Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FIRST
AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of February 15, 2017, 

by and among 
 POPEYES
LOUISIANA KITCHEN, INC., 
 as the Borrower, 

the Domestic Subsidiaries of the Borrower party hereto, 

as the Guarantors, 
 the Lenders
party hereto, 
 as Lenders, 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, 
 Swingline
Lender and Issuing Lender 
 BANK OF AMERICA, N.A., 

as Syndication Agent 
 CAPITAL
ONE, N.A. 
 and 
 REGIONS
BANK, 
 as Co-Documentation Agents 

WELLS FARGO SECURITIES, LLC 

and 
 MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, 
 as Joint Lead Arrangers and Joint Bookrunners 

CID Number: 000010703 

 THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of February 15, 2017, is by and among POPEYES LOUISIANA KITCHEN, INC., a Minnesota corporation (the “Borrower”), the Guarantors party hereto, WELLS FARGO BANK, NATIONAL
ASSOCIATION, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”), and the Lenders party hereto. 

W I T N E S E T H 

WHEREAS, the Borrower, the Guarantors, certain banks and financial institutions from time to time party thereto (the
“Lenders”) and the Administrative Agent are parties to that certain Amended and Restated Credit Agreement dated as of January 22, 2016 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the
“Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement); 

WHEREAS, the Borrower has requested that the Lenders (i) increase the aggregate amount of the Revolving Credit Commitments to $400
million pursuant to Section 5.13 of the Credit Agreement and (ii) make certain other amendments to the Credit Agreement as set forth herein; 

WHEREAS, concurrently with the effectiveness of this Amendment, each of (i) Cadence Bank, N.A., (ii) Compass Bank,
(iii) First Tennessee Bank National Association and (iv) PNC Bank, National Association (collectively, the “New Lenders”) has agreed to become a Lender under the Credit Agreement and the Lenders party hereto (including the
New Lenders) have agreed to provide such increase to the aggregate amount of the Revolving Credit Commitments (the “Incremental Loan Commitments”) to the Borrower, as set forth in Sections 2.1 and 2.2 hereof in the
amounts and subject to the conditions set forth herein; 
 WHEREAS, the Lenders party hereto have agreed to amend the Credit
Agreement, in each case subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 AMENDMENT TO
CREDIT AGREEMENT 
 As of the First Amendment Effective Date (as hereinafter defined), the Credit Agreement is hereby amended in the
following respects: 

  
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 1.1       Amendment to the definition of “Revolving
Credit Commitment”.     The last two sentences in the definition of “Revolving Credit Commitment” in Section 1.1 of the Credit Agreement are hereby amended in their entireties to read as
follows: 
 The aggregate Revolving Credit Commitments of all the Lenders on the First Amendment Effective Date are
$400,000,000. The Revolving Credit Commitment of each Lender as of the First Amendment Effective Date is set forth opposite the name of such Lender on Schedule 2.1. 

1.2       Amendment to Section 1.1.     The following new definition is
hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order to read as follows: 

“First Amendment Effective Date” means February 15, 2017. 

1.3       Amendment to Section 8.13(b).     Section 8.13(b) of the
Credit Agreement is hereby amended in its entirety to read as follows: 
 (b)       If any
material assets are acquired by the Borrower or any Guarantor after the Closing Date (other than (i) assets constituting Collateral under the Collateral Agreement that become subject to the Lien of the Collateral Agreement upon acquisition
thereof and (ii) any fee owned real property assets), the Borrower will notify the Administrative Agent thereof, and, if requested by the Administrative Agent or the Required Lenders, the Borrower will cause such assets to be subjected to a
Lien securing the Obligations and will take, and cause the Guarantors to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, including actions described in paragraph
(a) of this Section, all at the expense of the Credit Parties. 
 1.4       Amendment to Schedule
2.1. Schedule 2.1 to the Credit Agreement is hereby amended and restated in its entirety to read as provided on Schedule 2.1 attached hereto. 

