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Exhibit 10.50    
    

 
  EARTHLINK, INC.
  2006 EQUITY AND CASH INCENTIVE PLAN    
    
    Restricted Stock Unit Agreement    
    

No.
of Restricted Stock

Units Awarded Hereunder: 

        THIS
RESTRICTED STOCK UNIT AGREEMENT (this "Agreement") dated as of the            day
of                        , 200    , between EarthLink, Inc., a Delaware corporation
(the "Company"), and                                    (the
"Participant") is made pursuant and subject to the provisions of the Company's 2006 Equity and Cash Incentive Plan (the "Plan"), a copy of which is attached
hereto. All terms used herein that are defined in the Plan have the same meaning given them in the Plan. 

        1.    Grant of Restricted Stock Units.    Pursuant to the Plan, the Company,
on                       ,
200    (the "Date of Grant"), granted to the Participant                        Restricted Stock Units, each
Restricted Stock Unit corresponding to one share of the Common Stock of the Company
(this "Award"). Subject to the terms and conditions of the Plan, each Restricted Stock Unit represents an unsecured promise of the Company to deliver, and the right of the Participant to receive, one
share of the Common Stock of the Company at the time and on the terms and conditions set forth herein. As a holder of Restricted Stock Units, the Participant has only the rights of a general unsecured
creditor of the Company. 

        2.    Terms and Conditions.    This Award is subject to the following terms and conditions: 

        (a)    Expiration Date.    This Award shall expire at 11:59 p.m.
on                       ,
20        (the "Expiration Date"). In no event shall the Expiration Date be later than 10 years from the Date of Grant. 

        (b)    Vesting of Award.    

        (i)    In General.    Except as otherwise provided below, the outstanding Restricted Stock Units shall become earned
and payable as follows: 

        (1)   Twenty-Five
Percent (                        ) of the outstanding Restricted Stock Units shall be considered "Service-Based" and shall become
earned and payable with
respect to                        ,
                        and                 
       of the Restricted Stock Units on the first, second and third anniversaries of the Date of Grant, respectively, provided the Participant
has been continuously employed by, or providing services to, the Company or an Affiliate from the Date of Grant until each such time. 

        (2)   Seventy-Five
Percent (                        ) of the outstanding Restricted Stock Units shall be considered "Performance-Based" and shall
become eligible to be
earned and payable with respect to that number of the Restricted Stock Units that correlates to the level[s] of  [Free Cash Flow of the Company] [and] [EBITDA of New Edge Holding
Company]
achieved during the Company's fiscal year that includes the Date of Grant, as the Committee in its sole discretion shall establish and set forth on the attached  Exhibit A, provided there is not a
Change in Control during the Company's fiscal year that includes the Date of Grant. 

Notwithstanding
the foregoing, if at any time during the Company's fiscal year that includes the Date of Grant there is a Change in Control, then the outstanding Restricted Stock Units that are
considered "Performance-Based" shall become eligible to be earned and payable based on actual performance from the beginning of the Company's fiscal year that includes the Date of Grant through the
date of the Change in Control (annualized based on the portion of the fiscal year preceding the Change in Control). More specifically, assessment of actual performance shall be determined in the
following manner: the number of Performance-Based Restricted 

Stock
Units that shall become eligible to be earned and payable shall equal the aggregate number of Restricted Stock Units set forth on Exhibit A
multiplied by a fraction, the numerator of which is the level[s] of [Free Cash Flow of the
Company] [and] [EBITDA of New Edge Holding Company] achieved during the Company's fiscal year that includes the Date
of Grant through the time of the Change in Control (annualized based on the portion of the fiscal year preceding the Change in Control) and the denominator of which is the
level[s] of [Free Cash Flow of the Company] [and]
[EBITDA of New Edge Holding Company] that the Committee set forth on the attached Exhibit A for
the Company's fiscal year that includes the Date of Grant. 

The
outstanding Restricted Stock Units that become eligible to be earned and payable under either of the preceding paragraphs shall then become earned and payable as to fifty percent (50%) of such
eligible Restricted Stock Units on each of the second and third anniversaries of the Date of Grant, provided the Participant has been continuously employed by, or providing services to, the Company or
an Affiliate from the Date of Grant until each such anniversary of the Date of Grant. 

For
purposes of this Award, (A) "EBITDA" means earnings before interest, taxes, depreciation and amortization; (B) "Adjusted EBITDA" means EBITDA excluding facility exit and
restructuring costs, equity method loss of affiliates, and gain (loss) on investments in other companies; and (C) "Free Cash Flow" means Adjusted EBITDA less capital expenditures and cash used
to purchase customer bases. In determining if the level[s] of [Free Cash Flow of the
Company] [and] [EBITDA of New Edge Holding Company] [has] [have]
been achieved, the performance targets shall be adjusted in the event of any unbudgeted acquisition, divestiture or other unexpected fundamental change in the business of the Company or an Affiliate
that is material taken as whole, as appropriate to fairly and equitably determine the Restricted Stock Units to become eligible to be earned and payable so as to preclude the enlargement or dilution
of the Participant's rights hereunder. 

Notwithstanding
any other provision of this Agreement, none of the Performance-Based Restricted Stock Units shall be eligible to become earned and payable if the actual performance for the Company's
fiscal year that includes the Date of Grant (or the annualized actual performance for the period through the Change in Control) does not at least equal the minimum threshold targets set forth on the
attached Exhibit A. 

        (ii)    Termination of Employment After a Change in Control.    Notwithstanding the foregoing, if at any time on or
after a Change in Control the Participant's employment is terminated by the Company or an Affiliate for any reason other than Cause and other than on account of disability or death, then, to the
extent not vested previously, the aggregate number of the Service-Based Restricted Stock Units described in Section 2(b)(i)(1) above shall become earned and payable in full on termination of
the Participant's employment, and the aggregate number of the Performance-Based Restricted Stock Units described in Section 2(b)(i)(2) above that are eligible to become earned and payable shall
become earned and payable in full on termination of the Participant's employment. 

