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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on August&nbsp;18, 2009<BR>
Registration No.&nbsp;333-
</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HMS HOLDINGS CORP.</B>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">New York<BR>
(State or other jurisdiction of incorporation or organization)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">11-3656261<BR>
(I.R.S. Employer Identification Number)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">401 Park Avenue South, New York, New York 10016<BR>
(Address of Principal Executive Offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>HMS
HOLDINGS CORP. THIRD AMENDED AND RESTATED 2006 STOCK PLAN</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>HMS HOLDINGS CORP. STOCK OPTION AGREEMENTS</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1999 LONG-TERM INCENTIVE STOCK PLAN<BR>
HMS HOLDINGS CORP. STOCK OPTION AGREEMENTS</B><BR>
(Full title of the Plans)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Walter D. Hosp, Chief Financial Officer<BR>
HMS Holdings Corp.<BR>
401 Park Avenue South<BR>
New York, New York 10016<BR>
(Name and address of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(212)&nbsp;725-7965<BR>
(Telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:<BR>
Kenneth S. Goodwin, Esq.<BR>
Meister Seelig &#038; Fein LLP<BR>
140 East 45 <SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, 19 <SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
New York, New York 10017<BR>
(212)&nbsp;655-3563</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company.
See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</DIV>

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    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="center" valign="top">Large accelerated filer
<FONT face="Wingdings">&#254;</FONT>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top">Accelerated filer
<FONT face="Wingdings">&#111;</FONT></TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align="center">Non-accelerated filer &nbsp; <FONT face="Wingdings">&#111;</FONT><BR>
(Do not check if a smaller reporting company)</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align="center" valign="top">Smaller reporting company <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>

</TR>
</TABLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CALCULATION OF REGISTRATION FEE</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
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    <TD width="6%">&nbsp;</TD>
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    <TD width="13%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered(1)(2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Per Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $.01 par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">2,500,000 shares(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$35.80</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$89,500,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$4,995(4)</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000"><DIV style="margin-left:30px; text-indent:-15px"><B>Total Fee</B></DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 0px solid #000000">$4,995</TD>
    <TD width="1%" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
this Registration Statement shall also cover such indeterminate number of additional shares as may
be issued to prevent dilution resulting from stock splits, stock dividends, or similar
transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;429 of the Securities Act, the prospectus contained herein also relates to (i)
1,255,820 shares of common stock previously registered on Form S-8, Registration No.&nbsp;333-108436,
(ii)&nbsp;228,000 shares of common stock previously registered on Form S-8, Registration No.&nbsp;333-108445,
(iii)&nbsp;896,930 shares of common stock previously registered on Form S-8, Registration No.
333-139025, and (iv)&nbsp;984,450 shares of common stock previously registered on Form S-8, Registration
No.&nbsp;333 149836, issuable upon exercise of options granted under the HMS Holdings Corp. 1999
Long-Term Incentive Stock Plan; issuable upon exercise of options granted pursuant to three Stock
Option Agreements; issuable upon exercise of options granted under the HMS Holdings Corp. 2006
Stock Plan and; issuable upon exercise of options granted pursuant to 11 Stock Option Agreements
and upon exercise of options granted under the HMS Holdings Corp. 2006 Stock Plan (as previously
amended and restated), respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents additional shares authorized for issuance under the Registrant&#146;s Amended and
Restated 2006 Stock Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the amount of the registration fee pursuant to
Rule&nbsp;457(h)(1) of the Securities Act, on the basis of $35.80 per share, the average of the high
$36.10 and low $35.50 sale prices of the Registrant&#146;s common stock, as reported in the NASDAQ
Global Select Market on August&nbsp;13, 2009.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AS PERMITTED BY RULE 429 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, THE PROSPECTUS FILED AS PART
OF THIS REGISTRATION STATEMENT ON FORM S-8 IS A COMBINED RESALE PROSPECTUS WHICH SHALL BE DEEMED A
POST-EFFECTIVE AMENDMENT TO THE REGISTRANT&#146;S REGISTRATION STATEMENTS ON FORM S-8, REGISTRATION NOS.
33-108436, 333-108445, 333-139025 AND 333-149836.</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTES:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement has been prepared in accordance with the requirements of Form S-8
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), to register an additional
2,500,000 shares issuable pursuant to the HMS Holdings Corp. Third Amended and Restated 2006 Stock Plan
(the &#147;2006 Plan&#148;) and to file a prospectus (prepared in accordance with the requirements of Part&nbsp;I
of Form S-3 and pursuant to General Instruction C of Form S-8) to be used for reoffers and resales
of common stock acquired by persons who may be deemed &#147;affiliates&#148; of HMS Holdings Corp., as that
term is defined in Rule&nbsp;405 under the Securities Act, upon the exercise of stock options or receipt
of restricted stock awards granted or available to be granted under the 2006 Plan, upon the
exercise of stock options granted under the HMS Holdings Corp 1999 Long-Term Incentive Stock Plan
(the &#147;1999 Plan&#148;) or upon the exercise of stock options granted by the registrant pursuant to four
Stock Option Agreements. The registrant has previously registered an aggregate of 1,500,000 shares
of common stock issuable under the 2006 Plan pursuant to two Registration Statements on Form S-8,
one of which was filed on November&nbsp;30, 2006, File No.&nbsp;333-139025 and the other of which was filed
on March&nbsp;20, 2008, File No.&nbsp;333-149836 (collectively, the &#147;Prior 2006 Plan Registration
Statements&#148;). Registration No.&nbsp;333-149836 also registered 645,000 shares of common stock issuable
upon the exercise of stock options granted by the registrant pursuant to 11 Stock Option
Agreements. As of August&nbsp;13, 2009, 1,533,880 unexercised options remain outstanding under the 2006
Plan, of which 435,835 options are held by &#147;affiliates,&#148; and 347,500 unexercised options remain
outstanding under these Agreements, of which 60,000 options are held by &#147;affiliates.&#148; In addition,
127,918 restricted stock awards have been granted under the 2006 Plan, of which 57,564 restricted
stock awards are held by &#147;affiliates.&#148; Pursuant to General Instruction E of Form S-8, the contents
of Prior 2006 Plan Registration Statements are incorporated by reference in this Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;2, 2003, the registrant filed a Registration Statement on Form S-8 (Registration
No.&nbsp;33-108436) to effect the registration under the Securities Act of shares of common stock
issuable upon exercise of stock options issued or issuable under the 1999 Plan. As of August&nbsp;13,
2009, 1,255,820 unexercised options remain outstanding under the 1999 Plan, of which 744,965
options are held by &#147;affiliates.&#148; The 1999 Plan has been terminated, and no further awards may be
granted thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;2, 2003, the registrant filed a Registration Statement on Form S-8 (Registration
No.&nbsp;333-108445) to effect the registration under the Securities Act of shares of common stock
issuable upon exercise of stock options granted by the registrant pursuant to three Stock Option
Agreements. As of August&nbsp;13, 2009, 228,000 unexercised options remain outstanding under these
Agreements, all of which options are held by &#147;affiliates.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As permitted by Rule&nbsp;429 under the Securities Act, the prospectus filed as part of this
registration statement on Form S-8 is a combined resale prospectus which shall be deemed a
post-effective amendment to the registrant&#146;s Registration Statements on Form S-8, Registration Nos.
333-108436, 333-108445, 033-95326-99, 333-139025 and 333-149836.
</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE<BR>
SECTION 10(a) PROSPECTUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the rules of the Securities and Exchange Commission, this registration
statement omits the information specified in Part&nbsp;I of Form S-8. Document(s) containing the
information required by Part&nbsp;I of this registration statement will be sent or given to participants
in the plan subject to this registration statement as specified by Rule&nbsp;428(b)(1) under the
Securities Act of 1933. Such document(s) are not filed with the SEC pursuant to Rule&nbsp;424 under the
Securities Act. Such document(s) and the documents incorporated by reference pursuant to Item&nbsp;3 of
Part&nbsp;II of this registration statement, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
</DIV>


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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS</B>
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>1,526,364 SHARES</B>
</DIV>


<DIV align="Center" style="font-size: 18pt; margin-top: 6pt"><B>HMS HOLDINGS CORP.</B>

</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Common Stock, $.01 par value</B>

</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus relates to the reoffer and resale of up to 1,526,364 shares of our common stock
by certain selling shareholders who may be considered our &#147;affiliates.&#148; These selling shareholders
have acquired or may acquire these shares upon the exercise of stock options or pursuant to
restricted stock awards or other awards granted or available to be granted under our HMS Holdings
Corp. Third Amended and Restated 2006 Stock Plan, upon the exercise of stock options granted under our
HMS Holdings Corp. 1999 Long-Term Incentive Stock Plan or upon the exercise of stock options
granted by us pursuant to four Stock Option Agreements.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders have advised us that the resale of their shares may be effected from
time to time in one or more transactions on the NASDAQ Global Select Market, in negotiated
transactions or otherwise, at market prices prevailing at the time of the sale or at prices
otherwise negotiated. See &#147;Plan of Distribution.&#148; We will bear all expenses in connection with the
preparation of this prospectus.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the NASDAQ Global Select Market under the symbol &#147;HMSY.&#148; On
August&nbsp;13, 2009, the closing price for the common stock, as reported by the NASDAQ Global Select
Market, was $35.89. You are urged to obtain current market quotations for the common stock.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 401 Park Avenue South, New York, New York
10016, and our telephone number there is (212)725-7965.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B><I>This investment involves risk. See &#147;Risk Factors&#148; beginning at page 3.</I></B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR
DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this Prospectus is August&nbsp;18, 2009.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD style="border-bottom: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">RISK FACTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">SELLING SHAREHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">WHERE YOU CAN FIND MORE INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>YOU SHOULD READ THE FOLLOWING SUMMARY TOGETHER WITH THE MORE DETAILED INFORMATION CONTAINED
ELSEWHERE IN THIS PROSPECTUS, INCLUDING THE SECTION TITLED &#147;RISK FACTORS,&#148; REGARDING OUR COMPANY
AND THE COMMON STOCK BEING SOLD IN THIS OFFERING.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMS Holdings Corp. (&#147;HMS&#148; or the &#147;Company&#148;) provides a variety of cost management services for
government-sponsored health and human services programs. These services help customers recover
amounts due from third parties, avoid and reduce costs, and ensure regulatory compliance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our customers are State Medicaid agencies, Medicaid managed care plans, Pharmacy Benefits
Managers, child support agencies, the Veterans Health Administration, the Centers for Medicare &#038;
Medicaid Services, and other public programs. We help these programs contain healthcare costs by
identifying third party insurance coverage and recovering expenditures that were the responsibility
of the third party, or that were paid in error. The identification of both other insurance and
claim adjudication errors helps these programs avoid future expenditures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 401 Park Avenue South, New York, New York
10016, and our telephone number is (212)&nbsp;725-7965.
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RISKS RELATING TO OUR COMPANY AND OUR INDUSTRY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our Operating Results Are Subject To Significant Fluctuations Due To Variability In The Timing Of
When We Recognize Contingency Fee Revenue And Other Factors. As A Result, You Will Not Be Able To
Rely On Our Operating Results In Any Particular Period As An Indication Of Our Future Performance</B>
</DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our revenue and consequently our operating results may vary significantly from period to
period as a result of a number of factors, including the loss of customers, fluctuations in sales
activity given our sales cycle of approximately three to eighteen months, and general economic
conditions as they affect healthcare providers and payors. Further, we have experienced significant
variations in our revenue between reporting periods due to the timing of periodic revenue recovery
projects and the timing and delays in third-party payors&#146; claim adjudication and ultimate payment
to our clients where our fees are contingent upon such collections. The extent to which future
revenue variations could occur due to these factors is not known and cannot be predicted. As a
consequence, our results of operations are subject to significant fluctuations and our results of
operations for any particular quarter or fiscal year may not be indicative of results of operations
for future periods. A significant portion of our operating expenses are fixed, and are based
primarily on revenue and sales forecasts. Any inability on our part to reduce spending or to
compensate for any failure to meet sales forecasts or receive anticipated revenues could magnify
the adverse impact of such events on our operating results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Majority Of Our Contracts With Customers May Be Terminated For Convenience</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of our contracts with customers are terminable upon short notice for the
convenience of either party. Although to date none of our material contracts has ever been
terminated under these provisions, we cannot be assured that a material contract will not be
terminated for convenience in the future. Any termination of a material contract, if not replaced,
could have a material adverse effect on our business, financial condition, results of operations
and cashflows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>We Face Significant Competition For Our Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for our services is evident in the markets we serve. Increased competition could
result in reductions in our prices, gross margins and market share. We compete with other providers
of healthcare information management and data processing services, as well as healthcare consulting
firms. Some competitors have formed business alliances with other competitors that may affect our
ability to work with some potential customers. In addition, if some of our competitors merge, a
stronger competitor may result.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current and prospective customers also evaluate our capabilities against the merits of their
existing information management and data processing systems and expertise. Major information
management systems companies, including those specializing in the healthcare industry, that do not
presently offer competing services may enter our markets. Many of our potential competitors have
significantly greater financial, technical, product development, marketing and other resources, and
market recognition than we have. As a result, our competitors may be able to respond more quickly
to new or emerging technologies, changes in customer requirements and changes in the political,
economic or regulatory environment in the healthcare industry. In addition, several of our
competitors may be in a position to devote greater resources to the development, promotion, and
sale of their services than we can.
</DIV>


