Document:

Exhibit 10.1 Amended2008SharesaveScheme

Exhibit 10.1

DATED 22 July 2014

RULES OF THE ASPEN INSURANCE 
HOLDINGS LIMITED
AMENDED 2008 SHARESAVE SCHEME

TABLE OF CONTENTS

1.    INTERPRETATION    11
2.    INVITATIONS TO APPLY FOR OPTIONS AND APPLICATIONS FOR OPTIONS    17
3.    SCALING DOWN    21
4.    GRANT OF OPTIONS    23
5.    OVERALL LIMITS ON GRANTS    25
6.    LAPSE OF OPTIONS    25
7.    EXERCISE OF OPTIONS    27
8.    MANNER OF EXERCISE OF OPTIONS    31
9.    RELATIONSHIP WITH EMPLOYMENT CONTRACT    32
10.    TAKEOVERS AND LIQUIDATIONS    33
11.    VARIATION OF SHARE CAPITAL    37
12.    NOTICES    38
13.    ADMINISTRATION AND AMENDMENT    40

RULES OF THE ASPEN INSURANCE HOLDINGS LIMITED
AMENDED 2008 SHARESAVE SCHEME

		
	1.
	INTERPRETATION

		
	1.1
	The following definitions and rules of interpretation apply to these Rules:

2014 Amendment Date: 22 July 2014

Adoption Date: the date of the adoption of the Scheme by the Company;

Associate: has the meaning given to "associate" in paragraph 14 of Schedule 3;

Associated Company: has the meaning given in paragraph 47 of Schedule 3, which may be summarised, as at the 2014 Amendment Date, as providing that a company is an associated company of another at any time if: 

		
	(a)
	at that time, one has control of the other, or both are under the control of the same person or persons; or

		
	(b)
	at any time in the previous year, one had control of the other, or both were under the control of the same person or persons.

In this definition, "control" has the meaning given in sections 450 and 451 of the CTA 2010. Note that “associated company” has a different meaning in rule 7.3.

Auditors: the auditors of the Company, or, if the Company does not have auditors, the Company's accountants at the relevant time (acting as experts and not as arbitrators).

Board: the board of directors of the Company or a committee of directors appointed by that board to carry out any of its functions under the Scheme.

Bonus Date: whichever of the following applies: 

		
	(a)
	where the relevant Savings Arrangement provides for the payment of a maximum bonus, the earliest date on which the maximum bonus is payable; or

		
	(b)
	in any other case, the earliest date on which a bonus is payable under the relevant Savings Arrangement.

Company: Aspen Insurance Holdings Limited incorporated and registered in Bermuda;

Constituent Company: any of the following: 

		
	(a)
	the Company; and

		
	(b)
	any Eligible Company nominated by the Board to be a Constituent Company at the relevant time. 

Continuous Service: the period of continuous service of an employee or director with any Constituent Company (including service with that company before it became a Constituent Company).

If an employee or director has been absent from service with a relevant company for any reason (while remaining an employee or director of that company), or by reason of maternity leave, and has since returned to service with a relevant company, that period of absence shall be deemed to form part of that person's Continuous Service.

Any period of service during which a person served as a director shall only count towards Continuous Service if the director was required during that period to devote at least 25 hours per week (excluding meal breaks) to his duties;

Control: has the meaning given in section 719 of ITEPA 2003. Controlled shall be interpreted accordingly. Note that "control" and "controlled" have a different meaning in the definition of "Associated Company" and in rule 7.3 and rule 7.6;

CTA 2010 : the Corporation Tax Act 2010;

Date of Grant: the date on which an Option is, was, or is to be granted under the Scheme;

Dealing Day: a day on which the investment exchange on which Shares are listed and/or traded is open for the transaction of business;

Eligible Company: any company of which the Company has Control; 

Eligible Employee: any employee or director of a Constituent Company: 

		
	(a)
	who, if a director of a Constituent Company, is required to devote at least 25 hours per week (excluding meal breaks) to his duties;

		
	(b)
	who, on the relevant Date of Grant, will have Continuous Service equal to or greater than 3 months or any other minimum period which may be specified by the Board under rule 2.4(g) on or before the relevant Invitation Date;

		
	(c)
	whose earnings from office or employment are (or would be if there were any) general earnings to which section 15 ITEPA 2003 applies (earnings for a year when the employee is resident in the UK); and 

		
	(d)
	who has not given or received notice to terminate his employment (and/or office, if any) which will have the effect that he will no longer be an employee or full-time director of any Constituent Company on the relevant Date of Grant;

Exercise Price: the price (which shall be in pounds sterling) at which each Share subject to an Option may be acquired on the exercise of that Option, which (subject to rule 11): 

		
	(a)
	if Shares are to be newly issued to satisfy the exercise of the Option, may not be less than the nominal value of a Share; 

		
	(b)
	may not be less than 80 per cent of the Market Value of a Share on the relevant Invitation Date;

Existing Option: an option or any other right to acquire or receive Shares granted under any Share Incentive Scheme (including the Scheme), which remains capable of exercise, or in the case of options or rights that do not require exercise, remains capable of satisfaction;

Grantor: the person granting an Option, which may be: 

		
	(a)
	the Company; or

		
	(b)
	the trustees of an employee benefit trust authorised by the Board to grant Options at the relevant time; or

		
	(c)
	any other person so authorised;

HMRC: HM Revenue & Customs;

Invitation Date: a date on which invitations to apply for Options are, were, or are to be issued under the Scheme;

ITEPA 2003: the Income Tax (Earnings and Pensions) Act 2003;

Key Feature: any provision of the Scheme which is necessary to meet the requirements of Schedule 3;

Market Value: whichever of the following applies: 

		
	(a)
	on any day:

		
	(i)
	before any applicable regulations for the determination of market value are made under section 272(3) and 272(4) of the Taxation of Chargeable Gains Act 1992 (as amended by Schedule 26 of the Finance Act 2007); and

		
	(ii)
	on any day while the relevant shares are listed on the New York Stock Exchange, at the discretion of the Board, either:

		
	(iii)
	the middle market quotation for a share on the New York Stock Exchange on the last Dealing Day before that day; or

		
	(iv)
	the average of the middle market quotations on the New York Stock Exchange for a share for the three immediately preceding Dealing Days;

in either case converted into Pounds Sterling at the noon buying rate in New York City for cable transfers payable in Pounds Sterling as certified for customs purposes by the Federal Reserve Bank for that day;  or

		
	(b)
	on any day:

		
	(i)
	while the relevant shares are listed on the New York Stock Exchange or listed on any recognised stock exchange (as defined in section 1005 of the Income Taxes Act 2007, as amended by Schedule 26 to the Finance Act 2007); and

		
	(ii)
	when regulations for the determination of market value made under section 272(3) and 272(4) of the Taxation of Chargeable Gains Act 1992 (as amended by Schedule 26 to the Finance Act 2007) (Valuation Regulations) apply in respect of the relevant shares,

the value determined using a method approved by the Board which HMRC agrees is compatible with the Valuation Regulations; or

		
	(c)
	on any day when neither paragraph (a) nor paragraph (b) of this definition applies, the market value of a share, determined under the applicable provisions of Part VIII of the Taxation of Chargeable Gains Act 1992, as agreed with HMRC Shares and Assets Valuation (before the relevant Date of Grant, and, if possible, before the relevant Invitation Date, where Market Value on an Invitation Date is being determined for the purpose of setting the Exercise Price);

If shares are subject to Relevant Restriction, Market Value shall be determined as if they were not subject to a Relevant Restriction;

Model Code: the model code set out in the Listing Rules issued by the Financial Services Authority acting as the United Kingdom Listing Authority (or any successor body carrying out the same functions), as it is in force at the relevant time;
 
Option: a right to acquire Shares granted under the Scheme which has neither lapsed nor been fully exercised;

Option Certificate: a certificate setting out the terms of an Option, issued under rule 4.6;

Option Holder: an individual who holds an Option or, where applicable, his personal representatives;

Redundancy: has the meaning given by the Employment Rights Act 1996 or the Employment Rights (Northern Ireland) Order 1996;

Relevant Restriction: any provision included in any contract, agreement, arrangement or condition to which any of sections 423(2), 423(3) and 423(4) of ITEPA 2003 would apply if references in those sections to employment-related securities were references to Shares;

Repaid Amount: The amount actually received by way of repayments of contributions and payments of bonus or interest (if any) under the Savings Arrangement linked to the relevant Option. The Repaid Amount shall be taken to exclude the amount of: 

		
	(a)
	any bonus or interest, if, for the relevant Option, the Repayment is not to be taken to include a bonus under rule 4.3;

		
	(b)
	any contribution paid directly to the savings provider by the Option Holder, other than any contribution made:

		
	(iii)
	under special arrangements relating to absence from the Option Holder's office or employment; or

		
	(iv)
	after cessation of the Option Holder's relevant office or employment, in the same monthly amount and at the same interval as contributions made previously by deduction from the Option Holder's pay under the Scheme; and

		
	(c)
	any contribution made in advance, if the due date of payment for that contribution under the Savings Arrangement falls or would have fallen more than one month after the date on which the Repaid Amount was paid to the Option Holder;

Repayment: whichever of the following applies: 

		
	(a)
	in relation to any Option for which repayment under the linked Savings Arrangement shall be taken as including a bonus, the aggregate of:

		
	(v)
	the maximum amount of the contributions repayable under the Savings Arrangement; and

		
	(vi)
	the amount of any bonus and/or interest payable under the Savings Arrangement at the Bonus Date; and

		
	(b)
	in relation to any Option for which repayment under the linked Savings Arrangement shall be taken as not including a bonus, the maximum amount of the contributions repayable under the Savings Arrangement;

Retirement: ceasing employment with the intention of retiring;

Rollover Period: any period during which Options may be exchanged for options over shares in another company (under paragraph 38 of Schedule 3, rule 10.7 and rule 10.8);

Savings Arrangement: a certified savings arrangement (as defined in section 703 of the Income Tax (Trading and Other Income) Act 2005) that is nominated by an officer of HMRC for the purposes of Schedule 3;

Schedule 3: Schedule 3 to ITEPA 2003;

Scheme: the employee share option scheme constituted and governed by these rules, as amended from time to time;

Scheme-related Employment: the office or employment by virtue of which any person is or was eligible to become an Option Holder;

Share Incentive Scheme: any arrangement to provide employees and/or directors with shares;

Shares: ordinary shares in the Company (subject to rule 11) that (subject to rule 10.5) meet the requirements of paragraphs 18 to 20 and paragraph 22 of Schedule 3;

TUPE Regulations: the Transfer of Undertakings (Protection of Employment) Regulations 2006.

		
	1.2
	Headings shall not affect the interpretation of these rules.

		
	1.3
	A reference to one gender in these rules shall include a reference to the other.

		
	1.4
	Words in the singular in these rules shall include the plural and vice versa.

		
	1.5
	A reference to a statute or a statutory provision in these rules is a reference to it as in force at the relevant time, taking account of any amendment, extension or re-enactment, and includes any subordinate legislation in force and made under it.

		
	2.
	INVITATIONS TO APPLY FOR OPTIONS AND APPLICATIONS FOR OPTIONS

		
	2.1
	Subject to the limitations and conditions of this Scheme, the Board may issue invitations to apply for Options at any time.

