NORTH POINTE HOLDINGS CORP
FORM OF STOCK OPTION AWARD
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>k00023exv10w1.htm
<DESCRIPTION>FORM OF STOCK OPTION AWARD
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<P align="right" style="font-size: 10pt">Exhibit 10.1

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTH POINTE HOLDINGS CORPORATION<BR>
EQUITY INCENTIVE PLAN<BR>
STOCK OPTION AWARD</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear :
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You have been granted an option (the &#147;Option&#148;) to purchase shares of common stock of North Pointe
Holdings Corporation (the &#147;Company&#148;) under the North Pointe Holdings Corporation Equity Incentive
Plan (the &#147;Plan&#148;) with the following terms and conditions:
</DIV>

<DIV align="center">
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    <TD width="25%">&nbsp;</TD>
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    <TD width="70%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grant Date:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Type of Option:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Number of Option Shares:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exercise Price per Share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expiration:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Close of business at the Company headquarters on the
tenth (10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>anniversary of the
Grant Date, subject to earlier termination as described
under &#147;Termination of Employment&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vesting:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Your Option vests in accordance with the following
schedule, provided you are employed by the Company or
an Affiliate on the applicable vesting date:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Your Option will become fully vested if your employment
terminates as a result of death or Disability. For
purposes of this Agreement, &#147;Disability&#148; means your
inability to perform the material duties of your
occupation as a result of a medically-determinable
physical or mental impairment which can be expected to
result in death or which has lasted or can be expected
to last for a period of at least 12&nbsp;months, as
determined by the Committee. The Committee may require
you to submit such medical evidence or to undergo a
medical examination by a doctor selected by the
Committee as the Committee determines is necessary in
order to make a determination hereunder.</TD>
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<P align="center" style="font-size: 10pt">&nbsp;
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Upon any other termination of employment, the unvested
portion of the Option will terminate on the date of
such termination of employment.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Manner of Exercise:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You may exercise this Option only to the extent vested
and only if the Option has not expired or terminated.
To exercise this Option, you must complete the exercise
form provided by the Company and return it to the
address indicated on the form. Your form must specify
how many shares you wish to purchase and will explain
how you must satisfy the exercise price and withholding
taxes due, if any, upon exercise. The form will be
effective when it is received by the Company. If
someone else wants to exercise this Option after your
death, that person must contact the Company and prove
to the Company&#146;s satisfaction that he or she is
entitled to do so. Your ability to exercise the Option
may be restricted by the Company if required by
applicable law.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Termination of Employment:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If your employment terminates, your Option will
terminate on the close of business at the Company
headquarters as follows:</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If your employment terminates as a
result of death or Disability (at a time when you could
not have been terminated for Cause), your Option will
terminate on the first (1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>) anniversary of
the date of your termination of employment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If your employment terminates for any
other reason (other than Cause, as defined below), your
Option will terminate ninety (90)&nbsp;days after the date
of your termination of employment.</TD>
</TR>

