Document:

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                                                                   EXHIBIT 10.19

                          EXECUTIVE SEVERANCE AGREEMENT

      This Amended and Restated EXECUTIVE SEVERANCE AGREEMENT ("Agreement") is
dated as of DECEMBER 17, 2003 (the "Effective Date"). The parties to this
Agreement ("Parties") are PANHANDLE STATE BANK ("PSB"), and JOHN NAGEL
("Executive"). This Agreement has been ratified by INTERMOUNTAIN COMMUNITY
BANCORP ("IMCB"), the parent company of PSB.

A.    Executive is employed by PSB in a managerial capacity, presently holding
      the position of SENIOR VICE PRESIDENT, CREDIT ADMINISTRATION, PANHANDLE
      STATE BANK.

B.    PSB wishes to ensure the continued availability of Executive's services in
      the event of a change in the control of PSB, thereby allowing PSB to
      maximize the benefits obtainable from any such change. To that end, PSB
      desires to provide incentive for Executive's continued employment with
      PSB.

NOW THEREFORE, PSB and Executive agree as follows:

                                    AGREEMENT

1.    EFFECTIVE DATE AND TERM. As of the Effective Date, this Agreement shall be
      a binding obligation of the parties, not subject to revocation or
      amendment except by mutual consent or in accordance with its terms. The
      term of this Agreement ("Term") shall commence as of the Effective Date
      and shall expire upon Executive's termination of employment with PSB.
      Notwithstanding the preceding, if a definitive agreement providing for a
      Change in Control (defined below) is entered into (i) on or before the
      expiration of the Term or (ii) within twelve (12) months after Executive's
      involuntary termination other than for Cause, Disability, Retirement or
      death, then expiration of such Term shall be extended through the
      Severance Protection Period (defined below).

2.    COMMITMENT OF EXECUTIVE. In the event that any person extends any proposal
      or offer which is intended to or may result in a Change in Control,
      defined below (a "Change in Control Proposal"), Executive shall, at PSB's
      request, assist PSB and/or IMCB in evaluating such proposal or offer.
      Further, as a condition to receipt of the Severance Payment (defined
      below), Executive agrees not to voluntarily resign (including resignation
      for Good Reason) Executive's position with PSB during any period from the
      receipt of a specific Change in Control Proposal up to the consummation or
      abandonment of the transaction contemplated by such Proposal.

3.    SEVERANCE PAYMENT.

            a)    Payment Events. Subject to the requirements of Section 2 of
                  this Agreement, in the event of involuntary termination of
                  Executive's employment with PSB, other than for Cause,
                  Disability, Retirement,

<PAGE>

                  (each defined below) or death, or in the event of voluntary
                  termination for Good Reason (defined below), (i) within the
                  Severance Protection Period after a Change in Control, or (ii)
                  within twelve (12) months before a definitive agreement
                  providing for a Change in Control is entered into, PSB will
                  pay Executive a severance payment in the amount determined
                  pursuant to the next section ("Severance Payment"), payable on
                  the later of the date of termination or the effective date of
                  the Change in Control. The "Severance Protection Period" shall
                  be the period beginning on the effective date of the Change of
                  Control and continuing thereafter for twenty-four (24) months.

            b)    Amount of Payment. The Severance Payment shall be an amount
                  equal to the Payment Multiple (defined below) multiplied by
                  one-twelfth of Executive's compensation as reported on
                  Executive's IRS Form W-2 for the most recent calendar year
                  less compensation payable to Executive that was deferred or
                  carried over from prior years. In the event the Executive is
                  not employed for a full calendar year prior to the Change in
                  Control, the Severance Payment shall be an amount equal to the
                  Payment Multiple multiplied by one-twelfth of Executive's
                  annual base salary. The "Payment Multiple" shall be
                  twenty-four (24). The Severance Payment shall be reduced by an
                  amount equal to any compensation which would be reported on
                  Executive's IRS Form W-2 for the period following the Change
                  in Control; provided, however, the Severance Payment shall not
                  be reduced by the amount of any bonus or other compensation
                  received in the period following the Change in Control that is
                  based on Executive's performance during the period prior to
                  the Change in Control.

            c)    Limitation on Payment. Notwithstanding anything in this
                  Agreement to the contrary, the Severance Payment shall not
                  exceed an amount equal to One Dollar ($1.00) less that the
                  amount which would cause the payment, together with any other
                  payments received from PSB and/or IMCB to be a "parachute
                  payment" as defined in Section 280G(b)(2)(A) of the Internal
                  Revenue Code of 1986, as amended.

