Document:

First Supplemental Indenture, dated September 11, 2012

 Exhibit 4.2 
 EXECUTION VERSION 
 This FIRST SUPPLEMENTAL INDENTURE (this “First
Supplemental Indenture”), dated as of September 11, 2012, among FLOWSERVE CORPORATION, a New York corporation (the “Company”), the Guarantors listed in Schedule I hereto (the “Guarantors”), and
U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Company and the Trustee have heretofore executed and delivered an indenture, dated as of the date hereof (the
“Indenture”), providing for the issuance by the Company from time to time of its debt securities to be issued in one or more series; 
 WHEREAS, Sections 2.01 and 9.01 of the Indenture provide, among other things, that the Company and the Trustee may, without the consent of Holders, enter into indentures supplemental to the Indenture to
provide for specific terms applicable to any series of notes; 
 WHEREAS, Section 2.01 of the Indenture provides, among
other things, that there shall be established in or pursuant to a Board Resolution, and set forth, or determined in the manner provided, in an Officers’ Certificate or in a Company Order, or established in one or more indentures supplemental to
the Indenture, prior to the issuance of Securities of any series, whether Securities of the series are entitled to the benefits of any Securities Guarantee of any Guarantor pursuant to the Indenture, the identity of any such Guarantors at the time
of initial issuance of the Securities of such series, whether Notations of Guarantees are to be included on such Securities and any terms of such Securities Guarantee with respect to the Securities of the series in addition to those set forth in
Article X of the Indenture, or any exceptions to or changes to those set forth in Article X of the Indenture; 

WHEREAS, Section 10.01 of the Indenture provides that prior to the authentication and delivery upon original issuance of Securities
of any series that are to be guaranteed by a Person, the Company, the Trustee and such Person shall have entered into a supplemental indenture pursuant to Section 9.01(3) of the Indenture whereby such Person shall have executed a Securities
Guarantee under the Indenture with respect to any series of Securities as to which such Person has been so established pursuant to Section 2.01 of the Indenture as a Guarantor thereof; 

WHEREAS, the Company intends by this First Supplemental Indenture to create and provide for the issuance of a new series of Securities to
be designated as the “3.500% Senior Notes due 2022” (the “Notes”); 
 WHEREAS, the Company intends by
this First Supplemental Indenture to provide that the Notes will be entitled to the benefits of the Securities Guarantee of the Guarantors; 
 WHEREAS, the Guarantors intend by this First Supplemental Indenture to execute a Securities Guarantee with respect to the Notes; 

 WHEREAS, pursuant to Sections 9.01(3) and 9.01(10) of the Indenture, the Trustee, the
Company and the Guarantors are authorized to execute and deliver this First Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder of Notes; and 

WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, issued upon
the terms and subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment therefor, valid, binding and legal obligations of the Company and the Guarantors according to their terms,
and all actions required to be taken by the Company and the Guarantors under the Indenture to make this First Supplemental Indenture a valid, binding and legal agreement of the Company and the Guarantors, have been done. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 
 (a) All capitalized terms used herein and
not otherwise defined below shall have the meanings ascribed thereto in the Indenture. 
 (b) The following are definitions used
in this First Supplemental Indenture, and to the extent that a term is defined both herein and in the Indenture, the definition in this First Supplemental Indenture shall govern with respect to the Notes. 

“Attributable Debt” with regard to a Sale and Leaseback Transaction with respect to any Principal Property means, at the
time of determination, the present value of the total net amount of rent required to be paid under the lease during the remaining term thereof (including any period for which the lease has been extended), discounted at the rate of interest set forth
or implicit in the terms of the lease (or, if not practicable to determine the rate, the weighted average interest rate per annum borne by the Notes then outstanding under the Indenture) compounded semi-annually. In the case of any lease that is
terminable by the lessee upon the payment of a penalty, the net amount of rent will be the lesser of (x) the net amount determined assuming termination upon the first date the lease may be terminated (in which case the net amount will also
include the amount of the penalty, but will not include any rent that would be required to be paid under the lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination.

 “Capital Lease” means a lease with respect to which the lessee is required concurrently to recognize the
acquisition of an asset and the incurrence of a liability in accordance with generally accepted accounting principles in effect in the United States as of the date of the Indenture. 

  
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 “Change of Control” means the occurrence of any one of the following:

 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any “person” or “group” (as those terms are used in
Section 13(d)(3) of the Exchange Act) other than to the Company and/or one or more of its Subsidiaries; 

(2) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of
more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; 
 (3) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the
outstanding Voting Stock of the Company or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of Voting Stock of the Company outstanding
immediately prior to such transaction constitute, or are converted into or exchanged for, at least a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction; 

(4) the first day on which the majority of the members of the board of directors of the Company cease to be Continuing
Directors; or 
 (5) the approval by the holders of the Voting Stock of the Company of any plan for the
liquidation or dissolution of the Company. 
 “Change of Control Triggering Event” means the Notes cease to be
rated Investment Grade by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing on the date of the Company’s first public announcement of any Change of Control (or pending Change of
Control) and ending 60 days following consummation of such Change of Control or, if earlier, upon abandonment of the Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the
Rating Agencies has publicly announced that it is considering a possible ratings downgrade). Unless at least two of the three Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the Notes will be deemed to
have ceased to be rated Investment Grade by each of the three Rating Agencies during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change
of Control unless and until such Change of Control has actually been consummated. 

  
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 “Comparable Treasury Issue” means the U.S. Treasury security selected by
the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations, or
(2) if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of all of these quotations. 
 “Consolidated Tangible Assets” means, as of any date, total assets (excluding treasury stock, unamortized debt discount and expense, goodwill, trademarks, trade names, patents, deferred
charges and other intangible assets) of the Company and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP. 
 “Continuing Director” means, as of any date of determination, any member of the Company’s board of directors who: 

(1) was a member of such board of directors on the date of the issuance of the Notes; or 

(2) was nominated for election or elected or appointed to the Company’s board of directors with the approval of a
majority of the Continuing Directors who were members of the Company’s board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such
member was named as a nominee for election as a director, without objection to such nomination). 
 “Credit
Agreement” means the Existing Credit Agreement as such agreement may be amended, supplemented or otherwise modified from time to time, and any agreement, indenture or other documentation evidencing extensions, refinancings, replacements or
restructurings of the credit facilities governed by the Existing Credit Agreement, whether the same or any other agent, agents, lenders or group of lenders is or are parties thereto. 

“Debt” means with respect to a Person all obligations of such Person for borrowed money and all such obligations of any
other Person for borrowed money guaranteed by such Person. 
 “Existing Credit Agreement” means the Credit
Agreement dated as of August 20, 2012, among the Company, the subsidiaries of the Company identified therein, as the guarantors, Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and the other
lenders party thereto. 

  
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 “Fitch” means Fitch Inc., and its successors. 

“Funded Debt” means, on the date of determination, any Debt maturing by its terms more than 12 months from such date
(notwithstanding that any portion of such Debt is included in current liabilities), including any Debt renewable or extendible at the option of the borrower to a date later than 12 months from such date of determination. 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating
category of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); and a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch).

 “Liens” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other
similar encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of
such Person. 
 “Material Subsidiary” means each Guarantor and any other Subsidiary of the Company which owns a
Principal Property. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Person” means an individual, limited liability company,
partnership, corporation, trust, unincorporated organization, association, joint venture or other entity or a government or agency or political subdivision thereof. 
 “Principal Property” means any manufacturing plant, warehouse, office building or parcel of real property, including fixtures but excluding leases and other contract rights which might
otherwise be deemed real property, owned by the Company or any of its Subsidiaries, whether owned on the date of the Indenture or thereafter acquired, that has a gross book value (determined in accordance with GAAP) in excess of 1.0% of the
Consolidated Tangible Assets of the Company and its consolidated subsidiaries. Any plant, warehouse, office building or parcel of real property or portion thereof will not be a Principal Property if the Company’s board of directors in good
faith determines it is not of material importance to the business conducted by the Company and its Subsidiaries taken as a whole. 
 “Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company as Quotation Agent. 
 “Rating Agency” means each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P and Fitch ceases to rate the Notes or fails to make a rating of the Notes
publicly available for reasons outside of the Company’s control, Rating Agency shall include any “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the
Company as a replacement agency for Moody’s, S&P or Fitch, or all of them, as the case may be. 

  
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 “Reference Treasury Dealer” means (1) J.P. Morgan Securities LLC,
Merrill Lynch, Pierce, Fenner & Smith Incorporated and a Primary Treasury Dealer (as defined) selected by Wells Fargo Securities, LLC and their respective successors, unless any of them ceases to be a primary U.S. Government securities
dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury
Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Remaining
Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date for such redemption; provided, however,
that, if such Redemption Date is not an Interest Payment Date (as defined in Section 2.04(c) of this First Supplemental Indenture) with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be
reduced by the amount of interest accrued thereon to such Redemption Date. 
 “S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

“Sale and Leaseback Transaction” means any arrangement with any Person relating to property now owned or hereafter
acquired whereby the Company or any Subsidiary of the Company transfers such property to another Person and the Company or the Subsidiary leases or rents it from such Person. 
 “Subsidiary” means any corporation, partnership or other legal entity (a) the accounts of which are consolidated with the Company’s in accordance with GAAP and (b) of
which, in the case of a corporation, more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or, in the case of any
partnership or other legal entity, more than 50% of the ordinary equity capital interests is, at the time, directly or indirectly owned or controlled by the Company or by one or more of the Subsidiaries or by the Company and one or more of the
Subsidiaries. 
 “Treasury Rate” means, for any Redemption Date, the rate per annum equal to the semi-annual
equivalent yield to maturity or interpolated (on a day count basis), computed as of the second Business Day immediately preceding that Redemption Date, of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. 

  
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 “Voting Stock” of any specified Person as of any date means the capital
stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

Section 1.02. Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 “Change of Control Offer”
	  	 	4.01	(a) 
	 “Change of Control Payment Date”
	  	 	4.01	(b) 
	 “Interest Payment Date”
	  	 	2.04	(c) 
	 “Maturity Date”
	  	 	2.04	(b) 
	 “Regular Record Date”
	  	 	2.04	(c) 

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 

This First Supplemental Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a
part of this First Supplemental Indenture. The following TIA terms have the following meanings: 
 “Commission” means
the SEC. 
 “indenture securities” means the Notes. 

“indenture security holder” means a Holder. 
 “indenture to be qualified” means this First Supplemental Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and the Guarantors and any other obligor on the indenture securities.

 All other TIA terms used in this First Supplemental Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rules promulgated under the TIA have the meanings assigned to them by such definitions. 

