Document:

Exhibit 10.12

 

JAMES RIVER GROUP HOLDINGS, LTD.

2014 LONG-TERM INCENTIVE PLAN

 

NONQUALIFIED SHARE OPTION AGREEMENT

This SHARE OPTION AGREEMENT (this “Agreement”),
dated as of the Grant Date set forth in Schedule A, attached hereto and incorporated herein by reference, is made by and between
James River Group Holdings, Ltd., an exempted company registered under the laws of Bermuda (the “Company”),
and the Optionee listed in Schedule A.

 

R E C I T A L S :

 

WHEREAS, the Company has adopted the James River
Group Holdings, Ltd. 2014 Long-Term Incentive Plan (the “Plan”); and

 

WHEREAS, the Company desires to grant to the Optionee
an option (the “Option”) to purchase a number of Shares of the Company pursuant to the Plan and on the terms
and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the Company and the Optionee hereby agree as follows:

 

Section 1.          Grant
of Option. The Company hereby grants to the Optionee, pursuant to the Plan and on the terms and conditions set forth herein,
an Option to purchase the number of Shares set forth in Schedule A, at the purchase price per Share as set forth in Schedule A
(the “Exercise Price”), payable on exercise as set forth below. It is intended that this option shall be a nonstatutory
share option and shall not be treated as an incentive stock option under Section 422 of the Internal Revenue Code of 1986,
as amended.

 

Section 2.          Vesting
and Termination.

 

(a)          The
Option hereby granted shall vest, and to the extent vested, may be exercised in whole or in part, as set forth on Schedule A,
attached hereto, subject to all other terms and conditions of this Agreement and the Plan. Notwithstanding anything herein or in
the Plan to the contrary, no Option granted to the Optionee shall be exercisable until vested as set forth on Schedule A,
attached hereto.

 

(b)          Any
unexercised portion of the Option as of the date of Optionee’s termination of service for Cause will be terminated and forfeited
without consideration immediately upon the Optionee’s termination.

 

(c)          Any
vested portion of the Option as of the date of Optionee’s termination of service (other than by reason of death or Disability
or for Cause) shall remain exercisable only until the earlier of the Expiration Date (as defined below) or ninety (90) days following
the date

 

    	 

    	 

    

 

of the Optionee’s termination. If, on the
date of termination of service, the Optionee is not vested as to his or her entire Option, the Optionee shall forfeit the unvested
portion of the Option without consideration. If, after termination of service, the Optionee does not exercise his or her Option
within the time specified, the Option shall terminate and be forfeited.

 

(d)          Any
vested portion of the Option on the date of Optionee’s termination of service as a result of Disability shall remain exercisable
only until the earlier of the Expiration Date (as defined below) or 12 months following the date after Optionee’s termination
of service. If, on the date of termination of service as a result of Disability, the Optionee is not vested as to his or her entire
Option, the Optionee shall forfeit the unvested portion of the Option without consideration. If, after termination, the Optionee
does not exercise his or her Option within the time specified herein, the Option shall terminate and be forfeited.

 

(e)          Any
vested portion of the Option on the Optionee’s date of termination of service as a result of death shall remain exercisable
only until the earlier of the Expiration Date (as defined below) or 12 months following the date of Optionee’s termination
of service. If, at the time of death, the Optionee is not vested as to the entire Option, the Optionee shall forfeit the unvested
portion of the Option without consideration. If the Option is not so exercised within the time specified herein, the Option shall
terminate and be forfeited.

 

Section 3.          Term
of Option. Unless earlier terminated pursuant to the other provisions herein or in Schedule A, the Option hereby granted shall
terminate at the close of business on the date set forth in Schedule A (the “Expiration Date”).

 

Section 4.          Manner
of Exercise. To exercise the Option, the Optionee shall provide written or electronic notice of such exercise, in such form
as the Committee shall require, to the Chief Financial Officer of the Company at the Company’s then principal executive office,
or by email to InvestorRelations@jrgh.net. The notice shall specify the number of Shares for which the Option is being exercised
and shall be accompanied by a payment to the Company in cash or other consideration as may be permitted by the Committee under
the Plan or pursuant to a net exercise, to the extent and in the manner permitted by the Committee, equal to the product of (i)
the exercise price and (ii) the number of Shares to be purchased at that time, plus the amount of any withholding taxes due upon
the purchase of such number of Shares (the “Aggregate Exercise Price”), unless the Committee shall have consented
to the making of other arrangements with the Optionee. Until the Company shall have received the Aggregate Exercise Price, the
Company will not be required to effect the option exercise on behalf of the Optionee.

 

Section 5.          Transferability.
The Option may only be transferred by will or the laws of descent and distribution and may be exercised during the Optionee’s
lifetime only by the Optionee.

 

Section 6.          Shares
Subject to Exercise Notice. This Option and all Shares received upon exercise of this Option shall be subject to all the restrictions,
terms and conditions of the notice of exercise, in such form as the Committee shall require.

