Document:

Form of Non-Employee Director Restricted Stock Award Agreement

 Exhibit 10.2(b) 
 For grants to non-employee directors beginning May 3, 2011. 

ALTERRA CAPITAL HOLDINGS LIMITED 
 2008 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT

 This Restricted Stock Award Agreement (the “Agreement”) is made, effective as of the _____ day of
_________, 2___ (the “Grant Date”), by and between Alterra Capital Holdings Limited (the “Company”) and _______________ (the “Grantee”). 

RECITALS: 

WHEREAS, the Company has adopted the Alterra Capital Holdings Limited 2008 Stock Incentive Plan (the
“Plan”) pursuant to which awards of restricted common shares of the Company (“Common Shares”) may be granted; and 
 WHEREAS, the Committee has determined that it is in the best interests of the Company and its shareholders to grant the award of restricted Common Shares provided for herein (the
“Restricted Stock Award”) to the Grantee in recognition of the Grantee’s services to the Company, such grant to be subject to the terms set forth herein. 

NOW, THEREFORE, in consideration for the mutual covenants hereinafter set forth, the parties hereto agree as follows: 

 

	1.	Grant of Restricted Stock Award. Pursuant to Section 9 of the Plan, the Company hereby issues to the Grantee on the Grant Date a Restricted Stock
Award consisting of, in the aggregate, ____ Common Shares in the capital of the Company (hereinafter called the “Restricted Stock”). 

 

	2.	Incorporation by Reference. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this
Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan. The Committee shall have the authority to interpret and
construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and his/her legal representative in respect of any questions arising under the Plan or this
Agreement. 

  

	3.	Restrictions. Except as provided in the Plan or this Agreement, the Restricted Stock shall be forfeited by the Grantee and all of the Grantee’s
rights to such shares shall immediately terminate without any payment or consideration by the Company, in the event of any sale, assignment, transfer, hypothecation, pledge or other alienation of such Restricted Stock made or attempted, whether
voluntary or involuntary, and if involuntary whether by process of law in any civil or criminal suit, action or proceeding, whether in the nature of an insolvency or bankruptcy proceeding or otherwise, without the written consent of the Board.

  
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	4.	Vesting. 

  

	 	(a)	General. Except as otherwise provided herein, the restrictions described in Section 3 above will lapse with respect to 100% of the Restricted Stock on the
third anniversary of the Grant Date (the “Vesting Date”); provided, that, except as otherwise provided herein, the Grantee remains on the Board through the Vesting Date. If the Grantee’s service as a
director on the Board is terminated at any time prior to the Vesting Date, the unvested Restricted Stock shall automatically be forfeited without consideration upon such cessation of service, unless otherwise provided in this Section 4.

  

	 	(b)	Death or Disability. In the event of the Grantee’s death or if the Grantee’s service on the Board is terminated by the Company for Disability (as
defined below), the restrictions described in Section 3 above will lapse with respect to 100% of the Restricted Stock as of the date of such termination. 

 For purposes of this Agreement, “Disability” shall mean the removal of the Grantee as a director on the Board upon 30 days’ notice in the event that the Grantee suffers a
mental or physical disability that shall have prevented him/her from performing his/her material duties for a period of at least 120 consecutive days or 180 non-consecutive days within any 365 day period; provided, that, the Grantee
shall not have returned to full-time performance of his/her duties within 30 days following receipt of such notice. 
  

	 	(c)	Retirement. Upon the Grantee’s termination of service as a director on the Board on or after the date the Grantee reaches age 55 with at least five
consecutive years of service as a director on the Board immediately prior to the termination date, the Committee may determine, at its sole discretion, to permit the Restricted Stock to continue to vest in accordance with the schedule set forth in
Section 4(a) as if the Grantee were still providing service as a director on the Board. In the event that the Committee does not approve the continued vesting, all unvested Restricted Stock shall be immediately forfeited.

  

	 	(d)	Change in Control. Unless otherwise determined by the Committee, the occurrence of a Change in Control (as defined in the Plan) shall not result in accelerated
vesting of the Restricted Stock. 

