Exhibit
10.25
ASPEN INSURANCE
HOLDINGS LIMITED
PERFORMANCE SHARE
AWARD AGREEMENT
THIS AGREEMENT (the
"Agreement"), is made effective as of the
day of
,
2006 (hereinafter called the "Date of Grant"), between Aspen
Insurance Holdings Limited, a Bermuda corporation (hereinafter
called the "Company"), and
(hereinafter called the "Participant"):
RECITALS:
WHEREAS, the Company has
adopted the Aspen Insurance Holdings 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 Agreement. Capitalized
terms not otherwise defined herein shall have the same meanings as
in the Plan; and
WHEREAS, the Committee
has determined that it would be in the best interests of the
Company and its shareholders to grant the performance shares
provided for herein to the Participant pursuant to the Plan and the
terms set forth herein.
NOW THEREFORE, in
consideration of the mutual covenants hereinafter set forth, the
parties agree as follows:
