Document:

Exhibits to Amended and Restated Rights Agreement

 Exhibit 4.1 
 EXHIBIT A 
 Terms of Series A Preferred Stock 

 

	D.	Series A Preferred Stock. 

(1) Designation and Amount. The shares of such series shall be designated as “Series A Preferred Shares” and the
number of shares constituting such series shall be 500,000. 
 (2) Dividends and Distributions. 

(i) The holders of shares of Series A Preferred Shares shall be entitled to receive, when and as declared by the Board of Directors,
out of funds legally available for the purpose, dividends in an amount per share equal to 100 (the “Adjustment Number”) multiplied by the aggregate per share amount of all cash dividends, and the Adjustment Number multiplied by the
aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in Common Stock or a subdivision of the outstanding Common Stock (by reclassification or otherwise), declared on the Common
Stock of the Corporation (the “Common Stock”) after the first issuance of any share or fraction of a share of Series A Preferred Shares. 
 (ii) The Corporation shall declare a dividend or distribution on the Series A Preferred Shares as provided in subparagraph 2(i) at the same time that it declares a dividend or distribution on
the Common Stock (other than a dividend payable in Common Stock). 
 (iii) Dividends shall not be cumulative. Unpaid dividends
shall not bear interest. Dividends paid on the Series A Preferred Shares in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all
such shares at the time outstanding. 
 (3) Voting Rights. The holders of Series A Preferred Shares shall have the
following voting rights: 
 (i) Each Series A Preferred Share shall entitle the holder thereof to the number of votes equal
to the Adjustment Number then in effect on all matters submitted to a vote of the shareholders of the Corporation. 
 (ii) Except
as otherwise provided herein or by law, the holders of Series A Preferred Shares and the holders of Common Stock shall vote together as one class on all matters submitted to a vote of shareholders of the Corporation. 

 (4) Certain Restrictions. 

(i) Whenever dividends or distributions payable on the Series A Preferred Shares as provided in subparagraph 2 have not been
declared or paid for any fiscal year, until all such dividends and distributions for such fiscal year on Series A Preferred Shares outstanding shall have been declared and paid in full, the Corporation shall not in such fiscal year: 

(a) declare or pay dividends on or make any other distributions on any shares of stock ranking junior or on a parity (either as to
dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares except dividends paid ratably on the Series A Preferred Shares and all such parity stock on which dividends are payable in proportion to the total
amounts to which the holders of all such shares are then entitled and, dividends or distributions payable in Common Stock; 
 (b)
purchase or otherwise acquire for consideration any Series A Preferred Shares or any shares of stock ranking on a parity with the Series A Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as
determined by the Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after consideration of the respective dividend rates and other relative rights and preferences of the respective series and classes, shall
determine in good faith will result in fair and equitable treatment among the respective series or classes. 
 (ii) The
Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under subparagraph 4(i), purchase or otherwise acquire such
shares at such time and in such manner. 
 (5) Restriction on Issuance of Shares; Reacquired Shares. The Corporation shall
not issue any Series A Preferred Shares except upon exercise of rights (the “Rights”) issued pursuant to the Rights Agreement dated as of April 20, 2009, between the Corporation and Mellon Investor Services LLC, (the “Rights
Agreement”), a copy of which is on file with the secretary of the Corporation at its principal executive office and shall be made available to shareholders of record without charge upon written request. Any Series A Preferred Shares
purchased or otherwise acquired by the Corporation in any manner whatsoever may be restored to the status of authorized but unissued shares after the acquisition thereof. All such shares shall upon any such restoration become authorized but unissued
shares of Preferred Shares and may be reissued as part of a new series of Preferred Shares to be created by the Board of Directors, subject to the conditions and restrictions on issuance set forth herein. 

  
 A-2

 (6) Liquidation, Dissolution or Winding Up. 

(i) Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the
holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Shares unless, prior thereto, the holders of shares of Series A Preferred Shares shall have
received the Adjustment Number multiplied by the per share amount to be distributed to holders of Common Stock, plus an amount equal to declared and unpaid dividends and distributions thereon to the date of such payment (the “Series A
Liquidation Preference”). Following the payment of the full amount of the Series A Liquidation Preference, no additional distributions shall be made to the holders of shares of Series A Preferred Shares. 

(ii) In the event that there are not sufficient assets available to permit payment in full of the Series A Liquidation Preference and
the liquidation preferences of all other series of Preferred Shares, if any, which rank senior to or on a parity with the Series A Preferred Shares, then assets shall be distributed first to holders of any series of Preferred Shares ranking
senior to the Series A Preferred Shares to the extent of their liquidation preferences and such remaining assets shall be distributed ratably to the holders of Series A Preferred Shares and such parity shares in proportion to their
respective liquidation preferences. 
 (7) Consolidation, Merger, etc. In case the Corporation shall enter into any
consolidation, merger, combination or other transaction in which the Common Stock is exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the Series A Preferred Shares shall at the same
time be similarly exchanged or changed in an amount per share equal to the Adjustment Number multiplied by the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each
common Share is changed or exchanged. 
 (8) Anti-Dilution Adjustments to Adjustment Number. In the event the Corporation
shall at any time after April 20, 2009 (the “Rights Declaration Date”) (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock, or (iii) combine the
outstanding Common Stock into a smaller number of shares, then in each such case the Adjustment Number for all purposes of this Article 2 shall be adjusted by multiplying the Adjustment Number then in effect by a fraction, the numerator of
which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. In the event the Corporation shall at
any time after the Rights Declaration Date, fix a record date for the issuance of rights, options or warrants to all holders of Common Stock entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or
purchase Common Stock or securities convertible into Common Stock at a price per Common Stock (or having a conversion price per share, if a security convertible into Common Stock) less than the then Current Per Share Market Price of the Common Stock
(as defined in Section 11(d) of the Rights Agreement) on such record date, then in each such case the Adjustment Number for all purposes of this Article 2 

  
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shall be adjusted by multiplying the Adjustment Number then in effect by, a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such record date plus the
number of additional shares of Common Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible) and the denominator of which shall be the number of shares of Common Stock
outstanding on such record date plus the number of shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock so to be offered (and/or the aggregate initial conversion price of the convertible securities
so to be offered) would purchase at such Current Per Share Market Price (as defined in Section 11(d) of the Rights Agreement). In case such subscription price may be paid in a consideration part or all of which shall be in a form other than
cash, the value of such consideration shall be as determined in good faith by the Board of Directors. Common Stock owned by or held for the account of the Corporation shall not be deemed outstanding for the purpose of any such computation. Such
adjustment shall be made successively whenever such a record date is fixed. In the event that such rights, options or warrants are not so issued, the Adjustment Number shall be readjusted as if such record date had not been fixed; and to the extent
such rights, options or warrants are issued but not exercised prior to their expiration, the Adjustment Number shall be readjusted to be the number which would have resulted from the adjustment provided for in this paragraph 8 if only the
rights, options or warrants that were exercised had been issued. 
 (9) No Redemption. The Series A Preferred Shares
shall not be redeemable at the option of the Corporation or any holder thereof. Notwithstanding the foregoing sentence, the Corporation may acquire Series A Preferred Shares in any other manner permitted by law. 