  
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 ARTICLE II 
 APPLICATION OF SUPPLEMENTAL INDENTURE 
 AND CREATION, FORMS, TERMS AND
CONDITIONS OF NOTES 
 Section 2.01. Application of this First Supplemental Indenture. Notwithstanding any other
provision of this First Supplemental Indenture, the provisions of this First Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes. The Notes constitute a separate
series of Securities as provided in Section 2.01 of the Indenture. 
 Section 2.02. Creation of the Notes. In
accordance with Section 2.01 of the Indenture, the Company hereby creates the Notes as a separate series of its Securities issued pursuant to the Indenture. The Notes shall be issued initially in an aggregate principal amount of $500,000,000.

 Section 2.03. Form of the Notes. The Notes shall each be issued in the form of a Global Security, duly
executed by the Company and the Guarantors and authenticated by the Trustee, which shall be deposited with the Trustee as custodian for DTC and registered in the name of “Cede & Co.,” as the nominee of DTC. The Notes shall be
substantially in the form of Exhibit A attached hereto. So long as DTC, or its nominee, is the registered owner of a Global Security, DTC or its nominee, as the case may be, shall be considered the sole owner or Holder of the Notes
represented by such Global Security for all purposes under the Indenture and under such Notes. Ownership of beneficial interests in such Global Security shall be shown on, and transfers thereof will be effective only through, records maintained by
DTC or its nominee (with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests of beneficial owners). No Notations of Guarantees are required to
be included on any of the Notes. 
 Section 2.04. Terms and Conditions of the Notes. 

The Notes shall be governed by all the terms and conditions of the Indenture, as supplemented by this First Supplemental Indenture. In
particular, the following provisions shall be terms of the Notes: 
 (a) Title and Conditions of the
Notes. The title of the Notes shall be as specified in the Recitals; and the aggregate principal amount of the Notes shall be unlimited. 
 (b) Stated Maturity. The Notes shall mature, and the principal of the Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest
thereon, on September 15, 2022 (the “Maturity Date”). 

  
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 (c) Payment of Principal and Interest. The Notes shall bear interest
at 3.500% per annum, from and including September 11, 2012, or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on
any overdue principal. Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on March 15 and September 15 of each
year, commencing on March 15, 2013 (each such date, an “Interest Payment Date” for the purposes of the Notes under this First Supplemental Indenture). Payments of interest shall be made to the Person in whose name a Note (or
predecessor Note) is registered (which shall initially be the Depositary) at the close of business on March 1 or September 1 (whether or not that date is a Business Day), as the case may be, immediately preceding such Interest Payment
Date (each such date, a “Regular Record Date” for the purposes of the Notes under this First Supplemental Indenture). 
 (d) Registration and Form. The Notes shall be issuable as registered securities as provided in Section 2.03 of this Article II. The form of the Notes shall be as set forth in
Exhibit A attached hereto. The Notes shall be issued and may be transferred only in minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof. All payments of principal, Redemption Price, any purchase price
relating to a Change of Control Offer and accrued unpaid interest in respect of the Notes shall be made by the Company as set forth in the Notes. 
 (e) Legal Defeasance and Covenant Defeasance. The provisions for legal defeasance in Section 8.02 of the Indenture, and the provisions for covenant defeasance in Section 8.03 of the
Indenture, shall be applicable to the Notes. If the Company shall effect a defeasance of the Notes pursuant to Section 8.02 or Section 8.03 of the Indenture, the Company shall cease to have any obligation to comply with the covenants and
agreements set forth in Articles IV and V of this First Supplemental Indenture. 
 (f) Further Issuance.
Notwithstanding anything to the contrary contained herein or in the Indenture, the Company may, from time to time, without the consent of or notice to the Holders, create and issue further securities having the same interest rate, maturity and other
terms (except for the issue date, the public offering price and the first Interest Payment Date) as, ranking equally and ratably with, the Notes. Additional Notes issued in this manner shall be consolidated with and shall form a single series with
the previously outstanding Notes. 
 (g) Redemption. The Notes are subject to redemption by the Company in
whole or in part in the manner described herein. 
 (h) Guarantees. The payment of the principal and any
accrued and unpaid interest on the Notes, whether at the Maturity Date, by acceleration, by redemption or otherwise, is fully, unconditionally and irrevocably guaranteed, jointly and severally, by the Guarantors as provided in Article X of the
Indenture. 

  
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 (i) Ranking. The Notes will be the Company’s unsecured and
unsubordinated obligations and will rank equally with all of its current and future unsecured and unsubordinated indebtedness, including any borrowings under the Existing Credit Agreement, and senior to all of its current and future subordinated
debt. The Securities Guarantees will be the Guarantors’ unsecured and unsubordinated indebtedness, and senior to all of the Guarantors’ current and future subordinated debt. 

(j) Sinking Fund. The Notes are not entitled to any sinking fund. 

(k) Other Terms and Conditions. The Notes shall have such other terms and conditions as provided in the form
thereof attached as Exhibit A hereto. 
 ARTICLE III 

REDEMPTION 
 Section 3.01. Optional Redemption. At any time prior to June 15, 2022, the Notes are subject to redemption, in whole or in part, from time to time, at the Company’s option at a
Redemption Price equal to the greater of: 
  

	 	(i)	100% of the principal amount of the Notes to be redeemed, and 

  

	 	(ii)	the sum of the present values of the Remaining Scheduled Payments of the Notes to be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points. 

 At any time on or after
June 15, 2022, the Company may redeem the Notes, in whole or in part from time to time, at its option, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 

In each case, the Company will also pay the accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 

Section 3.02. Open Market Repurchases. Notwithstanding any provision hereunder or under the Indenture to the contrary, the
Company and its Affiliates may purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private transactions at negotiated prices. Notes that the Company or any of its Affiliates
purchase may, at the Company’s discretion, be held, resold or canceled. 

  
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 ARTICLE IV 
 CHANGE OF CONTROL 
 Section 4.01. Change of Control.

 (a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has given written notice with respect to a
redemption of the Notes as described under Section 3.01, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described below (the “Change of
Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”). 

(b) Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior
to any Change of Control but after the public announcement of the transaction that constitutes or may constitute the Change of Control, the Company will send, by first class mail, a notice to each Holder of Notes, with a copy to the Trustee, which
notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be
required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being
consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to
the close of business on the third Business Day prior to the Change of Control Payment Date. 
 (c) On each Change of Control
Payment Date, the Company will, to the extent lawful, (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer, (ii) deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 
 (d) The
Company will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an
offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

  
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 (e) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act,
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of
any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the
Change of Control Offer provisions of the Notes by virtue of such conflicts. 
 ARTICLE V 

COVENANTS 

The covenants set forth in this Article V shall be applicable to the Company in addition to the covenants in Article III of the
Indenture, which shall in all respects be applicable in respect of the Notes. 
 Section 5.01. Limitation on Liens.

 The Company will not, and will not permit any Material Subsidiary to, create, assume or permit to exist, any Lien, other than
Permitted Liens, on any Principal Property, now owned or hereafter acquired by the Company or any Subsidiary of the Company, to secure Debt, without effectively providing concurrently that the Notes are secured equally and ratably with such Debt,
for so long as such Debt shall be so secured. 
 “Permitted Liens” means: 

(1) Liens existing on the date of the Indenture, or any Lien in favor of the Trustee for the benefit of Holders of the
Notes; 
 (2) Liens in favor of the Company or any Guarantor; 

(3) Liens on any property existing at the time the Company or a Material Subsidiary acquired or leased such property,
including property acquired by the Company or a Material Subsidiary through a merger or similar transaction; 

(4) Liens on any Principal Property to secure all or part of the cost of acquisition, construction, development or
improvement of such Principal Property, or to secure Debt incurred to provide funds for any such purposes, provided, that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than
12 months after the later of (A) the completion of the acquisition, construction, development or improvement of such Principal Property and (B) the placing in operation of such Principal Property or of such Principal Property as so
constructed, developed or improved; 
 (5) Liens on property of any Person existing at the time such Person
becomes a Material Subsidiary; 

  
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 (6) Liens imposed by law for taxes, assessments or charges of any
governmental authority for claims which are not overdue for a period of more than 60 days, or to the extent that such Lien is being contested in good faith by appropriate actions and adequate reserves in accordance with GAAP are being maintained
therefor; 
 (7) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and
other Liens imposed by law or created in the ordinary course of business which are not delinquent or remain payable without penalty or which are being contested in good faith by appropriate actions; 

(8) Liens securing (i) the non-delinquent performance of bids, trade contracts (other than for borrowed money),
leases or statutory obligations, (ii) surety bonds (excluding appeal bonds and other bonds posted in connection with court proceedings or judgments) and (iii) other non-delinquent obligations of a like nature (including those to secure
health, safety and environmental obligations) in each case incurred in the ordinary course of business; 
 (9)
Liens created by or resulting from any litigation or other proceeding that is being contested in good faith by appropriate proceedings, including Liens arising out of judgments or awards against the Company or its Subsidiaries with respect to which
the Company or its Subsidiaries are in good faith prosecuting an appeal or proceedings for review or for which the time to make an appeal has not yet expired, and Liens relating to final unappealable judgment liens which are satisfied within 60 days
of the date of judgment or Liens incurred by the Company or any of its Subsidiaries for the purpose of obtaining a stay or discharge in the course of any litigation or proceeding to which the Company or any of its Subsidiaries is a party;

 (10) easements, rights-of-way, zoning or any other restrictions, encroachments, protrusions and other similar
encumbrances on real property which in the aggregate do not materially detract from the value of such property or materially interfere with the ordinary conduct of the Company’s businesses or the Subsidiaries’ businesses, taken as a whole;

 (11) Liens securing obligations in respect of Capital Leases on assets subject to such leases, provided that
such leases are not otherwise prohibited; 
 (12) any Lien renewing, extending or replacing any Lien referred to
above, to the extent that (a) the principal amount of the indebtedness secured by such Lien is not increased and (b) no assets encumbered by any such Lien other than the assets permitted to be encumbered immediately prior to such renewal,
extension, refinance or refund are encumbered thereby; or 

  
 13 

 (13) any other Lien on any of the Company’s or its Subsidiaries’
assets or properties that secure indebtedness, liabilities and obligations of the Company or its Subsidiaries in an aggregate amount at the time of the creation of such Lien that, together with the amount of such indebtedness, liabilities and
obligations secured by other Liens pursuant to this clause at such time, does not exceed an amount equal to 15% of the Company’s Consolidated Tangible Assets (determined as of the most recently ended fiscal quarter for which financial
statements are available). 
 Section 5.02. Limitation on Sale and Leaseback Transactions. 

