Document:

Form of First Supplemental Indenture

 Exhibits 4.1 and 4.2 

 
  

 
 MARSH & McLENNAN
COMPANIES INC., 
 Issuer, 
 and 
 The Bank of New York Mellon, 

Trustee 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of July 15, 2011 

 
  

$500,000,000 aggregate principal amount of 4.80% Senior Notes Due 2021 

 
  

 

 FIRST SUPPLEMENTAL INDENTURE, dated as of July 15, 2011, between MARSH &
McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (the “Trustee”). 

W I T N E S S E T H: 
 WHEREAS, the Issuer and the Trustee executed and delivered an Indenture, dated as of July 15, 2011 (the “Base Indenture” and as supplemented hereby, the
“Indenture”), to provide for the issuance by the Issuer from time to time of senior debt securities evidencing its unsecured indebtedness, to be issued in one or more series as provided in the Indenture; 

WHEREAS, pursuant to a Board Resolution, the Issuer has authorized the issuance of a series of securities evidencing its senior
indebtedness, consisting initially of $500,000,000 aggregate principal amount of 4.80% Senior Notes due 2021 (the “Original Notes” and, together with all the Additional Notes (as defined herein), if any, hereinafter referred to, the
“Notes”); 
 WHEREAS, the entry into this First Supplemental Indenture by the parties hereto is in all respects
authorized by the provisions of the Indenture; 
 WHEREAS, the Issuer desires to establish the terms of the Notes in accordance
with Section 2.01 of the Indenture and to establish the form of the Notes in accordance with Section 2.02 of the Indenture; and 
 WHEREAS, all acts and requirements necessary to make this First Supplemental Indenture a valid and legally binding indenture and agreement according to its terms have been done. 

NOW, THEREFORE, for and in consideration of the premises, the Issuer and the Trustee mutually covenant and agree for the equal and
proportionate benefit of the respective holders from time to time of the Notes as follows: 
 ARTICLE 1 

Section 1.01. Terms of Notes. The following terms relating to the Notes are hereby established: 

(a) The Notes shall constitute a series of securities having the title “4.80% Senior Notes due 2021”. 

(b) The aggregate principal amount of the Original Notes that may be authenticated and delivered under the Indenture (except for Notes
authenticated 

 
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05, 2.06, 2.07 or 9.04 of the Base Indenture) shall be up to $500,000,000.

 (c) The entire outstanding principal of the Notes shall be payable on July 15, 2021 plus any unpaid interest accrued to
such date. 
 (d) The rate at which the Notes shall bear interest shall be 4.80% per annum; the date from which interest shall
accrue on the Notes shall be July 15, 2011 or from the most recent Interest Payment Date to which interest has been paid; the Interest Payment Dates for the Notes on which interest will be payable shall be January 15 and July 15 in
each year, beginning January 15, 2012; the regular record dates for the interest payable on the Notes on any Interest Payment Date shall be the January 1 and July 1 preceding the applicable Interest Payment Date; and the basis upon
which interest on the Notes shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 
 (e) (i)
The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the “Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case,
accrued and unpaid interest on the principal amount being redeemed to the redemption date: 
 (A) If the
redemption date is prior to April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of
the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the then current Treasury Rate plus 30 basis points. 
 (B) If the redemption date is on
or after April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 
 (ii) (A) In case the Issuer shall desire to exercise such right to redeem all or, as the case may be, a portion of the Notes in accordance with Section 1.01(e)(i) above, the Issuer shall, or shall
cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption to
such holders at their last 

  
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addresses as they shall appear upon the Security Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the
redemption of any other Note. 
 Each such notice of redemption shall specify the date fixed for redemption and
the Redemption Price at which the Notes to be redeemed are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan, the City and
State of New York, upon presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest
shall continue to accrue on any Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all the Notes are to be redeemed, the notice to the holders of the Notes to
be redeemed in whole or in part shall specify the particular Notes to be redeemed. In case the Notes are to be redeemed in part only, the notice shall state the portion of the principal amount thereof to be redeemed, and shall state that on and
after the redemption date, upon surrender of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 
 (B) If less than all the Notes are to be redeemed, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Notes
to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars
($1,000) or integral multiples of $1,000 in excess thereof) of the principal amount of such series of Notes of a denomination larger than $1,000, the Notes to be redeemed and shall thereafter promptly notify the Issuer in writing of the numbers of
the Notes to be redeemed, in whole or in part. 
 The Issuer may, if and whenever it shall so elect, by delivery
of instructions signed on its behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Section, such
notice to be in the name of the Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver or cause to be
delivered to, 

  
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or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such paying agent to give any notice that may be required under the provisions of this Section. 
 Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Notes so selected for
redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 
 If
the giving of notice of redemption shall have been completed as above provided, the Notes or portions of the Notes to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the
applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for redemption, unless the Issuer shall default in the payment of such Redemption Price and accrued interest. 

(iii) As used herein: 
 “Business Day” means any calendar day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed.

