Document:

Executive Severance Plan

Exhibit 10.1

AKAMAI TECHNOLOGIES, INC.'S
EXECUTIVE SEVERANCE PAY PLAN 
AND SUMMARY PLAN DESCRIPTION

Effective July 18, 2006
As amended on May 9, 2008, December 16, 2008, April 19, 2011 and July 18, 2012

1.Establishment of the Plan.  Akamai Technologies, Inc. (referred to herein collectively with its subsidiaries as “Akamai” or the “Company”) hereby establishes an unfunded “Executive Severance Pay Plan” (the “Plan”) which is intended to be a welfare benefit plan within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Plan is in effect for Akamai executives who participate in the executive compensation program overseen by the Compensation Committee of the Board of Directors of Akamai Technologies, Inc. (the “Executives”), at the time that they are terminated.  

2.Purpose.  The Plan is for the purpose of assisting Executives of Akamai who are involuntarily terminated for reasons other than “cause” and to resolve fully and finally all potential issues arising out of their employment.  This Plan supersedes the provisions of any other agreement(s) an Executive may have regarding payments to be made upon termination of employment, including but not limited to, the acceleration of stock options and/or any lump sum payment an Executive may receive in the event of termination following a Change in Control, as that term is defined in such agreement(s); provided, however, that this Plan shall not be deemed to terminate or replace, but shall be deemed to supplement, (a) provisions in restricted stock unit agreements entered into with Executives that relate to the effect of a termination of employment or (b) provisions in stock option agreements or the Company's Stock Incentive Plans that that provide for the automatic acceleration of vesting of options upon a Change in Control Event.  This Plan is intended to operate and provide benefits in conjunction with the contractual Change in Control benefits for Executives that have been approved by the Company's Board of Directors or Compensation Committee.  

3.Definition of Termination for Cause.  For the purposes of this Plan, “Cause” is defined as (i) any act or omission by an Executive that has a significant adverse effect on Akamai's business or on the Executive's ability to perform services for Akamai, including, without limitation, the commission of any crime (other than ordinary traffic violations), or (ii) refusal or failure to perform assigned duties, serious misconduct, or excessive absenteeism, or (iii) refusal or failure to comply with Akamai's Code of Business Ethics.  Whether an Executive has been terminated for “cause” shall be determined in the sole discretion of the Plan Administrator after consultation with appropriate members of Akamai's management. 

4.Eligibility.  Eligibility to participate in the Plan, which is to be determined in the sole discretion of the Plan Administrator, is limited to regular full‐time Executives who are involuntarily terminated by Akamai or any of its subsidiaries on or after July 18, 2012 and who have signed a separation agreement acceptable to and provided by the Company that contains, among other provisions, a full release of claims and, where permitted by applicable law, an agreement not to compete with the Company for one year following such termination, in such forms and within such times as may be reasonably determined by the Company.

The following are NOT eligible for severance pay under this Plan:

(a)    an Executive who resigns voluntarily, including but not limited to an Executive who is offered an employment opportunity with any purchaser or other successor of Akamai, its business operations or any part thereof (regardless of whether or not such employment opportunity is accepted);

(b)    an Executive who fails to continue in the employ of Akamai, satisfactorily performing his or her assigned duties, until the date actually set for his or her involuntary termination;

(c)    an Executive who does not sign and return a separation agreement acceptable to and provided by the 

Company that contains, among other things, a release (the “Release”) in accordance with Section 5 below;

(d)    an Executive who fails to return all of Akamai's property in his or her possession or under his or her control, including, but not limited to, intellectual property and other confidential information; 

(e)    an Executive who, despite Akamai's request, fails to execute any documents evidencing Akamai's interest in and to any intellectual property;

(f)      an Executive who is not employed on the United States payroll of the Company or any of its subsidiaries whose termination benefits are determined by local law or an employment contract;

(g)      the Chief Executive Officer;

(h)    the President; 

(i)    an Executive who becomes totally disabled or dies prior to the date set for his or her involuntary termination by Akamai; 

(j)    an Executive who is terminated for “Cause”; and

(k)    an Executive who, pursuant to a change in control agreement with the Company, receives severance pay and/or benefits upon a Change in Control Event, as that term is defined in Section 9(c)(1)(b) of the Akamai Technologies, Inc. 2009 Stock Incentive Plan.

5.Severance Pay and Benefits.  Any Executive terminated for any reason other than “Cause” as defined above shall be entitled to the following severance pay benefits, all of which shall be paid less applicable withholdings for taxes and other deductions required by law:

(a)A lump sum payment equal to one year of the Executive's then-current base salary.
 
(b)A lump sum payment equal to the annual incentive bonus at target that would have been payable to the Executive under the Company's then-current Executive Bonus Plan, if any, in the year of the Executive's termination had both the Company and the Executive achieved the target bonus objectives set forth in such Executive's Bonus Plan during such year.

(c)Reimbursement for up to 12 months of the amount paid by the Executive for continued health and dental insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA).  In order to receive this benefit, the Executive must timely elect COBRA continuation coverage in accordance with the Company's usual COBRA procedures.

All payments and benefits under this Section 5 are conditioned upon the Executive's satisfaction of all eligibility requirements under this Plan, including but not limited to, the execution of a separation agreement acceptable to and provided by the Company that contains, among other provisions, a full release of claims and, where permitted by applicable law, an agreement not to compete with the Company for one year following the Executive's termination.  The payments and benefits described in Sections 5(a) and 5(b) shall be provided within sixty (60) days after the Executive's termination of employment, provided the Executive has executed the separation agreement described herein and such agreement has become enforceable; provided that if such the last day of such sixty day period occurs in the calendar year after the calendar year of termination, the payments and benefits shall be made no earlier than January 1 of such subsequent calendar year

6.     Section 409A. The payments under this Plan shall be subject to Appendix A.

7.    Funding.  All cash payments under the Plan shall be funded solely from Akamai's general assets.

8.    Duration of Plan.  The initial term of the Plan shall commence effective July 18, 2006 through December 31, 2006 and shall automatically renew for successive one year periods unless otherwise terminated by the Company.  The Plan may be amended or terminated at Akamai's discretion without prior notice at any time.

