Document:

Exhibit 10.1

Exhibit 10.1

DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT
This Director and Officer Indemnification Agreement, dated as of ___________ ___, ____ (this “Agreement”), is made by and between Abercrombie & Fitch Co., a Delaware corporation (the “Company”), and _______________________ (“Indemnitee”).
RECITALS:
A.    Section 141 of the Delaware General Corporation Law provides that the business and affairs of a corporation shall be managed by or under the direction of its board of directors.
B.    Pursuant to Sections 141 and 142 of the Delaware General Corporation Law, significant authority with respect to the management of the Company has been delegated to the officers of the Company.
C.    By virtue of the managerial prerogatives vested in the directors and officers of a Delaware corporation, directors and officers act as fiduciaries of the corporation and its stockholders.
D.    Thus, it is critically important to the Company and its stockholders that the Company be able to attract and retain the most capable persons reasonably available to serve as directors and officers of the Company.
E.    In recognition of the need for corporations to be able to induce capable and responsible persons to accept positions in corporate management, Delaware law authorizes (and in some instances requires) corporations to indemnify their directors and officers, and further authorizes corporations to purchase and maintain insurance for the benefit of their directors and officers.
F.    The Delaware courts have recognized that indemnification by a corporation serves the dual policies of (1) encouraging capable women and men to serve as corporate directors and officers, secure in the knowledge that the corporation will absorb the costs of defending their honesty and integrity and (2) allowing corporate officials to resist unjustified lawsuits, secure in the knowledge that, if vindicated, the corporation will bear the expense of litigation.
G.     Delaware law also authorizes a corporation to pay in advance of the final disposition of an action, suit or proceeding the expenses incurred by a director or officer in the defense thereof, and any such right to the advancement of expenses may be made separate and distinct from any right to indemnification and need not be subject to the satisfaction of any standard of conduct or otherwise affected by the merits of any claims against the director or officer.
H.    The number of lawsuits challenging the judgment and actions of directors and officers of Delaware corporations, the costs of defending those lawsuits, and the threat to directors’ and officers’ personal assets have all materially increased over the past several years, chilling the willingness of capable women and men to undertake the responsibilities imposed on corporate directors and officers.
I.    Recent federal legislation and rules adopted by the Securities and Exchange Commission and the national securities exchanges have imposed additional disclosure and corporate governance obligations on directors and officers of public companies and have exposed such directors and officers to new and substantially broadened civil liabilities.  
J.    These legislative and regulatory initiatives have also exposed directors and officers of public companies to a significantly greater risk of criminal proceedings, with attendant defense costs and potential criminal fines and penalties.
K.    The authority of a corporation to indemnify and advance the costs of defense to its directors and officers applies to criminal proceedings as well as to civil, administrative and investigative proceedings.
L.    Indemnitee is a director or officer of the Company and his or her willingness to serve in such capacity is predicated, in substantial part, upon the Company’s willingness to indemnify him or her in accordance with the principles reflected above, to the fullest extent permitted by the laws of the state of Delaware, and upon the other undertakings set forth in this Agreement.
M.    Therefore, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s continued service as a director or officer of the Company and to enhance Indemnitee’s 

ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company’s certificate of incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the Company’s Board of Directors (the “Board”) or any change-in-control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancement of Expenses (as defined in Section 1(e)) to Indemnitee as set forth in this Agreement and for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.
N.    In light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided to Indemnitee hereunder.
AGREEMENT:
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1.Certain Definitions.  In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:

(a)“Claim” means (i) any threatened, asserted, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; and (ii) any threatened, pending or completed inquiry or investigation, whether made, instituted or conducted by or at the behest of the Company or any other person, including any federal, state or other court or governmental entity or agency and any committee or other representative of any corporate constituency, that Indemnitee determines might lead to the institution of any such claim, demand, action, suit or proceeding.

(b)“Controlled Affiliate” means any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit, that is directly or indirectly controlled by the Company.  For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity or enterprise, whether through the ownership of voting securities, through other voting rights, by contract or otherwise; provided that direct or indirect beneficial ownership of capital stock or other interests in an entity or enterprise entitling the holder to cast 20% or more of the total number of votes generally entitled to be cast in the election of directors (or persons performing comparable functions) of such entity or enterprise shall be deemed to constitute control for purposes of this definition.

(c)“Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

(d)“ERISA Losses” means any taxes, penalties or other liabilities under the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended.

(e)“Expenses” means attorneys’ and experts’ fees and expenses and all other costs and expenses paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in (including on appeal), any Claim, other than the fees, expenses and costs in respect of which the Company is expressly stated in Section 15 to have no obligation.

(f)“Incumbent Directors” means the individuals who, as of the date hereof, are members of the Board and any individual becoming a member of the Board subsequent to the date hereof whose election, nomination for election by the Company’s stockholders, or appointment, was approved by a vote of at least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Securities Exchange Act of 1934, as amended) with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

(g)“Indemnifiable Claim” means any Claim based upon, arising out of or resulting from (i) any actual, alleged or suspected act or failure to act by Indemnitee in his or her capacity as a director, officer, employee or agent of the Company or as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability 

company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit (including any employee benefit plan or related trust), as to which Indemnitee is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent, (ii) any actual, alleged or suspected act or failure to act by Indemnitee in respect of any business, transaction, communication, filing, disclosure or other activity of the Company or any other entity or enterprise referred to in clause (i) of this sentence, or (iii) Indemnitee’s status as a current or former director, officer, employee or agent of the Company or as a current or former director, officer, employee, member, manager, trustee or agent of the Company or any other entity or enterprise referred to in clause (i) of this sentence or any actual, alleged or suspected act or failure to act by Indemnitee in connection with any obligation or restriction imposed upon Indemnitee by reason of such status; provided, however, that except for compulsory counterclaims, Indemnifiable Claim shall not include any Claim initiated by Indemnitee against the Company or any director or officer of the Company unless the Company has joined in or consented to the initiation of such Claim.  In addition to any service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, member, manager, trustee or agent of another entity or enterprise if Indemnitee is or was serving as a director, officer, employee, member, manager, trustee or agent of such entity or enterprise and (i) such entity or enterprise is or at the time of such service was a Controlled Affiliate, (ii) such entity or enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or a Controlled Affiliate, or (iii) the Company or a Controlled Affiliate directly or indirectly caused or authorized Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.

