Document:

EX-10.2

Exhibit 10.2

WELLCARE HEALTH PLANS, INC.

2004 EQUITY INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

FOR

TODD S. FARHA

1. Grant of Option. WellCare Health Plans, Inc. (the “Company”) hereby grants, as of June
6, 2005, to Todd S. Farha (the “Optionee”) an option (the “Option”) to purchase up to 220,000
shares of the Company’s Common Stock, $0.01 par value per share (the “Shares”), at an exercise
price per share equal to $34.95 (the “Option Price”). The Option shall be subject to the terms and
conditions set forth herein. The Option was issued pursuant to the Company’s 2004 Equity Incentive
Plan (the “Plan”), which is incorporated herein for all purposes. The Option is a Non-Qualified
Stock Option, and not an Incentive Stock Option. The Optionee hereby acknowledges receipt of a
copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and
all applicable laws and regulations.

2. Definitions. Unless otherwise provided herein, terms used herein that are defined in
the Plan and not defined herein shall have the meanings attributed thereto in the Plan.

3. Exercise Schedule. Except as otherwise provided in Sections 6 and 7 of this Agreement,
or in the Plan, the Option is exercisable in installments as provided below, which shall be
cumulative. To the extent that the Option has become exercisable with respect to a percentage of
Shares as provided below, the Option may thereafter be exercised by the Optionee, in whole or in
part, at any time or from time to time prior to the expiration of the Option as provided herein.
The following table indicates each date (each, a “Vesting Date”) upon which the Optionee shall be
entitled to exercise the Option with respect to the percentage of Shares granted as indicated
beside the date, provided that the Optionee’s employment or service with the Company and its
Subsidiaries during the period beginning on June 6, 2005 (the “Vesting Commencement Date”)
continues through and on the applicable Vesting Date:

	 	 	 
	Percentage of Shares	 	Vesting Date
	50%

	 	Second Anniversary of Vesting Commencement Date
	 
	 	 
	25%

	 	Third Anniversary of Vesting Commencement Date
	 
	 	 
	25%

	 	Fourth Anniversary of Vesting Commencement Date

Notwithstanding anything contained herein to the contrary, once the Option has vested and become
exercisable with respect to 100% of the Shares, then the Option shall be fully vested and the
provisions of the preceding sentence shall cease to apply.

Except as otherwise specifically provided herein, (a) there shall be no proportionate or
partial vesting in the periods prior to each Vesting Date, and all vesting shall occur only on the
appropriate Vesting Date, and (b) upon the termination of the Optionee’s employment or service with
the Company and its Subsidiaries, any unvested portion of the Option shall terminate and be null
and void.

4. Method of Exercise. The vested portion of this Option shall be exercisable in whole or
in part in accordance with the exercise schedule set forth in Section 3 hereof by written notice
which shall state the election to exercise the Option, the number of Shares in respect of which the
Option is being exercised (which number must be a whole number), and such other representations and
agreements as to the holder’s investment intent with respect to such Shares as may be required by
the Company pursuant to the provisions of the Plan. Such written notice shall be signed by the
Optionee and shall be delivered in person or by certified mail to the Secretary of the Company.
The written notice shall be accompanied by payment of the Option Price. This Option shall be
deemed to be exercised after both (a) receipt by the Company of such written notice accompanied by
the Option Price and (b) arrangements that are satisfactory to the Committee in its sole discretion
have been made for Optionee’s payment to the Company of the amount, if any, that is necessary to be
withheld in accordance with applicable Federal or state withholding requirements. No Shares will
be issued pursuant to the Option unless and until such issuance and such exercise shall comply with
all relevant provisions of applicable law, including the requirements of any stock exchange upon
which the Shares then may be traded.