The Company will not, and will not permit any Material Subsidiary to, enter into any Sale and Leaseback Transaction covering any
Principal Property owned by the Company or any Material Subsidiary. However, a Sale and Leaseback Transaction will not be prohibited if: 
 (1) the transaction is permitted pursuant to the exception described in the last clause under Section 5.01; 
 (2) the proceeds of the Sale and Leaseback Transaction are at least equal to the fair value (as determined by the Company’s Board of Directors in good faith) of the Principal Property leased pursuant
to such transaction and an amount equal to the greater of (i) the net proceeds of the sale or transfer and (ii) the Attributable Debt of the Principal Property sold (as determined by the Company) is applied within 180 days of the Sale and
Leaseback Transaction to either (x) the purchase or acquisition of, or, in the case of real property, the commencement of construction on or improvement of, property or assets, or (y) the voluntary retirement or repayment (other than at
maturity or pursuant to a mandatory sinking fund or mandatory redemption provision) of Funded Debt of the Company (other than indebtedness subordinated to the Notes) or a Material Subsidiary, for money borrowed, maturing more than 12 months after
the voluntary retirement; 
 (3) the lease is for a period not exceeding three years and by the end of which it
is intended that the use of such Principal Property by the lessee will be discontinued; or 
 (4) the lease is
with the Company or another Material Subsidiary. 
 ARTICLE VI 

EVENTS OF DEFAULT 
 Section 6.01. The events of default in Article VI of the Indenture shall be applicable to the Notes. In addition, the following shall be Events of Default with respect to the Notes: 

(a) an event of default (i) under the terms of any indenture or instrument for borrowed money under which the Company
or any of its subsidiaries has outstanding an aggregate principal amount of at least $60,000,000 or (ii) under the terms of our primary revolving bank facility, in each case, which event of default results in an acceleration of the payment of
all or a portion of such indebtedness for money borrowed (which acceleration is not rescinded or annulled within 30 days after notice of such acceleration); and 

  
 14 

 (b) the entry against the Company, any Material Subsidiary or any
Significant Subsidiary of one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) in excess of $60,000,000 (to the extent not covered by independent third-party insurance as to which
the insurer has been notified of the claim and does not dispute coverage) and (A) enforcement proceedings are commenced by any creditor upon such judgment or order or (B) there is a period of 30 consecutive days during which a stay of
enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect. 
 ARTICLE VII 

AGREEMENT TO BE BOUND; SECURITIES GUARANTEE 
 Section 7.01. Agreements to be Bound. Each Guarantor hereby becomes a party to the Indenture as a Guarantor and as such shall have all of the rights and be subject to all of the obligations
and agreements of a Guarantor under the Indenture. The Guarantors agree to be bound by all of the provisions of the Indenture applicable to a Guarantor and to perform all of the obligations and agreements of a Guarantor under the Indenture.

 Section 7.02. Guarantees. Each Guarantor hereby fully, unconditionally and irrevocably guarantees, jointly and
severally with each other Guarantor, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors, the full and punctual payment when due, whether at maturity, by redemption, acceleration or otherwise, of
the obligations of the Company under the Notes and the other guaranteed obligations of the Company set forth in Article X of the Indenture. The terms of each Securities Guarantee are more fully set forth in Article X of the Indenture and
each Guarantor agrees to be bound by such terms. Notwithstanding any provision hereof to the contrary, upon the release of any Securities Guarantee of a Guarantor pursuant to Section 10.03 of the Indenture, each reference to
“Guarantor” herein and in the Notes shall exclude such Person. 
 Section 7.03. Future Guarantors. The
Company shall cause any Subsidiary of the Company that guarantees, directly or indirectly, any indebtedness of the Company under the Credit Agreement to at the same time, execute and deliver to the Trustee a supplement to the Indenture pursuant to
which such Subsidiary will guarantee payment of the Notes and all other obligations of the Company on the same terms and conditions as those set forth in the Indenture. Thereafter, such Subsidiary shall be a Guarantor for all purposes of the
Indenture until such Securities Guarantee is released in accordance with the provisions of the Indenture. 

  
 15 

 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01. Ratification of Indenture.

 This First Supplemental Indenture is executed and shall be constructed as an indenture supplement to the Indenture, and as
supplemented and modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this First Supplemental Indenture shall be read, taken and constructed as one and the same instrument. 

Section 8.02. Trust Indenture Act Controls. 
 If any provision of this First Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this First Supplemental Indenture by the TIA, the
required or deemed provision shall control. 
 Section 8.03. Notices. 

All notices and other communications shall be given as provided in the Indenture; provided that notices to a Guarantor shall be
given to such Guarantor in care of the Company. 
 Section 8.04. Governing Law. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THERETO. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS FIRST SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 8.05.
Successors. 
 All agreements of the Company and the Guarantors in this First Supplemental Indenture and the Notes shall
bind their successors. All agreements of the Trustee in this First Supplemental Indenture shall bind its successors. 

Section 8.06. Multiple Originals. 
 The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to
prove this First Supplemental Indenture. The exchange of copies of this First Supplemental Indenture and of signature pages by 

  
 16 

 
facsimile or PDF transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 8.07. Headings. 
 The headings of the Articles and Sections of
this First Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 8.08. Trustee Not Responsible for Recitals 
 The recitals contained herein shall be taken as statements of the Company and the Guarantors, and the Trustee does not assume any responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this First Supplemental Indenture, except that the Trustee represents that it is duly authorized to execute and deliver this First Supplemental Indenture and perform its obligations hereunder. 

  
 17 

 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	COMPANY:
	
	FLOWSERVE CORPORATION
		
	By:	 	 /s/ Michael S. Taff

		 	Name: Michael S. Taff
		 	Title: Senior Vice President and Chief Financial Officer

 Signature page to the First Supplemental Indenture 

  
 18 

 
			
	GUARANTORS:
	
	Flowserve Holdings, Inc.
	Flowserve International, Inc.
	Flowserve US Inc.
		
	By:	 	 /s/ Ronald F. Shuff

		 	Name: Ronald F. Shuff
		 	Title: President and Director

  

			
	Flowserve Management Company
		
	By:	 	 /s/ Ronald F. Shuff

		 	Name: Ronald F. Shuff
		 	Title: Managing Trustee

 Signature page to the First Supplemental Indenture 

  
 19 

 
			
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Steven A. Finklea
		 	  

		 	Name: Steven A. Finklea
		 	Title: Vice President

 Signature page to the First Supplemental Indenture 

  
 20 

 SCHEDULE I 
 LIST OF GUARANTORS 
 FLOWSERVE HOLDINGS, INC. 

FLOWSERVE INTERNATIONAL, INC. 
 FLOWSERVE US INC.

 FLOWSERVE MANAGEMENT COMPANY 

  
 Schedule I -
Page 1 

 EXHIBIT A 
 FORM OF NOTE 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

CUSIP NO. [•] 
 ISIN NO. [•]

 FLOWSERVE CORPORATION 
 3.500% SENIOR NOTE DUE 2022 
  

			
	$[•]	  	No.: R-[•]

 FLOWSERVE
CORPORATION, a New York corporation (herein called the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [•] or such other principal amount as shall be set forth
on Schedule I hereto on September 15, 2022 and to pay interest thereon at the rate of 3.500% per annum from and including September 11, 2012, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, on March 15 and September 15 of each year, commencing on March 15, 2013 (each, an “Interest Payment Date”), until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, except as provided in the Indenture
hereinafter referred to, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the regular record date for such interest, which will be the March 1 or September 1
(whether or not that date is a Business Day), as the case may be (each, a “Regular Record Date”), immediately preceding each Interest Payment Date. Any such 

  
 Exhibit A -
Page 1 

 
interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and either may be paid to the Person in whose name this Note (or
one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders not less than ten days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. Payment of the principal of and interest on this Note (including, without limitation, any Redemption Price or purchase price
relating to a Change of Control Offer) will be made at the office or agency of the Company maintained for that purpose pursuant to the Indenture (initially the principal corporate trust office of the Trustee in New York, NY (the “Corporate
Trust Office”)), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the
Company (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in the
Securities Register. Payments of principal and interest at maturity will be made against presentation of this Note at the Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer.

 Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 Unless the Certificate of
Authentication hereon has been executed by the Trustee or an authenticating agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose. 
 [Signature Pages Follow] 

  
 Exhibit A -
Page 2 

 IN WITNESS WHEREOF, the Company has caused this Note to be to be duly executed as of the
date set forth below. 
 Date: 
  

			
	FLOWSERVE CORPORATION
		
	By:	 	  

		 	Name: Michael S. Taff
		 	 Title: Senior Vice President and Chief
 Financial Officer

		
	By:	 	  

		 	Name: Ronald F. Shuff
		 	 Title: Senior Vice President and General
 Counsel

 GUARANTEE 
 Each of the Guarantors (which term includes any successor Person under the Indenture) has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and the Securities by the Company. 

The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Securities Guarantee and the Indenture are
expressly set forth in Article X of the Indenture and reference is hereby made to the Indenture for the precise terms of the Securities Guarantee. 
  

			
	GUARANTORS:
	
	Flowserve Holdings, Inc.
	Flowserve International, Inc.
	Flowserve US Inc.
		
	By:	 	  

		 	  Name: Ronald F. Shuff
		 	  Title: President and Director

  

			
	Flowserve Management Company
		
	By:	 	  

		 	  Name: Ronald F. Shuff
		 	  Title: Managing Trustee

  
 Exhibit A -
Page 3 

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 

			
	U.S. BANK NATIONAL ASSOCIATION,
	        as Trustee
	
	By:                           
                                         
                            
	        Steven A. Finklea
        Vice President

  
 Exhibit A -
Page 4 

 (Reverse of Note) 
 FLOWSERVE CORPORATION 
 3.500% SENIOR NOTE DUE 2022 

1. This Note is one of a duly authorized issue of securities of the Company designated as its 3.500% Senior Notes due 2022 (the
“Notes”) unlimited in aggregate principal amount issued and to be issued under an indenture, dated as of September 11, 2012, between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,”
which term includes any successor Trustee under the Indenture), and the first supplemental indenture, dated as of September 11, 2012 (the indenture, as so supplemented and as it may be further supplemented or amended from time to time, is
herein referred to as the “Indenture”), between the Company, the guarantors named therein and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights thereunder of the Company, the Trustee and the
Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. The indebtedness of the Company evidenced by the Notes, including the principal thereof and interest thereon (including post-default interest),
will constitute unsecured and unsubordinated indebtedness of the Company and will rank equally in right of payment with all of the Company’s current and future unsecured and unsubordinated indebtedness. 