        (iii)    Position Elimination.    Notwithstanding the foregoing, if at any time before a Change in Control but after
the end of the Company's fiscal year that includes the Date of Grant the Participant's employment is terminated by the Company or an Affiliate as the result of a position elimination and the
Participant is entitled to receive benefits under any position elimination and severance plan maintained by the Company or any Affiliate, then, to the extent not vested previously, the aggregate
number of the Service-Based Restricted Stock Units described in Section 2(b)(i)(1) above shall become earned 

and
payable in full on termination of the Participant's employment as the result of a position elimination, and the aggregate number of the Performance-Based Restricted Stock Units described in
Section 2(b)(i)(2) above shall become earned and payable in full on termination of the Participant's employment as the result of a position elimination with respect to that number of the
Restricted Stock Units that correlates to the level[s] of [Free Cash Flow of the
Company] [and] [EBITDA of New Edge Holding Company] that [is]
[are] achieved during the Company's fiscal year that includes the Date of Grant. Notwithstanding the foregoing, if at any time before a Change in
Control and during the Company's fiscal year that includes the Date of Grant the Participant's employment is terminated by the Company or an Affiliate as the result of a position elimination and the
Participant is entitled to receive benefits under any position elimination and severance plan maintained by the Company or an Affiliate, then, to the extent not vested previously, the aggregate number
of the Service-Based Restricted Stock Units described in Section 2(b)(i)(1) above shall become earned and payable in full on termination of the Participant's employment as the result of a
position elimination; however, none of the Performance-Based Restricted Stock Units described in Section 2(b)(i)(2) above shall become earned and payable on termination of the Participant's
employment as the result of a position elimination unless the following sentence applies. If the Participant's employment is terminated as a result of a position elimination during the Company's
fiscal year that includes the Date of Grant and a Change in Control occurs thereafter and before the end of the Company's fiscal year that includes the Date of Grant, then the aggregate number of the
Performance-Based Restricted Stock Units described in Section 2(b)(i)(2) above that would have become eligible to be earned and payable as a result of the Change in Control, assuming the
Participant had remained employed by, or providing services to, the Company or an Affiliate from the Date of Grant until the Change in Control, shall become earned and payable in full on the date of
the Change in Control. If the Participant's employment is terminated as a result of a position elimination during the Company's fiscal year that includes the Date of Grant and a Change in Control
occurs after the end of the Company's fiscal year that includes the Date of Grant, then, none of the Performance-Based Restricted Stock Units described in Section 2(b)(i)(2) above shall become
earned and payable. 

        (iv)    Vesting Date.    Outstanding Restricted Stock Units shall be forfeitable until they become earned and payable
as described above. Each date upon which Restricted Stock Units become earned and payable shall be referred to as a "Vesting Date" with respect to such number of Restricted Stock Units. 

        (c)    Settlement of Award.    Subject to the terms of this Section 2 and Section 3 below, and except to
the extent the Participant defers receipt of such shares of Common Stock pursuant to Section 8 below, the Company shall issue to the Participant one share of Common Stock for each Restricted
Stock Unit that has become earned and payable under Section 2(b) above and shall deliver to the Participant certificates representing such shares as soon as practicable after (and within thirty
(30) days of) the respective Vesting Date. As a condition to the settlement of the Award, the Participant shall be required to pay any required withholding taxes attributable to the Award in
cash or cash equivalent acceptable to the Committee. However, the Company in its discretion may, but is not required to, allow the Participant to satisfy any such applicable withholding taxes
(i) by allowing the Participant to surrender shares of Common Stock that the Participant already owns (but only for the minimum required withholding), (ii) through a cashless transaction
through a broker, (iii) by such other medium of payment as the Committee shall authorize or (iv) by any combination of the allowable methods of payment set forth herein. 

        3.    Termination of Award.    Notwithstanding any other provision of this Agreement, outstanding Restricted Stock
Units that have not become earned and payable prior to the Expiration Date shall expire and may not become earned and payable after such time. 

Additionally,
any Restricted Stock Units that have not become earned and payable on or before the termination of the Participant's employment with the Company and any Affiliate shall expire and may
not become earned and payable after such time, except as described in Section 2(b)(2)(iii) above. 

        4.    Shareholder Rights.    Except as set forth in Section 6 below, the Participant shall not have any rights
as a shareholder with respect to shares of Common Stock subject to any Restricted Stock Units until issuance of the certificates representing such shares of Common Stock. The Company may include on
any certificates representing shares of Common Stock issued pursuant to this Award such legends referring to any representations, restrictions or any other applicable statements as the Company, in its
discretion, shall deem appropriate. 

        5.    Transferability.    Except as provided herein, this Award is nontransferable except by will or the laws of
descent and distribution. If this Award is transferred by will or the laws of descent and distribution, the Award must be transferred in its entirety to the same person or persons or entity or
entities. Notwithstanding the foregoing, the Participant, at any time prior to the Participant's death, may transfer all or any portion of this Award to the Participant's children, grandchildren,
spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as are appropriate for such
transferees to be included in the class of transferees who may rely on a Form S-8 registration statement under the Securities Act of 1933 to sell shares received pursuant to the
Award. Any such transfer will be
permitted only if (i) the Participant does not receive any consideration for the transfer and (ii) the Committee expressly approves the transfer. Any transferee to whom this Award is
transferred shall be bound by the same terms and conditions that governed the Award during the time it was held by the Participant (which terms and conditions shall still be read from the perspective
of the Participant); provided, however, that such transferee may not transfer the Award except than by will or the laws of descent and distribution. Any such transfer shall be evidenced by an
appropriate written document that the Participant executes and the Participant shall deliver a copy thereof to the Committee on or before the effective date of the transfer. No right or interest of
the Participant or any transferee in this Award shall be liable for, or subject to, any lien, liability or obligation of the Participant or transferee. 

        6.    Cash Dividends.    For so long as the Participant holds outstanding Restricted Stock Units under this Award, if
the Company pays any cash dividends on its Common Stock, then the Company will pay the Participant in cash for each outstanding Restricted Stock Unit covered by this Award as of the record date for
such dividend, less any required withholding taxes, the per share amount of such dividend that the Participant would have received had the Participant owned the underlying shares of Common Stock as of
the record date of the dividend if, and only if, the Restricted Stock Units become earned and payable and the related shares of Common Stock are issued to the Participant. In that case, the Company
shall pay such cash amounts to the Participant, less any required withholding taxes, at the same time the related shares of Common Stock are delivered. The additional payments pursuant to this
Section 6 shall be treated as a separate arrangement. 

