Document:

Exhibit
10.4

     

     

    AMTRUST  FINANCIAL
SERVICES, INC.

      2010
OMNIBUS INCENTIVE PLAN 

      
        

      

    

    
       

      RESTRICTED STOCK
AGREEMENT

       

        
          

        

      

    

     

    AmTrust
Financial Services, Inc.  a Delaware corporation, (the “Company”),
hereby grants restricted stock (“Restricted
Stock”) relating to shares of its common stock, $.01 par value, (the
“Stock”),
to the individual named below as the Grantee, subject to the vesting conditions
set forth in this Agreement. This grant is subject to the terms and conditions
set forth in (i) this Agreement, and (ii) the 2010 Omnibus Incentive
Plan (the “Plan”).
Unless otherwise defined herein, capitalized terms used in this Agreement are
defined in the Plan, and have the meaning set forth in the Plan.

    

    
      
        
          
            	
                    Award
      of Restricted Stock

                     

                  	 
      	
                    You
      have been granted ________ shares of Restricted Stock, subject to the
      terms and conditions of this Agreement and the Plan.

                     

                  
	
                    Grant
      Date

                     

                  	 
      	
                    The
      effective date of this grant of Restricted Stock is _______ ____, 20__
      (“Grant
      Date”).

                  
	
                    Vesting

                  	 
      	
                    Your
      award of Restricted Stock  shall vest in four equal installments
      of 25% on each of the first, second, third and fourth anniversaries of the
      Grant Date, provided you remain in Service (as defined below) on the
      vesting date.

                     

                    “Service”
      means that you are currently an employee of the Company, are a member of
      the Company’s Board of Directors, or are otherwise providing services to
      the Company.

                     

                  
	
                    Restricted
      Stock

                    Ownership
      and

                    Transferability

                  	 
      	
                    Subject
      to the restrictions set forth in the Plan and this Agreement, the Award
      holder shall possess all incidents of ownership of the Restricted Stock
      granted hereunder, including the right to receive dividends with respect
      to such Restricted Stock and the right to vote such Restricted
      Stock.

                     

                    Restricted
      Stock may not be transferred, assigned, pledged or hypothecated, whether
      by operation of law or otherwise (except by the laws of descent and
      distribution) nor may shares of Restricted Stock be made subject to
      execution, attachment or similar process.

                     

                  
	
                    Forfeiture
      of Unvested

                    Restricted
      Stock

                  	 
      	
                    Except
      as specifically provided in this Agreement or as may be provided in other
      agreements between you and the Company, no additional shares of Restricted
      Stock will vest after your Service has terminated for any reason and you
      will forfeit to the Company all of the Restricted Stock not yet vested or
      with respect to which all applicable restrictions and conditions have not
      lapsed.

                     

                  
	
                    Death

                  	 
      	
                    If
      your Service terminates because of your death, the Restricted Stock
      granted under this Agreement will automatically vest as to the number of
      Restricted Stock that would have vested had you remained in Service for
      the 12 month period immediately following your death.

                     

                  

          

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          	
                  Disability

                	 
      	
                  If
      your Service terminates because of your Disability (as defined below), the
      Restricted Stock granted under this Agreement will automatically vest as
      to the number of Restricted Stock that would have vested had you remained
      in Service for the 12 month period immediately following your
      termination for Disability.

                   

                  For
      purposes of this Agreement, “Disability”
      shall mean the Award holder is unable to perform the duties of their
      Service (or other services) (i) for a period of 90 consecutive days, or
      (ii) any 120 days during any consecutive 12 month period.

                   

                
	
                  Termination For
      Cause

                	 
      	
                  If
      your Service is terminated for Cause (as defined below), then you shall
      immediately forfeit all rights to your vested (but undelivered) and
      unvested Restricted Stock and this award shall immediately
      terminate.

                   

                  For
      purposes of this Agreement, “Cause”
      shall mean (a) willful misconduct or gross negligence; (b) conviction of a
      felony or conviction of a crime involving moral turpitude; (c) any act
      constituting fraud or the misappropriation or embezzlement of money or
      other property of any member of the Company; and (d) any willful act or
      course of conduct constituting an abuse of office or authority which has a
      material adverse impact on the Company’s reputation or financial
      condition.

                   

                
	
                  Termination
      without Cause within 12 Months of Change in Control

                   

                	 
      	
                  If your Service with the Company
      (or any affiliate) is terminated by the Company without Cause
      within 12 months
      following the
      effective date of a
      “Change of Control,” the Board of Directors may accelerate
      the vesting of any award of Restricted Stock held by
      you.

