Document:

EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

This Agreement is between George L. Mikan III (“Executive”) and United HealthCare Services,
Inc. (“UnitedHealth Group”), and is effective as of November 7, 2006 (the “Effective Date”). This
Agreement’s purposes are to set forth certain terms of Executive’s employment by UnitedHealth Group
or one of its affiliates and to protect UnitedHealth Group’s knowledge, expertise, customer
relationships, and confidential information. Unless the context otherwise requires, “UnitedHealth
Group” includes all its affiliated entities.

1. Employment and Duties.

	 	A.	 	Employment. UnitedHealth Group hereby employs Executive, and Executive
accepts employment, under this Agreement’s terms.

	 	B.	 	Title and Duties. Executive will be employed as the Executive Vice
President and Chief Financial Officer of UnitedHealth Group Incorporated, and will
report to the President and Chief Executive Officer of UnitedHealth Group Incorporated.
Executive will perform such duties, have such authority, and exercise such supervision
and control as are commonly associated with Executive’s position, as well as perform
such other duties as are reasonably assigned to Executive. Executive will devote
substantially all of Executive’s business time and energy to Executive’s duties.
Executive will maintain operations in Executive’s area of responsibility, and make
every reasonable effort to ensure that the employees within that area of responsibility
act, in compliance with applicable law and UnitedHealth Group’s Principles of Integrity
and Compliance. Executive is subject to all of UnitedHealth Group’s employment
policies and procedures (except as specifically superseded by this Agreement).

2. Compensation and Benefits.

	 	A.	 	Base Salary. Executive’s initial annual base salary will be $650,000,
payable according to UnitedHealth Group’s regular payroll schedule. Periodic
adjustments to Executive’s base salary may be made.

	 	B.	 	Incentive Compensation. Executive will be eligible to participate in
UnitedHealth Group’s incentive compensation plans in UnitedHealth Group’s discretion
and in accordance with the plans’ terms and conditions. Executive’s initial target
bonus potential will be 90% of annual base salary, subject to periodic adjustments.

	 	C.	 	Equity Awards. Executive will be eligible for stock-based awards in
UnitedHealth Group’s discretion.

	 	D.	 	Employee Benefits. Executive will be eligible to participate in
UnitedHealth Group’s employee welfare, retirement, and other benefit plans on the same
basis as other similarly situated executives, in accordance with the terms of the
plans. Executive will be eligible for Paid Time Off in accordance with UnitedHealth
Group’s policies. UnitedHealth Group reserves the right to amend or discontinue any
plan or policy at any time in its sole discretion. In addition to the Company’s
generally available benefits, the Company shall provide Executive, at the Company’s
expense during the term of Executive’s employment, a $2 million face value term life
insurance policy and a long term disability policy which covers 60% of base salary in
the event of a qualifying long term disability, subject to the terms of the policy.

3. Term and Termination.

	 	A.	 	Term. This Agreement’s term is from the Effective Date until this
Agreement is terminated under Section 3.B.

	 	B.	 	Termination.

	 	i.	 	By Mutual Agreement. The parties may terminate
Executive’s employment and this Agreement at any time by mutual agreement.

	 	ii.	 	By UnitedHealth Group without Cause. UnitedHealth
Group may terminate this Agreement and Executive’s employment without Cause
upon 90 days’ prior written notice.

	 	iii.	 	By UnitedHealth Group with Cause. UnitedHealth Group
may terminate this Agreement and Executive’s employment at any time for Cause.
“Cause” means Executive’s (a) material failure to follow UnitedHealth Group’s
reasonable direction or to perform any duties reasonably required on material
matters, (b) material violation of, or failure to act upon or report known or
suspected violations of, UnitedHealth Group’s Principles of Integrity and
Compliance, (c) conviction of a felony, (d) commission of any criminal,
fraudulent, or dishonest act in connection with Executive’s employment, (e)
material breach of this Agreement, or (f) conduct that is materially
detrimental to UnitedHealth Group’s interests. UnitedHealth Group will, within
120 days of the discovery of the conduct, give Executive written notice
specifying the conduct constituting Cause in reasonable detail and Executive
will have 60 days to remedy such conduct, if such conduct is reasonably capable
of being remedied. In any instance where the Company may have grounds for
Cause, failure by the Company to provide written notice of the grounds for
Cause within 120 days of discovery shall be a waiver of its right to assert the
subject conduct as a basis for termination for Cause.

	 	iv.	 	By Executive without Good Reason. Executive may
terminate this Agreement and Executive’s employment at any time for any reason,
including due to Executive’s retirement.

