Document:

<PAGE>   1
                                                                   EXHIBIT 10.55

                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT is entered into effective June 20, 2000,
by and between UICI, a Delaware corporation ("Seller"), and The MEGA Life and
Health Insurance Company, an Oklahoma corporation ("Purchaser"), for the purpose
of Purchaser acquiring from Seller all of the outstanding capital stock of AMLI
Realty Co., a Delaware corporation ("ARCO").

                                   WITNESSETH:

         WHEREAS, ARCO presently has outstanding a single class of common stock
("Shares"), of which Eleven Thousand Eight Hundred Seventy-three and Six Tenths
(11,873.6) Shares have been issued to Seller; and

         WHEREAS, said Shares are the only issued and outstanding capital stock
of ARCO, with the exception of 907 shares owned by a wholly-owned subsidiary of
ARCO; and

         WHEREAS, Purchaser desires to purchase from Seller and Seller desires
to sell to Purchaser one hundred percent (100%) of the issued and outstanding
Shares owned by Seller on the terms and subject to the conditions set forth
herein,

         NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements hereinafter set forth, the parties hereto agree as follows:

         1.       Seller hereby sells and assigns to Purchaser Eleven Thousand
                  Eight Hundred Seventy-three and Six Tenths (11,873.6) Shares
                  of common stock of ARCO. In consideration therefor, Purchaser
                  shall pay Seller cash in the amount of $20,032,933.00. The
                  purchase price is equal to the net book value of ARCO at April
                  30, 2000.

         2.       Seller agrees that any amounts attributable to any bad debts
                  of ARCO as of the closing date shall be paid to Purchaser.

         3.       As a material inducement to Purchaser to enter into this
                  Agreement and purchase the Shares, Seller and ARCO, jointly
                  and severally, represent and warrant that: (i) ARCO is a
                  corporation duly incorporated and validly existing under the
                  laws of the State of Delaware and is qualified to do business
                  in every jurisdiction in which its ownership or property or
                  conduct of its business requires it to qualify; (ii) ARCO has
                  all requisite corporate power and authority and all material
                  licenses, permits, and authorizations necessary to own and
                  operate its properties and to carry on its

                                                                          PAGE 1
<PAGE>   2

                  business as now conducted; (iii) the authorized capital stock
                  of ARCO consists of 25,000 shares of common stock, $0.20 par
                  value, and 1,000 shares of preferred stock, $0.01 par value,
                  of which 11,873.6 shares of common stock are owned,
                  beneficially and of record, by Seller, and 907 shares are
                  owned, beneficially and of record, by a wholly-owned
                  subsidiary of ARCO, and no other stock of ARCO is issued and
                  outstanding; (iv) ARCO nor Seller have agreed, orally or in
                  writing, to issue any stock or securities or securities
                  convertible or exchangeable for any Shares of its stock, nor
                  have they agreed, orally or in writing, to issue any options
                  or rights to purchase or otherwise acquire the capital stock
                  of ARCO; (v) the Balance Sheet of ARCO at April 30, 2000, a
                  copy of which is attached hereto attached as Exhibit 1, fairly
                  represents the financial position of ARCO at said date; (vi)
                  except as set forth in Exhibit 2, there are no material
                  actions, suits, proceedings, orders, investigations, or claims
                  pending or, to the best of Seller's and ARCO's knowledge,
                  overtly threatened against ARCO or any property of either, at
                  law or in equity, or before or by any governmental department,
                  commission, board, bureau, agency or instrumentality; (vii)
                  ARCO is not subject to any arbitration proceedings under any
                  collective bargaining agreements or otherwise, or, to the best
                  of Seller's and ARCO's knowledge, any governmental
                  investigations or inquiries; and (viii), to the best knowledge
                  of Seller and the directors and responsible officers of ARCO,
                  there is no basis for any of the foregoing.

