Document:

EX-10.1

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT, dated as of July 30, 2012, is made by and
between TransDigm Group Incorporated, a Delaware corporation (the “Company”), and John Leary (the “Executive”). 
 RECITALS: 
 WHEREAS, the Executive holds the position of Executive Vice President of the
Company; and 
 WHEREAS, the parties would like to enter into an employment agreement on the terms and subject to the conditions set forth in
this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties
hereto agree as follows: 
 1. Certain Definitions. 
 (a) “Annual Base Salary” shall have the meaning set forth in Section 4(a). 
 (b) “Board” shall mean the Board of Directors of the Company. 

(c) “Cause” shall mean either of the following: (i) the repeated failure by the Executive, after written notice
from the Board, substantially to perform his material duties and responsibilities as an officer or employee or director of the Company or any of its subsidiaries (other than any such failure resulting from incapacity due to reasonably documented
physical or mental illness), or (ii) any willful misconduct by the Executive that has the effect of materially injuring the business of the Company or any of its subsidiaries, including, without limitation, the disclosure of material secret or
confidential information of the Company or any of its subsidiaries. 
 (d) “COBRA” shall mean the Consolidated
Omnibus Budget Reconciliation Act of 1985, as may be amended from time to time. 
 (e) “Code” shall mean the
Internal Revenue Code of 1986, as amended. Reference to a Section of the Code includes all rulings, regulations, notices, announcements, decisions, orders and other pronouncements that are issued by the United States Department of the Treasury, the
Internal Revenue Service, or any court of competent jurisdiction that are lawful and pertinent to the interpretation, application or effectiveness of such Section. 
 (f) “Common Stock” shall mean the common stock of the Company, $0.01 par value per share. 
 (g) “Company” shall have the meaning set forth in the preamble hereto. 
 (h) “Compensation Committee” shall mean the Compensation Committee of the Board whose members shall be appointed by the Board from time to time. 

(i) “Date of Termination” shall mean (i) if the Executive’s employment is terminated by reason of his death,
the date of his death, and (ii) if the Executive’s employment is terminated pursuant to Sections 5(a)(ii)—(vi), the date specified in the Notice of Termination. 
 (j) “Disability” shall mean the Executive’s absence from employment with the Company due to: (i) his inability 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 twelve months; or (ii) such 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 twelve months, and for which the Executive is receiving income replacement benefits for a period of not less than three months under an
accident and health plan covering the Company’s employees. 
 (k) “Effective Date” shall mean the date of
this Agreement. 
 (l) “Equity Compensation Agreements” shall mean any written agreements between the Company
and the Executive pursuant to which the Executive holds or is granted options to purchase Common Stock, including, without limitation, agreements evidencing options granted under any option plan adopted or maintained by the Company for employees
generally, and any management deferred compensation or similar plans of the Company. 
 (m) “Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended. 

 (n) “Executive” shall have the meaning set forth in the preamble hereto.

 (o) “Good Reason” shall mean the occurrence of any of the following: (i) a material diminution in the
Executive’s title, duties or responsibilities, without his prior written consent, or (ii) a reduction of the Executive’s aggregate cash compensation (including bonus opportunities), benefits or perquisites, without his prior written
consent, (iii) the Company requires the Executive, without his prior written consent, to be based at any office or location that requires a relocation greater than 30 miles from Pasadena, California, or (iv) any material breach of this
Agreement by the Company. 
 (p) “Notice of Termination” shall have the a meaning set forth in
Section 5(b). 
 (q) “Payment Period” shall have the meaning set forth in Section 6(b)(i). 

(r) “Specified Employee” shall have the meaning set forth in Code Section 409A 

(s) “Term” shall have the meaning set forth in Section 2. 
 2. Employment. The Company shall employ the Executive, for the period set forth in this Section 2, in the position(s) set forth in Section 3 and upon the other terms and conditions herein
provided. The term of employment under this Agreement (the “Term”) shall be for the period beginning on the Effective Date and ending on October 1, 2015 unless earlier terminated as provided in Section 5. 

3. Position and Duties. During the Term, the Executive shall serve as Executive Vice President of each of the Company and its subsidiary,
TransDigm, Inc. (“TransDigm”), with such customary responsibilities, duties and authority as may from time to time be assigned to the Executive by the Chief Executive Officer. During the Term, the Executive shall devote substantially all
his working time and efforts to the business and affairs of the Company and TransDigm; provided, that it shall not be considered a violation of the foregoing for the Executive to (i) with the prior consent of the Board (which consent shall not
unreasonably be withheld), serve on corporate, industry, civic or charitable boards or committees, and (ii) manage his personal investments, so long as none of such activities significantly interferes with the Executive’s duties hereunder.

