Document:

EX-10.1

EXHIBIT 10.1

NATIONAL ATLANTIC HOLDINGS CORPORATION

EMPLOYEE STOCK OPTION AGREEMENT

This Agreement, made this       of      by and between National Atlantic
Holdings Corporation, a corporation organized under the laws of the State of New Jersey (the
“Company”), and       (the “Optionee”).

WITNESSETH THAT:

WHEREAS, the Optionee is an employee of the Company or one of the Company’s Subsidiary
Companies (“Subsidiary Companies”) whose services are, in the opinion of the management of the
Company, important to the continued future financial success of the Company, and

WHEREAS, the Company desires to create an opportunity for the Optionee to invest in the stock
of the Company upon favorable terms in order to give the Optionee a proprietary interest in the
Company, in order to ally the Optionee’s interests more closely with those of the Company, and in
order to help secure to the Company the continued availability of the Optionee’s services.

NOW THEREFORE, the parties hereto agree as follows:

1. The Company hereby grants to the Optionee the option (“Option”) to purchase from the
Company up to but not exceeding in the aggregate       shares of the no par value Class
B Nonvoting Common Stock of the Company (hereinafter referred to as the “Shares”) at a price of
$      per Share, subject to the following terms and conditions.

2. This Option is not immediately exercisable. This Option shall not become exercisable until
the earliest to occur of the following events:

(a) Three (3) years from the Date of Issuance;

(b) The Date of Retirement of the Participant or, in the case of a Director of the
Company or a Subsidiary Company, the date of expiration of the Director’s term;

(c) The Date of a Change of Control; or

(d) Upon the date of an offering of shares in the Company and/or any of its
affiliates through an initial public offering in which the securities of the
Company and/or any of its affiliates are registered under the Securities Act of
1933, as amended.

3. The Option hereby granted shall terminate and be of no force and effect upon the happening
of the first of the following events:

(a) At the expiration of ten (10) years from the date of this agreement;

(b) At the termination of the Optionee’s employment with both the Company and a
Subsidiary Company for any reason other than death, with or without cause,
provided, however, that if the Optionee dies while in the employ of the Company,
subparagraph (c) hereof shall apply; or

(c) At the expiration of ninety (90) days after the date of death of the Optionee
if the Optionee dies while in the employ of the Company.

4. Subject to the limitations set forth hereinabove, this Option may be exercised by written
notice mailed to the Company at 4 Paragon Way, Freehold, New Jersey 07728, which shall (a) state
the number of Shares with respect to which the Option is being exercised, and (b) be accompanied by
a check, cash, or money order in the full amount of the purchase price.

5. This Option is not transferable. The Optionee’s rights under this agreement are personal.
No pledge, encumbrance, hypothecation, assignment or transfer of the Optionee’s rights under and
interest in this Option may be made other than by will or by operation of the laws of descent and
distribution. This Option is exercisable during the lifetime of the Optionee only by the Optionee,
and after the Optionee’s death (in cases where paragraph 3(c) hereof is applicable) only by the
Optionee’s legal representative, duly confirmed by the court having jurisdiction over the
Optionee’s succession.

6. Any Shares acquired by the Optionee through the exercise of this Option shall be subject to
the conditions, limitations and restrictions set forth in the National Atlantic Holdings
Corporation Nonstatutory Stock Option Plan (the “Plan”) and the Share Repurchase Agreement dated
     , entered into by the Optionee and the Company (the “Share Repurchase
Agreement”).

The Optionee hereby acknowledges and agrees that: a copy of each of the Plan and of the Share
Repurchase Agreement has been provided to him/her/it; he/she/it is fully familiar with the terms,
conditions and limitations of the Plan and the Share Repurchase Agreement; such terms, conditions
and limitations are reasonable and appropriate; and such terms, conditions and limitations shall
affect and limit all Shares into which the Option granted hereunder is convertible.

