Document:

Tom McDonough Employment Agreement

EMPLOYMENT AGREEMENT

          This Agreement is made the 14th of
December, 2000, effective as of January 1, 2001, by and between Coventry Health
Care, Inc., a Delaware corporation (the “Company”), and Thomas
McDonough (the “Executive”). 

          WHEREAS, the Company employs the
Executive as its Executive Vice President and Chief Operating Officer pursuant
to an Employment Agreement dated March 13, 1998, 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, the parties
hereby agree as follows: 

1.   TERM AND DUTIES

     1.1    The term of this Agreement commenced as of April 1, 1998 and
shall continue through December 31, 2003 and will continue on a year-to-year
basis thereafter in the absence of notice of either party given no later than
the September 30 prior to the expiration, or unless otherwise extended (the
“Term”). 

     1.2    Executive shall serve as Executive Vice President and Chief
Operating Officer, shall report to the President and Chief Executive Officer and
shall be responsible for such powers and duties normally associated with such
position or as may be delegated or assigned to the Executive by the President
and Chief Executive Officer. During the 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 by the Board of Directors of the Company or its subsidiaries or
affiliates, respectively. 

2.   COMPENSATION AND BENEFITS

     2.1    The Company shall pay the Executive a base salary
(“Base Salary”) of not less than $450,000 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 from time to time. 

     2.2    The Executive shall be eligible for an annual bonus
(“Bonus”) of 75% of Base Salary in accordance with the Company’s
annual bonus plan as in effect on the date of this Agreement. 

     2.3    The terms and conditions of all stock options and restricted
share awards previously granted to Executive and of the long-term incentive
compensation plan applicable 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 hospitalization, health care, dental care, life or other
insurance, tax qualified pension, car allowance, savings, thrift and profit
sharing plans, termination pay programs, sick leave plans, travel or accident
insurance, disability insurance, and contingent compensation plans, including
capital accumulation programs, 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. The Executive will be entitled to four
(4) weeks of annual paid vacation. 

     2.5    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 car or
other expense allowance of $1,200 per month. To the degree that the Executive is
accountable for any income taxes arising from this Section, he will have sole
responsibility for calculating and paying such taxes. 

                      3.   DEATH AND DISABILITY COMPENSATION

     3.1    In the event of the death of the Executive during the Term,
payments under this Employment 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 for
the two (2) calendar years immediately preceeding the death of the Executive,
prorated for the year death occurs; 

               (b) for twenty-four (24) months
following the date of the Executive’s death, the Company shall reimburse
the Executive’s designated beneficiary for the cost of the designated
beneficiary’s medical and dental insurance as in effect at the date of the
Executive’s death; 

               (c) the exercisability of stock
options granted to the Executive shall be governed by any applicable stock
option agreements and the terms of the respective stock option plans; and 

               (d) 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. 

     3.2    Notwithstanding the disability of the Executive, the Company
will continue to pay the Executive pursuant to Section 2 hereof during the Term,
unless the Executive’s employment is earlier terminated in accordance with
this Agreement. In the event the disability continues for a period of three (3)
months, the Company may thereafter terminate this Agreement and the
Executive’s employment. Following such termination, 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; 

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

               (c) for twenty-four (24) months
following the date of the Executive’s termination due to disability, the
Company shall reimburse the Executive for the cost of the Executive’s
medical and dental insurance as in effect at the date of the Executive’s
termination; and 

               (d) if the Executive is receiving
disability benefits under the Company’s qualified long-term disability
program, the Executive will receive a monthly payment equal to 60% multiplied by
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. 

               (e) the exercisability of stock
options granted to the Executive shall be governed by any applicable stock
option agreements and the terms of the respective stock option plans. 

     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. If the Company fails to make a payment or
provide a benefit required as part of this Employment Agreement, the
Executive’s obligation to provide information and assistance will cease. 

     3.4    For purposes of this Agreement, the term
“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    Except in the case of the two 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 twenty-four
(24) months after Termination Without Cause or Constructive Termination, a
monthly amount equal to 250% of the sum of the Executive’s combined (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, divided by twenty-four (24); and 

               (b) for twenty-four (24) months
following such Termination Without Cause or Constructive Termination, the
Company shall reimburse the Executive for the cost of the Executive’s
medical and dental insurance as in effect at the date of termination or will
maintain coverage in the Company’s medical and dental plans for such
period. However, if Executive obtains employment with another employer during
such twenty-four (24) month period, such coverage or reimbursement will cease as
of the date Executive, his spouse and family can be covered under the plan of
the new employer without exclusion for preexisting conditions, if earlier than
the end of the 24-month period. 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 the sum of (i) 200% of the Executive’s
combined (A) Base Salary as in effect at the time of the termination and (B)
average Incentive Bonus for the two (2) calendar years immediately preceding the
year of termination, and (ii) to the extent that such foregoing amount or any
other payment in the nature of compensation (within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder (“Section 280G”)) to or for the benefit to the
Executive (or any part of such amount or other payment) constitutes an
“excess parachute payment” within the meaning of Section 280G, the
amount, if any, of (A) such “excess parachute payment” multiplied by a
fraction, the numerator of which is the number one (1.00) and the denominator of
which is (I) the number (1.00) minus (II) the effective tax rate under Section
280G applicable to the Executive expressed as decimal, minus (B) the amount of
such “excess parachute payment”; 

               (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 and dental insurance as in effect at the date of
termination; and 

               (c) all stock options and all
restricted stock granted to the Executive shall vest in full upon a Change of
Control. 