ARTICLE II 
 LENDER
JOINDER AND 
 INCREMENTAL LOAN COMMITMENTS 

2.1       Lender Joinder.     Each New Lender, by its execution of this
Amendment, hereby acknowledges, agrees and confirms (i) its Revolving Credit Commitment in an aggregate amount for such New Lender as set forth on Schedule 2.1 attached hereto and its obligation to make its portion of the Revolving
Credit Loans to the Borrower from time to time in accordance with the provisions of the Credit Agreement and (ii) that such New Lender will, as of the First Amendment Effective Date, be a party to the Credit Agreement and be bound by the
provisions of the Credit Agreement and have the rights and obligations of a Lender thereunder. 
 2.2      
Incremental Loan Commitments.     Each Lender providing an Incremental Loan Commitment hereunder (including the New Lenders), by its execution of this Amendment, 

  
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hereby acknowledges, agrees and confirms its Revolving Credit Commitment in the aggregate principal amount for such Lender as set forth on Schedule 2.1 attached hereto (which includes the
Incremental Loan Commitments for such Lender) and its obligation to make its portion of the Revolving Credit Loans to the Borrower from time to time in accordance with the provisions of the Credit Agreement. Each of the parties hereto acknowledges
and agrees that, after giving effect to this Amendment, the Borrower shall have established all of the Incremental Loan Commitments permitted under Section 5.13 of the Credit Agreement and thereafter there shall be no additional Incremental
Loan Commitments established or Incremental Term Loans made pursuant to Section 5.13 of the Credit Agreement. 
 ARTICLE III 

CONDITIONS 

3.1       Closing Conditions.     This Amendment shall be deemed effective as
of the date set forth above (the “First Amendment Effective Date”) upon satisfaction of the following conditions (in form and substance reasonably acceptable to the Administrative Agent): 

(a)       Executed Amendment.     The Administrative Agent shall have
received a copy of this Amendment duly executed by each of the Credit Parties, the Administrative Agent and the Required Lenders (including the Lenders providing Incremental Loan Commitments and the New Lenders). 

(b)       Closing Certificates; Etc.     The Administrative Agent
shall have received each of the following in form and substance reasonably satisfactory to the Administrative Agent: 

(i)       Officer’s Certificate.     A certificate from a
Responsible Officer of the Borrower to the effect that (A) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing and (B) each of the representations and warranties of the Credit Parties
contained in the Credit Agreement are true, correct and complete in all material respects, except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect, in which case, such
representation and warranty shall be true, correct and complete in all respects, as of the date hereof (except for any such representation and warranty that by its terms is made only as of an earlier date, which representation and warranty shall
remain true and correct as of such earlier date). 
 (ii)      Officer’s Compliance
Certificate.     An Officer’s Compliance Certificate from the Borrower demonstrating that the Borrower is in compliance on a pro forma basis with the Financial Covenants both before and after giving effect to
(1) the Incremental Loan Commitments set forth herein, (2) the making of any Incremental Loan pursuant thereto and (3) any Permitted Acquisition consummated in connection therewith (if any). 

  
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 (iii)     Certificate of Secretary of each Credit
Party.     A certificate of a Responsible Officer of each Credit Party (A) certifying that such Credit Party has not modified its articles of incorporation or bylaws since the Closing Date or, if such documents have not
previously been delivered or have been so modified, attaching copies of such documents and (B) resolutions duly adopted by the board of directors (or other governing body) of such Credit Party authorizing and approving this Amendment and the
execution, delivery and performance of this Amendment. 
 (iv)     Certificates of Good
Standing.     Certificates as of a recent date of the good standing of each Credit Party under the laws of its jurisdiction of organization. 

(v)      Opinions of Counsel.     Favorable opinions of counsel to the
Credit Parties addressed to the Administrative Agent and the Lenders with respect to the Credit Parties and this Amendment executed in connection herewith and such other matters as the Lenders shall request (which such opinions shall expressly
permit reliance by permitted successors and assigns of the addressees thereof). 
 (c)      
Note.     The Borrower shall have executed and delivered to each New Lender a Revolving Credit Note. 

(d)       Upfront Fees.     The Administrative Agent shall have
received, for the account of each Lender providing an Incremental Loan Commitment hereunder, an upfront fee in an amount equal to 25 basis points on the aggregate amount the Incremental Loan Commitment of such Lender. 

(e)       Other Fees and Out of Pocket Costs.     The Borrower shall
have paid any and all reasonable out-of-pocket costs incurred by the Administrative Agent (including the fees and expenses Moore & Van Allen PLLC as legal counsel to the Administrative Agent), and all other fees and other amounts payable to
the Administrative Agent, in each case in connection with the negotiation, preparation, execution and delivery of this Amendment. 

ARTICLE IV 

MISCELLANEOUS 

4.1       Amended Terms.     On and after the date hereof, all references to
the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall
remain in full force and effect according to its terms. 

