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| Award      of RSUs              |   | You      have been granted ________ RSUs, subject to the terms and conditions of      this Agreement and the Plan.                                                                                                                                                                                                                                                                                                                       |
|---------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Grant      Date                 |   | The      effective date of this grant of RSUs is _______ ____, 20__ (“Grant      Date”).                                                                                                                                                                                                                                                                                                                                     |
| Vesting                    |   | RSUs      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.  |
| RSU      Transferability        |   | RSUs      may not be transferred, assigned, pledged or hypothecated, whether by      operation of law or otherwise, nor may the RSUs be made subject to      execution, attachment or similar process.                                                                                                                                                                                                                                   |
| Forfeiture      of UnvestedRSUS |   | Except      as specifically provided in this Agreement or as may be provided in other      agreements between you and the Company, no additional RSUs will vest after      your Service has terminated for any reason and you will forfeit to the      Company all of the RSUs that have 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 RSUs granted under this      Agreement will automatically vest as to the number of RSUs that would have      vested had you remained in Service for the 12 month period      immediately following your death.                                                                                                                                                           |
| Disability                      |   | If      your Service terminates because of your Disability (as defined below), the      RSUs granted under this Agreement will automatically vest as to the number      of RSUs that would have vested had you remained in Service for the      12 month period immediately following your termination for      Disability.                                                                                                              |

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|                                                                       |   | 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 RSUs 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      all or any portion of this RSUs award. 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 |

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|                                                          |   | (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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| Share      Delivery Pursuant to Vested Units; Withholding Tax |   | On      the vesting date (or as soon as practicable thereafter but in no event      beyond 21⁄2 months after the end of the calendar year in which the shares      vest), at the Company’s option, (i) a brokerage account in your name will      be credited with Stock representing the number of shares that vested under      this grant (the “Vesting      Shares”), or (ii) the Company shall physically deliver the Vesting      Shares. If the vesting date is not a trading day, the Stock will be      delivered on the next trading day. The Company will determine the number      of the Vesting Shares necessary to cover the statutory minimum amount of      federal, state, local, and foreign taxes that the Company is required to      withhold with respect to the RSU vesting, rounding up to the nearest whole      Share of Stock (the “Withholding      Shares”).  |
|                                                          |   | By      accepting this award of RSUs, you irrevocably (i) instruct the      Company to deliver the Vesting Shares to your account; and      (ii) authorize and direct the broker, to sell, on your behalf, the      Withholding Shares at the market price per share at the time of such sale      and to deliver the proceeds to the Company to be used to fund the payment      of the withholding taxes. You further acknowledge that this irrevocable      written instruction is intended to constitute an instruction pursuant to      Rule 10b5-1 of the Exchange Act. The Company shall be responsible for      the payment of any brokerage commissions relating to the sale of the      Withholding Shares.                                                                                                                                                                                         |
|                                                          |   | You      acknowledge that until the first trading day following the broker’s sale      of the Withholding Shares, you shall not be entitled to effect      transactions in the net Vesting Shares, if credited to your brokerage      account.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                          |   | The      purchase price for the vested Stock is deemed paid by your prior services      to the Company.  Withholding      shall only be applicable to employees of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 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 RSUs during the 12 months immediately preceding      such violation, and any remaining unsold portion of your RSUs shall be      immediately and totallyforfeited.                                                                                                                                                                                                                                                                                                                                                                                                        |

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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 that you will not 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.  |
|-----------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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 RSU 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,      directly or indirectly, on your own behalf or on behalf of any other      person: (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 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); (c) solicit or attempt to solicit, or hire or      attempt to hire, 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; 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.  |
|-----------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| No Right to      Employment |   | Neither      your RSUs 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Shareholder      Rights     |   | You      have no rights as a shareholder unless and until the Stock relating to the      RSUs 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). You      will not be entitled to any dividends on any unvested RSUs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

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| 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 and the      Plan prospectus.  |
|------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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| AMTRUST      FINANCIAL SERVICES, INC |   |                                   |
|--------------------------------------|--------|----------------------------------------|
|                                 |   |                                   |
|                                 |   |                                   |
| By:                                  |   |                                   |
| Its:                                 |   | Date:      ___________________________ |
|                                 |   |                                   |
| EMPLOYEE                             |   |                                   |
|                                 |   |                                   |
|                                 |   | Date:____________________________      |
| Name:                                |   |                                   |

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