                   

                  For purposes of this Agreement:
      “Change
      in Control” shall
      mean:

                  (i) any “person” (as such
      term is used in Section 13(d) and 14(d)(2) of the Securities Exchange Act
      of 1934, as amended (the “Exchange
      Act”), including any syndicate or group deemed to be a “person”
      under Section 13(d)(3) of the Exchange Act) other than Barry Zyskind,
      George Karfunkel, Michael Karfunkel, any subsidiary or any employee
      benefit plan of the Company or a subsidiary or former subsidiary, is or
      becomes a beneficial owner, directly or indirectly, of stock of the
      Company representing 50% of more of the total voting power of the
      Company’s then outstanding stock;

                   

                  (ii)
      a tender offer (for which a
      filing has been made with the Securities and Exchange Commission (the “SEC”) that purports to comply with the
      requirements of Section 14(d) of the Exchange Act, and the corresponding SEC rules)
      is made for the stock of the Company. In case of a tender offer described
      in this paragraph (ii), the “Change of Control” will be deemed to have
      occurred upon the first to occur of (A) any time during the offer when the
      person (using the definition in (i) above) making the offer owns or has
      accepted for payment stock of the Company with 50% or more of the total voting
      power of the Company's outstanding stock or (B) three business days before
      the offer is to terminate unless the offer is withdrawn first, if the
      person making the offer could own, by the terms of the offer plus any
      shares owned by this person, stock with 50% or more of the total voting
      power of the Company's outstanding stock when the offer terminates;
      or

                   

                  (iii)  individuals who were the
      Board’s nominees for
      election as directors of the Company immediately prior to a meeting of the
      stockholders of the Company involving a
      contest for the election of directors shall not constitute a majority of
      the Board following the election.

                   

                

        

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
         

        
          
            	
                    Certificate;
      Book Entry Form; Legend

                  	 
      	
                    The
      Company shall issue the shares of Restricted Stock either (i) in
      certificate form or (ii) in book entry form, registered in the name of the
      Award holder, with legends, or notations, as applicable, referring to the
      terms, conditions, and restrictions applicable to the
      Award.  Any certificate issued for Restricted Stock prior to
      vesting will be inscribed with the following legend:

                     

                    “The transferability of this
      certificate and the shares of stock represented hereby are subject to the
      terms and conditions (including forfeiture) relating to Restricted Stock
      contained in the AmTrust Financial Services, Inc. 2010 Omnibus Incentive Plan and an Agreement
      entered into between the registered owner and AmTrust Financial Services,
      Inc. Copies of such Plan and Agreement are on file at the principal office
      of AmTrust Financial Services, Inc.”

                     

                  
	
                    Escrow

                     

                  	 
      	
                    Any
      Restricted Stock issued pursuant to this Award shall be held by the
      Company in escrow for the benefit of the Award recipient. Upon vesting, a
      certificate for the vested shares shall be issued to the Award holder free
      of the restrictive legend.

                     

                  
	
                    Vesting:
      Delivery of Shares

                  	 
      	
                    Upon
      vesting, restrictions related to the vested shares of Restricted stock
      shall lapse and the Company shall, as applicable, either remove the
      notations on such vested shares issued in book-entry form or deliver to
      the Award holder or their personal representative a stock certificate
      representing the number of shares of Stock, free of any restrictive
      legend, equal to the number of vested shares.  If certificates
      representing such Restricted Stock had previously been delivered to you,
      you shall return such certificates to the Company, complete with any
      necessary signatures or instruments of transfer prior to the issuance by
      the Company of shares of Stock without the restrictive
legend.

                     

                  

          

        

         

        
          
            	
                    Income
      Taxes

                  	 
      	
