Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) is being entered into as of March 18, 2016 by Addus
HealthCare, Inc., an Illinois corporation (the “Company”), and Inna Berkovich (the “Executive”) (each, a “Party” and collectively, the “Parties”). 

WHEREAS, the Executive has been employed by the Company pursuant to an employment and non-competition agreement, dated June 18, 2012 (the
“Employment Agreement”); 
 WHEREAS, the Executive’s employment with the Company terminated effective February 16,
2016 (the “Separation Date”); and 
 WHEREAS, the Executive and the Company wish to resolve all matters related to her
employment with the Company on the terms and conditions expressed in this Agreement, including the release provisions (the “Release Agreement”) set forth in Exhibit A hereto. 

NOW, THEREFORE, in consideration of the mutual promises contained herein, the Parties, intending to be legally bound, agree as follows: 

1. Last Day of Employment. 

(a) The Executive’s employment with the Company as its Chief Information Officer terminated as of the Separation Date, and
all agreements and employment arrangements between the Executive and the Company or any parent, subsidiary or affiliate thereof (collectively, the “Company Group”) terminated effective as of the Separation Date. The Parties agree
that all of their rights and obligations under the Employment Agreement continued through the Separation Date, and upon such date, the Employment Agreement terminated except as otherwise provided herein. 

(b) For the avoidance of doubt, the Executive’s separation from employment pursuant to this Agreement shall be considered
a termination without “Reasonable Cause,” as such term is defined in Section 6(a) of the Employment Agreement and in accordance with Section 6(c) of the Employment Agreement. 

(c) In addition, effective as of the Separation Date, the Parties agree that the Executive resigned as a fiduciary of any of
the Company Group’s employee benefit plans and from all other positions held by her within the Company Group. The Executive shall execute and deliver to the Company any requested resignation letters documenting her resignation from such
positions. 
 2. Payments; Benefits. 

(a) Severance Amount. Conditioned upon the Executive’s strict compliance with the post-employment restrictions
described in Sections 4 through 7 and provided that the Executive timely executes and does not revoke this Agreement, including Exhibit A hereto, the Company shall pay to the Executive the following amounts, less all applicable taxes and
withholdings ((i), (ii) and (iii) collectively, the “Severance Amount”): 
 (i) Severance payments in the
aggregate amount of $256,666.67, which represents 8/12 multiplied by the sum of (A) plus (B), where (A) is the Executive’s base salary of $275,000 and (B) is the Executive’s target annual bonus for 2016 of $110,000; 

 (ii) $48,250, representing the annual bonus the Executive would have received
pursuant to the Company’s 2015 annual bonus plan had her employment not been terminated; and $13,750, representing a portion of the target annual bonus that the Executive would have been entitled to receive pursuant to the Company’s 2016
annual bonus plan had her employment not been terminated (prorated for the amount of time that the Executive was employed by the Company in 2016); and 

(iii) To the extent that the Executive was participating in the Company’s group health insurance program immediately prior
to the Separation Date, and provided that the Executive timely elects and remains eligible for coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, a cash amount equal to the portion of the premiums for such
coverage that the Company was paying on the Executive’s behalf immediately prior to the Separation Date, for the shorter of (A) eight (8) months from the Separation Date or (B) the period during which the Executive remains eligible for such
coverage. The Company’s obligation to pay the amount in this Section 2(a)(iii) shall end immediately as of the date on which the Executive becomes eligible for coverage under the group insurance plans of another entity. 

The Severance Amount shall be payable in equal installments on each of the Company’s regularly scheduled payroll dates over the eight (8)
months following the termination of the Executive’s employment. Payment of the Severance Amount will commence on the first payroll date following the Separation Date; provided, however, that any payment due before the Release Agreement
Effective Date (as defined in the Release Agreement) will be accumulated and paid (subject to the applicable conditions) on the first regularly scheduled payroll date after the Release Agreement Effective Date, along with the installment of the
Severance Amount for such date. 
 (b) Additional Obligations. Whether or not the Executive timely executes and does
not revoke this Agreement, the Company shall pay to the Executive the following amounts: (i) any accrued and unpaid base salary for any period prior to the Separation Date, less all applicable taxes and withholdings, payable in accordance with the
Company’s regular payroll practices; and (ii) any accrued but unpaid benefits for any period prior to the Separation Date, pursuant to Section 5 of the Employment Agreement. 

(c) No Other Benefits. Except as provided in this Agreement, the Executive shall not be entitled to receive any other
payment, benefit or other form of compensation as a result of her employment or the termination thereof. In addition, for the avoidance of 

  
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doubt, and notwithstanding anything in this Agreement to the contrary, the benefits described in Section 5 of the Employment Agreement shall terminate as of the Separation Date without any
further action by the Executive, and the Company shall no longer have any obligations with respect to such benefits. 
 (d)
Tax Withholding. All payments made by the Company to the Executive hereunder shall be subject to all applicable withholding deductions. 

3. Execution of Agreement and Release Agreement. The Executive understands and agrees that she will not receive the Severance
Amount described in Section 2(a) above unless: (a) the Executive timely signs this Agreement, (b) following the Separation Date, the Executive signs and does not timely revoke or rescind the Release Agreement and (c) the Executive complies with the
promises made by her in this Agreement, the Release Agreement and the Employment Agreement. 
 4. Non-Competition;
Non-Solicitation. Prior to the Separation Date and for one (1) year following the Separation Date (the “Restrictive Period”), the Executive shall not, without the prior written consent of the Company, directly or indirectly,
in any capacity whatsoever, either on her own behalf or on behalf of any other person or entity whom she may manage, control, participate in, consult with, render services for or be employed or associated, compete with the Business (as hereinafter
defined) in any of the following described manners: 
 (a) Engage in, assist or have any interest in, as principal,
consultant, advisor, agent, financier or employee, any business entity which is, or which is about to become engaged in, providing goods or services in competition with the Company Group within a geographic radius of thirty (30) miles from any
Company Group branch office; 
 (b) Solicit or accept any business (or help any other person solicit or accept any business)
from any person or entity which on the effective date of the Employment Agreement was a customer of the Company Group or which during the term of the Executive’s employment became a customer of the Company Group; 

(c) Induce or attempt to induce any employee of the Company Group to terminate such employee’s relationship with the
Company Group or in any way interfere with the relationship between the Company Group and any employee thereof; or 
 (d)
Induce or attempt to induce any customer, referral source, supplier, vendor, licensee or other business relation of the Company Group to cease doing business with the Company Group, or in any way interfere with the relationship between any such
customer, referral source, supplier, vendor, licensee or business relation, on the one hand, and the Company Group, on the other hand. 
 For purposes
hereof, the term “Business” means the business of providing home care services of the type and nature that the Company Group then performed and/or any other business activity in which the Company Group then performed or program or
service then under active development proposed to be performed and/or any other business activity in which the Company Group became engaged in on or after the effective date of the Employment Agreement while the Executive was employed by the
Company. 

  
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 Notwithstanding the foregoing provisions, nothing herein shall prohibit the Executive from owning 1% or less of
any securities of a competitor, if such securities are listed on a nationally recognized securities exchange or traded over-the-counter. If, at the time of enforcement of this Section 4, a court holds that the restrictions stated herein are
unreasonable under the circumstances then existing, the parties agree that the maximum period, scope or geographic area reasonable under such circumstances shall be substituted for the stated period, scope or area determined to be reasonable under
the circumstances by such court. 
 5. Non-Disclosure. The Executive recognizes and acknowledges that, during the course of
her employment with the Company, she had access to certain confidential and proprietary information of the Company Group, including, but not limited to, trade secrets and other proprietary commercial information, and that such information
constitutes valuable, special and unique property of the Company Group. The Executive agrees that she will not, for any reason or purpose whatsoever, except as required by law, disclose any of such confidential information to any person, entity or
governmental authority without express authorization of the Company. The Executive further agrees that she shall not, at any time, without the express prior written consent of the Company, directly or indirectly, in any capacity whatsoever, either
on her own behalf or on behalf of any other person or entity that she manages, controls, participates in, consults with, renders services for or is employed by or associated with, disclose or use, except when necessary to further the interests of
the Business, any Trade Secret (as hereafter defined) of the Company Group, whether such Trade Secret is in the Executive’s memory or embodied in writing or other physical form. For purposes of this Agreement, “Trade Secret”
means any information, not generally known to, and not readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and is the subject of efforts to maintain its secrecy that are reasonable under
the circumstances, including, but not limited to, (a) trade secrets, (b) information concerning the business or affairs of the Company Group, including its products or services, fees, costs, and pricing structures, charts, manuals and documentation,
databases, accounting and business models, designs, analyses, drawings, photographs and reports, computer software, copyrightable works, inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or
not reduced to practice, sales records and other proprietary commercial information; (c) information concerning actual and prospective clients and customers of the Company Group, including client and customer lists and other compilations; and (d)
information concerning employees, contractors and vendors of the Company Group, including personal information and information concerning the compensation or other terms of employment of such individuals. “Trade Secret,” however,
shall not include general “know-how” information acquired by the Executive during the course of her employment which could have been obtained by her from public sources without the expenditure of significant time, effort and expense. 

6. Non-Disparagement. The Executive agrees that, prior to the Separation Date and during the Restrictive Period, she will not
make any statement, either in writing or orally, that is communicated publicly or is reasonably likely to be communicated publicly, and that is reasonably likely to disparage or otherwise harm the business or reputation of the Company Group, or the
reputation of any of its current or former directors, officers, employees or stockholders. 

  
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 7. Return of Documents and Other Property. Upon the Separation Date, the Executive
shall return all originals and copies of books, records, documents, customer lists, sales materials, tapes, keys, credit cards and other tangible property of the Company Group within the Executive’s possession or under her control. 

8. Remedies for Breach. In the event of a breach or threat of a breach of the provisions of Sections 4, 5 or 6, the Executive
hereby acknowledges that such breach or threat of a breach will cause the Company to suffer irreparable harm and that the Company shall be entitled to an injunction restraining the Executive from breaching such provisions; but the foregoing shall
not be construed as prohibiting the Company from having available to it to any other remedy, either at law or in equity, for such breach or threatened breach, including, but not limited to, the immediate cessation of any remaining Severance Pay and
benefits pursuant to Section 2 and the recovery of damages from the Executive and the notification of any employer or prospective employer of the Executive as to the terms and conditions hereof (without limiting or affecting the Executive’s
obligations under Sections 4, 5, or 6). 
 9. Acknowledgment. The Executive acknowledges that, during the course of her
employment with the Company, she was directly and materially involved as a senior executive in all important policy and operational decisions of the Company Group. The Executive further acknowledges that the scope of the foregoing restrictions has
been specifically bargained between the Company and the Executive, each being fully informed of all relevant facts. Accordingly, the Executive acknowledges that the foregoing restrictions of Sections 4, 5, or 6 are fair and reasonable, are minimally
necessary to protect the Company Group, its stockholders and the public from the unfair competition of the Executive who, as a result of her employment with the Company, had access to the most confidential and important information of the Company
Group, its Business and future plans. The Executive furthermore acknowledges that no unreasonable harm or injury will be suffered by her from enforcement of the covenants contained herein and that she will be able to earn a reasonable livelihood
following termination of her employment notwithstanding enforcement of the covenants contained herein. 
 10. Right of
Set-Off. In the event of a breach by the Executive of the provisions of this Agreement, the Company is hereby authorized at any time and from time to time, to the fullest extent permitted by law, and after ten (10) days’ prior written
notice to the Executive, to set-off and apply any and all amounts at any time held by the Company on behalf of the Executive and all indebtedness at any time owing by the Company Group to the Executive against any and all of the obligations of the
Executive now or hereafter existing. 
 11. Confidentiality of Terms. The Executive agrees that it is a material condition of
this Agreement that the Executive shall keep the terms of this Agreement, and the negotiations related thereto, strictly and completely confidential and that the Executive will not directly or indirectly make or issue any private statement, press
release or public statement, or communicate or otherwise disclose to any employee of the Company (past, present or future) or to a member of the general public, the negotiations leading to, or the terms, amounts or facts of or underlying this
Agreement, except as may be required by securities law, applicable law, or compulsory process; provided, however, that the Executive may disclose the terms of this Agreement to her immediate family, attorneys, and accountants or other financial
advisors so long as they agree to abide by the foregoing confidentiality restriction. 