9.    Plan Administration.  The general administration of the Plan herein set forth and the responsibility for carrying out its provisions shall be vested in the Plan Administrator.  The Plan Administrator shall be the “Administrator” within the meaning of section 3(16) of ERISA and shall have all the responsibilities and duties contained therein.  Akamai is the Plan Administrator of the Plan.  The Board of Directors of Akamai may delegate to an Administrative Committee, such as the Compensation Committee, the day-to-day operation and administration of the Plan.

     The Plan Administrator shall discharge its duties with respect to the Plan solely in the interest of the participants and their beneficiaries, with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like objectives.  However, the inclusion of this language in the Plan is for the sole purpose of informing the Plan Administrator of the applicable standard of care under ERISA.  It is not intended that this provision impose any additional duties, responsibilities, or liabilities than would otherwise apply under ERISA.

The Plan Administrator shall have such powers as are necessary to discharge its duties, including, but not limited to, interpretation and construction of the Plan, sole discretion to determine all questions of eligibility, participation and benefits and all other related or incidental matters.  The Plan Administrator shall decide all such questions in accordance with the terms of the controlling legal documents and applic-able law, and its decision will be binding on Akamai, the participant, the participant's spouse or other dependent or beneficiary and all other interested parties.

The Plan Administrator may adopt rules and procedures of uniform applicability in its interpretation and implementation of the Plan.

The Plan Administrator may require each participant to submit, in such form as it shall deem reasonable and accept-able, proof of any information which the Plan Administrator finds necessary or desirable for the proper administration of the Plan.

The Plan Administrator shall main-tain such records as are necessary to carry out the provisions of the Plan.  The Plan Administrator shall also make all disclosures which are required by ERISA and any subsequent amendments thereto.

10.    Questions and Claims Procedure.  Any questions concerning eligibility to participate in the Plan and the payment of any severance pay or benefits hereunder should be directed to the Administrative Committee.  The Plan will comply with the Claims Procedure set forth in ERISA regulations at Title 29 C.F.R. § 2560.503‐1.

		
	10.1.  
	Claim for Benefits.

(a)    Any person claiming benefits under the Plan (“Claimant”) may be required to submit an application therefor, together with such other documents and information as the Administrative Committee may require (“Application”).

(b)    Within ninety (90) days following receipt of the Application, the Administrative Committee's authorized delegate will review the claim and furnish the Claimant with written notice of the decision rendered with respect to the Application.

(c)    Should special circumstances require an extension of time for processing the claim, written notice of the extension will be furnished to the Claimant prior to the expiration of the initial ninety (90) day period.

		
	(i)
	The notice will indicate the special circumstances requiring an extension of time and the date by which a final decision is expected to be rendered.

		
	(ii)
	In no event will the period of the extension exceed ninety (90) days from the end of the initial (90) day period.

10.2      Content of Denial.  In the case of a denial of the Claimant's Application, the written notice will set forth:

(a)    The specific reasons for the denial;

(b)    References to the Plan provisions upon which the denial is based;

(c)    A description of any additional information or material necessary for perfection of the Application (together with an explanation of why the material or information is necessary); and

(d)    An explanation of the Plan's claim review procedure.

10.3    Appeals.  In order to appeal the decision rendered with respect to his or her Application or with respect to the amount of his or her benefit, the Claimant must follow the procedures set forth in this Section 10.3.

		
	(a)
	The appeal must be made in writing:

		
	(i)
	If the claim was expressly rejected, within sixty-five (65) days after the date of notice of the decision with respect to the Application; or

		
	(ii)
	If the claim was neither approved nor denied within the applicable period provided in Section 10.1 above, within sixty-five (65) days after the expiration of that period.

(b)If the Claimant does not file the appeal within this time period (or request in writing an extension from the Administrative Committee), the Claimant will be precluded from appealing the decision at a later time.

(c)The Claimant may request that his or her Application be given a full and fair review by the Administrative Committee.  The Claimant may review all pertinent documents and submit issues and comments in writing in connection with the appeal.

(d)The decision of the Administrative Committee will be made promptly, and not later than sixty (60) days after the Administrative Committee's receipt of a request for review, unless special circumstances require an extension of time for processing.  In such a case, a decision will be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of the request for review.

(e)The decision on review will be in writing and will include specific reasons for the decision, written in a manner designed to be understood by the Claimant, with specific references to the pertinent Plan provisions upon which the decision is based.

11.    Tax and Other Withholdings.  Akamai may withhold from any payment under the Plan any federal, state, or local taxes required by law to be withheld with respect to such payment and such sum as Akamai may reasonably estimate is necessary to cover any taxes for which Akamai may be liable and which may be assessed with regard to such payment.  Akamai may also withhold sums to cover an Executive's share of any applicable group health insurance premiums.  Akamai may also withhold sums owed to Akamai by an Executive which have not been repaid in full before the time for payment of any benefits due under this Plan.

12.    Agent for Service of Legal Process.  Legal process with respect to claims under the Plan may be served on the Plan Administrator at Akamai's corporate headquarters.

13.    Expenses.  All costs and expenses incurred in administering the Plan, including the expenses of the Plan Administrator, shall be borne by Akamai.

14.    Plan Not an Employment Contract.  The Plan is not a contract between Akamai and any Executive, nor is it a condition of employment of any Executive.  Nothing contained in the Plan gives, or is intended to give, any Executive the right to be retained in the service of Akamai, or to interfere with the right of Akamai to discharge or terminate the employment of any Executive at any time and for any reason.  Except as provided in paragraph 2 above, no Executive shall have the right or claim to benefits beyond those expressly provided in this Plan.  All rights and claims are limited as set forth in the Plan.

15.    Indemnification.  To the extent permitted by law, the Plan Administrator and all Executives, agents and representatives of the Plan Administrator shall be indemnified by Akamai and saved harmless against any claim and the expenses of defending against such claims, resulting from any action or conduct relating to the administration of the Plan except to the extent that such claims arise from gross negligence, willful neglect, or willful misconduct.  However, Akamai will have the right to select counsel and to control the prosecution or defense of any lawsuit.  Additionally, Akamai will not be required to indemnify any person for any amount incurred through any settlement unless Akamai consents to the settlement.

16.    Separability.  In case any one or more of the provisions of this Plan (or part thereof) shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions hereof, and this Plan shall be construed as if such invalid, illegal or unenforceable provisions (or part thereof) never had been contained herein.

17.    Non-Assignability.  No right or interest of any participant in the Plan shall be assignable or transferable in whole or in part either directly or by operation of law or otherwise, including, but not limited to, execution, levy, garnishment, attachment, pledge or bankruptcy, provided, however, that this provision shall not be applicable in the case of obligations of a participant to Akamai.

18.    Amendment or Termination.  Akamai reserves the right, through its Board of Directors, to amend, modify or terminate this Plan at any time. 

19.    Integration with Other Pay or Benefits Requirements.  The pay and benefits provided for in the Plan are the maximum benefits that Akamai will pay.  To the extent that any federal, state or local law, including, without limitation, so‐called “plant closing” laws, requires Akamai to make a payment of any kind to an Executive because of that Executive's involuntary termination due to a Layoff, Reduction in Force, Plant or Facility Closing, Sale of Business, or similar event, the benefits provided under this Plan shall be reduced in an amount equal to any such payment(s).  Akamai intends for the benefits provided under this Plan to satisfy any and all statu-tory obligations which may arise out of an Executive's involuntary termination for the foregoing reasons and the Plan Administrator shall so construe and implement the terms of the Plan.

20.    Governing Law.  The Plan and the rights of all persons under the Plan shall be construed in accordance with and under applicable provisions of ERISA, and the regulations thereunder, and the laws of the Commonwealth of Massachusetts to the extent not pre-empted by federal law.

21.    Gender and Number.  Except where otherwise indicated by the context, any masculine gender used herein shall also include the feminine and vice versa, and the definition of any term herein in the singular shall also include the plural, and vice versa.

22.    Statement of ERISA Rights.  Participants in the Plan are entitled to certain rights and protections under ERISA.  ERISA provides that all Plan participants shall be entitled to:

(a)     Examine, without charge, at the Plan Administrator's office all Plan documents, including insurance contracts, collective bargaining agreements, and copies of all documents filed by the Plan with the United 

States Department of Labor and Internal Revenue Service, such as annual reports and plan descriptions.

(b)    Obtain copies of all Plan documents and other plan information upon written request to the Plan Administrator. 

The Plan Administrator may make a reasonable charge for the copies.

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan.  The people who operate the Plan, called “fiducia-ries” of the Plan, have a duty to do so prudently and in the interest of all Plan participants and beneficiaries.  No one, including Akamai or any other person, may fire a participant or otherwise discriminate against the participant in any way for the purpose of preventing the participant from obtaining a benefit or exercising his or her rights under ERISA.  If a participant's claim for a benefit is denied in whole or in part, the participant must receive a written explanation of the reason for the denial.  The participant has the right to have the Plan Administrator review and reconsider the claim.  Under ERISA, there are steps a participant can take to enforce the above rights.  For instance, if the participant requests materials from the Plan Administrator and does not receive them within 30 days, the participant may file suit in a federal court.  In such a case, the court may require the Plan Adminis-trator to provide the materials and pay the participant up to $100 a day until the participant receives the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.  If a participant has a claim for benefits which is denied or ignored, in whole or in part, the participant may file suit in a state or federal court.  If it should happen that Plan fiduciaries misuse the Plan's money, or if a participant is discriminated against for asserting his or her rights, the participant may seek assistance from the United States Department of Labor, or may file suit in a federal court.  The court will decide who should pay court costs and legal fees.  If the participant is successful, the court may order the person whom the participant sued to pay these costs and fees.  If the participant loses, the court may order the partici-pant to pay these costs and fees, if, for example, it finds the claim is frivolous.  If the participant has any questions about this Plan, the participant should contact the Plan Administrator.  If a participant has any questions about this statement or about his or her rights under ERISA, the participant should contact the nearest Area Office of Pension and Welfare Benefits, United States Department of Labor.

APPENDIX A

PAYMENTS SUBJECT TO SECTION 409A

1.    Subject to this Appendix A, payments or benefits under this Agreement  shall begin only upon the date of the Executive's “separation from service” (determined as set forth below) which occurs on or after the termination of the Executive's employment.  The following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to an Executive under this Agreement, as applicable:

A.    It is intended that each installment of the payments and benefits provided under this Agreement  shall be treated as a separate “payment” for purposes of Section 409A of the Code and the guidance issued thereunder (“Section 409A”).  Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.

B.    If, as of the date of the Executive's “separation from service” from the Company, the Executive is not a “specified employee” (within the meaning of Section 409A), then each installment of the payments and benefits shall be made on the dates and terms set forth in this Agreement.

C.    If, as of the date of Executive's “separation from service” from the Company, the Executive is a “specified employee” (within the meaning of Section 409A), then:

(i)     Each installment of the payments and benefits due under this Agreement that, in accordance with the dates and terms set forth therein, will in all circumstances, regardless of when the separation from service occurs, be paid within the period of time permitted under Treasury Regulation Section 1.409A-1(b)(4) shall be treated as a short-term deferral within the meaning of such Section to the maximum extent possible; and  

(ii)    Each installment of the payments and benefits due under this Agreement that is not described in this Appendix A, 1.C.i. above and that would, absent this subsection, be paid within the six-month period following the Executive's “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, the Executive's death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following the Executive's separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth in this Agreement (or other applicable agreement); provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service).  Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the Executive's second taxable year following his taxable year in which the separation from service occurs.

(iii)    The determination of whether and when the Executive's separation from service from the Company has occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h).  Solely for purposes of this Appendix A, 1.C.iii., “Company” shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.

2.    All reimbursements and in-kind benefits provided this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during the Executive's lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of 

the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit.

