Document:

Exhibit
10.1

ASPEN INSURANCE HOLDINGS LIMITED
2006 STOCK OPTION
PLAN FOR NON-EMPLOYEE DIRECTORS

		
	1. 	Purpose of
the Plan

		
	 	The purpose of the Plan is to provide
ownership of the Company's shares to non-employee members of the
Board in order to improve the Company's ability to attract and
retain highly qualified individuals to serve as directors of the
Company and to strengthen the commonality of interest between directors
and shareholders.

		
	2. 	Definitions

		
	 	The following capitalized terms used in the
Plan shall have the respective meanings set forth in this
Section:

			
		(a) 	‘‘Act’’
means The Securities Exchange Act of 1934, as amended, or any successor
thereto.

			
		(b) 	‘‘Affiliate’’
means any entity directly or indirectly controlling, controlled by, or
under common control with, the Company or any other entity designated
by the Board in which the Company or an Affiliate has an
interest.

			
		(c) 	‘‘Beneficial
Owner’’ means a ‘‘beneficial
owner,’’ as such term is defined in Rule 13d-3 under the
Act (or any successor rule thereto) (except that a Person shall be
deemed to have ‘‘beneficial ownership’’ of
all Shares that such Person has the right to acquire, whether such
right is exercisable immediately or only after the passage of
time).

			
		(d) 	‘‘Board’’
means the Board of Directors of the
Company.

			
		(e) 	‘‘Change in
Control’’ means,

(i)    at any time that the Investors (as
defined below) are the Beneficial Owners of 33.33% or more of
the combined voting power of the voting shares of the Company, the
occurrence of any of the following
events:

(A)    the sale or disposition, in
one or a series of related transactions, of all or substantially all,
of the assets of the Company to any Person or Group (other than (x) any
subsidiary (as defined below) of the Company or (y) any entity which is
a holding company (as defined below) of the Company (other than any
holding company which became a holding company in a transaction that
resulted in a Change in Control) or any subsidiary of such holding
company);

(B)    any Person or Group is or
becomes the Beneficial Owner, directly or indirectly, of more than
50% of the combined voting power of the voting shares of the
Company (or any entity which is the Beneficial Owner of more than
50% of the combined voting power of the voting shares of the
Company), including by way of merger, consolidation, tender or exchange
offer or otherwise; excluding, however, the following: (I) any
acquisition directly from the Company, (II) any acquisition by the
Company, or (III) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any
corporation controlled by the Company; or

(C)    the consummation of any transaction or
series of transactions resulting in a merger, consolidation or
amalgamation, in which the Company is involved, other than a merger,
consolidation or amalgamation which would result in the shareholders of
the Company immediately prior thereto continuing to own (either by
remaining outstanding or by being converted into voting securities of
the surviving entity), in the same proportion as immediately prior to
the transaction(s), more than 50% of the combined voting power
of the voting shares of the Company or such surviving entity
outstanding immediately after such merger, consolidation or
amalgamation; and

(ii)    at any time that
the Investors (as defined below) are the Beneficial Owners of less than
33.33% of the combined voting power of the voting shares of the
Company, the occurrence of any of the following
events:

(A)    the sale or
disposition, in one or a series of related transactions, of all or
substantially all, of the assets of the Company to any Person or Group
(other than (x) any subsidiary of the Company or (y) any entity that is
a holding company of the Company (other than any holding company which
became a holding company in a transaction that resulted in a Change in
Control) or any subsidiary of such holding company);

(B)    any Person or Group is or becomes the
Beneficial Owner, directly or indirectly, of more than 30% of
the combined voting power of the voting shares of the Company (or any
entity which is the Beneficial Owner of more than 50% of the
combined voting power of the voting shares of the Company), including
by way of merger, consolidation, tender or exchange offer or otherwise;
excluding, however, the following: (I) any acquisition directly from
the Company, (II) any acquisition by the Company, (III) any acquisition
by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any corporation controlled by the Company, or (IV)
any acquisition by a Person or Group if immediately after such
acquisition a Person or Group who is a shareholder of the Company on
the Effective Date continues to own voting power of the voting shares
of the Company that is greater than the voting power owned by such
acquiring Person or Group;