		
	2.2
	On each occasion that the Board decides to issue invitations to apply for Options, the Board shall determine (in its absolute discretion):

		
	(a)
	whether or not Repayments will be taken to include a bonus for Options granted as a result of the invitations. If the Board determines that Repayments will be taken to include a bonus, that determination may be subject to alteration if applications are scaled down under rule 3;

		
	(b)
	whether to invite applications for three year Options or five year Options (or Options of such other standard periods as may be available under the HM Treasury specifications for Savings Arrangement in force at the relevant time), or to offer those receiving invitations a choice between those Option periods;

		
	(c)
	the minimum monthly contribution to be made to a Savings Arrangement linked to any Option granted as a result of the invitations, being an amount which is neither: 

		
	(i)
	less than £5 (or such other minimum as may be specified in the HM Treasury specifications for Savings Arrangements in force at the relevant time); nor

		
	(ii)
	more than £10 (or such other amount as may be specified in paragraph 25(3)(b) of Schedule 3 at the relevant time);

		
	(d)
	whether to impose a limit on the number of Shares that may be made subject to Options granted as a result of the invitations and if so:

		
	(i)
	what that limit will be; and

		
	(ii)
	whether the threshold value for the purposes of scaling down under rule 3(d), will be £5 or  some other value within the range of £40 to £200 specified by the Board under this rule 2.4(d).

In making their decisions under this rule 2.2(d), the Board shall consider the constraints imposed by rule 5 and any plans to make further invitations under the Scheme or to make future awards under any other Share Incentive Scheme that is subject to a limit similar to rule 5; and

		
	(e)
	whether to specify a minimum period of Continuous Service different from the default period of 3 months for the purposes of defining who will be an Eligible Employee. Any such period may not be longer than five years (or such other maximum period as may be specified in paragraph 6(2)(b) of Schedule 3 at the relevant time).

		
	2.3
	On each occasion that the Board decides to issue invitations to apply for Options, those invitations:

		
	(a)
	shall be in a form approved by the Board;

		
	(b)
	shall be sent to all Eligible Employees;

		
	(c)
	at the discretion of the Board, may also be sent to any other employee (including any employee who is also a director) of a Constituent Company;

		
	(d)
	shall comply with rule 2.4;

		
	(e)
	shall be accompanied by invitations to apply to enter into appropriate Savings Arrangements with a Savings Arrangement provider selected by the Board; and

		
	(f)
	shall include a statement that:

		
	(i)
	each invitation is subject to these rules, the relevant Savings Arrangement prospectus, Schedule 3 and any other legislation applying to SAYE option schemes meeting the requirements of Schedule 3; and

		
	(ii)
	those provisions shall prevail over any conflicting statement.

		
	2.4
	Each invitation shall set out (without limitation):

		
	(a)
	the minimum monthly contribution determined by the Board under rule 2.2(c);

		
	(b)
	the Exercise Price for Options granted as a result of the invitations, or the method by which that Exercise Price will be notified to those receiving invitations;

		
	(c)
	whether Repayments will be taken to include a bonus (subject to rule 3);

		
	(d)
	any limit on the number of Shares that may be placed under Option as a result of the invitations specified under rule, and, if there is such a limit:

		
	(i)
	that applications will be scaled down in accordance with rule 3 if applications are received in excess of that limit; and

		
	(ii)
	the amount of the threshold value for the purposes of scaling down under rule 3(d), if a value other than £5 is specified by the Board under rule 2.2(d);

		
	(e)
	whether applications may be made for three year Options or five year Options (or Options of such other standard periods as may be available under the HM Treasury Savings Arrangement specifications in force at the relevant time) or any specified combination of Option periods (subject to rule 3);

		
	(f)
	that, to be considered for the grant of Options, completed applications should be received by the Board, or any person nominated to receive applications on behalf of the Board, by 5 pm on the day falling 14 days after the Invitation Date; and

		
	(g)
	any minimum period of Continuous Service which applies for the purpose of determining who is an Eligible Employee on the Invitation Date.

		
	2.5
	Any accidental failure or omission to deliver an invitation to any Eligible Employee shall not invalidate the grant of Options.

		
	2.6
	Each application for an Option:

		
	(a)
	shall be in a form approved by the Board;

		
	(b)
	shall state the period of the Option applied for (subject to possible amendment to a shorter Option period under rule 3);

		
	(c)
	shall incorporate or be accompanied by a duly completed application form to enter into a Savings Arrangement with a Savings Arrangement provider selected by the Board, in which the applicant agrees to make a monthly contribution of a specified amount (subject to possible amendment to a lesser amount under rule 3) which shall be:

		
	(iii)
	a multiple of £1;

		
	(iv)
	not less than the minimum determined under rule 2.2(c) and

		
	(v)
	when aggregated with contributions made by the applicant under any other Savings Arrangements linked to SAYE option schemes meeting the requirements of Schedule 3, not more than £500 (or such other amount as may be specified by paragraph 25(3)(a) of Schedule 3 at the relevant time),

over the necessary savings period given the period of the Option applied for (subject to possible amendment to a shorter Option period under rule 3);

		
	(d)
	if a limit has been specified under rule 2.2(d), shall include a statement that, if applications are scaled down under rule 3, the applicant agrees that his application shall be amended or withdrawn in accordance with the operation of rule 3;

		
	(e)
	shall authorise and instruct the Board or any person authorised by the Board to:

 
		
	(i)
	deduct from the applicant's pay the appropriate monthly contributions; and

		
	(ii)
	pay those deductions to the relevant Savings Arrangement provider to meet the applicant's obligations,

under any Savings Arrangement entered into by the applicant as a result of the application;

		
	(f)
	shall include the applicant's agreement to be bound by the terms of this Scheme; and

		
	(g)
	shall state that:

		
	(i)
	the application is subject to these rules, the relevant Savings Arrangement prospectus, Schedule 3 and any other legislation applying to SAYE option schemes meeting the requirements of Schedule 3; and

		
	(ii)
	those provisions shall prevail over any conflicting statement.

		
	2.7
	The Repayment under a Savings Arrangement shall, as nearly as possible, equal the amount required to be paid to exercise the linked Option in full. Therefore, each application shall be treated as being for an Option over the largest whole number of Shares which can be acquired at the relevant Exercise Price with the Repayment under the linked Savings Arrangement (following adjustment of the application under rule 3, if relevant).

		
	3.
	SCALING DOWN

If: 
 
		
	(f)
	the Board has specified a limit under rule 2.2(d) for a particular set of invitations; and

		
	(g)
	in response to those invitations the Board receives applications for Options over a total number of Shares which exceeds that limit,

the methods of scaling down set out below shall be considered in turn. Each method shall be applied independently, rather than cumulatively with the preceding methods in the list. Scaling down shall be undertaken by the first of the following methods which will ensure that the limit will not be exceeded:

if:

		
	(vi)
	Repayments will be taken to include a bonus; and

		
	(vii)
	the relevant invitations offered a choice of Option periods including (but not restricted to) any period relating to Savings Arrangements under which a maximum bonus is payable,

any application for a Savings Arrangement under which a maximum bonus is payable shall be taken instead to be an application for the most similar type of Savings Arrangement under which the bonus is that payable on the first date on which a bonus may be paid;

		
	(h)
	the amount by which the monthly savings contribution specified in each application exceeds either:

		
	(i)
	if no other threshold value has been specified by the Board under rule 2.2(d), £100; or

		
	(ii)
	if one has been specified, the threshold value specified by the Board under rule 2.2(d)

shall be reduced pro rata;

		
	(i)
	if:

		
	(iii)
	Repayments will be taken to include a bonus; and

		
	(iv)
	the relevant invitations offered a choice of Option periods including (but not restricted to) any period relating to Savings Arrangements under which a maximum bonus is payable,

a combination of the methods in rule 3(c) and rule 3(d);

		
	(j)
	if Repayments would otherwise have been taken to include a bonus for Options granted as a result of the relevant invitations, the method in rule 3(d) but with Repayments not taken to include a bonus;

		
	(k)
	the amount by which the monthly savings contribution specified in each application exceeds the minimum specified under rule 2.2(c) for the relevant invitations shall be reduced pro rata;

		
	(l)
	if:

		
	(i)
	Repayments will be taken to include a bonus; and

		
	(ii)
	the relevant invitations offered a choice of Option periods including (but not restricted to) any period relating to Savings Arrangements under which a maximum bonus is payable,

a combination of the methods in rule 3(c) and rule 3(g);

		
	(m)
	if Repayments would otherwise have been taken to include a bonus for Options granted as a result of the relevant invitations, the method in rule 3(g) but with Repayments not taken to include a bonus; and

		
	(n)
	if scaling down cannot be effected either by the method in rule 3(i), or, if Repayments are not to be taken to include a bonus, by the method in rule 3(g):

		
	(i)
	some applicants would not be granted Options following scaling down using the method in this rule 3.1(j);

		
	(ii)
	the Board, in its absolute discretion, may determine not to continue with the scaling down operation and that no Options shall be granted as a result of the relevant invitations; and

		
	(iii)
	if the Board decides to continue the scaling down operation, applicants shall be selected by lot, and each selected applicant shall be taken to apply for an Option of the shortest period offered in the relevant invitations, based on a monthly savings contribution of the minimum specified under rule 2.3(c) for the relevant invitations.

		
	4.
	GRANT OF OPTIONS

		
	4.1
	Subject to the other provisions of this Scheme, Options may be granted as a result of each set of invitations made under the Scheme. If Options are granted, an Option shall be granted to each person who made a valid application and who is an employee or director of a Constituent Company on the Date of Grant.

		
	4.2
	Each Option shall be granted over the number of Shares determined for the relevant application under rule 2.7.

		
	4.3
	Whether or not Repayments will be taken to include any bonus will be determined at the time of grant of each Option in accordance with:

 
		
	(a)
	the determination of the Board under rule 2.2(a); and

		
	(b)
	the effects of rule 3, if the relevant applications were scaled down.

		
	4.4
	Options shall be granted:

		
	(h)
	unless applications were scaled down under rule 3, not later than 30 days after the earliest date by reference to which Market Value was determined for the purpose of setting the Exercise Price; and

		
	(i)
	if applications were scaled down under rule 3, not later than 42 days after the earliest date by reference to which Market Value was determined for the purpose of setting the Exercise Price.

		
	4.5
	Options may not be granted:

		
	(a)
	at any time when that grant would be prohibited by, or in breach of, any:

		
	(iii)
	law; or

		
	(iv)
	regulation with the force of law; or

		
	(v)
	rule of an investment exchange on which Shares are listed or traded, or any other non-statutory rule with a purpose similar to any part of the Model Code that binds the Company or with which the Board wishes to comply; or

		
	(b)
	after the tenth anniversary of the Adoption Date.

		
	4.6
	Options shall be granted by the Grantor executing a deed in a form approved by the Board. A single deed of grant may be executed in favour of any number of Option Holders. Each Option Holder shall be issued with an Option Certificate (in a form approved by the Board) as soon as possible after the Date of Grant as evidence of the grant of the relevant Option. Each Option Certificate shall set out (without limitation):

		
	(a)
	the Date of Grant of the Option;

		
	(b)
	the number and class of the Shares over which the Option is granted;

		
	(c)
	the Exercise Price;

		
	(d)
	the date after which the Option may be exercised, unless an earlier event occurs to cause the Option to lapse or to become exercisable. This date shall be the Bonus Date of the Savings Arrangement linked to the Option;

		
	(e)
	the date when the Option will lapse, assuming that the Option is not exercised earlier, no event occurs to cause the Option to lapse earlier and rule 7.7 does not then apply to the Option. This date shall be the date falling six months after the Bonus Date of the Savings Arrangement linked to the Option;

		
	(f)
	a statement specifying whether or not the Shares are subject to any Relevant Restriction and, if so, details of the Relevant Restriction or Restrictions; 

		
	(g)
	a statement that:

		
	(i)
	the Option is subject to these rules, Schedule 3 and any other legislation applying to SAYE option schemes meeting the requirements of Schedule 3; and

		
	(ii)
	those provisions shall prevail over any conflicting statement relating to the Option's terms; and

		
	(h)
	a summary of the following:

		
	(iv)
	rule 6.1 and rule 6.2(j);

		
	(v)
	rule 7.11; and

		
	(vi)
	rule 9.