(h)“Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting from any Indemnifiable Claim.

(i)“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent:  (i) the Company (or any Subsidiary) or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other named (or, as to a threatened matter, reasonably likely to be named) party to the Indemnifiable Claim giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.  

(j)“Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA Losses and amounts paid in settlement, including all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing.
(k)“Subsidiary” means an entity in which the Company directly or indirectly beneficially owns 50% or more of the outstanding Voting Stock.

(l)“Voting Stock” means securities entitled to vote generally in the election of directors (or similar governing bodies).

2.Indemnification Obligation.  Subject to Section 8, the Company shall indemnify and hold harmless Indemnitee, to the fullest extent permitted or required by the laws of the State of Delaware in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted or required indemnification, against any and all Indemnifiable Claims and Indemnifiable Losses; provided, however, that no repeal or amendment of any law of the State of Delaware shall in any way diminish or adversely affect the rights of Indemnitee pursuant to this Agreement in respect of any occurrence or matter arising prior to any such repeal or amendment.

3.Advancement of Expenses.  Indemnitee shall have the right to advancement by the Company prior to the final disposition of any Indemnifiable Claim of any and all Expenses relating to, arising out of or resulting from any Indemnifiable Claim paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be paid or incurred by Indemnitee.  Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct and is not conditioned upon any prior determination that Indemnitee is entitled to indemnification under this Agreement with respect to the Indemnifiable Claim or the absence of any prior determination to the contrary.  Without limiting the generality or effect of the foregoing, within five business days after any request by Indemnitee, the Company shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses; provided that Indemnitee shall repay, without interest any amounts actually advanced to Indemnitee that, at the final disposition of the Indemnifiable Claim to which the advance related, were in excess of amounts paid or payable by Indemnitee in respect of Expenses relating to, arising out of or resulting from such Indemnifiable Claim.  In connection with any such payment, advancement or reimbursement, if delivery 

of an undertaking is a legally required condition precedent to such payment, advance or reimbursement or is otherwise requested by the Company, Indemnitee shall execute and deliver to the Company an undertaking in the form attached hereto as Exhibit A (subject to Indemnitee filling in the blanks therein and selecting from among the bracketed alternatives therein), which need not be secured and shall be accepted by the Company without reference to Indemnitee’s ability to repay the Expenses.  In no event shall Indemnitee’s right to the payment, advancement or reimbursement of Expenses pursuant to this Section 3 be conditioned upon any undertaking that is less favorable to Indemnitee than, or that is in addition to, the undertaking set forth in Exhibit A.  

4.Indemnification for Additional Expenses.  Without limiting the generality or effect of the foregoing, the Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all Expenses paid or incurred by Indemnitee or which Indemnitee determines are reasonably likely to be paid or incurred by Indemnitee in connection with any Claim made, instituted or conducted by Indemnitee, in each case to the fullest extent permitted or required by the laws of the State of Delaware in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted or required indemnification, reimbursement or advancement of such Expenses, for (a) indemnification or payment, advancement or reimbursement of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Indemnifiable Claims, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company; provided, however, that Indemnitee shall return, without interest, any such advance of Expenses (or portion thereof) which remains unspent at the final disposition of the Claim to which the advance related.

5.Contribution.  To the fullest extent permissible under applicable law in effect on the date hereof or as such law may from time to time hereafter be amended to increase the scope of permitted or required indemnification, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the payment of any and all Indemnifiable Claims or Indemnifiable Losses, in such proportion as is fair and reasonable in light of all of the circumstances in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Indemnifiable Claim or Indemnifiable Loss and/or (ii) the relative fault of the Company (and its other directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s); provided that such contribution shall not be required where it is determined, pursuant to a final disposition of such Indemnifiable Claim or Indemnifiable Loss in accordance with Section 8, that Indemnitee is not entitled to indemnification by the Company with respect to such Indemnifiable Claim or Indemnifiable Loss.

6.Partial Indemnity.  If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Indemnifiable Loss, but not for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.  

7.Procedure for Notification.  To obtain indemnification under this Agreement in respect of an Indemnifiable Claim or Indemnifiable Loss, Indemnitee shall submit to the Company a written request therefor, including a brief description (based upon information then available to Indemnitee) of such Indemnifiable Claim or Indemnifiable Loss.  If, at the time of the receipt of such request, the Company has directors’ and officers’ liability insurance in effect under which coverage for such Indemnifiable Claim or Indemnifiable Loss is potentially available, the Company shall give prompt written notice of such Indemnifiable Claim or Indemnifiable Loss to the applicable insurers in accordance with the procedures set forth in the applicable policies.  The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Indemnifiable Claim or Indemnifiable Loss, in each case substantially concurrently with the delivery or receipt thereof by the Company.  If requested by Indemnitee, the Company shall use its reasonable best efforts, at the Company’s expense, to enforce on behalf of and for the benefit of Indemnitee all rights (including rights to receive payment) that may exist under the applicable policies of insurance in relation to such Indemnifiable Claim or Indemnifiable Loss.  The failure by Indemnitee to timely notify the Company of any Indemnifiable Claim or Indemnifiable Loss shall not relieve the Company from any liability hereunder unless, and only to the extent that, the Company did not otherwise learn of such Indemnifiable Claim or Indemnifiable Loss and such failure results in forfeiture by the Company of substantial defenses, rights or insurance coverage.

8.Determination of Right to Indemnification.

(a)To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Indemnifiable Claim or any portion thereof or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against Indemnifiable Losses relating to, arising out of or resulting from such Indemnifiable 

Claim in accordance with Section 2 and no Standard of Conduct Determination (as defined in Section 8(b)) shall be required with respect to such Indemnifiable Claim.