(C)    the
consummation of any transaction or series of transactions resulting in
a merger, consolidation or amalgamation, in which the Company is
involved, other than a merger, consolidation or amalgamation which
would result in the shareholders of the Company immediately prior
thereto continuing to own (either by remaining outstanding or by being
converted into voting securities of the surviving entity), in the same
proportion as immediately prior to the transaction(s), more than
50% of the combined voting power of the voting shares of the
Company or such surviving entity outstanding immediately after such
merger, consolidation or amalgamation; or

(D)    a change in the composition of the
Board such that the individuals who, as of the Effective Date,
constitute the Board (such Board shall be referred to for purposes of
this subsection (e)(ii) as the ‘‘Incumbent
Board’’) cease for any reason to constitute at least a
majority of the Board; provided, however, that for purposes of this
definition, any individual who becomes a member of the Board subsequent
to the Effective Date, whose election, or nomination for election, by a
majority of those individuals who are members of the Board and who were
also members of the Incumbent Board (or deemed to be such pursuant to
this proviso) shall be considered as though such individual were a
member of the Incumbent Board; and, provided further, however, that any
such individual whose initial assumption of office occurs as the result
of or in connection with either an actual or threatened election
contest (as such terms are used in Rule 14a-11 or Regulation 14A of the
Act) or other actual or threatened solicitation of proxies or consents
by or on behalf of an entity other than the Board shall not be so
considered as a member of the Incumbent Board.

For
purposes of this definition of Change in Control, (i)
‘‘Investors’’ shall mean The Blackstone
Group, Wellington Underwriting plc, Candover Partners Limited, Credit
Suisse First Boston Private Equity, Montpelier Re Holdings Ltd., 3i
Group plc, Olympus Partners and Phoenix Equity Partners or their
respective Affiliates; (ii) ‘‘subsidiary’’
shall mean, in respect of any entity, any other entity that is,
directly or indirectly, wholly owned by the first entity; and (iii)
‘‘holding company’’ shall mean, in respect
of any entity, any other entity that, directly or indirectly, wholly
owns such first
entity.

			
		(f) 	‘‘Code’’
means the Internal Revenue Code of 1986, as amended, or any successor
thereto.

			
		(g) 	‘‘Committee’’
means the Committee, as specified in Section 4, appointed by the
Board.

			
		(h) 	‘‘Company’’
means Aspen Insurance Holdings Limited, a Bermuda
corporation.

			
		(i) 	‘‘Effective
Date’’ means the date the Board approves the
Plan.

			
		(j) 	‘‘Fair Market
Value’’ means the average of the high and low prices
for Shares traded on the New York Stock Exchange on the date of the
grant of such Option or if no Shares are traded on that day, on the
next preceding day on which the Shares were traded on the New York
Stock Exchange.

			
		(k) 	‘‘Group’’
means a ‘‘group,’’ as such term is used for
purposes of Section 13(d)(3) or 14(d)(2) of the Act (or any successor
section thereto).

			
		(l) 	‘‘Option’’
means a share option granted pursuant to Section 6.

			
		(m) 	‘‘Option
Price’’ means the purchase price per Share of an
Option, as determined pursuant to Section 6(a).

			
		(n) 	‘‘Participant’’
means a non-employee member of the Board or the board of directors of
an Affiliate who is selected by the Committee to participate in the
Plan. To the extent that the Committee determines it is necessary or
desirable to grant an Option directly to the employer of a non-employee
director pursuant to Section 10, such employer will be deemed to be the
Participant.

			
		(o) 	‘‘Person’’
means a ‘‘person,’’ as such term is used
for purposes of Section 13(d) or 14(d) of the Act (or any successor
section
thereto).

			
		(p) 	‘‘Plan’’
means the Aspen Insurance Holdings Limited 2006 Stock Option Plan for
Non-Employee
Directors.

