Document:

Restricted Share Agreement

 Exhibit 10.62 
 RESTRICTED SHARE AGREEMENT 
 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 Derrick A. Duke (the “Executive”); 

WHEREAS, the Company and the Executive entered into an employment agreement or offer letter, as applicable, with
respect to the Executive’s employment as an executive of the Company and certain related terms (the “Employment Agreement”); 
 WHEREAS, the Company, acting through the Compensation Committee with the consent of the Board has agreed to grant to the Executive, effective on the Effective Date, restricted shares of the
Company’s Class A-l Common Stock (the “Restricted Shares”) under the Second Amended and Restated HealthMarkets 2006 Management Option Plan (the “Plan”) on the terms and subject to the conditions set forth in this
Agreement and the Plan; 
 WHEREAS, as a condition precedent to the Company’s grant of the
Restricted Shares to the Executive, the Executive must, to the extent the Executive has not yet done so, execute and deliver a counterpart of the Stockholders Agreement and thereby agree to be bound by the Stockholders Agreement as a
“Management Stockholder” thereunder and the Restricted Shares shall be subject to the terms of the Stockholders Agreement. 
 NOW, THEREFORE, in consideration of the promises and of the mutual agreements contained in this Agreement, the parties hereto hereby agree as follows: 

1. Capitalized Terms. Capitalized terms not defined herein shall have the definitions ascribed to such
terms in the Plan or the Employment Agreement, as the case may be. 
 2. Grant. Subject to and
upon the terms, conditions, and restrictions set forth in this Agreement, the Company hereby grants to the Executive 100,000 Restricted Shares as of the date hereof. 

3. Issuance of Stock. The Restricted Shares shall be subject to the restrictions described herein. The
Restricted Shares shall bear appropriate legends with respect to the restrictions described herein. 
 4.
Vesting. Subject to the Executive’s remaining in the continuous employ of the Company or any Subsidiary through the applicable vesting date, except as otherwise provided in Section 6 hereof, the Restricted Shares shall vest
in equal 20% annual installments on each of the first five anniversaries of the Effective Date; provided, that the Restricted Shares shall immediately vest in full upon a Change of Control. 

5. Restrictions. No portion of the Restricted Shares or rights granted hereunder may be sold, transferred,
assigned, pledged or otherwise encumbered or disposed of by the Executive until such portion of the Restricted Shares becomes vested, and any purported sale, transfer, assignment, pledge, encumbrance or disposition shall be void and unenforceable
against the Company. 

 6. Termination of Employment. 

(a) General. Except as provided immediately below, if the Executive’s employment terminates for any reason,
the Restricted Shares, to the extent not then vested will be immediately forfeited. 
 (b) Without Cause; for
Good Reason. If the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason, as of the date of termination, the Restricted Shares that would have vested if the Executive had remained employed
through the first anniversary of the date of termination will vest. 
 (c) Death; Disability. If the
Executive’s employment is terminated by reason of the Executive’s death or Disability, as of the date of termination, the Restricted Shares that would have vested if the Executive had remained employed through the first anniversary of the
date of termination will vest; provided, however, that it shall be a condition to the vesting of the Restricted Shares in the event of the Executive’s death that the Person receiving the Shares shall (i) have agreed in a form
satisfactory to the Company to be bound by the provisions of this Agreement and, if there has been no Change of Control or an IPO, the Stockholders Agreement and (ii) comply with all regulations and the requirements of any regulatory authority
having control of, or supervision over, the issuance of the Shares and in connection therewith shall execute any documents which the Board shall in its sole discretion deem necessary or advisable. 

(d) Cause. Notwithstanding the foregoing or any provision of this Agreement or the Employment Agreement to the
contrary, if the Executive’s employment is terminated by the Company for Cause, all unvested Restricted Shares will be immediately forfeited as of the date of termination. 

