Document:

EX-10.3

Exhibit 10.3

AMERIGROUP CORPORATION

AMENDED AND RESTATED CHANGE IN CONTROL BENEFIT POLICY

(Amended and Restated as of November 6, 2008)

Section 1. Purpose of Policy.

The name of this policy is the AMERIGROUP Corporation Amended and Restated Change in Control
Benefit Policy (the “Policy”). The purposes of the Policy are as follows: (1) to reinforce and
encourage the continued attention and dedication of members of the Company’s management to their
assigned duties without the distraction arising from the possibility of a change in control of the
Company; (2) to enable and encourage the Company’s management to focus their attention on obtaining
the best possible transaction for the Company’s stockholders and to make an independent evaluation
of all possible transactions, without being diverted by their personal concerns regarding the
possible impact of various transactions on the security of their jobs and benefits; and (3) to
provide severance benefits to certain Participants (as defined below) who incur a termination of
employment under the circumstances described herein within a certain period following a Change in
Control (as defined below).

Section 2. Definitions.

For purposes of the Policy, the following terms shall be defined as set forth below:

(a) “Affiliate” means any corporation or other entity 50% or more of the voting power
of the outstanding voting securities of which is owned by the Company or its Subsidiaries or by any
other Affiliate.

(b) “Award” means all payments to a Participant under the Policy, including to the
extent applicable, the payment upon a Change in Control under Section 5(a), the Severance Payment
under Section 5(b) and the Gross-Up Payment under Section 5(d).

(c) “Board” means the Board of Directors of the Company.

(d) “Cause” means, unless a Participant is a party to a written employment agreement
with the Company, Subsidiary or Affiliate which contains a definition of “cause,” “termination for
cause,” or any other similar term or phrase, in which case “Cause” shall have the meaning set forth
in such agreement, conduct involving one or more of the following: (i) the substantial and
continuing failure of the Participant to render services to the Company or any Subsidiary or
Affiliate in accordance with the Participant’s obligations and position with the Company,
Subsidiary or Affiliate, after 30 day’s notice from the President of the Company or any Subsidiary
or Affiliate, such notice setting forth in reasonable detail the nature of such failure, and in the
event the Participant fails to cure such breach or failure within 30 days of notice from the
Company or any Subsidiary or Affiliate, if such breach or failure is capable of cure; (ii)
dishonesty, gross negligence, breach of fiduciary duty; (iii) the commission by the Participant of
an act of fraud or embezzlement, as found by a court of competent jurisdiction; (iv) the conviction
of the Participant of a felony; or a (v) material breach of the terms of an agreement with the
Company or any Subsidiary or Affiliate, provided that the Company or any Subsidiary or Affiliate
provides the Participant with adequate notice of such breach and the Participant fails to cure such
breach, if the breach is reasonably curable, within thirty (30) days after receipt of such notice.

(e) “Change in Control” means the first to occur of any one of the events set forth in
the following paragraphs (provided, in respect of each Award that is subject to Section 409A of the
Code, such event also constitutes, within the meaning of section 409A(a)(2)(A)(v) of the Code, (x)
a change in the ownership of the Company, (y) a change in the effective control of the Company, or
(z) a change in the ownership of a substantial portion of the Company’s assets):

(i) any Person is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company (not including in the
securities Beneficially Owned by such Person any securities acquired directly from the
Company) representing 25% or more of the Company’s then outstanding securities, excluding
any Person who becomes such a Beneficial Owner in connection with a transaction described in
clause (A) of paragraph (iii);

(ii) the following individuals cease for any reason to constitute a majority of the
number of directors then serving: individuals who, on the Effective Date of the Policy,
constitute the Board of Directors and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of directors
of the Company) whose appointment or election by the Board of Directors or nomination for
election by the Company’s stockholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors on the
Effective Date of the Policy or whose appointment, election or nomination for election was
previously so approved or recommended;

(iii) there is consummated a merger or consolidation of the Company with any other
corporation other than (A) a merger or consolidation which results in the directors of the
Company immediately prior to such merger or consolidation continuing to constitute at least
a majority of the board of directors of the Company, the surviving entity or any parent
thereof, or (B) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no Person is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company (not including in the securities
Beneficially Owned by such Person any securities acquired directly from the Company)
representing 25% or more of the combined voting power of the Company’s then outstanding
securities; or

(iv) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets, other than a sale or
disposition by the Company of all or substantially all of the Company’s assets to an entity
at least a majority of the board of directors of which comprises individuals who were
directors of the Company immediately prior to such sale or disposition.

(f) “Code” means the Internal Revenue Code of 1986, as amended from time to time.

(g) “Committee” means the Compensation Committee of the Board or, to the extent so
provided by the Board, any other person, committee or entity the Board may appoint to administer
the Policy.

(h) “Company” means AMERIGROUP Corporation, a Delaware corporation, and, except in
determining under Section 2(e) hereof whether or not any Change in Control of the Company has
occurred, shall include any successor to its business and/or assets.

(i) “Date of Termination” with respect to any purported termination of a Participant’s
employment (other than by reason of the Participant’s death or Disability), means the date
specified in the Notice of Termination (which shall be within thirty (30) days from the date such
Notice of Termination is given).

(j) “Disability” means the condition of a Participant who is either (i) unable to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months; or (ii) by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months, receiving income
replacement benefits for a period of not less than three (3) months under an accident and health
plan covering employees of the Company.

(k) “Eligible Recipient” means an employee, officer or director (including a
non-employee director) of the Company or of any Subsidiary or Affiliate.

(l) “Enhancement Amount” means an additional LTI Award amount that a Participant may
have the opportunity to earn with respect to the first calendar year of a performance cycle under
the LTI Plan.

(m) “Equity Plan” means the AMERIGROUP Corporation 2005 Equity Incentive Plan, or any
successor stock incentive plan, as amended from time to time.

(n) “Excise Tax” means the excise tax imposed by Section 4999 of the Code, together
with any interest or penalties imposed with respect to that tax.

(o) “Good Reason” means, without the consent of the Participant, (i) any changes in
the duties and responsibilities of the Participant which are materially adverse relative to the
duties and responsibilities of the Participant within the Company immediately prior to the Change
in Control, (ii) any 10% or greater reduction of the Participant’s target annual compensation in
effect immediately prior to the change of control, (iii) any required relocation of the
Participant’s office beyond a 50 mile radius from the location of the Participant’s office
immediately prior to the Change in Control, or (iv) any failure by the Company to obtain the
assumption of the Policy by a successor of the Company.

(p) “LTI Award” means a long-term incentive compensation award granted pursuant to the
LTI Plan.

(q) “LTI Plan” means the Company’s Long Term Incentive Program, or any successor
long-term cash incentive plan, as amended from time to time, which is a component of the Company’s
2007 Cash Incentive Plan, as amended.

(r) “Multiple” means a number for each Participant, selected by the Committee, ranging
from one (1) to three (3). Unless otherwise specified in writing by the Committee, the following
multiples shall be used: (i) three (3) for the Chief Executive Officer; (ii) two (2) for the
President, Chief Operating Officer, Chief Financial Officer, any Executive Vice President and any
Regional Chief Executive Officer; and (iii) one (1) for the Company’s Health Plan Chief Executive
Officers (which includes the Chief Executive Officer of the Company’s Senior & Special Services
Organization) and any other Participant not specifically listed herein or assigned a different
Multiple by the Committee. In the event a Participant holds more than one officer position listed
in this definition and the Multiples differ between such officer positions, only the higher
Multiple attributable to such positions shall apply.