		
	4.7
	No amount shall be paid for the grant of an Option.

		
	5.
	OVERALL LIMITS ON GRANTS

		
	5.1
	The definition in this rule 5.1 applies in this rule 5:

Dilutive Shares: On any date, all shares of the Company which:
 
		
	(h)
	have been issued, or transferred out of treasury, on the exercise of options granted, and in satisfaction of any other awards made, under any Share Incentive Scheme (including the Scheme) in the shorter of:

		
	(i)
	the ten years ending on (and including) that date; and

		
	(ii)
	the period since such shares were first admitted to trading on New York Stock Exchange;

		
	(i)
	remain capable of issue, or transfer out of treasury, under any Existing Options.

		
	5.2
	While the Company is bound by any undertaking or agreement that this should be the case, no Option shall be granted under rule 4 if that grant would result in the total number of Dilutive Shares exceeding 10% of the issued share capital of the Company.

		
	6.
	LAPSE OF OPTIONS

		
	6.1
	Options may not be transferred or assigned or have any charge or other security interest created over them. An Option shall lapse if the relevant Option Holder (or his personal representatives) attempts to do any of those things. But, a transfer to an Option Holder's personal representatives on the death of the Option Holder will not cause an Option to lapse.

		
	6.2
	An Option shall lapse on the earliest of the following:

		
	(j)
	any attempted action by the Option Holder (or his personal representatives) falling within rule 6.1;

		
	(k)
	the date on which the Option shall lapse, as specified in the Option Certificate, if the Option Holder is alive at that time;

		
	(l)
	when the Option Holder's Scheme-related Employment ceases, if:

 
		
	(i)
	the Option may not be exercised after that cessation under any part of rule 7; and

		
	(ii)
	the Option Holder is alive immediately after that time.

This rule 6.2(c) is subject to rule 7.6;

		
	(m)
	either:

		
	(i)
	the seventh occasion on which the Option Holder omits to make a payment under the Savings Arrangement linked to the Option; or

		
	(ii)
	the giving of notice by the Option Holder to terminate the Savings Arrangement,

if that takes place before the Bonus Date of the Savings Arrangement, unless that non-payment or notice arises:

		
	(iii)
	when the Option may be exercised under rule 7.3 or rule 7.4 or rule 7.5; or

		
	(iv)
	on or after the Option Holder's death; or

		
	(v)
	when the Option may be exercised or exchanged under any part of rule 10;

		
	(n)
	at the end of any period during which the Option may be exercised under any part of rule 7 other than rule 7.7, unless that period ended on the Option Holder's death;

		
	(o)
	if the Option Holder has died:

		
	(i)
	if the Option Holder died before the Bonus Date of the Savings Arrangement linked to the relevant Option, the date falling 12 months after the date of death;

		
	(ii)
	if the Option Holder died on or within six months after the Bonus Date of the Savings Arrangement linked to the relevant Option, the date falling 12 months after that Bonus Date;

		
	(p)
	if any part of rule 10 applies, the time specified for the lapse of the Option under that part of rule 10;

		
	(q)
	if rule 7.1(f) applies, the time specified in rule 7.1(f); and

		
	(r)
	the bankruptcy of the Option Holder.

		
	7.
	EXERCISE OF OPTIONS

		
	7.1
	No Option may be exercised:

		
	(s)
	when the Option Holder is not an employee or director of a Constituent Company, except as permitted by any provision of this Scheme other than any part of rule 10. If the Option Holder is not an employee or director of a Constituent Company, an Option may be exercised under any part of rule 10 only if exercise is also permitted at that time under any provision of this Scheme other than rule 10; or

		
	(t)
	earlier than the Bonus Date of the Savings Arrangement linked to that Option, except as permitted by any provision of this Scheme; or

		
	(u)
	later than six months after the Bonus Date of the Savings Arrangement linked to that Option, except as permitted under rule 7.7; or

		
	(v)
	when prohibited by or in breach of any law or regulation with the force of law; or

		
	(w)
	when prohibited by or in breach of any rule of an investment exchange on which Shares are listed or traded, or any provision of a personal dealing code adopted by the Company, or any other non-statutory rule with a similar purpose to any part of the Model Code that binds the Company; or

		
	(x)
	more than once. If an Option is exercised in part only, the unexercised part of the Option shall lapse immediately after the exercise.

		
	7.2
	An Option Holder who is a director or employee of:

		
	(c)
	a Constituent Company; or

		
	(d)
	any Associated Company of the Company which is not a Constituent Company;

		
	(e)
	may exercise an Option at any time during the period starting with the Bonus Date of the Savings Arrangement linked to that Option and ending on the earlier to occur of:

		
	(f)
	the date falling six months after the Bonus Date of the Savings Arrangement linked to that Option; and

		
	(g)
	the Option Holder's death.

		
	7.3
	This rule 7.3 is subject to rule 7.6 and applies to any Options held by an Option Holder who has ceased to hold his Scheme-related Employment:

		
	(i)
	because of injury; or

		
	(j)
	because of disability; or

		
	(k)
	because of Redundancy; or

		
	(l)
	because of retirement; or

		
	(m)
	because of a relevant transfer within the meaning of the TUPE Regulations; or

		
	(n)
	if the Option Holder holds office or is employed in a company which is an associated company (as defined in paragraph 35(4) of Schedule 3, and not the meaning given to Associated Company in rule 1.1) of the Company, because that company ceases to be an associated company (as so defined) of the Company by reason of a change of control (as determined in accordance with sections 450 and 451 of the CTA 2010, and not the meaning given to Control in rule 1.1).

An Option to which this rule 7.3 applies may be exercised at any time in the period starting immediately after the date on which the Scheme-related Employment ceased and ending on the earliest to occur of:

		
	(o)
	the date falling six months after the date on which the Scheme-related Employment ceased;

		
	(p)
	the date falling six months after the Bonus Date of the Savings Arrangement linked to that Option;  and

		
	(q)
	the Option Holder's death.

		
	7.4
	This rule 7.4 is subject to rule 7.6 and applies to Options:

		
	(a)
	held by any Option Holder who has ceased to hold his Scheme-related Employment because of any reason other than:

		
	(iii)
	any reason listed in rule 7.3; or

		
	(iv)
	misconduct; and

		
	(b)
	which were granted more than three years before the date on which the Option Holder's Scheme-related Employment ceased.

An Option to which this rule 7.5 applies may be exercised at any time in the period starting immediately after the date on which the Scheme-related Employment ceased and ending on the earliest to occur of:

		
	(c)
	the date falling six months after the date on which the Scheme-related Employment ceased;

		
	(d)
	the date falling six months after the Bonus Date of the Savings Arrangement linked to that Option; and

		
	(e)
	the Option Holder's death.

The Board must interpret “misconduct” in rule 7.4(a)(ii) in a manner that is fair and reasonable.

		
	7.5
	This rule 7.5 is subject to rule 7.6 and applies to any Options held by an Option Holder who has ceased to hold his Scheme-related Employment only because it related to a business or part of a business which was transferred to a person other than an Associated Company of the Company, where the transfer is not a relevant transfer within the meaning of the TUPE Regulations, if the Option Holder has ceased to hold the office or employment which was (before the date of cessation of the Scheme-related employment) the Scheme-related employment (the post-transfer employment) for a reason falling within any of rule 7.3(a), rule 7.3(b), rule 7.3(c), rule 7.3(d) or rule 7.3 (e) or rule 7.3(f).

An Option to which this rule 7.5 applies may be exercised at any time in the period starting immediately after the date on which the post-transfer employment ceased and ending on the earliest to occur of:

		
	(a)
	the date falling six months after the date on which the post-transfer employment ceased;

		
	(b)
	the date falling six months after the Bonus Date of the Savings Arrangement linked to that Option; and

		
	(c)
	the Option Holder's death.

		
	7.6
	No Option Holder shall be treated as ceasing to hold Scheme-related Employment under any of rule 6.2(c), rule 7.3 or rule 7.4, or rule 7.5 until that Option Holder ceases to hold any office or employment with:

 
		
	(a)
	the Company; or

		
	(b)
	any Eligible Company or other company which is controlled by the Company; or

		
	(c)
	any company which:

		
	(iii)
	controls the Company; or

		
	(iv)
	is controlled by a person or persons who also control the Company.

In this rule 7.6, "control" has the meaning given in sections 450 and 451 of CTA 2010 (and not the meaning given to Control in rule 1.1).

		
	7.7
	This rule 7.7 applies to Options which were held by any Option Holder at the time of his death whether or not those Options were capable of exercise under any other provision of the Scheme at the time of death.

An Option to which this rule 7.7 applies may be exercised by the Option Holder's personal representatives at any time in the period starting immediately after the date of death and ending:

		
	(a)
	if the Option Holder died before the Bonus Date of the Savings Arrangement linked to that Option, the date falling 12 months after the date of death; or

		
	(b)
	if the Option Holder died on or within six months after the Bonus Date of the Savings Arrangement linked to that Option, the date falling 12 months after that Bonus Date.

		
	7.8
	If a Repaid Amount is insufficient to exercise the Option linked to the relevant Savings Arrangement in full:

		
	(a)
	the aggregate Exercise Price paid to exercise the Option may not exceed the Repaid Amount; and

		
	(b)
	the number of Shares acquired on exercise of the Option may not exceed the number obtained by dividing the Repaid Amount by the Exercise Price for the Option and, if the result of that division is not a whole number, rounding it down to the nearest whole number.

		
	8.
	MANNER OF EXERCISE OF OPTIONS

		
	8.1
	An Option shall be exercised by the Option Holder giving a written exercise notice to the Grantor, which shall:

		
	(h)
	set out the number of Shares over which the Option Holder wishes to exercise the Option. If that number exceeds the number over which the Option may be validly exercised at the time (in particular, without limitation, under rule 7.8):

		
	(iii)
	the Option shall be treated as exercised only in respect of that lesser number; and

		
	(iv)
	any excess amount paid to exercise the Option or meet any Tax Liability shall be refunded;

		
	(i)
	be made using a form approved by the Board; and

		
	(j)
	be accompanied by the relevant Option Certificate. If an Option Certificate has been lost, the relevant Option may still be exercised, but the Grantor may make it a condition of exercise that the Option Holder shall enter into a formal acknowledgement that the Option Certificate is lost and a binding undertaking to return it for cancellation if recovered at a later date.

		
	8.2
	Any exercise notice shall be accompanied by payment of an amount equal to the Exercise Price multiplied by the number of Shares specified in the notice. If the Savings Arrangement provider permits, payment under rule 8.2 may take the form of a valid direction to the Savings Arrangement provider to repay to the Grantor the whole amount due to the Option Holder under the Savings Arrangement linked to the relevant Option. If payment is made in this way, the Grantor shall pay to the Option Holder any amount by which the payment received by the Grantor from the Savings Arrangement provider exceeds the aggregate Exercise Price payable on the exercise of the Option.

		
	8.3
	Any exercise notice shall be invalid:

		
	(f)
	to the extent that it is inconsistent with the Option Holder's rights under these rules and the relevant Option; or

		
	(g)
	if any of the requirements of rule 8.1 or rule 8.2 are not met; or

		
	(h)
	if any payment referred to in rule 8.2 is made by a cheque that is not honoured on first presentation or in any other manner which fails to transfer the expected value to the Grantor.

The Grantor may permit the Option Holder to correct any defect referred to in rule 8.3(b) or rule 8.3(c) (but shall not be obliged to do so). The date of any corrected exercise notice shall be the date of the correction rather than the original notice date for all other purposes of the Scheme.

