Document:

Document

Exhibit 10.11

CENTENE CORPORATION

Nonstatutory Stock Option Agreement Granted Under

2012 Stock Incentive Plan

THIS AGREEMENT is entered into by and between CENTENE CORPORATION, a Delaware corporation (hereinafter the “Company”), and the undersigned employee of the Company (hereinafter the “Participant”).

WHEREAS, the Participant renders important services to the Company and acquires access to Confidential Information (as defined below) of the Company in connection with Participant’s relationship with the Company; and

WHEREAS, the Company desires to align the long-term interests of its valued employees with those of the Company by providing the ownership interest granted herein and to prevent former employees whose interest may become adverse to the Company from maintaining an ownership interest in the Company;

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, the parties hereto hereby agree as follows:

1. Grant of Option

This agreement evidences the grant by the Company on [GRANT DATE] (the “Grant Date”) to [PARTICIPANT NAME] (the “Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2012 Stock Incentive Plan (the “Plan”), a total of [NUMBER OF AWARD GRANTED] shares (the “Shares”) of common stock, $0.001 par value per share, of the Company (“Common Stock”) at [PRICE] per Share  Unless earlier terminated, this option shall expire at 3:00 p.m., Central time, on [FINAL EXERCISE DATE] (the “Final Exercise Date”).  If the Final Exercise Date is not an open trading date then this option shall expire at 3:00 p.m., Central Standard Time, on the last open trading date prior to the Final Exercise Date.

It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”).  Except as otherwise indicated by the context, the term “Participant,” as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms.

2. Vesting Schedule

This option will become exercisable (“vest”) as to one-third of the original number of Shares on the first anniversary of the Grant Date and as to an additional one-third of the original number of Shares at the end of each successive annual period following the first anniversary of 

the Grant Date until the third anniversary of the Grant Date (each such vesting date, a “Vesting Date”).

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan.

The foregoing vesting schedule notwithstanding, if a Change in Control (as defined below) occurs and the Participant’s employment with the Company (and any parent or subsidiary thereof) is terminated by the Company (or a parent or subsidiary thereof) without Cause (as defined below) or by the Participant for Good Reason (as defined below), and the Participant’s date of termination occurs (or in the case of the Participant’s termination of employment for Good Reason, the event giving rise to Good Reason occurs) within 24 months following the Change in Control, all unvested shares shall automatically become 100% vested  and shall be paid on the Participant’s date of termination (“CIC Termination Payment”).  A “Change in Control” shall be deemed to have occurred if any of the events set forth in any one of the following clauses shall occur:  (i) any Person (as defined in section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such term is modified in sections 13(d) and 14(d) of the Exchange Act), excluding a group of persons including the Participant, is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities representing forty percent or more of the combined voting power of the Company’s then outstanding securities; (ii) individuals who, as of the Grant Date, constitute the Board of Directors of the Company (the “Incumbent Board”), cease for any reason to constitute a majority thereof (provided, however, that an individual becoming a director subsequent to the Grant Date whose election, or nomination for election by the Company’s stockholders, was approved by at least a majority of the directors then comprising the Incumbent Board shall be included within the definition of Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual election contest (or such terms used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors of the Company); or (iii) the stockholders of the Company consummate a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation.  “Cause” shall include acts or omissions that the Company determines, after affording the Participant an opportunity to be heard,  (i) are criminal, dishonest, fraudulent, constitute misconduct, or reflect negatively on the reputation of the Company (including any parent, subsidiary, affiliate or division of the Company); (ii) could expose the Company or any parent, subsidiary, affiliate or division of the Company to claims of illegal harassment or discrimination in employment; (iii) are material breaches of this Agreement or other agreement with the Company; or (iv) reflect continued and repeated failure to perform substantially the duties of his/her employment. “Good Reason” means: (a) if the Participant is a party to an employment or service agreement with the Company or its affiliates and such agreement provides for a definition of Good Reason, the 

definition contained therein; or (b) if no such agreement exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without the Participant's express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within ninety (90) days of the Participant's knowledge of the applicable circumstances): (i) any material, adverse change in the Participant's responsibilities, authority, title, status or reporting structure; (ii) a material reduction in the Participant's base salary or short-term cash incentive opportunity; or (iii) a geographical relocation of the Participant's principal office location by more than fifty (50) miles; provided that, the Participant in fact terminates employment for Good Reason within one hundred fifty (150) days following the initial existence of the circumstances giving rise to such Good Reason.

 3. Exercise of Option

(a) Form of Exercise.  Each election to exercise this option shall be in writing, signed by the Participant, and received by the Company at its principal office, accompanied by this agreement, and payment in full in the manner provided in the Plan.  Common Stock purchased upon the exercise of this option shall be paid for as follows
						
	(1)
	in cash or by check, payable to the order of the Company;

						
	(2)
	by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding;

						
	(3)
	when the Common Stock is registered under the Securities and Exchange Act of 1934, as amended, by delivery of shares of Common Stock owned by the Participant valued at their fair market value as determined by (or in a manner approved by) the board of directors of the Company (the “Board”) in good faith (“Fair Market Value”), provided (i) such method of payment is then permitted under applicable law and (ii) such Common Stock, if acquired directly from the Company was owned by the Participant at least six months prior to such delivery;

						
	(4)
	to the extent permitted under applicable law and permitted by the Board, in its sole discretion, provided that at least an amount equal to the par value of the Common Stock being purchased shall be paid in cash; or

						
	(5)
	by any combination of the above permitted forms of payment.