(s) “Notice of Termination” means a notice which shall indicate the specific
termination provision in this Policy relied upon and shall set forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Participant’s employment under
the provision so indicated.

(t) “Participant” means any Eligible Recipient selected by the Committee pursuant to
the Committee’s authority in Section 4(a) hereof. Notwithstanding the foregoing, for (i) Awards
payable under Sections 5(a), 5(b) and 5(d), the Participants shall include the Company’s Chief
Executive Officer, President, Chief Operating Officer, Chief Financial Officer, any Executive Vice
President, any Regional Chief Executive Officer and the Company’s Health Plan Chief Executive
Officers (which includes the Chief Executive Officer of the Company’s Senior & Special Services
Organization), and any other Participants designated by the Committee, and (ii) for Awards payable
under Sections 5(a) and 5(d), the Participants shall include those Company employees who are
eligible for an annual cash bonus and/or a long term incentive cash award, as applicable, as of the
date of a Change in Control

(u) “Payment” means any payment or distribution in the nature of compensation (within
the meaning of Section 280G(b)(2)(A) of the Code) to or for the benefit of a Participant, whether
paid or payable pursuant to this Agreement or otherwise pursuant to any plan, agreement or
understanding between the Participant and the Company, which within the meaning of Section
280G(b)(2)(A)(i) of the Code, 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.

(v) “Person” shall have the meaning given in section 3(a)(9) of the Exchange Act, as
modified and used in sections 13(d) and 14(d) thereof, except that such term shall not include (i)
the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, or (iv) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of stock of the Company.

(w) “Protected Period” shall mean the period beginning on the date of a Change in
Control and ending on the date which is two (2) years after the date of such Change in Control.

(x) “Separation from Service” means a Participant’s “separation from service” with the
Company within the meaning of Section 409A(a)(2)(A)(i) of the Code.

(y) “Subsidiary” means any corporation or other entity (other than the Company) in an
unbroken chain of entities beginning with the Company, if each of the entities (other than the last
entity) in the unbroken chain owns stock possessing 50% or more of the total combined voting power
of all classes of securities in one of the other entities in the chain.

(z) “Target Amount” means an amount determined under the LTI Plan that might be earned
by a Participant in three annual installments during a performance cycle of the LTI Plan.

Section 3. Effective Date.

The effective date of the Policy shall be February 12, 2007 (the “Effective Date”), as amended
and restated November 6, 2008. The Policy shall remain in effect until the earlier of (i) such time
as the Company has discharged all of its obligations hereunder, or (ii) the date of the termination
of the Policy pursuant to Section 10(e) hereof.

Section 4. Administration.

(a) Prior to the date of a Change in Control, the Policy shall be interpreted, administered
and operated by the Committee; on and after the date of a Change in Control, the Policy shall be
interpreted, administered and operated by a committee appointed by the Committee as such Committee
is constituted immediately prior to the Change in Control. In each case, subject to the terms of
the Policy, the Committee shall have complete authority, in its sole discretion subject to the
express provisions of the Policy, to determine who shall be a Participant, to interpret the Policy,
to prescribe, amend and rescind rules and regulations relating to it, and to make all other
determinations necessary or advisable for the administration of the Policy. Notwithstanding the
foregoing, the Committee may delegate any of its duties hereunder to such person or persons from
time to time as it may designate.

(b) All expenses and liabilities which members of the Committee incur in connection with the
administration of the Policy shall be borne by the Company. The Committee may employ attorneys,
consultants, accountants, appraisers, brokers, or other persons, and the Committee, the Company and
the Company’s officers and directors shall be entitled to rely upon the advice, opinions or
valuations of any such persons. No member of the Committee or the Board shall be personally liable
for any action, determination or interpretation made in good faith with respect to the Policy, and
all members of the Committee shall be fully protected by the Company in respect of any such action,
determination or interpretation.

Section 5. Benefits Provided.

(a) “Payments Upon a Change in Control” Subject to Section 5(d) hereof, the Company
shall pay to each Participant within ten (10) business days after a Change in Control, a lump sum
payment in an amount equal to the sum of (i) the Participant’s Target Amount for any LTI Award
(including any Enhancement Amount) that has been established for such Participant under the LTI
Plan, as amended, or any successor long-term incentive plan, for a performance year that has been
completed as of the date of the Change in Control and (ii) any unpaid but earned annual cash bonus
plus a pro-rated annual cash bonus for the fiscal year in which the Change in Control occurs. The
amount of any such pro-rated annual cash bonus shall be equal to the product of the Participant’s
target annual bonus for the applicable fiscal year, multiplied by a fraction, the numerator of
which is the number of months in the fiscal year completed prior to the date of the Change in
Control, and the denominator of which is twelve (12).

(b) “Termination After Change in Control” Subject to Section 5(d) hereof, if a
Participant incurs a Separation from Service during the Protected Period (i) by the Company other
than for Cause, or by reason of the Participant’s Disability or death, or (ii) by the Participant
for Good Reason, the Company shall pay to each Participant on the sixtieth (60th) day
following the Participant’s Date of Termination a lump sum severance payment (the “Severance
Payment”) in an amount equal to the Participant’s Multiple times the sum of the Participant’s
annual base salary and the Participant’s target annual cash bonus, in each case, for the fiscal
year in which the Change in Control occurs.

(c) “General Release” The Severance Payment shall be conditioned upon the execution
(and, if applicable, timely non-revocation) by the Participant of the Company’s standard form of
general release within fifty-five (55) days following the Participant’s Date of Termination.

(d) “Section 280G”

(i) Notwithstanding anything in this Policy to the contrary, in the event that it shall be
determined that any Payment would constitute an “excess parachute payment” within the meaning of
Section 280G(b) of the Code, the Participant shall be paid an additional amount (a “Gross-Up
Payment”) such that the net amount retained by the Participant after deduction of any Excise Tax,
and any federal, state and local income and employment taxes and excise tax, including any interest
and penalties with respect thereto, imposed upon the Gross-Up Payment, shall be equal to the
Payment; provided, however, that if the total Payment(s) are less than or equal to 120% of the
Capped Benefit (as defined below), 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
Section 280G(b)(2) of the Code. If the Payment(s) are to be reduced pursuant to this Section, the
Company shall provide Participant with a reasonable opportunity to request which of the benefits
payable to the Participant shall be reduced. For purposes of determining the amount of the
Gross-Up Payment, the Participant shall be deemed to pay federal income tax and employment taxes at
the highest marginal rate of federal income and employment taxation in the calendar year in which
the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of
taxation in the state and locality of the Participant’s residence on the date the Payment is made,
net of the reduction in federal income taxes that the Participant may obtain from the deduction of
such state and local income taxes. The “Capped Benefit” shall equal the total Payment(s), reduced
by the amount necessary to prevent any portion of the Payment(s) from being a “parachute payment”
as defined in Section 280G(b)(2) of the Code.