         4.       As a material inducement to Seller to enter into this
                  Agreement and sell the Shares, Purchaser hereby represents and
                  warrants to Seller as follows: (i) Purchaser is a corporation
                  duly incorporated and validly existing under the laws of the
                  State of Oklahoma, and has all requisite corporate power and
                  authority to enter into this Agreement and perform its
                  obligations hereunder; (ii) the execution, delivery, and
                  performance by Purchaser of this Agreement and all other
                  agreements contemplated hereby to which Purchaser is a party
                  will have been duly and validly authorized by all necessary
                  corporate action of Purchaser, and this Agreement and each
                  such other agreement, when executed and delivered by the
                  parties thereto, will constitute the legal, valid and binding
                  obligation of Purchaser enforceable against it in accordance
                  with its terms, except as enforceability may be limited by
                  applicable bankruptcy, insolvency, and similar statutes
                  affecting creditors' rights generally and judicial limits on
                  equitable remedies; (iii) the execution, delivery, and
                  performance by Purchaser of this Agreement and all other
                  agreements contemplated hereby to which Purchaser is a party
                  will not result in a breach or violation of, or constitute a
                  default under, its Articles of Incorporation or Bylaws or any
                  material

                                                                          PAGE 2
<PAGE>   3
                  agreement to which Purchaser is a party or by which Purchaser
                  is bound; (iv) except as set forth on Exhibit 3, Purchaser is
                  not required to submit any notice, report, or other filing
                  with any governmental or regulatory authority in connection
                  with the execution and delivery by Purchaser of this Agreement
                  and the consummation of the purchase and no consent, approval,
                  or authorization of any governmental or regulatory authority
                  is required to be obtained by Purchaser or any affiliate in
                  connection with Purchaser's execution, delivery and
                  performance of this Agreement and the consummation of the
                  purchase; and (v) there are no actions, suits, proceedings, or
                  governmental investigations or inquiries pending or, to the
                  knowledge of Purchaser, threatened against Purchaser or its
                  properties, assets, operations or businesses that might delay,
                  prevent, or hinder the consummation of this purchase.

         5.       This Agreement contains the entire contract and supersedes any
                  and all other agreements, oral or written, between the parties
                  hereto with respect to the subject matter hereof and contains
                  all of the covenants and agreements between the parties with
                  respect to such matters.

         6.       This Agreement may not be modified, changed, or amended in any
                  respect unless agreed upon in writing and signed by the
                  parties hereto.

         7.       This Agreement shall be governed by and construed in
                  accordance with the laws of the State of Oklahoma.

         8.       This Agreement shall be binding upon and inure to the benefit
                  of the parties hereto, their successors, assigns, heirs and
                  legal beneficiaries.

         9.       If at any time during the term of this Agreement any dispute,
                  difference or disagreement shall arise upon or in respect of
                  the Agreement, and the meaning and construction thereof, every
                  such dispute, difference and disagreement shall be referred to
                  a single arbiter agreed upon by the parties, or if no single
                  arbiter can be agreed upon, an arbiter or arbiters shall be
                  selected in accordance with the rules of the American
                  Arbitration Association, and such dispute, difference, or
                  disagreement shall be settled by arbitration in accordance
                  with the then prevailing commercial rules of the American
                  Arbitration Association, and judgment upon the award rendered
                  by the arbiter may be entered in any court having jurisdiction
                  thereof.

                                                                          PAGE 3
<PAGE>   4

         10.      This Agreement or any section thereof shall not be construed
                  against any party due to the fact that said Agreement or any
                  section thereof was drafted by said party.

         11.      The parties hereto shall execute and deliver all documents,
                  provide all information and take or forbear from all such
                  action as may be necessary or appropriate to achieve the
                  purposes of the Agreement.

                  IN WITNESS WHEREOF, the parties have executed this Agreement
         as of the day and year first above written.

<TABLE>
<S>                                             <C>
         PURCHASER:                             SELLER:

         The MEGA Life and Health               UICI
           Insurance Company

         By:                                    By:
             -------------------------              ------------------------
             Charles T. Prater                      Gregory T. Mutz
             President                              President
</TABLE>

                                                                          PAGE 4<PAGE>   1
                                                                   EXHIBIT 10.56

                                                                  EXECUTION COPY

                               PUT/ CALL AGREEMENT

         This Agreement, dated as of September 15, 1999, is by and between UICI,
a Delaware corporation ("UICI") and Onward and Upward, Inc., a Nevada
corporation ("Onward").