 “Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Trustee is
provided with fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 

  
 4 

 “Reference Treasury Dealer” means (i) Merrill Lynch, Pierce
Fenner & Smith Incorporated and its successors, (ii) Citigroup Global Markets Inc. and its successors, (iii) Deutsche Bank Securities Inc. and its successors and (iv) Morgan Stanley & Co. LLC and its successors, or
one or more Reference Treasury Dealers as the Issuer may specify from time to time; provided, however, that if any of them ceases to be a primary U.S. Government securities dealer for The City of New York (each a “Primary Treasury
Dealer”), the Issuer will substitute another Primary Treasury Dealer. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the rate per year equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

With respect to Section 1.01(e)(i)(A) above, the Trustee shall be entitled to conclusively rely upon the calculations of the
Independent Investment Banker. 
 (f) The Notes shall be issuable in denominations equal to one thousand U.S. dollars ($1,000)
or integral multiples of $1,000 in excess thereof. 
 (g) The Trustee shall also be the security registrar and paying agent for
the Notes. 
 (h) Payments of the principal of and interest on the Notes shall be made in U.S. dollars, and the Notes shall be
denominated in U.S. dollars. 
 (i) The holders of the Notes shall have no special rights in addition to those provided in the
Indenture upon the occurrence of any particular events. 
 (j) The Notes shall not be subordinated to any other debt of the
Issuer, and shall constitute senior unsecured obligations of the Issuer. 
 (k) The Notes shall be issued as a Global Security
and The Depository Trust Company, New York, New York shall be the initial Depository. The Notes are not convertible into shares of common stock or other securities of the Issuer. 

  
 5 

 Section 1.02. Form of Note. The form of the Notes is attached hereto as Exhibit A.

 Section 1.03. Additional Notes. Subject to the terms and conditions contained herein, the Issuer may issue additional
notes (the “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Original Notes, without the consent of the holders of the Original Notes then Outstanding. Any such Additional Notes
will be a part of the series having the same terms as the Original Notes. The aggregate principal amount of the Additional Notes, if any, shall be unlimited. The Original Notes and the Additional Notes, if any, of such series shall constitute one
series for all purposes under this First Supplemental Indenture, including, without limitation, amendments, waivers and redemptions. 
 ARTICLE 2 
 MISCELLANEOUS 

Section 2.01. Definitions. Capitalized terms used but not defined in this First Supplemental Indenture shall have the meanings
ascribed thereto in the Indenture. 
 Section 2.02. Confirmation of Indenture. The Indenture, as heretofore supplemented
and amended and as further supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this First Supplemental Indenture and all indentures supplemental thereto shall be read, taken
and construed as one and the same instrument. 
 Section 2.03. Concerning the Trustee. The Trustee assumes no duties,
responsibilities or liabilities by reason of this First Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, shall have all of the rights, protections and immunities which it possesses
under the Indenture. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture. The recitals herein are deemed to be those of the Issuer and not of the Trustee. 

Section 2.04. Governing Law. This First Supplemental Indenture, the Indenture and the Notes shall be governed by and construed in
accordance with the law of the State of New York. 
 Section 2.05. Separability. In case any provision in this First
Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 6 

 Section 2.06. Counterparts. This First Supplemental Indenture may be executed in any
number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

  
 7 

 IN WITNESS WHEREOF, this First Supplemental Indenture has been duly executed by the Issuer
and the Trustee as of the day and year first written above. 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	 THE BANK OF NEW YORK MELLON,
as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit A 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO, HAS AN INTEREST HEREIN.

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND
THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	Certificate No. 1	  	$500,000,000
	CUSIP No. 571748AR3	  	

 MARSH & McLENNAN COMPANIES, INC. 

4.80% Senior Notes due 2021 
 MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & Co., or its registered assigns, the principal sum of FIVE HUNDRED MILLION dollars ($500,000,000) (which aggregate principal amount may from time to time be increased or decreased to such other
aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached hereto) on July 15, 2021 and to pay interest on said principal sum from July 15, 2011 or from the most recent interest
payment date (each such date, an 

  
 A-10

 
“Interest Payment Date”) to which interest has been paid or duly provided for semiannually on January 15 and July 15 of each year commencing January 15, 2012 at
the rate of 4.80% per annum until the principal hereof shall have become due and payable, and on any overdue principal and premium, if any, and (without duplication and to the extent that payment of such interest is enforceable under applicable
law) on any overdue installment of interest at the same rate per annum. The amount of interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which
interest is payable on this Note is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). The
interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as
defined in said Indenture) is registered at the close of business on the regular record date for such interest installment which shall be the January 1 or July 1 preceding such Interest Payment Date. Any such interest installment not
punctually paid or duly provided for (as defined in the Indenture, the “Defaulted Interest”) shall forthwith cease to be payable to the registered holders on such regular record date, and may be paid to the person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not be more than 15 nor less than 10 days prior to the
date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment or at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee
maintained for that purpose in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the
option of the Issuer by check mailed to the registered holder at such address as shall appear in the Security Register. Notwithstanding the foregoing, so long as the registered holder of this Note is Cede & Co., the payment of the principal
of (and premium, if any) and interest on this Note will be made at such place and to such account as may be designated by DTC. 

The indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior and unsecured and will rank in right of
payment on parity with all other senior unsecured obligations of the Issuer. 
 This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. 

  
 A-11

 The provisions of this Note are continued on the reverse side hereof and such continued
provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 A-12

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be executed. 

