Document:

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                                                                   EXHIBIT 10.14

                           INDEMNIFICATION AGREEMENT

         This INDEMNIFICATION AGREEMENT (the "Agreement") is made as of ________
__, 2004 by and among Conseco, Inc., a Delaware corporation (the "Company"),
CDOC, Inc., a Delaware corporation and wholly-owned subsidiary of the Company
("CDOC"), and Conseco Services, LLC, an Indiana limited liability company and
wholly-owned subsidiary of the Company ("Services"), and _______________
("Indemnitee"). The Company, CDOC and Services are sometimes collectively
referred to herein as "Indemnitors."

         WHEREAS, the Company desires to attract and retain qualified directors
and to provide them with protection against liability and expenses incurred
while acting in that capacity;

         WHEREAS, the certificate of incorporation and bylaws of the Company
contain provisions for indemnifying individuals in connection with their service
as members of the board of directors of the Company;

         WHEREAS, the bylaws of the Company and applicable state law contemplate
that separate contracts may be entered into between the Company with respect to
their indemnification by the Company;

         WHEREAS, the Company understands that Indemnitee has reservations about
serving or continuing to serve the Company without adequate protection against
personal liability arising from such service;

         WHEREAS, the Company expects to derive substantial direct and indirect
benefits from Director's service, and has accordingly agreed to indemnify
Director pursuant to this Agreement; and

         WHEREAS, CDOC and Services derive substantial direct and indirect
benefits from services and other benefits and consideration provided by the
Company, and will derive substantial direct and indirect benefits from
Director's service to the Company, and have accordingly agreed to indemnify
Director pursuant to this Agreement.

         NOW THEREFORE, for good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, and in consideration of
Indemnitee's service to the Company and the direct and indirect benefits that
CDOC and Services will receive from such service, the parties agree as follows:

1.       Contractual Indemnity. In addition to the indemnification provisions
of the certificate of incorporation and bylaws of the Company, Indemnitors
hereby agree, subject to the limitations of Sections 2 and 5  hereof, on a
joint and several basis:

         (a)      To indemnify, defend and hold Indemnitee harmless to the
greatest extent possible under applicable law from and against any and all
judgments, fines, penalties, amounts paid in settlement and any other amounts
reasonably incurred or suffered by Indemnitee (including attorneys' fees) if
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to
be in or not opposed to the best interests of the Company, and, with respect to
any criminal action or proceeding, had no reasonable cause to believe
Indemnitee's

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conduct was unlawful, in connection with any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative, including an action by or in the right of the Company
(collectively referred to hereafter as a "Claim"), to which Indemnitee is, was
or at any time becomes a party, by reason of the fact that Indemnitee is, was or
at any time becomes a director, officer, employee or agent of the Company or is
or was serving or at any time serves at the request of the Company as a
director, officer, employee or agent of another corporation, limited liability
company, partnership, joint venture, business organization, trust or other
enterprise or association, whether or not arising prior to the date of this
Agreement.

         (b)      To pay any and all expenses reasonably incurred by Indemnitee
in defending any Claim (including reasonable attorneys' fees and expenses and
other reasonable costs of investigation and defense), as the same are incurred
and in advance of a final judicial determination (as to which all rights of
appeal therefrom have been exhausted or lapsed) (a "Final Judicial
Determination") of any such Claim, upon receipt of a written undertaking by or
on behalf of Indemnitee (which shall be unsecured and shall not bear interest)
to reimburse such amounts if a Final Judicial Determination determines that
Indemnitee (i) is not entitled to be indemnified by Indemnitors under this
Agreement, and (ii) is not entitled to be indemnified by the Company under the
certificate of incorporation or the bylaws of the Company.

         (c)      To pay any and all expenses reasonably incurred by Indemnitee
in connection with Indemnitee's involvement in (including, without limitation,
involvement as a witness or deponent), but not as a party to, any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, including an action by or in the right of the
Company, by reason of the fact that Indemnitee is, was or at any time becomes a
director, officer, employee or agent of the Company or is or was serving or at
any time serves at the request of the Company as a director, officer, employee
or agent of another corporation, limited liability company, partnership, joint
venture, business organization, trust or other enterprise or association,
whether or not arising prior to the date of this Agreement.

         (d)      The termination of any action or proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that (i) Indemnitee did
not act in good faith and in a manner which Indemnitee reasonably believed to be
in the best interests of the Company or (ii) with respect to any criminal action
or proceeding, Indemnitee had reasonable cause to believe that Indemnitee's
conduct was unlawful.