  
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 4.2       Representations and Warranties of the Credit
Parties.     Each of the Credit Parties represents and warrants as follows: 

(a)       Each Credit Party has all requisite power and authority and has taken all necessary
corporate and other action, to authorize the execution, delivery and performance of this Amendment in accordance with its terms. 

(b)       This Amendment has been duly executed and delivered by the duly authorized officers of
each Credit Party that is a party hereto and constitutes the legal, valid and binding obligation of each Credit Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

(c)       No consent or authorization of, filing with, or other act in respect of, an arbitrator
or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment. 

(d)       After giving effect to this Amendment, the representations and warranties set forth in
the Loan Documents are true and correct in all material respects as of the date hereof (except for (i) those which expressly relate to an earlier date and (ii) those that are qualified by materiality or reference to Material Adverse
Effect, which are true and correct in all respects). 
 (e)       After giving effect to this
Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default. 

(f)       The Security Documents continue to create a valid security interest in, and Lien upon,
the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Security Documents and prior to all Liens other than Permitted Encumbrances.

 (g)       Except as specifically provided in this Amendment, the Obligations of the Credit
Parties are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims. 

4.3       Reaffirmation of Obligations.     Each Credit Party hereby ratifies
the Credit Agreement and each other Loan Document to which it is a party and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and each other Loan Document to which it is a party applicable to it and
(b) that it is responsible for the observance and full performance of its respective obligations under the Loan Documents. 

4.4       Loan Document.     This Amendment shall constitute a Loan Document
under the terms of the Credit Agreement. 

  
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 4.5       Expenses.     The
Borrower agrees to pay all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative
Agent’s legal counsel. 
 4.6       Entirety.     This Amendment and
the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

4.7       Counterparts; Telecopy.     This Amendment may be executed in any
number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy or other electronic means
shall be effective as delivery of a manually executed counterpart of this Amendment. 
 4.8      
GOVERNING LAW.     THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

4.9       Successors and Assigns.     This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective permitted successors and assigns. 
 4.10    
Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.     The jurisdiction, services of process and waiver of jury trial provisions set forth in Sections 12.5 and 12.6 of the Credit Agreement are
hereby incorporated by reference, mutatis mutandis. 
 [Signature pages to follow] 

  
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 IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date
first above written. 
  

							
	BORROWER:	 		 	POPEYES LOUISIANA KITCHEN, INC.,
		 		 	a Minnesota corporation
				
		 		 	By:	 	/s/ William P. Matt
		 		 	Name:	 	William P. Matt
		 		 	Title:	 	Chief Financial Officer
			
	GUARANTOR:	 		 	AFC PROPERTIES, INC.,
		 		 	a Georgia corporation
				
		 		 	By:	 	/s/ William P. Matt
		 		 	Name:	 	William P. Matt
		 		 	Title:	 	Treasurer

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

							
	AGENT AND LENDERS:	 		 	WELLS FARGO BANK, NATIONAL
		 		 	ASSOCIATION, as Administrative Agent,
		 		 	Swingline Lender, Issuing Lender and Lender
				
		 		 	By:	 	/s/ Maureen S. Malphus
		 		 	Name:	 	Maureen S. Malphus
		 		 	Title:	 	Vice President

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 
			
	BANK OF AMERICA, N.A., as Lender
		
	By:	 	/s/ Anthony Luppino
	Name:	 	Anthony Luppino
	Title:	 	Vice President

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 
			
	CAPITAL ONE, N.A., as Lender
		
	By:	 	/s/ Kiel Johnson
	Name:	 	Kiel Johnson
	Title:	 	Vice President

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 
			
	REGIONS BANK, as Lender
		
	By:	 	/s/ Scott C. Tocci
	Name:	 	Scott C. Tocci
	Title:	 	Managing Director

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 
			
	CADENCE BANK, N.A., as Lender
		
	By:	 	/s/ John M. Huss
	Name:	 	John M. Huss
	Title:	 	Managing Director

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 
			
	COMPASS BANK, as Lender
		
	By:	 	/s/ Mike Mitchell
	Name:	 	Mike Mitchell
	Title:	 	Senior Vice President

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 
			
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION, as Lender
		
	By:	 	/s/ Todd S. Jones
	Name:	 	Todd S. Jones
	Title:	 	Authorized Signatory

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as Lender
		
	By:	 	/s/ Robb Hoover
	Name:	 	Robb Hoover
	Title:	 	Vice President

 POPEYES LOUISIANA KITCHEN, INC. 