         WHEREAS, in accordance with the terms of an Assumption Agreement, dated
as of September 15, 1999 (the "Assumption Date"), UICI has agreed to assume and
discharge the obligation of Special Investment Risks, Inc., a Nevada corporation
(the successor by merger to United Group Association, Inc., a Texas corporation)
to deliver to the Plan Trust established under the Agency Matching Total
Ownership Plan I (the "AMTOP-I Plan") and the Agency Matching Total Ownership
Plan II (the "AMTOP-II Plan") an aggregate of 369,174 shares of Common Stock of
UICI (the "TOP Plan Funding Obligation"), at the times and in the amounts as
provided in accordance with the AMTOP-I Plan and the AMTOP-II Plan.

         WHEREAS, UICI desires to ensure that the dollar value of the TOP Plan
Funding Obligation does not exceed the amount of $10,129,212 (representing the
market value of 369,174 shares of UICI Common Stock at the Assumption Date),
plus an amount that recognizes an increase in the value of the underlying UICI
Common Stock based upon historic past performance.

         WHEREAS, Onward desires to ensure that the dollar value of 369,174
shares of UICI Common Stock that Onward holds is not less than the amount of
$10,129,212 (representing the market value of 369,174 shares of UICI Common
Stock at the Assumption Date), plus an amount that recognizes an increase in the
value of the underlying UICI Common Stock based upon historic past performance.

         NOW THEREFORE, for and in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

         1. DEFINITIONS. In this Agreement, the following terms have the
meanings specified or referred to in this Section 1 and shall be equally
applicable to both the singular and plural forms:

         "Agreement" shall mean this Put/Call Agreement, dated as of September
15, 1999.

         "TOP Plan Funding Obligation" shall have the meaning set forth in the
Recitals hereto

         "Effective Date" shall mean September 15, 1999.

         "Put/Call Price" at any date of computation shall mean the
then-effective price as set forth below:

<TABLE>
<CAPTION>
         DURING THE PERIOD ENDING JULY 31,           PUT/CALL PRICE
         ---------------------------------           --------------
<S>                                                  <C>
                  2000                                    $28.50
                  2001                                    $30.25
                  2002                                    $32.25
                  2003                                    $34.25
                  2004                                    $36.25
                  2005                                    $38.25
                  2006                                    $40.25
</TABLE>

<PAGE>   2

         "Share Commitment" at any date shall mean a number of shares of UICI
Common Stock equal to 369,174 reduced by the number of shares of UICI Common
Stock theretofore transferred to UICI pursuant to the Call Right or the Put
Right.

         "Term" shall mean the period beginning on the date hereof and ending on
the earlier of July 31, 2006 and such date as the Share Commitment shall be
reduced to zero.

         2. UICI CALL RIGHT. On any date during the period commencing on July 1
and ending on July 31 of each year during the Term hereof, commencing July 1,
2000 (each such date a "Call Date"), UICI shall have the right (the "Call
Right") to purchase, and Onward shall have the irrevocable obligation to sell
(the "Call Obligation"), a number of shares of UICI Common Stock as shall be
designated in a written notice delivered to Onward within not less than 48 hours
prior to such Call Date, at a price per share equal to the then-effective
Put/Call Price at the Call Date; provided, however, that the number of shares of
UICI Common Stock that Onward shall be obligated to sell on any Call Date shall
not exceed the lesser of (i) the then-effective Share Commitment or (ii) the
number of shares corresponding to AMTOP Credits (as such term is defined in the
Assumption Agreement) that vest on January 1 of the current call period.

         3. ONWARD PUT RIGHT. On any date during the period commencing on July 1
and ending on July 31 of each year during the Term hereof, commencing July 1,
2000 (each such date a "Put Date"), Onward shall have the right (the "Put
Right") to sell, and UICI shall have the irrevocable obligation to purchase (the
"Put Obligation"), a number of shares of UICI Common Stock as shall be
designated in a written notice delivered to UICI within not less than 48 hours
prior to the Put Date, at a price per share equal to the then-effective Put/Call
Price at the Put Date; provided, however, that the number of shares of UICI
Common Stock that UICI shall be obligated to purchase on any Put Date shall not
exceed the then effective Share Commitment.

