Document:

Exhibit 4.16

 

GLOBAL SECURITY

 

FOR DEBT SECURITIES, SERIES 1

 

HSBC USA INC.

 

THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THAT CERTAIN INDENTURE DATED AS OF MARCH 31, 2009 (AS AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, THE “INDENTURE”) BETWEEN HSBC USA INC. AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE (THE “TRUSTEE”, WHICH TERM INCLUDES ANY SUCCESSOR TRUSTEE UNDER THE INDENTURE) AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS DEBT SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A DEBT SECURITY REGISTERED, AND NO TRANSFER OF THIS DEBT SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS AND UNTIL THIS GLOBAL SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITY REPRESENTED THEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO HSBC USA INC. 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.

 

·              ·              ·

 

HSBC USA Inc. (the “Company”), for value received, hereby promises to pay to Cede & Co., as nominee of The Depository Trust Company, or to registered assigns the amounts due, if any, together with unpaid accrued interest thereon, if any, on the date or dates, as the case may be, pursuant to the terms of this Debt Security bearing the CUSIP indicated below and described in the pricing supplement, term sheet or prospectus supplement attached hereto as Appendix A, including all prospectuses or other prospectus supplements (however titled) referenced therein (the “Prospectus”).  The terms and conditions of this Debt Security as set forth in the Prospectus are hereby incorporated by reference in their entirety into this Debt Security and binding upon the parties hereto; provided, however, that only the terms specified in the Prospectus that describe the rights of Holders of this Debt Security or the rights and obligations of the Company with respect thereto, including payments due on this Debt Security, are incorporated as terms of this Debt Security and no hypothetical examples, risk factors, historical information or other information provided in the Prospectus, shall be used to determine the terms of this Debt Security.  Payments shall be made by wire transfer to the registered owner from Paying Agent without the necessity of presentation and surrender of this Debt Security.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS GLOBAL SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

 

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

 

 

CUSIP:

 

Dated:

 

	
 
    	
HSBC   USA INC.
    
	
 
    	
(Issuer)
    
	
 
    	
 
    
	
 
    	
[SEAL]
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
Attest:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    	
Assistant   Secretary
    
					

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Debt Securities of the series designated herein issued under the within-mentioned Indenture.

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
 As Trustee

 

 

	
By:
    	
 
    	
 
    
	
 
    	
Authorized   Signatory
    	
 
    

 

2

 

(Reverse of Debt Security)

 

This Debt Security is one of a duly authorized issue of senior Debt Securities of the Company issued and to be issued in one or more series under the Indenture, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Debt Securities and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered.  Insofar as the provisions of the Indenture may conflict with the provisions set forth in this Debt Security (including terms specified in the Prospectus), the terms of this Debt Security shall control.  In the event of a conflict between the terms of the Prospectus and the terms of this Debt Security, the terms of the Prospectus will control.

 

This Debt Security is one of the series designated on the face hereof, limited to an aggregate principal amount as shall be determined and may be increased from time to time by the Company (or the equivalent thereof in any other currency or currencies or currency units).  References herein to “this series” mean the series of Debt Securities designated on the face hereof.  Capitalized terms used in this reverse of this Debt Security and not otherwise defined herein shall have the meanings set forth on the face hereof or in the Indenture.  This Debt Security is an Indexed Security as defined in the Indenture.  The principal face amount of this Debt Security shall be the aggregate principal amount indicated in the Prospectus.

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Debt Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than 66 2/3% in principal amount of the Outstanding Debt Securities of each series affected as described in the Indenture.

 

The Indenture also contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Debt Securities of any series to, on behalf of the Holders of all the Debt Securities of any such series, waive any past default under the Indenture with respect to such series and its consequences, with certain exceptions.  Upon any such waiver, such default shall cease to exist, and any Event of Default (as defined in the Indenture) arising therefrom shall be deemed to have been cured, for every purpose of the Debt Securities of such series under the Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

If an Event of Default with respect to this Debt Security occurs and is continuing, the Trustee or the Holders of not less than 25% in principal amount of Outstanding Debt Securities of this series may declare this Debt Security to be due and payable immediately in the amounts and as described in the Prospectus, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such amount shall become immediately due and payable. Upon payment of such amounts, all obligations of the Company in respect of the payment of principal of and interest on this Debt Security shall terminate.