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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Simplification Of The Healthcare Payment Process Could Reduce The Need For Our Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The complexity of the healthcare payment process, and our experience in offering services that
improve the ability of our customers to recover incremental revenue through that process, have been
contributing factors to the success of our service offerings. Complexities of the healthcare
payment process include multiple payors, and the coordination and utilization of clinical,
operational, financial and/or administrative review instituted by third-party payors in an effort
to control costs and manage care. If the payment processes associated with the healthcare industry
are simplified significantly, the need for our services, or the price customers are willing to pay
for our services, could be reduced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Changes In The United States Healthcare Environment Could Have A Material Negative Impact On Our
Revenue And Net Income</B>
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The healthcare industry in the United States is subject to changing political, economic and
regulatory influences that may affect the procurement practices and operations of healthcare
organizations. Our services are designed to function within the structure of the healthcare
financing and reimbursement systems currently being used in the United States. During the past
several years, the healthcare industry has been subject to increasing levels of governmental
regulation of, among other things, reimbursement rates, certain capital expenditures, and data
confidentiality and privacy. From time to time, certain proposals to reform the healthcare system
have been considered by Congress. These proposals, if enacted, may increase government involvement
in healthcare, lower reimbursement rates and otherwise change the operating environment for our
clients. Healthcare organizations may react to these proposals and the uncertainty surrounding such
proposals by curtailing or deferring their retention of service providers such as us. We cannot
predict what impact, if any, such proposals or healthcare reforms might have on our results of
operations, financial condition or business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We Are Subject To Extensive Government Regulation, And Any Violation Of The Laws And Regulations
Applicable To Us Could Reduce Our Revenue And Profitability And Otherwise Adversely Affect Our
Operating Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business is regulated by the federal government and the states in which we operate. The
laws and regulations governing our operations are generally intended to benefit and protect health
plan members and providers rather than stockholders. The government agencies administering these
laws and regulations have broad latitude to enforce them. These laws and regulations, along with
the terms of our government contracts, regulate how we do business, what services we offer, and how
we interact with our clients, providers and the public. We are subject, on an ongoing basis, to
various governmental reviews, audits and investigations to verify our compliance with our contracts
and applicable laws and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we receive payments from federal and state governmental agencies, we are subject to
various laws, including the Federal False Claims Act, which permit the federal government to
institute suit against us for violations and, in some cases, to seek treble damages, penalties and
assessments. Many states, including states where we currently do business, likewise have enacted
parallel legislation. In addition, private citizens, acting as whistleblowers, can sue as if they
were the government under a special provision of the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any violations of any of these laws, rules or regulations or any adverse review, audit or
investigation could reduce our revenues and profitability and otherwise adversely affect our
operating results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We Must Comply With Restrictions On Patient Privacy And Information Security, Including Taking
Steps To Ensure That Our Business Associates Who Obtain Access To Sensitive Patient Information
Maintain Its Confidentiality</B>
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use of individually identifiable data by our businesses is regulated at the federal and
state levels. These laws and rules are changed frequently by legislation or administrative
interpretation. Various state laws address the use and disclosure of individually identifiable
health data. Most are derived from the privacy and security provisions in the federal
Gramm-Leach-Bliley Act and the Health Insurance Portability and Accountability Act of 1996
(&#147;HIPAA&#148;). HIPAA also imposes guidelines on our business associates (as this term is defined in the
HIPAA regulations). Even though we provide for appropriate protections through our contracts with
our business associates, we still have limited control over their actions and practices. Compliance
with these proposals, requirements, and new regulations may result in cost increases due to
necessary systems changes, the development of new administrative processes, and the effects of
potential noncompliance by our business associates. They also may impose further restrictions on
our use of patient identifiable data that is housed in one or more of our administrative databases.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Business Depends On Effective Information Systems And The Integrity Of The Data In Our
Information Systems</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to accurately report our financial results depends on the integrity of the data in
our information systems. As a result of our acquisition activities, we have acquired additional
systems. We have been taking steps to reduce the number of systems we operate. If we encountered a
business disruption, found the information we rely upon to run our businesses to be inaccurate or
unreliable, or if we failed to maintain our information systems and data integrity effectively, we
could lose existing customers, have difficulty attracting new customers, have problems in
establishing appropriate pricing, have disputes with customers and other healthcare providers, have
regulatory problems, have increases in operating expenses or suffer other adverse consequences.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We Depend On Information Suppliers. If We Are Unable To Manage Successfully Our Relationships With
A Number Of These Suppliers, The Quality And Availability Of Our Services May Be Harmed</B>
</DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We obtain some of the data used in our services from third party suppliers and government
entities. If a number of suppliers are no longer able or are unwilling to provide us with certain
data, we may need to find alternative sources. If we are unable to identify and contract with
suitable alternative data suppliers and integrate these data sources into our service offerings, we
could experience service disruptions, increased costs and reduced quality of our services.
Additionally, if one or more of our suppliers terminates our existing agreements, there is no
assurance that we will obtain new agreements with third party suppliers on terms favorable to us,
if at all. Loss of such access or the availability of data in the future due to increased
governmental regulation or otherwise could have a material adverse effect on our business,
financial condition or results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We Depend On Our Largest Clients For Significant Revenue, And If We Lose A Major Client, Our
Revenue Could Be Adversely Affected</B>
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generate a significant portion of our revenue from our largest clients. For the years ended
December&nbsp;31, 2008, 2007, and 2006, our three largest clients accounted for approximately 20%, 22%
and 27% of our revenue from continuing operations, respectively. If we were to lose a major client,
our results of operations and cash flows could be materially and adversely affected by the loss of
revenue, and we would seek to replace the client with new business, of which there could be no
assurance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Indebtedness Results In Significant Debt Service Obligations And Limitations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have outstanding debt service obligations. Substantially all of our assets used in our
business operations secure our obligations under our credit facilities. Our indebtedness may pose
important consequences to investors, including the risks that:
</DIV>


<DIV style="margin-top: 6pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we will use a portion of our cash flow from operations to pay principal and interest on our debt, thereby reducing
the funds available for acquisitions, working capital, capital expenditures and other general corporate purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increases in our borrowings under our credit facilities may make it more difficult to satisfy our debt obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our borrowings under our credit facilities bear interest at variable rates, which could create higher debt service
requirements if market interest rates increase;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our degree of leverage may limit our ability to withstand competitive pressure and could reduce our flexibility in
responding to changes in business and economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our degree of leverage may hinder our ability to adjust rapidly to changing market conditions and could make us
more vulnerable to downturns in the economy or in our industry; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our failure to comply with debt covenants could result in our indebtedness being immediately due and payable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we cannot generate sufficient cash flow from operations to meet our obligations, we may be
forced to reduce or delay acquisitions and other capital expenditures, sell assets, restructure or
refinance our debt, or seek additional equity capital. There can be no assurance that these
remedies would be available or satisfactory. Our cash flow from operations will be affected by
prevailing economic conditions and financial, business and other factors that may be beyond our
control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>We May Not Be Able To Realize The Entire Book Value Of Goodwill And Other Intangible Assets From
Acquisitions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2008, we have approximately $82.3&nbsp;million of goodwill and $19.8&nbsp;million of
intangible assets. We have implemented the provisions of SFAS No.&nbsp;142, &#147;Goodwill and Other
Intangible Assets,&#148; which requires that existing goodwill not be amortized, but instead be assessed
annually or sooner for impairment if circumstances indicate a possible impairment. We will monitor
for impairment of goodwill on past and future acquisitions. We perform our impairment testing in
the second quarter of each year. In the event that the book value of goodwill is impaired, any such
impairment would be charged to earnings in the period of impairment. There can be no assurances
that future impairment of goodwill under SFAS No.&nbsp;142 will not have a material adverse effect on
our business, financial condition or results of operations. Management performs the goodwill
valuation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RISKS RELATING TO OUR COMMON STOCK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our stock price is volatile, which could result in substantial losses for investors.</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is quoted on the NASDAQ Global Select Market, and there has been substantial
volatility in the market price of our common stock. The trading price of our common stock has been,
and is likely to continue to be, subject to significant fluctuations due to a variety of factors,
including:
</DIV>


<DIV style="margin-top: 6pt">
<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in our quarterly operating and earnings per share results;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the gain or loss of significant contracts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of key personnel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>announcements of technological innovations or new products by us or our competitors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delays in the development and introduction of new services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>legislative or regulatory changes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general trends in the industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommendations and/or changes in estimates by equity and market research analysts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sales of common stock of existing holders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securities class action or other litigation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developments in our relationships with current or future customers and suppliers; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic conditions, both in the United States and abroad.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the stock market in general has experienced extreme price and volume fluctuations
that have affected the market price of our common stock, as well as the stock of many companies in
our industries. Often, price fluctuations are unrelated to operating performance of the specific
companies whose stock is affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past, following periods of volatility in the market price of a company&#146;s stock,
securities class action litigation has occurred against the issuing company. If we were subject to
this type of litigation in the future, we could incur substantial costs and a diversion of our
management&#146;s attention and resources, each of which could have a material adverse effect on our
revenue and earnings. Any adverse determination in this type of litigation could also subject us to
significant liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Because we do not intend to pay cash dividends on our common stock, an investor in our common stock
will benefit only if it appreciates in value.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently intend to retain our future earnings, if any, to finance the expansion of our
business and do not expect to pay any cash dividends on our common stock in the foreseeable future.
As a result, the success of an investment in our common stock will depend entirely upon any future
appreciation. There is no guarantee that our common stock will appreciate in value or even maintain
the price at which an investor purchased his or her shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain provisions in our certificate of incorporation could discourage unsolicited takeover
attempts, which could depress the market price of our common stock</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the New York anti-takeover laws regulating corporate takeovers. These
anti-takeover laws prohibit certain business combinations between a New York corporation and any
&#147;interested shareholder&#148; (generally, the beneficial owner of 20% or more of the corporation&#146;s
voting shares) for five years following the time that the shareholder became an interested
shareholder, unless the corporation&#146;s board of directors approved the transaction prior to the
interested shareholder becoming interested.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our certificate of incorporation authorizes the issuance of up to 5,000,000 shares of &#147;blank
check&#148; preferred stock with such designations, rights and preferences as may be determined by our
Board of Directors. Accordingly, our Board of Directors is empowered, without shareholder approval,
to issue preferred stock with dividend, liquidation, conversion, voting or other rights, which
could adversely affect the voting power or, other rights of holders of our common stock. In the
event of issuance, preferred stock could be utilized, under certain circumstances, as a method of
discouraging, delaying or preventing a change in control. Although we have no present intention to
issue any shares of preferred stock, we cannot assure you that we will not do so in the future. In
addition, our by-laws provide for a classified Board of Directors, which could also have the effect
of discouraging a change of control.
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus includes and incorporates forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended (the Securities Act), and Section&nbsp;21E of the
Securities Exchange Act of 1934, as amended (the Exchange Act). All statements, other than
statements of historical facts, included or incorporated in this prospectus regarding our strategy,
future operations, financial position, future revenues, projected costs, prospects, plans and
objectives of management are forward-looking statements. The words &#147;anticipates,&#148; &#147;believes,&#148;
&#147;estimates,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;may,&#148; &#147;plans,&#148; &#147;projects,&#148; &#147;will,&#148; &#147;would&#148; and similar
expressions are intended to identify forward-looking statements, although not all forward-looking
statements contain these identifying words. We cannot guarantee that we actually will achieve the
plans, intentions or expectations disclosed in our forward-looking statements and you should not
place undue reliance on our forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the forward-looking statements
we make. We have included important factors in the cautionary statements included or incorporated
in this prospectus, particularly under the heading &#147;Risk Factors&#148;, that we believe could cause
actual results or events to differ materially from the forward-looking statements that we make. Our
forward-looking statements do not reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments we may make. Any such forward-looking statements
represent management&#146;s views as of the date of the document in which such forward-looking statement
is contained. While we may elect to update such forward-looking statements at some point in the
future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of common stock offered by this prospectus are being registered for the account of
the selling shareholders identified in this prospectus. See &#147;Selling Shareholders.&#148; All net
proceeds from the sale of the shares of common stock will go to the shareholders that offer and
sell their shares. We will not receive any part of the proceeds from such sales of common stock. We
will, however, receive the exercise price of the options at the time of their exercise. Such
proceeds will be contributed to working capital and will be used for general corporate purposes.
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING SHAREHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of common stock to which this prospectus relates may be reoffered and sold from
time to time by selling shareholders who may be deemed our &#147;affiliates&#148; (as defined in Rule 501(b)
of Regulation&nbsp;D of the Securities Act of 1933, as amended). The selling shareholders will acquire
or have acquired the shares of common stock upon exercise of options or pursuant to restricted
stock or other awards granted or to be granted to them pursuant to
our Third Amended and Restated 2006
Stock Plan (&#147;2006 Plan&#148;), upon exercise of options granted under our 1999 Long-Term Incentive Stock
Plan (&#147;1999 Plan&#148;) or upon exercise of options granted by us pursuant to four Stock Option
Agreement (&#147;Option Agreements&#148;). The table below identifies each selling shareholder and his or her
relationship to us. The table also sets forth, as of August&nbsp;13, 2009 for each selling shareholder:
(i)&nbsp;the number of shares of common stock beneficially owned prior to this offering, (ii)&nbsp;the number
of shares of common stock that may be offered and sold through this prospectus, and (iii)&nbsp;the
number of shares of common stock and the percentage of the class represented by such shares to be
owned by each such selling shareholder assuming the sale of all of the registered shares. There is
no assurance that any of the selling shareholders will sell any or all of their shares of common
stock. The inclusion in the table of the individuals named therein shall not be deemed to be an
admission that any such individuals are one of our affiliates. Except as otherwise noted, all
shares of common stock are beneficially owned and the sole investment and voting power is held by
the person named, and such persons&#146; address is c/o HMS Holdings Corp., 401 Park Avenue South, New
York, New York 10016. Information regarding the selling shareholders, including the number of
shares offered for sale, may change from time to time, and any changed information will be set
forth in a prospectus supplement to the extent required.
</DIV>