(10) Amendment. Subsequent to the Distribution Date (as defined in the Rights Agreement) these Articles of Incorporation shall not
be further amended in any manner which would materially alter or change the preferences, limitations and relative rights of the Series A Preferred Shares so as to affect them adversely without the affirmative vote of the holders of a majority
of the outstanding Series A Preferred shares, voting separately as a class. 
 (11) Fractional Shares. Series A
Preferred Shares may be issued in fractions of a share in integral multiples of one one-hundredth of a share, which shall entitle the holder, in proportion to such holders fractional shares, to exercise voting rights, receive dividends, participate
in distributions and to have the benefit of all other rights of holders of Series A Preferred Shares. 

  
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 EXHIBIT B 

[Form of Rights Certificate] 
  

					
	Certificate No. R-	  	 	            Rights	  

 NOT EXERCISABLE AFTER APRIL 19, 2015 OR EARLIER IF REDEEMED BY THE COMPANY. THE RIGHTS
ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $.001 PER RIGHT ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY ACQUIRING PERSONS OR THEIR RESPECTIVE AFFILIATES OR ASSOCIATES (AS
SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) AND ANY RIGHTS PREVIOUSLY OWNED BY SUCH PERSONS MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE BENEFICIALLY OWNED BY A PERSON WHO WAS AN ACQUIRING PERSON OR AN
AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) OF
THE RIGHTS AGREEMENT.]1 

Rights Certificate 
  

 
 This certifies
that             , or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions
and conditions of the Rights Agreement, dated as of April 20, 2009 (the “Rights Agreement”) between StanCorp Financial Group, Inc., an Oregon corporation (the “Company”), and Mellon Investor Services LLC, as Rights Agent
(the “Rights Agent”), to purchase from the Company at any time prior to 5 p.m. New York time on April 19, 2015 (the “Final Expiration Date”) at the office or offices of the Rights Agent designated for such purpose, one
one-hundreth of a fully paid and nonassessable share of Series A Preferred Shares (the “Preferred Stock”) of the Company, at a purchase price of $289.95 (the “Purchase Price”), upon presentation and surrender of this Rights
Certificate with the Form of Election to Purchase and related Certificate duly executed. The Purchase Price may be paid in cash or by certified check or cashier’s check payable to the order of the Company. The number of Rights evidenced by this
Rights Certificate, the number of one one-hundredths of a share of Preferred Stock which may be purchased upon exercise hereof, and the Purchase Price per Right set forth above are the number 

 
  

	1 	 The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence.

 
of Rights, the number of one one-hundredths of a share and the Purchase Price as of April 20, 2009, based on the Preferred Stock and Common Stock as constituted at such date. 

Upon the occurrence of a Stock Acquisition Date (as such term is defined in the Rights Agreement), if the Rights evidenced by this Rights
Certificate are beneficially owned by (i) an Acquiring Person or any Affiliate or Associate of such Acquiring Person (as such terms are defined in the Rights Agreement), (ii) any other Person if such Rights formerly were beneficially owned
by such Acquiring Person (or by an Associate or Affiliate thereof) at a time after such Acquiring Person, became an Acquiring Person, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of Rights from such
Acquiring Person (or from any Associate or Affiliate thereof) who became a transferee prior to or concurrently with such Acquiring Person becoming an Acquiring Person, such Rights shall become null and void and no holder hereof shall have any right
with respect to such Rights from and after the occurrence of such an event. 
 As provided in the Rights Agreement, the Purchase
Price and the number and kind of shares of Preferred Stock or other securities or property which may be obtained upon the exercise of the Rights evidenced by this Rights Certificate are subject to modification and adjustment upon the happening of
certain events, including a Stock Acquisition Date or a Section 13 Event (as such terms are defined in the Rights Agreement). 
 This Rights Certificate is subject to all of the terms, provisions, and conditions of the Rights Agreement, which terms, provisions, and conditions are hereby incorporated herein by reference and made a
part hereof and to which Rights Agreement reference is hereby made for a full description of the Rights and the limitations on the rights, obligations, duties, and immunities hereunder of the Rights Agent, the Company, and the holders of the Rights
Certificates, which limitations of rights include the temporary suspension of the exercisability of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement are on file at the above-mentioned
office of the Rights Agent and are also available upon written request to the Rights Agent. 
 This Rights Certificate, with or
without other Rights Certificates, upon surrender at the office or offices of the Rights Agent designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date evidencing Rights entitling the
holder to purchase a like aggregate number of one one-hundredths of a share of Preferred Stock as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have entitled such holder to purchase. If this Rights
Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights not exercised. 

Subject to the provisions of the Rights Agreement, the Rights evidenced by this Rights Certificate may be redeemed by the Company at its
option at a redemption price of $.001 per Right at any time prior to the later of the Stock Acquisition Date and the Distribution Date. 
 No fractional shares of Preferred Stock will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-hundredths of a share of
Preferred Stock, which may, at the election of the Company be evidenced by 

  
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depository receipts), but in lieu thereof a cash payment will be made as provided in the Rights Agreement. 
 No holder of this Rights Certificate, as such, shall be entitled to vote, receive dividends, or be deemed for any purpose the holder of shares of Preferred Stock or of any other securities of the Company
which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any right to vote
for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided
in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights Certificate shall have been exercised as provided in the Rights Agreement. 

This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

 WITNESS the facsimile signature of the proper officers of the Company and its corporate seal. 

Dated as of             , 20        .

  

					
	 ATTEST:
	 		 	STANCORP FINANCIAL GROUP, INC.
			