         4. LIENS AND ENCUMBRANCES. Each and every share of UICI Common Stock
subject to the Put Obligation and the Call Obligation shall, upon exercise of
the Put Right or the Call Right, as the case may be, be transferred to UICI by
Onward free and clear of any and all claims, liens, security interests and
charges whatsoever.

         5. ESCROW. To secure performance of the Call Obligation, Onward agrees
to deliver to UICI, as escrowee (the "Escrowee"), certificates representing not
less than 369,174 shares of UICI Common Stock, with executed stock powers
attached.

         6. REPRESENTATIONS AND WARRANTIES OF ONWARD. Onward hereby represents
and warrants to UICI as follows:

                  6.1. Onward is a corporation duly organized, validly existing
         and in good standing under the laws of the State of Nevada, and has
         full power and authority to own, lease and operate its properties and
         assets and to conduct its business as presently conducted, and to enter
         into this Agreement and to carry out the transactions contemplated by
         this Agreement.

                  6.2. The execution, delivery and performance by Onward of this
         Agreement have been duly authorized by all necessary corporate action,
         and this Agreement has been duly executed and delivered by Onward. This
         Agreement constitutes the valid and

<PAGE>   3

         binding obligation of Onward legally enforceable against Onward in
         accordance with its terms.

                  6.3. The execution of and performance by Onward of its
         obligations under this Agreement will not violate any provision of law
         or governmental rule or regulation, and will not conflict with or
         result in any breach of any of the terms, conditions or provisions of,
         or constitute a default under (i) Onward's Certificate or Articles of
         Incorporation, (ii) Onward's by-laws as currently in effect, (iii) any
         judgment, decree or order to which SIR is bound or (iv) any agreement,
         contract, lease, indenture or other instrument to which SIR is bound.

         7. REPRESENTATIONS AND WARRANTIES OF UICI. UICI hereby represents and
warrants to Onward as follows:

                  7.1. UICI is a corporation duly organized, validly existing
         and in good standing under the laws of the State of Delaware, and has
         full power and authority to own, lease and operate its properties and
         assets and to conduct its business as presently conducted, and to enter
         into this Agreement and to carry out the transactions contemplated by
         this Agreement.

                  7.2. The execution, delivery and performance by UICI of this
         Agreement have been duly authorized by all necessary corporate action,
         and this Agreement has been duly executed and delivered by UICI,
         subject to approval of the Board of Directors as set forth in Section 9
         hereof. This Agreement constitutes the valid and binding obligation of
         UICI, legally enforceable against UICI in accordance with its terms.

                  7.3. The execution of and performance by UICI of its
         obligations under this Agreement will not violate any provision of law
         or governmental rule or regulation, and will not conflict with or
         result in any breach of any of the terms, conditions or provisions of,
         or constitute a default under (I) UICI's Certificate of Incorporation,
         (ii) UICI's by-laws as currently in effect (the "By-laws"), (iii) any
         judgment, decree or order to which UICI is bound or (iv) any agreement,
         contract, lease, indenture or other instrument to which UICI is bound.

         8. GENERAL PROVISIONS.

                  8.1. Any notice, request, instruction or other document to be
         given hereunder shall be in writing and: (a) delivered personally; (b)
         sent by registered or certified United States mail, postage prepaid,
         return receipt requested; (c) sent by Federal Express or other
         similarly reputable overnight courier; or (d) transmitted by facsimile,
         according to the instructions set forth below. Such notices shall be
         sent to the following addresses and/or facsimile numbers and shall be
         deemed given: (w) if delivered personally, at the time delivered; (x)
         if sent by registered or certified United States mail, at the time
         deposited in the United States mail; (y) if sent by Federal Express or
         other similarly reputable overnight courier, at the time sent, or (z)
         if transmitted by facsimile, at the time when receipt is confirmed by
         the sending facsimile machine.