        7.    Change in Capital Structure.    The terms of this Award shall be adjusted in accordance with the terms and
conditions of the Plan as the Committee determines is equitably required in the event the Company effects one or more stock dividends, stock splits, subdivisions or consolidations of shares or other
similar changes in capitalization. 

        8.    Deferral of Common Stock.    If the Participant is eligible to participate in the Deferred Compensation Program,
then the Participant may elect to defer the receipt of Common Stock issuable pursuant to this Award in accordance with rules the Committee prescribes for the Deferred Compensation Program. If the
Participant elects to defer the receipt of Common Stock hereunder, the shares of Common Stock shall be deferred and credited under the Deferred Compensation Program and shall become payable and
issuable pursuant to the terms and at such time or times as set forth in the Deferred Compensation Program, but will be paid, if at all, only 

in
shares of Common Stock. None of the cash dividends that a Participant is eligible to receive pursuant hereto may be deferred or credited under the Deferred Compensation Program. 

        9.    Notice.    Any notice or other communication given pursuant to this Agreement, or in any way with respect to the
Award, shall be in writing and shall be personally delivered or mailed by United States registered or certified mail, postage prepaid, return receipt requested, to the following addresses: 

	If to the Company:	 	EarthLink, Inc.

1375 Peachtree Street—Level A

Atlanta, Georgia 30309

Attention: General Counsel	 	 
	

If to the Participant:	
 	

  
  
  
	
 	

 

        10.    No Right to Continued Employment or Service.    Neither the Plan, the granting of this Award nor any other
action taken pursuant to the Plan or this Award constitutes or is evidence of any agreement or understanding, express or implied, that the Company or any Affiliate will retain the Participant as an
employee or other service provider for any period of time or at any particular rate of compensation. 

        11.    Agreement to Terms of Plan and Agreement.    The Participant has received a copy of the Plan, has read and
understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions. 

        12.    Tax Consequences.    The Participant acknowledges that (i) there may be adverse tax consequences upon
acquisition or disposition of the shares of Common Stock issued pursuant to this Award or the receipt of cash dividends hereunder and (ii) Participant should consult a tax adviser prior to such
acquisition or disposition or receipt. The Participant is solely responsible for determining the tax consequences of the Award and for satisfying the Participant's tax obligations with respect to the
Award (including, but not limited to, any income or excise taxes resulting from the application of Code Section 409A), and the Company shall not be liable if this Award is subject to Code
Section 409A. 

        13.    Binding Effect.    Subject to the limitations stated above and in the Plan, this Agreement shall be binding
upon and inure to the benefit of the distributees, legatees and personal representatives of the Participant and the successors of the Company. 

        14.    Conflicts.    In the event of any conflict between the provisions of the Plan and the provisions of this
Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the date hereof. 

        15.    Counterparts.    This Agreement may be executed in a number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute one in the same instrument. 

        16.    Miscellaneous.    The parties agree to execute such further instruments and take such further actions as may be
necessary to carry out the intent of the Plan and this Agreement. This Agreement and the Plan shall constitute the entire agreement of the parties with respect to the subject matter hereof. 

        17.    Restrictive Covenants.    

        (a)   In
the event the Participant receives the special enhanced vesting set forth in Section 2(b)(iii) above, the Participant agrees that during Participant's
employment, and for a period of eighteen (18) calendar months following Participant's termination of employment, that Participant will not, directly or indirectly, (i) solicit, induce,
recruit, or cause a "restricted 

employee"
to resign employment with the Company or its Affiliates, or (ii) participate in making hiring decisions, encourage the hiring of, or aid in the hiring process of a "restricted
employee" on behalf of any employer other than the Company and its Affiliates. As used herein, "restricted employee" means any employee of the Company or its Affiliates with whom the Participant had
material business-related contact while performing services for the Company and its Affiliates and who is (x) a member of executive management, (y) a corporate officer of the Company or
any of its Affiliates, or (z) any employee of the Company or any of its Affiliates engaged in product or service development or product or service management. 

        (b)   In
the event the Participant receives the special enhanced vesting set forth in Section 2(b)(iii) above, the Participant also agrees that during the Participant's
employment, and for a period of eighteen (18) calendar months following termination of Participant's employment, the Participant shall not perform within the fifty (50) states of the
United States of America any services which are in competition with the "business" of the Company during Participant's employment, or following Participant's termination of employment, any services
which are in competition with a "material" line of "business" engaged in by the Company at the time of Participant's termination of employment which are the same as or similar to those services
Participant performed for the Company or any Affiliate; provided, however, that if the other business competitive with the business the Company has multiple lines, divisions, segments, or units, some
of which are not competitive with the business of the Company, nothing herein shall prevent Participant from being employed by or providing services to such line, division, segment, or unit that is
not competitive with the business of the Company. For purposes of this Agreement, "material" means a line of business that represents 20% or more of the Company's consolidated revenues or adjusted
EBITDA for the four fiscal quarters immediately
preceding the Participant's termination of employment. As used herein, "business" means the business of providing integrated communication services and related value added services to individual
customers and business customers. 

        (c)   The
enhanced vesting pursuant to Section 2(b)(iii) above (along with the related cash dividends under Section 6 above) are conditioned upon the
Participant's compliance with the provisions of this Section 17. In the event the Participant shall materially breach the provisions of this Section 17 and not cure or cease (as
appropriate) such material breach within ten (10) days of receipt of notice thereof from the Company, the vesting above shall terminate and Participant shall return to the Company all of the
shares of Common Stock and cash dividends received in connection therewith. Termination of such vesting and payments shall not be the Company's sole and exclusive remedy for a breach of this
Section 17. In addition, the Company shall be entitled to damages and injunctive relief to enforce this Section 17 in the event of a breach by the Participant. Additionally, in the event
the Participant materially breaches this provision, the Participant shall be required to repay to the Company all amounts previously paid pursuant to Section 2(b)(iii) and the related cash
dividends paid pursuant to Section 6 above. 