  
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 12. Amendment. The Executive understands and agrees that this Agreement may not be
modified, altered or changed except upon express written consent of both Parties wherein specific reference is made to this Agreement. 

13. Entire Agreement; Waiver. The Executive understands and agrees that this Agreement, including Exhibit A hereto, sets
forth the entire agreement between the Executive and the Company concerning the subject matter herein, and that it fully supersedes any prior rights or obligation of the Company to her, including, but not limited to, rights and obligations set forth
in the Employment Agreement, as well as any other agreements between the Executive and the Company, other than any provisions in the Employment Agreement and any other agreements relating to inventions and intellectual property, the provisions of
which the Executive acknowledges are designed to survive the termination of her employment with Company. The Executive acknowledges and affirms that she has not relied on any representations, promises, or agreements of any kind made to her in
connection with her decision to accept this Agreement, except for those that are set forth in this Agreement, including Exhibit A hereto. One or more waivers of a breach of any covenant, term or provision of this Agreement by any Party shall
not be construed as a waiver of a subsequent breach of the same covenant, term or provision, nor shall it be considered a waiver of any other then existing or subsequent breach of a different covenant, term or provision. 

14. Code Section 409A. This Agreement and the payments made pursuant to this Agreement are intended either to be exempt from
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), as short-term deferrals or under the two (2) times separation pay exception or, in the alternative, to comply with Code Section 409A, and shall be
interpreted, construed and administered in accordance therewith. For purposes of Code Section 409A, each installment payment, if applicable, provided under this Agreement shall be treated as a separate payment. To the extent that any portion of any
payment hereunder is not exempt from the application of Code Section 409A and the Executive is a “specified employee” within the meaning thereof, it may be subject to a six (6) month delay in payment following the Executive’s
“separation from service” if and to the extent required under Code Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments or benefits provided under this Agreement comply with Code Section 409A
and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive as a result of this Agreement failing to comply with Code Section 409A. 

15. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of
Illinois, without giving effect to any choice of law rules or other conflicting provision of rule that would cause the laws of any other jurisdiction to be applied. 

16. Waiver of Jury Trial; Jurisdiction and Venue. Each of the Parties hereto hereby irrevocably waives all right to trial by
jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. All judicial proceedings brought by or against any Party arising out of or relating to this Agreement, or any obligations or liabilities hereunder, shall be
brought in the United States District Court for the Northern District of Illinois or in the state courts of the State of Illinois, as applicable. Each Party hereby irrevocably accepts generally and unconditionally the exclusive jurisdiction and
venue of such courts. 

  
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 17. Miscellaneous. This Agreement may be signed in counterparts, each of which
shall be deemed an original, but both of which taken together shall constitute the same instrument. A signature made on a faxed or electronically mailed copy of the Agreement or a signature transmitted by facsimile or electronic mail shall have the
same effect as the original signature. The section headings used in this Agreement are intended solely for convenience of reference and shall not in any manner amplify, limit, modify or otherwise be used in the interpretation of any of the
provisions hereof. This Agreement shall be binding upon and inure to the benefit of the parties and their respective personal representatives, agents, attorneys, executors, administrators, heirs, successors and assigns. 

[signature page follows] 

  
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 IN WITNESS WHEREOF, the Parties hereto knowingly and voluntarily executed this Agreement as of
the date first set forth above. 
  

			
	ADDUS HEALTHCARE INC. (“Company”)
		
	By:	 	 /s/ R. Dirk Allison

		
	Name:	 	 R. Dirk Allison

		
	Its:	 	 President and Chief Executive Officer

	
	INNA BERKOVICH (“Executive”)
	
	 /s/ Inna Berkovich

 [Signature Page to Separation Agreement] 

 EXHIBIT A TO THE SEPARATION AGREEMENT 

RELEASE AGREEMENT 
 In
consideration of the promises contained herein and in the Separation Agreement entered into by the parties on March 18, 2016 (the “Agreement”), Addus HealthCare, Inc., an Illinois corporation (the “Company”), and
Inna Berkovich (“you”) hereby enter into this release agreement (the “Release Agreement”) as of the dates set forth on the signature page hereto. 

WHEREAS, the Company and you entered into the Agreement, which includes this Release Agreement as an exhibit thereto; and 

WHEREAS, the Company’s obligation to pay you the amounts described in Section 2(a) of the Agreement is conditioned on your execution and
non-revocation of this Release Agreement. 
 NOW THEREFORE, you hereby agree to the following: 

1. General Release of Claims. In consideration for the amounts described in Section 2(a) of the Agreement, which you acknowledge
are not otherwise owed to you, you understand and agree that you are knowingly and voluntarily releasing, waiving and forever discharging, to the fullest extent permitted by law, on your own behalf and on behalf of your agents, assignees, attorneys,
heirs, executors, administrators and anyone else claiming by or through you (collectively referred to as the “Releasors”), the Company and its parents, affiliates, subsidiaries and members, predecessors, successors or assigns, and
any of its or their past or present parents, affiliates, subsidiaries and members, predecessors, successors or assigns; and any of its or their past or present shareholders; and any of its or their past or present directors, executives, members,
officers, insurers, attorneys, employees, consultants, agents, both individually and in their business capacities, and employee benefits plans and trustees, fiduciaries, and administrators of those plans (collectively referred to as the
“Released Parties”), of and from any and all claims under local, state or federal law, whether known or unknown, asserted and unasserted, that you and/or the other Releasors have or may have against Released Parties as of the day
you sign this Release Agreement, including but not limited to all matters relating to or in any way arising out of any aspect of your employment with the Company, your other service provided to the Company and its affiliates, separation from
employment and service with the Company, or your treatment by the Company while in service with and in the employ of the Company or a subsidiary thereof, all claims under any applicable law, and all other claims, charges, complaints, liens, demands,
causes of action, obligations, damages (including punitive or exemplary damages), liabilities or the like (including without limitation attorneys’ fees and costs) (collectively “Claims”), including but not limited to all Claims
for: 
 (a) salary and other wages, including, but not limited to, overtime if applicable, incentive compensation and other
bonuses, severance pay, paid time off, or any benefits under the Employee Retirement Income Security Act of 1974, as amended or any other applicable local, state or federal law; 

(b) discrimination, harassment or retaliation based upon race, color, national origin, ancestry, religion, marital status, sex,
sexual orientation, citizenship status, 

  
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pregnancy or any pregnancy related disability, family status, leave of absence (including but not limited to the Family Medical Leave Act or any other federal, state or local leave laws),
handicap (including, but not limited to, The Rehabilitation Act of 1973), medical condition or disability, or any other characteristic covered by law under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the
Americans with Disabilities Act, as amended, Sections 1981 through 1988 of the Civil Rights Act of 1866, and any other federal, state, or local law prohibiting discrimination in employment, the Worker Adjustment and Retraining Notification Act, or
any other federal, state or local law concerning plant shutdowns, mass layoffs, reductions in force or other business restructuring; 

(c) discrimination, harassment or retaliation based upon age under the Age Discrimination in Employment Act, as amended by the
Older Workers Benefit Protection Act of 1990 and as further amended (the “ADEA”), or under any other federal, state, or local law prohibiting age discrimination; 

(d) breach of implied or express contract (whether written or oral), breach of promise, misrepresentation, fraud, estoppel,
waiver or breach of any covenant of good faith and fair dealing, including without limitation breach of any express or implied covenants of any employment agreement that may be applicable to you; 

(e) defamation, negligence, infliction of emotional distress, violation of public policy, wrongful or constructive discharge,
or any employment-related tort recognized under any applicable local, state, or federal law; 
 (f) any violation of any Fair
Employment Practices Act, Equal Rights Act; Civil Rights Act; Minimum Fair Wages Act; Equal Pay Act; or Payment of Wages Act; or any comparable federal, state or local law; 

(g) any violation of the Immigration Reform and Control Act, or any comparable federal, state or local law; 

(h) any violation of the Fair Credit Reporting Act, or any comparable federal, state or local law; 

(i) any violation of the Family and Medical Leave Act; 

(j) any violation of the Illinois Human Rights Act, 775 I.L.C.S. §5/1-101 et seq., the Illinois Wage Payment and
Collection Law, 820 I.L.C.S. §110/1 et seq., the Illinois Minimum Wage Law, 820 I.L.C.S. §105/1 et seq., the Cook County Human Rights Ordinance, Cook County Code, §42-30 et seq. (if applicable), the Chicago Human Rights Ordinance,
Chicago Code, §2-160-010 et seq. (if applicable), or any comparable federal, state or local law and any violation of any comparable statute, regulation, or law of any country or nation; 

(k) costs, fees, or other expenses, including attorneys’ fees; and 

(l) any other claim, charge, complaint, lien, demand, cause of action, obligation, damages, liabilities or the like of any kind
whatsoever, whether under U.S. law, state law or the law of another nation, including, without limitation, any claim that this Agreement was induced or resulted from any fraud or misrepresentation by Company. 

  
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 Excluded from the release set forth in this Section 1 are: (i) any Claims or rights to enforce this Release
Agreement or the Agreement against the Company, (ii) Claims arising after the date you sign this Release Agreement, and (iii) any Claims that you cannot lawfully release. Notwithstanding anything to the contrary contained herein, including in
Section 2 below, also excluded from the release set forth in this Section 1 is your right to file a charge with an administrative agency (including the Equal Employment Opportunity Commission and the National Labor Relations Board) or participate in
any agency investigation. You are, however, to the extent allowed by law, waiving your right to recover money or other damages in connection with any such charge or investigation. You are also, to the extent allowed by law, waiving your right to
recover money in connection with a charge filed by any other individual or by the Equal Employment Opportunity Commission, National Labor Relations Board or any other federal, state or local agency. 

