Document:

Team Health Holdings, Inc. 2009 Stock Incentive Plan

 Exhibit 10.12 
 TEAM HEALTH HOLDINGS INC. 
 2009 STOCK INCENTIVE PLAN

  

	1.	PURPOSE OF THE PLAN 

 The purpose of the Plan is
to aid the Company and its Affiliates in recruiting and retaining key employees, directors, consultants and other service providers of outstanding ability and to motivate such employees, directors, consultants and other service providers to exert
their best efforts on behalf of the Company and its Affiliates by providing incentives through the granting of Awards. The Company expects that it will benefit from the added interest which such key employees, directors, consultants and other
service providers will have in the welfare of the Company as a result of their proprietary interest in the Company’s success. 
  

	2.	DEFINITIONS 

 The following capitalized terms
used in the Plan have the respective meanings set forth in this Section: 
 (a) Act: The Securities Exchange Act of 1934,
as amended, or any successor thereto. 
 (b) Affiliate: With respect to the Company, any entity directly or indirectly
controlling, controlled by, or under common control with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest. 
 (c) Award: An Option, Stock Appreciation Right or Other Stock-Based Award granted pursuant to the Plan. 
 (d) Beneficial Owner: A “beneficial owner”, as such term is defined in Rule 13d-3 under the Act (or any successor rule thereto). 
 (e) Board: The Board of Directors of the Company. 
 (f) Change of Control: 
 The occurrence of any of the following events: 
 (i) the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Company to any
“person” or “group” (as such terms are defined in Sections 13(d)(3) or 14(d)(2) of the Act) other than the Permitted Holders; 
 (ii) any person or group, other than the Permitted Holders, is or becomes the Beneficial Owner (except that a person shall be deemed to have “beneficial ownership” of all shares that any such
person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company (or any entity which controls
the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; 

 (iii) a reorganization, recapitalization, merger or consolidation (a “Corporate
Transaction”) involving the Company, unless securities representing 50% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation
resulting from such Corporate Transaction (or the parent of such corporation) are held subsequent to such transaction by the person or persons who were the Beneficial Owners of the outstanding voting securities entitled to vote generally in the
election of directors of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction; or 
 (iv) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board (together with any
new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of
such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board, then in office. 
 (g) Code: The Internal Revenue Code of 1986, as amended, or any successor thereto. 
 (h) Committee: The Compensation Committee of the Board (or a subcommittee thereof as provided under Section 4), or such other committee of the Board (including, without limitation, the full Board) to which the Board has
delegated power to act under or pursuant to the provisions of the Plan. 
 (i) Company: Team Health Holdings Inc., a
Delaware corporation. 
 (j) Disability: Inability of a Participant to perform in all material respects his duties and
responsibilities to the Company, or any Subsidiary of the Company, by reason of a physical or mental disability or infirmity which inability is reasonably expected to be permanent and has continued (i) for a period of six consecutive months or
(ii) such shorter period as the Committee may reasonably determine in good faith. The Disability determination shall be in the sole discretion of the Committee and a Participant (or his representative) shall furnish the Committee with medical
evidence documenting the Participant’s disability or infirmity which is satisfactory to the Committee. 
 (k) Effective
Date: The date the Board approves the Plan, or such later date as is designated by the Board. 
 (l) Employment: The
term “Employment” as used herein shall be deemed to refer to (i) a Participant’s employment if the Participant is an employee of the Company or any of its Affiliates, (ii) a Participant’s services as a consultant or
other service provider, if the Participant is a consultant or other service provider to the Company or its Affiliates and (iii) a Participant’s services as an non-employee director, if the Participant is a non-employee member of the Board.