			
		(q) 	‘‘Service’’
means a Participant’s service as a non-employee member of the
Board or the board of directors of an Affiliate.

			
		(r) 	‘‘Shares’’
means ordinary shares, par value $0. 0015144558 per share, in the
capital of the Company.

			
		(s) 	‘‘Subsidiary’’
means a subsidiary corporation, as defined in Section 424(f) of the
Code (or any successor section thereto), of the
Company.

		
	3. 	Shares Subject to the
Plan

The total number of Shares that may be issued
pursuant to Options granted under the Plan is 400,000. The Shares may
consist, in whole or in part, of unissued Shares or previously issued
Shares. The issuance of Shares upon the exercise of an Option shall
reduce the total number of Shares available under the Plan. Shares that
are (a) subject to Options (or portions thereof) that are forfeited,
are cancelled, or expire, terminate or lapse unexercised or (b) held
back by the Company upon exercise of an Option to cover the Option
Price or tax withholding, as applicable, shall not be treated as having
been issued under the Plan.

		
	4. 	Administration

			
		(a) 	The
Plan shall be administered by the full Board or such committee as the
Board shall select consisting solely of two or more members of the
Board who, during any period the Company is subject to Section 16 of
the Act, are intended to qualify as ‘‘Non-Employee
Directors’’ within the meaning of Rule 16b-3 under the
Act (or any successor rule thereto). The Board or any such committee,
as the case may be, shall be referred to as the
‘‘Committee’’ for purposes of this Plan and
any Option agreement. To the extent a Committee other than the Board
administers the Plan, the members of such Committee shall be appointed
from time to time by and shall serve at the discretion of, the
Board.

			
		(b) 	Subject to the provisions of the
Plan, the Committee shall have the full power and authority to grant,
and establish the terms and conditions of, any Option to any person
eligible to be a Participant. The Committee may amend the terms and
conditions of outstanding Options; provided, however, that no such
amendment that would adversely affect a Participant's rights with
respect to an Option may be made without the prior written consent of
the Participant.

			
		(c) 	The Committee is authorized
to interpret the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan, and to make any other determinations
that it deems necessary or desirable for the administration of the
Plan, and may delegate such authority, as it deems appropriate. The
Committee may correct any defect or supply any omission or reconcile
any 

			
		 	
inconsistency in the Plan in the manner and to
the extent the Committee deems necessary or desirable. Any decision of
the Committee in the interpretation and administration of the Plan, as
described herein, shall lie within its sole and absolute discretion and
shall be final, conclusive and binding on all parties concerned
(including, but not limited to, Participants and their beneficiaries or
successors).

			
		(d) 	The Company shall have the
power and right, prior to the delivery of Shares pursuant to an Option,
to deduct or withhold, or require a participant to remit to the Company
(or an Affiliate), an amount (in cash or Shares) sufficient to satisfy
any applicable tax withholding requirements applicable to an Option.
Subject to such restrictions as the Committee may prescribe, a
Participant may satisfy all or a portion of any tax withholding
requirements by electing to have the Company withhold Shares having a
Fair Market Value equal to the amount to be withheld up to the minimum
statutory tax withholding rate (or such other rate that will not result
in a negative accounting impact).

		
	5. 	Limitations 

			
		(a) 	No
Option may be granted under the Plan after the tenth anniversary of the
Effective Date, but Options theretofore granted may extend beyond that
date.

			
		(b) 	Without the approval of the
shareholders of the Company, the Company shall not adjust an Option or
exchange an Option with another Option if it would result in an Option
with a lower Option Price (except for adjustments pursuant to Section 7
of the Plan).

		
	6. 	Terms and Conditions of
Options 

Options granted under the Plan shall be
nonqualified stock options for United States federal income tax
purposes, and shall be subject to the foregoing and the following terms
and conditions and to such other terms and conditions, not inconsistent
therewith, as the Committee shall determine:

			
		(a) 	Option Price. The Option Price per
Share shall be determined by the Committee, but shall not be less than
100% of the Fair Market Value of the Shares on the date an
Option is granted (except to the extent the Option Price is adjusted
pursuant to Section 7 of the Plan).