 

No service charge will be made for any transfer or exchange of this Debt Security except as provided in Section 304 or Section 306 of the Indenture.  The Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration, transfer or exchange of this Debt Security, other than those expressly provided in the Indenture to be made at the Company’s own expense or without expense or without charge to the Holders.

 

This Debt Security constitutes a direct unsecured senior obligation of the Company and will rank on a parity with all of the other unsecured and unsubordinated senior indebtedness of the Company, present and future, except for such obligations as are preferred by operation of law.  This Debt Security is not a deposit liability of the Company and is not insured by the United States Federal Deposit Insurance Corporation or any other governmental agency of the United States or any other jurisdiction.

 

All notices regarding this Debt Security shall be sufficiently given to the registered holder of this Debt Security by first class mail postage pre-paid to the holder of the Debt Security as the holder’s name and address appear in the Security Register.  In the event of suspension of regular mail service or by reason of

 

3

 

any other cause it shall be impracticable to give notice by mail, then such notification as shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder.

 

No right or remedy herein or in the Indenture conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or under the Indenture now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder or under the Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.  No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver of any such Default or any acquiescence therein.

 

AS PROVIDED IN THE INDENTURE, THE INDENTURE AND THIS DEBT SECURITY SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

Unless the certificate of authentication hereon has been executed by the Trustee by the manual signature of one of its Authorized Officers, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

4

 

ASSIGNMENT FORM

 

	
For   value received
    	
 
    
	
 
    
	
hereby   sell, assign and transfer unto
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Please   insert social security or other identifying number of assignee
    
	
 
    	
 
    
	
 
    	
Please   print or type name and address, including zip code of assignee:
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    
	
 
    

 

the within Security and does hereby irrevocably constitute and appoint _________ Attorney to transfer the Security on the books of the Company with full power of substitution in the premises.

 

	
Date:
    	
 
    	
 
    	
Your Signature: 
    	
 
    
	
 
    	
 
    	
(Sign   exactly as your name appears on this Security)
    

 

5

 

APPENDIX A

 

6exhibit101_03222012.htm

 

 

	
 PLEASE READ THIS DOCUMENT CAREFULLY. IT WILL RELEASE AND WAIVE LEGAL CLAIMS AND RIGHTS YOU MAY HAVE. YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS DOCUMENT.

 

SEPARATION AGREEMENT AND RELEASE

	
1.

	
Definitions. All words used in this Separation Agreement and Release (“Release”) have their plain meanings in ordinary English. Specific terms used in this Release have the following meanings.

	
A.

	
“I,” “me,” and “my,” mean both me and anyone who has or obtains any legal rights or claims through me, including but not limited to, my spouse, heirs, assigns, representatives, and executors.

	
B.

	
“Employer” means Coventry Health Care, Inc. (“CHC”), and any of its current or former employees, servants, agents, representatives, heirs, executors, administrators, officers, directors, masters, partners or partnerships, joint venture partners, affiliated organizations, divisions, committees, parents, subsidiaries, divisions, predecessors, successors, assigns, insurer, underwriters, legal representatives, new entities created through merger or acquisition that include any of the preceding, or all of them; any present past employee benefit plan sponsored by Employer and/or the directors, officers, trustees, administrators, employees, attorneys, agents, or representatives of that plan; any company providing insurance to Employer in the present or past; and any person who acted on behalf of or on instructions from Employer.

	
C.