2.       Limitations on Contractual Indemnity. Indemnitee shall not be entitled
to indemnification or advancement of expenses under Section 1:

         (a)      if a court of competent jurisdiction, by a Final Judicial
Determination, shall determine that such indemnity is not permitted under
applicable law; or

         (b)      on account of any suit in which judgment is rendered for an
accounting of profits made from the purchase or sale by Indemnitee of securities
of the Company in violation of the provisions of Section 16(b) of the Securities
Exchange Act of 1934; or

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         (c)      with respect to proceedings or claims initiated or brought
voluntarily by Indemnitee and not by way of defense, except (i) with respect to
proceedings brought in good faith to establish or enforce a right to
indemnification under this Agreement or the Company's certificate of
incorporation or bylaws or any other statute or law, or (ii) at the Company's
discretion, in specific cases if the board of directors of the Company (or a
committee thereof) has approved the initiation or bringing of such suit; or

         (d)      for expenses or liabilities of any type whatsoever which have
been paid directly to Indemnitee by an insurance carrier under a policy of
liability insurance maintained by the Company; or

         (e)      for any expenses incurred by the Indemnitee with respect to
any proceeding instituted by Indemnitee to enforce or interpret this Agreement,
if a court of competent jurisdiction determines that each of the material
assertions made by the Indemnitee in such proceeding was not made in good faith
or was frivolous.

         Notwithstanding any limitations set forth in this Section 2 regarding
Indemnitors' obligation to provide indemnification, Indemnitee shall be entitled
under Section 4 to receive expense advances hereunder with respect to any such
Claim unless and until a court of competent jurisdiction shall have made a Final
Judicial Determination that Indemnitee has engaged in acts, omissions or
transactions for which Indemnitee is prohibited from receiving indemnification
under this Section 2.

3.       Continuation of Contractual Indemnity.  All agreements and obligations
of Indemnitors contained herein shall continue for so long as Indemnitee shall
be subject to, or involved in, any possible action, suit, proceeding or other
assertion of a Claim or Claims.

4.       Expenses; Indemnification Procedure. Indemnitors shall, on a joint and
several basis, advance all expenses incurred by Indemnitee in connection with
the investigation, defense, settlement or appeal of any action, suit, proceeding
or other Claim referenced in Section 1 hereof. Indemnitee hereby undertakes to
repay such amounts advanced if, and to the extent that, a Final Judicial
Determination determines that Indemnitee is not entitled to be indemnified by
Indemnitors as authorized hereby. The advances to be made hereunder shall be
paid by Indemnitors to Indemnitee within twenty (20) days following delivery of
a written request therefor by Indemnitee to Indemnitors as provided in Section
16.

5.       Notification and Defense of Claim.  If any action, suit, proceeding or
other Claim is brought against Indemnitee in respect of which indemnity may be
sought under this Agreement:

         (a)      Indemnitee will promptly notify Indemnitors in writing of the
commencement thereof, and Indemnitors will be entitled to participate therein at
their own expense or to assume the defense thereof and to employ counsel
reasonably satisfactory to Indemnitee, provided however, that failure to provide
such notice in accordance with this Section 5(a) shall not affect Indemnitee's
rights to receive any expenses or expense advances hereunder unless and except
to the extent that Indemnitors did not otherwise learn of such Claim and such
failure of Indemnitee to provide such notice results in the forfeiture by
Indemnitors of substantial rights and defenses. Notice to Indemnitors shall be
made in accordance with Section 16. If Indemnitors do not

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assume the defense of a Claim or Indemnitee reasonably determines that there may
be a conflict between the positions of Indemnitors and Indemnitee in conducting
the defense of a Claim, then counsel to Indemnitee shall be entitled to conduct
the defense as reasonably determined by such counsel to be necessary or
desirable to protect the interests of the Indemnitee and Indemnitors shall not
have the right to assume the defense of such Claim and the reasonable fees and
expenses of such counsel to the Indemnitee shall be borne by Indemnitors, on a
joint and several basis, upon delivery to the Company of the undertaking
referred to in Section 1(b). However, in no event will Indemnitors be obligated
to pay the fees or expenses of more than one firm of attorneys representing
Indemnitee and any other agents of Indemnitors in connection with any one Claim
or separate but substantially similar or related Claims in the same jurisdiction
arising out of the same general allegations or circumstances, unless Indemnitee
reasonably determines that representation of Indemnitee and other agents of
Indemnitors by the same firm of attorneys would present a conflict of interest
that materially prejudices the interests of Indemnitee.