2. At any time prior to June 15, 2022, the Notes are subject to redemption, in whole or in part, from time to time, at the
Company’s option at a Redemption Price equal to the greater of: 
  

	 	(i)	100% of the principal amount of the Notes to be redeemed, and 

  

	 	(ii)	the sum of the present values of the Remaining Scheduled Payments of the Notes to be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points. 

 At any time on or
after June 15, 2022, the Company may redeem the Notes, in whole or in part from time to time, at its option, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 

In each case, the Company will also pay the accrued and unpaid interest on the principal amount being redeemed to the Redemption Date.

 Any notice to Holders of Notes of a redemption pursuant to this paragraph 2 hereof will include, among other things set forth
in the Indenture, the Redemption Date, the Redemption Price (or the methodology for determining the Redemption Price), the amount of accrued and unpaid interest to the Redemption Date, and the name and address of the Paying Agent. 

  
 Exhibit A -
Page 5 

 3. Upon the occurrence of a Change of Control Triggering Event, unless the Company has given
written notice with respect to a redemption of the Notes pursuant to paragraph 2 of this Note, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the Change of Control
Offer, at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase. 
 4. The payment of the principal of and interest on the Notes will be fully and unconditionally guaranteed by the Guarantors, on the terms set forth in the Indenture. 

5. If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 6. The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the rights of the Holders of Notes under the Indenture at any time by the Company, the Guarantors and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of Notes at the time outstanding, on
behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Note. 
 7. No reference herein to the Indenture and no provisions of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

8. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the
Securities Register of the Company, upon surrender of this Note for registration of transfer at the Corporate Trust Office, duly endorsed by, or accompanied by a written instruction of transfer in form satisfactory to the Company, and duly executed
by the Holder hereof or such Holder’s attorney, duly authorized in writing, on which instruction the Company can rely, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees. 
 9. The Notes are issuable only in fully registered form, without coupons, in
minimum denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000. As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal
amount of Notes in authorized denominations, as requested by the Holder surrendering the same. 

  
 Exhibit A -
Page 6 

 10. No service charge shall be made to the Holder for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 
 11. Prior to the due presentment of this Note for registration of transfer or exchange, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary. 

12. Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

13. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company
or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 14. No past,
present or future director, manager, officer, employee, incorporator, member, partner, stockholder or other owner of Capital Stock of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or of the
Guarantors under the Notes, the Indenture, the Securities Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. The waiver and release may not be effective to waive or release liabilities under the federal securities laws. 

15. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

16. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 17. Each Holder of this Note covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing provisions. 

18. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES THERETO. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE.

 19. All capitalized terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in
the Indenture. 

  
 Exhibit A -
Page 7 

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER
IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	  
 PLEASE PRINT OR TYPEWRITE NAME
AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

  

					
	 	  		  	
	 	  		  	
	 	  		  	

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said
Security on the books of the Company, with full power of substitution in the premises. 
  

							
	Dated:	 	 	 		 	
	Signature:	 	 	 		 	

  

	 NOTICE: 
	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 Signature Guarantee: 
 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exhibit A -
Page 8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.01 of the First Supplemental Indenture, check
the box: 
  

 ̈ 
 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.01 of the First Supplemental Indenture, state the amount in principal amount:
$                         
  

							
	Dated:                        	  		  	Your Signature:	  	 
		  		  		  	 (Sign exactly as your name appears
 on the other side of this Note.)

  

			
	Signature Guarantee:	  	 
		  	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exhibit A -
Page 9 

 Schedule I 
 SCHEDULE OF TRANSFERS AND EXCHANGES 
 The following increases or decreases
in principal amount of this Global Security have been made: 
  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Security	  	Amount of
Increase in
Principal Amount
of this Global
Security	  	Principal Amount
of this Global
Security following
such Decrease or
Increase	  	Signature of
Authorized
Signatory of
trustee or
Custodian

  
 Exhibit A -
Schedule IService Agreement between John Worth and Aspen Insurance UK Services Limited

 Exhibit 10.1 

 
  
 JOHN WORTH 
 AND 

ASPEN INSURANCE UK SERVICES LIMITED 
  

 
 SERVICE
AGREEMENT 
  
  

 
  

  
 - i -

 TABLE OF CONTENTS 

 

							
	 Clause
	  	 	  	Page	 
			
	 1.
	  	 INTERPRETATION
	  	 	1	  
			
	 2.
	  	 POSITION
	  	 	1	  
			
	 3.
	  	 TERM
	  	 	2	  
			
	 4.
	  	 DUTIES
	  	 	2	  
			
	 5.
	  	 REMUNERATION
	  	 	3	  
			
	 6.
	  	 PENSION AND INSURANCE BENEFITS
	  	 	5	  
			
	 7.
	  	 EXPENSES
	  	 	5	  
			
	 8.
	  	 HOLIDAYS AND HOLIDAY PAY
	  	 	5	  
			
	 9.
	  	 DISABILITY OR DEATH
	  	 	6	  
			
	 10.
	  	 CONFIDENTIAL INFORMATION
	  	 	7	  
			
	 11.
	  	 COPYRIGHT AND DESIGNS
	  	 	8	  
			
	 12.
	  	 GRATUITIES AND CODES OF CONDUCT
	  	 	8	  
			
	 13.
	  	 RESTRICTIVE COVENANTS
	  	 	9	  
			
	 14.
	  	 TERMINATION BY RECONSTRUCTION OR AMALGAMATION; CHANGE IN CONTROL
	  	 	11	  
			
	 15.
	  	 TERMINATION OF EMPLOYMENT BY THE COMPANY FOR CAUSE
	  	 	11	  
			
	 16.
	  	 TERMINATION OF EMPLOYMENT BY THE COMPANY WITHOUT CAUSE
	  	 	12	  
			
	 17.
	  	 TERMINATION OF EMPLOYMENT BY THE EXECUTIVE
	  	 	12	  
			
	 18.
	  	 OBLIGATIONS UPON TERMINATION OF EMPLOYMENT; CERTAIN OTHER TERMINATIONS
	  	 	14	  
			
	 19.
	  	 EFFECT OF TERMINATION OF THIS AGREEMENT
	  	 	15	  
			
	 20.
	  	 GENERAL RELEASE
	  	 	15	  
			
	 21.
	  	 OTHER TERMS AND CONDITIONS
	  	 	16	  
			
	 22.
	  	 NOTICES
	  	 	17	  
			
	 23.
	  	 PREVIOUS AND OTHER AGREEMENTS
	  	 	17	  
			
	 24.
	  	 ENTIRE AGREEMENT/AMENDMENT
	  	 	17	  
			
	 25.
	  	 ASSIGNMENT
	  	 	17	  
			
	 26.
	  	 SEVERABILITY
	  	 	18	  
			
	 27.
	  	 SUCCESSORS/BINDING AGREEMENT
	  	 	18	  

  
 - ii -

							
			
	 28.
	  	 CO-OPERATION
	  	 	18	  
			
	 29.
	  	 GOVERNING LAW
	  	 	18	  
			
	 30.
	  	 COUNTERPARTS
	  	 	18	  

  
 - iii -

 SERVICE AGREEMENT 
 DATE: 
 PARTIES: 
  

	1.	JOHN WORTH of Beesonend House, Beesonend Lane, Near Harpenden, Hertfordshire, AL5 2AB (the “Executive”); and 

 

	2.	ASPEN INSURANCE UK SERVICES LIMITED (Registered in England No. 1184193), 30 Fenchurch St, London, EC3M 3BD, England (the “Company”).

 OPERATIVE TERMS: 
  

	1.	INTERPRETATION 

  

	 	1.1	In this Agreement: 

  

			
	“Affiliate”	  	means any entity directly or indirectly controlling, controlled by, or under common control with Holdings; or any other entity designated by the Board of Directors of Holdings in
which Holdings or an Affiliate has an interest;
		
	“Board”	  	means the Board of Directors of the Company from time to time;
		
	“Chief Executive Officer”	  	means the Chief Executive Officer of Holdings from time to time;
		
	“Group”	  	means Holdings and its Affiliates (and “Group Company” means Holdings or any one of its Affiliates);
		
	“Holdings”	  	means Aspen Insurance Holdings Limited, a Bermuda limited company; and
		
	“Manager”	  	means the Chief Executive Officer to whom the Executive shall report.

  

	 	1.2	In this Agreement references to any statutory provision shall include such provision as from time to time amended, whether before, on or (in the case of re-enactment or
consolidation only) after the date hereof, and shall be deemed to include provisions of earlier legislation (as from time to time amended) which have been re-enacted (with or without modification) or replaced (directly or indirectly) by such
provision and shall further include all statutory instruments or orders from time to time made pursuant thereto. 

  

	2.	POSITION 

 The Company shall
employ the Executive as Group Chief Financial Officer. 

	3.	TERM 

 The Company shall employ
the Executive, and the Executive shall serve the Company, on the terms and conditions set forth in this Agreement, beginning on                     
[agreed date to be inserted] (the “Effective Date”) and continuing unless and until terminated in accordance with the provisions contained in this Agreement. 

 

	4.	DUTIES 

  

	 	4.1	During his employment hereunder the Executive shall: 

  

	 	(a)	report to the Manager and perform the duties and exercise the powers and functions which from time to time may reasonably be assigned to or vested in him by the Board
or the Manager in relation to the Company and any other Group Company to the extent consistent with his job title set out in Clause 2 (without being entitled to any additional remuneration in respect of such duties for any Group Company);

  

	 	(b)	devote the whole of his working time, attention and ability to his duties in relation to the Company and any other Group Company at such place or places as the Board
shall determine. The Executive shall work at the Company’s premises at 30 Fenchurch St, London EC3M 3BD, or such other place as the Company and the Executive shall mutually agree, provided that the Executive shall not be required to reside
outside the United Kingdom without his consent; 

  

	 	(c)	 comply with all reasonable requests, instructions and regulations given or made by the Board (or by anyone authorised by it) and promptly provide such
explanations, information and assistance as to the performance of his duties assigned to him under this Agreement as the Board or the Chief Executive Officer1 may reasonably require; 

 

	 	(d)	faithfully and loyally serve the Company and each other Group Company to the best of his ability and use his utmost endeavours to promote its interests in all respects;

  

	 	(e)	not engage in any activities which would detract from the proper performance of his duties hereunder, nor without the prior written consent of the Board in any capacity
including as director, shareholder, principal, consultant, agent, partner or employee of any other company, firm or person (save as the holder for investment of securities which do not exceed three percent (3%) in nominal value of the share
capital or stock of any class of any company quoted on a recognised stock exchange) engage or be concerned or interested directly or indirectly in any other trade, business or occupation whatsoever; and 

 

  
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	 	(f)	comply (and shall use every reasonable endeavour to procure that his spouse and minor children will comply) with all applicable rules of law, stock exchange
regulations, individual registration requirements (at a cost to be borne by the Company) and codes of conduct of the Company and any other Group Company in effect with respect to dealing in shares, debentures or other securities of the Company or
other Group Company. 