3.    Notwithstanding anything herein to the contrary, the Company shall have no liability to the Executive or to any other person if the payments and benefits provided in this Agreement that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant.

MISCELLANEOUS INFORMATION

		
	1.
	PLAN NAME:    Akamai Technologies, Inc.'s Executive Severance Pay Plan

2.    EMPLOYER:            Akamai Technologies, Inc.
(PLAN SPONSOR)

ADDRESS:            8 Cambridge Center
Cambridge, MA  02142

TELEPHONE:            617-444-3000

3.    EMPLOYER ID NUMBER:    04-3432319

4.    PLAN NUMBER:        2006.5

5.    PLAN ADMINISTRATOR:    Akamai Technologies, Inc.
Executive Severance Pay Plan
8 Cambridge Center
Cambridge, MA  02142creditfacilityamendment.htm

Back to Form 8-K

Exhibit 10.1

 

FIRST AMENDMENT TO THE CREDIT AGREEMENT

 

This FIRST AMENDMENT TO THE CREDIT AGREEMENT, dated as of July 20, 2012 (this “Amendment”), in respect of and to that certain Credit Agreement, dated as of August 1, 2011 (as amended, modified, restated, amended and restated and/or supplemented from time to time, the “Credit Agreement”), by and among WELLCARE HEALTH PLANS, INC., a corporation formed under the laws of the state of Delaware (the “Parent”) and THE WELLCARE MANAGEMENT GROUP, INC., a corporation formed under the laws of the state of New York (“WMG”, and together with the Parent, the “Borrowers”), the Lenders signatory thereto from time to time (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors and assigns, if any, the “Administrative Agent”).

 

RECITALS:

 

WHEREAS, the Parent has requested that the Administrative Agent and the Lenders agree to certain amendments to the Credit Agreement.

 

WHEREAS, the Administrative Agent and the Lenders are willing to consent to this Amendment pursuant to, and subject to, the terms and conditions set forth herein.

 

NOW, THEREFORE, the parties agree as follows:

 

 

	 	 	SECTION 1.	Definitions.  Capitalized terms used in this Amendment and not otherwise defined shall have the meanings set forth in the Credit Agreement.
	 	 	 
	 	 	SECTION 2.	Amendments to the Credit Agreement.  Effective as of the First Amendment Effective Date (as defined below), the Credit Agreement is hereby amended as follows:
	 	 	 
	 	
2.1

	Article I, Section 1.01 is hereby amended as follows:
	 	 	 
	 	(a) 	
The chart in the definition of “Applicable Rate” is hereby deleted in its entirety and replaced with the following:

 

 

	  	
Cash Flow 

Leverage Ratio

	
Eurodollar 

Spread

	
ABR

Spread

	
Commitment 

Fee Rate

 

	
Category 1:

 

	
< 0.75 to 1.00

	
1.50%

	
0.50%

	
0.25%

	
Category 2:

 

	
3 0.75 to 1.00 but < 1.25 to 1.00

	
1.75%

	
0.75%

	
0.30%

	
Category 3:

 

	
3 1.25 to 1.00 but < 1.50 to 1.00

	
2.00%

	
1.00%

	
0.35%

	
Category 4:

 

	
3 1.50 to 1.00 but < 1.75 to 1.00

	
2.50%

	
1.50%

	
0.375%

	
Category 5:

 

	
3 1.75 to 1.00 but < 2.25 to 1.00

	
3.00%

	
2.00%

	
0.45%

	
Category 6:

 

	
3 2.25 to 1.00

	
3.25%

	
2.25%

	
0.50%

  

 

  

 

	 	 	 
	 	(b) 	
Clause (i) of the definition of “Applicable Rate” is hereby amended by deleting the phrase “Category 5” and replacing it with “Category 6”.

	 	 	 
	 	(c)	The definition of “Restricted Payment” is hereby deleted in its entirety and shall be replaced with the following:
	 	 	 
	 	 	
““Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Parent or any Subsidiary (other than a Joint Venture), or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of or otherwise with respect to any Equity Interests in the Parent or any Subsidiary (other than a Joint Venture) or any option, warrant or other right to acquire any such Equity Interests in the Parent or any Subsidiary (other than a Joint Venture).”

	 	 	 
	 	(d) 	 The definition of “Subsidiary Guarantor” is hereby deleted in its entirety and shall be replaced with the following:

 

 ““Subsidiary Guarantor” means each Subsidiary, other than any Subsidiary that is a New Subsidiary, a Joint Venture, a Foreign Subsidiary, an Immaterial Subsidiary, Designated HMO Subsidiary, a Designated Insurance Subsidiary, an Insurance Subsidiary or an HMO Subsidiary (provided, that any Joint Venture or HMO Subsidiary that has provided a Guarantee of any Indebtedness of the Parent or any other Loan Party shall, so long as such Guarantee remains in effect, be a Subsidiary Guarantor).”

 

	 	(e) 	 The following definitions shall be added in proper alphabetical order:
	 	 	 
	 	 	
““New Subsidiary” means a subsidiary of a Subsidiary that is not a Loan Party.”

	 	 	 
	 	 	
““Joint Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form, that is not a wholly-owned Subsidiary.”