 

Section 7.          Withholding
Taxes. At the time of the exercise of all or any part of this Option, the Optionee shall pay to the Company (or otherwise make
arrangements

 

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satisfactory to the Board for the payment of)
the minimum statutory amount of the Federal, state and local and foreign income and employment taxes required, in the Company’s
sole judgment, to be collected or withheld with respect to the exercise of the Option. Such amount shall be paid to the Company
in cash or such other payment, including pursuant to a net exercise program, to the extent permitted by the Committee, in its sole
discretion.

 

Section 8.          No
Right to Employment. Nothing contained herein shall be construed to confer on the Optionee any right to continue as an employee
or other service provider of the Company or to derogate from any right of the Company to retire, request the resignation of or
discharge the Optionee, or to lay off or require a leave of absence of the Optionee, with or without pay, at any time, with or
without Cause.

 

Section 9.          Entire
Agreement. This Agreement and the Plan contain the entire agreement between the parties hereto with respect to the matters
contemplated herein and supersede all prior agreements or understandings among the parties related to such matters.

 

Section 10.        Binding
Effect. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon and inure to the benefit
of the Company and its successors and assigns and upon the Optionee and his or her assigns, heirs, executors, administrators and
legal representatives.

 

Section 11.        Amendment
or Modification; Waiver. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms
or covenants hereof may be waived, only by a written instrument executed on behalf of the Company (as authorized by the Board)
and the Optionee.

 

Section 12.        Governing
Law. This Agreement shall be construed and enforced in accordance with the internal laws of New York, except for those matters
subject to The Companies Act, 1981 of Bermuda (as amended), which shall be governed by such law, without giving effect to principles
of conflicts of laws, and construed accordingly.

 

Section 13.        Defined
Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Plan.

 

Section 14.        The
Plan. The Optionee acknowledges having received a copy of the Plan. The Option herein granted is subject to all of the terms
and provisions of the Plan, all of which are hereby incorporated herein by reference. In the event of any inconsistency between
the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.

 

[Remainder of Page Intentionally Blank; Signature
Page Follows]

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IN WITNESS WHEREOF, the parties hereto have executed
this Nonqualified Share Option Agreement as of __________________ ____, 20__.

 

	 	JAMES RIVER GROUP HOLDINGS, LTD.
	 	 
	 	 
	 	By:
	 	Title:
	 	 
	 	OPTIONEE:
	 	 
	 	 

 

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JAMES RIVER GROUP HOLDINGS, LTD. 2014 LONG-TERM INCENTIVE PLAN

 

NONQUALIFIED SHARE OPTION AGREEMENT

 

SCHEDULE A

 

	Name of Optionee:	_________________________
	 	 
	Grant Date:	___________ __, 20__
	 	 
	Number of Shares	 
	subject to Option:	____________________ Shares
	 	 
	Exercise Price:	________________________
	 	 
	Expiration Date:	_____________ years following the Grant Date
	 	 
	Vesting Terms:	 
	 	 
	 	The Shares to which this Option relates shall be subject to the following vesting schedule.

 

    	5Exhibit 10.13

 

JAMES RIVER GROUP HOLDINGS, LTD.

2014 LONG-TERM INCENTIVE PLAN

 

RESTRICTED SHARE AWARD AGREEMENT

 

This RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”),
dated as of the Grant Date set forth in Schedule A, attached hereto and incorporated herein by reference, is made by and
between James River Group Holdings, Ltd., an exempted company registered under the laws of Bermuda (the “Company”),
and the Grantee listed in Schedule A.

 

R E C I T A L S :

 

WHEREAS, the Company has adopted the James River
Group Holdings, Ltd. 2014 Long-Term Incentive Plan (the “Plan”); and

 

WHEREAS, the Company desires to grant to the Grantee
Restricted Shares of the Company pursuant to the Plan and on the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and adequacy of which is hereby acknowledged, the Company and the Grantee hereby agree as follows:

 

Section 1.          Grant
of Restricted Shares. The Company hereby grants to the Grantee, pursuant to the Plan and on the terms and conditions set forth
herein, the number of Shares of Restricted Shares set forth in Schedule A.

 

Section 2.          Vesting
and Restrictions.

 

(a)          The
Restricted Shares will vest and the restrictions set forth in paragraph (b) will lapse, in accordance with the Vesting Schedule
set forth on Schedule A, attached hereto, subject to all other terms and conditions of this Agreement and the Plan.

 

(b)          During
the Restriction Period, the Restricted Shares are subject to forfeiture and may not be sold, assigned, transferred, exchanged or
otherwise encumbered by Grantee. The Restriction Period begins on the Grant Date and ends on the applicable Vesting Date (the “Restriction
Period”). To enforce these restrictions, the Company may elect to have the Restricted Shares held in electronic or other
book form in an account with the Company, its transfer agent, or other designee until the restrictions have lapsed or until this
Agreement is no longer in effect. If Company instead issues the Restricted Shares in certificate form, the certificates will include
appropriate restrictive legends regarding restrictions on transfer and compliance with securities law requirements, as determined
by the Company, and will be held in the Company’s custody until the restrictions have lapsed or this Agreement is no longer
in effect.