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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Beneficial Ownership After</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>this Offering (1) (2)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares that may</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Ownership Prior</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be Offered and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>to this Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Sold Hereby</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert M. Holster, Chairman and director(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">615,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">William C. Lucia, President, Chief Executive Officer and <font style="white-space: nowrap">director(4)</font></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Walter D. Hosp, Chief Financial Officer (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">John D. Schmid, Vice President Human Resources (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">James T. Kelly, Director (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">William F. Miller, Director (8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">William S. Mosakowski, Director (9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">William W. Neal, Director (10)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Galen D. Powers, Director (11)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Ellen A. Rudnick, Director (12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Michael A. Stocker, Director (13)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Richard H. Stowe, Director (14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Denotes less than 1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Percentage calculated on the basis of 26,202,018 shares of common stock outstanding at August
13, 2009, plus in the case of each selling shareholder, additional shares of common stock deemed to
be outstanding because such shares may be acquired through the exercise of outstanding options
beneficially owned by such selling shareholder.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes the sale of all shares of common stock registered pursuant to this prospectus, although
selling shareholders are under no obligation known to us to sell any shares of common stock at this
time.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;50,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 3,334 of which are exercisable as of August&nbsp;13, 2009, (ii)&nbsp;220,000 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan of which all are
exercisable as of August&nbsp;13, 2009, 70,000 of these shares are related to the exercise of stock
options held by Mr.&nbsp;Holster&#146;s family trust to which he disclaims beneficial ownership and (iii)
228,000 shares of common stock issuable upon the exercise of options granted under the Option
Agreements, all of which all are exercisable as of August&nbsp;13, 2009. Also includes 29,996 shares of
common stock owned by members of the family of Mr.&nbsp;Holster, as to which Mr.&nbsp;Holster disclaims
beneficial ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 167,335 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 91,336 of which are exercisable as of August&nbsp;13, 2009 and 238,665 shares of common stock
issuable upon the exercise of options granted under the 1999 Plan, 217,999 of which are exercisable
as of August&nbsp;13, 2009. Also includes 31,980 restricted stock awards, none of which are vested as of
August&nbsp;13, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 40,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 2,500 of which are exercisable as of August&nbsp;13, 2009 and 60,000 shares of common stock
issuable upon the exercise of options granted under the Option Agreements, 30,000 of which are
exercisable as of August&nbsp;13, 2009. Also includes 25,584 restricted stock awards, none of which are
vested as of August&nbsp;13, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 45,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, none of which are exercisable as of August&nbsp;13, 2009.</TD>
</TR>

</TABLE>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;17,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 13,676 of which are exercisable as of August&nbsp;13, 2009, (ii)&nbsp;115,300 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan, all of which are
exercisable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 17,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,676 of which are exercisable as of August&nbsp;13, 2009 and 6,000 shares of common stock
owned by members of the family of Mr.&nbsp;Miller, as to which Mr.&nbsp;Miller disclaims beneficial
ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 15,750 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,050 of which are exercisable as of August&nbsp;13, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 17,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,676 of which are exercisable as of August&nbsp;13, 2009. Also includes 48,000 shares of
common stock owned by members of the family of Mr.&nbsp;Neal, as to which Mr.&nbsp;Neal disclaims beneficial
ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 17,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,676 of which are exercisable as of August&nbsp;13, 2009. Also includes 237 shares of
common stock owned by members of the family of Mr.&nbsp;Powers, as to which Mr.&nbsp;Powers disclaims
beneficial ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;17,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 13,676 of which are exercisable as of August&nbsp;13, 2009, (ii)&nbsp;75,000 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan, of which all are
exercisable as of August&nbsp;13, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 15,750 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,050 of which are exercisable as of August&nbsp;13, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;17,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 13,676 of which are exercisable as of August&nbsp;13, 2009, (ii)&nbsp;96,000 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan, of which all are
exercisable as of August&nbsp;13, 2009.</TD>
</TR>

</TABLE>



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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares covered by this prospectus may be offered and sold from time to time by the selling
stockholders. The term &#147;selling stockholders&#148; includes donees, pledgees, transferees or other
successors-in-interest selling shares received after the date of this prospectus from a selling
stockholder as a gift, pledge, partnership distribution or other non-sale related transfer. The
selling stockholders will act independently of us in making decisions with respect to the timing,
manner and size of each sale. Such sales may be made on one or more exchanges or in the
over-the-counter market or otherwise, at prices and under terms then prevailing or at prices
related to the then current market price or in negotiated transactions. The selling stockholders
may sell their shares by one or more of, or a combination of, the following methods:
</DIV>


<DIV style="margin-top: 6pt">
<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchases by a broker-dealer as principal and resale by such
broker-dealer for its own account pursuant to this prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ordinary brokerage transactions and transactions in which the broker solicits purchasers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>block trades in which the broker-dealer so engaged will attempt to
sell the shares as agent but may position and resell a portion of
the block as principal to facilitate the transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an over-the-counter distribution in accordance with the rules of the NASDAQ Global Select Market;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in privately negotiated transactions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in options transactions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, any shares that qualify for sale pursuant to Rule&nbsp;144 may be sold under Rule&nbsp;144
rather than pursuant to this prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required, this prospectus may be amended or supplemented from time to time to
describe a specific plan of distribution. In connection with distributions of the shares or
otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or
other financial institutions. In connection with such transactions, broker-dealers or other
financial institutions may engage in short sales of the common stock in the course of hedging the
positions they assume with selling stockholders. The selling stockholders may also sell the common
stock short and redeliver the shares to close out such short positions. The selling stockholders
may also enter into option or other transactions with broker-dealers or other financial
institutions that require the delivery to such broker-dealer or other financial institution of
shares offered by this prospectus, which shares such broker-dealer or other financial institution
may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The selling stockholders may also pledge shares to a broker-dealer or other financial institution,
and, upon a default, such broker-dealer or other financial institution may effect sales of the
pledged shares pursuant to this prospectus (as supplemented or amended to reflect such
transaction).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In effecting sales, broker-dealers or agents engaged by the selling stockholders may arrange
for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
discounts or concessions from the selling stockholders in amounts to be negotiated immediately
prior to the sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In offering the shares covered by this prospectus, the selling stockholders and any
broker-dealers who execute sales for the selling stockholders may be deemed to be &#147;underwriters&#148;
within the meaning of the Securities Act in connection with such sales. Any profits realized by the
selling stockholders and the compensation of any broker-dealer may be deemed to be underwriting
discounts and commissions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to comply with the securities laws of certain states, if applicable, the shares must
be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition,
in certain states the shares may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is
available and is complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have advised the selling stockholders that the anti-manipulation rules of Regulation&nbsp;M
under the Exchange Act may apply to sales of shares in the market and to the activities of the
selling stockholders and their affiliates. In addition, we will make copies of this prospectus
available to the selling stockholders for the purpose of satisfying the prospectus delivery
requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that
participates in transactions involving the sale of the shares against certain liabilities,
including liabilities arising under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time a particular offer of shares is made, if required, a prospectus supplement will be
distributed that will set forth the number of shares being offered and the terms of the offering,
including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
any discount, commission and other item constituting compensation, any discount, commission or
concession allowed or reallowed or paid to any dealer, and the proposed selling price to the
public.
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The validity of the shares of common stock will be passed upon for us by Meister Seelig &#038; Fein LLP,
New York, New York.
</DIV>



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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and schedule of HMS Holdings Corp. as of December&nbsp;31,
2008 and 2007, and for each of the years in the three-year period ended December&nbsp;31, 2008, and
management&#146;s assessment of the effectiveness of internal control over financial reporting as of
December&nbsp;31, 2008, have been incorporated by reference herein in reliance upon the reports of KPMG
LLP, independent registered public accounting firm, incorporated by reference herein, and upon the
authority of said firm as experts in accounting and auditing.
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed registration statements with the SEC on Form S-8 to register the shares of our
common stock being offered by this prospectus. This prospectus, which is part of the registration
statements, does not contain all the information included in the registration statements. Some
information has been omitted in accordance with the rules and regulations of the SEC. For further
information, please refer to the registration statements and the exhibits and schedules filed with
them. In addition, we file annual, quarterly and current reports, proxy statements and other
information with the SEC. You may read and copy any reports, statements or other information that
we file at the SEC&#146;s public reference facilities at 450 Fifth Street, N.W., Washington, D.C. 20549.
Please call the SEC at 1-800-SEC-0330 for further information regarding the public reference
facilities. The SEC maintains a website, http://www.sec.gov, that contains reports, proxy
statements and information statements and other information regarding registrants that file
electronically with the SEC, including us. Our SEC filings are also available to the public from
commercial document retrieval services. Information contained on our website should not be
considered part of this prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may also request a copy of our filings at no cost by writing or telephoning us at:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HMS Holdings Corp., 401 Park Avenue South, New York, New York 10016 Attention: Corporate Secretary
(212)&nbsp;725-7965.
</DIV>

<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; the information we file with them, which means
that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this prospectus, and information
that we file later with the SEC will automatically update and supersede this information. We
incorporate by reference the documents listed below and any future filings that we will make with
the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Our Registration Statements on Form S-8, filed on November&nbsp;30, 2006 and on March&nbsp;20, 2008,
File Nos. 333-139025 and 333-149836, respectively;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Our Annual Report on Form 10-K for the year ended December&nbsp;31, 2008;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Our Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, 2009 and June&nbsp;30,
2009;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Our Current Reports on Form 8-K filed with the SEC on April&nbsp;29, 2009, May&nbsp;1, 2009, July
31, 2009 and August&nbsp;4, 2009; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description of our shares of common stock contained in our registration statement on
Form 8-K/12g-3, as filed with the SEC on March&nbsp;3, 2003.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide without charge to each person, including any beneficial owner, to whom a copy
of this prospectus is delivered a copy of any or all documents incorporated by reference into this
prospectus except the exhibits to such documents (unless such exhibits are specifically
incorporated by reference in such documents). Requests for copies can be made by writing or
telephoning us at:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HMS Holdings Corp., 401 Park Avenue South, New York, New York 10016 Attention: Corporate Secretary
(212)&nbsp;725-7965.
</DIV>

