Exhibit 10.25c
EXECUTION VERSION

AMENDMENT NO 1., dated as of November 14, 2019 (this “Agreement”), to the Credit
Agreement dated as of March 24, 2016, as amended and restated as of December 14,
2017, as further amended and restated as of May 7, 2019, and as further amended
and restated as of September 11, 2019 (the “Existing Credit Agreement”), among
CENTENE CORPORATION, a Delaware corporation (the “Company”), the LENDERS party
thereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in
such capacity, the “Administrative Agent”).
Capitalized terms used but not otherwise defined herein (including in the
preamble and recitals hereto) have the meanings assigned to them in the Existing
Credit Agreement.
WHEREAS, the Lenders, the Issuing Lenders and the Swing Line Lender party to the
Existing Credit Agreement have agreed to extend credit to the Company under the
Existing Credit Agreement on the terms and subject to the conditions set forth
therein;
WHEREAS, the Company has requested that, on the Amendment Effective Date (as
defined below), certain modifications be made to the Existing Credit Agreement;
and
WHEREAS, the Administrative Agent and each of the Lenders party hereto, which
Lenders constitute the Required Lenders under the Existing Credit Agreement, are
willing to agree to the foregoing, in each case, on the terms and subject to the
conditions set forth herein.
NOW THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration, the sufficiency and receipt of which are
hereby acknowledged, and intending to be legally bound, the parties hereto
hereby agree as follows:

SECTION 1. Amendment of the Existing Credit Agreement. Effective as of the
Amendment Effective Date (as defined below), the Existing Credit Agreement is
hereby amended by replacing the following definitions in Section 1.1 thereof in
their entirety with the following:
“Fixed Charge Coverage Ratio” means, for any Computation Period, the ratio of
(a) the total for such period of EBITDA minus the sum of income taxes paid in
cash by the Loan Parties, all non-financed Capital Expenditures and cash
dividends paid by the Company to (b) the sum for such period of (i) cash
Interest Expense plus (ii) required payments of principal of Funded Debt
(excluding (x) any balloon payments at maturity and (y) any payments in
connection with any special mandatory redemption of the New Senior Notes as a
result of the Wellington Acquisition not being consummated) (but, for all
purposes of this definition, treating Unrestricted Subsidiaries as if they were
not consolidated with the Company and otherwise eliminating all accounts of
Unrestricted Subsidiaries); provided however, that until the earlier of (x) the
consummation of the Wellington Acquisition pursuant to the Wellington
Acquisition Agreement and (y) September 26, 2020, for purposes of this
definition, Interest Expense shall not include any Interest Expense in respect
of New Senior Notes that are subject to special mandatory redemption provisions
related to the consummation of the Wellington Acquisition.
“Total Debt to EBITDA Ratio” means, as of the last day of any Fiscal Quarter,
the ratio of (a) (i) Total Debt as of such day less (ii) the lesser of (x)
unrestricted cash and cash equivalents of the Company and its Subsidiaries as of
such day in excess of $50,000,000 and (y) $750,000,000 to (b) EBITDA for the
Computation Period ending on such day; provided however, that until the earlier
of (x) the consummation of the Wellington Acquisition pursuant to the Wellington
Acquisition Agreement and (y) September 26, 2020, for purposes of this
definition (A) Total Debt shall not include any New Senior Notes that are
subject to special mandatory redemption provisions related to the consummation
of the Wellington Acquisition

