AMTRUST FINANCIAL SERVICES, INC.
2010 OMNIBUS INCENTIVE PLAN
NON-QUALIFIED STOCK OPTION AGREEMENT
Your stock option grant by AmTrust Financial Services, Inc. (the “ Company ”) is subject to the terms and
conditions set forth in (i) this Award Agreement, and (ii) the AmTrust Financial Services, Inc. 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 Stock
You have been granted an Option (the “ Option ”), subject to the terms and
conditions of this Agreement and the Plan, to purchase ____________ shares of the
The exercise price with respect to your Option is $xx.xx per share, such exercise
price payable on terms and conditions and in a form as determined by the
Compensation Committee in its sole discretion consistent with the terms of the Plan
and this Award Agreement.
The effective date of this grant is ________ ____, 20__.
The term of your Option will expire at the close of business on the 10th anniversary
of the Grant Date. Your Option will expire earlier if your Employment with the
Company terminates, as described below.
Your Option shall vest 100% on the first anniversary of the Grant Date.
This Option is only exercisable before it expires and then only with respect to the
vested portion of the Option. You may exercise this Option, in whole or in part, to
purchase a whole number of vested shares in accordance with the Plan and this
Except as provided in this Agreement, or in any other agreement between you and
the Company, no additional Options will vest after your Employment has terminated.
If your Employment (as defined below) terminates for any reason, other than death,
Disability or Cause, then your Option will expire at the close of bus