ALLIED WORLD ASSURANCE COMPANY (U.S.) INC.
SECOND AMENDED AND RESTATED
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
(Effective as of November 5, 2009)




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TABLE OF CONTENTS
 PageArticle 1 Definitions
    
    
    1Article 2 Selection and Enrollment
    
    
    7Article 3 Deferral of Compensation
    
    
    7Article 4 Employer Contributions
    
    
    10Article 5 Short-Term Payout and Unforeseeable Financial Emergencies
    
    
    11Article 6 Benefit Distributions
    
    
    12Article 7 Forfeiture
    
    
    13Article 8 Beneficiary Designation
    
    
    14Article 9 Leave of Absence
    
    
    14Article 10 Termination, Amendment and Modification
    
    
    15Article 11 Administration
    
    
    16Article 12 Claims Procedures
    
    
    16Article 13 Trust
    
    
    17Article 14 Miscellaneous
    
    
    18




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ALLIED WORLD ASSURANCE COMPANY (U.S.) INC.
SECOND AMENDED AND RESTATED
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
 Purpose
  Definitions
  Account
 Affected Participant
 Affiliates
 Annual Deferral Amount
 Annual Installment Method




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Appeals Committee
 Beneficiary
 Beneficiary Designation Form
 Benefit Benefits
 Board
 Change in Control
 Voting Securities
   - 2 -




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Claimant
 Code
 Committee
 Company
 Deferral Account
 Disability Disabled
 - 3 -




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Distribution Event
 Domestic Partner
 Earnings
 Election Form
 Employee
 Employer
 Employer Contribution
 Employer Contribution Account
 - 4 -




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ERISA
 Key Employee
 Key Employee Limitation
 Parent Company
 Participant
 Plan
 Plan Year
 Retirement Retire(s) Retiring Retired
 - 5 -




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Section 409A
 Section 457A
 Section 457A Grandfathered Amount
 Section 457A Payment Event
 Separation from Service bona fide bona
fide
 Short-Term Payout
 Subsequent Election Limitations
 Termination of Employment Terminate Employment Terminating
Employment
 - 6 -




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Trust
 Unforeseeable Emergency
  Selection and Enrollment
 Selection of Participants by Committee
 Initial Enrollment Requirements
 Termination of Participation and/or Deferrals
 - 7 -




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Deferral of Compensation
 Amount of Deferral
 Election to Defer
 Withholding of Annual Deferral Amounts
 Investment of Trust Assets
 Vesting of Deferral and Employer Contributions Accounts
 Crediting/Debiting of Account Balances
 Election of Measurement Funds
 Proportionate Allocation
 - 8 -




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Measurement Funds
 Crediting or Debiting Method
 No Actual Investment
 FICA and Other Taxes
 - 9 -




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Withholding on Distributions
 Employer Contributions
 Employer Contributions
 Distribution
 Vesting of Employer Contributions
 Years of Continuous Employment
    
    Vested PercentageLess than 1
    
    
    0At least 1 but less than 2
    
    
    20At least 2 but less than 3
    
    
    40At least 3 but less than 4
    
    
    60At least 4 but less than 5
    
    
    80Upon completion of 5
    
    
    100
 - 10 -




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Impact of Reemployment on Vesting
 FICA and Other Taxes on Employer Contributions
 Short-Term Payout and Unforeseeable Financial Emergencies
 Short-Term Payout
 Election Changes
 - 11 -




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Distribution Event Takes Precedence
 Unforeseeable Financial Emergencies
 Benefit Distributions
 Distribution Event
 Retirement Benefit
 Termination Benefit
 Disability Benefit
 Death Benefit
 - 12 -




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Section 457A Payment Event
 Valuation and Commencement of Benefits Payable in Cash
 Valuation and Commencement of Lump Sum th
 Valuation and Commencement of Installments
 Automatic Cash-out of Small Accounts
 Forfeiture
 Forfeiture
  - 13 -




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Beneficiary Designation
 Beneficiary
 Beneficiary Designation
 No Beneficiary Designation
 Doubt as to Beneficiary
 Discharge of Obligation
 Leave of Absence
 Paid Leave of Absence
 - 14 -




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Unpaid Leave of Absence
 Leave of Absence Exceeding Six Months
 Termination, Amendment and Modification
 Termination
 Amendment
 - 15 -




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Effect of Benefit Payment
 Administration
 Committee Duties
 Agents
 Binding Effect of Decisions
 Indemnity of Committee
 Employer Information
 Claims Procedures
 Presentation of Claim
 - 16 -




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Notification of Decision
 Review of Denied Claim
 Decision on Review
 Legal Action
 Trust
 Establishment of the Trust
 - 17 -




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Interrelationship of the Plan and the Trust
 Distributions from the Trust
 Miscellaneous
 Status of Plan
 Unsecured General Creditor
 Employers Liability
 Nonassignability
 - 18 -




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Not a Contract of Employment
 Furnishing Information
 Terms
 Captions
 Governing Law
 Notice
 th
  Successors
 - 19 -




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Validity
 Incompetent
 Distribution in the Event of Taxation
 Insurance
 Inability to Locate A Participant
 Coordination with Other Benefits
 - 20 -




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th
 Allied World Assurance Company (U.S.) Inc.By:

/s/
Todd GermanoName:
    Todd GermanoTitle:
    President, Property & CasualtyBy:

/s/
Karen ColonnaName:
    Karen ColonnaTitle:
    Asst. Secretary - 21 -