(ii) All determinations to be made under this Section 5(d) shall be made by the Company’s
independent public accountant immediately prior to the Change in Control (the “Accounting Firm”);
provided, that if the Accounting Firm is serving as accountant or auditor to the individual, entity
or group effecting the Change of Control, the Committee shall appoint another independent
accounting firm to make the determinations required hereunder (which accounting firm shall then be
referred to as the Accounting Firm hereunder). The Accounting Firm shall provide its
determinations and any supporting calculations and work papers both to the Company and the
Participant within fifteen (15) business days after receipt of written notification from the
Company or the Participant that there has been a Payment or by such earlier time as is requested by
the Company. Any such determination by the Accounting Firm shall include explanations of whether
and when a Gross-Up Payment is required, the amount of any such Gross-Up Payment and the
assumptions utilized in arriving at the determination. The Accounting Firm’s determination shall
be binding upon the Company and the Participant. Within five (5) days after receipt of the
Accounting Firm’s determination, the Company shall pay to the Participant any Gross-Up Payment
determined by the Accounting Firm.

(iii) In the event that upon any audit by the Internal Revenue Service, or by a state or local
taxing authority, of a Payment or Gross-Up Payment, a change is finally determined to be required
in the amount of taxes paid by the Participant, appropriate adjustments shall be made under this
Section 5(d) in the manner determined by the Accounting Firm, such that the net amount which is
payable to the Participant after taking into account the provisions of Section 4999 of the Code and
any interest and penalties shall reflect the intent of the parties as expressed in paragraph (A) of
this Section 5(d). The Participant shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company of a Gross-Up
Payment. Such notification shall be given as soon as practicable but no later than ten (10)
business days after the Participant is informed in writing of such claim and shall apprise the
Company of the nature of such claim and the date on which such claim is requested to be paid. The
Participant shall not pay such claim prior to the expiration of the 30-day period following the
date on which the Participant gives such notice to the Company (or such shorter period ending on
the date that any payment of taxes with respect to such claim is due). If the Company notifies the
Participant in writing prior to the expiration of such period that it desires to contest such
claim, the Participant shall: (A) give the Company any information reasonably requested by the
Company relating to such claim; (B) take such action in connection with contesting such claim as
the Company shall reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney reasonably selected by the
Company; (C) cooperate with the Company in good faith in order effectively to contest such claim;
and (D) permit the Company to participate in any proceedings relating to such claim; provided,
however, that the Company shall bear and pay directly all costs and expenses (including additional
interest and penalties) incurred in connection with such contest and shall indemnify and hold the
Participant harmless, on an after-tax basis, for any excise tax or income tax (including interest
and penalties with respect thereto) imposed as a result of such representation and payment of costs
and expenses. Without limitation on the foregoing provisions of this Section 5(d), the Company
shall control all proceedings taken in connection with such contest and, at its sole option, may
pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may contest the claim in any permissible manner, and
the Participant agrees to prosecute such contest to a determination before any administrative
tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company
shall determine. The Company’s control of the contest shall be limited to issues the resolution of
which could result in a Gross-Up Payment’s being payable hereunder, and the Participant shall be
entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

(iv) All of the fees and expenses of the Accounting Firm in performing the determinations
referred to in paragraphs (ii) and (iii) of this Section 5(d) shall be borne solely by the Company.

(e) Other Existing Arrangements. This Policy will be subordinated to any written
severance benefit arrangement, change of control severance agreement or employment agreement that
provides for severance benefits in existence between the Participant and the Company,
notwithstanding the terms of any such arrangement or agreement, and any benefits under any such
arrangement or agreement will be paid prior to any payments under this Policy, which shall be
delayed for payment until all benefits under any such arrangement or agreement have been determined
and paid, and payments under this Policy will be reduced by any amounts paid under any such
arrangement or agreement.

Section 6. Termination Procedures.

Any purported termination of a Participant’s employment following a Change in Control (other
than by reason of death) shall be communicated by written Notice of Termination from one party to
the other party in accordance with Section 9 hereof.

Section 7. No Mitigation.

The Company agrees that, in order for a Participant to be eligible to receive the Severance
Payment and other benefits described herein, the Participant is not required to seek other
employment or to attempt in any way to reduce any amounts payable to the Participant by the Company
pursuant to Section 5 hereof. Further, the amount of any payment or benefit provided for in this
Policy hereof shall not be reduced by any compensation or income earned by the Participant as the
result of employment by another employer or self-employment, by retirement benefits, by offset
against any amount claimed to be owed by the Participant to the Company, or otherwise.

Section 8. Successors.

(a) The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume this Policy 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.

(b) This Policy shall inure to the benefit of and shall be binding upon the Company, its
successors and assigns, but without the prior written consent of the Participants this Policy may
not be assigned other than in connection with the merger or sale of substantially all of the
business and/or assets of the Company or similar transaction in which the successor or assignee
assumes (whether by operation of law or express assumption) all obligations of the Company
hereunder.

(c) This Policy shall inure to the benefit of and be enforceable by the Participant’s personal
or legal representatives, executors, administrators, successors, heirs, distributees, devisees,
legatees or other beneficiaries. If a Participant shall die while any amount would still be payable
to such Participant hereunder (other than amounts which, by their terms, terminate upon the death
of the Participant) if such Participant had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Policy to the executors,
personal representatives or administrators of such Participant’s estate.

Section 9. Notices.

For the purpose of this Policy, notices and all other communications provided for in the
Policy shall be in writing and shall be deemed to have been duly given when delivered or mailed by
United States registered mail, return receipt requested, postage prepaid, addressed, if to a
Participant, to the address on file with the Company and, if to the Company, to the address set
forth below, or to such other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective only upon actual
receipt:

To the Company:

AMERIGROUP Company

4425 Company Lane

Virginia Beach, VA 23462

Attention: Executive Vice President, Associate Services

Section 10. Miscellaneous

(a) No waiver by the Company or any Participant, as the case may be, at any time of any breach
by the other party of, or of any lack of compliance with, any condition or provision of this Policy
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. All other plans, policies and
arrangements of the Company in which the Participant participates during the term of this Policy
shall be interpreted so as to avoid the duplication of benefits paid hereunder. It is expressly
acknowledged that the terms of this policy shall not affect the terms of any equity incentive
agreement between the Company and the Participant.

(b) Employment with any present or future Affiliate or Subsidiary shall be considered
employment with the Company for all purposes of this Policy.

(c) Nothing contained in this Policy or any documents relating to the Policy shall (i) confer
upon any Participant any right to continue in the employ of the Company or a subsidiary, (ii)
constitute any contract or agreement of employment, or (iii) interfere in any way with the right of
the Company to terminate the Participant’s employment at any time, with or without Cause.

(d) A Participant shall be entitled to the benefits of any indemnity applicable to the
Participant that is provided by the Company’s articles of incorporation, bylaws or otherwise
immediately prior to a Change in Control, and any subsequent changes to the articles of
incorporation, bylaws or otherwise reducing the indemnity granted to the Company’s officers and
employees shall not affect the rights granted hereunder.

(e) Prior to a Change in Control, the Committee shall have the right to amend or terminate the
Policy and to add or remove Participants from time to time, in its sole and absolute discretion.
From and after (i) the occurrence of a Change in Control; (ii) the public announcement of a
proposal for a transaction that, if consummated, would constitute a Change in Control; or (iii) the
Board’s learning of a specific proposal containing the essential terms of a transaction that, if
consummated, would constitute a Change in Control, the Committee shall not have the right to
terminate the Policy or amend it any manner which adversely affects the rights of any Participant
unless the Company has obtained the prior written consent of each affected Participant.
Notwithstanding the preceding sentence, however, in the case of a proposal under clause (ii) or
clause (iii) immediately above, if the proposal is finally withdrawn or terminated, the Policy may
be terminated or amended after the withdrawal or termination. Notwithstanding the foregoing, the
Policy shall automatically terminate on the date following the termination of the Protected Period,
provided that all obligations accrued by Participants prior to such termination of the Policy must
be satisfied in full in accordance with the terms hereof.