  

	 	(e)	Not Re-Elected. In the event that the Grantee’s service on the Board is terminated as a result of the shareholder’s failure to elect the Grantee as a
director on the Board, the restrictions described in Section 3 above will lapse with respect to 100% of the Restricted Stock as of the date of such termination. 

 

	5.	Rights as Shareholder; Dividends. The Grantee shall be the record owner of the Restricted Stock unless and until such Restricted Stock is sold or
otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company, including, without limitation, voting rights, if any, with respect to the Restricted Stock and the right to receive dividends, if any,
declared by the Company on its Common Shares. 

  

	6.	Compliance with Laws and Regulations. The issuance and transfer of Common Shares shall be subject to compliance by the Company and the Grantee with all
applicable requirements of securities laws and with all applicable requirements of any stock exchange on which the Common Shares may be listed at the time of such issuance or transfer. 

  
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	7.	No Right to Continued Service. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company
to terminate the Grantee’s service as a director at any time. 

  

	8.	Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be delivered by personal
delivery, courier service, registered or certified first class mail, return receipt requested, or facsimile: 

 If
to the Company: 
 Alterra Capital Holdings Limited 

Alterra House 
 2 Front Street 
 Hamilton HM 11 

Bermuda 
 If to the Grantee, at the Grantee’s last known address on file with the Company. 
 All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier
service; five (5) business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if sent by facsimile. 
  

	9.	Bound by Plan. By signing this Agreement, the Grantee acknowledges that he/she has received a copy of the Plan and has had an opportunity to review the
Plan and agrees to be bound by all of the terms and provisions of the Plan. 

  

	10.	Beneficiary. The Grantee may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may,
from time to time, amend or revoke such designation. If no designated beneficiary survives the Grantee, the beneficiary shall be deemed to be the Grantee’s spouse or, if the Grantee is unmarried at the time of death, his or her estate.

  

	11.	Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and on the Grantee and
the beneficiaries, executors and administrators, heirs and successors of the Grantee. 

  

	12.	Amendment of Restricted Stock Award. Subject to Section 13 of this Agreement, the Committee at any time and from time to time may amend the terms of
this Restricted Stock Award; provided, however, the Grantee’s rights under this Restricted Stock Award shall not be materially and adversely affected by any such amendment without the Grantee’s consent.

  

	13.	Adjustments. Pursuant to Section 12 of the Plan, the Committee in its sole discretion may make adjustments to this Restricted Stock Award.

  

	14.	Governing Law. This Agreement shall be governed by the laws of Bermuda. 

 

	15.	Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review.
The resolution of such a dispute by the Committee shall be binding and conclusive on the Company and the Grantee. 

  

	16.	Severability. Every provision of this Agreement is intended to be severable and any illegal or invalid term shall not affect the validity or legality of
the remaining terms. 

  
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	17.	Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation of construction, and
shall not constitute a part of this Agreement. 

  

	18.	Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be deemed an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 

 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	ALTERRA CAPITAL HOLDINGS LIMITED
		
	By:	 	 
		 	 Name:   Joseph W. Roberts
 Title:     EVP and Chief Financial Officer

	
	GRANTEE
		
	By:	 	 
		 	Name:

  
 5Specimen Incentive Stock Option Agreement for Section 16 Officers

 Exhibit 10.7 (a) 

 HORACE MANN EDUCATORS CORPORATION 

2010 Comprehensive Executive Compensation Plan 
 (Section 16 Officer) 
 Specimen Incentive Stock Option Agreement

 This Incentive Stock Option Agreement, consisting of this page containing
designations and the Incentive Stock Option Terms and Conditions attached hereto or delivered concurrently herewith, (the “Agreement”) evidences the grant by HORACE MANN EDUCATORS CORPORATION, a Delaware corporation (the
“Company”), to you of an incentive stock option (the “Option”) to purchase shares of Common Stock, par value $.001 per share if the Company under the 2010 Comprehensive Executive Compensation Plan (“Plan”). 

Designations: 
  

							
				
	Grantee:	  	 	  	(“Employee” or “you”)	  	
				
	Grant Date:	  	 	  	(“Grant Date”)	  	
			
	Number of shares of Stock for which the Option is granted:	  	 	  	shares
				
	Exercise Price:	  	 	  	per share (“Exercise Price”)	  	
		
	Expiration Date:	  	                           
              , provided you remain continuously employed by the Company, except as otherwise provided herein.
		