The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share or for fewer than ten whole shares.

(b) Continuous Relationship with the Company Required.  Except as otherwise provided in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company or any other entity the employees, officers, 

directors, consultants or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”).

(c) Termination of Relationship with the Company.  If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate 30 days after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation.  Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment, consulting, advisory, nondisclosure, non-competition or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation.

(d) Exercise Period Upon Death or Disability.  If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of 90 days following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

(e) Discharge for Cause.  If the Participant, prior to the Final Exercise Date, is discharged by the Company for “cause” (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such discharge. “Cause” shall include acts or omissions that the Company determines, after affording the Participant an opportunity to be heard,  (i) are criminal, dishonest, fraudulent, constitute misconduct, or reflect negatively on the reputation of the Company (including any parent, subsidiary, affiliate or division of the Company); (ii) could expose the Company or any parent, subsidiary, affiliate or division of the Company to claims of illegal harassment or discrimination in employment; (iii) are material breaches of this Agreement or other agreement with the Company; or (iv) reflect continued and repeated failure to perform substantially the duties of his/her employment.

(f) Right to Exercise.  The Participant’s right to exercise this option and to retain any gains upon a sale or other disposition of the Shares therefrom is subject to the Participant’s compliance with the covenants set forth in Section 4 hereof.

4. Optionee’s Covenants.  For and in consideration of the option hereunder, the Participant agrees to the provisions of this Section 4.

(a) Confidential Information.  As used in this Section 4, “Confidential Information” shall mean the Company’s trade secrets and other non-public proprietary information relating to the Company or the business of the Company, including information relating to financial statements, existing or proposed target markets, employee skills and compensation, employee data, acquisition targets, servicing methods, programs, strategies and information, analyses, expansion plans and strategies, profit margins, financial, promotional, training or operational information, 

and other information developed or used by the Company that is not known generally to the public or the industry.  Confidential Information shall not include any information that is in the public domain or becomes known in the public domain through no wrongful act on the part of the Participant.

(b) Non-Disclosure.  The Participant agrees that the Confidential Information is a valuable, special and unique asset of the Company’s business, that such Confidential Information is important to the Company and the effective operation of the Company’s business, and that during employment with the Company and at all times thereafter, the Participant shall not, directly or indirectly, disclose to any competitor or other person or entity (other than current employees of the Company) any Confidential Information that the Participant obtains while performing services for the Company, except as may be required in the Participant’s reasonable judgment to fulfill the Participant’s duties hereunder or to comply with any applicable legal obligation.

(c) Non-Competition; Non-Solicitation.
						
	(1)
	During Participant’s employment with the Company and for the period of six (6) months immediately after the termination of Participant’s employment with the Company (including any parent, subsidiary, affiliate or division of the Company) for any reason whatsoever, and whether voluntary or involuntary, Participant shall not invest in (other than in a publicly traded company with a maximum investment of no more than 1% of outstanding shares), counsel, advise, consult, be employed or otherwise engaged by or with any entity or enterprise (“Competitor”) that competes with (A) the Company’s business of providing Medicaid managed care services, Medicaid-related services, behavioral health, nurse triage or pharmacy compliance specialty services or (B) any other business in which, after the date of this Agreement, the Company (or any parent, subsidiary, affiliate or division of the Company) becomes engaged (or has taken substantial steps in which to become engaged) on or prior to the date of termination of Participant’s employment. For purposes of paragraph 4, Participant agrees that this agreement not to compete applies to any Competitor that does business within the state of Missouri or and/or any other state or other jurisdiction in the world in which Centene does business, and that such geographical limitation is reasonable.

						
	(2)
	During the Participant’s employment with the Company (or any parent, subsidiary, affiliate or division of the Company) and for the period of twelve months immediately after the termination of the Participant’s employment with the Company (or any parent, subsidiary, affiliate or division of the Company) for any cause whatsoever, and whether voluntary or involuntary (“Restricted Period”), the Participant will not, either directly or indirectly, either for himself or for any other person, firm, company or corporation, call upon, solicit, divert, or take away, or attempt to solicit, divert or take away any of the customers, prospective customers, business, vendors or suppliers of the Company that the Participant had dealings with, or responsibility for, or the Participant had access to, confidential information of such customers’, vendors’ or suppliers’ confidential information.

						
	(3)
	The Participant shall not, at any time during the Restricted Period, without the prior written consent of the Company, (i) directly or indirectly, solicit, recruit or employ (whether as an employee, officer, director, agent, consultant or independent contractor) any person who was or is at any time during the previous six months an employee, representative, officer or director of the Company (or any parent, subsidiary, affiliate or division of the Company); or (ii) take any action to encourage or induce any employee, representative, officer or director of the Company (or any parent, subsidiary, affiliate or division of the Company) to cease their relationship with the Company (or any parent, subsidiary, affiliate or division of the Company) for any reason.

