Document:

Exhibit 10.14 Form of Director Subscription Agreement

    

      Exhibit
        10.14

      WELLCARE
        HOLDINGS, LLC

      

      SUBSCRIPTION
        AGREEMENT

      

      This
        Subscription Agreement (this “Agreement”)
        is
        made and entered into as of _______________ by and between WellCare Holdings,
        LLC, a Delaware limited liability company (the “Company”),
        and
        ________________ (“Director”).
        Capitalized terms used herein and not otherwise defined are defined in Section
        10 hereof.

      WHEREAS,
        Director serves as a director of the Company and/or one or more of its
        subsidiaries; and

      WHEREAS,
        the Company and Director desire to enter into this Agreement (i) to provide
        for the issuance of Class A Common Units and Class C Common Units to
        Director pursuant to the terms contained herein and (ii) to provide certain
        rights and obligations with respect to Director’s ownership of Director
        Units.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants contained herein, and
        other
        good and valuable consideration, the receipt and sufficiency of which are
        hereby
        acknowledged, the parties hereto hereby agree as follows:

       

      1. Purchase,
        Sale and Grant of Common Units.
        Upon
        execution of this Agreement and satisfaction of the other conditions contained
        herein, Director will purchase, and the Company will sell ____________
        Class A Common Units (the “Investment
        Units”),
        in
        exchange for an aggregate cash purchase price of $_____________, which
        represents a purchase price of $________ per Class A Common Unit. As a
        result of the Director’s purchase of the Class A Common Units described in
        the immediately preceding sentence, the Company hereby grants to the Director
        __________ Class C Common Units (the “Incentive
        Units”).
        It is
        a condition precedent to the Company’s sale of the Investment Units and the
        grant of the Incentive Units that the Director shall have executed and delivered
        to the Company a joinder to the LLC Agreement.

       

      2. Representations
        and Warranties; Acknowledgments and Agreements.

       

      (a) Representations
        and Warranties by Director.
        In
        connection with the issuance of Director Units to Director pursuant to this
        Agreement, Director hereby represents and warrants to the Company that:

       

      (i) The
        Director Units acquired or to be acquired by Director will be acquired for
        Director’s own account and not with a view to, or intention of, distribution
        thereof in violation of the Securities Act of 1933, as amended (the
“Securities
        Act”),
        or
        any applicable state securities laws, and no Director Units will be disposed
        of
        in contravention of the Securities Act or any applicable state securities
        laws.

       

      (ii) Director
        is a director of the Company or one of its subsidiaries, is sophisticated
        in
        financial matters and is able to evaluate the risks and benefits of the
        investment in Director Units.

       

      (iii) Director
        is able to bear the economic risk of his investment in Director Units for
        an
        indefinite period of time because the Director Units have not been registered
        under the Securities Act and, therefore, cannot be sold unless subsequently
        registered under the Securities Act or an exemption from such registration
        is
        available. 

       

      
        
          
          

        

        
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      (iv) Director
        has had an opportunity to ask questions and receive answers concerning the
        terms
        and conditions of the offering of Director Units and has had full access
        to such
        other information concerning the Company and its subsidiaries as he has
        requested. Director acknowledges and agrees that this Agreement is a legal
        document which is a binding obligation of Director and that Director has
        been
        provided with ample opportunity to consult with independent legal counsel
        regarding the terms, conditions and nature of this Agreement.

       

      (v) This
        Agreement constitutes the legal, valid and binding obligation of Director,
        enforceable in accordance with its terms, and the execution, delivery and
        performance of this Agreement by Director does not and will not conflict
        with,
        violate or cause a breach of any agreement, contract or instrument to which
        Director is a party or any judgment, order or decree to which Director is
        subject.

       

      (b) Acknowledgment
        by Director.
        Director acknowledges and agrees that neither the issuance of any Director
        Units
        to Director nor any provision contained herein will entitle Director to continue
        to serve as a director of the Company or its subsidiaries. 

       

      (c) Section
        83(b) Election.
        Director hereby agrees that, by no later than 30 days after the date hereof,
        Director will file an Election to include Property in Gross Income pursuant
        to
        Section 83(b) of the Internal Revenue Code of 1986, as amended (a “Section
        83(b) Election”)
        with
        the Internal Revenue Service regarding the Director Units, which Section
        83(b)
        Election shall be in a form reasonably satisfactory to the Company and August
        result in Director recognizing taxable income during the current calendar
        year.

       

      3. Vesting
        of Director Incentive Units.

       

      (a) The
        Director Incentive Units shall “vest” as provided in this Section 3. As of any
        date the total number of Director Incentive Units which will be “Vested
        Director Incentive Units”
as
        of
        such date shall equal the product of the total number of Director Incentive
        Units multiplied
        by
        the then
        Applicable Percentage (as herein defined); provided,
        however,
        that
        upon the Director’s Termination Date (the “Director
        Termination Date”),
        all
        vesting of Director Incentive Units shall immediately cease, with the effect
        that from and after the Director Termination Date the total number of Director
        Incentive Units which will be “Vested
        Director Incentive Units”
shall
        equal the number of Director Incentive Units which were “Vested
        Director Incentive Units”
as
        of
        the Director Termination Date.

       

      (b) For
        purposes of this Section 3, the “Applicable
        Percentage”
shall
        equal, as of any date, (x) if the Number of Months (as herein defined) as
        of
        such date is less than 12, then zero percent (0%) and (y) if the Number of
        Months as of such date is greater than or equal to 12, then “Q”%,
        where
“Q”
is
        determined by multiplying the Number of Months as of such date by 2.08333333;
        provided
        that in
        no event shall the “Applicable
        Percentage”
be
        greater than 100%.

       

      
        
          
          

        

        
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      (c) For
        purposes of this Section 3, the “Number
        of Months”
shall
        equal, as of any date, the number of full calendar months during the period
        beginning on _______________ and ending on either (i) such date of calculation
        or (ii) the Director Termination Date if the Director Termination Date occurred
        prior to such date (in all cases rounded down to the nearest whole
        number).

       

      (d) As
        of any
        date, the term “Unvested
        Director Incentive Units”
means
        the Director Incentive Units that are not Vested Director Incentive Units
        as of
        such date.

       

      4. Forfeiture
        of Unvested Director Incentive Units upon the Director Termination
        Date.
        If the
        Director Termination Date occurs for any reason, then, effective as of the
        Director Termination Date and without any further action by the Company,
        Director or any of Director’s Affiliates or any other Person, all then Unvested
        Director Incentive Units (whether owned by Director, any of Director’s
        Affiliates or any other Person) shall immediately be forfeited to the Company
        and shall cease to be issued and outstanding.

