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exhibit10-7.htm

    
      

    

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      to Form 8-K

    Exhibit
      10.7

    
 

    
      

      WELLCARE
        HEALTH PLANS, INC.

       

      2004
        EQUITY INCENTIVE PLAN

       

      RESTRICTED
        STOCK AGREEMENT

       

      FOR

       

      CHARLES
        G. BERG

       

      This
        RESTRICTED
        STOCK AGREEMENT (the
        “Agreement”)
        is made and entered into effective as of January 25,
        2008, by and between WellCare Health Plans, Inc.,
        a Delaware corporation (the “Company”),
        and Charles G.
        Berg
        (the
        “Grantee”).

       

      RECITALS

       

      In
        consideration of services to be rendered by the Grantee and to provide an
        incentive to the Grantee to remain with the Company and its Subsidiaries,
        it is
        in thebest
        interests of the Company to make a grant of Restricted Stock to Grantee in
        accordance with the terms of this Agreement; and

       

      The
        Restricted Stock is granted pursuant to the WellCare Health Plans,
        Inc.  2004 Equity Incentive Plan (the “Plan”)
        which is
        incorporated herein for all purposes.  The Grantee hereby acknowledges
        receipt of a copy of the Plan.  Unless otherwise provided herein,
        terms used herein that are defined in the Plan and not defined herein shall
        have
        the meanings attributable thereto inthe
        Plan.

       

      NOW,
        THEREFORE,
        for and in consideration of the mutual premises, covenants and agreements
        contained herein, and for other good and valuable consideration, the receipt
        and
        sufficiency of which is hereby acknowledged, the parties hereto,
        intending
        to be legally bound, hereby agree as follows:

       

      1.           
        Award
        of Restricted Stock.  The
        Company has
        granted on January
        25,
        2008 (the “Date
        of Grant”),
        to the Grantee, 200,000
        shares of common stock, par value $.01 per share, of the Company (collectively,
        the
        “Restricted
        Stock”),
        which Restricted Stock is and shall be subject to the terms, provisions and
        restrictions set forth in this Agreement and in the
        Plan.  The
        Grantee agrees to be bound by all of the terms and conditions herein and
        in the
        Plan.  However,
        in the event of any conflict between the provisions of this Agreement and
        the
        Plan, the provisions of this Agreement shall govern.

       

      2.           
        Vesting
        of Restricted Stock.

       

      (a)            
        Except
        as otherwise provided in Section 3 hereof, twenty-five
        percent (25%)of
        the Restricted Stock will vest six months after the Date of Grant and the
        remaining shares of Restricted Stock will vest quarterly thereafter (each
        such date being a “Vesting
        Date”),
        with the last quarterly installment vesting on January 25, 2010,
        provided
        that the Grantee’s
        employment or service with the Company and its Subsidiaries continues through
        and on
        the applicable Vesting Date.

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (b)                
        Except
        as otherwise provided in Section 3 hereof, there shall be no proportionate
        or partial vesting of Restricted
        Stock in or during the months, days or periods prior to each Vesting Date,
        and
        all vesting of Restricted Stock shall occur only on the applicable Vesting
        Date.

       

      3.           
        Termination
        of Employment

       

      (a)            
        Upon
        the termination or cessation of Grantee’s
        employment
        or service with the Company and its Subsidiaries, for any reason whatsoever,
        any
        portion of the Restricted Stock which is not yet then vested, and which does
        not
        then become vested pursuant to this Section 3, shall automatically and
        without notice terminate,
        be forfeited and become null and void.

       

      (b)            
        Notwithstanding
        the foregoing, in
        the event that the Grantee’s
        employment with the Company and its Subsidiaries is terminated by the Company
        without Cause or by the Grantee for Good Reason, any
        portion
        of the Restricted Stock that is unvested as of the date of the termination
        of
        Grantee’s
        employment with the Company and its Subsidiaries (the “Date
        of Termination”)
        shall become immediately vested as of the Date of Termination. 

       

      (c)            
        Notwithstanding
        any
        other term or provision of this Agreement, in
        the event of a Change
        in Control of the Company any
        unvested Restricted Stockthat
        is then outstanding shall
        become immediately vested.

       

      (d)            
        Notwithstanding
        any other term or provision of this Agreement,in
        the event that the Grantee’s
        employment or service with the Company and its Subsidiaries is terminated
        on
        account of the Grantee’s
        death or Disability, any unvested portion of the Restricted Stock shall become
        immediately vested as of the Date
        of Termination.