	 	v.	 	By Executive for Good Reason. Executive may terminate
this Agreement and Executive’s employment for Good Reason, as defined below.
Executive must give UnitedHealth Group written notice specifying in reasonable
detail the circumstances constituting Good Reason, within 120 days of becoming
aware of such circumstances, or such circumstances will not constitute Good
Reason. If the circumstances constituting Good Reason are reasonably capable
of being remedied, UnitedHealth Group will have 60 days to remedy such
circumstances. “Good Reason” will exist if, without Executive’s consent,
UnitedHealth Group: (a) reduces Executive’s base salary or long or short term
target bonus percentage other than in connection with a general reduction
affecting a group of similarly situated employees; (b) moves Executive’s
primary work location more than 50 miles; (c) makes changes that substantially
diminish Executive’s duties or responsibilities; or (d) changes the Executive’s
reporting relationship away from the President and Chief Executive Officer of
UnitedHealth Group.

	 	vi.	 	Due to Executive’s Death or Disability. This Agreement
and Executive’s employment will terminate automatically if Executive dies. The
termination date will be the date of Executive’s death. UnitedHealth Group may
terminate this Agreement and Executive’s employment due to Executive’s
disability that renders Executive incapable of performing the essential
functions of Executive’s job, with or without reasonable accommodation.
Executive will not be entitled to Severance Benefits under Section 4 in the
event of termination due to Executive’s death or disability.

	4.	 	Severance Benefits.

	 	A.	 	Circumstances under Which Severance Benefits Payable. Executive will
be entitled to Severance Benefits only if Executive’s employment is terminated by
UnitedHealth Group without Cause or if Executive terminates employment for Good Reason.
The Severance Benefits in this Agreement are in lieu of any payments or benefits to
which Executive otherwise might be entitled under any UnitedHealth Group severance plan
or program.

	 	B.	 	Severance Benefits. Executive will be entitled to the following
Severance Benefits in the event Executive’s employment terminates under the
circumstances described at Section 4A above:

(1) Two times Executive’s annualized base salary as of Executive’s termination date.

(2) Two times the average of the total of any bonus or incentive compensation paid
or payable to Executive for the two most recent calendar years (excluding
equity-related awards, payments under any long-term or similar benefit plan, or any
other special or one-time bonus or incentive compensation payments); provided,
however, that if termination occurs within two years following the Effective Date,
the amount payable under this paragraph will be two times the greater of (i)
Executive’s target incentive, or (ii) the most recent year’s annual bonus after the
first year anniversary of this Agreement.

(3) $12,000 payment to offset costs of COBRA.

(4) Outplacement services consistent with those provided to similarly situated
executives.

Subject to the provisions of § 416(i) of the Internal Revenue Code, all payments in
(1)-(2) above will be less applicable deductions, including deductions for tax
withholding, and will be paid bi-weekly on the regular payroll cycle over the two
year severance period. Executive and the Company agree that this Section 4 will not
have the effect of extending the vesting period of any equity awards granted prior
to the date hereof.

	 	C.	 	Separation Agreement and Release Required. In order to receive any
Severance Benefits under this Agreement, Executive must sign a separation agreement and
release of claims substantially in the form attached hereto.

5. Property Rights, Confidentiality, Non-Disparagement, and Restrictive Covenants.

	 	A.	 	UnitedHealth Group’s Property.

	 	i.	 	Assignment of Property Rights. Executive must promptly
disclose in writing to UnitedHealth Group all inventions, discoveries,
processes, procedures, methods and works of authorship, whether or not
patentable or copyrightable, that Executive alone or jointly conceives, makes,
discovers, writes or creates, during working hours or on Executive’s own time,
during this Agreement’s term (the “Works”). Executive hereby assigns to
UnitedHealth Group all Executive’s rights, including copyrights and patent
rights, to all Works. Executive must assist UnitedHealth Group as it
reasonably requires to perfect, protect, and use its rights to the Works. This
provision does not apply to any Work for which no UnitedHealth Group equipment,
supplies, facility or trade secret information was used and: (1) which does not
relate directly to UnitedHealth Group’s business or actual or demonstrably
anticipated research or development, or (2) which does not result from any work
performed for UnitedHealth Group.

	 	ii.	 	No Removal of Property. Executive may not remove from
UnitedHealth Group’s premises any UnitedHealth Group records, documents, data
or other property, in either original or duplicate form, except as necessary in
the ordinary course of UnitedHealth Group’s business.

	 	iii.	 	Return of Property. Executive must immediately deliver
to UnitedHealth Group, upon termination of employment, or at any other time at
UnitedHealth Group’s request, all UnitedHealth Group property, including
records, documents, data, and equipment, and all copies of any such property,
including any records or data Executive prepared during employment.