						
	(4)
	This Section 4(c) shall not apply if a "Change in Control" (as defined in Section 2) occurs under Section 2(ii) thereof, or if such Change in Control occurs under Section 2(i) or 2(iii) thereof without the prior approval, recommendation or consent of the Board of Directors of the Corporation

(d) Enforcement.  If any of the provisions of this Section 4 shall be held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions or subparts thereof shall nevertheless continue to be valid and enforceable according to their terms.  Further, if any restriction contained in the provisions or subparts of this Section 4 is held to be overbroad or unreasonable as written, the parties agree that the applicable provision should be considered to be amended to reflect the maximum period, scope or geographical area deemed reasonable and enforceable by the court and enforced as amended.

(e) Remedy for Breach.

(1) Because the Participant’s services are unique and because the Participant has access to the Company’s Confidential Information, the parties agree that any breach or threatened breach of this Section 4 will cause irreparable harm to the Company and that money damages alone would be an inadequate remedy.  The parties therefore agree that, in the event of any breach or threatened breach of this Section 4, and in addition to all other rights and remedies available to it, the Company may apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief, without a bond, in order to enforce or prevent any violations of the provisions of this Section 4.

(2) The Participant shall immediately repay to the Company a cash sum in the principal amount equal to all gross proceeds (before-tax) realized by the Participant upon the sale or other disposition of shares occurring at any time during the period commencing on the date that is three years before the date of the termination of the Participant’s employment with the Company and ending on the date of the breach or threatened breach of this Section 4 (the “Refund Period”),  together with interest accrued thereon from the date of such breach or threatened breach, at the prime rate (compounded calendar monthly) as published from time to time in The Wall Street Journal, electronic edition (“Interest”); and 

(3) The Participant shall repay to the Company a cash sum equal to the fair market value of all Shares and all or any portion of the option transferred by the Participant as a gift or gifts at any time during the Refund Period, together with Interest, and for which purpose, “fair 

market value” per Share shall be the Fair Market Value of one Share on the date such gift occurs and per option Share shall be the positive difference, if any, between the Fair Market Value of a Share and the exercise price of such option.

(4) The Participant acknowledges and agrees that nothing contained herein shall be construed to be an excessive remedy to prohibit the Company from pursuing any other remedies available to it for such actual or threatened breach, including but not limited to the recovery of money damages, proximately caused by the Participant’s breach of this Section 4.

(f) Survival.  The provisions of this Section 4 shall survive and continue in full force in accordance with their terms notwithstanding any forfeiture, termination or expiration of this option in accordance with its terms or any termination of the Participant’s employment for any reason (whether voluntary or involuntary).

5. Withholding

No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option.

6. Nontransferability of Option

This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.

7. Provisions of the Plan

This option is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this option.

In Witness Whereof, the Company has caused this option to be executed under its corporate seal by its duly authorized officer.  This option shall take effect as a sealed instrument.

Centene Corporation

Robert K. Ditmore
Chairman, Compensation CommitteeDocument

Exhibit 10.24

May 30, 2019  

Kenneth Burdick

Dear Kenneth:

Upon, and subject to, the closing of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of March 26, 2019 (the "Merger Agreement") made and entered into by Centene Corporation, WellCare Health Plans, Inc., d/b/a WellCare ("WellCare"), and certain other parties thereto, Centene Management Corporation ("Centene") shall employ you on the following terms set forth in this letter agreement (the "Agreement"):

1.Title: Executive Vice President reporting directly and solely to the Chairman, President & CEO of Centene Corporation.

2.Term: Two (2) year term (the "Employment Term") commencing on the closing date of the WellCare acquisition (the "Closing Date"), which may be terminated by either Centene or you any time on ninety (90) days' advance written notice. For the avoidance of doubt, during the Employment Term, you shall be permitted to continue to serve on the board of directors of First Horizon Bank and on any not for-profit boards of directors on which you currently serve.

3.Base Salary and Annual Bonus Opportunity: Your compensation will consist of a base salary of $1,400,000 per annum. Your base salary may be increased from time to time at Centene's discretion, but may not be decreased without your written authorization. In addition, you will be eligible for an annual bonus target of 150% of your base salary (with performance targets (other than individual targets and business-segment specific targets) consistent with those applicable to other similar level Centene executives). You will begin to participate in the annual bonus plan immediately following the Closing Date. You will have the potential to exceed that target based on Centene Corporation financial performance, business unit performance and your individual performance. If your employment is terminated by Centene without Cause (as defined in Section 3 below), due to your death or disability or by you for an Acceptable Reason (as defined below), Centene shall pay you an amount equal to (i) $4.2 million (representing your annual target bonus opportunity for the entire Employment Term), less (ii) any annual bonuses paid to you by Centene pursuant to this Section 3 for services following the Closing Date (but for the avoidance of doubt, not below $0), as soon as practicable (but in no event later than 30 days following) following your termination date. If you terminate your employment other than for an Acceptable Reason (as defined below) and by virtue of your Retirement (as defined below) during, after or at the expiration of the Employment Term where such termination of employment occurs on or after July 1 of the applicable annual performance period, then you shall receive an annual bonus in an amount equal to (i) the product of (x) the annual bonus that you would have received based on continued service through the remainder of the applicable performance period based on the actual level of achievement of the applicable performance metrics and (y) a fraction, the numerator of which is the number of whole and partial months in which you were employed during the applicable performance period and the denominator of which is twelve (12) (the "Prorata Retirement Bonus") minus (ii) the Closing Date Prorata Bonus (as defined below) if paid to you in respect of the year of your Retirement. The Prorata Retirement Bonus, if any, shall be paid to you at the same time as annual bonuses are paid to similar level Centene executives who do not experience a termination of employment during the applicable performance period.

