Document:

<PAGE>   1
                                                                    EXHIBIT 4.11

THE SHARES UNDERLYING THIS WARRANT MAY NOT BE SOLD IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND ANY APPLICABLE STATE SECURITIES OR BLUE SKY LAWS OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS THEREOF. THIS WARRANT HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES OR BLUE
SKY LAWS. THIS WARRANT MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER SAID
ACT AND UNDER APPLICABLE STATE SECURITIES OR BLUE SKY LAWS OR EXEMPTIONS FROM
SUCH REGISTRATION. THIS WARRANT MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT UPON THE CONDITIONS SPECIFIED IN
THIS WARRANT, AND NO SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THIS WARRANT SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH
CONDITIONS SHALL HAVE BEEN COMPLIED WITH.

NO. W________                                         Right to Purchase _______
                                                      Shares of Common Stock

                             STOCK PURCHASE WARRANT

           THIS CERTIFIES THAT, for value received, _______________ is entitled
to purchase from COVENTRY HEALTH CARE, INC., a Delaware corporation (the
"Company"), at any time, in whole or in part, during the period specified in
Paragraph 2 hereof, ____________________ (________) fully paid and nonassessable
shares of the Company's Common Stock, par value $.01 per share (the "Warrant
Shares"), at an exercise price of $________ per share (the "Exercise Price").
The Warrant Shares and the Exercise Price are subject to adjustment as provided
in Paragraph 6 hereof.

           This Warrant is subject to the following terms, provisions, and
conditions:

           1.        Manner of Exercise; Issuance of Certificates; Payment for
Shares. Subject to the provisions hereof, including Section 2 hereof, this
Warrant may be exercised by the holder hereof, in whole or in part, by the
surrender of this Warrant, together with a completed Exercise Agreement in the
form attached hereto, to the Company during normal business hours on any
business day at the Company's principal executive offices (or such other office
or agency of the Company as it may designate by notice to the holder hereof),
and upon payment to the Company in cash or by certified or official bank check
of the Exercise Price for the Warrant Shares specified in said Exercise
Agreement. The Warrant Shares so purchased shall be deemed to be issued to the
holder hereof or said holder's designee as the record owner of such shares as of
the close of business on the date on which this Warrant shall have been
surrendered, the completed Exercise Agreement delivered, and payment made for
such shares as aforesaid. Certificates for the Warrant Shares so purchased,
representing the aggregate number of shares specified in said Exercise
Agreement, shall be delivered to the holder hereof within a reasonable time, not
exceeding seven (7) business days, after this Warrant shall have been so
exercised. The certificates so delivered shall be in such denominations as may
be requested by the holder hereof and shall be registered in the name of said
holder or such other name as shall be designated by said holder. If this Warrant
shall have been exercised only in part, then, unless this Warrant has expired,
the Company shall, at its expense, at the time of

<PAGE>   2

delivery of said certificates, deliver to said holder a new Warrant representing
the number of shares with respect to which this Warrant shall not then have been
exercised. The holder shall pay all taxes and other expenses and charges payable
in connection with the preparation, execution, and delivery of stock
certificates (and any new Warrants) pursuant to this Paragraph 1.

           2.        Period of Exercise. This Warrant is exercisable at any time
or from time to time after ____________, 20____ with respect to _____ shares,
and after ________, 20____ with respect to the remaining ________ shares, and
before the close of business on ________, 20____. This Warrant shall expire
after the close of business on _________, 20____, and be of no further force and
effect.

           3.        Certain Agreements of the Company. The Company hereby
covenants and agrees as follows:

           (a)       Shares to be Fully Paid. All Warrant Shares will, upon
                     issuance, be validly issued, fully paid, and nonassessable
                     and free from all taxes, liens, and charges with respect to
                     the issue thereof.

           (b)       Reservation of Shares. During the period within which this
                     Warrant may be exercised, the Company will at all times
                     have authorized, and reserved for the purpose of issuance
                     upon exercise of this Warrant, a sufficient number of
                     shares of Common Stock to provide for the exercise of this
                     Warrant.

           (c)       Successors and Assigns. This Warrant will be binding upon
                     any entity succeeding to the Company by merger,
                     consolidation, or acquisition of all or substantially all
                     of the Company's assets.

