Document:

EX-10.10

Exhibit 10.10

AMENDMENT NO. 2 TO THE

EMPLOYMENT AGREEMENT

THIS AMENDMENT NO. 2 (the “Amendment”) to the Employment Agreement (the “Agreement”), dated as of
the 12th day of January, 2004 and amended effective as of the 5th day of February, 2008, further
amended as of the 28th day of October, 2008, and further amended as of the
31st day of December, 2008, between Aspen Insurance U.S. Services, Inc., a Delaware
corporation (the “Employer”), and Brian M. Boornazian (the “Executive”), is made effective as of
the 8th day of February, 2010:

RECITALS:

WHEREAS, the Executive and the Employer have entered into a written agreement setting forth the
terms and conditions of the Executive’s employment with the Employer and the services to be
rendered by him to Aspen Re America Inc.; and

WHEREAS, the Employer and the Executive wish to amend certain provisions of Paragraph 8 of the
Agreement.

NOW THEREFORE, the Agreement is amended as follows:

     Subparagraph 8(a)(ii) is amended in its entirety to read as follows:

     “the Employer shall pay to the Executive in equal installments on the dates provided in
paragraph 3(a) during the remaining period of the Term of Employment (before giving effect to such
termination) an amount equal to the sum of (1) the Executive’s highest Annual Base Salary while
employed by the Employer plus (2) the average of the immediately preceding three annual bonuses
paid to the Executive prior to the Date of Termination; provided, however that if such termination
occurs either (x) as a result of Good Reason and the Company has given the initial notice
contemplated by clause (y) or (y) the Company has given the Executive six months prior written
notice after a reasonable assessment that the Company is not comfortable with the long term
economic performance and/or prospects of the business unit in which the Executive works and the
reasons for such concern are not remedied to the satisfaction of the Company in that six month
period and the Employer thereafter terminates the Executive’s employment, then in the case of
either (x) or (y) the Employer shall not be obligated to make any payment pursuant to this
paragraph 8(a)(ii); and”

Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

 

 

This Amendment 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.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE U.S. SERVICES, INC.

 	 
	 	By:  	/s/
Courtney Driscoll	 
	 	Date: 	2/11/2010	 
	 	 	 	 
	 

AGREED AND ACKNOWLEDGED AS

OF THE EFFECTIVE DATE OF THE

AMENDMENT ABOVE WRITTEN:

	 	 	 	 	 
	 	 
	
/s/ Brian Boornazian 	 
	Brian M. Boornazian 	 
	Date: 	2/11/2010EX-10.16

Exhibit 10.16

ASPEN INSURANCE HOLDINGS LIMITED

2003 SHARE INCENTIVE PLAN

AMENDMENT TO THE

RESTRICTED SHARE UNIT AWARD AGREEMENT

THIS AMENDMENT (the “Amendment”) to the Restricted Share Unit Award Agreement (the “Agreement”), is
made effective as of the 27th day of October, 2009, between Aspen Insurance Holdings
Limited, a Bermuda corporation (the “Company”), and Richard Houghton (the “Participant”).

RECITALS:

WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive Plan, as
amended from time to time (the “Plan”), which Plan is incorporated herein by reference and made a
part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan or the Agreement; and

WHEREAS, the Committee has determined to amend the Agreement to provide for earlier vesting of
certain of the Participant’s Restricted Share Units.

NOW THEREFORE, the Agreement is amended as follows:

	1.	 	The tranche of Restricted Share Units that was scheduled to vest on May 1, 2010 (the
“Original Vesting Date”) pursuant to Section 4(a) of the Agreement (the “2010 Tranche”) shall
vest in full on March 31, 2010 (the “New Vesting Date”).
	 
	2.	 	If the Participant’s Employment with the Company or one of its Affiliates is
terminated prior to the Original Vesting Date (i) by the Company or an Affiliate for Cause or
(ii) by the Participant other than with Good Reason or due to the Participant’s death or
Disability, and if payment for the value of the 2010 Tranche is made to the Participant
pursuant to Section 6 of the Agreement prior the date of such termination of Employment, the
Participant shall pay to the Company an amount in cash equal to the sum of (x) the Fair Market
Value of the Restricted Stock Units of the 2010 Tranche determined as of the New Vesting Date
and (y) the Fair Market Value of any Dividend Equivalents paid with respect to the 2010
Tranche determined as of the New Vesting Date, with such amount payable within five (5)
business days following the date of such termination of Employment.
	 