 (m) Fair Market Value: On a given date, (i) if there should be a public market for the Shares on such date, the
closing price of the Shares as reported on such date on the composite tape of the principal national securities exchange on which such Shares are listed or admitted to trading, or, if no composite tape exists for such national securities exchange on
such date, then

  

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the closing price on the principal national securities exchange on which such Shares are listed or admitted to trading, or, (ii) if the Shares are not listed or admitted on a national
securities exchange, the arithmetic mean of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices
are regularly quoted), or, (iii) if there is no market on which the Shares are regularly quoted, the Fair Market Value shall be the value established by the Committee in good faith; provided, however that in determining the Fair
Market value, the Committee shall not apply a discount for any minority interest. With respect to (i) and (ii) above, if no sale of Shares shall have been reported on such composite tape or such national securities exchange on such date or
quoted on the National Association of Securities Dealer Automated Quotation System on such date, then the immediately preceding date on which sales of the Shares have been so reported or quoted shall be used. 
 (n) ISO: An Option that is also an incentive stock option granted pursuant to Section 6(d) of the Plan. 
 (o) Option: A stock option granted pursuant to Section 6 of the Plan. 
 (p) Option Price: The purchase price per Share of an Option, as determined pursuant to Section 6(a) of the Plan. 
 (q) Other Stock-Based Awards: Awards granted pursuant to Section 8 of the Plan. 
 (r) Participant: An employee, director, consultant or other service provider of the Company or any of its Affiliates who is selected
by the Committee to participate in the Plan. 
 (s) Performance-Based Awards: Certain Other Stock-Based Awards granted
pursuant to Section 8(b) of the Plan. 
 (t) Permitted Holders: “Permitted Holder” means, as of the date
of determination, any and all of (i) an employee benefit plan (or trust forming a part thereof) maintained by (A) the Company, or (B) any corporation or other Person of which a majority of its voting power of its voting equity
securities or equity interest is owned, directly or indirectly, by the Company, or (ii) any stockholder of the Company who, together with its affiliates, owns 50% or more of the total voting power of all classes of voting stock of the Company
as of the Effective Date, or any affiliate(s) of such stockholder. 
 (u) Person: A “person”, as such term is
used for purposes of Section 13(d) or 14(d) of the Act (or any successor section thereto). 
 (v) Plan: The Team
Health Holdings Inc. 2009 Stock Incentive Plan. 
 (w) Shares: Shares of common stock of the Company. 
 (x) Stock Appreciation Right: A stock appreciation right granted pursuant to Section 7 of the Plan. 
  

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 (y) Subsidiary: A subsidiary corporation, as defined in Section 424(f) of the
Code (or any successor section thereto). 
  

	3.	SHARES SUBJECT TO THE PLAN 

 Subject to
Section 9 of the Plan, the total number of Shares which may be issued under the Plan is 15,100,000 and the maximum number of Shares for which ISOs may be granted is 10,000,000. The Shares may consist, in whole or in part, of unissued Shares or
treasury Shares. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares
which are subject to Awards which terminate or lapse without the payment of consideration may be granted again under the Plan. 
  

	4.	ADMINISTRATION 

 The Plan shall be administered
by the Committee. The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or advisable for the administration of
the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or advisable. Any decision of the Committee in the interpretation and
administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and their beneficiaries or
successors). The Committee shall have the full power and authority to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation,
accelerating or waiving any vesting conditions). Determinations made by the Committee under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. Awards may, in the
discretion of the Committee, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company, any of its Affiliates or any of their respective predecessors, or any entity acquired by the Company
or with which the Company combines. The number of Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the Plan. The Committee shall require payment of any minimum amount it may
determine to be necessary to withhold for federal, state, local or other, taxes as a result of the exercise, vesting or grant of an Award. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or all of such minimum
withholding taxes by (a) delivery in Shares, or (b) having Shares withheld by the Company from any Shares that would have otherwise been received by the Participant. The number of Shares so delivered or withheld shall have an aggregate
Fair Market Value sufficient to satisfy the applicable minimum withholding taxes. 
  

	5.	LIMITATIONS 

 No Award may be granted under the
Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date. 
  

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	6.	TERMS AND CONDITIONS OF OPTIONS 