4.Initial Equity Compensation: On the Closing Date, you will be granted a number of time-based Centene Corporation restricted stock units with a grant date fair market value equal to $4,400,000 (calculated on the same basis as other restricted stock units granted generally by Centene to its senior executives) (the "Initial RSU Award"). The Initial RSU Award will vest on the second year anniversary of the Closing Date (i.e., the last day of Employment Term), subject to your continued employment through such vesting date provided that, (i) if your employment is terminated by Centene without Cause (as defined below), due to 

your death or disability or by you for an Acceptable Reason (as defined below) prior to such vesting date, the Initial RSU Award shall vest in full and be settled in Centene shares as soon as practicable (but in no event later than 30 days following) following your termination date and (ii) if you terminate your employment other than for an Acceptable Reason (as defined below) and by virtue of your Retirement (as defined below) prior to such vesting date, you shall vest in a number of restricted stock units subject to the Initial RSU Award that would have vested based on your continued employment through the first anniversary of your termination date and such restricted stock units shall be settled in Centene shares as soon as practicable (but in no event later than 30 days following) your termination date. Except as provided in this Section 4, the Initial RSU Award agreement shall provide for terms and conditions no less favorable than those provided to similar level Centene executives. The holding period set forth in any equity awards granted by Centene shall not apply to you, provided, that you are otherwise in compliance with the applicable share ownership guidelines of Centene Corporation.

For purposes of this Agreement, "Acceptable Reason" means the occurrence of any of the following conditions without your express written consent: (A) a diminution in your Base Salary, Annual Bonus Opportunity or Ongoing Long-Term Compensation opportunity, except as applicable generally to other similarly situated senior executives of the Centene; (B) Centene requiring you to be based at any office or location outside of fifty miles from your current employment location (Tampa, Florida) or Centene's headquarters (St. Louis, Missouri), except for travel reasonably required in the performance of your responsibilities; (C) Centene fails to timely pay or provide you with the amounts and benefits under this Agreement; or (D) you are no longer an Executive Vice President reporting directly and solely to the CEO of Centene Corporation. You must provide written notice to Centene of the existence of Acceptable Reason no later than ninety (90) days after its initial existence, and Centene shall have a period of thirty (30) days following its receipt of such written notice during which it may remedy the Acceptable Reason condition identified in such written notice. If Centene fails to remedy such Acceptable Reason condition, you may terminate your employment for Acceptable Reason within the sixty (60) day period following the end of Centene's thirty (30)-day remedy period.

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For purposes of this Agreement, "Cause" shall have the meaning set forth in the Amended an Restated WellCare Health Plans, Inc. Executive Severance Plan (the "WellCare Severance Plan").

5.Ongoing Long-Term Compensation: Centene shall grant you annual grants of equity under the terms of the Centene Corporation Stock Incentive Plan with a target amount of annual grant equal to $7,000,000 and with terms and conditions no less favorable than those provided to similar level Centene executives. You shall also participate in Centene Corporation's Cash Long-Term Incentive Plan (the "Cash LTIP"), beginning with the 2020-2022 performance cycle, with a Cash LTIP target of 100% of your annual base salary (the "Annual Cash LTIP Awards"). You will have the potential to earn up to 200% of your Cash LTIP target based on predefined company performance measures. Forty percent (40%) of each annual equity grant shall be in the form of time-based restricted stock units that vest in three (3) equal installments on each of the first three anniversaries of the date of grant, subject to your continued employment through the applicable vesting date (the "Annual RSUs"). Sixty percent (60%) of each annual equity grant shall be in the form of performance stock units that vest on the third anniversary of the date of grant, subject to your continued employment through such vesting date and the achievement of applicable performance metrics (the "Annual PSUs"). Centene's normal annual grant cycle is generally in December of each year. Notwithstanding the foregoing, if the Closing Date occurs after the 2019 long-term equity grant has been made by Centene in December 2019 and prior to the date that WellCare would otherwise have made a 2020 long-term compensation grant had the Closing not occurred, Centene shall provide you with the annual equity grant and Cash LTIP as soon as practicable following the Closing Date. If the Closing Date occurs prior to the date that Centene makes its annual long-term equity grant in December 2019, Centene shall provide you with the annual equity grant and Cash LTIP at the same time when granted to other Centene executives. In either event, you shall be eligible to receive a normal cycle grant in December 2020 and each December (or other time when similar level Centene executives receive grants) thereafter. If your employment is terminated by Centene without Cause or due to your death or disability or you terminate your employment by virtue of your Retirement (as defined below), then (i) your Annual RSUs shall vest in full immediately and (ii) your Annual Cash LTIP Awards and PSUs shall remain outstanding and shall vest or be forfeited at the end of the applicable performance period based on actual levels of achievement (without regard to additional service-based vesting requirements). Attached as Exhibit A is an illustrative example of the vesting and settlement of the Annual Cash LTIP Awards, Annual RSUs and Annual PSUs.