	 	 		 	 
	 Secretary
	 		 	 Title:

			
	 Countersigned:
	 		 	
			
	 By
	 		 	
	    Authorized Signature	 		 	

  
 B-3

 [Form of Reverse Side of Rights Certificate] 

FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such 
 holder desires to transfer the
Rights Certificate.) 

									
	 FOR VALUE
RECEIVED                    
	  		  		  	
	hereby sells, assigns, and transfers unto	  		  		  	
		  		  		  		  	

  

(Please print name and address of transferee) 
 this Rights Certificate, together with all right, title, and interest therein, and does hereby irrevocably constitute and appoint
            , Attorney, to transfer the within Rights Certificate on the books of the within-named Company, with full power of substitution. 

 

	
	
	
	Dated                    ,
20        .
	

									
		 		 	
				
		 		 		 	 
		 		 		 	Signature

  

			
	
		
		 	
	Signature Guaranteed:

 Certificate 
 The undersigned hereby certifies by checking the appropriate boxes that: 
 (1) this
Rights Certificate              is              is not being sold, assigned, and transferred by or on behalf of a
Person who is or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement); 
 (2) after due inquiry and to the best knowledge of the undersigned, it              did
             did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was, or subsequently became an Acquiring Person or an Affiliate or Associate of
an Acquiring Person. 
  

			
	
		
		 	Dated                     ,
20        .
		 	

  

	
	
	
	 
	Signature
	

 Signature Guaranteed: 

  
 B-4

 NOTICE 
 The signatures to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Rights Certificate in every particular, without alteration or enlargement or any
change whatsoever. 
 FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise 
 Rights represented by the Rights Certificate.) 
 TO:
                                        
 
 The undersigned hereby irrevocably elects to exercise
                     Rights represented by this Rights Certificate to purchase the shares of Preferred Stock issuable upon the exercise of the
Rights (or such other securities of the Company or of any other Person which may be issuable upon the exercise of the Rights) and requests that certificates for such shares be issued in the name of and delivered to: 

 
  
 (Please print name and address) 
  

 
 Please insert Social Security 

or other identifying number:                    

 If such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the
balance of such Rights shall be registered in the name of and delivered to: 
  

 
 (Please print name and address)

  
  
 Please insert Social Security 
 or other identifying number: 

Dated             , 20        .

 . 
  

	
	
	 
	Signature
	

 Signature Guaranteed: 

  
 B-5

 Certificate 
 The undersigned hereby certifies by checking the appropriate boxes that: 
 (1) the
Rights evidenced by this Rights Certificate                      are
                     are not being exercised by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate of an
Acquiring Person (as such terms are defined pursuant to the Rights Agreement); 
 (2) after due inquiry and to the best
knowledge of the undersigned, it                      did
                     did not acquire the Rights evidenced by this Rights Certificate from any Person who is, was, or became an Acquiring
Person or an Affiliate or Associate of an Acquiring Person. 
 Dated
            , 20        . 

	
	
	 
	Signature
	

 Signature Guaranteed: 

  
 B-6

 EXHIBIT C 

SUMMARY OF RIGHTS TO PURCHASE 
 PREFERRED SHARES 
 Effective as of April 20, 2009, the Board of Directors of
StanCorp Financial Group, Inc. (the “Company”) declared a dividend of one Right for each outstanding share of Common Stock of the Company to shareholders of record at the Close of Business on April 19, 2009. Each Right entitles the
registered holder to purchase from the Company one one-hundreth of a share of Series A No Par Serial Preferred Shares (the “Preferred Shares”) at a Purchase Price of $289.95, subject to adjustment. The description and terms of the
Rights are set forth in a Rights Agreement (the “Rights Agreement”) between the Company and Mellon Investor Services LLC, as Rights Agent. 
 Initially, the Rights will be attached to the certificates representing outstanding shares of Common Stock, and no separate Rights Certificates will be distributed. The Rights will separate from the
Common Stock and a Distribution Date will occur upon the earlier of (i) ten days following a public announcement that a Person or group of affiliated or associated Persons has acquired, or obtained the right to acquire from shareholders,
beneficial ownership of 20 percent or more of the outstanding Common Stock (an “Acquiring Person”), or (ii) ten business days following the commencement of a tender offer or exchange offer that would result in a Person or group
beneficially owning 20 percent or more of such outstanding Common Stock, as such periods may be extended pursuant to the Rights Agreement. 
 Until the Distribution Date, (i) the Rights will be evidenced by and will be transferred with and only with such Common Stock certificates, (ii) new Common Stock certificates issued after
April 20, 2009, will contain a legend incorporating the Rights Agreement by reference, and (iii) the surrender for transfer of any certificate for Common Stock will also constitute the transfer of the Rights associated with the Common
Stock represented by such certificate. 
 The Rights are not exercisable until the Distribution Date and will expire at the
Close of Business on April 19, 2015, unless earlier redeemed by the Company as described below. 
 As soon as practicable
after the Distribution Date, Rights Certificates will be mailed to holders of record of the Common Stock as of the Close of Business on the Distribution Date, and thereafter, the separate Rights Certificates alone will represent the Rights. Except
as otherwise determined by the Board of Directors, only Common Stock issued prior to the time the Rights become exercisable or issued upon exercise or conversion of rights, warrants, options or convertible securities issued prior to the time the
Rights become exercisable will be issued with Rights. 
 In the event that any Person becomes an Acquiring Person, each holder
of a Right shall thereafter have the right to receive, upon exercise, in lieu of Preferred Shares, Common Stock of the Company (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the
exercise price of the Right. However, Rights are not exercisable as described in this paragraph until such time as the Rights are no longer redeemable by the Company as set forth below. Notwithstanding any of the foregoing, if any Person

 
becomes an Acquiring Person all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by an Acquiring Person will become null and void.

 For example, at an exercise price of $289.95 per Right, each Right not owned by the Acquiring Person (or by certain related
parties or transferees) following the event set forth in the preceding paragraph would entitle its holder to purchase $579.90 worth of Common Stock (or other consideration, as noted above) for $289.95. Assuming that the Common Stock had a per share
value of $100 at such time, the holder of each valid Right would be entitled to purchase 5.8 shares of Common Stock for $289.95. 
 In the event that, at any time following the Distribution Date, (i) the Company is acquired in a merger or other business combination transaction in which the Company is not the surviving corporation
or in which shares of the Common Stock are exchanged for stock or other securities or property, or (ii) 50 percent or more of the Company’s assets or earning power is sold or transferred, each holder of a Right (except Rights which
previously have been voided as set forth above) shall thereafter have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the exercise price of the Right. 