(b)To the extent that the provisions of Section 8(a) are inapplicable to an Indemnifiable Claim that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition precedent to indemnification of Indemnitee hereunder against Indemnifiable Losses relating to, arising out of or resulting from such Indemnifiable Claim (a “Standard of Conduct Determination”) shall be made as follows:  (i) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (ii) if such Disinterested Directors so direct, by a majority vote of a committee of Disinterested Directors designated by a majority vote of all Disinterested Directors, or (iii) if there are no such Disinterested Directors or if Indemnitee so requests, by Independent Counsel, selected by the Indemnitee and approved by the Board (such approval not to be unreasonably withheld, delayed or conditioned), in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; provided, however, that if at the time of any Standard of Conduct Determination Indemnitee is neither a director nor an officer of the Company, such Standard of Conduct Determination may be made by or in the manner specified by the Board, any duly authorized committee of the Board or any duly authorized officer of the Company (unless Indemnitee requests that such Standard of Conduct Determination be made by Independent Counsel, in which case such Standard of Conduct Determination shall be made by Independent Counsel).  Indemnitee will cooperate with the person or persons making such Standard of Conduct Determination, including providing to such person or persons, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all costs and expenses (including attorneys’ and experts’ fees and expenses) incurred by Indemnitee in so cooperating with the person or persons making such Standard of Conduct Determination.

(c)The Company shall use its reasonable efforts to cause any Standard of Conduct Determination required under Section 8(b) to be made as promptly as practicable.  If (i) the person or persons empowered or selected under Section 8 to make the Standard of Conduct Determination shall not have made a determination within 30 days after the later of (A) receipt by the Company of written notice from Indemnitee advising the Company of the final disposition of the applicable Indemnifiable Claim (the date of such receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, and (ii) Indemnitee shall have fulfilled his or her obligations set forth in the second sentence of Section 8(b), then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time for obtaining or evaluating any documentation or information relating thereto.

(d)If (i) Indemnitee shall be entitled to indemnification hereunder against any Indemnifiable Losses pursuant to Section 8(a), (ii) no determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law is a legally required condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, or (iii) Indemnitee has been determined or deemed pursuant to Section 8(b) or (c) to have satisfied any applicable standard of conduct under Delaware law which is a legally required condition precedent to indemnification of Indemnitee hereunder against any Indemnifiable Losses, then the Company shall pay to Indemnitee, within five business days after the later of (x) the Notification Date in respect of the Indemnifiable Claim or portion thereof to which such Indemnifiable Losses are related, out of which such Indemnifiable Losses arose or from which such Indemnifiable Losses resulted and (y) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) above shall have been satisfied, an amount equal to the amount of such Indemnifiable Losses.

9.Presumption of Entitlement.  

(a)In making a determination of whether Indemnitee has been successful on the merits or otherwise in defense of any Indemnifiable Claim or any portion thereof or in defense of any issue or matter therein, the Company acknowledges that a resolution, disposition or outcome short of dismissal or final judgment, including outcomes that permit Indemnitee to avoid expense, delay, embarrassment, injury to reputation, distraction, disruption or uncertainty, may constitute such success.  In the event that any Indemnifiable Claim or any portion thereof or issue or matter therein is resolved or disposed of in any manner other than by adverse judgment against Indemnitee (including any resolution or disposition thereof by means of settlement with or without payment of money or other consideration), it shall be presumed that Indemnitee has been successful on the merits or otherwise in defense of such Indemnifiable Claim or portion thereof or issue or matter therein.  The Company may overcome such presumption only by its adducing clear and convincing evidence to the contrary.

(b)In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct, and the Company may overcome such presumption only by its adducing clear and convincing evidence to the contrary.  Any Standard of Conduct Determination that Indemnitee has satisfied the applicable standard of conduct shall be final and binding in all respects, including with respect to any litigation or other action or proceeding initiated by Indemnitee to enforce his or her rights hereunder.  Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Court of Chancery of the State of Delaware.  No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct shall be a defense to any Claim by Indemnitee for indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.
(c)Without limiting the generality or effect of Section 9(b), (i) to the extent that any Indemnifiable Claim relates to any entity or enterprise (other than the Company) referred to in clause (i) of the first sentence of the definition of “Indemnifiable Claim,” Indemnitee shall be deemed to have satisfied the applicable standard of conduct if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the interests of such entity or enterprise (or the owners or beneficiaries thereof, including in the case of any employee benefit plan the participants and beneficiaries thereof) and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful, and (ii) in all cases, any belief of Indemnitee that is based on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by the directors or officers of the Company in the course of their duties, or on the advice of legal counsel for the Company, the Board, any committee of the Board or any director, or on information or records given or reports made to the Company, the Board, any committee of the Board or any director by an independent certified public accountant or by an appraiser or other expert selected by or on behalf of the Company, the Board, any committee of the Board or any director shall be deemed to be reasonable.

10.No Adverse Presumption.  For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or that indemnification hereunder is otherwise not permitted.

11.Non‐Exclusivity.  The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have against the Company under the Constituent Documents, or the substantive laws of the Company’s jurisdiction of incorporation, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder.  The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee’s right to indemnification under this Agreement or any Other Indemnity Provision.

12.Liability Insurance and Funding.  For the duration of Indemnitee’s service as a director and/or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, the Company shall use reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the Company that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance.  The Company shall provide Indemnitee with a copy of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials, and shall provide Indemnitee with a reasonable opportunity to review and comment on the same.  Without limiting the generality or effect of the two immediately preceding sentences, the Company shall not discontinue or significantly reduce the scope or amount of coverage from one policy period to the next (i)  without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum, or (ii) if at the time that any such discontinuation or significant reduction in the scope or amount of coverage is proposed there are no Incumbent Directors, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld, delayed or conditioned).  In all policies of directors’ and officers’ liability insurance obtained by the Company, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors and officers most favorably insured by such policy.  The Company may, but shall not be required to, create a trust fund, grant a security interest or use other means, including a letter of credit, to ensure the payment of such amounts as may be necessary to satisfy its obligations to indemnify and advance expenses pursuant to this Agreement.

13.Subrogation.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee against other persons or entities (other than Indemnitee’s 

successors), including any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(g).  Indemnitee shall execute all papers reasonably required to evidence such rights (all of Indemnitee’s reasonable Expenses, including attorneys’ fees and charges, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Company).

14.No Duplication of Payments.  The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Indemnifiable Losses to the extent Indemnitee has otherwise actually received and is entitled to retain payment (net of any Expenses incurred in connection therewith and any repayment by Indemnitee made with respect thereto) under any insurance policy, the Constituent Documents and Other Indemnity Provisions or otherwise (including from any entity or enterprise referred to in clause (i) of the definition of “Indemnifiable Claim” in Section 1(g)) in respect of such Indemnifiable Losses otherwise indemnifiable hereunder.