	
“My Claims” means all of my existing rights, as of the date of my execution of this Release, to any relief of any kind from Employer, whether or not I know about those rights, including but not limited to:

	
  

	
(1)

	
all claims arising out of or relating to my past employment with Employer, the termination of that employment, or the statements or actions of Employer;

	
  

	
(2)

	
all claims under any federal, state, or local statute, ordinance, or regulation, including but not limited to, claims for any alleged unlawful discrimination or any other alleged unlawful employment practices under, Title VII of the Civil Rights Act of 1964, as amended; Maryland Human Relations Commissions Act, Maryland Ann. Code art. 49(B) et seq., Maryland Code Ann. Labor and Employment §3-307 et seq., the Civil Rights Act of 1991; the Civil Rights Act of 1886; the Equal Pay Act of 1963, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers Benefit Protection Act of 1990, the Americans With Disabilities Act of 1990, as amended; the Employee Retirement Income Security Act; the Family and Medical Leave Act of 1993; the Lilly Ledbetter Fair Pay Act of 2009; the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended; and  the Genetic Nondiscrimination Act of 2008;

	
  

	
(3)

	
all claims under any principle of common law, including but not limited to, claims for alleged unpaid salary, overtime, and bonuses, harassment, retaliation or reprisal, assault or battery, defamation, intentional or negligent infliction of emotional distress, invasion of privacy, false imprisonment, fraud, intentional or negligent misrepresentation, interference with contractual or business relationships, violation of public policy, my conduct, if any, as a “whistleblower”, negligence, breach of contract, breach of fiduciary duty, breach of the covenant of good faith and fair dealing, promissory or equitable estoppel, and any other wrongful employment practices;

	
  

	
(4)

	
all claims for any type of relief from the Employer, including but not limited to, claims for back pay, front pay, lost benefits, reinstatement, liquidated damages, multiple damages, punitive damages, and damages for any alleged breach of contract, any tort claim, or any alleged personal injury or emotional injury or damage, whether or not compensable under any workers’ compensation statutes; and

  

 

	  

Separation Agreement and Release

	
Page 2 of 6

 

 

 

	 	
(5)

	
all claims for attorney's fees, costs, and disbursments.

 

	
  

	
(6)

	
“My Claims” do not include (i) my vested rights, if any, in Employer’s Select Savings 401(k) Plan, or Employer’s 401(k) Restoration and Deferred Compensation (RESTORE) Plan and (ii) all of CHC’s obligations to me pursuant to this Release and severance and benefits, all of which survive unaffected by this Release.

 

	
D.

	
“Severance Period” means the period of time, beginning on March 17, 2012, and ending on September 17, 2012.

 

	
2.

	
My active services as an employee will end on March 17, 2012 (Termination Date).

	
A. 

	
Employer will pay me a total of six (6) months of severance based on my annualized salary of $450,000.

 

	 	

Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) imposes new requirements on post-termination payments.  As a result of the Code, your severance payments and your RESTORE balance will be subject to a six (6) months delay of payment.  Accordingly, you will not receive any severance payments or your RESTORE until the first pay date of the seventh month following your Termination Date.  On that date, October 12, 2012, you will receive your six (6) month severance payment (in a lump-sum, less taxes, without interest).  Your RESTORE balance will also be distributed to you, per your previous election, on October 12, 2012.  Your RESTORE account will continue to increase and decrease during this six month delay based on the investment elections you have made in your account.

 

	
B. 

	
Employer will provide you continuation of medical, dental and vision benefits for six (6) months of COBRA medical, dental and/or vision premiums  provided you had such benefits as of your Termination Date.

	
C. 

	
You will receive a final paycheck on March 30, 2012 for any earned but unpaid time through March 17, 2012.  You will also receive a payout of all your accrued but unused vacation time which, as of your Termination Date, is six (6) weeks.

	
D. 

	
If I decide to voluntarily sign this Release, in addition to the six (6) months of severance and other benefits I will receive, I will also be granted the following additional benefits by Employer:

 

	
 

	

Within thirty (30) days after I sign this Release, Employer will pay me a lump-sum payment of three hundred and thirty-six thousand and nine hundred and twenty-eight dollars ($336,928), less all applicable withholding  taxes.

	
  

	
As of my Termination Date, I am no longer authorized to incur any expenses, obligations or liabilities on behalf of Employer, handle any Employer business, or direct employee activities.