Furthermore, notwithstanding anything herein to the contrary, nothing in the Agreement or this Release Agreement shall (x) prohibit you from making reports of
possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of
2002, or of any other whistleblower protection provisions of state or federal law or regulation, or (y) require notification or prior approval by the Company of any reporting described in clause (x). 

2. Additional Agreements by Employee. 

(a) BY SIGNING THIS RELEASE AGREEMENT YOU ARE KNOWINGLY AND VOLUNTARILY WAIVING ANY RIGHTS (KNOWN OR UNKNOWN) TO BRING OR
PROSECUTE A LAWSUIT OR MAKE ANY LEGAL CLAIM AGAINST THE RELEASED PARTIES WITH RESPECT TO ANY OF THE CLAIMS DESCRIBED ABOVE IN SECTION 1. You agree that the release set forth above will bar all claims or demands of every kind, known or unknown,
referred to above in Section 1 and further agree that no non-governmental person, organization or other entity acting on your behalf has in the past or will in the future file any lawsuit, arbitration or proceeding asserting any claim that is waived
or released under this Release Agreement. If you break this promise and file a lawsuit, arbitration or other proceeding asserting any Claim waived in this Release Agreement, (i) you will pay for all costs, including reasonable attorneys’ fees,
incurred by the Released Parties in defending against such Claim (unless such Claim is a charge with the Equal Employment Opportunity Commission or the National Labor Relations Board); (ii) you give up any right to individual damages in connection
with any administrative, arbitration or court proceeding with respect to your employment with and/or termination from employment with the Company, including damages, reinstatement or attorneys’ fees; and (iii) if you are awarded money damages,
you will assign to the Released Parties your right and 

  
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interest to all such money damages. If any claim is not subject to release, to the extent permitted by law, you waive any right or ability to be a class or collective action representative or to
otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which Company or any other Released Party is a party. Furthermore, if you are made a member of a class or collective
action in any proceeding without your prior knowledge or consent, you agree to opt out of the class or collective action at the first opportunity. Notwithstanding the foregoing, this Section 2 does not limit your right to challenge the validity of
this Release Agreement in a legal proceeding under the Older Workers Benefit Protection Act, 29 U.S.C. § 626(f), with respect to claims under the ADEA. This Section 2 also is not intended to and shall not limit the right of a court to
determine, in its discretion, that the Company is entitled to restitution, recoupment or setoff of any payments made to you by the Company should this Release Agreement be found to be invalid as to the release of claims under the ADEA. 

(b) You agree that you shall not solicit, encourage, assist or participate (directly or indirectly) in bringing any Claims or
actions against any of the Released Parties by other current or former employees, officers or third parties, except as compelled by subpoena or other court order or legal process, and only after providing the Company with prior notice of any such
subpoena, order or legal process and an opportunity to timely contest such process. Notwithstanding the foregoing, nothing in this Release Agreement shall preclude you from making truthful statements that are required by applicable law, regulation
or legal process. 
 (c) You represent and warrant that you have not filed any administrative, judicial or other form of
complaint or initiated any claim, charge, complaint or formal legal proceeding, nor are you a party to any such claim, against any of the Released Parties, and that you will not make such a filing at any time hereafter based on any events or
omissions occurring prior to the date of execution of this Release Agreement. You understand and agree that this Release Agreement will be pleaded as a full and complete defense to any action, suit or proceeding which is or may be instituted,
prosecuted or maintained by you, your agents, assignees, attorneys, heirs, executors, administrators and anyone else claiming by or through you. 

(d) You agree that you will reasonably cooperate with the Company, its parents, subsidiaries or affiliates with respect to
matters or issues which took place or arose during your tenure with the Company, specifically including, without limitation, any attorney retained by any of them, in connection with any pending or future internal investigation or judicial,
administrative or regulatory matter, proceeding or investigation. The parties acknowledge and agree that such reasonable cooperation may include, but shall not be limited to, your making yourself available for meetings, interviews, depositions,
statements, testimony or the signing of affidavits, and providing to the Company any documents or information in your possession or under your control relating to any such internal investigation or judicial, administrative or regulatory matter,
proceeding or investigation, provided that any such meetings, interviews, depositions, statements or testimony do not unduly interfere with your work schedule, or other post- Company duties. The Company shall pay (or reimburse, if already paid by
you) all 

  
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reasonable, out-of-pocket expenses actually incurred in connection with your cooperation and assistance including, without limitation, reasonable fees and disbursements of counsel, if any, chosen
by you if you reasonably determine in good faith, on the advice of counsel, that the Company’s counsel may not ethically represent you in connection with such action, suit or proceeding due to actual conflicts of interests. You represent and
warrant that you have and will accurately, completely and truthfully disclose to the Company any and all materials and information requested, including, without limitation, in connection with any pending or future internal investigation or judicial,
administrative or regulatory matter, proceeding or investigation involving conduct in which you were involved or had knowledge in connection with your employment with the Company. 

(e) You agree to cooperate with Company and take all necessary steps to effectuate this Release Agreement, each of its terms
and the intent of the parties. 
 3. Affirmations. In signing this Release Agreement, you are affirming that: 

(a) Other than as described in Section 2(b) of the Agreement, you have been paid and/or have received all compensation, wages,
bonuses, commissions, overtime and/or benefits to which you may be entitled. You affirm that you have been granted or not been denied any leave to which you were entitled under the Family and Medical Leave Act or related state or local leave or
disability accommodation laws; 
 (b) Other than as described in Section 2 of the Agreement, you are not eligible to receive
payments or benefits under any other Company and/or other Released Party’s severance pay policy, plan, practice or arrangement; 

(c) You have no known workplace injuries or occupational diseases; 

(d) You have not complained of and you are not aware of any fraudulent activity or any act(s) which would form the basis of a
claim of fraudulent or illegal activity by the Company or any other Released Party that you have not reported to the Company in writing. You also affirm that you have not been retaliated against for reporting any allegations of wrongdoing by any
Released Party, including any allegations of corporate fraud. Both parties acknowledge that this Release Agreement does not limit either party’s right, where applicable, to file or to participate in an investigative proceeding of any federal,
state or local governmental agency. To the extent permitted by law, you agree that if such an administrative claim is made, you shall not be entitled to recover any individual monetary relief or other individual remedies; 

(e) You acknowledge and agree that all of the Company’s decisions regarding your pay and benefits through the date of your
execution of this Release Agreement were not discriminatory based on age, disability, race, color, sex, religion, national origin, or any other classification protected by law; 

(f) On or about your last day of employment, the Company provided you with timely and adequate notice of your right to continue
group insurance benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) (unless such notice was not required to be given because, on the day before termination, you did not receive group
health insurance benefits through the Company and thus are not a qualified beneficiary within the meaning of COBRA); and 

  
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 (g) You acknowledge and agree that if you breach the provisions of this Release
Agreement or the Agreement (including, but not limited to, Sections 4, 5, and/or 6 of the Agreement), that the Company will have the right to seek an appropriate remedy against you, which may include, but not be limited to, injunctive relief, the
return of the Severance Amount (as defined in the Agreement), other monetary damages, and the payment of the Company’s attorneys’ fees. Additionally, if you breach this Release Agreement or the Agreement, the Company shall have the right,
without waiving any other remedies in law or equity, to cease any further payments of the Severance Amount. Notwithstanding such cessation of payments, all of your obligations hereunder shall be continuing and enforceable including, but not limited
to, your release of claims, and the Company shall be entitled to pursue all remedies against you available at law or in equity for such breach. 

4. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of
Illinois, without giving effect to any choice of law rules or other conflicting provision of rule that would cause the laws of any other jurisdiction to be applied. 

5. Waiver of Jury Trial; Jurisdiction and Venue. Each of the parties hereto hereby irrevocably waives all right to trial by jury
in any action, proceeding or counterclaim arising out of or relating to this Agreement. All judicial proceedings brought by or against any Party arising out of or relating to this Agreement, or any obligations or liabilities hereunder, shall be
brought in the United States District Court for the Northern District of Illinois or in the state courts of the State of Illinois, as applicable. Each party hereby irrevocably accepts generally and unconditionally the exclusive jurisdiction and
venue of such courts. 
 6. Amendment. You understand and agree that this Release Agreement may not be modified, altered or
changed except upon express written consent of both parties wherein specific reference is made to this Release Agreement. 
 7. Right
to Consider, Rescind and Revoke Acceptance. This Release Agreement is intended to comply with the Older Workers Benefit Protection Act of 1990 with regard to your waiver of rights under the ADEA. In signing this Release Agreement, you
understand and agree that: 
 (a) You are specifically advised to consult with an attorney of your own choosing before you
sign this Release Agreement, as it waives and releases rights you have or may have under federal, state and local law, including, but not limited to, the ADEA. You acknowledge that you will bear all expenses incurred by you in the negotiation and
preparation of this Release Agreement, and the Company will bear all fees incurred by it. 
 (b) You will have up to
twenty-one (21) calendar days from the Separation Date (as defined in the Agreement), which deadline the Company has agreed to extend to 

  
 A-6 

 
March 18, 2016, to decide whether to accept and sign this Release Agreement. In the event you do sign this Release Agreement, you may revoke or rescind your acceptance within seven (7) calendar
days of signing it, and it will not become effective or enforceable until the eighth (8th) day after you sign it (the “Release Agreement Effective Date”). In order to effectively
revoke or rescind your acceptance, the revocation or rescission must be in writing and postmarked within the seven (7) calendar day period, and properly addressed to: 

Addus HealthCare, Inc. 
 2300
Warrenville Road 
 Downers Grove, Illinois 60515 

Attention: General Counsel 
 You
acknowledge that if you do not accept this Release Agreement in the manner described above, it will be withdrawn and of no effect. You acknowledge and agree that, if you revoke your acceptance of this Agreement, you shall receive none of the
Severance Amount provided for in the Agreement and this Release Agreement and the Agreement shall be null and void, having have no further force or effect, and that this Release Agreement and the Agreement will not be admissible as evidence in any
judicial, administrative or arbitral proceeding or trial. You further acknowledge that if the Release Agreement is not revoked in the time period set forth above, you shall have forever waived your right to revoke this Release Agreement, and it
shall thereafter have full force and effect as of the Release Agreement Effective Date. For the avoidance of doubt, this Release Agreement must be executed and not revoked by you no later than thirty (30) days after the Separation Date. 

(c) Any and all questions regarding the terms of this Release Agreement have been asked and answered to your complete
satisfaction. 
 (d) You acknowledge that the consideration provided for hereunder is in addition to anything of value to
which you already are entitled and the consideration provided for herein is good and valuable. 
 (e) You are entering into
this Release Agreement voluntarily, of your own free will, and without any coercion or undue influence of any kind or type whatsoever. 

(f) Any modifications of or revisions to this Release Agreement do not restart the consideration period, described in paragraph
(b) of this Section 7. 
 (g) You understand that the releases contained in this Release Agreement do not extend to any
rights or claims that you have under the ADEA that first arise after execution of this Release Agreement. 
 [signatures on following
page] 

  
 A-7 

 IN WITNESS WHEREOF, the Parties hereto knowingly and voluntarily executed this Release Agreement
as of the dates set forth below. 
  