5. Method of Payment. Payment of the Option Price shall be by any of the following, or a
combination thereof, at the election of the Optionee: (a) in cash (including check, bank draft,
money order or wire transfer of immediately available funds), (b) by delivery of outstanding shares
of Common Stock with a Fair Market Value on the date of exercise equal to the aggregate exercise
price payable with respect to the Options’ exercise, (c) by simultaneous sale through a broker
reasonably acceptable to the Committee of Shares acquired on exercise, as permitted under
Regulation T of the Federal Reserve Board, (d) by authorizing the Company to withhold from issuance
a number of Shares issuable upon exercise of the Option which, when multiplied by the Fair Market
Value of a share of Common Stock on the date of exercise, is equal to the Option Price payable with
respect to the portion of the Option being exercised or (e) by any combination of the foregoing.

In the event the Optionee elects to pay the Option Price pursuant to clause (b) above, (i)
only a whole number of share(s) of Common Stock (and not fractional shares of Common Stock) may be
tendered in payment, (ii) to the extent necessary to avoid any incremental expense to the Company
under applicable accounting standards, the Optionee must present evidence acceptable to the Company
that the Optionee has owned any such shares of Common Stock tendered in payment of the Option Price
(and that such tendered shares of Common Stock have not been subject to any substantial risk of
forfeiture) for at least six months prior to the date of exercise, and (iii) Common Stock must be
delivered to the Company. Delivery for this purpose may, at the election of the Optionee, be made
either by (A) physical delivery of the certificate(s) for all such shares of Common Stock tendered
in payment of the Option Price, accompanied by duly executed instruments of transfer in a form
acceptable to the Company, or (B) direction to the Optionee’s broker to transfer, by book entry,
such shares of Common Stock from a brokerage account of the Optionee to a brokerage account
specified by the Company. When payment of the Option Price is made by delivery of Common Stock,
the difference, if any, between the Option Price payable with respect to the portion of the Option
being exercised and the Fair Market Value of the shares of Common Stock tendered in payment (plus
any applicable taxes) shall be paid in cash. The Optionee may not tender shares of Common Stock
having a Fair Market Value exceeding the Option Price payable with respect to the portion of the
Option being exercised (plus any applicable taxes).

In the event the Optionee elects to pay the Option Price pursuant to clause (d) above, (i)
only a whole number of Share(s) (and not fractional Shares) may be withheld in payment and (ii) to
the extent necessary to avoid any incremental expense to the Company under applicable accounting
standards, the Optionee must present evidence acceptable to the Company that the Optionee has owned
a number of shares of Common Stock at least equal to the number of Shares to be withheld in payment
of the Option Price (and that such owned shares of Common Stock have not been subject to any
substantial risk of forfeiture) for at least six months prior to the date of exercise. When
payment of the Option Price is made by withholding of Shares, the difference, if any, between the
Option Price payable with respect to the portion of the Option being exercised and the Fair Market
Value of the Shares withheld in payment (plus any applicable taxes) shall be paid in cash. The
Optionee may not authorize the withholding of Shares having a Fair Market Value exceeding the
Option Price payable with respect to the portion of the Option being exercised (plus any applicable
taxes). Any withheld Shares shall no longer be issuable under the Option.

6. Termination of Optionee’s Service.

(a) Death, Disability or Retirement. If the Optionee ceases to be a director, officer
or employee of, or to perform other services for, the Company or any Subsidiary due to the
Optionee’s death, Disability or Retirement, then the Option shall be immediately fully exercisable
and shall remain so for a period of one year after the date of such termination, but in no event
after the expiration date provided in Section 7(a) below; provided that the Option shall
immediately terminate and become null and void in the event that the Optionee engages in
Competition during such one-year period, unless the Optionee has received written consent to do so
from the Company.

(b) Termination for Cause. If the Optionee’s employment or service as a director,
officer or employee of, or other performance of services for, the Company or any Subsidiary is
terminated for Cause, the Option shall expire and be forfeited immediately upon such termination,
whether or not then exercisable.