	 	 	 
	 	2.2 	Article VI, Section 6.01(e) is hereby amended by deleting it in its entirety and replacing it with the following:

 

 “(e) Purchase money indebtedness, Synthetic Lease Obligations and Capital Lease Obligations of the Parent and its Subsidiaries incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including IT Assets, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (i) the aggregate amount of all such Indebtedness does not exceed 1.0% of the total consolidated revenue of the Parent and its Subsidiaries for the four-quarter period ended as of the last day of the most recent fiscal quarter for which financial statements of the Parent have been delivered in accordance with Section 5.04, (ii) the Indebtedness when incurred shall not be more than 100% of the lesser of the cost or fair market value as of the time of acquisition of the asset financed, (iii) such Indebtedness is issued and any Liens securing such Indebtedness are created concurrently or within 90 days after such acquisition or the completion of such construction or improvement and (iv) no Lien securing such Indebtedness shall extend to or cover any property or asset of any Loan Party other than the asset so financed;”

 

  

2

  

 

	 	2.3	Article VI, Section 6.01(k) is hereby amended by deleting in it its entirety and replacing it with the following:
	 	 	 

 “(k)  Indebtedness of any person that becomes a Subsidiary, or is merged with or consolidated into one of the Loan Parties, or any of their Subsidiaries, after the date hereof (provided that (i) such Indebtedness exists at the time such person becomes a Subsidiary, or is merged with or consolidated into one of the Loan Parties, or any of their Subsidiaries and is not created in contemplation of or in connection with such person becoming a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this subsection 6.01(k) shall not exceed $15,000,000 at any time outstanding) and any refinancings, renewals and replacements of any such Indebtedness that do not (x) increase the outstanding principal amount thereof or (y) result in a maturity date that is prior to, or decrease the weighted average life thereof for the period ending before, the earlier of (A) 180th day following the Maturity Date and (B) the date on which such original Indebtedness matured);”

 

	 	2.4 	Article VI, Section 6.01(t) is hereby amended by deleting the “and” after the “;” at the end of such section.
	 	 	 
	 	2.5 	Article VI, Section 6.01(u) is hereby amended by deleting the “.” at the end of such section and replacing it with “;”.
	 	 	 
	 	2.6 	Article VI, Section 6.01 is hereby amended by adding the following new subsections at the end thereof:

 

“(v)          unsecured senior Indebtedness incurred by any Loan Party or any of their Subsidiaries; provided, that (i) at the time of the incurrence of such Indebtedness, both before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, (ii) the Cash Flow Leverage Ratio, at the time of and after giving effect (including giving effect on a Pro Forma Basis) to the incurrence of such Indebtedness shall be at least 0.25 to 1.00 less than the maximum Cash Flow Leverage Ratio then permitted by Section 6.12, (iii) the aggregate principal amount of all such Indebtedness (other than Guarantees by Subsidiaries of Indebtedness of any Borrower) incurred by the Subsidiaries pursuant to this subsection 6.01(v) does not exceed $40,000,000 at any one time outstanding and (iv) such Indebtedness shall have a maturity date at least 91 days after the Maturity Date and shall require no scheduled or other mandatory payment of principal (including any payment at the option of the holders of such Indebtedness and any payment pursuant to a sinking fund obligation, but excluding any payment required upon the occurrence of a change in control, however defined in the documents governing such Indebtedness) prior to the 91st day following the Maturity Date; and

 

(w)            unsecured Indebtedness incurred by any Loan Party or any of their Subsidiaries; provided, that (i) at the time of the incurrence of such Indebtedness, both before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing, (ii) the Cash Flow Leverage Ratio at the time of and after giving effect (including giving effect on a Pro Forma Basis) to the incurrence of such Indebtedness shall not exceed the maximum Cash Flow Leverage Ratio then permitted by Section 6.12, (iii) such Indebtedness shall be expressly subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent and (iv) such Indebtedness shall have a maturity date at least 91 days after the Maturity Date and shall require no scheduled or other mandatory payment of principal (including any payment at the option of the holders of such Indebtedness and any payment pursuant to a sinking fund obligation, but excluding any payment required upon the occurrence of a change in control, however defined in the documents governing such Indebtedness) prior to the 91st day following the Maturity Date.”

  

3

  

 

	 	2.7	Article VI, Section 6.02(j) is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(j)           any Lien existing on any property or asset prior to the acquisition thereof by the Parent or any Subsidiary or existing on any property or asset of any person that becomes a Subsidiary, or is merged with, or consolidated into, any Loan Party or any Subsidiary, after the date hereof prior to the time such person becomes a Subsidiary, or is merged with or consolidated into any Loan Party or any Subsidiary; provided that (i) such Lien is not created in contemplation of, or in connection with, such acquisition or such person becoming a Subsidiary, or being merged with or consolidated into any Loan Party or any Subsidiary, as the case may be, (ii) such Lien does not apply to any other property or asset of the Parent or any Subsidiary and (iii) such Lien secures only those obligations which it secures on the date of such acquisition or the date such person becomes a Subsidiary, or is merged with or consolidated into any Loan Party or any Subsidiary, as the case may be, and extensions, renewals and replacements thereof permitted by this Agreement;”

 

	 	2.8 	Article VI, Section 6.02(y) is hereby amended by deleting “Section 6.01(t)” at the end of such section and replacing it with “Section 6.01(s)”.
	 	 	 
	 	2.9 	Article VI, Section 6.02(z) is hereby amended by deleting the “and” after the “;” at the end of such section.
	 	 	 
	 	2.10 	Article VI, Section 6.02(aa) is hereby amended by deleting the “.” at the end of such section and replacing it with “; and”.
	 	 	 
	 	2.11 	Article VI, Section 6.02 is hereby amended by adding the following new subsection at the end thereof:

 

“(bb)       Liens deemed to exist by reason of (x) any encumbrance or restriction (including put and call arrangements) with respect to any joint venture or similar arrangement or (y) any encumbrance or restriction imposed by any contract for the sale by the Parent or any of the Subsidiaries of any of the Equity Interests of its subsidiaries, or any business unit or division or assets permitted pursuant to this Agreement.”

