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| Award      of Restricted Stock                    |   | You      have been granted ________ shares of Restricted Stock, subject to the      terms and conditions of this Agreement and the Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| Grant      Date                                   |   | The      effective date of this grant of Restricted Stock is _______ ____, 20__      (“Grant      Date”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Vesting                                                |   | Your      award of Restricted Stock  shall vest in four equal installments      of 25% on each of the first, second, third and fourth anniversaries of the      Grant Date, provided you remain in Service (as defined below) on the      vesting date. “Service”      means that you are currently an employee of the Company, are a member of      the Company’s Board of Directors, or are otherwise providing services to      the Company.                                                                                                                                                |
| Restricted      StockOwnership      andTransferability |   | Subject      to the restrictions set forth in the Plan and this Agreement, the Award      holder shall possess all incidents of ownership of the Restricted Stock      granted hereunder, including the right to receive dividends with respect      to such Restricted Stock and the right to vote such Restricted      Stock. Restricted      Stock may not be transferred, assigned, pledged or hypothecated, whether      by operation of law or otherwise (except by the laws of descent and      distribution) nor may shares of Restricted Stock be made subject to      execution, attachment or similar process.  |
| Forfeiture      of UnvestedRestricted      Stock       |   | Except      as specifically provided in this Agreement or as may be provided in other      agreements between you and the Company, no additional shares of Restricted      Stock will vest after your Service has terminated for any reason and you      will forfeit to the Company all of the Restricted Stock not yet vested or      with respect to which all applicable restrictions and conditions have not      lapsed.                                                                                                                                                                                                  |
| Death                                                  |   | If      your Service terminates because of your death, the Restricted Stock      granted under this Agreement will automatically vest as to the number of      Restricted Stock that would have vested had you remained in Service for      the 12 month period immediately following your death.                                                                                                                                                                                                                                                                                                                          |

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| Disability                                                                 |   | If      your Service terminates because of your Disability (as defined below), the      Restricted Stock granted under this Agreement will automatically vest as      to the number of Restricted Stock that would have vested had you remained      in Service for the 12 month period immediately following your      termination for Disability. For      purposes of this Agreement, “Disability”      shall mean the Award holder is unable to perform the duties of their      Service (or other services) (i) for a period of 90 consecutive days, or      (ii) any 120 days during any consecutive 12 month period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
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| Termination For      Cause                                                 |   | If      your Service is terminated for Cause (as defined below), then you shall      immediately forfeit all rights to your vested (but undelivered) and      unvested Restricted Stock and this award shall immediately      terminate. For      purposes of this Agreement, “Cause”      shall mean (a) willful misconduct or gross negligence; (b) conviction of a      felony or conviction of a crime involving moral turpitude; (c) any act      constituting fraud or the misappropriation or embezzlement of money or      other property of any member of the Company; and (d) any willful act or      course of conduct constituting an abuse of office or authority which has a      material adverse impact on the Company’s reputation or financial      condition.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Termination      without Cause within 12 Months of Change in Control  |   | If your Service with the Company      (or any affiliate) is terminated by the Company without Cause      within 12 months      following the      effective date of a      “Change of Control,” the Board of Directors may accelerate      the vesting of any award of Restricted Stock held by      you. For purposes of this Agreement:      “Change      in Control” shall      mean:(i) any “person” (as such      term is used in Section 13(d) and 14(d)(2) of the Securities Exchange Act      of 1934, as amended (the “Exchange      Act”), including any syndicate or group deemed to be a “person”      under Section 13(d)(3) of the Exchange Act) other than Barry Zyskind,      George Karfunkel, Michael Karfunkel, any subsidiary or any employee      benefit plan of the Company or a subsidiary or former subsidiary, is or      becomes a beneficial owner, directly or indirectly, of stock of the      Company representing 50% of more of the total voting power of the      Company’s then outstanding stock; (ii)      a tender offer (for which a      filing has been made with the Securities and Exchange Commission (the “SEC”) that purports to comply with the      requirements of Section 14(d) of the Exchange