			
		(b) 	Exercisability. Options granted under
the Plan shall be exercisable at such time and upon such terms and
conditions as may be determined by the Committee, but in no event shall
an Option be exercisable more than ten years after the date it is
granted, except as may be provided pursuant to Section 12.

			
		(c) 	Exercise of Options. Except as
otherwise provided in the Plan or in an Option agreement, an Option may
be exercised for all, or from time to time any part, of the Shares for
which it is then exercisable. For purposes of this Section 6, the
exercise date of an Option shall be the date a notice of exercise is
received by the Company, together with payment (or to the extent
permitted by applicable law, provision for payment) of the full
purchase price in accordance with this Section 6(c). The purchase price
for the Shares as to which an Option is exercised shall be paid to the
Company, as designated by the Committee, pursuant to one or more of the
following methods (subject in each case to such conditions or
restrictions as the Committee may prescribe): (i) in cash or its
equivalent (e.g., by check); (ii) in Shares having a Fair Market
Value equal to the aggregate Option Price for the Shares being
purchased and satisfying such other requirements as may be imposed by
the Committee; (iii) partly in cash and partly in Shares;
(iv) through the delivery of irrevocable instructions to a
broker to sell Shares obtained upon the exercise of the Option and to
deliver promptly to the Company an amount out of the proceeds of such
sale equal to the aggregate Option Price for the Shares being
purchased; or (v) by such other means as the Committee may prescribe.
No Participant shall have any rights to dividends or other rights of a
shareholder with respect to Shares subject to an Option until the
Participant has given written notice of exercise of the Option, paid in
full for such Shares and, if applicable, has satisfied any other
conditions imposed by the Committee.

			
		(d) 	Attestation. Wherever in this Plan or
any agreement evidencing an Option, a Participant is permitted to pay
the Option Price or taxes relating to the exercise of an Option by
delivering 

			
		 	
Shares, the Participant may, subject to
procedures satisfactory to the Committee, satisfy such delivery
requirement by presenting proof of beneficial ownership of such Shares,
in which case the Company shall treat the Option as exercised without
further payment and/or shall withhold such number of Shares from the
Shares acquired by the exercise of the Option, as appropriate.

		
	7. 	Adjustments Upon Certain Events

		
	 	Notwithstanding any other provisions in the
Plan to the contrary, the following provisions shall apply to all
Options granted under the
Plan:

			
		(a) 	Generally. In the event of any
change in the outstanding Shares after the Effective Date by reason of
any Share dividend or split, reorganization, amalgamation,
recapitalization, merger, consolidation, spin-off, combination or
transaction or exchange of Shares or other corporate exchange, or any
distribution to shareholders of Shares other than regular cash
dividends or any transaction similar to the foregoing, the Committee in
its sole discretion and without liability to any person shall make such
substitutions or adjustments as it deems to be equitable, in its sole
discretion, and necessary to preserve the benefits or potential
benefits intended to be made available under this Plan as to (i) the
number or kind of Shares or other securities that may be issued
pursuant to the Plan or outstanding Options, (ii) the Option Price of
any outstanding Option and/or (iii) any other affected terms of such
Options.

			
		(b) 	Change in Control. In the
event of a Change in Control, the Committee may, but shall not be
obligated to, (A) with respect to any Option, accelerate or vest with
respect to, all or any portion of an Option or (B) cancel Options for
fair value (as reasonably determined in the discretion of the
Committee) which may equal, but in any event shall not be less than,
the excess, if any, of value of the consideration to be paid in the
Change in Control transaction to holders of the same number of Shares
subject to such Options (or, if no consideration is paid in any such
transaction, the Fair Market Value of the Shares subject to such
Options) over the aggregate exercise price of such Options or (C)
provide for the issuance of substitute Options that will substantially
preserve the otherwise applicable terms of any affected Options
previously granted hereunder as determined by the Committee in its sole
discretion or (D) provide that for a period of at least 15 days prior
to the Change in Control, such Options shall be exercisable as to all
Shares subject thereto and that upon the occurrence of the Change in
Control, such Options shall terminate and be of no further force and
effect.