		
	8.4
	Shares shall be allotted and issued (or transferred, as appropriate) within 30 days after a valid Option exercise, subject to the other rules of this Scheme.

 
		
	8.5
	Except for any rights determined by reference to a date before the date of allotment, Shares allotted and issued in satisfaction of the exercise of an Option shall rank equally in all respects with the other shares of the same class in issue at the date of allotment.

		
	8.6
	Shares transferred in satisfaction of the exercise of an Option shall be transferred free of any lien, charge or other security interest, and with all rights attaching to them, other than any rights determined by reference to a date before the date of transfer.

		
	8.7
	If the Shares are listed or traded on any stock exchange, the Company shall apply to the appropriate body for any newly issued Shares allotted on exercise of an Option to be listed or admitted to trading on that exchange.

		
	9.
	RELATIONSHIP WITH EMPLOYMENT CONTRACT

		
	9.1
	The rights and obligations of any Option Holder under the terms of his office or employment with any company shall not be affected by being an Option Holder.

		
	9.2
	The value of any benefit realised under the Scheme by Option Holders shall not be taken into account in determining any pension or similar entitlements.

		
	9.3
	Option Holders and the directors and employees of Constituent Companies and Associated Companies of the Company (past and present) shall have no rights to compensation or damages on account of any loss in respect of Options or the Scheme where such loss arises (or is claimed to arise), in whole or in part, from termination of office or employment with any company. This exclusion of liability shall apply however termination of office or employment, or the giving of notice, is caused and however compensation or damages may be claimed.

		
	9.4
	Option Holders and the directors and employees of Constituent Companies and Associated Companies of the Company (past and present) shall have no rights to compensation or damages on account of any loss in respect of Options or the Scheme where such loss arises (or is claimed to arise), in whole or in part, from:

 
		
	(d)
	any company ceasing to be a Constituent Company; or

		
	(e)
	any company ceasing to be an Associated Company of the Company; or

		
	(f)
	the transfer of any business from a Constituent Company to any person which is neither a Constituent Company nor an Associated Company of the Company; or

		
	(g)
	the transfer of any business from a Constituent Company to an Associated Company of the Company which is not a Constituent Company; or

		
	(h)
	any change to invitations made under the Scheme, including any variation of their terms or timing, or their complete suspension or termination; or

		
	(i)
	the lapse of any Option; or

		
	(j)
	any failure by the Board to nominate an Eligible Company to be a Constituent Company; or

		
	(k)
	any failure by the Board to make an invitation to apply for an Option to any person who is not at the relevant time an Eligible Employee, where it is in the Board's discretion to do so.

This exclusion of liability shall apply however the relevant circumstances are caused, and however compensation or damages may be claimed.

		
	9.5
	Each Eligible Employee and each employee of a Constituent Company shall have no right to receive Options, whether or not he has previously been granted any.

		
	10.
	TAKEOVERS AND LIQUIDATIONS

		
	10.1
	If any person (in this rule 10.1, the Controller) obtains Control of the Company as a result of:

		
	(i)
	making a general offer (regardless of whether the general offer is made to different shareholders by different means) to acquire the whole of the issued share capital of the Company (except for any capital already held by the Controller or any person connected (as defined by section 718 of ITEPA 2003) with the Controller) which is made on a condition such that, if it is satisfied, the person making the offer will have Control of the Company; or

		
	(j)
	making a general offer (regardless of whether the general offer is made to different shareholders by different means) to acquire all the shares in the Company (except for any shares already held by the Controller or any person connected (as defined by section 718 of ITEPA 2003) with the Controller) which are of the same class as the Shares,

then any Option may (subject to rule 7.1, rule 10.5, rule 10.6, rule 10.7 and rule 10.14) be exercised within six months after the time when the Controller has obtained Control of the Company and (if relevant) any condition subject to which the offer is made has been satisfied. Any Option to which this rule 10.1 applies shall lapse at the end of that period, unless before then it is exercised or released under rule 10.7. 

		
	10.2
	Unless the relevant compromise or arrangement makes provision for the replacement of Options or the compensation of Option Holders which the Auditors have certified in writing to be fair and reasonable, any Option may (subject to rule 7.1, rule 10.5, rule 10.6, rule 10.7 and rule 10.14) be exercised within six months of the date of the court sanctioning a compromise or arrangement (under section 899 of the Companies Act 2006) that is applicable to or affects:

		
	(d)
	all the ordinary share capital of the Company or all the shares of the same class as the shares to which the Option relates; or

		
	(e)
	all the shares, or all the shares of that same class, which are held by a class of shareholders identified otherwise than by reference to their employments or directorships or their participation in a share option scheme that meets the requirements of Schedule 3.

Any Option to which this rule 10.2 applies shall lapse at the end of that period, unless before then it is exercised or released under rule 10.7. 

		
	10.3
	If shareholders in the Company become bound by a non-UK company reorganisation arrangement (as defined by paragraph 47A of Schedule 3) that is applicable to or affects:

		
	(l)
	all the ordinary share capital of the Company or all the shares of the same class as the shares to which the Option relates; or

		
	(m)
	all the shares, or all the shares of that same class, which are held by a class of shareholders identified otherwise than by reference to their employments or directorships or their participation in a share option scheme that meets the requirements of Schedule 3, 

then any Option may (subject to rule 7.1, 10.5, 10.6, 10.7 and 10.14) be exercised within six months after the time when the shareholders covered by the non-UK company reorganisation arrangement become so bound. Any Option to which this rule 10.3 applies shall lapse at the end of that period, unless before then it is exercised or released under rule 10.7.

		
	10.4
	If any person becomes bound or entitled to acquire Shares under sections 979 to 982 or 983 to 985 of the Companies Act 2006 (or overseas legislation that HMRC agrees is comparable at that time), any Option may be exercised at any time as that person remains so bound or entitled, subject to rule 7.1, rule 10.5, rule 10.6, rule 10.7 and rule 10.14.

		
	10.5
	If a person obtains Control of the Company as specified in rule 10.1 or as a result of an event specified in rule 10.2 or rule 10.3 or if a person who is bound or entitled to acquire Shares as mentioned in rule 10.4 obtains Control of the Company, and, as a result, Shares no longer satisfy the requirements of Part 4 of Schedule 3, any Option may, notwithstanding that Shares no longer satisfy the requirements of Part 4 of Schedule 3, be exercised, within the period of 20 days following the relevant obtaining of Control, under and otherwise in accordance with rule 10.1 or rule 10.2 or rule 10.3 or rule 10.4 (as the case may be), provided that no Option may be exercised outside the 6 month period mentioned in rule 10.1 or rule 10.2 or rule 10.3 or at a time not covered by rule 10.4, as the case may be. If the Option is not exercised, the Option shall lapse (to the extent that it has not already lapsed under rule 10.1, rule 10.2 or rule 10.3) on the expiry of 20 days following the relevant obtaining of Control.

		
	10.6
	If the Board reasonably expects an event within rule 10.1 or rule 10.2 or rule 10.3 or rule 10.4 to occur, the Board may make arrangements permitting Options to be exercised for a period of 20 days ending with such event. If an Option is exercised pursuant to this rule 10.6, it will be treated as having been exercised in accordance with rule 10.1 or rule 10.2 or rule 10.3 or rule 10.4 as the case may be. If the Board makes arrangement for the exercise of Options pursuant to this rule 10.6, and the relevant event does not occur within 20 days of the purported exercise, the Option shall be treated as not having been exercised. 

		
	10.7
	If, as a result of:

		
	(a)
	an event specified in rule 10.1(a); or

		
	(b)
	an event specified in rule 10.1(b); or

		
	(c)
	the court sanctioning a compromise or arrangement under section 899 of the Companies Act 2006 (including an event specified in rule 10.2); or

		
	(d)
	an event specified in rule 10.3; 

a company has obtained Control of the Company, or if a company has become bound or entitled as specified in rule 10.4, each Option Holder may, by agreement with that company (Acquiring Company) within the Rollover Period, release each Option (Old Option) for a replacement option (New Option). A New Option shall:

		
	(e)
	be over shares which satisfy the requirements of paragraphs 18 to 20 and paragraph 22 of Schedule 3 in the Acquiring Company (or some other company falling within paragraph 39(2)(b) of Schedule 3);

		
	(f)
	be a right to acquire such number of those shares as have, immediately after grant of the New Option, a total Market Value that is substantially the same as the total Market Value of the shares subject to the Old Option immediately before its release;

		
	(g)
	have an exercise price per share such that the total price payable on complete exercise of the New Option is substantially the same as the total price which would have been payable on complete exercise of the Old Option; and

		
	(h)
	subject to rule 10.14, be on terms otherwise identical to the Old Option immediately before the Old Option's release. 

and, for the purposes of this rule 10.7, the Market Value of any Shares shall be determined using a methodology agreed by HMRC.

		
	10.8
	Any Rollover Period shall have the same duration as the applicable period defined in paragraph 38(3) of Schedule 3, which may be summarised (as at the 2014 Amendment Date) as:

		
	(a)
	for the purposes of rule 10.1, six months beginning with the time the Acquiring Company obtains Control and any condition of the relevant offer is met;

		
	(b)
	for the purposes of rule 10.2 and rule 10.7(c), six months beginning with the time when the court sanctions the relevant compromise or arrangement;

		
	(c)
	for the purposes of rule 10.3, six months beginning with the date on which the non-UK company reorganisation arrangement becomes binding on the shareholders covered by it;

		
	(d)
	for the purposes of rule 10.4, while the Acquiring Company is bound or entitled as specified in that rule; and

		
	(e)
	for the purposes of rule 10.7, as determined by reference to whichever of rule 10.1, rule 10.7(c), rule 10.3 or rule 10.4 applies.

		
	10.9
	Any New Option granted under rule 10.7 shall be treated as having been acquired at the same time as the relevant Old Option for all other purposes of the Scheme.

		
	10.10
	The Scheme shall be interpreted in relation to any New Options as if references to:

		
	(a)
	the Company (except for those in the definitions of Constituent Company and Eligible Company) were references to the Acquiring Company (or to any other company whose shares are subject to the New Options, as the context may require); and

		
	(b)
	 the Shares were references to the shares subject to the New Options.

		
	10.11
	The Company will remain the scheme organiser of the Scheme (as defined in paragraph 2(2) of Schedule 3) following the release of Options and the grant of New Options under rule 10.7.

		
	10.12
	The Acquiring Company shall issue (or procure the issue of) an Option Certificate for each New Option.

		
	10.13
	In this rule 10 (other than rule 10.7), a person shall be deemed to have obtained Control of a company if he, and others acting with him, have obtained Control of it together.

		
	10.14
	An event causing the grant of New Options shall not trigger the exercise of those New Options under rule 10.1, rule 10.2, rule 10.3, rule 10.4 or rule 10.5.

		
	10.15
	If the Company passes a resolution for voluntary winding up, any Option may be exercised within six weeks after the resolution is passed, failing which it shall lapse at the end of that period.

		
	10.16
	The Board shall notify Option Holders (and Grantors other than the Company) of any event that is relevant to Options under this rule 10 within a reasonable period after the Board becomes aware of it.

		
	11.
	VARIATION OF SHARE CAPITAL

If there is any variation of the share capital of the Company (whether that variation is a capitalisation issue (other than a scrip dividend), rights issue, consolidation, subdivision or reduction of capital or otherwise), the number and description of Shares subject to each Option and/or the Exercise Price of each Option shall be adjusted in a manner the Board deems appropriate provided that:

		
	(f)
	the total Market Value of Shares subject to the Option must be substantially the same immediately after the adjustment or adjustments as what it was immediately before the adjustment or adjustments and the total amount payable on the exercise of the Option immediately after the adjustment or adjustments must be substantially the same as what it was immediately before the adjustment or adjustments;

		
	(g)
	No adjustment may be made which would result in the requirements of Schedule 3 not being met in relation to the Option.. 

