Document:

Exhibit
10.2

    

    AMTRUST
FINANCIAL SERVICES, INC.

    
      2010 OMNIBUS INCENTIVE
PLAN

       

    

    
      
        
          

        

      

    

    

    
      INCENTIVE STOCK OPTION
AGREEMENT

       

        
          

        

      

    

    

    Your
stock option grant by AmTrust Financial Services, Inc. (the “Company”)
is subject to the terms and conditions set forth in (i) this Award
Agreement, and (ii) the AmTrust Financial Services, Inc. 2010 Omnibus
Incentive Plan (the “Plan”)
Unless otherwise defined herein, capitalized terms used in this Agreement are
defined in the Plan, and have the meaning set forth in the Plan.

    

    
      
        	
                Award
      of Stock Options

              	 
      	
                You
      have been granted an Option (the “Option”),
      subject to the terms and conditions of this Agreement and the Plan, to
      purchase ____________ shares of the Company’s Stock.

              
	 
      	 
      	 
      
	
                Exercise
      Price

              	 
      	
                The
      exercise price with respect to your Option is $xx.xx per share, such
      exercise price payable on terms and conditions and in a form as determined
      by the Compensation Committee in its sole discretion consistent with the
      terms of the Plan and this Award Agreement.

              
	 
      	 
      	 
      
	
                Grant
      Date

              	 
      	
                The
      effective date of this grant is ________ ____, 20__.

              
	 
      	 
      	 
      
	
                Term

              	 
      	
                The
      term of your Option will expire at the close of business on the 10th
      anniversary of the Grant Date. Your Option will expire earlier if your
      Employment with the Company terminates, as described
  below.

              
	 
      	 
      	 
      
	
                Vesting

              	 
      	
                Your
      Option shall vest as follows: (i) 25% on the first anniversary of the
      Grant Date, and (ii) the remaining 75% will vest in 12 equal quarterly
      installments of 6.25% each every 3 months thereafter, until fully vested
      48 months after the Grant Date.

              
	 
      	 
      	 
      
	 
      	 
      	
                This
      Option is only exercisable before it expires and then only with respect to
      the vested portion of the Option. You may exercise this Option, in whole
      or in part, to purchase a whole number of vested shares in accordance with
      the Plan and this Agreement.

              
	 
      	 
      	 
      
	 
      	 
      	
                Except
      as provided in this Agreement, or in any other agreement between you and
      the Company, no additional Options will vest after your Employment has
      terminated.

              
	 
      	 
      	 
      
	
                Tax
      Matters (Incentive Stock Option)

              	 
      	
                The
      Option granted hereby is intended to qualify as an “incentive stock
      option” under Section 422 of the Internal Revenue Code of 1986, as
      amended (the “Code”).
      Notwithstanding the foregoing, the Option will not qualify as an
      “incentive stock option,” among other events, (i) if you dispose of
      the Stock acquired pursuant to the Option at any time during either of the
      two year period following the date of this Agreement or the one year
      period following the date on which the Option is exercised;
      (ii) except in the event of the Participant’s death or disability, as
      defined in Section 22(e)(3) of the Code, if the Participant is not
      employed by the Company (or any affiliate) at all times during the period
      beginning on the date of this Agreement and ending on the day three
      (3) months before the date of exercise of the Option; or
      (iii) to the extent the aggregate fair market value (determined as of
      the time the Option is granted) of the Common Stock subject to “incentive
      stock options” which become exercisable for the first time in any calendar
      year exceeds $100,000. To the extent that the Option does not qualify as
      an “incentive stock option,” it shall not affect the validity of the
      Option and shall constitute a separate non-qualified stock
      option.

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                	
                        Termination of
      Employment

                      	 
      	
                        If
      your Employment (as defined below) terminates for any reason, other than
      death, Disability or Cause, then your Option will expire at the close of
      business at Company headquarters on the 90th day after your termination
      date (or the next business day if the 90th day after your termination date
      falls on a weekend or holiday).

                      
	 
      	 
      	 
      
	 
      	 
      	
                        “Employment”
      means that you are currently (i) an employee of the Company, (ii) are a
      member of the Company’s Board of Directors, or (iii) are otherwise
      providing services to the Company.

                      
	 
      	 
      	 
      
	
                        Termination
      for  Cause

                      	 
      	
                        If
      your Employment is terminated for Cause (as defined below), then you shall
      immediately forfeit all rights to your Option and the Option shall expire
      immediately upon your termination.

                      
	 
      	 
      	 
      
	 
      	 
      	
                        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.