<PAGE>   4

                           If to Onward, to:

                           Onward and Upward, Inc.
                           2121 Precinct Line Road
                           Hurst, Texas  76054
                           Attention: Mr. Jeff Jensen

                           With a copy to:

                           Mr. Ralph Wolfe
                           Onward and Upward, Inc.
                           2121 Precinct Line Road
                           Hurst, Texas  76054

                           If to UICI, to:

                           UICI
                           4001 McEwen Drive
                           Suite 200
                           Dallas, TX  75244
                           Attention:  Mr. Gregory T. Mutz

         or to such other address as such party may indicate by a notice
         delivered to the other parties hereto in accordance with the provisions
         of this Section 8.1.

                  8.2. This Agreement contains the entire understanding of the
         parties hereto with regard to the subject matter contained herein or
         therein, and supersedes all prior written or oral agreements,
         understandings or letters of intent between or among any of the parties
         hereto. This Agreement shall not be amended, modified or supplemented
         except by a written instrument signed by an authorized representative
         of each of the parties hereto. 8.3. The rights of each party under this
         Agreement shall not be assignable without the written consent of each
         of the other parties.

                  8.4 This Agreement shall be binding upon and inure to the
         benefit of the parties hereto and their successors and permitted
         assigns. Nothing in this Agreement, expressed or implied, is intended
         or shall be construed to confer upon any Person other than the parties
         and successors and assigns permitted by this Section 8.4 any right,
         remedy or claim under or by reason of this Agreement.

                  8.5. Headings to sections herein are inserted for convenience
         of reference only and are not intended to be part of or to affect the
         meaning or interpretation of this Agreement.

                  8.6. This Agreement has been mutually prepared, negotiated and
         drafted by each of the parties hereto and thereto. The parties agree
         that the terms of this Agreement shall be construed and interpreted
         against each party in the same manner and that no such provisions shall
         be construed or interpreted more strictly against one party on the
         assumption that an instrument is to be construed more strictly against
         the party which drafted the agreement.

<PAGE>   5

                  8.7. Any term or provision of this Agreement may be waived, or
         the time for its performance may be extended, pursuant to a written
         action by the party or parties entitled to the benefit thereof. Any
         such waiver shall be validly and sufficiently authorized for purposes
         of this Agreement if, as to any party, it is authorized in writing by
         an authorized representative of such party. The failure of any party
         hereto to enforce at any time any provision of this Agreement shall not
         be construed to be a waiver of such provision, nor in any way to affect
         the validity of this Agreement or any part hereof or the right of any
         party thereafter to enforce each and every such provision. No waiver of
         any breach of this Agreement shall be held to constitute a waiver of
         any other or subsequent breach.

                  8.8. Regardless of whether the transactions provided for in
         this Agreement are consummated, each party hereto will pay its own
         costs and expenses incident to the negotiation, preparation and
         performance of this Agreement, including the fees, expenses and
         disbursements of its counsel, financial advisors, and accountants.

                  8.9. Wherever possible, each provision hereof shall be
         interpreted in such manner as to be effective and valid under
         applicable law, but in case any one or more of the provisions contained
         herein shall, for any reason, be held to be invalid, illegal or
         unenforceable in any respect, such provision shall be ineffective to
         the extent, but only to the extent, of such invalidity, illegality or
         unenforceability without invalidating the remainder of such invalid,
         illegal or unenforceable provision or provisions or any other
         provisions hereof, unless such a construction would be unreasonable.

                  8.10. This Agreement may be executed in one or more
         counterparts, each of which shall be considered an original instrument,
         and shall become binding when one or more counterparts have been signed
         by each of the parties hereto and delivered to each of Onward and UICI.

                  8.11. This Agreement shall be governed by and construed in
         accordance with the internal laws of the State of Texas, without giving
         effect to any choice of laws provisions which may direct the
         application of the laws of another jurisdiction.

                  8.12. Each of the parties hereby: (a) agrees that any action
         arising out of or related to this Agreement or any of the transactions
         contemplated hereby or thereby shall be filed and shall proceed
         exclusively in the federal and state courts located in Dallas, Texas;
         (b) irrevocably consents to jurisdiction in such courts; and (c) waives
         any and all objections to jurisdiction and venue in such courts that
         they may have under the federal or state laws of the United States.

