Document:

Trust Agreement

 EXHIBIT 10.3 
  

					
	

	  		  	n
	  		  	TEAM HEALTH
	  		  	1900 Winston Road, Suite 300
	  		  	Knoxville, Tennessee 37919
	  		  	P.O. Box 30698
Knoxville, Tennessee 37930
	  		  	800.342.2898
	  		  	865.693.1000
	  		  	www.teamhealth.com

 October 25, 2004 
 Attention: Daniel Carter 
 The Trust Company of Knoxville, Inc. 
 One Center Square 
 620 Market Street, Suite 300 
 Knoxville, TN 37902 
 Re: The Trust created under the Team Health, Inc. Equity Deferred Compensation Plan

 Re: The Trust created under the Team Health, Inc. Non-Qualified Executive Retirement Plan Trust Agreement 
 Dear Mr. Carter: 
 Please be advised that effective
December 3, 2004, Team Health, Inc. is requesting that you serve as the directed Trustee of the abovementioned Trusts. Pursuant to our discussions, this letter will serve as an acknowledgement of your acceptance as Trustee of said Trusts.
Please have the acknowledgement below signed and returned to my office as quickly as possible. This letter acknowledges that Team Health, Inc. will indemnify The Trust Company of Knoxville, Inc. for any previous actions of the prior Trustee and/or
Team Health, Inc. and will only hold The Trust Company responsible for all actions taken as directed Trustee occurring on and after the date of its acceptance of such Trustee position. 
 By signing below, The Trust Company of Knoxville, Inc. and Team Health, Inc. agree to the terms of this letter and the Trust attached hereto. 
  

	
	Sincerely,
	
	 /s/ Lisa Courtney

	Lisa Courtney
	Corporation VP, Human Resources

 Acknowledgement of Acceptance 
 The Trust Company of Knoxville hereby accepts the 
 request to be the directed Trustee of the Trust created 
 under the Team Health, Inc. Non-Qualified Supplemental Executive Retirement Plan 
 and Equity Deferred Compensation Plan 
  

					
	 By:
	 	/s/ Daniel K. Carter	 	11/23/04
	 Its:
	 	Vice President	 	Date        

  

													
	n EMERGENCY MEDICINE	 	n RADIOLOGY	 	n ANESTHESIA	 	n HOSPITALIST	 	n CRITICAL CARE	 	n PEDIATRICS

					
	

	  		  	n
	  		  	TEAM HEALTH
	  		  	1900 Winston Road, Suite 300
	  		  	Knoxville, Tennessee 37919
	  		  	P.O. Box 30698
Knoxville, Tennessee 37930
	  		  	800.342.2898
	  		  	865.693.1000
	  		  	www.teamhealth.com

 October 25, 2004 
 Attention: Dallas Osborne 
 Home Federal Bank of Tennessee 
 Knoxville, TN 37902 
 Re: The Trust created under the Team Health, Inc. Equity Deferred Compensation Plan 
 Re: The Trust created under the Team Health, Inc. Non-Qualified Executive Retirement Plan Trust Agreement 
 Dear Mr. Osborne: 
 You
are currently serving as the Trustee of the abovementioned Trusts. Pursuant to our discussions, this letter will serve as an acknowledgement of your resignation as Trustee of said Trusts, effective December 3, 2004. Please have the
acknowledgement below signed and returned to my office as quickly as possible. 
 If you have any questions, please feel free to call. I
greatly appreciate your cooperation on this matter. 
  

	
	Sincerely,
	
	 /s/ Lisa Courtney

	Lisa Courtney
	Corporate VP, Human Resources

 Acknowledgment of Resignation 
 The Home Federal Bank of Tennessee herby resigns 
 as Trustee of the Trusts created under the Team Health, Inc. 
 Supplemental Executive Retirement Plan and Equity Deferred Compensation Plan 
  

					
	By:	 	/s/ Dallas H. Osborne	 	11-23-04
	Its:	 	HOME FEDERAL BANK	 	Date        
		 	Trust Department	 	
		 	Dallas H. Osborne
		 	Vice President
		 	Employee Benefits Manager