15.Defense of Claims.  Except for any Indemnifiable Claim asserted by or in the right of the Company (as to which Indemnitee shall be entitled to exclusively control the defense), the Company shall be entitled to participate in the defense of any Indemnifiable Claim or to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee.  The Company’s participation in the defense of any Indemnifiable Claim of which the Company has not assumed the defense will not in any manner affect the rights of Indemnitee under this Agreement, including Indemnitee’s right to control the defense of such Indemnifiable Claims.  With respect to the period (if any) commencing at the time at which the Company notifies Indemnitee that the Company has assumed the defense of any Indemnifiable Claim and continuing for so long as the Company shall be using its reasonable best efforts to provide an effective defense of such Indemnifiable Claim, the Company shall have the right to control the defense of such Indemnifiable Claim and shall have no obligation under this Agreement in respect of any attorneys’ or experts’ fees or expenses or any other costs or expenses paid or incurred by Indemnitee in connection with defending such Indemnifiable Claim (other than such costs and expenses paid or incurred by Indemnitee in connection with any cooperation in the Company’s defense of such Indemnifiable Claim or other action undertaken by Indemnitee at the request of the Company or with the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed)); provided that if Indemnitee believes, after consultation with counsel selected by Indemnitee, that (a) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict, (b) the named parties in any such Indemnifiable Claim (including any impleaded parties) include both the Company and Indemnitee and Indemnitee shall conclude that there may be one or more legal defenses available to him or her that are different from or in addition to those available to the Company, or (c) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain and use the services of separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any particular Indemnifiable Claim) at the Company’s expense.   Nothing in this Agreement shall limit Indemnitee’s right to retain or use his or her own counsel at his or her own expense in connection with any Indemnifiable Claim; provided that in all events Indemnitee shall not unreasonably interfere with the conduct of the defense by the Company of any Indemnifiable Claim that the Company shall have assumed and of which the Company shall be using its reasonable best efforts to provide an effective defense.  The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Indemnifiable Claim effected without the Company’s prior written consent.  The Company shall not, without the prior written consent of Indemnitee, effect any settlement of any threatened or pending Indemnifiable Claim to which Indemnitee is, or could have been, a party unless such settlement solely involves the payment of money (other than by Indemnitee) and includes a complete and unconditional release of Indemnitee from all liability on any claims that are the subject matter of such Indemnifiable Claim.  Neither the Company nor Indemnitee shall unreasonably withhold, condition or delay its consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does not provide a complete and unconditional release of Indemnitee.

16.Successors and Binding Agreement.  

(a)The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place.  This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including any person acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Company” for purposes of this Agreement), but shall not otherwise be assignable or delegatable by the Company.

(b)This Agreement shall inure to the benefit of and be enforceable by Indemnitee’s personal or legal representatives, executors, administrators, heirs, distributees, legatees and other successors.

(c)This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 16(a) and 16(b).  Without limiting the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by Indemnitee’s will or by the laws of descent and distribution, and, in the event of any attempted assignment or transfer contrary to this Section 16(c), the Company shall have no liability to pay any amount so attempted to be assigned or transferred.

17.Notices.  For all purposes of this Agreement, all communications, including notices, consents, requests or approvals, required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when hand delivered or dispatched by electronic or facsimile transmission (with receipt thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid or one business day after having been sent for next‐day delivery by a nationally recognized overnight courier service, addressed to the Company (to the attention of the Secretary of the Company) and to Indemnitee at the applicable address shown on the signature page hereto, or to such other address as any party hereto may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.

18.Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware, without giving effect to the principles of conflict of laws of such State.  The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the Chancery Court of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the Chancery Court of the State of Delaware.

19.Validity.  If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstance shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent, and only to the extent, necessary to make it enforceable, valid or legal.  In the event that any court or other adjudicative body shall decline to reform any provision of this Agreement held to be invalid, unenforceable or otherwise illegal as contemplated by the immediately preceding sentence, the parties thereto shall take all such action as may be necessary or appropriate to replace the provision so held to be invalid, unenforceable or otherwise illegal with one or more alternative provisions that effectuate the purpose and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal.  

20.Miscellaneous.  No provision of this Agreement may be waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company.  No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party hereto that are not set forth expressly in this Agreement. 

21.Legal Fees and Expenses; Interest.  

(a)It is the intent of the Company that Indemnitee not be required to incur legal fees and or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.  Accordingly, without limiting the generality or effect of any other provision hereof, if it should appear to Indemnitee that the Company has failed to comply with any of its obligations under this Agreement (including its obligations under Section 3) or in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, the Company irrevocably authorizes Indemnitee from time to time to retain counsel of Indemnitee’s choice, at the expense of the Company as hereafter provided, to advise and represent Indemnitee in connection with any such interpretation, enforcement or defense, including the initiation or defense of any litigation or other legal action, whether by or against the Company or any director, officer, stockholder or other person affiliated with the Company, in any jurisdiction.  Notwithstanding any existing or prior attorney-client relationship between the Company and such counsel, the Company irrevocably consents to Indemnitee’s entering into an attorney-client relationship with such counsel, and in that connection the Company and Indemnitee agree that a confidential relationship shall exist between Indemnitee and such counsel.  The Company will pay and be solely financially responsible for any and all attorneys’ and related fees and expenses incurred by Indemnitee in connection with any of the foregoing to the fullest extent 

permitted or required by the laws of the State of Delaware in effect on the date hereof or as such laws may from time to time hereafter be amended to increase the scope of such permitted or required payment of such fees and expenses.

(b)Any amount due to Indemnitee under this Agreement that is not paid by the Company by the date on which it is due will accrue interest at the maximum legal rate under Delaware law from the date on which such amount is due to the date on which such amount is paid to Indemnitee.  

22.Certain Interpretive Matters.  Unless the context of this Agreement otherwise requires, (a) “it” or “its” or words of any gender include each other gender, (b) words using the singular or plural number also include the plural or singular number, respectively, (c) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (d) the terms “ “Section” or “Exhibit” refer to the specified Section or Exhibit of or to this Agreement, (e) the terms “include,” “includes” and “including” will be deemed to be followed by the words “without limitation” (whether or not so expressed), and (f) the word “or” is disjunctive but not exclusive.  Whenever this Agreement refers to a number of days, such number will refer to calendar days unless business days are specified and whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time or by a particular date that ends or occurs on a non-business day, then such period or date will be extended until the immediately following business day.  As used herein, “business day” means any day other than Saturday, Sunday or a United States federal holiday.

