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<TITLE>COVENTRY HEALTH CARE, INC. - FORM S-8</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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<P align="center" style="font-size: 10pt">As Filed With the Securities and Exchange Commission<BR>
on February&nbsp;9, 2005



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-_________



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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>



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<P align="center" style="font-size: 24pt"><B>COVENTRY HEALTH CARE, INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>52-2073000</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>6705 Rockledge Drive, Suite&nbsp;900</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Bethesda, Maryland</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20817</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt">Healthcare Compare Corp. 1985 Stock Option Plan<BR>
Healthcare Compare Corp. 1995 Stock Option Plan<BR>
First Health Group Corp. 1998 Stock Option Plan<BR>
First Health Group Corp. 2000 Stock Option Plan<BR>
First Health Group Corp. 2001 Stock Option Plan<BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><B>Dale B. Wolf<BR>
6705 Rockledge Drive, Suite&nbsp;900<BR>
Bethesda, Maryland 20817</B><BR>
(Name and address of agent for service)



<P align="center" style="font-size: 10pt"><B>(301)&nbsp;581- 0600</B><BR>
(Telephone number, including area code, of agent for service)



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Title of securities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount to be</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">to be registered</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">registered</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">offering price per share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">aggregate offering price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">registration fee</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $.01 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">&nbsp;&nbsp;&nbsp;904 shares</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,862.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">3,354 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,400.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">8,862 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258,947.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">5,960 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186,071.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2,508 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,968.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">6,630 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263,078.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">33,177 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,428,269.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">15,479 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">696,555.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">17,088 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,249,474.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">22,890 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725,219.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">16,539 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,283,757.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">133,391 shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,303,603.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">860.00</TD>
    <TD>&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g93155exv5.txt">EX-5 OPINION OF BASS, BERRY & SIMS PLC</A></TD></TR>
<TR><TD colspan="9"><A HREF="g93155exv23w1.txt">EX-23.1 CONSENT OF ERNST & YOUNG, LLP</A></TD></TR>
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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>Information Required in the Section&nbsp;10(a) Prospectus</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coventry Health Care, Inc. (the &#147;Registrant&#148;) has sent or given or will send or give documents
containing the information specified by Part&nbsp;I of this Form S-8 Registration Statement (the
&#147;Registration Statement&#148;) to participants in the plans to which this Registration Statement
relates, as specified in Rule&nbsp;428(b)(1) promulgated by the Securities and Exchange Commission (the
&#147;SEC&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Registrant is not
filing such documents with the SEC, but these documents constitute (along with the documents
incorporated by reference into the Registration Statement pursuant to Item&nbsp;3 of Part&nbsp;II hereof) a
prospectus for each plan that meets the requirements of Section 10(a) of the Securities Act.


<P align="center" style="font-size: 10pt">I-1
</DIV>

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<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>Information Required in the Registration Statement</B>



<P align="left" style="font-size: 10pt">Item&nbsp;3. <U>Incorporation of Documents by Reference</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Registrant with the SEC, pursuant to the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), are hereby incorporated by reference and
shall be deemed to be a part hereof from the date of filing of such document:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2003,
filed by the Registrant on March&nbsp;10, 2004;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Reports on Form 10-Q for the quarterly periods ended March&nbsp;31,
2004, filed by the Registrant on May&nbsp;7, 2004, June&nbsp;30, 2004, filed by the Registrant on August
4, 2004, and September&nbsp;30, 2004, filed by the Registrant on November&nbsp;8, 2004;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(3)&nbsp;&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed on January&nbsp;6, 2004, January&nbsp;28, 2004,
February&nbsp;3, 2004, April&nbsp;19, 2004, April&nbsp;27, 2004, May&nbsp;19, 2004, July&nbsp;26, 2004, September&nbsp;23,
2004, October&nbsp;14, 2004, October&nbsp;29, 2004, November&nbsp;10, 2004, November&nbsp;19, 2004, November&nbsp;23,
2004, January&nbsp;14, 2005, January&nbsp;18, 2005 and January&nbsp;28, 2005; and</TD>
</TR>

</TABLE>


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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(4)&nbsp;&nbsp;</TD>
    <TD>The description of the Registrant&#146;s Common Stock, par value $0.01 per share, and the
description of the related stock purchase rights, contained in the Registrant&#146;s Registration
Statement on Form 8-A/A filed with the SEC on March&nbsp;14, 2003, and including all other
amendments and reports filed for the purpose of updating such descriptions.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Section&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date hereof and prior to the filing of a post-effective amendment to this
Registration Statement which indicates that all securities offered hereby have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference
herein and to be a part hereof from the date of filing of such documents. Any statements contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be
modified or replaced for purposes hereof to the extent that a statement contained herein (or in any
other subsequently filed document which also is incorporated or deemed to be incorporated by
reference herein) modifies or replaces such statement. Any statement so modified or replaced shall
not be deemed, except as so modified or replaced, to constitute a part hereof.


<P align="left" style="font-size: 10pt">Item&nbsp;4. <u>Description of Securities</u>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="left" style="font-size: 10pt">Item&nbsp;5. <u>Interests of Named Experts and Counsel</u>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">II-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Item&nbsp;6. <u>Indemnification of Directors and Officers</u>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law (the &#147;DGCL&#148;) permits a Delaware
corporation to indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation) by
reason of the fact that he or she is or was a director, officer, employee or agent of the
corporation) or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation or enterprise. A corporation may indemnify against
expenses, (including attorneys&#146; fees) judgments, fines and amounts paid in settlement actually and
reasonably incurred in connection with such action, suit or proceeding if the person indemnified
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his or her conduct was unlawful. If the person indemnified is not
wholly successful in such action, suit or proceeding, but is successful, on the merits or
otherwise, in one or more but less than all claims, issues or matters in such proceeding, he or she
may be indemnified against expenses actually and reasonably incurred in connection with each
successfully resolved claim, issue or matter. In the case of an action or suit by or in the right
of the corporation to procure a judgment in its favor, no indemnification may be made in respect to
any claim, issue or matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the Court of Chancery of the State of Delaware, or
the court in which such action or suit was brought, shall determine upon application that, despite
the adjudication of liability, such person is fairly and reasonably entitled to indemnity for such
expenses which the court shall deem proper. Section&nbsp;145 provides that, to the extent a present or
former director or officer of a corporation has been successful in the defense of any action, suit
or proceeding referred to above or in the defense of any claim, issue or manner therein, he or she
shall be indemnified against expenses (including attorneys&#146; fees) actually and reasonably incurred
by him or her in connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by the DGCL, Article&nbsp;VI of the Certificate of Incorporation
of the Registrant, as amended (the &#147;Certificate of Incorporation&#148;) eliminates a the
personal liability of a director, officer, employee of agent of the Company for monetary damages
for breaches of his or her fiduciary duty and provides for indemnification of any director,
officer, employee or agent of the Company against any liability or expense incurred by reason of
the fact that the person is or was a director, officer, employee, or agent of the Registrant, if
such person acted in good faith and in a manner he or she reasonably believed to be in or not
opposed to the best interest of the Registrant, and with respect to any criminal action, had no
reasonable cause to believe that his or her conduct was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;Eight of the Registrant&#146;s bylaws (the &#147;Bylaws&#148;), provides for indemnification of any
person threatened to be made a party to any threatened, pending or completed action (whether civil,
criminal, administrative or investigative, including appeals), other than an action by or in the
right of the Registrant, by reason of the fact that the person is or was a director, officer,
employee, or agent of the Registrant or was serving in such a capacity for another entity at the
Registrant&#146;s request. Such indemnification includes expenses actually and reasonably incurred
(including attorneys&#146; fees) if the party acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interest of the Registrant, and with respect to any
criminal action, had no reasonable cause to believe that his or her conduct was unlawful. In
actions or proceedings by or in the right of the Registrant, the Bylaws provide for indemnification
of any person threatened to be made a party to any threatened, pending or completed action by
reason of the fact that the person is or was a director, officer, employee, or agent of the
Registrant


<P align="center" style="font-size: 10pt">II-3
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">or was serving in such a capacity for another entity at the Registrant&#146;s request. Such
indemnification includes expenses actually and reasonably incurred (including attorneys&#146; fees) if
the party acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interest of the Registrant, except that indemnification is unavailable if the party has
been adjudged to be liable for negligence or misconduct in the performance of his or her duties to
the Registrant, unless and only to the extent that the Delaware Court of Chancery or the court in
which the action was brought shall determine that in light of all of the circumstances, such person
is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws further provide that, generally, indemnification (unless ordered by a court) must
be made by the Registrant only as authorized in the specific case upon a determination that
indemnification is proper in the circumstances because he or she has met the applicable standards
of conduct. The determination must be made by a majority vote of disinterested directors; by a
committee of disinterested directors designated by disinterested directors; if there are no
disinterested directors or if the disinterested directors so direct, by independent legal counsel
in a written opinion; or by the stockholders. The Registrant must pay the expenses of an action in
advance of final disposition if authorized by the Board of Directors in a specific case upon
receipt of an undertaking by the person to be indemnified to repay any such advances unless it
shall ultimately be determined that such person is entitled to be indemnified by the Registrant as
authorized in the Bylaws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification authorized in the Bylaws is not exclusive of other rights to which those
seeking indemnification may be entitled under the Certificate of Incorporation, any statute, rule
of law, agreement, bylaw, stockholder vote or otherwise. Such indemnification shall continue as to
any person who has ceased to be a director, officer, employee or agent and shall inure to the
benefit of that person&#146;s heirs, executors, and administrators.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;Eight of the Registrant&#146;s Bylaws further provides that the Registrant may purchase and
maintain insurance on behalf of those persons described above as eligible for indemnification for
liability arising out of such person&#146;s duties or status with the Registrant whether or not
indemnification in respect of such liability would be permissible under the Bylaws&#146; provisions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At present, there is no pending litigation or proceeding involving a director, officer or
employee of the Registrant regarding which indemnification is sought, nor is the Registrant aware
of any threatened litigation that may result in claims for indemnification.


<P align="left" style="font-size: 10pt">Item&nbsp;7. <U>Exemption from Registration Claimed</U>.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.