 Options granted
under the Plan shall be, as determined by the Committee, non-qualified or incentive stock options for federal income tax purposes, as evidenced by the related Award agreements, and shall be subject to the foregoing and the following terms and
conditions and to such other terms and conditions, not inconsistent therewith, as the Committee shall determine: 
 (a) Option
Price. The Option Price per Share shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of a Share on the date an Option is granted (other than in the case of Options granted in substitution of previously
granted awards, as described in Section 4). 
 (b) Exercisability. Options granted under the Plan shall be
exercisable at such time and upon such terms and conditions as may be determined by the Committee, but in no event shall an Option be exercisable more than ten years after the date it is granted. Each Award agreement shall set forth the extent to
which the Participant shall have the right to exercise the Option following termination of the Participant’s employment or service with the Company or its Affiliates. Such provisions shall be determined in the sole discretion of the Committee,
shall be included in the Award agreements, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination. 
 (c) Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all, or
from time to time any part, of the Shares for which it is then exercisable. For purposes of Section 6 of the Plan, the exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable,
the date payment is received by the Company pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence. The purchase price for the Shares as to which an Option is exercised shall be paid to the Company to the extent permitted
by law, (i) in cash or its equivalent (e.g., by personal check) at the time the Option is exercised, (ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other
requirements as may be imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months (or such other period as established from time to time by the Committee in order to avoid adverse
accounting treatment applying generally accepted accounting principles), (iii) partly in cash and partly in Shares (as described in (ii) above), (iv) if there is a public market for the Shares at such time, through the delivery of
irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such Sale equal to the aggregate Option Price for the Shares being purchased, or
(v) to the extent the Committee shall approve in the Award agreement or otherwise, through “net settlement” in Shares. In the case of a “net settlement” of an Option, the Company will not require a cash payment of the Option
Price of the Option set forth in the Award agreement, but will reduce the number of Shares issued upon the exercise by the largest number of whole Shares that have a Fair Market Value that does not exceed the aggregate Option Price set forth in the
Award agreement. With respect to any remaining balance of the aggregate Option Price, the Company shall accept a cash payment. No Participant shall have any rights to dividends or other rights of a shareholder with respect to Shares subject to an
Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan. 
  

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 (d) ISOs. The Committee may grant Options under the Plan that are intended to be
ISOs. Such ISOs shall comply with the requirements of Section 422 of the Code (or any successor section thereto). No ISO may be granted to any Participant who at the time of such grant, owns more than 10% of the total combined voting power of
all classes of stock of the Company or of any Subsidiary, unless (i) the Option Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and (ii) the date on which such ISO terminates is a date
not later than the day preceding the fifth anniversary of the date on which the ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO either (i) within two years after the date of grant of such ISO or
(ii) within one year after the transfer of such Shares to the Participant, shall notify the Company of such disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified stock
options, unless the applicable Award agreement expressly states that the Option is intended to be an ISO. If an Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent
of such nonqualification, such Option (or portion thereof) shall be regarded as a nonqualified stock option granted under the Plan; provided that such Option (or portion thereof) otherwise complies with the Plan’s requirements relating
to nonqualified stock options. In no event shall any member of the Committee, the Company or any of its Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure
of an Option to qualify for any reason as an ISO. 
 (e) Attestation. Wherever in this Plan or any agreement evidencing
an Award a Participant is permitted to pay the exercise price of an Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery
requirement by presenting proof of beneficial ownership of such Shares, in which case the Company shall treat the Option as exercised without further payment and/or shall withhold such number of Shares from the Shares acquired by the exercise of the
Option, as appropriate. 
  

	7.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

 (a) Grants. The Committee may also grant (i) a Stock Appreciation Right independent of an Option or (ii) a Stock Appreciation Right in connection with an Option, or a portion thereof. A
Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time prior to the exercise or cancellation of the related Option, (B) shall
cover the same number of Shares covered by an Option (or such lesser number of Shares as the Committee may determine), and (C) shall be subject to the same terms and conditions as such Option except for such additional limitations as are
contemplated by this Section 7 (or such additional limitations as may be included in an Award agreement). 
 (b)
Terms. The exercise price per Share of a Stock Appreciation Right shall be an amount determined by the Committee but in no event shall such amount be less than the Fair Market Value of a Share on the date the Stock Appreciation Right is
granted (other than in the

  