       

      (e)            
        For
        purposes of this Agreement, the terms “Cause”,
        “Good
        Reason,” and “Disability” shall have
        the meanings set
        forth in the employment
        agreement between the Grantee and the Company dated
        January 25, 2008 (the “Employment
        Agreement”) and
        the determination
        of whether a termination of employment or service is for Cause, for Good
        Reason
        or on account of Disability shall be determined under the Employment
        Agreement.

       

      (f)            
        Notwithstanding
        any other term or provision of this Agreement but subject to
        the provisions of the Plan, the Committee shall be authorized, in its sole
        discretion, based upon its review and evaluation of the performance of the
        Grantee and of the Company and its Subsidiaries, to accelerate the vesting
        of
        all or any portion of the
        Restricted Stock under this Agreement, at such times and upon such terms
        and
        conditions as the Committee shall deem advisable.

       

      4.           
        Delivery
        of Restricted Stock.  The
        Company shall make a book entry in its stock ledger for the Restricted Stock
        registered
        in the Grantee’s
        name.  Upon vesting, certificates for the Restricted Stock will be
        issued in the name of the Grantee and shall be delivered to the
        Grantee’s
        address on record with the Company or to such other address as the
        Grantee
        may instruct the Company.

       

      5.           
        Rights
        with Respect to Restricted Stock.

       

      (a)            
        Except
        as otherwise provided in this Agreement, the Grantee shall have, with respect
        to
        all of the shares of Restricted Stock, whether vested or unvested, all of
        the
        rights of a holder of shares
        of common stock of the Company, including without limitation (i) the right
        to vote such Restricted Stock, (ii) the right to receive dividends, if any,
        as may be declared on the Restricted Stock from time to time, and (iii) the
        rights available to all holders
        of shares of common stock of the Company upon any merger, consolidation,
        reorganization, liquidation or dissolution, stock split-up, stock dividend
        or
        recapitalization undertaken by the Company.

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      (b)            
        In
        the event that the Committee shall determine that
        any stock dividend, stock split, share combination, extraordinary cash dividend,
        recapitalization, reorganization, merger, consolidation, split-up, spin-off,
        combination, exchange of shares, warrants or rights offering to purchase
        Common
        Stock at a price
        substantially below fair market value, or other similar corporate event affects
        the Common Stock such that an adjustment is required in the number of shares
        of
        Restricted Stock in order to preserve, or to prevent the enlargement of,
        the
        benefits or potential
        benefits intended to be made available under this Award, then the Committee
        shall, in its sole discretion, and in such manner as the Committee may deem
        equitable, adjust any or all of the number and kind of shares of Restricted
        Stock and/or, if deemed
        appropriate, make provision for a cash payment to the Grantee, provided,
        however, that, unless the Committee determines otherwise, the number of shares
        of Restricted Stock subject to this Award shall always be a whole
        number.

       

      (c)            
        Notwithstanding
        any
        term or provision of this Agreement to the contrary, the existence of this
        Agreement, or of any outstanding Restricted Stock awarded hereunder, shall
        not
        affect in any manner the right, power or authority of the Company to make,
        authorize or consummate: (i) any
        or all adjustments, recapitalizations, reorganizations or other changes in
        the
        Company’s
        capital structure or its business; (ii) any merger, consolidation or
        similar transaction by or of the Company; (iii) any offer, issue or sale by
        the Company ofany
        capital stock of the Company, including any equity or debt securities, or
        preferred or preference stock that would rank prior to or on parity with
        the
        Restricted Stock and/or that would include, have or possess other rights,
        benefits and/or preferences
        superior to those that the Restricted Stock includes, has or possesses, or
        any
        warrants, options or rights with respect to any of the foregoing; (iv) the
        dissolution or liquidation of the Company; (v) any sale, transfer or
        assignment of all or any part of
        the stock, assets or business of the Company; or (vi) any other corporate
        transaction, act or proceeding (whether of a similar character or
        otherwise).

