Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 98

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 98
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 applicable) and Rule 144 limitations applicable to affiliates. If our ordinary shares granted under the 2025 Incentive Plan are sold or it is perceived that they will be sold in the public market, the trading price of our ordinary shares could decline substantially. These sales also could impede our ability to raise future capital.

We and our officers, directors and certain holders of our ordinary shares, including the selling shareholders, will agree with the underwriters, subject to certain exceptions, not to dispose of or hedge any of our ordinary shares or securities convertible into or exchangeable for our ordinary shares during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent

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Table of C ontents

of . These lock-up agreements contain important exceptions that govern their applicability, including, with respect to the Apollo Shareholders, (1) transfers to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to lending or other similar arrangement relating to a financing arrangement between such third parties (or their affiliates or designees) and the lock-up party and/or its affiliates and (2) transfers pursuant to a bona fide loan or pledge and/or as a grant or maintenance of a bona fide lien, security interest, pledge or other similar encumbrance in connection with a loan to the lock-up party, in each case subject to certain restrictions. Upon the expiration of these lock-up agreements, all of such ordinary shares will be eligible for resale in the public market, subject, in the case of ordinary shares held by our affiliates, to volume, manner of sale and other limitations under Rule 144 and Rule 701. The market price of our ordinary shares may decline when the restrictions on resale lapse. A decline in the price of our ordinary shares might impede our ability to raise capital through the issuance of additional ordinary shares or other equity securities. For more information, see “Description of Share Capital” and “Shares Eligible for Future Sale.”

The Apollo Shareholders have engaged, and may continue to engage, in financing transactions whereby our ordinary shares are pledged as security.

In connection with the Private Facility, each of AP Highlands Co-Invest and AP Highlands Holdings has pledged all of our ordinary shares that it owns as collateral for borrowings under the Private Facility, excluding those shares being sold in this offering by each of AP Highlands Co-Invest and AP Highlands Holdings, pursuant to term loan agreements (