	 	B.	 	Confidential Information. Executive will be given access to and
provided with sensitive, confidential, proprietary and trade secret information
(“Confidential Information”) in the course of Executive’s employment. Examples of
Confidential Information include: inventions; new product or marketing plans; business
strategies and plans; merger and acquisition targets; financial and pricing
information; computer programs, source codes, models and databases; analytical models;
customer lists and information; and supplier and vendor lists and information.
Executive agrees not to disclose or use Confidential Information, either during or
after Executive’s employment with UnitedHealth Group, except as necessary to perform
Executive’s UnitedHealth Group duties or as UnitedHealth Group may consent in writing.
This Agreement does not restrict use or disclosure of publicly available information or
information: (i) that Executive obtained from a source other than UnitedHealth Group
before becoming employed by UnitedHealth Group; or (ii) that Executive received from a
source outside UnitedHealth Group without an obligation of confidentiality.

	 	C.	 	Non-Disparagement. Executive agrees not to criticize, make any
negative comments or otherwise disparage UnitedHealth Group or those associated with
it, whether orally, in writing or otherwise, directly or by implication, to any person
or entity, including UnitedHealth Group customers and agents.

	 	D.	 	Restrictive Covenants. Executive agrees to the restrictive covenants
in this Section in consideration of Executive’s employment and UnitedHealth Group’s
promises in this Agreement, including providing Executive access to Confidential
Information. The restrictive covenants in this Section apply during Executive’s
employment and for 24 months following termination of employment for any reason.
Executive agrees that he will not, without UnitedHealth Group’s prior written consent,
directly or indirectly, for Executive or for any other person or entity, as agent,
employee, officer, director, consultant, owner, principal, partner or shareholder, or
in any other individual or representative capacity:

	 	i.	 	Customer Solicitation: Executive will not engage in,
or attempt to engage in, any business competitive with any UnitedHealth Group
business with any person or entity who: (a) was a UnitedHealth Group provider
or customer within the 12 months before Executive’s employment termination and
(b) with whom Executive had contact to further UnitedHealth Group’s business or
for whom Executive performed services, or supervised the provision of services
for, during Executive’s employment.

	 	ii.	 	Employee Solicitation: Executive will not hire,
employ, recruit or solicit any UnitedHealth Group employee or consultant.

	 	iii.	 	Interference: Executive will not induce or influence
any UnitedHealth Group employee, consultant, customer or provider to terminate
his, her or its employment or other relationship with UnitedHealth Group.

	 	iv.	 	Competitive Activities: Executive will not engage or
participate in, or in any way render services or assistance to, any business
that competes, directly or indirectly, with any UnitedHealth Group product or
service that Executive participated in, engaged in, or had Confidential
Information regarding, during Executive’s employment; provided, however, that
this Section 5.D.iv will not prevent Executive from being employed by, or
working as a consultant to, or serving on the board of, or being an owner or an
investor in, a private equity firm.

	 	v.	 	Assisting Others: Executive will not assist anyone in
any of the activities listed above.

	 	E.	 	Cooperation and Indemnification. Executive agrees that Executive will
cooperate (i) with UnitedHealth Group in the defense of any legal claim involving any
matter that arose during Executive’s employment with UnitedHealth Group, and (ii) with
all government authorities on matters pertaining to any investigation, litigation or
administrative proceeding concerning UnitedHealth Group. UnitedHealth Group will
reimburse Executive for any reasonable travel and out-of-pocket expenses incurred by
Executive in providing such cooperation. UnitedHealth Group will indemnify Executive,
in accordance with the Minnesota Business Corporation Act, for all claims and other
covered matters arising in connection with Executive’s employment.

	 	F.	 	Injunctive Relief. Executive agrees that (a) legal remedies (money
damages) for any breach of Section 5 will be inadequate, (b) UnitedHealth Group will
suffer immediate and irreparable harm from any such breach, and (c) UnitedHealth Group
will be entitled to injunctive relief from a court in addition to any legal remedies
UnitedHealth Group may seek in arbitration. If an arbitrator or court determines that
Executive has breached any provision of Section 5, Executive agrees to pay to
UnitedHealth Group its reasonable costs and attorney’s fees incurred in enforcing that
provision.

	 	G.	 	Survival. This Section 5 will survive this Agreement’s termination.

	6.	 	Miscellaneous.

	 	A.	 	Tax Withholding. All compensation payable under this Agreement will be
subject to applicable tax withholding and other required or authorized deductions.

	 	B.	 	Assignment. Executive may not assign this Agreement. UnitedHealth
Group may assign this Agreement. Any successor to UnitedHealth Group will be deemed to
be UnitedHealth Group under this Agreement.