<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR<BR>
SECURITIES ACT LIABILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to our directors, officers or persons controlling us, we have been advised that it is the SEC&#146;s
opinion that such indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, filed by the Registrant with the Securities and Exchange Commission
(the &#147;SEC&#148;) are incorporated by reference in this Registration Statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Prior 2006 Plan Registration Statements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Registrant&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Registrant&#146;s Quarterly Report on Form 10-Q for the quarters ended March&nbsp;31, 2009 and
June&nbsp;30, 2009;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Registrant&#146;s Current Reports on Form 8-K filed with the SEC on April&nbsp;29, 2009, May&nbsp;1,
2009, July&nbsp;31, 2009 and August&nbsp;4, 2009; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The description of the Registrant&#146;s shares of common stock contained in its registration
statement on Form 8-K/12g-3, as filed with the SEC on March&nbsp;3, 2003.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date of this Registration Statement and prior to the filing of a
post-effective amendment hereto that indicate that all securities offered have been sold or that
deregisters all such 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document that also is incorporated or deemed to
be incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts And Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;722 of the New York Business Corporation Law (the &#147;BCL&#148;) provides that a corporation
may indemnify directors and officers as well as other employees and individuals against judgments,
fines, amounts paid in settlement and reasonable expenses, including attorneys&#146; fees, in connection
with actions or proceedings, whether civil or criminal (other than an action by or in the right of
the corporation &#151; a &#147;derivative action&#148;), if they acted in good faith and in a manner they
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 their conduct was
unlawful. A similar standard is applicable in the case of derivative actions, except that
indemnification only extends to amounts paid in settlement and reasonable expenses (including
attorneys&#146; fees) incurred in connection with the defense or settlement of such actions, and the
statute does not apply in respect of a threatened action, or a pending action that is settled or
otherwise disposed of, and requires court approval before there can be any indemnification where
the person seeking indemnification has been found liable to the corporation. Section&nbsp;721 of the BCL
provides that Article&nbsp;7 of the BCL is not exclusive of other indemnification that may be granted by
a corporation&#146;s certificate of incorporation, disinterested director vote, stockholder vote,
agreement or otherwise. Article&nbsp;VIII, Section&nbsp;7, of the Registrant&#146;s by-laws requires the
Registrant to indemnify its officers and directors to the fullest extent permitted under the BCL.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any amendment to or repeal of the Registrant&#146;s certificate of incorporation or by-laws shall
not adversely affect any right or protection of a director of the Registrant for or with respect to
any acts or omissions of such director occurring prior to such amendment or repeal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificate of incorporation of the Registrant (Article&nbsp;Ninth) provides the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 402(b) of the Business Corporation Law, the liability of the Corporation&#146;s
directors to the Corporation or its shareholders for damages for breach of duty as a director shall
be eliminated to the fullest extent permitted by the Business Corporation Law, as it exists on the
date hereof or as it may hereafter be amended. No amendment to or repeal of this Article shall
apply to or have any effect on the liability or alleged liability of any director of the
Corporation for or with respect to any acts or omissions of such director occurring prior to such
amendment or repeal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant maintains directors&#146; and officers&#146; liability insurance policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger, dated as of December&nbsp;16, 2002, among Health Management Systems, Inc., HMS Holdings Corp.
and HMS Acquisition Corp. (Incorporated by reference to Exhibit&nbsp;2.1 to Amendment No.&nbsp;1 (&#147;Amendment No.&nbsp;1&#148;) to HMS
Holdings Corp.&#146;s Registration Statement on Form&nbsp;S-4, File No.&nbsp;333-100521 (the &#147;Form&nbsp;S-4&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Certificate of Incorporation of HMS Holdings Corp. ( Incorporated by reference to Exhibit&nbsp;3.1 to Amendment No.&nbsp;1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment to the Certificate of Incorporation of HMS Holdings Corp. (Incorporated by reference to Exhibit
3.1(a) to HMS Holdings Corp.&#146;s Registration Statement on Form&nbsp;S-8, File No.&nbsp;333-108436 (the &#147;1999 Plan Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws of HMS Holdings Corp. (Incorporated by reference to Exhibit&nbsp;3.2 to the Form&nbsp;S-4)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. 1999 Long-Term Incentive Stock Plan (Incorporated by reference to Exhibit&nbsp;4 to the 1999 Plan Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of January&nbsp;10, 2001, between Health Management Systems, Inc. and William F. Miller III
(Incorporated by reference to Exhibit&nbsp;4.01 to HMS Holdings Corp.&#146;s Registration Statement on Form&nbsp;S-8, File No.
333-108445 (the &#147;Option Agreement Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of March&nbsp;30, 2001, between Health Management Systems, Inc. (&#147;HMS&#148;) and Robert M. Holster
(Incorporated by reference to Exhibit&nbsp;4.02 to the Option Agreement Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of December&nbsp;12, 2001, between Health Management Systems, Inc. and James T. Kelly
(Incorporated by reference to Exhibit&nbsp;4.03 to the Option Agreement Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. 2006 Stock Plan (Incorporated by reference to Exhibit&nbsp;4.6 to HMS Holdings Corp.&#146;s Registration
Statement on Form&nbsp;S-8, File No.&nbsp;333-139025 (the &#147;2006 Plan Prior Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Incentive Stock Option Agreement &#151; 2006 Plan (Incorporated by reference to Exhibit&nbsp;4.6(i) to the 2006 Plan Prior
Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Qualified Stock Option Agreement &#151; 2006 Plan (Incorporated by reference to Exhibit&nbsp;4.6(ii) to the 2006 Plan
Prior Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Qualified Stock Option Agreements (Incorporated by reference to Exhibit&nbsp;4.7 to HMS Holdings Corp.&#146;s
Registration Statement on Form&nbsp;S-8, File No.&nbsp;333-149836 (the &#147;Restated Plan Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of July&nbsp;2, 2007, between HMS Holdings Corp. and Walter D. Hosp (Incorporated by
reference to Exhibit&nbsp;4.8 to the Restated Plan Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. 2006 Stock Plan, as previously amended and restated (Incorporated by reference to Exhibit&nbsp;4.9 to the
Restated Plan Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. Third Amended and Restated 2006 Stock Plan (Incorporated by reference to HMS Holdings Corp.&#146;s definitive
Proxy Statement on Schedule&nbsp;14A for the 2009 Annual Meeting of Shareholders)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Restricted Stock Agreement (Incorporated by reference to Exhibit&nbsp;10.1 to HMS Holdings Corp.&#146;s Current Report on
Form&nbsp;8-K, as filed on April&nbsp;29, 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Meister Seelig &#038; Fein LLP re legality</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Meister Seelig &#038; Fein LLP (included in Exhibit&nbsp;5)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933, as amended (the &#147;Securities Act&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information
set forth in the Registration Statement. Notwithstanding the foregoing, any increase or
decrease in the volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of a prospectus
filed with the SEC pursuant to Rule 424(b) of the Securities Act if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
Registration Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not apply to information
contained in periodic reports filed by the registrant pursuant to Section&nbsp;13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned 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 Section 15(d) of the Exchange Act (and, when applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the 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 Securities Act and will be
governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act, 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 New York, State of New York, on this 18th day of August, 2009.
</DIV>


<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">HMS HOLDINGS CORP.<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/ William C. Lucia
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">William C. Lucia&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Chief Executive Officer and Director</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We, the undersigned directors and officers of the Registrant, do hereby constitute and appoint
William C. Lucia and Walter D. Hosp and each and either of them, our true and lawful
attorneys-in-fact and agents, to do any and all acts and things in our names and on our behalf in
our capacities as trustees and officers and to execute any and all instruments for us and in our
name in the capacities indicated below, which said attorneys and agents, or either of them, may
deem necessary or advisable to enable the Registrant to comply with the Securities Act of 1933 and
any rules, regulations and requirements of the Securities and Exchange Commission, in connection
with this Registration Statement, or any registration statement for this offering that is to be
effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, including
specifically, but without limitation, any and all amendments (including post-effective amendments)
hereto; and we hereby ratify and confirm all that said attorneys and agents, or either of them,
shall do or cause to be done by virtue thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities indicated as of the 18th day of August, 2009.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title</DIV></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->



