ASPEN INSURANCE UK SERVICES LIMITED TERMS AND CONDITIONS OF EMPLOYMENT

ASPEN INSURANCE UK SERVICES LIMITED incorporated in England and Wales (Registered Number ###-###-####) whose registered office is at 30 Fenchurch Street, London, EC3M 3BD (the "Company").

Your employer will be Aspen Insurance UK Services Limited (the "Company").

You will serve the Group as Principle Officer, Asia Pacific and Singapore. The job title is subject to MAS approval.

Your salary will be $325,000 (US dollars) net of tax per annum, paid in accordance with clauses 5.1 and 5.2.

Your normal place of work will be 80 Raffles Place, # 36-00, UOB Plaza 1, Singapore, 048624. The Company reserves the right to require you to work elsewhere if the interests of the Company's business so require. In addition, you may be expected to work and travel outside of Singapore and abroad from time to time.

The commencement date of your employment under the Terms and Conditions of Employment (the “Agreement”) is to be agreed, subject to clause 1.2 and the satisfactory completion of the pre-employment assessment process.

You will report to Heather Goodhew, Head of International Property Facultative & Head of Business Development, Emerging Markets but the

Your notice period will be as set out in clause 16.

Your normal retirement age will be in accordance with that prescribed in the Retirement Age Act, Chapter 274A, Singapore Statutes.

Subject to clause 4, your normal hours of work will be from 9.00 a.m. to 5.00 p.m.

Subject to clause 7, you shall be entitled to 25 days' leave.

Your probationary period will be six months. The Company reserves the right to extend your probation for such period(s) as it may consider appropriate. Your probation shall be deemed to be extended unless and until you receive written confirmation that it has ended from the Company.

you continuing to hold a work permit to ensure you have the right to work in Singapore.

the satisfactory completion of the pre-employment background checks process and the pre-employment assessment process.

you obtaining registration with any relevant authority, including the Monetary Authority of Singapore, which may be necessary and in the event that your registration is revoked or amended so that you are not permitted to carry out your duties you will be liable to be summarily dismissed. The Company reserves the right to do this notwithstanding any right of appeal you may have.

you obtaining a release from any obligations to your previous employer which would prevent you from commencing employment with the Company.

You are allowed paid sick leave not exceeding:-

14 days in each completed year of service if no hospitalisation is necessary;

60 days in each completed year of service if hospitalisation is necessary.

Sick leave must be supported by a certificate issued by a registered medical practitioner from a Government outpatient clinic or hospital. This is to be renewed at appropriate intervals.

You must inform the person to whom you report by telephone as early as possible during the first working day of the period of absence. This must be done by you in person unless the situation renders it impossible and then it may be undertaken on your behalf by a member of your family. An indication of the expected date of return should also be given.

The Company may, at any time, require you to undergo a medical examination by a practitioner of the Company's choice. The cost of such examination will be the responsibility of the Company. The guidelines on the periods of sick leave are as follows:

Should you be absent for short periods on a recurring basis or for a continuous period of several weeks, the situation will be kept under review by the person to whom you report in consultation with the Human Resources Department.

In the event of a protracted period of ill health the Company will continue to pay you during absence from work for a maximum period of two months and thereafter subject to the discretion of the Company.

You will be eligible to become a member of the Aspen UK Pension Scheme (the "Scheme"). Your membership of the Scheme shall be subject to the Trust Deed and Rules as may be amended from time to time, including conditions relating to risk and benefits and the powers of amendment and termination.

Employer contributions are based on a rate for age scale. At your current age this will be 10.5%. The contributions made into the Aspen UK Pension Scheme will be based on a UK notional salary of £180,000. Your notional salary will be reviewed on an annual basis. To participate in the scheme, you will be expected to contribute 3% of notional salary.

The Company shall provide you with medical insurance, permanent health insurance, personal accident insurance and life assurance (subject to the relevant insurers' terms and conditions). The Board shall have the right to change the

You agree that, if the Company provides you with any insured benefits, the Company will have no responsibility for the decisions taken by the insurers about any claim by the Company or you and that there are no circumstances in which the Group can be liable to you for any such insured benefits, or loss of such insured benefits, which the insurers have declined to pay for whatever reason. Any such insured benefits will be subject always to the terms of the relevant insurance policy between the Company and the insurer.

If applicable, you will receive a statement showing monthly deductions for your share of Central Provident Fund (“CPF”) contributions, personal contributions, and any other special deductions from salary.

You are entitled to receive, and are required to give, six months' notice in order to terminate your employment.

The Company reserves the right in its absolute discretion to terminate your employment under clause 16.1 with immediate effect by making a payment to you in lieu of notice.

Notwithstanding anything contained herein, the Company shall be entitled at any time to terminate your employment with immediate effect and without any payment or compensation whatsoever should you:

commit any serious or persistent breach of any of the terms of your employment;

be guilty of any grave misconduct or wilful neglect in the discharge of your duties;

become bankrupt or make any arrangement or composition with your creditors;

be convicted of any criminal offence involving dishonesty or fraud;

become incapacitated by injury, ill-health or other cause from performing your duties for three (3) consecutive months in any period of twelve (12) months and for the purposes of this sub-clause (v), a certificate from a registered medical practitioner that you will be unable to perform your duties for such period will be deemed to be incapacity;

become of unsound mind;

be guilty of conduct tending to bring yourself or the Company into disrepute; or

fail to hold a work permit to enable you to legally work in Singapore, for any reason whatsoever.

