EXHIBIT D
THIS WARRANT AND THE SECURITIES ISSUABLE UPON ITS EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE SECURITIES
ACT OR IN A TRANSACTION WHICH, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY
TO COVENTRY HEALTH CARE, INC., IS EXEMPT FROM SUCH REGISTRATION.
COVENTRY HEALTH CARE, INC.
COMMON STOCK PURCHASE WARRANT
Attached hereto as Exhibit 1 is a list (the "Option List") of issued and
outstanding options (each, an "Option"), and warrants (each, a "Warrant," and
together with the Options the "Option Securities") that give the respective
holders thereof the right to acquire shares of Common Stock, par value $0.01 per
share (the "Common Stock"), of COVENTRY HEALTH CARE, INC., a Delaware
corporation (the "Company"). The Option List sets forth the name of each holder
of an Option Security, the date on which such Option Security may be exercised,
the date on which such Option Security expires, and the exercise price per share
of Common Stock issuable upon the exercise of such Option Security. Reference is
made herein to that certain Capital Contribution and Merger Agreement (effective
as of November 3, 1997, and amending and restating the Capital Contribution and
Share Exchange Agreement dated November 3, 1997), executed on December 19, 1997
(the "Merger Agreement"), by and among the Company, Coventry Health Care, Inc.
(a Maryland corporation), Coventry Corporation, a Tennessee corporation,
Principal Mutual Life Insurance Company, an Iowa mutual insurance company
("Principal Mutual"), Principal Holding Company, an Iowa corporation, and
Principal Health Care, Inc., an Iowa corporation ("Principal"). Capitalized
terms not herein defined shall have the meanings ascribed thereto in the Merger
Agreement.
The Company hereby certifies that, for value received, Principal or its
successor or assigns (the "Holder"), is entitled, subject to the terms set forth
below, to purchase from the Company, at any time and from time to time during
the period beginning on the date hereof and ending on the latest date of
expiration set forth on the Option List (the "Exercise Period") for each Option
Security set forth on the Option List (and only during the period from the date
each such Option Security is exercised and ending on the later of the
termination date of the Option Security without regard to the actual date of
exercise by the holder of the Option Security, or the thirtieth day after Holder
receives notice from the Company of the exercise of the Option Security) a
corresponding number of shares of Common Stock equal to 66 2/3% of the number of
shares of Common Stock purchasable under such Option Security, at the exercise
price set forth on the Option List for such Option Security, provided that in
the event any Option Security shall not have been exercised and shall be
cancelled, then the right to purchase hereunder shall be correspondingly reduced
by 66 2/3% of the number of shares of Common Stock covered by such cancelled
option. This Warrant is herein called the "Principal Warrant."
1. EXERCISE OF WARRANT.
1.1 Delivery of Exercise Notice. During the Exercise Period, on or before
the fifth business day immediately following the last calendar day of March,
June, September and December during each year of the Exercise Period, and at
least twenty (20) days before any meeting of the Company's shareholders or any
other action involving a vote of the Company's Common Stock, the chief financial
officer of the Company shall deliver to the Holder a written notice (each, a
"Warrant Notice") that sets forth (i) the number of shares of Common Stock that
the Holder shall thereafter be entitled to purchase, which number shall be equal
to the product of (x) 66 2/3% and (y) the number of shares of Common Stock that
were issued by the Company upon the exercise of any Option Securities since the
last Warrant Notice through the record date for the shareholder meeting or
voting event requiring the immediate Warrant Notice or, in all other cases,
through the period ending thirty (30) days before such Warrant Notice; (ii) the
price per share (the "Notice Price") received by the Company upon such exercise
of each of such Option Securities; and (iii) a description of any Option
Securities that have expired or have been canceled during the same period.
1.2 Exercise. The purchase rights evidenced by this Warrant shall be
exercised by the Holder delivering to the Company a written notice substantially
in the form attached as Exhibit 2 hereto (the "Exercise Notice"), duly executed
by such Holder, accompanied by payment (the "Exercise Payment") of an amount
equal to the Notice Price multiplied by the number of shares being purchased
pursuant to such exercise, payable as follows: (a) by payment to the Company in
cash, by check, or by wire transfer of the Exercise Payment, or (b) by surrender
to the Company for cancellation of securities of the Company having a Market
Price (as hereinafter defined) on the date of exercise equal to the Exercise
Payment.
For purposes hereof, the term "Market Price" shall mean (a) if the Common
Stock is traded on a national securities exchange, the last reported sale price
of a share of Common Stock, regular way on such date or, in case no such sale
takes place on such date, the average of the closing bid and asked prices
thereof regular way on such date, in either case as officially reported on the
principal national securities exchange on which the Common Stock is then listed
or admitted for trading, or, (b) if the Common Stock is not then listed or
admitted for trading on any national securities exchange but is designated as a
national market system security by the National Association of Securities
Dealers, Inc. ("NASD"), the last reported trading price of the Common Stock on
such date, or (c) if not listed or admitted to trading on any national
securities exchange or designated as a national market system security, the
average of the reported bid and asked price of the Common Stock on such date in
the over-the-counter market as furnished by the National Quotation Bureau, Inc.,
or, if such firm is not then engaged in the business of reporting such prices,
as furnished by any member of the NASD selected by the Company or, (d) if the
shares of Common Stock are not so publicly traded, the fair market value
thereof, as determined in good faith by the Board of Directors of the Company.
2. DELIVERY OF STOCK CERTIFICATES ON EXERCISE. As soon as practicable after
any exercise of this Principal Warrant and receipt of the Exercise Payment, and
in any event within ten business days thereafter, the Company, at its expense,
will cause to be issued in the name of and delivered to the Holder a certificate
or certificates for the number of fully paid and non-assessable shares of Common
Stock or property to which such holder shall be entitled upon such exercise,
plus, in lieu of any fractional share to which such holder would otherwise be
entitled, cash in an amount determined in accordance with Section 3.5 hereof.
The Company agrees that the shares so purchased shall be deemed to be issued to
the holder hereof as the record owner of such shares as of the close of business
on the date the Exercise Notice shall have been delivered and payment made for
such shares as aforesaid.
3. OTHER ADJUSTMENTS. The number of shares of Common Stock issuable upon
exercise of this Principal Warrant shall be subject to adjustment from time to
time in accordance with this Section 3.
3.1 Cancellation or Expiration of Option Convertible Securities. If any
Option Security shall expire or shall be canceled without being exercised, in
whole or in part, and any obligation of the Company to issue shares of Common
Stock thereunder shall terminate, then the right of the Holder to acquire any
shares of Common Stock relating to such canceled Option Security shall
immediately terminate and no longer be in effect.
3.2 Principal Warrant Adjustment. In the event the Exercise Price and/or
the number of shares underlying any Option Security shall be adjusted as a
result of the anti-dilution rights pertaining to such Option Security, then this
Principal Warrant shall likewise be adjusted with respect to such Option
Security.
3.3 Reorganization, Reclassification, Consolidation, Merger or Sale of
Assets. If any capital reorganization or reclassification of the capital stock
of the Company, or consolidation or merger of the Company with another
corporation, or the sale of all or substantially all of its assets to another
corporation shall be effected in such a way that holders of Common Stock shall
be entitled to receive stock, securities, cash or other property with respect to
or in exchange for Common Stock, then, as a condition of such reorganization,
reclassification, consolidation, merger or sale, lawful and adequate provision
shall be made whereby the holder of this Principal Warrant shall have the right
to acquire and receive upon exercise of this Principal Warrant such shares of
stock, securities, cash or other property issuable or payable (as part of the
reorganization, reclassification, consolidation, merger or sale) with respect to
or in exchange for such number of outstanding shares of the Company's Common
Stock (the "Reorganization Consideration") as shall equal the product of (x)
forty percent (40%) and (y) any Reorganization Consideration payable to the
holders of the Option Securities in connection with their ownership of such
Option Securities.
3.4 Adjustment by Board of Directors. If any event occurs as to which, in
the opinion of the Board of Directors of the Company, the provisions of this
Section 3 are not strictly applicable or if strictly applicable would not fairly
protect the rights of the holder of this Principal Warrant in accordance with
the essential intent and principles of such provisions, then the Board of
Directors shall make an adjustment in the application of such provisions, in
accordance with such essential intent and principles, so as to protect such
rights as aforesaid.
3.5 Fractional Shares. The Company shall not issue fractions of shares of
Common Stock upon exercise of this Principal Warrant or scrip in lieu thereof.
If any fraction of a share of Common Stock would, except for the provisions of
this Section 3.5, be issuable upon exercise of this Principal Warrant, the
Company shall in lieu thereof pay to the person entitled thereto an amount in
cash equal to the Market Price, calculated to the nearest one-hundredth (1/100)
of a share.
3.6 Officer's Statement as to Adjustments. Whenever the number of shares
issuable upon exercise of this Principal Warrant shall be adjusted as provided
in this Section 3, the Company shall deliver to the Holder, a statement, signed
by the Chief Financial Officer of the Company, showing in reasonable detail an
amended and restated Exhibit l to this Principal Warrant that will be effective
after such adjustment.
4. RESERVATION OF STOCK. The Company shall at all times reserve and keep
available out of its authorized but unissued stock, solely for the issuance and
delivery upon the exercise of this Principal Warrant, such number of its duly
authorized shares of Common Stock as from time to time shall be issuable upon
the exercise of this Principal Warrant.
5. REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Principal
Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to it, or (in the case of mutilation) upon surrender and
cancellation thereof, the Company will issue, in lieu thereof, a new warrant of
like tenor.
6. REMEDIES. The Company stipulates that the remedies at law of the Holder
in the event of any default by the Company in the performance of or compliance
with any of the terms of this Principal Warrant are not and will not be
adequate, and that the same may be specifically enforced.
7. NEGOTIABILITY, ETC. This Principal Warrant and any shares of Common
Stock issuable under this Principal Warrant may not be sold, pledged,
hypothecated or otherwise transferred except in accordance with the provisions
of that certain Shareholders' Agreement, of even date herewith, by and among the
Company, Principal and Principal Mutual.
8. NOTICES. All notices, consents, waivers, and other communications under
this Principal Warrant must be in writing and will be deemed to have been duly
given when (a) delivered by hand (with written confirmation of receipt), (b)
sent by telecopier (with written confirmation of receipt) provided that a copy
is mailed by registered mail, return receipt requested, or (c) when received by
the addressee, if sent by a nationally recognized overnight courier service
(receipt requested), in each case to the appropriate address and telecopier
number set forth below (or such other address and telecopier number as the
Company or the Principal may designate by notice to the other party):
(i) if to the Company:
Xxxx Xxxx
Coventry Health Care, Inc.
00 Xxxxxxx Xxxxxxxxx
Xxxxxxxxx, Xxxxxxxxx 00000
Telecopy Number:
with a copy to:
Xxx X. Xxxxxxxx, Esq.
Bass, Xxxxx & Xxxx PLC
0000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxxx 00000
Telecopy Number: (000) 000-0000
(ii) if to the Principal:
Xxxxxxx X. Xxxxx
Principal Health Care, Inc.
0000 Xxxxxxxxx Xxxxx
Xxxxx 000
Xxxxxxxx, Xxxxxxxx 00000
Telecopy Number:
with a copy to:
Xxxxxx X. Xxxxx, Esq.
Xxxxxxx, Xxxxxx & Green, P.C.
0000 00xx Xxxxxx, X.X., Xxxxx 000
Xxxxxxxxxx, X.X. 00000
Telecopy Number: (000) 000-0000
and
Xxxxxx X. Xxxxxx, Esq.
Principal Health Care, Inc.
0000 Xxxx0xxxx Xxxxx
Xxxxx 000
Xxxxxxxx, XX 00000
Telecopy Number: (000) 000-0000
and
Xxxx Xxxxx
Principal Mutual Life Insurance Company
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Telecopy Number: (000) 000-0000
and
Xxxxx X. Xxxxx Esq.
Principal Mutual Life Insurance Company
000 Xxxx Xxxxxx
Xxx Xxxxxx, Xxxx 00000
Telecopy Number: (000) 000-0000
9. HEADINGS, ETC. The headings in this Principal Warrant are for purposes
of reference only, and shall not limit or otherwise affect the meaning hereof.
10. CHANGE, WAIVER, ETC. Neither this Principal Warrant nor any term hereof
may be changed, waived, discharged or terminated orally but only by an
instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought.
11. GOVERNING LAW. THIS PRINCIPAL WARRANT SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES IN EFFECT THEREIN.
IN WITNESS WHEREOF, COVENTRY HEALTH CARE, INC. has caused its duly
authorized officer to execute this Principal Warrant in its name and on its
behalf on the 31st day of March 31, 1998.
ATTEST: COVENTRY HEALTH CARE, INC.
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxx X. Xxxx
Name: Xxxxxxx X. Xxxxx Name: Xxxx X. Xxxx
Title: Secretary Title: President
Dated: Xxxxx 00, 0000
Xxxxxxxx Corporation PERSONNEL SUMMARY PAGE 1
AS OF 3/31/98 File: Persnl
Date: 3/31/98
Shares Outstanding is greater than 0 Time: 2:09:06 PM
Option Option Plan/ Exer- Can- Un- Out- Exer-
Name ID Number Date Type Shares Price cised Vested celled vested standing cisable
-------------------- ----------- ------- -------- -------- --------- -------- ------ --------- ------- --------- --------- ---------
Xxxxxx, Xxxxxxxx ###-##-#### 000580 7/15/97 1993/NQ 15,000 $15.9375 0 0 0 15,000 15,000 0
Xxxxx, Xxxxxxxx ###-##-#### 000711 7/15/97 1997/NQ 750 $15.9375 0 0 0 750 750 0
Xxxxx, Xxxxxxxx X. ###-##-#### 000162 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
000581 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
R00218 9/6/96 1993/NQ 500 $12.7500 0 250 0 250 500 250
Xxxxx, Xxxxxxxx ###-##-#### 000575 7/15/97 1993/NQ 2,000 $15.9375 0 0 0 2,000 2,000 0
C00057 9/12/96 1993/NQ 2,000 $12.5000 0 0 0 2,000 2,000 0
Xxxxxx Xxxxxx D. ###-##-#### 000551 11/13/96 1993/NQ 40,000 $11.0000 10,000 10,000 0 30,000 30,000 0
000596 7/15/97 1993/NQ 6,000 $15.9375 0 0 0 6,000 6,000 0
Austin, M.D. Xxxx X. ###-##-#### 000004 12/14/89 1989/NQ 1,668 $5.0000 0 1,668 0 0 1,668 1,668
000005 12/14/89 1989/NQ 1,666 $8.3750 0 1,666 0 0 1,666 1,666
000134 1/1/93 93D/NQ 2,000 $11.3150 0 2,000 0 0 2,000 2,000
000135 1/1/94 93D/NQ 2,000 $21.2500 0 2,000 0 0 2,000 2,000
000136 1/1/95 93D/NQ 2,000 $24.5000 0 2,000 0 0 2,000 2,000
000498 1/1/96 93D/NQ 6,000 $20.6250 0 6,000 0 0 6,000 6,000
000556 1/1/97 93D/NQ 6,000 $9.2656 0 6,000 0 0 6,000 6,000
000720 1/1/98 93D/NQ 6,000 $15.2500 0 0 0 6,000 6,000 0
Xxxxxxx, Xxx ###-##-#### 000662 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
Xxxx, Xxxxx ###-##-#### 000597 7/15/97 1993/NQ 1,250 $15.9375 0 0 0 1,250 1,250 0
Xxxxxx, Xxx ###-##-#### 000663 7/15/97 1993/NQ 3,500 $15.9375 0 0 0 3,500 3,500 0
Xxxxxx, Xxxxxx ###-##-#### 000598 7/15/97 1993/NQ 2,000 $15.9375 0 0 0 2,000 2,000 0
Xxxxxx, Xxxxxx ###-##-#### 000447 7/28/95 1993/NQ 2,500 $15.8750 0 625 1,875 0 625 625
000631 7/15/97 1993/NQ 4,000 $15.9375 0 0 0 4,000 4,000 0
R00012 9/8/96 1993/NQ 1,875 $12.7500 0 625 0 1,250 1,875 625
Xxxxxxxx, Xxxxxxx ###-##-#### 000685 7/15/97 1993/NQ 1,500 $15.9375 0 0 0 1,500 1,500 0
Xxxxxxx, Xxxxxx X. ###-##-#### 000008 7/1/94 1989/NQ 60,000 $18.1250 0 45,000 0 15,000 60,000 45,000
Xxxxxx, Xxxxxx X. ###-##-#### 000565 4/17/97 1993/NQ 100,000 $11.7500 0 0 0 100,000 100,000 0
Xxxxxxx, Xxxxxx ###-##-#### 000599 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
Xxxxx, Xxxxxxxx ###-##-#### 000600 7/15/97 1993/NQ 1,250 $15.9375 0 0 0 1,250 1,250 0
Xxxxxx, Xxxxx X. ###-##-#### 000176 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
000446 7/28/95 1993/NQ 2,500 $15.8750 0 625 1,875 0 625 625
000632 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
R00018 9/6/98 1993/NQ 500 $12.7500 0 250 0 250 500 250
R00019 9/6/96 1993/NQ 1,875 $12.7500 0 625 0 1,250 1,675 625
Xxxxx, Xxxxxxx X. ###-##-#### 000706 9/2/97 1997/NQ 50,000 $17.4375 0 0 0 50,000 50,000 0
Brahmam, Manu ###-##-#### 000177 7/1/94 1993/NQ 250 $18.1250 0 126 124 0 126 126
000601 7/15/97 1993/NQ 1,800 $15.9375 0 0 0 1,800 1,800 0
R00020 9/6/96 1993/NQ 124 $12.7500 0 62 0 62 124 62
R00021 9/6/96 1993/NQ 100 $12.7500 0 25 0 75 100 25
Xxxxxx, Xxxx ###-##-#### 000633 7/15/97 1993/NQ 250 $15.9375 0 0 0 250 250 0
Xxxxxxx, Xxxxx X. ###-##-#### 000179 7/1/94 1993/NQ 1,000 $18.1250 250 500 500 0 250 250
R00023 9/6/98 1993/NQ 500 $12.7500 0 250 0 250 500 250
Xxxxxxxxx, Xxxx ###-##-#### 000602 7/15/97 1993/NQ 1,250 $15.9375 0 0 0 1,250 1,250 0
Xxxxxx, Xxxxxx X. ###-##-#### 000183 7/1/94 1993/NQ 800 $18.1250 0 400 400 0 400 400
000664 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
R00026 9/6/96 1993/NQ 400 $12.7500 0 200 0 200 400 200
Xxxxxx, Xxxx X. ###-##-#### 000563 3/27/97 1993/NQ 12,500 $11.6250 0 3,125 0 9,375 12,500 3,125
Cable, Xxxxxxxx X. ###-##-#### 000185 7/1/94 1993/NQ 2,500 $18.1250 0 1,250 1,250 0 1,250 1,250
000634 7/15/97 1993/NQ 4,000 $15.9375 0 0 0 4,000 4,000 0
R00028 9/6/96 1993/NQ 1,250 $12.7500 0 625 0 625 1,250 625
Xxxxxxxx, Xxxx HCUSANEW 000728 2/24/98 1997/NQ 5,000 $16.3125 0 0 0 5,000 5,000 0
Xxxxxxx, Xxxxxx X. ###-##-#### 000548 10/14/96 1993/NQ 100,000 $10.5625 0 25,000 0 75,000 100,000 25,000
Champion, Xxxx X. ###-##-#### 000487 7/28/95 1993/NQ 500 $15.8750 0 125 375 0 125 125
000665 7/15/97 1993/NQ 2,000 $15.9375 0 0 0 2,000 2,000 0
R00030 9/6/96 1993/NQ 375 $12.7500 0 125 0 250 375 125
Xxxxx, Xxxxxx X. ###-##-#### 000189 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
R00031 9/6/96 1993/NQ 500 $12.7500 0 250 0 250 500 250
Xxxx Xxxxxxxxx ###-##-#### 000582 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
Xxxx, Xxxxxxx X. ###-##-#### 000190 7/1/94 1993/NQ 500 $18.1250 0 250 250 0 250 250
000603 7/15/97 1993/NQ 1,800 $15.9375 0 0 0 1,800 1,800 0
R00033 9/6/96 1993/NQ 250 $12.7500 0 125 0 125 250 125
Condo, Xxxxx ###-##-#### 000635 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
Xxxx, Xxxxx ###-##-#### C00059 9/12/96 1993/NQ 2,000 $12.5000 0 0 0 2,000 2,000 0
Coronado, M.D., Xxxx ###-##-#### 000530 7/15/96 1993/NQ 10,000 $12.1250 0 2,500 7,500 0 2,500 2,500
000561 3/27/97 1993/NQ 25,000 $11.6250 0 6,250 18,750 0 6,250 6,250
D'Antonio, Xxxxx GHP32398 00000731 3/23/98 1997/NQ 10,000 $17.1250 0 0 0 10,000 10,000 0
Xxxxx, Xxxxx ###-##-#### 000576 7/15/97 1993/NQ 7,500 $15.9375 0 0 0 7,500 7,500 0
RR0002 7/15/97 1993/NQ 625 $15.9375 0 0 0 625 625 0
Xxxxx, Xxxxxxx ###-##-#### 000636 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
XxXxxxxx, Xxxxxxxx ###-##-#### 000020 8/16/90 1989/NQ 1,668 $5.0000 0 1,668 0 0 1,668 1,668
000021 8/16/90 1989/NQ 1,666 $7.5000 0 1,666 0 0 1,666 1,666
000137 1/1/93 93D/NQ 2,000 $11.3150 0 2,000 0 0 2,000 2,000
000138 1/1/94 93D/NQ 2,000 $21.2500 0 2,000 0 0 2,000 2,000
000139 1/1/95 93D/NQ 2,000 $24.5000 0 2,000 0 0 2,000 2,000
000499 1/1/96 93D/NQ 2,000 $20.6250 0 2,000 0 0 2,000 2,000
000555 1/1/97 93D/NQ 2,000 $9.2656 0 2,000 0 0 2,000 2,000
000721 1/1/98 93D/NQ 2,000 $15.2500 0 0 0 2,000 2,000 0
XxXxxxxx, Xxxxxx ###-##-#### 000569 7/1/97 1989/NQ 125,000 $14.8125 0 0 0 125,000 125,000 0
Xxxxxxx, Xxxxx HBRG33098 00000729 3/30/98 1997/NQ 10,000 $16.9375 0 0 0 10,000 10,000 0
Xxxxxxxx, Xxxx X. ###-##-#### 000209 7/1/94 1993/NQ 500 $18.1250 0 250 250 0 250 250
000604 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
R00049 9/6/96 1993/NQ 250 $12.7500 0 125 0 125 250 125
R00050 9/6/98 1993/NQ 100 $12.7500 0 25 0 75 100 25
Xxxxxxxxx, Xxxx ###-##-#### 000605 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
Xxxxxxxxx, Xxxx ###-##-#### 000606 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
Xxxxx, Xxxxxx ###-##-#### 000666 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
Xxxxx, Xxxxx X. ###-##-#### 000574 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
CR0009 9/6/96 1993/NQ 5,000 $12.7500 0 0 0 5,000 5,000 0
Xxxxxx, Jr. MD,
Xxxxxxx D ###-##-#### R00052 9/6/96 1993/NQ 7,500 $12.7500 0 5,000 0 2,500 7,500 5,000
R00234 11/6/96 1993/NQ 2,000 $12.7500 0 2,000 0 0 2,000 2,000
R00235 11/6/96 1993/NQ 2,500 $12.7500 0 2,500 0 0 2,500 2,500
Xxxxxx, M.D., Civie D###-##-#### R00238 9/6/96 1993/NQ 250 $12.7500 125 125 750 125 125 0
Xxxxxxxxx, Xxxxx X. ###-##-#### 000221 8/15/94 1993/NQ 1,000 $18.7500 0 250 0 0 250 250
Xxxxxxxxx, Xxxxx X. ###-##-#### 000712 7/15/97 1997/NQ 1,000 $15.9375 0 0 0 1,000 1,000 0
R00060 9/6/98 1993/NQ 750 $12.7500 0 500 0 250 750 500
Xxxxxx, Xxxxxxx ###-##-#### 000607 7/15/97 1993/NQ 3,000 $15.9375 0 0 0 3,000 3,000 0
Xxxx, Xxx ###-##-#### 000713 7/15/97 1997/NQ 500 $15.9375 0 0 0 500 500 0
Xxxxxx, Xxxxx ###-##-#### 000608 7/15/97 1993/NQ 1,250 $15.9375 0 0 0 1,250 1,250 0
Xxxx, Xxxxxx ###-##-#### 000667 7/15/97 1993/NQ 6,000 $15.9375 0 0 0 6,000 6,000 0
R00062 9/6/96 1993/NQ 5,000 $12.7500 2,500 2,500 0 2,500 2,500 0
R00063 9/6/96 1993/NQ 5,000 $12.7500 1,250 1,250 0 3,750 3,750 0
RR0018 7/15/97 1993/NQ 625 $15.9375 0 0 0 625 625 0
Xxxxxxx J. Xxxxx ###-##-#### 000029 12/31/93 1989/NQ 1,000 $21.2500 0 1,000 0 0 1,000 1,000
Xxxxxxxx, Xxxxxxxx ###-##-#### 000226 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
000714 7/15/97 1997/NQ 750 $15.9375 0 0 0 750 750 0
R00064 9/6/96 1993/NQ 500 $12.7500 0 250 0 250 500 250
Xxxxxxxx, Xxxxx ###-##-#### 000637 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
Xxxx, Xxxxx X. ###-##-#### 000541 9/6/96 1993/NQ 10,000 $12.7500 0 2,500 0 7,500 10,000 2,500
000696 7/15/97 1989/NQ 20,000 $15.9375 0 0 0 20,000 20,000 0
R00066 9/6/96 1993/NQ 30,000 $12.7500 0 20,000 0 10,000 30,000 20,000
R00232 9/6/96 1993/NQ 15,000 $12.7500 0 3,750 0 11,250 15,000 3,750
R00512 2/20/96 1993/NQ 40,000 $18.1250 0 10,000 30,000 0 10,000 10,000
Xxxxxxx, Xxxxx X. ###-##-#### 000584 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
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Guarneschelli,
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Xxxxxxxxxxx,
Xxxxxxx X. ###-##-#### 000244 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
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Xxxxxxx, Xxx ###-##-#### 000642 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
