Document:

EX-10.1

Exhibit 10.1

AMENDMENT TO THE

ASPEN INSURANCE HOLDINGS LIMITED

AMENDED 2003 SHARE INCENTIVE PLAN

     WHEREAS, Aspen Insurance Holdings Limited, a Bermuda corporation (the “Company”) has adopted
the Aspen Insurance Holdings Limited Amended 2003 Share Incentive Plan (Amended February 6, 2008)
(the “Plan”); and

     WHEREAS, the [Board of Directors/Committee] has determined that it would be in the best
interests of the Participants to amend the Plan to comply with Section 409A of the United States
Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

     NOW THEREFORE, the Plan is amended as follows:

				
	 	1.	 	Section 10(b) shall be amended by adding the following subsection:

     “(iii) Notwithstanding the provisions of Section 10(b)(ii), (A) in the event of a Change in
Control, no payment shall be accelerated for any Award which constitutes “deferred compensation”
under Section 409A of the Code unless such Change in Control is a “change in control event” as
defined in Section 1.409A-3(i)(5) of the United States Treasury Department Regulations and (B) to
the extent that a Change in Control does constitute a “change in control event” as defined in
Section 1.409A-3(i)(5) of the United States Treasury Department Regulations, then, with respect to
any Award which would be considered “deferred compensation” under Section 409A of the Code on the
date of such Change in Control, the restrictions and other conditions applicable to any such Award
shall lapse, and such Award shall become vested, payable in full and immediately settled and
distributed.”

				
	 	2.	 	A new Section 19 shall be added with the title “Section 409A Compliance” and the following
provision:

     “The provisions of this Plan and any Awards made herein are intended to comply with, and
should be interpreted consistent with, the requirements of Section 409A of the Code, and any
related regulations or other effective guidance promulgated thereunder by the United States
Department of the Treasury or the Internal Revenue Service.”

     Except as expressly amended herein, the provisions of the Plan shall remain in full force and
effect.EX-10.2

Exhibit 10.2

AMENDMENT TO THE

ASPEN INSURANCE HOLDINGS LIMITED

2006 STOCK INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS

     WHEREAS, Aspen Insurance Holdings Limited, a Bermuda corporation (the “Company”) has adopted
the Aspen Insurance Holdings Limited 2006 Stock Incentive Plan for Non-Employee Directors (As
Amended Effective March 21, 2007) (the “Plan”); and

     WHEREAS, the [Board of Directors/Committee] has determined that it would be in the best
interests of the Participants to amend the Plan to comply with Section 409A of the United States
Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

     NOW THEREFORE, the Plan is amended as follows:

				
	 	1.	 	Section 8(b) shall be amended by renumbering the paragraph
as Section 8(b)(i) and adding the following subsection:

     "(ii) Notwithstanding the provisions of Section 8(b)(i), (A) in the event of a Change in
Control, no payment shall be accelerated for any Award which constitutes “deferred compensation”
under Section 409A of the Code unless such Change in Control is a “change in control event” as
defined in Section 1.409A-3(i)(5) of the United States Treasury Department Regulations and (B) to
the extent that a Change in Control does constitute a “change in control event” as defined in
Section 1.409A-3(i)(5) of the United States Treasury Department Regulations, then, with respect to
any Award which would be considered “deferred compensation” under Section 409A of the Code on the
date of such Change in Control, the restrictions and other conditions applicable to any such Award
shall lapse, and such Award shall become vested, payable in full and immediately settled and
distributed.”

				
	 	2.	 	Section 16 is restated in its entirety as follows:

     “16.     Section 409A Compliance

     The provisions of this Plan and any Awards made herein are intended to comply with, and should
be interpreted consistent with, the requirements of Section 409A of the Code, and any related
regulations or other effective guidance promulgated thereunder by the United States Department of
the Treasury or the Internal Revenue Service.”