For purposes of this Agreement, "Retirement" shall mean your termination of employment other than by reason of death, disability or Cause, provided that you are age sixty (60) or older with at least five (5) years of employment with Centene or a subsidiary thereof (including, for the avoidance of doubt, WellCare or the surviving corporation) at the time of such termination; provided, that, for the avoidance of doubt, Retirement shall not override any payments or benefits due upon a termination by you for Acceptable Reason or by Centene without Cause. Centene acknowledges and agrees that you have met the service requirements for "Retirement" as of the date of this agreement.

6.Employee Benefits: You will be entitled to participate in all employee benefit plans, practices and programs maintained by Centene Corporation and its affiliates on the same basis and terms as are applicable to Executive Vice Presidents of Centene Corporation. Centene Corporation and its affiliates reserve the right to review, amend and/or terminate their benefit plans and compensation practices from time to time in accordance with their terms. In addition, during the Employment

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Term, Centene Corporation will provide you with (i) temporary executive housing in the St. Louis, Missouri metropolitan area (plus reimbursement of any income taxes incurred by you in connection with the provision of the executive housing) and (ii) use of corporate aircraft on an as-available basis and in accordance with the policies of Centene Corporation. You shall be provided with credited service with respect to Centene's benefit plans, policies, programs, contracts agreements or arrangements to the extent set forth in the Merger Agreement, and which shall include service credit for "Retirement" treatment (other than (i) to the extent that such service credit would result in a duplication of benefits with respect to the same period of service, (ii) for purposes of eligibility, vesting or benefit accruals under any defined benefit pension plan and (iii) for purposes of eligibility, vesting or benefit accruals under any retiree medical or welfare arrangement).

7.Legacy WellCare Compensation: Notwithstanding the terms of the Merger Agreement, you and Centene agree that your annual bonus payment with respect to 2019 performance will, except as contemplated by Section 9 below, be paid to you as soon as practicable following January 1, 2020 based on actual performance for 2019. Centene hereby acknowledges and agrees that the occurrence of the closing of the acquisition contemplated by the Merger Agreement (and the related changes to your compensation, benefits, duties, responsibilities or reporting obligations set forth this letter) constitute "good reason" under the WellCare equity plans and agreements applicable to your outstanding WellCare equity awards and the WellCare Severance Plan. Therefore, upon termination of your employment for any reason during, after, or at the expiration of, the Employment Term, and whether by you or by Centene, (i) you shall be entitled to severance benefits under, and in accordance with, the terms of the WellCare Severance Plan, as in effect on the date hereof (as a Tier 1 Participant) and calculated as if your employment terminated on the Closing Date including, for the avoidance of doubt, the "Cash Severance" and "Health Benefit Continuation" pursuant to Section 5(c) of the WellCare Severance Plan (for the avoidance of doubt your 2018 and 2019 annual short-term incentive bonuses from WellCare shall be used to determine "Bonus" for purposes of Section 5(c) of the WellCare Severance Plan), and (ii) the vesting of any WellCare equity award converted to a Centene Corporation equity award on the Closing Date will, to the extent then unvested, be accelerated and settled in accordance with the terms of such award; except that, as provided in the Merger Agreement, WellCare equity awards, if any, granted to you following the date on which the Merger Agreement was executed and converted into Centene Corporation equity awards on the Closing Date shall vest in a number of units that would have vested prior to your date of termination of employment assuming such 2020 Awards vested ratably on a daily basis from the Closing Date through the last day of the original vesting period applicable to each such award. Notwithstanding clause (i) above, no later than five (5) business days following the Closing Date, Centene shall pay you an amount equal to your Prorated Bonus (within the meaning of the WellCare Severance Plan and, for the avoidance of doubt, your 2018 and 2019 annual short-term incentive bonuses from WellCare shall be used to determine "Average Bonus" for purposes of Section 5(c) of the WellCare Severance Plan) as if you terminated employment with "good reason" as of the Closing Date (the "Closing Date Prorata Bonus"). As consideration for the Closing Date Prorata Bonus, you acknowledge and agree that you will not be eligible to receive a Prorated Bonus under the WellCare Severance Plan upon your termination of employment on or following the Closing Date.

8.Notwithstanding anything to the contrary in any other documents or agreements that you have or will sign during your employment with Centene in the event of a legal dispute between you and

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Centene related in any way to your employment with or termination from Centene, such dispute may be heard by any court of competent jurisdiction.

