TERMINATION SUMS Clause Samples

TERMINATION SUMS. (a) Subject to the Executive complying and continuing to comply with the terms of this Agreement, 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 shall pay the Executive the following sums: (i) £85,500.00 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; and (ii) the sum of £766,756.00 in respect of the Executive’s entitlement to a Severance Payment, as calculated and defined in accordance with Clause 18.2(c) of the Service Agreement. (b) The sums set out in (i) to (ii) above shall be subject Income Tax and National Insurance deductions, as are required by law and shall be paid to the Executive within 7 days of the Company receiving a copy of this Agreement signed by the Executive and the attached certificate signed by the Executive's legal adviser. Payment shall be made by transfer to the Executive’s bank account [***]. (c) If the Executive has not complied with the terms of this Agreement as at the due date for any payment under paragraph 4 (Termination Sums), their entitlement to such payment will lapse. Without prejudice to any other rights which the Company may have, if the Executive commits a material breach of this Agreement either before or after the Termination Date, the Company will be entitled to recover in full all sums paid, and the value of benefits provided to the Executive under this Agreement, from the Executive immediately, but this Agreement will otherwise remain in force. The Company acknowledges that, as at the date of this Agreement, it is not aware of any matters which would amount to a material breach of the terms of this Agreement.

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: (i) (pound)[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 19.2 (b) of the Service Agreement; (ii) the sum of (pound)[appropriate figure to be inserted] in respect of the Executive's entitlement to a Severance Payment, as calculated and defined in accordance with Clauses 19.2(c) and 19.4 of the Service Agreement. 50% of the Severance Payment will be paid within 14 days of the Termination Date. The remaining 50% of the Severance Payment will be paid in four equal instalments strictly in accordance with and subject to the terms of Clause [19.3] [19.4] [delete as appropriate] of the Service Agreement; (iii) the sum of (pound)[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 19.2(d) of the Service Agreement; and (iv) [the sum of (pound)[appropriate figure to be inserted] in respect of the Executive's entitlement to payment under Clause 15.2(b) of the Service Agreement, such sum to be paid as and when any such excise tax as referred to in that Clause 15.2(b) is payable](1) The sums set out in (i) to [(iv)] above will be subject to such deductions for income tax and national insurance as are required by law). Save as set out in (iii) and (iv) above, the above sums 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.

TERMINATION SUMS. 4.1. 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: (i) £325,997 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 occurred as calculated in accordance with Clause 18.2(b) of the Service Agreement; and (ii) the sum of £752,700 in respect of the Executive's entitlement to the severance payment calculated and defined in accordance with Clause 18.2(c) of the Service Agreement. 4.2. The sums set forth 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 thirty (30) days of the date of signature by him of this Agreement, and signature by EMECURRENT 932789033.3 his legal adviser of the attached certificate. Any cash payments will be made by transfer to the Executive's bank account.

TERMINATION SUMS. 10.1 The following provisions shall apply in relation to the terms, calculation and payment of termination sums that are payable by the Secretary of State upon the occurrence of certain circumstances of termination of, or reduction in the scope of (in terms of the amount of Equipment subject thereto) the Contracts: (a) []50 (b) []51 (c) []52 (d) []53 (e) []54 10.2 Each of the Owner, the Operator and the TMM acknowledge that the provisions referred to in clause 10.1 shall apply in accordance with their terms, and shall apply without prejudice to any provisions of the Contracts providing for remedies (including the payment of termination sums) having effect between the parties thereto.

TERMINATION SUMS. Subject to the Executive agreeing to all of the conditions set out below, the Company will pay the Executive the following sums: (i) $[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 19.2 (b) of the Service Agreement; (ii) the sum of $[appropriate figure to be inserted] in respect of the Executive's entitlement to a Severance Payment, as calculated and defined in accordance with Clauses 19.2(c) and 19.3 of the Service Agreement; and (iii) 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 19.2(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 his of this Agreement. Payment will be made by transfer to the Executive's bank account.

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: 1. £ [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;

TERMINATION SUMS. Subject to the Employee agreeing to all of the conditions set out below, and receipt by the Company of a copy of this Agreement signed by the Employee and the attached certificate signed by the Employee’s legal adviser, the Company will pay the Employee the following sums: (i) £[appropriate figure to be inserted] in respect of the Employee’s entitlement to an annual incentive award for the year in which the termination of the Employee’s employment with the Company occurs, as calculated in accordance with Clause 19.2 (b) of the Service Agreement; (ii) the sum of £[appropriate figure to be inserted] in respect of the Employee’s entitlement to a Severance Payment, as calculated and defined in accordance with Clauses 19.2(c) and 19.3 of the Service Agreement; and (iii) the sum of £[appropriate figure to be inserted] in respect of the Employee’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 19.2(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 Employee 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 Employee’s bank account.

TERMINATION SUMS. Subject to the Executive agreeing to all of the conditions set out below, the Company will pay the Executive the following sums: (i) an amount equal to the formulaic annual incentive award derived from the Company’s annual incentive award funding formula for the Executive’s role in respect of the fiscal year ending on December 31, 2014, applied in the same manner as applied to active executive employees of the Company and calculated 50% by reference to Group Return on Equity versus 2014 plan performance and 50% by reference to the average Return on Equity versus 2014 plan performance of Other Property, Property Catastrophe (including Aspen Capital Markets), Casualty Re and Specialty Re, in each case without the application of any negative discretion, such amount payable at the same time as annual incentive awards for the fiscal year ending on December 31, 2014, are paid to executives of the Company, such date to be no later than the March 15, 2015 monthly payroll date; (ii) $600,000 in respect of the Executive’s entitlement to the severance payment calculated and defined in accordance with Clauses 19.2(c)(x) and 19.3 of the Service Agreement, such amount payable by no later than the March 15, 2015 monthly payroll date; and (iii) an amount equal to the severance payment calculated and defined in accordance with Clauses 19.2(c)(y) and 19.3 of the Service Agreement, except that the three-year period used to calculate the average annual incentive award will be based on the fiscal years ending on December 31, 2012, 2013 and 2014, with the annual incentive award for the fiscal year ending on December 31, 2014, calculated in accordance with subclause (i) above, such amount payable at the same time as annual incentive awards for the fiscal year ending on December 31, 2014, are paid to executives of the Company, such date to be no later than the March 15, 2015 monthly payroll date (the amounts set forth in subclauses (i), (ii) and (iii) of this Clause 4 are collectively referred to herein as the “Severance Payments”). The sums set forth above will be subject to such deductions for income tax and national insurance as are required by law. Any cash payments will be made by transfer to the Executive’s bank account. For the avoidance of doubt, (x) the payment of the Severance Payments shall be deemed to be in full satisfaction of any and all payments and obligations due to the Executive under Clause 19 of the Service Agreement or otherwise and (y) the Executive will no...