  

													
	n EMERGENCY MEDICINE	 	n RADIOLOGY	 	n ANESTHESIA	 	n HOSPITALIST	 	n CRITICAL CARE	 	n PEDIATRICS

 Custodial Agreement 
 THIS AGREEMENT made this 3rd day of December, 2004, by and among Team Health, Inc., a Tennessee corporation, (hereinafter referred to as “Company,” which term shall include all successors thereto which have
adopted the Team Health, Inc. Non-Qualified Supplemental Executive Retirement Plan and the Team Health, Inc. Equity Deferred Compensation Plan (the “Plans”) and/or agreed to be bound by this Custodial Agreement) and Wachovia Bank, National
Association as Custodian (hereinafter referred to as “Custodian”). 
 W I T N E S S
E T H: 
 WHEREAS, the Company maintains the Plans for the benefit of its employees; and 
 WHEREAS, the Plans are not designed to constitute a tax-qualified plan under Section 401(a) of the Internal Revenue Code of 1986, as amended
(the “Code”), but may remain subject to certain provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); and 
 WHEREAS, the Company maintains two trusts and has appointed The Trust Company of Knoxville
                             (hereinafter referred to as the “Directed Trustee”) to hold and
administer property contributed by the Company pursuant to the terms of the Plans and a duly executed trust agreement (hereinafter referred to as the “Trust Agreements”); and 
 WHEREAS, the Company maintains two trusts and has appointed USI Consulting Group
                             (hereinafter referred to as the “Record keeper and Investment
Advisor”) to serve as record keeper and investment advisor to the plans; and 
 WHEREAS, Company desires to establish a Custodial Account, as defined
below, and appoint Custodian to hold a portion of the assets of the trust and to perform such functions as directed by the Directed Trustee; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, it is agreed by and between the Company and the Custodian as follows: 
 ARTICLE I - ESTABLISHMENT OF THE CUSTODIAL ACCOUNT 
 1.1 The Company hereby establishes with the Custodian
an account consisting of such sums of money or property as shall from time to time be paid to the Custodian under the Plan, and such earnings, profits, increments, additions and appreciation thereto and thereon as may accrue from time to time. All
such sums of money, all investments made therewith or proceeds thereof, and all earnings, profits, increments, appreciation and additions thereto and thereon, less the payments which shall have been made by the Custodian, as authorized herein, to
carry out the Plans, are referred to herein as the “Custodial Account”. 
 1.2 The Custodian shall not be responsible for the
collection of any funds required by the Plans to be paid by the Company to the Custodian. 
 1.3 It shall be the duty of the Custodian
hereunder: 
 (a) To hold, and administer the Custodial Account pursuant to the direction of the Directed Trustee, and

 (b) From time to time, on the written direction of the Record keeper (which has been appointed as the agent of the Trustee
and/or Company for this purpose) to make disbursements out of the Custodial Account to such persons, in such manner, in such amounts, and for such purposes as may be specified in such written direction. The Custodian shall be under no liability for
any disbursement made by it pursuant to such a direction. 

 1.4 Custodian may refuse to accept any property which it deems, in its sole discretion, to be unsuitable.

 ARTICLE II - INVESTMENT OF THE CUSTODIAL ACCOUNT 
 2.1 The Custodian shall invest and reinvest the principal and income of the Custodial Account pursuant to the written, telephone or computer generated direction of the Directed Trustee, a duly authorized
“Investment Manager” (within the meaning of Section 3(38) of ERISA), or a Plan Participant and keep the same invested without distinction between principal and income. The Custodian shall not be responsible for, nor make any
determination regarding, the prudence of such investment or reinvestment. 
 2.2 The Custodian shall have the following powers in addition to
the powers customarily vested in Custodians by law and in no way in derogation thereof: 
 (a) With any cash at any time held
by it, to purchase or subscribe for any authorized investment, and to retain such authorized investment in trust; 
 (b) To
sell for cash or on credit, convert, redeem, exchange for another authorized investment, or otherwise dispose of, any authorized investment at any time held by it; 
 (c) To retain uninvested all or any part of the Custodial Account; 
 (d) To purchase authorized investments at a premium or discount; 
 (e) To employ suitable agents, actuaries, accountants, investment advisors or managers and counsel and to pay their reasonable expenses
and compensation; 
 (f) To cause any investment in the Custodial Account to be registered in, or transferred into, its name
as Custodian or the name of its nominee or nominees or to retain them unregistered or in form permitting transfer by delivery, but the books and records of the Custodian shall at all times show that all such investments are part of the Custodial
Account; 
 (g) To do all acts which it may deem necessary or proper and to exercise any and all powers of the Custodian under
this Agreement upon such terms and conditions which it may deem are for the best interests of the Custodial Account; and 
 (h) To make disbursements from the Custodial Account in amounts and in the manner as directed by the Record keeper, Directed Trustee or Company; provided, however, that the Custodian shall have no responsibility to ascertain whether such
direction complies within the terms of the Plan or the Trust Agreement. 
 2.3 “Authorized Investment” as used in this Article II
shall mean bonds, debentures, notes, or other evidences of indebtedness; stocks (regardless of class), or other evidences of ownership in any corporation, mutual investment fund, common or collective trust fund, pooled investment fund, investment
company, association, or business trust; life insurance; retirement income or annuity contracts; and real and personal property of all kinds, including leaseholds on improved and unimproved real estate. The Plan permits investment in stock of the
Company (referred to herein as “Company Stock”). Therefore, obligations or securities of the Company shall not be excluded from the term “authorized investments,” provided, however, that this provision shall not be construed as
purporting to exempt employer securities (or employer real estate) from any limitation on investment imposed thereon by federal statute. Authorized investments shall not be limited to that class of investment which are defined as legal investments
for trust funds under the law of the State of North Carolina. 
 2.4 The Custodian shall not have the power, nor shall it accept
authorization, to vote or exercise any right appurtenant to Company Stock. 