                      
	 
      	 
      	 
      
	
                        Death

                      	 
      	
                        If
      your Employment terminates because of your death, your Option will
      automatically vest as to the number of Options that would have vested had
      you remained in Employment for the 12-month period immediately following
      your death and your Option will expire at the close of business at Company
      headquarters on the date 12 months after the date of death (or the
      next business day if the date 12 months after the date of death falls on a
      weekend or holiday).

                      
	 
      	 
      	 
      
	 
      	 
      	
                        If
      you die during the 90-day period in connection with a regular termination
      of Employment described above, and a vested portion of your Option has not
      yet been exercised, then your Option will instead expire on the date
      12 months after your termination date.

                      
	 
      	 
      	 
      
	 
      	 
      	
                        During
      the 12 month period above, your estate or heirs may exercise the
      vested portion of your
Option.

                      

              

            

          

        

      

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      
        	
                Disability

              	 
      	
                If
      your Employment terminates because of your Disability (defined below),
      your Option will automatically vest as to the number of Options that would
      have vested had you remained in Employment for the 12 month period
      immediately following your Disability and your Option will expire at the
      close of business at Company headquarters on the date 12 months after
      the date of termination (or the next business day if the date 12 months
      after the date of termination falls on a weekend or
    holiday).

              
	 
      	 
      	 
      
	 
      	 
      	
                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.

              
	 
      	 
      	 
      
	
                Termination
      without Cause within 12 Months of Change in Control

              	 
      	
                Notwithstanding
      anything contained in this Agreement to the contrary, if your Employment
      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 your Option that is unvested.

              
	 
      	 
      	 
      
	 
      	 
      	
                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.

              

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      
        	
                Notice of
      Exercise

              	 
      	
                When
      you wish to exercise this Option, you must notify the Company in writing.
      Such exercise will only become effective upon the Company’s receipt of
      such written instructions.

              
	 
      	 
      	 
      
	
                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, within five days of receipt of written
      demand from the Company, any gains you realize from the exercise of all or
      any portion of the Option within the 12 months immediately preceding such
      violation, and any remaining portion of your Option shall be immediately
      forfeited, whether vested or unvested.

              
	 
      	 
      	 
      
	
                Confidentiality

              	 
      	
                During
      your Employment, 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 Employment
      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.

              

      

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      
        	
                Non-Competition

              	 
      	
                You
      acknowledge that (a) in the course of your Employment 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 Employment 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 Option grant
      as a non-employee member of the Company’s Board of Directors, this
      provision will not apply to you unless your Employment is terminated for
      Cause (as defined above) or for cause pursuant to the Company’s
      Certificate of Incorporation.

              
	 
      	 
      	 
      
	
                Non-Solicitation

              	 
      	
                During
      Employment 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 Employment 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.

              
	 
      	 
      	 
      
	
                Form of
      Payment

              	 
      	
                Upon
      exercise of your Option, you must submit payment of the Option price for
      the shares you are purchasing. Payment may be made via (i) cash;
      (ii) a “cashless” exercise, by which you deliver an irrevocable
      direction to a licensed securities broker to sell Stock and to deliver all
      or part of the sale proceeds to the Company in payment of the aggregate
      Option price and any applicable withholding taxes; or (iii) as
      otherwise permitted by the
Administrator.

              

      

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      
        
          
            	 
      	 
      	
                    “Administrator”
      shall mean one or more officers or employees of the Company to whom the
      Committee may delegate the authority execute and distribute Award
      Agreements or other documents evidencing or relating to Awards granted by
      the Committee under the Plan, to maintain records relating to Awards, to
      process or oversee the issuance of Stock under Awards, to interpret and
      administer the terms of Awards and to take such other actions as may be
      necessary or appropriate for the administration of the Plan and of Awards
      under the Plan, other that those specified in Section 3(b)(i) – (iii) of
      the Plan.

                  
	 
      	 
      	 
      
	
                    Withholding
      Taxes

                  	 
      	
                    In
      the event that the Company determines that any federal, state, local or
      foreign tax or withholding payment is required relating to the exercise or
      sale of shares arising from this grant, the Company shall have the right
      to require such payments from you, or withhold such minimum statutory
      amounts from other payments due to you from the Company. Payment of your
      withholding or other taxes may be made via one of the forms of payment for
      exercise set forth above, or as otherwise determined by the
      Administrator.

                  
	 
      	 
      	 
      
	
                    Transfer of
      Option

                  	 
      	
                    The
      Option is non-transferable by you. Any attempt by you to transfer this
      Option will result in the Option becoming invalid, except upon your death
      by the laws of descent and distribution.

                  
	 
      	 
      	 
      
	
                    No Employment
      Rights

                  	 
      	
                    Neither
      your Option nor this Agreement give you the right to be retained by the
      Company in any capacity and your Employment may be terminated at any time
      and for any reason.