(f) Except as otherwise provided herein or by law, no right or interest of any Participant
under the Policy shall be assignable or transferable, in whole or in part, either directly or by
operation of law or otherwise, including without limitation by execution, levy, garnishment,
attachment, pledge or in any manner; no attempted assignment or transfer thereof shall be
effective; and no right or interest of any Participant under the Policy shall be liable for, or
subject to, any obligation or liability of such Participant.

(g) All amounts payable hereunder shall be subject to applicable federal, state and local tax
withholding.

(h) The intent of the Company is that payments and benefits under this Policy comply with
Section 409A of the Code (“Section 409A”) to the extent subject thereto, and, accordingly, to the
maximum extent permitted, this Policy shall be interpreted and administered to be in compliance
therewith. Each amount to be paid or benefit to be provided under this Policy shall be construed
as a separate identified payment for purposes of Section 409A, and any payments described in
Section 5 of this Policy that are due within the “short term deferral period” within the meaning of
Section 409A shall not be treated as deferred compensation unless applicable law requires
otherwise. If current or future regulations or guidance from the Internal Revenue Service
dictates, or the Company’s counsel determines, that any payments or benefits due to a Participant
hereunder would cause the application of an accelerated or additional tax under Section 409A,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to
this Policy during the six-month period immediately following the Participant’s Separation from
Service shall instead be paid on the first business day after the date that is six months following
the Participant’s Separation from Service (or upon the Participant’s death, if earlier). To the
extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable
to the Participant under this Policy shall be paid to the Participant on or before the last day of
the year following the year in which the expense was incurred and the amount of expenses eligible
for reimbursement (and in-kind benefits provided to the Participant) during any one year may not
affect amounts reimbursable or provided in any subsequent year; provided, however,
that with respect to any reimbursements for any taxes which a Participant would become entitled to
under the terms of this Policy, the payment of such reimbursements shall be made by the Company no
later than the end of the calendar year following the calendar year in which the Participant remits
the related taxes.

(i) This Policy shall be construed, interpreted and the rights of the parties determined in
accordance with the laws of the Commonwealth of Virginia (without regard to the conflicts of laws
principles thereof), to the extent not preempted by federal law, which shall otherwise control.

(j) The invalidity or unenforceability of any provision of this Policy shall not affect the
validity or enforceability of any other provision of this Policy, which shall remain in full force
and effect. If this Policy shall for any reason be or become unenforceable by either party, this
Policy shall thereupon terminate and become unenforceable by the other party.

(k) This Policy shall have no effect on any equity incentive award granted by the Company to a
Participant under the Equity Incentive Plan or any other equity incentive program or arrangement.
The terms of the equity incentive award shall govern those awards with respect to a change of
control.

(l) If a Participant commences a legal action to enforce any of the obligations of the Company
under this Policy and it is ultimately determined that the Participant is entitled to any payments
or benefits under this Policy, the Company shall pay the Participant the amount necessary to
reimburse the Participant in full for all reasonable expenses (including reasonable attorneys’ fees
and legal expenses) incurred by the Participant with respect to such action. The Company shall pay
to a Participant interest on any unpaid portion of the Participant’s Award that is not paid when
due, calculated at the prime rate of the Company’s primary lending institution as in effect from
time to time from the date that payment should have been made under this Policy, until the Award is
fully paid.EX-10.4

Exhibit 10.4

AMERIGROUP Corporation

Amended and Restated 2005 Executive Deferred Compensation Plan

(Amended and Restated as of November 6, 2008)

Table of Contents

Page

	 	 	 	 	 	 	 	 	 
	ARTICLE 1 - Definitions
	 	 	 	 	 	 	1	 
	1.1
	 	Annual Deferral	 	 	1	 
	1.2
	 	Beneficiary	 	 	1	 
	1.3
	 	Change of Control	 	 	1	 
	1.4
	 	Code	 	 	2	 
	1.5
	 	Company	 	 	2	 
	1.6
	 	Compensation	 	 	2	 
	1.7
	 	Continuous Service	 	 	2	 
	1.8
	 	Crediting Rate	 	 	2	 
	1.9
	 	Deferral Account	 	 	2	 
	1.10
	 	Deferral Commitment	 	 	2	 
	1.11
	 	Deferral Contribution Period	 	 	2	 
	1.12
	 	Deferral Contribution Period Benefit	 	 	3	 
	1.13
	 	Deferral Election Form	 	 	3	 
	1.14
	 	Deferred Compensation Committee	 	 	3	 
	1.15
	 	Disability	 	 	3	 
	1.16
	 	Effective Date	 	 	3	 
	1.17
	 	Eligible Employee	 	 	3	 
	1.18
	 	Employer	 	 	3	 
	1.19
	 	Exchange Act	 	 	3	 
	1.20
	 	ERISA	 	 	3	 
	1.21
	 	Participant	 	 	3	 
	1.22
	 	Plan	 	 	3	 
	1.23
	 	Person	 	 	4	 
	1.24
	 	Plan Year	 	 	4	 
	1.25
	 	Retirement	 	 	4	 
	1.26
	 	Separation from Service	 	 	4	 
	1.27
	 	Termination of Employment	 	 	4	 
	1.28
	 	Unforeseeable Emergency    4	 	 	 	 
	1.29
	 	Valuation Date	 	 	4	 
	ARTICLE 2 – Participation
	 	 	 	 	 	 	4	 
	2.1
	 	Deferral Election Form	 	 	4	 
	2.2
	 	Continuation of Participation	 	 	5	 
	ARTICLE 3 - Deferral Commitments
	 	 	5	 
	3.1
	 	Minimum Deferral Commitment	 	 	5	 
	3.2
	 	Maximum Deferral Commitment	 	 	5	 
	ARTICLE 4 - Deferral Accounts
	 	 	5	 
	4.1
	 	Deferral Accounts	 	 	5	 
	4.2
	 	Statements of Account	 	 	5	 
	4.3
	 	Vesting of Deferral Accounts	 	 	5	 
	4.4
	 	Determining Balance of Deferral Account for Article 5 Payments	 	 	5	 
	ARTICLE 5 - Payment of Benefits
	 	 	6	 
	5.1
	 	Election of Time and Form of Payment	 	 	6	 
	5.2
	 	Retirement Benefits	 	 	6	 
	5.3
	 	Time and Form for Payment of Retirement Benefits	 	 	6	 
	5.4
	 	In-Service Distributions	 	 	6	 
	5.5
	 	Certain Lump Sum Payments	 	 	6	 
	5.6
	 	Change of Control	 	 	7	 
	5.7
	 	Small Benefit Exception	 	 	7	 
	5.8
	 	Unforeseeable Emergency Distributions	 	 	7	 
	ARTICLE 6 - Death Benefits
	 	 	 	 	 	 	7	 
	ARTICLE 7 - Disability
	 	 	 	 	 	 	7	 
	ARTICLE 8 - Conditions Related to Benefits
	 	 	8	 
	8.1
	 	Nonassignability	 	 	8	 
	8.2
	 	No Right to Employer Assets	 	 	8	 
	8.3
	 	Protective Provisions	 	 	8	 
	8.4
	 	Withholding	 	 	8	 
	ARTICLE 9 - Administration of the Plan
	 	 	8	 
	9.1
	 	Plan Administrator	 	 	8	 
	9.2
	 	Claims Procedure	 	 	9	 
	ARTICLE 10 - Beneficiary Designation
	 	 	10	 
	10.1
	 	Beneficiary Designation	 	 	10	 
	10.2
	 	New Beneficiary Designation	 	 	10	 
	10.3
	 	Failure to Designate Beneficiary	 	 	10	 
	ARTICLE 11 - Amendment and Termination of the Plan
	 	 	11	 
	11.1
	 	Amendment of the Plan	 	 	11	 
	11.2
	 	Termination of the Plan	 	 	11	 
	ARTICLE 12 – Miscellaneous
	 	 	 	 	 	 	11	 
	12.1
	 	Successors of the Employer	 	 	11	 
	12.2
	 	ERISA Plan	 	 	11	 
	12.3
	 	Compliance with Section 409A of the Code	 	 	11	 
	12.4
	 	Employment Not Guaranteed	 	 	11	 
	12.5
	 	Gender, Singular and Plural	 	 	11	 
	12.6
	 	Captions	 	 	12	 
	12.7
	 	Validity	 	 	12	 
	12.8
	 	Waiver of Breach	 	 	12	 
	12.9
	 	Applicable Law	 	 	12	 
	12.10
	 	Notice	 	 	12	 