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and (B) the proceeds of any such New Senior Notes shall not be included in
unrestricted cash and cash equivalents of the Company and its Subsidiaries.
SECTION 2. Reserved.
SECTION 3. Representations and Warranties. The Company represents and warrants
to the Administrative Agent and to each of the Lenders, as of the Amendment
Effective Date, that:
(a)this Agreement has been duly authorized by all necessary action of the
Company, and this Agreement has been duly executed and delivered by the Company
and constitutes a legal, valid and binding obligation of the Company,
enforceable against it in accordance with its terms, subject to bankruptcy,
insolvency and similar Laws affecting the enforceability of creditors’ rights
generally and to general principles of equity;
(b)after giving effect to this Agreement, the representations and warranties of
each Loan Party set forth in the Loan Documents are true and correct (i) in the
case of the representations and warranties qualified as to materiality, in all
respects and (ii) otherwise, in all material respects, in each case on and as of
the Amendment Effective Date, except in the case of any such representation and
warranty that expressly relates to a prior date, in which case such
representation and warranty is so true and correct on and as of such prior date;
and
(c)on and as of the Amendment Effective Date, after giving effect to this
Agreement, no Event of Default or Unmatured Event of Default has occurred and is
continuing under the Existing Credit Agreement.
SECTION 4. Effectiveness. The amendment of the Existing Credit Agreement as set
forth in Section 1 hereof shall become effective on the first date on which the
following conditions shall have been satisfied or waived (the “Amendment
Effective Date”):
(a)The Administrative Agent shall have executed a counterpart hereto and shall
have received from (i) the Company and (ii) Lenders party to the Existing Credit
Agreement that together constitute the Required Lenders under the Existing
Credit Agreement either (A) a counterpart of this Agreement signed on behalf of
such party or (B) evidence satisfactory to the Administrative Agent (which may
include a facsimile transmission or other electronic transmission of a signed
counterpart of this Agreement) that such party has signed a counterpart of this
Agreement.
(b)The Administrative Agent shall have received a certificate, dated the
Amendment Effective Date and signed by a Senior Officer on behalf of the
Company, certifying that the representations and warranties set forth in Section
3 hereof are true and correct as of the Amendment Effective Date.
The Administrative Agent shall notify the Company and the Lenders of the
Amendment Effective Date, and such notice shall be conclusive and binding.
SECTION 5. Effect of Amendment; No Novation.
(a)Except as expressly set forth herein, this Agreement shall not by implication
or otherwise limit, impair, constitute a waiver of, or otherwise affect the
rights and remedies of the Administrative Agent, the Issuing Lenders, the Swing
Line Lender or the Lenders under the Existing Credit Agreement or any other Loan
Document, and shall not alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the
Existing Credit Agreement or any

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other Loan Document, all of which shall continue in full force and effect in
accordance with the provisions thereof.
(b)Nothing herein shall be deemed to entitle any Loan Party to a consent to, or
a waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Existing
Credit Agreement or any other Loan Document in similar or different
circumstances.
(c)On and after the Amendment Effective Date, each reference in the Existing
Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words
of like import shall refer to the Existing Credit Agreement as amended hereby,
and the term “Credit Agreement”, as used in any Loan Document, shall mean the
Existing Credit Agreement as amended hereby. This Agreement shall constitute a
“Loan Document” for all purposes of the Existing Credit Agreement and the other
Loan Documents.
(d)This Agreement shall not extinguish the obligations for the payment of money
outstanding under the Existing Credit Agreement. Nothing herein contained shall
be construed as a substitution or novation of the Obligations outstanding under
the Existing Credit Agreement. Nothing expressed or implied in this Agreement,
the Existing Credit Agreement or any other document contemplated hereby or
thereby shall be construed as a release or other discharge of the Company under
the Existing Credit Agreement or any Loan Party under any Loan Document from any
of its obligations and liabilities thereunder.
SECTION 6. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE
LAW OF THE STATE OF NEW YORK.
SECTION 7. Counterparts. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic imaging shall be effective as
delivery of a manually executed counterpart of this Agreement. Electronic
records of executed Loan Documents maintained by the Lenders shall be deemed to
be originals.
SECTION 8. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.
SECTION 9. Headings. Section headings used herein are for convenience of
reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this
Agreement.

[Signature pages follow.]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the date set forth above.

