Document:

Exhibit 10.20

 Exhibit 10.20 
 Execution Version 
 ASPEN INSURANCE HOLDINGS LIMITED 

RESTRICTED SHARE UNIT AWARD AGREEMENT 

THIS AWARD AGREEMENT (the “Agreement”), is made effective as of the 1st day of November 2012, between Aspen Insurance Holdings Limited, a
Bermuda corporation (hereinafter called the “Company”), and John Worth (hereinafter called the “Participant”): 
 R E C I T A L S: 

WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive Plan (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 Restricted
Share Units provided for herein (together, the “Grant”) 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. Plan and Defined Terms. The Grant is made pursuant to the Plan, a copy of which the Participant acknowledges having received. The terms and provisions of the Plan are incorporated into this
Agreement by this reference. All capitalized terms that are used in this Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Plan. 
 2. Award. Pursuant to the provisions of the Plan, the Committee hereby awards to the Participant, on the date hereof, subject to the terms and conditions of the Plan and subject further to the
terms and conditions herein set forth, 5,047 Restricted Share Units. 
 3. Terms and Conditions. The award evidenced by this Agreement is
subject to the following terms and conditions: 
 (a) The Participant shall not be entitled to receive payment for the value of
Restricted Share Units until vested; 
 (b) The Company shall not issue any certificates representing Restricted Share Units
granted to Participants, and the grant of Restricted Share Units to Participants shall not entitle such Participants to any rights of a holder of Shares, including the right to vote; provided, however, that the Participant shall receive Dividend
Equivalents in accordance with the provisions of Section 5 of this Agreement; and 
 (c) Restricted Share Units and any
interest of the Participant therein may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of. Any attempt to transfer Restricted Share Units in contravention of this Section 3(c) shall be void. Restricted Share
Units shall not be subject to execution, attachment or other process. 

 4. Vesting. 
 (a) Subject to earlier termination as provided in Sections 4(b) and 4(c), and subject to the Participant’s continued Employment, Restricted Share Units shall vest in tranches with one-third vesting
on each of February 8, 2013, February 8, 2014, and February 8, 2015. 
 (b) Subject to the terms of the
Participant’s employment agreement with the Company, or any of its Affiliates (which, if applicable, shall supersede this provision), if the Participant’s employment with the Company or one of its Affiliates is terminated for any reason
other than as a result of the Participant’s death or Disability, all unvested Restricted Share Units shall be forfeited on the date of such termination of employment. 
 (c) If the Participant’s employment with the Company or one of its Affiliates is terminated by the Company or an Affiliate as a result of the Participant’s death or Disability, all unvested
Restricted Share Units shall vest on the date of such termination of employment. 
 5. Dividend Equivalents. If a cash dividend is
declared on the Shares, the Participant shall be credited with Dividend Equivalents in an amount equal to the number of Restricted Share Units held by the Participant as of the dividend record date, multiplied by the amount of the cash dividend per
Share. Dividend Equivalents shall be denominated in cash and paid in cash if and when the underlying Restricted Share Units vest. Dividend Equivalents denominated in cash shall not accrue interest during the period of restriction. 

6. Payment. 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.
Restricted Share Units shall be paid in Shares, less any Shares withheld in accordance with the provisions of Section 8, with one (1) Share paid for each Unit. 
 7. Definitions. For purposes of this Agreement, the following terms, when capitalized, shall have the meanings set forth below: 

(a) “Disability” means (i) the Participant’s entitlement to long-term disability benefits under the long-term
disability plan or policy, as the case may be, of Aspen Insurance UK Services Limited as in effect on the date specified in the notice of termination, or (ii) if no such plan or policy is maintained, the Participant’s inability to perform
the duties provided for in the Employment Agreement for 180 consecutive days. 
 (b) “Dividend Equivalent”
means, with respect to Restricted Share Units, the right to receive an amount equal to cash dividends declared on an equal number of outstanding Shares. 