The Purchase Price payable, and the number of one one-hundredths of a share of Preferred Shares or other securities or property issuable
upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Shares or the Common Stock, (ii) if
holders of the Preferred Shares are granted certain rights or warrants to subscribe for Preferred Shares or convertible securities at less than the current market price of the Preferred Shares, (iii) if holders of Common Stock are granted
certain rights or warrants to subscribe for Common Stock or convertible securities at less than the current market price of the Common Stock, or (iv) upon the distribution to holders of Preferred Shares or Common Stock of evidences of
indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above). 
 With certain exceptions, no adjustment in the Purchase Price or the number of Preferred Shares issuable upon exercise of a Right will be required until cumulative adjustments would require an increase or
decrease of at least 1 percent. No fractional Preferred Shares will be issued (other than fractions which are integral multiples of one one-hundredth of a share of Preferred Shares) and, in lieu thereof, an adjustment in cash will be made based
on the market price of the Preferred Shares on the last trading date prior to the date of exercise. 
 At any time until the
later of the Stock Acquisition Date and the Distribution Date, the Company may redeem the Rights in whole, but not in part, at a price of $.001 per Right (payable in cash, Common Stock or other consideration), appropriately adjusted to reflect any
stock split, stock dividend or similar transaction occurring after the date hereof. Immediately upon the action of the Board of Directors of the Company ordering redemption of the Rights, the Rights will terminate and the only right of the holders
of Rights will be to receive the $.001 redemption price. 
 At any time after a Person becomes an Acquiring Person, the Board of
Directors of the Company may exchange the Rights (other than Rights owned by such Person or group which 

  
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become void), in whole or in part, at an exchange ratio of one share of Common Stock, or one one-hundredth of a share of Preferred Shares (or of a share of a class or series of the Company’s
preferred stock having equivalent rights, preferences and privileges), per Right (subject to adjustment). 
 In the event the
Company receives a Qualifying Offer (as defined in the Rights Agreement), shareholders representing at least 10 percent of the shares of Common Stock then outstanding may request that the Board call a special meeting of shareholders to exempt the
Qualifying Offer from the operation of the Rights Agreement. 
 Until a Right is exercised, the holder thereof, as such, will
have no rights as a shareholder of the Company, including, without limitation, the right to vote or to receive dividends. While the distribution of the Rights will not be taxable to shareholders or to the Company, shareholders may, depending upon
the circumstances, recognize taxable income in the event that the Rights become exercisable for Common Stock (or other consideration) of the Company or for common stock of the acquiring company as set forth above. 

The Preferred Shares will be non-redeemable. The Preferred Shares may rank on a lower priority in respect of the preference as to
dividends and the distribution of assets with other classes or series of the Company’s preferred shares. Each Preferred Share will be entitled to an aggregate of 100 times the cash and non-cash (payable in kind) dividends and distributions
(other than dividends and distributions payable in shares of Common Stock) declared on the Company’s Common Stock. In the event of liquidation, the holders of Preferred Shares will be entitled to receive a liquidation payment in an amount equal
to 100 times the payment made per share of Common Stock, plus an amount equal to declared and unpaid dividends and distributions thereon. In the event of any merger, consolidation or other transaction in which Common Stock is exchanged, each
Preferred Share will be entitled to receive 100 times the amount received per share of Common Stock. The dividend and liquidation rights of the Preferred Stock are protected by antidilution provisions. Each Preferred Share will be entitled to 100
votes (subject to certain adjustments) on all matters submitted to the shareholders. 
 A copy of the Rights Agreement has been
filed with the Securities and Exchange Commission as an exhibit to a Quarterly Report on Form 10-Q dated August 3, 2011. A copy of the Rights Agreement is available free of charge from the Rights Agent. This summary description of the Rights
does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, which is incorporated herein by reference. 

  
 C-3Form of Amended and Restated Executive Severance and Noncompetition Agreement

 Exhibit 10.1 
 FORM OF AMENDED AND RESTATED EXECUTIVE SEVERANCE AND NONCOMPETITION 

AGREEMENT 

THIS AMENDED AND RESTATED SEVERANCE AND NONCOMPETITION AGREEMENT (the “Agreement”), dated as of
                    , 20    , by and between HealthSpring, Inc., a Delaware corporation (collectively with its
Subsidiaries, the “Company”), and                      (“Employee”) hereby amends and replaces in its
entirety that certain Severance and Noncompetition Agreement, dated                     , 20    , (the
“Original Agreement”), between the Company and Employee. 
 WHEREAS, the Company and Employee have each agreed to
execute this Agreement to provide for the rights and obligations set forth herein. 
 NOW THEREFORE, in consideration of the
mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. Words or phrases that are initially capitalized or within quotation marks shall have the meanings provided in this Section 1 and as provided elsewhere in this
Agreement. For purposes of this Agreement, the following definitions apply: 
 “Accrued Obligations” shall
mean, as of the date of termination, the sum of (A) Employee’s then-current base salary (disregarding any reduction constituting Good Reason) through the date of termination to the extent not theretofore paid by the Company and
(B) any vacation pay, sick pay, and expense reimbursements earned and accrued by Employee as of the date of termination to the extent not theretofore paid by the Company. 
 “Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 “Board” shall mean the Board of Directors of the Company. 

“Cause” shall mean, with respect to Employee, one or more of the following: (i) the conviction of a felony or a
crime involving moral turpitude; (ii) the commission of any act or omission involving material dishonesty or fraud with respect to the Company or any of its Subsidiaries; (iii) reporting to work under the influence of illegal drugs or the
use of illegal drugs (whether or not at the workplace); (iv) repeated conduct causing the Company or any of its Subsidiaries substantial public disgrace or disrepute or substantial economic harm; (v) the continued and repeated failure to
perform substantially the duties of his or her employment after 30 days’ notice from the Company, such notice setting forth in reasonable detail the nature of such failure, and in the event Employee fails to cure such failure within 30 days of
notice from the Company, if such failure is capable of being cured; (vi) breach of fiduciary duty or engaging in gross negligence or willful misconduct with respect to the Company or any of its Subsidiaries; or (vii) any other material
breach of this Agreement which is not cured within 30 days after written notice thereof to Employee. 
 “Change of
Control” shall mean a “change in the ownership of the Company,” a “change in the effective control of the Company,” or a “change in the ownership of a substantial portion of the assets of the Company” as such
terms are defined in Section 1.409A-3(i)(5) of the Treasury Regulations. 
 “Change of Control
Termination” shall mean a Qualifying Termination that takes place on the day of, or within 24 months after, the occurrence of a Change of Control. 