  

	 	4.2	Nothing herein shall preclude the Executive from (a) serving on the boards of directors of a reasonable number of other corporations subject to the approval of the
Chief Executive Officer in each case, which approval shall not be unreasonably withheld, (b) serving on the boards of a reasonable number of trade associations subject to the approval of the Chief Executive Officer in each case, which approval
shall not unreasonably be withheld, and/or charitable organizations, (c) engaging in any charitable activities and community affairs, and (d) managing his personal investments and affairs, provided that such activities set forth in this
Clause 4.2 do not significantly interfere with the performance of his duties and responsibilities to any Group Company. 

  

	5.	REMUNERATION 

  

	 	5.1	The Executive shall be paid by way of remuneration for his services during his employment hereunder a salary at the rate (the “Salary Rate”) of
£390,000 (three hundred and ninety thousand pounds) per annum, subject to increase pursuant to Clause 5.2. 

  

	 	5.2	The Company shall review the Salary Rate for increase at least once each year, and any change in the Salary Rate resulting from such review will take effect from
1 April in the relevant year. The Company’s review shall take into consideration, among other factors, the base salary paid to individuals performing similar services at comparable companies based in Bermuda, the United Kingdom and the
United States, as well as other relevant local or global talent pool comparables, it being expressly understood that while it is intended that the Company shall consider these factors, it shall have no obligation to take any specific action based on
such factors. 

  

	 	5.3	The Executive’s salary will be payable by equal monthly instalments; each monthly instalment will be in respect of a calendar month and will be paid on or before
the last day of such calendar month. Where the employment has begun or ended in a calendar month, salary in respect of that month will be the proportion of the number of days’ employment in that month to the total number of days in the month
multiplied by the normal monthly instalment. 

  

	 	5.4	 The Executive shall be eligible for a cash bonus based on an annual bonus potential of 100% of the Salary Rate during his employment hereunder of such

  
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amounts (if any) at such times and subject to such conditions as the Compensation Committee of the Board of Directors of Holdings (the “Compensation Committee”) may in its
absolute discretion decide. This bonus potential shall not act as either a cap or floor and the actual bonus paid to the Executive for any year in question will be subject to consideration by the Compensation Committee of both the Executive’s
own performance (based upon recommendation by the Manager) and the performance of the Group. As a result, the actual bonus paid in any year may be more or less than this potential amount. Notwithstanding the preceding language of this Clause 5.4,
the Executive will receive a bonus of not less than £240,000 (two hundred and forty thousand pounds only) for the year ended 31 December 2012, which will be paid on the date on which the Company pays cash bonuses to its employees for that
year. 

  

	 	5.5	As soon as possible after the Effective Date the Executive will provide the Company with details of the value of any cash or stock awards or other deferred remuneration
granted to him by his former employer which has been forfeited as a result of his entering in to this Agreement (the “Former Employer Awards”). The Company will grant to the Executive such cash or stock awards in Holdings as are reasonably
required to replace the value of any Former Employer Awards forfeited by the Executive (the “Replacement Awards”). Any Replacement Awards issued by the Company will be structured, to the extent possible, to reflect the timing and other
vesting criteria applicable to the Former Employer Awards. The grant of any Replacement Awards by the Company will not impact or reduce the payments or awards granted to the Executive under Clauses 5.4, 5.6 or 5.7. 

 

	 	5.6	As soon as possible after the Effective Date the Executive will receive awards equal to (i) £100,000 (converted at the prevailing exchange rate on the date
of grant) in Restricted Stock Units in Holdings (the “2012 RSU’s”), and (ii) £200,000 (converted at the prevailing exchange rate on the date of grant) in Performance Shares in Holdings (the “2012 Performance
Shares”), each issued to the Executive under the AIHL 2003 Share Incentive Plan (the “Plan”). Subject to the rules of the Plan, the 2012 RSU’s and the 2012 Performance Shares will vest in the period to March 2015, with that
number of the 2012 RSU’s and that number of the 2012 Performance Shares as is equal to 1/3 of the total overall grants being subject to any testing and consequent vesting on the dates in 2013, 2014 and 2015 on which the RSU’s and
Performance Shares issued by Holdings during its 2012 LTIP grant are subject to such testing and vesting. For the avoidance of doubt the 2012 RSU’s will not be subject to any performance criteria other than time vesting and the 2012 Performance
Shares will be subject to the same performance criteria as other performance shares issued by Holdings as part of its 2012 LTIP grant. 

  

	 	5.7	 As soon as possible after the Effective Date the Executive will receive an award in the Holding’s Long Term Incentive Plan (“LTIP”) for
2013 to a value not less than $750,000 (seven hundred and fifty thousand dollars). The 2013 LTIP award to the Executive will be made in RSU’s subject to the rules of the Plan or any

  
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replacement plan, which will vest in three equal tranches on the first, second and third anniversary of the date of grant. The Executive will also be eligible for consideration for LTIP awards
issued by Holdings and future years. The grant of any LTIP beyond 2013, however, remains subject to the absolute discretion of the CEO and the Compensation Committee and the Executive shall have no guarantee of participation in any future LTIP
awards. In addition, the form of any award issued under the LTIP programs may vary, but in all cases will be subject to the rules of the Plan or replacement plans. 

 

	 	5.8	The Company may withhold from amounts payable under this Agreement all applicable taxes that are required to be withheld by applicable laws or regulations.

  

	6.	PENSION AND INSURANCE BENEFITS 

  

	 	6.1	During his employment hereunder, the Executive shall be a member of the pension scheme established by the Board (the “Scheme”). The Executive’s
membership in the Scheme shall be subject to the provisions thereof as may be amended from time to time. The employee contribution to the Scheme will be 3% of base salary and the employer contribution will be equivalent to 16% of base salary (from
time to time). 

  

	 	6.2	During his employment hereunder, the Executive shall be entitled to participate in all employee benefit and perquisite plans and programs made available to the
Company’s senior level executives or to its employees generally, as such plans or programs may be in effect from time to time. 

  

	 	6.3	During his employment hereunder, the Company shall provide the Executive with medical insurance, permanent health insurance, personal accident insurance and life
insurance (subject to the relevant insurers’ terms and conditions). The Board shall have the right to change the arrangements for the provision of such benefits as it sees fit or, if in the reasonable opinion of the Board, the Company is unable
to secure any such insurance under the rules of any applicable scheme or otherwise at reasonable rates, to cease to provide any or all of the insurances. 

  

	7.	EXPENSES 

 The Company shall
reimburse to the Executive all traveling, hotel, entertainment and other expenses properly and reasonably incurred by him in the performance of his duties hereunder and properly claimed and vouched for in accordance with the Company’s expense
reporting procedure in force from time to time. 
  

	8.	HOLIDAYS AND HOLIDAY PAY 

  

	 	8.1	 In addition to public holidays in England, during his employment hereunder, the Executive shall be entitled to 25 working days’ paid holiday per
holiday year and, if applicable, such additional days (including public and bank holidays) as are set out in the Company’s standard terms and conditions of employment from

  
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time to time, during each holiday year to be taken at such time or times as may be agreed with the Manager. Except as otherwise provided in the Company’s holiday policy, the Executive may
not carry forward any unused part of his holiday entitlement to a subsequent holiday year and the Executive shall not be entitled to any salary in lieu of untaken holiday. 

 

	 	8.2	For the holiday year during which the Executive’s employment hereunder commences or terminates he shall be entitled to such proportion of his annual holiday
entitlement as the period of his employment in each such holiday year bears to one holiday year as set out in the Company’s holiday policy. Upon termination of his employment for whatever reason, he shall, if appropriate, be entitled to salary
in lieu of any outstanding holiday entitlement. 

  

	9.	DISABILITY OR DEATH 

  

	 	9.1	The Company reserves the right at any time to require the Executive (at the expense of the Company) to be examined by a suitably qualified medical adviser nominated by
the Company and the Executive consents to the medical adviser disclosing the results of the examination to the Company (provided that he has been given prior disclosure of such results and a reasonable opportunity to consider and comment on the
same) and shall provide the Company with such formal consents as may be necessary for this purpose. 

  

	 	9.2	If the Executive shall be prevented by illness, accident or other incapacity from properly performing his duties hereunder he shall report this fact forthwith to the
Company Secretary’s office and if he is so prevented for seven or more consecutive days he shall if required by the Company provide an appropriate doctor’s certificate. 

 

	 	9.3	If the Executive shall be absent from his duties hereunder owing to illness, accident or other incapacity duly certified in accordance with the provisions of Clause 9.2
he shall be paid his full remuneration for any period of absence of up to a maximum of 26 weeks in the aggregate in any period of 52 consecutive weeks and thereafter, subject to the provisions of Clause 15, to such remuneration (if any) as the Board
shall in its absolute discretion allow. 

  

	 	9.4	If the Executive shall be, on the basis of a medical report supplied to the Company following his having undergone a medical examination pursuant to Clause 9.1, in the
opinion of the Board unfit ever to return to his duties (but in such circumstances and prior to any action being taken under this Clause, the Executive shall have the right to have a second medical report from a duly qualified doctor or medical
adviser selected by the Executive and approved by the Board, which approval shall not be unreasonably withheld) the Company, following careful consideration of the second medical report, shall be entitled, if appropriate, to place the Executive on
permanent sick leave under the terms of the Company’s permanent health insurance cover without pay or benefits (other than permanent health insurance benefits) with effect from any time on or after the commencement of payments under the
permanent health insurance arrangements referred to in Clause 6.3. 

  
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	 	9.5	In the event that the Executive’s employment is terminated due to his death, his estate or his beneficiaries, as the case may be, shall be entitled to:
(a) salary at his Salary Rate up to and including the end of the month in which his death occurs, (b) the annual incentive award, if any, to which the Executive would have been entitled to pursuant to Clause 5.4 for the year in which the
Executive’s death occurs, multiplied by a fraction, the numerator of which is the number of days that the Executive was employed during the applicable year and the denominator of which is 365, (c) the unpaid balance of all previously
earned cash bonus and other incentive awards with respect to performance periods which have been completed, and (d) the balance or value of any amounts due under Clauses 5.5 and 5.6 which have not been paid or distributed at the date of
termination (ignoring for these purpose any residual vesting requirements which otherwise might apply to those payments), all of which amounts shall be payable in a lump sum in cash within 30 days after his death, except that the pro-rated annual
incentive award shall be payable when such award would have otherwise been payable had the Executive not died. 