  
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 (c) “Employment Agreement” means the Participant’s employment
agreement with Aspen Insurance UK Services Limited, as may be amended from time to time. 
 (d) “Restricted Share
Units” means a Share-denominated unit with a value equal to the Fair Market Value of a specified number of Shares that is subject to vesting requirements. Restricted Share Units are bookkeeping units and do not represent ownership of Shares
or any other equity security. 
 (e) “Share” means an ordinary share, par value 0.15144558 cents per share, in
the capital of the Company. 
 8. Taxes. The Company shall make such provisions as are necessary or appropriate for the withholding of
all applicable taxes on this Grant, in accordance with Section 4(d) of the Plan. With respect to any minimum statutory tax withholding required upon vesting or payment of benefits hereunder, the Participant may elect to satisfy all or a portion
of such withholding requirement by having the Company withhold Shares. 
 9. Regulatory Compliance and Listing. The issuance or delivery
of any certificates representing Shares issuable pursuant to this Agreement may be postponed by the Committee for such period as may be required to comply with any applicable requirements under the federal or state securities laws, any applicable
listing requirements of any national securities exchange or the NASDAQ system, and any applicable requirements under any other law, rule or regulation applicable to the issuance or delivery of such Shares, and the Company shall not be obligated to
deliver any such Shares to the Participant if either delivery thereof would constitute a violation of any provision of any law or of any regulation of any governmental authority, any national securities exchange or the NASDAQ system, or the
Participant shall not yet have complied fully with the provisions of Section 8 hereof. 
 10. Bermuda Government Regulations. No
Shares shall be issued pursuant to this Agreement unless and until all licenses, permissions and authorizations required to be granted by the Government of Bermuda, or by any authority or agency thereof, shall have been duly received. 

11. Investment Representations and Related Matters. The Participant acknowledges and agrees that any sale or distribution of Shares issued
pursuant to this Agreement may be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), which registration statement has become effective
and is current with regard to the Shares being sold, or (b) a specific exemption from the registration requirements of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory to counsel
for the Company, prior to any such sale or distribution. The Participant hereby consents to such action as the Committee or the Company deems necessary or appropriate from time to time to prevent a violation of, or to perfect an exemption from, the
registration requirements of the Securities Act or to implement the provisions of this Agreement, including but not limited to placing restrictive legends on certificates evidencing Shares issued pursuant to this Agreement and delivering stop
transfer instructions to the Company’s stock transfer agent. 

  
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 12. Arbitration. In the event of any controversy between the Participant and the Company arising out
of, or relating to, the Plan or this Agreement 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. 

13. No Right To Continued Employment. This Agreement does not confer upon the Participant any right to continued Employment, nor shall it
interfere in any way with the right of the Participant’s employer to terminate the Participant’s Employment at any time for any reason or no reason. 
 14. Construction. The Plan and this Agreement will be construed by and administered under the supervision of the Committee, and all determinations of the Committee will be final and binding on the
Participant and the Company. 
 15. 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. 
 16. Failure to Enforce
Not a Waiver. The failure of either party hereto to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 

17. Governing Law. This Agreement shall be governed by and construed according to the laws of Bermuda, without regard to the conflicts of laws
provisions thereof. 
 18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original
but all of which together shall represent one and the same agreement. 
 19. Miscellaneous. This Agreement can be changed or terminated
only in a writing signed by both parties hereto. This Agreement and the Plan contain the entire agreement between the parties relating to the subject matter hereof. The section headings herein are intended for reference only and shall not affect the
interpretation hereof. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
written above. 
  

	
	ASPEN INSURANCE HOLDINGS LIMITED
	
	 /s/ Mike Cain

	Mike Cain
	Group General Counsel
	
	 /s/ John Worth

	John Worth

  
 5Exhibit 10.21

 Exhibit 10.21 

 
 

 
 ASPEN INSURANCE U.S. SERVICES, INC. 

DEFERRED COMPENSATION PLAN 
 Effective January 1, 2012 

 ASPEN INSURANCE U.S. SERVICES, INC. 

DEFERRED COMPENSATION PLAN 
 ARTICLE I - PURPOSE; EFFECTIVE DATE 
  

	1.1.	Purpose. The purpose of this ASPEN INSURANCE U.S. SERVICES, INC. Deferred Compensation Plan
(hereinafter, the “Plan”) is to provide a select group of management and highly compensated employees of ASPEN INSURANCE U.S. SERVICES, INC. and its selected subsidiaries and/or
affiliates, with supplemental retirement benefits due primarily to the limitations imposed on benefits payable under tax-qualified retirement plans . It is intended that this Plan, by providing this supplemental retirement benefit, will assist the
Company in retaining and attracting individuals of exceptional ability by providing them with these benefits. 