       

      5. Distributions
        on Unvested Director Incentive Units.
        Notwithstanding anything contained herein to the contrary, if at any time
        the
        Company makes any distribution (other than “Tax
        Advances”
(as
        such term is defined in the LLC Agreement)) or any other payment is made
        by any
        Person with respect to any Unvested Director Incentive Units which, but for
        the
        provisions of this Section 5, the holder of such Unvested Director Incentive
        Units (an “Unvested
        Holder”)
        would
        be entitled to receive, then such distribution or payment shall be made into
        an
        escrow account (the “Escrow
        Account”)
        rather
        than to such Unvested Holder. The Escrow Account shall provide (i) that the
        property distributed or paid into such Escrow Account as well as all earnings
        thereon (the “Escrow
        Property”)
        shall
        be held for the benefit of such Unvested Holder and for the benefit of the
        Company’s other holders of Common Units as of the time of such distribution or
        payment, (ii) that any such Escrow Property that is cash August be invested
        in
        the discretion of the Company (or such other representative of the holders
        of
        the Company’s Common Units as of the time of such distribution or payment as
        August be appropriate) in short-term fixed income investments, (iii) that
        so long as Director remains a director of a WellCare Company, such Unvested
        Holder’s interest in the Escrow Property shall continue to “vest” in the same
        manner as the “vesting” of such Holder’s Unvested Director Incentive Units
        pursuant to the terms hereof and, subject to any applicable transfer
        restrictions on the Escrow Property, upon the “vesting” of any Escrow Property,
        ownership and control of such vested Escrow Property shall be transferred
        to
        such Unvested Holder no later than 10 business days after the vesting of
        such
        Escrow Property, (iv) that if the Director Termination Date occurs prior
        to the
“full vesting” of the Escrow Property, then, subject to any applicable transfer
        restrictions on the Escrow Property, all “unvested” Escrow Property shall be
        appropriately distributed to the other holders of the Company’s Common Units as
        of the time of such distribution or payment, and all of the “vested” Escrow
        Property which has not previously been distributed to such Unvested Holder
        shall
        be distributed to such Unvested Holder, (v) that any WellCare Company (or
        such
        other representative of the holders of the Company’s Common Units as of the time
        of such distribution or payment as August be appropriate) August be the escrow
        agent, and (vi) such other terms as the Board (or such other representative
        of
        the holders of the Company’s Common Units as of the time of such distribution or
        payment as August be appropriate) August deem appropriate and which are,
        in all
        material respects, consistent with the intent of this Agreement (including
        Section 3 and this Section 5).

       

      
        
          
          

        

        
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      6. Right
        to Purchase Units Upon Director Termination Date.
        

       

      (a) Repurchase
        Option.
        If a
        Director Termination Date occurs, then the Director Units (whether held by
        Director or one or more transferees and including any Director Units acquired
        subsequent to such Termination Date) will, at the Company’s election, be subject
        to repurchase by the Company pursuant to the terms and conditions set forth
        in
        this Section 6 (the “Repurchase
        Option”)
        at a
        price per Director Unit equal to the Fair Market Value per Director Unit
        determined as of the Valuation Date, less the amount of any cash distributed
        by
        the Company with respect to such Director Unit between the applicable Valuation
        Date and the closing of the applicable repurchase.

       

      (b) Repurchase
        Procedures.
        The
        Repurchase Option is exercisable by the Company delivering written notice
        (the
“Repurchase
        Notice”)
        to the
        holder or holders of the applicable Director Units at any time during the
        six-month period beginning on the Director Termination Date. The Repurchase
        Notice will set forth the number of Director Units to be acquired from such
        holder(s), an estimate of the aggregate consideration to be paid for such
        holder’s Director Units and the time and place for the closing of the
        transaction.

       

      (c) Closing
        of Repurchase.
        The
        closing of the transactions contemplated by this Section 6 will take place
        on the date designated by the Company in the Repurchase Notice, which date
        shall
        not be more than 60 days after the delivery of such notice. The amount of
        the
        repurchase price to be paid for any Director Units to be purchased by the
        Company pursuant to a Repurchase Option shall be determined pursuant to
        Section 6(a) hereof and the aggregate amount of such repurchase price shall
        be referred to herein as the “Aggregate
        Repurchase Price.”
The
        Company will pay the applicable Aggregate Repurchase Price for any Director
        Units to be purchased by the Company pursuant to a Repurchase Option by delivery
        of a check payable to or by wire transfer to an account or account(s) designated
        by the holder(s) of such Director Units in an aggregate amount equal to the
        applicable Aggregate Repurchase Price for such Director Units. Notwithstanding
        anything to the contrary contained in this Agreement, all repurchases of
        Director Units by the Company pursuant to this Repurchase Option will be
        subject
        to applicable restrictions contained under applicable law (including Delaware
        law) and in the Company’s and the other WellCare Companies’ debt and equity
        financing agreements. If any such restrictions prohibit the repurchase of
        Director Units pursuant to this Section 6 which the Company is otherwise
        entitled to make, the Company August make such repurchases as soon as it
        is
        permitted to do so under such restrictions. The Company will receive from
        each
        seller regarding the sale of Director Units the representation that such
        seller
        has good and marketable title to such Director Units and that such Director
        Units will be transferred to the Company free and clear of all liens, claims
        and
        other encumbrances.

       

      7. Restrictions
        on Transfer of Director Units.

       

      (a) Neither
        any Director nor any Permitted Transferee (as herein defined) August directly
        or
        indirectly, sell, pledge, assign, transfer or otherwise dispose of (a
“Transfer”)
        any
        interest in any Director Units, except (i) to the Company, (ii) in
        Public Sales or in an Approved Sale (as herein defined), (iii) pursuant to
        applicable laws of descent and distribution, or (iv) among Director’s
        Family Group but only if such Transfer is for valid estate planning purposes
        and
        has been approved by the Board; provided
        that the
        restrictions contained in this 

       

      
        
          
          

        

        
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      Section 7
        will continue to be applicable to the Director Units after any Transfer of
        the
        type referred to in clause (iii) or (iv) above and, as a condition to
        any such Transfer, the transferees of such Director Units must agree in writing
        (which writing must be delivered to the Company) to be bound by the provisions
        of this Agreement (unless such Transfer is pursuant to applicable laws of
        descent and distribution, in which case, such writing shall be entered into
        and
        delivered to the Company as soon as reasonably possible after such Transfer).
        Any transferee of Director Units pursuant to a Transfer in accordance with
        clause (iii) or (iv) above is herein referred to as a “Permitted
        Transferee.”
Upon
        the proposed Transfer of any Director Units pursuant to clause (iii)
        or (iv) above, Director or such Permitted Transferee transferring such
        Director Units will deliver a written notice (a “Transfer
        Notice”)
        to the
        Company, which discloses in reasonable detail the identity of the Permitted
        Transferee(s).