       

      6.           
        Transferability.  Unless
        otherwise determined by the Committee, the shares of Restricted
        Stockare
        not transferable until and unless they become vested in accordance with this
        Agreement.  The terms of this Agreement shall be binding upon the
        executors, administrators, heirs, successors and assigns of the
        Grantee.  Any attempt to effect a Transfer of
        any shares of Restricted Stock prior to the date on which the shares of
        Restricted Stock become vested shall be void ab
        initio.  For
        purposes of this Agreement, “Transfer”shall
        mean any sale, transfer, encumbrance, gift, donation, assignment, pledge,
        hypothecation,
        or other disposition, whether similar or dissimilar to those previously
        enumerated, whether voluntary or involuntary, and including, but not limited
        to,
        any disposition by operation of law, by court order, by judicial process,
        or by
        foreclosure,
        levy or attachment.

       

      7.           
        Tax
        Withholding Obligations.

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (a)            
        The
        Company shall withhold a number of shares of the Company’s
        common stock (rounded up) otherwise deliverable to the Grantee having a Fair
        Market Value sufficient to satisfy the statutory minimum
        of all or part of the Grantee’s
        estimated total federal, state and local tax obligations associated with
        the
        award or vesting of the Restricted Stock; provided,
        however,
        the Grantee may elect, by providing the Company with at least two weeks
        priornotice,
        to satisfy such tax withholding obligations by depositing with the Company
        an
        amount of cash equal to the amount determined by the Company to be required
        with
        respect to any withholding taxes, FICA contributions or the like under federal,
        state orlocal
        statute, ordinance rule or regulation in connection with the award or vesting
        of
        the Restricted Stock.  Alternatively, the Company may, in its sole
        discretion and to the extent permitted by law, deduct from any payment of
        any
        kind otherwise due to the
        Grantee any federal, state or local taxes of any kind required by law to
        be
        withheld with respect to the Restricted Stock.

       

      (b)            
        Tax
        consequences on the Grantee (including without limitation federal, state,
        local
        and foreign income tax consequences) with
        respect to the Restricted Stock (including without limitation the grant,
        vesting
        and/or forfeiture thereof) are the sole responsibility of the
        Grantee.  The Grantee shall consult with his or her own personal
        accountant(s) and/or tax advisor(s) regarding
        these matters, the making of a Section 83(b) election and the
        Grantee’s
        filing, withholding and payment (or tax liability)
        obligations.

       

      8.           
        Amendment,
        Modification and Assignment; Non-Transferability.  This
        Agreement may only be modified or amended in
        a writing signed by the parties hereto.  No promises, assurances,
        commitments, agreements, undertakings or representations, whether oral, written,
        electronic or otherwise, and whether express or implied, with respect to
        the
        subject matter hereof, have been
        made by either party which are not set forth expressly in this
        Agreement.  Unless otherwise consented to in writing by the Company,
        in its sole discretion, this Agreement (and Grantee’s
        rights hereunder) may not be assigned, and the obligations of Grantee
        hereunder may not be delegated, in whole or in part.  The rights and
        obligations created hereunder shall be binding on the Grantee and his heirs
        and
        legal representatives and on the successors and assigns of the
        Company.

       

      9.           
        Complete
        Agreement.  This Agreement (together with those agreements and
        documents expressly referred to herein, for the purposes referred to herein)
        embody the complete and entire agreement and understanding between the parties
        with respect to the subject matter hereof, and supersede any and all prior
        promises, assurances, commitments, agreements, undertakings or representations,
        whether oral, written, electronic or otherwise, and whether express or implied,
        which may relate to the subject matter hereof in any way.

       

      10.           
        Miscellaneous.

       

      (a)            
        No
        Right to Continued Employment or Service.  This
        Agreement and the grant of Restricted Stock hereunder shall not confer, or
        be
        construed to confer, upon the Grantee any right to employment or service,
        or
        continued employment or service, with
        the Company or any Subsidiary.

       

      (b)            
        No
        Limit on Other Compensation Arrangements.  Nothing
        contained in this Agreement shall preclude the Company or any Subsidiary
        from
        adopting or continuing in effect other or additional compensation plans,
        agreements
        or arrangements, and any such plans, agreements and arrangements may be either
        generally applicable or applicable only in specific cases or to specific
        persons.

       

      
        
          
          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      (c)            
        Severability.  If
        any term or provision of this Agreement is or becomes or is deemed
        to be invalid, illegal or unenforceable in any jurisdiction or under any
        applicable law, rule or regulation, then such provision shall be construed
        or
        deemed amended to conform to applicable law (or if such provision cannot
        be so
        construed or deemed amended
        without materially altering the purpose or intent of this Agreement and the
        grant of Restricted Stock hereunder, such provision shall be stricken as
        to such
        jurisdiction and the remainder of this Agreement and the award hereunder
        shall
        remain in full force
        and effect).