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case of a Stock Appreciation Right granted in substitution of previously granted awards, as described in Section 4); provided, however, that, in the case of a Stock
Appreciation Right granted in conjunction with an Option, or a portion thereof, the exercise price may not be less than the Option Price of the related Option. Each Stock Appreciation Right granted independent of an Option shall entitle a
Participant upon exercise to an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the exercise price per Share, times (ii) the number of Shares covered by the Stock
Appreciation Right. Each Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised Option, or any portion thereof, and to receive from the Company in
exchange therefor an amount equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one Share over (B) the Option Price per Share, times (ii) the number of Shares covered by the Option, or
portion thereof, which is surrendered. The date on which a notice of exercise is received by the Company shall be the exercise date. Payment shall be made in Shares or in cash, or partly in Shares and partly in cash (any such Shares valued at such
Fair Market Value), as set forth in the Award agreement or as otherwise permitted by the Committee. Stock Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of exercise stating the number of
Shares with respect to which the Stock Appreciation Right is being exercised. No fractional Shares will be issued in payment for Stock Appreciation Rights, but instead cash will be paid for a fraction or, if the Committee should so determine, the
number of Shares will be rounded downward to the next whole Share. 
 (c) Limitations. The Committee may impose, in its
discretion, such conditions upon the exercisability or transferability of Stock Appreciation Rights as it may deem fit, but in no event shall a Stock Appreciation Right be exercisable more than ten years after the date it is granted. 
  

	8.	OTHER STOCK-BASED AWARDS 

 (a)
Generally. The Committee, in its sole discretion, may grant or sell Awards of Shares, Awards of restricted Shares and Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, Shares
(“Other Stock-Based Awards”). Such Other Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive one or more Shares (or the
equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other Stock-Based Awards may be granted alone or in addition to any other Awards
granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine to whom and when Other Stock-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Stock-Based Awards;
whether such Other Stock-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other terms and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that
all Shares so awarded and issued shall be fully paid and non-assessable). 
 (b) Performance-Based Awards.
Notwithstanding anything to the contrary herein, certain Other Stock-Based Awards granted under this Section 8 may be based on the attainment of written performance goals approved by the Committee for a performance period established

  

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by the Committee (“Performance-Based Awards”). The Committee shall determine whether, with respect to a performance period, the applicable performance goals have been met with
respect to a given Participant and, if they have, shall so certify. In connection with such certification, the Committee, or its delegate, may decide that the amount of the Performance-Based Award actually paid to a given Participant may be less
than the amount determined by the applicable performance goal formula; provided that the Committee shall have the authority to waive any applicable performance goals. In the event the applicable performance goals are not waived by the
Committee, payment of a Performance-Based Award will occur only after certification and will be made as determined by the Committee in its sole discretion after the end of the applicable performance period. 
  

	9.	ADJUSTMENTS UPON CERTAIN EVENTS 

 Notwithstanding
any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan: 
 (a) Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share dividend or split, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of
Shares or other corporate exchange or change in capital structure, any distribution to shareholders of Shares (other than regular cash dividends) or any similar event, the Committee without liability to any person shall make such substitution or
adjustment, if any, as it deems to be equitable (subject to Section 17), as to the number or kind of Shares or other securities issued or reserved for issuance as set forth in Section 3 of the Plan or pursuant to outstanding Awards;
provided that the Committee shall determine in its sole discretion the manner in which such substitution or adjustment shall be made. 
 (b) Change of Control. In the event of a Change of Control (or similar corporate transaction, whether or not including any Permitted Holder) after the Effective Date, the Committee may (subject to
Section 17), but shall not be obligated to, (A) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of an Award, (B) cancel such Awards for fair value (as determined in the sole discretion of the
Committee) which, in the case of Options and Stock Appreciation Rights, may equal the excess, if any, of value of the consideration to be paid in the Change of Control transaction to holders of the same number of Shares subject to such Options or
Stock Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options or Stock Appreciation Rights) over the aggregate exercise price of such Options or Stock Appreciation
Rights, (C) provide for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder as determined by the Committee in its sole discretion or
(D) provide that for a period of at least 10 days prior to the Change of Control, such Options shall be exercisable as to all shares subject thereto and that upon the occurrence of the Change of Control, such Options shall terminate and be of
no further force or effect. For the avoidance of doubt, pursuant to (B) above, the Committee may cancel Options and Stock Appreciation Rights for no consideration if the aggregate Fair Market Value of the Shares subject to such Options or Stock
Appreciation Rights is less than or equal to the aggregate Option Price of such Options or exercise price of such Stock Appreciation Rights. 
  

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	10.	NO RIGHT TO EMPLOYMENT OR AWARDS 

 The granting of an Award under the Plan shall impose no obligation on the Company or any of its Affiliate to continue the Employment of a Participant and shall not lessen or affect the Company’s or any of its Affiliate’s right to
terminate the Employment of such Participant. No Participant or other Person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The terms and
conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated). 
  