1

AMERIGROUP Corporation

Amended and Restated 2005 Executive Deferred Compensation Plan

Amended and Restated as of November 6, 2008

AMERIGROUP Corporation, a Delaware corporation (the “Company”) hereby establishes the Amended and
Restated 2005 Executive Deferred Compensation Plan (the “Plan”), effective as of January 1, 2005
and amended and restated as of November 6, 2008, to enable Participants covered under the Plan to
enhance their retirement security by permitting them to enter into agreements with their Employer
to defer compensation and receive benefits at Separation from Service, and such other times as are
otherwise provided under the Plan.

ARTICLE 1 — Definitions

	1.1	 	Annual Deferral: shall mean the amount of Compensation which the Participant elects to defer
under the Deferral Commitment pursuant to Article 3 of the Plan.

	1.2	 	Beneficiary: shall mean the person or persons or entity designated as such in accordance with
Article 9 of the Plan.

	1.3	 	Change of Control: shall mean the first to occur of any one of the events set forth in the
following paragraphs (provided, in respect of each amount that is subject to Section 409A of
the Code, such event also constitutes, within the meaning of Section 409A(a)(2)(A)(v) of the
Code, (x) a change in the ownership of the Company, (y) a change in the effective control of
the Company, or (z) a change in the ownership of a substantial portion of the Company’s
assets):

(i) any Person is or becomes the “Beneficial Owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company (not
including in the securities Beneficially Owned by such Person any securities
acquired directly from the Company) representing 25% or more of the Company’s then
outstanding securities, excluding any Person who becomes such a Beneficial Owner in
connection with a transaction described in clause (A) of paragraph (iii);

(ii) the following individuals cease for any reason to constitute a majority of
the number of directors then serving: individuals who, on the Effective Date of the
Plan, constitute the Board of Directors and any new director (other than a director
whose initial assumption of office is in connection with an actual or threatened
election contest, including but not limited to a consent solicitation, relating to
the election of directors of the Company) whose appointment or election by the Board
of Directors or nomination for election by the Company’s stockholders was approved
or recommended by a vote of at least two-thirds (2/3) of the directors then still in
office who either were directors on the Effective Date of the Plan or whose
appointment, election or nomination for election was previously so approved or
recommended;

(iii) there is consummated a merger or consolidation of the Company with any
other corporation other than (A) a merger or consolidation which results in the
directors of the Company immediately prior to such merger or consolidation
continuing to constitute at least a majority of the board of directors of the
Company, the surviving entity or any parent thereof, or (B) a merger or
consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Company (not including in the securities
Beneficially Owned by such Person any securities acquired directly from the Company)
representing 25% or more of the combined voting power of the Company’s then
outstanding securities; or

(iv) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or there is consummated an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets,
other than a sale or disposition by the Company of all or substantially all of the
Company’s assets to an entity at least a majority of the board of directors of which
comprises individuals who were directors of the Company immediately prior to such
sale or disposition.

	1.4	 	Code: shall mean the Internal Revenue Code of 1986, as amended.

	1.5	 	Company: shall mean AMERIGROUP Corporation and any successor(s) in interest.

	1.6	 	Compensation: shall mean a Participant’s salary and bonuses, before reductions pursuant to
this Plan or any other Employer-sponsored plan (such as a Code Section 401(k) or 125 plan),
for services as an Eligible Employee during a Deferral Computation Period.

	1.7	 	Continuous Service: shall mean the uninterrupted continuous employment of a Participant with
the Employer during the period from the Participant’s last date of hire by the Employer.

	1.8	 	Crediting Rate: shall mean certain investment alternatives designated by the Deferred
Compensation Committee from time to time for determining adjustments of amounts credited to
the Deferral Accounts of Participants. The Deferred Compensation Committee, in its sole
discretion, will establish administrative rules for applying the Crediting Rate.

	1.9	 	Deferral Account: shall mean the bookkeeping device used by the Company to measure and
determine the amounts to be paid to a Participant under the Plan.

	1.10	 	Deferral Commitment: shall mean a commitment made by a Participant to defer compensation
during a Deferral Contribution Period pursuant to Articles 2 and 3 of the Plan for which a
Deferral Election Form has been submitted by the Participant.

	1.11	 	Deferral Contribution Period: shall mean the period of one (1) Plan Year over which the
Participant has elected to defer Compensation pursuant to Article 3 of the Plan.

	1.12	 	Deferral Contribution Period Benefit: shall mean the portion of a Participant’s Deferral
Account attributable to his Annual Deferrals during a Deferral Contribution Period.

	1.13	 	Deferral Election Form: shall mean a written agreement between the Employer and the
Participant, entered into pursuant to paragraph 2.1 of the Plan, by which the Participant
elects to participate in the Plan and make a Deferral Commitment.

	1.14	 	Deferred Compensation Committee: shall mean Management’s Benefits and Compensation Committee,
appointed by the Company to administer the Plan pursuant to Article 9 of the Plan.

	1.15	 	Disability: shall mean a physical or mental condition that prevents a Participant from
performing his or her normal duties of employment. If a Participant makes application for or
is otherwise eligible for disability benefits under a short-term disability program sponsored
by his Employer and qualifies for such benefits, the Participant shall be presumed to qualify
as disabled under the Plan. In the event that a Participant is not covered by an
Employer-sponsored short-term disability program, a Participant shall be presumed to be
disabled if the Deferred Compensation Committee so determines upon review of one or more
medical opinions acceptable to the Deferred Compensation Committee.

	1.16	 	Effective Date: shall mean January 1, 2005.

	1.17	 	Eligible Employee: shall mean any of the senior management of the Employer designated by the
Deferred Compensation Committee to be eligible to participate in the Plan, (a) for the 2005
Plan Year, who are at the Associate Vice President level and above, and for Plan Years after
2005, who were Participants on January 1, 2005 with Deferral Commitments in effect for the
2005 Deferral Contribution Period or who are at the Vice President level and above; and (b) in
all cases, who have completed three (3) months of benefits-eligible Continuous Service.

