Common use of BASIS FOR AGREEMENT Clause in Contracts

BASIS FOR AGREEMENT. This agreement supplements the existing terms of employment between Aspen and the Employee, including the Change in Control Agreement dated August 12, 1997 ("Change in Control Agreement"), which remains in full force and effect. Aspen is continuing to employ the Employee as a key employee of Aspen and has determined that Employee's services are essential to the successful operation and future of Aspen. Employee currently holds the positions of Chief Legal Officer and General Counsel, and Chief Strategy Officer. Aspen has determined that it is in its best interests to secure certain financial and employment commitments from Employee in consideration of providing certain severance and compensation commitments to Employee.

BASIS FOR AGREEMENT. This agreement replaces the letter of September 30, 2002, and further supplements the existing terms of employment between Aspen and the Employee, including the Change in Control Agreement dated August 12, 1997 ("Change in Control Agreement"), which remains in full force and effect. Aspen is continuing to employ the Employee as a key employee of Aspen and has determined that Employee's services are essential to the successful operation and future of Aspen. Employee currently holds the positions position of Chief Legal Officer and General Counsel, President and Chief Strategy Executive Officer. Aspen has determined that it is in its best interests to secure certain financial and employment commitments from Employee in consideration of providing certain severance and compensation commitments to Employee.