	11.	SUCCESSORS AND ASSIGNS 

 The Plan
shall be binding on all successors and assigns of the Company and the Participants, including, without limitation, the estate of each such Participant and the executor, administrator or trustee of such estate, and any receiver or trustee in
bankruptcy or any other representative of the Participant’s creditors. 
  

	12.	NONTRANSFERABILITY OF AWARDS 

 Unless otherwise determined by the Committee, an Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of descent and distribution. An Award exercisable after the death of a Participant may
be exercised by the legatees, personal representatives or distributees of the Participant. 
  

	13.	AMENDMENTS OR TERMINATION 

 The Committee may
amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which, (a) without the approval of the shareholders of the Company, would (except as is provided in Section 9 of the Plan), increase the
total number of Shares reserved for the purposes of the Plan or change the maximum number of Shares for which Awards may be granted to any Participant, or (b) without the consent of a Participant, would materially adversely impair any of the
rights under any Award theretofore granted to such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting the requirements of
the Code or other applicable laws (including, without limitation, to avoid adverse tax consequences to the Company or any Participant). 
 Without limiting the generality of the foregoing, to the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued hereunder shall be interpreted in accordance with Section 409A of the Code and
Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the
contrary, in the event that the Committee determines that any amounts payable hereunder will be taxable to a Participant under Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant of such
amount, the Company may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Committee

  

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determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Plan and Awards hereunder, and/or (b) take such other actions as the Committee
determines necessary or appropriate to avoid the imposition of an additional tax under Section 409A of the Code. 
  

	14.	INTERNATIONAL PARTICIPANTS 

 With respect to
Participants who reside or work outside the United States of America and who are not (and who are not expected to be) “covered employees” within the meaning of Section 162(m) of the Code, the Committee may, in its sole discretion,
amend the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or an Affiliate. 

15. CHOICE OF LAW 
 The Plan shall be governed
by and construed in accordance with the laws of the State of [Delaware] without regard to conflicts of laws. 
 16. EFFECTIVENESS OF THE PLAN

 The Plan shall be effective as of the Effective Date, subject to the approval of the Company’s shareholders. 
 17. SECTION 409A 
 Notwithstanding other provisions
of the Plan or any Award agreements thereunder, no Award shall be granted, deferred, accelerated, extended, paid out or modified under this Plan in a manner that would result in the imposition of an additional tax under Section 409A of the Code
upon a Participant. In the event that it is reasonably determined by the Committee that, as a result of Section 409A of the Code, any payment or delivery of Shares in respect of any Award under the Plan may not be made at the time contemplated
by the terms of the Plan or the relevant Award agreement, as the case may be, without causing the Participant holding such Award to be subject to taxation under Section 409A of the Code, the Company will make such payment or delivery of Shares
on the first day that would not result in the Participant incurring any tax liability under Section 409A of the Code. In the case of a Participant who is a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of
the Code), any payment and/or delivery of Shares in respect of any Award subject to Section 409A of the Code that are linked to the date of the Participant’s separation from service shall not be made prior to the date which is six
(6) months after the date of such Participant’s separation from service from the Company and its affiliates, determined in accordance with Section 409A of the Code and the regulations promulgated thereunder. The Company shall use
commercially reasonable efforts to implement the provisions of this Section 17 in good faith; provided that neither the Company, the Committee nor any of the Company’s employees, directors or representatives shall have any
liability to Participants with respect to this Section 17. 
  

 10Amended & Restated Team Health Holdings, Inc Annual Management Incentive Program

 Exhibit 10.13 
 Team Health Holdings, LLC 
 AMENDED AND RESTATED
ANNUAL MANAGEMENT INCENTIVE PLAN 
  

	1.	Purpose of the Plan 

 The
purpose of the Plan is to enable the Company and its Affiliates to attract, retain, motivate and reward executive officers and key employees by providing them with the opportunity to earn competitive compensation directly linked to the
Company’s performance. 
  

	2.	Definitions 

 The
following capitalized terms used in the Plan have the respective meanings set forth in this Section: 
  

	 	(a)	“Administrator” shall mean the Board, the compensation committee of the Board or any other committee of the Board as the Board may designate to act as
the Administrator under the Plan. 