  

	1.2.	Effective Date. The Plan shall be effective as of January 1, 2012 and shall apply only to amounts earned and payable after January 1, 2012.

  

	1.3.	Plan Type. For purposes of §409A, this Plan shall be considered a nonelective account balance plan as defined in Treas. Reg. §1.409A
-1(c)(2)(i)(B), or as otherwise provided by the Code. 

 ARTICLE II - DEFINITIONS 

For the purpose of this Plan, the following terms shall have the meanings indicated, unless the context clearly indicates otherwise:

  

	2.1.	Account(s). “Account(s)” means the account or accounts maintained on the books of the Company used solely to calculate the amount payable to
each Participant under this Plan and shall not constitute a separate fund of assets. 

  

	2.2.	Beneficiary. “Beneficiary” means the person(s) designated by the Participant, entitled under Article VI to receive any Plan benefits payable
after the Participant’s death. 

  

	2.3.	Board. “Board” means the Board of Directors of the Company. 

 

	2.4.	Change in Control. “Change in Control” shall occur upon the first of the following events: 

 

	 	a)	Any direct or indirect acquisition by a “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended (“Act”)) after which the “person” or “group” is the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing more than thirty (30) percent of the combined voting power of the Company’s then outstanding securities entitled to vote in the election of the Board; provided, however, that “person” or “group” will not
include the Company, any entity under common control with the Company (within the meaning of Code Section 414), or any employee benefit plan of any entity described in this subsection (a); or, 

  
  

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	 	b)	The adoption or authorization by the shareholders of the Company of a definitive agreement or a series of related agreements for either the merger or other business
combination of the Company with or into another entity in which the shareholders of the Company immediately before the effective date of that merger or other business combination own less than fifty (50) percent of the voting power entitled to
be exercised in the election of the board of directors of the entity immediately after the effective date of that merger or other business combination; or for the sale or other disposition of all or substantially all of the assets of the Company; or

  

	 	c)	The adoption by the shareholders of the Company of a plan relating to the liquidation or dissolution of the Company. 

 

	2.5.	Code. “Code” means the Internal Revenue Code of 1986, as may be amended from time to time. Any reference in this Plan to “applicable
guidance”, “further guidance” or other similar term shall include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to or in connection with Section 409A by the U.S. Department of
Treasury or the Internal Revenue Service. 

  

	2.6.	Committee. “Committee” means the Committee appointed by the Board to administer the Plan pursuant to Article VII. The initial Committee shall be
the Aspen US Retirement Committee. 

  

	2.7.	Company. “Company” means ASPEN INSURANCE U.S. SERVICES, INC., a Massachusetts-based
corporation, and any directly or indirectly affiliated subsidiary corporations, any other affiliate designated by the Board, or any successor to the business thereof. 

 

	2.8.	Compensation. “Compensation” means the base salary only payable to and earned by a Participant with respect to employment services performed for
the Company by the Participant and considered to be “wages” for purposes of federal income tax withholding. For purposes of this Plan only, Compensation shall be calculated before reduction for any amounts deferred by the Participant
pursuant to the Company’s tax qualified plans which may be maintained under Section 401(k) or Section 125 of the Code, or pursuant to this Plan or any other non-qualified plan which permits the voluntary deferral of compensation.
Inclusion of any other forms of compensation is subject to Committee Approval. 

  

	2.9.	Contribution. “Contribution” means the contribution made by the Company and credited to a Participant’s Account under Section 4.4,
below, which may consist of Matching Contributions, Profit Sharing Contributions and Discretionary Contributions. Contributions shall be determined as provided by the Board. 

 

	2.10.	Determination Date. “Determination Date” means each calendar day. 

 

	2.11.	Discretionary Contribution. “Discretionary Contribution” means the Company contribution credited to a Participant’s Account(s) under
Section 4.3, below. 