           4.        No Rights or Liabilities as a Shareholder. This Warrant
shall not entitle the holder hereof to any voting rights or other rights as a
shareholder of the Company. No provision of this Warrant, in the absence of
affirmative action by the holder hereof to purchase Warrant Shares, and no mere
enumeration herein of the rights or privileges of the holder hereof, shall give
rise to any liability of such holder for the Exercise Price or as a shareholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

           5.        Transfer, Exchange, and Replacement of Warrants and Shares.

           (a)       Restriction on Transfer. Anything in this Warrant to the
                     contrary notwithstanding, this Warrant (and any Warrant for
                     which this Warrant may be exchanged or replaced) may not be
                     transferred or assigned, except by will or pursuant to the
                     laws of descent and distribution; provided, however, that
                     any transfer or assignment shall be subject to the
                     conditions set forth in Paragraph 5(f) hereof. Until due
                     presentment for registration of transfer on the books of
                     the Company, the Company may treat the registered holder
                     hereof as the owner and holder hereof for all purposes, and
                     the Company shall not be affected by any notice to the
                     contrary.

           (b)       Warrant Exchangeable for Different Denominations. Subject
                     to Paragraph 5(a) hereof, this Warrant is exchangeable,
                     upon the surrender hereof by the holder hereof at the
                     office or agency of the Company referred to in Paragraph
                     5(e) hereof, for new Warrants of like tenor representing in
                     the aggregate the right to purchase the number of shares of
                     Common Stock which may be purchased hereunder, each of such
                     new Warrants to represent

                                       2
<PAGE>   3

                     the right to purchase such number of shares as shall be
                     designated by said holder hereof at the time of such
                     surrender.

           (c)       Replacement of Warrant. Upon receipt of evidence reasonably
                     satisfactory to the Company of the loss, theft,
                     destruction, or mutilation of this Warrant and, in the case
                     of any such loss, theft, or destruction, upon delivery of
                     an indemnity agreement reasonably satisfactory in form and
                     amount to the Company, or, in the case of any such
                     mutilation, upon surrender and cancellation of this
                     Warrant, the Company, at its expense, will execute and
                     deliver, in lieu thereof, a new Warrant of like tenor.

           (d)       Cancellation; Payment of Expenses. Upon the surrender of
                     this Warrant in connection with any transfer, exchange, or
                     replacement as provided in this paragraph 5, this Warrant
                     shall be promptly canceled by the Company.

           (e)       Register. The Company shall maintain, at its principal
                     executive offices (or such other office or agency of the
                     Company as it may designate by notice to the holder
                     hereof), a register for this Warrant, in which the Company
                     shall record the name and address of the person in whose
                     name this Warrant has been issued, as well as the name and
                     address of each transferee and each prior owner of this
                     Warrant.

           (f)       Investment Representation. By acceptance of this Warrant,
                     the holder hereof hereby represents that: (i) such holder
                     understands that neither this Warrant nor the Warrant
                     Shares payable hereunder have been registered under the
                     Securities Act of 1933, as amended (the "Securities Act")
                     or any state securities laws and, in addition to the other
                     restrictions on transfer set forth in this Warrant, neither
                     this Warrant nor the Warrant Shares payable hereunder may
                     be transferred in the absence of an effective registration
                     statement under the Securities Act and any applicable state
                     securities laws or an exemption from the registration
                     requirements thereof, and (ii) such holder is acquiring
                     such Warrant for investment only, and not with a view to
                     the resale or distribution of the Warrant or the Warrant
                     Shares underlying such Warrant. Following the exercise of
                     this Warrant, the holder shall not transfer the shares of
                     Common Stock acquired upon the exercise hereof except
                     pursuant to an effective registration statement under the
                     Securities Act and any applicable state securities laws or
                     unless the holder of this Warrant furnishes to the Company
                     a written opinion of counsel, which opinion and counsel are
                     acceptable to the Company, to the effect that such
                     exercise, transfer, or exchange may be made without
                     registration under said Act and under applicable state
                     securities or blue sky laws and (iii) that the holder or
                     transferee execute and deliver to the Company an investment
                     letter in form and substance acceptable to the Company.

           6.        Adjustments Upon Changes in Common Stock. In the event the
Company shall effect a split of the Common Stock or dividend payable in Common
Stock, or in the event the outstanding Common Stock shall be combined into a
smaller number of shares, the maximum number of shares for which this Warrant
may be exercised hereunder shall be decreased or increased proportionately. In
the event that the Company shall have effected such a split, dividend or
combination before delivery by the Company of all of the Warrant Shares, the
shares still subject to exercise under this Warrant shall be increased or
decreased proportionately and the purchase price per share shall be decreased or
increased proportionately so that the aggregate purchase price for all of the
Warrant Shares shall remain the same as immediately prior to such split,
dividend or combination.