 

	 	2.12 	Article VI, Section 6.04(a) is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(a) (i) investments by the Parent and the Subsidiaries existing on the date hereof in the Equity Interests of the Subsidiaries and (ii) additional investments by the Parent and the Subsidiaries in the Equity Interests of persons that are Subsidiaries at the time such investments are made (including Subsidiaries organized after the date hereof by the Parent or existing Subsidiaries); provided that (A) any such Equity Interests held by a Loan Party shall, subject to the limitations applicable to Equity Interests of a Foreign Subsidiary referred to in the definition of the term “Guarantee and Collateral Requirement”, be pledged as required by the Security Agreement and (B) with respect to investments by Loan Parties in Subsidiaries (other than New Subsidiaries, Designated HMO Subsidiaries, Designated Insurance Subsidiaries, HMO Subsidiaries, Insurance Subsidiaries and Joint Ventures) that are not Loan Parties (determined without regard to any write-downs or write-offs of such investments), at the time of such investment, the Cash Flow Leverage Ratio both at the time of and after giving effect to (including giving effect on a Pro Forma Basis) each such investment shall be at least 0.25 to 1.00 less than the maximum Cash Flow Leverage Ratio then permitted by Section 6.12;”

  

4

  

 

2.13            Article VI, Section 6.04(h) is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(h)    any Loan Party or any of the Subsidiaries may acquire all or a substantial portion of the assets of a person or line of business of such person, or greater than 50% of the Equity Interests of a person (referred to herein as the “Acquired Entity”); provided that (i) such acquisition was not preceded by an unsolicited tender offer for such Equity Interests by, or proxy contest initiated by, Parent or any Subsidiary; (ii) the Acquired Entity shall constitute a business permitted by Section 6.08; (iii) the Acquired Entity, if any, is organized under the laws of the United States of America or any State thereof or Puerto Rico or the District of Columbia and at least 80% of the consolidated gross operating revenues of such Acquired Entity for the most recently completed period of twelve months were derived from domestic operations in the United States of America, any State thereof or Puerto Rico or the District of Columbia; and (iv) at the time of such acquisition (A) both before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and the sum of (x) unrestricted and unencumbered cash maintained by the Loan Parties and (y) the aggregate Available Revolving Commitments shall not be less than $50,000,000; (B) the Parent would be in Pro Forma Compliance; (C) the Cash Flow Leverage Ratio at the time of and after giving effect (including giving effect on a Pro Forma Basis) to such acquisition shall be at least 0.25 to 1.00 less than the maximum Cash Flow Leverage Ratio then permitted by Section 6.12; and (D) the consolidated EBITDA of the Acquired Entity (determined in a manner substantially similar to the manner of determination of the Consolidated EBITDA of the Parent) for the most recently completed period of four consecutive fiscal quarters ending prior to such acquisition shall not exceed the amount equal to the quotient obtained by dividing (x) Consolidated EBITDA of the Parent for the most recently completed period of four consecutive fiscal quarters for which financial statements shall have been delivered to the Administrative Agent, calculated on a Pro Forma Basis in respect of such acquisition, by (y) four; and (iv) the Parent shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Parent confirming compliance with subclauses (i) through (iii) above, together with all relevant financial information for the Acquired Entity and reasonably detailed calculations demonstrating satisfaction of the requirements set forth in subclause (iii) above (any acquisition of an Acquired Entity meeting all the criteria of this clause being referred to herein as a “Permitted Acquisition”);”

 

2.14            Article VI, Section 6.04(t) is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(t)     investments by any Subsidiary in any other Subsidiary; provided that such investments may not be made at any time after the occurrence and during the continuance of a Default or Event of Default, provided, further, that the Cash Flow Leverage Ratio at the time of and after giving effect (including giving effect on a Pro Forma Basis) to each such investment shall be at least 0.25 to 1.00 less than the maximum Cash Flow Leverage Ratio then permitted by Section 6.12.”

  

5

  

 

	 	2.15	Article VI, Section 6.04(w) is hereby amended by deleting the “and” after the “;” at the end of such section.
	 	 	 
	 	2.16	Article VI, Section 6.04(x) is hereby amended by deleting the “.” at the end of such section and replacing it with “; and”.
	 	 	 
	 	2.17	Article VI, Section 6.04 is hereby amended by adding the following new subsection at the end thereof:

 

“(y)    investments in Joint Ventures, provided, however, the Cash Flow Leverage Ratio at the time of and after giving effect (including giving effect on a Pro Forma Basis) to each such investment shall be at least 0.25 to 1.00 less than the maximum Cash Flow Leverage Ratio then permitted by Section 6.12.”

 

	 	2.18	Article VI, Section 6.05(a) is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(a)  Merge into or consolidate with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all the assets (whether now owned or hereafter acquired) of any Borrower, or any Equity Interests of any Borrower, or less than all of the Equity Interests of any Subsidiary (other than a Borrower), or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or any substantial part of the assets of any other person, except that (i) the Parent and any Subsidiary may purchase and sell inventory machinery, equipment and other tangible assets and Permitted Investments in the ordinary course of business, (ii) if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing (1) any Subsidiary or Joint Venture (other than a Borrower) may merge into, or consolidate or amalgamate with, or purchase or acquire the assets of (or engage in a disposition to) a Loan Party in a transaction in which such Loan Party is the surviving corporation, (2) any Subsidiary or Joint Venture (other than a Borrower) may merge into, or consolidate or amalgamate with, any other Subsidiary or Joint Venture in a transaction in which the surviving entity is a Subsidiary (provided that if any party to any such transaction is a Loan Party, the surviving entity of such transaction shall be a Loan Party) and (3) the Loan Parties and the Subsidiaries may make Permitted Acquisitions, (iii) the HMO Subsidiaries and the Insurance Subsidiaries may merge into, or consolidate or amalgamate with, or purchase or acquire the assets of (or engage in a disposition to) any other HMO Subsidiary, Insurance Subsidiary or Subsidiary of an HMO Subsidiary or Insurance Subsidiary and (iv) any Subsidiary or Joint Venture that is not a Loan Party may merge into, or consolidate or amalgamate with, or purchase or acquire the assets of (or engage in a disposition to) any Subsidiary or Joint Venture that is not a Loan Party.”

 

	 	2.19	Article VI, Section 6.05(b)(ii) is hereby amended by deleting the reference to “6.05(c)” and replacing it with “6.05(b)” and by deleting the “and” after the “;” at the end of such section.

 

	 	2.20	Article VI, Section 6.05(b)(iii) is hereby amended by deleting the “.” at the end of such section and replacing it with “; and”.