9.As a condition to your acceptance of this position, you hereby acknowledge and agree that except as  provided herein, the terms of this letter will supersede your current employment or offer letter agreement with WellCare upon execution of this letter and closing of the acquisition. As a condition to the willingness of Centene to enter into this agreement, you hereby agree to the restrictive covenants set forth on Exhibit B, which shall supersede in all respects any restrictive covenants to which you were previously subject prior to your entry into this agreement. In addition, notwithstanding the terms of the Merger Agreement, you and Centene will cooperate in good faith to modify the treatment of your outstanding WellCare equity awards to provide for treatment that minimizes or eliminates the imposition of a Section 280G golden parachute excise tax on you while maintaining as closely as possible the intended treatment of such equity awards as set forth in the Merger Agreement. Notwithstanding the foregoing, you acknowledge that you will be solely responsible for any taxes you incur under Sections 280G or 4999 of the Internal Revenue Code of 1986, as amended (the "Golden Parachute Provisions"). The Section 280G provision of the WellCare Severance Plan shall continue to apply in the event of any taxes incurred under the Golden Parachute Provisions by reason of the Closing Date (and related equity award vesting and severance), and the parties agree that all determinations under the WellCare Severance Plan in respect of the Golden Parachute Provisions and the assumptions to be utilized in arriving at such determination shall be made by Golden Parachute Tax Solutions LLC following consultation with the parties.

10.Centene will be entitled to withhold (or to cause the withholding of) the amount, if any, of all taxes of any applicable jurisdiction required to be withheld by an employer with respect to any amount paid to you hereunder. Centene, in its sole and absolute discretion, will make all determinations as to whether it is obligated to withhold any taxes hereunder and the amount thereof.

11.The intent of the parties is that payments and benefits under this letter comply with Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A"), to the extent subject thereto, and accordingly, to the maximum extent permitted, this letter will be interpreted and administered to be in compliance therewith. In the event that the parties reasonably determine that this letter is not in compliance with Section 409A, the parties shall cooperate reasonably to modify this letter (if such modification is permitted under Section 409A) to comply while endeavoring to maintain to the maximum extent possible the intended economic benefits of its terms. Notwithstanding anything contained herein to the contrary, you will not be considered to have terminated employment with the Centene for purposes of any payments under this letter or any other arrangements to which you and Centene are a party that are subject to Section 409A until you have incurred a "separation from service" from Centene within the meaning of Section 409A. Each amount to be paid or benefit to be provided under this letter will be construed as a separate identified payment for purposes of Section 409A. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid an accelerated or additional tax under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this letter or any other arrangements to which you and Centene are a party during the six-month period immediately following your separation from service will instead be paid on the first business day after the date that is six months following your separation from service (or, if earlier, your date of death). To the extent required to avoid an accelerated or additional tax under Section 409A, the amounts reimbursable to you will be paid to you on or before the last day of the

5

year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to you) during one year may not affect amounts reimbursable or provided in any subsequent year. Notwithstanding anything set forth herein to the contrary, to the extent that any severance amount payable under a plan or agreement that you may have a right or entitlement to as of the date of this Agreement constitutes deferred compensation under Section 409A, then to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, the portion of the benefits payable hereunder equal to such other amount will instead be provided in the form set forth in such other plan or agreement. Without limiting the generality of the foregoing, you acknowledge that you will be solely responsible for any taxes, penalties or interest you incur under Section 409A.

12.Centene shall indemnify you and advance expenses to the fullest extent permitted by applicable state law and you shall be covered under Centene's directors' and officers' liability insurance policies on a basis no less favorable than provided to similar level Centene executives.

[SIGNATURE PAGE FOLLOWS]

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We are excited about the future of Centene and having you as a part of our successful team. Please do not hesitate to contact me should you wish to discuss the terms of employment further.

Sincerely,

/s/ Michael F. Neidorff

Michael F. Neidorff
Chairman, President & CEO

Acknowledged and Agreed:

/s/ Kenneth Burdick                     May 30, 2019

Kenneth Burdick                                                      Date

EXHIBIT A
ILLUSTRATIVE EXAMPLE - ONGOING LONG-TERM COMPENSATION

Assumed Closing Date: 3/1/2020
Illustrative Stock Price at Closing Date: $55.00
Illustrative Stock Price at Settlement Date: $55.00

Annual  
RSUs
																																	
	Grant Date	Value of RSU's Granted ($)	Units
(#)	Settle in 2021 (Assuming Continued Employment) (#)	Settle in 2021 (Assuming Continued Employment) ($)	Settle in 2022 (Assuming Continued Employment) (#)	Settle in 2022 (Assuming Continued Employment) ($)	Settle in 2023 (Assuming Continued Employment) (#)	Settle in 2023 (Assuming Continued Employment) ($)	Qualifying Termination (including Retirement)
(#)
	Qualifying Termination (including Retirement)
($)

	3/31/20	2,800,000	50,909	16,970	933,333	16,970	933,333	16,970	933,333	50,909	2,800,000
	12/31/20	2,800,000	50,909	16,970	933,333	16,970	933,333	16,970	933,333	50,909	2,800,000
	12/31/21	2,800,000	50,909	0	0	16,970	933,333	16,970	933,333	50,909	2,800,000
	Total		152,727	33,939	1,866,667	50,909	2,800,000	50,909	2,800,000	152,727	8,400,000