       

      (d)            
        No
        Trust or Fund Created.  Neither
        this Agreement nor the grant of Restricted Stock hereunder shall create or
        be
        construed to create a trust or separate fund of any kind or a fiduciary
        relationship between the Company or any Subsidiary
        and the Grantee or any other person.  To the extent that the Grantee
        or any other person acquires a right to receive payments from the Company
        or any
        Subsidiary pursuant to this Agreement, such right shall be no greater than
        the
        right of any unsecured
        general creditor of the Company.

       

      (e)            
        Electronic
        Delivery and Signatures.  Grantee
        hereby consents and agrees to electronic delivery of any Plan documents,
        proxy
        materials, annual reports and other related documents.  If the Company
        establishes procedures
        for an electronic signature system for delivery and acceptance of Plan documents
        (including documents relating to any programs adopted under the Plan), Grantee
        hereby consents to such procedures and agrees that his or her electronic
        signature is the same
        as, and shall have the same force and effect as, his or her manual
        signature.  Grantee consents and agrees that any such procedures and
        delivery may be effected by a third party engaged by the Company to provide
        administrative services related to the Plan,
        including any program adopted under the Plan.

       

      (f)            
        Law
        Governing.  This
        Agreement shall be governed by and construed and enforced in accordance with
        the
        internal laws of the State of Delaware(without
        reference to the conflict of laws rules or principles
        thereof).

       

      (g)            
        Interpretation.  The
        Grantee accepts the Restricted Stock subject to all of the terms, provisions
        and
        restrictions of this Agreement and the Plan.  Except
        as otherwise set forth in Section 3(e) above or unless
        a Change in Control shall
        have occurred, the undersigned Grantee hereby accepts as binding, conclusive
        and
        final all decisions or interpretations of the Committee upon any questions
        arising under this Agreement.

       

      (h)            
        Headings.  Section,
        paragraph and other headings and captions
        are provided solely as a convenience to facilitate reference.  Such
        headings and captions shall not be deemed in any way material or relevant
        to the
        construction, meaning or interpretation of this Agreement or any term or
        provision hereof.

       

      (i)            
        Notices.  Any
        notice under this Agreement shall be in writing and shall be deemed to have
        been
        duly given when delivered personally or when deposited in the United States
        mail, registered, postage prepaid, and addressed, in the case of the Company,
        to
        the Company’s
        Secretary at 8735 Henderson Road, Ren Two, Tampa, Florida 33634, or if the
        Company should move its principal office, to such principal office, and,
        in the
        case of the Grantee, to the Grantee’s
        last permanent address as shown on the Company’s
        records,
        subject to the right of either party to designate some other address at any
        time
        hereafter in a notice satisfying the requirements of this
        Section.

       

      (j)            
        Non-Waiver
        of Breach.  The
        waiver by any party hereto of the other party’s
        prompt and complete performance,
        or breach or violation, of any term or provision of this Agreement shall
        be
        effected solely in a writing signed by such party, and shall not operate
        nor be
        construed as a waiver of any subsequent breach or violation, and the waiver
        by
        any party hereto
        to exercise any right or remedy which he or it may possess shall not operate
        nor
        be construed as the waiver of such right or remedy by such party, or as a
        bar to
        the exercise of such right or remedy by such party, upon the occurrence of
        any
        subsequent
        breach or violation.

       

      (k)            
        Counterparts.  This
        Agreement may be executed in two or more separate counterparts, each of which
        shall be an original, and all of which together shall constitute one and
        the
        same agreement.

       

      *
        * * * * * * *

       

      IN
        WITNESS WHEREOF,
        the parties hereto, intending to be legally bound, have executed this Agreement
        as of the date first written above.

       

      
      

      
        	 	
                 WELLCARE
                  HEALTH PLANS, INC.

                By:   
/s/ 
                  Neal
                  Moszkowski  

                
                   

                  Name:
                    Neal
                    Moszkowski

                  
                    Title:
                      Chairman
                      of the Compensation Committee

                  

                   

                

              

      

       

      Grantee
        acknowledges receipt of a copy of the Plan.
        Grantee
        has reviewed the Plan and this Agreement in their entirety, has had an
        opportunity to obtain the advice of counsel prior to executing this Agreement,
        and fully understands all provisions
        of this Agreement.