(c) Termination by Optionee Without Good Reason. In the event that the Optionee’s
employment with the Company and its Subsidiaries is terminated by the Optionee, other than for Good
Reason or pursuant to Section 6(a) above, the portion of the Option that was exercisable on the
date of such cessation shall remain so for a period of 90 days after the date of such cessation,
but in no event after the expiration date provided in Section 7(a) below; provided that the Option
shall immediately terminate in the event that the Optionee engages in Competition during such
90-day period, unless the Optionee has received written consent to do so from the Company.

(d) Other Termination of Service. In the event that the Optionee’s employment with
the Company and its Subsidiaries is terminated by the Company without Cause or by the Optionee for
Good Reason, a portion of the Shares shall vest as of the date of the termination of the Optionee’s
employment with the Company and its Subsidiaries (the “Date of Termination”), as follows (in each
case, rounded to the nearest whole number): the number of Shares that shall so vest shall be
calculated by (i) multiplying (A) the total number of Shares by (B) the Applicable Percentage (as
defined below), and (ii) subtracting from such product that number of Shares, if any, otherwise
vested as of the Date of Termination pursuant to Section 3 hereof. All such vested Shares shall
remain exercisable for a period of one year after the Date of Termination, but in no event after
the expiration date provided in Section 7(a) below; provided that the Option shall immediately
terminate in the event that the Optionee engages in Competition during such one-year period, unless
the Optionee has received written consent to do so from the Company. For purposes hereof, the
“Applicable Percentage” shall be a fraction, the numerator of which shall be the number of full
months during the period beginning on the Vesting Commencement Date and ending on the Date of
Termination, and the denominator of which shall be 48.

(e) Termination of Service Following a Change in Control. Notwithstanding the
foregoing, if the Optionee ceases to be a director, officer or employee of, or to perform other
services for, the Company or any Subsidiary, and the Optionee’s service was terminated within 24
months after there is a Change in Control of the Company, as defined in Section 2(c) of the Plan,
either (i) by the Company without Cause or (ii) by the Optionee for Good Reason, then the Option
shall be immediately fully exercisable and shall remain so for a period of two years after the date
of such termination, but in no event after the expiration date provided in Section 7(a) below.

7. Other Termination of Option.

(a) Expiration of Option. Notwithstanding anything to the contrary, any unexercised
portion of the Option shall automatically and without notice terminate and become null and void on
the seventh anniversary of the date as of which the Option is granted.

(b) Cancellation by the Committee. Notwithstanding anything to the contrary, in
connection with any transaction of the type specified by clause (iii) of the definition of a Change
in Control in Section 2(c) of the Plan, the Committee may, in its discretion, (i) cancel the Option
in consideration for payment to the Optionee of an amount equal to the portion of the consideration
that would have been payable to the Optionee pursuant to such transaction if the Option had been
fully exercised immediately prior to such transaction, less the aggregate Option Price that would
have been payable therefor, or (ii) if the amount that would have been payable to the Optionee
pursuant to such transaction if the Option had been fully exercised immediately prior thereto would
be equal to or less than the aggregate Option Price that would have been payable therefor, cancel
the Option for no consideration or payment of any kind. Payment of any amount payable pursuant to
the preceding sentence may be made in cash or, in the event that the consideration to be received
in such transaction includes securities or other property, in cash and/or securities or other
property in the Committee’s discretion.

(c) Corporate Transactions. Notwithstanding anything to the contrary, to the extent
not previously exercised, the Option shall terminate immediately in the event of the liquidation or
dissolution of the Company.

(d) Death after Termination. Notwithstanding anything to the contrary, if the
Optionee should die while this Option is exercisable, the Option shall remain exercisable for a
period of 180 days from the date of the Optionee’s death, but in no event beyond the date specified
in Section 7(a) above.

(e) Extension of Exercise Period for Black-outs. Notwithstanding anything to the
contrary, if the Optionee is precluded by the Company or pursuant to any law, regulation, rule or
regulatory authority from exercising any portion of this Option that has not been previously
forfeited (a “Black-out”) and the time to exercise this Option expires while the Black-out is in
effect, then this Option shall remain exercisable for a period of at least 30 days after the
expiration of the Black-out.