	
  

	
I may keep any copies or duplicates of reports or papers, I now have which are directly related to my personnel records or required for preparation of my personal income tax return. I represent that I will return all Employer property, including reports, files, records, computers or peripheral equipment, SecurID cards, software, security passcards, keys, computer codes, manuals and other physical or personal property which I received or prepared or helped prepare in connection with my employment with Employer.

	
  

	
 

Each party agrees not to make negative comments to current or future professional colleagues, prospective or potential employers, members of the health care community, or others about the other party which would cause damage or injury to the reputation of the other party, recognizing that to do so will result in the other party taking appropriate legal action.. I also agree, that for thirty (30) days, as a condition of receiving severance and other consideration described in this Release, to fully cooperate with and consult with Employer, either by telephone or in person to clarify or analyze issues, locate materials or review projects with which I was associated, as needed, to effect a reasonable transition of ongoing business activities.

 

  

 

	  

Separation Agreement and Release

	
Page 3 of 6

 

 

	
3.

	
Death.  If I die during the Severance Period, all amounts payable to me under this Release during the remainder of the Severance Period will be paid to my estate.

	
4.

	
Agreement to Release My Claims. In exchange for the payments described in paragraph 2, which are substantially more than Employer is required to provide me under its standard policies and procedures and my Employment Agreement, and which payments are expressly conditioned on and in consideration of my execution of this Release, I agree to give up all My Claims against the Employer. I will not bring any lawsuits or make any other demands or claims against the Employer or allow or authorize any other person to do so on my behalf based on My Claims. The payments that I will receive are a full and fair consideration for the release of My Claims and for the other obligations I am assuming as specified in this Release.  I understand that nothing in this Release may prevent or prohibit me from filing a charge or complaint with the Equal Employment Opportunity Commission (“EEOC”), or participating in any investigation or proceeding conducted by the EEOC, however, I waive any and all rights that I might have to any further relief arising our of My Claims or otherwise arising out of any relationship between the Employer and me, whether brought by me or brought on my behalf by another other person or entity.

 

	
5.

	
Agreement Not to Solicit Employees or Disclose Information. I also agree, in exchange for the payments that I will receive, that for a period of 12 months starting from my Termination Date, whether acting on my own or for another employer, I shall not, directly or indirectly, personally or as an employee, officer, director, partner, member, owner or consultant, induce, select, recruit or hire any employee of the Company or otherwise interfere with the employment relationship of any person employed by the Company.

 

In addition, I agree, in exchange for the payment that I will receive, that for a period of 12 months starting from my Termination Date, I will not disclose to any person, other than an employee of the Employer, or except where such disclosure may be required by law, any material confidential information that I obtained while in the employ of Coventry about any of its products, services, pricing, technology, know-how or the like, customers, methods, or future plans, all of which I acknowledge are valuable, special, and unique assets, the disclosure of which would materially damage Employer.

 

	
6.

	
Agreement Not to Disparage. I also agree I shall not, in any communications with the press or other media or in any communications with any potential or actual stockholder, lender, investor, customer, client or supplier of the Company of any of its affiliates, criticize, ridicule or make any statement that disparages or is derogatory of the Company or any of its affiliates or any of their respective directors, officers or employees. The foregoing will not apply to any non-public oral statements made by the Executive to the Company or to any of the Company’s representatives or  any compelled testimony or production, either by legal process, subpoena or otherwise; provided, however, in the event that the I am requested pursuant to, or required by, applicable law, regulation, or legal process to testify or otherwise respond to a request for information from any governmental authority, the Executive will notify the Company promptly (to the extent allowed by any such law, regulation or legal process) so that the Company may seek a protective order or other appropriate remedy.

 

  

 

 

	  

Separation Agreement and Release

	
Page 4 of 6

 

 

 

	
7.

	
Agreement Not to Compete.  I also agree Not to Compete with the Company (as hereinafter defined) for a period of six (6) months starting from my Termination Date. For the purposes of this Section, 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 entity or business that is engaged in any of the same lines of business as the Company, on my Termination Date, within a fifty (50) mile radius of any location where the Company or any subsidiary or affiliate of the Company conducts such business; provided, however, that the term “Compete with the Company” shall not include ownership (without any more extensive relationship) of a less than a five percent (5%) interest in 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 his agreement Not to Compete 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 court order requiring the specific performance of your agreement Not to Compete.