  

	 	(b)	“Affiliate” shall mean, with respect to the Company, any entity directly or indirectly controlling, controlled by, or under common control with, the
Company or any other entity designated by the Board in which the Company or an Affiliate has an interest. 

  

	 	(c)	“Board” shall mean the “Board” as defined in the Company’s Amended and Restated Limited Liability Company Agreement dated as of
November 22,2005, as amended; provided that, following the Conversion, the Board shall mean the Board of Directors of Team Health Holdings, Inc. 

  

	 	(d)	“Change of Control” shall have the meaning set forth in the Company’s 2009 Long Term Stock Incentive Plan. 

  

	 	(e)	“Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor thereto. 

  

	 	(f)	“Company” shall mean Team Health Holdings, LLC; provided that following the Conversion, the Company shall mean Team Health Holdings, Inc.

  

	 	(g)	“Conversion” shall mean the effective conversion of the Company by the Board from a Delaware limited liability company into a corporation organized
under the laws of the state of Delaware. 

  

	 	(h)	“Discretionary Component” shall mean, for any Performance Period, the specific objectives as defined by senior management of the Company and the
Administrator and based upon the senior management’s assessment of the Company’s and the Participant’s individual’s performance. 

	 	(i)	“Discretionary Component Pool” shall mean, with respect to each Participant, the portion of their Target Annual Bonus for the applicable Performance
Period which will be earned based upon achievement of the Discretionary Component for such Performance Period. The foregoing criteria may relate to the Company, one or more of its Subsidiaries or one or more of its divisions or units, or any
combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the Administrator shall determine. 

  

	 	(j)	“EBITDA” shall mean earnings before interest, taxes, depreciation and amortization and further adjusted to exclude other non-recurring or non-operating
items, subject to adjustment, in the discretion of the Administrator, to reflect any applicable acquisitions, restructured or discontinued operations or other extraordinary or unusual events occurring during the applicable performance period.

  

	 	(k)	“Financial Performance Component” shall mean, (i) with respect to Performance Periods commencing prior to January 1, 2010, EBITDA targets
established by the Administrator and (ii) with respect to Performance Periods commencing on or after January 1, 2010, EBITDA or other performance targets established by the Administrator. The foregoing criteria may relate to the Company,
one or more of its Subsidiaries or one or more of its divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all
as the Administrator shall determine. 

  

	 	(l)	“Financial Component Pool” shall mean, with respect to each Participant, the portion of their Target Annual Bonus for the applicable Performance Period
which will be earned based upon achievement of the Financial Performance Component for such Performance Period. 

  

	 	(m)	“Participant” shall mean each executive officer of the Company and other key employee of the Company or an Affiliate whom the Administrator designates
as a participant under the Plan. 

  

	 	(n)	“Performance Period” shall mean each fiscal year of the Company. 

  

	 	(o)	“Person” shall mean a “person”, as such term is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as
amended (or any successor section thereto). 

  

 2 

	 	(p)	“Plan” shall mean the Team Health Holdings, LLC Amended and Restated Annual Management Incentive Plan as set forth herein and as may be amended from
time to time. 

  

	 	(q)	“Subsidiary” shall mean a subsidiary corporation, as defined in Section 424(f) of the Code (or any successor section thereto).

  

	 	(r)	“Target Annual Bonus” shall mean, with respect to any Participant, their aggregate target annual bonus opportunity with respect to a Performance Period
expressed as a percentage of their base salary as in effect on the first day of the applicable Performance Period. 

  

	3.	Administration 

 The Plan
shall be administered and interpreted by the Administrator. The Administrator shall establish the performance objectives for any Performance Period in accordance with Section 4 and certify whether and to what extent such performance objectives
have been obtained. Any determination made by the Administrator under the Plan shall be final and conclusive. The Administrator may employ such legal counsel, consultants and agents (including counsel or agents who are employees of the Company or an
Affiliate) as it may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel or consultant or agent and any computation received from such consultant or agent. All expenses incurred in the
administration of the Plan, including, without limitation, for the engagement of any counsel, consultant or agent, shall be paid by the Company. No member or former member of the Board or the Administrator shall be liable for any act, omission,
interpretation, construction or determination made in connection with the Plan other than as a result of such individual’s willful misconduct. 
  

	4.	Bonuses 

  

	 	(a)	Performance Criteria. 

