Bored and relaxed are often hard to tell apart. A horse can look like this after vigorous exercise, or after getting up from a nap, or after standing around awhile.
This horse is either scared (see the rolling eye), or hurting (see the bit preventing the horse from either breathing or swallowing). One thing for sure, this horse is being ridden by someone incompetent and heavy-handed.
Check out the article below from a blog I really like, www.Horsetalk.co.nz.