FIRST AMENDMENT 

 SCHEDULE 2.1 

Commitments 
  

					
	Lender	 	    Revolving Credit    
Commitment	  	Commitment
Percentage
	 	 	 
	
Wells Fargo Bank, National Association
  
	 	$80,000,000.00	  	20.000000000%
	 	 	 
	
Bank of America, N.A.
  
	 	$80,000,000.00	  	20.000000000%
	 	 	 
	
Capital One, N.A.
  
	 	$55,000,000.00	  	13.750000000%
	 	 	 
	
Regions Bank
  
	 	$55,000,000.00	  	13.750000000%
	 	 	 
	
Compass Bank
  
	 	$30,000,000.00	  	7.5000000000%
	 	 	 
	
First Tennessee Bank National Association
  
	 	$30,000,000.00	  	7.5000000000%
	 	 	 
	
PNC Bank, National Association
  
	 	$30,000,000.00	  	7.5000000000%
	 	 	 
	
Fifth Third Bank
  
	 	$25,000,000.00	  	6.250000000%
	 	 	 
	
Cadence Bank, N.A.
  
	 	$15,000,000.00	  	3.750000000%
	 	 	 
	
TOTAL:
  
	 	$400,000,000.00	  	100.000000000%Exhibit

Exhibit 10.13
ASPEN INSURANCE UK SERVICES LIMITED
TERMS AND CONDITIONS OF EMPLOYMENT

		
	(1)
	Thomas Lillelund of [Address Intentionally Omitted] ("you"); and

		
	(2)
	ASPEN INSURANCE UK SERVICES LIMITED incorporated in England and Wales (Registered Number 4270446) whose registered office is at 30 Fenchurch Street, London, EC3M 3BD (the "Company"). 

		
	1.
	INTRODUCTION

		
	(a)
	Your employer will be Aspen Insurance UK Services Limited (the "Company").

		
	(b)
	You will serve the Group as Principle Officer, Asia Pacific and Singapore. The job title is subject to MAS approval. 

		
	(c)
	Your salary will be $325,000 (US dollars) net of tax per annum, paid in accordance with clauses 5.1 and 5.2.  

		
	(d)
	Your normal place of work will be 80 Raffles Place, # 36-00, UOB Plaza 1, Singapore, 048624. The Company reserves the right to require you to work elsewhere if the interests of the Company's business so require.  In addition, you may be expected to work and travel outside of Singapore and abroad from time to time.

		
	(e)
	The commencement date of your employment under the Terms and Conditions of Employment (the “Agreement”) is to be agreed, subject to clause 1.2 and the satisfactory completion of the pre-employment assessment process.

		
	(f)
	You will report to Heather Goodhew, Head of International Property Facultative & Head of Business Development, Emerging Markets but the 

1

Company reserves the right to change your reporting arrangements at any time. 
		
	(g)
	Your notice period will be as set out in clause 16.

		
	(h)
	Your normal retirement age will be in accordance with that prescribed in the Retirement Age Act, Chapter 274A, Singapore Statutes. 

		
	(i)
	Subject to clause 4, your normal hours of work will be from 9.00 a.m. to 5.00 p.m.

		
	(j)
	Subject to clause 7, you shall be entitled to 25 days' leave.

		
	(k)
	Your probationary period will be six months. The Company reserves the right to extend your probation for such period(s) as it may consider appropriate.  Your probation shall be deemed to be extended unless and until you receive written confirmation that it has ended from the Company.

		
	1.1
	DEALING CODE

If at any time you wish to deal in shares of any Group Company you must contact the General Counsel to obtain consent.
		
	1.2
	PRE CONDITIONS

Your employment is conditional upon:
		
	(a)
	you continuing to hold a work permit to ensure you have the right to work in Singapore.

		
	(b)
	the satisfactory completion of the pre-employment background checks process and the pre-employment assessment process.

		
	(c)
	you obtaining registration with any relevant authority, including the Monetary Authority of Singapore, which may be necessary and in the event that your registration is revoked or amended so that you are not permitted to carry out your duties you will be liable to be summarily dismissed. The Company reserves the right to do this notwithstanding any right of appeal you may have.

2

		
	(d)
	you obtaining a release from any obligations to your previous employer which would prevent you from commencing employment with the Company.

These terms will apply mutatis mutandis in the event of any alteration to the scope of your duties requiring further registration.
		
	2.
	SCOPE OF DUTIES

To devote your full time and attention at work to your job, to follow instructions and directions properly given to you, to promote the interests and profitability of the Company and the Group and not do anything which might damage their interests. 
		