4.    DEFINITIONS

            a)    IMCB. "IMCB" means Intermountain Community Bancorp.

            b)    PSB. "PSB" means Panhandle State Bank. PSB is a wholly owned
                  subsidiary of IMCB.

            c)    Cause. "Cause means any one or more of the following:

                        1)    Willful misfeasance or gross negligence in the
                              performance of Executive's duties;

                        2)    Conviction of a crime in connection with such
                              duties; or

                        3)    Conduct demonstrably and significantly harmful to
                              the financial condition of the PSB and/or IMCB.

                                       2
<PAGE>

            c)    Change in Control. "Change in Control" shall mean any of the
                  following:

                        1)    Merger. IMCB merges into or consolidates with
                              another corporation, or merges another corporation
                              into IMCB, and as a result less than 50% of the
                              combined voting power of the resulting corporation
                              immediately after the merger or consolidation is
                              held by persons who were the holders of IMCB's
                              voting securities immediately before the merger or
                              consolidation;

                        2)    Acquisition of Significant Share Ownership. A
                              report on Schedule 13D or another form or schedule
                              (other than Schedule 13G) is filed or is required
                              to be filed under sections 13(d) or 14(d) of the
                              Securities Exchange Act of 1934, if the schedule
                              discloses that the filing person or persons acting
                              in concert has or have become the beneficial owner
                              of 25% or more of a class of IMCB's voting
                              securities, or if IMCB does not then have equity
                              securities registered under section 12 of the
                              Securities Exchange Act of 1934 a person or group
                              acting in concert has or have become the
                              beneficial owner of 25% or more of a class of
                              IMCB's voting securities, but this paragraph (2)
                              shall not apply to beneficial ownership of voting
                              shares of IMCB held in a fiduciary capacity by an
                              entity in which IMCB directly or indirectly
                              beneficially owns 50% or more of the outstanding
                              voting securities;

                        3)    Change in Board Composition. During any period of
                              two consecutive years, individuals who constitute
                              IMCB's board of directors at the beginning of the
                              two-year period cease for any reason to constitute
                              at least a majority thereof; provided, however,
                              that -- for purposes of this paragraph (c) -- each
                              director who is first elected by the board (or
                              first nominated by the board for election by
                              stockholders) by a vote of at least two-thirds
                              (2/3) of the directors who were directors at the
                              beginning of the period shall be deemed to have
                              been a director at the beginning of the two-year
                              period; or

                        4)    Sale of Assets. IMCB sells to a third party all or
                              substantially all of IMCB's assets. For this
                              purpose, sale of all or substantially all of
                              IMCB's assets includes sale of the shares or
                              assets of the PSB alone.

            d)    Change in Control Proposal. "Change in Control Proposal" has
                  the meaning assigned in Section 2 of this Agreement.

            e)    Disability. "Disability" means a physical or mental impairment
                  which renders Executive incapable of substantially performing
                  the essential functions of such Executive's position, and
                  which is expected to continue rendering Executive so incapable
                  for the reasonably foreseeable future, with or without
                  reasonable accommodation.

                                       3
<PAGE>

            f)    Retirement. "Retirement" shall mean voluntary termination by
                  Executive in accordance with PSB's retirement policies,
                  including early retirement, if applicable to their salaried
                  employees.

            g)    Good Reason. "Good Reason" shall mean any of the following:

                        1)    Substantial diminution of the Executive's duties
                              compared to the Executive's duties prior to the
                              Change in Control;

                        2)    Substantial diminution of the Executive's
                              compensation compared to the Executive's
                              compensation prior to the Change in Control;

                        3)    Significant relocation, where Significant means a
                              change of more than 60 miles (one way) in the
                              Executive's commute if the Executive does not
                              agree to move.

5.    NOT AN EMPLOYMENT AGREEMENT. Nothing in this Agreement, express or
      implied, is intended to confer upon Executive the right to employment with
      PSB. Accordingly, except with respect to the Severance Payment, this
      Agreement shall have no effect on the determination of any compensation
      payable by PSB to Executive, or upon any of the other terms of Executive's
      employment with PSB. The specific arrangements referred to herein are not
      intended to exclude any other benefits which may be available to Executive
      upon a termination of employment with PSB pursuant to employee benefit
      plans of PSB or otherwise.