       

      
        	 	
                
                  GRANTEE:

                  By:  
/s/ 
                    Charles
                    G. Berg

                  Charles
                    G. Bergexhibit10-8.htm

     
      

    

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    Exhibit
      10.8

    
 

    
      WELLCARE
        HEALTH PLANS, INC.

      2004
        EQUITY INCENTIVE PLAN

       

      NON-QUALIFIED
        STOCK OPTION AGREEMENT

      FOR

      HEATH
        SCHIESSER

       

      Agreement

       

      1.                      
        Grant
        of Option.  WellCare Health Plans, Inc. (the “Company”) hereby
        grants, as of January 25, 2008, to Heath Schiesser (the
        “Optionee”) an option (the “Option”) to purchase up to 500,000 shares of the
        Company’s Common Stock, $0.01 par value per share (the “Shares”), at an exercise
        price per share equal to $43.12 (the “Option Price”).  The Option
        shall be subject to the terms and conditions set forth herein.  The
        Option was issued pursuant to the Company’s 2004 Equity Incentive Plan (the
“Plan”), which is incorporated herein for all purposes.  The Option is
        a Non-Qualified Stock Option, and not an Incentive Stock Option.  The
        Optionee hereby acknowledges receipt of a copy of the Plan and agrees to
        be
        bound by all of the terms and conditions hereof and thereof and all applicable
        laws and regulations.

       

      2.                      
        Definitions.  Unless
        otherwise provided herein, terms used herein that are defined in the Plan
        and
        not defined herein shall have the meanings attributed thereto in the
        Plan.

       

      3.                      
        Exercise
        Schedule.  Except as otherwise provided in Sections 6 and 7 of
        this Agreement, or in the Plan, the Option is exercisable in installments
        as
        provided below, which shall be cumulative. To the extent that the Option
        has
        become exercisable with respect to a percentage of Shares as provided below,
        the
        Option may thereafter be exercised by the Optionee, in whole or in part,
        at any
        time or from time to time prior to the expiration of the Option as provided
        herein. The Option shall vest in equal monthly installments on the 25th day
        of
        each calendar month for forty-eight (48) months (each, a “Vesting Date”)
        provided that the Optionee’s employment or service with the Company and its
        Subsidiaries during the period beginning on January 25, 2008 (the “Vesting
        Commencement Date”) continues through and on the applicable Vesting Date.

       

      Notwithstanding
        anything contained herein to the contrary, once the Option has vested and
        become
        exercisable with respect to 100% of the Shares, then the Option shall be
        fully
        vested and the provisions of the preceding sentence shall cease to apply.

       

      Except
        as otherwise specifically provided herein, there shall be no proportionate
        or
        partial vesting in the periods prior to each Vesting Date, and all vesting
        shall
        occur only on the appropriate Vesting Date. Upon the termination of the
        Optionee’s employment or service with the Company and its Subsidiaries, any
        unvested portion of the Option shall terminate and be null and void.

       

      4.                      
        Method
        of Exercise.  The vested portion of this Option shall be
        exercisable in whole or in part in accordance with the exercise schedule
        set
        forth in Section 3 hereof by written notice which shall state the election
        to
        exercise the Option, the number of Shares in respect of which the Option
        is
        being exercised (which number must be a whole number), and such other
        representations and agreements as to the holder’s investment intent with respect
        to such Shares as

       

      
        
          
             

             

          

           

        

        
           

          
            

          

        

        
           

        

      

      may
        be required by the Company pursuant to the provisions of the
        Plan.  Such written notice shall be signed by the Optionee and shall
        be delivered in person or by certified mail to the Secretary of the
        Company.  The written notice shall be accompanied by payment of the
        Option Price.  This Option shall be deemed to be exercised after both
        (a) receipt by the Company of such written notice accompanied by the Option
        Price and (b) arrangements that are satisfactory to the Committee in its
        sole
        discretion have been made for Optionee’s payment to the Company of the amount,
        if any, that is necessary to be withheld in accordance with applicable Federal
        or state withholding requirements.  No Shares will be issued pursuant
        to the Option unless and until such issuance and such exercise shall comply
        with
        all relevant provisions of applicable law, including the requirements of
        any
        stock exchange upon which the Shares then may be traded.