	3.
	VARIATION OF WORK

You may be expected to accept variation in the content of your job should the Company so require subject to, first, any such variation being consistent with the type of work applicable to the job title in this statement, and secondly, being on terms no less favourable than are applicable to the job title in this statement.
		
	4.
	HOURS 

Your normal hours of work will be 9.00 a.m. to 5.00 p.m., together with such additional hours as may be necessary without additional remuneration for the proper discharge of your duties to the satisfaction of the person to whom you report. We acknowledge that the nature of your duties are such that you may keep irregular hours and may not always be present at the office or indeed at work during those normal hours. 
		
	5.
	SALARY AND BONUS

		
	5.1
	METHOD

Your salary shall be paid monthly in arrears direct for the credit of your bank account, less any statutory deductions, such as the Employee's share of Central Provident Fund contributions. Such salary will be subject to an annual review at the sole discretion of the Company.

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	5.2
	DATE

Normally your salary will be paid on or before the last working day of the month concerned.
		
	5.3
	BONUS

You shall be eligible for a bonus, net of tax, of such amounts (if any) at such times and subject to such conditions as the Compensation Committee of the Board may in its absolute discretion decide.
		
	6.
	EXPENSES

Reasonable business expenses properly incurred in the course of your duties will be reimbursed promptly on production of a receipt, invoice or other acceptable evidence of the sum claimed. Any claim for expenses must be validated by the person to whom you report before payment.
		
	7.
	LEAVE ENTITLEMENT 

You will be entitled without loss of remuneration to 25 days leave for each calendar year (in addition to public holidays in Singapore). Holidays for new employees for the year in which they join will normally be on a pro rata basis.
You must agree the dates of your holiday in advance with your Manager, Director or the person to whom you report so that your responsibilities and work are properly covered at all times. 
When on holiday or away from work for any other reason, you must leave a telephone number at which you can be contacted in the unlikely event that this should prove necessary.
Holidays not taken in one calendar year cannot normally be carried forward to the next year, nor will payment in lieu be made.
On termination of employment you will be paid for any outstanding accrued holiday and a deduction for holiday taken in excess of entitlement will be made. This will be calculated on the basis of 1/260th of your salary for each day.

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Any compassionate leave granted (e.g. to attend a funeral of a close relative) must be authorised by your Manager, Director or the person to whom you report.
		
	8.
	SICKNESS ABSENCE AND SICK PAY

		
	8.1
	You are allowed paid sick leave not exceeding:-

		
	(a)
	14 days in each completed year of service if no hospitalisation is necessary;

		
	(b)
	60 days in each completed year of service if hospitalisation is necessary.

		
	8.2
	Sick leave must be supported by a certificate issued by a registered medical practitioner from a Government outpatient clinic or hospital. This is to be renewed at appropriate intervals.

		
	8.3
	You must inform the person to whom you report by telephone as early as possible during the first working day of the period of absence. This must be done by you in person unless the situation renders it impossible and then it may be undertaken on your behalf by a member of your family. An indication of the expected date of return should also be given.

		
	8.4
	The Company may, at any time, require you to undergo a medical examination by a practitioner of the Company's choice. The cost of such examination will be the responsibility of the Company. The guidelines on the periods of sick leave are as follows:

		
	(a)
	Should you be absent for short periods on a recurring basis or for a continuous period of several weeks, the situation will be kept under review by the person to whom you report in consultation with the Human Resources Department.

		
	(b)
	In the event of a protracted period of ill health the Company will continue to pay you during absence from work for a maximum period of two months and thereafter subject to the discretion of the Company.

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	9.
	HOME LEAVE

You and each member of your family will be entitled to one home leave trip per year, flying business class valued in total at a maximum of $15,000 (US dollars). 
		
	10.
	HOUSING ALLOWANCE

You shall receive a monthly housing allowance, net of tax, of $11,000 (Singapore dollars) per month. As this is a subsidy, you should understand that your housing expenses may exceed this amount and that you will be responsible for meeting any excess. 
		
	11.
	SCHOOL FEES ALLOWANCE

Should you have children and you continue to remain working for the Company within the Asia & Pacific region, the Company will consider reimbursing you for reasonable school fees. This will be discussed and agreed with you at the relevant time.
		
	12.
	PENSION AND CENTRAL PROVIDENT FUND

You are eligible to become a member of the Aspen UK Pension Scheme (details below) The Company will also make contributions into the Central Provident Fund in Singapore if it proves mandatory to do so.
		