Dated: July 15, 2011 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest:	 	
		
	    By:	 	  

		 	Name:
		 	Title:

  
 A-13

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By	 	  

		 	Authorized Signatory

  
 A-14

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED, the undersigned hereby 
 sells, assigns and transfers to

  
  
 (Insert Social Security number or other identifying number of assignee) 
  

 
 (Please print or typewrite name and
address, including zip code of assignee) 
  
  

the within Note of Marsh & McLennan Companies, Inc. and hereby does irrevocably constitute and appoint 

 
  
 Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises. 
  

					
	Dated:
                                        
	 		 	  

  

			
		 	  

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations
and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 
 NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without alteration or enlargement or any change whatever.

  
 A-15

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

MARSH & McLENNAN COMPANIES, INC. 
 4.80% Senior Notes due 2021 
 The initial aggregate principal amount of this
Global Security is $500,000,000. The following increases or decreases in this Global Security have been made: 
 No:
             
  

							
	 Date
	 	 Principal Amount of this

Global Security
	 	 Notation Explaining

Principal Amount Recorded
	 	 Signature of authorized

officer of Trustee or
 Depositary

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
 A-16

 MARSH & McLENNAN COMPANIES, INC. 

4.80% Senior Notes due 2021 
 This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein sometimes referred to as the “Notes”), all such
Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”) dated as of July 15, 2011 between the Issuer and The Bank of New York Mellon, as Trustee (the
“Trustee”), as supplemented in the case of the Notes by the First Supplemental Indenture dated as of July 15, 2011 between the Issuer and the Trustee (the Base Indenture, as so supplemented, the “Indenture”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the holders of the Notes. This
series of Notes is initially limited in aggregate principal amount as specified in said First Supplemental Indenture. This series of Notes and any Additional Notes of this series shall constitute one series for all purposes under the Indenture,
including without limitation, amendments, waivers and redemptions. The terms and conditions of this series of Notes and any Additional Notes of this series (other than the issue price, the date of issuance, the payment of interest accruing prior to
the issue date of the Additional Notes and the first payment of interest following such issue date) shall be the same and shall bear the same CUSIP number. 
 The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the “Redemption Price”) of the Notes to be redeemed shall
be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the redemption date: 
 (a) If the redemption date is prior to April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be
redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at then current Treasury Rate plus 30 basis points. 
 (b) If the redemption date is on or after April 15, 2021, the Notes may be redeemed by the Issuer at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 

In case the Issuer shall desire to exercise such right to redeem all or, as the case may be, a portion of the Notes, the Issuer shall, or
shall cause the Trustee to, 

  
 A-17

 
give notice of such redemption to holders of the Notes to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before
the date fixed for redemption to such holders at their last addresses as they shall appear upon the Security Register. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
registered holder received the notice. In any case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the
redemption of any Note. 
 Each such notice of redemption shall specify the date fixed for redemption and the Redemption Price
at which the Notes are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan, the City and State of New York, upon
presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest shall continue to accrue
on any such Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all the Notes are to be redeemed, the notice to the holders of the Notes to be redeemed in whole
or in part shall specify the particular Notes to be redeemed. In case any Note is to be redeemed in part only, the notice that relates to such Note shall state the portion of the principal amount thereof to be redeemed, and shall state that on and
after the redemption date, upon surrender of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 
 If less than all the Notes are to be redeemed, the Issuer shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Notes to
be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000)
or integral multiples of $1,000 in excess thereof) of the principal amount of such Notes of a denomination larger than $1,000, the Notes to be redeemed and shall thereafter promptly notify the Issuer in writing of the numbers of the Notes to be
redeemed, in whole or in part. 
 The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its
behalf by its President or any Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Note, such notice to be in the name of the
Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall deliver or cause to be delivered

  
 A-18

 
to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient
to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions stated herein. 

Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer of or
exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption and ending at the close of business on the day of such mailing, or
(ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 

If the giving of notice of redemption shall have been completed as above provided, the Notes or portions of the Notes to be redeemed
specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for redemption, unless the
Issuer shall default in the payment of such Redemption Price and accrued interest. 
 The Indenture contains provisions
permitting the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such series voting together as a
single class), as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of
modifying in any manner the rights of the holders of the Notes; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Note then Outstanding and affected thereby (i) extend the fixed maturity of
any Securities, including the Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or (ii) reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of all series at
the time Outstanding affected thereby (all such series voting together as a single class), to waive any past default in the performance of any of the covenants contained in the Base Indenture, or established pursuant to the Base Indenture with
respect to such series, and its consequences, except a default in the payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case, each such affected series voting as a separate class. Any such
consent or waiver by the registered holder of this Note (unless revoked as provided in the Base Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and of any Note issued in exchange
herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

  
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 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

The Issuer is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the Notes.
The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the Indenture;
provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery of all reports and certificates required under Section 5.03 of the Base Indenture and to fulfill its
obligations under Article VII of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or Trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base
Indenture, each such series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01 of the Base Indenture, all affected series voting together as a single
class) shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall have failed to institute any such proceeding for
60 days after receipt of such notice, request and offer of indemnity and the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.01
(b) of the Base Indenture) a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any interest on or after the
respective due dates expressed herein. 
 As provided in the Indenture and subject to certain limitations therein set forth,
this Note is transferable by the registered holder hereof on the Security Register of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in the borough of Manhattan, the City and State

  
 A-20

 
of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer or the Trustee duly executed by the registered holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any
such transfer, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Issuer, the Trustee, any paying agent and any Security Registrar may deem and treat the registered holder hereof as the absolute
owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and
premium, if any, and interest due hereon and for all other purposes, and neither the Issuer nor the Trustee nor any paying agent nor any Note Registrar shall be affected by any notice to the contrary. 