		
	8. 	No Right to Service or
Options

		
	 	The granting of an Option under the
Plan shall impose no obligation on the Company or any Affiliate to
continue the Service of a Participant and shall not lessen or affect
the Company’s or Affiliate’s right to terminate the
Service of such Participant. No Participant or other Person shall have
any claim to be granted any Option, and there is no obligation for
uniformity of treatment of Participants, or holders or beneficiaries of
Options. The terms and conditions of Options and the Committee’s
determinations and interpretations with respect thereto need not be the
same with respect to each Participant (whether or not such Participants
are similarly situated).

		
	9. 	Successors and
Assigns

		
	 	The Plan shall be binding on all
successors and assigns of the Company and a Participant, including
without limitation, the estate of such Participant and the executor,
administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of the Participant’s creditors.

		
	10. 	Transferability of Options

		
	 	Unless otherwise determined by the Committee,
an Option shall not be transferable or assignable, provided, however,
that (a) an Option may be transferred or assigned by will or by the
laws of descent and distribution, and, (b) if permitted by the
Committee in its sole discretion, an Option may be granted directly or
transferred to the employer of a non-employee director if such
non-employee director is obligated to transfer any compensation
received as a non-employee director to his or her employer. An Option
exercisable after the death of a Participant may be exercised by the
legatees, personal representatives or distributees of the
Participant.

		
	11. 	Amendments or
Termination

		
	 	The Board or the Committee may
amend, alter or discontinue the Plan at any time and from time to time,
but no amendment, alteration or discontinuation shall be made,
(a) without the approval of the shareholders of the Company, if
such action would (i) increase the total number of Shares that may be
issued under the Plan, (ii) reduce the Option Price of an Option
(except to the extent the increase in Shares or reduction in Option
Price is made in connection with an adjustment under Section 7
of the Plan), or (iii) require shareholder approval under any
applicable New York Stock Exchange listing standards or any applicable
rule promulgated by the United States Securities and Exchange
Commission or any securities exchange on which Shares are listed or any
other applicable laws, and (b) without the consent of a
Participant, if such action would diminish any of the rights of the
Participant under any Option theretofore granted to such Participant
under the Plan.

		
	12. 	Requirements of Law;
International Participants

		
	 	The Committee may,
in its sole discretion, amend the terms of the Plan or Options in order
(i) to comply with United States federal law or the rules of any
securities exchange in the United States or (ii) with respect to
Participants who reside or work outside the United States of America,
to conform such terms with the requirements of local law or to obtain
more favorable tax or other treatment for a Participant, the Company or
an Affiliate, and the Committee may, where appropriate, establish one
or more sub-plans to reflect such amended or varied provisions.

		
	13. 	Choice of Law

		
	 	The Plan
shall be governed by and construed in accordance with the laws of
Bermuda, without regard to conflicts of laws
principles.

		
	14. 	Arbitration

		
	 	In
the event of any controversy between a Participant and the Company
arising out of, or relating to, this Plan or an Option granted
hereunder which cannot be settled amicably by the parties, such
controversy shall be finally, exclusively and conclusively settled by
mandatory arbitration conducted expeditiously in accordance with the
American Arbitration Association rules, by a single independent
arbitrator. If the parties are unable to agree on the selection of an
arbitrator, then either the Participant or the Company may petition the
American Arbitration Association for the appointment of the arbitrator,
which appointment shall be made within ten (10) days of the petition
therefor. Either party to the dispute may institute such arbitration
proceeding by giving written notice to the other party. A hearing shall
be held by the arbitrator in New York, London or Bermuda as agreed by
the parties (or, failing such agreement, in Bermuda) within thirty (30)
days of his or her appointment. The decision of the arbitrator shall be
final and binding upon the parties and shall be rendered pursuant to a
written decision that contains a detailed recital of the
arbitrator’s reasoning. Judgment upon the award rendered may be
entered in any court having jurisdiction
thereof.