		
	12.
	NOTICES

		
	12.1
	Any notice or other communication required or made in connection with any Option or otherwise under this Scheme shall be in writing and shall be:

		
	(n)
	delivered personally; or 

		
	(o)
	sent by pre-paid first-class post; or

		
	(p)
	sent by recorded delivery post; or

		
	(q)
	sent by commercial courier; or

		
	(r)
	sent by fax (but fax communications shall only be treated as validly sent if an appropriate report of successful transmission has been recorded by the sender's fax system); or

		
	(s)
	sent by e-mail (but e-mail communications shall only be treated as validly sent if an appropriate report of receipt has been returned to the sender by the e-mail system).

		
	12.2
	Communications made in accordance with rule 11.1 shall be addressed to the parties interested in the Scheme as specified below:

		
	(c)
	in the case of communications to any Eligible Employee or Option Holder, to:

		
	(v)
	his work address; or

		
	(vi)
	his home address, meaning that most recently notified to the sender; or

		
	(vii)
	his work fax number; or 

		
	(viii)
	if one has been notified to the sender, his private fax number; or

		
	(ix)
	his work e-mail address; or

		
	(x)
	if one has been notified to the sender, his private e-mail address; and

		
	(d)
	in the case of communications to an Option Holder who has died (where the sender has notice of the death), to: 

		
	(vii)
	the Option Holder's home address, meaning that most recently notified to the sender; or

		
	(viii)
	any address or fax number (marked for the attention of any specified person) or any e-mail address that the Option Holder's personal representatives have notified to the Company (and any relevant Grantor other than the Company) for such communications; and

		
	(e)
	in the case of communications to the Company, to:

		
	(i)
	its registered office, marked for the attention of any specified person, and notified by the Company to the sender; or

		
	(ii)
	any other address (marked for the attention of any specified person) that may have been notified by the Company to the sender; or

		
	(iii)
	any fax number (marked for the attention of any specified person) that may have been notified by the Company to the sender; or

		
	(iv)
	any e-mail address that may have been notified by the Company to the sender; and

		
	(f)
	in the case of communications to any Grantor other than the Company, to:

		
	(iii)
	any address (marked for the attention of any specified person) that may have been notified by the Grantor to the sender; or

		
	(iv)
	any fax number (marked for the attention of any specified person) that may have been notified by the Grantor to the sender; or

		
	(v)
	any e-mail address that may have been notified by the Grantor to the sender.

		
	12.3
	Communications made to any Eligible Employee, Option Holder or Option Holder's personal representatives shall be deemed to have been duly received:

		
	(c)
	if delivered personally, when left at the relevant address; or

		
	(d)
	if sent by pre-paid first-class post or recorded delivery post, at 12 noon on the second business day after posting; or

		
	(e)
	if sent by commercial courier, at the time specified on the signed delivery receipt;

		
	(f)
	if sent by fax, at the time of transmission; or

		
	(g)
	if sent by e-mail, at the time specified in the relevant report of receipt returned to the sender.

		
	12.4
	Communications sent to the Company or any other Grantor shall: 

		
	(a)
	be duly made only if actually received in accordance with this rule 12; and

		
	(b)
	shall be treated as made at the time they are received for all purposes of the Scheme.

		
	12.5
	This rule 12 shall not apply to the service of any proceedings or other documents in any legal action.

		
	13.
	ADMINISTRATION AND AMENDMENT

		
	13.1
	The Scheme shall be administered under the direction of the Board.

		
	13.2
	The Board may amend the Scheme from time to time, but:

		
	(h)
	while the Company is subject to any requirement, or bound by any agreement, that this should be the case, no amendment may be made without the prior approval of the Company in general meeting if it would: 

		
	(iii)
	make the terms on which Options may be granted materially more generous; or

		
	(iv)
	increase the limit specified in rule 5; or

		
	(v)
	expand the class of potential Option Holders; or

		
	(vi)
	change rule 12 to the benefit of Option Holders,

unless it is a minor amendment to benefit the administration of the scheme, to take account of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Option Holders or for the Company or any Eligible Company; and

		
	(i)
	no amendment to a Key Feature  may be made if amending that Key Feature would result in the Scheme no longer being an SAYE option scheme that meets the requirements of Schedule 3.

 
		
	13.3
	The cost of establishing and operating the Scheme shall be borne by the Constituent Companies in proportions determined by the Board.

		
	13.4
	The Company shall ensure that at all times:

 
		
	(i)
	the Company has sufficient authorised and unissued or treasury Shares available, taking into account any other obligations of the Company to issue Shares and to transfer Shares from treasury; and/or

		
	(j)
	arrangements are in place for any third party to transfer issued Shares,

		
	(k)
	to satisfy the exercise of all Options of which the Company is the Grantor.

		
	13.5
	Each Grantor other than the Company shall at all times:

		
	(f)
	keep sufficient issued Shares available; and/or

		
	(g)
	hold sufficient enforceable rights to subscribe for Shares, or to acquire issued Shares,

		
	(h)
	to satisfy the exercise of all Options granted by that Grantor.

		
	13.6
	The Board shall determine any question of interpretation and settle any dispute arising under the Scheme (other than any requiring determination by the Auditors). In doing so, the Board shall exercise its discretion in a manner which is fair and reasonable. In such matters the Board's decision shall be final.

		
	13.7
	The Company and any other Grantor shall not be obliged to notify any Option Holder if an Option is due to lapse.

		
	13.8
	The Company and any other Grantor shall not be obliged to provide Option Holders with copies of any materials sent to the holders of Shares.

		
	13.9
	The rules of the Scheme shall be governed by, and interpreted in accordance with, the laws of England. The courts of England and Wales shall have exclusive jurisdiction over:

 
		
	(a)
	the rules of the Scheme; and

		
	(b)
	all Options.Exhibit 10.2 AmendedandRestatedNonqualifiedDeferredCompensation

Exhibit 10.2

ASPEN INSURANCE U.S. SERVICES INC.
NONQUALIFIED DEFERRED COMPENSATION PLAN

AMENDED AND RESTATED EFFECTIVE AUGUST 1, 2014

This document is drafted with the intent that it comply with Internal Revenue Code Section 409A and regulations promulgated thereunder.  NFP Executive Benefits has provided you this specimen document strictly in its capacity as an employee benefits consulting firm and plan record keeper.  NFP Executive Benefits does NOT provide legal, tax or accounting consultation or advice. It is NFP Executive Benefits’ recommendation that you seek appropriately specialized professional consultation regarding the information and/or material contained herein.

ASPEN INSURANCE U.S. SERVICES INC.
Nonqualified Deferred Compensation Plan

Table of Contents
Article 1Definitions    1
1.1Account    1
1.2Administrator    1
1.3Board    1
1.4Bonus    1
1.5Change-in-Control    1
1.6Code    2
1.7Compensation    2
1.8Deferrals    2
1.9Deferral Election    2
1.10Disability    2
1.11Effective Date    2
1.12Eligible Employee    2
1.13Employee    2
1.14Employer    2
1.15Employer Discretionary Contribution    2
1.16Employer Matching Contribution    3
1.17ERISA    3
1.18Investment Fund    3
1.19Participant    3
1.20Plan Year    3
1.21Retirement    3
1.22Salary    3
1.23Separation from Service    3
1.24Service Recipient    3
1.25Trust    3
1.26Trustee    3
1.27Years of Service    4
Article 2Participation    4
2.1Commencement of Participation    4
2.2Loss of Eligible Employee Status    4
Article 3Contributions    4
3.1Deferral Elections - General    4
3.2Time of Election    4
3.3Distribution Elections    4
3.4Additional Requirements    4
3.5Cancellation of Deferral Election due to Disability    5
3.6Matching Contribution    5
3.7Employer Discretionary Contribution    5
Article 4Vesting    5
4.1Vesting of Deferrals    5
4.2Vesting of Matching Contributions    5
4.3Vesting of Employer Discretionary Contributions    6
4.4Vesting due to Certain Events    6
4.5Amounts Not Vested    6
4.6Forfeitures    6
Article 5Accounts    6
5.1Accounts    6
5.2Investments, Gains and Losses    7
Article 6Distributions    7
6.1Distribution Election    7
6.2Distributions upon an In-Service Account Triggering Date    7
6.3Distributions upon Retirement    7
6.4Substantially Equal Annual Installments    7
6.5Distributions due to other Separation from Service    8
6.6Distributions due to Disability    8
6.7Distributions upon Death    8
6.8Changes to Distribution Elections    8
6.9Acceleration or Delay in Payments    8
6.10Unforeseeable Emergency    8
6.11Minimum Distribution    9
6.12Form of Payment    9
6.13Distributions upon a Change-in-Control    9
Article 7Beneficiaries    9
7.1Beneficiaries    9
7.2Lost Beneficiary    9
Article 8Funding    10
8.1Prohibition against Funding    10
8.2Deposits in Trust    10
8.3Withholding of Employee Contributions    10
Article 9Claims Administration    10
9.1General    10
9.2Claims Procedure    10
9.3Right of Appeal    11
9.4Review of Appeal    11
9.5Designation    11
Article 10General Provisions    11
10.1Administrator    11
10.2No Assignment    12
10.3No Employment Rights    12
10.4Incompetence    12
10.5Identity    12
10.6Other Benefits    12
10.7Expenses    12
10.8Insolvency    12
10.9Amendment or Modification    13
10.10Plan Suspension    13
10.11Plan Termination    13
10.12Plan Termination due to a Change-in-Control    13
10.13Construction    13
10.14Governing Law    13
10.15Severability    13
10.16Headings    14
10.17Terms    14
10.18Code Section 409A Fail Safe Provision    14

Exhibit 10.2

ASPEN INSURANCE U.S. SERVICES INC.
Nonqualified Deferred Compensation Plan

WHEREAS, Aspen Insurance U.S. Services Inc., and its affiliates and subsidiaries (the “Employer”), adopted the Aspen Insurance U. S. Services, Inc. Deferred Compensation Plan (“Prior Plan”) on January 8, 2013 with an effective date of January 1, 2012;

WHEREAS, the Employer desires to change certain provisions of the Prior Plan effective July 1, 2014 as amended and restated effective August 1, 2014; and 

WHEREAS, Section 9.1 of the Prior Plan provides Employer with the authority to amend and modify the Plan, subject to non-applicable restrictions;

NOW THEREFORE, the Employer hereby amends and restates the Prior Plan as the Aspen Insurance U.S. Services Inc. Nonqualified Deferred Compensation Plan (“Plan”).  This Plan is an unfunded arrangement and is intended to be exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of the Employee Retirement Income Security Act of 1974, as amended.  It is intended to comply with Internal Revenue Code Section 409A.  

Article 1Definitions

1.1    Account 
The sum of all the bookkeeping sub-accounts as may be established for each Participant as provided in Section 5.1 hereof.  

1.2    Administrator
The Employer or individuals or an administrative committee appointed by the Board shall serve as the Administrator of the Plan. The Administrator shall serve as the agent for the Employer with respect to the Trust. 

1.3    Board
The Board of Directors of the Employer.

1.4    Bonus
Compensation which is designated as such by the Employer and which relates to services performed during an incentive period by an Eligible Employee in addition to his or her Salary, including any pretax elective deferrals from said Bonus to any Employer sponsored plan that includes amounts deferred under a Deferral Election or any elective deferral as defined in Code Section 402(g)(3) or any amount contributed or deferred at the election of the Eligible Employee in accordance with Code Section 125 or 132(f)(4).