No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such, of the Issuer or of any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 The Notes are issuable only in registered form without coupons in authorized denominations. As provided in the Indenture and
subject to certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the holder surrendering the same. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF
NEW YORK. 
 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused “CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and reliance may be
placed only on the other identification numbers printed hereon. 

  
 A-21

 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 A-22EX-10.1

 Exhibit 10.1 
 SIXTH AMENDED AND RESTATED 
 DCP HOLDING COMPANY 

EMPLOYMENT AGREEMENT 
  

 
 This Agreement
is entered into as of January 1, 2011 (the “Effective Date”), by and between DCP Holding Company, an Ohio corporation, with its principal offices at 100 Crowne Point Place, Cincinnati, Ohio 45241 (“Company”), and Anthony A.
Cook (“Employee”). 
 In consideration of the mutual obligations and promises contained herein, and intending to be
legally bound, the parties hereto agree as follows: 
 1. EMPLOYMENT. Company hereby employs Employee as an employee of Company
and Employee hereby accepts such exclusive employment under the terms and conditions of this Agreement. 
 2. TERM. Subject to
the provisions in Section 7 hereof, the term of employment shall continue after the Effective Date for a period of one (1) year ending on December 31, 2011, and shall be automatically extended for successive one (1) year periods
on the same terms and conditions as stated herein, unless on or prior to November 15th of any year either party provides written notice to the other party of termination of this Agreement effective upon the expiration of the current one-year
term. 
 3. OFFICE AND DUTIES. During the term of his employment hereunder, Employee shall serve in the capacity of President
and Chief Executive Officer of the Company. In such capacity, Employee shall do all things necessary and incident to this position and otherwise shall perform such functions as the Board of Directors of the Company may establish from time to time
commensurate with Employee’s skill, position and background as reasonably determined by the Board. The performance of the duties hereunder shall be performed at such reasonable time and places as shall be determined by the Board. The Employee
shall report directly to the Board of Directors. A description of the current duties is attached hereto as Exhibit A. 
 4.
COMPENSATION AND BENEFITS. In consideration for Employee’s performance of services and the non-competition provisions as described below, and subject to modifications as may be approved from time to time by Company and Employee, Employee shall
receive, during the term of this Agreement, compensation and benefits as follows: 
 (A) Base Salary. Employee shall be paid a
base annual salary in accordance with the regular payroll practices of the Company and Exhibit B of this Agreement. Employee’s base annual salary for 2011 and all subsequent years of the term of this Agreement shall not be less than $312,000.00
or such higher amount as is reflected on subsequent agreed revisions of Exhibit B. 
 (B) Bonus. Employee will be eligible to
receive an annual bonus equal to 30% of annual base salary pursuant to the Annual Incentive Plan and a stock and cash award pursuant to the Long Term Incentive Plan in accordance with Exhibit B of this Agreement, as revised on an annual basis.

 (C) Employee Benefits. Employee will be eligible to participate in all health, welfare, insurance and other benefits
available to all other employees of the Company 

 (D) Vacations. Employee shall be entitled to vacation and personal time in accordance with
the Company’s PTO policy as it exists from time to time. 
 (E) Automobile Allowance. The Company will pay up to Five
Hundred ($500.00) Dollars per month for the lease of an automobile of Employee’s choice and will reimburse Employee for all documented fuel, insurance, maintenance and other operational costs. 

(F) Payroll Withholdings. Employee authorizes the Company to deduct from any payment made pursuant to Section 4 hereof all amounts
required to be withheld by federal, state and/or local taxing authorities. 
 (G) Club Membership. The Company will pay up to
Seven Thousand Two Hundred ($7,200) Dollars for 2011 for fees and expenses for a club membership at Four Bridges Country Club. 

(H) Annual Performance Review. The Employee’s performance of his duties under this Agreement shall be reviewed by the Board of
Directors or a committee of the Board of Directors at least annually and finalized within thirty (30) days of the receipt of the annual audited financial statements. The Board of Directors or a committee of the Board of Directors shall
additionally review the base salary, bonus and benefits provided to the Employee under this Agreement and may, in their discretion, adjust the same, as outlined in Addendum B of this Agreement, provided, however, that Employee’s annual base
salary shall not be less than the base salary set forth in Section 4(A) hereof. 
 5. EXPENSES. Company shall pay or
reimburse Employee for all travel and out-of-pocket expenses reasonably incurred or paid by Employee in connection with the performance of his duties upon presentation of expense statements or receipts or such other supporting documentation as the
Company may reasonably require. 
 6. OUTSIDE EMPLOYMENT. Employee shall devote his full time and attention to the performance of
the duties incident to his position with the Company, and shall not have any other employment with any other enterprise or substantial responsibility for any enterprise which would be inconsistent with Employee’s duty to devote his full time
and attention to Company matters without the prior consent of the Board of Directors. 
 7. TERMINATION AND SEVERANCE PAY.