  
  

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	2.12.	 Distribution Election. “Distribution Election” means the form prescribed by the Committee and completed by the Participant to
indicate the chosen form of payment for benefits under this Plan. The Distribution Election must be completed at a time and in a manner determined by the Committee, generally within thirty (30) days of becoming eligible to participate in this
Plan, but in no event will the Distribution Election be completed later than January 30th of the calendar year immediately following the first year in which the Participant has accrued a benefit under this Plan. 

 

	2.13.	Interest. “Interest” means the amount credited to or charged against a Participant’s Account(s) on each Determination Date, which shall be
based on: (1) the rate specified by the Committee in their sole discretion, or (ii) an independently established index specified by the Committee in their sole discretion. The initial Interest to be used shall be the London Interbank
Offered Rate (“LIBOR”), as published by Thomas Reuters Corporation on the last business day of December plus two percentage points (LIBOR plus 2%) and shall remain in effect for the following calendar year, or until changed by the
Committee in their sole discretion, if earlier. 

  

	2.14.	Matching Contribution. “Matching Contribution” means the Company contribution credited to a Participant’s Account(s) under
Section 4.3, below, as determined by the Committee in its sole discretion. 

  

	2.15.	Participant. “Participant” means any employee of the Company who is eligible, pursuant to Section 3.1, below, to participate in this Plan,
and is credited with a Contribution under this Plan in accordance with Section 4.3, below. Such employee shall remain a Participant in this Plan for the period of deferral and until such time as all vested benefits payable under this Plan have
been paid in accordance with the provisions hereof. 

  

	2.16.	Pension Plan. “Pension Plan” means the profit sharing plan maintained by the Company which permits voluntary deferrals under IRC §401(k),
or any other successor defined contribution plan maintained by the Company that qualifies under Section 401(a) of the Code and is intended to provide profit sharing contributions and permit voluntary deferrals as permitted by
Section 401(k) of the Code. 

  

	2.17.	Plan. “Plan” means this ASPEN INSURANCE U.S. SERVICES, INC. Deferred Compensation
Plan as may be amended from time to time. 

  

	2.18.	Profit Sharing Contribution. “Profit Sharing Contribution” means the Company contribution credited to a Participant’s Account(s) under
Section 4.3, below, as determined by the Committee in its sole discretion. 

  

	2.19.	Retirement. “Retirement” means the termination of a Participant’s employment with the Company, for reasons other than death or Disability,
on or after the earlier of the attainment of age 65 or the attainment of age fifty-five (55) with at least ten (10) Years of Service with the Company. 

 

	2.20.	Separation from Service. “Separation from Service”, “termination of employment”, or other similar term means the Participant’s
“separation from service” with the Company, for any reason, within the meaning of Section 409A of the Code, and Treas. Reg. §1.409A-1(h) and other applicable guidance. 

  
  

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	2.21.	Year(s) of Service. “Year(s) of Service” means the number of years of service as determined under the Pension Plan, a tax qualified retirement
plan maintained by the Company as it may be amended at any time, and any successor to it. 

 ARTICLE III -
ELIGIBILITY AND PARTICIPATION 
  

	3.1.	Eligibility and Participation. 

  

	 	(a)	Eligibility. Eligibility to participate in the Plan shall be limited to those select key employees of the Company who are designated and approved by the
Committee, and who make up a group of management or highly compensated employees consistent with maintaining this Plan as an Unfunded Plan as provided in Section 10.1. 

 

	 	(b)	Participation. An employee’s participation in the Plan shall be effective upon the employee first becoming eligible to participate, and the
completion and submission of any enrollment forms deemed necessary by the Committee. 

  

	3.2.	Change in Status. If the Committee determines that a Participant’s employment performance is no longer at a level that warrants reward through
participation in this Plan, but does not terminate the Participant’s employment with Company, the Participant’s existing deferral commitment, if any, shall terminate at the end of the deferral period, and no new deferral commitment may be
made by such Participant, if permitted by the terms of this Plan, after notice of such determination is given by the Committee, unless the Participant later satisfies the requirements of Section 3.1. 

 

	3.3.	Default Provisions. If a Participant does not take certain actions under this Plan, or if the action is not properly or timely taken, the following will
apply: 

  

	 	(a)	If no form of payment has been elected - treat as if five (5) annual installments were elected. 