	1.18	 	Employer: shall mean the Company and any of its subsidiaries or divisions allowed by the
Company to participate in the Plan.

	1.19	 	Exchange Act: shall mean the Securities Exchange Act of 1934, as amended from time to time.

	1.20	 	ERISA: shall mean the Employee Retirement Income Security Act of 1974, as amended.

	1.21	 	Participant: shall mean an Eligible Employee who is participating in the Plan as provided in
Article 2, or a former Eligible Employee for whom a Deferral Account is being maintained under
the Plan.

	1.22	 	Plan: shall mean this 2005 Executive Deferred Compensation Plan as set forth in this document
and as the same may be amended, supplemented and/or restated from time to time and any
successor plan.

	1.23	 	Person: shall have the meaning given in section 3(a)(9) of the Exchange Act, as modified and
used in sections 13(d) and 14(d) thereof, except that such term shall not include (i) the
Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under
any employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (iv) a
corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company.

	1.24	 	Plan Year: shall mean the 12-month period from January 1 through December 31.

	1.25	 	Retirement: shall mean the date of Separation from Service with the Employer of a Participant
for any reason whatsoever, whether voluntary or involuntary, prior to the Participant’s death
and after the Participant’s completion of five (5) complete years of Continuous Service.

	1.26	 	Separation from Service: shall mean “separation from service” within the meaning of Section
409A(a)(2)(A)(i) of the Code.

	1.27	 	Termination of Employment: shall mean the date of Participant’s Separation from Service for
any reason whatsoever, whether voluntary or involuntary, other than as a result of the
Participant’s Retirement, death, or, to the extent provided in Article 7 of the Plan,
Disability.

	1.28	 	Unforeseeable Emergency: shall mean an unforeseeable emergency (within the meaning of Section
409(A)(a)(2)(B)(ii)(I) of the Code), that is a severe financial hardship to the Participant
resulting from an illness or accident of the Participant, the Participant’s spouse, or a
dependent of the Participant (as defined in Section 152(a) of the Code); loss of the
Participant’s property due to casualty; or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of Participant.

	1.29	 	Valuation Date: shall mean (a) in the case of distributions pursuant to paragraphs 5.3 and
5.5 of the Plan, the last day of the calendar month coincident with or next following the date
that is six (6) months after a Participant’s Separation from Service, except that in the case
of installment payments after the initial installment payment under paragraph 5.3(b), the
Valuation Date shall be each anniversary of the Valuation Date that is applicable to the
initial installment; (b) in the case of distributions pursuant to paragraph 5.4 of the Plan,
December 31 of each Plan Year; (c) in the case of distributions pursuant to paragraph 5.6 or
5.8 of the Plan, the last day of each calendar month; (d) in the case of distributions
pursuant to Article 6 of the Plan, the last day of each calendar quarter; and (e) such other
dates as the Deferred Compensation Committee may determine in its discretion for the valuation
of a Participant’s Deferral Account.

ARTICLE 2 — Participation

	2.1	 	Deferral Election Form. Any Eligible Employee may elect to participate in the Plan and to
make a Deferral Commitment by submitting a Deferral Election Form to the Deferred Compensation
Committee by the deadline established by it that is (a) prior to the beginning of the 2005
Deferral Contribution Period, and (b) prior to July 1 immediately preceding any later Deferral
Contribution Period with respect to Compensation that will be both earned and payable during
the Deferral Contribution Period as base salary, and/or with respect to Compensation that will
be payable during the Deferral Contribution Period as a bonus under the Company’s annual
incentive bonus plan. Except as otherwise provided in this Plan, the Participant’s Deferral
Commitment shall be irrevocable.

	2.2	 	Continuation of Participation. A Participant who has elected to participate in the Plan by
making a Deferral Commitment shall continue as a Participant in the Plan for purposes of such
Deferral Commitment until the balance of the Participant’s Deferral Account is paid to him
pursuant to the Plan. A Participant shall not be eligible to make a new Deferral Commitment
unless the Participant is an Eligible Employee with respect to the Plan Year for which the
election is made.

ARTICLE 3 — Deferral Commitments

	3.1	 	Minimum Deferral Commitment. A Participant may not elect to defer less than $2,500 in any
one Plan Year.

	3.2	 	Maximum Deferral Commitment. The Deferred Compensation Committee, in its sole discretion,
may establish maximum Deferral Commitment limits for the purpose of controlling the Employer’s
financial obligations under the Plan or for any other reason deemed necessary or desirable.

ARTICLE 4 — Deferral Accounts

	4.1	 	Deferral Accounts. A Deferral Account shall be established for each Participant. The
Deferral Account shall be credited with the applicable portion of the Annual Deferral as of
the approximate date such amounts would otherwise have been paid to the Participant. Deferral
Accounts shall, except as otherwise provided in the Plan, be adjusted for investment
experience according to the Crediting Rate, as in effect from time to time, until all benefits
attributable to the Participant’s Deferral Account have been paid. Notwithstanding anything
in this paragraph to the contrary, the Deferred Compensation Committee may, in its sole
discretion, establish administrative rules for the purpose of crediting and adjusting Deferral
Accounts.

	4.2	 	Statements of Account. The Deferred Compensation Committee shall provide periodically (but
no less frequently than annually) to each Participant a statement setting forth the balance of
the Deferral Account maintained for such Participant.

	4.3	 	Vesting of Deferral Accounts. Each Participant shall be one hundred percent (100%) vested at
all times in the adjusted balance of the Participant’s Deferral Account.

	4.4	 	Determining Balance of Deferral Account for Article 5 Payments. For purposes of the payment
of benefits attributable to a Participant’s Deferral Account pursuant to Article 5, the
balance of the Participant’s Deferral Account shall be determined as of the Valuation Date
immediately preceding the date of payment.

ARTICLE 5 — Payment of Benefits

	5.1	 	Election of Time and Form of Payment. Except as provided in paragraph 5.5 of the Plan with
respect to certain lump sum payments, in paragraph 5.8 of the Plan with respect to
Unforeseeable Emergency distributions, and in Article 6 of the Plan with respect to death
benefits, a Participant’s Deferral Contribution Period Benefit shall be paid to the
Participant as specified in the Participant’s Deferral Election Form relating to the
applicable Deferral Contribution Period.

	5.2	 	Retirement Benefits. A Participant may elect to be paid his Deferral Contribution Period
Benefit upon Retirement as provided in paragraph 5.3 of the Plan. Any such election shall be
irrevocable.

	5.3	 	Time and Form for Payment of Retirement Benefits. The available times and forms of payment
after Retirement are as follows:

	 	(a)	 	Lump Sum. A lump sum payment. The payment shall be made within sixty
(60) days after the Valuation Date coincident with or next following the date that is
six (6) months after the date of the Participant’s Retirement, or as soon as
practicable thereafter (but in any event during the same calendar year as such
six-month anniversary).

	 	(b)	 	Installment Payments. Annual installment payments in substantially
equal amounts over a period of 5, 10 or 15 years, as elected by the Participant. The
initial installment payment shall be made within sixty (60) days after the Valuation
Date coincident with or next following the date that is six (6) months after the date
of the Participant’s Retirement, or as soon as practicable thereafter (but in any event
during the same calendar year as such six-month anniversary). Each subsequent payment
shall be made on each anniversary date of the initial payment. Until all installments
are paid, the unpaid balance of the Deferral Contribution Period Benefit shall be
adjusted for investment experience according to the Crediting Rate in effect from time
to time. The Deferred Compensation Committee, in its sole discretion, may establish
rules for making payments and adjusting the unpaid Deferral Account balance for
investment experience.