                    (a)  You
      shall pay to the Company promptly upon request, and in any event at the
      time you recognize taxable income in respect of the Restricted Stock
      (whether in connection with the grant or vesting of the Restricted Stock,
      the making of an election under Section 83(b) of the Code in connection
      with the Award as described below or otherwise), an amount equal to the
      taxes the Company determines it is required to withhold under applicable
      tax laws with respect to the Restricted Stock.  Such payment may
      be made by any of, or a combination of, the following methods: (i) cash or
      check; (ii) out of your current compensation; (iii) in the sole discretion
      of the Company, by surrender of other shares of Common Stock of the
      Company that (a) in the case of shares initially acquired from the Company
      (upon exercise of a stock option or otherwise), have been owned by you for
      such period, if any, as may be required to avoid a charge to the Company’s
      earnings and (b) have a Fair Market Value on the date of surrender equal
      to the amount required to be withheld; or (iv) in the sole discretion of
      the Company, by electing to have the Company withhold or otherwise
      reacquire from you shares of Restricted Stock that vest pursuant to the
      terms hereof having a Fair Market Value equal to the minimum statutory
      amount required to be withheld in connection with the vesting of such
      shares.  For these purposes, the Fair Market Value of the shares
      to be withheld or repurchased, as applicable, shall be determined on the
      date that the amount of the tax to be withheld is to be determined (the
      “Tax
      Date”).

                  

          

        

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

         

        
          
            	 
      	 
      	
                    All
      elections by you to have the shares withheld or repurchased to satisfy tax
      obligations shall be made in writing in a form acceptable to the Company
      and shall be subject to the following restrictions:

                     

                    (i) the
      election must be made on or prior to the applicable Tax Date;

                     

                    (ii) once
      made, the election shall be irrevocable as to the particular shares as to
      which the election is made and you acknowledge that this irrevocable
      written instruction is intended to constitute an instruction pursuant to
      Rule 10b5-1 of the Exchange Act;

                     

                    (iii) all
      elections shall be subject to the consent or disapproval of the Company;
      and

                     

                    (iv) If
      you are subject to Section 16 of the Exchange Act, the election must
      comply with the applicable provisions of Rule 16(b)-3 promulgated under
      the Exchange Act and shall be subject to such additional conditions or
      restrictions as may be required thereunder to qualify for the maximum
      exemption from Section 16 of the Exchange Act with respect to Plan
      transactions.

                     

                  
	 
      	 
      	
                    (b)  Section 83(b)
      Election.  You hereby acknowledge that you may file an
      election pursuant to Section 83(b) of the Code to be taxed currently on
      the fair market value of the shares of Restricted Stock (less any purchase
      price paid for the shares), provided that such election must be filed with
      the Internal Revenue Service no later than thirty (30) days after the date
      of the Award.  You will seek the advice of your own tax advisors
      as to the advisability of making such a Section 83(b) election, the
      potential consequences of making such an election, and the other tax
      consequences of the Award under federal, state, and any other laws that
      may be applicable.  The Company and its affiliates and agents
      have not and are not providing any tax advice to you.

                     

                  
	
                    Recapture
      Rights

                     

                  	 
      	
                    In
      the event that you violate any of your obligations pursuant to the
      Confidentiality, Non-Competition, or Non-Solicitation provisions of this
      Agreement, you agree to return to the Company, within five days of receipt
      of written demand from the Company, any gains you realize from the sale of
      all or any portion of the Restricted Stock during the 12 months
      immediately preceding such violation, and any remaining unsold portion of
      your Restricted Stock shall be immediately and totally
      forfeited.

                     

                  

          

        

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

      

       

      
        
          	
                  Confidentiality

                	 
      	
                  During
      your Service, you will have access to confidential or proprietary data or
      information of the Company (and its affiliates) and its
      operations.  You agree not to at any time divulge or communicate
      the Confidential Information (defined below) to any person, nor shall you
      direct any employee to divulge or communicate to any person (other than to
      a person bound by confidentiality obligations similar to those contained
      herein and other than as necessary in performing your duties hereunder),
      or use to the detriment of the Company (or any of its affiliates) or for
      the benefit of any other person, any Confidential
      Information.  This restriction shall survive your Service
      hereunder, whether by the normal expiration thereof or
      otherwise.

                   

                  The
      term “Confidential
      Information” shall mean all information, whether or not reduced to
      written or recorded form, that is related to the Company and that is not
      generally known or accessible to members of the public and/or competitors
      of the Company nor intended for general dissemination, whether furnished
      by the Company or compiled by the employee, including, without limitation,
      relating to the Company’s (or any affiliate’s) financial performance,
      customers, existing or proposed future projects, prospects, or business
      strategies, personnel information, financial information, customer lists,
      supplier lists, trade secrets, information regarding operations, systems,
      services, know-how, computer and any other processed or collated data,
      computer programs, pricing, marketing and advertising data.