        18.    Section 409A.    Notwithstanding any other provision of this Agreement, it is intended that payments
hereunder will not be considered deferred compensation within the meaning of Section 409A of the Code. For purposes of this Agreement, all rights to payments hereunder shall be treated as
rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. Payments hereunder are intended to satisfy the exemption from
Section 409A of the Code for "short-term deferrals." Notwithstanding the preceding, neither the Company nor any Affiliate shall be liable to the Participant or any other person if
the Internal Revenue Service or any court or other authority having jurisdiction over such matter determines for any reason that any payments hereunder are subject to taxes, penalties or interest as a
result of failing to be exempt from, or comply with, Section 409A of the Code. 

        19.    Governing Law.    This Agreement shall be governed by the laws of the State of Delaware, except to the extent
federal law applies. 

        IN
WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly authorized officer, and the Participant has affixed his signature hereto. 

	 	COMPANY:
	

 	

EARTHLINK, INC.
	

 	

By:	

  

	 	Name:	  

	 	Title:	  

	

 	

PARTICIPANT:
	

 	

  
 [Participant's Name]

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Exhibit 10.50

EARTHLINK, INC. 2006 EQUITY AND CASH INCENTIVE PLAN Restricted Stock Unit AgreementExhibit
        10.8

         

         

         

         

        
        EMPLOYMENT AGREEMENT

         

        
        This Agreement, made the 19th of December, 2007, is effective as of January
        1, 2008, by and between Coventry Health Care, Inc., a Delaware corporation (the
        “Company”), and Thomas C. Zielinski (the “Executive”).

         

        
        WHEREAS, the Company employs the Executive as its Executive Vice President,
        General Counsel, pursuant to an Employment Agreement dated August 4, 2004, and the parties
        desire to amend the terms of such employment as set forth herein.

         

        
        NOW, THEREFORE, in consideration of the mutual covenants contained in this
        Employment Agreement (“Agreement”), the parties hereby agree as
        follows:

         

        
            	
                        
                         

                    	
                        
                        1.

                    	
                        
                        TERM AND DUTIES

                    

        

         

        
        1.1 The term of this Agreement will commence as of January 1, 2008 shall
        continue through December 31, 2010 (the “Initial Term”), and will continue on a
        year-to-year basis thereafter (the “Renewal Term”), until the Executive’s
        employment terminates as outlined in Section 4 herein.

         

        
        1.2 Executive shall serve as Executive Vice President, General Counsel,
        shall report to the Chief Executive Officer and shall be responsible for broad executive
        responsibilities in the general management area, including, but not limited to, the
        establishment and implementation of policies and directives, formulation of company goals
        and objectives, effective management of employees, and such other powers and duties
        normally associated with such position or as may be delegated or assigned to the Executive
        by the Company's Chief Executive Officer. Executive’s principal office will be in the
        Coventry Health Care Plymouth Meeting Office in Plymouth Meeting, PA, but executive agrees
        to travel to the Corporate office in Bethesda, MD, on an as needed basis, to be determined
        by the Chief Executive Officer. During the Initial or Renewal Term of the Agreement, the
        Executive shall also serve without additional compensation in such other offices of the
        Company or its subsidiaries or affiliates to which he may be elected or
        appointed.

         

        
            	
                        
                         

                    	
                        
                        2.

                    	
                        
                        COMPENSATION AND BENEFITS

                    

        

         

        
        2.1 The Company shall pay the Executive a base salary (“Base
        Salary”) of not less than Four Hundred Seventy-Five Thousand Dollars ($475,000) per
        annum, subject to applicable withholdings. The Base Salary shall be payable according to
        the customary payroll practices of the Company. The Base Salary shall be reviewed annually
        and shall be subject to increase by the Board of Directors (or the Compensation and
        Benefits Committee of the Board (“Committee”)) from time to time.

         

        
        2.2 The Executive shall be eligible for an annual bonus
        (“Bonus”) in accordance with the Company’s Performance Based 162(m)
        Plan.

         

        
        2.3 The terms and conditions of all stock options and restricted share
        awards previously granted to Executive shall remain in full force and effect.

        

        

        

         

        
        2.4      The Executive will be entitled to
        participate in all employee benefit plans or programs and receive all benefits and
        perquisites to which any salaried employee is eligible under any existing or future plan or
        program for salaried employees, including, without limitation, all plans developed for
        executive officers of the Company. These plans or programs may include group health care,
        dental care, vision care, life or other insurance, tax qualified retirement, savings,
        thrift and profit sharing plans, sick leave plans, travel or accident insurance, disability
        insurance, and contingent compensation plans, including capital accumulation programs,
        deferred compensation plans, restricted stock programs, stock purchase programs and stock
        option plans. Nothing in this Agreement will preclude the Company from amending or
        terminating any of the plans or programs applicable to salaried employees or executive
        officers.

         

        
            	
                        
                         

                    	
                        
                        2.5

                    	
                        
                        The Executive will be entitled to four (4) weeks of annual
                        paid vacation.

                    

        

         

        
        2.6 The Company will reimburse the Executive for all reasonable travel and
        other expenses incurred by the Executive in connection with the performance of his duties
        upon proper documentation in accordance with Company policies. In addition, Executive shall
        be entitled to a discretionary monthly car allowance, payable on a grossed-up
        basis.

         

        
            	
                        
                         

                    	
                        
                        3.

                    	
                        
                        DEATH AND DISABILITY COMPENSATION

                    

        

         

        
        3.1 In the event of the Executive’s death during the Initial or
        Renewal Term, the Agreement terminates and all payments under the Agreement shall cease as
        of the date of death, except for the following benefits to be paid to the Executive's
        beneficiaries:

         

        
        (a)       any earned but unpaid base
        salary and a lump sum payment equal to the average annual bonus compensation of the two (2)
        calendar years immediately preceding the death of Executive;

         

        
        (b)       for twenty-four (24) months
        following the date of the Executive's death, the Company shall pay the cost of medical,
        dental, and vision insurance premiums for family members covered by Executive as of the
        Executive's death, subject to formal election by the eligible family members;
        and

         

        
        (c)       the Executive's designated
        beneficiary will be entitled to receive the proceeds of any life or other insurance or
        other death benefit programs provided or referred to in this Employment
        Agreement.