                                       3
<PAGE>   4

           In the event of a reclassification of Common Stock not covered by the
foregoing, or in the event of a liquidation or reorganization (including a
merger, consolidation, spin-off or sale of assets) of the Company or a parent or
subsidiary of the Company, the Board of Directors of the Company shall make such
adjustments, if any, as it may deem appropriate in the number, purchase price
and kind of shares covered by the unexercised portions of this Warrant. The
provisions of this Section shall only be applicable if, and only to the extent
that, the application thereof does not conflict with a valid governmental
statute, regulation or rule.

           7.        Notices. All notices, requests, and other communications
required or permitted to be given or delivered hereunder to the holder of this
Warrant shall be in writing, and shall be personally delivered, or shall be sent
by certified or registered mail, postage prepaid and addressed to such holder at
the address shown for such holder on the books of the Company, or at such other
address as shall have been furnished to the Company by notice from such holder.
All notices, requests, and other communications required or permitted to be
given or delivered hereunder to the Company shall be in writing, and shall be
personally delivered, or shall be sent by certified or registered mail, postage
prepaid and addressed, to the office of the Company at 6705 Rockledge Drive,
Suite 900, Bethesda, MD 20817, Attention: President (or Secretary) or at such
other address as shall have been furnished to the holder of this Warrant by
notice from the Company. Any such notice, request, or other communication may be
sent by telegram, telex, or telecopy, but shall in such case be subsequently
confirmed by a writing personally delivered or sent by certified or registered
mail as provided above. All notices, requests, and other communications shall be
deemed to have been given either at the time of the delivery thereof to (or the
receipt by, in the case of a telegram, telex or telecopy) the person entitled to
receive such notice at the address of such person for purposes of this Paragraph
7, or, if mailed, at the completion of the third (3rd) full day following the
time of such mailing thereof to such address, as the case may be.

           8.        Governing Law. This Warrant shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware.

           9.        Miscellaneous.

           (a)       Amendments. This Warrant and any provision hereof may not
                     be changed, waived, discharged, or terminated, except by an
                     instrument in writing signed by the party (or any
                     predecessor interest thereof) against which enforcement of
                     the same is sought.

           (b)       Descriptive Headings. The descriptive headings of the
                     several paragraphs of this Warrant are inserted for
                     purposes of reference only, and shall not affect the
                     meaning or construction of any of the provisions hereof.

                                       4
<PAGE>   5

           IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
by its duly authorized officer under its corporate seal, attested by its duly
authorized officer, as of the _____ day of ______, 20___.

                                                    COVENTRY HEALTH CARE, INC.

                                            By:
                                               --------------------------------

[CORPORATE SEAL]

Attest:

----------------------------

Secretary

                                       5
<PAGE>   6

                               EXERCISE AGREEMENT

                                                 Dated:               ,
                                                       ---------------  -------
To:
   -------------------------

           The undersigned, pursuant to the provisions set forth in the within
Warrant No. _______, hereby agrees to purchase _________ shares of Common Stock
of Coventry Health Care, Inc. covered by such Warrant, and makes payment
herewith in full therefor at the price per share provided by such Warrant in
cash or by certified or official bank check in the amount of $_______________.
Please issue a certificate or certificates for such shares of Common Stock in
the name of (and pay cash for any fractional share(s)) to the following:

           Name:
                                          --------------------------------

           SS No./ Tax ID No.:
                                          --------------------------------

           Address:
                                          --------------------------------

                                          --------------------------------

                                          --------------------------------

           Signature*:
                                          --------------------------------
           ---------
           * The above signature should correspond exactly with the name on the
           face of the within Warrant.

If the number of Warrant Shares exercised herein shall not be all of the shares
purchasable under the within Warrant, a new Warrant is to be issued in the name
of the above signatory covering the balance of the Warrant Shares purchasable
under the within Warrant, less any fraction of a share paid to the holder in
cash.

                                       6<PAGE>   1
                                                              EXHIBIT 10.27.2

                                 AMENDMENT NO. 1

               COVENTRY HEALTH CARE, INC. RETIREMENT SAVINGS PLAN

        The Plan named above gives the Employer the right to amend it at any
time.  According to that right, the Plan is amended as provided below:

Effective October 1, 1998,

        by striking the following:

               Page 5
               Page 16
               Page 17
               Page 19
               Page 20
               Page 21

        and substituting the following:

                Page 5
                Page 16
                Page 17
                Page 19
                Page 20
                Page 21
                Page 21a
                Attachment A

        The provisions and conditions set forth on any page of this amendment
are a part of the Plan as fully as if recited over the signature(s) below.