7. Company Repurchase Rights. 

(a) The Company will have the right to purchase (the “Call Right”), subject to the provisions of
Section 7(b) below, any Shares that the Executive received pursuant to the terms and conditions set forth in the Stockholders Agreement. 
 (b) Notwithstanding anything in the Stockholders Agreement or the Employment Agreement to the contrary, in the event that the Executive is required to repay unvested cash bonus amounts paid to the
Executive by the Company, the Company shall have the right to reduce the purchase price payable to the Executive with respect to any Shares held by the Executive by the amount owed to the Company by the Executive with respect to such unvested cash
bonus amounts. 
 (c) This Section 7 shall be deemed an amendment to the terms of the Stockholders
Agreement to the extent necessary to effectuate the terms of this Section 7. By executing this Agreement, the Executive agrees to be bound by the terms of the Stockholders Agreement, as modified by this Agreement, and accepts the rights and
obligations set forth therein. 
 8. Initial Public Offering. The Restricted Shares shall be
subject to the terms and conditions of the Stockholders Agreement. The Company and the Executive acknowledge that they will agree to provide the Company with the right to require the Executive and other executives of the Company or any Subsidiary to
waive any registration rights with regard to such Shares upon an IPO, in which case the Company will implement an IPO bonus plan in cash, stock or additional options to compensate for the Executive’s and the other executives’ loss of
liquidity; provided that if the Executive’s employment is terminated without Cause or for Good Reason, then the Executive shall fully vest upon the date of termination in any grant made under such IPO bonus plan. 

 9. Executive Shareholder Rights. Prior to the date on which
the Restricted Shares vest, except as otherwise set forth herein, the Executive shall have all rights of a shareholder with respect to the Restricted Shares. Notwithstanding the foregoing, cash dividends, if any, paid with respect to any Restricted
Shares which have not vested at the time of the dividend payment shall be paid to and held in the custody of the Company, and shall be subject to the same restrictions that apply to the corresponding Restricted Shares, and shall be released from the
custody of the Company at such time as the restrictions on the underlying Shares to which the dividends relate have lapsed. At such time as any Restricted Share vests, any such custodial dividends held by the Company (including any interest thereon
payable in accordance with this Section 9) with respect to such vested share shall be paid to the Executive. 
 10. No Employment Contract. Nothing contained in this Agreement shall (a) confer upon the Executive any right to be employed by or remain employed by the Company or any Subsidiary, or
(b) limit or affect in any manner the right of the Company or any Subsidiary to terminate the employment or adjust the compensation of the Executive. 
 11. Taxes and Withholding. The Company or any Subsidiary may withhold, or require the Executive to remit to the Company or any Subsidiary, an amount sufficient to satisfy federal, state,
local or foreign taxes (including the Executive’s FICA obligation) in connection with any payment made or benefit realized by the Executive or other person under this Agreement or otherwise, and the amounts available to the Company or any
Subsidiary for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that the Executive or such other person make arrangements satisfactory to the Company or any Subsidiary for
payment of the balance of such taxes required to be withheld. The Executive may elect to have such withholding obligation satisfied by surrendering to the Company a portion of the Shares that is issued or transferred to the Executive upon the
vesting of the Restricted Shares (but only to the extent of the minimum withholding required by law), and the Shares so surrendered by the Executive shall be credited against any such withholding obligation at the Fair Market Value of such Shares on
the date of such surrender (and the amount equal to the Fair Market Value of such shares shall be remitted to the appropriate tax authorities). 
 12. Compliance with Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however, that notwithstanding any other
provision of this Agreement, the Restricted Shares shall not vest if the vesting thereof would result in a violation of any such law. 
 13. Adjustments. In the event of any stock split, reverse stock split, share dividend, merger, consolidation or other event after the Effective Date that makes an equitable adjustment
appropriate, the Board shall make such substitution or adjustment (including cash payments) in the number and kind of Restricted Shares covered thereby and/or such other equitable substitution or adjustments as it determines in good faith to be
equitable. In connection with a Change of Control, such substitutions and adjustments may include, without limitation, canceling any and all Restricted Shares in exchange for cash payments equal to the Fair Market Value of the Restricted Shares in
connection with such an adjustment event. 
 14. Relation to Other Benefits. Any economic or other
benefit to the Executive under this Agreement shall not be taken into account in determining any benefits to which the Executive may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained by the Company or
any Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under any life insurance plan covering employees of the Company or any Subsidiary. 

15. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the
extent that the amendment is applicable hereto; provided, however, that no amendment shall adversely affect the rights of the Executive under this Agreement or the Employment Agreement without the Executive’s written consent. 

 16. Severability. If one or more of the provisions of this
Agreement is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully
enforceable. 
 17. Relation to Plan. This Agreement is subject to the terms and conditions of the
Plan; provided, however, that in the event of any inconsistent provisions between this Agreement and the Plan, this Agreement shall govern. In addition, in the event of any inconsistent provisions between the Plan and the Employment
Agreement, the Plan shall govern. The Board acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to determine (in good faith) any questions which arise in connection with
the Restricted Shares. 
 18. Successors and Assigns. The provisions of this Agreement shall inure
to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Executive, and the successors and assigns of the Company. 