         (b)      Indemnitors shall not be liable to indemnify Indemnitee for
any amounts paid in settlement of any Claim effected without Indemnitors'
written consent, and Indemnitors shall not settle any Claim in a manner which
would impose any penalty or limitation on Indemnitee or require the admission of
guilt or responsibility without Indemnitee's written consent, provided, however,
that neither Indemnitors nor Indemnitee shall unreasonably withhold its consent
to any proposed settlement and, provided further, that if a Claim is settled by
Indemnitee with Indemnitors' written consent, or if there is a Final Judicial
Determination for the plaintiff in connection with the Claim by a court of
competent jurisdiction, Indemnitors shall indemnify and hold harmless Indemnitee
from and against any and all losses, costs, expenses and liabilities incurred by
reason of such settlement or judgment in accordance with Section 1.

         (c)      Indemnitee shall give Indemnitors such information in the
possession of, or reasonably obtainable by, Indemnitee, and cooperation as
Indemnitors may reasonably require and as shall be within Indemnitee's power and
control.

         (d)      Any indemnification provided for in Section 1 shall be made
promptly, and in any event within forty-five (45) days (or in the case of
advance of expenses, twenty (20) days) after receipt of the written request of
Indemnitee. If a claim for indemnification under this Agreement, under any
statute, or under any provision of the Company's certificate of incorporation or
bylaws providing for indemnification, is not paid in full by Indemnitors within
forty-five (45) days after a written request for payment thereof has first been
received by Indemnitors, Indemnitee may, but need not, at any time thereafter
bring an action against Indemnitors to recover the unpaid amount of the claim
and, subject to Section 12 of this Agreement, Indemnitee shall also be entitled
to be reimbursed for the expenses (including attorneys' fees) of bringing such
action. It shall be a defense to any such claim (other than an action brought to
enforce a claim for expenses incurred in connection with any action or
proceeding in advance of its final disposition) that Indemnitee has not met the
standards of conduct which make it permissible under applicable law for
Indemnitors to indemnify Indemnitee for the amount claimed, but the burden of
proving such defense shall be on Indemnitors, and Indemnitee shall be entitled
to receive interim payments of expenses pursuant to Section 4 unless and until
there is a Final Judicial Determination with respect to such defense. It is the
parties' intention that if Indemnitors contest Indemnitee's right to
indemnification, the question of Indemnitee's right to indemnification shall be
for the court to decide, and neither the

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failure of Indemnitors (including their respective board of directors, board of
managers, any committee or subgroup thereof, or independent legal counsel) to
have made a determination that indemnification of Indemnitee is proper in the
circumstances because Indemnitee has met the applicable standard of conduct
required by applicable law, nor an actual determination by Indemnitors
(including their respective board of directors, board of managers, any committee
or subgroup thereof, or independent legal counsel) that Indemnitee has not met
such applicable standard of conduct, shall create a presumption that Indemnitee
has or has not met the applicable standard of conduct.

         (e)      If, at the time of the receipt of a notice of a Claim, the
Company has director and officer liability insurance in effect, the Company
shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the applicable policies. The
Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of
such proceeding in accordance with the terms of such policies, provided however,
that nothing contained in this Section 5(e) shall excuse Indemnitors from their
joint and several obligation to pay expense advances to Indemnitee, or indemnify
Indemnitee, as provided herein.

6.       Scope. Notwithstanding any other provision of this Agreement,
Indemnitors, on a joint and several basis, hereby agree to indemnify Indemnitee
against any Claim to the fullest extent permitted by law, notwithstanding that
such indemnification is not specifically authorized by the other provisions of
this Agreement or the Company's certificate of incorporation or bylaws or by
applicable law. In the event of any change, after the date of this Agreement, in
any applicable law, statute or rule which expands the right of a Delaware
corporation to indemnify a member of its board of directors, an officer or other
corporate agent, such change shall be, ipso facto, within the purview of
Indemnitee's rights and Indemnitors' obligations, under this Agreement. In the
event of any change in any applicable law, statute, or rule which narrows the
right of a Delaware corporation to indemnify a member of its board of directors,
an officer, or other corporate agent, such change, to the extent not otherwise
required by applicable law to be applied to this Agreement, shall have no effect
on this Agreement or the parties' rights and obligations hereunder.

