Document:

EX-10.11

 Exhibit 10.11 
 PROASSURANCE CORPORATION 
 DIRECTOR DEFERRED STOCK COMPENSATION PLAN

 AMENDED AND RESTATED 
 December 7, 2011 
  

 AMENDED AND RESTATED 

PROASSURANCE CORPORATION 
 DIRECTOR DEFERRED STOCK COMPENSATION PLAN 
 The Board of Directors of
ProAssurance Corporation (the “Company”), effective December 7, 2011, amends and restates the ProAssurance Corporation Director Deferred Stock Compensation Plan (the “Plan”). 

ARTICLE I 

ELIGIBILITY 
 The Board of Directors of ProAssurance Corporation (the “Company”) may from time to time authorize to participate in the Director Deferred Stock Compensation Plan (the “Plan”) any
person (“Eligible Persons”) who is elected and is currently serving as a non-employee member of the Board of Directors of the Company. 
 ARTICLE II 
 STOCK COMPENSATION SUBJECT TO PLAN 

The Board of Directors of the Company on the recommendation of the Compensation Committee may determine that a portion, or all, of the
compensation of Eligible Persons be paid in the form of shares of the Company’s Common Stock (the “Stock”). Unless otherwise determined by the Board of Directors, the Stock will be granted each year on the date of the Company’s
Annual Meeting of Shareholders. Compensation payable in Stock shall be payable only from the shares of Stock reserved for issuance pursuant to the ProAssurance Corporation 2008 Equity Incentive Plan (including predecessor and successor plans) which
has been approved by the stockholders of the Company and the shares thereunder approved for listing on the New York Stock Exchange (the “Incentive Plan”); provided that the granting of the award under the Incentive Plan shall be subject to
the condition that the Company have sufficient net assets to apply to its capital and surplus in payment for the Stock an amount equal to the value of the Stock credited to the Account of the Eligible Person. 

ARTICLE III 

ELECTION AS TO FORM AND TIME OF PAYMENT 
  

	A.	Current or Deferred Payment Election. Each Eligible Person may elect to receive his or her Stock as either: 

 

	 	(1)	A current payment in accordance with Article IV below (“Current Compensation”); or 

 

	 	(2)	A deferred payment in accordance with Article V below (“Deferred Compensation”). 

 

	B.	 Procedure for Making Elections. Subject to the provisions of Section III.C. below, each Eligible Person may make a written election as to the
form and time of payment of his or her Stock under Section III.A above for each year that he or she is an Eligible Person. The election must be made before December 31 of the calendar year immediately preceding the calendar year to which the
election 

  
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applies. In the case of a person who first becomes an Eligible Person during a calendar year, his or her election must be made within thirty (30) days following the date upon which he or she
becomes an Eligible Person. Elections will be made on forms prescribed by the Company and may be obtained from the office of the Secretary of the Company (“Election Forms”). Election Forms must be fully completed, executed and returned to
the office of the Secretary on or before the applicable deadline in order to be effective. If an Election Form is not so returned by the applicable deadline, the Eligible Person will be deemed to have elected to continue his prior year’s
election, or if there is no prior year election, such Eligible Person will be deemed to have elected to receive Current Compensation in accordance with Section III.A.(a) above. 

 

	C.	Revocation of Elections. No Eligible Person shall have the right to retroactively revoke any prior election under this Article III. An Eligible Person may
prospectively revoke his or her election and make a new election for the next calendar year if such Eligible Person executes and delivers a new Election Form to the Secretary of the Company not later than December 31 of the current calendar
year. 

 ARTICLE IV 
 CURRENT COMPENSATION 
 If the Eligible Person elects to receive Current
Compensation, a stock certificate (or equivalent electronic transfer to an account with a registered broker dealer) for the appropriate number of shares of Stock will be issued to the Eligible Person within thirty (30) days after the annual
meeting of the stockholders for the year to which such Current Compensation relates. 
 ARTICLE V 

DEFERRED COMPENSATION 
  

	A.	Deferred Compensation Accounts. The Company will establish a Deferred Compensation Account (“Deferred Compensation Account”) for each Eligible Person
who elects to receive Deferred Compensation. The Deferred Compensation Account will evidence the amount of Stock that the Eligible Person would receive at any time if he or she ceased to be an Eligible Person. The amount of Stock payable to an
Eligible Person will be credited to his or her Deferred Compensation Account within thirty (30) days following the annual meeting of the shareholders of the Company. 