 

  

6

  

 

 

2.21           Article VI, Section 6.05(b) is hereby amended by adding the following new subsection at the end thereof:

 

   “(iv)           Asset Sales by the Parent or any of its subsidiaries to Joint Ventures permitted pursuant to Section 6.04(y) and Asset Sales of Equity Interests in Joint Ventures, provided, however, the Cash Flow Leverage Ratio at the time of and after giving effect (including giving effect on a Pro Forma Basis) to such Investment shall be at least 0.25 to 1.00 less than the maximum Cash Flow Leverage Ratio then permitted by Section 6.12.”

 

2.22           Article VI, Section 6.06(b) is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(b)           Enter into, incur or permit to exist any agreement or other arrangement (other than, in the case of any HMO Subsidiary, Joint Venture or any Insurance Subsidiary, with a Governmental Authority regulating such Subsidiary) that prohibits, restricts or imposes any condition upon (i) the ability of any Loan Party to create, incur or permit to exist any Lien upon any of its property or assets, or (ii) the ability of any Subsidiary (other than an HMO Subsidiary or an Insurance Subsidiary) to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to any Loan Party or to Guarantee Indebtedness of any Loan Party; provided that (A) the foregoing shall not apply to restrictions and conditions imposed by law or by any Loan Document, (B) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (C) clause (i) above shall not apply to (x) customary provisions in leases and other contracts restricting the assignment thereof, (y) any Lien permitted by Section 6.02 or any document or instrument governing any such permitted Lien if such restrictions or conditions apply only to the property or assets subject to such permitted Lien and (z) Swap Agreements, (D) customary restrictions and conditions contained in agreements relating to purchase money indebtedness for property acquired, Synthetic Lease Obligations and Capital Lease Obligations permitted pursuant to Section 6.01(e) that impose restrictions on the property so acquired or subject to such obligations, (E) any agreement, license or other instrument of Person acquired by or merged or consolidated or amalgamated with, or into, any Loan Party or any Subsidiary in existence at the time of such merger, consolidations or amalgamation (but in any such case not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person other than the Person and its subsidiaries, or the property or assets of the Person and its subsidiaries so acquired, and (E) customary provisions in any joint venture agreement or similar agreement to the extent prohibiting the pledge of the Equity Interests of such Joint Venture.”

 

2.23           Article VI, Section 6.08(a) is hereby amended by deleting the text in the parenthetical and replacing it with “including, without limitation, establishment of clinics, Wholly-Owned Insurance Subsidiaries and HMO Subsidiaries”.

 

2.24           Article VI, Section 6.08(b) is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(b)           Form or acquire any Foreign Subsidiary (other than formation of a Wholly-Owned Insurance Subsidiary) or permit any person other than a Loan Party to own any Equity Interests of any Loan Party.”

  

7

  

 

                              2.25            Article VI, Section 6.10(a) is hereby amended by deleting the phrase “the greater of (i) “$65,000,000 and (ii)” and deleting “1.0%” and replacing it with “1.75%”.

 

                              2.26            Article VI, Section 6.12 is hereby amended by deleting “2.25 to 1.00” and replacing it with “2.75 to 1.00”.

 

	 	 	SECTION 3.	Representations and Warranties.  Each of the Borrowers hereby represents and warrants as follows: 

 

	 	 	 

3.1   As of the date hereof, and after giving effect to this Amendment, all of the representations and warranties contained in the Credit Agreement are true and correct in all material respects, except to the extent (a) such representations and warranties specifically relate to an earlier date, in which case, such representations and warranties shall be true and correct as of such earlier date and (ii) that any Schedule relating to any such representation and warranty was not required to be updated pursuant to the terms of the Credit Agreement (it being understood that the Administrative Agent has not requested any such update); provided that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

 

3.2   The execution, delivery and performance by each of the Borrowers of this Amendment is within such Borrower’s corporate powers, has been duly authorized by all necessary corporate action, requires no action by or in respect of, or filing with, any governmental body, agency or official, and does not contravene or constitute a default under, (i) each of the Borrower’s certificate of incorporation, as amended, or by-laws or (ii) any provision of applicable law or regulation or any contractual restriction, judgment, order, injunction, decree or other instrument binding on either of the Borrowers.

 

3.3   This Amendment has been duly executed and delivered by each of the Borrower.  This Amendment is a legal, valid and binding obligation of each of the Borrowers and is enforceable against such Borrower in accordance with its terms, except as the enforcement hereof may be subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally or to general principles of equity.

 

3.4   After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under any of the Loan Documents or will be triggered by the execution, delivery or performance of this Amendment or the consummation of the transactions contemplated hereby.

 

SECTION 4.   Conditions Precedent to Effectiveness.  This Amendment shall be effective (the “First Amendment Effective Date”) upon the satisfaction of the following:

 

4.1   (a) This Amendment shall have been duly executed and delivered by each of the Borrowers, the Administrative Agent, and the Required Lenders and (b) the Consent and Reaffirmation attached hereto shall have been duly executed and delivered by the Subsidiary Guarantors.

 

4.2   After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under the Credit Agreement or will be triggered by the execution, delivery or performance of this Amendment or the consummation of the transactions contemplated hereby.

 

  

8

  

4.3   The Administrative Agent shall have received, for the account of each Lender party hereto, an amendment fee in an amount equal to the amount previously disclosed to the Lenders.

 

4.4   The Administrative Agent shall have received payment of the Administrative Agent’s and its affiliates’ fees and reasonable documented out-of-pocket expenses (including reasonable documented out-of-pocket fees and expenses of counsel for the Administrative Agent) in connection with this Amendment.

 

SECTION 5.   Reference to and Effect on the Credit Agreement

 

5.1   Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

 

5.2   Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

 

5.3   Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

SECTION 6.   Miscellaneous.

 

6.1   GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

6.2   Headings.  The headings contained in this Amendment are solely for convenience and shall not be used or relied upon in any manner in the construction or interpretation of this Amendment.

 

6.3    Counterparts.  This Amendment may be executed in any number of counterparts, each of which, when so executed and delivered, shall be deemed an original, and all such counterparts, taken together, shall constitute one and the same Amendment.  Delivery of an executed counterpart of a signature page to this Amendment by electronic means shall be as effective as delivery of a manually executed counterpart.