ARTICLE IV - DEFERRED ACCOUNT 
  

	4.1.	Accounts. Any Contributions and Interest shall be credited to the Participant’s Account. This Account shall be used solely to calculate the amount
payable to each Participant under this Plan and shall not constitute a separate fund of assets. 

  
  

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	4.2.	Timing of Credits; Withholding. Any Contributions shall be credited to the Participant’s Account as provided in Section 4.3, or as otherwise
specified by the Committee. Any withholding of taxes or other amounts with respect to deferred Compensation that is required by local, state or federal law shall be withheld in accordance with applicable law from the Participant’s non-deferred
Compensation to the maximum extent possible, and any remaining amount shall reduce the amount of the Contributions credited to the Account in a manner specified by the Committee. 

 

	4.3.	Contributions. Contributions for each Participant shall be determined each year as provided by the terms of this Plan and shall be credited at such times
as determined by the Committee, but in no event will contributions be made later than as of December 31 with respect to amounts credited related to Compensation earned in that calendar year. A Participant must be employed by the Company on the
date that any Contributions are credited to the Participant’s Account. Unless otherwise specified by the Committee, the amount of such Contributions shall be equal to the sum of: 

 

	 	a)	Matching Contributions - an amount equal to (a) minus (b) where (a) is equal to the full amount of matching contributions that would have been
made to the account of the Participant under the Pension Plan, assuming that such Participant each year contributed the maximum amount of elective deferral contributions permitted thereunder with respect to such year, and (b) is equal to the
actual amount of matching contribution made to the Pension Plan with respect to such year. 

  

	 	b)	Profit Sharing Contributions - the Participant’s Compensation in the prior calendar year which is in excess of the Compensation Limit as defined in
§401(a)(17) of the Code applicable for such prior year multiplied by a percentage which is equal to the contribution percentage level applicable to profit sharing contributions under the Pension Plan applicable for such prior year;

  

	 	c)	Discretionary Contributions - any discretionary Contribution which the appropriate party under the terms of this Plan may, in its sole discretion, designate.

  

	4.4.	Determination of Accounts. Each Participant’s Account as of each Determination Date shall consist of the balance of the Account as of the immediately
preceding Determination Date, adjusted as follows: 

  

	 	a)	Company Contributions. Each Account shall be increased by any Contributions credited since such prior Determination Date as set forth above in this Article or as
otherwise directed by the Committee. 

  

	 	b)	Distributions. Each Account shall be reduced by the amount of each benefit payment made from that Account since the prior Determination Date.

  

	 	c)	Interest. Each Account shall be increased or decreased by the Interest credited to such Account since such Determination Date in a manner provided by the
Committee in its sole discretion. 

  
  

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	4.5.	Vesting of Accounts. Unless otherwise set forth below, each Participant shall be one hundred percent (100%) vested in the amounts credited to such
Participant’s Account and Interest thereon as follows: 

  

	 	a)	With respect to any Profit Sharing Contributions and Interest thereon, upon the completion of three (3) Years of Service; 

 

	 	b)	With respect to any Discretionary Contributions and Interest thereon, upon the completion of three (3) Years of Service or as may be provided by the Committee in
writing in their sole discretion; 

  

	 	c)	Attaining age sixty-five (65) while still employed with the Company; 

  

	 	d)	Death; and, 

  

	 	e)	Change of Control. 

 ARTICLE V
- PLAN BENEFITS 
  

	5.1.	Normal Payment. Unless otherwise provided by the Committee in writing prior to the commencement of participation, the vested portion of a
Participant’s Account shall be as distributed as soon as practical after the date that is six months following the date of the Participant’s Separation from Service. The form of benefit payment shall be that form selected by the
Participant in the first Distribution Election coincident with the initial crediting of amounts into the Account, and as permitted pursuant to Section 5.3 below, except that if the Participant terminates employment prior to Retirement, in which
event, the Account shall be paid in the form of a lump sum payment. If the Form of Payment selected provides for subsequent payments, subsequent payments shall be made on or about the anniversary of the initial payment. 

 

	5.2.	Death Benefit. Upon the death of a Participant prior to the commencement of benefits under this Plan or after commencement but prior to the complete
payment from the Account, the Company shall pay to the Participant’s Beneficiary an amount equal to the remaining unpaid vested Account balance in the form of a lump sum payment as soon as practical following the Participant’s death.

