AON CORP
EX-10.9
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.9</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><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;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AON
CORPORATION<br>
OUTSIDE DIRECTOR DEFERRED COMPENSATION PLAN</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a subplan of the Aon Stock Incentive Plan)</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purpose:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 2.15pt;text-autospace:none;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of this plan is the
Aon Corporation Outside Director Deferred Compensation Plan (the &#147;Plan&#148;). Its
purpose is to provide directors of Aon Corporation (the &#147;Company&#148;) who are not
employees of the Company or any of its subsidiaries (&#147;Outside Directors&#148;) with
the opportunity to defer cash fees earned as an Outside Director. The Plan
shall be effective as of January&nbsp;1, 2003.</font></p>

<p style="background:white;margin:0in 0in .0001pt 2.15pt;text-autospace:none;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Administration:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .95pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall be
administered by the Organization and Compensation Committee (the &#147;Committee&#148;)
of the Board of Directors of the Company (the &#147;Board&#148;). The Committee shall
have the authority to adopt rules&nbsp;and regulations for carrying out the
Plan, to delegate its administrative responsibilities, as it shall, from time
to time, deem advisable, and to interpret, construe, and implement the
provisions thereof. Any decision or interpretation of any provision of the Plan
adopted by the Committee shall be final and conclusive. Furthermore, the
Committee may obtain such advice or assistance, as it deems appropriate from
persons not serving on the Committee.</font></p>

<p style="background:white;margin:0in 0in .0001pt .95pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Eligibility:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .95pt;text-autospace:none;text-indent:35.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Outside Director shall
be eligible to participate in the Plan. An Outside Director shall become a
participant after making an election to participate (the &#147;Participant&#148;) on such
forms as required by the Committee and in accordance with Section&nbsp;4.</font></p>

<p style="background:white;margin:0in 0in .0001pt .95pt;text-autospace:none;text-indent:35.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Elections:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or before the meeting of the Board next following the annual meeting
of the Company&#146;s stockholders for a year (the &#147;Annual Meeting of the Board&#148;),
each Outside Director shall be entitled to make an election to defer receipt of
all or 50% of the fees to which the Outside Director may become entitled to
receive for serving as an Outside Director of the Company, including fees to
which the Outside Director may become entitled for serving as a member of any
committee of the Board (collectively, &#147;Director&#146;s Fees&#148;), during the period
beginning on such Annual Meeting of the Board and ending on the next Annual
Meeting of the Board.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .25pt;text-autospace:none;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elections made pursuant to
this Section&nbsp;4 shall remain in effect until such time as they are amended
by the Participant. Any amendment will take place effective with the next
Annual Meeting of the Board or earlier if permitted by the Committee.</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Deemed Investment of
Deferred Amounts:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .25pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Stock Accounts</u>. Unless a Participant otherwise
elects pursuant to paragraph (b) of this Section&nbsp;5, each Participant shall
have established for his or her benefit an account (&#147;Stock Account&#148;) to which
all deferred Director&#146;s Fees shall be credited as stock units representing shares
of the Company&#146;s common stock, $1.00 par value (&#147;Common Stock&#148;). The number of stock
units so credited to a Participant&#146;s Stock Account will be determined by
dividing the deferred amount by the Market Value (defined below) of a share of
Common Stock on the day the deferred amount would have been payable to the
Participant had it not been deferred. The &#147;Market Value&#148; of a share of Common
Stock on any day is the arithmetic mean of the high and low selling prices of
the Common Stock on the New York Stock Exchange on such date (or, if the New
York Stock Exchange was not open for trading or the Common Stock was not traded
on that day, the immediately preceding day that the New York Stock Exchange was
open for trading and the Common Stock was traded).</font></p>

<p style="background:white;margin:0in 0in .0001pt .25pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.2pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of each dividend payment
date, each Participant&#146;s Stock Account shall be credited with the dividends
that would be paid with respect to the shares of Common Stock represented by
the stock units credited to the Participant&#146;s Stock Account on the dividend
record date as if the Participant owned such shares as of the record date.
Dividends will be credited as if reinvested in whole or fractional shares of
Common Stock at the Market Value on the dividend payment date.</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.2pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of a
recapitalization, stock split, stock dividend, combination or exchange of
shares, merger, consolidation, rights offering, separation, reorganization or
liquidation, or any other change in the corporate structure or shares of the
Company, the Committee may make such equitable adjustments, to prevent dilution
or enlargement of rights, as it may deem appropriate in the number and class of
shares represented by the stock units credited to a Participant&#146;s Stock
Account.</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .25pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cash Accounts</u>. A Participant may elect, at the same
time that a deferral election is made, to have all or 50% of the deferred
amount credited to an account established for his or her benefit (&#147;Cash Account&#148;).
Each Participant&#146;s Cash Account shall be credited with interest, compounded
semiannually, at the annual rate determined as of January&nbsp;1 and July&nbsp;1
of each year by averaging the six-month Treasury Bill yield as published
monthly by Board of Governors of the Federal Reserve System on a bank discount
basis through the secondary market for the last six months immediately prior
thereto.</font></p>

