Aon plc (NYSE:AON) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Aon Corporation entered into a transition and separation agreement with Peter Lieb, Executive Vice President, General Counsel, and Secretary of Aon plc (“Aon” or the “Company”), with respect to Mr. Lieb’s retirement from the Company effective as of December 31, 2020.

The agreement provides that Mr. Lieb will transition from his current position to a position as Special Legal Advisor to the Company’s Chief Executive Officer no later than December 31, 2019. Mr. Lieb will continue to receive his current base salary until December 31, 2020 (the “Transition Period”). In connection with Mr. Lieb’s transition, and subject to customary conditions, he will receive a cash payment of $1.8 million in exchange for carrying out duties and responsibilities during the Transition Period. In addition, the Company will provide Mr. Lieb with relocation benefits under the Company’s domestic transfer policy, as well as price protection of up to $300,000 for the sale of Mr. Lieb’s residence. Mr. Lieb will not be eligible to receive any other incentive payments during or with respect to 2019 or 2020. Mr. Lieb’s existing equity awards will continue to be governed by the terms of the applicable plan documents.

The foregoing summary is qualified in its entirety by reference to Mr. Lieb’s transition and separation agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01: Financial Statements and Exhibits.