        Unless otherwise stated on any page of this amendment, eligibility for
any benefits and the amount of such benefits payable to or on behalf of an
individual who is an Inactive Participant on the effective date(s) stated above,
shall be determined according to the provisions of the Plan as in effect on the
day before he became an Inactive Participant.

        By signing this amendment, the Employer acknowledges having counseled
to the extent necessary with selected legal and tax advisors regarding the
amendment's legal and tax implications.

        Signed this         day of                   , 19
                   ---------        -----------------     ----.

                           COVENTRY HEALTH CARE, INC.

                           By
                              ---------------------------------

                              ---------------------------------
                                          Title

(4-32508)-1

<PAGE>   2

                                  INTRODUCTION

          The Primary Employer is establishing a defined contribution 401(k)
savings plan for the exclusive benefit of certain of its employees.

          It is intended that the plan qualify as a profit sharing plan under
the Internal Revenue Code of 1986, including any later amendments to the Code.
The Employer agrees to operate the plan according to the terms, provisions and
conditions set forth in this document.

          Participant loans were offered under the Principal Health Care, Inc.
Select Savings Plan.  This Plan will accept rollover loan notes from former
employees of Principal Health Care, Inc. who participated under such plan.

          Coventry Corporation previously established the Coventry Corporation
Retirement Savings Plan on July 1, 1994. The Primary Employer is of the opinion
that this plan should be merged into the Coventry Health Care, Inc. Retirement
Savings Plan. Effective October 1, 1998, the plan is merged and set forth in
this document which is substituted in lieu of the prior document

INTRODUCTION                      5                                  (4-32508)

<PAGE>   3

          TRUST means an agreement of trust between the Primary Employer and
          Trustee established for the purpose of holding and distributing the
          Trust Fund under the provisions of the Plan. The Trust may provide for
          the investment of all or any portion of the Trust Fund in the Group
          Contract.

          TRUST FUND means the total funds held under the Trust for the purpose
          of providing benefits for Participants. These funds result from
          Contributions made under the Plan which are forwarded to the Trustee
          to be deposited in the Trust Fund.

          TRUSTEE means the trustee or trustees under the Trust.  The term
          Trustee as it is used in this Plan is deemed to include the plural
          unless the context clearly indicates otherwise.

          VALUATION DATE means the date on which the value of the assets of the
          Trust is determined. The value of each Account which is maintained
          under this Plan shall be determined on the Valuation Date. In each
          Plan Year, the Valuation Date shall be the last day of the Plan Year.
          In addition, the Plan Administrator may designate from time to time,
          so long as the Trustee agrees, that another date or dates shall be
          Valuation Dates with respect to a specific Plan Year.

          VESTED ACCOUNT means the vested part of a Participant's Account. The
          Participant's Vested Account is determined as follows.

          If the Participant's Vesting Percentage is 100%, his Vested Account
          equals his Account.

          If the Participant's Vesting Percentage is less than 100%, his Vested
          Account equals the sum of (a) and (b) below:

          (a)       The part of the Participant's Account that results from
                    Employer Contributions made before a prior Forfeiture Date
                    and all other Contributions which were 100% vested when
                    made.

          (b)       The balance of the Participant's Account in excess of the
                    amount  in (a) above multiplied by his Vesting Percentage.

          If the Participant has withdrawn any part of his Account resulting
          from Employer Contributions, other than the vested Employer
          Contributions included in (a) above, the amount determined under this
          subparagraph (b) shall be equal to P(AB + D) - D as defined below:

          P         The Participant's Vesting Percentage.

          AB        The balance of the Participant's Account in excess of
                    the amount in (a) above.

          D         The amount of withdrawal resulting from Employer
                    Contributions,other than the vested Employer Contributions
                    included in (a) above.

          The Participant's Vested Account is nonforfeitable.

          VESTING PERCENTAGE means the percentage used to determine the
          nonforfeitable portion of a Participant's Account attributable to
          Employer Contributions which were not 100% vested when made.

          For certain Participants who were covered under the Coventry
          Corporation Retirement Savings Plan prior to the October 1, 1998,
          merger, the applicable Vesting Percentage is outlined in
          Attachment A.

ARTICLE I                     16                                  (4-32508)

<PAGE>   4

          For all other Participants, the applicable Vesting Percentage is
          determined by his Employment Commencement Date as shown in the
          following schedules opposite the number of whole years of his Vesting
          Service.