 4. Compensation and Related Matters. 
 (a) Annual Base Salary. During the Term (commencing as of the first pay period following the date of this Agreement), the Executive shall receive a base salary at a rate of $335,000 per annum until
September 30, 2012 and at a rate that is no less than $348,500 per annum thereafter, in each case payable in accordance with the Company’s normal payroll practices, which shall be reviewed by the Compensation Committee on or prior to each
anniversary of the Effective Date during the Term and may be increased, but not decreased, upon such review (the “Annual Base Salary”). 
 (b) Bonus. For each fiscal year during the Term, the Executive shall be eligible to participate in the Company’s annual cash bonus plan in accordance with terms and provisions which shall be
consistent with the Company’s executive bonus policy in effect as of the date hereof. The Executive’s target bonus for calendar year 2012 and thereafter will be 65% of his Annual Base Salary. 

(c) Non-Qualified Deferred Compensation. During the Term, the Executive shall be eligible to participate in any non-qualified
deferred compensation plan or program (if any) offered by the Company to its executives. 
 (d) Long Term Incentive
Compensation. During the Term, the Executive shall be entitled to participate in the Option Plan or any successor plan thereto. 
 (e) Benefits. During the Term, the Executive shall be entitled to participate in the other employee benefit plans, programs and arrangements of the Company now (or, to the extent determined by the
Board or Compensation 
 Committee, hereafter) in effect which are applicable to the senior officers of the Company generally, subject to and on
a basis consistent with the terms, conditions and overall administration thereof (including the right of the Company to amend, modify or terminate such plans). 
 (f) Expenses. Pursuant to the Company’s customary policies in force at the time of payment, the Executive shall be reimbursed for all expenses properly incurred by the Executive on the
Company’s behalf in the performance of the Executive’s duties hereunder. 
 (g) Vacation. The Executive shall
be entitled to an amount of annual vacation days, and to compensation in respect of earned but unused vacation days in accordance with the Company’s vacation policy as in effect as of the

 
Effective Date. The Executive shall also be entitled to paid holidays in accordance with the Company’s practices with respect to same as in effect as of the Effective Date. 

5. Termination. 
 (a) The
Executive’s employment hereunder may be terminated by the Company or the Executive, as applicable, without any breach of this Agreement only under the following circumstances and in accordance with subsection (b): 

(i) Death. The Executive’s employment hereunder shall terminate upon his death. 

(ii) Disability. If the Company determines in good faith that the Executive has incurred a Disability, the Company
may give the Executive written notice of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the
Executive, provided that within such 30 day period the Executive shall not have returned to full-time performance of his duties. The Executive shall continue to receive his Annual Base Salary until the 90th day following the date of the Notice of
Termination. 
 (iii) Termination for Cause. The Company may terminate the Executive’s employment
hereunder for Cause. 
 (iv) Resignation for Good Reason. The Executive may terminate his employment
hereunder for Good Reason. 
 (v) Termination without Cause. The Company may terminate the
Executive’s employment hereunder without Cause. 
 (vi) Resignation without Good Reason. The
Executive may resign his employment hereunder without Good Reason. 
 (b) Notice of Termination. Any termination of the
Executive’s employment by the Company or by the Executive under this Section 5 (other than termination pursuant to subsection (a)(i)) shall be communicated by a written notice from the Board or the Executive to the other indicating the
specific termination provision in this Agreement relied upon, setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and
specifying a Date of Termination which, except in the case of Termination by reason of Disability or Termination for Cause pursuant to Section 5(a)(ii) or 5(a)(iii), respectively, shall be at least 90 days following the date of such notice (a
“Notice of Termination”). In the event of Termination for Cause pursuant to Section 5(a)(iii), the Executive shall have the right, if the basis for such Cause is curable, to cure the same within 15 days following the Notice of
Termination for Cause, and Cause shall not be deemed to exist if the Executive cures the event giving rise to Cause within such 15 day period. In the event of Termination by the Executive for Good Reason pursuant to Section 5(a)(iv), the
Company shall have the right, if the basis for such Good Reason is curable, to cure the same within 15 days following the Notice of Termination for Good Reason, and Good Reason shall not be deemed to exist if the Company cures the event giving rise
to Good Reason within such 15 day period. The Executive shall continue to receive his Annual Base Salary, annual bonus and all other compensation and perquisites referenced in Section 4 through the Date of Termination. 

