FORM OF NONQUALIFIED STOCK OPTION AGREEMENTForm of Nonqualified Stock Option Agreement • August 7th, 2007 • HealthMarkets, Inc. • Accident & health insurance • Delaware
This AGREEMENT (this “Agreement”) is made as of August 2, 2007 by and between HealthMarkets, Inc., a Delaware corporation (the “Company”), and Philip Rydzewski (“Optionee”). As a condition precedent to the Company’s grant of the Options (as defined in Section 2 of this Agreement) to Optionee, Optionee is executing and delivering a counterpart of the Stockholders Agreement and thereby agrees to be bound by the Stockholders’ Agreement as a “Management Stockholder” thereunder.