8. Transferability. Unless otherwise determined by the Committee, the Option granted
hereby is not transferable otherwise than by will or under the applicable laws of descent and
distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the
Optionee, or the Optionee’s guardian or legal representative. In addition, the Option shall not be
assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or
otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon
any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of
any levy upon the Option by reason of any execution, attachment or similar process contrary to the
provisions hereof, the Option shall immediately become null and void. The terms of this Option
shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.
The terms of this Option shall be binding upon the executors, administrators, heirs, successors
and assigns of the Optionee.

9. No Rights of Stockholders. Neither the Optionee nor any personal representative (or
beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the
Company with respect to any Shares purchasable or issuable upon the exercise of the Option, in
whole or in part, prior to the date of exercise of the Option.

10. No Right to Continued Employment or Service. Neither the Option nor this Agreement
shall confer upon the Optionee any right to continued employment or service with the Company.

11. Law Governing. This Agreement shall be governed in accordance with and governed by the
internal laws of the State of Delaware.

12. Interpretation / Provisions of Plan Control. This Agreement is subject to all the
terms, conditions and provisions of the Plan, including, without limitation, the amendment
provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted
by the Committee as may be in effect from time to time. If and to the extent that this Agreement
conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall
control, and this Agreement shall be deemed to be modified accordingly. The Optionee accepts the
Option subject to all the terms and provisions of the Plan and this Agreement. Unless a Change in
Control shall have occurred, the undersigned Optionee hereby accepts as binding, conclusive and
final all decisions or interpretations of the Committee upon any questions arising under the Plan
and this Agreement.

13. Adjustments. In the event that the Committee shall determine that any stock dividend,
stock split, share combination, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination, exchange of shares, warrants or rights
offering to purchase Common Stock at a price substantially below fair market value, or other
similar corporate event affects the Common Stock such that an adjustment is required in the number
of Shares and/or the Option Price in order to preserve, or to prevent the enlargement of, the
benefits or potential benefits intended to be made available under this Option, then the Committee
shall, in its sole discretion, and in such manner as the Committee may deem equitable, adjust any
or all of the number and kind of Shares and/or the Option Price and/or, if deemed appropriate, make
provision for a cash payment to the Optionee, provided, however, that, unless the Committee
determines otherwise, the number of Shares subject to this Award shall always be a whole number.

14. Notices. Any notice under this Agreement shall be in writing and shall be deemed to
have been duly given when delivered personally or when deposited in the United States mail,
registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary
at:

8735 Henderson Road

Renaissance Two

Tampa, FL 33634

or if the Company should move its principal office, to such principal office, and, in the case of
the Optionee, to the Optionee’s last permanent address as shown on the Company’s records, subject
to the right of either party to designate some other address at any time hereafter in a notice
satisfying the requirements of this Section.

15. Tax Consequences. Set forth below is a brief summary as of the date of this Option of
some of the federal tax consequences of exercise of this Option and disposition of the Shares.
THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.
THE OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

(a) The Optionee will not recognize any income on receipt of the Option.

(b) The Optionee will recognize ordinary income at the time he exercises the Option equal to
the amount by which the Fair Market Value of the Shares on the date of exercise exceeds the Option
Price paid for the Shares. The amount so recognized is subject to federal withholding and
employment taxes if the Optionee is an employee.

(c) The Optionee’s tax basis for the Shares received as a result of the exercise of the Option
will be equal to the Fair Market Value of those Shares on the date of the exercise.

(d) Upon the sale of the Shares, the Optionee will recognize a capital gain or loss on the
difference between the amount realized from the sale of the Shares and the Fair Market Value on the
date of exercise. The gain or loss would be short- or long-term depending upon whether the Shares
were held for at least one year after the date of exercise of the Option.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 7th day of June,
2005.