Xxxxxxxxxxxxx,
Xxxxxxx X. ###-##-#### 000532 9/12/96 1993/NQ 500 $12.5000 125 125 0 375 375 0
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Xxxxxxx, Xxxx ###-##-#### 000586 7/15/97 1993/NQ 1,000 $15.9375 0 0 0 1,000 1,000 0
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Xxxxx, Xxxx ###-##-#### 000572 3/10/97 1993/NQ 7,500 $11.2500 0 1,875 0 5,625 7,500 1,875
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Xxxxxx, Xxxxxxxxx ###-##-#### 000647 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
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Xxxxxxxxx, Xxx ###-##-#### 000723 1/5/98 1997/NQ 20,000 $15.2500 0 0 0 20,000 20,000 0
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Xxxxxxxx, Xxxxxxx X. ###-##-#### 000283 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
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XxXxxxx, M.D.,
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Xxxxxxx, Xxxxxx X. ###-##-#### 000300 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
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Xxxxxx, Xxx X. ###-##-#### 000535 9/6/96 1993/NQ 7,500 $12.7500 1,875 1,875 0 5,625 5,625 0
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Xxxxx, Xxxxxx X. ###-##-#### 000304 7/1/94 1993/NQ 800 $18.1250 0 400 400 0 400 400
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Xxxxxxxx,
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Xxxxxxxx, Xxxxx ###-##-#### 000469 7/28/95 1993/NQ 4,000 $15.8750 0 250 3,750 0 250 250
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Nelf, Xxxxxxxx
Kunselma ###-##-#### 000269 7/1/94 1993/NQ 1,500 $18.1250 0 750 750 0 750 750
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Xxxxxxxx,
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Xxxx, M.D., Xxx X. ###-##-#### R00240 9/6/96 1993/NQ 250 $12.7500 0 125 0 125 250 125
Xxxxxxxxx, Xxxxx ###-##-#### 000684 5/27/97 1993/NQ 7,500 $13.6250 0 0 0 7,500 7,500 0
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Xxxxxxxx, Xxxxxx X. ###-##-#### 000335 7/1/94 1993/NQ 8,000 $18.1250 0 4,000 4,000 0 4,000 4,000
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Xxxxxxxx, M.D.,
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Sasterhenn, MD,
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Shank, Xxxxxxxx
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Tamilla, Xxxxxxxxx X.###-##-#### R00190 9/8/96 1993/NQ 100 $12.7500 0 25 0 75 100 25
Xxxxxx, Xxxxxxxxx ###-##-#### 000678 7/15/97 1993/NQ 3,500 $15.9375 0 0 0 3,500 3,500 0
Xxxx, Xxxxx X. ###-##-#### C00060 9/12/96 1993/NQ 2,000 $12.5000 0 0 0 2,000 2,000 0
R00193 9/6/96 1993/NQ 100 $12.7500 0 25 0 75 100 25
Xxxxx, Xxxx ###-##-#### 000626 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
Trauttein, M.D.,
Xxxxxx X. ###-##-#### 000371 7/1/94 1993/NQ 5,500 $18.1250 0 2,750 2,750 0 2,750 2,750
000657 7/15/97 1993/NQ 4,000 $15.9375 0 0 0 4,000 4,000 0
R00194 9/6/96 1993/NQ 2,750 $12.7500 0 1,375 0 1,375 2,750 1,375
Xxxxx, Xxxxxxx ###-##-#### 000679 7/15/97 1993/NQ 1,000 $15.9375 0 0 0 1,000 1,000 0
Xxxxxx, Xxxx ###-##-#### 000590 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
Ultmann, M.D.,
Xxxxxxxx C ###-##-#### R00239 9/6/96 1993/NQ 250 $12.7500 125 125 0 125 125 0
Xxxxxx, Xxxxxxx ###-##-#### 000680 7/15/97 1993/NQ 1,000 $15.9375 0 0 0 1,000 1,000 0
Xxxx, Gane G. ###-##-#### 000448 7/28/95 1993/NQ 5,000 $15.8750 0 1,250 3,750 0 1,250 1,250
R00197 9/6/96 1993/NQ 3,750 $12.7500 0 1,250 2,500 0 1,250 1,250
R00198 9/6/96 1993/NQ 1,875 $12.7500 0 1,250 625 0 1,250 1,250
