Company: HUM
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-048976
Chunk: 45

Company: HUMANA INC
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 45
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 creation of long-term shareholder value. For a detailed description of the 2024 PSU Program, please refer to the section titled “Design of Long-Term Incentives Granted in 2024 – 2024 Equity Award Summary” in this CD&A. In approving the 2024 PSU structure, the Committee noted its expectation for this structure to remain in place for only one year, intended to reflect the necessary adjustments to a year of unique transition. Throughout the decision-making process to apply this temporary measure, the Committee remained steadfast in our commitment to our long-standing compensation philosophy and principles, and intended to return to a PSU structure featuring a traditional three-year financial metric moving forward as the Company focuses on its continued transformation. In February 2025, the Committee carried through on this commitment, approving a 2025 PSU structure with a financial measure focused on relative TSR over the three-year period, coupled with operational and strategic measures focused on our Star Ratings recovery and operational productivity goals, each of which are directly tied to the Company’s financial performance.

| Compensation Discussion and Analysis • 2025 Proxy Statement | Humana |     | 45 |

Engaging with and Hearing Our Stockholders We have a long-standing practice of regularly engaging with our investors and maintaining strong dialogue between our Board and stockholders. During our 2024 engagement campaign, we reached out to stockholders representing 58% of our shares outstanding and engaged with stockholders representing 32% of our shares outstanding. During these conversations, we heard continued interest in our Board’s process for overseeing Mr. Rechtin’s and Ms. Mellet’s onboarding processes, succession and retention strategies for the full management team, and how the compensation program supports the actions needed to navigate the change happening in our industry. The Committee appreciates the ongoing dialogue we enjoy with stockholders and believes that Humana’s compensation program, including the changes made to reflect our environment in 2024, and the actions taken to solidify our management team for the future, are in the best of our stockholders. We look forward to maintaining an open and constructive dialogue with you as we progress and execute on our go-forwardstrategy and providing transparency on our efforts. Sincerely, Wayne A. I. Frederick, M.D., Chair Karen W. Katz Brad D. Smith

| 46 |     | Humana | 2025 Proxy Statement • Compensation Discussion and Analysis |

Compensation Program Highlights The Committee is dedicated to maintaining a robust,