23.Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together shall constitute one and the same agreement.

[Signatures Appear on Following Page]

IN WITNESS WHEREOF, Indemnitee has executed and the Company has caused its duly authorized representative to execute this Agreement as of the date first above written.

ABERCROMBIE & FITCH
6301 Fitch Path
New Albany, Ohio  43054

By:___________________________                        
 

[INDEMNITEE]
[Address]

By:___________________________                        
                        [Indemnitee]

EXHIBIT A
UNDERTAKING

This Undertaking is submitted pursuant to the Director and Officer Indemnification Agreement, dated as of ___________ ___, ____ (the “Indemnification Agreement”), between ______________, a Delaware corporation (the “Company”), and the undersigned.  Capitalized terms used and not otherwise defined herein have the meanings ascribed to such terms in the Indemnification Agreement.
The undersigned hereby requests [payment], [advancement], [reimbursement] by the Company of Expenses which the undersigned [has incurred] [reasonably expects to incur] in connection with ______________________ (the “Indemnifiable Claim”).
The undersigned hereby undertakes to repay the [payment], [advancement], [reimbursement] of Expenses made by the Company to or on behalf of the undersigned in response to the foregoing request to the extent it is determined, following the final disposition of the Indemnifiable Claim and in accordance with Section 8 of the Indemnification Agreement, that the undersigned is not entitled to indemnification by the Company under the Indemnification Agreement with respect to the Indemnifiable Claim.
IN WITNESS WHEREOF, the undersigned has executed this Undertaking as of this _____ day of ______________, ____.

___________________________________                        
[Indemnitee]JamesFew-SeveranceAgreementFinal (1)

DATED OCTOBER 20, 2014
ASPEN BERMUDA LIMITED (1)
and
JAMES RICHARD FEW (2)
____________________________________________________
SEVERANCE AGREEMENT
____________________________________________________
Willkie Farr & Gallagher (UK) LLP 
City Point 
1 Ropemaker Street 
London EC2Y 9AW
Tel: +44 (0)20 3580 4700 
Fax: +44 (0)20 3580 4800 
www.willkie.com 

THIS AGREEMENT is made as of the 20th day of October 2014
BETWEEN:
		
	(1)
	ASPEN BERMUDA LIMITED (formerly ASPEN INSURANCE LIMITED), incorporated in the Islands of Bermuda whose registered office is at Canon’s Court, 2nd Floor, 22 Victoria Street, Hamilton HM12, Bermuda (the “Company”); and

		
	(2)
	JAMES RICHARD FEW of Winslow, 34 Harbour Road, Paget PG02, Bermuda (hereinafter referred to as the “Executive”).

		
	1.
	INTERPRETATION

		
	(i)
	In this Agreement:

	
		
	“Affiliate”
	means any entity directly or indirectly controlling, controlled by, or under common control with the Company, or any other entity designated by the Board in which the Company or an Affiliate has an interest;

	“Board”
	means the Board of Directors of the Company from time to time;

	“Group”
	means the Company and its Affiliates (and “Group Company” means the Company or any one of its Affiliates); and

	“Service Agreement”
	shall mean the Amended and Restated Service Agreement entered into between the Executive and the Company dated February 10, 2005.

		
	2.
	TERMINATION DATE

The Executive’s employment with the Company will end on March 3, 2015 (the “Termination Date”).
		
	3.
	PAYMENT OF SALARY ETC

The Company will continue to provide the Executive with his salary and all other contractual benefits (including, but not limited to, healthcare, golf and gym memberships, business class return flights home to the United Kingdom for the Executive, his spouse and dependent children and pension contributions at current rates) up to the Termination Date in the normal way; provided, that, with respect to flight benefits, (i) the Executive will be permitted to use his remaining flights for 2014 for flights during the period March 26, 2015 through and including April, 2015; and (ii) the Executive will not be entitled to any additional flight benefits in respect of service in 2014 or 2015.  Within fourteen (14) days of the Termination Date the Company will also pay the Executive in 

respect of his accrued but untaken holiday (less such deductions for income tax and social security as are or may be required by law as of the date of payment).  Following the Termination Date, the Company or its advisers shall contact the Executive separately regarding any accrued benefits due under any Company or Group pension scheme (the “Pension Scheme”), and the options open to the Executive in relation to the Pension Scheme.  The Executive, his spouse and any dependent children will remain in the Company’s private medical insurance scheme (or an equivalent continuation scheme) at its expense and on the same basis as previously until September 3, 2015 or, if earlier, until the Executive starts new employment providing an equivalent benefit.  The Company warrants and represents to the Executive that the provider of the Company’s private medical insurance scheme has confirmed to the Company that the insurance can be continued as contemplated by this Clause 3.  The Executive undertakes to notify the Company as soon as he starts new employment.  The Company will continue to pay its usual proportion of the rental payments on the Executive’s house in Bermuda for the months of March and April 2015, and any costs due to giving early notice of termination (other than any costs determined by the Company to have been incurred by reason of any failure or delay of the Executive to provide reasonable advance notice of such early termination).  If the Executive chooses to return to the United Kingdom not later than July 31, 2015, the Company will pay for the reasonable costs of relocating the Executive, his spouse and any dependent children, and their collective possessions, to the United Kingdom (including business class flights) and will meet any other ancillary costs.
		
	4.
	TERMINATION SUMS

Subject to the Executive agreeing to all of the conditions set out below, the Company will pay the Executive the following sums:
		
	(i)
	an amount equal to the formulaic annual incentive award derived from the Company’s annual incentive award funding formula for the Executive’s role in respect of the fiscal year ending on December 31, 2014, applied in the same manner as applied to active executive employees of the Company and calculated 50% by reference to Group Return on Equity versus 2014 plan performance and 50% by reference to the average Return on Equity versus 2014 plan performance of Other Property, Property Catastrophe (including Aspen Capital Markets), Casualty Re and Specialty Re, in each case without the application of any negative discretion, such amount payable at the same time as annual incentive awards for the fiscal year ending on December 31, 2014, are paid to executives of the Company, such date to be no later than the March 15, 2015 monthly payroll date;

		
	(ii)
	$600,000 in respect of the Executive’s entitlement to the severance payment calculated and defined in accordance with Clauses 19.2(c)(x) and 19.3 of the Service Agreement, such amount payable by no later than the March 15, 2015 monthly payroll date; and

		
	(iii)
	an amount equal to the severance payment calculated and defined in accordance with Clauses 19.2(c)(y) and 19.3 of the Service Agreement, except that the three-year period used to calculate the average annual incentive award will be based on the fiscal years ending on December 31, 2012, 2013 and 2014, with the annual incentive award for the fiscal year ending on December 31, 2014, calculated in accordance with subclause (i) above, such amount payable at the same time as annual incentive awards for the fiscal year ending on December 31, 2014, are paid to executives of the Company, such date to be no later than the March 15, 2015 monthly payroll date (the amounts set forth in subclauses (i), (ii) and (iii) of this Clause 4 are collectively referred to herein as the “Severance Payments”).