                   

                  You
      understand the Company intends to maintain the confidentiality of the
      Confidential Information notwithstanding that employees of the Company may
      have free access to the information for the purpose of performing their
      duties with the Company, and notwithstanding that employees not expressly
      bound by agreements similar to this agreement may have access to such
      information for job purposes. You  acknowledge that Confidential
      Information need not be marked as such to preserve the confidential nature
      of the information.

                   

                
	
                  Non-Competition

                	 
      	
                  You
      acknowledge that (a) in the course of your Service with the Company and
      its affiliates, you have, and will continue to, become familiar with the
      Company’s and its affiliates’ trade secrets, methods of doing business,
      business plans and other valuable confidential and proprietary information
      concerning the Company, its affiliates, their customers and business
      partners and that your services have been and will be of special, unique
      and extraordinary value to the Company and its affiliates.  In
      consideration thereof and of this Award, during your Service with the
      Company or an affiliate and for a period of one (1) year thereafter, you
      shall not, without the Company’s prior written approval, become engaged,
      directly or indirectly, as a director, officer, employee or 5% or more
      stockholder or equity interest owner in, partner in, or consultant to, any
      business that is directly competitive with the business of the Company (or
      any affiliate) in any area or region where the Company (or any affiliate)
      conducts business (“Competition”). 
      Notwithstanding the foregoing, you shall not be deemed to be in
      Competition with the Company if you provide evidence satisfactory to the
      Company, in its sole and absolute discretion, that you: (i) work in a
      separate division, department or unit that does not compete with the
      business of the Company (or any affiliate); and (ii) will not have contact
      with the division, department or unit that does compete with the business
      of the Company (or any affiliate).  If you received your Restricted
      Stock grant as a non-employee member of the Company’s Board of Directors,
      this provision will not apply to you unless your Service is terminated for
      Cause (as defined above) or for cause pursuant to the Company’s
      Certificate of Incorporation.

                   

                

        

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                    Non-Solicitation

                  	 
      	
                    During
      Service and for a period of two (2) years thereafter, you shall not,
      without the prior written consent of the Company, directly or indirectly,
      on your own behalf or on behalf of any other person, firm, corporation or
      business entity: (a) induce or attempt to induce any agent, affinity group
      or policyholder of the Company (or any affiliate), or any prior agent,
      affinity group or policyholder that was an agent, affinity group or
      policyholder within twelve (12) months of such contact, to withdraw,
      decrease or cancel its business with the Company (or any affiliate) or
      otherwise terminate any written or oral agreement or understanding or
      other relationship with the Company (or any affiliate); (b) solicit or
      attempt to solicit, service or attempt to service, or for the purpose of
      obtaining the business of any customer of the Company (or any affiliate),
      or any prior agent, affinity group or policyholder that was an agent,
      affinity group or policyholder within twelve (12) months of such contact,
      to the extent the business solicited is similar to, or competitive with,
      the business of the Company (or any affiliate), engage
      in discussions or other communications with (regardless of who initiates
      such discussions or communications) any person, firm or entity that was an
      actual or prospective customer of the Company during
      any part of the twelve (12) month period immediately preceding termination
      of
      Service if
      you
      participated, directly or indirectly, in the solicitation or servicing of
      that customer or prospective customer, or supervised or managed those who
      did, during your Service
      with the Company at any time during such twelve (12) month period
      immediately preceding your
      termination of Service; (c) solicit or attempt to solicit, hire or attempt
      to hire, or call, any person who is an employee, individual consultant or
      independent contractor of the Company (or any affiliate), or any prior
      employee, individual consultant or independent contractor that was an
      employee, consultant or independent contractor within twelve (12) months
      of such contact, with
      the purpose or intent of attracting such
      person from the employ of the Company (or
      any
      affiliate);
      or (d) induce or attempt to induce any person who is an employee,
      individual consultant or independent contractor of the Company (or any
      affiliate) to terminate or limit his or her Service or other relationship
      with the Company (or any affiliate), or any prior employee, individual
      consultant or independent contractor that was an employee, individual
      consultant or independent contractor within twelve (12) months of such
      contact.

                  

          

        

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                	
                        No Right to
      Employment

                      	 
      	
                        Neither
      your Restricted Stock nor this Agreement give you the right to be retained
      by the Company in any capacity and your Service may be terminated at any
      time and for any reason.