19. Governing Law. The interpretation, performance, and enforcement of this Agreement shall be governed by
the laws of the State of Delaware, without giving effect to the principles of conflict of laws thereof and all parties, including their successors and assigns, consent to the jurisdiction of the state and federal courts of Delaware. 

20. Prior Agreement; Employment Agreement. As of the date that the Executive countersigns this Agreement,
this Agreement will supersede any and all prior and/or contemporaneous agreements, either oral or in writing, between the parties hereto, or between either or both of the parties hereto and the Company, with respect to the subject matter hereof,
including, without limitation, the Employment Agreement and any Exhibits thereto. Each party to this Agreement acknowledges that no representations, inducements, promises, or other agreements, orally or otherwise, have been made by any party, or
anyone acting on behalf of any party, pertaining to the subject matter hereof and that no prior and/or contemporaneous agreement, statement or promise pertaining to the subject matter hereof that is not contained in this Agreement shall be valid or
binding on either party. 
 21. Notices. For all purposes of this Agreement, all communications,
including without limitation notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission
(with receipt thereof confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized
overnight courier service such as Federal Express, UPS, or Purolator, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive offices and to the Executive at his principal residence, or to such other
address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address shall be effective only upon receipt. 

22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same agreement. 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on
its behalf by its duly authorized officer and the Executive has executed this Agreement, as of the day and year first above written. 
  

			
	 HEALTHMARKETS, INC.

		
	By:	 	 /s/ Vicki Cansler

	Name:	 	
	Title:	 	

 
	
	
	 /s/ Derrick A. Duke

	EXECUTIVE
	Name: Derrick A. DukeSummary of Material Terms and Conditions

 CONFIDENTIAL 

 

 Exhibit 10.63 

SUMMARY OF MATERIAL TERMS AND CONDITIONS – 
 HEALTHMARKETS, INC. AND SUBSIDIARIES (COLLECTIVELY, “COMPANY”) 
 EXECUTIVE
RETENTION PROGRAM (“PROGRAM”) 
 Participant: Derrick A Duke 

Compensation: Annual Base Compensation–$400,000.00  

Annual Bonus Compensation: 
  

	1)	 Annual Target Bonus: 75% of Annual Base Compensation 

 

	2)	 Annual Maximum Bonus: 200% of Annual Target Bonus 

 Guaranteed Elements of Annual Bonus Compensation: 
  

	1)	 Guaranteed portion of annual bonus compensation: 

  

	 	a)	 2010 annual bonus compensation: 66.66% of target bonus guaranteed or $199,980.00. 

 

	 	b)	 2011 annual bonus compensation: 50% of target bonus guaranteed or $150,000.00. 

 

	 	c)	 2012 annual bonus compensation: 50% of target bonus guaranteed or $150,000.00. 

 

	2)	 Non-guaranteed portions of annual bonus compensation are subject to annual performance criteria to be approved by the Board of Directors or the
Committee. 

  

	3)	 Guaranteed portion of annual bonus compensation “vests” if you are employed continuously through the last day of the fiscal year.

  

	4)	 Guaranteed portion of annual bonus compensation is paid in equal pro rata installments on a quarterly basis in arrears.

  

	 	a)	 2010–$99,990.00 to be paid on 9-30-2010 and $99,990.00 to be paid on 12-31-2010, or as soon thereafter as administratively feasible.

  

	 	b)	 2011–$37,500.00 to be paid on the last day of each calendar quarter (3-30-2011, 6-30- 2011, 9-30-2011 and 12-31-2011) or as soon thereafter as
administratively feasible. 

  

	 	c)	 2012–$37,500.00 to be paid on the last day of each calendar quarter (3-30-2012, 6-30- 2012, 9-30-2012 and 12-31-2012) or as soon thereafter as
administratively feasible. 