  

	10.	CONFIDENTIAL INFORMATION 

  

	 	10.1	Except as otherwise provided in this Clause 10, the Executive shall not during his employment hereunder or at any time after his termination for any reason whatsoever
disclose to any person whatsoever or otherwise make use of any Confidential Information. 

  

	 	10.2	As used in this Clause 10, the term “Confidential Information” shall mean any confidential or secret information which he has or may have acquired in
the course of his employment relating to the Company or any other Group Company or any customers or clients of the Company or any other Group Company, including without limiting the generality of the foregoing: 

 

	 	(a)	confidential or secret information relating to the past, current or future business, finances, activities and operations of the Company or any other Group Company;

  

	 	(b)	confidential or secret information relating to the past, current or future business, finances, activities and operations of any third party to the extent that such
information was obtained by the Company or any other Group Company pursuant to a confidentiality agreement; 

 but
shall not include information that is generally known to, or recognised as standard practice in, the industry in which the Company is engaged unless such information is known or recognised as a result of the Executive’s breach of this covenant.

  
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	 	10.3	The Executive will only use Confidential Information for the benefit of the Company or any other Group Company in the course of his employment and shall at all times
exercise all due care and diligence to prevent the unauthorised disclosure or use of Confidential Information. 

  

	 	10.4	In the event that the Executive becomes compelled by a court or administrative order to disclose any of the Confidential Information other than as permitted pursuant to
this Clause 10, he will provide prompt notice to the Company so that the Company may seek a protective order or other appropriate remedy. In the event the Company fails to seek, or seeks and fails to obtain, such a protective order or other
protective remedy, the Executive will furnish only that portion of the Confidential Information that, in the opinion of his counsel, he is legally required to furnish. 

 

	11.	COPYRIGHT AND DESIGNS 

  

	 	11.1	The Executive hereby assigns to the Company all present and future copyright, design rights and other proprietary rights if any for the full term thereof throughout the
world in respect of all works originated by him at any time during the period of his employment by the Company or any other Group Company whether during the course of his normal duties or other duties specifically assigned to him (whether or not
during normal working hours) either alone or in conjunction with any other person and in which copyright or design rights may subsist except only those designs or other works written, originated, conceived or made by him wholly unconnected with his
service hereunder. 

  

	 	11.2	The Executive agrees and undertakes that he will execute such deeds or documents and do all such acts and things as may be necessary or desirable to substantiate the
rights of the Company in respect of the matters referred to in this Clause. To secure his obligation under this Agreement the Executive irrevocably appoints the Company to be his attorney in his name and on his behalf to execute such deeds or
documents and do all such acts and things as may be necessary or desirable to substantiate the rights of the Company in respect of the matters referred to in this Clause. 

 

	 	11.3	The Executive hereby irrevocably waives all moral rights that he had or may have in any of the works referred to in Clause 11.1, subject to the exception therein.

  

	12.	GRATUITIES AND CODES OF CONDUCT 

  

	 	12.1	The Executive shall comply with all codes of conduct from time to time adopted by the Board or the Board of Directors of Holdings. 

 

	 	12.2	 The Executive shall not, except in accordance with Holdings’ Gift and Hospitality Policy and any other code of conduct adopted by the Board or the
Board of Directors of Holdings or with the prior written consent of the Board or the Board of Directors of Holdings, directly or indirectly accept any commission, rebate, discount, gratuity or gift, in cash or in kind, from any person who has or is
likely 

  
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to have a business relationship with the Company or any other Group Company and shall notify the Company upon acceptance by the Executive of any commission, rebate, discount, gratuity or gift in
accordance with Holdings’ Gift and Hospitality Policy or any other code of conduct from time to time adopted by the Board or the Board of Directors of Holdings. 

 

	13.	RESTRICTIVE COVENANTS 

  

	 	13.1	For the purpose of this Clause: 

“the Business” means the business of the Group or any Group Company at the date of termination of the Executive’s
employment (including any business the Group or any Group Company plans to engage in); 
 references to the
“Group” and “Group Companies” shall only be reference to the Group and Group Companies in respect of which the Executive has carried out material duties in the Relevant Period; 

“Relevant Period” shall mean the period of 24 months immediately preceding the date of termination of the
Executive’s employment or, in the event that the Company exercises all or any of its rights under Clause 17.3, the period of 24 months immediately preceding the date on which it exercises such rights; 

“Restricted Person” shall mean any person who or which has at any time during the Relevant Period done business with the
Company or any other Group Company as customer or client or consultant and with whom the Executive has had material involvement; 
 “Key Employee” shall mean any person who at the date of termination of the Executive’s employment is employed or engaged by the Company or any other Group Company with whom the
Executive has had material contact during the Relevant Period and (a) is employed or engaged in the capacity of manager, underwriter or otherwise in a senior capacity or in any other capacity as may be agreed in writing between the Company and
the Executive from time to time and/or (b) is in the possession of Confidential Information and/or (c) is directly managed by or reports to the Executive. 
  

	 	13.2	The Executive covenants with the Company that he will not during his employment and, in the event of resignation by the Executive (whether with or without Good Reason)
or dismissal of the Executive by the Company (whether with or without Cause) for the period of 12 months after the termination of his employment (such period to be reduced by the amount of time during which, if at all, the Company exercises all or
any of its rights under Clause 17.3) without the prior written consent of the Board either alone or jointly with or on behalf of any person or entity, whether as an individual proprietor, partner, stockholder, officer, employee, consultant,
director, joint venturer, investor, lender or in any other capacity, directly or indirectly: 

  

	 	13.2.1	canvass, solicit or approach or cause to be canvassed or solicited or approached for orders in respect of any services provided and/or any products sold by the Company
or any other Group Company to any Restricted Person; 

  
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	 	13.2.2	solicit or entice away or endeavour to solicit or entice away from the Company or any other Group Company any Key Employee; or 

 

	 	13.2.3	hire or endeavour to hire or reach any agreement (oral or written) with to the prospective hiring of any Key Employee (including any person employed or engaged by the
Company or any other Group Company during the 12-month period preceding the date of termination of the Executive’s employment who would have been a Key Employee if employed or engaged by the Company or any other Group Company as of date of
termination of the Executive’s employment). 

  

	 	13.3	The Executive further covenants with the Company that, in the event of resignation by the Executive (whether with or without Good Reason) or the dismissal of the
Executive by the Company without Cause he will not, for the period of 12 months after the termination of his employment (such period to be reduced by the amount of time during which, if at all, the Company exercises all or any of its rights under
Clause 17.3), be employed, engaged, interested in or concerned with any business or undertaking which is engaged in or carries on business in the United Kingdom, Bermuda or the United States which is or is about to be in competition with the
Business; 

  

	 	13.4	The Executive further covenants with the Company that during his employment and at all times thereafter, the Executive will not make any disparaging, derogatory or
defamatory comments regarding the Company or any other Group Company or its or their respective current or former directors, officers, employees, shareholders, affiliates, businesses, finances, activities and operations in any respect or make any
comments concerning any aspect of the Executive’s relationship with the Company or any other Group Company or any conduct or events which precipitated any termination of the Executive’s employment from the Company or any other Group
Company. 

  

	 	13.5	The covenants contained in Clauses 13.2, 13.3 and 13.4 are intended to be separate and severable and enforceable as such. It is expressly understood and agreed that
although the Executive and the Company consider the restrictions contained in this Clause 13 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction
contained in this Agreement is an unenforceable restriction against the Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as
such court may judicially determine to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it
enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

  
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	 	13.6	The Executive acknowledges and agrees that the Company’s remedies at law for a breach of any of the provisions of Clauses 10, 11 or 13 may be inadequate and the
Company may suffer irreparable damages as a result of such breach. In recognition of this fact, the Executive agrees that, in the event of such a breach, in addition to any remedies at law, the Company shall be entitled to obtain equitable relief in
the form of specific performance, or an interim or permanent injunction or any other equitable remedy which may then be available and the Executive agrees that the Company need not provide (and undertakes not to seek to have the relevant court
require) any undertaking, security for costs or otherwise in respect of any application for such equitable relief. 

  

	14.	TERMINATION BY RECONSTRUCTION OR AMALGAMATION; CHANGE IN CONTROL 

  

	 	14.1	If the employment of the Executive hereunder shall be terminated solely by reason of the liquidation of any Group Company for the purposes of amalgamation or
reconstruction or as part of any arrangement for the amalgamation of the undertaking of such Group Company not involving liquidation (in each case, other than a Change in Control, as defined below) and the Executive shall be offered employment with
the amalgamated or reconstructed company on the same terms as the terms of this Agreement, the Executive shall have no claim against the Company or any Group Company in respect of the termination of his employment by the Company.

  

	 	14.2	If the employment of the Executive hereunder shall be terminated by the Company without Cause or by the Executive with Good Reason within the six-month period prior to
a Change in Control or within the two-year period after a Change in Control, in addition to the benefits provided in Clause 18.2, the Executive shall be entitled to the following benefits: all share options and other equity-based awards shall
immediately vest and remain exercisable for the remainder of their terms. For the purpose of this agreement a “Change in Control” shall have the same meaning as under the Aspen Insurance Holdings 2003 Share Incentive Plan as in effect as
of the date hereof. 

  

	15.	TERMINATION OF EMPLOYMENT BY THE COMPANY FOR CAUSE 

  

	 	15.1	The Company, without prejudice to any remedy which it may have against the Executive for serious or material breach or repeated non-performance of any of the provisions
of this Agreement, may following a full and proper investigation and determination of all material facts, by notice in writing to the Executive forthwith terminate his employment for “Cause”. In the event the Company terminates the
Executive’s employment for Cause, the Executive shall be entitled to salary at his Salary Rate through to and including the date of termination. 