The sums set forth above will be subject to such deductions for income tax and national insurance as are required by law.  Any cash payments will be made by transfer to the Executive’s bank account.  For the avoidance of doubt, (x) the payment of the Severance Payments shall be deemed to be in full satisfaction of any and all payments and obligations due to the Executive under Clause 19 of the Service Agreement or otherwise and (y) the Executive will not be entitled to receive any payment in respect of an annual incentive award for the fiscal year ending on December 31, 2015.
		
	5.
	GARDEN LEAVE

Effective September 3, 2014, and through the Termination Date (the “Garden Leave Period”), the Executive will remain on garden leave pursuant to Clause 18.3 of the Service Agreement.  The Executive acknowledges and agrees that pursuant to Clause 19.3 of the Service Agreement, the Severance Payments shall be reduced by a sum equal to the total salary and incentive award payments received by the Executive during the Garden Leave Period.  The Executive acknowledges that, during the Garden Leave Period, he will remain under duties of fidelity and loyalty to the Company and is required to adhere in full to the terms of Clause 18.3 of the Service Agreement.  In accordance with those requirements, the Company hereby instructs the Executive, during the Garden Leave Period (unless instructed or authorised otherwise by Aspen’s Group General Counsel):
		
	(i)
	not to attend at the offices of the Company or any other Group Company;

		
	(ii)
	not to carry out any duties;

		
	(iii)
	(other than as qualified in the paragraph immediately following subclause (iv) below to allow for reasonable social interaction) not to communicate or deal with any employees, agents, consultants or customers of the Company or any other Group Company, including not dealing with brokers or other intermediaries with whom the Company does business and not attending at any industry events, whether formal or social in nature; and

		
	(iv)
	to maintain total confidentiality as to the terms of or the circumstances surrounding his departure from the Company, except to his immediate family and attorney, provided each such person agrees to keep this fully confidential.

In addition to the foregoing, during the Garden Leave Period, the Executive will not actively seek out business-related conversations or discussions with employees, brokers or customers of the Company, including, but not limited to, attending at industry events, whether formal or informal in nature; provided, that the foregoing will not prevent the Executive from having a purely social interaction, in the ordinary course of Bermuda island life, with any person, so long as in doing so (x) the Executive adheres at all times to the provisions of Clause 14 of the Service Agreement and (y) conversation is confined to either personal and social matters or general industry themes.  In particular, during the Garden Leave Period, the Executive will not discuss issues surrounding his departure from the Company or discuss the Company’s business.  Notwithstanding the foregoing, during the Garden Leave Period, the Executive is permitted to speak to potential future employers (who are not existing employees, brokers or customers of the Company) regarding commencing future employment, such employment only to commence once the Executive is contractually free to do so.
		
	6.
	EQUITY AWARDS

Notwithstanding the terms of the relevant award agreements:
		
	(i)
	the 11,846 outstanding time-based restricted share units scheduled to vest on the next applicable vesting date will vest on their regularly scheduled vesting dates as follows: 4,249 restricted share units will vest on February 8, 2015; 3,310 restricted share units will vest on February 11, 2015; and 4,287 restricted share units will vest on April 25, 2015;

		
	(ii)
	of the 37,194 performance shares granted to the Executive in 2012 (the “2012 Performance Shares”), the 12,076 performance shares which are “banked” as of the date hereof will vest on their regularly scheduled vesting date following the filing by Aspen Insurance Holdings Limited of its Annual Report on Form 10-K 

for the fiscal year ended December 31, 2014 (such filing date, the “2015 Vesting Date”);
		
	(iii)
	of the remaining 2012 Performance Shares, 12,398 performance shares, forming the last tranche of the 2012 Performance Shares, will continue to be eligible for vesting on the 2015 Vesting Date, subject to the application of the 2014 testing conditions of such performance shares;

		
	(iv)
	of the 29,669 performance shares granted to the Executive in 2013 (the “2013 Performance Shares”), the 3,126 performance shares which are “banked” as of the date hereof will vest on their regularly scheduled vesting date following the filing by Aspen Insurance Holdings Limited of its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (such filing date, the “2016 Vesting Date”); and

		
	(v)
	of the 2013 Performance Shares, 9,889 performance shares, forming the second tranche of the 2013 Performance Shares, will continue to be eligible for vesting on the 2016 Vesting Date, subject to the application of the 2014 testing conditions of such performance shares.

Any shares which become vested pursuant to this Clause 6 will be issued to Executive following the applicable vesting date, subject to Executive providing due “sale to cover” instructions to the share plan administrator.  As of the Termination Date, Executive shall forfeit all performance shares which are subject to 2015 and 2016 testing conditions and performance shares granted in 2014 which are subject to 2014 testing conditions and which are also scheduled to vest in 2017.  In addition, the Executive shall forfeit any restricted share units which have not vested in accordance with Clause 6(i) above.
		
	7.
	WAIVER OF CLAIMS

		
	(i)
	The Executive accepts the terms set out in this Agreement in full and final settlement of all and any claims that he has or may have against the Company, the Board or any other Group Company or any of its or their current or former shareholders, directors, officers, employees or agents, whether contractual (whether known or unknown, existing now or in the future), statutory or otherwise, arising out of or in connection with his employment with the Company or the termination of his employment.  The Executive also agrees to waive irrevocably and release the Company, the Board and all Group Companies (and all of its or their current or former shareholders, directors, officers, employees or agents) from and against any claims whether contractual (whether known or unknown, existing now or in the future), statutory or otherwise, arising out of or 

in connection with his employment with the Company or the termination of his employment.  This waiver shall not apply in relation to any claim relating to his pension rights that have accrued up to the Termination Date, to any of the sums and benefits due to the Executive pursuant to this Agreement, or to the Executive enforcing any other term of this Agreement.
		