                  
	 
      	 
      	 
      
	
                    Shareholder
      Rights

                  	 
      	
                    You
      have no rights as a shareholder of the Company unless and until the Stock
      relating to your exercise has been issued (or an appropriate book entry
      has been made). Except as described in the Plan, 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).

                  
	 
      	 
      	 
      
	
                    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.

                  

          

        

      

    

    

    This
Agreement is not a stock certificate or a negotiable
instrument.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    By accepting your
grant, you agree to the terms and conditions in this Agreement and in the Plan,
and agree that the Plan will control in the event any provision of this
Agreement should appear to be inconsistent with the terms and conditions in the
Plan.

    

    IN
WITNESS WHEREOF, the parties have executed this Agreement on the date and year
below.

    

    
      
        
          
            
              
                
                  
                    
                      	

                              AMTRUST
      FINANCIAL SERVICES, INC

                            	 	 
	 	 	 
	 
      	 
      	 
      
	
                              By:

                            	 
      	 
      
	
                              Its:

                            	 
      	
                              Date:
      _____________________

                            
	 
      	 
      	 
      
	
                              EMPLOYEE

                            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                              Name:

                            	 
      	
                              Date:
      _____________________

                            

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        7Exhibit
10.3

    

    AMTRUST
FINANCIAL SERVICES, INC.

    2010 OMNIBUS INCENTIVE
PLAN

    
      
         

        
          

        

      

    

    
       

      NON-QUALIFIED STOCK OPTION
AGREEMENT

      

    

    
      
        

      

    Your
stock option grant by AmTrust Financial Services, Inc. (the “Company”)
is subject to the terms and conditions set forth in (i) this Award
Agreement, and (ii) the AmTrust Financial Services, Inc. 2010 Omnibus
Incentive Plan (the “Plan”)
Unless otherwise defined herein, capitalized terms used in this Agreement are
defined in the Plan, and have the meaning set forth in the Plan.

    

    
      
        
          
            
              
                
                  
                    	
                            Award
      of Stock Options

                          	 
      	
                            You
      have been granted an Option (the “Option”),
      subject to the terms and conditions of this Agreement and the Plan, to
      purchase ____________
      shares of the Company’s Stock.

                             

                          
	
                            Exercise
      Price

                          	 
      	
                            The
      exercise price with respect to your Option is $xx.xx per share, such
      exercise price payable on terms and conditions and in a form as determined
      by the Compensation Committee in its sole discretion consistent with the
      terms of the Plan and this Award Agreement.

                             

                          
	
                            Grant
      Date

                          	 
      	
                            The
      effective date of this grant is ________ ____, 20__.

                             

                          
	
                            Term

                          	 
      	
                            The
      term of your Option will expire at the close of business on the 10th
      anniversary of the Grant Date. Your Option will expire earlier if your
      Employment with the Company terminates, as described below.

                             

                          
	
                            Vesting

                          	 
      	
                            Your
      Option shall vest 100% on the first anniversary of the Grant
      Date.

                             

                            This
      Option is only exercisable before it expires and then only with respect to
      the vested portion of the Option. You may exercise this Option, in whole
      or in part, to purchase a whole number of vested shares in accordance with
      the Plan and this Agreement.

                             

                            Except
      as provided in this Agreement, or in any other agreement between you and
      the Company, no additional Options will vest after your Employment has
      terminated.

                             

                          
	
                            Termination of
      Employment

                          	 
      	
                            If
      your Employment (as defined below) terminates for any reason, other than
      death, Disability or Cause, then your Option will expire at the close of
      business at Company headquarters on the 90th day after your termination
      date (or the next business day if the 90th day after your termination date
      falls on a weekend or holiday).

                             

                            “Employment”
      means that you are currently (i) an employee of the Company, (ii) are a
      member of the Company’s Board of Directors, or (iii) are otherwise
      providing services to the
Company.

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              Termination
      for Cause

            	 
      	
              If
      your Employment is terminated for Cause (as defined below), then you shall
      immediately forfeit all rights to your Option and the Option shall expire
      immediately upon your termination.

               

              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.

               

            
	
              Death

            	 
      	
              If
      your Employment terminates because of your death, your Option will
      automatically vest as to the number of Options that would have vested had
      you remained in Employment for the 12-month period immediately following
      your death and your Option will expire at the close of business at Company
      headquarters on the date 12 months after the date of death (or the
      next business day if the date 12 months after the date of death falls on a
      weekend or holiday).

               

              If
      you die during the 90-day period in connection with a regular termination
      of Employment described above, and a vested portion of your Option has not
      yet been exercised, then your Option will instead expire on the date
      12 months after your termination date.

               

              During
      the 12 month period above, your estate or heirs may exercise the
      vested portion of your Option.