6.    WITHHOLDING. All payments required to be made by PSB hereunder to
      Executive shall be subject to the withholding of such amounts, if any,
      relating to tax and other payroll deductions as PSB may reasonably
      determine should be withheld pursuant to any applicable law or regulation.

7.    ASSIGNABILITY. PSB may assign the Agreement and its rights hereunder in
      whole, but not in part, to any corporation, bank or other entity with or
      into which PSB may hereafter merge or consolidate or to which PSB may
      transfer all or substantially all of its assets, if in any such case said
      corporation, bank or other entity shall by operation of law or expressly
      in writing assume all obligations of PSB hereunder as fully as if it had
      been originally made a party hereto, but may not otherwise assign this
      Agreement or its rights hereunder. Executive may not assign or transfer
      this Agreement or any rights or obligations hereunder.

8.    ENTIRE AGREEMENT. This agreement constitutes the entire understanding
      between the parties concerning its subject matter and supersedes all prior
      agreements, including that certain agreement between Executive and PSB
      dated May 23, 2001. Accordingly, Executive specifically waives the terms
      of and all of Executive's rights under any severance provisions of any
      employment and/or change-in-control agreements, whether written or oral,
      previously entered into with PSB and/or IMCB.

9.    GENERAL PROVISIONS.

                                       4
<PAGE>

            a)    Choice of Law. This Agreement is made with reference to and is
                  intended to be construed in accordance with the laws of the
                  State of Idaho.

            b)    Arbitration. Any dispute, controversy or claim arising out of
                  or in connection with, or relating to, this Agreement or any
                  breach or alleged breach hereof, shall, upon the request of
                  any party involved, be submitted to, and settled by,
                  arbitration pursuant to the rules then in effect of the
                  American Arbitration Association (or under any other form of
                  arbitration mutually acceptable to the parties so involved).
                  Any award rendered shall be final and conclusive upon the
                  parties and a judgment thereon may be entered in the highest
                  court of the forum having jurisdiction. The arbitrator shall
                  render a written decision, naming the substantially prevailing
                  party in the action, and shall award such party all costs and
                  expenses incurred, including reasonable attorneys' fees.

            c)    Attorney Fees. In the event of any breach of or default under
                  this Agreement which results in either party incurring
                  attorney or other fees, costs or expenses (including in
                  arbitration), the prevailing party shall be entitled to
                  recover from the non-prevailing party any and all such fees,
                  costs and expenses, including attorneys' fees.

            d)    Successors. This Agreement shall bind and inure to the benefit
                  of the Parties and each of their respective affiliates, legal
                  representatives, heirs, successors and assigns.

            e)    Amendment. This Agreement may be amended only in a writing
                  signed by the Parties.

            f)    Headings. The headings of sections of this Agreement have been
                  included for convenience of reference only. They shall not be
                  construed to modify or otherwise affect in any respect any of
                  the provisions of the Agreement.

EXECUTED by each of the Parties effective as of the date first stated above.

PSB                                          Executive
Panhandle State Bank                         Sr. Vice President
                                             Credit Administration

By: /s/ Curt Hecker                          /s/ John Nagel
    ---------------------------------        ------------------------
    Chief Executive Officer      Date        John Nagel           Date

AGREED TO AND RATIFIED by:

                                       5
<PAGE>

IMCB
Intermountain Community Bancorp

By: /s/ Curt Hecker
    ---------------------------
    President & CEO      Date

                                       6
<PAGE>

                FIRST AMENDMENT OF EXECUTIVE SEVERANCE AGREEMENT

      This First Amendment of Executive Severance Agreement (the "Amendment") is
made and entered into as of March 24, 2004. The parties to this Amendment (the
"Parties") are PANHANDLE STATE BANK, an Idaho state-chartered bank ("PSB") and
JOHN NAGEL ("Executive"). This Amendment has been ratified by INTERMOUNTAIN
COMMUNITY BANCORP ("IMCB"), the parent company of PSB.

                                    RECITALS

      A. The Parties entered into an Executive Severance Agreement dated as of
December 17, 2003 (the "Agreement"), which Agreement governs certain terms of
Executive's employment in connection with a potential Change in Control of PSB
and/or IMCB.

      B. Among other things, the Agreement addresses the Severance Payment to be
received by Executive in the event of a Change in Control. The Agreement sets
forth a formula for determining the amount of the Severance Payment. Since the
Employment Agreement was executed, the Parties have determined that the formula
set forth in the Agreement does not accurately reflect the Parties' intent.