		
	15. 	Code Section 409A
Compliance

To the extent applicable, it is intended
that this Plan and any Options granted under the Plan comply with the
requirements of Section 409A of the Code and any related regulations or
other guidance promulgated with respect to such Section by the United
States Department of the Treasury or the Internal Revenue Service
(‘‘Section 409A’’). Any provision that
would cause the Plan or any Option granted hereunder to fail to satisfy
Section 409A shall have no force or effect until amended to comply with
Section 409A, which amendment may be retroactive to the extent
permitted by Section 409A.

		
	16. 	Effectiveness of
the Plan

		
	 	The Plan shall be effective as of the
Effective Date, subject to the approval of the shareholders of the
Company.Exhibit
10.2

ASPEN INSURANCE HOLDINGS LIMITED

NON-EMPLOYEE
DIRECTOR

NONQUALIFIED SHARE OPTION AGREEMENT

THIS
AGREEMENT (the ‘‘Agreement’’), is made
effective as of the          day of
                                , 2006
(hereinafter called the ‘‘Date of Grant’’),
between Aspen Insurance Holdings Limited, a Bermuda corporation
(hereinafter called the ‘‘Company’’), and
                             (hereinafter
called the
‘‘Participant’’):

RECITALS:

WHEREAS,
the Company has adopted the Aspen Insurance Holdings Limited 2006 Stock
Option Plan for Non-Employee Directors (the
‘‘Plan’’), which Plan is incorporated
herein by reference and made a part of this Agreement. 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 Company and its shareholders to grant
the stock options provided for herein to the Participant pursuant to
the Plan and the terms set forth herein.

NOW THEREFORE, in
consideration of the mutual covenants hereinafter set forth, the
parties agree as follows:

		
	1. 	Grant of the
Option. The Company hereby grants to the Participant the right and
option to purchase, on the terms and conditions hereinafter set forth,
all or any part of an aggregate of
                     Shares (the
‘‘Option’’), subject to adjustment as set
forth in the Plan. The purchase price of the Shares subject to the
Option shall be $                 per Share (the
‘‘Option Price’’).

		
	2. 	Vesting.

			
		(a) 	Subject to the Participant’s continued
Service as a director of the Company, Shares underlying the Option
shall become vested on the third anniversary of the Date of Grant.

			
		(b) 	In connection with any event described in
Section 7(a) of the Plan or in the event of a change in applicable
accounting rules, the Committee shall make such substitutions or
adjustments in the terms of the Option, if any, as it shall determine
shall be necessary to equitably reflect such event in order to prevent
dilution or enlargement of the potential benefits of the Option. The
Committee’s determination as to any such adjustment or
substitution shall be final.

			
		(c) 	If the
Participant’s Service with the Company is terminated for any
reason and the Option is not then vested, it shall be canceled by the
Company without consideration.

		
	3. 	Exercise of
Option.

			
		(a) 	Right to Exercise. Once the
Option has vested it shall become immediately exercisable.

			
		(b) 	Period of Exercise. Subject to the provisions of
the Plan and this Agreement, the Participant may exercise all or any
part of the vested Option at any time prior to the earliest to occur
of:

			
		(i) 	the tenth anniversary of the
Date of Grant;

			
		(ii) 	the first
anniversary of the Participant’s termination of Service other
than for Cause; and 

			
		(iii) 	the date
of the Participant’s termination of Service by the Company for
Cause.

For purposes of this Agreement,
‘‘Cause’’ shall mean (i)
Participant’s engagement in misconduct which is materially
injurious to the Company or any of its Affiliates,
(ii) Participant’s continued failure to substantially
perform his or her duties as a director to the Company or any of its
Affiliates, (iii) 

Participant’s repeated dishonesty in
the performance of his or her duties as a director to the Company or
any of its Affiliates, or (iv) Participant’s commission of an
act or acts constituting any fraud against, or misappropriation or
embezzlement from the Company or any of its Affiliates. The
determination of the existence of Cause shall be made by the Committee
in good faith.

