CENTENE CORP — Director's Dealing 2010

Oct 1, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTENE CORP (CNC)
CIK: 0001071739
Period of Report: 2010-09-30

Reporting Person: NEIDORFF MICHAEL F (Director, Chairman, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-09-30	Phantom Stock	$0	A	329.67	Acquired	2010-09-30	Common Stock (329.67)	Direct
2010-10-01	Phantom Stock	$0	A	107.607	Acquired	2010-10-01	Common Stock (107.607)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1527473	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option (right to buy)	$7.57	2012-07-24	Common Stock (210)	210	Direct
Common Stock Option (right to buy)	$13.58	2013-08-26	Common Stock (228036)	228036	Direct
Common Stock Option (right to buy)	$13.98	2013-12-16	Common Stock (200000)	200000	Direct
Common Stock Option (right to buy)	$17.85	2014-07-27	Common Stock (180000)	180000	Direct
Common Stock Option (right to buy)	$25.40	2015-12-13	Common Stock (200000)	200000	Direct
Common Stock Option (right to buy)	$25.21	2016-12-12	Common Stock (100000)	100000	Direct

Footnotes

F1: Ownership includes previous awards of 650,000 restricted stock units subject to vesting requirements.

F2: Each share of phantom stock represents the right to receive the fair market value of one share of Centene common stock.

F3: The phantom stock was acquired by Mr. Neidorff through a quarterly Company match within the Company's deferred compensation plan.

F4: The phantom stock has no formal expiration date. The phantom stock will be settled in cash or other non-Company securities upon Mr. Neidorff's termination with the Company or on such other date Mr. Neidorff may elect.

F5: The phantom stock was acquired by Mr. Neidorff through regular scheduled payroll contributions to the Company's deferred compensation plan.