<TR valign="bottom">
    <TD valign="top">/s/ Robert M. Holster<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert M. Holster
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Chairman, Board of Directors</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ William C. Lucia<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William C. Lucia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Chief Executive Officer and Director <BR>(Principle Executive Officer)</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I></I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">/s/ Walter D. Hosp<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Walter D. Hosp
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Chief Financial Officer </I><BR><I>(Principle
Finance and Accounting Officer)</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ James T. Kelly<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James T. Kelly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ William F. Miller<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William F. Miller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ William S. Mosakowski<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William S. Mosakowski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ William W. Neal<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William W. Neal
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ Galen D. Powers<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Galen D. Powers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ Ellen A. Rudnick<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ellen A. Rudnick
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">
    <TD valign="top">/s/ Michael A. Stocker<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael A. Stocker
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top">/s/ Richard H. Stowe<DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard H. Stowe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Director</I></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger, dated as of December&nbsp;16, 2002, among Health Management Systems, Inc., HMS Holdings Corp.
and HMS Acquisition Corp. (Incorporated by reference to Exhibit&nbsp;2.1 to Amendment No.&nbsp;1 (&#147;Amendment No.&nbsp;1&#148;) to HMS
Holdings Corp.&#146;s Registration Statement on Form&nbsp;S-4, File No.&nbsp;333-100521 (the &#147;Form&nbsp;S-4&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Certificate of Incorporation of HMS Holdings Corp. ( Incorporated by reference to Exhibit&nbsp;3.1 to Amendment No.&nbsp;1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment to the Certificate of Incorporation of HMS Holdings Corp. (Incorporated by reference to Exhibit
3.1(a) to HMS Holdings Corp.&#146;s Registration Statement on Form&nbsp;S-8, File No.&nbsp;333-108436 (the &#147;1999 Plan Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws of HMS Holdings Corp. (Incorporated by reference to Exhibit&nbsp;3.2 to the Form&nbsp;S-4)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. 1999 Long-Term Incentive Stock Plan (Incorporated by reference to Exhibit&nbsp;4 to the 1999 Plan Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of January&nbsp;10, 2001, between Health Management Systems, Inc. and William F. Miller III
(Incorporated by reference to Exhibit&nbsp;4.01 to HMS Holdings Corp.&#146;s Registration Statement on Form&nbsp;S-8, File No.
333-108445 (the &#147;Option Agreement Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of March&nbsp;30, 2001, between Health Management Systems, Inc. (&#147;HMS&#148;) and Robert M. Holster
(Incorporated by reference to Exhibit&nbsp;4.02 to the Option Agreement Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of December&nbsp;12, 2001, between Health Management Systems, Inc. and James T. Kelly
(Incorporated by reference to Exhibit&nbsp;4.03 to the Option Agreement Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. 2006 Stock Plan (Incorporated by reference to Exhibit&nbsp;4.6 to HMS Holdings Corp.&#146;s Registration
Statement on Form&nbsp;S-8, File No.&nbsp;333-139025 (the &#147;2006 Plan Prior Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Incentive Stock Option Agreement &#151; 2006 Plan (Incorporated by reference to Exhibit&nbsp;4.6(i) to the 2006 Plan Prior
Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Qualified Stock Option Agreement &#151; 2006 Plan (Incorporated by reference to Exhibit&nbsp;4.6(ii) to the 2006 Plan
Prior Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Non-Qualified Stock Option Agreements (Incorporated by reference to Exhibit&nbsp;4.7 to HMS Holdings Corp.&#146;s
Registration Statement on Form&nbsp;S-8, File No.&nbsp;333-149836 (the &#147;Restated Plan Form&nbsp;S-8&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Option Agreement, dated as of July&nbsp;2, 2007, between HMS Holdings Corp. and Walter D. Hosp (Incorporated by
reference to Exhibit&nbsp;4.8 to the Restated Plan Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. 2006 Stock Plan, as previously amended and restated (Incorporated by reference to Exhibit&nbsp;4.9 to the
Restated Plan Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HMS Holdings Corp. Third Amended and Restated 2006 Stock Plan (Incorporated by reference to HMS Holdings Corp.&#146;s definitive
Proxy Statement on Schedule&nbsp;14A for the 2009 Annual Meeting of Shareholders)</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Restricted Stock Agreement (Incorporated by reference to Exhibit&nbsp;10.1 to HMS Holdings Corp.&#146;s Current Report on
Form&nbsp;8-K, as filed on April&nbsp;29, 2009).</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Meister Seelig &#038; Fein LLP re legality</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Meister Seelig &#038; Fein LLP (included in Exhibit&nbsp;5)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page)</TD>
</TR>
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    <TD>Filed herewith</TD>
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[{"type": "S-8", "sequence": "1", "filename": "w75417sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 151314}]
{"company-data": {"conformed-name": "HMS HOLDINGS CORP", "cik": "0001196501", "assigned-sic": "7389", "irs-number": "113656261"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-161415", "film-number": "091021926"}, "business-address": {"street1": "401 PARK AVENUE SOUTH", "city": "NEW YORK", "state": "NY", "zip": "10016", "phone": "2126854545"}}
sv8
As filed with the Securities and Exchange Commission on August 18, 2009
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
HMS HOLDINGS CORP.
(Exact name of Registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation or organization)
11-3656261
(I.R.S. Employer Identification Number)
401 Park Avenue South, New York, New York 10016
(Address of Principal Executive Offices)
HMS
HOLDINGS CORP. THIRD AMENDED AND RESTATED 2006 STOCK PLAN
HMS HOLDINGS CORP. STOCK OPTION AGREEMENTS
1999 LONG-TERM INCENTIVE STOCK PLAN
HMS HOLDINGS CORP. STOCK OPTION AGREEMENTS
(Full title of the Plans)
Walter D. Hosp, Chief Financial Officer
HMS Holdings Corp.
401 Park Avenue South
New York, New York 10016
(Name and address of agent for service)
(212) 725-7965
(Telephone number, including area code, of agent for service)
Copies to:
Kenneth S. Goodwin, Esq.
Meister Seelig & Fein LLP
140 East 45
th
Street, 19
th
Floor
New York, New York 10017
(212) 655-3563
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company.
See the definitions of "large
accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Title of
Maximum
Maximum
Securities
Amount
Offering
Aggregate
Amount of
to be
to be
Price
Offering
Registration
Registered
Registered(1)(2)
Per Share
Price
Fee
Common Stock, $.01 par value
2,500,000 shares(3)
$35.80
$89,500,000
$4,995(4)
Total Fee
$4,995
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"),
this Registration Statement shall also cover such indeterminate number of additional shares as may
be issued to prevent dilution resulting from stock splits, stock dividends, or similar
transactions.
(2)
Pursuant to Rule 429 of the Securities Act, the prospectus contained herein also relates to (i)
1,255,820 shares of common stock previously registered on Form S-8, Registration No. 333-108436,
(ii) 228,000 shares of common stock previously registered on Form S-8, Registration No. 333-108445,
(iii) 896,930 shares of common stock previously registered on Form S-8, Registration No.
333-139025, and (iv) 984,450 shares of common stock previously registered on Form S-8, Registration
No. 333 149836, issuable upon exercise of options granted under the HMS Holdings Corp. 1999
Long-Term Incentive Stock Plan; issuable upon exercise of options granted pursuant to three Stock
Option Agreements; issuable upon exercise of options granted under the HMS Holdings Corp. 2006
Stock Plan and; issuable upon exercise of options granted pursuant to 11 Stock Option Agreements
and upon exercise of options granted under the HMS Holdings Corp. 2006 Stock Plan (as previously
amended and restated), respectively.
(3)
Represents additional shares authorized for issuance under the Registrant's Amended and
Restated 2006 Stock Plan.
(4)
Estimated solely for the purpose of calculating the amount of the registration fee pursuant to
Rule 457(h)(1) of the Securities Act, on the basis of $35.80 per share, the average of the high
$36.10 and low $35.50 sale prices of the Registrant's common stock, as reported in the NASDAQ
Global Select Market on August 13, 2009.
AS PERMITTED BY RULE 429 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, THE PROSPECTUS FILED AS PART
OF THIS REGISTRATION STATEMENT ON FORM S-8 IS A COMBINED RESALE PROSPECTUS WHICH SHALL BE DEEMED A
POST-EFFECTIVE AMENDMENT TO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM S-8, REGISTRATION NOS.
33-108436, 333-108445, 333-139025 AND 333-149836.
EXPLANATORY NOTES:
This Registration Statement has been prepared in accordance with the requirements of Form S-8
under the Securities Act of 1933, as amended (the "Securities Act"), to register an additional
2,500,000 shares issuable pursuant to the HMS Holdings Corp. Third Amended and Restated 2006 Stock Plan
(the "2006 Plan") and to file a prospectus (prepared in accordance with the requirements of Part I
of Form S-3 and pursuant to General Instruction C of Form S-8) to be used for reoffers and resales
of common stock acquired by persons who may be deemed "affiliates" of HMS Holdings Corp., as that
term is defined in Rule 405 under the Securities Act, upon the exercise of stock options or receipt
of restricted stock awards granted or available to be granted under the 2006 Plan, upon the
exercise of stock options granted under the HMS Holdings Corp 1999 Long-Term Incentive Stock Plan
(the "1999 Plan") or upon the exercise of stock options granted by the registrant pursuant to four
Stock Option Agreements. The registrant has previously registered an aggregate of 1,500,000 shares
of common stock issuable under the 2006 Plan pursuant to two Registration Statements on Form S-8,
one of which was filed on November 30, 2006, File No. 333-139025 and the other of which was filed
on March 20, 2008, File No. 333-149836 (collectively, the "Prior 2006 Plan Registration
Statements"). Registration No. 333-149836 also registered 645,000 shares of common stock issuable
upon the exercise of stock options granted by the registrant pursuant to 11 Stock Option
Agreements. As of August 13, 2009, 1,533,880 unexercised options remain outstanding under the 2006
Plan, of which 435,835 options are held by "affiliates," and 347,500 unexercised options remain
outstanding under these Agreements, of which 60,000 options are held by "affiliates." In addition,
127,918 restricted stock awards have been granted under the 2006 Plan, of which 57,564 restricted
stock awards are held by "affiliates." Pursuant to General Instruction E of Form S-8, the contents
of Prior 2006 Plan Registration Statements are incorporated by reference in this Registration
Statement.
On September 2, 2003, the registrant filed a Registration Statement on Form S-8 (Registration
No. 33-108436) to effect the registration under the Securities Act of shares of common stock
issuable upon exercise of stock options issued or issuable under the 1999 Plan. As of August 13,
2009, 1,255,820 unexercised options remain outstanding under the 1999 Plan, of which 744,965
options are held by "affiliates." The 1999 Plan has been terminated, and no further awards may be
granted thereunder.
On September 2, 2003, the registrant filed a Registration Statement on Form S-8 (Registration
No. 333-108445) to effect the registration under the Securities Act of shares of common stock
issuable upon exercise of stock options granted by the registrant pursuant to three Stock Option
Agreements. As of August 13, 2009, 228,000 unexercised options remain outstanding under these
Agreements, all of which options are held by "affiliates."
As permitted by Rule 429 under the Securities Act, the prospectus filed as part of this
registration statement on Form S-8 is a combined resale prospectus which shall be deemed a
post-effective amendment to the registrant's Registration Statements on Form S-8, Registration Nos.
333-108436, 333-108445, 033-95326-99, 333-139025 and 333-149836.
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
As permitted by the rules of the Securities and Exchange Commission, this registration
statement omits the information specified in Part I of Form S-8. Document(s) containing the
information required by Part I of this registration statement will be sent or given to participants
in the plan subject to this registration statement as specified by Rule 428(b)(1) under the
Securities Act of 1933. Such document(s) are not filed with the SEC pursuant to Rule 424 under the
Securities Act. Such document(s) and the documents incorporated by reference pursuant to Item 3 of
Part II of this registration statement, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
PROSPECTUS
1,526,364 SHARES
HMS HOLDINGS CORP.
Common Stock, $.01 par value
This
prospectus relates to the reoffer and resale of up to 1,526,364 shares of our common stock
by certain selling shareholders who may be considered our "affiliates." These selling shareholders
have acquired or may acquire these shares upon the exercise of stock options or pursuant to
restricted stock awards or other awards granted or available to be granted under our HMS Holdings
Corp. Third Amended and Restated 2006 Stock Plan, upon the exercise of stock options granted under our
HMS Holdings Corp. 1999 Long-Term Incentive Stock Plan or upon the exercise of stock options
granted by us pursuant to four Stock Option Agreements.
The selling shareholders have advised us that the resale of their shares may be effected from
time to time in one or more transactions on the NASDAQ Global Select Market, in negotiated
transactions or otherwise, at market prices prevailing at the time of the sale or at prices
otherwise negotiated. See "Plan of Distribution." We will bear all expenses in connection with the
preparation of this prospectus.
Our common stock is traded on the NASDAQ Global Select Market under the symbol "HMSY." On
August 13, 2009, the closing price for the common stock, as reported by the NASDAQ Global Select
Market, was $35.89. You are urged to obtain current market quotations for the common stock.
Our principal executive offices are located at 401 Park Avenue South, New York, New York
10016, and our telephone number there is (212)725-7965.
This investment involves risk. See "Risk Factors" beginning at page 3.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR
DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this Prospectus is August 18, 2009.
TABLE OF CONTENTS
Page
SUMMARY
3
RISK FACTORS
3
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
7
USE OF PROCEEDS
7
SELLING SHAREHOLDERS
7
PLAN OF DISTRIBUTION
10
LEGAL MATTERS
10
EXPERTS
11
WHERE YOU CAN FIND MORE INFORMATION
11
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
11
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
11
2
SUMMARY
YOU SHOULD READ THE FOLLOWING SUMMARY TOGETHER WITH THE MORE DETAILED INFORMATION CONTAINED
ELSEWHERE IN THIS PROSPECTUS, INCLUDING THE SECTION TITLED "RISK FACTORS," REGARDING OUR COMPANY
AND THE COMMON STOCK BEING SOLD IN THIS OFFERING.
The Company
HMS Holdings Corp. ("HMS" or the "Company") provides a variety of cost management services for
government-sponsored health and human services programs. These services help customers recover
amounts due from third parties, avoid and reduce costs, and ensure regulatory compliance.
Our customers are State Medicaid agencies, Medicaid managed care plans, Pharmacy Benefits
Managers, child support agencies, the Veterans Health Administration, the Centers for Medicare &