<P align="left" style="font-size: 10pt">Item&nbsp;8. <U>Exhibits</U>.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Incorporation of Coventry Health Care, Inc.
(Incorporated by reference to Exhibit&nbsp;3.1 to the Company&#146;s Form
S-4, Registration Statement No.&nbsp;333-45821).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Bylaws of Coventry Health Care, Inc.
(Incorporated by reference to Exhibit&nbsp;3.2.3 to the Company&#146;s
Form&nbsp;10-Q, for the quarter Ended September&nbsp;30, 2004.)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Specimen Common Stock Certificate (Incorporated by reference to
Exhibit&nbsp;4.1 to the Company&#146;s Annual Report on Form&nbsp;10-K for the
fiscal year ended December&nbsp;31, 2002).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rights Agreement dated March&nbsp;30, 1998 between Coventry Health
Care, Inc. and ChaseMellon Shareholder Services, L.L.C., now
known as Mellon Investor Services, LLC, as Rights Agent
(Incorporated by reference to Exhibit&nbsp;4.2 to the Company&#146;s
Current Report on Form&nbsp;8-K dated April&nbsp;8, 1998).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;1 to Rights Agreement, dated as of December&nbsp;18,
1998 by and between Coventry Health Care, Inc. and ChaseMellon
Shareholder Services, L.L.C., now known as Mellon Investor
Services, LLC (Incorporated by reference to Exhibit&nbsp;2 to the
Company&#146;s Current Report on Form&nbsp;8-K dated December&nbsp;21, 1998).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;2 to Rights Agreement, dated as of May&nbsp;5, 2000 by
and between Coventry Health Care, Inc. and ChaseMellon
Shareholder Services, L.L.C., now known as Mellon Investor
Services, LLC (Incorporated by reference to Exhibit&nbsp;4.2.3 to the
Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December
31, 2000).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amendment No.&nbsp;3 to Rights Agreement, dated as of March&nbsp;5, 2003,
by and between Coventry Health Care, Inc. and Mellon Investor
Services LLC, formerly ChaseMellon Shareholder Services, L.L.C.
(Incorporated by reference to Exhibit&nbsp;4.2.4 to the Company&#146;s
Current Report on Form&nbsp;8-K dated March&nbsp;5, 2003).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Indenture dated as of February&nbsp;1, 2002 between Coventry Health
Care, Inc., as Issuer, and First Union National Bank, as
Trustee. (Incorporated by reference to Exhibit&nbsp;4.9 to the
Company&#146;s Form&nbsp;S-4, Registration Statement No.&nbsp;333-83106).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Note issued pursuant to the Indenture dated as of
February&nbsp;1, 2002 between Coventry Health Care, Inc., as Issuer,
and First Union National Bank, as Trustee (Incorporated by
reference to Exhibit&nbsp;4.9 to the Company&#146;s Form&nbsp;S-4, Registration
Statement No.&nbsp;333-83106).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Indenture for the 2012 Notes dated as of January&nbsp;28, 2005 between
Coventry Health Care, Inc., as Issuer, and Wachovia Bank,
National Association, as Trustee (Incorporated by reference to
Exhibit&nbsp;4.1 to the Company&#146;s Form&nbsp;8-K dated January&nbsp;28, 2005).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Note for the 2012 Notes issued pursuant to the Indenture
dated as of January&nbsp;28, 2005 between Coventry Health Care, Inc.,
as Issuer, and Wachovia Bank, National Association, as Trustee
(Incorporated by reference to Exhibit&nbsp;4.1 to the Company&#146;s Form
8-K dated January&nbsp;28, 2005).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-5
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Indenture for the 2015 Notes dated as of January&nbsp;28, 2005
between Coventry Health Care, Inc., as Issuer, and Wachovia
Bank, National Association, as Trustee (Incorporated by
reference to Exhibit&nbsp;4.2 to the Company&#146;s Form&nbsp;8-K dated January&nbsp;28, 2005).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Note for the 2015 Notes issued pursuant to the Indenture dated as of January&nbsp;28, 2005
between Coventry Health Care, Inc., as Issuer, and Wachovia Bank, National Association, as Trustee
(Incorporated by reference to Exhibit&nbsp;4.2 to the Company&#146;s Form&nbsp;8-K dated January&nbsp;28, 2005).</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Bass, Berry &#038; Sims PLC</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young LLP</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Bass, Berry &#038; Sims PLC (included in Exhibit&nbsp;5)</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included on page II-3)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item&nbsp;9. <U>Undertakings</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The Registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement to include any material information with respect to the
plan of distribution not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of
the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the


<P align="center" style="font-size: 10pt">II-6
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.



<P align="center" style="font-size: 10pt">II-7
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Bethesda, State of Maryland, on this 9<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day
of February, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">COVENTRY HEALTH CARE, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
&nbsp;Dale B. Wolf</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Dale B. Wolf&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer and Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, each person whose signature appears below hereby constitutes
and appoints Dale B. Wolf his true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him and in his name, place, and stead, in any and all
capacities, to sign any and all amendments to this Registration Statement, and to file the same,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full
power and authority to do and perform each and every act and thing requisite and necessary to be
done in and about the premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>
<TR>
        <TD>&nbsp;<BR></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dale B. Wolf
<BR>
<HR size="1" noshade color="#000000">
Dale B. Wolf</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer and
Director (Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Shawn M. Guertin<BR>
<HR size="1" noshade color="#000000">
Shawn M. Guertin</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ John J. Ruhlmann<BR>
<HR size="1" noshade color="#000000">
John J. Ruhlmann</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Corporate
Controller (Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>
<TR>
        <TD>&nbsp;<BR></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top">&nbsp;<BR>
<HR size="1" noshade color="#000000">
Allen F. Wise</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board
and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February &#95;&#95;&#95;, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ John H. Austin, M.D.&nbsp;<BR>
<HR size="1" noshade color="#000000">
John H. Austin, M.D.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;<BR>
<HR size="1" noshade color="#000000">
Joel Ackerman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February &#95;&#95;&#95;, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ L. Dale Crandall<BR>
<HR size="1" noshade color="#000000">
L. Dale Crandall</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 5, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Emerson D. Farley, Jr.<BR>
<HR size="1" noshade color="#000000">
Emerson D. Farley, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 5, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Lawrence N. Kugelman<BR>
<HR size="1" noshade color="#000000">
Lawrence N. Kugelman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;<BR>
<HR size="1" noshade color="#000000">
Rodman W. Moorhead, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February &#95;&#95;&#95;, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Robert W. Morey<BR>
<HR size="1" noshade color="#000000">
Robert W. Morey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Elizabeth E. Tallett<BR>
<HR size="1" noshade color="#000000">
Elizabeth E. Tallett</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Timothy T. Weglicki<BR>
<HR size="1" noshade color="#000000">
Timothy T. Weglicki</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 9, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5&nbsp;&nbsp;&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Bass, Berry &#038; Sims PLC</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young, LLP</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Bass, Berry &#038; Sims PLC (included in Exhibit&nbsp;5)</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included on page II-8)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
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COVENTRY HEALTH CARE, INC. - FORM S-8
Table of Contents
As Filed With the Securities and Exchange Commission
on February 9, 2005
Registration No. 333-_________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
COVENTRY HEALTH CARE, INC.
(Exact name of registrant as specified in its charter)
Delaware
52-2073000
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
6705 Rockledge Drive, Suite 900
Bethesda, Maryland
20817
(Address of Principal Executive Offices)
(Zip Code)
Healthcare Compare Corp. 1985 Stock Option Plan
Healthcare Compare Corp. 1995 Stock Option Plan
First Health Group Corp. 1998 Stock Option Plan
First Health Group Corp. 2000 Stock Option Plan
First Health Group Corp. 2001 Stock Option Plan
(Full title of the plan)
Dale B. Wolf
6705 Rockledge Drive, Suite 900
Bethesda, Maryland 20817
(Name and address of agent for service)
(301) 581- 0600
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of securities
Amount to be
Proposed maximum
Proposed maximum
Amount of
to be registered
registered
offering price per share
aggregate offering price
registration fee
Common Stock, $.01 par value
904 shares
$
25.29
$
22,862.16
3,354 shares
29.04
97,400.16
8,862 shares
29.22
258,947.64
5,960 shares
31.22
186,071.20
2,508 shares
36.67
91,968.36
6,630 shares
39.68
263,078.40
33,177 shares
43.05
1,428,269.85
15,479 shares
45.00
696,555.00
17,088 shares
73.12
1,249,474.56
22,890 shares
75.37
1,725,219.30
16,539 shares
77.62
1,283,757.18
Total
133,391 shares
$