 

 

	
8.

	
Set-Off.  The severance payment and the benefits payable to me under Section 2. A. and 2. B. of this Release, shall be reduced by any amount I may earn or receive during my Severance Period from employment with another employer or from the performance of other professional or consulting services.  I shall notify Employer immediately in writing of the date upon which such services or other work commenced and shall provide Employer with such documentation as Employer shall require to determine the amount of any such setoff.  Failure to provide such written notice and documentation as required herein shall immediately release Employer from its obligations to make severance and benefit payments under this Release and Employer shall have the right to recover all amounts paid to Employee subsequent to the date of his employment with another employer or the date that professional or consulting services were rendered.

 

 

 

	
9.

	
Confidentiality of Separation Agreement and Release. I understand that I may disclose the contents of this Release to my attorney, prospective employers, and my tax advisor. I agree that if I do so, I will inform them of this confidentiality clause and tell them that they are also bound by it. I agree that I will not disclose the contents of this Release or any of its terms to any other individual, corporation, or entity, except as required by law. I acknowledge that disclosing the contents of this Release except to the persons listed above and as required by law could cause injury and damage to Employer and therefore, I agree to pay Employer its compensatory damages each time that I violate this confidentiality clause, and also to pay all of Employer’s attorneys’ fees, costs, and disbursements incurred in getting a court order to stop me from violating this confidentiality clause or to seek damages from me resulting from my violation.

 

 

	
10.

	
Additional Agreements and Understandings. Even though the Employer will pay me to release My Claims, the Employer does not admit that it is responsible or legally obligated to me for My Claims. In fact, I understand the Employer denies that it is responsible or legally obligated for My Claims, or that it has engaged in any improper or unlawful conduct or wrongdoing against me or anyone else. This Release may not be introduced in any legal proceeding except to contest or seek enforcement of its terms.

 

  

 

	  

Separation Agreement and Release

	
Page 5 of 6

 

 

 

 

	
11.

	
Advice to Consult with an Attorney. I understand and acknowledge that I am being advised by the Employer to consult with an attorney prior to signing this Release. My decision to sign or not to sign this Release is my own voluntary decision made with full knowledge that the Employer has advised me to consult with an attorney.

 

	
12.

	
Indemnification. Employer shall indemnify me to the maximum extent provided under (i) the mandatory and the permissive indemnification provisions of Delaware law (ii) the certificate of incorporation and bylaws of CHC, and (iii) any and all applicable insurance policies.  This indemnification shall continue in full force and effect after I cease to serve as an officer, director, employee or in any other capacity with the Employer or any of its affiliates and shall inure to the benefit of my heirs, executors or administrators.

 

	
13.

	
My Representations. I am old enough to sign this Release and to be legally bound by the agreements that I am making. I have no physical or mental impairment of any kind that has interfered with my ability to understand the meaning or terms of this Release and am not under the influence of any medication or mind-altering chemical of any kind at the time that I signed this Release. I represent that I have not filed for personal bankruptcy or been involved in any pending personal bankruptcy proceeding between any accrual of My Claims and the date of my signature below. I am legally able and entitled to receive the full payment that will be made to me by the Employer in settlement of My Claims. I have read this Release carefully. I understand all its terms. In agreeing to sign this Release I have not relied on any statements or explanations made by the Employer or its attorneys, except as specifically set forth in this Release. I am voluntarily releasing My Claims against the Employer. I made the decision to sign this Release freely and without duress or coercion. This Release shall be governed by the laws of the state of Maryland.

 

	
14.