			
	ADDUS HEALTHCARE, INC. (“Company”)
		
	By:	 	 /s/ R. Dirk Allison

		
	Name:	 	 R. Dirk Allison

		
	Its:	 	 President and Chief Executive Officer

		
	Date:	 	 March 23, 2016

 I have decided to accept this Release Agreement, to fulfill the promises I have made in the Agreement
and in this Release Agreement, and to receive the Severance Amount described in Section 2 of the Agreement. I hereby freely and voluntarily assent to all the terms and conditions in this Release Agreement and reaffirm my obligations under the
Agreement. I understand that this Release Agreement will become a binding agreement between the Company and me as of the eighth (8th) day after I sign it, and I am signing this Release Agreement
as my own free act with the full intent of releasing the Released Parties from all Claims, as described in Section 1 above, including but not limited to those under the Age Discrimination in Employment Act (ADEA). 

 

							
	 /s/ Inna Berkovich
	 		 	Date:	  	 3/18/16

	Inna Berkovich	 		 		  	

  
 A-8EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

COOPERATION AGREEMENT 

This Cooperation Agreement (this “Agreement”) dated as of March 22, 2016 is by and between JANA Partners LLC
(“JANA”) and Team Health Holdings, Inc. (the “Company”). 
 WHEREAS, the Company and JANA have engaged in
discussions concerning the Company’s business; 
 WHEREAS, JANA has informed the Company that it beneficially owns 5,890,368 shares of
the common stock, par value $0.01 per share, of the Company (the “Common Stock”), which represents approximately 8.0% of the issued and outstanding shares of Common Stock; 

WHEREAS, the Company’s Board of Directors (the “Board”) has considered the qualifications of Edwin M. Crawford and Scott
Ostfeld (the “March Directors”) and Nancy M. Schlichting (together with the March Directors, the “JANA Directors”); and 

WHEREAS, the Company and JANA have determined to come to an agreement regarding (i) the appointment of the JANA Directors to the Board, (ii)
the subsequent nomination of the March Directors at the Company’s 2016 annual meeting of stockholders (including any adjournment or postponement thereof or any special meeting held in lieu thereof, the “2016 Annual Meeting”),
(iii) the subsequent nomination of Ms. Schlichting at the Company’s 2017 annual meeting of stockholders (including any adjournment or postponement thereof or any special meeting held in lieu thereof, the “2017 Annual Meeting”)
and (iv) certain other matters as set forth herein, in each case subject to the terms of this Agreement. 
 NOW, THEREFORE, in consideration
of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Nomination of JANA Directors. 

(a)  The Company agrees that in accordance with the Company’s certificate of incorporation and by-laws and Delaware law, the Board
shall appoint Edwin M. Crawford and Scott Ostfeld to serve as Class I directors effective concurrently with the execution of this Agreement. The Company shall include each March Director (other than in the case of the refusal or inability of any
such person to serve, in which case the Board shall include his substitute chosen in accordance with Section 1(e)), appointed to the Board pursuant to this Section 1(a), as a nominee to the Board on the slate of Class I director nominees recommended
by the Board in the Company’s proxy statement and on its proxy card relating to the 2016 Annual Meeting and shall use its reasonable best efforts (which shall include the solicitation of proxies) to obtain the election of the March Directors at
the 2016 Annual Meeting (it being understood that such efforts shall not be less than the efforts used by the Company to obtain the election of any other independent director nominee nominated by it to serve as a director at the 2016 Annual
Meeting). 

 (b)  The Company agrees that in accordance with the Company’s certificate of
incorporation and by-laws and Delaware law, the Board shall appoint Ms. Schlichting to serve as a Class II director in January 2017 effective promptly following her retirement from her position as Chief Executive Officer of Henry Ford Health System,
provided that, at such time, the Board does not conclude reasonably and in good faith based on the written opinion of outside legal counsel that such appointment would constitute a breach of the directors’ fiduciary duties. The Company
shall include Ms. Schlichting (other than in the case of the refusal or inability of Ms. Schlichting to serve, in which case the Board shall include her substitute chosen in accordance with Section 1(e)), appointed to the Board pursuant to this
Section 1(b), as a nominee to the Board on the slate of Class II director nominees recommended by the Board in the Company’s proxy statement and on its proxy card relating to the 2017 Annual Meeting and shall use its reasonable best efforts
(which shall include the solicitation of proxies) to obtain the election of Ms. Schlichting at the 2017 Annual Meeting (it being understood that such efforts shall not be less than the efforts used by the Company to obtain the election of any other
independent director nominee nominated by it to serve as a director at the 2017 Annual Meeting). 
 (c)  As a condition to each JANA
Director’s appointment to the Board and any subsequent nomination for election as a director of the Company at the 2016 Annual Meeting (in the case of the March Directors), or the 2017 Annual Meeting (in the case of Ms. Schlichting), JANA shall
(or shall have caused the JANA Directors to) have provided to the Company completed D&O Questionnaires in the form provided to JANA by the Company prior to the execution of this Agreement and executed irrevocable resignations as director in the
form attached hereto as Exhibit A (the “Irrevocable Resignation Letter”). As a further condition to the JANA Directors’ nomination for election as directors of the Company at the 2016 Annual Meeting (in the case of the
March Directors), or the 2017 Annual Meeting (in the case of Ms. Schlichting), JANA shall (or shall cause the JANA Directors to), as promptly as practicable upon request of the Company, provide (i) executed consents from the JANA Directors to be
named as a nominee in the Company’s proxy statement for the 2016 Annual Meeting (in the case of the March Directors), or the 2017 Annual Meeting (in the case of Ms. Schlichting), and to serve as a director if so elected, in the form provided to
JANA by the Company prior to the execution of this Agreement, (ii) any information required to be or customarily disclosed for all applicable directors, candidates for directors, and their affiliates and representatives in a proxy statement or other
filings under applicable law or stock exchange rules or listing standards, (iii) information in connection with assessing eligibility, independence and other criteria applicable to all applicable directors or satisfying compliance and legal
obligations applicable to all independent directors, and (iv) such other information as reasonably requested by the Company from time to time with respect to JANA or the JANA Directors. 

(d)  At all times while serving as a member of the Board, the JANA Directors shall comply with all policies, procedures, processes,
codes, rules, standards and guidelines applicable to all non-employee Board members, including the Company’s Corporate Governance Guidelines and Code of Conduct and all relevant Board committee charter requirements, provided that no provision
of any such document shall be deemed to be violated by any communication permitted by this Agreement pursuant to the last sentence of Section 2(a), and provided further that no provision of any such document shall be deemed to be violated by the
performance of the Nomination Agreements between JANA and Mr. Crawford and between JANA and Ms. Schlichting filed by JANA in its Schedule 13D dated February 25, 2016 (the “JANA 13D”). The JANA Directors shall receive the
Company’s customary new director orientation program. 

  
 2 

 (e)  If, during the Standstill Period (as defined below), Ms. Schlichting prior to her
appointment hereunder, or any JANA Director or all JANA Directors after their appointment resigns (including by reason of a change in principal business occupation or position or service on additional boards), refuses to serve, or is unable to serve
due to death or disability, in each case provided that each such JANA Director is otherwise then entitled to be appointed or serve, as applicable, as a director of the Company pursuant to this Agreement, then JANA shall be entitled to
designate a replacement director or directors, as applicable, who shall (A) except in the case of any replacement for Mr. Ostfeld or any individual who replaces Mr. Ostfeld on the Board, be independent of JANA and the JANA Affiliates (as defined
herein) (Mr. Ostfeld and any replacement affiliated with JANA, the “JANA Designee”), (B) be reasonably acceptable to the Company after the Company has conducted its ordinary course interview process for directors of the Company, (C)
qualify as an independent director of the Company under the rules of the New York Stock Exchange Listed Company Manual, and (D) provide the items required to be provided by the JANA Directors pursuant to Section 1(c), and thereafter such individual
or individuals, as applicable, shall be promptly appointed to the seat of Ms. Schlichting or to fill the remaining term of the JANA Director or JANA Directors, as the case may be, being replaced and shall be considered to be a “JANA
Director” or “JANA Directors”, as the case may be, under this Agreement. 
 (f)  Notwithstanding anything to the
contrary in this Agreement, the Company’s obligations under this Agreement shall terminate immediately, and the JANA Directors then serving on the Board shall promptly offer to resign from the Board and any committee thereof (and, if requested
by the Company, promptly deliver their written resignations to the Board (which shall provide for their immediate resignations) it being understood that it shall be in the Board’s sole discretion whether to accept or reject such resignations),
and the Company shall have no further obligation with respect to the JANA Directors under this Section 1, if JANA ceases to comply with or breaches any of the terms of (x) this Agreement in any material respect prior to the expiration of the
Standstill Period and, if capable of being cured, such material breach or failure has not been cured within 15 days after receipt by JANA of written notice from the Company specifying such material breach or failure or (y) the Confidentiality
Agreement (as defined below) in any material respect. In addition, if JANA and the JANA Affiliates (as defined below), collectively, cease to beneficially own an aggregate Net Long Position of at least 2,945,000 (as adjusted for stock splits, stock
dividends, reverse stock splits and similar events) shares of the Common Stock then outstanding (the “JANA Ownership Threshold”), then the JANA Designee then serving on the Board shall promptly offer to resign from the Board and any
committee thereof (and, if requested by the Company, promptly deliver his or her written resignation to the Board (which shall provide for his or her immediate resignation) it being understood that it shall be in the Board’s sole discretion
whether to accept or reject such resignation), and the Company shall have no further obligation with respect to the applicable JANA Designee under this Section 1. The term “Net Long Position” shall mean such shares of Common Stock
beneficially owned, directly or indirectly, that constitute such person’s net long position as defined in Rule 14e-4 promulgated by the SEC (as defined below) under the Exchange Act (as defined below) mutatis mutandis, but the “long
position” of such person for this purpose shall not include any shares as to which such person does not have the right to vote or direct the vote or as to which such person has entered into 

  
 3 

 
a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, directly or indirectly, any of the economic consequences of ownership of such shares.
In furtherance of this Section 1(f), each March Director has, concurrently with the execution of this Agreement, executed the Irrevocable Resignation Letter and delivered it to the Company and Ms. Schichting (or her replacement under Section 1(e))
shall deliver the Irrevocable Resignation Letter prior to her appointment to the Board. 
 (g)  The Company agrees that in accordance
with the Company’s certificate of incorporation and by-laws and Delaware law, the Board shall: 
 (i) solely for
purposes of appointing the March Directors, have increased the size of the Board from ten (10) to twelve (12) directors; 

(ii) not nominate for re-election a current member of the class of directors whose term expires at the 2016 Annual Meeting
(other than a JANA Director), who shall be Mr. Joseph L. Herring unless JANA and the Company mutually agree on another director who shall (x) not be re-nominated in lieu of Mr. Herring at the 2016 Annual Meeting and shall not appoint such individual
to the Board or (y) resign effective as of no later than the 2016 Annual Meeting; 
 (iii) nominate no more than five
individuals for election at the 2016 Annual Meeting, including the March Directors nominated pursuant to this Agreement, subject to clause (ii) above; 