6. Severance Payments. 

(a) Termination for any Reason. In the event the Executive’s employment with the Company is terminated for any reason, the
Company shall pay the Executive (or his beneficiary in the event of his death) any unpaid Annual Base Salary that has accrued as of the Date of Termination, any unreimbursed expenses due to the Executive in accordance with the Company’s expense
reimbursement policy and an amount equal to compensation for accrued but unused sick days and vacation days. The Executive shall also be entitled to accrued, vested benefits under the Company’s benefit plans and programs as provided therein.
The Executive shall be entitled to the additional payments and benefits described below only as set forth herein. 
 (b)
Termination without Cause, Resignation for Good Reason or Termination by Reason of Death or Disability. Subject to Sections 6(c) and (d) and the restrictions contained herein, in the event of the Executive’s Termination without
Cause (pursuant to Section 5(a)(v)), Resignation for Good Reason (pursuant to Section 5(a)(iv)) or termination by reason of death or Disability (pursuant to Section 5(a)(i) or (ii), respectively), the

 
Company shall pay to the Executive the amounts described in subsection (a). In addition, subject to Section 6(c) and (d) and the restrictions contained herein, the Company shall do all
of the following: 
 (i) The Company shall pay to the Executive (or his beneficiary in the event of his death) an
amount equal to the “Severance Amount” described below. For purposes of this Agreement the Severance Amount is equal to the sum of: 
 (A) 1.0 times his Annual Base Salary, and 
 (B) 1.0 times the
greater of (I) the total of all bonuses paid (or payable) to executive in respect of the fiscal year ending immediately prior to the Date of Termination, excluding any bonuses that are extraordinary in nature (e.g., a transaction related bonus)
or (II) the target bonuses for the fiscal year in which the Date of Termination falls, determined in accordance with the Company’s bonus program or programs, if any. 
 The Severance Amount as so determined shall be payable to the Executive (or his beneficiary) in substantially equal installments of the 12 month period following the Date of Termination (the “Payment
Period”) in accordance with the Company’s regular payroll practices; 
 (ii) The Company shall offer to
the Executive continuation of any health plan coverage of the Executive in accordance with the requirements of applicable law (e.g. COBRA coverage), at a monthly cost to the Executive that is not greater than the monthly cost that the Executive is
being charged for such coverage or coverages as of the Date of Termination. The Company may require the Executive to complete and file any election forms that are generally required of other employees to obtain COBRA coverage; and the
Executive’s COBRA coverage may be terminable in accordance with applicable law. 
 (c) Benefits Provided Upon
Termination of Employment. If the Executive’s termination or resignation does not constitute a “separation from service,” as such term is defined under Code Section 409A, the Executive shall nevertheless be entitled to
receive all of the payments and benefits that the Executive is entitled to receive under this Agreement on account of his termination of employment. However, the payments and benefits that the Executive is entitled to under this Agreement shall not
be provided to the Executive until such time as the Executive has incurred a “separation from services” within the meaning of Code Section 409A. 
 (d) Payments on Account of Termination to a Specified Employee. Notwithstanding the foregoing provisions of Sections 6(a) or 6(b), in the event that the Executive is determined to be a Specified
Employee at the time of his termination of employment under this Agreement (or, if later, his “separation from service” under Code Section 409A), to the extent that a payment, reimbursement or benefit under Section 6(b) is
considered to provide for a “deferral of compensation” (as determined under Code Section 409A), then such payment, reimbursement or benefit shall not be paid or provided until six months after the Executive’s separation from
service, or his death, whichever occurs first. Any payments, reimbursements or benefits that are withheld under this provision for the first six months shall be payable in a lump sum on the 181st day after such termination of employment (or, if
later, separation from service). The restrictions in this Section 6(d) shall be interpreted and applied solely to the minimum extent necessary to comply with the requirements of Code Section 409A(a)(2)(B). Accordingly, payments, benefits
or reimbursements under Section 6(B) or any other part of this Agreement may nevertheless be provided to Executive with the six-month period following the date of Executive’s termination of employment under this Agreement (or, if later,
his “separation from service” under Code Section 409A), to the extent that it would nevertheless be permissible to do so under Code Section 409A because those payments, reimbursements or benefits are (i) described in
Treasury Regulations Section 409A because those payments, reimbursements or benefits are (i) described in Treasury Regulations Section 1.409A-1(b)(9)(iii) (i.e., payments within the limitations therein that are being made on account
of an involuntary termination or termination for good reason, within the meaning of the Treasury Regulations), or (ii) benefits described in Treasury Regulations Section 1.409A-1(b)(9)(v) (e.g. health care benefits). 