     Except as expressly amended herein, the provisions of the Plan shall remain in full force and
effect.EX-10.3

Exhibit 10.3

AMENDMENT TO THE

2006 PERFORMANCE SHARE AWARD AGREEMENT

     THIS AMENDMENT (the “Amendment”) to the 2006 Performance Share Award Agreement (the
“Agreement”), is made effective as of the ___day of ___, 2008, between Aspen Insurance
Holdings Limited, a Bermuda corporation (the “Company”), and ______(the “Participant”):

RECITALS:

     WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive
Plan, as amended from time to time (the “Plan”), which Plan is incorporated herein by reference and
made a part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan; and

     WHEREAS, the Committee has determined that it would be in the best interests of the
Participant to amend the Agreement to comply with Section 409A of the Code, and the rules and
regulations promulgated thereunder.

     NOW THEREFORE, the Agreement is amended as follows:

     Section 3(b) is restated in its entirety as follows:

     "(b) Except as otherwise provided in the Plan, vested Performance Shares shall be paid to the
Participant as soon as practicable after the date such Performance Shares become vested, but in no
event later than the fifteenth (15th) day of the third (3rd) month following the end of the fiscal
year in which the Performance Shares become vested.”

     Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

     This Amendment may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	______________________
 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:
 	 
	 	  	__________________________
 	 
	 	 	ParticipantEX-10.4

Exhibit 10.4

AMENDMENT TO THE

2007 PERFORMANCE SHARE AWARD AGREEMENT

     THIS AMENDMENT (the “Amendment”) to the 2007 Performance Share Award Agreement (the
“Agreement”), is made effective as of the ___day of ____________, 2008, between Aspen Insurance
Holdings Limited, a Bermuda corporation (the “Company”), and ____________(the “Participant”):

RECITALS:

     WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive
Plan, as amended from time to time (the “Plan”), which Plan is incorporated herein by reference and
made a part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan; and

     WHEREAS, the Committee has determined that it would be in the best interests of the
Participant to amend the Agreement to comply with Section 409A of the Code, and the rules and
regulations promulgated thereunder.

     NOW THEREFORE, the Agreement is amended as follows:

     Section 3(b) is restated in its entirety as follows:

     "(b) Except as otherwise provided in the Plan, vested Performance Shares shall be paid to the
Participant as soon as practicable after the date such Performance Shares become vested, but in no
event later than the fifteenth (15th) day of the third (3rd) month following the end of the fiscal
year in which the Performance Shares become vested.”

     Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

     This Amendment may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	_____________________________
 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:

 	 
	 	  	_____________________________
 	 
	 	 	ParticipantEX-10.5

Exhibit 10.5

(Amendment to U.S. Version)

AMENDMENT TO THE

RESTRICTED SHARE UNIT AWARD AGREEMENT

     THIS AMENDMENT (the “Amendment”) to the Restricted Share Unit Award Agreement (the
“Agreement”), effective as of the ___day of ____________, 200[ ], between Aspen Insurance
Holdings Limited, a Bermuda corporation (the “Company”), and ____________(the “Participant”), is
made effective as of the ___day of ____________, 2008:

RECITALS:

     WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive
Plan, as amended from time to time (the “Plan”), which Plan is incorporated herein by reference and
made a part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan; and

     WHEREAS, the Committee has determined that it would be in the best interests of the
Participant to amend the Agreement to comply with Section 409A of the Code, and the rules and
regulations promulgated thereunder.

     NOW THEREFORE, the Agreement is amended as follows:

     Section 6 is restated in its entirety as follows:

     “6. Payment. Except as otherwise elected by the Participant in accordance with the
provisions of Section 7, payment for the value of the Participant’s Restricted Share Units shall be
made to the Participant (or, in the event of the Participant’s death, the Participant’s
beneficiary, or, in the event that no beneficiary shall have been designated, the Participant’s
estate) as soon as practicable following the date on which such Restricted Share Units vest, but in
no event later than March 15th of the calendar year following the end of the calendar year in which
the Restricted Share Units vest. Restricted Share Units shall be paid in Shares, less any Shares
withheld in accordance with the provisions of Section 9, with one (1) Share paid for each Unit.”

     Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

     This Amendment may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	__________________________
 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	AGREED AND ACKNOWLEDGED AS

OF THE EFFECTIVE DATE OF THE

AMENDMENT ABOVE WRITTEN:

 	 
	 	  	__________________________
 	 
	 	 	Participant

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