      C. In order to manifest the Parties' intent regarding the Severance
Payment, the Parties wish to amend the terms of the Agreement as set forth in
this Amendment. Unless otherwise defined in this Amendment, capitalized terms
used in this Amendment have the meanings assigned to them in the Agreement.

                               TERMS OF AMENDMENT

      In consideration of the foregoing, the Parties agree as follows:

      1. Section 3 of the Agreement is amended by deleting subsection (b) in its
entirety and inserting the following in its place:

            Amount of Payment. The Severance Payment shall be an amount equal to
      two (2) times the average of the total base compensation and short term
      bonus received by Executive for each of the two most recent calendar
      years.

      2. This Amendment may be executed in one or more counterparts, each of
will be deemed an original, but all of which taken together will constitute one
and the same document.

                                      F-1
<PAGE>

Dated as of March 24, 2004.

PSB                                      EXECUTIVE
Panhandle State Bank,                    John Nagel
an Idaho State Chartered Bank            Senior Vice President
                                         Credit Administration

/s/ Curt Hecker                          /s/ John Nagel
-----------------------                  ------------------
Curt Hecker                              John Nagel
Chief Executive Officer

AGREED TO AND RATIFIED by:

IMCB
Intermountain Community Bancorp

/s/ Curt Hecker
-----------------------------------
Curt Hecker
President & Chief Executive Officer

                                       2
<PAGE>

                SECOND AMENDMENT OF EXECUTIVE SEVERANCE AGREEMENT

      This SECOND AMENDMENT OF EXECUTIVE SEVERANCE AGREEMENT (this "Amendment")
is dated as of this 4th day of March, 2005 by and among John Nagel, Senior Vice
President and Chief Credit Officer (the "Executive") of Panhandle State Bank, an
Idaho bank (the "Bank") and wholly owned subsidiary of Intermountain Community
Bancorp, Inc., an Idaho corporation ("Intermountain").

      WHEREAS, the Executive, Intermountain, and the Bank entered into an
Executive Severance Agreement dated as of December 17, 2003 (as amended by the
First Amendment of Executive Severance Agreement dated as of March 24, 2004, the
"Executive Severance Agreement"), which provides for payment of severance to the
Executive if he is terminated involuntarily but without cause within 24 months
after a change in control or within 12 months before a definitive agreement for
a change in control is entered into, or if the executive voluntarily terminates
his employment for good reason during those periods,

      WHEREAS, the parties desire now to amend certain provisions of the
Executive Severance Agreement, consistent with the terms of section 9(e) of that
agreement, and

      WHEREAS, the parties intend that the amendments of the Executive Severance
Agreement made by this Amendment shall become effective immediately, and that
the Executive Severance Agreement shall, as amended, remain in full force and
effect according to its terms.

      NOW THEREFORE, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows.

      1. DELETION OF THE ARBITRATION CLAUSE AND LEGAL FEE CLAUSE IN SECTIONS
9(b) AND 9(c); REPLACEMENT WITH A NEW LEGAL FEE REIMBURSEMENT CLAUSE. Paragraph
(b) of section 9 of the Executive Severance Agreement, captioned "Arbitration,"
and paragraph (c) of section 9, captioned "Attorney Fees," shall be deleted in
their entirety and replaced by a new paragraph (b), captioned "Payment of Legal
Fees." The deleted paragraphs (b) and (c) are as follows -

      b)    Arbitration. Any dispute, controversy or claim arising out of or in
            connection with, or relating to, this Agreement or any breach or
            alleged breach hereof, shall, upon the request of any party
            involved, be submitted to, and settled by, arbitration pursuant to
            the rules then in effect of the American Arbitration Association (or
            under any other form of arbitration mutually acceptable to the
            parties so involved). Any award rendered shall be final and
            conclusive upon the parties and a judgment thereon may be entered in
            the highest court of the forum having jurisdiction. The arbitrator
            shall render a written decision, naming the substantially prevailing
            party in the action, and shall award such party all costs and
            expenses incurred, including reasonable attorneys' fees.

      c)    Attorney Fees. In the event of any breach of or default under this
            Agreement which results in either party incurring attorney or other
            fees, costs or expenses (including in arbitration), the prevailing
            party shall be entitled to recover from the non-prevailing party any
            and all such fees, costs and expenses, including attorneys' fees.