         

        In
        addition, all stock options and restricted stock granted to Executive will vest in
        full.

         

        
        3.2 Notwithstanding the short-term disability of the Executive, the Company
        will continue to pay the Executive pursuant to Section 2 hereof during the Initial or
        Renewal Term, unless the Executive's employment is earlier terminated in accordance with
        this Agreement. In the event the Executive becomes disabled (as defined by the
        Company’s long-term disability plan), the

         

        
        2

        

        

        

        
        Executive’s employment will be terminated and the Company will pay the
        Executive amounts equal to the following:

         

        
        (a)       his regular installments of
        Base Salary, as of the time of termination, for a period not to exceed the commencement of
        payments under any Company provided long-term disability plan; and

         

        
        (b)       a lump sum payment equal to the
        average annual bonus compensation of the two (2) calendar years immediately preceding the
        year of termination due to disability; and

         

        
        (c)        for twenty-four (24)
        months following the date of the Executive's termination due to disability, the Company
        shall pay for the cost of the Executive's medical, dental, and vision insurance premiums as
        in effect at the date of the Executive's termination, subject to a formal election by the
        Executive; and

         

        
        (d)       if the Executive is receiving
        disability benefits under the Company’s qualified long-term disability program, the
        Executive will receive an additional monthly payment equal to 60% of the Executive’s
        pre-disability earnings (as defined by the qualified long-term disability plan) less any
        monthly benefit paid under the qualified long-term disability program. Such payments shall
        continue to cessation of payments under the Company's qualified long-term disability
        program.

        
         

        In
        addition, all stock options and restricted stock awards granted to Executive will vest in
        full.

         

        
        3.3 During the period the Executive is receiving payments following his
        disability and as long as he is physically and mentally able to do so, the Executive will
        furnish information and assistance to the Company and from time to time will make himself
        available to the Company to undertake assignments consistent with his position or prior
        position with the Company and his physical and mental health.

         

        
        3.4 For purposes of this Agreement, the term “disabled” or
        “disability” will have the same meaning as is attributed to such term, or any
        substantially similar term, in the Company's long-term disability income plan as in effect
        from time to time. The Company's group long-term disability policy in existence at the time
        of disability shall be considered to be a part of this Agreement.

         

        
            	
                        
                         

                    	
                        
                        4.

                    	
                        
                        TERMINATION OF EMPLOYMENT

                    

        

         

        
        4.1 The Company may terminate this Agreement with or without cause at any
        time during the term of this Agreement with ninety (90) days prior written notice
        (“the Notice”). However, except in the case of the two (2) year period
        following a Change in Control (as hereinafter defined), if the Executive suffers a
        Termination Without Cause (hereinafter defined) or a Constructive Termination (as
        hereinafter defined), the Company will continue to pay the Executive the
        following:

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        for a period of twelve (12) months after Termination Without
                        Cause or

                    

        

        
        Constructive Termination, a monthly amount equal to
        1/12th’s of the sum of the Executive's:

         

        
        3

        

        

        

         

        
        (i) Base Salary as in effect at the time of the termination, and

        
        (ii) The average Bonus of the two (2) calendar years immediately preceding
        the year of termination; and

         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        for twelve (12) months following such Termination Without
                        Cause or

                    

        

        
        Constructive Termination, the Company shall pay the cost of the Executive's
        medical, dental, and vision insurance premiums in effect at the date of termination,
        subject to a formal election by the Executive.

         

        In
        addition, the Executive will receive twelve (12) months additional vesting credit for all
        stock options and restricted stock awards.

         

        
        4.2 If the Executive suffers a Termination Without Cause or Constructive
        Termination within two (2) years following a Change in Control, the Company will pay to the
        Executive the following:

         

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        in a lump sum upon such termination an amount equal to 200%
                        of the sum of the

                    

        

        
        Executive's:

         

        
        (i) Base Salary as in effect at the time of the termination, and

        
        (ii) The average Bonus for the two (2) calendar years immediately preceding
        the year of termination. and

         

        
            	
                        
                         

                    	
                        
                        (b)

                    	
                        
                        for twenty-four (24) months following such Termination
                        Without Cause or

                    

        

        
        Constructive Termination following a Change of Control, the Company shall
        reimburse the Executive for the cost of the Executive's medical, dental, vision insurance
        premiums as in effect at the date of termination.

         

        In
        addition, all equity granted to the Executive, including but not limited to; restricted
        stock, stock options and performance based stock, shall vest in full, upon a Change of
        Control.

         

        
        4.3 Executive may terminate his employment hereunder at any time during the
        term of this Agreement with ninety (90) days prior written (the “Notice”). If
        the Executive suffers a Termination with Cause or the Executive terminates his employment
        with the Company not due to a Constructive Termination, death or disability (as defined in
        Section 3.4) (a “Voluntary Termination”), then the Company will not be
        obligated to pay the Executive any amounts of compensation or benefits following the date
        of termination, except earned but unpaid Base Salary through the date of termination, which
        will be paid in a lump sum. The exercisability of stock options granted to the Executive
        shall be governed by any applicable stock option agreements and plans.

         

        
        4.4 For purposes of this Employment Agreement, the following terms have the
        following meanings:

         

        
        4

        

        

        

        
            	
                        
                         

                    	
                        
                        (a)

                    	
                        
                        A “Change in Control” shall occur if at any
                        time, substantially all of the assets of

                    

        

        the
        Company are sold or transferred by sale, merger or otherwise, to an entity which is not a
        direct or indirect subsidiary of the Company, or if any “person” (as such term
        is used in Sections 13(d) or 14 (d) of the Securities Exchange Act of 1934, as amended) is
        or becomes the beneficial owner, directly or indirectly, of securities of the Company
        representing 35% or more of the combined voting power of the then existing outstanding
        securities of the Company.