          If his employment commencement date with Principal Health Care, Inc.
          occurred before July 1, 1997, his Vesting Percentage is 100%.

          If his employment commencement date with Principal Health Care, Inc.
          occurs on or after July 1, 1997, but before April 1, 1998:

<TABLE>
<CAPTION>

                                          VESTING SERVICE                                          VESTING
                                           (whole years)                                         PERCENTAGE

                                           <S>                                                  <C>
                                            Less than 1                                                0
                                             1 or more                                               100
</TABLE>

          If his Employment Commencement Date with the Primary Employer or
          Adopting Employer occurs on or after April 1, 1998:
<TABLE>
<CAPTION>

                                          VESTING SERVICE                                          VESTING
                                           (whole years)                                         PERCENTAGE

                                           <S>                                                   <C>
                                           Less than 1                                                0
                                                 1                                                   50
                                             2 or more                                               100
</TABLE>

          However, the Vesting Percentage for a Participant who is an Employee
          on or after the earliest of (i) the date he reaches his Normal
          Retirement Age, (ii) the date of his death, or (iii) the date he
          becomes Totally and Permanently Disabled, shall be 100% on such date.

          If the schedule used to determine a Participant's Vesting Percentage
          is changed, the new schedule shall not apply to a Participant unless
          he is credited with an Hour-of-Service on or after the date of the
          change and the Participant's nonforfeitable percentage on the day
          before the date of the change is not reduced under this Plan. The
          amendment provisions of the AMENDMENT SECTION of Article IX regarding
          changes in the computation of the Vesting Percentage shall apply.

          VESTING SERVICE means an Employee's Period of Service. If he has more
          than one Period of Service or if all or a part of a Period of Service
          is not counted, his Vesting Service shall be determined by adjusting
          his Employment Commencement Date so that he has one continuous period
          of Vesting Service equal to the aggregate of all his countable
          Periods of Service. This period of Vesting Service shall be expressed
          as whole years and fractional parts of a year (to two decimal places)
          on the basis that 365 days equal one year.

          However, Vesting Service is modified as follows:

          Predecessor Employer Service included:

                   An Employee's service with a Predecessor Employer shall be
                   included as service with the Employer. This service includes
                   service performed while a proprietor or partner.

ARTICLE I                            17                             (4-32508)

<PAGE>   5

                                   ARTICLE II

                                  PARTICIPATION

SECTION 2.01--ACTIVE PARTICIPANT.

         (a)       An Employee shall first become an Active Participant (begin
                   active participation in the Plan) on the earliest date on or
                   after April 1, 1998, on which he is an Eligible Employee.
                   This date is his Entry Date.

                   Each Employee who was an Active Participant under the
                   Coventry Corporation Retirement Savings Plan on September
                   30, 1998, shall be an Active Participant in this Plan if he
                   is still an Eligible Employee on October 1, 1998, and his
                   Entry Date shall not change.

         (b)       An Inactive Participant shall again become an Active
                   Participant (resume active participation in the Plan) on the
                   date he again performs an Hour-of-Service as an Eligible
                   Employee. This date is his Reentry Date.

                   Upon again becoming an Active Participant, he shall cease to
                   be an Inactive Participant.

         (c)       A former Participant shall again become an Active
                   Participant (resume active participation in the Plan) on the
                   date he again performs an Hour-of-Service as an Eligible
                   Employee. This date is his Reentry Date.

          An Active Participant or an Eligible Employee may elect not to be an
          Active Participant. The election may be for a specified or an
          indefinite period of time. The election shall be made by filing a
          written request with the Plan Administrator not to be an Active
          Participant. Employer Contributions shall not be allocated to the
          Eligible Employee for any period during which he is not an Active
          Participant. The Eligible Employee may at any time revoke such
          election and,

          a)       if he has met all of the other eligibility requirements
                   under this section and his Entry Date has occurred, he shall
                   become an Active Participant as of the date of revocation,
                   or

          b)       if he has met all of the other eligibility requirements
                   under this section and his Entry Date has not occurred, he
                   shall become an Active Participant as provided in this
                   section, or

          c)       if he has not met all of the other eligibility requirements
                   under this section, he shall become an Active Participant as
                   provided in this section.

         There shall be no duplication of benefits for a Participant under this
         Plan because of more than one period as an Active Participant.

SECTION 2.02--INACTIVE PARTICIPANT.

          An Active Participant shall become an Inactive Participant (stop
accruing benefits under the Plan) on the earlier of the following:

         (a)       The date on which he ceases to be an Eligible Employee
                   (on his Retirement Date if the date he ceases to be an
                   Eligible Employee occurs within one month of his
                   Retirement Date).