 ARTICLE III - ACCOUNTS TO BE KEPT AND RENDERED BY THE CUSTODIAN 
 3.1 The Custodian shall keep accurate and detailed accounts of all investments, receipts and disbursements and other transactions hereunder, including
such specific records as shall be required by law and such additional records as may be agreed upon in writing between the Company and/or Directed Trustee and Custodian. In compiling such information with respect to any investment which does not
have a readily ascertainable market value, including but not limited to Company Stock, Custodian shall be entitled to rely on the Company’s or the Directed Trustee’s determination of value and shall have no duty to verify the accuracy of
the Trustee’s determination. All accounts, books and records relating thereto shall be open to inspection and audit by any person or persons designated by the Company or Trustee at all reasonable times. 
 3.2 Within ninety (90) days following the close of each year of the Plan or the receipt of the Company’s contribution for such year, whichever
is the latter, the Custodian shall file with the Directed Trustee a written account, setting forth all investments, receipts and disbursements, and other transactions effected by it during such year of the Plan including a description of all
securities and investments purchased and sold with the cost or net proceeds of such purchases or sales, and showing all cash, securities and other property held at the end of such year of the Plan. Neither the Company, the Directed Trustee nor any
other person shall have the right to demand or to be entitled to any further or different accounting by the Custodian, except as may be required by statute or by regulations published by federal government agencies with respect to reporting and
disclosure. 
 3.3 Upon the expiration of ninety (90) days following the date of filing such annual or other accounting, the Custodian
shall be forever released and discharged from any liability or accountability to anyone as respects the propriety of its acts or transactions shown in such account, except with respect to any acts or transactions as to which the Company or the
Directed Trustee shall set forth in a written statement claiming negligence or willful misconduct or lack of good faith on the part of the Custodian which is filed with the Custodian during such ninety (90) day period. 
 ARTICLE IV - THE CUSTODIAN 
 4.1 The
Custodian accepts the Custodial Account hereby created and agrees to perform the duties hereby required by it, subject, however, to the following conditions: 
 (a) The Custodian shall incur no liability to anyone for any action taken pursuant to a direction, request or approval given by the
Company, the Directed Trustee, a Plan Participant or any other party to whom authority to give such directions, requests or approvals is delegated under the Plan or the Trust Agreement. 
 (b) The Custodian shall receive as compensation for its services such amounts as may be agreed upon at the time of execution of this
Agreement, subject to change at any time and from time to time by agreement between the Company and the Custodian. Except as otherwise provided herein, the Custodian’s compensation and any other proper expense of the Custodian for the Custodial
Account (unless payable out of the Custodial Account) including all real and personal property taxes, income taxes, transfer taxes, and other taxes of any and all kinds whatsoever shall be paid by the Company; provided, however, that Custodian shall
be authorized, but not obligated, to charge such compensation and expenses against the Custodial Account. 
 (c) The Custodian
shall not be answerable for any action taken pursuant to any direction, consent, request, or other paper or document on the belief that the same is genuine if such direction, consent, request or other paper or document relates to a matter with
respect to which the purported initiator or signatory has authority under the Plan or Trust Agreement. 
 (d) The Custodian
shall be indemnified and held harmless by the Company against any actions, claims demands, losses, damage or expenses of any kind (including attorney’s fees), or liabilities (referred to collectively as “Claims”) which it or any of
its agents, employees, nominees, or affiliated organizations may at any time sustain or incur hereunder. 
 4.2 The Custodian acting
hereunder may resign at any time by giving 30 days written notice to the Company. The Company may terminate Custodian at any time by giving 60 days written notice to the Custodian. The above notwithstanding, resignation or termination may be made at
any time upon mutual consent of the parties. Upon the effective date of such resignation or termination (or upon the date on which there is no longer any property of the Plan held under the Custodial Account, if earlier), Custodian shall be forever
released and discharged from any liability or accountability to anyone with respect to its actions as Custodian. 