                         

                      
	
                        Shareholder
      Rights

                      	 
      	
                        You
      have no rights as a shareholder unless and until the Stock relating to the
      Restricted Stock has been issued to you (or an appropriate book entry has
      been made). Except as described in the Plan or herein, no adjustments are
      made for dividends or other rights if the applicable record date occurs
      before your Stock is issued (or an appropriate book entry has been made).
      If the Company pays a dividend on its Stock, you will, however, be
      entitled to receive a cash payment equal to the per-share dividend paid on
      the Stock times the number of Restricted Stock that you hold as of the
      record date for the dividend.

                         

                      
	
                        Applicable
      Law

                      	 
      	
                        This
      Agreement shall be governed by the laws of the State of Delaware, with
      consent to jurisdiction by you in the State of New York.

                         

                      
	
                        Data
    Privacy

                      	 
      	
                        To
      administer the Plan, the Company may process personal data about you. Such
      data includes the information provided in this Agreement, other
      appropriate personal and financial data about you such as home address and
      business addresses and other contact information, payroll information and
      any other information deemed appropriate by the Company to facilitate the
      administration of the Plan.

                         

                        By
      accepting this award, you consent to the Company’s processing of such
      personal data and the transfer of such data outside the country in which
      you work or are employed, including, with respect to non-U.S. residents,
      to the United States, to transferees who shall include the Company and
      other persons designated by the Company to administer the
      Plan.

                         

                      
	
                        Consent to Electronic
      Delivery

                      	 
      	
                        Certain
      statutory materials relating to the Plan may be delivered to you in
      electronic form. By accepting this grant, you consent to electronic
      delivery and acknowledge receipt of these materials, including the Plan
      and the Plan prospectus.

                         

                      

              

            

          

        

      

       

       

      
            This
Agreement is not a not a stock certificate or a negotiable
instrument.

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

     

    By
accepting your grant, you agree to the terms and conditions in this Agreement
and in the Plan, and agree that the Plan will control in the event any provision
of this Agreement should appear to be inconsistent with the terms and conditions
of the Plan.

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement on the date and year below.

    

    AMTRUST
FINANCIAL SERVICES, INC

     

    
      
        
          
            
              
                
                  
                    	 
      	 
      	 
      	 
      
	
                             

                          	 
      	 
      	 
      
	
                            By:

                          	 
      	 
      	 
      
	
                            Its:

                          	
                            Date:

                          	
                             

                          	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                            EMPLOYEE

                          	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                             

                          	
                            Date:

                          	
                             

                          	 
      
	
                            Name:

                          	 
      	 
      	 
      

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        8Unassociated Document

    
       

      Exhibit
10.5

         

    

    AMTRUST
FINANCIAL SERVICES, INC.

    2010 OMNIBUS INCENTIVE
PLAN

     
 

      
        

      

    

    
 

    
      RESTRICTED STOCK UNIT
AGREEMENT

    

     

    
      

    

     

    AmTrust
Financial Services, Inc.  a Delaware corporation, (the “Company”),
hereby grants restricted stock units (“RSUs”)
relating to shares of its common stock, $.01 par value, (the “Stock”),
to the individual named below as the Grantee, subject to the vesting conditions
set forth in this Agreement. This grant is subject to the terms and conditions
set forth in (i) this Agreement, and (ii) the 2010 Omnibus Incentive
Plan (the “Plan”).
Unless otherwise, defined herein, capitalized terms used in this Agreement are
defined in the Plan, and have the meaning set forth in the Plan.

    

    
      
        
          
            	
                    Award
      of RSUs

                  	 
      	
                    You
      have been granted ________ RSUs, subject to the terms and conditions of
      this Agreement and the Plan.

                     

                  
	
                    Grant
      Date

                  	 
      	
                    The
      effective date of this grant of RSUs is _______ ____, 20__ (“Grant
      Date”).

                     

                  
	
                    Vesting

                     

                  	 
      	
                    RSUs
      shall vest in four equal installments of 25% on each of the first, second,
      third and fourth anniversaries of the Grant Date, provided you remain in
      Service (as defined below) on the vesting date.

                      

                    “Service”
      means that you are currently an employee of the Company, are a member of
      the Company’s Board of Directors, or are otherwise providing services to
      the Company.

                      

                  
	
                    RSU
      Transferability

                  	 
      	
                    RSUs
      may not be transferred, assigned, pledged or hypothecated, whether by
      operation of law or otherwise, nor may the RSUs be made subject to
      execution, attachment or similar process.