 (A) Death. This Agreement shall be terminated on the death of Employee, effective as of the end of the month in which his
death occurs. 
 (B) Disability. This Agreement may be terminated, at the option of the Company, if, because of a disability,
Employee is unable to perform his job responsibilities after reasonable accommodations. This section will be applied consistent with the Company’s obligations under applicable federal and state law, including the Americans with Disabilities Act
Amendments Act. 
 (C) Termination - Good Cause. Nothing in this Agreement shall be construed to prevent the Company from
terminating Employee’s employment hereunder for good cause (“Good Cause”) at any time. For this purpose, Good Cause shall include the following: alcohol or other drug dependence or addiction; conviction for any crime involving moral
turpitude, fraud or misrepresentation, material neglect of duty; misappropriation, embezzlement or theft of Company funds or property; conduct which is materially injurious to the reputation, business or business relationships of the Company; or
material violation of Company policy or any of the provisions of this Agreement. The effective date of such termination for Good Cause shall be the date of receipt by Employee or his legal representative of written notice of the

  
 - 2 -

 
termination stating the full basis for such cause or such later date as may be specified in such notice. Termination of Employee’s employment for Good Cause shall not constitute a breach of
this Agreement and Employee shall not be entitled to any compensation arising on or after the effective date of such termination. In the event the Company is sold, transferred and/or merged with or to another entity, it shall not be deemed an event
of Good Cause to terminate Employee. if the new entity elects to retain Employee, Employee shall be terminated only in accordance with Section 7 of this Agreement. 
 (D) Severance Pay. The Company may, by action of the Board, terminate this Agreement without Good Cause upon the payment of the amounts described in this subparagraph. If, and only if, the Company
terminates this Agreement either (i) in accordance with the notice provision of Section 2, or (ii) at any time during the term of this Agreement without Good Cause, then the Employee shall be entitled to severance pay as determined
herein. Employee shall receive the greater of (i) eight (8) months of severance pay or (ii) one (1) month of severance pay for each month remaining under the initial or any renewal term of the Agreement. One month of severance
pay shall equal one month of the Employee’s base salary as in effect on the date of termination. The Company shall pay such severance pay consistent with the Company’s severance policy and practice, as it exists from time to time. All
bonuses to which Employee would otherwise be eligible during the year in which an Employee’s employment is terminated shall be pro-rated through the date of termination regardless of whether such benefit is deemed to accrue or be payable after
the date of termination. Moreover, during the stated severance pay period, Employee shall continue to receive the stated benefits as described in Section 4(C), but not any other benefits described in Section 4(E) or 4(G). 

(E) Termination – Good Reason. Employee’s employment with the Company may also be terminated by the Employee for Good Reason.
“Good Reason” means (i) a material breach by the Company of any provision of this Agreement, which breach is not cured or offending conduct ceased by the Company within 30 days after the Company receives written notice thereof from
the Employee; (ii) the assignment of duties or responsibilities to the Employee by the Board that are inconsistent with the Employee’s position with the Company as of the date of this Agreement or reflect a material diminution in the
status of the Employee within the Company. In the event Employee terminates employment for Good Reason, he shall be entitled to severance pay and benefits as provided for in Section 7(D) above. 

(F) Change of Control. In the event that, at any time during the Employee’s employment under this Agreement, the Company
experiences a Change of Control (as hereinafter defined), then, provided that Employee shall have executed a release in the form and substance acceptable to the Company and subject to the other terms and conditions contained in this Agreement, the
Employee may terminate his employment hereunder within fifteen (15) days of the occurrence of the Change of Control and, if so timely elected, shall be entitled to receive severance benefits in accordance with and subject to the terms of
Section 7(D) above. “Change of Control” means: (i) a change in the majority of members of the Board of Directors, or a change in any three members of the Board who are dentists, unless, in either case, pursuant to the
recommendation of the Nominating Committee of the Board; or (ii) the sale, lease or other disposition of all or substantially all of the assets of the Company; or (iii) an acquisition of the Company by another corporation or entity by
stock sale, consolidation, merger or other reorganization in which the holders of the Company’s outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than 50% of the
voting power of the corporation or other entity surviving such transaction 
 (G) Membership on Board. Employee’s
membership on the Board of Directors shall cease concurrent with the effective date of termination (for any reason) of Employee’s employment. 

  
 - 3 -

 8. CONFIDENTIAL INFORMATION. Employee recognizes and acknowledges that
information gained by Employee while employed by the Company, including without limitation that concerning the Company’s customers, suppliers and participating providers, and the methods, techniques, devices and operations of the Company, as
they may exist from time to time, are of a confidential nature and are valuable, special and unique assets of the Company’s business. Employee shall not, during the term of or after the termination of employment, disclose in any way any such
confidential information to any person, firm, corporation or any other operation or entity, or use the same on the
Employee’s own behalf, for any reason or purpose.
Upon termination of employment, the Employee shall deliver up to the Company all lists of the Company’s customers, suppliers and participating providers, and all copies thereof (including without limitation electronically stored information),
and all notes, records, memoranda, complete correspondence files and other papers, and all copies thereof (including without limitation electronically stored information) relating to the methods, techniques, devices and operations of the Company,
and the Employee does not have, nor can Employee acquire, any property right therein or claim thereto or in the underlying confidential information. The parties acknowledge that the Employee has substantial skills and experience as an executive
which have been enhanced during the period of his employment by the Company. The intent of this Section 8 is not to preclude Employee from using such skills and experience in other permitted employment, but only to preclude the use of those
methods, techniques, devices and operations which are unique or proprietary to the Company. 
 9. DIVERSION OF BUSINESS. The
Employee shall not, during the period of employment by the Company and for a period ending six months following termination of employment (for any reason), either for the Employee or on behalf of any person, firm, corporation or any other operation
or entity, directly or indirectly: 
 (A) Divert or attempt to divert from the Company any business whatsoever by influencing
or attempting to influence, or soliciting or attempting to solicit any of the customers or participating providers of the Company with whom Employee may have dealt at any time or who were customers or participating providers of the Company on the
date of termination of the Employee’s employment or had been customers or participating providers of the Company prior thereto; or 
 (B) Divert or attempt to divert from the Company any person employed by the Company by influencing or attempting to influence such person to leave the Company’s employ. 