 “Code” shall mean the United States Internal Revenue Code of 1986, as
amended from time to time. 
 “Confidential Information” shall mean any and all information of the Company and
its Subsidiaries that is not generally known by others with whom they compete or do business, or with whom they plan to compete or do business, and any and all information, which, if disclosed by the Company or any of its Subsidiaries, would assist
in competition against any of them. Confidential Information includes without limitation information relating to the historic and projected financial performance and strategic plans of the Company and its Subsidiaries. Confidential Information also
includes any and all information that the Company or any of its Subsidiaries has received from others with any understanding that it would not be disclosed. 
 “Good Reason” shall mean if Employee resigns from his or her employment with the Company and its Subsidiaries in connection with one or more of the following events: (i) a reduction
of 10% or more of Employee’s base salary; (ii) a reduction of 10% or more of Employee’s annual target bonus opportunity; (iii) any material reduction to the nature or scope of Employee’s responsibilities, or (iv) a
requirement by the Company, without Employee’s consent, to relocate Employee to a location that is greater than 50 miles from the location of the office in which Employee primarily performs his or her duties of employment at the time of such
relocation (collectively, a “Good Reason Event”). Employee must provide written notice of Employee’s resignation for Good Reason to the Company within 45 days of the occurrence of any Good Reason Event in order for
Employee’s resignation for Good Reason to be effective hereunder. Upon receipt of such notice, the Company shall have 30 days (the “Cure Period”) to rectify the Good Reason Event. If the Company fails to rectify the Good Reason
Event prior to the expiration of the Cure Period, then Employee may terminate employment within 10 days following the expiration of the Cure Period (the “Good Reason Termination Period”) and receive the benefits provided under
Sections 2 or 3, as applicable. If Employee does not terminate employment during the Good Reason Termination Period, then Employee will be deemed to have waived his or her right to receive benefits under Section 2 or 3, as applicable, regarding
such Good Reason Event. 
 “Payment” means any payment or distribution in the nature of compensation (within
the meaning of Code Section 280G(b)(2)(A)) to or for the benefit of Employee, whether paid or payable pursuant to this Agreement or otherwise pursuant to any plan, agreement or understanding between Employee and the Company, which, within the
meaning of Code Section 280G(b)(2)(A)(i), is contingent on a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company. 

“Person” means an individual, a corporation, an association, a partnership, an estate, a trust or other entity or
organization (including a “group” as defined in Section 13(d)(3) or 14(d)(2) of the Act). 
 “Qualifying
Termination” shall mean a termination of Employee’s employment (i) by the Company and its Subsidiaries without Cause (and other than due to Employee’s death or disability) or (ii) by Employee for Good Reason. 

“Severance Delay Period” shall mean the period beginning on the date of Employee’s Qualifying Termination and
ending on the thirtieth day thereafter. Notwithstanding the foregoing, in the event that Employee’s termination of employment occurs in connection with an exit incentive program or other employment termination program offered to a group or
class of employees, as defined under the Older Worker Benefit Protection Act, 29 U.S.C. Section 626, the Severance Delay Period shall mean the period beginning on the date of Employee’s Qualifying Termination and ending on the sixtieth day
thereafter. 

  
 2 

 “Subsidiary” shall mean any corporation, partnership, limited liability
company, or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests is owned by the Company. 
 2. Change of Control Severance Benefits. In the event of a Change of Control Termination, in addition to Employee’s Accrued Obligations, Employee shall be entitled to receive severance
pay equal to two times the sum of (A) Employee’s base salary in effect immediately prior to such termination (disregarding any reduction constituting Good Reason) and (B) Employee’s target annual bonus for the year in which such
termination occurs (disregarding any reduction constituting Good Reason), which, subject to Section 4, Section 11, and Section 12 hereof, shall be paid to Employee by the Company in a lump sum within 10 days
following the expiration of the Severance Delay Period. For a period of two years following the date of the Change of Control Termination (the “Change of Control Severance Period”), the Company shall continue to provide, at the
Company’s expense, medical and dental insurance benefits (the “Welfare Benefits”) to Employee (and all family members and other dependents of Employee who were enrolled in such programs as of the date of the Change of Control
Termination) on substantially the same terms and conditions existing immediately prior to the Change of Control Termination. The Welfare Benefits will commence prior to the expiration of the Severance Delay Period; provided, however, if Employee
fails to meet the conditions of Section 4, then the Welfare Benefits shall be terminated upon the expiration of the Severance Delay Period or such other applicable date as determined under Section 4 below. 

3. Severance Benefits. If Employee’s employment with the Company and its Subsidiaries is terminated due to a
Qualifying Termination that is not a Change in Control Termination, in addition to Employee’s Accrued Obligations, Employee shall be entitled to receive severance pay equal to [two times][1.5 times] Employee’s base salary in
effect immediately prior to such termination (disregarding any reduction constituting Good Reason), which, subject to Section 4 and Section 11 hereof, shall be paid by the Company to Employee in regular installments, in
accordance with the Company’s normal payroll policies then in effect, for a period of [24][18] months (the “Severance Period”), which payments will commence with the first payroll period occurring after the
expiration of the Severance Delay Period (the “Initial Payment”) and shall continue for the remainder of the Severance Period. The Initial Payment shall include payment for any payroll periods which occur during the Severance Delay
Period. For a period of 18 months following the date of the Qualifying Termination, the Company shall continue to provide, at the Company’s expense, the Welfare Benefits to Employee (and all family members and other dependents of Employee who
were enrolled in such programs as of the date of the Qualifying Termination) on substantially the same terms and conditions existing immediately prior to the Qualifying Termination. The Welfare Benefits will commence prior to the expiration of the
Severance Delay Period; provided, however, if Employee fails to meet the conditions of Section 4, then the Welfare Benefits shall be terminated upon the expiration of the Severance Delay Period or such other applicable date as determined under
Section 4 below. 
 4. Conditions. Any payments or benefits made or provided pursuant to this Agreement shall
be available if and only if Employee (i) has executed and delivered to the Company the General Release substantially in form and substance as set forth in Exhibit A attached hereto, the General Release has become effective, Employee
has not revoked such release and all applicable revocation periods with respect to such release have expired prior to the expiration of the Severance Delay Period, (ii) has not breached the provisions of the General Release or breached the
provisions of Section 5 or Section 6 hereof, and (iii) does not apply for unemployment compensation chargeable to the Company or any Subsidiary. In no event shall cash severance payments received pursuant to
Section 2 or Section 3 hereof be reduced as a result of the receipt by Employee of compensation or benefits from a Person other than the Company during the Severance Period, Change of Control Severance Period or period during
which severance payments are being made under Section 2 or Section 3 above, as applicable. All medical and dental insurance benefits made or provided pursuant to this Agreement shall be reduced by the amount of