 4.3 Irrespective of the extent or scope of ERISA’s applicability to the Plan, the Custodian
(i) shall not act, nor be under any obligation to act absent direction of the Company or the Directed Trustee, (ii) shall not be a “Fiduciary” as that term is defined in Section 3(21) of ERISA, and (iii) shall in no
event be required or authorized to exercise any powers which would cause Custodian to be deemed a Fiduciary. 
 ARTICLE V - AMENDMENTS TO
CUSTODIAL AGREEMENT - 
 DISCONTINUANCE OF PLAN 
 5.1 The provisions of this Custodial Agreement may be amended at any time and from time to time upon mutual agreement between the Company and the Custodian provided that, except to the extent not in contravention of
applicable law: 
 (a) No such amendment shall be effective unless the Custodial Agreement, as so amended, continues to
operate for the exclusive benefit of the employees of the Company and their respective beneficiaries. 
 (b) No such amendment
shall operate to deprive a Participant of any rights or benefits irrevocably vested under the Plan or Trust Agreement prior to such amendment. 
 (c) Each such amendment shall be effective when adopted by the Board of Directors of Company and accepted by the Custodian. 
 ARTICLE VI - MISCELLANEOUS PROVISIONS 
 6.1 Any person dealing with the Custodian may rely upon a copy of
this Agreement and any amendments thereto, certified to be a true and correct copy by any officer of the Custodian. 
 6.2 Other than as
provided in Section 4.1 hereof, in no circumstances, whether upon amendment or termination of this Agreement, or otherwise, shall any part of the Custodial Account be used for or diverted to any purposes other than the exclusive benefit of
employees of the Company who are Participants under the Plan, or their beneficiaries unless specifically permitted under applicable law. 
 6.3 The term “Plan” whenever used herein shall mean the Plan as amended from time to time, and the Company will cause a copy of any amendment or a copy of the Plan, as amended, revised or changed, in any way and from time to time
to be delivered to the Custodian. 
 6.4 The term “Trust Agreement” whenever used herein shall mean the Trust Agreement as amended
from time to time, and the Company will cause a copy of any amendment, or a copy of the Trust Agreement, as amended, revised or changed, in any way and from time to time to be delivered to the Custodian. 
 6.5 Upon any change in the Directed Trustee, or the Investment Manager, the Company shall advise the Custodian in writing thereof, and the Custodian
shall be fully protected in assuming that there has been no change until so advised by the Company. 
 6.6 This Agreement shall be binding on
any and all successors to the Directed Trustee and the Company. 
 6.7 This Agreement shall be construed, enforced and regulated under
federal law, and to the extent (if any) not preempted thereby, under the laws of the State of North Carolina. 
 6.8 Additional Custodian
Services. The parties agree that the Custodian shall also provide the following services: (I) as directed by Authorized Persons, (a) process and pay (by mailing checks or by direct deposit) lump sum and periodic benefit distributions,
(b) make other payments from the Account on behalf of Plans to any person, including (but not 

 limited to) any Plan participant or beneficiary, and (c) make payment within 24 hours of the Custodian’s
receipt in good order of payment request, (II) withhold from each distribution, and timely deposit with Internal Revenue Service (“IRS”) and appropriate state and local governmental entities, all income taxes required to be collected and
withheld by the Custodian from distributions, and prepare and timely file with the IRS and appropriate state and local governmental entities, any returns or reports required with respect to distributions and other payments from Plans and/or the
collection and deposit of taxes, including, e.g., IRS Forms 1099-R and 945, and (III) provide statements as needed listing distributions made and withholdings filed (such reports to be transmitted electronically for each Plan’s quarterly
reporting period). 
 6.9 Patriot Act Compliance. The Company will take whatever action the Custodian may reasonably request to assist the
Custodian to comply with anti-terrorism or anti-money laundering requirements, including, without limitation, those set out in the USA Patriot Act of 2001, executive orders of the President of the United States, and regulations of the Office of
Foreign Asset Control. By way of example, each time that a participant joins the Company shall assure that such party is not listed on any list prepared by the Office of Foreign Asset Control or any other written list delivered by the Custodian to
the Company as someone with whom the Custodian is prohibited by law from transacting business (a “Prohibited Party”). The Company’s acceptance of a party into a plan as a participant shall constitute the Company’s representation
and warranty to the Custodian that such participant is not a Prohibited Party. At any time that the Plan learns that a participant is a Prohibited Party, the Plan shall immediately notify the Custodian. In connection with such obligations, the
Company agrees to provide the information requested in Schedule A hereto. Information provided on such Schedule A is used to help meet federal “Know Your Customer” guidelines, and will be reviewed for authentication purposes. 