  

	5.3.	Form of Payment. Unless otherwise specified in this Article, the benefits payable from any Account under this Plan shall be paid in the form of benefit as
provided below, and specified by the Participant in the Distribution Election applicable to that Account at the time of the initial deferral or credit to that Account. The permitted forms of benefit payments are: 

 

	 	a)	A lump sum amount which is equal to the vested Account balance; and 

  

	 	b)	Annual installments for a period of up to ten (10) years where the annual payment shall be equal to the balance of the Account immediately prior to the payment,
multiplied by a fraction, the numerator of which is one (1) and the denominator of which commences at the number of annual payment initially chosen and is reduced by one (1) in each succeeding year. 

  
  

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	5.4.	Withholding; Payroll Taxes. The Company shall withhold from any payment made pursuant to this Plan any taxes required to be withheld from such payments
under local, state or federal law. 

  

	5.5.	Payments in Connection with a Domestic Relations Order. Notwithstanding anything else to the contrary, the Company may make distributions to someone other
than the Participant if such payment is necessary to comply with a domestic relations order, as defined in §414(p)(1)(B), involving the Participant. Where the domestic relations order permits discretion on the part of the non-Participant spouse
and such discretion has not been exercised, the Company shall distribute to the non-Participant spouse the amounts subject to the order as soon as practical. 

 

	5.6.	Limited Cash-Out. Notwithstanding anything else to the contrary, the Company, in its sole discretion, may require a lump sum distribution of a
Participant’s Account if such distribution results in the termination and liquidation of the entire Account and all agreements, methods, programs or other arrangements with respect to which deferrals of compensation are treated as having been
deferred under a single nonqualified deferred compensation plan under Treasury Regulation Section 1.409A-1(c)(2), provided that the aggregate distribution under the arrangements is not greater than the applicable dollar amount under Code
Section 402(g)(1)(B), as in effect in the year of distribution. 

  

	5.7.	Payment to Guardian. If a Plan benefit is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of the
property, the Committee may direct payment to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Committee may require proof of incompetency, minority, incapacity or guardianship as it
may deem appropriate prior to distribution. Such distribution shall completely discharge the Committee and Company from all liability with respect to such benefit. 

 

	5.8.	Effect of Payment. The full payment of the applicable benefit under this Article V shall completely discharge all obligations on the part of the Company
to the Participant (and the Participant’s Beneficiary) with respect to the operation of this Plan, and the Participant’s (and Participant’s Beneficiary’s) rights under this Plan shall terminate. 

 

	5.9.	Payments Upon Inclusion Under § 409A. The Company may accelerate the time or schedule of a payment to a Participant to pay an amount the Participant
includes in income as a result of the Plan failing to meet the requirements of Code Section 409A. Such payment shall not exceed the amount required to be included in income as a result of the failure to comply with Code Section 409A.

 ARTICLE VI - BENEFICIARY DESIGNATION 

 

	6.1.	 Beneficiary Designation. Each Participant shall have the right, at any time, to designate one (1) or more Beneficiaries (both
primary as well as secondary) to whom benefits under 

  
  

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this Plan and/or prior plans shall be paid in the event of Participant’s death prior to complete distribution of the Participant’s vested Account balance. Each Beneficiary designation
shall be in a written form prescribed by the Committee and shall be effective only when filed with the Committee during the Participant’s lifetime. 

  

	6.2.	Changing Beneficiary. Any Beneficiary designation may be changed by a Participant without the consent of the previously named Beneficiary by the filing of
a new Beneficiary designation with the Committee. 

  

	6.3.	No Beneficiary Designation. If any Participant fails to designate a Beneficiary in the manner provided above, if the designation is void, or if the
Beneficiary designated by a deceased Participant predeceases the Participant or dies before complete distribution of the Participant’s benefits, the Participant’s benefits under this Plan shall be payable to the Participant’s
surviving spouse, if any, or then to the Participant’s estate. 

  

	6.4.	Effect of Payment. Payment to the Beneficiary or the Participant’s estate shall completely discharge the Company’s obligations under this Plan.