1.5    Change-in-Control
Provided that such term shall be interpreted within the meaning of regulations promulgated under Code Section 409A, a “Change-in-Control” of the Employer (which, for purpose of this Section 1.5 shall mean ABC Company but not any of its affiliates or subsidiaries) shall mean the first to occur of any of the following:

(a)    the date that any one person or persons acting as a group acquires ownership of Employer stock constituting more than fifty percent (50%) of the total fair market value or total voting power of the Employer;

(b)    the date that any one person or persons acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of the stock of the Employer possessing thirty percent (30%) or more of the total voting power of the stock of the Employer;

(c)    the date that any one person or persons acting as a group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Employer that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Employer immediately prior to such acquisition; or

(d)    the date that a majority of members of the Employer’s Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or elections.

1.6    Code
The Internal Revenue Code of 1986, as amended.

1.7    Compensation
The Participant’s earned income, consisting of Salary and Bonus.  

1.8    Deferrals
The portion of Compensation that a Participant elects to defer in accordance with Section 3.1 hereof.

1.9    Deferral Election
The separate agreement, submitted to the Administrator, by which an Eligible Employee agrees to participate in the Plan and make Deferrals thereto.

1.10    Disability
Provided that such term shall be interpreted within the meaning of regulations promulgated under Code Section 409A, a Participant shall be considered to have incurred a Disability if: (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; (ii) the Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Participant’s Employer; or (iii) determined to be totally disabled by the Social Security Administration.

1.11    Effective Date
July 1, 2014.

1.12    Eligible Employee
An Employee shall be considered an Eligible Employee if such Employee is a member of a “select group of management or highly compensated employees,” within the meaning of Sections 201, 301 and 401 of ERISA, and is designated as an Eligible Employee by the Administrator. The Administrator may at any time, in its sole discretion, change the eligible criteria for an Eligible Employee or determine that one or more Participants will cease to be an Eligible Employee.  The designation of an Employee as an Eligible Employee in any year shall not confer upon such Employee any right to be designated as an Eligible Employee in any future Plan Year.

1.13    Employee
Any person employed by the Employer.

1.14    Employer
Aspen Insurance U.S. Services Inc. and its subsidiaries and affiliates.

1.15    Employer Discretionary Contribution
A discretionary contribution made by the Employer that is credited to one or more Participant’s Accounts in accordance with the terms of Section 3.7 hereof.

1.16    Employer Matching Contribution
A contribution made by the Employer that is credited to one or more Participant’s Accounts in accordance with the terms of Section 3.6 hereof.

1.17    ERISA
The Employee Retirement Income Security Act of 1974, as amended.

1.18    Investment Fund
Each investment(s) which serves as a means to measure value, increases or decreases with respect to a Participant’s Accounts.

1.19    Participant
An Eligible Employee who is a Participant as provided in Article 2.

1.20    Plan Year
For the initial Plan Year, Effective Date through December 31, 2014.  For each year thereafter, January 1 through December 31.

1.21    Retirement
Retirement shall mean a Participant’s Separation from Service from the Employer for reasons other than death or Disability, on or after the earlier of the Participant’s attainment of sixty-five (65) years of age or the attainment of age fifty-five (55) with at least ten (10) Years of Service with the Employer.
  
1.22    Salary
An Eligible Employee’s base salary earned during a Plan Year, including any pretax elective deferrals from said Salary to any Employer sponsored plan that includes amounts deferred under a Deferral Election or any elective deferral as defined in Code Section 402(g)(3) or any amount contributed or deferred at the election of the Eligible Employee in accordance with Code Section 125 or 132(f)(4).

1.23    Separation from Service
Provided that such term shall be interpreted within the meaning of regulations promulgated under Code Section 409A, a Participant shall incur a Separation from Service with the Service Recipient due to death, retirement or other termination of employment with the Service Recipient unless the employment relationship is treated as continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual retains a right to reemployment with the Service Recipient under an applicable statute or by contract.  Upon a sale or other disposition of the assets of the Employer to an unrelated purchaser, the Administrator reserves the right, to the extent permitted by Code section 409A to determine whether Participants providing services to the purchaser after and in connection with the purchase transaction have experienced a Separation from Service.

1.24    Service Recipient
Provided that such term shall be interpreted within the meaning of regulations promulgated under Code Section 409A, Service Recipient shall mean the Employer or person for whom the services are performed and with respect to whom the legally binding right to compensation arises, and all persons with whom such person would be considered a single employer under Code Section 414(b) (employees of controlled group of corporations), and all persons with whom such person would be considered a single employer under Code Section 414(c) (employees of partnerships, proprietorships, etc., under common control).

1.25    Trust
The agreement between the Employer and the Trustee under which the assets of the Plan are held, administered and managed, which shall conform to the terms of Rev. Proc. 92-64.

1.26    Trustee
The person or entity appointed as trustee under the terms of the Trust or such other successor that shall become trustee pursuant to the terms of the Plan.

1.27    Years of Service
A Participant’s “Years of Service” shall be measured by employment during a twelve (12) month period commencing with the Participant’s date of hire and anniversaries thereof.  

Article 2    Participation

2.1    Commencement of Participation
Each Eligible Employee shall become a Participant at the earlier of the date on which his or her Deferral Election first becomes effective or the date on which an Employer Discretionary Contribution is first credited to his or her Account.

2.2    Loss of Eligible Employee Status
A Participant who is no longer an Eligible Employee shall not be permitted to submit a Deferral Election and all Deferrals for such Participant shall cease as of the end of the Plan Year in which such Participant is determined to no longer be an Eligible Employee.  Amounts credited to the Account of a Participant who is no longer an Eligible Employee shall continue to be held pursuant to the terms of the Plan and shall be distributed as provided in Article 6. 

Article 3    Contributions

3.1    Deferral Elections - General
A Participant’s Deferral Election for a Plan Year is irrevocable for that applicable Plan Year; provided, however that a cessation of Deferrals shall be allowed if required by the terms of the Employer’s qualified 401(k) plan in order for the Participant to obtain a hardship withdrawal from the 401(k) plan, or if required under Section 6.10 (Unforeseeable Emergency) of this Plan.  Such amounts deferred under the Plan shall not be made available to such Participant, except as provided in Article 6, and shall reduce such Participant’s Compensation from the Employer in accordance with the provisions of the applicable Deferral Election; provided, however, that all such amounts shall be subject to the rights of the general creditors of the Employer as provided in Article 8.  The Deferral Election, in addition to the requirements set forth below, must designate: (i) the amount of Compensation to be deferred, (ii) the time of the distribution, and (iii) the form of the distribution.

3.2    Time of Election
A Deferral Election shall be void if it is not made in a timely manner as follows:

(a)    A Deferral Election with respect to any Compensation must be submitted to the Administrator before the beginning of the calendar year during which the amount to be deferred will be earned.  As of December 31 of each calendar year, said Deferral Election is irrevocable for the calendar year.

(b)    Notwithstanding the foregoing and in the discretion of the Employer, in a year in which an Employee is first eligible to participate, and provided that such Employee is not eligible to participate in any other similar account balance arrangement subject to Code Section 409A, such Deferral Election shall be submitted within thirty (30) days after the date on which an Employee is first eligible to participate, and such Deferral Election shall apply to Compensation to be earned during the remainder of the calendar year after such election is made.  
3.3    Distribution Elections
At the time a Participant makes a Deferral Election, he or she must also elect the time and form of the distribution by establishing one or more In-Service Account or Separation Account(s) as provided in Sections 5.1 and 6.1.  If the Participant fails to properly designate the time and form of a distribution, the Participant’s Account shall be designated as a Separation Account and shall be paid in a lump sum.

3.4    Additional Requirements
The Deferral Election, subject to the limitations set forth in Sections 3.1 and 3.2 hereof, shall comply with the following additional requirements, or as otherwise required by the Administrator in its sole discretion: 

(a)    Deferrals may be made in whole percentages or stated dollar amounts as determined by the Administrator.

(b)    The maximum amount that may be deferred each Plan Year is fifty percent (50%) of the Participant’s Salary and Commissions, and one-hundred percent (100%) of the Participant’s Bonus and Performance-based Compensation, net of applicable taxes.  

(c)    The distribution year for an In-Service Account must be at least three (3) Plan Years after the Plan Year in which such Deferral is credited to an In-Service subaccount.    

3.5    Cancellation of Deferral Election due to Disability
Notwithstanding anything to the contrary, if a Participant incurs a disability as defined in this Section 3.5, said Participant may file an election to stop Deferrals as of the date the election is received by the Administrator, provided that such cancellation occurs by the later of the end of the calendar year or the 15th day of the third month following the date the Participant incurs a disability.  Disability for purposes of this Section 3.5 only means that a Participant incurs a medically determinable physical or mental impairment resulting in the Participant’s inability to perform the duties of his or her position or any substantially similar position, where such impairment can be expected to result in death or can be expected to last for a continuous period of not less than six months, as determined by the Administrator in its sole discretion.

3.6    Matching Contribution
The Employer may also credit to the Account of each Participant who makes Deferrals a Matching Contribution in an amount equal to a percentage of the Deferrals contributed by the Participant, with such percentage determined annually by the Employer, in its sole discretion.  Such Matching Contribution shall be credited to such sub-account as may be elected by the Participant for his or her Salary Deferrals, or if no Salary Deferrals, then for Bonus Deferrals in accordance with Section 5.1 and procedures established by the Plan Administrator.  

3.7    Employer Discretionary Contribution
The Employer may make discretionary contributions to some or all Participants’ Accounts in such amount and in such manner as may be determined by the Employer.  Such Employer Discretionary Contribution, at the option of the Employer, shall be credited to such sub-account as may be elected by the Participant in accordance with Sections 3.1 and 5.1 and procedures established by the Administrator.  In the event no such election is made by the Participant or if Employer desires to direct Employer Discretionary Contributions to a particular Participant sub-account, the Employer, in its sole discretion, may determine which sub-account will be credited with such Employer Discretionary Contribution.  In the event the Employer does not designate which Participant sub-account shall be credited, such Employer Discretionary Contribution shall be credited to a lump-sum Separation/Retirement sub-account.

Article 4    Vesting

4.1    Vesting of Deferrals
A Participant shall be one-hundred percent (100%) vested in his or her Account attributable to Deferrals and any earning or losses on the investment of such Deferrals. 

4.2    Vesting of Matching Contributions
Except as otherwise provided herein,  a Participant shall have a vested right to the portion of his or her Account attributable to Matching Contribution(s) and any earnings or losses on the investment of such Matching Contribution(s) according to such vesting schedule as the Employer shall determine at the time an Matching Contribution is made.  
 
4.3    Vesting of Employer Discretionary Contributions
A Participant shall have a vested right to the portion of his or her Account attributable to Employer Discretionary Contribution(s) and any earnings or losses on the investment of such Employer Discretionary Contribution(s) according to such vesting schedule as the Employer shall determine at the time an Employer Discretionary Contribution is made.  

4.4    Vesting due to Certain Events

(a)    A Participant who incurs a Disability shall be fully vested in the amounts credited to his or her Account as of the date of Disability.

(b)    Upon a Participant’s death, the Participant shall be fully vested in the amounts credited to his or her Account.

(c)    A Participant who incurs a Separation from Service due to Retirement shall be fully vested in the amounts credited to his or her Account as of the date of Retirement.

(d)    Upon a Change-in-Control, all Participants shall be fully vested in the amounts credited to their Accounts as of the date of the Change-in-Control.

4.5    Amounts Not Vested
Any amounts credited to a Participant’s Account that are not vested at the time of a distribution event shall be forfeited.

4.6    Forfeitures
At the discretion of the Employer, any forfeitures from a Participant’s Account (i) may continue to be held in the Trust, may be separately invested, and may be used to reduce succeeding Deferrals and any Employer Contributions, or (ii) may be returned to the Employer as soon as administratively feasible.