                  8.13. The provisions of this Agreement are intended for the
         sole benefit of the parties hereto and shall not inure to the benefit
         of any other Person, other than successors and permitted assigns of
         Onward and UICI, whether as third party or otherwise.

<PAGE>   6

         9. BOARD OF DIRECTOR APPROVAL; DISCLOSURE. Onward acknowledges that the
terms and conditions of this Agreement, in accordance with policies and
procedures adopted by the Board of Directors of UICI, are subject to approval of
the Board Of Directors of UICI and may be subject to disclosure in accordance
with the rules and regulations adopted by the Securities and Exchange Commission
under the Securities Exchange Act of 1934, as amended.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed the day and year first above written.

                                      UICI

                                      By:
                                         --------------------------------------

                                      Name:
                                           ------------------------------------

                                      Title:
                                            -----------------------------------

                                      ONWARD AND UPWARD, INC.

                                      By:
                                         --------------------------------------

                                      Name:
                                           ------------------------------------

                                      Title:
                                            -----------------------------------
<PAGE>   7

                                  July 25, 2000

VIA OVERNIGHT MAIL

Onward & Upward, Inc.
2121 Precinct Line Road
Hurst, Texas  76054
Attention:  Mr. Jeffrey J. Jensen

Dear Jeff:

         Reference is made to the Put/Call Agreement, dated as of September 15,
1999 (the "Agreement"), by and between UICI and Onward & Upward, Inc.
("Onward"). Unless otherwise defined herein, capitalized terms used in this
letter shall have the respective meanings assigned to them in the Agreement.

         Following up on our recent conversations, and for and in consideration
of the various accommodations being extended to UICI by and through Onward and
the Jensen family, this will acknowledge the agreement of UICI, subject to the
approval of the UICI Board of Directors as set forth in the succeeding
paragraph, to extend the initial period during which Onward may exercise its Put
Right to and including August 31, 2000.

         Onward and UICI acknowledge and agree that the transaction contemplated
by this Agreement constitutes a "material transaction" with a "related party"
subject to the approval of a majority of the "disinterested outside directors"
of UICI in accordance with policies and procedures adopted by the UICI Board of
Directors. Accordingly, UICI's obligations hereunder shall be expressly subject
to the approval of a majority of the "disinterested outside directors" of the
Board of Directors, which approval will be sought at a meeting of the UICI Board
of

<PAGE>   8

Onward & Upward, Inc.
July 25, 2000
Page 2

Directors to be held on August 2, 2000.

         We appreciate your consideration in this matter.

                                    Very truly yours,

                                    UICI

                                    By:
                                       ----------------------------------------
                                          Glenn W. Reed
                                          Executive Vice President
                                          and General Counsel

GWR: gwr

Cc: Mr. Gregory T. Mutz

Agreed and acknowledged this __ day of July, 2000

Onward & Upward, Inc.

By:
   ---------------------------------

<PAGE>   9

                                 August 15, 2000

VIA OVERNIGHT MAIL

Onward & Upward, Inc.
2121 Precinct Line Road
Hurst, Texas  76054
Attention:  Mr. Jeffrey J. Jensen

Dear Jeff:

         Reference is made to the Put/Call Agreement, dated as of September 15,
1999 (the "Agreement"), by and between UICI and Onward & Upward, Inc.
("Onward"). Unless otherwise defined herein, capitalized terms used in this
letter shall have the respective meanings assigned to them in the Agreement.

         In accordance with the terms of the letter, dated July 25, 2000, from
UICI to Onward (the "July Letter"), UICI conditionally agreed to extend the
initial period during which Onward may exercise its Put Right to and including
August 31, 2000. Please be advised that, as approved by the outside
disinterested directors of UICI at a meeting of the Board of Directors of UICI
held on August 2, 2000, and in consideration of the various accommodations being
extended to UICI by and through Onward and the Jensen family, UICI hereby agrees
to extend the initial period during which Onward may exercise its Put Right to
and including October 31, 2000.

         The terms of this letter will supercede in all respects the terms of
the July Letter.

         We appreciate your consideration in this matter.