	3.	 	If the Participant’s Employment with the Company or one of its Affiliates is
terminated prior to the Original Vesting Date (i) by the Company or an Affiliate for Cause or
(ii) by the Participant other than with Good Reason or due to the Participant’s death or
Disability, and if payment for the value of the 2010 Tranche has not yet been made to the
Participant pursuant to Section 6 of the Agreement before the date of such termination of
Employment, the Participant shall forfeit the 2010 Tranche for no consideration.

Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

This Amendment 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.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	/s/ Chris Woodman
 	 
	 	Name:  	Chris Woodman 	 
	 	Title:  	Group Head of Human Resources 	 
	 

AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:

	 	 	 	 	 
	 	 	 
	/s/ Richard Houghton
 	 	 
	Name:  	Richard Houghton 	 	 
	Title:  	Chief Financial OfficerEX-10.50

Exhibit 10.50

ASPEN INSURANCE HOLDINGS LIMITED

2003 SHARE INCENTIVE PLAN

AMENDMENT TO THE

2007 NONQUALIFIED SHARE OPTION AGREEMENT

THIS AMENDMENT (the “Amendment”) to the 2007 Nonqualified Share Option Agreement (the “Agreement”),
is made effective as of the 27th day of October, 2009, between Aspen Insurance Holdings
Limited, a Bermuda corporation (the “Company”), and                      (the “Participant”).

RECITALS:

WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive Plan, as
amended from time to time (the “Plan”), which Plan is incorporated herein by reference and made a
part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan; and

WHEREAS, the Committee has determined to amend the Agreement to provide for vesting of the Option
upon certain terminations of Employment.

NOW THEREFORE, the Agreement is amended as follows:

The following new Section 2(d) shall be inserted immediately following Section 2(c):

“(d) Notwithstanding anything to the contrary contained herein, in the event that the
Participant’s Employment with the Company is terminated (i) due to the Participant’s death
or (ii) by the Company due to the Participant’s Disability, the Option shall vest in full on
the date of such termination of Employment.”

Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

This Amendment 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.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:

	 	 	 	 	 
	 	 	 
	
 	 	 
	ParticipantEX-10.51

Exhibit 10.51

ASPEN INSURANCE HOLDINGS LIMITED

2003 SHARE INCENTIVE PLAN

AMENDMENT NO. 2 TO THE

2007 PERFORMANCE SHARE AWARD AGREEMENT

THIS AMENDMENT NO. 2 (the “Amendment”) to the 2007 Performance Share Award Agreement (the
“Agreement”), is made effective as of the 27th day of October, 2009, between Aspen
Insurance Holdings Limited, a Bermuda corporation (the
“Company”), and _______ (the
“Participant”).

RECITALS:

WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive Plan, as
amended from time to time (the “Plan”), which Plan is incorporated herein by reference and made a
part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan or the Agreement; and

WHEREAS, the Committee has determined to amend the Agreement to provide for vesting of Eligible
Shares upon certain terminations of Employment.

NOW THEREFORE, the Agreement is amended as follows:

The following new Section 2(n) shall be inserted immediately following Section 2(m):

“(n) Notwithstanding anything to the contrary contained herein, in the event that the
Participant’s Employment with the Company is terminated (i) due to the Participant’s death
or (ii) by the Company due to the Participant’s Disability, all Eligible Shares shall vest
in full on the date of such termination of Employment. For the avoidance of doubt, any
Performance Shares that have not become Eligible Shares on or before the date of such
termination of Employment shall be forfeited on such date without consideration. For
purposes of this Agreement, “Disability” shall mean the inability of a Participant to
perform in all material respects his or her duties and responsibilities to the Company, or
any Affiliate of the Company, by reason of a physical or mental disability or infirmity
which inability is reasonably expected to be permanent and has continued (i) for a period of
six consecutive months or (ii) such shorter period as the Committee may determine in good
faith. The Disability determination shall be in the sole discretion of the Committee and a
Participant (or his or her representative) shall furnish the Committee with medical evidence
documenting the Participant’s disability or infirmity, which is reasonably satisfactory to
the Committee.”

Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

This Amendment 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.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:

 	 	 
	Participant  	 	 	 
	 	 	 	 
	 	 	 	 

 

 

ASPEN INSURANCE HOLDINGS LIMITED

2003 SHARE INCENTIVE PLAN

AMENDMENT TO THE

2008 PERFORMANCE SHARE AWARD AGREEMENT

THIS AMENDMENT (the “Amendment”) to the 2008 Performance Share Award Agreement (the “Agreement”),
is made effective as of the 27th day of October, 2009, between Aspen Insurance Holdings
Limited, a Bermuda corporation (the “Company”), and
__________ (the “Participant”).

RECITALS:

WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive Plan, as
amended from time to time (the “Plan”), which Plan is incorporated herein by reference and made a
part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan or the Agreement; and

WHEREAS, the Committee has determined to amend the Agreement to provide for vesting of Eligible
Shares upon certain terminations of Employment.

NOW THEREFORE, the Agreement is amended as follows:

The following new Section 2(l) shall be inserted immediately following Section 2(k):

“(l) Notwithstanding anything to the contrary contained herein, in the event that the
Participant’s Employment with the Company is terminated (i) due to the Participant’s death
or (ii) by the Company due to the Participant’s Disability, all Eligible Shares shall vest
in full on the date of such termination of Employment. For the avoidance of doubt, any
Performance Shares that have not become Eligible Shares on or before the date of such
termination of Employment shall be forfeited on such date without consideration. For
purposes of this Agreement, “Disability” shall mean the inability of a Participant to
perform in all material respects his or her duties and responsibilities to the Company, or
any Affiliate of the Company, by reason of a physical or mental disability or infirmity
which inability is reasonably expected to be permanent and has continued (i) for a period of
six consecutive months or (ii) such shorter period as the Committee may determine in good
faith. The Disability determination shall be in the sole discretion of the Committee and a
Participant (or his or her representative) shall furnish the Committee with medical evidence
documenting the Participant’s disability or infirmity, which is reasonably satisfactory to
the Committee.”

Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

This Amendment 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.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:

 	 	 
	Participant  	 	 	 
	 	 	 	 
	 	 	 	 

 

 

	 	 	 	 	 

ASPEN INSURANCE HOLDINGS LIMITED

2003 SHARE INCENTIVE PLAN

AMENDMENT TO THE

2009 PERFORMANCE SHARE AWARD AGREEMENT

THIS AMENDMENT (the “Amendment”) to the 2009 Performance Share Award Agreement (the “Agreement”),
is made effective as of the 27th day of October, 2009, between Aspen Insurance Holdings
Limited, a Bermuda corporation (the “Company”), and
_____ (the “Participant”).

RECITALS:

WHEREAS, the Company has adopted the Aspen Insurance Holdings Limited 2003 Share Incentive Plan, as
amended from time to time (the “Plan”), which Plan is incorporated herein by reference and made a
part of this Amendment. Capitalized terms not otherwise defined herein shall have the same
meanings as in the Plan or the Agreement; and

WHEREAS, the Committee has determined to amend the Agreement to provide for vesting of Eligible
Shares upon certain terminations of Employment.

NOW THEREFORE, the Agreement is amended as follows:

The following new Section 2(l) shall be inserted immediately following Section 2(k):

“(l) Notwithstanding anything to the contrary contained herein, in the event that the
Participant’s Employment with the Company is terminated (i) due to the Participant’s death
or (ii) by the Company due to the Participant’s Disability, all Eligible Shares shall vest
in full on the date of such termination of Employment. For the avoidance of doubt, any
Performance Shares that have not become Eligible Shares on or before the date of such
termination of Employment shall be forfeited on such date without consideration. For
purposes of this Agreement, “Disability” shall mean the inability of a Participant to
perform in all material respects his or her duties and responsibilities to the Company, or
any Affiliate of the Company, by reason of a physical or mental disability or infirmity
which inability is reasonably expected to be permanent and has continued (i) for a period of
six consecutive months or (ii) such shorter period as the Committee may determine in good
faith. The Disability determination shall be in the sole discretion of the Committee and a
Participant (or his or her representative) shall furnish the Committee with medical evidence
documenting the Participant’s disability or infirmity, which is reasonably satisfactory to
the Committee.”

Except as expressly amended herein, the provisions of the Agreement shall remain in full force and
effect.

This Amendment 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.

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment.

	 	 	 	 	 
	 	ASPEN INSURANCE HOLDINGS LIMITED

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 
	AGREED AND ACKNOWLEDGED AS

OF THE DATE FIRST ABOVE WRITTEN:

 	 	 
	Participant

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