 

	B.	 Time of Payment. Any Eligible Person who elects to receive Deferred Compensation under this Plan shall be paid the balance in his or her
Deferred Compensation Account (herein defined) 30 days after such person ceases to be a member of the Board of Directors of the Company. In the case of any Eligible Person who dies, payment of the balance in his or her Account shall be made to the
beneficiary designated by the Eligible Person in his or her most recent annual Election Form 30 days after the Eligible Person’s date of death. Notwithstanding 

  
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the foregoing, if the Eligible Person is a “specified person” within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”), payment will be
made 30 days after the date which is 6 months after the date that the Eligible Person ceases to be a member of the Board of Directors of the Company (or, if earlier than the end of the 6 month period, 30 days after the Eligible Person’s date of
death). 

  

	C.	Change of Control. Notwithstanding the provisions of Section V.B above, any Eligible Person who elects to receive Deferred Compensation under this Plan shall be
paid the balance in his or her Deferred Compensation Account (herein defined) 30 days after a Change of Control. For purposes hereof, the term “Change of Control” shall mean the occurrence of any one of the following events during the term
of this Agreement. 

  

	 	(1)	an acquisition of the voting securities of the Company by any person, or more than one person acting as a group (as defined in the regulations under Section 409A
of the Code)(“Person”), immediately after which such Person has Beneficial Ownership of more than 50.1% of the combined voting power of the Company’s then outstanding voting securities; 

 

	 	(2)	a merger, consolidation or reorganization involving the Company in which an entity other than the Company is the surviving entity or in which the Company is the
surviving entity and the stockholders of the Company immediately preceding such transaction will own less than 50.1% of the outstanding voting securities of the surviving entity; or 

 

	 	(3)	the sale or other disposition of substantially all of the assets of the Company (as defined in the regulations under Section 409A of the Code) and the Company
ceases to function on a going forward basis as an insurance holding company system that provides medical professional liability insurance. 

  

	D.	Source of Payment. The Stock payable or distributable hereunder will not be funded currently nor will segregated shares of Stock be maintained to pay such
Deferred Compensation. Until the time of payment of the Deferred Compensation, the Eligible Person shall have no rights of ownership with respect to the Stock credited to the Account and such Stock shall not be considered to be issued and
outstanding until issued and delivered to the Eligible Person at the time provided in Section V.B. above; provided, however, that notwithstanding anything herein to the contrary, there shall be credited to the Account as a liability of the Company
to the Eligible Person: (i) an amount equal to all dividends that would otherwise be payable with respect to the Stock credited to the Account; and (ii) an amount equal to the sum of all proceeds that would otherwise be payable with
respect to the Stock credited to the Account as a result of a merger, consolidation, recapitalization, liquidation or other reorganization of the Company; and provided further that the Stock credited to the Account shall be subject to adjustment in
the case of changes in the capitalization of the Company or change of control of the Company in accordance with the Incentive Plan. 

  
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	 	(1)	Liability of the Company. The obligation to pay the Deferred Compensation shall be considered a liability of the Company to make benefit payments in the future
to the Eligible Person subject to the claims of its general unsecured creditors and shall be payable to the Eligible Person in consideration for the cancellation of such liability (and not for past services). In the event that the Company is
involved in bankruptcy proceedings at any time prior to the payment of the Deferred Compensation, the liability of the Company to pay the Deferred Compensation shall be subject to adjustment and discharge on the same basis as liabilities to the
other general unsecured creditors of the Company. It is the intention of the Company that the Plan be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. 

 

	 	(2)	Spendthrift Provision. An Eligible Person’s rights to payments under the Plan are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Eligible Person or the Eligible Person’s beneficiary. 

 ARTICLE VI 
 STOCK CERTIFICATES 

Stock certificates issued and delivered to Eligible Persons shall bear such restrictive legends as the Company shall deem necessary or
advisable pursuant to applicable federal and state securities laws. 
 ARTICLE VII 

TERMINATION AND AMENDMENT OF PLAN 
  

	A.	The Board of Directors of the Company may at any time terminate the Plan, and may at any time and from time to time and in any respect amend the Plan.

  

	B.	No termination, amendment or modification of the Plan shall affect adversely the rights of an Eligible Person with respect to his or her Deferred Compensation Account
nor shall any Eligible Person be entitled to accelerate the terms and conditions for the payment of Deferred Compensation by reason of the termination, amendment or modification of the Plan. 

 

	C.	This Plan shall terminate upon termination of the Incentive Plan or upon the issuance of awards with respect to all shares of Stock reserved for issuance under the
Incentive Plan. 

  
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 ARTICLE VIII 
 RELATIONSHIP TO OTHER COMPENSATION PLANS 
 The adoption of the Plan shall
not affect any other stock option, incentive, or other compensation plans in effect for the Company or any of its subsidiaries; nor shall the adoption of the Plan preclude the Company or any of its subsidiaries from establishing any other form of
incentive or other compensation plan for employees, officers, or directors of the Company or any of its subsidiaries. 