7.       Partial Indemnification. If Indemnitee is entitled under any provision
of this Agreement to indemnification by Indemnitors for some or a portion of the
expenses, judgments, fines or penalties actually or reasonably incurred by him
in the investigation, defense, appeal or settlement of any civil or criminal
action or proceeding, but not, however, for the total amount thereof,
Indemnitors, on a joint and several basis, shall nevertheless indemnify
Indemnitee for the portion of such expenses, judgments, fines or penalties to
which Indemnitee is entitled.

8.       Director and Officer Liability Insurance. The Company shall use
reasonable best efforts to obtain and at all times maintain, for the benefit of
Director, coverage under a director and officer liability insurance policy at a
level that is reasonable and customary for similarly situated companies.

9.       Public Policy.  The parties acknowledge that in certain instances,
federal law or applicable public policy may prohibit the Company from
indemnifying its directors and officers under this Agreement or otherwise.
Indemnitee understands and acknowledges that the

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Company has undertaken or may be required in the future to undertake with the
Securities and Exchange Commission to submit the question of indemnification to
a court in certain circumstances for a determination of the Company's right
under public policy to indemnify Indemnitee.

10.      No Restrictions. The rights and remedies of Indemnitee under this
Agreement shall not be deemed to exclude or impair any other rights or remedies
to which Indemnitee may be entitled under the certificate of incorporation or
bylaws of the Company or under any other agreement, provision of law or
otherwise, nor shall anything contained herein restrict the right of Indemnitors
to indemnify Indemnitee in any proper case even though not specifically provided
for in this Agreement, nor shall anything contained herein restrict Indemnitee's
right to contribution as may be available under applicable law. The
indemnification provided under this Agreement shall continue as to Indemnitee
for any action Indemnitee took or did not take while serving as a director,
officer, employee or agent of the Company or any of its subsidiaries even though
Indemnitee may have ceased to serve in such capacity.

11.      Severability. Each of the provisions of this Agreement is a separate
and distinct agreement and independent of the others, so that if any provision
hereof shall be held to be invalid or unenforceable for any reason, such
invalidity or unenforceability shall not affect the validity or enforceability
of the other provisions hereof. Furthermore, to the fullest extent possible, the
provisions of this Agreement (including, without limitations, each portion of
this Agreement containing any provision held to be invalid, void or otherwise
unenforceable, that is not itself invalid, void or unenforceable) shall be
construed so as to give effect to the intent manifested by the provision held
invalid, illegal or unenforceable.

12.      Attorneys' Fees. In the event of any litigation or other action or
proceeding to enforce or interpret this Agreement, the prevailing party as
determined by the court shall be entitled to an award of its reasonable
attorneys' fees and other costs, in addition to such relief as may be awarded by
a court or other tribunal.

13.      Further Assurances.  The parties will do, execute and deliver, or will
cause to be done, executed and delivered, all such further acts, documents and
things as may be reasonably required for the purpose of giving effect to this
Agreement and the transactions contemplated hereby.

14.      Acknowledgment. Indemnitors expressly acknowledge that they have
entered into this Agreement and assumed the obligations imposed on them
hereunder in order to induce Indemnitee to serve or to continue to serve
Indemnitors, and further acknowledge that Indemnitee is relying on this
Agreement in serving or continuing to serve in such capacity.

15.      Counterparts.  This Agreement may be executed (including by facsimile)
in one or more counterparts, each of which shall constitute an original and
together shall constitute one instrument.

16.      Notice.  All notices, requests, or other communications provided for
in this Agreement shall be in writing and shall be delivered personally or by
reputable overnight courier service (delivery charges prepaid) to any party at
the address herein or such other address as indicated by

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written notice. Any such notice, request, or other communication shall be deemed
to have been given pursuant to this Agreement when delivered personally or on
the second business day after deposit with a reputable overnight courier
service, as the case may be. Addresses for notice to Indemnitee is shown on the
signature page to this Agreement. Address for notice to Indemnitors shall be to
Conseco, Inc., 11825 N. Pennsylvania Street, Carmel, Indiana, 46032, Attention:
Chief Executive Officer.

17.      Subrogation. In the event of payment under this Agreement, Indemnitors
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all documents required and shall do
all acts that may be necessary to secure such rights and to enable Indemnitors
effectively to bring suit to enforce such rights.