	 	C.	 	Notices. All notices under this Agreement must be hand delivered or
sent by registered or certified mail, return receipt requested and postage prepaid, to
the party’s address below or to the party’s current address at the time of notice. 

UnitedHealth Group:

UnitedHealth Group

Attn: Vice President, Employee Relations

9900 Bren Road East

Minnetonka, MN 55343

Executive:

George L. Mikan, III

9900 Bren Road East

Minnetonka, MN 55343

	 	D.	 	Entire Agreement, Amendment. This Agreement contains the parties’
entire agreement regarding its subject matter and may only be amended in a writing
signed by the parties. This Agreement supersedes any and all prior oral or written
employment agreements (including letters and memoranda) between Executive and
UnitedHealth Group or its predecessors. This Agreement does not supersede any stock
option, restricted stock, or stock appreciation rights plan or award certificate.

	 	E.	 	Choice of Law. Minnesota law governs this Agreement.

	 	F.	 	Waivers. No party’s failure to exercise, or delay in exercising, any
right or remedy under this Agreement will be a waiver of such right or remedy, nor will
any single or partial exercise of any right or remedy preclude any other or further
exercise of such right or remedy.

	 	G.	 	Narrowed Enforcement and Severability. If a court or arbitrator
decides that any provision of this Agreement is invalid or overbroad, the parties agree
that the court or arbitrator should narrow such provision so that it is enforceable or,
if narrowing is not possible or permissible, such provision should be considered
severed and the other provisions of this Agreement should be unaffected.

	 	H.	 	Dispute Resolution and Remedies. Except for injunctive relief under
Section 5.F, any dispute between the parties relating to this Agreement or to
Executive’s employment will be resolved by binding arbitration under UnitedHealth
Group’s Employment Arbitration Policy, as it may be amended from time to time. The
arbitrator(s) may not vary this Agreement’s terms and must apply applicable law.

United HealthCare Services, Inc.

By /s/ Richard A. Anderson

	 	 	Its Officer

Date January 31, 2007

George L. Mikan III

/s/ George L. Mikan III

	 	 	Date January 31, 2007EX-10.1

Exhibit 10.1

EXECUTION VERSION

AMENDMENT NO. 7

TO SECOND AMENDED AND RESTATED MASTER

REPURCHASE AGREEMENT

Amendment No. 7, dated as of January 31, 2007 (this “Amendment”), among CREDIT SUISSE
FIRST BOSTON MORTGAGE CAPITAL LLC (the “Buyer”), FIELDSTONE MORTGAGE COMPANY (a
“Seller”) and FIELDSTONE INVESTMENT CORPORATION (a “Seller” and, together with
Fieldstone Mortgage Company, the “Sellers”).

RECITALS

The Buyer and the Sellers are parties to that certain Second Amended and Restated Master
Repurchase Agreement, dated as of March 31, 2005, as amended by that certain Amendment No. 1 to
Second Amended and Restated Master Repurchase Agreement, dated as of October 19, 2005, Amendment
No. 2 to Second Amended and Restated Master Repurchase Agreement, dated as of February 22, 2006,
Amendment No. 3 to Second Amended and Restated Master Repurchase Agreement, dated as of April 27,
2006, Amendment No. 4 to Second Amended and Restated Master Repurchase Agreement, dated as of
November 30, 2006, Amendment No. 5 to Second Amended and Restated Master Repurchase Agreement,
dated as of December 20, 2006, and Amendment No. 6 to Second Amended and Restated Master Repurchase
Agreement, dated as of December 29, 2006 (as the same may have been amended and supplemented from
time to time, the “Existing Repurchase Agreement” and as amended by this Amendment, the
“Repurchase Agreement”). Capitalized terms used but not otherwise defined herein shall
have the meanings given to them in the Existing Repurchase Agreement.

The Buyer and the Sellers have agreed, subject to the terms and conditions of this Amendment,
that the Existing Repurchase Agreement be amended to reflect certain agreed upon revisions to the
terms of the Existing Repurchase Agreement.

Accordingly, the Buyer and the Sellers hereby agree, in consideration of the mutual premises
and mutual obligations set forth herein, that the Existing Repurchase Agreement is hereby amended
as follows:

SECTION 1. First Amendment Period. For purposes of this Amendment, this Section
1 will be effective only for the period from and including October 1, 2006 through and
including March 31, 2007 (the “First Amendment Period”). Section 14(f) of the
Existing Repurchase Agreement is hereby amended by deleting it in its entirety and replacing it
with the following language, which amendment shall be effective solely during the First Amendment
Period:

“(f) Maintenance of Profitability.

