X0303 4 2008-07-17 1 0000035733 FINANCIAL INDUSTRIES CORP FNIN 0001006427 SHIFRIN KENNETH S 1301 S. CAPITAL OF TEXAS HWY, SUITE C300 AUSTIN TX 78746 1 0 0 0 Common Stock 2008-07-17 4 J 0 8718 7.25 D 0 D Stock Options 6.00 2008-07-17 4 M 0 25000 1.25 A 2008-07-17 2017-07-02 Common Stock 25000 0 D Disposition pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 14, 2008 and amended as of February 20, 2008, between Financial Industries Corporation, Americo Life, Inc., and Americo Acquisition Corp. Does not include 385,000 shares owned by American Physicans Service Group, Inc., of which Mr. Shifrin is CEO and Chairman. Mr. Shifrin disclaims beneficial ownership of such shares. One-third of these options vested on July 2, 2008, and the remaining options vested on July 17, 2008, upon the consummation of the merger pursuant to the Merger Agreement. /s/ Kenneth S. Shifrin 2008-07-17