  
 3 

 
any comparable benefits Employee receives with respect to any other employment during the Severance Period or Change of Control Severance Period, as applicable; provided that Employee shall have
no duty or obligation to seek other employment during any Severance Period or Change of Control Severance Period or otherwise mitigate damages hereunder. Upon request from time to time, Employee shall furnish the Company with a true and complete
certificate specifying any such benefits received by Employee from any Person other than the Company during the Severance Period or Change of Control Severance Period, as applicable. 

5. Noncompete/Nonsolicitation. 
 5.1 In further consideration of the benefits to Employee hereunder and as a condition of his or her continued employment with the Company and its Subsidiaries, Employee acknowledges that during the course
of his or her employment with the Company and its Subsidiaries, Employee has and will become familiar with the Company’s and its Subsidiaries’ trade secrets and with other Confidential Information concerning the Company and its
Subsidiaries and that Employee’s services have been and shall continue to be of special, unique, and extraordinary value to the Company and its Subsidiaries. Employee agrees that, during his or her employment with the Company and its
Subsidiaries and for 12 months thereafter (the “Noncompete Period”), Employee shall not directly or indirectly own any interest in, manage, control, participate in, consult with, render services for, be employed in an executive,
managerial or administrative capacity by, or in any manner engage in any business within the United States that is engaging in the businesses of the Company or its Subsidiaries, as such businesses exist at any time during his or her employment with
the Company and its Subsidiaries or, as of the date of termination of such employment, are contemplated to exist during the twelve-month period following the date of termination of employment (the “Restricted Business”). Nothing
herein shall prohibit Employee from (i) being a passive owner of not more than 2% of the outstanding stock of any class of a corporation that is publicly traded, so long as Employee has no active participation in the business of such
corporation; or (ii) becoming employed, engaged, associated or otherwise participating with a separately managed division or subsidiary of a competitive business that does not engage in the Restricted Business (provided that Employee’s
services are provided only to such division or subsidiary); or (iii) accepting employment with any federal or state government or governmental subdivision or agency. 

5.2 During the Noncompete Period, Employee shall not directly or indirectly through another Person (i) induce or
attempt to induce any employee of the Company or any Subsidiary to leave the employ of the Company or such Subsidiary, or in any way interfere with the relationship between the Company or any Subsidiary and any employee thereof; (ii) hire any
Person who was an employee of the Company or any Subsidiary at any time during the twelve-month period immediately prior to the termination of his or her employment with the Company; or (iii) induce or attempt to induce any member, provider,
payor or other business relation of the Company or any Subsidiary to cease or materially reduce doing business with the Company or such Subsidiary, or in any way interfere with the relationship between any such customer, supplier, licensee or
business relation and the Company or any Subsidiary (including, without limitation, making any negative or disparaging statements or communications regarding the Company or its Subsidiaries). Notwithstanding the foregoing, nothing in this Agreement
shall prohibit Employee from employing an individual (i) with the consent of the Company or (ii) who responds to general solicitations in publications or on websites, or through the use of search firms, so long as such general
solicitations or search firm activities are not targeted specifically at an employee of the Company or any of its Subsidiaries. In addition, nothing in this Agreement will prohibit the making of any truthful statements made by any Person in response
to a lawful subpoena or legal proceeding or to enforce such Person’s rights under this Agreement, or any other agreement between Employee, the Company, and its Subsidiaries. 

  
 4 

 6. Confidentiality; Trade Secrets. 

6.1 Employee acknowledges that the Company and its Subsidiaries continually develop Confidential Information, that
Employee may develop Confidential Information for the Company or its Subsidiaries, and that Employee may learn of Confidential Information during the course of his or her employment. Employee agrees that all Confidential Information that Employee
creates or to which Employee has access as a result of Employee’s employment, whether before or after the date of this Agreement, is and shall remain the sole and exclusive property of the Company and that Employee will comply with the policies
and procedures of the Company and its Subsidiaries for protecting Confidential Information. Employee further agrees that, except as required for the proper performance of Employee’s duties for the Company or as required by applicable law (and
then only to the extent required), Employee will not, directly or indirectly, use for Employee’s own benefit or gain, or assist others in the application of, or disclose any Confidential Information. Employee understands and agrees that these
restrictions will continue to apply after Employee’s employment terminates, regardless of the reason for termination and regardless whether Employee is receiving or is entitled to receive any payments or other benefits under this Agreement.

 6.2 Employee acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements,
developments, methods, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any Confidential Information) and all registrations or applications related thereto, all other proprietary
information and all similar or related information (whether or not patentable) that relate to the Company’s or any of its Subsidiaries’ actual or anticipated business, research and development or existing or future products or services and
that are conceived, developed or made by Employee (whether alone or jointly with others) while employed by the Company and its Subsidiaries, whether before or after the date of this Agreement (“Work Product”), belong to the Company
or such Subsidiary. Employee shall promptly disclose all patentable inventions and other material Work Product to the Board and, at the Company’s expense, perform all actions reasonably requested by the Board (whether during or after his or her
employment with the Company and its Subsidiaries) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). Employee acknowledges that all Work Product shall be deemed
to constitute “works made for hire” under the U.S. Copyright Act of 1976, as amended. In accordance with Title 19, Section 805 of the Delaware Code, Employee is hereby advised that this Section 6.2 regarding the
Company’s and its Subsidiaries’ ownership of Work Product does not apply to any invention for which no equipment, supplies, facilities or trade secret information of the Company or any Subsidiary was used and which was developed entirely
on Employee’s own time, unless (i) the invention relates to the business of the Company or any Subsidiary or to the Company’s or any Subsidiaries’ actual or demonstrably anticipated research or development, or (ii) the
invention results from any work performed by Employee for the Company or any Subsidiary. 
 7. Enforceability and
Remedies. 
 7.1 Employee agrees that the restrictions on, and other provisions relating to,
Employee’s activities contained in this Agreement are fully reasonable and necessary to protect the goodwill, Confidential Information, and other legitimate interests of the Company. Employee also acknowledges and agrees that, were Employee to
breach the provisions of this Agreement, the harm to the Company would be irreparable. Employee therefore agrees that in the event of such a breach or threatened breach the Company shall, in addition to any other remedies available to it, have the
right to obtain preliminary and permanent injunctive relief against any such breach without having to post bond. Employee further agrees that, in addition to any other relief awarded 