Upon termination of your employment:

you shall immediately and without claim for compensation resign from all positions and offices held in the Company or any of its related corporations;

you shall deliver to the Company in proper order and condition all books, documents, papers, materials and any other property or assets relating to the business or affairs of the Company which may then be in your possession or control; and

you shall not at any time thereafter represent yourself as being in any way connected with the business of the Company or any or its related corporations.

During any period of notice given by you pursuant to clause 16.1 or during any period not exceeding three months from the date of notice being given by the Company pursuant to clause 16.1 the Company shall be under no obligation to assign to or vest in you any powers, duties or functions or to provide any work for you and may at any time exclude you from any premises of the Company. During any such period of exclusion the Company shall have the right to require you not to speak to or otherwise communicate with any director or employee of the Company or any Associated Corporation or any person, firm or company, who at the date of such exclusion is a client or customer of the Company or any Associated Corporation, about any matter or thing relating to the business or affairs or finances of the Company or any Associated Corporation or of any such client or customer of the Company or any Associated Corporation.

In the event of gross misconduct the Company has the right to dismiss you summarily without notice.

for a period equal to your notice period, to any material extent, undertake, carry on or be employed, engaged or interested in any capacity in the supply or proposed supply of Competitive Services within the Territory. Competitive Services will be provided within the Territory if any business in which you are to be involved is located, or will be located, or is conducted or will be conducted, wholly or partly within the Territory;

for six months entice, induce or encourage a Customer to transfer or remove custom from the Company or any Associated Corporation;

for six months solicit or accept business from a Customer for the supply of Competitive Services; or

for six months entice, induce or encourage an Employee to leave or seek to leave his or her position with the Company or any Associated Corporation for the purpose of being involved in or concerned with the supply or proposed supply of Competitive Services, regardless of whether or not that Employee acts in breach of his or her contract of employment with the Company or any Associated Corporation by so doing.

"Competitive Services" means goods or services competitive with those which during or at the expiry of the Relevant Period the Company or any Associated Corporation was supplying or negotiating or actively and directly seeking to supply to any Customer for the purpose of Relevant Business but excluding such types of goods or services if they were only provided to persons who indicated unequivocally during the first six months of the Relevant Period that they would not be a customer for the purposes of clause 17.2(b)(i);

"Customer" means a person:

who is at the expiry of the Relevant Period or who was at any time during the Relevant Period a customer of the Company or any Associated Corporation or to whom at the expiry of the Relevant Period the Company or any Associated Corporation was actively and directly seeking to supply goods or services, in either case for the purpose of Relevant Business; and

with whom you or an Employee reporting directly to you working to any material extent in Relevant Business had dealings at any

is employed in or who renders services to Relevant Business of the Company or any Associated Corporation in a managerial or marketing or sales or distribution or senior capacity;

has responsibility for customers of the Company or any Associated Corporation or influence over them; or

is in possession of confidential information about the Group's business;

about whom at the end of the Relevant Period you had confidential or sensitive information by virtue of your duties;

"Relevant Business" means the areas of business of the Company or any Associated Corporation in which, pursuant to your duties, you were materially involved at any time during the Relevant Period;

"Relevant Period" means:

in relation to your actions during your employment, the period of your employment; and

in relation to your actions following the end of your employment, the period of twelve months ending on the last day of your

"Territory" means the jurisdictions in which you were specifically involved for the purposes of Relevant Business, including Singapore or any jurisdiction in which the Company or any Associated Corporation is operating or planning to operate Relevant Business at the expiry of the Relevant Period. Relevant Business will be operating within the Territory at the expiry of the Relevant Period if it has been located, conducted or promoted in that country or state during the Relevant Period.

This Agreement constitutes the entire agreement and understanding between the parties. If there is any conflict or inconsistency between this Agreement and the Employee Handbook or your offer letter, then this Agreement will take precedence. The Company will have no liability or remedy in tort against it in respect of any representation, warranty or other statement (other than those contained in this

In this Agreement:

means any company which from time to time is:

deemed to be related to the Company within the meaning of section 6 of the Companies Act, Chapter 50, Singapore Statutes, the “Singapore Companies Act”); or

any company whose equity share capital (from time to time) is owned as to 20 per cent or more but not more than 50 per cent by the Company.

means the board of directors of the Company from time to time;

means the Company and/or any Associated Corporation.

The provisions of the Singapore Companies Act, Chapter 50 apply in determining whether you have an interest in any shares or other securities.

References to acting directly or indirectly include acting alone or jointly with or on behalf of or by means of another person and/or giving advice or providing services with a view to assisting another person.

References to a person include an individual, firm, corporation and any other organisation however it is constituted and words denoting the singular include the plural and vice versa.

References to an individual holding a position in the Company or the Group mean the holder of that position from time to time or his or her nominee or such other representative as the Board may nominate.