7. Competition; Nonsolicitation. 
 (a) During the Term and, following any termination of Executive’s employment, for a period equal to (i) the Payment Period, in the case of a termination of employment for which payments are made
pursuant to Section 6(b) hereof, or (ii) 24 months from the date of such termination in the event of a voluntary termination of employment by the Executive without Good Reason, or a termination by the Company for Cause, the Executive shall
not, without the prior written consent of the Board, directly or indirectly engage in, or have any interest in, or manage or operate any person, firm, corporation, partnership or business (whether as director, officer, employee, agent,
representative, 

 
partner, security holder, consultant or otherwise) that engages in any business (other than a business that constitutes less than 5% of the relevant entity’s net revenue and a proportionate
share of its operating income) which competes with any business of the Company or any entity owned by it anywhere in the world; provided, however, that the Executive shall be permitted to acquire a stock interest in such a corporation provided such
stock is publicly traded and the stock so acquired does not represent more than one percent of the outstanding shares of such corporation. 
 (b) During the Term and for a period of two years following any termination of the Executive’s employment, the Executive shall not, directly or indirectly, on his own behalf or on behalf of any other
person or entity, whether as an owner, employee, service provider or otherwise, solicit or induce any person who is or was employed by, or providing consulting services to, the Company or any of its subsidiaries during the twelve-month period prior
to the date of such termination, to terminate their employment or consulting relationship with the Company or any such subsidiary. 
 (c) In the event the agreement in this Section 7 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too
great a geographical area or by reason of its being too extensive in any other respect, it shall be interpreted to extend only over the maximum period of time for which it may be enforceable, and/or over the maximum geographical area as to which it
may be enforceable and/or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action. 
 8. Nondisclosure of Proprietary Information. 
 (a) Except as required in the
faithful performance of the Executive’s duties hereunder or pursuant to subsection (c), the Executive shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use
for his benefit or the benefit of any person, firm, corporation or other entity any confidential or proprietary information or trade secrets of or relating to the Company, including, without limitation, information with respect to the Company’s
operations, processes, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees
or other terms of employment, except for such information which is or becomes publicly available other than as a result of a breach by the Executive of this Section 8, or deliver to any person, firm, corporation or other entity any document,
record, notebook, computer program or similar repository of or containing any such confidential or proprietary information or trade secrets. The parties hereby stipulate and agree that as between them the foregoing matters are important, material
and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of the Company (and any successor or assignee of the Company). 
 (b) Upon termination of the Executive’s employment with the Company for any reason, the Executive shall promptly deliver to the Company all correspondence, drawings, manuals, letters, notes,
notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the Company’s customers, business plans, marketing strategies, products or processes and/or which contain proprietary information or trade
secrets. 
 (c) The Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company the
earliest possible notice thereof, shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought and shall assist such counsel in resisting or otherwise responding
to such process. 
 9. Injunctive Relief. It is recognized and acknowledged by the Executive that a breach of the covenants contained in
Sections 7 and 8 will cause irreparable damage to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, the Executive
agrees that in the event of a breach of any of the covenants contained in Sections 7 and 8, in addition to any other remedy which may be available at law or in equity, the Company shall be entitled to specific performance and injunctive relief.

 10. Survival. The expiration or termination of the Term shall not impair the rights or obligations of any party hereto which shall
have accrued hereunder prior to such expiration. 
 11. Binding on Successors. This Agreement shall be binding upon and inure to the
benefit of the Company, the Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. 

 12. Governing Law. This Agreement shall be governed, construed, interpreted and enforced in
accordance with the substantive laws of the Sta te of Ohio. 
 13. Validity. The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 14. Notices. Any notice, request, claim, demand, document or other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered
personally or sent by telex, telecopy, or certified or registered mail, postage prepaid, as follows: 
 (a) If to
the Company, to: 
 TransDigm Group Incorporated 

The Tower at Erieview 

1301 E. 9th Street, Suite 3000 
 Cleveland, Ohio 44114 
 Attention: W. Nicholas Howley, CEO and
Chairman 
 (b) If to the Executive, to him at the address set forth below under his signature; 

or at any other address as any party shall have specified by notice in writing to the other party in accordance with this Section 14.

 15. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of
which together shall constitute one and the same agreement. 
 16. Entire Agreement; Prior Employment Agreement. The terms of this
Agreement, together with the Equity Compensation Agreements are intended by the parties to be the final expression of their agreement with respect to the employment of the Executive by the Company and may not be contradicted by evidence of any prior
or contemporaneous agreement. The parties further intend that this Agreement, and the aforementioned contemporaneous documents, shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be
introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 
 17. Amendments; Waivers.
This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by the Executive and the Chief Executive Officer. By an instrument in writing similarly executed, the Executive or the Company may waive compliance
by the other party or parties with any provision of this Agreement that such other party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or
subsequent failure. No failure to exercise and no delay in exercising any right, remedy or power hereunder shall preclude any other or further exercise of any other right, remedy or power provided herein or by law or in equity. 