18.      Governing Law; Binding Effect; Amendment.

         (a)      This Agreement shall be interpreted and enforced in
accordance with the laws of the State of Delaware (without regard to any
conflict of law provisions thereof).

         (b)      This Agreement shall be binding upon Indemnitee, the Company,
CDOC and Services, their successors and assigns, and shall inure to the benefit
of Indemnitee, his heirs, personal representatives and assigns and to the
benefit of the Company, CDOC, Services and their respective successors and
assigns.

         (c)      No amendment, modification, termination or cancellation of
this Agreement shall be effective unless in writing signed by each party hereto.

                                    * * * * *

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         IN WITNESS WHEREOF, the parties have executed this Indemnification
Agreement as of the date first written above.

                                    CONSECO, INC.

                                    By: ___________________________________
                                        Name:
                                        Title:

                                    CDOC, INC.

                                    By: ___________________________________
                                        Name:
                                        Title:

                                    CONSECO SERVICES, LLC

                                    By: ___________________________________
                                        Name:
                                        Title:

AGREED AND ACCEPTED:

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

Address:

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                                                                   EXHIBIT 10.15

                              LIMITED UNDERTAKING

         This LIMITED UNDERTAKING (the "Agreement") is made as of ________ __,
2004 by and among Conseco, Inc., a Delaware corporation (the "Company"), Conseco
Life Insurance Company of Texas ("CLTX"), an insurance company organized under
the Texas Insurance Code and an indirect wholly-owned subsidiary of the Company,
and _______________ ("Director").

         WHEREAS, the Company desires to attract and retain qualified directors
and to provide them with protection against liability and expenses incurred
while acting in that capacity;

         WHEREAS, the certificate of incorporation and bylaws of the Company and
CDOC, Inc. ("CDOC"), and the operating agreement of Conseco Services LLC
("Services," and together with the Company and CDOC, "Indemnitors"), contain
provisions for indemnifying individuals in connection with their service as
members of the board of directors of the Company and board of managers of
Services, respectively;

         WHEREAS, the Company, CDOC and Services are entering into an
Indemnification Agreement with Director (the "Indemnification Agreement")
pursuant to which the Company, CDOC and Services have agreed to jointly and
severally indemnify Director against liabilities and expenses that Director may
incur in connection with his service to the Company, CDOC and Services;

         WHEREAS, in light of the Company's recent emergence from bankruptcy and
the high cost and limited availability of director and officer liability
insurance, the amount of coverage that the Company has been able to obtain for
its directors and officers (which as of the date of this Agreement is $100
million) is substantially less than the amount recommended by the Company's
insurance broker and less than the amount of coverage the Company's predecessor
provided to its officers and directors;

         WHEREAS, the Company is a holding company for a group of insurance
subsidiaries, including, among others, CLTX, and conducts no business operations
of its own and holds no material assets other than cash and cash equivalents and
equity securities of its subsidiaries;

         WHEREAS, CLTX is organized under the Texas Insurance Code and is
regulated by the Texas Department of Insurance (the "Department") thereunder;

         WHEREAS, the Department has advised the Company that, under Texas
Insurance Code Sections 805.003(b), 823.102, 823.103 and 823.452, the execution
of this Agreement is subject to the Department's prior review and approval;

         WHEREAS, CLTX and the Company's other insurance subsidiaries expect to
derive substantial direct and indirect benefits from the Company in the form of,
among other things, strategic direction, management expertise and financial
support, and, furthermore, CLTX and the Company's other insurance subsidiaries
expect to derive substantial direct and indirect benefits from Director's
involvement with the Company and Services; and

         WHEREAS, as part of the mutually beneficially relationship among the
Company, CLTX and the Company's other insurance subsidiaries, CLTX has agreed,
pursuant to this Agreement

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and subject to Director's obligation to act in good faith and in a manner he
reasonably believes to be in or not opposed to the best interests of the
Company, to satisfy Indemnitors' payment obligations under the Indemnification
Agreement to the extent such obligations are not satisfied by Indemnitors or out
of the Company's director and officer liability insurance.

         NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and in order to induce Director to
continue to serve as a director of the Company and to serve as a manager of
Services, and in consideration of Director's service to the Company and
Services, the parties agree as follows:

                                    ARTICLE I

                             UNDERTAKING PROVISIONS

         SECTION 1.1       UNDERTAKING.