     4.3    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:

               (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 50% 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 (a)
reassignment of duties, responsibilities, title, or reporting relationships that
are not at least the equivalent of his then current position as set forth herein
Section 1.2 or the compensation and benefits provided herein, (b) the
intentional or material breach by the Company of this Agreement, or (c) a
reassignment, after a Change to Control, to a geographic location more than
fifty miles from Bethesda, Maryland. The Executive shall have a period of ninety
(90) days after termination of his employment to assert against the Company that
he suffered a Constructive Termination, and after the expiration of such ninety
(90) day period, the Executive shall be deemed to have irrevocably waived the
right to such assertion. 

               (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 the Executive’s conviction for a felony, the Executive’s
intentional perpetration of a fraud, embezzlement or other act of dishonesty or
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.   OTHER DUTIES OF THE EXECUTIVE

     5.1    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 5.3, 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 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. 

     5.2    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 5.2 after the Term. 

     5.3    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. 

     5.4    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,
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 5.4, 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 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 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
any provision of Section 5.4 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 5.4. 

                        6.   INDEMNIFICATION OF EXECUTIVE

     6.1    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 6.1 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. 

                                7.   MISCELLANEOUS

     7.1    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. 

     7.2    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 term or condition waived and
will not constitute a waiver for the future or act on anything other than that
which is specifically waived. 

     7.3    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
tem shall be modified to such extent as may be necessary to render such
convenant enforceable. 

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

     7.5    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. 

     7.6    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 provision 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. 

     7.7    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 11624 Rolling Meadow
Drive, Great Falls, VA 22066 or such other address as may have been furnished to
the Company by the Executive in writing. 

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

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

	COVENTRY HEALTH CARE, INC.	EXECUTIVE:
	By: /s/ Allen F. Wise	/s/ Thomas McDonough
	
	

	Allen F. Wise, President	Thomas McDonoughDale Wolf Employment Agreement

EMPLOYMENT AGREEMENT

     This  Agreement is made the 13th of
December,  2000,  effective as of January 1, 2001,  by and between  Coventry  Health Care,
Inc., a Delaware corporation (the "Company"), and Dale B. Wolf (the "Executive").

     WHEREAS, the Company employs the
Executive as its Executive Vice President and Chief Financial Officer pursuant
to an Employment Agreement dated 12/9, 1996, 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, the parties
hereby agree as follows: 

1.  TERM AND DUTIES

     1.1   The term of this
 Agreement commenced as of December 9, 1996,
and shall continue through December 31, 2003 and will continue on a year-to-year
basis thereafter in the absence of notice of either party given no later than
the September 30 prior to the expiration, or unless otherwise extended (the
“Term”). 

     1.2   Executive shall
 serve as Executive Vice President and Chief
Financial Officer, shall report to the President and Chief Executive Officer and
shall be responsible for broad executive responsibilities in both the financial
and senior general management area, including, but not limited to, the
establishment and implementation of policies and directives, formulation of long
range plans, 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 President and Chief
Executive Officer. During the 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 by the
Board of Directors of the Company or its subsidiaries or affiliates,
respectively. 

2.  COMPENSATION AND BENEFITS

     2.1   The Company shall pay the Executive a base salary
(“Base Salary”) of not less than $400,000 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 from time to time. 

     2.2   The Executive shall be eligible for an annual bonus
(“Bonus”) in accordance with the Company’s annual bonus plan as
in effect on the date of this Agreement. 

     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 hospitalization, health care, dental care, life or other
insurance, tax qualified pension, car allowance, savings, thrift and profit
sharing plans, termination pay programs, sick leave plans, travel or accident
insurance, disability insurance, and contingent compensation plans, including
capital accumulation programs, 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. The Executive will be entitled to four
(4) weeks of annual paid vacation.

     2.5    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 car or
other expense allocation of $1,200 per month. To the degree that the Executive
is accountable for any income taxes arising from this Section, he will have sole
responsibility for calculating and paying such taxes.