       

      5.                      
        Method
        of Payment.    Payment of the Option Price shall be
        by any of the following, or a combination thereof, at the election of the
        Optionee:  (a) in cash (including check, bank draft, money order or
        wire transfer of immediately available funds), (b) by delivery of outstanding
        shares of Common Stock with a Fair Market Value on the date of exercise equal
        to
        the aggregate exercise price payable with respect to the Options’ exercise, (c)
        by simultaneous sale through a broker reasonably acceptable to the Committee
        of
        Shares acquired on exercise, as permitted under Regulation T of the Federal
        Reserve Board, (d) by authorizing the Company to withhold from issuance a
        number
        of Shares issuable upon exercise of the Option which, when multiplied by
        the
        Fair Market Value of a share of Common Stock on the date of exercise, is
        equal
        to the Option Price payable with respect to the portion of the Option being
        exercised or (e) by any combination of the foregoing.

       

                
        In the event the Optionee elects to pay the Option Price pursuant to clause
        (b)
        above, (i) only a whole number of share(s) of Common Stock (and not fractional
        shares of Common Stock) may be tendered in payment, (ii) the Optionee must
        present evidence acceptable to the Company that the Optionee has owned any
        such
        shares of Common Stock tendered in payment of the Option Price (and that
        such
        tendered shares of Common Stock have not been subject to any substantial
        risk of
        forfeiture) for at least six months prior to the date of exercise, and (iii)
        Common Stock must be delivered to the Company. Delivery for this purpose
        may, at
        the election of the Optionee, be made either by (A) physical delivery of
        the
        certificate(s) for all such shares of Common Stock tendered in payment of
        the
        Option Price, accompanied by duly executed instruments of transfer in a form
        acceptable to the Company, or (B) direction to the Optionee’s broker to
        transfer, by book entry, such shares of Common Stock from a brokerage account
        of
        the Optionee to a brokerage account specified by the Company.  When
        payment of the Option Price is made by delivery of Common Stock, the difference,
        if any, between the Option Price payable with respect to the portion of the
        Option being exercised and the Fair Market Value of the shares of Common
        Stock
        tendered in payment (plus any applicable taxes) shall be paid in
        cash.  The Optionee may not tender shares of Common Stock having a
        Fair Market Value exceeding the Option Price payable with respect to the
        portion
        of the Option being exercised (plus any applicable taxes).

       

                
        In the event the Optionee elects to pay the Option Price pursuant to clause
        (d)
        above, (i) only a whole number of Share(s) (and not fractional Shares) may
        be
        withheld in payment and (ii) the Optionee must present evidence acceptable
        to
        the Company that the Optionee has owned a number of shares of Common Stock
        at
        least equal to the number of Shares to be withheld in payment of the Option
        Price (and that such owned shares of Common Stock have not been subject to
        any
        substantial risk of forfeiture) for at least six months prior to the date
        of
        exercise. When

       

      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

      payment
        of the Option Price is made by withholding of Shares, the difference, if
        any,
        between the Option Price payable with respect to the portion of the Option
        being
        exercised and the Fair Market Value of the Shares withheld in payment (plus
        any
        applicable taxes) shall be paid in cash.  The Optionee may not
        authorize the withholding of Shares having a Fair Market Value exceeding
        the
        Option Price payable with respect to the portion of the Option being exercised
        (plus any applicable taxes).  Any withheld Shares shall no longer be
        issuable under the Option.

       

      6.                      
        Termination
        of Optionee’s
        Service. 

       

      (a)           
        Death
        or Disability.  If the Optionee ceases to be an officer or
        employee of, or to perform other services for, the Company or any Subsidiary
        due
        to the Optionee’s death or Disability, the Option shall become fully vested on
        the date of such cessation and shall remain exercisable for a period of one
        year
        from the date of such death or Disability, but in no event after the expiration
        date provided in Section 7(a) below.

       

      (b)           
        Termination
        Without Cause or for Good Reason.  If the Optionee’s employment
        by, or other performance of services for, the Company or any Subsidiary is
        terminated without Cause or by the Optionee for Good Reason, the vesting
        of the
        Option shall be accelerated such that the Options are vested as of the date
        of
        the Optionee’s termination of employment to the same extent that the Option
        would have vested had the Optionee’s employment continued for twenty-four months
        (or, if the date of termination occurs on or after January 25, 2009, twelve
        months) after the date of termination and such vested Options shall remain
        so
        for a period of one year from the date of such termination, but in no event
        after the expiration date provided in Section 7(a) below.