         

        
        (b)       “Constructive
        Termination” means termination by the Executive which follows (1) a reassignment of
        duties, responsibilities, title, or reporting relationships that are not at least the
        equivalent of his then current position as set forth in Section 1.2, or a material
        reduction in the compensation and benefits provided herein, (2) the intentional or material
        breach by the Company of this Agreement, or (3) a reassignment, after a Change of Control,
        to a geographic location more than fifty (50) miles from the Executive’s primary work
        location. The Executive shall have a period of ninety (90) days after the occurrence of a
        condition defined in 4.4(b)(1) to (3) herein to notify the Company in writing that such
        condition constitutes grounds for a Constructive Termination, after which the Company shall
        have thirty (30) days to cure the condition. If the Company fails to cure within this
        thirty (30) day period, the Executive’s subsequent voluntary resignation within
        ninety (90) days following the occurrence of the underlying condition shall constitute a
        Constructive Termination. Executive’s failure to resign within the ninety (90) day
        period shall be deemed to be an irrevocable waiver of the right to assert Constructive
        Discharge for such condition.

        
         

        
        (c)       “Termination With
        Cause” means termination by the Company, acting in good faith, by written notice to
        the Executive specifying the event relied upon for such termination, due to; (i) the
        Executive's indictment or conviction of a felony, (ii) the Executive's intentional
        perpetration of a fraud, theft, embezzlement or other acts of dishonesty, or (iii) the
        Executive's intentional breach of a trust or fiduciary duty which materially adversely
        affects the Company or its shareholders.

         

        
        (d)       “Termination Without
        Cause” means termination by the Company other than due to the Executive's death or
        disability or Termination With Cause.

         

        
        5.     
        EXCISE TAX

         

        
        5.1 In the event any payment that is either received by the Executive or
        paid by the Company on his behalf, or any other benefit provided to Executive pursuant to
        the terms of any arrangement or agreement with the Company or any other person whose
        payments or benefits are treated as contingent on a change of ownership or control of the
        Company (or in the ownership of a substantial portion of the assets of the Company) or any
        person affiliated with the Company or such person (but only if such payment or other
        benefit is in connection with the Executive’s employment by the Company)
        (collectively the “Payment”), is subject to the excise tax imposed by
        Section 4999 of the Code or any interest or penalties are incurred by Executive with
        respect to such excise tax (such excise tax, together with any such interest and penalties,
        hereinafter collectively referred to as the “Excise Tax”), Executive shall be
        entitled to receive an additional payment (a “Gross-Up Payment”) in an amount
        such that after payment by Executive of all taxes (including any interest or

         

        
        5

        

        

        

        
        penalties imposed with respect to such taxes), including, without
        limitation, any income taxes (and any interest and penalties imposed with respect thereto)
        and the Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the
        Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the
        foregoing provisions of this Section 5 if it shall be determined that Executive is
        entitled to a Gross-Up Payment, but that the Payment does not exceed the lesser of A) 110%
        of the greatest amount that could be paid to Participant without giving rise to any Excise
        Tax (the “Safe Harbor Amount”) or B) $50,000, then no Gross-Up Payment shall be
        made to Executive and the amounts payable under this Plan shall be reduced so that the
        Payment, in the aggregate, is reduced to the Safe Harbor Amount.

         

        
        5.2 All determinations required to be made under this Section 5
        including whether and when a Gross-Up Payment is required and the amount of such Gross-Up
        Payment and the assumptions to be utilized in arriving at such determination, shall be made
        by a nationally recognized accounting firm selected by the Company (the “Accounting
        Firm”) which shall provide detailed supporting calculations both to the Company and
        the Executive within ten (10) business days of the receipt of notice from Executive that
        there has been a Payment, or such earlier time as is requested by the Company; provided
        that for purposes of determining the amount of any Gross-Up Payment, the Executive shall be
        deemed to pay federal income tax at the highest marginal rates applicable to individuals in
        the calendar year in which any such Gross-Up Payment is to be made and deemed to pay state
        and local income taxes at the highest effective rates applicable to individuals in the
        state or locality in which the Executive incurs income taxes in the calendar year in which
        any such Gross-Up Payment is to be made, net of the maximum reduction in federal income
        taxes that can be obtained from deduction of such state and local taxes, taking into
        account limitations applicable to individuals subject to federal income tax at the highest
        marginal rates. All fees and expenses of the Accounting Firm shall be borne solely by the
        Company. Any Gross-Up Payment, as determined pursuant to this Section 5, shall be paid
        by the Company to the Executive (or to the appropriate taxing authority on the
        Executive’s behalf) within thirty (30) days following the date upon which the
        Executive provides written documentation that the related excise taxes have been remitted
        to the appropriate taxing authority (with the determination of the date of such payment
        made by the Company at its sole discretion); provided, that the Gross-Up Payment shall be
        paid no later than the end of the Executive’s taxable year next following the
        Executive’s taxable year in which the related excise taxes are remitted to the
        appropriate taxing authority (the “Required Gross-Up Payment Date”). If the
        Accounting Firm determines that no Excise Tax is payable by the Executive, it shall so
        indicate to the Executive in writing. Any determination by the Accounting Firm shall be
        binding upon the Company and the Executive. As a result of the uncertainty in the
        application of Section 4999 of the Code, it is possible that the amount of the
        Gross-Up Payment determined by the Accounting Firm to be due to (or on behalf of) the
        Executive was lower than the amount actually due (“Underpayment”). In the event
        that the Company exhausts its remedies pursuant to Section 5.3 and the Executive
        thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall
        determine the amount of the Underpayment that has occurred and any such Underpayment shall
        be promptly paid by the Company to or for the benefit of Executive as soon as
        administratively practicable following the date upon which the amount of the Underpayment
        is determined by the Accounting Firm (with the determination of the date of such payment
        made by the Company at its sole discretion), but in any event, no later than the Required
        Gross-Up Payment Date.