10. NON-COMPETITION AGREEMENT. For a period ending six (6) months from the termination of Employee’s employment with the
Company for any reason, Employee hereby agrees that he will not, directly or indirectly render any services as an officer, director, employee, agent, consultant or in any other capacity to, or own any interest (other than an interest of less than
five percent (5%) of the stock or a publicly held company), as an individual owner, stockholder, partner or in any other manner in any person, firm, corporation, partnership or other entity which is a competitive business (“Competitive
Business”) in any standard metropolitan statistical area in which the Company has customers or participating providers or has a Certificate of Authority to do business at the time of such termination. 

For the purpose of the Agreement, Competitive Business shall mean any business operation (including a sole proprietorship), which engages
in, as all or a significant part of its business, the business of a dental care health maintenance organization or engages in any other business in competition with the Company in any geographic area in which the Company then operates. 

  
 - 4 -

 11. ACKNOWLEDGMENT. The Company and Employee each hereby acknowledge and agree as follows:

 (A) The covenants, restrictions, agreements and obligations set forth herein are founded upon valuable consideration, and
with respect to the covenants, restrictions, agreements and obligations set forth in Sections 9 and 10 hereof, are reasonable in duration and geographic scope; 
 (B) In the event of a breach or threatened breach by Employee of any of the covenants, restrictions, agreements and obligations set forth herein, monetary damages or the other remedies at law that may be
available to the Company for such breach or threatened breach will be inadequate and, without prejudice to the Company’s right to pursue any remedies at law or in equity available to it for such breach or threatened breach, including, without
limitation, the recovery of damages from Employee, the Company will be entitled to injunctive relief; and 
 (C) In the event
that the covenant not to compete contained in Section 10 is the subject of an arbitratable dispute pursuant to Section 15 and is found to be invalid or unenforceable as to such time period and/or geographical area, it will be valid and
enforceable in such geographical area(s) and for such time period(s) which the arbitrator(s) determine to be reasonable and enforceable. Furthermore, any period of restriction or covenant herein stated shall not include any period of violation or
period of time required for arbitration or litigation to enforce such restriction or covenant. 
 12. INDEMNIFICATION. Company
shall indemnify and defend Employee for acts or omissions performed by the Employee in the scope of his employment and in a manner reasonably believed to be lawful providing that Employee’s acts or omission do not constitute gross negligence,
recklessness, willful misconduct, or the intentional infliction of harm. 
 13. ASSIGNMENT, SUCCESSORS AND ASSIGNS. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective legal representatives, successors and assigns. The Company shall assign or otherwise transfer its rights under this Agreement to any successor or
affiliated business or corporation (whether by sale or stock, merger, consolidation, sale of assets or otherwise), but this Agreement may not be assigned, nor may the duties hereunder be delegated, by Employee. In the event that the Company assigns
or otherwise transfers its rights under this Agreement to any successor or affiliated business or corporation (whether by sale of stock, merger, consolidation, sale of assets or otherwise), for all purposes of this Agreement, the “Company”
shall then be deemed to include the successor or affiliated business or corporation to which the Company assigned or otherwise transferred its rights hereunder. Should an ownership transfer event as described above occur, the Company may choose not
to terminate this Agreement, in which case Section 7(D) (Severance Pay) would apply. Such action will not be deemed a Termination for Good Cause. 
 14. NOTICE. Any notice required or which may be given under the provisions of this Agreement shall be in writing and shall be personally delivered or sent by certified mail, return receipt requested. All
notices shall be deemed to have been given on the date personally delivered or, if mailed, on the date received or three business days after the date of mailing, whichever is earlier. If mailed to Company, such notice shall be mailed to its then
principal office. If mailed to Employee, it shall be addressed to Employee’s home address then shown on Company’s records. 
 15. GOVERNING LAW. This Agreement shall be subject to, governed by and interpreted in accordance with the laws of the State of Ohio without regard to its rules as to conflicts of laws. 