(A) FIC shall not permit, for any two consecutive Test Periods (other than with respect
to the Test Periods set forth in (B) below), its consolidated Net Income for any Test
Period, before income taxes for such Test Period, distributions made during such Test
Period, and without regard to unrealized gains or losses from mark to market valuations
resulting from Seller’s Interest Rate Protection Agreements during such Test Period, to be
less than $1.00.

(B) FIC may permit, for the two consecutive Test Periods from and including October 1,
2006 through and including March 31, 2007, its consolidated Net Income for any Test Period,
before income taxes for such Test Period, distributions made during such Test Period, and
without regard to unrealized gains or losses from mark to market valuations resulting from
Seller’s Interest Rate Protection Agreements during such Test Period, to be less than
$1.00.”

SECTION 2. Second Amendment Period. For purposes of this Amendment, this Section
2 will be effective only for the period from and including January 31, 2007 through and
including the Termination Date (the “Second Amendment Period” and together with the First
Amendment Period, the “Amendment Periods”).

(i) Section 2 of the Existing Repurchase Agreement is hereby amended by
deleting the definition of “Maximum Aggregate Purchase Price” in its entirety and
replacing it with the following language, which amendment shall be effective solely
during the Second Amendment Period:

““Maximum Aggregate Purchase Price” means THREE HUNDRED MILLION DOLLARS
($300,000,000).”

(ii) Section 14(a) of the Existing Repurchase Agreement is hereby amended by
deleting it in its entirety and replacing it with the following language, which
amendment shall be effective solely during the Second Amendment Period:

“(a) Minimum Consolidated Adjusted Tangible Net Worth. The Sellers
shall maintain a Consolidated Adjusted Tangible Net Worth of at least
$350 million.”

SECTION 3. Conditions Precedent. This Amendment shall become effective on, with
respect to Section 1, October 1, 2006 and, with respect to Section 2, January 31, 2007 (the
“Amendment Effective Dates”), subject to the satisfaction of the following conditions
precedent:

3.1 Delivered Documents. On the Amendment Effective Date, the Buyer shall have
received the following documents, each of which shall be satisfactory to the Buyer in form and
substance:

(a) this Amendment, executed and delivered by a duly authorized officer of the Buyer
and Sellers;

(b) such other documents as the Buyer or counsel to the Buyer may reasonably request.

SECTION 4. Representations and Warranties. Each of the Sellers hereby represents and
warrants to the Buyer that they are in compliance with all the terms and provisions set forth in
the Repurchase Agreement on their part to be observed or performed, and that no Event of Default
has occurred or is continuing, and hereby confirm and reaffirm the representations and warranties
contained in Section 13 of the Existing Repurchase Agreement.

SECTION 5. Limited Effect. Except as expressly amended and modified by this
Amendment, the Repurchase Agreement shall continue to be, and shall remain, in full force and
effect in accordance with its terms. The amendments set forth in Section 1 and Section 2 of this
Amendment shall expire upon the expiration of the applicable Amendment Period at which time the
terms of the Existing Repurchase Agreement shall revert to that set forth in the Existing
Repurchase Agreement and be applied on a prospective basis thereafter. Other than as expressly set
forth herein, the execution of this Amendment by the Buyer shall not operate as a waiver of any of
its rights, powers or privileges under the Repurchase Agreement or any other Program Agreement,
including without limitation, any rights, powers or privileges relating to other existing or future
breaches of, or Defaults or Events of Default under, the Repurchase Agreement or any other Program
Agreement (whether the same or of a similar nature as the breaches identified herein or otherwise)
except as expressly set forth herein.

SECTION 6. Counterparts. This Amendment may be executed by each of the parties hereto
on any number of separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW
PROVISIONS THEREOF.

[SIGNATURE PAGE FOLLOWS]

1

IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their
respective officers thereunto duly authorized as of the day and year first above written.

	 	 	 
	Buyer:	 	CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
	 	 	as Buyer
	
 
	 	By: /s/ A. Adam Loskove
	
 
	 	 
	
 
	 	Name: A. Adam Loskove

Title: Vice President
	 
	 	 
	Seller:

	 	FIELDSTONE MORTGAGE COMPANY,

as Seller
	 
	 	 
	
 
	 	By: /s/ Mark C. Krebs
	
 
	 	 
	
 
	 	Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer
	 
	 	 
	Seller:

	 	FIELDSTONE INVESTMENT CORPORATION,

as Seller
	 
	 	 
	
 
	 	By: /s/ Mark C. Krebs
	
 
	 	 
	
 
	 	Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer
	 
	 	 

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