ARTICLE IX 

MISCELLANEOUS 
  

	A.	Plan Binding on Successors. The Plan shall be binding upon the successors and assigns of the Company. 

 

	B.	Singular, Plural; Gender. Whenever used herein, nouns in the singular shall include the plural, and the masculine pronoun shall include the feminine gender.

  

	C.	Headings, etc. Headings of Articles and Sections hereof are inserted for convenience and reference; they do not constitute part of the Plan.

  

	D.	Interpretation. Subject to the express provisions of the Plan, the Board of Directors of the Company shall have complete authority to interpret the Plan, to
prescribe, amend, and rescind rules and regulations relating to it, and to make all determinations necessary or advisable for the administration of the Plan. No member of the Board of Directors of the Company shall be liable to any person for any
act or determination made in good faith with respect to the Plan or any Compensation payable hereunder. 

  

	E.	Taxes. If the Company is required to collect withholding taxes upon the issuance of Stock to any Eligible Person, the Company may not deliver the shares to the
Eligible Person until the Eligible Person has delivered to the Company the required amount for the withholding taxes. 

  

	F.	Valuation. For purposes hereof, the Fair Market Value of a share of Stock shall mean (i) if the Stock is actively traded on any national securities exchange
or reported on NASDAQ/NMS on a basis which reports closing prices, the closing sales price of the Stock on the day the value is to be determined or, if such exchange was not open for trading on such date, the next preceding day on which it was open;
(ii) if the Stock is not traded on any national securities exchange, the average of the closing high bid and low asked prices of the Stock on the over-the-counter market on the day such value is to be determined, or in the absence of closing
bids on such day, the closing bid on the next preceding day on which there were bids; or (iii) if the Stock also is not traded on the over-the-counter market, the Fair Market Value as determined in good faith by the Compensation Committee based
on such relevant facts as may be available to the Committee, which may include opinions of independent experts, the price at which recent sales 

  
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	G.	Applicable Law. This Plan shall be administered, construed and enforced in accordance with the laws of the State of Delaware. 

 

	H.	409A Compliance. Notwithstanding anything herein to the contrary, this Agreement shall be interpreted as necessary to comply with the requirements of
Section 409A of the Code. 

  
 6EX-10.13

 Exhibit 10.13 
 FIRST AMENDMENT 
 TO 

PROASSURANCE CORPORATION 
 2008 EQUITY INCENTIVE PLAN 
 The purpose of this amendment is to adopt
certain amendments to the ProAssurance Corporation 2008 Equity Incentive Plan (the “Plan”) so that the Plan will comply with Section 409A of the Internal Revenue Code of 1986, as amended. Compliance with Section 409A is required
because there may be certain circumstances in which deferred benefits payable under the Plan are not eligible for the short term deferral exception to 409A as the Plan originally intended. ProAssurance Corporation (the “Company”) desires
to amend the Plan to comply with Section 409A in accordance with the guidance provided in Notice 2010-6 issued by the Internal Revenue Service. The Board of Directors of the Company, on the recommendation of its Compensation Committee, has
adopted the following amendments to the Plan: 
 1. The definitions set forth in Section 1 of the Plan are hereby amended
to conform the definitions of certain terms to the requirements of Section 409A by deleting the definitions of “Change of Control” and “Disability” in their entirety from the Plan and substituting in lieu thereof the
following: 
 “Change in Control” shall mean the occurrence of any one of the following
events during the term of this Agreement: (i) an acquisition of the voting securities of the Company by any person, entity or group, immediately after which such person, entity or group has Beneficial Ownership of more than 50.1% of the
combined voting power of the Company’s then outstanding voting securities; (ii) a merger, consolidation or reorganization involving the Company in which an entity other than the Company is the surviving entity or in which the Company is
the surviving entity and the stockholders of the Company immediately preceding such transaction will own less than 50.1% of the outstanding voting securities of the surviving entity; (iii) the sale or other disposition of substantially all of
the assets of the Company (as defined in the regulations under Section 409A of the Code) and the Company ceases to function on a going forward basis as an insurance holding company system that provides medical professional liability insurance;
or (iv) any other event or transaction that is declared by resolution of the Board to constitute a Change in Control for purposes of the Plan. Notwithstanding the foregoing, for any Award that provides for deferred compensation within the
meaning of Code Section 409A, Change in Control shall be restricted to those events that satisfy the requirements of Code Section 409A and the regulations promulgated thereunder. 

“Disability” shall mean a serious injury or illness that requires the Participant to be under the
regular care of a licensed medical physician and renders the Participant incapable of performing the essential functions of the Participant’s position for 12 months as determined by the Board in good faith and upon receipt of and in reliance on
competent medical advice from one or more individuals selected by the Board, who are qualified to give professional medical advice. For any Award that provides for deferred compensation within the

 
meaning of Code Section 409A but is not performance based compensation within the meaning of Code Section 409A, the phrase “performing the essential functions of the
Participant’s position” shall be replaced with the phrase “engaging in any substantial gainful activity.” 