7,303,603.81
$
860.00
TABLE OF CONTENTS
PART I
PART II
SIGNATURES
EXHIBIT INDEX
EX-5 OPINION OF BASS, BERRY & SIMS PLC
EX-23.1 CONSENT OF ERNST & YOUNG, LLP
Table of Contents
PART I
Information Required in the Section 10(a) Prospectus
Coventry Health Care, Inc. (the "Registrant") has sent or given or will send or give documents
containing the information specified by Part I of this Form S-8 Registration Statement (the
"Registration Statement") to participants in the plans to which this Registration Statement
relates, as specified in Rule 428(b)(1) promulgated by the Securities and Exchange Commission (the
"SEC") under the Securities Act of 1933, as amended (the "Securities Act"). The Registrant is not
filing such documents with the SEC, but these documents constitute (along with the documents
incorporated by reference into the Registration Statement pursuant to Item 3 of Part II hereof) a
prospectus for each plan that meets the requirements of Section 10(a) of the Securities Act.
I-1
Table of Contents
PART II
Information Required in the Registration Statement
Item 3.
Incorporation of Documents by Reference
.
The following documents filed by the Registrant with the SEC, pursuant to the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), are hereby incorporated by reference and
shall be deemed to be a part hereof from the date of filing of such document:
(1)
The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2003,
filed by the Registrant on March 10, 2004;
(2)
The Registrant's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31,
2004, filed by the Registrant on May 7, 2004, June 30, 2004, filed by the Registrant on August
4, 2004, and September 30, 2004, filed by the Registrant on November 8, 2004;
(3)
The Registrant's Current Reports on Form 8-K filed on January 6, 2004, January 28, 2004,
February 3, 2004, April 19, 2004, April 27, 2004, May 19, 2004, July 26, 2004, September 23,
2004, October 14, 2004, October 29, 2004, November 10, 2004, November 19, 2004, November 23,
2004, January 14, 2005, January 18, 2005 and January 28, 2005; and
(4)
The description of the Registrant's Common Stock, par value $0.01 per share, and the
description of the related stock purchase rights, contained in the Registrant's Registration
Statement on Form 8-A/A filed with the SEC on March 14, 2003, and including all other
amendments and reports filed for the purpose of updating such descriptions.
All documents filed by the Registrant pursuant to Section 13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date hereof and prior to the filing of a post-effective amendment to this
Registration Statement which indicates that all securities offered hereby have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference
herein and to be a part hereof from the date of filing of such documents. Any statements contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be
modified or replaced for purposes hereof to the extent that a statement contained herein (or in any
other subsequently filed document which also is incorporated or deemed to be incorporated by
reference herein) modifies or replaces such statement. Any statement so modified or replaced shall
not be deemed, except as so modified or replaced, to constitute a part hereof.
Item 4.
Description of Securities
.
Not applicable.
Item 5.
Interests of Named Experts and Counsel
.
Not applicable.
II-2
Table of Contents
Item 6.
Indemnification of Directors and Officers
.
Section 145 of the Delaware General Corporation Law (the "DGCL") permits a Delaware
corporation to indemnify any person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation) by
reason of the fact that he or she is or was a director, officer, employee or agent of the
corporation) or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation or enterprise. A corporation may indemnify against
expenses, (including attorneys' fees) judgments, fines and amounts paid in settlement actually and
reasonably incurred in connection with such action, suit or proceeding if the person indemnified
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his or her conduct was unlawful. If the person indemnified is not
wholly successful in such action, suit or proceeding, but is successful, on the merits or
otherwise, in one or more but less than all claims, issues or matters in such proceeding, he or she
may be indemnified against expenses actually and reasonably incurred in connection with each
successfully resolved claim, issue or matter. In the case of an action or suit by or in the right
of the corporation to procure a judgment in its favor, no indemnification may be made in respect to
any claim, issue or matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the Court of Chancery of the State of Delaware, or
the court in which such action or suit was brought, shall determine upon application that, despite
the adjudication of liability, such person is fairly and reasonably entitled to indemnity for such
expenses which the court shall deem proper. Section 145 provides that, to the extent a present or
former director or officer of a corporation has been successful in the defense of any action, suit
or proceeding referred to above or in the defense of any claim, issue or manner therein, he or she
shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred
by him or her in connection therewith.
To the fullest extent permitted by the DGCL, Article VI of the Certificate of Incorporation