  
 5 

 
to the Company as a result of Employee’s breach of any of the provisions of this Agreement, the Company shall be entitled to recover all payments made to Employee or on Employee’s
behalf hereunder. 
 7.2 Employee hereby agrees that in the event any provision of this Agreement shall be
determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too long a time, too large a geographic area, or too great a range of activities, such provision shall be deemed to be modified to permit its
enforcement to the maximum extent permitted by law. 
 8. Assignment. Neither the Company nor Employee may make
any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without
Employee’s consent in the event that the Company shall hereafter effect a Change of Control. This Agreement shall inure to the benefit of and be binding upon the Company, its successors (including without limitation any transferee of all or
substantially all of its assets), and permitted assigns and upon Employee, Employee’s executors, administrators, heirs, and permitted assigns. In the event of any Change of Control, references to the Company in this Agreement shall, unless the
context suggests otherwise, be deemed to include the entity resulting from such Change of Control of the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company to expressly assume this Agreement and all obligations of the Company hereunder in the same manner and to the same extent that the Company would be so obligated if no such succession had
taken place. 
 9. Notices. Any and all notices, requests, demands, acceptances, appointments and other
communications provided for by this Agreement shall be in writing (including electronic mail or similar electronic transmission) and shall be effective when actually delivered in person or, if mailed, five days after having been deposited in the
United States mail, postage prepaid, registered or certified and addressed to Employee at Employee’s last known address on the books of the Company or, in the case of the Company, addressed to its principal place of business, attention General
Counsel, or to such other address as either party may specify by notice to the other. 
 10. Withholding. All
compensation paid or provided to Employee under this Agreement shall be subject to any applicable income, payroll or other tax withholding requirements. 
 11. Section 409A. 
 11.1 It is intended that
(1) each installment of the payments provided under this Agreement is a separate “payment” for purposes of Code Section 409A, and (2) that the payments satisfy, to the greatest extent possible, the exemptions from the
application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v). Notwithstanding anything to the contrary in this Agreement, if the Company determines (i) that on the date
Employee’s employment with the Company terminates or at such other time that the Company determines to be relevant, Employee is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company
and (ii) that any payments to be provided to Employee pursuant to this Agreement are or may become subject to the additional tax under Code Section 409A(a)(1)(B) or any other taxes or penalties imposed under Code Section 409A
(“Section 409A Taxes”) if provided at the time otherwise required under this Agreement, then such payments shall be delayed until the date that is six months after the date of Employee’s termination of employment with the
Company, or if earlier, Employee’s death. For the avoidance of doubt, it is anticipated that payments qualifying for an exemption from the application of Section 409A, including pursuant to Treasury Regulation 1.409A-1(b)(9)(iii), will be
made 

  
 6 

 
during this six month period, if applicable. Any payments delayed pursuant to this Section 11 shall be made in a lump sum on the first day of the seventh month following
Employee’s termination of employment, or if earlier, Employee’s death. 
 11.2 Notwithstanding any
other provision to the contrary, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of “deferred compensation” (as such term is defined in Code
Section 409A and the Treasury Regulations promulgated thereunder) upon or following a termination of employment unless such termination is also a “separation from service” from the Company within the meaning of Code Section 409A
and Section 1.409A-1(h) of the Treasury Regulations and, for purposes of any such provision of this Agreement, references to a “separation,” “termination,” “termination of employment,” “termination of
Employee’s employment,” “date of termination” or like terms shall mean “separation from service.” 
 11.3 Notwithstanding any other provision to the contrary, in no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A and
the Treasury Regulations promulgated thereunder be subject to offset by any other amount unless otherwise permitted by Code Section 409A. 
 11.4 For the avoidance of doubt, any payment due under this Agreement within a period following Employee’s termination of employment or other event, shall be made on a date during such period as
determined by the Company in its sole discretion. 
 11.5 To the extent that any reimbursement, fringe benefit or
other, similar plan or arrangement in which Employee participates during the term of Employee’s employment under this Agreement or thereafter provides for a “deferral of compensation” within the meaning of Code Section 409A,
(i) the amount eligible for reimbursement or payment under such plan or arrangement in one calendar year may not affect the amount eligible for reimbursement or payment in any other calendar year (except that a plan providing medical or health
benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) subject to any shorter time periods provided herein or the applicable plans or arrangements, any reimbursement or payment of an expense under
such plan or arrangement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) any such reimbursement or payment may not be subject to liquidation or exchange for
another benefit. 
 12. Section 280G. Notwithstanding anything in this Agreement to the contrary, in the
event that it shall be determined that any Payment would constitute an “excess parachute payment” within the meaning of Code Section 280G(b), the Payment(s) shall be reduced by an amount necessary to prevent any portion of the
Payment(s) from being a “parachute payment” as defined in Code Section 280G(b)(2). The value of Payment(s) for purposes of this Section 12 shall be established by an independent certified public accounting firm designated
by the Company and by applying principles, assumptions, and procedures consistent with Code Section 280G. 
 13.
Other Arrangements. If any provision of this Agreement conflicts with any other agreement, policy, plan, practice, or other Company document, then the provisions of this Agreement shall control. This Agreement shall supersede and
replace any prior employment, change of control or severance agreement between Employee and the Company (excluding any equity plan or equity award agreement) and may be amended only by a writing signed by an officer of the Company and Employee.