	Vesting Schedule:	  	(Numbers shall be rounded up or down to the nearest whole share.)

  

					
	The Option shall vest and become nonforfeitable on
the following Vesting Dates:	  	%age
becoming
vested	 	Cumulative
%age
vested
	 Prior to first anniversary of Grant
Date
	  	0%	 	0%
	 First anniversary of Grant
Date
	  	25%	 	25%
	 Second Anniversary of Grant
Date
	  	25%	 	50%
	 Third Anniversary of Grant
Date
	  	25%	 	75%
	 Fourth Anniversary of Grant
Date
	  	25%	 	100%

 Except as otherwise provided in this Agreement, if you have a termination
of service prior to the Vesting Date for any reason, the unvested portion of the Option shall be forfeited immediately. If the portion of this Option and the portion of any previously granted incentive stock option which vest in any one year have an
aggregate exercise price in excess of $100,000, the portion of this Option becoming vested whose exercise price exceeds that $100,000 limit will not qualify as an incentive stock option but will be treated as a vested non-qualified stock option.

  

							
	 	 	 
	 	 	 	 	HORACE MANN EDUCATORS CORPORATION
	 	 		 
	 	 		 	By:	 	 
	 	 	 
	
Date:                     
                                   

 
	 	 	 	Title:           
                                         
                                       

  

Attachment: Incentive Stock Option Terms and Conditions. Effective 3/1/11 

 

  

 HORACE MANN EDUCATORS CORPORATION 

2010 Comprehensive Executive Compensation Plan 
 INCENTIVE STOCK OPTION 
 (Section 16 Officer) 

TERMS AND CONDITIONS 
 The following Terms and Conditions apply to the Option granted to Employee by the Company under the Plan as specified in the Incentive Stock Option Agreement of which these Terms and Conditions form a
part. Certain specific terms of the Option, including the number of shares purchasable, the Grant Date, the vesting schedule, the Expiration Date, and Exercise Price, are set forth on the designations page of this Agreement. 

1. General.    By accepting the grant of the Option, Employee agrees to be bound by all of the terms
and provisions of this Agreement and the Plan (as presently in effect or later amended), which are incorporated herein by reference, the rules and regulations under the Plan adopted from time to time, and any interpretations, decisions and
determinations the Compensation Committee of the Company’s Board of Directors (the “Committee”) may make from time to time. Terms used in this Agreement but not defined herein shall have the same meanings as in the Plan. If there is
any conflict between the provisions of this Agreement and mandatory provisions of the Plan, the provisions of the Plan govern. 

The Option is an incentive stock option as defined under Section 422 of the Internal Revenue Code of 1986, as amended, to the
maximum extent possible, and to the extent the Option does not qualify as an incentive stock option, it is a non-qualified stock option. 
 2. Right to Exercise Option.    Employee may exercise the Option only after the time and to the extent the Option has become vested and exercisable and prior to the
Expiration Date or other termination or forfeiture of the Option. 
 3. Method of
Exercise.    To exercise the Option, Employee must (a) give written notice to the Vice President, Shared Services: HR Financial Services or other designee of the Company, which notice shall specifically refer to this
Agreement, state the number of shares of Stock as to which the Option is being exercised, state whether the Employee wishes the shares of Stock to be in his or her name or jointly in the names of the Employee and the Employee’s spouse (and if
so, the spouse’s name), and be signed by Employee, and (b) pay in full to the Company the Exercise Price of the Option for the number of Shares being purchased either (i) in cash (including by check), payable in United States dollars,
(ii), by delivery of a number of whole Shares already owned by Employee having a fair market value, determined as of the date the Option is exercised, equal to (but not in excess of) all or the part of the aggregate Exercise Price being paid in this
way, or (iii) in any other manner then permitted by the Committee. The value of any fractional share shall be paid in cash. Once Employee gives notice of exercise, such notice may not be revoked. When Employee exercises the Option, or part
thereof, the Company will transfer shares of Stock (or make a non-certificated credit) to Employee’s brokerage account at a designated securities brokerage firm or otherwise deliver shares of Stock to Employee. No Employee or Beneficiary shall
have at any time any rights with respect to shares of Stock covered by the Option prior to the valid exercise and full payment for the shares, and no 

  
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adjustment shall be made for dividends or other rights for which the record date is prior to such valid exercise and payment. 