       

      (b) All
        Director Units shall constitute “restricted securities,” as that term is defined
        in Rule 144 promulgated by the U.S. Securities and Exchange Commission pursuant
        to the Securities Act, and August not be Transferred except in compliance
        with
        the registration requirements of the Securities Act or an exemption
        therefrom.

       

      (c) Any
        certificates representing Director Units will bear the following legend,
        or a
        substantially similar legend:

       

      “THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND AUGUST NOT BE SOLD OR
        TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
        ACT
        OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

       

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL
        RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND CERTAIN OTHER
        AGREEMENTS SET FORTH IN THAT CERTAIN SUBSCRIPTION AGREEMENT BETWEEN THE ISSUER
        AND _________________, A COPY OF WHICH AUGUST BE OBTAINED BY THE HOLDER HEREOF
        AT THE ISSUER’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.” 

       

      The
        legend set forth above regarding this Agreement shall be removed from any
        certificates evidencing any securities which cease to be Director
        Units.

       

      (d) No
        holder
        of Director Units August Transfer any Director Units (except pursuant to
        an
        effective registration statement under the Securities Act) without first
        delivering to the Company an opinion of counsel reasonably acceptable in
        form
        and substance to the Company (which counsel will be reasonably acceptable
        to the
        Company) that registration under the Securities Act is not required in
        connection with such Transfer. If such opinion of counsel, reasonably acceptable
        in form and substance to the Company, further states that no subsequent Transfer
        of such Director Units will require registration under the Securities Act,
        if
        applicable, the Company will promptly upon such Transfer deliver new
        certificates for such securities which do not bear the Securities Act legend
        set
        forth above.

       

      
        
          
          

        

        
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      8. Approved
        Sale of the Company.

       

      (a) If
        the
        Board or the holders of a majority of the number of voting Common Units then
        outstanding approve a sale of all or substantially all of the Company’s assets
        determined on a consolidated basis or a sale of all (or, for accounting,
        tax or
        other reasons, substantially all) of the outstanding Common Units (whether
        by
        merger, recapitalization, consolidation, reorganization, combination or
        otherwise) to third party or parties (each such sale, an “Approved
        Sale”),
        then
        each holder of Director Units will vote for, consent to and raise no objections
        against such Approved Sale. If the Approved Sale is structured as (i) a
        merger or consolidation, each holder of Director Units will waive any
        dissenters’ rights, appraisal rights or similar rights in connection with such
        merger or consolidation or (ii) a sale of equity securities, each holder of
        Director Units will agree to sell all of his or her Director Units on the
        terms
        and conditions approved by the Board or the holders of a majority of the
        voting
        Common Units then outstanding, as the case August be. Each holder of Director
        Units will take all necessary or desirable actions in connection with the
        consummation of the Approved Sale as requested by the Company. Each holder
        of
        Director Units hereby irrevocably constitutes and appoints the Company the
        true
        and lawful attorney of such holder, with full power of substitution, in the
        name
        of such holder or the Company to give effect to this Section 8, including
        the execution of any documentation necessary to transfer ownership of Director
        Units pursuant to an Approved Sale. Each holder of Director Units hereby
        agrees
        that the powers granted to the Company in the immediately preceding sentence
        are
        coupled with an interest and are irrevocable by any holder of Director
        Units.

       

      (b) If
        the
        Company or the holders of the Company’s securities enter into any negotiation or
        transaction for which Rule 506 (or any similar rule then in effect)
        promulgated by the U.S. Securities and Exchange Commission August be available
        with respect to such negotiation or transaction (including a merger,
        consolidation or other reorganization), the holders of Director Units will,
        at
        the request of the Company, appoint a purchaser representative (as such term
        is
        defined in Rule 501) reasonably acceptable to the Company. If any holder of
        Director Units appoints a purchaser representative designated by the Company,
        the Company will pay the fees of such purchaser representative, but if any
        holder of Director Units declines to appoint the purchaser representative
        designated by the Company, such holder will appoint another purchaser
        representative, and such holder will be responsible for the fees of the
        purchaser representative so appointed.

       

      (c) Each
        holder of Director Units will bear their pro rata share (based upon the amount
        of consideration received) of the costs of any sale of Director Units pursuant
        to an Approved Sale to the extent such costs are incurred for the benefit
        of all
        holders of Common Units and are not otherwise paid by the Company or the
        acquiring party. Costs incurred by any holder of Director Units on his or
        her
        own behalf will not be considered costs of the transaction
        hereunder.

       

      
        
          
          

        

        
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      9. Holdback
        Agreement.
        No
        holder of Director Units will effect any sale or distribution of Director
        Units
        during the seven days prior to or the 180-day period beginning on the effective
        date of any underwritten Public Offering (except as part of such underwritten
        registration), unless the underwriters managing such underwritten Public
        Offering otherwise agree.

       

      10. Definitions.
        The
        following terms are defined as follows:

       

      “Affiliate”
means,
        when used with reference to a specified Person, any Person that directly
        or
        indirectly controls or is controlled by or is under common control with the
        specified Person. As used in this definition, “control” (including, with its
        correlative meanings, “controlled by” and “under common control with”) shall
        mean possession, directly or indirectly, of power to direct or cause the
        direction of management or policies (whether through ownership of securities
        or
        partnership or other ownership interests, by contract or otherwise). With
        respect to any Person who is an individual, “Affiliate”
shall
        also include, without limitation, any member of such individual’s Family
        Group.

       

      “Board”
means
        the Company’s Board of Directors.

       

      “Class A
        Common Units”
means
        the Company’s Class A Common Units (as such term is defined in the LLC
        Agreement).

       

      “Class B
        Common Units”
means
        the Company’s Class B Common Units (as such term is defined in the LLC
        Agreement).

       

      “Class C
        Common Units”
means
        the Company’s Class C Common Units (as such term is defined in the LLC
        Agreement).

       

      “Common
        Units”
means
        collectively the Class A Common Units, the Class B Common Units, the
        Class C Common Units and any other equity securities of the Company (or its
        successors) which are not limited to a fixed sum or percentage of par value
        or
        stated value in respect of the rights of the holders thereof to participate
        in
        dividends or other distributions or in the distribution of assets upon any
        voluntary or involuntary liquidation, dissolution or winding up of the issuer
        of
        such securities, including any common equity securities of any successor
        entity
        of the Company issued pursuant to a transaction of the type described in
        Section 12.16 of the LLC Agreement.

       

      “Director
        Incentive Units”
means
        (i) all Class C Common Units issued hereunder and (ii) all equity securities
        issued with respect to the equity referred to in clause (i) above by way
        of a
        unit or stock dividend or distribution or stock or unit split in connection
        with
        any conversion, merger, consolidation or recapitalization or other
        reorganization affecting Class C Common Units.