  
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 For purposes of this Agreement, “Cause” shall mean circumstances where the
Executive: 
  

	 	(a)	becomes bankrupt or becomes the subject of an interim order under the Insolvency Act 1986 or makes any arrangement or composition with his creditors; or

  

	 	(b)	is convicted of any criminal offence (other than an offence under road traffic legislation in the United Kingdom or elsewhere for which a penalty other than
imprisonment is imposed); or 

  

	 	(c)	is guilty of any serious misconduct, any conduct tending to bring the Company or any other Group Company or himself into serious disrepute, or any serious and material
breach or repeated non-observance of any of the provisions of this Agreement, or conducts himself in a way which is seriously and materially prejudicial or calculated to be seriously and materially prejudicial to the business of the Group; or

  

	 	(d)	is guilty of any repeated serious and material breach or non-observance of any code of conduct; or 

 

	 	(e)	fails or ceases to be registered (where such registration is, in the reasonable opinion of the Board, required for the performance of his duties) by any regulatory body
in the United Kingdom or elsewhere 

  

	16.	TERMINATION OF EMPLOYMENT BY THE COMPANY WITHOUT CAUSE 

  

	 	16.1	The Company may terminate the employment of the Executive at any time during the employment hereunder without Cause by either (i) giving to the Executive 12
months’ prior notice in writing; or (ii) terminating the employment of the Executive immediately and paying the Executive in lieu of the notice to which he would have otherwise been entitled under (i) above (which payment in lieu
shall be deemed to be included within the Severance Payment referred to in Clause 18.2). 

  

	17.	TERMINATION OF EMPLOYMENT BY THE EXECUTIVE 

  

	 	17.1	 The Executive shall have the right to terminate his employment at any time for Good Reason by immediate notice if, following submission of the written
notice by the Executive to the Company detailing the events alleged to constitute Good Reason in accordance with this Clause, the Company shall have failed to cure such events within the 30 day period following submission of such notice. For
purposes of this Agreement, “Good Reason” shall mean (i) a material reduction in the Executive’s annual base salary or annual incentive award opportunity, other than as part of an across-the-board compensation reduction
for all senior executive officers of the Company, (ii) a material diminution in the Executive’s duties, status, authority, responsibilities or title, or the assignment to the Executive of duties or responsibilities which are materially
inconsistent with his 

  
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positions, (iii) the removal of the Executive from the position described in Clause 2, or (iv) the Company’s requiring the Executive to be based at any office or location more than
fifty (50) miles from the Executive’s office as of the date hereof; provided, however, that no such event(s) shall constitute Good Reason unless the Executive provides the notice required by this Clause 17.1 within 90 days following
Executive becoming aware of such event and the Company shall have failed to cure such event(s) within 30 days after receipt by the Company from the Executive of written notice describing in detail such event(s). 

 

	 	17.2	The Executive shall have the right to terminate his employment at any time without Good Reason upon giving 12 months’ prior written notice to the Company.

  

	 	17.3	If the Executive gives notice to terminate his employment without Good Reason under Clause 17.2 or if the Executive seeks to terminate his employment without Good
Reason and without the notice required by Clause 17.2 or the Company gives notice to terminate the Executive’s employment under Clause 16.1(i), then provided the Company continues to provide the Executive with the salary and contractual
benefits in accordance with this Agreement, the Company has, at its discretion, the right for the period (the “Garden Leave Period”) then outstanding until the date of the termination of the Executive’s employment:

  

	 	(a)	to exclude the Executive from any premises of the Company or any Group Company and require the Executive not to attend at any premises of the Company or any Group
Company; and/or 

  

	 	(b)	to require the Executive to carry out no duties; and/or 

  

	 	(c)	to require the Executive not to communicate or deal with any employees, agents, consultants, clients or other representatives of the Company or any other Group Company
(except for purely social purposes); and/or 

  

	 	(d)	to require the Executive to resign with immediate effect from any offices he holds with the Company or any other Group Company (and any related trusteeships); and/or

  

	 	(e)	to require the Executive to take any holiday which has accrued under Clause 8 during the Garden Leave Period. 

The Executive shall continue to be bound by the duties set out in Clause 4 (insofar as they are compatible with being placed on garden
leave), the restrictions set out in Clause 13.2 and all duties of good faith and fidelity during the Garden Leave Period. 

  
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	18.	OBLIGATIONS UPON TERMINATION OF EMPLOYMENT; CERTAIN OTHER TERMINATIONS 

  

	 	18.1	Upon the termination of his employment hereunder for whatever reason the Executive shall: 

 

	 	(a)	deliver up to the Company all 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 shall not without written consent of the Board retain any copies thereof; 

  

	 	(b)	if so requested send to the Company Secretary a signed statement confirming that he has complied with Clause 18.1(a); 

 

	 	(c)	not at any time make any untrue or misleading oral or written statement concerning the business and affairs of the Company or any other Group Company or represent
himself or permit himself to be held out as being in any way connected with or interested in the business of the Company or any other Group Company (except as a former employee for the purpose of communicating with prospective employers or complying
with any applicable statutory requirements); and 

  

	 	(d)	except as may otherwise be requested by the Company or any other Group Company in writing and agreed upon in writing by the Executive, be deemed to have resigned,
effective immediately, from all offices, directorships, committee memberships, and any other positions, if any, then held with the Company or any other Group Company. 

 

	 	18.2	 In the event of a termination of Executive’s employment hereunder by the Executive with Good Reason or by the Company without Cause (other than by
reason of death or illness, accident or other incapacity duly certified in accordance with the provisions of Clause 9.2), the Executive shall be entitled to (a) salary at his Salary Rate through to and including the date in which his
termination occurs; (b) the lesser of (x) the target annual bonus award for the year in which the Executive’s termination occurs, and (y) the average of the annual bonus awards received by the Executive for the three complete
years immediately prior to the year of termination (or, if less, the number of complete prior years in which the Executive was employed by the Company and provided that the annual bonus figure to be applied for the year ending 31 December 2012

  
 - 14 -

	 	
shall be deemed to be £390,000 for the purposes of this Clause only), multiplied by a fraction, the numerator of which is the number of days that the Executive was employed during the
applicable year and the denominator of which is 365; (c) subject to Clause 18.3 below, the sum of (x) the Executive’s highest Salary Rate during the term of this Agreement and (y) the average of the annual bonus awards received
by the Executive for the three complete years immediately prior to the year of termination (or, if less, the number of complete years employed by the Company and provided that the annual bonus figure to be applied for the year ending
31 December 2012 shall be deemed to be £390,000 for the purposes of this Clause only) (the sum of (x) and (y) hereafter referred to as the “Severance Payment”), and (d) the unpaid balance of all previously
earned cash bonus and other incentive awards with respect to performance periods which have been completed as of the date of termination, but which have not yet been paid, all of which amounts shall be payable in a lump sum in cash within 30 days
after his termination. In the event that the Company terminates the Executive’s employment without Cause under the provisions of Clause 16.1(ii) the parties acknowledge that the Severance Payment will be inclusive of the Executive’s rights
to be paid in lieu of the 12 months’ notice period to which he is entitled under that Clause. 

  

	 	18.3	In the event that the Executive’s employment is terminated by the Company without Cause under the provisions of Clause 16.1(i) and the Company exercises all or any
of its rights under Clause 17.3 during the 12 months’ notice period, the Severance Payment shall be reduced by a sum equal to the total salary and bonus payments received by the Executive during the Garden Leave Period.

  

	 	18.4	Upon any termination of employment, the Executive shall be entitled to (a) any expense reimbursement due to him and (b) other benefits (if any) in accordance
with the applicable plans and programs of the Company. 

  

	 	18.5	In the event of any termination of employment under this Agreement, the Executive shall be under no obligation to seek other employment and there shall be no offset
against amounts due the Executive under this Agreement on account of any remuneration attributable to any subsequent employment that he may obtain. 

  

	19.	EFFECT OF TERMINATION OF THIS AGREEMENT 

  

	 	19.1	The termination of this Agreement or the Executive’s employment however arising shall not operate to affect any of the provisions hereof which are expressed to
operate or have effect thereafter and shall not prejudice the exercise of any right or remedy of either party accrued beforehand. 

  

	20.	GENERAL RELEASE 

  

	 	20.1	 Notwithstanding any provision herein to the contrary, prior to payment of any amount pursuant to Clauses 14.2 and 18.2, the Executive shall execute a
valid 

  
 - 15 -

	 	
general release, in the form attached hereto (except to the extent that the Company considers that a change in law or any current practice existing at the date of termination requires a
modification to such release). 

  

	21.	OTHER TERMS AND CONDITIONS 

  

	 	21.1	The following particulars are given in compliance with the requirements of Section 1 of the Employment Rights Act 1996: 

 

	 	(a)	The Executive’s period of continuous employment, which will begin on a date to be agreed, shall be recognised by the Company. 

 

	 	(b)	The Executive’s hours of work shall be the normal hours of work of the Company which are from 9.00 am to 5.00 pm together with such additional hours as may be
necessary without additional remuneration for the proper discharge of his duties hereunder to the satisfaction of the Board. 

  

	 	(c)	If the Executive is dissatisfied with any disciplinary decision or if he has any grievance relating to his employment hereunder he should refer such disciplinary
decision or grievance to the Board and the reference will be dealt with by discussion at and decision of a duly convened meeting of the Board. 

  

	 	(d)	A contracting-out certificate is not currently in force in respect of the Executive’s employment hereunder. 

 

	 	(e)	Save as otherwise herein provided there are no terms or conditions of employment relating to hours of work or to normal working hours or to entitlement to holiday
(including public and bank holidays) or holiday pay or to incapacity for work due to sickness or injury or to pensions or pension schemes or to requirements to work abroad and no collective agreement has any effect upon the Executive’s
employment hereunder. 

  

	 	21.2	The Executive represents and warrants to the Company that— 

  

	 	(a)	the Executive is entering into this Agreement voluntarily and that his employment hereunder and compliance with the terms and conditions hereof will not conflict with
or result in the breach by him of any agreement to which he is a party or by which he may be bound; 

  

	 	(b)	the Executive has not violated, and in connection with his employment with the Company will not violate, any non-solicitation, non-competition, or other similar
covenant or agreement of a prior employer by which he is or may be bound; 

  
 - 16 -

	 	(c)	in connection with his employment with the Company, the Executive will not use any confidential or proprietary information he may have obtained in connection with
employment with any prior employer; and 

  

	 	(d)	the Executive is legally permitted to work in the United Kingdom and, upon request by the Company, will furnish appropriate supporting documentation.

  

	22.	NOTICES 

 Any notice to be given
hereunder shall be in writing. Notice to the Executive shall be sufficiently served by being delivered personally to him or by being sent by first class post addressed to him at his usual or last known place of residence. Notice to the Company shall
be sufficiently served by being delivered to the Company Secretary or by being sent by first class post to the registered office of the Company. Any notice if so posted shall be deemed served upon the third day following that on which it was posted.