 

	4.	 Termination of Service or Change in Control Prior to the Expiration Date of the Option. 

(a) Termination of Service in General.    Except as otherwise provided in this paragraph 4, if
the Employee has a termination of service for any reason prior to the Option Expiration Date, the Option, whether or not vested, shall immediately terminate and shall not thereafter be exercisable, and any unvested portion of the Option shall be
forfeited. 
 (b) Death.    In the event of Employee’s termination of service
due to death prior to the Expiration Date, the Option, to the extent then outstanding, will immediately vest and become nonforfeitable (to the extent not already vested) and shall be immediately exercisable in full by Employee’s Beneficiary.
The Option will remain exercisable until the earlier of the Expiration Date of the Option or the second anniversary of the Employee’s death. 
 (c) Disability.    In the event of Employee’s termination of service due to Disability (as defined below), the Option, to the extent then outstanding, will immediately vest
and become nonforfeitable (to the extent not already vested) and shall be immediately exercisable in full by Employee. The Option and will remain exercisable until the Expiration Date. (Note: If the Option is exercised more than one year after
termination due to Disability, it will not qualify as an incentive stock option. Also, certain Disabilities (as defined below) may not qualify as a “disability” under incentive stock option tax rules, so that if the Option is exercised
more than three months after termination of service due to a non-qualifying Disability, it will not qualify as an incentive stock option.)  

(d) Retirement.    In the event of Employee’s termination of service
due to Retirement (as defined below), the Option, to the extent then vested and outstanding or becoming vested as provided below, will remain exercisable (unless sooner exercised or terminated) until the Expiration Date. Upon the Employee’s
termination of service due to Retirement, a portion of the unvested Option shall become vested immediately, such portion determined by (a) multiplying the number of Options granted (as shown on the designations page) by a fraction, the
numerator of which is the number of months elapsed since the Grant Date (for example, if the Grant Date is March 15, one month elapses as of the 14th of each subsequent month) and the denominator of which is 48, and (b) subtracting the number of Options that
became vested prior to the Employee’s Retirement. (Note: To the extent the Option is exercised more than three months after termination of service due to Retirement, it will not qualify as an incentive stock option.)  

(e) Change in Control.    If a Change in Control occurs prior to the Expiration Date of the
Option and prior to or coincident with the date of Employee’s termination of service, then unless the Committee provides otherwise in the exercise of its discretion, the following terms shall apply: 

(i) If the acquiring company assumes the Options (as determined in the discretion of the Committee), and
if Employee is involuntarily terminated by the employer other than for Cause, death or Disability on or prior to the first anniversary of the Change in Control, then 

  
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 to the extent outstanding, the Option will vest, become nonforfeitable, and
remain exercisable (unless sooner exercised) until the Expiration Date. (Note: To the extent the Option is exercised more than three months after termination of service, it will not qualify as an incentive stock option.) 

(ii) If the acquiring company does not assume the Options, then upon the Change in Control (whether
Employee is terminated or not), to the extent outstanding, the Option will vest and become nonforfeitable (to the extent not previously vested) and become immediately exercisable in full and remain exercisable (unless sooner exercised) until the
Expiration Date. 
 (f) Certain Definitions.    The following definitions apply for
purposes of this Agreement: 
 (i) “Disability” means a disability entitling the Employee to long-term
disability benefits under the Company’s long-term disability policy applicable to the Employee (or which would be applicable if Employee were covered by the policy) as in effect at the date of Employee’s Termination of Employment.

 (ii) “Retirement” means termination of service with the Company and its subsidiaries (other than a
termination by the Company for Cause) after attaining the earlier of (A) age 65 with 5 years of service or (B) age 55 with 10 years of service. 
 5.      Employee Representations and Warranties.    Employee acknowledges receipt of a form of S-8 prospectus in connection with the Option.
As a condition to the exercise of the Option, the Company may require Employee to make any representation or warranty to the Company as may be determined by the Committee or by counsel to the Company to be appropriate or required by law or
regulation. 
 6.      Nontransferability and Other Limitations.. 