Medicaid Services, and other public programs. We help these programs contain healthcare costs by
identifying third party insurance coverage and recovering expenditures that were the responsibility
of the third party, or that were paid in error. The identification of both other insurance and
claim adjudication errors helps these programs avoid future expenditures.
Our principal executive offices are located at 401 Park Avenue South, New York, New York
10016, and our telephone number is (212) 725-7965.
RISK FACTORS
RISKS RELATING TO OUR COMPANY AND OUR INDUSTRY
Our Operating Results Are Subject To Significant Fluctuations Due To Variability In The Timing Of
When We Recognize Contingency Fee Revenue And Other Factors. As A Result, You Will Not Be Able To
Rely On Our Operating Results In Any Particular Period As An Indication Of Our Future Performance
Our revenue and consequently our operating results may vary significantly from period to
period as a result of a number of factors, including the loss of customers, fluctuations in sales
activity given our sales cycle of approximately three to eighteen months, and general economic
conditions as they affect healthcare providers and payors. Further, we have experienced significant
variations in our revenue between reporting periods due to the timing of periodic revenue recovery
projects and the timing and delays in third-party payors' claim adjudication and ultimate payment
to our clients where our fees are contingent upon such collections. The extent to which future
revenue variations could occur due to these factors is not known and cannot be predicted. As a
consequence, our results of operations are subject to significant fluctuations and our results of
operations for any particular quarter or fiscal year may not be indicative of results of operations
for future periods. A significant portion of our operating expenses are fixed, and are based
primarily on revenue and sales forecasts. Any inability on our part to reduce spending or to
compensate for any failure to meet sales forecasts or receive anticipated revenues could magnify
the adverse impact of such events on our operating results.
The Majority Of Our Contracts With Customers May Be Terminated For Convenience
The majority of our contracts with customers are terminable upon short notice for the
convenience of either party. Although to date none of our material contracts has ever been
terminated under these provisions, we cannot be assured that a material contract will not be
terminated for convenience in the future. Any termination of a material contract, if not replaced,
could have a material adverse effect on our business, financial condition, results of operations
and cashflows.
We Face Significant Competition For Our Services
Competition for our services is evident in the markets we serve. Increased competition could
result in reductions in our prices, gross margins and market share. We compete with other providers
of healthcare information management and data processing services, as well as healthcare consulting
firms. Some competitors have formed business alliances with other competitors that may affect our
ability to work with some potential customers. In addition, if some of our competitors merge, a
stronger competitor may result.
Current and prospective customers also evaluate our capabilities against the merits of their
existing information management and data processing systems and expertise. Major information
management systems companies, including those specializing in the healthcare industry, that do not
presently offer competing services may enter our markets. Many of our potential competitors have
significantly greater financial, technical, product development, marketing and other resources, and
market recognition than we have. As a result, our competitors may be able to respond more quickly
to new or emerging technologies, changes in customer requirements and changes in the political,
economic or regulatory environment in the healthcare industry. In addition, several of our
competitors may be in a position to devote greater resources to the development, promotion, and
sale of their services than we can.
3
Simplification Of The Healthcare Payment Process Could Reduce The Need For Our Services
The complexity of the healthcare payment process, and our experience in offering services that
improve the ability of our customers to recover incremental revenue through that process, have been
contributing factors to the success of our service offerings. Complexities of the healthcare
payment process include multiple payors, and the coordination and utilization of clinical,
operational, financial and/or administrative review instituted by third-party payors in an effort
to control costs and manage care. If the payment processes associated with the healthcare industry
are simplified significantly, the need for our services, or the price customers are willing to pay
for our services, could be reduced.
Changes In The United States Healthcare Environment Could Have A Material Negative Impact On Our
Revenue And Net Income
The healthcare industry in the United States is subject to changing political, economic and
regulatory influences that may affect the procurement practices and operations of healthcare
organizations. Our services are designed to function within the structure of the healthcare
financing and reimbursement systems currently being used in the United States. During the past
several years, the healthcare industry has been subject to increasing levels of governmental
regulation of, among other things, reimbursement rates, certain capital expenditures, and data
confidentiality and privacy. From time to time, certain proposals to reform the healthcare system
have been considered by Congress. These proposals, if enacted, may increase government involvement
in healthcare, lower reimbursement rates and otherwise change the operating environment for our
clients. Healthcare organizations may react to these proposals and the uncertainty surrounding such
proposals by curtailing or deferring their retention of service providers such as us. We cannot
predict what impact, if any, such proposals or healthcare reforms might have on our results of
operations, financial condition or business.
We Are Subject To Extensive Government Regulation, And Any Violation Of The Laws And Regulations
Applicable To Us Could Reduce Our Revenue And Profitability And Otherwise Adversely Affect Our
Operating Results
Our business is regulated by the federal government and the states in which we operate. The
laws and regulations governing our operations are generally intended to benefit and protect health
plan members and providers rather than stockholders. The government agencies administering these
laws and regulations have broad latitude to enforce them. These laws and regulations, along with
the terms of our government contracts, regulate how we do business, what services we offer, and how
we interact with our clients, providers and the public. We are subject, on an ongoing basis, to
various governmental reviews, audits and investigations to verify our compliance with our contracts
and applicable laws and regulations.
Because we receive payments from federal and state governmental agencies, we are subject to
various laws, including the Federal False Claims Act, which permit the federal government to
institute suit against us for violations and, in some cases, to seek treble damages, penalties and
assessments. Many states, including states where we currently do business, likewise have enacted
parallel legislation. In addition, private citizens, acting as whistleblowers, can sue as if they
were the government under a special provision of the Act.
Any violations of any of these laws, rules or regulations or any adverse review, audit or
investigation could reduce our revenues and profitability and otherwise adversely affect our
operating results.
We Must Comply With Restrictions On Patient Privacy And Information Security, Including Taking
Steps To Ensure That Our Business Associates Who Obtain Access To Sensitive Patient Information
Maintain Its Confidentiality
The use of individually identifiable data by our businesses is regulated at the federal and
state levels. These laws and rules are changed frequently by legislation or administrative
interpretation. Various state laws address the use and disclosure of individually identifiable
health data. Most are derived from the privacy and security provisions in the federal
Gramm-Leach-Bliley Act and the Health Insurance Portability and Accountability Act of 1996
("HIPAA"). HIPAA also imposes guidelines on our business associates (as this term is defined in the
HIPAA regulations). Even though we provide for appropriate protections through our contracts with
our business associates, we still have limited control over their actions and practices. Compliance
with these proposals, requirements, and new regulations may result in cost increases due to
necessary systems changes, the development of new administrative processes, and the effects of
potential noncompliance by our business associates. They also may impose further restrictions on
our use of patient identifiable data that is housed in one or more of our administrative databases.
Our Business Depends On Effective Information Systems And The Integrity Of The Data In Our
Information Systems
Our ability to accurately report our financial results depends on the integrity of the data in
our information systems. As a result of our acquisition activities, we have acquired additional
systems. We have been taking steps to reduce the number of systems we operate. If we encountered a
business disruption, found the information we rely upon to run our businesses to be inaccurate or
unreliable, or if we failed to maintain our information systems and data integrity effectively, we
could lose existing customers, have difficulty attracting new customers, have problems in
establishing appropriate pricing, have disputes with customers and other healthcare providers, have
regulatory problems, have increases in operating expenses or suffer other adverse consequences.
4
We Depend On Information Suppliers. If We Are Unable To Manage Successfully Our Relationships With
A Number Of These Suppliers, The Quality And Availability Of Our Services May Be Harmed
We obtain some of the data used in our services from third party suppliers and government
entities. If a number of suppliers are no longer able or are unwilling to provide us with certain
data, we may need to find alternative sources. If we are unable to identify and contract with
suitable alternative data suppliers and integrate these data sources into our service offerings, we
could experience service disruptions, increased costs and reduced quality of our services.
Additionally, if one or more of our suppliers terminates our existing agreements, there is no
assurance that we will obtain new agreements with third party suppliers on terms favorable to us,
if at all. Loss of such access or the availability of data in the future due to increased
governmental regulation or otherwise could have a material adverse effect on our business,
financial condition or results of operations.
We Depend On Our Largest Clients For Significant Revenue, And If We Lose A Major Client, Our
Revenue Could Be Adversely Affected
We generate a significant portion of our revenue from our largest clients. For the years ended
December 31, 2008, 2007, and 2006, our three largest clients accounted for approximately 20%, 22%
and 27% of our revenue from continuing operations, respectively. If we were to lose a major client,
our results of operations and cash flows could be materially and adversely affected by the loss of
revenue, and we would seek to replace the client with new business, of which there could be no
assurance.
Our Indebtedness Results In Significant Debt Service Obligations And Limitations
We have outstanding debt service obligations. Substantially all of our assets used in our
business operations secure our obligations under our credit facilities. Our indebtedness may pose
important consequences to investors, including the risks that:
•
we will use a portion of our cash flow from operations to pay principal and interest on our debt, thereby reducing
the funds available for acquisitions, working capital, capital expenditures and other general corporate purposes;
•
increases in our borrowings under our credit facilities may make it more difficult to satisfy our debt obligations;
•
our borrowings under our credit facilities bear interest at variable rates, which could create higher debt service
requirements if market interest rates increase;
•
our degree of leverage may limit our ability to withstand competitive pressure and could reduce our flexibility in
responding to changes in business and economic conditions;
•
our degree of leverage may hinder our ability to adjust rapidly to changing market conditions and could make us
more vulnerable to downturns in the economy or in our industry; and
•
our failure to comply with debt covenants could result in our indebtedness being immediately due and payable.
If we cannot generate sufficient cash flow from operations to meet our obligations, we may be
forced to reduce or delay acquisitions and other capital expenditures, sell assets, restructure or
refinance our debt, or seek additional equity capital. There can be no assurance that these
remedies would be available or satisfactory. Our cash flow from operations will be affected by
prevailing economic conditions and financial, business and other factors that may be beyond our
control.
We May Not Be Able To Realize The Entire Book Value Of Goodwill And Other Intangible Assets From
Acquisitions
As of December 31, 2008, we have approximately $82.3 million of goodwill and $19.8 million of
intangible assets. We have implemented the provisions of SFAS No. 142, "Goodwill and Other
Intangible Assets," which requires that existing goodwill not be amortized, but instead be assessed
annually or sooner for impairment if circumstances indicate a possible impairment. We will monitor
for impairment of goodwill on past and future acquisitions. We perform our impairment testing in
the second quarter of each year. In the event that the book value of goodwill is impaired, any such
impairment would be charged to earnings in the period of impairment. There can be no assurances
that future impairment of goodwill under SFAS No. 142 will not have a material adverse effect on
our business, financial condition or results of operations. Management performs the goodwill
valuation.
RISKS RELATING TO OUR COMMON STOCK
Our stock price is volatile, which could result in substantial losses for investors.
5
Our common stock is quoted on the NASDAQ Global Select Market, and there has been substantial
volatility in the market price of our common stock. The trading price of our common stock has been,
and is likely to continue to be, subject to significant fluctuations due to a variety of factors,
including:
•
fluctuations in our quarterly operating and earnings per share results;
•
the gain or loss of significant contracts;
•
loss of key personnel;
•
announcements of technological innovations or new products by us or our competitors;
•
delays in the development and introduction of new services;
•
legislative or regulatory changes;
•
general trends in the industry;
•
recommendations and/or changes in estimates by equity and market research analysts;
•
sales of common stock of existing holders;
•
securities class action or other litigation;
•
developments in our relationships with current or future customers and suppliers; and
•
general economic conditions, both in the United States and abroad.
In addition, the stock market in general has experienced extreme price and volume fluctuations
that have affected the market price of our common stock, as well as the stock of many companies in
our industries. Often, price fluctuations are unrelated to operating performance of the specific
companies whose stock is affected.
In the past, following periods of volatility in the market price of a company's stock,
securities class action litigation has occurred against the issuing company. If we were subject to
this type of litigation in the future, we could incur substantial costs and a diversion of our
management's attention and resources, each of which could have a material adverse effect on our
revenue and earnings. Any adverse determination in this type of litigation could also subject us to
significant liabilities.
Because we do not intend to pay cash dividends on our common stock, an investor in our common stock
will benefit only if it appreciates in value.
We currently intend to retain our future earnings, if any, to finance the expansion of our