18. No Inconsistent Actions. The parties hereto shall not voluntarily undertake or fail to undertake any action or course of action inconsistent
with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the parties hereto to act in a fair and reasonable manner with respect to the inte rpretation and application of the provisions of this Agreement.

 19. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by
arbitration, conducted before a panel of three arbitrators in Cleveland, Ohio, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having
jurisdiction; provided, however, that the Company shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of the provisions of Section 7 or 8
of this Agreement and the Executive hereby consents that such restraining order or injunction may be granted without the necessity of the Company’s posting any bond; and provided further, that the Executive shall be entitled to seek
specific performance of his right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. Each of the parties hereto shall bear its share of the fees and expenses
of any arbitration hereunder. 
 20. Indemnification and Insurance; Legal Expenses. During the Term and so long as the Executive has not
breached any of his obligations set forth in Sections 7 and 8, the Company shall indemnify the Executive to the fullest extent permitted by the laws of the State of Delaware, as in effect at the time of the subject act or omission, and shall advance
to the Executive reasonable attorneys’ fees and expenses as such fees and expenses are incurred (subject to 

 
an undertaking from the Executive to repay such advances if it shall be finally determined by a judicial decision which is not subject to further appeal that the Executive was not entitled to the
reimbursement of such fees and expenses) and he shall be entitled to the protection of any insurance policies the Company shall elect to maintain generally for the benefit of its directors and officers (“Directors and Officers Insurance”)
against all costs, charges and expenses incurred or sustained by him in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of the Company or any of its
subsidiaries or his serving or having served any other enterprise as a director, officer or employee at the request of the Company (other than any dispute, claim or controversy arising under or relating to this Agreement). The Company covenants to
maintain during the Term for the benefit of the Executive (in his capacity as an officer and director of the Company) Directors and Officers Insurance providing customary benefits to the Executive. 

(SIGNATURE PAGE FOLLOWS) 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

  

			
	TRANSDIGM GROUP INCORPORATED
		
	By:	 	/s/ W. Nicholas Howley
		 	  

	Name: W. Nicholas Howley
	Title: Chief Executive Officer
	
	EXECUTIVE
	
	/s/ John Leary
	John LearyLetter of Credit Facility between Aspen Bermuda Limited and Citibank Europe plc

 Exhibit 10.01 

 

					
	 1 North Wall Quay
 Dublin
1
 Ireland
	  		  	

  

							
		 	Niall Tuckey	 	Citibank Europe plc
		 	Vice President	 	1 North Wall Quay
		 	ILOC Product	 	Dublin 1, Ireland

 Date 30 July 2012 
 Aspen Bermuda Limited 
 141 Front Street 
 Hamilton HM19 
 Bermuda 
 Attention: Bryan Astwood 
 Dear Bryan 

 

	1.	Committed letter of credit facility 

 Further to recent discussions, Citibank Europe plc (the “Bank”) is pleased to confirm its committed letter of credit issuance facility (the “Facility”) subject to the
terms and conditions set out in this Letter. 
 The Facility is intended to replace the committed letter of credit facility
established pursuant to a facility letter between Aspen Insurance Limited and Citibank Europe plc dated 12 August 2011 (“the Old Facility”). The Old Facility is hereby terminated with immediate effect and the parties fully released
from all rights, obligations and liabilities arising there from. 
  

	2.	Amount 

 The Facility
shall be in a maximum aggregate amount of USD 950,000,000 (Nine hundred and fifty million United States Dollars) (the “Aggregate Facility Limit”) comprising two maturity tranches: Tranche 1 having a sub limit of USD 650,000,000 (six
hundred and fifty million United States Dollars); and Tranche II having a sub limit of USD 300,000,000 (three hundred million United States Dollars). Should the Company (as defined below) wish to reduce the Aggregate Facility Limit or any Tranche
sub limit, it may do so upon written notification to the Bank. The notification (the “Notification”) must (i) specifically reference this Letter and (ii) clearly state the new facility limit that is to apply
(“the New Limit”). The New Limit will take effect five Business Days following receipt, by the Bank, of the Notification. 
  

	3.	Facility Documents 

 Aspen
Insurance Limited, now Aspen Bermuda Limited (“the Company”) has entered into the following documents in relation to the Facility (each as amended, varied, supplemented, novated or assigned as the case may be): 

 

	 	(a)	Insurance Letters of Credit - Master Agreement (Form 3/CIFS) dated 15 December 2003 (the “Master Agreement”); 

 

	 	(b)	Reinsurance Deposit Agreement (Charge Form - Citibank N.A. as Custodian) dated 15 December 2003 (“Form 12”); 