(a) Nontransferability.    Employee may not transfer the Option or any rights thereunder to
any third party other than by will or the laws of descent and distribution, and, during Employee’s lifetime, only Employee or his or her duly appointed guardian or legal representative may exercise the Option. 

(b) Beneficiary Designation.    Notwithstanding the foregoing, Employee may designate a
Beneficiary to exercise the Option after Employee’s death, and Employee may transfer any portion of the Option that is not an incentive stock option to a Permitted Transferee during Employee’s lifetime, provided such transfer is not for
value, subject to the applicable terms and conditions set forth in Section 12.03 of the Plan. 
 (c)
Potential Forfeiture.    Additional events could result in forfeiture of loss of the Option. 
 (d) 12-month Holding Requirement for Section 16 Officers.    If on the date of exercise the Employee is a Section 16 Officer, then for a period of at least 12 months
after the date of exercise, the Employee shall not sell, transfer, pledge, alienate or otherwise encumber the net shares of Stock (or any rights thereunder) received after payment of the Exercise Price and any

  
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required Stock withholding, other than by will or the laws of descent and distribution. 
 (e) Shares Subject to Insider Trading Policies.    Sales of shares of Stock will be subject to any Company policy regulating trading by Employees. 

 

	7.	 Miscellaneous. 

 (a) Binding Agreement; Written Amendments.    This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties. This Agreement and the
Plan constitute the entire agreement between the parties with respect to the Option, and supersede any prior agreements or understandings with respect to the Option. No amendment or alteration of this Agreement which may impose any additional
obligation upon the Company shall be valid unless expressed in a written instrument duly executed in the name of the Company, and no amendment, alteration, suspension or termination of this Agreement which materially impairs the rights of Employee
with respect to the Option shall be valid unless expressed in a written instrument executed by Employee. Any amendment, alteration, suspension or termination required by law or the terms of any Agreement to which the Company is a party, or necessary
to preserve or improve the tax status of the Option for the Employee shall be deemed not to materially impair the rights of the Employee with respect to the Option. 

(b) Adjustments; No Dividend Equivalents.    The number and/or type of shares of Stock and or
the Option Exercise Price shall be appropriately adjusted in order to prevent dilution or enlargement of Employee’s rights or economic benefits with respect to the Option or to reflect any changes in the number or type of outstanding shares of
Stock resulting from an event described in Section 12.05 of the Plan, as the Committee shall determine. Dividend Equivalents shall not be credited to the Option. 

(c) No Promise of Continued Employment.    The Option and the granting thereof shall not
constitute or be evidence of any agreement or understanding, express or implied, that Employee has a right to continue as an officer or employee of the Company for any period of time, or at any particular rate of compensation. 

(d) Governing Law.    The validity, construction, and effect of this agreement shall be
determined in accordance with the laws (including those governing contracts) of the state of Delaware, without giving effect to principles of conflicts of laws, and in accordance with applicable federal law. 

(e) Mandatory Tax Withholding.    Unless otherwise determined by the Committee, if and at the
time the Option becomes subject to tax, the Company will withhold from any shares deliverable in settlement of the Options a number of whole shares of Stock having a value nearest to, but not exceeding, the amount of income and employment taxes
required to be withheld under applicable laws and regulations, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. Employee will be responsible for any withholding taxes not satisfied by means of such
mandatory withholding and for all taxes in 

  
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 excess of such withholding taxes that may be due with respect to the Option
on exercise or otherwise. Employee will be responsible for any withholding taxes not satisfied by means of such mandatory withholding and for all taxes in excess of such withholding taxes that may be due with respect to the Option upon exercise or
otherwise. 
 (f) Notices.    Any notice to be given the Company under this Agreement
shall be addressed to the Company at its principal executive offices, in care of the Vice President, Shared Services: HR Financial Services, and any notice to the Employee shall be addressed to the Employee at Employee’s address as then
appearing in the records of the Company. 
 (g) No Shareholder Rights.    Employee
and any Beneficiary or Permitted Transferee shall not have any rights with respect to Stock (including voting rights) covered by this Agreement prior to the exercise of the Option and delivery of the shares of Stock in accordance with such exercise.

 Effective 3/1/11 

  
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