               

            
	
              Disability

            	 
      	
              If
      your Employment terminates because of your Disability (defined below),
      your Option will automatically vest as to the number of Options that would
      have vested had you remained in Employment for the 12 month period
      immediately following your Disability and your Option will expire at the
      close of business at Company headquarters on the date 12 months after
      the date of termination (or the next business day if the date 12 months
      after the date of termination falls on a weekend or holiday).

               

              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.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
              Termination
      without Cause within 12 Months of Change in Control

            	 
      	
              If
      your Employment 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 all
      or any portion of your Option.

               

              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.

               

            
	
              Notice of
      Exercise

            	 
      	
              When
      you wish to exercise this Option, you must notify the Company in writing.
      Such exercise will only become effective upon the Company’s receipt of
      such written instructions.

               

            
	
              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, within five days of receipt of written
      demand from the Company, any gains you realize from the exercise of all or
      any portion of the Option within the 12 months immediately preceding such
      violation, and any remaining portion of your Option shall be immediately
      forfeited, whether vested or
unvested.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
              Confidentiality

            	 
      	
              During
      your Employment, 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 Employment
      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 Employment 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 Employment 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 Option grant
      as a non-employee member of the Company’s Board of Directors, this
      provision will not apply to you unless your Employment is terminated for
      Cause (as defined above) or for cause pursuant to the Company’s
      Certificate of Incorporation.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	
              Non-Solicitation

            	 
      	
              During
      Employment 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 employment 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.

               

            
	
              Form of
      Payment

            	 
      	
              Upon
      exercise of your Option, you must submit payment of the Option price for
      the shares you are purchasing. Payment may be made via (i) cash;
      (ii) a “cashless” exercise, by which you deliver an irrevocable
      direction to a licensed securities broker to sell Stock and to deliver all
      or part of the sale proceeds to the Company in payment of the aggregate
      Option price and any applicable withholding taxes; or (iii) as
      otherwise permitted by the Administrator.

               

              “Administrator”
      shall mean one or more officers or employees of the Company to whom the
      Committee may delegate the authority execute and distribute Award
      Agreements or other documents evidencing or relating to Awards granted by
      the Committee under the Plan, to maintain records relating to Awards, to
      process or oversee the issuance of Stock under Awards, to interpret and
      administer the terms of Awards and to take such other actions as may be
      necessary or appropriate for the administration of the Plan and of Awards
      under the Plan, other that those specified in Section 3(b)(i) – (iii) of
      the Plan.

               

            
	
              Withholding
      Taxes

            	 
      	
              In
      the event that the Company determines that any federal, state, local or
      foreign tax or withholding payment is required relating to the exercise or
      sale of shares arising from this grant, the Company shall have the right
      to require such payments from you, or withhold such minimum statutory
      amounts from other payments due to you from the Company. Payment of your
      withholding or other taxes may be made via one of the forms of payment for
      exercise set forth above, or as otherwise determined by the
      Administrator.

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      	
              Transfer of
      Option

            	 
      	
              The
      Option is non-transferable by you. Any attempt by you to transfer this
      Option will result in the Option becoming invalid, except upon your death
      by the laws of descent and distribution.

               

            
	
              No Employment
      Rights

            	 
      	
              Neither
      your Option nor this Agreement give you the right to be retained by the
      Company in any capacity and your Employment may be terminated at any time
      and for any reason.

               

            
	
              Shareholder
      Rights

            	 
      	
              You
      have no rights as a shareholder of the Company unless and until the Stock
      relating to your exercise has been issued (or an appropriate book entry
      has been made). Except as described in the Plan, 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).

               

            
	
              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.

               

            
	
              Non-Qualified Stock
      Option

            	 
      	
              This
      Option is not intended to be an “incentive stock option” under Section 422
      of the Internal Revenue Code of 1986, as amended, and will be interpreted
      accordingly.

            

    

    

    This
Agreement is not a stock certificate or a negotiable instrument.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    By accepting your
grant, you agree to the terms and conditions in this Agreement and in the Plan,
and agree that the Plan will control in the event any provision of this
Agreement should appear to be inconsistent with the terms and conditions in the
Plan.

    

    IN
WITNESS WHEREOF, the parties have executed this Agreement on the date and year
below.

    

    
      	
              AMTRUST
      FINANCIAL SERVICES, INC

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                 

            	 
      	 
      	 
      
	
              By:

            	 
      	 
      	 
      
	
              Its:

            	 
      	
              Date: 

            	
                 

            
	 
      	 
      	 
      	 
      
	
              NON-EMPLOYEE
      DIRECTOR

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                 

            	 
      	
              Date:

            	
                 

            
	
              Name:

            	 
      	 
      	 
      

    

    
      
         

      

      
        7

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