0000950123-10-063500 Sample Contracts

NONQUALIFIED STOCK OPTION AGREEMENT
Nonqualified Stock Option Agreement • July 2nd, 2010 • HealthMarkets, Inc. • Accident & health insurance • Delaware

This AGREEMENT (this “Agreement”) is made as of June 29, 2010 (the “Effective Date”) by and between HealthMarkets, Inc., a Delaware corporation (the “Company”), and Jack Victor Heller (“Optionee”). As a condition precedent to the Company’s grant of the Options (as defined in Section 2 of this Agreement) to Optionee, to the extent not already executed by Optionee, Optionee is required to execute and deliver a counterpart of the Stockholders Agreement and thereby agrees to be bound by the Stockholders Agreement as a “Management Stockholder” thereunder.

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RESTRICTED SHARE AGREEMENT
Restricted Share Agreement • July 2nd, 2010 • HealthMarkets, Inc. • Accident & health insurance • Delaware

This AGREEMENT, is made as of June 29, 2010 (the “Effective Date”), by and between HealthMarkets, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), and Jack Victor Heller (the “Executive”);

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