                (a)        Subject to Section 1.3, and provided that Director
has satisfied his obligation under Delaware law to act in good faith and in a
manner he reasonably believes to be in or not opposed to the best interests of
the Company, CLTX hereby:

                           (i) undertakes that Director shall receive full and
punctual payment when due, in accordance with the Indemnification Agreement, of
all of the Indemnitors' payment obligations under the Indemnification Agreement,
whether such payment obligations are absolute or contingent, or now or hereafter
existing, or due or become due under the Indemnification Agreement, and all
interest, fees, expenses or other amounts due or to become due in the future
under the Indemnification Agreement (all such obligations hereinafter called the
"Obligations"); and

                           (ii) indemnifies and holds harmless Director for any
and all costs and expenses (including, without limitation, reasonable attorneys'
fees and expenses) incurred by Director in connection with the enforcement of
any rights under this Agreement.

                (b)        CLTX undertakes that the Obligations of Indemnitors
will be paid strictly in accordance with the terms of the Indemnification
Agreement. Subject to Section 1.3, CLTX's liability under this Agreement shall
be absolute, unconditional and irrevocable irrespective of:

                           (i) any reduction, limitation, impairment or
termination of the Obligations of Indemnitors for any reason, including any
waiver, release, surrender, alteration or compromise, and shall not be subject
to (and CLTX hereby waives any right to or claim of) any defense or setoff,
counterclaim, recoupment, or termination whatsoever by reason of any event or
occurrence affecting the Obligations of Indemnitors; or

                           (ii) any other circumstance which might otherwise
constitute a defense available to, or a legal or equitable discharge of,
Indemnitors, including, but not limited to any defense based on (A) the
rejection of the Indemnification Agreement or any of the Obligations of
Indemnitors thereunder in any proceeding under the United States Bankruptcy
Code, (B) the disallowance of any claim asserted by Director in any proceeding
under the United States Bankruptcy Code or otherwise based on the Obligations of
Indemnitors under the

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Indemnification Agreement or (C) any limitation or diminution of the amounts
payable by Indemnitors under the Indemnification Agreement imposed by law or any
court, it being the intention of the parties that this Agreement shall in any or
all of such circumstances be payable to the full extent of the Obligations of
Indemnitors as set forth in the Indemnification Agreement as if no such defense
were available or asserted.

         SECTION 1.2   LIMITATIONS ON UNDERTAKING. Notwithstanding
anything to the contrary in this Agreement, the obligations of CLTX shall be
subject to the following limitations:

                (a)        Two Year Time Limitation. CLTX shall have no
obligation to make payments with respect to any claim which arises from or
relates to any action or omission of Director occurring after the second
anniversary of the date of this Agreement (the "Coverage Period").

                (b)        Unrelated Business Activities. CLTX shall have no
obligation to make payments with respect to any claim which is neither directly
or indirectly related to, nor directly or indirectly for the benefit of, the
insurance, advisory or investment business and activities of the Company and its
subsidiaries (or activities at the Company, Services or other subsidiaries of
the Company which directly or indirectly support or provide services to the
insurance, advisory or investment businesses, including, without limitation, the
accounting, public reporting and corporate finance activities at the Company
level).

                (c)        Priority of Policyholders. The right of Director to
receive payments from CLTX under this Agreement shall be subordinate in right of
payment to obligations to policyholders. CLTX shall not make any payment to
Director under this Agreement unless, after giving effect to such payment,
CLTX's risk based capital shall be at least 250% of the authorized control
level; it being understood that if CLTX does not satisfy such condition at the
time its obligation to make payments hereunder arises but subsequently satisfies
such condition, it shall make payment at such subsequent time (but subject to
satisfaction of the other conditions to payment set forth herein). The parties
understand and agree that, for regulatory approval purposes, payments under this
Agreement by CLTX will be treated as distributions under the Texas Insurance
Code. Any payment under this Agreement shall be treated as an ordinary
distribution unless such payment (when aggregated with all dividends and
distributions by CLTX in the preceding 12 months) would constitute an
extraordinary distribution under Section 823.107 of the Texas Insurance Code.
Any payment under this Agreement that would be treated as an extraordinary
distribution under Section 823.107 of the Texas Insurance Code shall be subject
to the notice and approval provisions of that section.

                (d)        Limitation on Coverage. In no event will CLTX's
obligations under this Agreement and similar limited undertaking agreements
entered into with other directors of the Company exceed $150 million in the
aggregate.