  
 - 5 -

 16. ARBITRATION OF DISPUTES. All disputes and controversies of every kind and nature between
the Company and Employee arising out of or in connection with this Agreement, including, but not limited to, the existence, validity, interpretation or meaning, performance or nonperformance, breach, continuance, termination, or any claim of
discrimination by the Employee, shall be submitted to arbitration with the American Arbitration Association in Hamilton County, Ohio in accordance with its procedures and guidelines. The parties hereby agree that the decision of such arbitration
shall be a binding and final decision upon the parties. 
 17. SEVERABILITY. Each of the provisions of this Agreement shall
stand independently and severally, and the invalidity of any one Section or portion thereof shall not affect the validity of any other Section. In the event any Section or portion thereof shall be construed to be invalid, no other Section of this
Agreement shall be affected thereby. 
 18. SURVIVAL. Any provision of the Agreement which imposes an obligation after
termination of employment under this Agreement shall survive the termination of employment hereunder and shall be binding upon the parties hereto. 
 19. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and understanding between the Company and Employee and shall supersede all prior oral or written statements of any kind whatsoever
made by the parties. No statement subsequent to this Agreement purporting to modify any of its terms and conditions shall be binding unless expressly agreed to in writing and signed by both the Company and Employee. The foregoing restrictions shall
not apply with respect to any change by the Company of the Employee’s compensation or benefits pursuant to Section 4 or to any change in the Employee’s title or duties to which Employee has acquiesced or consented. 

20. WAIVER. No waiver by either party of any breach of this Agreement by the other party shall operate or be construed as a waiver of any
subsequent breach of the same or any other provision. No waiver shall be effective unless in writing. 
 IN WITNESS WHEREOF, the
parties have hereunto set their hands effective as of the date first above written. 
  

							
	EMPLOYEE:	 		 	COMPANY: DCP Holding Company
				
	 /s/ Anthony A. Cook
	 		 	By:	 	 /s/ Stephen T. Schuler, DMD

	Anthony A. Cook	 		 		 	Stephen T. Schuler, DMD
		 		 		 	Chairman of the Board

  
 - 6 -

 EXHIBIT “A” 
 DCP HOLDING COMPANY POSITION DESCRIPTION 
  

			
	POSITION TITLE:	 	President
		
	REPORTS TO:	 	Board of Directors
	PURPOSE:	 	Responsible for the direction and administration of DCP Holding Company in accordance with Board policy, sound business practices, and the legal requirements of Ohio, Indiana and
Kentucky.

 DUTIES AND RESPONSIBILITIES: 
  

	1.	ADMINISTRATIVE MANAGEMENT 

  

	 	A.	Direct all areas of staff and Human Resource Administration. 

  

	 	B.	Prescribe duties, limitations and responsibility of staff through effective position descriptions, encouraging success and ongoing communication.

  

	 	C.	Maintain effective, responsive and cost-conscious daily operations. 

  

	2.	BOARD RELATIONS 

  

	 	A.	Develop and recommend corporate objectives, plans and policies to the Board. 

 

	 	B.	Implement corporate objectives, plans and policies approved by the Board. 

  

	 	C.	Plan and coordinate all Board and Board Committee meetings with the Board Chair or Committee Chair. 

 

	 	D.	Establish effective communication and rapport with all Board Members. 

  

	3.	PROVIDER RELATIONS 

  

	 	A.	Recognizing providers are the DCP Holding Company product - continually promote their skills, quality, cost-effectiveness and value to all public.

  

	 	B.	Establish leadership, stability and effective communication with all DCP Holding Company providers. 

 

	 	C.	Continued awareness that the success of DCP Holding Company and their providers grow together. 

 

	4.	CUSTOMER RELATIONS 

  

	 	A.	Actively promote DCP Holding Company in all Marketing, Sales, Public Relations, and Community activity. 

 

	 	B.	Strategize that the DCP Holding Company product is placed effectively before the public with emphasis on “Agent/Broker” 

 

	 	C.	Continually monitor the success, quality and effectiveness of DCP Holding Company marketing 

 

	5.	CORPORATE PROFITABILITY 

  

	 	D.	Develop plans for future DCP Holding Company growth while ensuring the soundness of corporate finances and profitability. 

JOB SPECIFICATIONS: 
  

	 	•	 	 Degree in relevant field of study or related equal job experience, 

 

	 	•	 	 Five to seven years of related experience in the health/dental insurance field in an executive management position, where budgetary, policy and
operational decisions have been made. 

  
 - 7 -

 EXHIBIT “B” ADDENDUM TO DCP HOLDING COMPANY PRESIDENT EMPLOYMENT AGREEMENT

 The salary range of the President shall be reviewed and adjusted annually as recommended by the Compensation and Benefits
Committee and approved by the Board of Directors. The Base Compensation for 2011 shall be $312,231.00. 
 ANNUAL INCENTIVE PLAN

  

									
	 CASH AWARD
	  				  			
	 Threshold
	  	 	15% of Base	  	  	$	46,835.00	  
	 Target
	  	 	30% of Base	  	  	$	93,670.00	  
	 Stretch
	  	 	45% of Base	  	  	$	140,504.00	  
	 Maximum
	  	 	60% of Base	  	  	$	187,339.00	  

 LONG TERM INCENTIVE PLAN 
  

									
	 A) STOCK AWARD
	  	 	5% of Base	  	  	$	15,612.00	  
	 B) CASH AWARD
	  				  			
	 Threshold
	  	 	5% of Base	  	  	$	15,612.00	  
	 Target
	  	 	15% of Base	  	  	$	46,835.00	  
	 Stretch
	  	 	25% of Base	  	  	$	78,058.00	  
	 Maximum
	  	 	45% of Base	  	  	$	140,504.00	  

  
 - 8 -

 2011 ANNUAL LONG TERM INCENTIVE BONUS DETAIL 

 

	A.	Stock Award/RSU 

The stock award for DCP’s President and CEO is authorized under the “DCP Holding Company Amended and Restated 2006 Dental Care
Plus Management Equity Incentive Plan”. Stock RSU’s are awarded in an amount equal to five percent (5%) of base salary and is considered “Long Term” as it vests incrementally over five years. There are no performance targets
other than longevity with the company. 
  