Citibank Europe plc 

Directors: Aidan M Brady, Mark Fitzgerald, Jim Farrell, Bo J. Hammerich (Sweden), Brian Hayes, Mary Lambkin, Frank McCabe, William J. Mills (USA),
Terence O’Leary (U.K.), Cecilia Ronan, Patrick Scally, Christopher Teano (U.S.A.), Francesco Vanni d’Archirafi (Italy), Tony Woods. 
 Registered in Ireland: Registration Number 132781. Registered Office: 1 North Wall Quay, Dublin 1. 
 Ultimately owned by Citigroup Inc., New York, U.S.A. 
 Citibank Europe plc is
regulated by the Central Bank of Ireland 

 

 
  

	 	(c)	Pledge Agreement dated 17 January 2006 (“the Pledge Agreement”); 

 

	 	(d)	Collateral Account Control Agreement dated 17 January 2006 (“the Collateral Account Control Agreement”); 

 

	 	(e)	Corporate Mandate dated 29 April 2009; and 

  

	 	(f)	General Communications Indemnity dated 29 April 2009. 

 In the event of any inconsistency between the terms of this letter and the terms of any Facility Document, the terms of this letter shall prevail. 

 

	4.	Conditions precedent 

 The
Company shall not request the issue of any Credit until the Bank has received the documents and other evidence specified below in a form and substance satisfactory to the Bank (each a “Condition Precedent”): 

 

	 	(a)	the enclosed duplicate of this Letter, duly executed on behalf of the Company before 31 July 2012; and 

 

	 	(b)	such other documents and other evidence as the Bank may reasonably require. 

 

	5.	Utilisation requests 

  

	5.1	Whenever the Company wishes the Bank (which, for purposes of this paragraph 5 shall include any branch or affiliate of the Bank that issues a Credit pursuant hereto) to
issue a Credit under the Facility, it shall provide a duly completed application form in accordance with the provisions of the Master Agreement. 

  

	5.2	The Bank shall be entitled to examine each request to issue a Credit on a case-by-case basis and, notwithstanding clause 1(a)(i) of the Master Agreement during the
continuance of this Letter, shall only be entitled to decline any such request without liability where: 

  

	 	(a)	such request would cause the Bank to be in breach of any law of any jurisdiction (including non-exclusively any breach of sanctions imposed by the law of the United
States of America); or 

  

	 	(b)	the Credit requested is in a currency other than US dollars, GB pounds sterling, Canadian dollars or Euros; 

 

	 	(c)	the tenor of a Tranche I Credit is longer than 12 months or the tenor of a Tranche II Credit is longer than 60 months, as applicable; and/or 

 

	 	(d)	any deposit(s) as may have been requested by the Bank to be placed in the accounts established pursuant to the terms of the Form 12 and/or Pledge and Collateral Account
Control Agreements have not been carried out to the Bank’s satisfaction. 

  

	6.	Interest 

  

	6.1	the Company shall pay interest on the amount drawn by a Beneficiary under a Credit at a rate per annum of LIBOR plus 1% (plus Reserve Asset Costs, if any) from the date
of drawing until the date of reimbursement by the Company. 

  

	6.2	Any interest accruing under this paragraph 6 shall be immediately payable by the Company on demand by the Bank. Overdue interest shall be compounded in accordance with
the usual practice of the Bank in respect of unauthorised overdrafts. 

 

 
  

	6.3	Interest due from the Company under this Letter shall: 

  

	 	(a)	be calculated and accrue from day to day; 

  

	 	(b)	be calculated on the basis of the actual number of days elapsed and a 360 day year (or such other day count convention as is market practice for the relevant currency);
and 

  

	 	(c)	be payable both before and after judgment. 

  

	7.	Fees 

 The fees that the
Company is obliged to pay to the Bank in connection with the Facility are as set out in the Fee Letter. 
  

	8.	Repayment and expiry 

 The
Facility shall only apply in respect of Credits issued under Tranche 1 on or prior to 30 June 2014 (“the Tranche1 Facility Period”), and in the case of Tranche II on or prior to 30 June 2013 (“the Tranche 2 Facility
Period”). Each tranche of the Facility shall expire on the earlier of (1) the date that is one year from the end of the relevant Tranche Facility Period; or (2) the stated expiry date on the last remaining Credit issued within the
relevant Tranche Facility Period (“the Expiry Date”). The Bank and the Company shall commence negotiations, without being under any obligation, regarding the renewal of the Facility at least 60 days before the end of the Tranche II
Facility Period. 
  