       

      “Director
        Investment Units”
means
        (i) all Class A Common Units issued hereunder and (ii) all equity securities
        issued with respect to the equity referred to in clause (i) above by way
        of a
        unit or stock dividend or distribution or stock or unit split in connection
        with
        any conversion, merger,
        consolidation or recapitalization or other reorganization affecting Class
        A
        Common Units.

       

      
        
          
          

        

        
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      “Director
        Units”
means
        the Director Incentive Units and the Director Investment Units. Unless otherwise
        provided herein, except in connection with an Approved Sale or a Public Sale,
        Director Units will continue to be Director Units in the hands of any holder
        of
        Director Units (except for the Company), and each transferee thereof will
        succeed to the rights and obligations of a holder of Director Units hereunder.
        

       

      “Fair
        Market Value”
per
        Class A Common Unit, Class C Common Unit or of any other security as of any
        given date shall be as determined by the Board based on such factors as the
        members thereof, in the exercise of their business judgment, consider
        relevant.

       

      “Family
        Group”
means,
        with respect to any Person who is an individual, (i) such Person’s spouse,
        former spouse, descendants (whether natural or adopted), parents and their
        descendants and any spouse of the foregoing persons (collectively, “relatives”),
        (ii)
        the trustee, fiduciary or personal representative of such Person and any
        trust
        solely for the benefit of such Person and/or such Person’s relatives or (iii)
        any limited partnership or limited liability company the governing instruments
        of which provide that such Person shall have the exclusive, nontransferable
        power to direct the management and policies of such entity and of which the
        sole
        owners of partnership interests, membership interests or any other equity
        interests are, and will remain, limited to such Person and such Person’s
        relatives.

       

      “LLC
        Agreement”
means
        the Second Amended and Restated Limited Liability Company Agreement of the
        Company, as amended from time to time.

       

      “Person”
means
        an individual, a partnership, a corporation, a limited liability company,
        an
        association, a joint stock company, a trust, a joint venture, an unincorporated
        organization, a governmental entity or any department, agency or political
        subdivision thereof or any other entity or organization.

       

      “Public
        Sale”
means
        the sale of Director Units to the public pursuant to an offering registered
        under the Securities Act or, after the consummation of an initial public
        offering, to the public pursuant to the provisions of Rule 144 (or any similar
        rule or rules then in effect) under the Securities Act.

       

      “Termination
        Date”
means
        the date that the Director ceases to serve as a director of any of the WellCare
        Companies for any reason.

       

      “Units”
means
        the Company’s Units (as such term is defined in the LLC Agreement).

       

      “Valuation
        Date”
means,
        with respect to the Repurchase Option, the date, if any, that the Company
        delivers a Repurchase Notice to Director.

       

      “WellCare
        Companies”
means
        the Company and its subsidiaries whether currently existing or hereafter
        acquired or formed.

       

      
        
          
          

        

        
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      11. Miscellaneous.

       

      (a) Severability.
        Whenever possible, each provision of this Agreement will be interpreted in
        such
        manner as to be effective and valid under applicable law, but if any provision
        of this Agreement is held to be invalid, illegal or unenforceable in any
        respect
        under any applicable law or rule in any jurisdiction, such invalidity,
        illegality or unenforceability will not affect any other provision or the
        effectiveness or validity of any provision in any other jurisdiction, and
        this
        Agreement will be reformed, construed and enforced in such jurisdiction as
        if
        such invalid, illegal or unenforceable provision had never been contained
        herein.

       

      (b) Notices.
        Any
        notice hereunder to the Company shall be addressed to the Company’s principal
        executive office, Attention: General Counsel, and any notice hereunder to
        Director shall be addressed to Director at Director’s last address on the
        records of the Company, subject to the right of either party to designate
        at any
        time hereafter in writing some other address. Any notice shall be deemed
        to have
        been duly given when delivered personally, one day following dispatch if
        sent by
        reputable overnight courier, fees prepaid, or three days following mailing
        if
        sent by registered mail, return receipt requested, postage prepaid and addressed
        as set forth above.

       

      (c) Counterparts.
        This
        Agreement August be executed in separate counterparts, each of which will
        be
        deemed to be an original and all of which taken together will constitute
        one and
        the same agreement.

       

      (d) Binding
        Effect.
        This
        Agreement shall be binding upon and inure to the benefit of any successors
        and
        assigns to the Company and all persons lawfully claiming under
        Director.

       

      (e) Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of Delaware, without giving effect to any rules, principles or provisions
        of choice of law or conflict of laws (whether of the State of Delaware or
        any
        other jurisdiction) that would cause the application of the laws of any
        jurisdiction other than the State of Delaware.

       

      (f) Remedies.
        The
        parties hereto acknowledge and agree that money damages August not be an
        adequate remedy for any breach of the provisions of this Agreement and that
        any
        party hereto will have the right to injunctive relief, in addition to all
        of its
        other rights and remedies at law or in equity, to enforce the provisions
        of this
        Agreement. 

       

      (g) Complete
        Agreement.
        This
        Agreement embodies the complete agreement and understanding among the parties
        and supersedes and preempts any prior understandings, agreements or
        representations by or among the parties, written or oral, which August have
        related to the subject matter hereof in any way.

       

      (h) Amendments
        and Waivers.
        Any
        provision of this Agreement August be amended or waived only with the prior
        written consent of the Company (with approval of the Board) and
        Director.

       

      
        
          
          

        

        
          9

          
          

        

        
          
          

        

      

      

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this Subscription Agreement
        as
        of the date first written above.

       

      

        
          	 	
                   

                  WELLCARE
                    HOLDINGS, LLC

                   

                  By:______________________________
                    

                   

                   

                
	 	
                   

                   

                   

                   

                  ____________________________________Exhibit 10.20 Form of Non-Plan Time Vesting Option Agreement

                                                                                              Exhibit
      10.20

       

      WELLCARE
        HOLDINGS, LLC

       

      TIME
        VESTING OPTION AGREEMENT

       

      This
        Time
        Vesting Option Agreement (the “Agreement”)
        is
        made as of [ ], by and between WellCare Holdings, LLC, a Delaware limited
        liability company (the “Company”),
        and [
        ] (“Grantee”).
        Capitalized terms used herein and not otherwise defined are defined in Section
        15
        hereof.