 (i) In the beginning of each Performance Period (and generally within the first 90 days of each fiscal year), the Administrator shall establish the Financial Performance Component and Discretionary
Component that will be applicable to Participant bonus opportunities with respect to such Performance Period. The terms and conditions of the Financial Performance Component and Discretionary Components established by the Administrator and the
Administrator’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not the Participants are similarly situated.) 
 (ii) The Financial Performance Component for each Performance Period will contain threshold, target and maximum achievement
levels which can increase or decrease the potential payments under the Financial Performance Component Pool. Except as otherwise determined by the Administrator, the threshold level of achievement will reflect actual Financial Performance Component
result, as further adjusted for other

  

 3 

 
selected items equal to 95% of the annual Financial Performance Component target, and the maximum level of achievement will reflect actual Financial Performance Component result equal to or above
110% of the annual Financial Performance Component target. Subject to Section 4(d), no payment will be made under the Financial Performance Component if the threshold level of achievement is not achieved, and no additional amount will be paid
under the Financial Performance Component if greater than the maximum level of achievement is achieved. Except as otherwise determined by the Administrator, the threshold level of achievement, a Participant’s bonus payment will be equal to 50%
of his or her potential Financial Performance Component Pool, and at the maximum level of achievement, a Participant’s bonus payment will be equal to 200% of his or her Financial Performance Component Pool. Actual results that fall between the
threshold and maximum will be adjusted on a linear basis. 
 (iii) The Discretionary Component for each
Performance Period will be subject to the discretion of the Administrator after considering the individual executive officers’ achievement of specific objectives as defined by the Administrator after consultation with senior management, as well
as the Administrator’s and senior management’s assessment of the Company’s past and future performance, including, but not limited to, operational performance during the Performance Period and the position of the Company for the
achievement of acceptable earnings growth in the subsequent year. The specific objectives defined by the Administrator after consultation with senior management may vary from Performance Period to Performance Period and from one Participant to
another and may be given different weightings, but they will generally relate to operational improvements that are within the individual Participant’s area of responsibility, the Company’s strategic goals and enhancement of the
Participant’s leadership and management skills. These objectives will typically be qualitative objectives, and the Administrator shall apply its business judgment in assessing the extent to which the individual Participants met their
objectives. 
  

	 	(b)	Target Incentive Bonuses. In the beginning of each Performance Period (and generally within the first 90 days of each fiscal year), the Administrator shall
establish the Target Annual Bonus for each Participant with respect to the applicable Performance Period as well as the determination of what percentage of such Target Annual Bonus will be allocated to the Participant’s Financial Component Pool
and Discretionary Component Pool for such Performance Period. 

  

	 	(c)	 Maximum Amount Payable. As soon as practicable after a Performance Period ends, the Administrator shall determine (i) whether and to what
extent any of the performance objectives established for the relevant Performance Period under Section 4(a) with respect to both the Financial

  

 4 

	 	 
Performance Component and Discretionary Performance Component have been satisfied, and (ii) for each Participant who is employed by the Company or one of its Affiliates on the last day of
the Performance Period for which a bonus is payable, the actual bonus to which such Participant shall be entitled, taking into consideration the extent to which the performance objectives have been met and such other factors as the Administrator may
deem appropriate. Any provision of this Plan notwithstanding, in no event shall any Participant receive a bonus under this Plan in respect of any fiscal year of the Company in excess of $2 million. 

  

	 	(d)	Negative Discretion/Waiver. Notwithstanding anything else contained in Section 4 to the contrary, the Administrator shall have the right, in its absolute
discretion, (i) to reduce or eliminate the amount otherwise payable to any Participant under Section 4(a)(iii) based on individual performance or any other factors that the Administrator, in its discretion, shall deem appropriate,
(ii) to establish rules or procedures in the beginning of each Performance Period (and generally within the first 90 days of each fiscal year) that have the effect of limiting the amount payable to each Participant to an amount that is less
than the maximum amount otherwise authorized under Section 4(c), and (iii) with respect to Performance Periods commencing January 1, 2010 and thereafter, to waive any applicable performance goals for any Participant or group of
Participants under the Plan and pay the amount that would otherwise have become payable had the applicable performance goals been achieved, in whole or in part. 