CENTENE CORPORATION

by /s/ Jeffrey A. Schwaneke        
Name:    Jeffrey A. Schwaneke
Title:
Executive Vice President and Chief Financial Officer

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WELLS FARGO BANK, NATIONAL ASSOCIATION

by /s/ Darin Mullis
Name:    Darin Mullis
Title: Managing Director

                    

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

Barclays Bank PLC

by /s/ Edward Pan
Name:    Edward Pan
Title: Associate

Current Revolving Commitment: $225,000,000
Current Revolving Outstandings: $13,500,000
Current 2019 Incremental Term Loan: $25,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

BMO Harris Bank NA

by /s/ Joseph Podrabsky
Name:    Joseph Podrabsky
Title: Vice President

                    

Current Revolving Commitment: $60,000,000
Current Revolving Outstandings: $3,319,452.09
Current 2019 Incremental Term Loan: $115,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

Bank of America, N.A.

by /s/ Yinghua Zhang
Name: Yinghua Zhang    
Title: Director

Current Revolving Commitment: $205,000,000
Current Revolving Outstandings:
–
Revolving Loans - €8,518,088

–
Participation in Letters of Credit: $2,824,588

Current 2019 Incremental Term Loan: $185,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

CIBC Bank USA

by /s/ Kloie McCann
Name:    Kloie McCann
Title: Associate Managing Director

Current Revolving Commitment: $50,000,000
Current Revolving Outstandings: $2,975,838.14
Current 2019 Incremental Term Loan: $90,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

Fifth Third Bank

by /s/ Nathaniel E. Sher
Name:    Nathaniel E. Sher
Title: Senior Vice President

Current Revolving Commitment: $175,000,000
Current Revolving Outstandings: $10,410,084.79
Current 2019 Incremental Term Loan: $60,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

JPMorgan Chase Bank, N.A

by /s/ Danielle D. Babine
Name:    Danielle D. Babine
Title: Vice President

Current Revolving Commitment: $225,000,000
Current Revolving Outstandings: $13,411,695
Current 2019 Incremental Term Loan: $185,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

MUFG Bank, LTD

by /s/ Teuta Ghilaga
Name: Teuta Ghilaga
Title: Director

                    

Current Revolving Commitment: $125,000,000
Current Revolving Outstandings: $7,400,000
Current 2019 Incremental Term Loan: $185,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

PNC Bank, National Association, as a Lender

by /s/ Samreen Fatima
Name:    Samreen Fatima
Title: Assistant Vice President

Current Revolving Commitment: $75,000,000
Current Revolving Outstandings: $4,502,031
Current 2019 Incremental Term Loan: $90,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

Regions Bank

by /s/ Brian Walsh
Name:    Brian Walsh
Title: Director

Current Revolving Commitment: $175,000,000
Current Revolving Outstandings: $8,128,555
Current 2019 Incremental Term Loan: $45,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

Stifil Bank & Trust

by /s/ John H. Phillips
Name:    John H. Phillips
Title: Executive Vice President

                    

Current Revolving Commitment: $60,000,000
Current Revolving Outstandings: $2,823,366.45
Current 2019 Incremental Term Loan: $0

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

SunTrust Bank

by /s/ Katherine Bass
Name: Katherine Bass
Title: Director

Current Revolving Commitment: $225,000,000
Current Revolving Outstandings: $13,476,348.69
Current 2019 Incremental Term Loan: $100,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

U.S Bank National Association

by /s/ David C. Mruk
Name:    David C. Mruk
Title: Senior Vice President

Current Revolving Commitment: $175,000,000
Current Revolving Outstandings: $10,496,603
Current 2019 Incremental Term Loan: $45,000,000

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LENDER SIGNATURE PAGE TO AMENDMENT NO 1
TO THE CREDIT AGREEMENT
OF CENTENE CORPORATION

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent,

by /s/ Darin Mullis
Name:    Darin Mullis
Title: Managing Director

Current Revolving Commitment: $225,000,000
Current Revolving Outstandings: $10,396,809.55
Current 2019 Incremental Term Loan: $275,000,000