         (b)       The effective date of complete termination of the Plan.

ARTICLE II                        19                               (4-32508)-1

<PAGE>   6

          An Employee or former Employee who was an Inactive Participant under
the Coventry Corporation Retirement Savings Plan on September 30, 1998, shall
be an Inactive Participant in this Plan on October 1, 1998. Eligibility for any
benefits payable to him or on his behalf and the amount of the benefits shall be
determined according to the provisions of the prior document, unless otherwise
stated in this document.

SECTION 2.03--CESSATION OF PARTICIPATION.

          A Participant shall cease to be a Participant on the date he is no
longer an Eligible Employee and his Account is zero.

SECTION 2.04--ADOPTING EMPLOYERS - SINGLE PLAN.

           Each of the employers controlled by or affiliated with the Employer
and listed below is an Adopting Employer. Each Adopting Employer listed below
participates with the Employer in this Plan. An Adopting Employer's agreement to
participate in this Plan shall be in writing.

           If the Adopting Employer did not maintain its plan before its date of
adoption specified below, its date of adoption shall be the Entry Date for any
of its employees who have met the requirements in the ACTIVE PARTICIPANT SECTION
of Article II as of that date. Service with and earnings from an Adopting
Employer shall be included as service with and earnings from the Employer.
Transfer of employment, without interruption, between an Adopting Employer and
another Adopting Employer or the Employer shall not be considered an
interruption of service.

           Contributions made by an Adopting Employer shall be treated as
Contributions made by the Employer. Forfeitures arising from those Contributions
shall be used for the benefit of all Participants.

           An employer shall not be an Adopting Employer if it ceases to be
controlled by or affiliated with the Employer. Such an employer may continue a
retirement plan for its employees in the form of a separate document. This Plan
shall be amended to delete a former Adopting Employer from the list below.

           If an employer ceases to be an Adopting Employer and does not
continue a retirement plan for the benefit of its employees, partial termination
may result and the provisions of Article VII apply.

<TABLE>
<CAPTION>

                                                                  ADOPTING EMPLOYERS

NAME                                                                  FISCAL YEAR END                            DATE OF ADOPTION

<S>                                                                 <C>                                     <C>
PRINCIPAL HEALTH CARE OF                                              December 31                                April 1, 1998
IOWA, INC.

PRINCIPAL HEALTH CARE                                                 December 31                                April 1, 1998
MANAGEMENT CORPORATION

PRINCIPAL HEALTH CARE OF THE                                          December 31                                April 1, 1998
CAROLINAS, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                                April 1, 1998
DELAWARE, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                                April 1, 1998
FLORIDA, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                                April 1, 1998
GEORGIA, INC.
</TABLE>

ARTICLE II                              20                        (4-32508)-1

<PAGE>   7

<TABLE>
<S>                                                                            <C>                               <C>
PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
ILLINOIS, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
INDIANA, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
LOUISIANA, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
KANSAS CITY, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
NEBRASKA, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
PENNSYLVANIA, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
ST. LOUIS, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
SOUTH CAROLINA, INC.

PRINCIPAL HEALTH CARE OF                                              December 31                          April 1, 1998
TENNESSEE, INC.

UNITED HEALTH CARE SERVICES                                           December 31                          April 1, 1998
OF IOWA, INC.

GROUP HEALTH PLAN, INC.                                               December 31                          October 1, 1998

HEALTH AMERICA PENNSYLVANIA,
INC.                                                                  December 31                          October 1, 1998

COVENTRY HEALTH AND
LIFE INSURANCE COMPANY                                                December 31                          October 1, 1998

COVENTRY HEALTH CARE                                                  December 31                          October 1, 1998
MANAGEMENT CORPORATION

HEALTH CARE USA - MIDWEST, INC.                                       December 31                          October 1, 1998

PENN GROUP MEDICAL
ASSOCIATES, P.A.                                                      December 31                          October 1, 1998

HEALTH CARE USA, INC.                                                 December 31                          October 1, 1998

HEALTH CARE USA - ALABAMA, INC.                                       December 31                          October 1, 1998
</TABLE>

ARTICLE II                              21                           (4-32508)

<PAGE>   8

<TABLE>
<S>                                                              <C>                                     <C>
SOUTHERN HEALTH MANAGEMENT
SERVICES, INC.                                                        December 31                            October 1, 1998

HEALTH CARE USA OF MISSOURI LLC.                                      December 31                            October 1, 1998