                     

                  
	
                    Forfeiture
      of Unvested

                    RSUS

                  	 
      	
                    Except
      as specifically provided in this Agreement or as may be provided in other
      agreements between you and the Company, no additional RSUs will vest after
      your Service has terminated for any reason and you will forfeit to the
      Company all of the RSUs that have not yet vested or with respect to which
      all applicable restrictions and conditions have not lapsed.

                     

                  
	
                    Death

                  	 
      	
                    If
      your Service terminates because of your death, the RSUs granted under this
      Agreement will automatically vest as to the number of RSUs that would have
      vested had you remained in Service for the 12 month period
      immediately following your death.

                     

                  
	
                    Disability

                  	 
      	
                    If
      your Service terminates because of your Disability (as defined below), the
      RSUs granted under this Agreement will automatically vest as to the number
      of RSUs that would have vested had you remained in Service for the
      12 month period immediately following your termination for
      Disability.

                  

          

        

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        	 
      	 
      	
                For
      purposes of this Agreement, “Disability”
      shall mean the Award holder is unable to perform the duties of their
      Service (or other services) (i) for a period of 90 consecutive days, or
      (ii) any 120 days during any consecutive 12 month period.

                 

              
	
                Termination
      For Cause

              	 
      	
                If
      your Service is terminated for Cause (as defined below), then you shall
      immediately forfeit all rights to your vested (but undelivered) and
      unvested RSUs and this award shall immediately terminate.

                 

                For
      purposes of this Agreement, “Cause”
      shall mean (a) willful misconduct or gross negligence; (b) conviction of a
      felony or conviction of a crime involving moral turpitude; (c) any act
      constituting fraud or the misappropriation or embezzlement of money or
      other property of any member of the Company; and (d) any willful act or
      course of conduct constituting an abuse of office or authority which has a
      material adverse impact on the Company’s reputation or financial
      condition.

                 

              
	
                Termination
      without Cause within 12 Months of Change in Control

                 

              	 
      	
                If
      your Service with the Company (or any affiliate) is terminated by the
      Company without Cause within 12 months following the effective date of a
      “Change of Control,” the Board of Directors may accelerate the vesting of
      all or any portion of this RSUs award.

                 

                For
      purposes of this Agreement: “Change
      in Control” shall mean:

                (i)
      any “person” (as such term is used in Section 13(d) and 14(d)(2) of the
      Securities Exchange Act of 1934, as amended (the “Exchange
      Act”), including any syndicate or group deemed to be a “person”
      under Section 13(d)(3) of the Exchange Act) other than Barry Zyskind,
      George Karfunkel, Michael Karfunkel, any subsidiary or any employee
      benefit plan of the Company or a subsidiary or former subsidiary, is or
      becomes a beneficial owner, directly or indirectly, of stock of the
      Company representing 50% of more of the total voting power of the
      Company’s then outstanding stock;

                 

                (ii)
      a tender offer (for which a filing has been made with the Securities and
      Exchange Commission (the “SEC”)
      that purports to comply with the requirements of Section 14(d) of the
      Exchange Act, and the corresponding SEC rules) is made for the stock of
      the Company. In case of a tender offer described in this paragraph (ii),
      the “Change of Control” will be deemed to have occurred upon the first to
      occur of (A) any time during the offer when the person (using the
      definition in (i) above) making the offer owns or has accepted for payment
      stock of the Company with 50% or more of the total voting power of the
      Company's outstanding stock or (B) three business days before the offer is
      to terminate unless the offer is withdrawn first, if the person making the
      offer could own, by the terms of the offer plus any shares owned by this
      person, stock with 50% or more of the total voting power of the Company's
      outstanding stock when the offer terminates;
or

              

      

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      
        	 
      	 
      	
                (iii)  individuals
      who were the Board’s nominees for election as directors of the Company
      immediately prior to a meeting of the stockholders of the Company
      involving a contest for the election of directors shall not constitute a
      majority of the Board following the election.

                 

              
	
                Share
      Delivery Pursuant to Vested Units; Withholding Tax

              	 
      	
                
                  On
      the vesting date (or as soon as practicable thereafter but in no event
      beyond 21⁄2 months after the end of the calendar year in which the shares
      vest), at the Company’s option, (i) a brokerage account in your name will
      be credited with Stock representing the number of shares that vested under
      this grant (the “Vesting
      Shares”), or (ii) the Company shall physically deliver the Vesting
      Shares. If the vesting date is not a trading day, the Stock will be
      delivered on the next trading day. The Company will determine the number
      of the Vesting Shares necessary to cover the statutory minimum amount of
      federal, state, local, and foreign taxes that the Company is required to
      withhold with respect to the RSU vesting, rounding up to the nearest whole
      Share of Stock (the “Withholding
      Shares”).