COMPANY:

WELLCARE HEALTH PLANS, INC.

By: /s/ THADDESU BEREDAY

Name: Thaddeus Bereday

	 	 	 	Title: Senior Vice President and General
Counsel

Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms
and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has had
an opportunity to obtain the advice of counsel prior to executing this Option, and fully
understands all provisions of the Option.

Dated: June 7, 2005 OPTIONEE:

/s/ TODD S. FARHA

Todd S. FarhaEX-10.3

Exhibit 10.3

WELLCARE HEALTH PLANS, INC.

2004 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

FOR

TODD S. FARHA

This RESTRICTED STOCK AGREEMENT (the “Agreement”) is made and entered into effective as of
June 6, 2005, by and between WellCare Health Plans, Inc., a Delaware corporation (the “Company”),
and Todd S. Farha (the “Grantee”).

RECITALS

In consideration of services to be rendered by the Grantee and to provide an incentive to the
Grantee to remain with the Company and its Subsidiaries, it is in the best interests of the Company
to make a grant of Restricted Stock to Grantee in accordance with the terms of this Agreement; and

The Restricted Stock is granted pursuant to the WellCare Health Plans, Inc. 2004 Equity
Incentive Plan (the “Plan”) which is incorporated herein for all purposes. The Grantee hereby
acknowledges receipt of a copy of the Plan. Unless otherwise provided herein, terms used herein
that are defined in the Plan and not defined herein shall have the meanings attributable thereto in
the Plan.

NOW, THEREFORE, for and in consideration of the mutual premises, covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

1. Award of Restricted Stock. The Company hereby grants, as of June 6, 2005 (the “Date of
Grant”), to the Grantee, 220,000 shares of common stock, par value $.01 per share, of the Company
(collectively, the “Restricted Stock”), which Restricted Stock is and shall be subject to the
terms, provisions and restrictions set forth in this Agreement and in the Plan. As a condition to
entering into this Agreement, and as a condition to the issuance of the Restricted Stock (or any
other securities of the Company), the Grantee agrees to be bound by all of the terms and conditions
herein and in the Plan.

2. Vesting of Restricted Stock.

(a) Except as otherwise provided in Section 3 hereof, the Restricted Stock shall become vested
in the following amounts, at the following times and upon the following conditions (each such date
being a “Vesting Date”), provided that the Grantee’s employment or service with the Company and its
Subsidiaries continues through and on the applicable Vesting Date:

	 	 	 
	Number of Shares of Restricted Stock	 	Vesting Date
	25%

	 	Second Anniversary of Date of Grant
	 
	 	 
	25%

	 	Third Anniversary of Date of Grant
	 
	 	 
	25%

	 	Fourth Anniversary of Date of Grant
	 
	 	 
	25%

	 	Fifth Anniversary of Date of Grant

(b) Except as otherwise provided in Section 3 hereof, there shall be no proportionate or
partial vesting of Restricted Stock in or during the months, days or periods prior to each Vesting
Date, and all vesting of Restricted Stock shall occur only on the applicable Vesting Date.

3. Termination of Employment

(a) Upon the termination or cessation of Grantee’s employment or service with the Company and
its Subsidiaries, for any reason whatsoever, any portion of the Restricted Stock which is not yet
then vested, and which does not then become vested pursuant to this Section 3, shall automatically
and without notice terminate, be forfeited and become null and void.

(b) Notwithstanding the foregoing, in the event that the Recipient’s employment with the
Company and its Subsidiaries is terminated by the Company without Cause or by the Grantee for Good
Reason, a portion of the Shares of Restricted Stock subject to this Agreement shall become
immediately vested as of the date of the termination of the Recipient’s employment with the Company
and its Subsidiaries (the “Date of Termination”), as follows (in each case, rounded to the nearest
whole number): the number of such Shares of Restricted Stock that shall so vest shall be
calculated by (i) multiplying (A) the total number of Shares of Restricted Stock by (B) the
Applicable Percentage (as defined below), and (ii) subtracting from such product that number of
shares of Restricted Stock, if any, otherwise vested as of the Date of Termination pursuant to
Section 2(a) hereof. For purposes hereof, the “Applicable Percentage” shall be a fraction, the
numerator of which shall be the number of full months during the period beginning on the Date of
Grant and ending on the Date of Termination, and the denominator of which shall be 60.