Annual PSUs (Target Grant Date Value and Assumed Performance at Target)
															
	Performance Period	Value of PSU's Granted
($)	Units
(#)	End of Performance Period	Settlement Date (Assuming Continued Performance Through Performance Period or Qualifying Termination (Including Retirement) and Achievement of Applicable Performance Metrics)
	2020-2022	4,200,000	76,364	12/31/2022	2/2023
	2021-2023	4,200,000	76,364	12/31/2023	2/2024
	2022-2024	4,200,000	76,364	12/31/2024	2/2025
	Total	12,600,000	229,091		

Annual Cash LTIP (Target Grant Date Value and  Assumed Performance at Target)
															
	Performance Period	Cash LTIP Granted
($)	Total Vested
($)	End of Performance Period	Payment Date (Assuming Continued Performance Through Performance Period or Qualifying Termination (Including Retirement) and Achievement of Applicable Performance
Metrics)

	2020-2022	1,400,000	1,400,000	12/31/2022	2/2023
	2021-2023	1,400,000	1,400,000	12/31/2023	2/2024
	2022-2024	1,400,000	1,400,000	12/31/2024	2/2025
		Total	4,200,000		

EXHIBIT B

RESTRICTIVE COVENANTS

Kenneth Burdick (the "Executive") acknowledges and agrees that, as a condition to the willingness of Centene Corporation (together with its affiliates and subsidiaries, the "Centene Group") to enter into the Offer Letter Agreement dated May 30, 2019 (the "Offer Letter Agreement") and provide the compensation and benefits described therein, the following shall continue to apply in the event Executive's employment is terminated by either party for any reason:

1.Confidential Information: As used in this Exhibit B, "Confidential Information" shall mean Centene Group's trade secrets and other non-public proprietary information relating to Centene Group or the business of Centene Group, including information relating to financial statements, customer lists and identities, potential customers, customer contacts, employee skills and compensation, employee data, suppliers, acquisition targets, servicing methods, equipment, programs, strategies and information, analyses, marketing plans and strategies, pricing, profit margins, financial, promotional, marketing, training or operational information, and other information developed or used by Centene Group that is not known generally to the public or the industry. Confidential Information shall not include any information that is in the public domain or becomes known in the public domain through no wrongful act on the part of Executive.

2.Non-Disclosure: Executive agrees that the Confidential Information is a valuable, special and unique asset of the Centene Group's business, that such Confidential Information is important to Centene Group and the effective operation of Centene Group's business, and that during employment with Centene Group and at all times thereafter, Executive shall not, directly or indirectly, disclose to any competitor or other person or entity (other than current employees of Centene Group) any Confidential Information that Executive obtains while performing services for Centene Group, except as may be required in Executive's reasonable judgment to fulfill Executive's duties hereunder or to comply with any applicable legal obligation. Executive may also disclose Confidential Information if necessary in connection with any litigation between Executive and any member of the Centene Group, but subject to the terms of any agreement, stipulation or order governing the use of Confidential Information in any such action

3.Non-Competition; Non-Solicitation:

a) During Executive's employment with Centene Group and for the period of twelve (12) months immediately after the termination of Executive's employment with Centene Group for any reason whatsoever, and whether voluntary or involuntary ("Restricted Period"), Executive shall not, without the prior written consent of Centene Group (which may be withheld in the sole discretion of Centene Group), invest in (other than in a publicly traded company with a maximum investment of no more than 1% of outstanding shares or passive investments in a non-publicly traded company of no more than 1% of outstanding equity through hedge funds, mutual funds, private equity funds or similar type investment vehicles), counsel, advise, consult, be employed or otherwise engaged by or with any entity or enterprise that (A) provides Medicaid managed care services, Medicaid-related services, behavioral health, nurse triage or pharmacy compliance specialty services or (B) engages in any other business in which Centene Group becomes engaged (or has taken substantial steps in which to become engaged) on or after the date of the Offer Letter Agreement and on or prior to the

date of termination of Executive's employment, in the case each of (A) and (B), within the state of Missouri or any other state in the United States in which Centene Group conducts or has taken substantial steps to conduct business on or after the date of the Offer Letter Agreement and on or prior to the date of termination of Executive's employment (in either case, a "Competitor"); provided, however, that, Executive may provide services to a non-competitive unit, division, subsidiary or affiliate of any Competitor so long as executive does not provide services or Confidential Information to, or attend meetings relating to the unit, division, subsidiary or affiliate of the Competitor which engages in activities competitive with the Centene Group and such competitive unit, division, subsidiary or affiliate did not constitute more than 10% of its ultimate parent's total revenue in either of the then preceding two fiscal years.

b) During Executive's employment with Centene Group and for the Restricted Period, without the prior written consent of Centene Group (which may be withheld in the sole discretion of Centene Group), Executive will not, either directly or indirectly, either for himself or for any other person, firm, company or corporation, call upon, solicit for competitive activities, divert, or take away, or attempt to solicit for competitive activities, divert or take away any of the customers, prospective customers, business, vendors or suppliers of Centene Group that Executive had dealings with, or responsibility for, or about which Executive had access to Centene Group's Confidential Information or such customers', vendors' or suppliers' confidential information.