COVENTRY HEALTH PLAN OF
WEST VIRGINIA, INC.                                                   December 31                            October 1, 1998
</TABLE>

ARTICLE II                      21a                                (4-32508)

<PAGE>   9

                                  ATTACHMENT A

         DETAIL OF COVENTRY CORPORATION RETIREMENT SAVINGS PLAN VESTING

                             PRIOR TO 10-1-98 MERGER

DIVISION 1 - HEALTHAMERICA-PITTSBURGH

Prior to 1/1/98, the Company made matching contributions in cash to be invested
according to the participants' elections.  The vesting for this division
was as follows:
<TABLE>
<CAPTION>

                                        VESTING SERVICE                                                 VESTING
                                           (whole years)                                               PERCENTAGE

                                          <S>                                                    <C>
                                             Less than 1                                                    0%
                                                    1                                                      20%
                                                    2                                                      40%
                                                    3                                                      60%
                                                    4                                                      80%
                                              5 or more                                                   100%
</TABLE>

Subsequent to 1/1/98, the Company made matching contributions exclusively in
Coventry Stock. The vesting for this division was as follows:
<TABLE>
<CAPTION>

                                        VESTING SERVICE                                   VESTING
                                           (whole years)                                PERCENTAGE

                                       <S>                                               <C>
                                             Less than 1                                    0%
                                                    1                                      50%
                                              2 or more                                   100%
</TABLE>

DIVISION 2 - GROUP HEALTH PLAN

Prior to 1/1/98, the Company made matching contributions in cash to be invested
according to the participants' elections.  The vesting for this division was
as follows:
<TABLE>
<CAPTION>

                                        VESTING SERVICE                                   VESTING
                                           (whole years)                                PERCENTAGE
                                        <S>                                          <C>
                                             Less than 1                                    0%
                                                    1                                      20%
                                                    2                                      40%
                                                    3                                      60%
                                                    4                                      80%
                                              5 or more                                   100%

</TABLE>

ATTACHMENT A                            1                         (4-32508)-1

<PAGE>   10

Subsequent to 1/1/98, the Company made matching contributions exclusively in
Coventry Stock. The vesting for this division was as follows:
<TABLE>
<CAPTION>

                                          VESTING SERVICE                               VESTING
                                           (whole years)                               PERCENTAGE

                                        <S>                                              <C>
                                             Less than 1                                    0%
                                                    1                                      50%
                                              2 or more                                   100%
</TABLE>

DIVISION 3 - CORPORATE

Prior to 1/1/98, the Company made matching contributions in cash to be invested
according to the participants' elections. The vesting for this division was as
follows:
<TABLE>
<CAPTION>

                                        VESTING SERVICE                                        VESTING
                                           (whole years)                                      PERCENTAGE
                                            <S>                                          <C>
                                             Less than 1                                            0%
                                                    1                                              20%
                                                    2                                              40%
                                                    3                                              60%
                                                    4                                              80%
                                              5 or more                                           100%
</TABLE>

Subsequent to 1/1/98, the Company made matching contributions exclusively in
Coventry Stock. The vesting for this division was as follows:
<TABLE>
<CAPTION>

                                          VESTING SERVICE                                         VESTING
                                           (whole years)                                         PERCENTAGE
                                           <S>                                                 <C>
                                             Less than 1                                            0%
                                                    1                                              50%
                                              2 or more                                           100%
</TABLE>

ATTACHMENT A                               2                       (4-32508)-1

<PAGE>   11

DIVISION 4 - HEALTHAMERICA-HARRISBURG

Prior to 1/1/98, the Company made matching contributions in cash to be invested
according to the participants' elections.  The vesting for this
division was as follows:
<TABLE>
<CAPTION>

                                            VESTING SERVICE                                             VESTING
                                             (whole years)                                             PERCENTAGE
                                             <S>                                                      <C>
                                             Less than 1                                                    0%
                                                    1                                                      20%
                                                    2                                                      40%
                                                    3                                                      60%
                                                    4                                                      80%
                                              5 or more                                                   100%
</TABLE>

Subsequent to 1/1/98, the Company made matching contributions exclusively in
Coventry Stock. The vesting for this division was as follows:
<TABLE>
<CAPTION>

                                          VESTING SERVICE                                         VESTING
                                           (whole years)                                         PERCENTAGE
                                          <S>                                                   <C>
                                             Less than 1                                            0%
                                                    1                                              50%
                                              2 or more                                           100%