(c) Notwithstanding any other term or provision of this Agreement, if the Grantee ceases to be
a director, officer or employee of, or to perform other services for, the Company and any
Subsidiary, and the Grantee’s employment or service was terminated within 24 months after there is
a Change in Control of the Company, as defined in Section 2(c) of the Plan, either (i) by the
Company without Cause or (ii) by the Grantee for Good Reason, then any unvested Restricted Stock
shall become immediately vested as of the Date of Termination.

(d) Notwithstanding any other term or provision of this Agreement, in the event that the
Grantee’s employment or service with the Company and its Subsidiaries is terminated on account of
the Grantee’s death, Disability, or Retirement, any unvested portion of the Restricted Stock shall
become immediately vested as of the date of the termination of the Grantee’s employment or service
with the Company and its Subsidiaries.

(e) For purposes of this Agreement, the term “Disability” shall (i) mean a disability that
would entitle the Grantee to payment of monthly disability payments under any Company long-term
disability plan or (ii) have such meaning as otherwise set forth in any employment or similar
agreement between the Recipient and the Company.

(f) Notwithstanding any other term or provision of this Agreement but subject to the
provisions of the Plan, the Committee shall be authorized, in its sole discretion, based upon its
review and evaluation of the performance of the Grantee and of the Company and its Subsidiaries, to
accelerate the vesting of all or any portion of the Restricted Stock under this Agreement, at such
times and upon such terms and conditions as the Committee shall deem advisable.

4. Delivery of Restricted Stock. The Company shall make a book entry in its stock ledger
for the Restricted Stock registered in the Grantee’s name. Upon vesting, certificates for the
Restricted Stock will be issued in the name of the Grantee and shall be delivered to the Grantee’s
address on record with the Company or to such other address as the Grantee may instruct the
Company. The Company shall retain the right to determine if any stock certificates issued under
the Plan or under this Agreement shall bear a restrictive legend.

5. Rights with Respect to Restricted Stock.

(a) Except as otherwise provided in this Agreement, the Grantee shall have, with respect to
all of the shares of Restricted Stock, whether vested or unvested, all of the rights of a holder of
shares of common stock of the Company, including without limitation (i) the right to vote such
Restricted Stock, (ii) the right to receive dividends, if any, as may be declared on the Restricted
Stock from time to time, and (iii) the rights available to all holders of shares of common stock of
the Company upon any merger, consolidation, reorganization, liquidation or dissolution, stock
split-up, stock dividend or recapitalization undertaken by the Company.

(b) In the event that the Committee shall determine that any stock dividend, stock split,
share combination, extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination, exchange of shares, warrants or rights offering to
purchase Common Stock at a price substantially below fair market value, or other similar corporate
event affects the Common Stock such that an adjustment is required in the number of shares of
Restricted Stock in order to preserve, or to prevent the enlargement of, the benefits or potential
benefits intended to be made available under this Award, then the Committee shall, in its sole
discretion, and in such manner as the Committee may deem equitable, adjust any or all of the number
and kind of shares of Restricted Stock and/or, if deemed appropriate, make provision for a cash
payment to the Grantee, provided, however, that, unless the Committee determines otherwise, the
number of shares of Restricted Stock subject to this Award shall always be a whole number.