Alt: Any forfeitures from a Participant’s Account shall continue to be held in the Trust, shall be separately invested and shall be used to reduce succeeding Deferrals, Employer Matching Contributions, or Employer Discretionary Contributions until such forfeitures have been entirely so applied.  If no further Contributions will be made, then such forfeitures shall be returned to the Employer.

Article 5    Accounts

5.1    Accounts
The Administrator shall establish and maintain a bookkeeping account in the name of each Participant.  The Administrator shall also establish sub-accounts as provided in subsection (a) and (b), below, as elected by the Participant pursuant to Article 3.  A Participant may have a maximum of ten (10) sub-accounts at any time.

(a)    A Participant may establish one or more Retirement Account (“Retirement sub-account”) by designating as such on the Participant’s Deferral Election.  Each Participant’s Retirement sub-account shall be credited with Deferrals (as specified in the Participant’s Deferral Election), any Employer Matching Contributions allocable thereto, any Employer Discretionary Contributions, and the Participant’s allocable share of any earnings or losses on the foregoing.  Each Participant’s Retirement sub-account shall be reduced by any distributions made plus any federal and state tax withholding, and any social security withholding tax as may be required by law.  

(b)    A Participant may elect to establish one or more In-Service Account (“In-Service sub-account”) by designating as such in the Participant’s Deferral Election the year in which payment shall be made.  Each Participant’s In-Service sub-account shall be credited with Deferrals (as specified in the Participant’s Deferral Election), any Employer Matching Contributions allocable thereto, any Employer Discretionary Contributions and the Participant’s allocable share of any earnings or losses on the foregoing.  Each Participant’s In-Service sub-account shall be reduced by any distributions made plus any federal and state tax withholding and any social security withholding tax as may be required by law.

5.2    Investments, Gains and Losses

(a)    A Participant may direct that his or her Retirement sub-accounts and or In-Service sub-accounts established pursuant to Section 5.1 may be valued as if they were invested in one or more Investment Funds as selected by the Employer in multiples of one percent (1%).  The Employer may from time to time, at the discretion of the Administrator, change the Investment Funds for purposes of this Plan.  

(b)    The Administrator shall adjust the amounts credited to each Participant’s Account to reflect Deferrals, Employer Matching Contributions, any Employer Discretionary Contributions, investment experience, distributions and any other appropriate adjustments.  Such adjustments shall be made as frequently as is administratively feasible.

(c)    A Participant may change his or her selection of Investment Funds no more than six (6) times each Plan Year with respect to his or her Account or sub-accounts by filing a new election in accordance with procedures established by the Administrator.  An election shall be effective as soon as administratively feasible following the date the change is submitted on a form prescribed by the Administrator.

(d)    Notwithstanding the Participant’s ability to designate the Investment Fund in which his or her deferred Compensation shall be deemed invested, the Employer shall have no obligation to invest any funds in accordance with the Participant’s election.  Participants’ Accounts shall merely be bookkeeping entries on the Employer’s books, and no Participant shall obtain any property right or interest in any Investment Fund.

Article 6    Distributions

6.1    Distribution Election
Each Participant shall designate in his or her Deferral Election the form and timing of his or her distribution by indicating the type of sub-account as described under Section 5.1, and by designating the form in which payments shall be made from the choices available under Section 6.2 and 6.3 hereof.  Notwithstanding anything to the contrary contained herein provided, no acceleration of the time or schedule of payments under the Plan shall occur except as permitted under both this Plan and Code Section 409A.

6.2    Distributions upon an In-Service Account Triggering Date
In-Service sub-account distributions shall occur as soon as administratively feasible but no later than ninety (90) days following June 1 of the calendar year designated by the Participant on a properly submitted Deferral Election and is payable in a lump-sum payment.  

6.3    Distributions upon Retirement
If the Participant has a Separation from Service due to Retirement, the Participant’s Retirement sub-account(s) shall be distributed as soon as administratively feasible, but no earlier than six (6) months and no later than eight (8) months following Participant’s Retirement.  

Distribution shall be made either in a lump-sum payment or in substantially equal annual installments, as defined in Section 6.4 below, over a period of up to ten (10) years as elected by the Participant.  If the Participant fails to designate the form of the distribution, the sub-account shall be paid in a lump-sum payment.  If distributions are to be made in annual installments, the second installment and all those thereafter will be made on the applicable anniversaries of the date on which the Participant’s initial installment was payable.
If a Participant has any In-Service sub-accounts at the time of his or her Retirement, said sub-accounts shall be distributed in a lump sum as soon as administratively feasible but no earlier than six (6) months and no later than eight (8) months following Participant’s Retirement.  

6.4    Substantially Equal Annual Installments

(a)    The amount of the substantially equal payments shall be determined by multiplying the Participant’s Account or sub-account by a fraction, the denominator of which in the first year of payment equals the number of years over which benefits are to be paid, and the numerator of which is one (1).  The amounts of the payments for each succeeding year shall be determined by multiplying the Participant’s Account or sub-account as of the applicable anniversary of the payout by a fraction, the denominator of which equals the number of remaining years over which benefits are to be paid, and the numerator of which is one (1). Installment payments made pursuant to this Section 6.4 shall be made as soon as administratively feasible but no later than ninety (90) days following the anniversary of the distribution event, subject to Section 6.11 (Distributions to Specified Employees). 

(b)    For purposes of the Plan pursuant to Code Section 409A and regulations thereunder, a series of annual installments from a particular subaccount shall be considered a single payment.  

6.5    Distributions due to other Separation from Service
Upon a Participant’s Separation from Service for any reason other than Retirement, death or Disability, all vested amounts credited to his or her Account shall be paid to the Participant in a lump-sum no earlier six (6) months following the Participant’s Separation from Service and no later than eight/nine months after such date.   

6.6    Distributions due to Disability
Upon a Participant’s Disability, all amounts credited to his or her Account shall be paid to the Participant in a lump sum as soon as administratively feasible but no later than ninety (90) days following the date of Disability.

6.7    Distributions upon Death
Upon the death of a Participant, all amounts credited to his or her Account shall be paid, as soon as administratively feasible but no later than ninety (90) days following Participant’s date of death, to his or her beneficiary or beneficiaries, as determined under Article 7 hereof, in a lump sum.

6.8    Changes to Distribution Elections
A Participant will be permitted to elect to change the form or timing of the distribution of the balance of his or her one or more sub-accounts within his or her Account to the extent permitted and in accordance with the requirements of Code Section 409A(a)(4)(C), including the requirement that (i) a redeferral election may not take effect until at least twelve (12) months after such election is filed with the Employer, (ii) an election to further defer a distribution (other than a distribution upon death, Disability or an unforeseeable emergency) must  result in the first distribution subject to the election being made at least five (5) years after the previously elected date of distribution, and (iii) any redeferral election affecting a distribution at a fixed date must be filed with the Employer at least twelve (12) months before the first scheduled payment under the previous fixed date distribution election.  

6.9    Acceleration or Delay in Payments
To the extent permitted by Code Section 409A, and notwithstanding any provision of the Plan to the contrary, the Administrator, in its sole discretion, may elect to (i) accelerate the time or form of payment of a benefit owed to a Participant hereunder in accordance with the terms and subject to the conditions of Treasury Regulations Section 1.409A-3(j)(4), or (ii) delay the time of payment of a benefit owed to a Participant hereunder in accordance with the terms and subject to the conditions of Treasury Regulations Section 1.409A-2(b)(7).  By way of example, and at the sole discretion of the Administrator, if a Participant’s entire Account balance is less than the applicable Code Section 402(g) annual limit, the Employer may distribute the Participant’s Account in a lump sum provided that the distribution results in the termination of the participant’s entire interest in the Plan, subject to the plan aggregation rules of Code Section 409A and regulations thereunder.  By way of example, the Administrator may permit such acceleration of the time or schedule of a payment under the arrangement to an individual other than a Participant as may be necessary to fulfill a domestic relations order (as defined in Code Section 414(p)(1)(B)).

6.10    Unforeseeable Emergency
The Administrator may permit an early distribution of part or all of any deferred amounts; provided, however, that such distribution shall be made only if the Administrator, in its sole discretion, determines that the Participant, or the Participant’s beneficiary, has experienced an Unforeseeable Emergency.  An Unforeseeable Emergency is defined as a severe financial hardship resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant’s property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  If an Unforeseeable Emergency is determined to exist, a distribution may not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).  Upon a distribution to a Participant under this Section 6.10, the Participant’s Deferrals shall cease and no further Deferrals shall be made for such Participant for the remainder of the Plan Year and one (1) subsequent Plan Year. 

6.11    Minimum Distribution
Notwithstanding any provision to the contrary, if the balance of a Participant’s Account or sub-account at the time of a distribution event is $25,000 or less, then the Participant shall be paid his or her Account or sub-account as a single lump sum.

6.12    Form of Payment
All distributions shall be made in the form of cash.

6.13    Distributions upon a Change-in-Control
Notwithstanding any distribution election to the contrary, if a Change-in-Control occurs and a Participant incurs a Separation from Service during the period beginning on the date of the Change-in-Control and ending on the second anniversary of the Change-in-Control, then the remaining amount of the Participant’s vested Account shall be paid to the Participant or his  or her beneficiary in a single lump-sum payment as soon as administratively possible, but no later than ninety (90) days, following such Change-in-Control.

Article 7    Beneficiaries

7.1    Beneficiaries
Each Participant may from time to time designate one or more persons (who may be any one or more members of such person’s family or other persons, administrators, trusts, foundations or other entities) as his or her beneficiary under the Plan.  Such designation shall be made in a form prescribed by the Administrator.  Each Participant may at any time and from time to time, change any previous beneficiary designation, without notice to or consent of any previously designated beneficiary, by amending his or her previous designation in a form prescribed by the Administrator.  If the beneficiary does not survive the Participant (or is otherwise unavailable to receive payment), or if no beneficiary is validly designated then the amounts payable under this Plan shall be paid to the Participant’s estate.  If more than one person is the beneficiary of a deceased Participant, each such person shall receive a pro rata share of any death benefit payable unless otherwise designated in the applicable form.  If a beneficiary who is receiving benefits dies, all benefits that were payable to such beneficiary shall then be payable to the estate of that beneficiary.

7.2    Lost Beneficiary
All Participants and beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid.  If a Participant or beneficiary cannot be located by the Administrator exercising due diligence, then, in its sole discretion, the Administrator may presume that the Participant or beneficiary is deceased for purposes of the Plan and all unpaid amounts (net of due diligence expenses) owed to the Participant or beneficiary shall be paid accordingly or, if a beneficiary cannot be so located, then such amounts may be forfeited.  Any such presumption of death shall be final, conclusive and binding on all parties.

Article 8    Funding

8.1    Prohibition against Funding
Should any investment be acquired in connection with the liabilities assumed under this Plan, it is expressly understood and agreed that the Participants and beneficiaries shall not have any right with respect to, or claim against, such assets nor shall any such purchase be construed to create a trust of any kind or a fiduciary relationship between the Employer and the Participants, their beneficiaries or any other person.  Any such assets shall be and remain a part of the general, unpledged, unrestricted assets of the Employer, subject to the claims of its general creditors.  It is the express intention of the parties hereto that this arrangement shall be unfunded for tax purposes and for purposes of Title I of the ERISA.  Each Participant and beneficiary shall be required to look to the provisions of this Plan and to the Employer itself for enforcement of any and all benefits due under this Plan, and to the extent any such person acquires a right to receive payment under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Employer.  The Employer or the Trust shall be designated the owner and beneficiary of any investment acquired in connection with its obligation under this Plan.