       

      WHEREAS,
        Grantee serves as a [director of] [consultant to] the Company and/or one
        or more
        of its Subsidiaries; and

       

      WHEREAS,
        the Company and Grantee desire to enter into this Agreement (i) to provide
        for
        the grant of an option to acquire Class A Common Units of the Company to
        Grantee
        pursuant to the terms contained herein and (ii) to provide certain rights
        and
        obligations with respect to Grantee’s ownership of Units.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants contained herein, and
        other
        good and valuable consideration, the receipt and sufficiency of which are
        hereby
        acknowledged, the parties hereto hereby agree as follows:

       

      1.  Grant
        of Option.
        The
        Company hereby grants to Grantee, as of the date hereof, an option (the
“Option”)
        to
        purchase from the Company [ ] Class A Common Units (the “Units”),
        at
        the exercise price of $[ ] per Class A Common Unit (the “Exercise
        Price”),
        subject to the terms and conditions set forth herein.

       

      2.  Exercise
        of Option.
        Subject
        to the terms and conditions contained herein, including Section 5
        hereof,
        the Option may be exercised to the extent it has become vested, by written
        notice to the Company at any time and from time to time after the date of
        grant.
        The Option may be exercised for a fraction of a Class A Common Unit.

       

      3.  Expiration
        of Option.
        The
        Option shall not be exercisable in any event after the date 10 years after
        the
        date hereof. Any part of the Option that is not vested on the Termination
        Date
        shall expire and be forfeited on such date, and any part of the Option that
        is
        vested on the Termination Date shall also expire and be forfeited to the
        extent
        not theretofore exercised within 60 days following the Termination Date (180
        days if the Termination Date occurs as a result of the death of Grantee),
        but in
        no event after the date 10 years after the date hereof. Notwithstanding anything
        to the contrary in this Agreement, if, as of immediately after a Sale of
        the
        Company, any part of the Option is not vested, then such unvested part shall
        expire and be forfeited as of immediately after such Sale of the
        Company.

       

      4.  Vesting
        of Option. 

       

      (a)  The
        Option may be exercised only to the extent it has become vested. The Option
        shall fully vest and become exercisable with respect to all of the Units
        if and
        only if the Grantee [continuously serves as a director of the Company and/or
        one
        of its Subsidiaries] [remains continuously engaged as a consultant by the
        Company or one of its Subsidiaries] during the period beginning on [ ] (the
        “Vesting
        Commencement Date”)
        and
        ending on the fourth anniversary of the Vesting Commencement Date.
        Notwithstanding the foregoing, the Option 

       

      
        
          
          

        

        
          1

          
          

        

        
          
          

        

      

      shall
        cumulatively vest and become exercisable with respect to (i) 25% of the
        Units (rounded to the nearest one-hundredth (0.01) of a Class A Common Unit)
        upon the first anniversary of the Vesting Commencement Date, and
        (ii) 2.08333333% of the Units (rounded to the nearest one-hundredth (0.01)
        of a Class A Common Unit) upon the end of each full calendar month during
        the
        period beginning on the first anniversary of the Vesting Commencement Date
        and
        ending on the fourth anniversary of the Vesting Commencement Date, in each
        case,
        if and only if the Grantee [continuously serves as a director of the Company
        and/or one of its Subsidiaries] [remains continuously engaged as a consultant
        by
        the Company or one of its Subsidiaries] during the period beginning on the
        Vesting Commencement Date and ending on the applicable vesting date referred
        to
        above.

       

      (b)  Notwithstanding
        anything contained herein to the contrary, once the Option has vested and
        become
        exercisable with respect to 100% of the Units, then the Option shall be fully
        vested and the provisions of this Section 4
        shall
        cease to apply.

       

      5.  Conditions
        to Exercise.
        The
        Option may not be exercised by Grantee unless the following conditions are
        met:

       

      (a)  The
        Option has become vested with respect to the Units to be acquired pursuant
        to
        such exercise;

       

      (b)  Grantee
        shall have executed and delivered a joinder to the LLC Agreement;

       

      (c)  legal
        counsel for the Company must be satisfied at the time of exercise that the
        issuance of the Units upon exercise will be in compliance with the LLC
        Agreement, the Securities Act of 1933, as amended (the “Securities
        Act”),
        and
        applicable U.S. federal, state, local and foreign laws; and

       

      (d)  Grantee
        must pay at the time of exercise the full Exercise Price for the Units being
        acquired hereunder.

       

      6.  Transferability.
        The
        Option (including the right to receive the Units) may not be Transferred
        (as
        herein defined) or assigned by Grantee, other than by will or the laws of
        descent and distribution and, during the lifetime of Grantee, the Option
        may be
        exercised only by Grantee (or, if Grantee is incapacitated, by Grantee’s legal
        guardian or legal representative). In the event of the death of Grantee,
        the
        Option, to the extent it has not vested on the date of death, shall terminate;
        and the exercise of the Option, to the extent it has vested as of the date
        of
        death, may be made only by the executor or administrator of Grantee’s estate or
        the Person or Persons to whom Grantee’s rights under the Option pass by will or
        the laws of descent and distribution. If Grantee or anyone claiming under
        or
        through Grantee attempts to violate this Section 6,
        such
        attempted violation shall be null and void and without effect, and the Company’s
        obligation hereunder shall terminate. Any Issued Units received upon exercise
        of
        the Option is subject to the repurchase right, restrictions on Transfer and
        other rights and obligations set forth below.

       

      7.  Right
        to Purchase Units Upon Termination Date. 

       

      (a)  Repurchase
        Option.
        If a
        Termination Date occurs, then the Issued Units (whether held by Grantee or
        one
        or more transferees and including any Issued Units acquired

       

      
        
          
          

        

        
          2

          
          

        

        
          
          

        

      

      subsequent
        to such Termination Date) will, at the Company’s election, be subject to
        repurchase by the Company pursuant to the terms and conditions set forth
        in this
        Section 7
        (the
“Repurchase
        Option”)
        at a
        price per Issued Unit equal to the Fair Market Value per Issued Unit determined
        as of the Valuation Date, less the amount of any cash distributed by the
        Company
        with respect to such Issued Unit between the applicable Valuation Date and
        the
        closing of the applicable repurchase.

       

      (b)  Repurchase
        Procedures.
        The
        Repurchase Option is exercisable by the Company delivering written notice
        (the
“Repurchase
        Notice”)
        to the
        holder or holders of the applicable Issued Units at any time during the
        six-month period beginning on the Termination Date. The Repurchase Notice
        will
        set forth the number of Issued Units to be acquired from such holder(s),
        an
        estimate of the aggregate consideration to be paid for such holder’s Units and
        the time and place for the closing of the transaction.