 

    	 

    	 

    

 

Section 3.          Termination
of Continuous Service and Forfeiture

 

(a)          Except
as provided otherwise in this Agreement or the Plan, upon termination of Grantee’s Continuous Service for any reason, all
Restricted Shares that are not vested shall immediately be forfeited. Upon forfeiture of Restricted Shares, the share certificates,
if any, will be returned to the Company and Grantee will have no further rights with respect to those Shares, including any rights
to vote the Shares or receive dividends.

 

Section 4.          Shareholder
Rights. Subject to any limitations set forth on Schedule A, attached hereto, Grantee shall be entitled to exercise full
voting rights and receive all dividends and other distributions paid with respect to the Restricted Shares held by Grantee pursuant
to this Award.

 

Section 5.          Tax
Consequences. Grantee may incur tax liability as a result of the grant or vesting of the Restricted Shares, the
payment of dividends, or the disposition of the vested Shares, if any. Grantee is advised to consult with his or her own tax adviser
for tax advice. Grantee is responsible for any taxes arising in connection with this Agreement and the Plan.

 

Section 6.          83(b)
Election. Grantee may file with the Internal Revenue Service, within 30 days of the Grant Date, an irrevocable election pursuant
to Section 83(b) of the Code to be taxed as of the Grant Date on the amount by which the Fair Market Value of the Restricted Shares
on the Grant Date exceeds the amount paid for the Shares, if any. In the event Grantee chooses to file an election under Section
83(b) of the Code, Grantee agrees to promptly deliver a copy of his or her election to the Chief Financial Officer of the Company
at the Company’s then principal executive office, or by email to InvestorRelations@jrgh.net.

 

Section 7.          No
Right to Continued Service. Nothing contained herein shall be construed to confer on the Grantee any right to continue in service
with the Company or to derogate from any right of the Company to retire, request the resignation of or discharge the Grantee, or
to require a leave of absence of the Grantee, with or without pay, at any time, with or without Cause.

 

Section 8.          Entire
Agreement. This Agreement and the Plan contain the entire agreement between the parties hereto with respect to the matters
contemplated herein and supersede all prior agreements or understandings among the parties related to such matters.

 

Section 9.          Binding
Effect. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon and inure to the benefit
of the Company and its successors and assigns and upon the Grantee and his or her assigns, heirs, executors, administrators and
legal representatives.

 

Section 10.        Amendment
or Modification; Waiver. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms
or covenants hereof may be waived, only by a written instrument executed on behalf of the Company (as authorized by the Board)
and the Grantee.

 

Section 11.        Governing
Law. This Agreement shall be construed and enforced in accordance with the internal laws of New York, except for those matters
subject to The

 

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Companies Act, 1981 of Bermuda (as amended), which
shall be governed by such law, without giving effect to principles of conflicts of laws, and construed accordingly.

 

Section 12.        Withholding
Taxes. With respect to employees subject to withholding, the Company has the right to deduct from any payments otherwise due
to Grantee any employer required minimum Federal, state, or local taxes, domestic or foreign, of any kind required by law upon
the issuance, vesting, or payment of any Restricted Shares or dividends. At the time of any such issuance, vesting, or payment,
Grantee shall pay to the Company (or otherwise make arrangements satisfactory to the Committee for the payment of) the minimum
statutory amount of the Federal, state and local, domestic and foreign taxes required, in the Company’s sole judgment, to
be collected or withheld. Such amount may be paid to the Company in cash or such other payment, including the Company’s withholding
of Shares otherwise issuable to Grantee or the Grantee’s delivery of unrestricted Shares to the Company, to the extent permitted
by the Committee, in its sole discretion.

 

Section 13.        Defined
Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Plan.

 

Section 14.        The
Plan. The Grantee acknowledges having received a copy of the Plan. The Restricted Shares herein granted are subject to all
of the terms and provisions of the Plan, all of which are hereby incorporated herein by reference. In the event of any inconsistency
between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.

 

[Remainder of Page Intentionally Blank; Signature
Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed
this Restricted Shares Award Agreement as of __________________ ____, 20__.

 

	 	 
	 	JAMES RIVER GROUP HOLDINGS, LTD.
	 	 
	 	By:	 
	 	Title:	 
	 	 
	 	GRANTEE:
	 	 
	 	 

 

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JAMES RIVER GROUP HOLDINGS, LTD. 2014 LONG-TERM
INCENTIVE PLAN 

 

RESTRICTED SHARE AWARD AGREEMENT

 

SCHEDULE A

 

	Name of Grantee:	______________________
	 	 
	Grant Date:	___________ __, 20__
	 	 
	Vesting Terms:	The Restricted Shares to which this Award relates shall be subject to the following vesting provisions:
	 	 
	Shareholder Rights Limitations:	 

 

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