2. Section 6 of the Plan is hereby amended to eliminate discretion to accelerate payment of Performance Shares in certain instances
not permitted under Section 409A by deleting Section 6(a) in its entirety from the Plan and substituting in lieu thereof the following: 
 6.(a) Performance Share Awards. The Committee shall have the authority to grant Awards of Performance Shares to Employees on such terms and conditions as may be determined by the Committee.
Performance Shares shall be deemed to be received by an Employee as of the Date of Grant in the year the related Performance Share Award is granted. At the time of grant of each Performance Share Award, the Committee shall decide the Award Period
and whether there will be an Interim Period. Any Employee may be granted more than one Performance Share Award under the Plan. 
 No Participant shall be entitled to receive any dividends or dividend equivalents on Performance Shares; with respect to any Performance Shares, no Participant shall have any voting or any other rights of
a Company stockholder; and no Participant shall have any interest in or right to receive any Shares prior to the time the Committee determines the form of payment of Performance Shares pursuant to this Section 6. 

The Committee may establish performance goals for Performance Shares which may be based on any criteria selected by the
Committee. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, a Subsidiary or a division, region, department or function within the Company or a
Subsidiary and may relate to relative performance as compared to an outside reference or peer group. 
 3. Section 13 of
the Plan is hereby amended to restrict the discretion to make adjustments in a corporate transaction that would violate Section 409A by adding the following as Section 13(d) of the Plan: 

13.(d) Restrictions on Adjustments. In no event shall the adjustments described above, whether mandatory or
discretionary, be made so as to change the time or form of payment under an Award that provides for deferred compensation within the meaning of Code Section 409A and the regulations promulgated thereunder. 

4. Section 14 of the Plan is hereby further amended to restrict discretion to change the time or form of payment of any deferred
compensation that is subject to Section 409A by deleting Section 14(c) in its entirety from the Plan and substituting in lieu thereof the following: 

  
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 14.(c) Compliance with Code Section 409A. It is intended that
this Plan, as written and in operation, will be exempt from Code Section 409A. For purposes of determining whether Awards may be payable to a Participant in compliance with Code Section 409A, the Participant’s Termination will be
considered as having occurred for purposes of the Plan if the parties reasonably anticipate either (i) that Participant will no longer perform any services for the Company or a Subsidiary or (ii) that the level of bona fide services
performed for the Company or a Subsidiary (whether as an Employee, Consultant or Director ) will permanently decrease to no more than 20% of the average level of bona fide services performed by Participant over the immediately preceding 36-month
period (or the full period of services if Participant has been providing services to the Company and its Subsidiaries for less than 36 months). Notwithstanding the foregoing, if payment of any Award is deemed to be “nonqualified deferred
compensation” under Section 409A, and if the Participant is a “specified employee” within the meaning of Code Section 409A(a)(2)(b)(i), the payment schedule for Awards shall be modified or adjusted to provide that no
payments shall be made until the expiration of six (6) months following the date of Termination or Change in Control. In the event that payments are so delayed, a lump sum payment of the accumulated unpaid amounts attributable to the six
(6) month period shall be made to Participant on the first day of the seventh month following the date of Termination or Change in Control. This six month delay shall not apply to any Awards which are not subject to the requirements of
Section 409A of the Code by reason of their being separation pay upon an involuntary separation from service and their meeting the requirements and limitations of the regulations under the above referenced Code section. In no event shall the
aggregate amount of Awards be reduced as a result of such modification or adjustment. 
 Notwithstanding the
foregoing, the Committee shall not be granted and shall not exercise any discretion otherwise provided under the Plan to change the time or form of payments to Participants with respect to Awards that provide for deferred compensation within the
meaning of Code Section 409A and the regulations promulgated thereunder. The terms of the Plan and any related Agreements with respect to Awards that provide for deferred compensation within the meaning of Code Section 409A and the
regulations promulgated thereunder shall be interpreted by the Committee as necessary to comply with Code Section 409A. 

5. This Amendment is effective as of March 3, 2010. Except as amended hereby, terms and provisions of the Plan shall continue in
effect and are hereby ratified and approved in all respects. The Plan may be restated in its entirety for convenience in order to reflect in a single document the terms and conditions of the Plan as amended hereby . 

This Amendment was adopted and approved by the Board of Directors of the Company in accordance with Section 14(k) of the Plan at
the meeting of the Board of Directors held on March 3, 2010. Shareholder approval of the Amendment is not required because the Amendment does not amend the material terms of the Plan for purposes of Section 162(m) of the Code and does not
constitute a material revision to the Plan for purposes of Section 303A.08 of the New York Stock Exchange Listed Company Manual. 

  
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