			
		(c) 	Method of
Exercise.

			
		(i) 	Subject to Section
3(b), the vested Option may be exercised by delivering to the Company
at its principal office written notice of intent to so exercise;
provided that the Option may be exercised with respect to whole Shares
only. Such notice shall specify the number of Shares for which an
Option is being exercised and the method of payment of the Option
Price. The Option Price for the Shares as to which the Option is
exercised shall be paid to the Company, as designated by the Committee,
pursuant to one or more of the following methods (subject in each case
to such conditions or restrictions as the Committee may prescribe): (A)
in cash or its equivalent (e.g., by check); (B) in Shares having a Fair
Market Value equal to the aggregate Option Price for the Shares being
purchased and satisfying such other requirements as may be imposed by
the Committee; (C) partly in cash and partly in such Shares; (D) by
delivery of irrevocable instructions to a broker to sell Shares
obtained upon the exercise of the Option and to deliver promptly to the
Company an amount out of the proceeds of such sale equal to the
aggregate Option Price for the Shares being purchased; or (E) by such
other means as the Committee may prescribe. The Participant shall not
have any right to dividends or other rights of a shareholder with
respect to Shares subject to the Option until the Participant has given
written notice of exercise of the Option, paid in full for such Shares
and, if applicable, has satisfied any other conditions imposed by the
Committee pursuant to the
Plan.

			
		(ii) 	Notwithstanding any other
provision of the Plan or this Agreement to the contrary, the Option may
not be exercised prior to the completion of any registration or
qualification of the Option or the Shares under applicable state and
federal securities or other laws, or under any ruling or regulation of
any governmental body or national securities exchange that the
Committee shall in its sole discretion determine to be necessary or
advisable.

			
		(iii) 	Upon the
Company’s determination that the Option has been validly
exercised as to any of the Shares, the Company shall issue certificates
in the Participant’s name for such Shares. However, the Company
shall not be liable to the Participant for damages relating to any
delays in issuing the certificates to him, any loss of the
certificates, or any mistakes or errors in the issuance of the
certificates or in the certificates
themselves.

			
		(iv) 	In the event of the
Participant’s death, subject to Section 6, the vested Option
shall remain exercisable by the Participant’s executor or
administrator, or the person or persons to whom the
Participant’s rights under this Agreement shall pass by will or
by the laws of descent and distribution as the case may be, to the
extent set forth in Section 3(b). Any heir or legatee of the
Participant shall take rights herein granted subject to the terms and
conditions hereof.

		
	4. 	No Right to Continued
Service. The granting of the Option evidenced hereby and this
Agreement shall impose no obligation on the Company or any Affiliate to
continue the Service of the Participant and shall not lessen or affect
the Company’s or its Affiliate’s right to terminate the
Service of such Participant.

		
	5. 	Legend on
Certificates. The certificates representing the Shares purchased
by exercise of the Option shall be subject to such stop transfer orders
and other restrictions as the Committee may deem advisable under the
Plan or the rules, regulations, and other requirements of the U.S.
Securities and Exchange Commission, any stock exchange upon which such
Shares are listed, and any applicable laws, and the Committee may cause
a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions.

		
	6. 	Transferability.

			
		(a) 	The
Option may not be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by the Participant otherwise than
by will or by the laws of descent and distribution, and any such
purported assignment, alienation, pledge, attachment, sale, transfer or
encumbrance shall be void and unenforceable against the Company or any
Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale,
transfer or encumbrance; provided, further, that, upon written request
by the Participant, the Committee may, subject to such rules as the
Committee may adopt, permit the Option to be transferred or assigned by
the Participant to (i) the Participant’s spouse, children or
grandchildren (including adopted and stepchildren and grandchildren)
(collectively, the ‘‘Immediate Family’’);
(ii) a trust primarily for the benefit of the Participant and/or
members of his or her Immediate Family (a ‘‘Family
Trust’’); (iii) a partnership or limited liability
company or other entity whose only partners or other equity owners are
a Family Trust, the Participant and/or his or her Immediate Family
members; or (iv) such Participant’s employer in the event the
Participant is a non-employee director who is required to transfer any
compensation received as non-employee director to his or her employer
(each transferee described in clauses (i), (ii), (iii) and (iv) above
is hereinafter referred to as a ‘‘Permitted
Transferee’’). The request by the Participant shall
describe the terms and conditions of the proposed transfer and the
Committee shall notify the Participant in writing if such a transfer
will be permitted.