7. The provisions of this agreement shall apply to the Shares that the Optionee or his or her
heirs or permitted transferees may at any time acquire under or by reason of this agreement. The
provisions of this agreement shall inure to, and be binding upon, the heirs, executors,
administrators, successors, and assigns of the parties hereto. The parties hereto agree that all
certificates representing the Shares at any time issued to the Optionee pursuant to an exercise of
this Option shall bear a legend as set forth in the Plan and the Share Repurchase Agreement. Any
transfer or encumbrance of the Shares is expressly subject to the terms of this agreement and any
purported transfer, pledge, hypothecation or encumbrance of the Shares in violation of this
agreement shall be void.

8. This Option is subject in all respects to the terms and provisions of the Plan, which has
been adopted by the Company and is incorporated herein by reference and the Share Repurchase
Agreement.

9. This Option may not be exercised if the issuance of the Shares upon such exercise would
constitute a violation of any applicable Federal or state securities or other law or valid
regulation. The Optionee, as a condition to his or her exercise of this Option, shall represent to
the Company that the Shares that he or she acquires under this Option are being acquired by him or
her for investment and not with the present view to distribution or resale, unless counsel for the
Company is then of the opinion that such a representation is not required under the Securities Act
of 1933 or any other applicable law, regulation, or rule of any governmental agency.

10. The Optionee acknowledges receipt of a copy of the Plan, a copy of which is annexed
hereto, and represents that he or she is familiar with the terms and provisions thereof. The
Optionee hereby accepts this Option subject to all the terms and provisions of the Plan and the
Share Repurchase Agreement. The Optionee hereby agrees to accept as binding, conclusive and final
all decisions and interpretations of the Board of Directors and where applicable, the Stock Option
Plan Committee, upon any questions arising under the Plan. As a condition to the issuance of the
Shares under this Option, the Optionee authorizes the Company to withhold in accordance with
applicable law from any regular cash compensation payable to him or her any taxes required to be
withheld by the Company under Federal, state, or local law as a result of his or her exercise of
this Option.

THUS DONE AND EXECUTED on the month, day, and year first hereinabove written, at Freehold, New
Jersey.

WITNESSES:

	 	 	 
	/s/

	 	/s/
	 

	 	 
	 
	 	 
	.

	 	(Type Name) — Optionee
	 
	 	 
	/s/

	 	/s/
	 

	 	 
	 
	 	 
	.

	 	Cynthia L. Codella, SecretaryEX-10.2

EXHIBIT 10.2

AMENDMENT

NATIONAL ATLANTIC HOLDINGS CORPORATION

EMPLOYEE STOCK OPTION AGREEMENT

WHEREAS, National Atlantic Holdings Corporation, a New Jersey corporation (the “Company”),
granted      (the “Optionee”) a stock option (the “Option”) to purchase [ ] shares of the
Company’s Class B Nonvoting Common Stock at an exercise price of $[ ] per share pursuant to an
Employee Stock Option Agreement dated June 15, 1995 (the “Agreement”) issued under the Company’s
Nonstatutory Stock Option Plan (the “Plan”);

WHEREAS, the Board of Directors of the Company, and the shareholders of the Company at the
Company’s 2005 Annual Meeting of Shareholders, have approved an amendment to the Plan that provides
as follows:

“APPENDIX A

Notwithstanding any other provision of the Plan to the contrary, the Board shall be authorized
to amend the Employee Stock Option Agreements dated June 15, 1995 for each of James V. Gorman,
Peter A. Cappello, Jr. and Steven V. Stallone to extend the exercise period for the Options granted
thereunder through December 31, 2005.”

; and

WHEREAS, in accordance with the provisions of Appendix A to the amended Plan, the Company and
the Optionee now wish to amend the Agreement as set forth herein (this “Amendment”).

NOW, THEREFORE, the Company and the Optionee hereby amend the Agreement by deleting paragraph
3(a) thereof in its entirety and replacing it with a new paragraph 3(a) to read in full as follows:

“(a) December 31, 2005;”

Except as expressly modified in this Amendment, the Agreement shall remain in full force and
effect in accordance with its terms.

[SIGNATURES ON FOLLOWING PAGE]

1

IN WITNESS WHEREOF, the Company and the Optionee have executed this Amendment on this
      day of      , 2005.

