Delaware
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42-1406317
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(State or Other Jurisdiction of
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(I.R.S. Employer
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Incorporation or Organization)
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Identification No.)
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Items to be Included in this Report
The agreements generally provide that, if within 24 months following a change in control (as defined), the executive's employment is terminated by us other than for cause (as defined in the agreements) or by the executive for good reason (as defined), the executive will receive a cash payment equal to the sum of (a) an amount equal to 24 months of salary, (b) the average of the executive's last two annual bonuses and (c) a prorated annual bonus for the year in which the termination occurs. The executive also will receive 18 months of medical coverage, and the executive's existing equity awards will vest in full.
The agreements also generally provide that, if an executive's employment is terminated by us other than for cause or by the executive for good reason in the absence of a change in control, the executive will receive 12 months of salary continuation, a prorated annual bonus for the year in which the termination occurs, 12 months of medical coverage, and 12 months of continued vesting of the executive's existing equity awards.
In the agreements, the executives agree to non-competition and non-solicitation provisions that extend through the first anniversary of termination of employment, regardless of the reason for termination.
The form of the agreements is included as Exhibit 10.1 to this current report. The above description is qualified in its entirety by reference to such form.
10.1 Form of Executive Severance and Change in Control Agreement
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Centene Corporation
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Date: May 23, 2005.
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By:
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/s/ Michael F. Neidorff
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Michael F. Neidorff
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Chairman and CEO
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Exhibit No.
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Description
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EX-10.1
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Form of Executive Severance and Change in Control Agreement
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