         

        
        6

        

        

        

         

        
        5.3 The Executive shall notify the Company in writing of any claim by the
        Internal Revenue Service that, if successful, would require the payment by the Company of
        any Gross-Up Payment. Such notification shall be given as soon as practicable but no later
        than ten (10) business days after the Executive is informed in writing of such claim and
        shall apprise the Company of the nature of such claim and the date on which such claim is
        requested to be paid. The Executive shall not pay such claim prior to the expiration of the
        thirty (30) day period following the date on which it gives such notice to the Company (or
        such shorter period ending on the date that any payment of taxes with respect to such claim
        is due). If the Company notifies the Executive in writing prior to the expiration of such
        period that it desires to contest such claim, the Executive shall (i) give the Company
        any information reasonably requested by the Company relating to such claim, (ii) take
        such action in connection with contesting such claim as the Company shall reasonably
        request in writing from time to time, including, without limitation, accepting legal
        representation with respect to such claim by an attorney reasonably selected by the
        Company, (iii) cooperate with the Company in good faith in order to effectively
        contest such claim and (iv) permit the Company to participate in any proceedings
        relating to such claim; provided, however, that the Company shall bear and pay directly all
        costs and expenses (including additional interest and penalties) incurred in connection
        with such contest. Without limitation on the foregoing provisions of this Section 5.3,
        the Company shall control all proceedings taken in connection with such contest and, at its
        sole option, may pursue or forego any and all administrative appeals, proceedings, hearings
        and conferences with the taxing authority in respect of such claim and may, at its sole
        option, either direct the Executive to pay the tax claimed and sue for a refund or contest
        the claim in any permissible manner, and the Executive agrees to prosecute such contest to
        a determination before any administrative tribunal, in a court of initial jurisdiction and
        in one or more appellate courts, as the Company shall determine; provided, further, that if
        the Executive is required to extend the statute of limitations to enable the Company to
        contest such claim, the Executive may limit this extension solely to such contested amount.
        The Company’s control of the contest shall be limited to issues with respect to which
        a Gross-Up Payment would be payable hereunder and the Participant shall be entitled to
        settle or contest, as the case may be, any other issue raised by the Internal Revenue
        Service or any other taxing authority.

         

        
        5.4 If, after the receipt by the Executive of an amount paid or advanced by
        the Company pursuant to this Section 5, the Executive becomes entitled to receive any
        refund with respect to a Gross-Up Payment, the Executive shall promptly pay to the Company
        the amount of such refund received (together with any interest paid or credited thereon
        after taxes applicable thereto).

        
         

         

        
        6.     
        OTHER DUTIES OF THE EXECUTIVE

         

        
        6.1      The Executive shall devote
        substantially all of his working time to the business of the Company and during the Term
        shall not take, directly or indirectly, an active role in any other business without the
        prior written consent of the Company; but except as provided in Section 6.3, this Section
        shall not prevent the Executive from serving as a director of other entities not affiliated
        with the Company, from making real estate or other investments of a passive nature or
        from

         

        
        7

        

        

        

        
        participating in the activities of a charitable organization where such
        participation does not adversely affect the Executive's ability to perform his duties under
        this Agreement.

         

        
        6.2      The Executive will, upon reasonable
        notice, during or after the Term of this Employment Agreement, furnish information as may
        be in his possession and cooperate with the Company as may reasonably be requested in
        connection with any claims or legal actions in which the Company is or may become a party.
        The Executive shall receive reasonable compensation for the time expended by him pursuant
        to this Section 6.2 after the Term.

         

        
        6.3      The Executive acknowledges that
        certain information pertaining to the business and operations of the Company such as
        strategic plans, product development, financial costs, pricing terms, sales data or new or
        developing business opportunities (“Confidential Information”), is confidential
        and is a unique and valuable asset of the Company. Access to and knowledge of this
        Confidential Information are essential to the performance of the Executive's duties under
        this Agreement. The Executive will not during the term of this Agreement or following
        termination of his employment except to the extent reasonably necessary in the performance
        of his duties under this Agreement, give to any person, firm, association, corporation or
        governmental agency any Confidential Information except as required by law. The Executive
        will not make use of this Confidential Information for his own purposes or for the benefit
        of any person or organization other than the Company. The Executive will also use his best
        efforts to prevent the disclosure of this Confidential Information by others. All records,
        memoranda, etc. relating to the business of the Company whether made by the Executive or
        otherwise coming into his possession will remain the property of the Company.

         

        
        6.4      The Executive will not Compete with
        the Company (as hereinafter defined) at any time while he is employed by the Company.
        Except after a Change in Control or after non-renewal under Section 1.1, in the event of
        Termination Without Cause or Constructive Termination pursuant to Section 4.1, the
        Executive will not Compete with the Company for a period of two (2) years from the date of
        such termination. In the event of a termination after a Change in Control that gives rise
        to payments to Executive under Section 4.2, the Executive will not Compete with the Company
        for one (1) year from the date of termination. In the event of a Voluntary Termination in
        which the Executive only receives payment as defined under Section 4.3, or which follows a
        Company non-extension notice under Section 1.1, there will be no restriction on the
        Executive's right to Compete with the Company after the date his employment terminates. For
        the purposes of this Section 6.4, the term “Compete with the Company” means
        action by the Executive, direct or indirect, either as an officer, director, stockholder,
        owner, partner, employee or in any other capacity, resulting in the Executive having any
        legal or equitable ownership or other financial or non-financial interest in or employment
        with, any HMO, managed care or health insurance business within a fifty (50) mile radius of
        any location where the Company or any subsidiary or affiliate of the Company conducts such
        business at the date of a termination of the Executive's employment; provided, however,
        that the term “Compete with the Company” shall not preclude the Executive, in
        the event of Termination under Section 4.1 or 4.2, from providing legal services or advice
        to an HMO, managed care or health insurance business in connection with engaging in the
        private practice of law, to the extent that such representation is not adverse to the
        interests of the Company, and shall not include ownership (without any more extensive
        relationship) of a less than a five percent (5%) interest in

         

        
        8

        

        

        

        any
        publicly-held corporation or other business entity. The Executive acknowledges that the
        covenants contained herein are reasonable as to geographic and temporal scope. The
        Executive acknowledges that his breach or threatened or attempted breach of any provision
        of Section 6.4 may cause irreparable harm to the Company not compensable in monetary
        damages and that the Company may be entitled, in addition to all other applicable remedies,
        to a temporary and permanent injunction and a decree for specific performance of the terms
        of Section 6.4.