	12.1
	You will be eligible to become a member of the Aspen UK Pension Scheme (the "Scheme"). Your membership of the Scheme shall be subject to the Trust Deed and Rules as may be amended from time to time, including conditions relating to risk and benefits and the powers of amendment and termination.   

		
	12.2
	Employer contributions are based on a rate for age scale. At your current age this will be 10.5%. The contributions made into the Aspen UK Pension Scheme will be based on a UK notional salary of £180,000. Your notional salary will be reviewed on an annual basis. To participate in the scheme, you will be expected to contribute 3% of notional salary. 

		
	12.3
	The Company shall provide you with medical insurance, permanent health insurance, personal accident insurance and life assurance (subject to the relevant insurers' terms and conditions).  The Board shall have the right to change the 

6

arrangements for the provision of such benefits as it sees fit or if in the reasonable opinion of the Board the Company is unable to secure any such insurance under the rules of any applicable scheme or otherwise at reasonable rates to cease to provide any or all of the insurance.
		
	12.4
	You agree that, if the Company provides you with any insured benefits, the Company will have no responsibility for the decisions taken by the insurers about any claim by the Company or you and that there are no circumstances in which the Group can be liable to you for any such insured benefits, or loss of such insured benefits, which the insurers have declined to pay for whatever reason.  Any such insured benefits will be subject always to the terms of the relevant insurance policy between the Company and the insurer. 

		
	12.5
	If applicable, you will receive a statement showing monthly deductions for your share of Central Provident Fund (“CPF”) contributions, personal contributions, and any other special deductions from salary.

		
	13.
	CONFIDENTIALITY OF INFORMATION

The Company specifically regards as confidential all information which is not in the public domain about the Company and the Group relating to customers, clients, brokers, premiums, discounts and renewal dates and any other information relating to the Company's and Group's activities which may reasonably be regarded as confidential.
It is a breach of this Agreement to make use of confidential information for your own purposes or to disclose confidential information to anyone else other than in the proper course of your employment. Such a breach will normally lead to your summary dismissal.
The obligation not to make use of, or disclose to others, confidential information will continue to be binding on you at law after you leave the employ of the Company.
		
	14.
	COMPANY RULES AND POLICIES

The Company’s Codes of Conduct are attached to this Agreement. A failure on your part to observe the Company's Codes of Conduct properly will be dealt with in accordance with the disciplinary procedure.  The Codes of Conduct are for guidance only and do not form part of your contractual terms. The Company plans to introduce 

7

detailed policies for all employees at the Singapore branch office. You will be provided with details of this once this is completed.
		
	15.
	GRIEVANCE POLICY

If you have a complaint, problem or grievance associated with your employment, the matter should be raised with your immediate Manager, Director or the person to whom you report to so that it can be cleared up as quickly as possible.
In the event that you do not consider that it has been satisfactorily resolved then you may raise it with the next level in the management structure. The ultimate authority is with the Group Head of Human Resources who may deal with it personally or nominate a Director or Manager, not previously involved, to deal with the case on his behalf.  
The aim of the procedure is to ensure a speedy and, wherever possible, informal resolution to your grievance.
		
	16.
	TERMINATION AND NOTICE

Your employment with the Company can be terminated by either you or the Company in accordance with the notice provisions detailed below.
		
	16.1
	You are entitled to receive, and are required to give, six months' notice in order to terminate your employment. 

		
	16.2
	The Company reserves the right in its absolute discretion to terminate your employment under clause 16.1 with immediate effect by making a payment to you in lieu of notice. 

		
	16.3
	Notwithstanding anything contained herein, the Company shall be entitled at any time to terminate your employment with immediate effect and without any payment or compensation whatsoever should you:

		
	(i)
	commit any serious or persistent breach of any of the terms of your employment; 

		
	(ii)
	be guilty of any grave misconduct or wilful neglect in the discharge of your duties;

8

		
	(iii)
	become bankrupt or make any arrangement or composition with your creditors;

		
	(iv)
	be convicted of any criminal offence involving dishonesty or fraud;

		
	(v)
	become incapacitated by injury, ill-health or other cause from performing your duties for three (3) consecutive months in any period of twelve (12) months and for the purposes of this sub-clause (v), a certificate from a registered medical practitioner that you will be unable to perform your duties for such period will be deemed to be incapacity;

		
	(vi)
	become of unsound mind; 

		
	(vii)
	be guilty of conduct tending to bring yourself or the Company into disrepute; or

		
	(viii)
	fail to hold a work permit to enable you to legally work in Singapore, for any reason whatsoever.