			
		(b) 	Following a permitted
transfer described in Section 6(a) above, all terms of the Option shall
apply to the Permitted Transferee and any reference in the Plan and in
the Agreement to a Participant shall be deemed to refer to the
Permitted Transferee, except that (i) Permitted Transferees shall not
be entitled to transfer the Option, other than by will or the laws of
descent and distribution, (ii) Permitted Transferees shall not
be entitled to exercise any transferred Option unless there shall be in
effect a registration statement on an appropriate form covering the
shares to be acquired pursuant to the exercise of such Option if the
Committee determines that such a registration statement is necessary or
appropriate, (iii) the Committee or the Company shall not be required
to provide any notice to a Permitted Transferee, whether or not such
notice is or would otherwise have been required to be given to the
Participant under the Plan or otherwise; provided that, if such notice
is not provided to the Permitted Transferee, such notices are delivered
by the Company to the Participant, and (iv) the consequences of
termination of the Participant’s Service under the terms of the
Plan and the Agreement shall continue to be applied with respect to the
Participant, following which the transferred Option shall be
exercisable by the Permitted Transferee only to the extent, and for the
periods, specified in the Plan and the Agreement. No permitted transfer
of the Option to heirs, legatees or the employer of the Participant
shall be effective to bind the Company unless the Committee shall have
been furnished with written notice thereof and a copy of such evidence
as the Committee may deem necessary to establish the validity of the
transfer and the acceptance by the transferee or transferees of the
terms and conditions hereof.

			
		(c) 	Except as
otherwise described in this Section 6, during the Participant’s
lifetime, the Option is exercisable only by the
Participant.

		
	7. 	Withholding. The
Participant may be required to pay to the Company or any Affiliate and
the Company shall have the right and is hereby authorized to withhold,
any applicable withholding taxes in respect of the Option, its exercise
or any payment or transfer under or with respect to the Option and to
take such other action as may be necessary in the opinion of the
Committee to satisfy all obligations for the payment of such
withholding taxes.

		
	8. 	Securities Laws.
Upon the acquisition of any Shares pursuant to the exercise of an
Option, the Participant will make or enter into such written
representations, warranties and agreements as the Committee may
reasonably request in order to comply with applicable securities laws
or with this Agreement.

		
	9. 	Notices. Any
notice necessary under this Agreement shall be addressed to the Company
in care of its Secretary at the principal executive office of the
Company and to the Participant at the address appearing in the
personnel records of the Company for the Participant or to either party
at such other address as either party hereto may hereafter designate in
writing to the other. Any such notice shall be deemed effective upon
receipt thereof by the addressee.

		
	10. 	Choice of
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF BERMUDA, WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES.

		
	11. 	Option Subject to the
Plan. By entering into this Agreement the Participant agrees and
acknowledges that the Participant has received and read a copy of the
Plan. The Option is subject to the Plan (including without limitation
the arbitration provision), and the terms and provisions of the Plan,
as it may be amended from time to time, are hereby incorporated herein
by reference. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable
terms and provisions of the Plan will govern and
prevail.

		
	12. 	Rights as a Shareholder. The
Participant shall have no rights as a shareholder, and shall not
receive dividends, with respect to any Shares subject to the Option
until the Option has been exercised and Share certificates have been
issued to the Participant.

		
	13. 	Signature in
Counterparts. This Agreement 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
Agreement.

		ASPEN INSURANCE HOLDINGS
LIMITED

		By:                                                                                

AGREED
AND ACKNOWLEDGED AS
OF THE DATE FIRST ABOVE
WRITTEN:

	
		
	

Participant

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