[Signature pages follow]

  

9

  

IN WITNESS WHEREOF, this Amendment has been duly executed as of the date hereof.

 

	 	 	
THE WELLCARE MANAGEMENT GROUP, INC., as a Borrower

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Thomas L. Tran	 
	 	 	 	Name: Thomas L. Tran	 
	 	 	 	Title: SVP & CFO	 
	 	 	 	 	 

 

 

 

	 	 	
WELLCARE HEALTH PLANS, INC., as a Borrower

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Thomas L. Tran	 
	 	 	 	Name: Thomas L. Tran	 
	 	 	 	Title: SVP & CFO	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

 

  

 

	 	 	
JPMORGAN CHASE BANK, N.A., as Administrative Agent and individually as a Lender

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Robert L. Mendoza	 
	 	 	 	Name: Robert L. Mendoza	 
	 	 	 	Title: Senior Vice President	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

 

  

 

	 	 	Name of Lender:	 
	 	 	 	 
	 	 	
Wells Fargo Bank, National Association

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Leslie Fredericks	 
	 	 	 	Name: Leslie Fredericks	 
	 	 	 	Title: Senior Vice President	 
	 	 	 	 	 

 

	 	 	
For any Lender requiring a second siganture line:

	 
	 	 	
 

 

	 
	 	 	By:	/s/ 	 
	 	 	 	Name: 	 
	 	 	 	Title: 	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

  

  

 

	 	 	Name of Lender:	 
	 	 	 	 
	 	 	
SunTrust Bank

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Mary E. Coke	 
	 	 	 	Name: Mary E. Coke	 
	 	 	 	Title: Vice President	 
	 	 	 	 	 

 

	 	 	
For any Lender requiring a second siganture line:

	 
	 	 	
 

 

	 
	 	 	By:	/s/ 	 
	 	 	 	Name: 	 
	 	 	 	Title: 	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

 

  

 

	 	 	Name of Lender:	 
	 	 	 	 
	 	 	

U.S. Bank, National Association

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Joseph M. Schnorr	 
	 	 	 	Name: Joseph M. Schnorr	 
	 	 	 	Title: Vice President	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

 

  

 

	 	 	Name of Lender:	 
	 	 	 	 
	 	 	

UNION BANK, N.A.

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Sarah Willett	 
	 	 	 	Name: Sarah Willett	 
	 	 	 	Title: Vice President	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

 

  

 

	 	 	Name of Lender:	 
	 	 	 	 
	 	 	

Goldman Sachs Bank USA

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Michelle Latzoni	 
	 	 	 	Name: Michelle Latzoni	 
	 	 	 	Title: Authorized Signatory	 
	 	 	 	 	 

 

 

	 	 	
For any Lender requiring a second siganture line:

	 
	 	 	
 

 

	 
	 	 	By:	/s/ 	 
	 	 	 	Name: 	 
	 	 	 	Title: 	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

 

  

 

	 	 	Name of Lender:	 
	 	 	 	 
	 	 	

Hancock Bank, as successor by merger to Whitney National Bank, N.A.

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Kenneth C. Misemer	 
	 	 	 	Name: Kenneth C. Misemer	 
	 	 	 	Title: Vice President, Commercial Banking	 
	 	 	 	 	 

 

 

	 	 	
For any Lender requiring a second siganture line:

	 
	 	 	
 

 

	 
	 	 	By:	/s/ 	 
	 	 	 	Name: 	 
	 	 	 	Title: 	 
	 	 	 	 	 

[Signature Page to First Amendment]

  

 

  

 

	 	 	

MORGAN STANLEY BANK, N.A., as a Lender

	 
	 	 	
 

 

	 
	 	 	By:	/s/ Penny Tsekouras	 
	 	 	 	Name: Penny Tsekouras	 
	 	 	 	Title: Authorized Signatory	 
	 	 	 	 	 

 

[Signature Page to First Amendment]

  

 

  

CONSENT AND REAFFIRMATION

 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing First Amendment to the Credit Agreement dated as of August 1, 2011 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”) by and among WellCare Health Plans, Inc., The WellCare Management Group, Inc., the financial institutions from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), which First Amendment is dated as of July 20, 2012 (the “Amendment”).  Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.  Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Credit Agreement and any other Loan Document executed by it and acknowledges and agrees that such Credit Agreement and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  All references to the Credit Agreement contained in the above-referenced documents and herein shall be a reference to the Credit Agreement as so modified by the Amendment.

 

Dated:  July 20, 2012

 

[Signature Page Follows]

  

 

  

 

	
WCG HEALTH MANAGEMENT, INC.

	
HARMONY BEHAVIORAL HEALTH, INC.

	
 

 

By: /s/ Thomas L. Tran                                                                   

	
By: /s/ Thomas L. Tran                                                                                  

	
Name: Thomas L. Tran

	
Name: Thomas L. Tran

	
Title: SVP & CFO

	
Title: SVP & CFO

	
 

 

 

HARMONY BEHAVIORAL HEALTH IPA, INC.

	
 

 

 

COMPREHENSIVE HEALTH MANAGEMENT, INC.

	
 

 

 

By: /s/ Thomas L. Tran                                                                   

	
By: /s/ Thomas L. Tran                                                                                 

	
Name: Thomas L. Tran

	
Name: Thomas L. Tran

	
Title: SVP & CFO

	
Title: SVP & CFO

	
 

 

 

HARMONY HEALTH SYSTEMS, INC.

	
 

 

 

WELLCARE PHARMACY BENEFITS MANAGEMENT, INC.

	
 

 

 

By: /s/ Thomas L. Tran                                                                   

	
By: /s/ Thomas L. Tran                                                                                 

	
Name: Thomas L. Tran

	
Name: Thomas L. Tran

	
Title: SVP & CFO

	
Title: SVP & CFO

	
 

 

 

 

WELLCARE SPECIALTY PHARMACY, INC.

	  
	
 

 

 

By: /s/ Thomas L. Tran                                                                   

	  
	
Name: Thomas L. Tran

	  
	
Title: SVP & CFO

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