	(ii)
	As a condition to his receipt of the payments and benefits described in Clauses 4 and 6 above, the Executive agrees to execute and deliver to the Company the Supplemental Release Agreement attached as Exhibit A hereto promptly following the Termination Date, but in no event later than five (5) days following the Termination Date.

		
	(iii)
	The Company (acting for itself and as agent for all other Group Companies) confirms to the Executive that neither it nor any other Group Company has any claim or right of action against the Executive (whether known or unknown, existing now or in the future) arising out of or in connection with his holding office with (as director or otherwise), or being employed by, any Group Company or the termination of any such office or employment.  To the extent that any such claim or right of action exists or may exist, the Company (acting for itself and as agent for all other Group Companies) irrevocably: (a) waives any such claim or right of action; and (b) releases the Executive from any such liability; provided, that the claims released pursuant to this Clause 7(iii) shall not include: (1) claims with respect to (x) the right to enforce this Agreement or (y) the memorandum and articles of association, certificate of incorporation or by-laws of the Company or any other Group Company, (2) claims that are based upon any of the Executive’s acts or omissions that involve fraud, deceit, misappropriation, embezzlement, theft, breach of fiduciary duty, gross negligence or intentional misconduct, or arising out of facts that constitute a violation of law, (3) cross-claims in any shareholder derivative lawsuit, (4) any rights of the Company Group arising under the Sarbanes-Oxley Act of 2002 or any written policy in effect on the Termination Date that requires the disgorgement of incentive compensation as the result of an accounting restatement due to noncompliance with financial reporting requirements, or (5) any claims that cannot be waived by law.  The Company warrants and represents to the Executive that he has resigned validly from all directorships and offices he held with any Group Company.

		
	(iv)
	During the six (6) year period following the Termination Date, the Company will maintain directors’ and officers’ liability insurance for the benefit of the Executive, to the same extent as maintained for other senior executives of the 

Company, in relation to any periods during which he was a director or office-holder of any Group Company.
		
	8.
	CONFIRMATION OF NO BREACHES

The Executive confirms and warrants to the Company that he has not at any time during his employment committed a fundamental breach of the terms of the Service Agreement.
		
	9.
	SATISFACTION OF STATUTORY CONDITIONS

The Executive is aware of his rights under the Employment Act 2000 and the Human Rights Amendment Act 1987 and has informed the Company of any and all claims that he might seek to bring arising from his employment or termination of employment.  This Agreement relates to his claims under the Employment Act 2000 and the Human Rights Amendment Act 1987.
		
	10.
	POST-TERMINATION RESTRAINTS

The Executive acknowledges that the provisions of Clause 11 (Confidentiality) and Clause 14 (Restrictive Covenants) of the Service Agreement will (to the extent that they are applicable in the circumstances of the termination of the Executive’s employment with the Company) remain in full force and effect notwithstanding the termination of his employment and that, notwithstanding anything set forth in the Service Agreement, such provisions shall be subject to the exclusive jurisdiction of the English courts and the laws of England and Wales.  Notwithstanding the foregoing, the Executive may elect to end the restricted period set forth in Clause 14 of the Service Agreement and be released from the restrictions set forth in Clause 14.3 of the Service Agreement (but not those in Clause 14.2 of the Service Agreement) earlier than September 3, 2015; provided, that (i) the earliest date on which the Executive may elect to end such restricted period and be released from the restriction set forth in Clause 14.3 of the Service Agreement is July 3, 2015, and (ii) the Executive will forgo (or, if already paid, will promptly repay to the Company, net of any deductions for income tax and social security)) that portion of the payments provided pursuant to subclauses (ii) and (iii) of Clause 4 hereof which relates to the portion of the restricted period so released assuming that such payments were paid evenly over the full restricted period.
		
	11.
	CLAWBACK

Notwithstanding anything contained herein to the contrary, if the Executive breaches the terms of Clause 5 (Garden Leave) hereof or Clause 11 (Confidentiality) or Clause 14 (Restrictive Covenants) of the Service Agreement, then (i) the Executive’s right to receive any restricted share units or performance shares pursuant to Clause 6 hereof will 

immediately terminate and such awards will be immediately forfeited; (ii) the Executive will promptly (but in no event later than five (5) days) return to the Company all ordinary shares acquired upon the vesting of any restricted share units or performance shares pursuant to Clause 6 hereof; and (iii) to the extent that the Executive received any proceeds from the sale of any ordinary shares acquired upon the vesting of any restricted share units or performance shares pursuant to Clause 6 hereof, repay to the Company, net of any deductions for income tax and social security, the proceeds received pursuant to such sale.
		
	12.
	LEGAL ADVICE AND EXPENSES

The Executive confirms that he has received advice from Chris Bracebridge of Covington & Burling LLP, 265 Strand, London WC2R 1BH, an independent adviser.  The Company agrees to pay to Covington & Burling LLP up to $30,000 plus VAT (if applicable) in respect of the reasonable legal fees incurred by the Executive in taking legal advice concerning his departure from the Company and negotiation of this Agreement.  This will be paid directly to Covington & Burling LLP following receipt by Aspen’s Group General Counsel of an invoice addressed to the Employee but expressed to be payable by the Company or other Group Company.
		
	13.
	RETURN OF COMPANY PROPERTY

Before any payment under Clause 4 above is made, the Executive will, in accordance with Clause 19.1(b) of the Service Agreement, deliver up to the Company all vehicles, keys, credit cards, correspondence, documents, specifications, reports, papers and records (including any computer materials such as discs or tapes) and all copies thereof and any other property (whether or not similar to the foregoing or any of them) belonging to the Company or any other Group Company which may be in his possession or under his control, and (unless prevented by the owner thereof) any such property belonging to others which may be in his possession or under his control and which relates in any way to the business or affairs of the Company or any other Group Company or any supplier, agent, distributor or customer of the Company or any other Group Company, and he confirms that he has not retained any copies thereof.
		