(c) Notwithstanding any term or provision of this Agreement to the contrary, the existence of
this Agreement, or of any outstanding Restricted Stock awarded hereunder, shall not affect in any
manner the right, power or authority of the Company to make, authorize or consummate: (i) any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business; (ii) any merger, consolidation or similar transaction by or of the
Company; (iii) any offer, issue or sale by the Company of any capital stock of the Company,
including any equity or debt securities, or preferred or preference stock that would rank prior to
or on parity with the Restricted Stock and/or that would include, have or possess other rights,
benefits and/or preferences superior to those that the Restricted Stock includes, has or possesses,
or any warrants, options or rights with respect to any of the foregoing; (iv) the dissolution or
liquidation of the Company; (v) any sale, transfer or assignment of all or any part of the stock,
assets or business of the Company; or (vi) any other corporate transaction, act or proceeding
(whether of a similar character or otherwise).

6. Transferability. Unless otherwise determined by the Committee, the shares of Restricted
Stock are not transferable until and unless they become vested in accordance with this Agreement.
The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors
and assigns of the Grantee. Any attempt to effect a Transfer of any shares of Restricted Stock
prior to the date on which the shares of Restricted Stock become vested shall be void ab initio.
For purposes of this Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift,
donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to
those previously enumerated, whether voluntary or involuntary, and including, but not limited to,
any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy
or attachment.

7. Tax Withholding Obligations.

(a) The Company shall withhold a number of shares of the Company’s common stock (rounded up)
otherwise deliverable to the Grantee having a Fair Market Value sufficient to satisfy the statutory
minimum of all or part of the Grantee’s estimated total federal, state and local tax obligations
associated with the award or vesting of the Restricted Stock; provided, however, the Grantee may
elect, by providing the Company with at least two weeks prior notice, to satisfy such tax
withholding obligations by depositing with the Company an amount of cash equal to the amount
determined by the Company to be required with respect to any withholding taxes, FICA contributions
or the like under federal, state or local statute, ordinance rule or regulation in connection with
the award or vesting of the Restricted Stock. Alternatively, the Company may, in its sole
discretion and to the extent permitted by law, deduct from any payment of any kind otherwise due to
the Grantee any federal, state or local taxes of any kind required by law to be withheld with
respect to the Restricted Stock.

(b) Tax consequences on the Grantee (including without limitation federal, state, local and
foreign income tax consequences) with respect to the Restricted Stock (including without limitation
the grant, vesting and/or forfeiture thereof) are the sole responsibility of the Grantee. The
Grantee shall consult with his or her own personal accountant(s) and/or tax advisor(s) regarding
these matters, the making of a Section 83(b) election and the Grantee’s filing, withholding and
payment (or tax liability) obligations.

8. Amendment, Modification and Assignment; Non-Transferability. This Agreement may only be
modified or amended in a writing signed by the parties hereto. No promises, assurances,
commitments, agreements, undertakings or representations, whether oral, written, electronic or
otherwise, and whether express or implied, with respect to the subject matter hereof, have been
made by either party which are not set forth expressly in this Agreement. Unless otherwise
consented to in writing by the Company, in its sole discretion, this Agreement (and Grantee’s
rights hereunder) may not be assigned, and the obligations of Grantee hereunder may not be
delegated, in whole or in part. The rights and obligations created hereunder shall be binding on
the Grantee and his heirs and legal representatives and on the successors and assigns of the
Company.

9. Complete Agreement. This Agreement (together with those agreements and documents
expressly referred to herein, for the purposes referred to herein) embody the complete and entire
agreement and understanding between the parties with respect to the subject matter hereof, and
supersede any and all prior promises, assurances, commitments, agreements, undertakings or
representations, whether oral, written, electronic or otherwise, and whether express or implied,
which may relate to the subject matter hereof in any way.

10. Miscellaneous.

(a) No Right to Continued Employment or Service. This Agreement and the grant of
Restricted Stock hereunder shall not confer, or be construed to confer, upon the Grantee any right
to employment or service, or continued employment or service, with the Company or any Subsidiary.