(iv) not shorten any JANA Director’s term or cause them to be up for re-election at an earlier date than that for which
they were elected to; 
 (v) following the appointment of the March Directors and until the end of the Standstill Period,
not increase the size of the Board or fill any vacancies if doing so would result in the Board having a number of members in excess of eleven (11) directors; provided that the Board may be comprised of twelve (12) directors during the period
commencing (A) on the date hereof through the date of the 2016 Annual Meeting solely as necessary to accommodate the appointment of the March Directors and (B) January 1, 2017 and ending the day after the Company’s 2017 Annual Meeting solely as
necessary to accommodate the appointment of Ms. Schlichting; provided further that the Company shall accomplish the foregoing by either accepting the resignation of an existing director, which such director should not be a JANA
Director, or by nominating no more than four (4) directors for election at the 2017 Annual Meeting (which shall include Ms. Schlichting pursuant to the terms of this Agreement); 

(vi) unless mutually agreed otherwise by JANA and the Company, no later than the date that is 30 days prior to the expiration
of the Company’s advance notice period for the nomination of directors at the Company’s 2017 Annual Meeting (the “2017 Notice Deadline”), announce a new Chairman of the Board (provided that such new Chairman shall not be
an Executive Chairman), who shall be reasonably acceptable to JANA, to replace Lynn Massingale following the expiration of his term pursuant to his current employment agreement with the Company; and 

(vii) effective no later than the day after the Company’s 2018 annual meeting of stockholders (the “2018 Annual
Meeting”), the size of the Board shall be reduced by one (1) director, which such director shall not be a JANA Director, relative to the size of the Board on the day immediately following the 2017 Annual Meeting. 

  
 4 

 (h)  The Board shall appoint and maintain at least two of the JANA Directors then serving
on the Board selected by JANA (or, if the Board so elects, all of the JANA Directors then serving on the Board) to any committee of the Board that is currently, or at any point during the Standstill Period is, designated to review or oversee
strategic alternatives for the Company (including but not limited to any review of financial and structural alternatives) and shall provide the JANA Directors then serving on the Board the same opportunity as all other members of the Board to
participate in the deliberations of the Board regarding such matters. 
 (i)  The Board shall appoint and maintain at least two of the
JANA Directors then serving on the Board selected by JANA (or, if the Board so elects, all of the JANA Directors then serving on the Board) to any committee of the Board that is currently, or at any point during the Standstill Period is, designated
to review or oversee the process for the selection of any new member of senior management of the Company and shall provide the JANA Directors then serving on the Board the same opportunity as all other members of the Board to participate in the
deliberations of the Board regarding such matters, and any such committee shall require at a minimum approval from all but one member of the committee before any candidate may be recommended for consideration by the full Board. 

(j)  If so requested by JANA, the Board shall appoint and maintain at least one JANA Director then serving on the Board selected by JANA
to any two of the Audit Committee, the Compensation Committee or the Nominating/Governance Committee, subject in each case to the agreement of the applicable JANA Director and the qualification requirements of each applicable committee (with such
appointments to be effective no earlier than the Board’s next regularly scheduled Board meeting following such request by JANA). 

(k)  JANA acknowledges that the JANA Directors shall have all of the rights and obligations, including fiduciary duties to the Company
and its stockholders, of a director under applicable law and the Company’s organizational documents while such JANA Directors are serving on the Board. 

(l)  JANA shall cause JANA Master Fund, Ltd. to take all action necessary to withdraw its demand, by letter dated March 17, 2016, to
inspect the books and records of the Company pursuant to Section 220 of the Delaware General Corporation Law. 
 2.  Standstill.

 (a)  JANA agrees that, during the Standstill Period (unless specifically requested in writing by the Company, acting through a
resolution of a majority of the Company’s directors not including the JANA Directors), it shall not, and shall cause each of its Affiliates or Associates (as 

  
 5 

 
such terms are defined in Rule 12b-2 promulgated by the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), provided that the term “Associates” in such definition shall be deemed to be preceded by the word “controlled”) (collectively (with JANA) and individually, the “JANA Affiliates”), not to, directly
or indirectly (including through any JANA Directors), in any manner, alone or in concert with others: 
 (i) make, engage
in, or in any way participate in, directly or indirectly, any “solicitation” of “proxies” (as such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a1(l)(2)(iv) of the Exchange
Act) or consents to vote or advise, encourage or influence any person other than any JANA Affiliate with respect to the voting of any securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities
(collectively, “Securities of the Company”) for the election of individuals to the Board or to approve stockholder proposals, or become a “participant” in any contested “solicitation” for the election of
directors with respect to the Company (as such terms are defined or used under the Exchange Act), other than a “solicitation” or acting as a “participant” in support of all of the nominees of the Board at any stockholder meeting
or voting its shares at any such meeting in its sole discretion (subject to compliance with this Agreement), or make or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise), except in all cases as
expressly permitted by this Agreement; 
 (ii) form, join, encourage, influence, advise or in any way participate in any
“group” (as such term is defined in Section 13(d)(3) of the Exchange Act) with any persons (excluding, for the avoidance of doubt, any group composed solely of JANA and JANA Affiliates or the group previously disclosed in the JANA 13D)
with respect to any Securities of the Company or otherwise in any manner agree, attempt, seek or propose to deposit any Securities of the Company in any voting trust or similar arrangement, or subject any Securities of the Company to any arrangement
or agreement with respect to the voting thereof (including by granting any proxy, consent or other authority to vote), except as expressly set forth in this Agreement; 

(iii) acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or
exchange offer, through the acquisition of control of another person, by joining a partnership, limited partnership, syndicate or other group, through swap or hedging transactions or otherwise, any Securities of the Company or any rights decoupled
from the underlying Securities of the Company that would result in JANA (together with the JANA Affiliates) owning, controlling or otherwise having any beneficial or other ownership interest in 14.9% or more of Common Stock outstanding at such time;
provided, that, nothing herein will require Common Stock to be sold to the extent that JANA and the JANA Affiliates, collectively, exceed the ownership limit under this clause (iii) as the result of a share repurchase or similar Company
action that reduces the number of outstanding shares of Common Stock; 

  
 6 

 (iv) other than in Rule 144 open market broker sale transactions where the
identity of the purchaser is not known and in underwritten widely dispersed public offerings, sell, offer or agree to sell directly or indirectly, through swap or hedging transactions or otherwise, the Securities of the Company or any rights
decoupled from the underlying Securities of the Company held by JANA or any JANA Affiliate to any person or entity not a party to this Agreement (a “Third Party”) that, to JANA’s or the JANA Affiliate’s knowledge (after
due inquiry in connection with a private, non-open market transaction, it being understood that such knowledge shall be deemed to exist with respect to any publicly available information, including information in documents filed with the SEC), would
result in such Third Party, together with its affiliates and associates, owning, controlling or otherwise having any beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of Common Stock outstanding at such time or
would increase the beneficial or other ownership interest of any Third Party who, together with its affiliates and associates, has a beneficial or other ownership interest in the aggregate of more than 4.9% of the shares of Common Stock outstanding
at such time; 
 (v) effect or seek to effect, offer or propose to effect, cause or participate in, or in any way assist or
facilitate any other person to effect or seek, offer or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, sale of all or substantially all assets, scheme of arrangement, plan of arrangement or
other business combination, recapitalization, reorganization, sale or acquisition of material assets, liquidation or other extraordinary transaction involving the Company or any of its subsidiaries or joint ventures or any of their respective
securities or a material amount of any of their respective assets or businesses (each, an “Extraordinary Transaction”), or encourage, initiate or support any other third party in any such activity; provided, however,
that this clause (v) shall not preclude the tender (or action not to tender) by JANA or a JANA Affiliate of any Securities of the Company into any tender or exchange offer or vote for or against any transaction by JANA or a JANA Affiliate of any
Securities of the Company with respect to any Extraordinary Transaction; 
 (vi) engage in any short sale or any purchase,
sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including any put or call option or “swap” transaction with respect to any security (other than a broad based market basket or
index)) that includes, relates to or derives any significant part of its value from a decline in the market price or value of the Securities of the Company; 

(vii) (A) call or request the calling of any meeting of stockholders, including by written consent, (B) seek representation
on, or nominate any candidate to, the Board, except as set forth herein, (C) seek the removal of any member of the Board, (D) solicit consents from stockholders or otherwise act or seek to act by written consent, (E) conduct a referendum of
stockholders, (F) present at any annual meeting or any special meeting of the Company’s stockholders, or (G) make a request for any stockholder list or other Company books and records, whether pursuant to Section 220 of the DGCL or otherwise;

  
 7 

 (viii) except as set forth herein, take any action in support of or make any
proposal or request that constitutes: (A) controlling, changing or influencing the Board or management of the Company, including any plans or proposals to change the number or term of directors or to fill any vacancies on the Board; (B) any material
change in the capitalization, stock repurchase programs and practices, capital allocation programs and practices or dividend policy of the Company; (C) any other material change in the Company’s management, business or corporate structure; (D)
seeking to have the Company waive or make amendments or modifications to the Company’s certificate of incorporation or the by-laws, or other actions, that may impede or facilitate the acquisition of control of the Company by any person; (E)
causing a class of Securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any Securities exchange; or (F) causing a class of Securities of the Company to become eligible for termination of registration pursuant
to Section 12(g)(4) of the Exchange Act; 
 (ix) make or cause to be made, or in any way encourage any other person to make
or cause to be made, any public statement or announcement, including in any document or report filed with or furnished to the SEC or through the press, media, analysts or other persons, that constitutes an ad hominem attack on, or otherwise
disparages, defames or slanders the Company or Affiliates thereof or any of their respective current or former officers, directors or employees, provided that JANA will, subject to the Confidentiality Agreement, be permitted to make objective
statements that reflect JANA’s view, as a shareholder, with respect to factual matters concerning specific acts or determinations of the Company occurring after the date of this Agreement; 

(x) make any public disclosure, announcement or statement regarding any intent, purpose, plan or proposal with respect to the
Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement; 

(xi) enter into any discussions, negotiations, agreements or understandings with any Third Party to take any action with
respect to any of the foregoing, or advise, assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with respect to any of the foregoing, or otherwise take or cause any action or make any statement
inconsistent with any of the foregoing; 
 (xii) institute, solicit, assist or join, as a party, any litigation,
arbitration or other proceedings against or involving the Company or any of its current or former directors or officers (including derivative actions), other than an action to enforce the provisions of this Agreement instituted in accordance with
and subject to Section 8; or 
 (xiii) request, directly or indirectly, any amendment or waiver of the foregoing. 