business and do not expect to pay any cash dividends on our common stock in the foreseeable future.
As a result, the success of an investment in our common stock will depend entirely upon any future
appreciation. There is no guarantee that our common stock will appreciate in value or even maintain
the price at which an investor purchased his or her shares.
Certain provisions in our certificate of incorporation could discourage unsolicited takeover
attempts, which could depress the market price of our common stock
.
We are subject to the New York anti-takeover laws regulating corporate takeovers. These
anti-takeover laws prohibit certain business combinations between a New York corporation and any
"interested shareholder" (generally, the beneficial owner of 20% or more of the corporation's
voting shares) for five years following the time that the shareholder became an interested
shareholder, unless the corporation's board of directors approved the transaction prior to the
interested shareholder becoming interested.
Our certificate of incorporation authorizes the issuance of up to 5,000,000 shares of "blank
check" preferred stock with such designations, rights and preferences as may be determined by our
Board of Directors. Accordingly, our Board of Directors is empowered, without shareholder approval,
to issue preferred stock with dividend, liquidation, conversion, voting or other rights, which
could adversely affect the voting power or, other rights of holders of our common stock. In the
event of issuance, preferred stock could be utilized, under certain circumstances, as a method of
discouraging, delaying or preventing a change in control. Although we have no present intention to
issue any shares of preferred stock, we cannot assure you that we will not do so in the future. In
addition, our by-laws provide for a classified Board of Directors, which could also have the effect
of discouraging a change of control.
6
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This prospectus includes and incorporates forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the
Securities Exchange Act of 1934, as amended (the Exchange Act). All statements, other than
statements of historical facts, included or incorporated in this prospectus regarding our strategy,
future operations, financial position, future revenues, projected costs, prospects, plans and
objectives of management are forward-looking statements. The words "anticipates," "believes,"
"estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar
expressions are intended to identify forward-looking statements, although not all forward-looking
statements contain these identifying words. We cannot guarantee that we actually will achieve the
plans, intentions or expectations disclosed in our forward-looking statements and you should not
place undue reliance on our forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the forward-looking statements
we make. We have included important factors in the cautionary statements included or incorporated
in this prospectus, particularly under the heading "Risk Factors", that we believe could cause
actual results or events to differ materially from the forward-looking statements that we make. Our
forward-looking statements do not reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments we may make. Any such forward-looking statements
represent management's views as of the date of the document in which such forward-looking statement
is contained. While we may elect to update such forward-looking statements at some point in the
future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
USE OF PROCEEDS
The shares of common stock offered by this prospectus are being registered for the account of
the selling shareholders identified in this prospectus. See "Selling Shareholders." All net
proceeds from the sale of the shares of common stock will go to the shareholders that offer and
sell their shares. We will not receive any part of the proceeds from such sales of common stock. We
will, however, receive the exercise price of the options at the time of their exercise. Such
proceeds will be contributed to working capital and will be used for general corporate purposes.
SELLING SHAREHOLDERS
The shares of common stock to which this prospectus relates may be reoffered and sold from
time to time by selling shareholders who may be deemed our "affiliates" (as defined in Rule 501(b)
of Regulation D of the Securities Act of 1933, as amended). The selling shareholders will acquire
or have acquired the shares of common stock upon exercise of options or pursuant to restricted
stock or other awards granted or to be granted to them pursuant to
our Third Amended and Restated 2006
Stock Plan ("2006 Plan"), upon exercise of options granted under our 1999 Long-Term Incentive Stock
Plan ("1999 Plan") or upon exercise of options granted by us pursuant to four Stock Option
Agreement ("Option Agreements"). The table below identifies each selling shareholder and his or her
relationship to us. The table also sets forth, as of August 13, 2009 for each selling shareholder:
(i) the number of shares of common stock beneficially owned prior to this offering, (ii) the number
of shares of common stock that may be offered and sold through this prospectus, and (iii) the
number of shares of common stock and the percentage of the class represented by such shares to be
owned by each such selling shareholder assuming the sale of all of the registered shares. There is
no assurance that any of the selling shareholders will sell any or all of their shares of common
stock. The inclusion in the table of the individuals named therein shall not be deemed to be an
admission that any such individuals are one of our affiliates. Except as otherwise noted, all
shares of common stock are beneficially owned and the sole investment and voting power is held by
the person named, and such persons' address is c/o HMS Holdings Corp., 401 Park Avenue South, New
York, New York 10016. Information regarding the selling shareholders, including the number of
shares offered for sale, may change from time to time, and any changed information will be set
forth in a prospectus supplement to the extent required.
7
Beneficial Ownership After
this Offering (1) (2)
Beneficial
Shares that may
Ownership Prior
be Offered and
Number of
Percent of
Name and Position
to this Offering
Sold Hereby
Shares
Class
Robert M. Holster, Chairman and director(3)
615,310
498,000
117,310
*
William C. Lucia, President, Chief Executive Officer and
director(4)
460,674
437,980
22,694
*
Walter D. Hosp, Chief Financial Officer (5)
133,584
125,584
8,000
*
John D. Schmid, Vice President Human Resources (6)
45,000
45,000
—
*
James T. Kelly, Director (7)
132,300
132,300
—
*
William F. Miller, Director (8)
321,343
17,000
304,343
1.2
%
William S. Mosakowski, Director (9)
15,750
15,750
—
*
William W. Neal, Director (10)
65,000
17,000
48,000
*
Galen D. Powers, Director (11)
17,237
17,000
237
*
Ellen A. Rudnick, Director (12)
95,000
92,000
3,000
*
Michael A. Stocker, Director (13)
15,750
15,750
—
*
Richard H. Stowe, Director (14)
113,000
113,000
—
*
*
Denotes less than 1%.
(1)
Percentage calculated on the basis of 26,202,018 shares of common stock outstanding at August
13, 2009, plus in the case of each selling shareholder, additional shares of common stock deemed to
be outstanding because such shares may be acquired through the exercise of outstanding options
beneficially owned by such selling shareholder.
(2)
Assumes the sale of all shares of common stock registered pursuant to this prospectus, although
selling shareholders are under no obligation known to us to sell any shares of common stock at this
time.
(3)
Includes (i) 50,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 3,334 of which are exercisable as of August 13, 2009, (ii) 220,000 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan of which all are
exercisable as of August 13, 2009, 70,000 of these shares are related to the exercise of stock
options held by Mr. Holster's family trust to which he disclaims beneficial ownership and (iii)
228,000 shares of common stock issuable upon the exercise of options granted under the Option
Agreements, all of which all are exercisable as of August 13, 2009. Also includes 29,996 shares of
common stock owned by members of the family of Mr. Holster, as to which Mr. Holster disclaims
beneficial ownership.
(4)
Includes 167,335 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 91,336 of which are exercisable as of August 13, 2009 and 238,665 shares of common stock
issuable upon the exercise of options granted under the 1999 Plan, 217,999 of which are exercisable
as of August 13, 2009. Also includes 31,980 restricted stock awards, none of which are vested as of
August 13, 2009.
(5)
Includes 40,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 2,500 of which are exercisable as of August 13, 2009 and 60,000 shares of common stock
issuable upon the exercise of options granted under the Option Agreements, 30,000 of which are
exercisable as of August 13, 2009. Also includes 25,584 restricted stock awards, none of which are
vested as of August 13, 2009.
(6)
Includes 45,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, none of which are exercisable as of August 13, 2009.
8
(7)
Includes (i) 17,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 13,676 of which are exercisable as of August 13, 2009, (ii) 115,300 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan, all of which are
exercisable.
(8)
Includes 17,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,676 of which are exercisable as of August 13, 2009 and 6,000 shares of common stock
owned by members of the family of Mr. Miller, as to which Mr. Miller disclaims beneficial
ownership.
(9)
Includes 15,750 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,050 of which are exercisable as of August 13, 2009.
(10)
Includes 17,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,676 of which are exercisable as of August 13, 2009. Also includes 48,000 shares of
common stock owned by members of the family of Mr. Neal, as to which Mr. Neal disclaims beneficial
ownership.
(11)
Includes 17,000 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,676 of which are exercisable as of August 13, 2009. Also includes 237 shares of
common stock owned by members of the family of Mr. Powers, as to which Mr. Powers disclaims
beneficial ownership.
(12)
Includes (i) 17,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 13,676 of which are exercisable as of August 13, 2009, (ii) 75,000 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan, of which all are
exercisable as of August 13, 2009.
(13)
Includes 15,750 shares of common stock issuable upon the exercise of options granted under the
2006 Plan, 13,050 of which are exercisable as of August 13, 2009.
(14)
Includes (i) 17,000 shares of common stock issuable upon the exercise of options granted under
the 2006 Plan, 13,676 of which are exercisable as of August 13, 2009, (ii) 96,000 shares of common
stock issuable upon the exercise of options granted under the 1999 Plan, of which all are
exercisable as of August 13, 2009.
9
PLAN OF DISTRIBUTION
The shares covered by this prospectus may be offered and sold from time to time by the selling
stockholders. The term "selling stockholders" includes donees, pledgees, transferees or other
successors-in-interest selling shares received after the date of this prospectus from a selling
stockholder as a gift, pledge, partnership distribution or other non-sale related transfer. The
selling stockholders will act independently of us in making decisions with respect to the timing,
manner and size of each sale. Such sales may be made on one or more exchanges or in the
over-the-counter market or otherwise, at prices and under terms then prevailing or at prices
related to the then current market price or in negotiated transactions. The selling stockholders
may sell their shares by one or more of, or a combination of, the following methods:
•
purchases by a broker-dealer as principal and resale by such
broker-dealer for its own account pursuant to this prospectus;
•
ordinary brokerage transactions and transactions in which the broker solicits purchasers;
•
block trades in which the broker-dealer so engaged will attempt to
sell the shares as agent but may position and resell a portion of
the block as principal to facilitate the transaction;
•
an over-the-counter distribution in accordance with the rules of the NASDAQ Global Select Market;
•
in privately negotiated transactions; and
•
in options transactions.
In addition, any shares that qualify for sale pursuant to Rule 144 may be sold under Rule 144
rather than pursuant to this prospectus.
To the extent required, this prospectus may be amended or supplemented from time to time to
describe a specific plan of distribution. In connection with distributions of the shares or
otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or
other financial institutions. In connection with such transactions, broker-dealers or other
financial institutions may engage in short sales of the common stock in the course of hedging the
positions they assume with selling stockholders. The selling stockholders may also sell the common
stock short and redeliver the shares to close out such short positions. The selling stockholders
may also enter into option or other transactions with broker-dealers or other financial
institutions that require the delivery to such broker-dealer or other financial institution of
shares offered by this prospectus, which shares such broker-dealer or other financial institution
may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The selling stockholders may also pledge shares to a broker-dealer or other financial institution,
and, upon a default, such broker-dealer or other financial institution may effect sales of the
pledged shares pursuant to this prospectus (as supplemented or amended to reflect such
transaction).
In effecting sales, broker-dealers or agents engaged by the selling stockholders may arrange
for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
discounts or concessions from the selling stockholders in amounts to be negotiated immediately
prior to the sale.
In offering the shares covered by this prospectus, the selling stockholders and any
broker-dealers who execute sales for the selling stockholders may be deemed to be "underwriters"
within the meaning of the Securities Act in connection with such sales. Any profits realized by the
selling stockholders and the compensation of any broker-dealer may be deemed to be underwriting
discounts and commissions.
In order to comply with the securities laws of certain states, if applicable, the shares must
be sold in such jurisdictions only through registered or licensed brokers or dealers. In addition,
in certain states the shares may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is
available and is complied with.
We have advised the selling stockholders that the anti-manipulation rules of Regulation M
under the Exchange Act may apply to sales of shares in the market and to the activities of the
selling stockholders and their affiliates. In addition, we will make copies of this prospectus
available to the selling stockholders for the purpose of satisfying the prospectus delivery
requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that
participates in transactions involving the sale of the shares against certain liabilities,
including liabilities arising under the Securities Act.
At the time a particular offer of shares is made, if required, a prospectus supplement will be
distributed that will set forth the number of shares being offered and the terms of the offering,
including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
any discount, commission and other item constituting compensation, any discount, commission or
concession allowed or reallowed or paid to any dealer, and the proposed selling price to the
public.
LEGAL MATTERS
The validity of the shares of common stock will be passed upon for us by Meister Seelig & Fein LLP,
New York, New York.
10
EXPERTS
The consolidated financial statements and schedule of HMS Holdings Corp. as of December 31,
2008 and 2007, and for each of the years in the three-year period ended December 31, 2008, and
management's assessment of the effectiveness of internal control over financial reporting as of
December 31, 2008, have been incorporated by reference herein in reliance upon the reports of KPMG
LLP, independent registered public accounting firm, incorporated by reference herein, and upon the
authority of said firm as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed registration statements with the SEC on Form S-8 to register the shares of our
common stock being offered by this prospectus. This prospectus, which is part of the registration