of the Registrant, as amended (the "Certificate of Incorporation") eliminates a the
personal liability of a director, officer, employee of agent of the Company for monetary damages
for breaches of his or her fiduciary duty and provides for indemnification of any director,
officer, employee or agent of the Company against any liability or expense incurred by reason of
the fact that the person is or was a director, officer, employee, or agent of the Registrant, if
such person acted in good faith and in a manner he or she reasonably believed to be in or not
opposed to the best interest of the Registrant, and with respect to any criminal action, had no
reasonable cause to believe that his or her conduct was unlawful.
Section Eight of the Registrant's bylaws (the "Bylaws"), provides for indemnification of any
person threatened to be made a party to any threatened, pending or completed action (whether civil,
criminal, administrative or investigative, including appeals), other than an action by or in the
right of the Registrant, by reason of the fact that the person is or was a director, officer,
employee, or agent of the Registrant or was serving in such a capacity for another entity at the
Registrant's request. Such indemnification includes expenses actually and reasonably incurred
(including attorneys' fees) if the party acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interest of the Registrant, and with respect to any
criminal action, had no reasonable cause to believe that his or her conduct was unlawful. In
actions or proceedings by or in the right of the Registrant, the Bylaws provide for indemnification
of any person threatened to be made a party to any threatened, pending or completed action by
reason of the fact that the person is or was a director, officer, employee, or agent of the
Registrant
II-3
Table of Contents
or was serving in such a capacity for another entity at the Registrant's request. Such
indemnification includes expenses actually and reasonably incurred (including attorneys' fees) if
the party acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interest of the Registrant, except that indemnification is unavailable if the party has
been adjudged to be liable for negligence or misconduct in the performance of his or her duties to
the Registrant, unless and only to the extent that the Delaware Court of Chancery or the court in
which the action was brought shall determine that in light of all of the circumstances, such person
is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
The Bylaws further provide that, generally, indemnification (unless ordered by a court) must
be made by the Registrant only as authorized in the specific case upon a determination that
indemnification is proper in the circumstances because he or she has met the applicable standards
of conduct. The determination must be made by a majority vote of disinterested directors; by a
committee of disinterested directors designated by disinterested directors; if there are no
disinterested directors or if the disinterested directors so direct, by independent legal counsel
in a written opinion; or by the stockholders. The Registrant must pay the expenses of an action in
advance of final disposition if authorized by the Board of Directors in a specific case upon
receipt of an undertaking by the person to be indemnified to repay any such advances unless it
shall ultimately be determined that such person is entitled to be indemnified by the Registrant as
authorized in the Bylaws.
The indemnification authorized in the Bylaws is not exclusive of other rights to which those
seeking indemnification may be entitled under the Certificate of Incorporation, any statute, rule
of law, agreement, bylaw, stockholder vote or otherwise. Such indemnification shall continue as to
any person who has ceased to be a director, officer, employee or agent and shall inure to the
benefit of that person's heirs, executors, and administrators.
Section Eight of the Registrant's Bylaws further provides that the Registrant may purchase and
maintain insurance on behalf of those persons described above as eligible for indemnification for
liability arising out of such person's duties or status with the Registrant whether or not
indemnification in respect of such liability would be permissible under the Bylaws' provisions.
At present, there is no pending litigation or proceeding involving a director, officer or
employee of the Registrant regarding which indemnification is sought, nor is the Registrant aware
of any threatened litigation that may result in claims for indemnification.
Item 7.
Exemption from Registration Claimed
.
None.
Item 8.
Exhibits
.
3.1
Certificate of Incorporation of Coventry Health Care, Inc.
(Incorporated by reference to Exhibit 3.1 to the Company's Form
S-4, Registration Statement No. 333-45821).
3.2
Amended and Restated Bylaws of Coventry Health Care, Inc.
(Incorporated by reference to Exhibit 3.2.3 to the Company's
Form 10-Q, for the quarter Ended September 30, 2004.)
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4.1
Specimen Common Stock Certificate (Incorporated by reference to
Exhibit 4.1 to the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2002).
4.2.1
Rights Agreement dated March 30, 1998 between Coventry Health
Care, Inc. and ChaseMellon Shareholder Services, L.L.C., now
known as Mellon Investor Services, LLC, as Rights Agent
(Incorporated by reference to Exhibit 4.2 to the Company's