					
	 STOCK AWARD 5% BASE SALARY OF $312,231.00
	  	$	15,612.00	  

  

	B.	Cash Award 

 The
Long Term Cash Incentive is a bonus designed to motivate the CEO to achieve long term success for the company as well as assist in the retention of the President and CEO over time. Long Term Incentive bonus compensation is based on one criteria,
“Adjusted Future Book Value of Common and Preferred Stock” and it is based on achieving growth of the book value over a period of four years, 2011 through 2014. 
 BOOK VALUE OF COMMON AND PREFERRED STOCK 
 (12/31/2010 BOOK VALUE = $5,628,557)

  

																	
	 Level
	  	Definition	 	  	4 Year Ave.	 	  	Adjusted Book
Value 2014	 	  	Bonus paid	 
	 Threshold
	  	 	5% of Base	  	  	 	10%	  	  	$	8,240,770.00	  	  	$	15,612.00	  
	 Target
	  	 	15% of Base	  	  	 	12%	  	  	$	8,856,643.00	  	  	$	46,835.00	  
	 Stretch
	  	 	25% of Base	  	  	 	14%	  	  	$	9,506,409.00	  	  	$	78,058.00	  
	 Maximum
	  	 	45% of Base	  	  	 	16%	  	  	$	10,191,287.00	  	  	$	140,504.00	  

 Notes: 
  

	 	1.	Adjusted Book Value equals Actual Book Value plus any common share dividends declared plus sixty five percent of any provider withhold return amounts authorized during
the applicable period. 

  

	 	2.	If performance is under Threshold Level, no Long Term Incentive bonus is paid. 

 

	 	3.	No additional bonus is paid for performing beyond Maximum Level. 

  

	 	4.	Actual bonus paid is calculated and paid on a continuum between any two performance levels. 

 

	 	5.	Should Target Level or above be achieved for any two consecutive years prior to maturity, a 50% payout will be made. 

 

	 	6.	With Board of Director approval, a new four year performance measurement period begins each new year. 

  
 - 9 -

 2011 ANNUAL INCENTIVE SHORT TERM BONUS DETAIL 

The Annual Incentive (Short Term Bonus) compensation is designed to motivate the CEO to meet and/or exceed goals for budget performance
on 1) 2011 Operating Revenue (OR), 2) 2011 Adjusted Net Operating Income (ANOI), and 3) Discretion/MOB (MOB). Adjusted Net Operating Income is equal to Net Operating Income plus the amount of provider withhold return approved by the
Board of Directors during 2011. These performance criteria are weighted respectively as 30%, 50% and 20% of the total Annual Incentive Short Term Bonus. 
 TOTAL OPERATING REVENUE (2011 BUDGET OF $76,908,849.00) 
  

																	
	 Level
	  	Definition	 	  	Performance	 	  	2011 OR	 	  	Bonus paid	 
	 Threshold
	  	 	15% of Base	  	  	 	90% Budget	  	  	$	69,217,964.00	  	  	$	14,050.00	  
	 Target
	  	 	30% of Base	  	  	 	103% Budget	  	  	$	79,216,114.00	  	  	$	28,101.00	  
	 Stretch
	  	 	45% of Base	  	  	 	115% Budget	  	  	$	88,445,176.00	  	  	$	42,151.00	  
	 Maximum
	  	 	60% of Base	  	  	 	130% Budget	  	  	$	99,981,504.00	  	  	$	56,202.00	  

 ADJUSTED NET OPERATING INCOME (2011 BUDGET OF $1,268,425.00) 

 

																	
	 Level
	  	Definition	 	  	Performance	 	  	2011 ANOI	 	  	Bonus paid	 
	 Threshold
	  	 	15% of Base	  	  	 	75% Budget	  	  	$	951,319.00	  	  	$	23,418.00	  
	 Target
	  	 	30% of Base	  	  	 	100% Budget	  	  	$	1,268,425.00	  	  	$	46,835.00	  
	 Stretch
	  	 	45% of Base	  	  	 	115% Budget	  	  	$	1,458,689.00	  	  	$	70,252.00	  
	 Maximum
	  	 	60% of Base	  	  	 	130% Budget	  	  	$	1,648,953.00	  	  	$	93,669.00	  

 DISCRETION/MOB 
  

															
	 Level
	  	Definition	 	  	Achievement	 	  	2010 MOB	  	Bonus paid	 
	 Threshold
	  	 	15% of Base	  	  	 	90% of Goals	  	  		  	$	9,367.00	  
	 Target
	  	 	30% of Base	  	  	 	103% of Goals	  	  		  	$	18,734.00	  
	 Stretch
	  	 	45% of Base	  	  	 	115% of Goals	  	  		  	$	28,101.00	  
	 Maximum
	  	 	60% of Base	  	  	 	130% of Goals	  	  		  	$	37,468.00	  

 Notes: 
  

	 	1.	If performance is under Threshold Level in any criteria, no bonus is paid for that criteria. 

 

	 	2.	No additional Bonus is paid for performance beyond Maximum Level. 

  

	 	3.	Actual Bonus paid is calculated and paid on a continuum between any two performance levels. 

  
 - 10 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]