       

      (c)           
        Intentionally Omitted.

       

      (d)           
        Other
        Termination of Service.  If the Optionee ceases to be an
        officer or employee of, or to perform other services for, the Company or
        any
        Subsidiary for any reason other than death, Disability, Without Cause or
        for
        Good Reason, the portion of the Option that was exercisable on the date of
        such
        cessation shall remain so for a period of one year after the date of such
        cessation, but in no event after the expiration date provided in Section
        7(a)
        below.

       

      (e)           
        Change
        in Control.  Notwithstanding the foregoing, if there is a
        Change in Control of the Company, then the Option shall be immediately vested
        and fully exercisable immediately prior to such Change in Control and shall
        remain so for a period of one year from the date of the Change in Control
        but in
        no event after the expiration date provided in Section 7(a) below.

       

                 
        (f)           
Extension
        of Post-Termination of Service Exercise Period.  The
        period during which the Option can be exercised after a termination of service
        subject to Sections 6(a), (b), (d) or (e) above will be extended
        for any period during which the Optionee cannot exercise the Option because
        such
        an exercise would violate an applicable Federal, state, local, or foreign
        law,
        until 30 days after the exercise of the Optionfirst
        would no longer violate an applicable Federal,
        state, local, and foreign laws.

       

      (g)           
Certain
        Defined Terms.  For
        purposes of this Agreement, the terms “Cause”, “Good
        Reason,”“Disability”and
        “Change
        in Control” shall have
        such meaning as otherwise set forth in the Employment Agreement dated
        January
        25, 2008 between the Grantee, the Company and Comprehensive Health Management,
        Inc., a Floridacorporation.

       

      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

      7.           
        Other Termination of Option.

       

      (a)                      
        Expiration
        of Option.  Notwithstanding
        anything to the contrary, any unexercised portion of the Option shall
        automatically and without notice terminate and become null and void on the
        tenth
        anniversary of the date as of which the Option is granted.

       

      (b)           
Cancellation
        by the Committee.  Notwithstanding
        anything to the contrary, in connection with any transaction
        of the type specified by clause (iii) of the definition of a Change in Control
        in Section 2(c) of the Plan, the Committee may, in its discretion, (i) cancel
        the Option in consideration for payment to the Optionee of an amount equal
        to
        the portion of the
        consideration that would have  been payable to the Optionee pursuant
        to such transaction if the Option had been fully exercised immediately prior
        to
        such transaction, less the aggregate Option Price that would have been payable
        therefor, or (ii) if the amount
        that would have been payable to the Optionee pursuant to such transaction
        if the
        Option had been fully exercised immediately prior thereto would be equal
        to or
        less than the aggregate Option Price that would have been payable therefor,
        cancel the Option
        for no consideration or payment of any kind.  Payment of any amount
        payable pursuant to the preceding sentence may be made in cash or, in the
        event
        that the consideration to be received in such transaction includes securities
        or
        other property, in cash
        and/or securities or other property in the Committee’s
        discretion.

       

      (c)           
Corporate
        Transactions.  Notwithstanding
        anything to the contrary, to the extent not previously exercised, the Option
        shall terminate immediately in the event of the liquidation or dissolution
        of the Company.

       

      8.           
Transferability.  Unless
        otherwise determined by the Committee, the Option granted hereby is not
        transferable otherwise than by will or under the applicable laws of descent
        and
        distribution, and during the lifetime of the Optionee
        the Option shall be exercisable only by the Optionee, or the Optionee’s
        guardian or legal representative. In addition, the Option shall not be assigned,
        negotiated, pledged or hypothecated in any way (whether by operation of law
        or
        otherwise), and the
        Option shall not be subject to execution, attachment or similar process.
        Upon
        any attempt to transfer, assign, negotiate, pledge or hypothecate the Option,
        or
        in the event of any levy upon the Option by reason of any execution, attachment
        or similar process
        contrary to the provisions hereof, the Option shall immediately become null
        and
        void.  The terms of this Option shall be binding upon the executors,
        administrators, heirs, successors and assigns of the Optionee.  The
        terms of this Option shall be binding
        upon the executors, administrators, heirs, successors and assigns of the
        Optionee.