  
 8 

 The foregoing provisions of this Section 2(a) shall not be deemed to prohibit (and the documents referenced in
Section 1(d) or any successor documents shall not prohibit) JANA or its directors, officers, partners, employees, members or agents (acting in such capacity) (“Representatives”) from communicating privately regarding or privately
advocating for or against any of the matters described in this Section 2(a) with, or from privately requesting a waiver of any of the foregoing provisions of this Section 2(a) from, the Company’s directors or officers, so long as such
communications or requests are in accordance with the Confidentiality Agreement and are not intended to, and would not reasonably be expected to, require any public disclosure of such communications or requests. 

(b) The Company agrees that, during the Standstill Period it shall not, and shall cause each of its Affiliates and Associates (as such
terms are defined in Rule 12b-2 promulgated by the SEC under the Exchange Act provided that the term “Associates” in such definition shall be deemed to be preceded by the word “controlled”) not to, directly or indirectly, in any
manner, alone or in concert with others, make or cause to be made, or in any way encourage any other person to make or cause to be made, any public statement or announcement, including in any document or report filed with or furnished to the SEC or
through the press, media, analysts or other persons, that constitutes an ad hominem attack on, or otherwise disparages, defames or slanders JANA or the JANA Affiliates or any of their respective current or former Representatives,
provided that the Company will be permitted to make objective statements that reflect the Company’s view with respect to factual matters concerning specific acts or determinations of JANA or the JANA Affiliates (or their respective
current or former representatives) occurring after the date of this Agreement. 
 (c) For purposes of this Agreement the terms
“person” or “persons” shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association,
organization or other entity of any kind or nature. 
 (d) Each of the JANA Directors shall be entitled to resign from the Board at
any time in his or her discretion. For purposes of this Agreement, the term “Standstill Period” means the period commencing on the date hereof and ending on the date that is the earlier of (A) the latest of (x) 12:01 a.m.
on the date of the 2017 Notice Deadline, (y) if JANA delivers a notice to the Company on or prior to the 2017 Notice Deadline that JANA is renewing the Standstill Period, 12:01 a.m. on the date that is 30 days prior to the expiration of the
Company’s advance notice period for the nomination of directors at the 2018 Annual Meeting (the “2018 Notice Deadline”), and (z) if JANA delivers a notice to the Company on or prior to the 2018 Notice Deadline that JANA is
renewing the Standstill Period, 12:01 a.m. on the date that is 30 days prior to the expiration of the Company’s advance notice period for the nomination of directors at the Company’s 2019 annual meeting of stockholders and (B) a material
breach by the Company of its obligations under this Agreement which is not cured within 15 days after receipt by the Company of written notice from JANA specifying the material breach. 

(e) In the event that JANA does not deliver a notice to the Company that JANA is renewing the Standstill Period on or prior to the 2017
Notice Deadline or 2018 Notice Deadline, as the case may be, the Standstill Period shall terminate and the JANA Designee shall promptly offer to resign from the Board and any committee thereof (and, if requested by the Company, promptly deliver his
or her written resignation to the Board (which shall provide for his or her immediate resignation) it being understood that it shall be in the Board’s sole discretion whether to accept or reject such resignation). 

  
 9 

 3.  Voting Agreement.  During the Standstill Period, JANA shall cause
all shares of Common Stock beneficially owned, directly or indirectly, by it, or by any JANA Affiliate, to be present for quorum purposes and to be voted, at any annual or special meeting of stockholders (and at any adjournments or postponements
thereof), and further agrees that at such meetings it and they shall vote in favor of the JANA Directors and all current directors on the Board as of the date of this Agreement (other than any directors resigning in accordance with this Agreement)
nominated by the Board for election at such meetings and further agrees that at such meetings it and they shall vote in accordance with the Board’s recommendations with respect to any other proposal or business that may be the subject of
stockholder action at such meetings; provided, however, that, notwithstanding anything herein to the contrary, with respect to (a) a proposal to authorize or approve an Extraordinary Transaction, (b) matters related to the
implementation of takeover defenses, or (c) new or amended incentive compensation plans submitted for shareholder approval, JANA and the JANA Affiliates may vote their shares of Common Stock beneficially owned, directly or indirectly, in the sole
discretion of JANA or the JANA Affiliate, as applicable. 
 4.  Representations of the Company.  The Company
represents and warrants to JANA as follows: (a) the Company has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; and (b) this Agreement has
been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms. 

5.  Representations of JANA.  JANA represents and warrants to the Company as follows: (a) JANA is duly organized,
validly existing and in good standing under the laws of its jurisdiction of organization and has the requisite power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions
contemplated hereby; (b) this Agreement has been duly and validly authorized, executed and delivered by JANA, constitutes a valid and binding obligation and agreement of JANA and is enforceable against JANA in accordance with its terms; and (c)
JANA, together with the JANA Affiliates, beneficially own, directly or indirectly, an aggregate of 5,890,368 shares of Common Stock and such shares of Common Stock constitute all of the Common Stock beneficially owned by JANA and the JANA Affiliates
or in which JANA or the JANA Affiliates have any interest or right to acquire or vote, whether through derivative securities, voting agreements or otherwise. 

6.  Public Announcement. 

(a) JANA and the Company shall announce this Agreement by means of a joint press release in the form attached hereto as Exhibit B
(the “Press Release”) no later than 9:00 a.m., New York City time, on March 23, 2016. 

  
 10 

 (b) The Company shall promptly prepare and file a Form 8-K reporting entry into this
Agreement and appending or incorporating by reference this Agreement and the Press Release as exhibits thereto. 
 (c) JANA shall
promptly prepare and file an amendment (the “13D Amendment”) to the JANA 13D reporting the entry into this Agreement and amending the applicable items to conform to the obligations hereunder. 

(d) The 13D Amendment will be consistent with the Press Release and the terms of this Agreement. 

(e) None of JANA, the JANA Affiliates or the JANA Directors shall issue a press release in connection with this Agreement or the actions
contemplated hereby. 
 7.  Confidentiality Agreement.  The Company hereby agrees that: (i) the JANA Designee is
permitted to and may provide confidential information to JANA Representatives, as defined in and subject to and solely in accordance with the terms of the confidentiality agreement in the form attached hereto as Exhibit C (the
“Confidentiality Agreement”) (which JANA agrees to execute and deliver to the Company simultaneously with JANA’s execution and delivery of this Agreement and cause the JANA Designee and such JANA Representatives to abide by)
and (ii) the Company will execute and deliver the Confidentiality Agreement to JANA substantially contemporaneously with execution and delivery thereof by the other signatories thereto. 

8.  Miscellaneous.  The parties agree that irreparable damage would occur in the event any of the provisions of
this Agreement were not performed in accordance with the terms hereof and that such damage would not be adequately compensable in monetary damages. Accordingly, the parties hereto shall be entitled to an injunction or injunctions to prevent breaches
of this Agreement, to enforce specifically the terms and provisions of this Agreement exclusively in the Court of Chancery of the State of Delaware or, if such court shall not have jurisdiction, any state or federal court sitting in the State of
Delaware, and to require the resignation of the JANA Directors from the Board following a material breach by such JANA Director and/or JANA of its or their respective obligations (assuming for this purpose that the JANA Directors are party to this
Agreement) if such material breach, if capable of being cured, has not been cured within 15 days after receipt by JANA of written notice from the Company specifying such material breach, in addition to any other remedies at law or in equity, and
each party agrees it will not take any action, directly or indirectly, in opposition to another party seeking or obtaining such relief. Each of the parties hereto agrees to waive any bonding requirement under any applicable law, in the case any
other party seeks to enforce the terms by way of equitable relief. Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery of the State of Delaware and the federal and other state
courts sitting in the State of Delaware in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other
request for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than such federal or state courts of the State of Delaware, and
each of the parties irrevocably waives the right to trial by jury, and (d) each of the parties irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address set forth in Section 11
hereof or 

  
 11 

 
as otherwise provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO
CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO ANY CONFLICT OR CHOICE OF LAW PRINCIPLES THAT MAY RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

9.  Expenses.  All attorneys’ fees, costs and expenses incurred in connection with this Agreement and all
matters related hereto will be paid by the party incurring such fees, costs or expenses. 
 10.  Entire Agreement;
Amendment.  This Agreement and all exhibits attached hereto contain the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede any and all prior and contemporaneous agreements,
memoranda, arrangements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof. This Agreement may be amended only by an agreement in writing executed by the parties hereto, and no
waiver of compliance with any provision or condition of this Agreement and no consent provided for in this Agreement shall be effective unless evidenced by a written instrument executed by the party against whom such waiver or consent is to be
effective. No failure or delay by a party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
right, power or privilege hereunder. 
 11.  Notices.  All notices, consents, requests, instructions, approvals
and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, when actually received during normal business hours at the address specified in this
subsection: 
  

					
	if to the Company:     	  	Team Health Holdings, Inc.
		  	265 Brookview Centre Way, Suite 400
		  	Knoxville, TN 37919
		  	Attention:	  	General Counsel
	
	With a copy (which shall not constitute notice) to:
		
		  	Simpson Thacher & Bartlett LLP
		  	425 Lexington Avenue
		  	New York, NY 10017
		  	Attention:	  	William R. Dougherty
		  		  	Anthony F. Vernace
		
	if to JANA:	  	JANA Partners LLC
		  	767 Fifth Avenue, 8th Floor
		  	New York, NY 10153
		  	Attention:	  	Legal Department

  
 12 

					
	 With a copy (which shall not constitute notice) to:

 

	                     	  	          Schulte Roth & Zabel LLP
		  	          919 Third Avenue
		  	          New York, New York 10022
		  	          Attention:	  	Eleazer Klein
		  		  	Marc Weingarten

 12.  Severability.  If at any time subsequent to the date hereof, any provision of
this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality
or enforceability of any other provision of this Agreement. 
 13.  Termination.  This Agreement shall terminate
upon the later of (x) the expiration of the Standstill Period and (y) the conclusion of the 2017 Annual Meeting, provided that Section 7 of this Agreement shall survive as provided in the Confidentiality Agreement. 

14.  Counterparts.  This Agreement may be executed in two or more counterparts either manually or by electronic or
digital signature (including by email transmission), each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement on the parties, notwithstanding that not all parties are signatories to the
same counterpart. 
 15.  No Third Party Beneficiaries; Assignment.  This Agreement is solely for the benefit of
the parties hereto and is not binding upon (other than successors to the parties hereto) or enforceable by any other persons. No party to this Agreement may assign its rights or delegate its obligations under this Agreement, whether by operation of
law or otherwise, and any assignment in contravention hereof shall be null and void. Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement on any
persons other than the parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party. 

16.  Interpretation and Construction.  When a reference is made in this Agreement to a Section, such reference
shall be to a Section of this Agreement, unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words
“include,” “includes” and “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof, “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “will” shall be construed to have the same meaning as the word “shall.”
The words “date hereof” will refer to the date of this Agreement. The word “or” is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any
agreement, instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated, such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. Each of the parties hereto
acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded 

  
 13 

 
the execution of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party cooperated and participated in the drafting and preparation of this
Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or
preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the
parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation. 

[Signature Pages Follow] 

  
 14 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same
to be executed by its duly authorized representative as of the date first above written. 
  