8.2    Deposits in Trust
Notwithstanding Section 8.1, or any other provision of this Plan to the contrary, the Employer may deposit into the Trust any amounts it deems appropriate to pay the benefits under this Plan.  The amounts so deposited may include all contributions made pursuant to a Deferral Election by a Participant, all Employer Matching Contributions and any Employer Discretionary Contributions.

8.3    Withholding of Employee Contributions
The Administrator is authorized to make any and all necessary arrangements with the Employer in order to withhold the Participant’s Deferrals under Section 3.1 hereof from his or her Compensation.  The Administrator shall determine the amount and timing of such withholding.

Article 9    Claims Administration

9.1    General
If a Participant, beneficiary or his or her representative is denied all or a portion of an expected Plan benefit for any reason and the Participant, beneficiary or his or her representative desires to dispute the decision of the Administrator, he or she must file a written notification of his or her claim with the Administrator. 

9.2    Claims Procedure
Upon receipt of any written claim for benefits, the Administrator shall be notified and shall give due consideration to the claim presented.  If any Participant or beneficiary claims to be entitled to benefits under the Plan and the Administrator determines that the claim should be denied in whole or in part, the Administrator shall, in writing, notify such claimant within ninety (90) days (forty-five (45) days if the claim is on account of Disability) of receipt of the claim that the claim has been denied.  The Administrator may extend the period of time for making a determination with respect to any claim for a period of up to ninety (90) days (thirty (30) days if claim is on account of Disability), provided that the Administrator determines that such an extension is necessary because of special circumstances and notifies the claimant, prior to the expiration of the initial ninety (90) day (or forty-five (45) day) period, of the circumstances requiring the extension of time and the date by which the Plan expects to render a decision.  If the claim is denied to any extent by the Administrator, the Administrator shall furnish the claimant with a written notice setting forth:

(a)    the specific reason or reasons for denial of the claim;

(b)    a specific reference to the Plan provisions on which the denial is based;

(c)    a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

(d)    an explanation of the provisions of this Article.

Under no circumstances shall any failure by the Administrator to comply with the provisions of this Section 9.2 be considered to constitute an allowance of the claimant’s claim.

9.3    Right of Appeal
A claimant who has a claim denied wholly or partially under Section 9.2 may appeal to the Administrator for reconsideration of that claim.  A request for reconsideration under this Section must be filed by written notice within sixty (60) days (one-hundred and eighty (180) days if the claim is on account of Disability) after receipt by the claimant of the notice of denial under Section 9.2.

9.4    Review of Appeal
Upon receipt of an appeal the Administrator shall promptly take action to give due consideration to the appeal.  Such consideration may include a hearing of the parties involved, if the Administrator feels such a hearing is necessary.  In preparing for this appeal, the claimant shall be given the right to review pertinent documents and the right to submit in writing a statement of issues and comments.  After consideration of the merits of the appeal, the Administrator shall issue a written decision, which shall be binding on all parties.  The decision shall specifically state its reasons and pertinent Plan provisions on which it relies.  The Administrator’s decision shall be issued within sixty (60) days (forty-five (45) days if the claim is on account of Disability) after the appeal is filed, except that the Administrator may extend the period of time for making a determination with respect to any claim for a period of up one-hundred and twenty (120) days (ninety (90) days if the claim is on account of Disability), provided that the Administrator determines that such an extension is necessary because of special circumstances and notifies the claimant, prior to the expiration of the initial one-hundred and twenty (120) day (or, if the claim is on account of Disability, initial ninety (90) day) period, of the circumstances requiring the extension of time and the date by which the Plan expects to render a decision.  Under no circumstances shall any failure by the Administrator to comply with the provisions of this Section 9.4 be considered to constitute an allowance of the claimant’s claim. In the case of a claim on account of Disability: (i) the review of the denied claim shall be conducted by an employee who is neither the individual who made the initial determination or a subordinate of such person; and (ii) no deference shall be given to the initial determination.  For issues involving medical judgment, the employee must consult with an independent health care professional who may not be the health care professional who rendered the initial claim. 

9.5    Designation
The Administrator may designate any other person of its choosing to make any determination otherwise required under this Article.  Any person so designated shall have the same authority and discretion granted to the Administrator hereunder.

Article 10    General Provisions

10.1    Administrator

(a)    The Administrator is expressly empowered to limit the amount of Compensation that may be deferred; to deposit amounts into the Trust in accordance with Section 8.2 hereof; to interpret the Plan, and to determine all questions arising in the administration, interpretation and application of the Plan; to employ actuaries, accountants, counsel, and other persons it deems necessary in connection with the administration of the Plan; to request any information from the Employer it deems necessary to determine whether the Employer would be considered insolvent or subject to a proceeding in bankruptcy; and to take all other necessary and proper actions to fulfill its duties as Administrator.

(b)    The Administrator shall not be liable for any actions by it hereunder, unless due to its own negligence, willful misconduct or lack of good faith.

(c)    The Administrator shall be indemnified and saved harmless by the Employer from and against all personal liability to which it may be subject by reason of any act done or omitted to be done in its official capacity as Administrator in good faith in the administration of the Plan and Trust, including all expenses reasonably incurred in its defense in the event the Employer fails to provide such defense upon the request of the Administrator.  The Administrator is relieved of all responsibility in connection with its duties hereunder to the fullest extent permitted by law, short of breach of duty to the beneficiaries.

10.2    No Assignment
Benefits or payments under this Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant’s beneficiary, whether voluntary or involuntary, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish the same shall not be valid, nor shall any such benefit or payment be in any way liable for or subject to the debts, contracts, liabilities, engagement or torts of any Participant or beneficiary, or any other person entitled to such benefit or payment pursuant to the terms of this Plan, except to such extent as may be required by law.  If any Participant or beneficiary or any other person entitled to a benefit or payment pursuant to the terms of this Plan becomes bankrupt or attempts to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish any benefit or payment under this Plan, in whole or in part, or if any attempt is made to subject any such benefit or payment, in whole or in part, to the debts, contracts, liabilities, engagements or torts of the Participant or beneficiary or any other person entitled to any such benefit or payment pursuant to the terms of this Plan, then such benefit or payment, in the discretion of the Administrator, shall cease and terminate with respect to such Participant or beneficiary, or any other such person.

10.3    No Employment Rights
Participation in this Plan shall not be construed to confer upon any Participant the legal right to be retained in the employ of the Employer, or give a Participant or beneficiary, or any other person, any right to any payment whatsoever, except to the extent of the benefits provided for hereunder.  Each Participant shall remain subject to discharge to the same extent as if this Plan had never been adopted.

10.4    Incompetence
If the Administrator determines that any person to whom a benefit is payable under this Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another for his or her benefit without responsibility of the Administrator or the Employer to see to the application of such payments.  Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator and the Trustee.

10.5    Identity
If, at any time, any doubt exists as to the identity of any person entitled to any payment hereunder or the amount or time of such payment, the Administrator shall be entitled to hold such sum until such identity or amount or time is determined or until an order of a court of competent jurisdiction is obtained.  The Administrator shall also be entitled to pay such sum into court in accordance with the appropriate rules of law.  Any expenses incurred by the Employer, Administrator, and Trust incident to such proceeding or litigation shall be charged against the Account of the affected Participant.

10.6    Other Benefits
The benefits of each Participant or beneficiary hereunder shall be in addition to any benefits paid or payable to or on account of the Participant or beneficiary under any other pension, disability, annuity or retirement plan or policy whatsoever.

10.7    Expenses
All expenses incurred in the administration of the Plan, whether incurred by the Employer or the Plan, shall be paid by the Employer.

10.8    Insolvency
Should the Employer be considered insolvent (as defined by the Trust), the Employer, through its Board and chief executive officer, shall give immediate written notice of such to the Administrator of the Plan and the Trustee.  Upon receipt of such notice, the Administrator or Trustee shall cease to make any payments to Participants who were Employees of the Employer or their beneficiaries and shall hold any and all assets attributable to the Employer for the benefit of the general creditors of the Employer.

10.9    Amendment or Modification
The Employer may, at any time, in its sole discretion, amend or modify the Plan in whole or in part, except that no such amendment or modification shall have any retroactive effect to reduce any amounts allocated to a Participant’s Accounts, and provided that such amendment or modification complies with Code Section 409A and related regulations thereunder.  

10.10    Plan Suspension
The Employer further reserves the right to suspend the Plan in whole or in part, except that no such suspension shall have any retroactive effect to reduce any amounts allocated to a Participant’s Accounts, and provided that the distribution of the vested Participant Accounts shall not be accelerated but shall be paid at such time and in such manner as determined under the terms of the Plan immediately prior to suspension as if the Plan had not been suspended. 

10.11    Plan Termination
The Employer further reserves the right to terminate the Plan in whole or in part, in the following manner, except that no such termination shall have any retroactive effect to reduce any amounts allocated to a Participant’s Accounts, and provided that such termination complies with Code Section 409A and related regulations thereunder:

(a)    The Employer, in its sole discretion, may terminate the Plan and distribute all vested Participants’ Accounts no earlier than twelve (12) calendar months from the date of the Plan termination and no later than twenty-four (24) calendar months from the date of the Plan termination, provided however that all other similar arrangements are also terminated by the Employer for any affected Participant and no other similar arrangements are adopted by the Employer for any affected Participant within a three (3) year period from the date of termination; or

(b)    The Employer may decide, in its sole discretion, to terminate the Plan in the event of a corporate dissolution taxed under Code Section 331, or with the approval of a bankruptcy court, provided that the Participants vested Account balances are distributed to Participants and are included in the Participants’ gross income in the latest of:  (i) the calendar year in which the termination occurs; (ii) the calendar year in which the amounts deferred are no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which payment is administratively practicable. 

10.12    Plan Termination due to a Change-in-Control
The Employer may decide, in its discretion, to terminate the Plan in the event of a Change-in-Control and distribute all vested Participants Account balances no earlier than thirty (30) days prior to the Change-in-Control and no later than twelve (12) months after the effective date of the Change-in-Control, provided however that the Employer terminates all other similar arrangements for any affected Participant.  

10.13    Construction
All questions of interpretation, construction or application arising under or concerning the terms of this Plan shall be decided by the Administrator, in its sole and final discretion, whose decision shall be final, binding and conclusive upon all persons.

10.14    Governing Law
This Plan shall be governed by, construed and administered in accordance with the applicable provisions of ERISA, Code Section 409A, and any other applicable federal law, provided, however, that to the extent not preempted by federal law this Plan shall be governed by, construed and administered under the laws of the State of Delaware, other than its laws respecting choice of law.

10.15    Severability
If any provision of this Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provision of this Plan and this Plan shall be construed and enforced as if such provision had not been included therein.  If the inclusion of any Employee (or Employees) as a Participant under this Plan would cause the Plan to fail to comply with the requirements of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, then the Plan shall be severed with respect to such Employee or Employees, who shall be considered to be participating in a separate arrangement.

10.16    Headings
The Article headings contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of this Plan nor in any way shall they affect this Plan or the construction of any provision thereof.

10.17    Terms
Capitalized terms shall have meanings as defined herein.  Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate.

10.18    Code Section 409A Fail Safe Provision
If any provision of this Plan violates Code Section 409A, the regulations promulgated thereunder, regulatory interpretations, announcements or mandatory judicial precedent construing Code Section 409A (collectively “Applicable Law”), then such provision shall be void and have no effect.  At all times, this Plan shall be interpreted in such manner that it complies with Applicable Law.

IN WITNESS WHEREOF, Aspen Insurance U.S. Services Inc. has caused this instrument to be executed by its duly authorized officer, effective as of this 1st day of August, 2014.
    
Aspen Insurance U.S. Services Inc.

By:     /s/ Mark Jones              
Mark Jones

Title:     Chief Financial Officer    

1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]