UICI Stock Option Grant Letter under 1987 Stock Option Plan
This letter notifies the recipient that UICI has granted them options to purchase a specified number of shares of UICI Common Stock at the closing price on the grant date. The options are issued under the 1987 Stock Option Plan and will vest in equal 20% increments over five years, becoming fully exercisable on the fifth anniversary of the grant. The letter references the attached Plan for full terms and conditions.
Exhibit 10.89
[Date]
PERSONAL AND CONFIDENTIAL
[Addressee]
Dear [Name]:
Effective [Date], the Company has granted to you options to purchase [Number] shares of UICI Common Stock. The option price is $ per share, which is the closing price at which the Common Stock of the Company traded on such date.
The options are granted pursuant to the 1987 Stock Option Plan, as amended (the “Plan”), and will vest and become exercisable over a five-year period in 20% annual increments on each of the first, second, third, fourth and fifth anniversaries of the award date. The terms and conditions for exercising the options are set out in the Plan, a copy of which is attached.
Very truly yours,
Glenn W. Reed
/pgs