     3.   DEATH AND DISABILITY COMPENSATION

     3.1    In the event of the death of the Executive during the Term,
payments under this Employment 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 for the two (2) calendar years
immediately preceding the death of Executive, pro-rated for the year death
occurs; 

          (b) for twenty-four (24) months following the date of the
Executive’s death, the Company shall reimburse the Executive’s
designated beneficiary for the cost of the designated beneficiary’s medical
and dental insurance as in effect at the date of the Executive’s death; 

          (c) the  exercisability  of stock options granted to the Executive shall be governed by any applicable stock option agreements and
the terms of the respective stock option plans; and

          (d) 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. 

      3.2   Notwithstanding the disability of the Executive, the Company
will continue to pay the Executive pursuant to Section 2 hereof during the Term,
unless the Executive’s employment is earlier terminated in accordance with
this Agreement. In the event the disability continues for a period of three (3)
months, the Company may thereafter terminate this Agreement and the
Executive’s employment. Following such termination, 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;

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

          (c) for twenty-four (24) months following the date of the
Executive’s termination due to disability, the Company shall reimburse the
Executive for the cost of the Executive’s medical and dental insurance as
in effect at the date of the Executive’s termination; and 

          (d) if the Executive is receiving disability benefits under the
Company’s qualified long-term disability program, the Executive will
receive a monthly payment equal to 60% multiplied by 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. 

          (e) the exercisability of stock options granted to the Executive
shall be governed by any applicable stock option agreements and the terms of the
respective stock option plans. 

     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. If the Company fails to make a payment or
provide a benefit required as part of this Employment Agreement, the
Executive’s obligation to provide information and assistance will cease. 

     3.4    For purposes of this Agreement, the term
“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    Except in the case of the two 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 twenty-four (24) months after Termination
Without Cause or Constructive Termination, a monthly amount equal to 200% of the
sum of the Executive’s combined (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, divided by twenty-four (24); and 

          (b) for twenty-four (24) months following such Termination
Without Cause or Constructive Termination, the Company shall reimburse the
Executive for the cost of the Executive’s medical and dental insurance as
in effect at the date of termination or will maintain coverage in the
Company’s medical and dental plans for such period. However, if Executive
obtains employment with another employer during such twenty-four (24) month
period, such coverage or reimbursement will cease as of the date Executive, his
spouse and family can be covered under the plans of the new employer without
exclusion for preexisting conditions, if earlier than the end of the 24-month
period. 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 the
sum of (i) 200% of the Executive’s combined (A) Base Salary as in effect at
the time of the termination and (B) average Incentive Bonus for the two (2)
calendar years immediately preceding the year of termination, and (ii) to the
extent that such foregoing amount or any other payment in the nature of
compensation (within the meaning of Section 280G of the Internal Revenue Code of
1986, as amended, and the regulations promulgated thereunder (“Section
280G”)) to or for the benefit to the Executive (or any part of such amount
or other payment) constitutes an “excess parachute payment” within the
meaning of Section 280G, the amount, if any, of (A) such “excess parachute
payment” multiplied by a fraction, the numerator of which is the number one
(1.00) and the denominator of which is (I) the number (1.00) minus (II) the
effective tax rate under Section 280G applicable to the Executive expressed as
decimal, minus (B) the amount of such “excess parachute payment”; 

          (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 and dental insurance as in effect at the date of termination; and 

          (c) all stock options and all restricted stock granted to the Executive
shall vest in full upon a Change of Control.

     4.3    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:

          (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 50% 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 (a) 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 the compensation and
benefits provided herein, (b) the intentional or material breach by the Company
of this Agreement, or (c) a reassignment, after a Change of Control, to a
geographic location more than fifty miles from Bethesda, Maryland. The Executive
shall have a period of ninety (90) days after termination of his employment to
assert against the Company that he suffered a Constructive Termination, and
after the expiration of such ninety (90) day period, the Executive shall be
deemed to have irrevocably waived the right to such assertion. 

          (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 the Executive’s conviction
for a felony, the Executive’s intentional perpetration of a fraud,
embezzlement or other act of dishonesty or 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.   OTHER DUTIES OF THE EXECUTIVE

     5.1    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 5.3, 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 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. 

     5.2    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 5.2 after the Term. 

     5.3    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. 

     5.4    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 5.4, 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 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 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
any provision of Section 5.4 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 5.4. 

6.  INDEMNIFICATION OF EXECUTIVE

     6.1    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 6.1 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. 

7.   MISCELLANEOUS

     7.1    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. 

     7.2    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 term or condition waived and
will not constitute a waiver for the future or act on anything other than that
which is specifically waived. 

     7.3    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
tem shall be modified to such extent as may be necessary to render such covenant
enforceable. 

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

     7.5    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. 

     7.6    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 provision 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. 

    7.7    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 ______________________________________________________ or such other
     address as may have been furnished to the Company by the Executive in writing. 

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

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

	COVENTRY HEALTH CARE, INC.	EXECUTIVE:
	By: /s/ Allen F. Wise	/s/ Dale B. Wolf
	
	

	Allen F. Wise, President	Dale B. Wolf

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