         

        
        7.     
        INDEMNIFICATION OF EXECUTIVE

         

        
        7.1      The Company shall indemnify the
        Executive and shall reimburse the Executive's expenses under the circumstances described,
        and to the maximum extent provided under the mandatory and the permissive indemnification
        and expense reimbursement provisions of Delaware law. The provisions of this Section 7.1
        shall continue in full force and effect after Executive ceases to serve as an officer,
        director, employee or in any other capacity with the Company or any of its affiliates, and
        shall inure to the benefit of his heirs, executors or administrators.

         

        
        8.     
        MISCELLANEOUS

         

        
        8.1      This Agreement contains the entire
        understanding between the Company and the Executive with respect to the subject matter and
        supersedes any prior employment or severance agreements between the Company and its
        affiliates, and the Executive.

         

        
        8.2      This Agreement may not be modified or
        amended except in writing signed by the parties. No term or condition of this Employment
        Agreement will be deemed to have been waived except in writing by the party charged with
        waiver. A waiver shall operate only as to specific a term or condition waived and will not
        constitute a waiver for the future or act on anything other than that which is specifically
        waived.

         

        
        8.3 This Agreement shall be deemed to conform to all requirements of the
        Securities and Exchange Act of 1934, as amended, and all requirements of the Internal
        Revenue Code of 1986, as amended, including but not limited to Sections 280G and 409A of
        the Code. It is intended that (i) each payment or installment of payments provided under
        this Agreement is a separate “payment” for purposes of Section 409A of the Code
        and (ii) that the payments satisfy, to the greatest extent possible, the exemptions from
        the application of Section 409A of the Code, including those provided under Treasury
        Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding
        the two-times, two year exception), and 1.409A-1(b)(9)(v) (regarding reimbursements and
        other separation pay). Notwithstanding anything to the contrary in this Plan, if the
        Company determines (i) that on the date of the Executive’s “separation from
        service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or at such
        other time that the Company determines to be relevant, the Executive is a “specified
        employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the
        Company and (ii) that any payments to be provided to the Executive pursuant to this
        Agreement are or may become subject to the additional tax under Section 409A(a)(1)(B) of
        the Code or any other taxes or penalties imposed under Section 409A of the Code (the
        “Section 409A Taxes”) if provided at the time otherwise required under this
        Agreement, then such payments shall be delayed until the date that is six (6) months after
        the date of

         

        
        9

        

        

        

        the
        Executive’s separation from service with the Company, or such shorter period that, as
        determined by the Company, is sufficient to avoid the imposition of Section 409A Taxes.Any
        payments delayed pursuant to this Section 8.3 shall be made in a lump sum on the first day
        of the seventh month following the Executive’s separation from service, or such
        earlier date that, as determined by the Company, is sufficient to avoid the imposition of
        any Section 409A Taxes.

         

        
        8.4 Should any part of this Agreement be declared invalid for any reason,
        such invalidity shall not affect the validity of any remaining portion hereof and such
        remaining portion shall continue in full force and effect as if this Employment Agreement
        had been originally executed without including the invalid part. Should any covenant of
        this Employment Agreement be unenforceable because of its geographic scope or term, its
        geographic scope or term shall be modified to such extent as may be necessary to render
        such covenant enforceable.

         

        
        8.5 Titles and captions in no way define, limit, extend or describe the
        scope of this Agreement nor the intent of any provision thereof.

         

        
        8.6 This Agreement may be executed in any number of counterparts, each of
        which shall be deemed an original, but all of which together shall constitute one and the
        same instrument.

         

        
        8.7 This Employment Agreement has been executed and delivered in the State
        of Maryland and its validity, interpretation, performance and enforcement shall be governed
        by the laws of that state. Any dispute among the parties hereto shall be settled by
        arbitration in Bethesda, Maryland, in accordance with the rules then obtaining of the
        American Arbitration Association and judgment upon the award rendered may be entered in any
        court having jurisdiction thereof. All provisions hereof are for the protection and are
        intended to be for the benefit of the parties hereto and enforceable directly by the
        binding upon each party. Each party hereto agrees that the remedy at law of the other for
        any actual or threatened breach of this Employment Agreement would be inadequate and that
        the other party shall be entitled to specific performance hereof or injunctive relief or
        both, by temporary or permanent injunction or such other appropriate judicial remedy, writ
        or orders as may be decided by a court of competent jurisdiction in addition to any damages
        which the complaining party may be legally entitled to recover.

         

        
        8.8 All notices, requests, consents and other communications hereunder shall
        be in writing and shall be deemed to have been made when delivered or mailed first-class
        postage prepaid by registered mail, return receipt requested, or when delivered if by hand,
        overnight delivery service or confirmed facsimile transmission to the following:

         

        
        (i)         If to the Company,
        at 6705 Rockledge Drive, Suite 900, Bethesda, Maryland, 20817, Attention: Chairman of the
        Compensation Committee, or at such other address as may have been furnished to the
        Executive by the Company in writing; or

        
         

        
        (ii)        If to the Executive, at
        6705 Rockledge Drive, Suite 900, Bethesda, Maryland, 20817, or to the Executive’s
        primary home address on record with the company, or such other address as may have been
        furnished to the Company by the Executive in writing.

         

        
        10

        

        

        

        
        8.9 This Employment Agreement shall be binding on the parties' successors,
        heirs and assigns.

         

        
        8.10 The terms of this Employment Agreement were developed consistent with
        current applicable tax laws and regulations. In the event there are any future changes to
        these laws and regulations affecting the terms of this Agreement and, as a result, either
        party hereunder is adversely impacted, both parties agree to cooperate to protect the
        current interests of each to the maximum extent possible.

         

        
        IN WITNESS WHEREOF, the undersigned have executed this Employment Agreement
        as of the date first above written.

        
         

        
            	
                        
                        COVENTRY HEALTH CARE, INC.

                    	
                        
                        EXECUTIVE:

                    

        

         

        
            	
                        
                        By: /s/ Dale B. Wolf

                    	
                        
                        /s/ Thomas C. Zielinski

                    

        

        
            	
                        
                         

                    	
                        
                        Dale B. Wolf, CEO

                    	
                        
                        Thomas C. Zielinski

                    

        

         

         

         

        
        11

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