(b) No Limit on Other Compensation Arrangements. Nothing contained in this Agreement
shall preclude the Company or any Subsidiary from adopting or continuing in effect other or
additional compensation plans, agreements or arrangements, and any such plans, agreements and
arrangements may be either generally applicable or applicable only in specific cases or to specific
persons.

(c) Severability. If any term or provision of this Agreement is or becomes or is
deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law,
rule or regulation, then such provision shall be construed or deemed amended to conform to
applicable law (or if such provision cannot be so construed or deemed amended without materially
altering the purpose or intent of this Agreement and the grant of Restricted Stock hereunder, such
provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the
award hereunder shall remain in full force and effect).

(d) No Trust or Fund Created. Neither this Agreement nor the grant of Restricted
Stock hereunder shall create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company or any Subsidiary and the Grantee or any other person.
To the extent that the Grantee or any other person acquires a right to receive payments from the
Company or any Subsidiary pursuant to this Agreement, such right shall be no greater than the right
of any unsecured general creditor of the Company.

(e) Electronic Delivery and Signatures. Grantee hereby consents and agrees to
electronic delivery of any Plan documents, proxy materials, annual reports and other related
documents. If the Company establishes procedures for an electronic signature system for delivery
and acceptance of Plan documents (including documents relating to any programs adopted under the
Plan), Grantee hereby consents to such procedures and agrees that his or her electronic signature
is the same as, and shall have the same force and effect as, his or her manual signature. Grantee
consents and agrees that any such procedures and delivery may be effected by a third party engaged
by the Company to provide administrative services related to the Plan, including any program
adopted under the Plan.

(f) Law Governing. This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Delaware (without reference to the conflict of
laws rules or principles thereof).

(g) Interpretation. The Grantee accepts the Restricted Stock subject to all of the
terms, provisions and restrictions of this Agreement and the Plan. Unless a Change in Control
shall have occurred, the undersigned Grantee hereby accepts as binding, conclusive and final all
decisions or interpretations of the Committee upon any questions arising under this Agreement.

(h) Headings. Section, paragraph and other headings and captions are provided solely
as a convenience to facilitate reference. Such headings and captions shall not be deemed in any
way material or relevant to the construction, meaning or interpretation of this Agreement or any
term or provision hereof.

(i) Notices. Any notice under this Agreement shall be in writing and shall be deemed
to have been duly given when delivered personally or when deposited in the United States mail,
registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary
at 8735 Henderson Road, Ren Two, Tampa, Florida 33634, or if the Company should move its principal
office, to such principal office, and, in the case of the Grantee, to the Grantee’s last permanent
address as shown on the Company’s records, subject to the right of either party to designate some
other address at any time hereafter in a notice satisfying the requirements of this Section.

(j) Non-Waiver of Breach. The waiver by any party hereto of the other party’s prompt
and complete performance, or breach or violation, of any term or provision of this Agreement shall
be effected solely in a writing signed by such party, and shall not operate nor be construed as a
waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any
right or remedy which he or it may possess shall not operate nor be construed as the waiver of such
right or remedy by such party, or as a bar to the exercise of such right or remedy by such party,
upon the occurrence of any subsequent breach or violation.

(k) Counterparts. This Agreement may be executed in two or more separate
counterparts, each of which shall be an original, and all of which together shall constitute one
and the same agreement.

* * * * * * * *

1

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have executed this
Agreement as of the date first written above.

WELLCARE HEALTH PLANS, INC.

By: /s/ THADDEUS BEREDAY

	 	 	 	Name: Thaddeus Bereday

	 	 	 	Title: Senior Vice President and General
Counsel

Grantee acknowledges receipt of a copy of the Plan and represents that he is familiar with the
terms and provisions thereof, and hereby accepts this Agreement subject to all of the terms and
provisions thereof. Grantee has reviewed the Plan and this Agreement in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Agreement, and fully
understands all provisions of this Agreement.

GRANTEE:

By: /s/ TODD S. FARHA

Todd S. Farha

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