  

	5)	 Payments made prior to the applicable vesting date are not earned and are subject to clawback. Subject to the exceptions set forth in 5(a) and
(b) below, and to the extent permitted by Section 409A of the Code, payments made prior to the applicable vesting date are not earned and the 

  

					
	 Derrick A Duke
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 CONFIDENTIAL 

 

 Company will have the right to reduce any and all of the following
amounts in order to offset such payments, including, (i) severance owed or payable by the Company to you upon your separation from the Company, (ii) gains from stock option exercise, restricted stock vesting or any other equity awards, and
(iii) other amounts owed or payable by the Company to you in any form whatsoever, whether compensatory or otherwise. Without limiting the generality of the foregoing, the Company may reduce all proceeds payable pursuant to any put right, call
right or other sale of Company equity by you in order to recover payments made prior to the applicable vesting date. To the extent necessary, this will constitute an amendment to the Stockholders Agreement, the Second Amended and Restated
HealthMarkets 2006 Management Option Plan (“MOP”) and any other applicable award agreement. 
  

	 	a)	 Payments are not subject to clawback and/or offset if your employment is terminated by the Company without Cause, by reason of your death or
Disability, or you terminate your employment for Good Reason. For purposes of these Program terms and conditions, the terms “Cause,” “Disability,” and “Good Reason” will have the meanings given to them in your
employment agreement with the Company. 

  

	 	b)	 Clawback and/or offset would require the repayment of 75% of the gross amount of the payments made to you. 

Retention Cash Compensation: 
  

	1)	 Retention Cash Compensation: $1,125,000.00 

  

	2)	 Retention Cash Compensation is divided into 3 Tranches as follows: 

 

	 	a)	 Tranche A: 25% of Retention Cash Compensation; vests on 1st anniversary of Grant Date. 

 

	 	b)	 Tranche B: 25% of Retention Cash Compensation; vests on 2nd anniversary of Grant Date. 

 

	 	c)	 Tranche C: 50% of Retention Cash Compensation; vests on 3rd anniversary of Grant Date. 

 

	3)	 Grant Date is June 30, 2010. 

  

	4)	 Retention payments to be made as follows: 

  

	 	a)	 Tranche A: to be paid in equal pro rata installments on a quarterly basis in arrears beginning on the Grant Date and ending on the 1st anniversary of the Grant Date: 

 

	 	i.	 Scheduled payments of $70,312.50 to be paid on the last day of each calendar quarter (9-31-2010,12-31-2010, 3-31-2011 and 6-30-2011) or as soon
thereafter as administratively feasible. 

  

					
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 CONFIDENTIAL 

 

	 	b)	 Tranche B: to be paid in equal pro rata installments on a quarterly basis in arrears beginning on the 1st anniversary of the Grant Date and ending on the 2nd anniversary of the Grant Date. 

 

	 	i.	 Scheduled payments of $70,312.50 to be paid on the last day of each calendar quarter (9-31-2011, 12-31-2011, 3-30-2012 and 6-30-2012) or as soon
thereafter as administratively feasible. 

  

	 	c)	 Tranche C: to be paid in equal pro rata installments on a quarterly basis in arrears beginning on the 2nd anniversary of the Grant Date and ending on the 3rd anniversary of the Grant Date. 

 

	 	i	 Scheduled payments of $140,625.00 to be paid on the last day of each calendar quarter (9-31-2012; 12-31-2012, 3-30-2013 and 6-30-2013) or as soon
thereafter as administratively feasible. 

  

	5)	 Payments made prior to the applicable vesting date are not earned and are subject to clawback. Subject to the exceptions set forth in 5(a) and
(b) below, and to the extent permitted by Section 409A of the Code, payments made prior to the applicable vesting date are not earned and the Company will have the right to reduce any and all of the following amounts in order to offset
such payments, including, (i) severance owed or payable by the Company to you upon your separation from the Company, (ii) gains from stock option exercise, restricted stock vesting or any other equity awards, and (iii) other amounts
owed or payable by the Company to you in any form whatsoever, whether compensatory or otherwise. Without limiting the generality of the foregoing, the Company may reduce all proceeds payable pursuant to any put right, call right or other sale of
Company equity by you in order to recover payments made prior to the applicable vesting date. To the extent necessary, this will constitute an amendment to the Stockholders Agreement, the MOP and any other applicable award agreement.

  

	 	a)	 Payments are not subject to clawback and/or offset if your employment is terminated by the Company without Cause, by reason of your death or
Disability, or you terminate your employment for Good Reason. 

  

	 	b)	 Clawback and/or offset would require the repayment of 75% of the gross amount of the payments made to you. 

 

	6)	 Full acceleration of retention cash compensation pool payments upon a Change of Control where your employment is terminated by the Company (or
successor) without Cause or you terminate your employment with the Company (or successor) for Good Reason during the 6 months following the Change of Control. The term “Change of Control” will have the meaning given to it in your
employment agreement or offer letter, if any, with respect to your employment with the Company or, if not defined therein, in the MOP. 