 ARTICLE VII - ADMINISTRATION 

 

	7.1.	Committee; Duties. This Plan shall be administered by the Committee. The Committee shall have the authority to make, amend, interpret and enforce all
appropriate rules and regulations for the administration of the Plan and decide or resolve any and all questions, including interpretations of the Plan, as they may arise in such administration. A majority vote of the Committee members shall control
any decision. Members of the Committee may be Participants under this Plan. 

  

	7.2.	Agents. The Committee may, from time to time, employ agents, including employees of the Company, and delegate to them such administrative or other duties
as are required under the Plan and as it sees fit, and may from time to time consult with counsel who may be counsel to the Company. 

  

	7.3.	Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. 

 

	7.4.	Indemnity of Committee. The Company shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or
liability arising from any action or failure to act with respect to this Plan on account of such member’s service on the Committee, except in the case of such member’s gross negligence or willful misconduct. 

  
  

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 ARTICLE VIII - CLAIMS PROCEDURE 

 

	8.1.	Claim. Any person or entity claiming a benefit, requesting an interpretation or ruling under the Plan (hereinafter referred to as “Claimant”),
or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing as soon as practical, but in no event later than ninety (90) days after receiving the initial claim (or no later than
forty-five (45) days after receiving the initial claim regarding a Disability under this Plan). 

  

	8.2.	Denial of Claim. If the claim or request is denied, the written notice of denial shall state: 

 

	 	a)	The reasons for denial, with specific reference to the Plan provisions on which the denial is based; 

 

	 	b)	A description of any additional material or information required and an explanation of why it is necessary, in which event the time frames listed in section 8.1 shall
be one hundred and eighty (180) and seventy-five (75) days from the date of the initial claim respectively; and 

  

	 	c)	An explanation of the Plan’s claim review procedure. 

  

	8.3.	Review of Claim. Any Claimant whose claim or request is denied or who has not received a response within sixty (60) days (or one hundred and eighty
(180) days in the event of a claim regarding a Disability) may request a review by notice given in writing to the Committee. Such request must be made within sixty (60) days (or one hundred and eighty (180) days in the event of a
claim regarding a Disability) after receipt by the Claimant of the written notice of denial, or in the event Claimant has not received a response sixty (60) days (or one hundred and eighty (180) days in the event of a claim regarding a
Disability) after receipt by the Committee of Claimant’s claim or request. The claim or request shall be reviewed by the Committee which may, but shall not be required to, grant the Claimant a hearing. On review, the claimant may have
representation, examine pertinent documents, and submit issues and comments in writing. 

  

	8.4.	Final Decision. The decision on review shall normally be made within sixty (60) days (or forty-five (45) days in the event of a claim regarding
a Disability) after the Committee’s receipt of claimant’s claim or request. If an extension of time is required for a hearing or other special circumstances, the Claimant shall be notified and the time limit shall be one hundred twenty
(120) days (or ninety (90) days in the event of a claim regarding a Disability). The decision shall be in writing and shall state the reasons and the relevant Plan provisions. All decisions on review shall be final and bind all parties
concerned. 

  
  

10  |  Page 

 ARTICLE IX - AMENDMENT AND TERMINATION OF PLAN 

 

	9.1.	Amendment. The Company, acting through the Board or the Board’s authorized delegate, may at any time amend the Plan in whole or in part by written
instrument, notice of which is given to all Participants and to any Beneficiary receiving installment payments, provided, however, that no amendment shall reduce the amount accrued in any Account as of the date such notice of the amendment is given.
Notwithstanding the foregoing or any provision of the Plan to the contrary, the Company may at any time (in its sole discretion and without the consent of any Participant) modify, amend or terminate any or all of the provisions of this Plan or take
any other action, to the extent necessary or advisable to conform the provisions of the Plan with Section 409A of the Code, the regulations issued thereunder or an exception thereto, regardless of whether such modification, amendment or
termination of this Plan or other action shall adversely affect the rights of a Participant under the Plan. Termination of this Plan shall not be a distribution event under the Plan unless otherwise permitted under Section 409A.