Current Report on Form 8-K dated April 8, 1998).
4.2.2
Amendment No. 1 to Rights Agreement, dated as of December 18,
1998 by and between Coventry Health Care, Inc. and ChaseMellon
Shareholder Services, L.L.C., now known as Mellon Investor
Services, LLC (Incorporated by reference to Exhibit 2 to the
Company's Current Report on Form 8-K dated December 21, 1998).
4.2.3
Amendment No. 2 to Rights Agreement, dated as of May 5, 2000 by
and between Coventry Health Care, Inc. and ChaseMellon
Shareholder Services, L.L.C., now known as Mellon Investor
Services, LLC (Incorporated by reference to Exhibit 4.2.3 to the
Company's Annual Report on Form 10-K for the year ended December
31, 2000).
4.2.4
Amendment No. 3 to Rights Agreement, dated as of March 5, 2003,
by and between Coventry Health Care, Inc. and Mellon Investor
Services LLC, formerly ChaseMellon Shareholder Services, L.L.C.
(Incorporated by reference to Exhibit 4.2.4 to the Company's
Current Report on Form 8-K dated March 5, 2003).
4.3
Indenture dated as of February 1, 2002 between Coventry Health
Care, Inc., as Issuer, and First Union National Bank, as
Trustee. (Incorporated by reference to Exhibit 4.9 to the
Company's Form S-4, Registration Statement No. 333-83106).
4.4
Form of Note issued pursuant to the Indenture dated as of
February 1, 2002 between Coventry Health Care, Inc., as Issuer,
and First Union National Bank, as Trustee (Incorporated by
reference to Exhibit 4.9 to the Company's Form S-4, Registration
Statement No. 333-83106).
4.5
Indenture for the 2012 Notes dated as of January 28, 2005 between
Coventry Health Care, Inc., as Issuer, and Wachovia Bank,
National Association, as Trustee (Incorporated by reference to
Exhibit 4.1 to the Company's Form 8-K dated January 28, 2005).
4.6
Form of Note for the 2012 Notes issued pursuant to the Indenture
dated as of January 28, 2005 between Coventry Health Care, Inc.,
as Issuer, and Wachovia Bank, National Association, as Trustee
(Incorporated by reference to Exhibit 4.1 to the Company's Form
8-K dated January 28, 2005).
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4.7
Indenture for the 2015 Notes dated as of January 28, 2005
between Coventry Health Care, Inc., as Issuer, and Wachovia
Bank, National Association, as Trustee (Incorporated by
reference to Exhibit 4.2 to the Company's Form 8-K dated January 28, 2005).
4.8
Form of Note for the 2015 Notes issued pursuant to the Indenture dated as of January 28, 2005
between Coventry Health Care, Inc., as Issuer, and Wachovia Bank, National Association, as Trustee
(Incorporated by reference to Exhibit 4.2 to the Company's Form 8-K dated January 28, 2005).
5
Opinion of Bass, Berry & Sims PLC
23.1
Consent of Ernst & Young LLP
23.2
Consent of Bass, Berry & Sims PLC (included in Exhibit 5)
24
Power of Attorney (included on page II-3)
Item 9.
Undertakings
.
A. The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement to include any material information with respect to the
plan of distribution not previously disclosed in this Registration Statement or any material change
to such information in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
B. The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of
the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the
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Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Bethesda, State of Maryland, on this 9
th
day
of February, 2005.
COVENTRY HEALTH CARE, INC.
By:
/s/
 Dale B. Wolf
Dale B. Wolf
Chief Executive Officer and Director
KNOW ALL MEN BY THESE PRESENTS, each person whose signature appears below hereby constitutes
and appoints Dale B. Wolf his true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him and in his name, place, and stead, in any and all
capacities, to sign any and all amendments to this Registration Statement, and to file the same,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full
power and authority to do and perform each and every act and thing requisite and necessary to be
done in and about the premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Dale B. Wolf
Dale B. Wolf
Chief Executive Officer and
Director (Principal Executive Officer)
February 9, 2005
/s/ Shawn M. Guertin
Shawn M. Guertin
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
February 9, 2005
/s/ John J. Ruhlmann
John J. Ruhlmann
Vice President and Corporate
Controller (Principal Accounting Officer)
February 9, 2005
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Signature
Title
Date
Allen F. Wise
Chairman of the Board
and Director
February ___, 2005
/s/ John H. Austin, M.D.
John H. Austin, M.D.
Director
February 9, 2005
Joel Ackerman
Director
February ___, 2005
/s/ L. Dale Crandall
L. Dale Crandall
Director
February 5, 2005
/s/ Emerson D. Farley, Jr.
Emerson D. Farley, Jr.
Director
February 5, 2005
/s/ Lawrence N. Kugelman
Lawrence N. Kugelman
Director
February 9, 2005
Rodman W. Moorhead, III
Director
February ___, 2005
/s/ Robert W. Morey
Robert W. Morey
Director
February 9, 2005
/s/ Elizabeth E. Tallett
Elizabeth E. Tallett
Director
February 9, 2005
/s/ Timothy T. Weglicki
Timothy T. Weglicki
Director
February 9, 2005
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EXHIBIT INDEX
Exhibit Number
Description
5
Opinion of Bass, Berry & Sims PLC
23.1
Consent of Ernst & Young, LLP
23.2
Consent of Bass, Berry & Sims PLC (included in Exhibit 5)
24
Power of Attorney (included on page II-8)