	 	 	 
	
 
	 	NATIONAL ATLANTIC HOLDINGS

CORPORATION
	 
	 	 
	 

	 	By:
	
 
	 	 
	 
	 	 
	
 
	 	Name: Cynthia L. Codella
	 
	 	 
	
 
	 	Title: Corporate Secretary
	 
	 	 
	
 
	 	OPTIONEE
	 
	 	 
	
 
	 	/s/
	
 
	 	 
	 
	 	 
	
 
	 	Signature
	 
	 	 

2EX-10.4

EXHIBIT 10.4

NATIONAL ATLANTIC HOLDINGS CORPORATION

NONSTATUTORY STOCK OPTION AGREEMENT

This Agreement, effective as of September 19, 2005, by and between National Atlantic Holdings
Corporation, a corporation organized under the laws of the State of New Jersey (the “Company”), and
the Estate of Frank P. Campion (the “Optionee”).

WITNESSETH THAT:

WHEREAS, the Board of Directors of the Company, and the shareholders of the Company at the
Company’s 2005 Annual Meeting of Shareholders, have approved the grant of a stock option to
purchase shares of the Company’s common stock to the Optionee on the terms and conditions set forth
herein.

NOW THEREFORE, the parties hereto agree as follows:

1. The Company hereby grants to the Optionee the option (“Option”) to purchase from the
Company up to but not exceeding in the aggregate      shares of the common stock of the Company
(hereinafter referred to as the “Shares”) at a price of $      per Share, subject to the
following terms and conditions.

2. The Option shall be fully vested and immediately exercisable as of the date hereof, and
shall terminate on December 31, 2005.

3. The Option may be exercised by written notice mailed to the Company at 4 Paragon Way,
Freehold, New Jersey 07728, which shall (a) state the number of Shares with respect to which the
Option is being exercised, and (b) be accompanied by a check, cash, or money order in the full
amount of the purchase price.

4. This Option is not transferable, other than by will or by operation of the laws of descent
and distribution. This Option is exercisable only by the Optionee or its legal representatives.

5. This Option may not be exercised if the issuance of the Shares upon such exercise would
constitute a violation of any applicable Federal or state securities or other law or valid
regulation. The Optionee, as a condition to its exercise of this Option, shall represent to the
Company that the Shares that it acquires under this Option are being acquired by it for investment
and not with the present view to distribution or resale, unless counsel for the Company is then of
the opinion that such a representation is not required under the Securities Act of 1933 or any
other applicable law, regulation, or rule of any governmental agency.

6. The Board of Directors of the Company shall have discretionary authority to interpret this
Agreement, to make all factual determinations under this Agreement and to make all other
determinations necessary or advisable for administration of this Agreement, and the Optionee hereby
agrees to accept as binding, conclusive and final all such determinations.

7. The Optionee shall be responsible for payment of all withholding taxes or similar charges
the Company determines is required by law to be withheld with respect to the Option (or an amount
paid in satisfaction of the Option), which shall be paid by the Optionee in the manner specified by
the Board of Directors of the Company on or prior to the exercise, payment or other event that
results in taxable income in respect of the Option.

8. This Agreement shall be governed by and construed in accordance with the laws of the State
of New Jersey, without giving effect to the choice of law principles thereof.

9. The provisions of this Agreement shall inure to, and be binding upon, the heirs, executors,
administrators and successors of the parties hereto.

10. This Agreement constitutes the entire agreement by the Company and the Optionee with
respect to the subject matter hereof and supersedes any and all prior agreements or understandings
between the Company and the Optionee with respect to the subject matter hereof, whether written or
oral. This Agreement may be amended or modified only by a written instrument executed by the
Company and the Optionee.

THUS DONE AND EXECUTED, effective as of the month, day, and year first hereinabove written, at
Freehold, New Jersey.

WITNESSES:

	 	 	 
	/s/	 	 
	
 
	 	Cynthia L. Codella, Secretary
	 
	 	 
	
 
	 	Estate of Frank P. Campion
	 
	 	 
	
 
	 	By:
	
 
	 	 
	 
	 	 
	
 
	 	Name:
	
 
	 	 
	 
	 	 
	
 
	 	Title:

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