  

	9.2.	Termination of the Plan. The Board may, in its sole discretion, terminate the entire Plan, and require distribution of all benefits due under the Plan or
portion thereof, provided that: 

  

	 	a)	The termination of the Plan does not occur proximate to a downturn in the financial health, as determined by the Committee, of the Company; 

 

	 	b)	The Company also terminates all other plans or arrangements which are considered to be of a similar type as defined in Treas. Reg. §1.409A -1(c)(2)(i), or as
otherwise provided by the Code, as this Plan; 

  

	 	c)	No payments made in connection with the termination of the Plan shall occur earlier than 12 months following the Plan termination date other than payments the Plan
would have made irrespective of Plan termination; 

  

	 	d)	All payments made in connection with the termination of the Plan are completed within 24 months following the Plan termination date; 

 

	 	e)	The Company does not establish a new plan of a similar type as defined in Treas. Reg. §1.409A -1(c)(2)(i), within 3 years following the Plan termination date; and,

  

	 	f)	The Company meets any other requirements deemed necessary to comply with provisions of the Code and applicable regulations which permit the acceleration of the time and
form of payment made in connection with plan terminations and liquidations. 

  
  

11  |  Page 

 ARTICLE X - MISCELLANEOUS 

 

	10.1.	Unfunded Plan. This Plan is an unfunded and unsecured plan maintained primarily to provide deferred compensation benefits for a select group of
“management or highly-compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and therefore is exempt from the provisions of Parts
2, 3 and 4 of Title I of ERISA. 

  

	10.2.	Company Obligation. The obligation to make benefit payments to any Participant under the Plan shall be an obligation solely of the Company with respect to
the deferred Compensation receivable from, and contributions by, the Company and shall not be an obligation of another company. 

  

	10.3.	Unsecured General Creditor. Neither the Company nor this Plan gives the Participant any beneficial ownership interest in any assets of the Company. To the
extent that any Participant or Beneficiary or other person acquires a right to receive payments under the Plan, such right shall be no greater than the right, and each Participant and Beneficiary shall at all times have the status, of a general
unsecured creditor of the Company. 

  

	10.4.	Nonalienation/Nonassignability. Except as may be required by law, neither the Participant nor any Beneficiary shall have the right to, directly or
indirectly, alienate, assign, transfer, pledge, anticipate or encumber (except by reason of death) any amount that is or may be payable hereunder, including in respect of any liability of a Participant or Beneficiary for alimony or other payments
for the support of a spouse, former spouse, child or other dependent, prior to actually being received by the Participant or Beneficiary hereunder, nor shall the Participant’s or Beneficiary’s rights to benefit payments under the Plan be
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or Beneficiary or to the debts, contracts, liabilities, engagements, or torts of any
Participant or Beneficiary, or transfer by operation of law in the event of bankruptcy or insolvency of the Participant or any Beneficiary, or any legal process. 

 

	10.5.	Not a Contract of Employment. This Plan shall not constitute a contract of employment between Company and the Participant. Nothing in this Plan shall give
a Participant the right to be retained in the service of Company or to interfere with the right of the Company to discipline or discharge a Participant at any time. 

 

	10.6.	Protective Provisions. A Participant will cooperate with Company by furnishing any and all information requested by Company, in order to facilitate the
payment of benefits hereunder, and by taking such physical examinations as Company may deem necessary and taking such other action as may be requested by Company. 

  
  

12  |  Page 

	10.7.	Governing Law. The provisions of this Plan shall be construed and interpreted according to the laws of the State of Massachusetts, without regard to
conflicts of laws principles, except as preempted by federal law. 

  

	10.8.	Validity. If any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining
parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein. 

  

	10.9.	Notice. Any notice required or permitted under the Plan shall be sufficient if in writing and hand delivered or sent by registered or certified mail or
recognized overnight delivery service. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the third business day following the date shown on the postmark on the receipt for registration or
certification. Mailed notice to a Participant or Beneficiary shall be directed to the individual’s last known address in Company’s records. 

  

	10.10.	Successors. The provisions of this Plan shall bind and inure to the benefit of Company and its successors and assigns. The term successors as used herein
shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of Company, and successors of any such corporation or other
business entity. 

  

			
	ASPEN INSURANCE U.S. SERVICES, INC.
		
	BY:	 	 /s/ J. Mark Jones

		
	Name:	 	J. Mark Jones
		
	Title:	 	Chief Financial Officer
		
	DATED:	 	 1/8/2013

  
  

13  |  Page

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