6.10 Transition. The Company agrees to reasonably cooperate with the Custodian during the transition process which cooperation would include, by way
of example, reasonable adjustments to the effective dates of the Custodian’s commencement of services and acceptance of roles hereunder to the extent necessary to ensure a smooth integration process. 
 6.11 DCX Agreement. The Company hereby terminates the DCX Agreement effective as of December 3, 2004 and the parties agree that a copy of this
provision if provided to any other parties under the DCX Agreement shall constitute the Company’s notice of termination thereof. 
 IN
WITNESS WHEREOF, the Company and the Custodian have caused this Agreement to be executed and their respective corporate seals to be hereunto affixed and attested as of the day and year first above written. 
  

									
	Wachovia Bank, National Association	 		 	Plan Sponsor
					
	By:	 	  
	 		 	By:	 	 /s/ Lisa Courtney

	Title:	 	  
	 		 	Title:	 	Corp VP HR
				
	Directed Trustee	 		 		 	
					
	By:	 	 /s/ Daniel K. Carter
	 		 		 	
	Title:	 	Vice President	 		 		 	

 Schedule B 
 Committee Designation/Authorized Persons Form 
 The Plan Sponsor and the Recordkeeper represent that each is
authorized to appoint the Authorized Persons as its Agents, and has appointed them with the full authority to open accounts, request loans and distributions and otherwise effect transactions in investments for the Plan. The Plan Sponsor and the
Recordkeeper agree that the Authorized Persons are so authorized until the Recordkeeper and the Plan Sponsor provide Wachovia with written termination of this appointment of the Authorized Persons. Wachovia may, without inquiry, act only on the
instructions of ANY PERSON(S) purporting to be an Authorized Person as named herein, and Wachovia shall not be liable for any claims, expenses (including legal fees) or losses resulting from Wachovia’s having acted upon any instruction
reasonably believed to be properly authorized and genuine. 
  

									
	 Name:
	 	Daniel K. Carter	 		 	Signature:	 	 /s/ Daniel K. Carter

	 Company:
	 	 The Trust Company of Knoxville
	 		 		 	
	 Title:
	 	 Vice President
	 		 		 	
					
	 Name:
	 	 Terrie Stevens
	 		 	Signature:	 	 /s/ Terrie Stevens

	 Company:
	 	 Team Health, Inc.
	 		 		 	
	 Title:
	 	 Benefits Manager
	 		 		 	
					
	 Name:
	 	 Lisa Courtney
	 		 	Signature:	 	 /s/ Lisa Courtney

	 Company:
	 	 Team Health, Inc.
	 		 		 	
	 Title:
	 	 VP Human Resources
	 		 		 	
					
	 Name:
	 	  
	 		 	Signature:	 	  

	 Company:
	 	  
	 		 		 	
	 Title:
	 	  
	 		 		 	

 Wachovia is to be notified immediately of changes in Authorized Persons.

  

									
	PLAN SPONSOR	 		 	USI CONSULTING GROUP, INC.
					
	By:	 	 /s/ Lisa Courtney
	 		 	By:	 	  

	Title:	 	Corp VP HR	 		 	Title:	 	  

	Date:	 	3/3/2005	 		 	Date:Sheer, Ahearn & Associates Plan Provision Nonqualified Excess Deferral Plan

 Exhibit 10.4 
 SHEER, AHEARN AND ASSOCIATES, INC. 
 PLAN PROVISION 
 NONQUALIFIED EXCESS DEFERRAL PLAN 
 EFFECTIVE: SEPTEMBER 1, 1998 
 ARTICLE I - PURPOSE OF PLAN 
  

	1.1.	PURPOSE OF PLAN. The Company intends and desires by the adoption of this Plan to recognize the value to the Company of the past and present services of Eligible Employees covered by
the Plan and to encourage and assure their continued service with the Company by making additional provisions for their future retirement security. 

 This Plan is adopted to provide certain key management or highly compensated employees of Sheer, Ahearn and Associates, Inc. the opportunity to accumulate deferred compensation in addition to amounts accumulated in
qualified plans. 
 ARTICLE II - DEFINITIONS 
  

	2.1.	ACCOUNTS means the accounts maintained under this Plan on the books of the Company to measure the benefit of an Eligible Employee. 

  

	2.1.	BOARD means the Board of Directors of the Sheer, Ahearn and Associates, Inc. 

  

	2.2.	CODE means the Internal Revenue Code of 1986, as amended. 

  

	2.3.	COMMITTEE means the Compensation Committee appointed by the Board. 

  

	2.4.	COMPANY means Sheer, Ahearn and Associates, Inc. or any company that is a successor as a result of merger, consolidation, liquidation, transfer of assets or other reorganization.