<p style="background:white;margin:0in 0in .0001pt .25pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .25pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As of the last business day of the quarter in which the
Annual Meeting of the Board occurs, amounts may be transferred between a
Participant&#146;s Stock Account and Cash Account.</font></p>

<p style="background:white;margin:0in 0in .0001pt .25pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Method of
Distribution:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Number
of Payments</u>. At the time a Participant elects to defer Director&#146;s Fees
pursuant to Section&nbsp;4, the Participant may also make an election to have
his or her Accounts distributed in a specified number of annual installments,
not in excess of 10. The most recently filed election in effect at the time
distributions commence pursuant to paragraph (b)&nbsp;of this</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6 shall govern. If no such election is
made by a Participant, the Participant&#146;s Accounts shall be distributed in a
single lump sum.</font></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Time of Payment</u>. Distributions shall commence in the
month of January&nbsp;next following the date on which a Participant retires,
becomes unable to fulfill his duties as a director due to death or disability
or otherwise ceases to serve as a director.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Withdrawals for Immediate Financial Needs</u>. Amounts
deferred under the Plan may be distributed at the discretion of the Committee
based on immediate financial need of the Participant or the Participant&#146;s
beneficiary. Such distributions shall occur only if the Participant or the
Participant&#146;s beneficiary suffers an extreme financial hardship occasioned by
an unforeseeable event. Extreme financial hardship means an immediate
catastrophic financial need occasioned by (1)&nbsp;an event such as death,
total disability, serious injury or illness of the Participant, or the Participant&#146;s
beneficiary, a spouse, or dependent, or (2)&nbsp;extreme financial reversal.
Adequate proof of extreme financial hardship must be provided to the Committee.
Distributions for extreme financial hardship may not exceed the amount required
to meet the hardship and may be made only if the Committee finds that extreme
financial hardship may not be met from other resources reasonably available to
the Participant or the Participant&#146;s beneficiary including liquidation of
investment assets, liquidation of luxury assets, loans from financial
institutions or other sources.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Form&nbsp;of Payment</u>. Distributions from a
Participant&#146;s Cash Account will be made in cash. Distributions from a
Participant&#146;s Stock Account will be made in shares of Common Stock with fractional
shares payable in cash; provided, however, that a Participant may elect prior
to the receipt of any amount from his or her Stock Account to have all
distributions from his or her Stock Account paid in cash. Cash payments from a
Participant&#146;s Stock Account will be based on the Market Value of a share of
Common Stock on the last day of the month preceding the payment date.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Beneficiary</u>. If a Participant dies before receiving
all amounts credited to such Participant&#146;s Accounts, the undistributed amounts
shall be distributed to the Participant&#146;s beneficiary or beneficiaries in
accordance with the last effective beneficiary designation form filed by the
Participant with the Company. Such undistributed amounts will be distributed in
the same manner and at the same time as had been elected by the Participant
prior to such Participant&#146;s death. If a Participant has failed to designate a
beneficiary, the Participant&#146;s Accounts shall be distributed to the Participant&#146;s
estate.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Participant&#146;s Rights:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt .5pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:35.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing in the Plan shall
confer on a Participant any right to continue as a director of the Company.</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:35.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:35.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All amounts deferred or otherwise held for the
account of a Participant under the Plan shall remain the sole property of the
Company. With respect to such amounts, the Participant is merely a general
creditor, and any obligation of the Company hereunder is purely contractual and
shall not be funded or secured in any way.</font></p>

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<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nonalienability:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No amounts, whether deferred
or distributable, shall be subject in any manner to anticipation, alienation,
sale, transfer, assignment, pledge, encumbrance, charge, garnishment,
execution, or levy of any kind, whether voluntary or involuntary, including any
liability which is for alimony or other payments for the support of a spouse or
former spouse.</font></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amendment and Termination:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 2.65pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board reserves the right
to amend, modify or terminate the Plan at any time, subject to any applicable rule&nbsp;or
regulation.</font></p>

<p style="background:white;margin:0in 0in .0001pt 2.65pt;text-autospace:none;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Governing Law:</font></b></p>

<p style="background:white;margin:0in 0in .0001pt 3.35pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 2.9pt;text-autospace:none;text-indent:35.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except to the extent
superseded by federal law, the laws of Illinois shall be controlling in all
matters relating to the Plan.</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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