	5.4	 	In-Service Distributions. A Participant may elect to receive a lump sum payment of his
Deferral Contribution Period Benefit, which shall be made during (and not earlier than)
January of a chosen year that is at least five (5) years after the end of the Deferral
Contribution Period in which the contribution was made. Any such election shall be
irrevocable.

	5.5	 	Certain Lump Sum Payments. In the event of (a) a Participant’s Termination of Employment,
(b) a Participant’s Separation from Service with the Employer prior to the date elected for an
in-service distribution pursuant to paragraph 5.4 of the Plan, and/or (c) the Separation from
Service with the Employer of a Participant who has not elected the time and form of payment
for a Deferral Contribution Period Benefit, the Employer shall pay to the Participant the
related Deferral Contribution Period Benefit(s) in the form of a lump sum payment. The
payment shall be made within sixty (60) days after the Valuation Date coincident with or next
following the date that is six (6) months after the date of the applicable event, or as soon
as practicable thereafter (but in any event during the same calendar year as such six-month
anniversary).

	5.6	 	Change of Control. In the event a Change of Control occurs, the Employer shall pay to all
Participants with Deferral Accounts under the Plan the related Deferral Contribution Period
Benefit(s) in the form of a lump sum payment. The payment shall be made as soon as
practicable after the Valuation Date coincident with or next following the twelve-month
anniversary of the date on which the Change of Control occurs (but in any event during the
same calendar year as the Valuation Date).

	5.7	 	Small Benefit Exception. Notwithstanding any of the foregoing, in the event the sum of all
benefits payable to the Participant under the Plan is less than or equal to ten thousand
dollars ($10,000), the Employer may, in its sole discretion, elect to pay such benefits in a
single lump sum payment on the date such benefits first become payable.

	5.8	 	Unforeseeable Emergency Distributions. At the sole discretion of the Deferred Compensation
Committee, in the case of a Participant who incurs an Unforeseeable Emergency, the Deferred
Compensation Committee may direct the Employer to pay all or a portion of the Participant’s
benefits attributable to his Deferral Account to or on behalf of the Participant to alleviate
the Unforeseeable Emergency. In no event, however, shall the amount of the payment exceed the
amounts necessary to satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes
reasonably anticipated as a result of the payment, after taking into account the extent to
which the hardship is or may be relieved through reimbursement or compensation by insurance or
otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of the
assets would not itself cause severe financial hardship). In the event that a payment is made
to a Participant on account of Unforeseeable Emergency pursuant to this paragraph 5.8, the
Participant’s Annual Deferrals under the Plan shall be suspended for the remainder of the
Deferral Contribution Period in which the Participant received the payment on account of
Unforeseeable Emergency.

ARTICLE 6 — Death Benefits

If a Participant dies prior to receiving payment of the entire balance of his Deferral Account, the
Employer shall pay the balance of the Participant’s Deferral Account to the Participant’s
Beneficiary in a lump sum within ninety (90) days after the end of the calendar quarter in which
the death of the Participant occurs.

ARTICLE 7 — Disability

If a Participant is determined to have a Disability, the Participant shall, effective as of the
date such Participant is no longer paid his Compensation by the Employer, cease deferrals under the
Plan. The Participant’s Deferral Account shall continue to be credited with interest at the
Crediting Rate until such time as the Participant’s benefits under the Plan are distributed in
accordance with the Participant’s election or as otherwise provided for in the Plan. If the
Participant recovers from the Disability and resumes active employment during the Deferral
Contribution Period in which the Disability occurred, the Participant’s deferrals under the Plan
shall resume in accordance with the Participant’s Deferral Commitment regarding any Compensation
which is earned or payable subsequent to the Disability.

ARTICLE 8 — Conditions Related to Benefits

	8.1	 	Nonassignability. The benefits provided under the Plan may not be alienated, assigned,
transferred, pledged or hypothecated by or to any person or entity, at any time or in any
manner whatsoever. No Participant or Beneficiary may borrow from or against the Participant’s
Deferral Account. These benefits shall be exempt from the claims of creditors or other
claimants of any Participant or Beneficiary and from all orders, decrees, levies, garnishment
or executions against any Participant or Beneficiary to the fullest extent allowed by law.

	8.2	 	No Right to Employer Assets. The benefits paid under the Plan shall be paid from the general
funds of the Employer, and the Participant and any Beneficiary shall be no more than unsecured
general creditors of the Employer with no special or prior right to any assets of the Employer
for payment of any obligations hereunder. A Participant’s Annual Deferrals, as adjusted
pursuant to the Crediting Rates, shall remain solely the property of the Company, subject to
the claims of the Company’s general creditors, until distributed to the Participant or the
Participant’s Beneficiary in accordance with the terms of the Plan.

	8.3	 	Protective Provisions. The Participant shall cooperate with the Employer by furnishing any
and all information requested by the Deferred Compensation Committee in order to facilitate
the payment of benefits hereunder and by taking such physical examinations and other actions
as the Deferred Compensation Committee may deem necessary and request in connection with the
administration of the Plan. If the Participant refuses to cooperate or makes any material
misstatement or nondisclosure of information, then no benefits will be payable hereunder to
such Participant or his Beneficiary.

	8.4	 	Withholding. The Participant or the Beneficiary shall make appropriate arrangements with the
Employer for satisfaction of any federal, state or local income tax withholding requirements
applicable to the payment of benefits under the Plan. If no such arrangements are made, the
Employer may provide, at its discretion, for such withholding and tax payments as may be
required.

ARTICLE 9 — Administration of the Plan

	9.1	 	Plan Administrator. The Deferred Compensation Committee shall administer the Plan and
interpret, construe and apply its provisions in accordance with its terms. The Deferred
Compensation Committee shall determine in its sole discretion those who are eligible to
participate in the Plan and shall have the right to set guidelines for participation under the
Plan including, but not limited to, the type, manner and level of Deferral Commitments. The
Deferred Compensation Committee shall further establish, adopt or revise such other rules and
regulations as it may deem necessary or advisable for the administration of the Plan. All
decisions of the Deferred Compensation Committee shall be final and binding. The individuals
serving on the Deferred Compensation Committee shall, except as prohibited by law, be
indemnified and held harmless by the Company from any and all liabilities, costs, and expenses
(including legal fees), to the extent not covered by liability insurance, arising out of any
action taken by any member of the Deferred Compensation Committee with respect to the Plan,
unless such liability arises from the individual’s own gross negligence or willful misconduct.