                   
  

                

              
	 
      	 
      	
                By
      accepting this award of RSUs, you irrevocably (i) instruct the
      Company to deliver the Vesting Shares to your account; and
      (ii) authorize and direct the broker, to sell, on your behalf, the
      Withholding Shares at the market price per share at the time of such sale
      and to deliver the proceeds to the Company to be used to fund the payment
      of the withholding taxes. You further acknowledge that this irrevocable
      written instruction is intended to constitute an instruction pursuant to
      Rule 10b5-1 of the Exchange Act. The Company shall be responsible for
      the payment of any brokerage commissions relating to the sale of the
      Withholding Shares.

                 

              
	 
      	 
      	
                You
      acknowledge that until the first trading day following the broker’s sale
      of the Withholding Shares, you shall not be entitled to effect
      transactions in the net Vesting Shares, if credited to your brokerage
      account.

                 

              
	 
      	 
      	
                The
      purchase price for the vested Stock is deemed paid by your prior services
      to the Company.

                  

                Withholding
      shall only be applicable to employees of the Company.

                 

              
	
                Recapture
      Rights

              	 
      	
                In
      the event that you violate any of your obligations pursuant to the
      Confidentiality, Non-Competition, or Non-Solicitation provisions of this
      Agreement, you agree to return to the Company, within five days of receipt
      of written demand from the Company, any gains you realize from the sale of
      all or any portion of the RSUs during the 12 months immediately preceding
      such violation, and any remaining unsold portion of your RSUs shall be
      immediately and totally
forfeited.

              

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      
        	
                Confidentiality

              	 
      	
                During
      your Service, you will have access to confidential or proprietary data or
      information of the Company (and its affiliates) and its
      operations.  You agree that you will not at any time divulge or
      communicate the Confidential Information (defined below) to any person,
      nor shall you direct any employee to divulge or communicate to any person
      (other than to a person bound by confidentiality obligations similar to
      those contained herein and other than as necessary in performing your
      duties hereunder), or use to the detriment of the Company (or any of its
      affiliates) or for the benefit of any other person, any Confidential
      Information.  This restriction shall survive your Service
      hereunder, whether by the normal expiration thereof or
      otherwise.

                 

                The
      term “Confidential
      Information” shall mean all information, whether or not reduced to
      written or recorded form, that is related to the Company and that is not
      generally known or accessible to members of the public and/or competitors
      of the Company nor intended for general dissemination, whether furnished
      by the Company or compiled by the employee, including, without limitation,
      relating to the Company’s (or any affiliate’s) financial performance,
      customers, existing or proposed future projects, prospects, or business
      strategies, personnel information, financial information, customer lists,
      supplier lists, trade secrets, information regarding operations, systems,
      services, know-how, computer and any other processed or collated data,
      computer programs, pricing, marketing and advertising data.

                 

                You
      understand the Company intends to maintain the confidentiality of the
      Confidential Information notwithstanding that employees of the Company may
      have free access to the information for the purpose of performing their
      duties with the Company, and notwithstanding that employees not expressly
      bound by agreements similar to this agreement may have access to such
      information for job purposes. You  acknowledge that Confidential
      Information need not be marked as such to preserve the confidential nature
      of the information.

                 

              
	
                      
                  Non-Competition

                

              	 
      	
                You
      acknowledge that (a) in the course of your Service with the Company and
      its affiliates, you have, and will continue to, become familiar with the
      Company’s and its affiliates’ trade secrets, methods of doing business,
      business plans and other valuable confidential and proprietary information
      concerning the Company, its affiliates, their customers and business
      partners and that your services have been and will be of special, unique
      and extraordinary value to the Company and its affiliates.  In
      consideration thereof and of this Award, during your Service with the
      Company or an affiliate and for a period of one (1) year thereafter, you
      shall not, without the Company’s prior written approval, become engaged,
      directly or indirectly, as a director, officer, employee or 5% or more
      stockholder or equity interest owner in, partner in, or consultant to, any
      business that is directly competitive with the business of the Company (or
      any affiliate) in any area or region where the Company (or any affiliate)
      conducts business (“Competition”). 
      Notwithstanding the foregoing, you shall not be deemed to be in
      Competition with the Company if you provide evidence satisfactory to the
      Company, in its sole and absolute discretion, that you: (i) work in a
      separate division, department or unit that does not compete with the
      business of the Company (or any affiliate); and (ii) will not have contact
      with the division, department or unit that does compete with the business
      of the Company (or any affiliate).  If you received your RSU grant as
      a non-employee member of the Company’s Board of Directors, this provision
      will not apply to you unless your Service is terminated for Cause (as
      defined above) or for cause pursuant to the Company’s Certificate of
      Incorporation.