       

      (c)  Closing
        of Repurchase.
        The
        closing of the transactions contemplated by this Section 7
        will
        take place on the date designated by the Company in the Repurchase Notice,
        which
        date shall not be more than 60 days after the delivery of such notice. The
        amount of the repurchase price to be paid for any Issued Units to be purchased
        by the Company pursuant to a Repurchase Option shall be determined pursuant
        to
        Section 7(a)
        hereof
        and the aggregate amount of such repurchase price shall be referred to herein
        as
        the “Aggregate
        Repurchase Price.”
The
        Company will pay the applicable Aggregate Repurchase Price for any Issued
        Units
        to be purchased by the Company pursuant to a Repurchase Option by delivery
        of a
        check payable to or by wire transfer to an account or account(s) designated
        by
        the holder(s) of such Issued Units in an aggregate amount equal to the
        applicable Aggregate Repurchase Price for such Issued Units. Notwithstanding
        anything to the contrary contained in this Agreement, all repurchases of
        Issued
        Units by the Company pursuant to this Repurchase Option will be subject to
        applicable restrictions contained under applicable law (including Delaware
        law)
        and in the Company’s and its Subsidiaries’ debt and equity financing agreements.
        If any such restrictions prohibit the repurchase of Issued Units pursuant
        to
        this Section 7
        which
        the Company is otherwise entitled to make, the Company may make such repurchases
        as soon as it is permitted to do so under such restrictions. The Company
        will
        receive from each seller regarding the sale of Issued Units the representation
        that such seller has good and marketable title to such Issued Units and that
        such Issued Units will be transferred to the Company free and clear of all
        liens, claims and other encumbrances.

       

      8.  Restrictions
        on Transfer of Issued Units.

       

      (a)  Neither
        the Grantee nor any Permitted Transferee (as herein defined) may directly
        or
        indirectly, sell, pledge, assign, transfer or otherwise dispose of (a
“Transfer”)
        any
        interest in any Issued Units, except (i) to the Company, (ii) in
        Public Sales or in an Approved Sale (as herein defined), (iii) pursuant to
        applicable laws of descent and distribution, or (iv) among Grantee’s Family
        Group but only if such Transfer is for valid estate planning purposes and
        has
        been approved by the Board; provided
        that the
        restrictions contained in this Section 8
        will
        continue to be applicable to the Issued Units after any Transfer of the type
        referred to in clause (iii) or (iv) above and, as a condition to any
        such Transfer, the transferees of such Issued Units must agree in writing
        (which
        writing must be delivered to the Company) to be bound by the provisions of
        this
        Agreement (unless such Transfer is pursuant to applicable laws of descent
        and
        distribution, in which case, such writing shall be entered into and delivered
        to
        the Company as soon as reasonably possible after such Transfer). Any transferee
        of Issued Units 

       

      
        
          
          

        

        
          3

          
          

        

        
          
          

        

      

      pursuant
        to a Transfer in accordance with clause (iii) or (iv) above is herein
        referred to as a “Permitted
        Transferee.”
Upon
        the proposed Transfer of any Issued Units pursuant to clause (iii)
        or (iv) above, Grantee or such Permitted Transferee transferring such
        Issued Units will deliver a written notice (a “Transfer
        Notice”)
        to the
        Company, which discloses in reasonable detail the identity of the Permitted
        Transferee(s).

       

      (b)  All
        Issued Units shall constitute “restricted securities,” as that term is defined
        in Rule 144 promulgated by the U.S. Securities and Exchange Commission pursuant
        to the Securities Act, and may not be Transferred except in compliance with
        the
        registration requirements of the Securities Act or an exemption
        therefrom.

       

      (c)  Any
        certificates representing Issued Units will bear the following legend, or
        a
        substantially similar legend:

       

      “THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR
        TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
        ACT
        OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

       

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL
        RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND CERTAIN OTHER
        AGREEMENTS SET FORTH IN THAT CERTAIN TIME VESTING OPTION AGREEMENT BETWEEN
        THE
        ISSUER AND [ ], A COPY OF WHICH MAY BE OBTAINED BY THE HOLDER HEREOF AT THE
        ISSUER’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.” 

       

      The
        legend set forth above regarding this Agreement shall be removed from any
        certificates evidencing any securities which cease to be Issued
        Units.

       

      (d)  No
        holder
        of Issued Units may Transfer any Issued Units (except pursuant to an effective
        registration statement under the Securities Act) without first delivering
        to the
        Company an opinion of counsel reasonably acceptable in form and substance
        to the
        Company (which counsel will be reasonably acceptable to the Company) that
        registration under the Securities Act is not required in connection with
        such
        Transfer. If such opinion of counsel, reasonably acceptable in form and
        substance to the Company, further states that no subsequent Transfer of such
        Issued Units will require registration under the Securities Act, if applicable,
        the Company will promptly upon such Transfer deliver new certificates for
        such
        securities which do not bear the Securities Act legend set forth
        above.

       

      9.  Approved
        Sale of the Company.

       

      (a)  If
        the
        Board or the holders of a majority of the number of voting Common Units then
        outstanding approve a sale of all or substantially all of the Company’s assets
        determined on a consolidated basis or a sale of all (or, for accounting,
        tax or
        other reasons,

       

      
        
          
          

        

        
          4

          
          

        

        
          
          

        

      

      substantially
        all) of the outstanding Common Units (whether by merger, recapitalization,
        consolidation, reorganization, combination or otherwise) to an Independent
        Third
        Party or group of Independent Third Parties (each such sale, an “Approved
        Sale”),
        then
        each holder of Issued Units will vote for, consent to and raise no objections
        against such Approved Sale. If the Approved Sale is structured as (i) a
        merger or consolidation, each holder of Issued Units will waive any dissenters’
rights, appraisal rights or similar rights in connection with such merger
        or
        consolidation or (ii) a sale of equity securities, each holder of Issued
        Units will agree to sell all of his or her Issued Units on the terms and
        conditions approved by the Board or the holders of a majority of the voting
        Common Units then outstanding, as the case may be. Each holder of Issued
        Units
        will take all necessary or desirable actions in connection with the consummation
        of the Approved Sale as requested by the Company. Each holder of Issued Units
        hereby irrevocably constitutes and appoints the Company the true and lawful
        attorney of such holder, with full power of substitution, in the name of
        such
        holder or the Company to give effect to this Section 9,
        including the execution of any documentation necessary to transfer ownership
        of
        Issued Units pursuant to an Approved Sale. Each holder of Issued Units hereby
        agrees that the powers granted to the Company in the immediately preceding
        sentence are coupled with an interest and are irrevocable by any holder of
        Issued Units.