		
	16.4
	Upon termination of your employment:

		
	(i)
	you shall immediately and without claim for compensation resign from all positions and offices held in the Company or any of its related corporations;

		
	(ii)
	you shall deliver to the Company in proper order and condition all books, documents, papers, materials and any other property or assets relating to the business or affairs of the Company which may then be in your possession or control; and

		
	(iii)
	you shall not at any time thereafter represent yourself as being in any way connected with the business of the Company or any or its related corporations.

Your obligations under clause 13 (Confidentiality of Information) and clause 17 (Restrictive Covenants) shall continue in force after termination of the employment of the Employee with the Company. The termination of employment shall be without prejudice to any right of action already accrued to the Company in respect of any breach or default by the Employee

9

		
	16.5
	During any period of notice given by you pursuant to clause 16.1 or during any period not exceeding three months from the date of notice being given by the Company pursuant to clause 16.1 the Company shall be under no obligation to assign to or vest in you any powers, duties or functions or to provide any work for you and may at any time exclude you from any premises of the Company.  During any such period of exclusion the Company shall have the right to require you not to speak to or otherwise communicate with any director or employee of the Company or any Associated Corporation or any person, firm or company, who at the date of such exclusion is a client or customer of the Company or any Associated Corporation, about any matter or thing relating to the business or affairs or finances of the Company or any Associated Corporation or of any such client or customer of the Company or any Associated Corporation.

		
	16.6
	In the event of gross misconduct the Company has the right to dismiss you summarily without notice.

		
	17.
	RESTRICTIVE COVENANTS 

		
	17.1
	SCOPE OF RESTRICTIVE COVENANTS

Without prejudice to clause 17.2, during your employment and in the case of each of the clause 17.1 (a)-(d) for the periods set out at the start of each paragraph after the termination of your employment less (in the case of clause 17.1(a)) any period during which you are not required to attend for work pursuant to clause 16.5, you will not (except with prior written consent of a Director) directly or indirectly do or attempt to do any of the following:
		
	(a)
	for a period equal to your notice period, to any material extent, undertake, carry on or be employed, engaged or interested in any capacity in the supply or proposed supply of Competitive Services within the Territory.  Competitive Services will be provided within the Territory if any business in which you are to be involved is located, or will be located, or is conducted or will be conducted, wholly or partly within the Territory;

		
	(b)
	for six months entice, induce or encourage a Customer to transfer or remove custom from the Company or any Associated Corporation;

10

		
	(c)
	for six months solicit or accept business from a Customer for the supply of Competitive Services;  or

		
	(d)
	for six months entice, induce or encourage an Employee to leave or seek to leave his or her position with the Company or any Associated Corporation for the purpose of being involved in or concerned with the supply or proposed supply of Competitive Services, regardless of whether or not that Employee acts in breach of his or her contract of employment with the Company or any Associated Corporation by so doing.

Nothing in clause 17.1(a) will prevent you after the termination of your employment from holding or being interested in bona fide investments representing not more than three per cent of any class of shares or securities in any company.
		
	17.2
	DEFINED TERMS IN CLAUSE 17

For the purpose of this clause 17:
		
	(a)
	"Competitive Services" means goods or services competitive with those which during or at the expiry of the Relevant Period the Company or any Associated Corporation was supplying or negotiating or actively and directly seeking to supply to any Customer for the purpose of Relevant Business but excluding such types of goods or services if they were only provided to persons who indicated unequivocally during the first six months of the Relevant Period that they would not be a customer for the purposes of clause 17.2(b)(i);

		
	(b)
	"Customer" means a person:

		
	(i)
	who is at the expiry of the Relevant Period or who was at any time during the Relevant Period a customer of the Company or any Associated Corporation or to whom at the expiry of the Relevant Period the Company or any Associated Corporation was actively and directly seeking to supply goods or services, in either case for the purpose of Relevant Business; and

		
	(ii)
	with whom you or an Employee reporting directly to you working to any material extent in Relevant Business had dealings at any 

11

time during the Relevant Period or for whom you were responsible or about whom you were in possession of confidential information, in any such case in the performance of duties for the Company or any Associated Corporation.
Nothing in clause 17.2(b)(i) will include a person who indicated unequivocally during the first six months of the Relevant Period that such person would not be a customer for the purposes of that clause;
(c)    "Employee" means a person who:
		