Act, and the corresponding SEC rules)      is made for the stock of the Company. In case of a tender offer described      in this paragraph (ii), the “Change of Control” will be deemed to have      occurred upon the first to occur of (A) any time during the offer when the      person (using the definition in (i) above) making the offer owns or has      accepted for payment stock of the Company with 50% or more of the total voting      power of the Company's outstanding stock or (B) three business days before      the offer is to terminate unless the offer is withdrawn first, if the      person making the offer could own, by the terms of the offer plus any      shares owned by this person, stock with 50% or more of the total voting      power of the Company's outstanding stock when the offer terminates;      or (iii)  individuals who were the      Board’s nominees for      election as directors of the Company immediately prior to a meeting of the      stockholders of the Company involving a      contest for the election of directors shall not constitute a majority of      the Board following the election.  |

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| Certificate;      Book Entry Form; Legend |   | The      Company shall issue the shares of Restricted Stock either (i) in      certificate form or (ii) in book entry form, registered in the name of the      Award holder, with legends, or notations, as applicable, referring to the      terms, conditions, and restrictions applicable to the      Award.  Any certificate issued for Restricted Stock prior to      vesting will be inscribed with the following legend: “The transferability of this      certificate and the shares of stock represented hereby are subject to the      terms and conditions (including forfeiture) relating to Restricted Stock      contained in the AmTrust Financial Services, Inc. 2010 Omnibus Incentive Plan and an Agreement      entered into between the registered owner and AmTrust Financial Services,      Inc. Copies of such Plan and Agreement are on file at the principal office      of AmTrust Financial Services, Inc.”  |
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| Escrow                               |   | Any      Restricted Stock issued pursuant to this Award shall be held by the      Company in escrow for the benefit of the Award recipient. Upon vesting, a      certificate for the vested shares shall be issued to the Award holder free      of the restrictive legend.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Vesting:      Delivery of Shares          |   | Upon      vesting, restrictions related to the vested shares of Restricted stock      shall lapse and the Company shall, as applicable, either remove the      notations on such vested shares issued in book-entry form or deliver to      the Award holder or their personal representative a stock certificate      representing the number of shares of Stock, free of any restrictive      legend, equal to the number of vested shares.  If certificates      representing such Restricted Stock had previously been delivered to you,      you shall return such certificates to the Company, complete with any      necessary signatures or instruments of transfer prior to the issuance by      the Company of shares of Stock without the restrictivelegend.                                                                                                                                                                                       |

| Income      Taxes |   | (a)  You      shall pay to the Company promptly upon request, and in any event at the      time you recognize taxable income in respect of the Restricted Stock      (whether in connection with the grant or vesting of the Restricted Stock,      the making of an election under Section 83(b) of the Code in connection      with the Award as described below or otherwise), an amount equal to the      taxes the Company determines it is required to withhold under applicable      tax laws with respect to the Restricted Stock.  Such payment may      be made by any of, or a combination of, the following methods: (i) cash or      check; (ii) out of your current compensation; (iii) in the sole discretion      of the Company, by surrender of other shares of Common Stock of the      Company that (a) in the case of shares initially acquired from the Company      (upon exercise of a stock option or otherwise), have been owned by you for      such period, if any, as may be required to avoid a charge to the Company’s      earnings and (b) have a Fair Market Value on the date of surrender equal      to the amount required to be withheld; or (iv) in the sole discretion of      the Company, by electing to have the Company withhold or otherwise      reacquire from you shares of Restricted Stock that vest pursuant to the      terms hereof having a Fair Market Value equal to the minimum statutory      amount required to be withheld in connection with the vesting of such      shares.  For these purposes, the Fair Market Value of the shares      to be withheld or repurchased, as applicable, shall be determined on the      date that the amount of the tax to be withheld is to be determined (the      “Tax      Date”). |
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|                        |   | All      elections by you to have the shares withheld or repurchased to satisfy tax      obligations shall be made in writing in a form acceptable to the Company      and shall be subject to the following restrictions: (i) the      election must be made on or prior to the applicable Tax Date; (ii) once      made, the election shall be irrevocable as to the particular shares as to      which the election is made and you acknowledge that this irrevocable      written instruction is intended to constitute an instruction pursuant to      Rule 10b5-1 of the Exchange Act; (iii) all      elections shall be subject to the consent or disapproval of the Company;      and (iv) If      you are subject to Section 16 of the Exchange Act, the election must      comply with the applicable provisions of Rule 16(b)-3 promulgated under      the Exchange Act and shall be subject to such additional conditions or      restrictions as may be required thereunder to qualify for the maximum      exemption from Section 16 of the Exchange Act with respect to Plan      transactions.  |