					
	TEAM HEALTH HOLDINGS, INC.,
			
	     by	 		 	
		 	        /s/ Michael D. Snow

		 	 Name:	 	Michael D. Snow
		 	 Title:	 	President and Chief Executive Officer
	  
 JANA PARTNERS LLC,

			
	     by	 		 	
		 	        /s/ Scott Ostfeld

		 	 Name:	 	Scott Ostfeld
		 	 Title:	 	Partner

 EXHIBIT A 

FORM OF IRREVOCABLE RESIGNATION 

OF THE JANA DIRECTORS 
 March 22, 2016 

Attention:  Board of Directors 
 Team Health Holdings,
Inc. 
 265 Brookview Centre Way, Suite 400 
 Knoxville, TN
37919 
 Re:  Resignation 
 Ladies and Gentlemen:

 This irrevocable resignation is delivered pursuant to Section 1(c) and 1(f) of the Cooperation Agreement, dated as of March 22, 2016 (the
“Agreement”), by and between Team Health Holdings, Inc. and JANA Partners LLC. Capitalized terms used herein but not defined shall have the meaning set forth in the Agreement. Effective only upon, and subject to, the occurrence of
any of the following: (i) JANA ceases to comply with or breaches any of the terms of (x) the Agreement in any material respect prior to the expiration of the Standstill Period and, if capable of being cured, such material breach or failure has not
been cured within 15 days after receipt by JANA of written notice from the Company specifying the material breach or failure or (y) the Confidentiality Agreement in any material respect, or (ii) as and if then required by the bylaws of the Company,
I fail to receive a majority of the votes cast in favor of my election at any meeting for the election of directors at which a quorum is present[, or (iii) JANA and the JANA Affiliates, collectively, cease to beneficially own at least the JANA
Ownership Threshold], I hereby resign from my position as a director of the Company and from any and all committees of the Board on which I serve. 

[Signature Page Follows] 

  
 A-1 

 This resignation may not be withdrawn by me at any time during which it is effective. 

 

			
	Sincerely,
		
	By:	 	  

		 	Name:

  
 [Signature Page to
Irrevocable Resignation] 
 A-2 

 EXHIBIT B 

FOR IMMEDIATE RELEASE 
 TEAMHEALTH ANNOUNCES AGREEMENT WITH
JANA PARTNERS 
 KNOXVILLE, Tenn., March 23, 2016 /PRNewswire/ -- Team Health Holdings, Inc. (“TeamHealth” or the
“Company”) (NYSE: TMH), a leading physician services organization, today announced that it has entered into an agreement with JANA Partners LLC (“JANA”), which beneficially owns approximately 8.0 percent of the Company’s
common stock. 
 As part of the agreement, Scott Ostfeld, Partner of JANA and Co-Portfolio Manager of JANA Strategic Investments, and Edwin (Mac) Crawford, former
Chairman of CVS Caremark Corporation, have been appointed to TeamHealth’s Board of Directors as Class I Directors, effective immediately. With the appointments of Messrs. Ostfeld and Crawford, the TeamHealth Board will be comprised of 12
directors, 10 of whom are independent. TeamHealth and JANA also agreed that Nancy M. Schlichting, Chief Executive Officer of Henry Ford Health System, will be appointed as a Class II Director in January 2017. Additionally, the Company has agreed to
reduce the size of the Board of Directors by one director each year over the next three years beginning at the 2016 annual meeting of shareholders. 
 “We are
pleased to have reached this agreement with JANA, as we believe this outcome best serves the interests of TeamHealth and all of its shareholders,” said Mike Snow, President and Chief Executive Officer of TeamHealth. “We are confident that
Scott, Mac and Nancy, with their diversified expertise and relevant experience, will add valuable perspective to TeamHealth’s Board as we execute on our strategic plan and enhance shareholder value. Our commitment to providing best-in-class
support to our clinical community and exemplary service to our hospital partners remains unchanged as we work to achieve these important objectives.” 
 “We
appreciate TeamHealth’s constructive approach in reaching this agreement,” said Barry Rosenstein, founder and Managing Partner of JANA. “We look forward to working with management and the Board of Directors to pursue our shared goal
of enhancing value for all TeamHealth shareholders.” 
 The full agreement between TeamHealth and JANA will be filed on a Form 8-K with the Securities and
Exchange Commission. 
 As previously announced, the Company’s 2016 annual meeting of shareholders will be held on May 25, 2016. 

Citi and Goldman, Sachs & Co. are serving as financial advisors and Simpson Thacher & Bartlett LLP is serving as legal advisor to the Company. 

About Scott Ostfeld 
 Mr. Scott Ostfeld is a Partner of JANA Partners
LLC, an investment manager located in New York, and Co-Portfolio Manager of JANA Partners LLC’s active equity ownership strategy. Prior to joining JANA in 2006, Mr. Ostfeld was with GSC Partners in their distressed debt private equity
group focused on acquiring companies through the bankruptcy restructuring process and enhancing value as an active equity owner. Mr. Ostfeld received a J.D. from Columbia Law School and an M.B.A. from Columbia Business School, and a B.A. from
Columbia University. Mr. Ostfeld serves as a member of the Advisory Board of Columbia University’s Richman Center for Business, Law, and Public Policy and as a member of the Board of Directors of The Opportunity Network. 

About Edwin M. Crawford 
 Mr. Edwin Crawford served as Chief Executive
Officer, Director and Chairman of Caremark Rx, Inc. from 1998 to 2007 when it generated annual revenues of approximately $37 billion. Following the merger of CVS Corporation with Caremark in March 2007, Mr. Crawford served as Chairman of CVS
Caremark Corporation, a Fortune 20 company and leading provider of pharmacy benefits management services, until November 2007. Mr. Crawford received a B.S. in Business Administration from Auburn University. 

  
 B-1 

 About Nancy M. Schlichting 

Ms. Nancy Schlichting is the Chief Executive Officer of Henry Ford Health System, where she is responsible for leading a nationally recognized health care organization
with annual revenue of over $4 billion and 24,000 employees through a dramatic financial turnaround. Ms. Schlichting joined Henry Ford Health System in 1998 as Senior Vice President and Chief Administrative Officer and in 2001, she assumed an
additional role as President and Chief Executive Officer of Henry Ford Hospital. Ms. Schlichting has vast experience serving as a director for various boards for both non-profit and for-profit corporations, including serving as a member of the
board of directors of Walgreens Boots Alliance, Inc., one of the largest global pharmaceutical wholesale and distribution networks, since 2006. Ms. Schlichting received her A.B. in Public Policy Studies from Duke University and her M.B.A. from
Cornell University. 
 About TeamHealth 
 At TeamHealth (NYSE: TMH),
our purpose is to perfect our physicians’ ability to practice medicine, every day, in everything we do. Through our more than 18,000 affiliated physicians and advanced practice clinicians, TeamHealth offers outsourced emergency medicine,
hospital medicine, critical care, anesthesiology, orthopaedic hospitalist, acute care surgery, obstetrics and gynecology hospitalist, ambulatory care, post-acute care and medical call center solutions to approximately 3,400 acute and post-acute
facilities and physician groups nationwide. Our philosophy is as simple as our goal is singular: we believe better experiences for physicians lead to better outcomes—for patients, hospital partners and physicians alike. Join our team; we value
and empower clinicians. Partner with us; we deliver on our promises. Learn more at http://www.teamhealth.com. 

Contacts 
 INVESTOR CONTACT: 

David Jones 
 Executive Vice President & Chief Financial Officer 

865-293-5299 
 MEDIA CONTACT: 

Pat Ball 
 Senior Vice President, Strategic Resources Group 

865-293-5352 
 Andy Brimmer / Joe Berg 

Joele Frank Wilkinson Brimmer Katcher 
 212-355-4449 

  
 B-2 

 EXHIBIT C 

EXECUTION VERSION 

CONFIDENTIALITY AGREEMENT 
 TEAM HEALTH
HOLDINGS, INC. 
 March 22, 2016 
 To: JANA Partners LLC
(“JANA” or “you”) 
 Ladies and Gentlemen: 

This letter agreement shall become effective upon the appointment of the March Directors to the Board of Directors (the
“Board”) of Team Health Holdings, Inc. (the “Company”). Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Cooperation Agreement (the “Cooperation
Agreement”), dated as of March 22, 2016, between the Company and JANA. The Company understands and agrees that, subject to the terms of, and in accordance with, this letter agreement, Scott Ostfeld or his replacement chosen in accordance
with the Cooperation Agreement (Mr. Ostfeld and such replacement, the “JANA Designee”) may, if and to the extent he desires to do so (and subject to his fiduciary duties), confidentially disclose information he obtains while serving
as a member of the Board to you and, subject to the restrictions in paragraph 2, the JANA Representatives (as hereinafter defined), and may discuss such information with such persons, subject to the terms and conditions of this letter agreement. As
a result, you may receive certain non-public information regarding the Company. You acknowledge that this information is proprietary to the Company and may include trade secrets or other business information the disclosure of which could harm the
Company. In consideration for, and as a condition of, the information being furnished to you and, subject to the restrictions in paragraph 2, the JANA Affiliates and the officers, directors, managing members, employees, agents, representatives and
advisors (including legal and financial advisors) of you and the other JANA Affiliates (collectively, the “JANA Representatives”), you agree to treat any and all information concerning or relating to the Company or any of its
subsidiaries or affiliates that is furnished to you or the JANA Representatives (regardless of the manner in which it is furnished, including in written or electronic format or orally, gathered by visual inspection or otherwise) by any JANA
Designee, or by or on behalf of the Company or any Company Representatives (as defined below), together with any notes, analyses, reports, models, compilations, studies, interpretations, documents, records or extracts thereof containing, referring,
relating to, based upon or derived from such information, in whole or in part (collectively, “Evaluation Material”), in accordance with the provisions of this letter agreement, and to take or abstain from taking the other actions
hereinafter set forth. 
 1.        The term “Evaluation Material” does not include
information that (i) is or has become generally available to the public other than as a result of a direct or indirect disclosure by you or the JANA Representatives in violation of this letter agreement or any other obligation of confidentiality to
the Company, (ii) was within your or any of the JANA Representatives’ possession on a non-confidential basis prior to its being furnished to you by a JANA Designee, or by or on behalf of the Company or its agents, representatives, attorneys,
advisors, directors, officers or employees (collectively, the “Company Representatives”) or (iii) is received from a source other than a JANA Designee, the Company or any of the Company Representatives;

  
 C-1 

 
provided, that in the case of (ii) or (iii) above, the source of such information was not believed by you, after reasonable inquiry of the disclosing person, to be bound by a
confidentiality agreement with, or other contractual, legal or fiduciary obligation of confidentiality to, the Company or any other person with respect to such information at the time the information was disclosed to you. 