                (e)        Priority of Obligations. It is understood and agreed
that the first source of recovery in respect of any losses incurred by Director
shall be the Company's director and officer liability insurance policy (if
available) and that the second source of recovery shall be payments from the
Company, CDOC and Services under the Indemnification Agreement. CLTX's liability
for payment under this Agreement shall only be triggered after Director has used
commercially

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reasonable efforts to obtain recovery under the Company's director and officer
liability insurance policy and from the Company, CDOC and Services under the
Indemnification Agreement.

         SECTION 1.3   SUBROGATION. In the event of payment by CLTX to Director
under this Agreement, CLTX shall be subrogated to the extent of such payment to
all of the rights of recovery of Director against Indemnitors, who shall execute
all papers required and shall do everything that may be necessary to secure such
rights, including the execution of such documents necessary to enable CLTX
effectively to bring suit to enforce such rights.

         SECTION 1.4   DIRECTOR AND OFFICER LIABILITY INSURANCE. The Company
hereby agrees to use commercially reasonable efforts to obtain and at all times
maintain, for the benefit of Director, coverage of at least $100 million under a
director and officer liability insurance policy (or such other amount as is
available on commercially reasonable terms in the marketplace). If the Company
does not maintain at least $100 million in director and officer liability
insurance, it will promptly notify the Department and the Department will have
the ability to request and require CLTX to amend or terminate this Agreement.

         SECTION 1.5   REINSTATEMENT. CLTX agrees that this Agreement shall
continue to be effective or to be reinstated, as the case may be, if any time
any payment (in whole or in part) of any of the Obligations is rescinded or must
otherwise be restored by Director, whether upon the insolvency, bankruptcy or
reorganization of either Indemnitor or otherwise, all as though such payment had
not been made.

         SECTION 1.6   WAIVER. CLTX hereby waives promptness, diligence, notice
or acceptance and any other notice with respect to any of the Obligations of
Indemnitors and/or obligations under this Agreement.

         SECTION 1.7   SUCCESSORS, TRANSFEREES AND ASSIGNS. This Agreement shall
(a) be binding on CLTX, and its successors, transferees and assigns; and (b)
inure to the benefit of and be enforceable by Director or his heirs,
beneficiaries, transferees and assigns.

                                   ARTICLE II

                     REPRESENTATIONS AND WARRANTIES OF CLTX

         To induce Director to continue to serve as a director of the Company
and to serve as a manager of Services, CLTX represents and warrants that:

         SECTION 2.1   ORGANIZATION. CLTX is duly organized, validly
existing and in good standing under the laws of the state of its incorporation
and CLTX is duly qualified to transact business and in good standing as a
foreign corporation, authorized to do business in each jurisdiction where the
nature of its business makes such qualification necessary and failure to so
qualify could reasonably be expected to have a material adverse effect upon its
business or assets or upon its ability or right to carry out all of the terms of
this Agreement.

         SECTION 2.2   AUTHORIZATION. CLTX (a) has the power to execute,
deliver and perform this Agreement, and (b) has taken all necessary action to
authorize the execution, delivery and performance of this Agreement, including,
without limitation, approval and/or ratification of this

                                       4
<PAGE>

Agreement by its board of directors, which, in connection with such approval,
reviewed a true copy of the Indemnification Agreement and determined that the
consideration being received by CLTX for the execution and delivery of this
Agreement is fair to CLTX and reasonable.

         SECTION 2.3   NO CONFLICT. The execution, delivery and performance
by CLTX of this Agreement and payments made pursuant to this Agreement do not
and will not (a) contravene or conflict with any provision of any law, statute,
rule or regulation, (b) contravene or conflict with, result in any breach of, or
constitute a default under, any material agreement or instrument binding on CLTX
(including, without limitation, any writ, judgment, injunction or other similar
court order), (c) result in the creation or imposition of or the obligation to
create or impose any lien upon any of the property or assets of CLTX or (d)
contravene or conflict with any provision of the Articles of Incorporation or
By-laws (or equivalent governing documents) of CLTX.

                                   ARTICLE III

                                  MISCELLANEOUS

         SECTION 3.1   INDEMNIFICATION. CLTX agrees to indemnify Director
and hold Director harmless from and against any and all liabilities, losses,
claims, damages, costs and expenses of any kind which Director may incur or to
which he may become subject, whether directly or indirectly (including, without
limitation, the reasonable fees and expenses of counsel for Director), relating
to or arising out of this Agreement or the enforcement by Director of this
Agreement.