	9.	Representations and warranties 

 The Company represents and warrants to the Bank, on the date of its acceptance of this Letter and with reference to (f)(ii) below only on each day (by reference to the facts and circumstances then
existing) until this Letter has expired or terminated, that: 
  

	 	(a)	the Company (i) is duly organised, validly existing and (to the extent applicable) in good standing under the laws of its jurisdiction of incorporation or
organisation, (ii) is duly qualified to do business and (to the extent applicable) in good standing in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, (iii) has the requisite
corporate power and authority and the right to own and operate its properties, to lease the property it operates under lease, and to conduct its business as now and proposed to be conducted, and (iv) has obtained all material licenses, permits,
consents or approvals from or by, and has made all filings with, and given all notices to, all governmental authorities having jurisdictions, to the extent required for such ownership, operation and conduct (including, without limitation, the
consummation of transactions contemplated by this Letter) as to each of the foregoing, except, in each case in clauses (ii), (iii) and (iv), where the failure to do so would not have a material adverse effect on the financial condition or
prospects of the Group. 

  

	 	(b)	The execution, delivery and performance by the Company of this Letter and the consummation of the transactions contemplated hereby are within the Company’s
corporate powers, have been duly authorised by all necessary corporate action, and do not contravene (i) the Company’s constitutional documents or (ii) law or any contractual restriction binding on or affecting the Company.

  

	 	(c)	No authorisation or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any third party is required for the
due execution, delivery and performance by the Company of this Letter or in respect of any Credit, except for those authorisations, approvals, actions, notices and filings that have been duly obtained, taken, given or made and are in full force and
effect. 

 

 
  

	 	(d)	This Letter has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, subject to (i) the effect of any applicable bankruptcy, insolvency, reorganisation, moratorium or similar law affecting creditors’ rights generally, (ii) the effect of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or law). 

  

	 	(e)	The consolidated financial statements included in the most recent 10Q filing of the Group, copies of which have been furnished to the Bank, fairly present the
consolidated financial condition of the Group in accordance with generally accepted accounting principles consistently applied. Since the date of such filing there has been no material adverse change to the financial condition or property of the
Company or the Group. 

  

	 	(f)	There is no pending or, to the knowledge of the Company, threatened action, suit, investigation, litigation or proceeding affecting any member of the Group before any
court, governmental agency or arbitrator that (i) could be reasonably likely to have a material adverse effect on the financial position or prospects of the Group or (ii) purports to affect the legality, validity or enforceability of this
Letter or any Facility Document or the consummation of the transactions contemplated hereby. 

  

	10.	Undertakings 

 The Company
undertakes to the Bank that it shall: 
  

	 	(a)	ensure that the Bank receives each annual report on Form 10-K filed by Aspen Insurance Holdings Limited with the SEC as soon as it is available and in any event within
90 days of its financial year end; 

  

	 	(b)	ensure that the Bank receives each quarterly report on Form 10-Q filed by Aspen Insurance Holdings Limited with the SEC as soon as it is available and in any event
within 45 days of the end of the relevant quarter; 

  

	 	(c)	promptly upon it becoming aware of the event, provide the Bank with notice of any change in the Company’s ownership structure such that its ultimate parent (as at
the date of this Letter) ceases to own, directly or indirectly, a majority of the equity of the Company or upon any announcement of such a restructuring by the parent. Any such event shall entitle the Bank, at its sole discretion, to terminate the
Facility. 

  

	11.	Costs and expenses 

 The
Company undertakes to indemnify the Bank, on demand, for and against all actions, proceedings, losses, damages, charges, costs, expenses, claims and demands which the Bank may incur, pay or sustain (apart from the Bank’s own gross negligence or
wilful misconduct) in connection with this Letter (including non-exclusively the cost of all registrations and any other legal fees that the Bank incurs in relation to the Facility). 

 

	12.	Certificates 

 Any demand,
notification or certificate issued by the Bank specifying any amount due under this Letter or any Facility Document or any determination of any ratio shall, in the absence of manifest error, be conclusive and binding on the Company. 

 

	13.	Miscellaneous 

  

	13.1	The rights of the Bank under this Letter and the Facility Documents may be exercised as often as necessary; are cumulative and not exclusive of its rights under the
general law; and may be waived only in writing and specifically. Delay in exercising or non-exercise of any such right is not a waiver of that right. 

 

 
  

	13.2	If any provision of this Letter or any Facility Document is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect (i) the
legality, validity or enforceability in that jurisdiction of any other provision of that document; or (ii) the legality, validity or enforceability in any other jurisdiction of that or any other provision of that document.

  

	13.3	In no event shall the Bank be liable on any theory of liability for any special, indirect, consequential or punitive damages and the Company hereby waives, releases and
agrees (for itself and on behalf of the other members of the Group) not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its or their favour. 

 

	13.4	The Bank may set off any obligation of the Company under the Facility Documents or in respect of any Credit (whether present or future, actual or contingent) against
any obligation owed by the Bank to the Company or Citibank N.A., regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation at a market
rate of exchange in its usual course of business for the purpose of the set-off. 