</TABLE>

ATTACHMENT A                        3                             (4-32508)-1

<PAGE>   12

DIVISION 5 - HEALTHCARE USA

For employees hired subsequent to 12/31/95 the following applies:

Prior to 1/1/98, the Company made matching contributions in cash
to be invested according to the participants' elections.  The vesting
for this division was as follows:
<TABLE>
<CAPTION>

                                           VESTING SERVICE                                          VESTING
                                           (whole years)                                          PERCENTAGE
                                        <S>                                                    <C>
                                             Less than 1                                              0%
                                                    1                                                20%
                                                    2                                                40%
                                                    3                                                60%
                                                    4                                                80%
                                              5 or more                                             100%
</TABLE>

Subsequent to 1/1/98, the Company made matching contributions exclusively in
Coventry Stock. The vesting for this division was as follows:
<TABLE>
<CAPTION>

                                          VESTING SERVICE                                         VESTING
                                           (whole years)                                         PERCENTAGE
                                           <S>                                                 <C>
                                             Less than 1                                            0%
                                                    1                                              50%
                                              2 or more                                           100%
</TABLE>

For employees in this division hired prior to 1/1/96 the following applies:

The vesting for these individuals was as follows:
<TABLE>
<CAPTION>

                                          VESTING SERVICE                                            VESTING
                                           (whole years)                                            PERCENTAGE
                                          <S>                                                      <C>
                                             Less than 1                                               0%
                                                    1                                                  25%
                                                    2                                                  50%
                                                    3                                                  75%
                                              4 or more                                               100%
</TABLE>

In addition to the above schedules for this division the Florida and Pittsburgh
locations of this division were terminated. As a result of this, these
individuals are 100% vested in all their balances based on the partial
termination rules.

ATTACHMENT A                       4                              (4-32508)-1
<PAGE>   13

DIVISION 6 - SOUTHERN HEALTH MANAGEMENT CORP.

For employees hired subsequent to 12/31/95 the following applies:

Prior to 1/1/98, the Company made matching contributions in cash to be
invested according to the participants' elections.  The vesting for this
division was as follows:
<TABLE>
<CAPTION>

                                        VESTING SERVICE                                         VESTING
                                           (whole years)                                      PERCENTAGE
                                        <S>                                               <C>
                                             Less than 1                                            0%
                                                    1                                              20%
                                                    2                                              40%
                                                    3                                              60%
                                                    4                                              80%
                                              5 or more                                           100%
</TABLE>

Subsequent to 1/1/98, the Company made matching contributions exclusively in
Coventry Stock. The vesting for this division was as follows:
<TABLE>
<CAPTION>

                                        VESTING SERVICE                                           VESTING
                                           (whole years)                                         PERCENTAGE
                                        <S>                                               <C>
                                             Less than 1                                            0%
                                                    1                                              50%
                                              2 or more                                           100%
</TABLE>

For employees in this division hired prior to 1/1/96 the following applies:

The vesting for these individuals was as follows:
<TABLE>
<CAPTION>

                                        VESTING SERVICE                                          VESTING
                                         (whole years)                                          PERCENTAGE
                                        <S>                                                 <C>
                                             Less than 1                                             0%
                                                    1                                             33.3%
                                                    2                                             66.7%
                                              3 or more                                            100%
</TABLE>

DIVISION 91 - TRANSFERRED DIVISION 1 EMPLOYEES

These employees were treated as being transferred within the meaning of the
"Same Desk Rule". By utilizing this rule, the participants were not actually
treated as separating from service and as such are not allowed to take a
termination distribution until the employment with the successor employer was
ceased. These employees were also not allowed to take loans however they were
still permitted to take hardship distributions.

ATTACHMENT A                      5                                (4-32508)-1

<PAGE>   14

DIVISION 92 - TRANSFERRED DIVISION 2 EMPLOYEES

These employees were treated as being transferred within the meaning of the
"Same Desk Rule". By utilizing this rule, the participants were not actually
treated as separating from service and as such are not allowed to take a
termination distribution until the employment with the successor employer was
ceased. These employees were also not allowed to take loans however they were
still permitted to take hardship distributions.

DIVISION 94 - TRANSFERRED 4 EMPLOYEES

These employees were treated as being transferred within the meaning of the
"Same Desk Rule". By utilizing this rule, the participants were not actually
treated as separating from service and as such are not allowed to take a
termination distribution until the employment with the successor employer was
ceased. These employees were also not allowed to take loans however they were
still permitted to take hardship distributions.

ATTACHMENT A                   6                                   (4-32508)-1

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