	9.2	 	Claims Procedure. No lawsuit relating to a claim for benefits under the Plan may be filed by
any Participant, Beneficiary or representative thereof, unless and until in accordance with
the following process, the claimant has duly filed a claim, has also duly filed a request for
review of the determination of the claim and has also received an adverse determination on
review. A Participant, or if applicable, his Beneficiary, or a duly authorized representative
thereof may make a claim for benefits by filing a claim with the Deferred Compensation
Committee on the form made available for that purpose. The Deferred Compensation Committee
shall make the initial determination as to any claim under the Plan and give the claimant
notice thereof within ninety (90) days after receipt of the claim; provided, however, that if
special circumstances require an extension of time for processing the claim, the time for the
initial determination may be extended up to an additional ninety (90) days by the Deferred
Compensation Committee. Written notice of any extension shall be furnished to the claimant
prior to the commencement of the extension, indicating the special circumstances requiring the
extension and the date by which the Deferred Compensation Committee expects to render the
final decision. If the Deferred Compensation Committee wholly or partially denies the claim,
the notice shall include, in a manner calculated to be understood by the claimant, the
following:

	 	(a)	 	The specific reason for the denial;

	 	(b)	 	Specific reference to pertinent provisions of the Plan on which the denial is
based;

	 	(c)	 	A description of any additional material or information necessary for the
claimant to perfect the claim and an explanation of why the material or information is
necessary; and

	 	(d)	 	Information as to the steps to be taken if the claimant wishes to submit his or
her claim for review, including the time limits therefor, and a statement of the
claimant’s right to bring a civil action under Section 502(a) of the Employee
Retirement Income Security Act of 1974, as amended, following an adverse benefit
determination on review.

Within sixty (60) days after notification that a claim is wholly or partially denied, the
claimant may file with the Deferred Compensation Committee a written request for review of
the decision. The Deferred Compensation Committee shall provide the claimant requesting
review reasonable access to review or, upon the claimant’s request and free of charge,
provide the claimant copies of, all documents, records and other information relevant to the
claimant’s claim for benefits, and the opportunity to submit written comments, documents and
other information relating to the claim for benefits, which need not be limited to
information submitted or considered in the initial determination. The claimant shall be
entitled to have a representative participate in all such review proceedings. The review
shall take into account all comments, documents, records and other information submitted by
the claimant relating to the claim. Within sixty (60) days after receipt of a request for
review, the Deferred Compensation Committee shall make a final determination and give notice
to the claimant of its decision, which shall include specific reasons for the decision,
written in a manner calculated to be understood by the claimant, specific references to the
pertinent provisions of the Plan on which the decision is based, and a statement that the
claimant is entitled to receive, upon request and free of charge, reasonable access to, and
copies of, all documents, records and other information relevant to the claimant’s claim for
benefits. The notice to the claimant of the decision shall also include a statement of the
claimant’s right to bring an action under Section 502(a) of ERISA. Notwithstanding the
preceding two (2) sentences, however, if special circumstances require an extension of time
for processing a request for review, the Deferred Compensation Committee shall, upon
furnishing written notice of the extension to the claimant prior to the commencement of the
extension, have the right to extend the time for rendering a final determination and
providing notice to the claimant of its decision for up to one hundred and twenty (120) days
after the receipt of a request for review. Any such extension notice shall indicate the
special circumstances requiring an extension and the date by which the Deferred Compensation
Committee expects to render the determination on review.

ARTICLE 10 — Beneficiary Designation

	10.1	 	Beneficiary Designation. The Participant shall have the right, at any time, to designate any
person or persons as a Beneficiary (both primary and contingent) to whom payment under the
Plan shall be made in the event of the Participant’s death. The Beneficiary designation shall
be effective when it is submitted in writing and delivered to the Deferred Compensation
Committee during the Participant’s lifetime on a form prescribed by the Deferred Compensation
Committee.

	10.2	 	New Beneficiary Designation. The Participant shall have the right to change or revoke any
such designation from time to time by filing a new designation or notice of revocation with
the Company, and no notice to any Beneficiary nor consent by any Beneficiary shall be required
to effect any such change or revocation.

	10.3	 	Failure to Designate Beneficiary. If a Participant fails to designate a Beneficiary before
his death, or if no designated Beneficiary survives the Participant, the Deferred Compensation
Committee shall direct the Employer to pay the balance of the Participant’s Deferral Account
in a lump sum to the Participant’s surviving spouse, if any, or if there is no surviving
spouse, then to the estate of the Participant; provided, however, in the event payment is to
be made to the Participant’s estate, if no executor or administrator shall have been
appointed, and actual notice of the death was given to the Deferred Compensation Committee
within sixty (60) days after the Participant’s death, and if his Account balance does not
exceed ten thousand dollars ($10,000), the Deferred Compensation Committee may direct the
Employer to pay the Deferral Account balance to such person or persons as the Deferred
Compensation Committee determines may be entitled to it, and the Deferred Compensation
Committee may require such proof of right and/or identity of such person or persons as the
Deferred Compensation Committee may deem appropriate and necessary.

ARTICLE 11 — Amendment and Termination of the Plan

	11.1	 	Amendment of the Plan. The Company may at any time amend the Plan in whole or in part,
prospectively or retroactively; provided however, that such amendment (i) shall not decrease
the vested balance of any Participant’s Deferral Account at the time of such amendment and
(ii) shall not retroactively change the applicable Crediting Rates of the Plan that were in
effect prior to the time of such amendment. The Company or Deferred Compensation Committee
may amend the Crediting Rates of the Plan prospectively and in that event shall notify the
Participants of such amendment in writing within thirty (30) days of such amendment.

	11.2	 	Termination of the Plan. The Company may at any time terminate the Plan as to all or any
group of Participants provided, however, that no payments under the Plan shall be made to the
Participants after any such termination unless and until payment is permissible under Section
409A of the Code.

ARTICLE 12 — Miscellaneous

	12.1	 	Successors of the Employer. The rights and obligations of the Employer under the Plan shall
inure to the benefit of, and shall be binding upon, the successors and assigns of the
Employer.

	12.2	 	ERISA Plan. The Plan is intended to be an unfunded plan maintained primarily to provide
deferred compensation benefits for “a select group of management or highly compensated
employees” within the meaning of Sections 201, 301, and 401 of ERISA and therefore to be
exempt from Parts 2, 3, and 4 of Title I of ERISA, and the Plan shall be construed and
administered in accordance with this intention.

	12.3	 	Compliance with Section 409A of the Code. The intent of the Company is that payments and
benefits under this Plan comply with Section 409A of the Code to the extent subject thereto,
and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and
administered to be in compliance therewith.

	12.4	 	Employment Not Guaranteed. Nothing contained in the Plan nor any action taken hereunder
shall be construed as a contract of employment or as giving any Participant any right to
continued employment with the Employer.

	12.5	 	Gender, Singular and Plural. All pronouns and variations thereof shall be deemed to refer to
the masculine or feminine, as the identity of the person or persons may require. As the
context may require, the singular may be read as the plural and the plural as the singular.

	12.6	 	Captions. The captions of the articles and paragraphs of the Plan are for convenience only
and shall not control or affect the meaning or construction of any of its provisions.

	12.7	 	Validity. In the event any provision of the Plan is held invalid, void or unenforceable, the
same shall not affect, in any respect whatsoever, the validity of any other provisions of the
Plan.

	12.8	 	Waiver of Breach. The waiver by the Employer of any breach of any provision of the Plan by
the Participant shall not operate or be construed as a waiver of any subsequent breach by the
Participant.

	12.9	 	Applicable Law. The Plan shall be governed and construed in accordance with the laws of the
Commonwealth of Virginia except where the laws of the Commonwealth of Virginia are preempted
by ERISA.

	12.10	 	Notice. Any notice or filing required or permitted to be given to the Employer under the
Plan shall be sufficient if in writing or hand-delivered, or sent by registered or certified
mail, return receipt requested, to the principal office of the Company, directed to the
attention of the Deferred Compensation Committee. Such notice shall be deemed given as of the
date of delivery, or if delivery is made by mail, as of the date shown on the postmark on the
receipt for registration or certification.

2

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