2.        You will, and you will cause the JANA Representatives to, (a) keep the Evaluation Material
strictly confidential and (b) not disclose any of the Evaluation Material in any manner whatsoever without the prior written consent of the Company; provided, however, that you may privately disclose any of such information to the JANA
Representatives (i) who need to know such information for the sole purpose of advising you on your investment in the Company and (ii) who are informed by you of the confidential nature of such information and agree to abide for the benefit of the
Company to the terms hereof; provided, further, that you will be responsible for any violation of this letter agreement by the JANA Representatives as if they were parties hereto. It is understood and agreed that the JANA Designee shall not
disclose to you or the JANA Representatives any Legal Advice (as defined below) that may be included in the Evaluation Material with respect to which such disclosure may constitute waiver of the Company’s attorney-client privilege or attorney
work-product privilege. “Legal Advice” as used herein shall be solely and exclusively limited to the advice provided by legal counsel and shall not include factual information or the formulation or analysis of business strategy that is not
protected by the attorney-client or attorney work-product privilege. 
 3.        In the event that
you or any of the JANA Representatives are required by applicable subpoena, legal process or other legal requirement to disclose any of the Evaluation Material, you will promptly notify (except where such notice would be legally prohibited) the
Company in writing by electronic mail, facsimile and certified mail so that the Company may seek a protective order or other appropriate remedy (and if the Company seeks such an order, you will provide such cooperation as the Company shall
reasonably request), at its cost and expense. Nothing herein shall be deemed to prevent you or the JANA Representatives, as the case may be, from complying with a subpoena, legal process or other legal requirement that requires discovery, disclosure
or production of the Evaluation Material if (a) you produce or disclose only that portion of the Evaluation Material which your outside legal counsel of national standing advises you in writing is legally required to be so produced or disclosed and
you inform the recipient of such Evaluation Material of the existence of this letter agreement and the confidential nature of such Evaluation Material, provide notice to the Company of such Evaluation Material to be so disclosed as far in advance as
is legally permissible, and use your reasonable best efforts to obtain reliable assurance that confidential treatment will be afforded such Evaluation Material; or (b) the Company consents in writing to having the Evaluation Material produced or
disclosed pursuant to the subpoena, legal process or other legal requirement. In no event will you or any of the JANA Representatives oppose action by the Company to obtain a protective order or other relief to prevent the disclosure of the
Evaluation Material or to obtain reliable assurance that confidential treatment will be afforded the Evaluation Material. For the avoidance of doubt, it is understood that there shall be no “legal requirement” requiring you to disclose any
Evaluation Material solely by virtue of the fact that, absent such disclosure, you would be prohibited from purchasing, selling, or engaging in derivative or other voluntary transactions with respect to the Common Stock of the Company or otherwise
proposing or making an offer to do any of the foregoing, or you would be unable to file any proxy materials in compliance with Section 14(a) of the Exchange Act or the rules promulgated thereunder. 

  
 C-2 

 4.        You acknowledge that (a) none of the Company or
any of the Company Representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any Evaluation Material, and (b) none of the Company or any of the Company Representatives shall have any liability to
you or to any of the JANA Representatives relating to or resulting from the use of the Evaluation Material or any errors therein or omissions therefrom. You and the JANA Representatives (including anyone acting on your or their behalf) shall not
directly or indirectly initiate contact or communication with any executive or employee of the Company concerning Evaluation Material or seeking any information in connection therewith, provided that your officers or directors with the title of
“partner” and other full-time employees of JANA directly involved in monitoring your investment in the Company may so initiate communications concerning Evaluation Material and/or seeking information in connection therewith with or from
the Chief Financial Officer, General Counsel, head of investor relations and/or such other persons approved in writing by the foregoing or the Board; provided, however, the restriction in this sentence shall not apply to any JANA Director while he
or she is a member of the Board (it being understood that, subject to the restrictions in paragraph 2, the JANA Designee shall be permitted to have present with him, in person or by phone or other similar means of communication, any other JANA
Representative to the extent announced to the Company participants). 
 5.        All Evaluation
Material shall remain the property of the Company. Neither you nor any of the JANA Representatives shall by virtue of any disclosure of and/or your use of any Evaluation Material acquire any rights with respect thereto, all of which rights
(including all intellectual property rights) shall remain exclusively with the Company. At any time after the date on which no JANA Designee is any longer a director of the Company, upon the request of the Company for any reason, you will promptly
return to the Company or destroy all hard copies of the Evaluation Material and use commercially reasonable efforts to permanently erase or delete all electronic copies of the Evaluation Material in your or any of the JANA Representatives’
possession or control (and, upon the request of the Company, shall promptly certify to the Company that such Evaluation Material has been returned, erased or deleted, as the case may be). Notwithstanding the return or erasure or deletion of
Evaluation Material, you and the JANA Representatives will continue to be bound by the obligations contained herein. 

6.        You acknowledge, and will advise the JANA Representatives, that the Evaluation Material may
constitute or contain material nonpublic information under applicable federal and state securities laws, and that you shall not, and you shall use your commercially reasonable efforts to ensure that the JANA Representatives, do not, trade or engage
in any derivative or other transaction, while in possession of such information in violation of such laws, provided that, subject to compliance with such laws, you and the JANA Representatives shall in any event be free to trade or engage in such
transactions during periods when the directors of the Company generally are permitted to do so, and the Company will notify each JANA Director in advance when such “open window” periods begin and end. 

7.        You hereby represent and warrant to the Company that (i) you have all requisite company
power and authority to execute and deliver this letter agreement and to perform your 

  
 C-3 

 
obligations hereunder, (ii) this letter agreement has been duly authorized, executed and delivered by you, and is a valid and binding obligation, enforceable against you in accordance with its
terms, (iii) this letter agreement will not result in a violation of any terms or conditions of any agreements to which you are a party or by which you may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree
governing or affecting you, and (iv) your entry into this letter agreement does not require approval by any owners or holders of any equity or other interest in you (except as has already been obtained). 

8.        Any waiver by the Company of a breach of any provision of this letter agreement shall not
operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this letter agreement. The failure of the Company to insist upon strict adherence to any term of this letter agreement on one
or more occasions shall not be considered a waiver or deprive the Company of the right thereafter to insist upon strict adherence to that term or any other term of this letter agreement. 

9.        You acknowledge and agree that the value of the Evaluation Material to the Company is unique
and substantial, but may be impractical or difficult to assess in monetary terms. You further acknowledge and agree that in the event of an actual or threatened violation of this letter agreement, immediate and irreparable harm or injury would be
caused for which money damages would not be an adequate remedy. Accordingly, you acknowledge and agree that, in addition to any and all other remedies which may be available to the Company at law or equity, the Company shall be entitled to an
injunction or injunctions to prevent breaches of this letter agreement and to enforce specifically the terms and provisions of this letter agreement exclusively in the Court of Chancery of the State of Delaware or other federal or state courts of
the State of Delaware. In the event that any action shall be brought in equity to enforce the provisions of this letter agreement, you shall not allege, and you hereby waive the defense, that there is an adequate remedy at law. 

10.      Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of
Chancery of the State of Delaware or other federal or state courts of the State of Delaware in the event any dispute arises out of this letter agreement or the transactions contemplated by this letter agreement, (b) agrees that it shall not attempt
to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this letter agreement or the transactions contemplated by this letter agreement in any
court other than the Court of Chancery of the State of Delaware or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding requirement under any
applicable law, in the case any other party seeks to enforce the terms by way of equitable relief, and (e) irrevocably consents to service of process by a reputable overnight delivery service, signature requested, to the address of such party’s
principal place of business or as otherwise provided by applicable law. THIS LETTER AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND
TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE. 

  
 C-4 

 11.        This letter agreement and the Cooperation
Agreement contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersedes all prior or contemporaneous agreements or understandings, whether written or oral. This letter agreement may be amended
only by an agreement in writing executed by the parties hereto. 
 12.        All notices, consents,
requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by telecopy and email, when such telecopy is
transmitted to the telecopy number set forth below and sent to the email address set forth below and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address
specified in this subsection: 
  

					
	If to the Company:	    	Team Health Holdings, Inc.
		    	265 Brookview Centre Way
		    	Suite 400
		    	Knoxville, TN 37919
		    	Attention:  General Counsel
		
		    	With a copy to (which shall not constitute notice):
		
		    	Simpson Thacher & Bartlett LLP
		    	425 Lexington Avenue
		    	New York, NY 10017
		    	Facsimile:	  	212-455-2502
		    	Attention:	  	William R. Dougherty
		    		  	Anthony F. Vernace
		
	If to JANA:	    	JANA Partners LLC
		    	767 Fifth Avenue, 8th Floor
		    	New York, NY 10153
		    	Attention: Legal Department
		
		    	With a copy to (which shall not constitute notice):
		
		    	Schulte Roth & Zabel LLP
		    	919 Third Avenue
		    	New York, NY 10022

					
		    	Attention:	 	Eleazer Klein
		    		 	 Marc Weingarten

 13.        If at any time subsequent to the date hereof, any provision
of this letter agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon
the legality or enforceability of any other provision of this letter agreement. 

  
 C-5 

 14.        This letter agreement may be executed
(including by facsimile or PDF) in two or more counterparts which together shall constitute a single agreement. 

15.        This letter agreement and the rights and obligations herein may not be assigned or
otherwise transferred, in whole or in part, by you without the express written consent of the Company. This Agreement, however, shall be binding on and inure to the benefit of successors of the parties hereto. 

16.        This letter agreement shall expire one year after the date on which no JANA Designee any
longer serves as a director of the Company; provided, that you shall maintain in accordance with the confidentiality obligations set forth herein any Evaluation Material constituting trade secrets for such longer time as such information constitutes
a trade secret of the Company as defined under 18 U.S.C. § 1839(3); and provided, further, that this Section 16 is not intended to be, and shall not be interpreted as, a contractual restriction on any trading activities of you or other JANA
Affiliates taken in your or such JANA Affiliates’ own judgment. 
 17.        No licenses or
rights under any patent, copyright, trademark, or trade secret are granted or are to be implied by this letter agreement. 

18.        Each of the parties hereto acknowledges that it has been represented by counsel of its
choice throughout all negotiations that have preceded the execution of this letter agreement, and that it has executed the same with the advice of said counsel. Each party and its counsel cooperated and participated in the drafting and preparation
of this letter agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its
drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this letter agreement against any party that drafted or prepared it is of no application and is hereby expressly
waived by each of the parties hereto, and any controversy over interpretations of this letter agreement shall be decided without regards to events of drafting or preparation. The term “including” shall in all instances be deemed to mean
“including without limitation.” 
 [Signature Pages Follow] 

  
 C-6 

 Please confirm your agreement with the foregoing by signing and returning one copy of this letter
agreement to the undersigned, whereupon this letter agreement shall become a binding agreement between you and the Company. 
  

					
	Very truly yours,
	
	TEAM HEALTH HOLDINGS, INC.
		
	By:	 	     /s/ Michael D. Snow

		 	Name:	 	    Michael D. Snow
		 	Title:	 	    President and Chief Executive
		 		 	    Officer

  

 Accepted and agreed as of the date first written above: 

 

					
	JANA PARTNERS LLC
		
	By:	 	     /s/ Scott Ostfeld

		 	Name:	  	  Scott Ostfeld
		 	Title:	  	  Partner

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