Coventry EVP Harvey DeMovick to Receive $2.96M Stock Grant under Revised Employee Agreement

Posted February 9, 2012

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Coventry Health Care, Inc. (NYSE:CVH) amended the employee agreement with Executive Vice President, Harvey C. DeMovick, Jr.

According to the terms of the amendment:

• The term of DeMovick's employment is extended until December 31, 2013;

• As of January 1, 2012, DeMovick's annual target bonus is an amount equal to 75% of his base salary and is based on performance criteria set annually by the Compensation Committee;

• DeMovick will receive a 2012 grant of restricted share units and performance share units with a value of $2,950,000 that would vest upon the achievement of certain performance criteria (earnings per share and revenue) and, if applicable, will be settled in cash in mid-February 2014; and

• On January 1, 2013, DeMovick will receive a grant of restricted share units and performance share units with a value of $2,950,000 that would vest upon the achievement of certain performance criteria (earnings per share and revenue) and, if applicable, will be settled in cash in mid-February 2014

DeMovick, Jr. rejoined Coventry in March 2009 and was elected Executive Vice President in May 2009. From July 2007 to March 2009, DeMovick had retired from the company and was a private investor and business consultant. From January 2005 to July 2007, DeMovick was an Executive Vice President. He served as Coventry's Chief Information Officer from April 2001 to July 2007 and managed its Customer Service Operations from September 2001 to July 2007.

Coventry Health Care Inc.

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Coventry Health Care, Inc.