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|                        |   | (b)  Section 83(b)      Election.  You hereby acknowledge that you may file an      election pursuant to Section 83(b) of the Code to be taxed currently on      the fair market value of the shares of Restricted Stock (less any purchase      price paid for the shares), provided that such election must be filed with      the Internal Revenue Service no later than thirty (30) days after the date      of the Award.  You will seek the advice of your own tax advisors      as to the advisability of making such a Section 83(b) election, the      potential consequences of making such an election, and the other tax      consequences of the Award under federal, state, and any other laws that      may be applicable.  The Company and its affiliates and agents      have not and are not providing any tax advice to you.                                                                                                                                                                                                                                                                 |
| Recapture      Rights  |   | In      the event that you violate any of your obligations pursuant to the      Confidentiality, Non-Competition, or Non-Solicitation provisions of this      Agreement, you agree to return to the Company, within five days of receipt      of written demand from the Company, any gains you realize from the sale of      all or any portion of the Restricted Stock during the 12 months      immediately preceding such violation, and any remaining unsold portion of      your Restricted Stock shall be immediately and totally      forfeited.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

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| Confidentiality |   | During      your Service, you will have access to confidential or proprietary data or      information of the Company (and its affiliates) and its      operations.  You agree not to at any time divulge or communicate      the Confidential Information (defined below) to any person, nor shall you      direct any employee to divulge or communicate to any person (other than to      a person bound by confidentiality obligations similar to those contained      herein and other than as necessary in performing your duties hereunder),      or use to the detriment of the Company (or any of its affiliates) or for      the benefit of any other person, any Confidential      Information.  This restriction shall survive your Service      hereunder, whether by the normal expiration thereof or      otherwise. The      term “Confidential      Information” shall mean all information, whether or not reduced to      written or recorded form, that is related to the Company and that is not      generally known or accessible to members of the public and/or competitors      of the Company nor intended for general dissemination, whether furnished      by the Company or compiled by the employee, including, without limitation,      relating to the Company’s (or any affiliate’s) financial performance,      customers, existing or proposed future projects, prospects, or business      strategies, personnel information, financial information, customer lists,      supplier lists, trade secrets, information regarding operations, systems,      services, know-how, computer and any other processed or collated data,      computer programs, pricing, marketing and advertising data. You      understand the Company intends to maintain the confidentiality of the      Confidential Information notwithstanding that employees of the Company may      have free access to the information for the purpose of performing their      duties with the Company, and notwithstanding that employees not expressly      bound by agreements similar to this agreement may have access to such      information for job purposes. You  acknowledge that Confidential      Information need not be marked as such to preserve the confidential nature      of the information.  |
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| Non-Competition |   | You      acknowledge that (a) in the course of your Service with the Company and      its affiliates, you have, and will continue to, become familiar with the      Company’s and its affiliates’ trade secrets, methods of doing business,      business plans and other valuable confidential and proprietary information      concerning the Company, its affiliates, their customers and business      partners and that your services have been and will be of special, unique      and extraordinary value to the Company and its affiliates.  In      consideration thereof and of this Award, during your Service with the      Company or an affiliate and for a period of one (1) year thereafter, you      shall not, without the Company’s prior written approval, become engaged,      directly or indirectly, as a director, officer, employee or 5% or more      stockholder or equity interest owner in, partner in, or consultant to, any      business that is directly competitive with the business of the Company (or      any affiliate) in any area or region where the Company (or any affiliate)      conducts business (“Competition”).       Notwithstanding the foregoing, you shall not be deemed to be in      Competition with the Company if you provide evidence satisfactory to the      Company, in its sole and absolute discretion, that you: (i) work in a      separate division, department or unit that does not compete with the      business of the Company (or any affiliate); and (ii) will not have contact      with the division, department or unit that does compete with the business      of the Company (or any affiliate).  If you received your Restricted      Stock grant as a non-employee member of the Company’s Board of Directors,      this provision will not apply to you unless your Service is terminated for      Cause (as defined above) or for cause pursuant to the Company’s      Certificate of Incorporation.                                                                                                                                                                                                                                                                                                                                          |