  

	2.5.	ELIGIBLE EMPLOYEE means, for any Plan year, an employee of the Company who is a member of a select group of management or highly compensated employees as determined by the Company.

  

	2.6.	PLAN means the Sheer, Ahearn and Associates, Inc. Nonqualified Excess Deferral Plan. 

  

	2.7.	PLAN YEAR means the twelve (12) month period ending each December 31 during which the Plan is in effect. 

  

	2.8.	NONQUALIFIED EXCESS DEFERRAL ACCOUNT means the account on the books of the Company to which an Eligible Employee’s salary deferrals under Section 3.1, plus earnings, are
credited. 

 ARTICLE III - SALARY REDUCTION CONTRIBUTIONS 
  

	3.1.	An Eligible Employee may, for any Plan Year in which he or she is an Eligible Employee, elect to defer base salary or bonuses from the Company equal to a whole percentage or
specified dollar amount of his or her base salary or bonus per payroll period. The minimum deferral that may be made during a Plan Year is $5,000; the maximum deferral that may be made during any Plan Year is $200,000. Eligible Employee does so by
completing the Enrollment Form and Beneficiary Election Form. Salary reduction elections for existing employees under this Plan must be made before the beginning of the Plan Year to which they apply. New employees to the company are eligible to
participate the first quarter subsequent to their hire date. Once a Plan Year begins, salary reduction elections for that year under this Plan may not be amended or revoked, nor may salary reductions be suspended. The company will credit to each
Eligible Employee’s Nonqualified Excess Deferral Account the amount of that Eligible Employee’s salary reduction under this section. 

  

	3.2.	Contribution amounts may be changed prior to the beginning of the next Plan Year but the salary reduction may not be less than the minimum amount as described in Section 3.1.

 ARTICLE IV - VESTING 
  

	4.1.	SALARY DEFERRALS. An Eligible Employee shall always be one hundred percent (100%) vested in amounts credited to his or her Nonqualified Excess Deferral Account.

 ARTICLE V - ACCOUNTS 
  

	5.1.	ACCOUNTS. The Company will maintain on its books an Account for each Eligible Employee, to which shall be credited, as appropriate, salary reduction contributions under
Section 3.1 and earnings as provided in Section 6.5. 

 ARTICLE VI - PAYMENT OF BENEFITS 
  

	6.1.	PAYMENT OF BENEFITS. The benefit payable under this Plan on account of an Eligible Employee’s termination of employment, retirement, disability, or death shall be paid out
based upon his or her payout schedule, as elected on the Enrollment Form prior to starting deferrals. Upon the earlier of such termination of employment, retirement, disability or death, payments shall start within sixty (60) days after the
triggering event. All payments provided for in this Plan shall be made in conformity with the regular payroll procedures in use by the Company at the time of payment. Any death benefit payable under this Plan shall be payable to the beneficiary or
beneficiaries listed on the Beneficiary Election Form. 

  

 -2- 

	6.2.	DEFERRAL OF PAYMENTS. The Employee may elect to defer receipt of retirement benefits by making an election before the first day of the Plan year before the year he/she would receive
benefits. 

  

	6.3.	HARDSHIP WITHDRAWAL. A participant may at anytime after completion of twelve months participation in the Plan apply in writing to the Committee for a single-sum distribution of that
portion of such Employee’s Accrued Balance necessary to relieve an immediate financial need resulting from an Unforeseeable Emergency. Whether, and the extent to which, the Employee has incurred an Unforeseeable Emergency shall be determined by
the Committee in its sole discretion. The minimum hardship withdrawal shall be $5,000, and the maximum shall be the amount necessary to relieve the immediate financial need resulting from the unforeseeable emergency. An Employee who receives a
Hardship Withdrawal shall not be eligible to make deferrals under the Plan until the beginning of the next Plan year, or if the beginning of the next Plan year is less than six months from the effective date of the withdrawal, until the expiration
of such six-month period. 

  

	6.4.	DISABILITY BENEFITS. The Employee shall be deemed to have become disabled for purposes of this Plan if the Committee shall find, on the basis of medical evidence satisfactory to it,
that the Employee is so totally mentally or physically disabled as to be unable to engage in further employment, and that such disability shall be permanent and continuous during the remainder of his or her life. No disability payments under this
Plan will be paid until benefits from all other sources of Employer Sponsored and Employee- owned Disability Income Insurance are accessed and in the process of paying benefits as described by each applicable contract. 