R00515 2/20/96 1993/NQ 2,500 $18.1250 0 625 1,875 0 825 825
Xxxxxxxxxxx, MD,
Xxxx X. ###-##-#### 000379 7/1/94 1993/NQ 10,000 $18.1250 0 5,000 5,000 0 5,000 5,000
000441 7/28/95 1993/NQ 2,500 $15.8750 0 625 1,875 0 625 625
000659 7/15/97 1993/NQ 3,750 $15.9375 0 0 0 3,750 3,750 0
R00200 9/6/96 1993/NQ 5,000 $12.7500 0 2,500 0 2,500 5,000 2,500
R00201 9/6/96 1993/NQ 1,875 $12.7500 0 625 0 1,250 1,875 625
RR0012 7/15/97 1993/NQ 1,250 $15.9375 0 0 0 1,250 1,250 0
Xxxxxx, Xxxxxx X. ###-##-#### 000437 7/28/95 1993/NQ 2,500 $15.8750 0 625 1,875 0 625 625
000591 7/15/97 1993/NQ 10,000 $15.9375 0 0 0 10,000 10,000 0
CR0050 9/6/96 1993/NQ 2,500 $12.7500 0 0 0 2,500 2,500 0
R00202 9/6/96 1993/NQ 1,875 $12.7500 0 625 0 1,250 1,875 625
Xxxxxx, Xxxxx X. ###-##-#### 000380 7/1/94 1993/NQ 800 $18.1250 0 400 400 0 400 400
R00203 9/6/96 1993/NQ 400 $12.7500 0 200 0 200 400 200
Xxxxx, Xxxxxx ###-##-#### 000627 7/15/97 1993/NQ 500 $15.9375 0 0 0 500 500 0
Xxxxxxxxxx, Xxxxx ###-##-#### 000660 7/15/97 1993/NQ 1,250 $15.9375 0 0 0 1,250 1,250 0
Xxxxxxx, Xxxxxxx ###-##-#### 000592 7/15/97 1993/NQ 7,500 $15.9375 0 0 0 7,500 7,500 0
Xxxxx, Xxxxx ###-##-#### C00062 9/12/96 1993/NQ 2,000 $12.5000 0 0 0 2,000 2,000 0
Xxxxxx, Xxxxxx X. ###-##-#### 000384 7/1/94 1993/NQ 800 $18.1250 0 400 400 0 400 400
R00207 9/6/96 1993/NQ 400 $12.7500 0 200 0 200 400 200
Xxxxxx, Xxxxx ###-##-#### 000579 7/15/97 1993/NQ 2,000 $15.9375 0 0 0 2,000 2,000 0
C00058 9/12/96 1993/NQ 2,000 $12.5000 0 0 0 2,000 2,000 0
Xxxxxxx, Jr.,
Xxxxxx X. ###-##-#### 000160 9/21/93 SHMC/ISO 6,872 $3.7800 3,500 6,872 0 0 3,372 3,372
000594 7/15/97 1993/NQ 10,000 $15.9375 0 0 0 10,000 10,000 0
RR0013 7/15/97 1993/NQ 625 $15.9375 0 0 0 625 625 0
Xxxxxxx, Xxxx ###-##-#### 000593 7/15/97 1993/NQ 3,500 $15.9375 0 0 0 3,500 3,500 0
Xxxxxxxx, Xxxxxxx
Xxxxx ###-##-#### 000483 7/28/95 1993/NQ 1,000 $15.8750 0 250 750 0 250 250
R00208 9/6/96 1993/NQ 750 $12.7500 0 250 500 0 250 250
Xxxxx, Xxxxxxx ###-##-#### 000626 7/15/97 1993/NQ 1,250 $15.9375 0 0 0 1,250 1,250 0
Xxxxxxxx, Xxxx X. ###-##-#### 000387 7/1/94 1993/NQ 800 $18.1250 0 400 400 0 400 400
000466 7/28/95 1993/NQ 14,000 $15.8750 0 2,500 11,500 0 2,500 2,500
000682 7/15/97 1993/NQ 5,000 $15.9375 0 0 0 5,000 5,000 0
CR0052 9/6/96 1993/NQ 11,500 $12.7500 0 2,500 4,000 5,000 7,500 2,500
R00211 9/6/96 1993/NQ 400 $12.7500 0 200 0 200 400 200
RR0020 7/15/97 1993/NQ 1,500 $15.9375 0 0 0 1,500 1,500 0
RR0021 7/15/97 1993/NQ 1,000 $15.9375 0 0 0 1,000 1,000 0
Xxxxxxxx, Xxxxx ###-##-#### 000683 7/15/97 1993/NQ 3,500 $15.9375 0 0 0 3,500 3,500 0
Xxxxxxxxxx, Xxxxx
Cope ###-##-#### CR0006 9/6/96 1993/NQ 1,000 $12.7500 0 0 0 1,000 1,000 0
Xxxxxxxx, Xxxxxx ###-##-#### 000661 7/15/97 1993/NQ 2,500 $15.9375 0 0 0 2,500 2,500 0
Winter, Xxxx X. ###-##-#### 000390 7/1/94 1993/NQ 1,000 $18.1250 0 500 500 0 500 500
000629 7/15/97 1993/NQ 4,000 $15.9375 0 0 0 4,000 4,000 0
R00214 9/6/96 1993/NQ 500 $12.7500 0 250 0 250 500 250
Xxxx, Xxxxx X. ###-##-#### 000533 10/7/96 1993/NQ 400,000 $11.0000 0 133,333 0 266,667 400,000 133,333
000704 7/17/97 1997/NQ 150,000 $17.0000 0 0 0 150,000 150,000 0
S00001 7/17/97 1997/RSP 50,000 $17.0000 0 0 0 50,000 50,000 0
Xxxx, Xxxx ###-##-#### 000552 11/18/96 1993/NQ 100,000 $10.3750 0 25,000 0 75,000 100,000 25,000
000562 3/27/97 1993/NQ 50,000 $11.6250 0 12,500 0 37,500 50,000 12,500
000702 7/15/97 1997/NQ 50,000 $15.9375 0 0 0 50,000 50,000 0
Xxxxxxx, Xxxxxxx ###-##-#### 000630 7/15/97 1993/NQ 750 $15.9375 0 0 0 750 750 0
ZZ-Xxxxxx, MD,
Xxxxxxx H ###-##-#### W00001 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
ZZ-Xxxxx, MD,
Xxxxxxxx XXXXXXX0 X00000 5/1/97 WARR/ISO 300 $12.6250 0 0 0 300 300 0