<PAGE>

      The deleted paragraphs (b) and (c) of section 9 shall be replaced by new
paragraph (b), as follows -

      b)    Payment of Legal Fees. PSB and IMCB are aware that after a Change in
            Control management could cause or attempt to cause PSB and IMCB to
            refuse to comply with the obligations under this Agreement, or could
            institute or cause or attempt to cause PSB or IMCB to institute
            litigation seeking to have this Agreement declared unenforceable, or
            could take or attempt to take other action to deny Executive the
            benefits intended under this Agreement. In these circumstances the
            purpose of this Agreement would be frustrated. It is PSB's and
            IMCB's intention that the Executive not be required to incur the
            expenses associated with the enforcement of his rights under this
            Agreement, whether by litigation or other legal action, because the
            cost and expense thereof would substantially detract from the
            benefits intended to be granted to the Executive hereunder. It is
            PSB's and IMCB's intention that the Executive not be forced to
            negotiate settlement of his rights under this Agreement under threat
            of incurring expenses. Accordingly, if after a Change in Control
            occurs it appears to the Executive that (a) either of PSB or IMCB
            has failed to comply with any of its obligations under this
            Agreement, or (b) either of PSB or IMCB or any other person has
            taken any action to declare this Agreement void or unenforceable, or
            instituted any litigation or other legal action designed to deny,
            diminish, or to recover from the Executive the benefits intended to
            be provided to the Executive hereunder, PSB and IMCB irrevocably
            authorize the Executive from time to time to retain counsel of his
            choice, at PSB's and IMCB's expense as provided in this paragraph
            (b), to represent the Executive in connection with the initiation or
            defense of any litigation or other legal action, whether by or
            against PSB or IMCB or any director, officer, stockholder, or other
            person affiliated with PSB or IMCB, in any jurisdiction.
            Notwithstanding any existing or previous attorney-client
            relationship between PSB or IMCB and any counsel chosen by the
            Executive under this paragraph (b), PSB and IMCB irrevocably consent
            to the Executive entering into an attorney-client relationship with
            that counsel, and PSB and IMCB and the Executive agree that a
            confidential relationship shall exist between the Executive and that
            counsel. The fees and expenses of counsel selected from time to time
            by the Executive as provided in this section shall be paid or
            reimbursed to the Executive by PSB or IMCB on a regular, periodic
            basis upon presentation by the Executive of a statement or
            statements prepared by such counsel in accordance with such
            counsel's customary practices, up to a maximum aggregate amount of
            $250,000, whether suit be brought or not, and whether or not
            incurred in trial, bankruptcy, or appellate proceedings. PSB's and
            IMCB's obligation to pay the Executive's legal fees provided by this
            paragraph (b) operates separately from and in addition to any legal
            fee reimbursement obligation PSB or IMCB may have with the Executive
            under any separate severance, employment, salary continuation, or
            other agreement. Anything in this paragraph (b) to the contrary
            notwithstanding however, PSB and IMCB shall not be required to pay
            or reimburse the Executive's legal expenses if doing so would
            violate section 18(k) of the Federal Deposit Insurance Act [12
            U.S.C. 1828(k)] and Rule 359.3 of the Federal Deposit Insurance
            Corporation [12 CFR 359.3].

      Paragraphs (d) through (f) of section 9 of the Executive Severance
Agreement shall remain in full force and effect, except that they shall be
redesignated paragraphs (c) through (e).

      2. COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of will be deemed an original, but all of which taken
together will constitute one and the same document.

<PAGE>

      IN WITNESS WHEREOF, this Second Amendment of Executive Severance Agreement
has been executed by John Nagel, Intermountain Community Bancorp, Inc., and
Panhandle State Bank as of the date first written above.

EXECUTIVE                               PANHANDLE STATE BANK

/s/ John Nagel                          By: /s/ Curt Hecker
---------------------                       --------------------
John Nagel                                  Curt Hecker
                                        Its: Chief Executive Officer

                                        INTERMOUNTAIN COMMUNITY BANCORP, INC.

                                        By: /s/ Curt Hecker
                                            -----------------------
                                            Curt Hecker

                                        Its: President and Chief Executive
                                             Officer<PAGE>
                                                                   Exhibit 10.43

                    FORM OF RESTRICTED STOCK GRANT AGREEMENT

                                     [DATE]

[GRANTEE
[ADDRESS]

             Re:    SEABRIGHT INSURANCE HOLDINGS, INC. GRANT OF RESTRICTED STOCK

Dear [GRANTEE]:

     SeaBright Insurance Holdings, Inc. (the "Company") is pleased to advise you
that, pursuant to the Company's 2005 Long-Term Equity Incentive Plan (the
"Plan"), the Company's Compensation Committee has granted to you shares of the
Company's Common Stock, par value $0.01 per share, as set forth below (the
"Restricted Shares"), subject to the terms and conditions set forth herein.
Capitalized terms used herein but not defined herein shall have the meanings
ascribed to such terms in the Plan.