  

	 	(e)	Termination of Employment. Unless otherwise determined by the Administrator or as specified in the Participant’s employment agreement with the Company or
any of its Affiliates, a Participant shall not be entitled to the payment of any bonuses hereunder with respect to a Performance Period in the event of the termination of the Participant’s employment with the Company and its Affiliates for any
reason prior to the last day of the applicable Performance Period. 

  

	 	(f)	Change of Control. In the event of a Change of Control, the Board (as constituted immediately prior to the Change of Control) shall, in its sole discretion,
determine whether and to what extent the performance criteria have been met or shall be deemed to have been met for the year in which the Change of Control occurs. 

  

	5.	Payment 

  

	 	(a)	 In General. Except as otherwise provided hereunder, payment of any bonus amount determined under Section 4 shall be made to each
Participant as soon as practicable after the Administrator certifies that one or more of the applicable performance objectives have been attained or, in

  

 5 

	 	 
the case of any bonus payable under the provisions of Section 4(d), after the Administrator determines the amount of any such bonus; but in any event, no later than two and one-half months
(2 1/2 months) following the end of the Performance
Period to which such bonus relates. 

  

	 	(b)	Form of Payment. All bonuses hereunder shall be paid in cash. 

  

	6.	General Provisions 

  

	 	(a)	Effectiveness of the Plan. The Plan shall become effective on the date on which it is adopted by the Board (the “Effective Date”). The Plan shall
expire on the tenth anniversary of the Effective Date. 

  

	 	(b)	Amendment and Termination. The Board or the Administrator may at any time amend, suspend, discontinue or terminate the Plan; provided, however, that no
such amendment, suspension, discontinuance or termination shall adversely affect any then existing rights of any Participant in respect of any Performance Period that has already commenced. 

  

	 	(c)	Designation of Beneficiary. Each Participant may designate a beneficiary or beneficiaries (which beneficiary may be an entity other than a natural Person) to
receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the consent of any such beneficiary. Any such designation, change or cancellation must be made in a form
approved by the Administrator and shall not be effective until received by the Administrator. If no beneficiary has been named, or the designated beneficiary or beneficiaries shall have predeceased the Participant, the beneficiary shall be the
Participant’s spouse or, if no spouse survives the Participant, the Participant’s estate. If a Participant designates more than one beneficiary, the rights of such beneficiaries shall be payable in equal shares, unless the Participant has
designated otherwise. 

  

	 	(d)	No Right to Continued Employment or Awards. Nothing in this Plan shall be construed as conferring upon any Participant any right to continue in the employment of
the Company or any of its Affiliates. There is no obligation for uniformity of treatment of Participants or beneficiaries. The terms and conditions of awards and the Administrator’s determinations and interpretations with respect thereto need
not be the same with respect to each Participant (whether or not the Participants are similarly situated). 

  

	 	(e)	No Limitation on Corporate Actions. Nothing contained in the Plan shall be construed to prevent the Company or any Affiliate from taking any corporate action
which is deemed by it to be appropriate or in its best interest, whether or not such action would have an adverse effect on any awards made under the Plan. No employee, beneficiary or other person shall have any claim against the Company or any
Affiliate as a result of any such action. 

  

 6 

	 	(f)	Nonalienation of Benefits. Except as expressly provided herein, no Participant or beneficiary shall have the power or right to transfer, anticipate, or otherwise
encumber the Participant’s interest under the Plan. The Company’s obligations under this Plan are not assignable or transferable except to (i) a corporation which acquires all or substantially all of the Company’s assets, or
(ii) any corporation into which the Company may be merged or consolidated. The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s beneficiaries, heirs, executors, administrators or successors in
interest. 

  

	 	(g)	Withholding. A Participant may be required to pay to the Company or any Affiliate and the Company or any Affiliate shall have the right and is hereby authorized
to withhold from any payment due under this Plan or from any compensation or other amount owing to the Participant, applicable withholding taxes with respect to any payment under this Plan and to take such action as may be necessary in the opinion
of the Company to satisfy all obligations for the payment of such withholding taxes. 

  

	 	(h)	Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such
unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 

  

	 	(i)	Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Tennessee without regard to conflicts of laws.

  

	 	(j)	Headings. Headings are inserted in this Plan for convenience of reference only and are to be ignored in a construction of the provisions of the Plan.

  

 7

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