statements, does not contain all the information included in the registration statements. Some
information has been omitted in accordance with the rules and regulations of the SEC. For further
information, please refer to the registration statements and the exhibits and schedules filed with
them. In addition, we file annual, quarterly and current reports, proxy statements and other
information with the SEC. You may read and copy any reports, statements or other information that
we file at the SEC's public reference facilities at 450 Fifth Street, N.W., Washington, D.C. 20549.
Please call the SEC at 1-800-SEC-0330 for further information regarding the public reference
facilities. The SEC maintains a website, http://www.sec.gov, that contains reports, proxy
statements and information statements and other information regarding registrants that file
electronically with the SEC, including us. Our SEC filings are also available to the public from
commercial document retrieval services. Information contained on our website should not be
considered part of this prospectus.
You may also request a copy of our filings at no cost by writing or telephoning us at:
HMS Holdings Corp., 401 Park Avenue South, New York, New York 10016 Attention: Corporate Secretary
(212) 725-7965.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us to "incorporate by reference" the information we file with them, which means
that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this prospectus, and information
that we file later with the SEC will automatically update and supersede this information. We
incorporate by reference the documents listed below and any future filings that we will make with
the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934:
(a) Our Registration Statements on Form S-8, filed on November 30, 2006 and on March 20, 2008,
File Nos. 333-139025 and 333-149836, respectively;
(b) Our Annual Report on Form 10-K for the year ended December 31, 2008;
(c) Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009 and June 30,
2009;
(d) Our Current Reports on Form 8-K filed with the SEC on April 29, 2009, May 1, 2009, July
31, 2009 and August 4, 2009; and
(c) The description of our shares of common stock contained in our registration statement on
Form 8-K/12g-3, as filed with the SEC on March 3, 2003.
We will provide without charge to each person, including any beneficial owner, to whom a copy
of this prospectus is delivered a copy of any or all documents incorporated by reference into this
prospectus except the exhibits to such documents (unless such exhibits are specifically
incorporated by reference in such documents). Requests for copies can be made by writing or
telephoning us at:
HMS Holdings Corp., 401 Park Avenue South, New York, New York 10016 Attention: Corporate Secretary
(212) 725-7965.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR
SECURITIES ACT LIABILITIES
Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to our directors, officers or persons controlling us, we have been advised that it is the SEC's
opinion that such indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable.
11
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents, filed by the Registrant with the Securities and Exchange Commission
(the "SEC") are incorporated by reference in this Registration Statement:
(a) The Prior 2006 Plan Registration Statements;
(b) The Registrant's Annual Report on Form 10-K for the year ended December 31, 2008
(c) The Registrant's Quarterly Report on Form 10-Q for the quarters ended March 31, 2009 and
June 30, 2009;
(d) The Registrant's Current Reports on Form 8-K filed with the SEC on April 29, 2009, May 1,
2009, July 31, 2009 and August 4, 2009; and
(e) The description of the Registrant's shares of common stock contained in its registration
statement on Form 8-K/12g-3, as filed with the SEC on March 3, 2003.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date of this Registration Statement and prior to the filing of a
post-effective amendment hereto that indicate that all securities offered have been sold or that
deregisters all such 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 statement contained in a document incorporated by reference herein shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document that also is incorporated or deemed to
be incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts And Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Section 722 of the New York Business Corporation Law (the "BCL") provides that a corporation
may indemnify directors and officers as well as other employees and individuals against judgments,
fines, amounts paid in settlement and reasonable expenses, including attorneys' fees, in connection
with actions or proceedings, whether civil or criminal (other than an action by or in the right of
the corporation — a "derivative action"), if they acted in good faith and in a manner they
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 their conduct was
unlawful. A similar standard is applicable in the case of derivative actions, except that
indemnification only extends to amounts paid in settlement and reasonable expenses (including
attorneys' fees) incurred in connection with the defense or settlement of such actions, and the
statute does not apply in respect of a threatened action, or a pending action that is settled or
otherwise disposed of, and requires court approval before there can be any indemnification where
the person seeking indemnification has been found liable to the corporation. Section 721 of the BCL
provides that Article 7 of the BCL is not exclusive of other indemnification that may be granted by
a corporation's certificate of incorporation, disinterested director vote, stockholder vote,
agreement or otherwise. Article VIII, Section 7, of the Registrant's by-laws requires the
Registrant to indemnify its officers and directors to the fullest extent permitted under the BCL.
Any amendment to or repeal of the Registrant's certificate of incorporation or by-laws shall
not adversely affect any right or protection of a director of the Registrant for or with respect to
any acts or omissions of such director occurring prior to such amendment or repeal.
The certificate of incorporation of the Registrant (Article Ninth) provides the following:
Pursuant to Section 402(b) of the Business Corporation Law, the liability of the Corporation's
directors to the Corporation or its shareholders for damages for breach of duty as a director shall
be eliminated to the fullest extent permitted by the Business Corporation Law, as it exists on the
date hereof or as it may hereafter be amended. No amendment to or repeal of this Article shall
apply to or have any effect on the liability or alleged liability of any director of the
Corporation for or with respect to any acts or omissions of such director occurring prior to such
amendment or repeal.
In addition, the Registrant maintains directors' and officers' liability insurance policies.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit
Number
Description
2
Agreement and Plan of Merger, dated as of December 16, 2002, among Health Management Systems, Inc., HMS Holdings Corp.
and HMS Acquisition Corp. (Incorporated by reference to Exhibit 2.1 to Amendment No. 1 ("Amendment No. 1") to HMS
Holdings Corp.'s Registration Statement on Form S-4, File No. 333-100521 (the "Form S-4"))
3.1(i)
Restated Certificate of Incorporation of HMS Holdings Corp. ( Incorporated by reference to Exhibit 3.1 to Amendment No. 1)
3.1(ii)
Certificate of Amendment to the Certificate of Incorporation of HMS Holdings Corp. (Incorporated by reference to Exhibit
3.1(a) to HMS Holdings Corp.'s Registration Statement on Form S-8, File No. 333-108436 (the "1999 Plan Form S-8"))
3.2
By-laws of HMS Holdings Corp. (Incorporated by reference to Exhibit 3.2 to the Form S-4)
4.1
HMS Holdings Corp. 1999 Long-Term Incentive Stock Plan (Incorporated by reference to Exhibit 4 to the 1999 Plan Form S-8)
4.2
Stock Option Agreement, dated as of January 10, 2001, between Health Management Systems, Inc. and William F. Miller III
(Incorporated by reference to Exhibit 4.01 to HMS Holdings Corp.'s Registration Statement on Form S-8, File No.
333-108445 (the "Option Agreement Form S-8"))
4.3
Stock Option Agreement, dated as of March 30, 2001, between Health Management Systems, Inc. ("HMS") and Robert M. Holster
(Incorporated by reference to Exhibit 4.02 to the Option Agreement Form S-8)
4.4
Stock Option Agreement, dated as of December 12, 2001, between Health Management Systems, Inc. and James T. Kelly
(Incorporated by reference to Exhibit 4.03 to the Option Agreement Form S-8)
4.5
HMS Holdings Corp. 2006 Stock Plan (Incorporated by reference to Exhibit 4.6 to HMS Holdings Corp.'s Registration
Statement on Form S-8, File No. 333-139025 (the "2006 Plan Prior Form S-8"))
4.5(i)
Form of Incentive Stock Option Agreement — 2006 Plan (Incorporated by reference to Exhibit 4.6(i) to the 2006 Plan Prior
Form S-8)
4.5(ii)
Form of Non-Qualified Stock Option Agreement — 2006 Plan (Incorporated by reference to Exhibit 4.6(ii) to the 2006 Plan
Prior Form S-8)
4.6
Form of Non-Qualified Stock Option Agreements (Incorporated by reference to Exhibit 4.7 to HMS Holdings Corp.'s
Registration Statement on Form S-8, File No. 333-149836 (the "Restated Plan Form S-8"))
4.7
Stock Option Agreement, dated as of July 2, 2007, between HMS Holdings Corp. and Walter D. Hosp (Incorporated by
reference to Exhibit 4.8 to the Restated Plan Form S-8)
4.8
HMS Holdings Corp. 2006 Stock Plan, as previously amended and restated (Incorporated by reference to Exhibit 4.9 to the
Restated Plan Form S-8)
4.9
HMS Holdings Corp. Third Amended and Restated 2006 Stock Plan (Incorporated by reference to HMS Holdings Corp.'s definitive
Proxy Statement on Schedule 14A for the 2009 Annual Meeting of Shareholders)
4.10
Form of Restricted Stock Agreement (Incorporated by reference to Exhibit 10.1 to HMS Holdings Corp.'s Current Report on
Form 8-K, as filed on April 29, 2009).
*5
Opinion of Meister Seelig & Fein LLP re legality
*23.1
Consent of Independent Registered Public Accounting Firm
23.2
Consent of Meister Seelig & Fein LLP (included in Exhibit 5)
24
Powers of Attorney (included on signature page)
*
Filed herewith.
Item 9. Undertakings.
(a) The undersigned 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:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933, as amended (the "Securities Act");
(ii) To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information
set forth in the Registration Statement. Notwithstanding the foregoing, any increase or
decrease in the volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of a prospectus
filed with the SEC pursuant to Rule 424(b) of the Securities Act if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective
Registration Statement; and
(iii) 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;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) shall not apply to information
contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference 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 undersigned 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 Section 15(d) of the Exchange Act (and, when applicable, each filing of an
employee benefit plan's annual report pursuant to Section 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 Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the 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 Securities Act and will be
governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, 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 New York, State of New York, on this 18th day of August, 2009.
HMS HOLDINGS CORP.
By:
/s/ William C. Lucia
William C. Lucia
Chief Executive Officer and Director
POWER OF ATTORNEY
We, the undersigned directors and officers of the Registrant, do hereby constitute and appoint
William C. Lucia and Walter D. Hosp and each and either of them, our true and lawful
attorneys-in-fact and agents, to do any and all acts and things in our names and on our behalf in
our capacities as trustees and officers and to execute any and all instruments for us and in our
name in the capacities indicated below, which said attorneys and agents, or either of them, may
deem necessary or advisable to enable the Registrant to comply with the Securities Act of 1933 and
any rules, regulations and requirements of the Securities and Exchange Commission, in connection
with this Registration Statement, or any registration statement for this offering that is to be
effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, including
specifically, but without limitation, any and all amendments (including post-effective amendments)
hereto; and we hereby ratify and confirm all that said attorneys and agents, or either of them,
shall do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been
signed by the following persons in the capacities indicated as of the 18th day of August, 2009.
Signature
Title
/s/ Robert M. Holster
Robert M. Holster
Chairman, Board of Directors
/s/ William C. Lucia
William C. Lucia
Chief Executive Officer and Director
(Principle Executive Officer)
/s/ Walter D. Hosp
Walter D. Hosp
Chief Financial Officer
(Principle
Finance and Accounting Officer)
/s/ James T. Kelly
James T. Kelly
Director
/s/ William F. Miller
William F. Miller
Director
/s/ William S. Mosakowski
William S. Mosakowski
Director
/s/ William W. Neal
William W. Neal
Director
/s/ Galen D. Powers
Galen D. Powers
Director
/s/ Ellen A. Rudnick
Ellen A. Rudnick
Director
/s/ Michael A. Stocker
Michael A. Stocker
Director
/s/ Richard H. Stowe
Richard H. Stowe
Director
EXHIBIT INDEX
Exhibit
Number
Description
2
Agreement and Plan of Merger, dated as of December 16, 2002, among Health Management Systems, Inc., HMS Holdings Corp.
and HMS Acquisition Corp. (Incorporated by reference to Exhibit 2.1 to Amendment No. 1 ("Amendment No. 1") to HMS
Holdings Corp.'s Registration Statement on Form S-4, File No. 333-100521 (the "Form S-4"))
3.1(i)
Restated Certificate of Incorporation of HMS Holdings Corp. ( Incorporated by reference to Exhibit 3.1 to Amendment No. 1)
3.1(ii)
Certificate of Amendment to the Certificate of Incorporation of HMS Holdings Corp. (Incorporated by reference to Exhibit
3.1(a) to HMS Holdings Corp.'s Registration Statement on Form S-8, File No. 333-108436 (the "1999 Plan Form S-8"))
3.2
By-laws of HMS Holdings Corp. (Incorporated by reference to Exhibit 3.2 to the Form S-4)
4.1
HMS Holdings Corp. 1999 Long-Term Incentive Stock Plan (Incorporated by reference to Exhibit 4 to the 1999 Plan Form S-8)
4.2
Stock Option Agreement, dated as of January 10, 2001, between Health Management Systems, Inc. and William F. Miller III
(Incorporated by reference to Exhibit 4.01 to HMS Holdings Corp.'s Registration Statement on Form S-8, File No.
333-108445 (the "Option Agreement Form S-8"))
4.3
Stock Option Agreement, dated as of March 30, 2001, between Health Management Systems, Inc. ("HMS") and Robert M. Holster
(Incorporated by reference to Exhibit 4.02 to the Option Agreement Form S-8)
4.4
Stock Option Agreement, dated as of December 12, 2001, between Health Management Systems, Inc. and James T. Kelly
(Incorporated by reference to Exhibit 4.03 to the Option Agreement Form S-8)
4.5
HMS Holdings Corp. 2006 Stock Plan (Incorporated by reference to Exhibit 4.6 to HMS Holdings Corp.'s Registration
Statement on Form S-8, File No. 333-139025 (the "2006 Plan Prior Form S-8"))
4.5(i)
Form of Incentive Stock Option Agreement — 2006 Plan (Incorporated by reference to Exhibit 4.6(i) to the 2006 Plan Prior
Form S-8)
4.5(ii)
Form of Non-Qualified Stock Option Agreement — 2006 Plan (Incorporated by reference to Exhibit 4.6(ii) to the 2006 Plan
Prior Form S-8)
4.6
Form of Non-Qualified Stock Option Agreements (Incorporated by reference to Exhibit 4.7 to HMS Holdings Corp.'s
Registration Statement on Form S-8, File No. 333-149836 (the "Restated Plan Form S-8"))
4.7
Stock Option Agreement, dated as of July 2, 2007, between HMS Holdings Corp. and Walter D. Hosp (Incorporated by
reference to Exhibit 4.8 to the Restated Plan Form S-8)
4.8
HMS Holdings Corp. 2006 Stock Plan, as previously amended and restated (Incorporated by reference to Exhibit 4.9 to the
Restated Plan Form S-8)
4.9
HMS Holdings Corp. Third Amended and Restated 2006 Stock Plan (Incorporated by reference to HMS Holdings Corp.'s definitive
Proxy Statement on Schedule 14A for the 2009 Annual Meeting of Shareholders)
4.10
Form of Restricted Stock Agreement (Incorporated by reference to Exhibit 10.1 to HMS Holdings Corp.'s Current Report on
Form 8-K, as filed on April 29, 2009).
*5
Opinion of Meister Seelig & Fein LLP re legality
*23.1
Consent of Independent Registered Public Accounting Firm
23.2
Consent of Meister Seelig & Fein LLP (included in Exhibit 5)
24
Powers of Attorney (included on signature page)
*
Filed herewith