       

      9.           
No
        Rights of Stockholders.  Neither
        the Optionee nor any personal representative (or beneficiary) shall be, or
        shall
        have any of the rights and privileges of, a stockholder
        of the Company with respect to any shares of Stock purchasable or issuable
        upon
        the exercise of the Option, in whole or in part, prior to the date of exercise
        of the Option.

       

      10.           
No
        Right to Continued Employment or Service.  Neither
        the Option nor this
        Agreement shall confer upon the Optionee any right to continued employment
        or
        service with the Company.

       

      11.                      
        Law
        Governing.  This
        Agreement shall be governed in accordance with and governed by the internal
        laws
        of the State of Delaware.

       

      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

      12.                      
        Interpretation
        / Provisions of Plan Control.
        This Agreement is subject to all the terms, conditions and provisions of
        the
        Plan, including, without limitation, the amendment provisions thereof, and
        to
        such rules, regulations and interpretations relating to the Plan adopted
        by the Committee as may be in effect from time to time. If and to the extent
        that this Agreement conflicts or is inconsistent with the terms, conditions
        and
        provisions of the Plan, the Plan shall control, and this Agreement shall
        be
        deemed to be modified
        accordingly. The Optionee accepts the Option subject to all the terms and
        provisions of the Plan and this Agreement.  The undersigned Optionee
        hereby accepts as binding, conclusive and final all decisions or interpretations
        of the Committee upon any questions
        arising under the Plan and this Agreement.

       

      13.                      
        Notices.  Any
        notice under this Agreement shall be in writing and shall be deemed to have
        been
        duly given when delivered personally or when deposited in the United
        Statesmail,
        registered, postage prepaid,
        and addressed, in the case of the Company, to the Company’s
        Secretary at:

       

      8735
        Henderson Road

      Renaissance
        Two

      Tampa,
        FL 33634

       

      or
        if the Company should move its principal office, to such principal office,
        and,
        in the case of the Optionee, to the Optionee’s
        last permanent address as shown on the Company’s
        records, subject to the right of either party to designate some other address
        at
        any time hereafter in a notice satisfying the requirements of this
        Section.

       

      14.           
Tax
        Consequences.  Set
        forth below is a brief
        summary as of the date of this Option of some of the federal tax consequences
        of
        exercise of this Option and disposition of the Shares.  THIS SUMMARY
        IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO
        CHANGE.  THE OPTIONEE SHOULD
        CONSULT A TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE
        SHARES.

       

      (a)           
The
        Optionee will not recognize any income on receipt of the Option.

       

      (b)           
The
        Optionee will recognize ordinary income at the time he exercises the Option
        equal to the amount
        by which the Fair Market Value of the Shares on the date of exercise exceeds
        the
        Option Price paid for the Shares.  The amount so recognized is subject
        to federal withholding and employment taxes if the Optionee is an
        employee.

       

      (c)           
The
        Optionee’s
        tax
        basis for the Shares received as a result of the exercise of the Option will
        be
        equal to the Fair Market Value of those Shares on the date of the
        exercise.

       

      (d)           
Upon
        the sale of the Shares, the Optionee will recognize a capital gain or loss
        on
        the difference
        between the amount realized from the sale of the Shares and the Fair Market
        Value on the date of exercise.  The gain or loss would be short- or
        long-term depending upon whether the Shares were held for at least one year
        after the date of exercise of the
        Option.

       

      *  *  *  *  *

       

      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the undersigned have executed this Agreement as of the
25thday
        of  January,
        2008.

       

      
        	 	
                COMPANY:

                WELLCARE
                  HEALTH PLANS, INC.

                 

                 

              
	 	
                By:  /s/  Neal
                  Moszkowski

                Name:
                  Neal Moszkowski

                Title:
                  Chairman of the Compensation Committee

                 

                 

              

      

       

      Optionee
        acknowledges receipt of a copy of the Plan and represents that he or she
        is
        familiar with the terms and provisions thereof, and hereby accepts this Option
        subject to all of the terms and provisions thereof.  Optionee has
        reviewed the Plan
        and this Option in their entirety, has had an opportunity to obtain the advice
        of counsel prior to executing this Option, and fully understands all provisions
        of the Option.

       

       

       

      
        	
                Dated:  January
                  25, 2008

                 

              	
                OPTIONEE:

                 

              
	 	
                 
                  /s/  Heath
                  Schiesser

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