                                   Very truly yours,

                                   UICI

                                   By:
                                      -----------------------------------------
                                         Glenn W. Reed
                                         Executive Vice President
                                         and General Counsel

GWR: gwr

<PAGE>   10

Onward & Upward, Inc.
August 15, 2000
Page 2

Cc:  Mr. Gregory T. Mutz

Agreed and acknowledged this __ day of August, 2000

Onward & Upward, Inc.

By:
   -----------------------------

<PAGE>   11

                                October 16, 2000

VIA OVERNIGHT MAIL

Onward & Upward, Inc.
2121 Precinct Line Road
Hurst, Texas  76054
Attention:  Mr. Jeffrey J. Jensen

Dear Jeff:

         Reference is made to the Put/Call Agreement, dated as of September 15,
1999 (as amended, the "Agreement"), by and between UICI and Onward & Upward,
Inc. ("Onward"). Unless otherwise defined herein, capitalized terms used in this
letter shall have the respective meanings assigned to them in the Agreement.

         Following up on our recent conversations, and for and in consideration
of the various accommodations being extended to UICI by and through Onward and
the Jensen family, this will acknowledge the agreement of UICI, subject to the
approval of the UICI Board of Directors as set forth in the succeeding
paragraph, to extend the initial period during which Onward may exercise its Put
Right to and including December 31, 2000.

         Onward and UICI acknowledge and agree that the extension contemplated
by this letter constitutes a "material transaction" with a "related party"
subject to the approval of a majority of the "disinterested outside directors"
of UICI in accordance with policies and procedures adopted by the UICI Board of
Directors. Accordingly, UICI's obligations hereunder shall be expressly subject
to the approval of a majority of the "disinterested outside directors" of the
Board of Directors, which approval will be sought at a meeting of the UICI Board
of

<PAGE>   12

Onward & Upward, Inc.
October 16, 2000
Page 2

Directors to be held on November 1, 2000.

         Kindly acknowledge your receipt and agreement to the foregoing by
signing and returning to the undersigned the enclosed copy of this letter.

         We appreciate your consideration in this matter.

                                Very truly yours,

                                UICI

                                By:
                                   --------------------------------------------
                                      Glenn W. Reed
                                      Executive Vice President
                                      and General Counsel

GWR: gwr

Cc:  Mr. Gregory T. Mutz

Agreed and acknowledged this __ day of October, 2000

Onward & Upward, Inc.

By:
   -------------------------------

<PAGE>   13

                                February 7, 2001

VIA OVERNIGHT MAIL

Onward & Upward, Inc.
2121 Precinct Line Road
Hurst, Texas 76054
Attention:  Mr. Jeffrey J. Jensen

Dear Jeff:

         Reference is made to the Put/Call Agreement, dated as of September 15,
1999 (the "Agreement"), by and between UICI and Onward & Upward, Inc.
("Onward"). Unless otherwise defined herein, capitalized terms used in this
letter shall have the respective meanings assigned to them in the Agreement.

         In accordance with the terms of the letter, dated August 15, 2000, from
UICI to Onward (the "August Letter"), UICI conditionally agreed to extend the
initial period during which Onward may exercise its Put Right to and including
October 31, 2000. Please be advised that, as approved by the outside
disinterested directors of UICI at a meeting of the Board of Directors of UICI
held on November 1, 2000, and in consideration of the various accommodations
extended to UICI by and through Onward and the Jensen family, this will confirm
that UICI has agreed to further extend the initial period during which Onward
may exercise its Put Right to and including March 31, 2001.

         The terms of this letter will supercede in all respects the terms of
the August Letter.

<PAGE>   14

Onward & Upward, Inc.
February 7, 2001
Page 2

         I would appreciate your acknowledgement of the foregoing by signing and
returning to the undersigned the enclosed copy of this letter.

                                             Very truly yours,

                                             UICI

                                             By:
                                                --------------------------------
                                                  Glenn W. Reed
                                                  Executive Vice President
                                                  and General Counsel

GWR: gwr

Cc:  Mr. Gregory T. Mutz
     Ms. Connie Palacios

Agreed and acknowledged this day      of February 2001
                                 ----
Onward & Upward, Inc.

By:
   --------------------------------------

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