Original Grant Date:
                                                       ----------

                                                       ----------
Total Number of Restricted Shares:

                                           DATE          NUMBER
                                         ---------     ----------
Vesting Dates and Number
of Restricted Shares that shall vest:
                                         ---------     ----------

     1. Conformity with Plan. The grant of Restricted Shares is intended to
conform in all respects with, and is subject to all applicable provisions of,
the Plan (which is incorporated herein by reference). Inconsistencies between
this Agreement and the Plan shall be resolved in accordance with the terms of
the Plan. By executing and returning the enclosed copy of this Agreement, you
acknowledge your receipt of this Agreement and the Plan and agree to be bound by
all of the terms of this Agreement and the Plan.

     2. Rights of Participants. Nothing in this Agreement shall interfere with
or limit in any way the right of the Company or its stockholders to terminate
your duties as a director at any time (with or without Cause), nor confer upon
you any right to continue as a director of the Company for any period of time,
or to continue your present (or any other) rate of compensation.

     3. Remedies. The parties hereto shall be entitled to enforce their rights
under this Agreement specifically, to recover damages by reason of any breach of
any provision of this Agreement and to exercise all other rights existing in
their favor. The parties hereto acknowledge and agree that money damages would
not be an adequate remedy for any breach of the provisions of this Agreement and
that any party hereto may, in its sole discretion, apply to any court of law or
equity of competent jurisdiction for specific performance and/or injunctive
relief (without posting bond or other security) in order to enforce or prevent
any violation of the provisions of this Agreement.

     4. Successors and Assigns. Except as otherwise expressly provided herein,
all covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall bind and inure to the benefit of the respective
successors and permitted assigns of the parties hereto whether so expressed or
not.

     5. Severability. Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of
such prohibition or invalidity, without invalidating the remainder of this
Agreement.

     6. Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, each of which shall constitute an original, but all of which
taken together shall constitute one and the same Agreement.

     7. Descriptive Headings. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement.

     8. Governing Law. THE VALIDITY, CONSTRUCTION, INTERPRETATION,
ADMINISTRATION AND EFFECT OF THE PLAN, AND OF ITS RULES AND REGULATIONS, AND
RIGHTS RELATING TO THE PLAN AND TO THIS AGREEMENT, SHALL BE GOVERNED BY THE
SUBSTANTIVE LAWS, BUT NOT THE CHOICE OF LAW RULES, OF THE STATE OF DELAWARE.

     9. Notices. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement shall be in
writing and shall be deemed to have been given when delivered personally or
mailed by certified or registered mail, return receipt requested and postage
prepaid, to the recipient. Such notices, demands and other communications shall
be sent to you at the address appearing on the first page of this Agreement and
to the Company at SeaBright Insurance Holdings, Inc., 2101 4th Avenue, Suite
1600, Seattle, WA 98121, Attn: Chief Financial Officer, or to such other address
or to the attention of such other person as the recipient party has specified by
prior written notice to the sending party.

     10. Entire Agreement. This Agreement and the terms of the Plan constitute
the entire understanding between you and the Company, and supersede all other
agreements, whether written or oral, with respect to your Restricted Shares.

                                    * * * * *

               SIGNATURE PAGE TO RESTRICTED STOCK GRANT AGREEMENT

     Please execute the extra copy of this Agreement in the space below and
return it to the Chief Financial Officer at SeaBright Insurance Holdings, Inc.
to confirm your understanding and acceptance of the agreements contained in this
Agreement.

                                        Very truly yours,

                                        SeaBright Insurance Holdings, Inc.

                                        By:
                                                --------------------------------
                                        Name:
                                                --------------------------------
                                        Title:
                                                --------------------------------

Enclosures:       1.    Extra copy of this Agreement
                  2.    Copy of the Plan

     The undersigned hereby acknowledges having read this Agreement and the Plan
and hereby agrees to be bound by all provisions set forth herein and in the
Plan.

Dated as of [DATE]

                                        ----------------------------------------
                                        [GRANTEE]

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