              

      

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      
        	
                Non-Solicitation

              	 
      	
                During
      Service and for a period of two (2) years thereafter, you shall not,
      directly or indirectly, on your own behalf or on behalf of any other
      person: (a) induce or attempt to induce any agent, affinity group or
      policyholder of the Company (or any affiliate), or any prior agent,
      affinity group or policyholder that was an agent, affinity group or
      policyholder within twelve (12) months of such contact, to withdraw,
      decrease or cancel its business with the Company (or any affiliate) or
      otherwise terminate any written or oral agreement or understanding or
      other relationship with the Company (or any affiliate); (b) solicit the
      business of any customer of the Company (or any affiliate), or any prior
      agent, affinity group or policyholder that was an agent, affinity group or
      policyholder within twelve (12) months of such contact, to the extent the
      business solicited is similar to, or competitive with, the business of the
      Company (or any affiliate); (c) solicit or attempt to solicit, or hire or
      attempt to hire, any person who is an employee, individual consultant or
      independent contractor of the Company (or any affiliate), or any prior
      employee, individual consultant or independent contractor that was an
      employee, consultant or independent contractor within twelve (12) months
      of such contact; or (d) induce or attempt to induce any person who is an
      employee, individual consultant or independent contractor of the Company
      (or any affiliate) to terminate or limit his or her Service or other
      relationship with the Company (or any affiliate), or any prior employee,
      individual consultant or independent contractor that was an employee,
      individual consultant or independent contractor within twelve (12) months
      of such contact.

                 

              
	
                No Right to
      Employment

              	 
      	
                Neither
      your RSUs nor this Agreement give you the right to be retained by the
      Company in any capacity and your Service may be terminated at any time and
      for any reason.

                 

              
	
                Shareholder
      Rights

              	 
      	
                You
      have no rights as a shareholder unless and until the Stock relating to the
      RSUs has been issued to you (or an appropriate book entry has been made).
      Except as described in the Plan or herein, no adjustments are made for
      dividends or other rights if the applicable record date occurs before your
      Stock is issued (or an appropriate book entry has been made).

                 

                You
      will not be entitled to any dividends on any unvested RSUs.

                 

              
	
                Applicable
      Law

              	 
      	
                This
      Agreement shall be governed by the laws of the State of Delaware, with
      consent to jurisdiction by you in the State of New
  York.

              

      

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      
        	
                Data
      Privacy

              	 
      	
                To
      administer the Plan, the Company may process personal data about you. Such
      data includes the information provided in this Agreement, other
      appropriate personal and financial data about you such as home address and
      business addresses and other contact information, payroll information and
      any other information deemed appropriate by the Company to facilitate the
      administration of the Plan.

                 

                By
      accepting this award, you consent to the Company’s processing of such
      personal data and the transfer of such data outside the country in which
      you work or are employed, including, with respect to non-U.S. residents,
      to the United States, to transferees who shall include the Company and
      other persons designated by the Company to administer the Plan and the
      Plan prospectus.

                 

              
	
                Consent to
      Electronic
      Delivery

              	 
      	
                Certain
      statutory materials relating to the Plan may be delivered to you in
      electronic form. By accepting this grant, you consent to electronic
      delivery and acknowledge receipt of these materials, including the
      Plan.

              

      

    

     

     This
Agreement is not a stock certificate or a negotiable instrument.         

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    By
accepting your grant, you agree to the terms and conditions in this Agreement
and in the Plan, and agree that the Plan will control in the event any provision
of this Agreement should appear to be inconsistent with the terms and conditions
of the Plan.

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement on the date and year below.

    

    
      
        	
                AMTRUST
      FINANCIAL SERVICES, INC

              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	 
      	 
      
	
                Its:

              	 
      	
                Date:
      ___________________________

              
	 
      	 
      	 
      
	
                EMPLOYEE

              	 
      	 
      
	 
      	 
      	 
	 
      	 
      	
                Date:____________________________

              
	
                Name:

              	 
      	 
      

      

    

     

    
      
         

      

      
        7

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