	14.
	CONFIDENTIALITY

Save by reason of any legal obligation or to enforce the terms of this Agreement, the Executive will not:
		
	(i)
	directly or indirectly disseminate, publish or otherwise disclose (or allow to be disseminated, published or otherwise disclosed) by any means (whether oral, written or otherwise) or medium (including without limitation electronic, paper, radio or television) any information directly or indirectly relating to the 

termination of the Executive’s employment (save to prospective employers, when the Executive may state solely that his employment with the Company ended by mutual agreement); or
		
	(ii)
	make any derogatory or disparaging comments about the Company, any Group Company or any of its or their shareholders, directors, officers, employees or agents.

The Company will procure that:
		
	(a)
	those senior Group and/or Company employees with knowledge of this Agreement (including, without limitation, Aspen’s current Chief Executive Officer and Group General Counsel) will not: (x) disclose its terms or existence to others within or outside the Company (except as required by law; in particular, but without limitation, in the circumstances provided for in the paragraph immediately following subclause (b) below); (y) directly or indirectly disseminate, publish or otherwise disclose (or allow to be disseminated, published or otherwise disclosed) by any means (whether oral, written or otherwise) or medium (including without limitation electronic, paper, radio or television) any information directly or indirectly relating to the termination of the Executive’s employment, other than in a manner consistent with the Company’s press release, dated September 5, 2014; or (z) make any derogatory or disparaging comments about the Executive; and

		
	(b)
	Aspen’s Group General Counsel (or his successor) will respond to any requests for an oral reference.

The Executive acknowledges that the Company will be required to file a copy of this Agreement once executed with the United States Securities and Exchange Commission.
Written reference requests should be addressed to Aspen’s Group General Counsel (or his successor).  If that person receives such a written request for a reference in respect of the Executive, the Company will provide the draft attached at Exhibit B to this Agreement.
		
	15.
	NO ADMISSION OF LIABILITY

This Agreement is made without any admission on the part of the Company or any Group Company that it has or they have in any way breached any law or regulation or that the Executive has any claims against the Company or any Group Company.
		
	16.
	TAX INDEMNITY

The Executive hereby agrees to be responsible for, and to indemnify the Company and all Group Companies and keep them indemnified on an on-going basis against any claim or demand (including any related interest or penalties imposed, unless these were incurred by reason of any default or delay of the Company or any Group Company) which is made by any competent taxation authority in relation to, the payment of any income tax and/or employee social security deductions imposed by any competent taxation authority in respect of any of the payments and benefits provided under this Agreement (other than for the avoidance of doubt, any income tax and/or employee social security deductions which have or should have been deducted or withheld by the Company in paying the sums to the Executive).  The Company shall give the Executive reasonable notice of any demand for tax or social security which may lead to liabilities for the Executive under this indemnity and shall provide the Executive with reasonable access to any documentation the Executive may reasonably require to dispute such a claim (provided, that nothing in this Clause shall prevent the Company from complying with its legal obligations with regard to any competent taxation authority).  For the avoidance of doubt, if any of the payments and benefits provided under this Agreement (including, without limitation, flight benefits and relocation benefits) become taxable in the United Kingdom 2015/2016 tax year, the Executive shall be solely responsible for, and the indemnity provisions of this paragraph shall apply to, any income tax and/or employee social security deductions.
		
	17.
	TAX RESIDENCY

The Company and the Executive acknowledge that the Executive intends to remain a tax resident of Bermuda until at least the end of the United Kingdom 2014/15 tax year.
		
	18.
	ENTIRE AGREEMENT

This Agreement sets out the entire agreement between the Executive and the Company in relation to the termination of the Executive’s employment and other matters referred to in this Agreement and, save as set out in Clauses 6 and 10 above, supersedes all prior arrangements, proposals, representations, statements and/or understandings between the Executive, the Company and any Group Company in relation to such matters.
		
	19.
	APPLICABLE LAW

This Agreement is subject to the exclusive jurisdiction of the English courts and the laws of England and Wales.

20.    COUNTERPARTS
This Agreement may be executed in one or more counterparts which, when taken together, shall be deemed to constitute the entire agreement between the parties.
*    *    * 

/s/ James Few     
James Richard Few
October 20, 2014     
Dated
/s/ Fred Lemoine     
For and on behalf of Aspen Bermuda Limited
October 20, 2014     
Dated
Exhibit A
Supplemental Release Agreement
I, James Richard Few, agree and acknowledge the following:
		
	1.
	On or about October 20, 2014, I entered into a Severance Agreement (the “Agreement”) with Aspen Bermuda Limited (the “Company”);

		
	2.
	Pursuant to Clause 7(ii) of the Agreement, I am required to execute this Supplemental Release Agreement (this “Release”) as a condition of receiving the payments and benefits described in Clauses 4 and 6 of the Agreement;

		
	3.
	By signing this Release, I acknowledge and agree that the payment(s) and other benefits provided (or to be provided) pursuant to the Agreement are in full discharge of any and all liabilities and obligations of the Company or any other Group Company to me, monetarily or with respect to employee benefits or otherwise;

		
	4.
	By signing this Release, I, on behalf of myself, my duly appointed legal representatives in the event of my legal incapacity (for the avoidance of doubt, excluding Covington & Burling LLP), executors, heirs and assigns, reaffirm each and every provision of the Agreement as of the date below and specifically acknowledge that I am waiving any and all claims of any nature or kind that I may have against the Company (whether known or unknown to me) that accrued or could have accrued between the time that I signed the Agreement and the date set forth below.

		
	5.
	I acknowledge and reaffirm my continuing obligations under Clause 10 of the Agreement.

		
	6.
	Clause 19 of the Agreement shall apply to this Release.

IN WITNESS WHEREOF, I have executed this agreement as of the date set forth below.
JAMES RICHARD FEW
        
Dated:      

Exhibit B
Agreed Reference
[DATE]
Dear [        ]
Re:  James Few
James Few was employed by Aspen Bermuda Limited as Chief Executive Officer from August 7, 2012 to March 3, 2015, when his employment ended.  He commenced employment within the Aspen Group on June 21, 2002.
It is our policy only to provide references containing information as to employees’ roles and dates of employment.  This reference is given to the addressee in confidence and only for the purposes for which it was requested.  It is given in good faith, but neither the writer nor [Company Name] accepts any responsibility or liability for any loss or damage caused to the addressee or any third party as a result of any reliance being placed on it.
Yours sincerely,
[Name] 
[Title]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]