ZZ-Cross, MD,
Xxxxx X. ###-##-#### W00002 5/1/97 WARR/ISO 800 $12.6250 0 0 0 800 800 0
ZZ-Dichsen, MD,
Xxxxxx V ###-##-#### W00003 5/1/97 WARR/ISO 1,925 $12.6250 0 0 0 1,925 1,925 0
W00016 5/1/97 WARR/ISO 1,000 $12.6250 0 0 0 1,000 1,000 0
ZZ-Xxxxxx, MD, Xxxx WARRANT4 W00017 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
ZZ-Ireland, MD,
Xxx X. ###-##-#### W00004 5/1/97 WARR/ISO 800 $12.6250 0 0 0 800 800 0
W00018 5/1/97 WARR/ISO 300 $12.6250 0 0 0 300 300 0
ZZ-Xxxxxxxx, MD,
Xxxxx WARRANT1 W00019 5/1/97 WARR/ISO 1,000 $12.6250 0 0 0 1,000 1,000 0
ZZ-Xxxxx, MD,
Xxxxxxx WARRANT6 W00020 5/1/97 WARR/ISO 300 $12.6250 0 0 0 300 300 0
ZZ-Xxx, MD, Xxxxx X. ###-##-#### W00005 5/1/97 WARR/ISO 1,925 $12.6250 0 0 0 1,925 1,925 0
W00021 5/1/97 WARR/ISO 1,000 $12.6250 0 0 0 1,000 1,000 0
ZZ-Maret, MD,
Xxxxxxxxxx ###-##-#### W00006 5/1/97 WARR/ISO 1,925 $12.6250 0 0 0 1,925 1,925 0
W00022 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
ZZ-McDonald, MD,
Xxxxxx ###-##-#### W00007 5/1/97 WARR/ISO 1,925 $12.6250 0 0 0 1,925 1,925 0
ZZ-Meghijee, MD,
Zinnat WARRANT5 W00023 5/1/97 WARR/ISO 300 $12.6250 0 0 0 300 300 0
ZZ-Moeser, MD,
Xxxxxx X. ###-##-#### W00008 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
W00024 5/1/97 WARR/ISO 1,000 $12.6250 0 0 0 1,000 1,000 0
ZZ-Ngo, MD, Khai ###-##-#### W00009 5/1/97 WARR/ISO 800 $12.6250 0 0 0 800 800 0
W00025 5/1/97 WARR/ISO 300 $12.6250 0 0 0 300 300 0
ZZ-Xxxxxxxxx,MD,
Xxxxxxxx ###-##-#### W00010 5/1/97 WARR/ISO 1,925 $12.6250 0 0 0 1,925 1,925 0
W00026 5/1/97 WARR/ISO 1,000 $12.6250 0 0 0 1,000 1,000 0
ZZ-Xxxxxxx, Xxxxxx X.###-##-#### W00011 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
W00027 5/1/97 WARR/ISO 300 $12.6250 0 0 0 300 300 0
ZZ-Xxxx, MD, Xxxxxx WARRANT3 W00028 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
ZZ-Rugen, MD,
Xxxxxxx ###-##-#### W00012 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
ZZ-Xxxxxxx, MD,
Xxxxx WARRANT2 W00029 5/1/97 WARR/ISO 1,000 $12.6250 0 0 0 1,000 1,000 0
ZZ-Xxxxxxxxx,
Xxxxxxx ###-##-#### W00013 5/1/97 WARR/ISO 400 $12.6250 0 0 0 400 400 0
ZZ-Warrant, Franklin
Capital WARRANTS5 000567 5/9/97 WARR/ISO 235,294 $10.6250 0 235,294 0 0 235,294 235,294
ZZ-Warrant,
Warburg Pin WARRANTS4 000566 5/9/97 WARR/ISO 1,343,822 $10.6250 0 1,343,822 0 0 1,343,822 1,343,822
000568 6/30/97 WARR/ISO 773,825 $10.6250 0 773,825 0 0 773,825 773,825
ZZ-Warrant, West
Penn H. WARRANTS3 000482 7/1/95 WARR/ISO 100,000 $14.1250 0 66,666 0 33,334 100,000 66,666
ZZ-Xxxxxxxxx, MD,
Debo ###-##-#### W00014 5/1/97 WARR/ISO 800 $12.6250 0 0 0 800 800 0
W00030 5/1/97 WARR/ISO 1,000 $12.6250 0 0 0 1,000 1,000 0
--------- ------ --------- ------- --------- --------- ---------
TOTALS 6,180,854 70,925 3,319,550 309,449 2,551,855 5,800,480 3,248,625
EXHIBIT 2
FORM OF EXERCISE NOTE
[To be signed only upon exercise of Warrant]
TO CONVENTRY HEALTH CARE, INC.:
The undersigned, the holder of that certain Principal Warrant, dated [ ],
1998 (the "Warrant"), issued by you, hereby acknowledges receipt of a Warrant
Notice on __________ from you; hereby irrevocably elects to exercise the
purchase right represented by such Principal Warrant for, and to purchase
thereunder, __________ shares of Common Stock, par value $0.01 per share, of
Coventry Health Care, Inc., herewith makes payment of $______ therefor; and
requests that the stock certificate for such shares be issued in the name of,
and be delivered, to the person listed below at the address listed under such
person's name:
Name:
Address:
Dated:
(Signature must conform in all respects to name of holder as specified on the
face of the Warrant)