  

	13.5	Clauses 13 and 14 [Assignment/Novation] of the Master Agreement shall apply in respect of this Letter, with necessary changes. 

 

	13.6	The terms of this Letter may not be waived, modified or amended unless such waiver, modification or amendment is in writing and signed by you nor may the Company assign
any of its rights hereunder without the prior written consent of the Bank. 

  

	14.	Definitions and interpretation 

  

	14.1	Terms defined in any Facility Document shall have the same meanings when used in this Letter. Additionally, the following terms have the following meanings.

 Business Day means a day (other than a Saturday or a Sunday) on which banks are generally open in Dublin
and London. 
 Facility Documents means the documents specified in paragraphs 3(a) through 3(e) and any other document
pursuant to which a security interest, guarantee or other form of credit support is created or exists in favour of the Bank in respect of the obligations of the Company under this Letter. 

Group means the Company and each other person from time to time included in the consolidated financial statements of Aspen
Insurance Holdings Limited filed with the Securities and Exchange Commission. 
 LIBOR means the overnight rate for US
Dollars which appears on the screen display designated “Reuters Screen LIBOR01” on the Reuters Service (or such other screen display or service as may replace it for the purpose of displaying the relevant British Bankers’ Association
Interest Settlement Rates for deposits in US Dollars in the London interbank market) at or about 11.00 a.m. on the relevant day. 

Quarter Day means 1 January, 1 April, 1 July and 1 October. 

 

	14.2	In this Letter (unless otherwise provided): 

  

	 	(a)	words importing the singular shall include the plural and vice versa; 

 

 
  

	 	(b)	references to: 

  

	 	(i)	paragraphs are to be construed as references to the paragraphs of this Letter; 

 

	 	(ii)	any document shall be construed as references to that document, as amended, varied, novated or supplemented; 

 

	 	(iii)	any statute or statutory provision shall include any statute or statutory provision which amends, extends, consolidates or replaces the same; 

 

	 	(iv)	any document or person being acceptable or approved or satisfactory shall be construed as meaning acceptable to or approved by or satisfactory to
the Bank in its sole discretion; 

  

	 	(v)	a person shall be construed so as to include that person’s assignors, transferees or successors in title and shall be construed as including references to
an individual, firm, partnership, joint venture, company, corporation, body corporate, unincorporated body of persons or any state or any agency of a state; and 

 

	 	(vi)	time are to London time. 

  

	14.3	The headings in this Letter are for convenience only and shall be ignored in construing this Letter. 

 

	15.	Communications 

  

	15.1	Any notice or demand to be served on the Company by the Bank hereunder may be served: 

 

	 	(a)	Personally on any officers listed in the Company’s General Communications Indemnity dated 29 April 2009 as amended from time to time (such shall be referred
to as “Authorized Officer(s)”); 

  

	 	(b)	by letter addressed to the Company or to any of its officers at the Company’s registered office or at any one of its principal places of business; or

  

	 	(c)	by telex or facsimile addressed in any such manner as aforesaid to any then published telex or facsimile number of the Company. 

 

	15.2	Unless otherwise stated, any notice or demand to be served on the Bank by the Company hereunder must be served on the Bank either at its address stated at the beginning
of this Letter (or such other address as the Bank may notify the Company of from time to time) or by facsimile to such number as the Bank may notify the Company of from time to time. 

 

	15.3	Any notice or demand: 

  

	 	(a)	sent by post shall be deemed to have been served on the relevant party on the third Business Day after and exclusive of the day of posting; or 

 

	 	(b)	sent by telex or facsimile shall be deemed to have been served on the relevant party when confirmation is received. 

In proving such service by post it shall be sufficient to show that the letter containing the notice or demand was properly addressed and posted and such
proof of service shall be effective notwithstanding that the letter was in fact not delivered or was returned undelivered. 

 

 
  

	16.	Governing law 

  

	16.1	This Letter shall be governed by English law and for the benefit of the Bank the Company irrevocably submits to the jurisdiction of the English Courts in respect of any
dispute which may arise from or in connection with this Letter or any Credit. 

  

	16.2	A person who is not a party to this Letter has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any terms of this Letter.

  

	17.	Anti-Tying 

  

	17.1	Citigroup’s Corporate and Investment Bank’s anti-tying policies are incorporated herein by reference. 

 

	
	Yours faithfully,
	
	 /s/ Niall Tuckey

	For and on behalf of Citibank Europe plc
	
	Accepted and agreed on
	
	 /s/ David Skinner

	For and on behalf of Aspen Bermuda Limited
	
	Accepted and agreed on
	
	 /s/ Fred Lemoine

	For and on behalf of Aspen Bermuda Limited

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