  

	23.	PREVIOUS AND OTHER AGREEMENTS 

This Agreement shall take effect in substitution for all previous agreements and arrangements (whether written, oral or implied) between
the Company and the Executive relating to his employment which shall be deemed to have been terminated by mutual consent with effect from the commencement of this Agreement. 

 

	24.	ENTIRE AGREEMENT/AMENDMENT 

 This
Agreement contains the entire understanding of the parties with respect to the employment of the Executive by the Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the
subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 

 

	25.	ASSIGNMENT 

 This Agreement, and
all of the Executive’s rights and duties hereunder, shall not be assignable or delegable by the Executive. Any purported assignment or delegation by the Executive in violation of the foregoing shall be null and void ab initio and of no
force and effect. This Agreement may be assigned by the Company to a person or entity that is the successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company
hereunder shall become the rights and obligations of such successor person or entity. Failure by such successor of the Company to expressly assume this Agreement shall constitute an event of Good Reason, entitling Executive to the benefits set forth
in Clause 14 or 18, as applicable. 

  
 - 17 -

	26.	SEVERABILITY 

 In the event that
any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

  

	27.	SUCCESSORS/BINDING AGREEMENT 

This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees of the parties hereto. 
  

	28.	CO-OPERATION 

 During employment
by the Company and thereafter, the Executive shall provide his reasonable co-operation in connection with any action or proceeding (or any appeal from any action or proceeding) that relates to events occurring during the Executive’s employment;
provided, however, that after the Executive’s employment by the Company has ended, (i) any request for such co-operation shall accommodate the demands of the Executive’s then existing schedule and (ii) if any such request will
involve more than a de minimis amount of the Executive’s time, the Executive shall be entitled to reasonable compensation therefore and, in the event that the Executive require professional advice, the reasonable fees of such professional
advisers will be met in full by the Company. 
  

	29.	GOVERNING LAW 

 This Agreement is
subject to English law and the exclusive jurisdiction of the English courts. 
  

	30.	COUNTERPARTS 

 This Agreement may
be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

  
 - 18 -

 IN WITNESS whereof this Agreement has been duly executed and delivered as a deed the day and
year first before written. 
  

									
	SIGNED as a Deed	  	 )
	  		  		  	
	and DELIVERED by	  	 )
	  		  		  	
	JOHN WORTH	  	 )
	  		  		  	
	in the presence of:	  	 )
	  		  		  	
					
	Witness Signature:	  		  		  		  	
					
	Witness Name:	  		  		  		  	
					
	Witness Address:	  		  		  		  	
					
	Witness Occupation:	  		  		  		  	

  

			
	  

	
	ASPEN INSURANCE UK SERVICES LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

  
 - 19 -

 DATED
                     
 ASPEN
INSURANCE UK SERVICES LIMITED (1) 
 and 
 JOHN WORTH 
 COMPROMISE AGREEMENT 

PROFORMA AGREEMENT ONLY – FINAL AGREEMENT TO BE AGREED IF IMPLEMENTED 

  
 - 1 -

 THIS AGREEMENT is made as of the      day of
             [20[    ]] BETWEEN: 
 ASPEN INSURANCE UK SERVICES
LIMITED, (Registered in England No. 1184193), 30 Fenchurch Street, London EC3M 3BD, England (the “Company”); and 
 JOHN
WORTH of [Address] (hereinafter referred to as the “Executive”). 
 IT IS AGREED as follows: 

INTERPRETATION 
 In this Agreement: 

“Group Company” shall mean any holding company of the Company from time to time and any subsidiary of the Company or of any such holding
company from time to time. The terms “holding company” and “subsidiary” shall have the meanings ascribed to them by Section 736 of the Companies Act 1985, as amended; and 

“Service Agreement” shall mean the service agreement entered into between the Executive and the Company dated
[    ], as subsequently amended. 
 TERMINATION DATE 
 The Executive’s employment with the Company [will end][ended] on [date] (the “Termination Date”). 

  
 - 1 -

 PAYMENT OF SALARY, ETC. 
 The Company will continue to provide the Executive with his salary and all other contractual benefits up to the Termination Date in the normal way. Within 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 national insurance as are required by law). 
 TERMINATION SUMS 
 Subject to the Executive agreeing to all of the conditions set out below, and
receipt by the Company of a copy of this Agreement signed by the Executive and the attached certificate signed by the Executive’s legal adviser, the Company will pay the Executive the following sums: 

£[appropriate figure to be inserted] in respect of the Executive’s entitlement to an annual incentive award for the year in which the
termination of the Executive’s employment with the Company occurs, as calculated in accordance with Clause 18.2(b) of the Service Agreement; 
 the sum of £[appropriate figure to be inserted] in respect of the Executive’s entitlement to a Severance Payment, as calculated in accordance with Clauses 18.2(c) and 18.3 of the Service
Agreement; and 
 the sum of £[appropriate figure to be inserted] in respect of the Executive’s entitlement to the unpaid
balance of all previously earned cash bonus and other incentive awards with respect to performance periods which have been completed as at the Termination Date but not yet paid, as calculated in accordance with Clause 18.2(d) of the Service
Agreement. 
 The sums set out in (i) to (iii) above will be subject to such deductions for income tax and national insurance as are
required by law and will be paid to the Executive within [14] days of the date of signature by him of this Agreement and signature by his legal adviser of the attached certificate. Payment will be made by transfer to the Executive’s bank
account. 
 SHARE OPTIONS 
 [The
Company confirms that the extent to which share options and other equity-based awards held by the Executive as at the Termination Date shall be exercisable following the Termination Date will be determined solely in accordance with terms of the
agreements under which such 

  
 - 2 -

 
share options and other equity-based awards were granted.] or [The Company confirms that all share options and other equity-based awards granted to the Executive have vested and will
remain exercisable for the remainder of their terms.] 
 WAIVER OF CLAIMS 
 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 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 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. 
 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. 
 LEGAL ADVICE 

The Executive confirms that he has received advice from [name of legal advisor] of [name and address of solicitors], a relevant independent
adviser for the purposes of Section 203 of the Employment Rights Act 1996, as to the terms and effect of this Agreement and, in particular, its effect on his ability to pursue his rights before an employment tribunal. The Executive will procure
that his legal adviser signs the attached legal adviser’s certificate, which forms part of this Agreement. 

  
 - 3 -

 SATISFACTION OF STATUTORY CONDITIONS 
 This Agreement satisfies the conditions for regulating compromise agreements under Section 203 of the Employment Rights Act 1996, Regulation 35 of the Working Time Regulations 1998, Section 77
of the Sex Discrimination Act 1975, Section 72 of the Race Relations Act 1976, Section 9 of the Disability Discrimination Act 1995, Regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000,
Regulation 10 of the Fixed Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, Section 49 of the National Minimum Wage Act 1998, Paragraph 2(2) of Schedule 4 to the Employment Equality (Religion or Belief) Regulations
2003 and Paragraph 2(2) of Schedule 4 to the Employment Equality (Sexual Orientation) Regulations 2003. 
 The Executive is aware of his rights
under the Employment Rights Act 1996, the Working Time Regulations 1998, the Sex Discrimination Act 1975, the Race Relations Act 1976, the Disability Discrimination Act 1995, the Part-Time Workers (Prevention of Less Favourable Treatment)
Regulations 2000, the Fixed Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, the National Minimum Wage Act 1998, the Employment Equality (Religion or Belief) Regulations 2003 and the Employment Equality (Sexual Orientation)
Regulations 2003 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 for breach of contract, unfair dismissal, sex
discrimination, race discrimination, disability discrimination, sexual orientation discrimination, religion or belief discrimination, any claim under the Working Time Regulations 1998, any claim under the National Minimum Wage Act 1998, the
Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, the Fixed Term Employees (Prevention of Less Favourable Treatment) Regulations 2002 or any claim for unlawful deductions from wages under the Employment Rights Act 1996.

 POST-TERMINATION RESTRAINTS 
 The
Executive acknowledges that the provisions of Clause 10 (Confidentiality) and Clause 13 (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. 
 RETURN OF COMPANY PROPERTY

 Before any payment under Clause 4 above is made, the Executive will, in accordance with Clause 18.1(a) of the Service Agreement, deliver up to
the Company all 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

  
 - 4 -

 
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. 
 CONFIDENTIALITY 

Save by reason of any legal obligation or to enforce the terms of this Agreement, the Executive will not: 

disclose the existence or terms of this Agreement to anyone (other than to the Executive’s professional advisers, the Inland Revenue or any other
competent authority or the Executive’s spouse); or 
 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. 
 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. 
 TAX INDEMNITY 
 The Executive hereby agrees to be responsible for the payment of any tax and employee’s national insurance contributions 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 tax and/or employee’s national insurance contributions deducted or withheld by the Company in paying the sums to the Executive). The Executive further agrees
to indemnify the 

  
 - 5 -

 
Company and all Group Companies and keep them indemnified on an ongoing basis against any claim or demand which is made by any competent taxation authority against the Company or any Group
Company in respect of any liability of the Company or any Group Company to deduct an amount of tax or an amount in respect of tax or any employee’s national insurance contributions from the payments made and benefits provided under this
Agreement, including any related interest or penalties imposed by any competent taxation authority. 
 ENTIRE AGREEMENT 

This Agreement sets out the entire agreement between the Executive and the Company and, save as set out in Clauses 5 and 10 above, supersedes all prior
arrangements, proposals, representations, statements and/or understandings between the Executive, the Company and any Group Company. 
 THIRD
PARTY RIGHTS 
 Notwithstanding the Contracts (Rights of Third Parties) Act 1999 this Agreement may be varied by agreement between the Executive
and the Company. 
 APPLICABLE LAW 

This Agreement is subject to English law and the exclusive jurisdiction of the English courts. 

 

					
		 	  
	 	
		 	[Name]	 	
			
		 	  
	 	
		 	dated	 	
			
		 	  
	 	
		 	For and on behalf of Aspen Insurance UK Services Limited	 	
			
		 	  
	 	
		 	dated	 	

  
 - 6 -

 LEGAL ADVISER’S CERTIFICATE 
 I, [name of solicitor] of [address of firm] hereby confirm to Aspen Insurance UK Services Limited that I am an independent adviser for the purposes of Section 203 of the Employment
Rights Act 1996 and that I have advised [Name] as to the terms and effect of this Agreement and its effect on his ability to pursue his rights before an employment tribunal. There was in force, when such advice was given, a policy of insurance
covering the risk of a claim by [Name] in respect of loss arising in consequence of such advice. 
  

					
		 	  
	 	
		 	[name of adviser]	 	
			
		 	  
	 	
		 	date	 	

  
 - 1 -

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