       

      (b)  If
        the
        Company or the holders of the Company’s securities enter into any negotiation or
        transaction for which Rule 506 (or any similar rule then in effect)
        promulgated by the U.S. Securities and Exchange Commission may be available
        with
        respect to such negotiation or transaction (including a merger, consolidation
        or
        other reorganization), the holders of Issued Units will, at the request of
        the
        Company, appoint a purchaser representative (as such term is defined in
        Rule 501) reasonably acceptable to the Company. If any holder of Issued
        Units appoints a purchaser representative designated by the Company, the
        Company
        will pay the fees of such purchaser representative, but if any holder of
        Issued
        Units declines to appoint the purchaser representative designated by the
        Company, such holder will appoint another purchaser representative, and such
        holder will be responsible for the fees of the purchaser representative so
        appointed.

       

      (c)  Each
        holder of Issued Units will bear their pro rata share (based upon the amount
        of
        consideration received) of the costs of any sale of Issued Units pursuant
        to an
        Approved Sale to the extent such costs are incurred for the benefit of all
        holders of Common Units and are not otherwise paid by the Company or the
        acquiring party. Costs incurred by any holder of Issued Units on his or her
        own
        behalf will not be considered costs of the transaction hereunder.

       

      10.  Holdback
        Agreement.
        No
        holder of Issued Units will effect any sale or distribution of Issued Units
        during the seven days prior to or the 180-day period beginning on the effective
        date of any underwritten Public Offering (except as part of such underwritten
        registration), unless the underwriters managing such underwritten Public
        Offering otherwise agree.

       

      11.  Rights
        of Participants.
        Nothing
        in this Agreement shall confer upon Grantee any right to continue to serve
        as a
        [director of] [consultant to] the Company or any Subsidiary or create an
        employment relationship between the Grantee and the Company or any Subsidiary
        for any period of time.

       

      
        
          
          

        

        
          5

          
          

        

        
          
          

        

      

      

      12.  Adjustments
        to Option.

       

      (a)  Organic
        Change.
        Any
        recapitalization, reorganization, reclassification, consolidation, merger
        or
        sale of all or substantially all of the Company’s assets or liquidation of the
        Company which is effected in such a way that holders of Class A Common Units
        (or
        any other type of equity securities subject to the Option) are entitled to
        receive (either directly or upon subsequent liquidation) stock, securities
        or
        assets (including cash) in exchange for Class A Common Units (or such other
        type
        of equity securities subject to the Option) is referred to herein as an
“Organic
        Change.”
Except
        as otherwise provided herein, after the consummation of any Organic Change,
        the
        Option shall thereafter be exercisable for, rather than the applicable Units
        immediately theretofore acquirable and receivable upon exercise of such Option,
        such shares of stock, securities or assets (including cash) as may be issued
        or
        payable or in exchange for the number and class of Units immediately theretofore
        acquirable and receivable upon exercise of such Option had such Organic Change
        not taken place. Notwithstanding the foregoing, in the event of any proposed
        Organic Change or other transaction which would represent a Sale of the Company,
        the Company may, in its discretion, terminate any or all of the Option by
        written notice to the Grantee, subject to the payment, upon the consummation
        of
        such Sale of the Company, by the Company to the Grantee of the difference,
        if
        any, between the consideration which the Grantee (to the extent vested as
        of
        such Sale of the Company) would receive in such Sale of the Company for the
        applicable Issued Units if such Grantee exercised the Option (to the extent
        vested as of such Sale of the Company) immediately prior to such Sale of
        the
        Company and the Exercise Price of such Option (to the extent vested as of
        such
        Sale of the Company).

       

      (b)  Adjustment
        for Change in Class A Common Units.
        In the
        event of a unit or stock split, stock or unit dividend or distribution or
        combination of units or shares which effects the number of outstanding Class
        A
        Common Units (or any other type of equity securities subject to the Option),
        the
        Company shall, in order to prevent the dilution or enlargement of rights
        under
        this Option, adjust (1) the number of securities or other consideration
        which are issuable upon exercise of the Option, (2) the Exercise Price
        specified herein and (3) other provisions of this Agreement which specify
        a
        number of securities, all as the Company determines to be appropriate and
        equitable.

       

      13.  Notification
        of Inquiries and Agreements.
        Grantee
        and each Permitted Transferee shall notify the Company in writing within
        10 days
        after the date such Grantee or Permitted Transferee (i) first obtains knowledge
        of any Internal Revenue Service inquiry, audit, assertion, determination,
        investigation or question relating in any manner to the Option granted
        hereunder; or (ii) includes or agrees (including, without limitation, in
        any
        settlement, closing or other similar agreement) to include in gross income
        with
        respect to any Option granted hereunder (A) any amount in excess of the amount
        reported on Form 1099 or other informational form to Grantee by the Company,
        or
        (B) if no such form was received, any amount. Upon request, Grantee or Permitted
        Transferee shall provide to the Company any information or document relating
        to
        any event described in the preceding sentence which the Company (in its sole
        discretion) requires in order to calculate and substantiate any change in
        the
        Company’s tax liability as a result of such event.

       

      
        
          
          

        

        
          6

          
          

        

        
          
          

        

      

      

      14.  Legal
        Compliance.
        In the
        case of officers and other Persons subject to Section 16(b) of the Securities
        Exchange Act of 1934, as amended, the Company may at any time impose any
        limitations upon the exercise of the Option that, in the Company’s discretion,
        are necessary or desirable in order to comply with such Section 16(b) and
        the
        rules and regulations thereunder.

       

      15.  Definitions.
        The
        following terms are defined as follows:

       

      “Affiliate”
means,
        when used with reference to a specified Person, any Person that directly
        or
        indirectly controls or is controlled by or is under common control with the
        specified Person. As used in this definition, “control” (including, with its
        correlative meanings, “controlled by” and “under common control with”) shall
        mean possession, directly or indirectly, of power to direct or cause the
        direction of management or policies (whether through ownership of securities
        or
        partnership or other ownership interests, by contract or otherwise). With
        respect to any Person who is an individual, “Affiliate”
shall
        also include, without limitation, any member of such individual’s Family
        Group.

       

      “Board”
means
        the Company’s Board of Directors.

       

      “Class A
        Common Units”
means
        the Company’s Class A Common Units (as such term is defined in the LLC
        Agreement).

       

      “Common
        Units”
means
        the Company’s Common Units (as such term is defined in the LLC
        Agreement).

       

      “Fair
        Market Value”
per
        Class A Common Unit or of any other security as of any given date shall be
        as
        determined by the Board based on such factors as the members thereof, in
        the
        exercise of their business judgment, consider relevant.

       

      “Family
        Group”
means,
        when used with reference to a specified individual Person, (i) such Person’s
        spouse and descendants (whether natural or adopted) and any trust solely
        for the
        benefit of such Person and/or such Person’s spouse and/or descendants or (ii)
        any company, limited liability company or other entity which is controlled
        solely by such Person or such Person and such Person’s spouse.

       

      “Independent
        Third Party”
means
        any Person other than Soros Private Equity Investors LP or its
        Affiliates.