 14. Miscellaneous. The headings and captions in this Agreement are for convenience only and in no way define or
describe the scope or content of any provision of this Agreement. Nothing herein 

  
 7 

 
shall be deemed to create an employment contract, and Employee acknowledges that his or her employment by the Company is terminable at will by either party with or without cause and with or
without notice. This Agreement may not be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in a writing signed by Employee and a duly authorized officer of the Company. The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the State of Delaware, without giving effect to choice of law or conflict of law rules or provisions thereof. The parties agree that, in the event it becomes
necessary to seek judicial remedies for the breach or threatened breach of this Agreement, the prevailing party will be entitled, in addition to all other remedies, to recover from the non-prevailing party reasonable attorneys’ fees and costs
upon the entry of a final nonappealable judgment. Each party shall perform such further acts and execute and deliver such further documents as may be reasonably necessary to carry out the provisions of this Agreement. By accepting this agreement,
Employee hereby agrees and acknowledges that the Company makes no representations with respect to the application of Code Section 409A to any tax, economic, or legal consequences of any payments payable to Employee hereunder (including, without
limitation, payments pursuant to Section 2 and Section 3 above) and, by the acceptance of this Agreement, Employee agrees to accept the potential application of Code Section 409A to the tax and legal consequences of
payments payable to Employee hereunder (including, without limitation, payments pursuant to Section 2 and Section 3 above). It is intended that this Agreement comply and be interpreted in accordance with Code
Section 409A and the parties agree to cooperate in good faith to amend such documents and to take such actions as may be necessary or appropriate to comply with Code Section 409A. 

This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together constitute one
and the same instrument. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are
fulfilled to the fullest extent possible. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective
as of the date first written above. 
  

			
	HEALTHSPRING, INC.
		
	By:	 	 
	
	EMPLOYEE
	
	  

  
 8 

 Exhibit A 
 GENERAL RELEASE 
 I,
                    , in consideration of and subject to the performance by HealthSpring, Inc., a Delaware corporation (together with each of
its Subsidiaries, the “Company”), of its obligations under the Severance and Noncompetition Agreement, dated as of the date as of
                     (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its
affiliates and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Company and its affiliates and the Company’s direct or indirect owners (collectively, the “Released
Parties”) to the extent provided below. 
  

	1.	I understand that any payments or benefits paid or granted to me under Section 1 of the Agreement represent, in part, consideration for signing this General
Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the payments and benefits specified in Section 2 or Section 3 of the Agreement unless I execute this General
Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or
arrangement maintained or hereafter established by the Company or its affiliates. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the date hereof) by virtue of any employment by
the Company. 

  

	2.	Except as provided in paragraph 4 below, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the
Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages,
claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or
claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the
Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including
the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement
Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or
federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of
emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”).

  

	3.	I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.

  

	4.	 I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967
which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the 

  
 A-1

	 	
Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act
of 1967). 

  

	5.	In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I
expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state statute that
expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an
essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the
event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge or
complaint of the type described in paragraph 2 as of the execution of this General Release. 

  

	6.	I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission
by the Company, any Released Party or myself of any improper or unlawful conduct. 

  

	7.	I agree that I will forfeit all amounts payable by the Company pursuant to the Agreement if I challenge the validity of this General Release. I also agree that if I
violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees, and return all payments
received by me pursuant to the Agreement. 

  

	8.	I agree that this General Release is confidential and agree not to disclose any information regarding the terms of this General Release, except to my immediate family
and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. Notwithstanding anything herein to the contrary, each of
the parties (and each affiliate and person acting on behalf of any such party) agree that each party (and each employee, representative, and other agent of such party) may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of this transaction contemplated in the Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to such party or such person relating to such tax treatment and tax structure,
except to the extent necessary to comply with any applicable federal or state securities laws. This authorization is not intended to permit disclosure of any other information including (without limitation) (i) any portion of any materials to
the extent not related to the tax treatment or tax structure of this transaction, (ii) the identities of participants or potential participants in the Agreement, (iii) any financial information (except to the extent such information is
related to the tax treatment or tax structure of this transaction), or (iv) any other term or detail not relevant to the tax treatment or the tax structure of this transaction. 

 

	9.	Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its
underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or governmental entity. 

  
 A-2

	10.	I agree to reasonably cooperate with the Company in any internal investigation, any administrative, regulatory, or judicial proceeding or any dispute with a third
party. 

  

	11.	I agree not to disparage the Company, its past and present investors, officers, directors or employees or its affiliates and to keep all confidential and proprietary
information about the past or present business affairs of the Company and its affiliates confidential in accordance with the terms of the Agreement unless a prior written release from the Company is obtained. I further agree that as of the date
hereof, I have returned to the Company any and all property, tangible or intangible, relating to its business, which I possessed or had control over at any time (including, but not limited to, Company-provided credit cards, building or office access
cards, keys, computer equipment, manuals, files, documents, records, software, customer data base and other data) and that I shall not retain any copies, compilations, extracts, excerpts, summaries or other notes of any such manuals, files,
documents, records, software, customer data base or other data. 

  

	12.	Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect (i) any rights or
claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof, (ii) any rights or obligations under applicable law which cannot be waived or released pursuant to an agreement, (iii) any
rights to payments or benefits under Section 2 or Section 3 of the Agreement, (iv) my rights of indemnification and directors and officers insurance coverage to which I may be entitled solely with regards to my service as an officer
or director of the Company; (v) my rights with regard to accrued benefits under any employee benefit plan, policy or arrangement maintained by the Company or under COBRA; and (vi) my rights as a stockholder or other equityholder of the
Company and/or its affiliates. 

  

	13.	Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision
of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	(a)	I HAVE READ IT CAREFULLY; 

  

	(b)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF
1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

 

	(c)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  

	(d)	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN
VOLITION; 

  

	(e)	 I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
[                         ,         ] TO CONSIDER IT AND THE CHANGES
MADE SINCE THE [                         ,         ]

  
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VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; 

  

	(f)	THE CHANGES TO THE AGREEMENT SINCE [                    
    ,         ] EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST. 

  

	(g)	I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE
REVOCATION PERIOD HAS EXPIRED; 

  

	(h)	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

 

	(i)	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE COMPANY AND BY ME. 

  

									
				
	DATE:	 	_________________	 		 	      

		 		 		 		 	

  

			
	ACCEPTED:
	
	HEALTHSPRING, INC.
		
	By:	 	 
		
	Title:	 	 
		
	Date:	 	 
		 	

  
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