  

					
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 CONFIDENTIAL 

 

	 	a)	 To the extent permitted by Section 409A of the Code, accelerated retention cash compensation pool payments to you per the above provision will
be reduced by the amount of any severance paid to you. 

 Stock Option Grant: Refer to
(a) the Nonqualified Stock Option Agreement made as of June 29, 2010 between you and the Company pursuant to which you were granted options to purchase 100,000 shares at an option price of $7.00 per share, provided to you on June 30,
2010 and (b) the MOP, a copy of which will be provided to you upon request. 
 Restricted Stock Grant: Refer
to (a) the Restricted Share Agreement made as of June 29, 2010 between you and the Company pursuant to which you were granted 150,000 restricted shares, provided to you on June 30, 2010 and (b) the MOP, a copy of which will be
provided to you upon request. 
 Current Employment Arrangements: 

 

	1)	 You will retain your current employment agreement or offer letter with respect to your employment with the Company, including but not limited to
severance arrangements, if any. 

  

	2)	 To the extent that the terms of your employment agreement or offer letter are more favorable than the terms of the Program, the terms of the
employment agreement or offer letter will control, except with respect to obligations relating to clawback and offset. 

 Confidentiality: The existence and terms of the Program, as well as your participation in the Program, constitute confidential information of the Company and must remain strictly
confidential. Any disclosure of such information, other than to your spouse or as necessary to obtain legal or financial advice from your attorney, accountant or financial advisor, constitutes a breach of your confidentiality obligations and may be
grounds for termination of your employment for cause. 
 At-Will Employment: You understand that HealthMarkets,
Inc., Insphere Insurance Solutions, Inc. and The MEGA Life and Health Insurance Company are “at-will” employers in accordance with Texas state law and, as such, this summary does not constitute a contract of employment and does not
guarantee your employment with the Company for a fixed term or definite period. Your employment may be terminated at the will of either party, with or without cause, and without prior notice. 

Tax Withholding: All payments to be made hereunder shall be subject to all applicable federal and state tax withholding,
FICA and Medicare taxes and all other applicable withholding. The Company is authorized to withhold from any amount payable under the Program all amounts of withholding and other taxes due in connection with any transaction under the Program and to
take such other action as the Company may deem advisable to enable the Company and participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to participation in the Program. This authority shall
include authority to withhold or receive shares of stock and to make cash payments in respect thereof in satisfaction of a participant’s minimum statutory required tax obligations. 

  

					
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 CONFIDENTIAL 

 

 Agreement to Execute Additional Documents: Upon request by the Company,
you agree to promptly execute and deliver to the Company any documents reasonably necessary to effectuate your participation in the Program or your receipt of payments and benefits under the Program. 

Section 409A of the Code: To the extent applicable, it is intended that the terms and conditions of the Program be in
full compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue
Service (collectively, “Section 409A”). The Program will be construed, to the maximum extent permitted, in a manner to give effect to such intention. To the extent that any provision of the Program would result in a participant being
subject to payment of the additional tax, interest and penalty under Section 409A, the Company reserves the right to amend the terms and conditions of the Program at any time in order to bring the Program into compliance with Section 409A;
and thereafter interpret its provisions in a manner that complies with Section 409A. In no event whatsoever (including, but not limited to, as a result of this paragraph or otherwise) will the Company or any of its affiliates be liable for any
tax, interest or penalties that may be imposed on a participant under Section 409A. Neither HealthMarkets nor any of its affiliates will have any obligation to indemnify or otherwise hold a participant harmless from any or all such taxes,
interest or penalties, or liability for any damages related thereto. 
 Applicable Law. It is intended that the
terms of the Program be in full compliance with applicable federal and state laws and regulations (“Applicable Law”). The Program will be construed, to the maximum extent permitted, in a manner to give effect to such intention. To the
extent that the Company determines, in its sole discretion, that any term or condition of the Program does not comply (or potentially fails to comply) with Applicable Law, the Company reserves the right to: (a) terminate the Program as to all
participants; (b) terminate the Program as to certain participants as the Company determines, in its sole discretion, is required to comply with Applicable Law; (c) suspend the Program, in whole or in part, including, without limitation,
discontinuing all payments under the Program, as to all Participants or certain Participants, until such time as the Company, in its sole discretion, determines that the Program complies with Applicable Law; and (d) amend the Program, in any
manner and at any time in order to bring the Program into compliance with Applicable Law, and thereafter interpret its provisions in a manner that complies with Applicable Law. 

  

					
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