       

      “Issued
        Units”
means
        (i) all Class A Common Units issued upon the proper exercise of the Option
        and
        (ii) any other equity securities issued with respect to the Class A Common
        Units
        referred to in clause (i) above by way of a unit or stock dividend or
        distribution or stock or unit split in connection with any conversion, merger,
        consolidation or recapitalization or other reorganization affecting Class
        A
        Common Units. Unless otherwise provided herein, except in connection with
        an
        Approved Sale or a Public Sale, Issued Units will continue to be Issued Units
        in
        the hands of any holder of Issued Units (except for the Company), and each
        such
        transferee thereof will succeed to the rights and obligations of a holder
        of
        Issued Units hereunder.

       

      “LLC
        Agreement”
means
        the Second Amended and Restated Limited Liability Company Agreement of the
        Company, as amended from time to time.

       

      
        
          
          

        

        
          7

          
          

        

        
          
          

        

      

      

       

      “Person”
means
        an individual, a partnership, a corporation, a limited liability company,
        an
        association, a joint stock company, a trust, a joint venture, an unincorporated
        organization, a governmental entity or any department, agency or political
        subdivision thereof or any other entity or organization.

       

      “Public
        Offering”
means
        an underwritten public offering and sale of Class A Common Units or any common
        equity securities of any successor entity to the Company issued pursuant
        to a
        transaction of the type described in Section 12.16 of the LLC Agreement,
        in each
        case, pursuant to an effective registration statement under the Securities
        Act;
provided
        that a
        Public Offering shall not include an offering made in connection with a business
        acquisition or combination pursuant to a registration statement on Form S-4
        or
        any form for similar registration purposes, or an employee benefit plan pursuant
        to a registration statement on Form S-8 or any form for similar registration
        purposes.

       

      “Public
        Sale”
means
        the sale of Issued Units to the public pursuant to an offering registered
        under
        the Securities Act or, after the consummation of an initial Public Offering,
        to
        the public pursuant to the provisions of Rule 144 (or any similar rule or
        rules
        then in effect) under the Securities Act.

       

      “Sale
        of the Company”
means
        any transaction (other than pursuant to a Public Offering) involving the
        Company
        and an Independent Third Party or affiliated group of Independent Third Parties
        pursuant to which such party or parties acquire (i) a majority of the
        outstanding Common Units entitled to vote generally in the election of the
        Board
        (whether by merger, consolidation, sale of the Company’s Common Units or
        otherwise) or (ii) all or substantially all of the Company’s assets
        determined on a consolidated basis.

       

      “Subsidiary”
means,
        with respect to any Person, any corporation, partnership, limited liability
        company, association or other business entity of which (i) if a
        corporation, a majority of the total voting power of shares of stock entitled
        (without regard to the occurrence of any contingency) to vote in the election
        of
        directors thereof is at the time owned or controlled, directly or indirectly,
        by
        that Person or one or more of the other Subsidiaries of that Person or a
        combination thereof, or (ii) if a partnership, limited liability company,
        association or other business entity, a majority of the partnership or other
        similar ownership interest thereof is at the time owned or controlled, directly
        or indirectly, by that Person or one or more Subsidiaries of that Person
        or a
        combination thereof. For purposes hereof, a Person or Persons shall be deemed
        to
        have a majority ownership interest in a partnership, limited liability company,
        association or other business entity if such Person or Persons shall be
        allocated a majority of partnership, limited liability company, association
        or
        other business entity gains or losses or shall be or control the managing
        director, managing member, manager or a general partner of such partnership,
        limited liability company, association or other business entity. Where not
        otherwise indicated, the term “Subsidiary”
refers
        to a Subsidiary of the Company.

       

      “Termination
        Date”
means
        the date that the Grantee ceases to serve as a [director of] [consultant
        to] the
        Company or any of its Subsidiaries for any reason.

       

      “Valuation
        Date”
means,
        with respect to the Repurchase Option, the date, if any, that the Company
        delivers a Repurchase Notice to a holder of Issued Units.

       

      
        
          
          

        

        
          8

          
          

        

        
          
          

        

      

      

       

      16.  Miscellaneous.

       

      (a)  Severability.
        Whenever possible, each provision of this Agreement will be interpreted in
        such
        manner as to be effective and valid under applicable law, but if any provision
        of this Agreement is held to be invalid, illegal or unenforceable in any
        respect
        under any applicable law or rule in any jurisdiction, such invalidity,
        illegality or unenforceability will not affect any other provision or the
        effectiveness or validity of any provision in any other jurisdiction, and
        this
        Agreement will be reformed, construed and enforced in such jurisdiction as
        if
        such invalid, illegal or unenforceable provision had never been contained
        herein.

       

      (b)  Notices.
        Any
        notice hereunder to the Company shall be addressed to the Company’s principal
        executive office, Attention: General Counsel, and any notice hereunder to
        Grantee shall be addressed to Grantee at Grantee’s last address on the records
        of the Company, subject to the right of either party to designate at any
        time
        hereafter in writing some other address. Any notice shall be deemed to have
        been
        duly given when delivered personally, one day following dispatch if sent
        by
        reputable overnight courier, fees prepaid, or three days following mailing
        if
        sent by registered mail, return receipt requested, postage prepaid and addressed
        as set forth above.

       

      (c)  Counterparts.
        This
        Agreement may be executed in separate counterparts, each of which will be
        deemed
        to be an original and all of which taken together will constitute one and
        the
        same agreement.

       

      (d)  Binding
        Effect.
        This
        Agreement shall be binding upon and inure to the benefit of any successors
        and
        assigns to the Company and all persons lawfully claiming under
        Grantee.

       

      (e)  Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of Delaware, without giving effect to any rules, principles or provisions
        of choice of law or conflict of laws (whether of the State of Delaware or
        any
        other jurisdiction) that would cause the application of the laws of any
        jurisdiction other than the State of Delaware.

       

      (f)  Complete
        Agreement.
        This
        Agreement embodies the complete agreement and understanding among the parties
        and supersedes and preempts any prior understandings, agreements or
        representations by or among the parties, written or oral, which may have
        related
        to the subject matter hereof in any way.

       

      (g)  Amendments
        and Waivers.
        Any
        provision of this Agreement may be amended or waived only with the prior
        written
        consent of the Company (with approval of the Board) and Grantee.

       

      

       

      *
        * *
        *

       

      
        
          
          

        

        
          9

          
          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Company and Grantee have executed this Time Vesting
        Option
        Agreement as of the date first above written.

       

      
        	 	
                WELLCARE
                  HOLDINGS, LLC

                 

                ____________________________________

                 

                Name: 

                 

                Title: 

                 

              
	 	
                 

                GRANTEE:

                 

                 

                ____________________________________

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