         SECTION 3.2   NOTICES. All notices, requests and other
communications to any party hereunder shall be in writing and shall be given to
such party at its address or facsimile number. Each such notice, request or
other communication shall be effective (a) if given by facsimile when such
facsimile is transmitted to the proper facsimile number, (b) if given by United
Sates mail, seventy-two (72) hours after such communication is deposited in the
mails by certified or registered mail return receipt requested, with sufficient
postage prepaid, addressed to the proper addres or (c) if given by recognized
courier (such as Federal Express or UPS) which guarantees next business day
delivery, when delivered to the proper address. The Company shall promptly
provide written notice to the Department of (a) any claims made by any party
under the Indemnification Agreements and (b) any notices of claims or potential
claims made under the Company's director and officer insurance policy. In no
event shall CLTX make any payment hereunder without first providing the
Department thirty (30) days advance written notice of such payment.

         SECTION 3.3   NO ASSIGNMENT. Neither CLTX, the Company nor Director
shall assign this Agreement nor any interest herein without the mutual consent
of the other party hereto.

         SECTION 3.4   AMENDMENTS. The provisions of this Agreement may from
time to time be amended, modified or waived, only if such amendment,
modification or waiver is in writing and consented to by CLTX, the Company and
Director, and then any such amendment, modification, waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

                                       5
<PAGE>

         SECTION 3.5   SECTION HEADINGS. The section headings in this
Agreement are inserted for convenience of reference and shall not be considered
part of this Agreement or used in its interpretation.

         SECTION 3.6   NO LIMITATION OF OTHER OBLIGATIONS. All obligations
of CLTX and the Company and rights of Director or obligation expressed in this
Agreement shall be in addition to and not in limitation of those provided under
applicable law or in any other written instrument or agreement relating to any
of the Obligations. Nothing in this Agreement (including the limitations under
Section 1.2) shall limit (a) the right or obligation of the Company, CDOC or
Services to indemnify their directors, officers and employees or (b) the
circumstances in which Director is entitled to indemnification from the Company,
CDOC or Services (it being understood that the limitations on payments under
this Agreement apply only to payments by CLTX to Director under this Agreement).

         SECTION 3.7   GOVERNING LAW; REGULATORY APPROVAL. If CLTX has
insufficient funds from which to make any payment to Director under this
Agreement, CLTX will comply with all required insurance regulatory notices and
approvals relating to any dividends from its subsidiaries that it may seek in
connection with such payment. This Agreement shall be a contract made under and
governed by the laws of the State of Texas, without regard to conflicts of laws
principles. All obligations of CLTX and the Company and rights of Director in
respect of the obligations of CLTX expressed herein shall be in addition to and
not in limitation of those provided by applicable law.

         SECTION 3.8   COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall for all purposes be deemed an
original, but all of such counterparts shall constitute but one and the same
agreement.

         SECTION 3.9   NOT A CONTRACT OF INSURANCE. Nothing contained in
this Agreement shall be interpreted as creating a contract of insurance between
CLTX, the Company and Director, and Director shall not be deemed a policyholder
for any purpose under this Agreement.

         SECTION 3.10  FUNDING. All amounts payable or credited to Director
shall be paid in cash from the general assets of CLTX. CLTX shall be under no
obligation to establish a special or separate fund, or to segregate any of its
assets, to assure payment of amounts under this Agreement.

         SECTION 3.11  UNSECURED CREDITOR. Nothing contained in this
Agreement, and no action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind, nor a fiduciary relationship between
CLTX and Director. To the extent that Director acquires a right to receive any
amount from CLTX under this Agreement, such right shall be no greater than the
right of an unsecured creditor of CLTX. Director acknowledges that, in the event
that CLTX becomes financially distressed (whether due to insolvency or
otherwise), CLTX's ability to pay benefits to Director under this Agreement
could be impaired.

                                    * * * * *

                                       6
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Limited Undertaking
as of the date first written above.

                                  CONSECO LIFE INSURANCE COMPANY OF TEXAS

                                  By:
                                      ---------------------------------------
                                      Name:
                                      Title:

                                  CONSECO, INC.

                                  By:
                                      ---------------------------------------
                                      Name:
                                      Title:

AGREED AND ACCEPTED:

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

Address:

---------------------------
---------------------------
---------------------------

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