  

	6.5.	EARNINGS BASED ON DEEMED INVESTMENT. At the end of each calendar quarter, each Account will be adjusted, with either an increase or a decrease, to reflect earnings on the Account
during the quarter. The Account will be adjusted to reflect the investment return under the Eligible Employee’s election for deemed investment (noted an the Enrollment Form). Interest for a quarter will be credited or debited only on Accounts
which are on the books of the Company at the end of the quarter, and accounts which are distributed in full during a quarter will not be credited with earnings for that quarter. The return credited or debited to the account is only a measuring
device and does not reflect that the Employee has any right to any assets owned by the Company. 

 ARTICLE VII - ADMINISTRATION

  

	7.1.	COMMITTEE. The Committee shall administer, construe, and interpret this Plan and shall determine, subject to the provisions of this Plan, the Eligible Employees who shall
participate in the Plan from time to time and the amount, if any, due an Eligible Employee (or his at her beneficiary) under this Plan. No member of the Committee shall be liable for any act done or determination made in good faith. No member of the
Committee who is a participant in this Plan may vote on matters affecting his or her personal benefit under this Plan, but any such member shall otherwise be fully entitled to 

  

 -3- 

 act in matters arising out of or affecting this Plan notwithstanding his or her participation herein. In
carrying out its duties herein, the Committee shall have discretionary authority to exercise all powers and to make all determinations, consistent with the terms of the Plan, in all matters entrusted to it, and its determinations shall be given
deference and shall be final and binding on all interested parties. 
  

	7.2.	CLAIMS PROCEDURE. The following claims procedure shall apply to the Plan: 

  

	 	a.	FILING OF A CLAIM FOR BENEFITS. The Employee or the beneficiaries of the Plan shall make a claim for the benefits provided under the Plan in the manner provided in the Plan.

  

	 	b.	CLAIM APPROVAL OR DENIAL WITH RESPECT TO PLAN BENEFITS. With respect to a claim for benefits, the Plan Administrator shall review and make decisions on claims for benefits. The Plan
Administrator shall have complete and sole discretionary authority to determine eligibility for benefits and to construe the terms of the Plan. 

  

	 	c.	NOTIFICATION TO CLAIMANT OF DECISION. If a claim is wholly or partially denied, notice of the decision, meeting the requirements of paragraph d. following, shall be furnished to the
claimant within a reasonable period of time after the claim has been filed. 

  

	 	d.	CONTENT OF NOTICE. The Plan Administrator shall provide to any claimant whose claim for benefits is denied in whole or in part a written notice setting forth, in a manner calculated
to be understood by the claimant, the following: 

  

	 	(1)	the specific reason or reasons for the denial or partial denial; 

  

	 	(2)	specific reference to pertinent Plan provisions on which the denial is based; 

  

	 	(3)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and,

  

	 	(4)	an explanation of the Plan’s claim review procedure, as set forth in paragraphs e. and f. following. 

  

	 	e.	REVIEW PROCEDURE. The purpose of the review procedure set forth in this paragraph and in paragraph f. following is to provide a procedure by which a claimant under the Plan may have
a reasonable opportunity to appeal a denial or partial denial of a claim and request a full and fair review. To accomplish that purpose, the claimant or a duly authorized representative: 

  

 -4- 

	 	(1)	may request a review by written application to the Plan Administrator; 

  

	 	(2)	may review pertinent Plan documents or agreements; and, 

  

	 	(3)	may submit issues and comments in writing. 

 A claimant (or
duly authorized representative) shall request a review at any time within sixty (60) days by filing a written application after receipt by the claimant of written notice of the denial of his or her claim. 
  

	 	f.	DECISION ON REVIEW. A decision on review of a denial of a claim shall be made in the following manner. 

  

	 	(1)	The decision on review shall be made by the Plan Administrator, which may in his or her discretion hold a hearing on the denied claim. The Plan Administrator shall make his or her
decision promptly, unless special circumstances (such as the need to hold a hearing) require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but no later than one hundred twenty (120) days
after receipt of the request for review. 

  

	 	(2)	The decision on review shall be in writing, and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant, and specific
references to the pertinent Policy or Plan provisions on which the decision is based. 

  

	 	g.	IMPLEMENTATION. For purposes of implementing this claims procedure, the Committee is hereby designated as Plan Administrator of this Plan and Agreement. 

 ARTICLE VIII - MISCELLANEOUS PROVISIONS 
  

	8.1.	LIMITATION OF RIGHTS. Nothing contained in this Plan shall be construed to: 

  

	 	(a)	Limit in any way the right of the Company to terminate an Eligible Employee’s employment at any time; or 

  

	 	(b)	Be evidence of any agreement or understanding, express or implied, that the Company will employ an Eligible Employee in any particular position or at any particular rate of
remuneration. 