	
My Rights to Review, Accept, or Rescind. The Employer has informed me and I understand and acknowledge that I have a period of twenty-one (21) days, beginning on the day after the day this Release is delivered to me, to consider whether I wish to enter into this Release and be bound by its terms. The Employer has informed me and I understand and acknowledge that if I do not accept the terms of this Release within that twenty-one (21) day review period, Employer may not extend the time in which its offer to enter into the agreements contained in this Release is open to me. I understand and acknowledge that if I sign this Release before the end of the twenty-one (21) day period, I hereby waive my right to the balance of such period of consideration and acknowledge that my waiver of such period is knowing, voluntary and has not been induced by any fraud, misrepresentation or a threat to withdraw or alter the settlement offer and benefits embodied in this Release on the part of the Employer.

 

	
  

	
If I decide to accept the terms of this Release, I must send the signed and dated Release by first-class mail, or deliver it by hand or courier, to the address given below within the twenty-one (21) day period that I have to consider signing this Release.

 

	
  

	
The Employer has informed me and I also understand and acknowledge that after I sign this Release, I may change my mind within a seven (7) day period, not counting the day on which I signed it, and revoke my acceptance of it. In order for my revocation to be effective, I understand and acknowledge that it must be in writing and mailed by certified mail, return receipt requested, or delivered by hand or courier, to Employer at the following address and postmarked or received by Employer within the seven (7) day period:

 

  

 

	  

Separation Agreement and Release

	
Page 6 of 6

 

 

 

	
  

	
Coventry Health Care, Inc.

	
  

	
Attention: Steve Barley

	
  

	
6705 Rockledge Drive, Suite 900

	
  

	
Bethesda, Maryland  20817

	
  

	
I understand and acknowledge that I will not receive any payment under this Release if I revoke it, and in any event, I will not receive any payment until after the seven (7) day revocation period has expired.

 

	
15.

	
Entire Agreements. This Release, my Agreement, the Restrictive Covenants and the Notice, are all agreements in their entirety between Employer and me relating to the termination of my employment and this settlement. In entering into this Release, I am not relying on any oral or written promise or statement by anyone at anytime on behalf of Employer. If any portion of this Release, my Agreement, the Restrictive Covenants or the Notice Letter, are found to be invalid, unlawful, or unenforceable, I desire that all other portions of these  documents  be separated or appropriately limited in scope and will remain fully valid and enforceable. I agree that no separate consideration or benefit will be provided in such a situation.

 

	
16.

	
NOTICE: MY SIGNATURE INDICATES THAT I HAVE CAREFULLY READ AND UNDERSTAND THE TERMS OF THIS RELEASE AND WAIVER OF CLAIMS AND RIGHTS, THAT I HAVE BEEN GIVEN TWENTY-ONE (21) DAYS TO CONSIDER THIS RELEASE AND THAT I WAS ADVISED TO CONSULT AN ATTORNEY ABOUT THIS RELEASE AND WAIVER OF CLAIMS AND RIGHTS, THAT THIS RELEASE PROVIDES BENEFITS TO WHICH I AM NOT OTHERWISE ENTITLED, AND THAT I AM SIGNING THIS DOCUMENT VOLUNTARILY AND NOT AS A RESULT OF COERCION, DURESS, OR UNDUE INFLUENCE.

	
  

	
I FURTHER UNDERSTAND THAT FOR A PERIOD OF SEVEN (7) DAYS FOLLOWING THE SIGNING OF THIS RELEASE AND WAIVER OF CLAIMS AND RIGHTS, I MAY REVOKE IT BY FOLLOWING THE DIRECTIONS IN PARAGRAPH 14 OF THIS DOCUMENT AND THE RELEASE AND WAIVER OF RIGHTS AND CLAIMS WILL NOT BE EFFECTIVE UNTIL SEVEN (7) DAYS AFTER I SIGN IT.

 

 

	 Signature: 	 /s/ John Stelben	 	 Dated: 	 March 16,	 2012
	 	John Stelben	 	 	 	 
	 	Employee ID# 1088	 	 	 	 
	 	 	 	 	 	 
	  

COVENTRY HEALTH CARE, INC.

	 	 	 	 
	 	 	 	 	 	 
	 By: 	 /s/  William G. Robinson, Jr.	 	 Dated: 	 March 16,	  2012
	 	William G. Robinson, Jr.	 	 	 	 
	 	SVP and Chief Human Resources Officer

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