committee are eligible to participate in the Plan if
they: (a)&nbsp;are actively employed by Aon as of the last day of the calendar
year; (b)&nbsp;are on an approved leave of absence as of the last day of the
calendar year; (c)&nbsp;retired from Aon at or after age 55 during the calendar
year; or (d)&nbsp;terminated employment on account of death or Total and
Permanent Disability during the calendar year.&#160;
The Committee may modify the eligibility criteria as it deems necessary
or appropriate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Award
Calculation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
the beginning of each calendar year, the Committee will approve a &#147;target
incentive award&#148; for each participant as a percentage of his or her base
salary.&#160; The Committee will also
establish corporate performance metrics applicable to the funding of incentive
awards under the Plan, and those metrics may include:&#160; (1)&nbsp;the achievement of a specified
pre-tax net income from ongoing operations; (2)&nbsp;the growth in pre-tax net
income from ongoing operations as compare to the prior year; (3)&nbsp;organic
revenue growth; and/or (4)&nbsp;any other factors as determined by the
Committee in its sole discretion.&#160; In
addition, business unit, functional and individual performance metrics may be
established and assigned weights to guide the Committee in its allocation of
awards to participants.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After
the close of the calendar year, awards to participants will be determined in
the sole discretion of the Committee and paid to participants.&#160; Awards will be funded in accordance with the
corporate performance criteria adopted by the Committee.&#160; Awards will be allocated in the sole
discretion of the Committee taking into account the participants&#146; target
incentive awards and achievement of the assigned metrics.&#160; Any resulting awards will be paid pursuant to
the terms and conditions of the Omnibus Incentive Plan.&#160; In no event may an award to a participant
exceed the maximum set forth in the Omnibus Incentive Plan (i.e. $5 million).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Payout
Process</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After
the awards are determined by the Committee, they will be paid out partly in
cash and partly in restricted stock units of Aon common stock pursuant to the
Stock Plan, unless Aon is contractually obligated to provide a participant&#146;s
award fully in cash.&#160; Awards up to 100%
of the target incentive award will be paid 80% in cash and 20% in restricted
stock units.&#160; Awards exceeding 100% of
the target incentive award will be paid 80% in cash and 20% in restricted stock
units up to the target incentive award, and any portion of the award exceeding
the target incentive award will be paid 50% in cash and 50% in restricted stock
units.&#160; The restricted stock units will
be subject to the terms and conditions established by the Committee; provided,
however, that they will vest in three equal installments on each of the first
through third anniversaries of the date of grant.&#160; The Committee may modify the manner of
distribution for an individual participant or one or more groups of
participants as it deems necessary or appropriate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
participant will have no right to an award until it is paid.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Administration</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It
is expressly understood that the Committee has the discretionary authority to
administer, construe, and make all determinations necessary or appropriate to
the administration of the Plan, all of which will be binding upon the
participant.&#160; The Committee has the sole
discretion to set the Target Award Percentage for each participant and to
determine any final award payment.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">General
Provisions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Plan constitutes a legal document which governs all matters involved with its
interpretation and administration and superseded any writing or representation
inconsistent with its terms.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
the extent not preempted by federal law, this Plan will be construed in
accordance with, and subject to, the laws of the state of Illinois without
regard to any conflict of laws principles.&#160;
Any legal action related to this Plan must be brought in a federal or
state court located in Illinois.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
awards will be subject to applicable withholding taxes and other required
deductions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participants
may not assign, transfer, sell, pledge or otherwise alienate their award
opportunities, other than by will or by the laws of descent and
distribution.&#160; Any award payable on
behalf of a deceased participant will be paid to the participant&#146;s estate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aon
is not required to establish a separate account or fund or to make any other
segregation of its assets in connection with awards that could become payable
under this Plan.&#160; Participants will have
rights with regard to earned but unpaid awards that are no greater than the
rights of unsecured general creditors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Reservation
and Retention of Company Rights</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participation
in this Plan will not give a participant any right to be retained in the employ
of Aon.&#160; No employee will at any time
have a right to be selected for participation in another performance-based
incentive program, including any future program, on account of his or her
participation in this Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
awards under this Plan are gratuitous in nature and will not become part of any
employment condition or contract.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Committee reserves the right to amend or terminate this Plan, prospectively or
retroactively, at any time and for any reason.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Omnibus
Incentive Plan and Stock Plan Control</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
the event of any inconsistency between this Plan and the Omnibus Incentive Plan
or the Stock Plan, the Omnibus Incentive Plan or the Stock Plan, as applicable,
will control unless otherwise specified herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Definitions</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Aon</i>&#148; means Aon Corporation, a Delaware corporation, and its
operating subsidiaries and affiliates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Code</i>&#148; means the Internal Revenue Code of 1986, as amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Committee</i>&#148; means the Organization and Compensation Committee
of the Board of Directors of Aon.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Executive Committee&#148;</i> means the committee comprised of senior
members of Aon&#146;s management team as established from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Omnibus Incentive Plan</i>&#148; means the 2001 Senior Officer
Incentive Compensation Plan, as amended and restated effective January&nbsp;1,
2006.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Organic Revenue Growth</i>&#148; means the growth in revenue
exclusive of the impact of foreign exchange rate changes, acquisitions,
divestitures, transfers between business units, investment income, reimbursable
expenses, and unusual items.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Pre-tax income from ongoing operations&#148; </i>means such term
calculated according to GAAP and as adjusted for certain extraordinary or
special items, in the form and manner determined in the sole discretion of the
Committee and in compliance with IRS regulations, including, but not limited
to: changes in accounting principles or other such laws or provisions affecting
reported results; large and unusual investment gains or losses; large and
unusual legal or regulatory claims or expenses; restructuring initiatives;
other extraordinary expenses as discussed with or among Aon&#146;s Board of
Directors; mergers, acquisitions or dispositions of businesses; and any other
item identified in the audited financial statements, including footnotes, or
the Management Discussion and Analysis section of Aon&#146;s annual report.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Stock Plan</i>&#148; means the 2001 Aon Stock Incentive Plan, as
amended and re-approved by Aon&#146;s stockholders at the 2006 annual meeting of
stockholders, or any successor plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Total
and Permanent Disability&#148;</font></i><font size="2" style="font-size:10.0pt;"> means (a)&nbsp;for US employees, entitlement
to long-term disability benefits under Aon&#146;s program as amended from time to
time, and (b)&nbsp;for non-US employees, as established by applicable company
policy or as required by local law or regulations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
a term is used but not defined, it has the meaning given such term in the
Omnibus Incentive Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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