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| Non-Solicitation |   | During      Service and for a period of two (2) years thereafter, you shall not,      without the prior written consent of the Company, directly or indirectly,      on your own behalf or on behalf of any other person, firm, corporation or      business entity: (a) induce or attempt to induce any agent, affinity group      or policyholder of the Company (or any affiliate), or any prior agent,      affinity group or policyholder that was an agent, affinity group or      policyholder within twelve (12) months of such contact, to withdraw,      decrease or cancel its business with the Company (or any affiliate) or      otherwise terminate any written or oral agreement or understanding or      other relationship with the Company (or any affiliate); (b) solicit or      attempt to solicit, service or attempt to service, or for the purpose of      obtaining the business of any customer of the Company (or any affiliate),      or any prior agent, affinity group or policyholder that was an agent,      affinity group or policyholder within twelve (12) months of such contact,      to the extent the business solicited is similar to, or competitive with,      the business of the Company (or any affiliate), engage      in discussions or other communications with (regardless of who initiates      such discussions or communications) any person, firm or entity that was an      actual or prospective customer of the Company during      any part of the twelve (12) month period immediately preceding termination      of      Service if      you      participated, directly or indirectly, in the solicitation or servicing of      that customer or prospective customer, or supervised or managed those who      did, during your Service      with the Company at any time during such twelve (12) month period      immediately preceding your      termination of Service; (c) solicit or attempt to solicit, hire or attempt      to hire, or call, any person who is an employee, individual consultant or      independent contractor of the Company (or any affiliate), or any prior      employee, individual consultant or independent contractor that was an      employee, consultant or independent contractor within twelve (12) months      of such contact, with      the purpose or intent of attracting such      person from the employ of the Company (or      any      affiliate);      or (d) induce or attempt to induce any person who is an employee,      individual consultant or independent contractor of the Company (or any      affiliate) to terminate or limit his or her Service or other relationship      with the Company (or any affiliate), or any prior employee, individual      consultant or independent contractor that was an employee, individual      consultant or independent contractor within twelve (12) months of such      contact. |
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| No Right to      Employment         |   | Neither      your Restricted Stock nor this Agreement give you the right to be retained      by the Company in any capacity and your Service may be terminated at any      time and for any reason.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| Shareholder      Rights             |   | You      have no rights as a shareholder unless and until the Stock relating to the      Restricted Stock has been issued to you (or an appropriate book entry has      been made). Except as described in the Plan or herein, no adjustments are      made for dividends or other rights if the applicable record date occurs      before your Stock is issued (or an appropriate book entry has been made).      If the Company pays a dividend on its Stock, you will, however, be      entitled to receive a cash payment equal to the per-share dividend paid on      the Stock times the number of Restricted Stock that you hold as of the      record date for the dividend.                                                                                                                                                               |
| Applicable      Law                 |   | This      Agreement shall be governed by the laws of the State of Delaware, with      consent to jurisdiction by you in the State of New York.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Data    Privacy                     |   | To      administer the Plan, the Company may process personal data about you. Such      data includes the information provided in this Agreement, other      appropriate personal and financial data about you such as home address and      business addresses and other contact information, payroll information and      any other information deemed appropriate by the Company to facilitate the      administration of the Plan. By      accepting this award, you consent to the Company’s processing of such      personal data and the transfer of such data outside the country in which      you work or are employed, including, with respect to non-U.S. residents,      to the United States, to transferees who shall include the Company and      other persons designated by the Company to administer the      Plan.  |
| Consent to Electronic      Delivery |   | Certain      statutory materials relating to the Plan may be delivered to you in      electronic form. By accepting this grant, you consent to electronic      delivery and acknowledge receipt of these materials, including the Plan      and the Plan prospectus.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

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