	(i)
	is employed in or who renders services to Relevant Business of the Company or any Associated Corporation in a managerial or marketing or sales or distribution or senior capacity;

		
	(ii)
	has responsibility for customers of the Company or any Associated Corporation or influence over them; or 

		
	(iii)
	is in possession of confidential information about the Group's business;

and who in any such case was so employed and so rendered services during the Relevant Period and who:
(iv)    had dealings with you during the Relevant Period; or 
		
	(v)
	about whom at the end of the Relevant Period you had confidential or sensitive information by virtue of your duties;

		
	(d)
	"Relevant Business" means the areas of business of the Company or any Associated Corporation in which, pursuant to your duties, you were materially involved at any time during the Relevant Period;

		
	(e)
	"Relevant Period" means:

		
	(i)
	in relation to your actions during your employment, the period of your employment;  and

		
	(ii)
	in relation to your actions following the end of your employment, the period of twelve months ending on the last day of your 

12

employment or the period of your employment if shorter than twelve months;  and 
		
	(f)
	"Territory" means the jurisdictions in which you were specifically involved for the purposes of Relevant Business, including Singapore or any jurisdiction in which the Company or any Associated Corporation is operating or planning to operate Relevant Business at the expiry of the Relevant Period. Relevant Business will be operating within the Territory at the expiry of the Relevant Period if it has been located, conducted or promoted in that country or state during the Relevant Period.

		
	17.3
	SEVERABILITY

Each part of this clause 17 constitutes an entirely separate and independent restriction and does not operate to limit any other obligation owed by you, whether that obligation is express or implied by law.  If any restriction is held to be invalid or unenforceable by a court of competent jurisdiction, it is intended and understood by the parties that such invalidity or unenforceability will not affect the remaining restrictions.
17.4    LEGITIMATE BUSINESS INTEREST
You acknowledge that each of the restrictions in this clause 17 goes no further than is necessary for the protection of the Company's and each Associated Corporation's legitimate business interests.
17.5    FUTURE OFFERS OF EMPLOYMENT
Before accepting any offer of employment either during your employment or during the continuance of the restrictions in this clause 17, you will immediately provide to the person making such offer a complete signed copy of this Agreement.
		
	18.
	ENTIRE AGREEMENT

		
	18.1
	This Agreement constitutes the entire agreement and understanding between the parties. If there is any conflict or inconsistency between this Agreement and the Employee Handbook or your offer letter, then this Agreement will take precedence. The Company will have no liability or remedy in tort against it in respect of any representation, warranty or other statement (other than those contained in this 

13

Agreement) being false, inaccurate or incomplete unless it was made fraudulently. You acknowledge that you are not entering into this Agreement in reliance on any representation, warranty or undertaking which is not contained in this Agreement.
		
	19.
	INTERPRETATION 

		
	19.1
	In this Agreement:

		
	"Associated Corporation"
	means any company which from time to time is:

		
	(a)
	deemed to be related to the Company within the meaning of section 6 of the Companies Act, Chapter 50, Singapore Statutes, the “Singapore Companies Act”); or

		
	(b)
	any company whose equity share capital (from time to time) is owned as to 20 per cent or more but not more than 50 per cent by the Company.

		
	"Board"
	means the board of directors of the Company from time to time;

		
	"Group"
	means the Company and/or any Associated Corporation.

20.    GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of Singapore and you agree to be subject to the non-exclusive jurisdiction of the courts of Singapore.
21.    CONSTRUCTION
		
	(a)
	The provisions of the Singapore Companies Act, Chapter 50 apply in determining whether you have an interest in any shares or other securities.

14

		
	(b)
	References to acting directly or indirectly include acting alone or jointly with or on behalf of or by means of another person and/or giving advice or providing services with a view to assisting another person.

		
	(c)
	References to a person include an individual, firm, corporation and any other organisation however it is constituted and words denoting the singular include the plural and vice versa.

		
	(d)
	References to an individual holding a position in the Company or the Group mean the holder of that position from time to time or his or her nominee or such other representative as the Board may nominate.

SIGNED for and on behalf of the Company by a duly authorised officer
Signature    .../s/ Chris Wodman......................
Print        CHRIS WOODMAN...................
Date        ...21/10/2008..................................
 

SIGNED by     THOMAS LILLELUND

Signature    .../s/ Thomas Lillelund......................
Print        ...THOMAS C.P. LILLELUND..........
Date        ...29/10/2008.................................

15

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