  

	8.2.	NONALIENATION OF BENEFITS; NO WITHDRAWALS. No amounts payable hereunder may be assigned, pledged, mortgaged, or hypothecated, and, to the extent permitted by law, no such amounts
shall be subject to legal process or attachment of the payment of any claims against any person entitled to receive the same. No amounts 

  

 -5- 

 credited to an Eligible Employee’s account[s] may be withdrawn or paid to the Eligible Employee
prior to his or her termination of employment. 
  

	8.3.	AMENDMENT OR TERMINATION OF PLAN. Although it is expected that this Plan shall continue indefinitely, the Board may amend this Plan from time to time in any respect, and may at any
time terminate the Plan in its entirety; provided, however, that an Eligible Employee’s account[s] as of the date of any such amendment or termination may not be reduced nor may any such amendment or termination adversely affect an Eligible
Employee’s entitlement to his or her account[s] as of such date. 

  

	8.4.	ACCELERATION OF BENEFITS BASED ON COMPANY’S FINANCIAL HARDSHIP. If the Executive Management Committee or some other committee duly appointed by the Board of Directors of the
Corporation to supervise the Plan deems that MedPartners, Inc. or any other owner of the company is financially insecure, illiquid or in any way unable to pay its debts and in particular its obligations under this Plan, then the Employee’s
Deferred Compensation Account will immediately vest and be made payable as an immediate payment at the discretion of the participant, in the Employee and the Company shall credit 100% to the deferred book reserve. 

  

	8.5.	CONSTRUCTION OF PLAN. This Plan is unfunded. The obligations of the Company with respect to the amounts payable hereunder shall be paid out of the Company’s general assets and
shall not be secured by any form of trust, escrow, or otherwise. This provision shall not require the Company to set aside any funds, but the Company may set aside such funds if it chooses to do so. This Plan shall be so construed that it will be
“unfunded” and maintained “primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees,” as those terms are used in the Employee Retirement Income Security Act of
1974. 

  

	8.6.	INCAPACITY OF BENEFICIARY. If the Company shall find that any person to whom any payment is payable under this Plan is unable to care for his or her affairs because of illness or
accident or is a minor, any payment due (unless a prior claim thereof shall have been made by a duly appointed guardian, committee, or other legal representative) may be paid to the spouse, child, parent, or brother or sister, or to any person
deemed by the Company to have incurred expense for such person otherwise entitled to payment, in accordance with the applicable provision of this Plan. Any such payment shall be a complete discharge of the Company’s liabilities under this Plan.

  

	8.7.	SEVERABILITY. If the Internal Revenue Service shall at any time interpret this Plan to be ineffective with regard to deferral of the Employee’s income, and that interpretation
becomes final and is not appealed, then only those amounts in the account[s] which would be treated as currently taxable income by the Service at the time of such final interpretation shall be paid over to the Employee. All other assets shall be
distributed to the Employee according to the Enrollment and Beneficiary Election Form. 

  

 -6- 

	8.8.	NOTICE. Any notice to be delivered under this Plan shall be given in writing and delivered, personally or by certified mail, postage prepaid, addressed to the Company at its last
known address. 

  

	8.9.	NONWAIVER. No delay or failure by either party to exercise any right under this Plan, and no partial or single exercise of that right, shall constitute a waiver of that or any other
right. 

  

	8.10.	GENDER AND NUMBER. Wherever used in this Plan, the masculine shall be deemed to include the feminine and the singular shall be deemed to include the plural, unless the context
clearly indicates otherwise. 

  

	8.11.	LAW GOVERNING. This Plan shall be construed in accordance with and governed by the laws of the State of Florida to the extent such laws are not preempted by federal law.

  

	8.12.	BINDING EFFECT. This Plan shall be binding upon the parties hereto, their heirs, assigns, successors, executors, and administrators. In the event the Company becomes a party to any
merger, sale, consolidation, or reorganization, this Plan shall remain in full force and continue to be offered as a benefit for the class of employees for which it is intended. The continuation of this Plan shall remain as an obligation of the
Company or its successors in interest. 

  

							
	ATTEST/WITNESS	 	Sheer, Ahearn and Associates, Inc.
				
	 Witness:
	 	 /s/ Christopher P. Davis
	 	By:	 	 /s/ H. Kirby Blankenship

	Print Name:	 	Christopher P. Davis	 	Title:	 	President
		 		 	Print Name:	 	H. Kirby Blankenship
			
		 		 	 Date: February 25, 1999

  

 -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}]]