c) Executive shall not, at any time during the Restricted Period, without the prior written consent of Centene Group (which may be withheld in the sole discretion of Centene Group), (1) directly or indirectly, solicit, recruit, hire, or employ (whether as an employee, officer, director, agent, consultant or independent contractor) any person who was or is at any time during the previous six (6) months an employee, officer or director of Centene Group; or (2) take any action to encourage or induce any employee, representative, officer or director of Centene Group to cease their relationship with Centene Group for any reason.

d) Notwithstanding anything in the foregoing to the contrary, this Section 3, and the non-competition and non-solicitation provisions of any of the Executive's equity awards, shall not apply if a "Change in Control" (as defined in the Centene Corporation Stock Incentive Plan) occurs.

e) Executive's obligations under any equity award shall be no more onerous to Executive than the terms of this Section 3.

4.Enforcement: If any of the provisions or subparts of this Exhibit B shall be held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions or subparts thereof shall nevertheless continue to be valid and enforceable according to their terms. Further, if any restriction contained in the provisions or subparts of this Exhibit B is held to be overbroad or unreasonable as written, the parties agree that the applicable provision should be considered to be amended to reflect the maximum period, scope or geographical area deemed reasonable and enforceable by the court and enforced as amended.

5.Remedies for Breach:

a) Because Executive's services are unique and because Executive has access to Centene Group's Confidential Information, the parties agree that any breach or threatened breach of this Exhibit B

will cause irreparable harm to Centene Group and that money damages alone would be an inadequate remedy. The parties therefore agree that, in the event of any breach or threatened breach of this Exhibit B, and in addition to all other rights and remedies available to it under the Offer Letter Agreement or otherwise, and whether in equity or at law, Centene Group may apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief, without a bond, in order to enforce or prevent any violations of the provisions of this Exhibit B. 

b) Executive acknowledges and understands that, but for agreeing to be bound to the provisions of this Exhibit B, Executive would not be entitled to receive the benefits and payments promised by Centene Group contemplated by Paragraphs 4 (Initial Equity Compensation) and 5 (Ongoing Long-Term Compensation) of the Offer Letter Agreement, including all subparts thereto. Executive agrees that any material breach of this Exhibit B would constitute a material breach of the Offer Letter Agreement and subjects Executive to the forfeiture of all such payments. Employer expressly reserves the right to pursue all other legal and equitable remedies available to it by virtue of any breach of this Exhibit B, including without limitation injunctive relief as provided in Section 5(a) above. Executive shall not be in material breach of this Exhibit B unless and until he fails to cure (to the extent capable of being cured) any alleged material breach within twenty (20) days after the Centene Group provides Executive with written notice of such alleged material breach. During the Restricted Period, prior to becoming employed by, or providing services to, any person other than the Centene Group, Executive will provide advance written notice to Centene of his intention to provide such services.

c) Executive acknowledges and agrees that the remedies provided for in this Section 5 are cumulative and not exclusive of any and other remedies available under the Offer Letter Agreement or otherwise, and whether in equity or at law. In that regard, Executive acknowledges and agrees that, while the forfeiture of payments and benefits referenced in Section 5(b) is appropriate in the event of a breach of Exhibit B, injunctive relief to prevent a continuing breach would still be necessary to give Centene Group an adequate remedy.

d) Defense of Trade Secrets Act Notice to Executive. Notwithstanding the foregoing, Executive will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if Executive files a lawsuit for retaliation by Centene Group for reporting a suspected violation of law, Executive may disclose the trade secret to Executive's attorney and use the trade secret information in the court proceeding if Executive files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.

6.Survival: The provisions of this Exhibit B shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Offer Letter Agreement or any termination of Executive's employment for any reason (whether voluntary or involuntary).

7.Acknowledgements. Executive acknowledges and agrees that (a) this Exhibit B is being executed in connection with the transaction contemplated by the Merger Agreement, (b) the time, geographic coverage and scope of the restrictions set forth in this Exhibit B are reasonable and necessary to

protect the legitimate interests of the Centene Group, including its goodwill and Confidential Information, (c) by virtue of Executive's employment with the Centene Group, Executive will have significant access to Confidential Information, including trade secrets and customer contacts, and that this Confidential Information is of critical competitive importance and commercial value to the Centene Group and the improper use of disclosure of such Confidential Information by Executive would likely result in unfair or unlawful activity, and (d) the execution of this Exhibit B is a material inducement to Centene's consummation of the transaction contemplated by the Merger Agreement and that, absent Executive's execution of this Exhibit B, the Centene Group would not receive the bargained-for-benefits of the Merger Agreement.

8.Governing Law; Venue. This Exhibit B will be governed under the internal laws of the State of Missouri, without regard to its conflict of law principles. Executive agrees that the State and Federal courts located in the State of Missouri shall have exclusive jurisdiction in any action, suit or proceeding based on or arising out of this Exhibit B, and Executive hereby: (a) submits to the personal jurisdiction of such courts; (b) consents to the service of process in connection with any action, suit, or proceeding against Executive; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, venue or service of process.

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