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</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">However, in no event will this Option be exercisable
after its Expiration Date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Your entire Option (whether vested or nonvested) is
terminated immediately if your employment is terminated
for Cause. In addition, if you have submitted a notice
of exercise that has not yet been processed and you are
terminated for Cause, your notice of exercise will be
rescinded and your exercise price be returned to you.
For this purpose, &#147;Cause&#148; means: (i)&nbsp;if you are subject
to an employment agreement that contains a definition
of &#147;cause&#148;, such definition; (ii)&nbsp;otherwise, any of the
following as determined by the Committee: (A)&nbsp;violation
of the provisions of any employment agreement,
non-competition agreement, confidentiality agreement,
or similar agreement with the</TD>
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<P align="center" style="font-size: 10pt">2
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="70%">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Company or an Affiliate,
or the Company&#146;s or Affiliate&#146;s code of conduct, as
then in effect, (B)&nbsp;conduct rising to the level of
gross negligence or willful misconduct in the course of
employment with the Company or an Affiliate, (C)
commission of an act of dishonesty or disloyalty
involving the Company or an Affiliate, (D)&nbsp;violation of
any federal, state or local law in connection with your
employment, or (E)&nbsp;breach of any fiduciary duty to the
Company or an Affiliate.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Transferability:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You may not transfer or assign this Option for any
reason, other than under your will or as required by
intestate laws. Any attempted transfer or assignment
in violation of this provision will be null and void.
During your lifetime, only you (or your guardian or
legal representative if approved by the Company in the
event of your incapacity) are entitled to exercise the
Option.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Restrictions on Resale:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By accepting this Option, you agree not to sell any
Shares acquired under this Option at a time when
applicable laws, Company policies (including, without
limitation, the Company&#146;s Insider Trading Policy) or an
agreement between the Company and its underwriters
prohibit a sale.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax Consequences:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If this Option is designated as a nonqualified stock
option, the exercise of this Option will result in
taxable income to you.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If this Option is designated as an incentive stock
option, you understand that for the favorable tax
treatment afforded to incentive stock options to apply:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must hold the shares acquired
upon exercise for a period of one (1)&nbsp;year from the
date of exercise and two (2)&nbsp;years from the Grant Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Exercise Price Per Share must
equal at least the fair market value of a Share on the
Grant Date. While the Committee has made a good faith
determination of the fair market value of a Share in
this regard, neither the Committee, the Board nor the
Company can guarantee that such determination will be
considered fair market value, nor will you or any other
individual be entitled to any indemnification for any
failure of the Committee to have made such a
determination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Shares with a fair market value
(as determined on the Grant Date) in excess of $100,000
become exercisable (vested)&nbsp;for the first time in any
calendar year (including for this purpose option shares
granted under all other</TD>
</TR>

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<P align="center" style="font-size: 10pt">3
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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="32%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>incentive stock options granted
to you by the Company and its Subsidiaries), the number
of Shares with a fair market value in excess of such
$100,000 limit will be considered issued under a
nonqualified stock option.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must exercise this Option within
ninety (90)&nbsp;days after termination of employment for
any reason other than Disability or death.
Accordingly, if you exercise this Option more than
ninety (90)&nbsp;days after such termination (if otherwise
permitted by this Option), you will be treated as
exercising a nonqualified stock option. For this
purpose, if you transfer to the employment of an
Affiliate that is not a subsidiary within the meaning
of Code Section&nbsp;422, you will be treated as terminated
from employment on the date of such transfer, or if you
are employed by a subsidiary, you will be treated as
terminated from employment on the date such entity
ceases to meet the requirements of Code Section&nbsp;422.
In addition, you will be considered to have terminated
employment for purposes of these rules on the
ninety-first (91st) day of a military leave, sick leave
or other bona fide leave of absence unless your rights
to return to active employment are guaranteed by law or
contract.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The excess of the Fair Market Value
of the Shares at the time of exercise over the amount
you pay for such Shares may be an item of adjustment
for alternative minimum tax (AMT)&nbsp;purposes on your
personal tax return.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notice of Sale:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If this Option is designated as an incentive stock
option, you must report to the Secretary of the Company
any disposition of the Shares acquired under this
Option that is made within two (2)&nbsp;years from the Grant
Date or within twelve (12)&nbsp;months from the date you
acquired the Shares (the &#147;Notice Period&#148;). In
addition, the Company may, at any time during the
Notice Period, place a legend or legends on any
certificate(s) for the Option Shares requesting the
Company&#146;s transfer agent to notify the Company of any
transfer of the Shares.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This Stock Option Award may be amended only by written
consent of the Company and the Optionee, unless the
amendment is not to the detriment of the Optionee.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Counterparts:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This Stock Option Award may be executed in counterparts.</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Governing Law:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The provisions of Section&nbsp;9(f) of the Plan apply to
this Stock Option Award.</TD>
</TR>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Option is granted under and governed by the terms and conditions of the Plan. Additional
provisions regarding your Option and definitions of capitalized terms used and not defined in this
Option can be found in the Plan.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BY SIGNING BELOW AND ACCEPTING THIS STOCK OPTION AWARD, YOU AGREE TO ALL OF THE TERMS AND<BR>
CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN.
</DIV>

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    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
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</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Authorized Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Optionee</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">5
</DIV>


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