Document:

Form of Agreement for Stock Appreciation Rights Award to Executives

 Exhibit 10.6 
 Form of Stock Appreciation Rights Award Agreement to Executives 
 under the Company’s 2002 Stock Incentive Plan (non-competition) 

 
 STOCK APPRECIATION RIGHTS AWARD 
 (STOCK SETTLED) 
 Award Number: 
  

							
	 Award Date
	 	 Number of Shares
	 	 Grant Price
	  	Expiration Date
		 		 		  	
		 		 		  	
		 		 		  	

 THIS CERTIFIES THAT UnitedHealth Group Incorporated (the “Company”) has on the Award Date specified
above granted to 
 «Name» 
 (“Participant”) stock appreciation rights (the “Stock Appreciation Rights”) with respect to the number of shares of UnitedHealth Group Incorporated Common Stock, $.01 par value per share (the “Common Stock”),
indicated above in the box labeled “Number of Shares” (the “Shares”). The initial value of each Share is indicated above in the box labeled “Grant Price.” This Award represents the right to receive shares of Common
Stock (the “Issued Shares”) only when, and with respect to the number of Shares as to which, the Award has vested (the “Vested Shares”). This Award is subject to the terms and conditions set forth below and in the UnitedHealth
Group Incorporated 2002 Stock Incentive Plan (the “Plan”). A copy of the Plan is available upon request. In the event of any conflict between the terms of the Plan and this Award, the terms of the Plan shall govern. Any terms not defined
herein shall have the meaning set forth in the Plan. 
 * * * * * 
 1. Rights of the Participant with Respect to the Stock Appreciation Rights. 
 (a) No Shareholder Rights. The Stock Appreciation Rights granted pursuant to this Award do not and shall not entitle Participant to any rights of a
shareholder of Common Stock prior to the exercise of the Stock Appreciation Rights and the receipt of the Issued Shares in accordance with this Award. The rights of Participant with respect to this Award shall remain forfeitable at all times prior
to the date on which such rights become vested in accordance with Section 2, 3 or 4 hereof. 
 (b) Exercise of Stock Appreciation
Rights; Issuance of Common Stock. No shares of Common Stock shall be issued to Participant prior to the date on which the Stock Appreciation 

 
Rights are vested in accordance with Sections 2, 3, or 4, and exercised in accordance with Section 5. Upon exercise of the Stock Appreciation Rights,
Participant shall be entitled to receive a number of Issued Shares for each Vested Share with respect to which the Stock Appreciation Rights are exercised equal to (i) the excess of the Fair Market Value of one Share on the date of exercise
over the Grant Price, divided by (ii) the Fair Market Value of one Share on the date of exercise. The Issued Shares shall be issued in book-entry form, registered in Participant’s name or in the name of Participant’s legal
representatives, beneficiaries or heirs, as the case may be. The Company will not deliver any fractional share of Common Stock but will pay, in lieu thereof, cash equal to the Fair Market Value of such fractional share. 
 2. Vesting. Subject to the terms and conditions of this Award, the Stock Appreciation Rights shall vest and may be exercised by Participant with
respect to [            ]% of the Shares on each of the [                ] and
[                ] anniversaries of the Award Date if Participant remains continuously employed by the Company or its subsidiaries until the respective vesting
dates. 
 3. Early Vesting Upon Change in Control. Notwithstanding the other vesting provisions contained in Section 2, but
subject to the other terms and conditions set forth herein, upon the effective date of a Change in Control, the Stock Appreciation Rights with respect to all of the Shares shall become immediately and unconditionally vested and exercisable. For
purposes of this Award, a “Change in Control” shall mean the sale of all or substantially all of the Company’s assets or any merger, reorganization, or exchange or tender offer which, in each case, will result in a change in the power
to elect 50% or more of the members of the Board of Directors of the Company. 
 4. Forfeiture or Early Vesting Upon Termination of
Employment. 
 (a) Termination of Employment Generally. If Participant ceases to be an employee of the Company or its subsidiaries
for any reason (voluntary or involuntary) other than death or permanent long-term disability, then Participant may at any time within the Exercise Period (as defined below) exercise the Stock Appreciation Rights with respect to the Vested Shares on
the date of the termination. Participant’s Stock Appreciation Rights with respect to any unvested Shares shall be immediately and irrevocably forfeited on the date of termination. 
 (b) Death or Permanent Long-Term Disability. If Participant dies while employed by the Company or its subsidiaries, or if Participant’s
employment by the Company or its subsidiaries is terminated due to Participant’s failure to return to work as the result of a permanent long-term disability which renders Participant incapable of performing his or her duties as determined under
the provisions of the Company’s long-term disability insurance program applicable to Participant, then (i) the Stock Appreciation Rights with respect to any unvested Shares shall immediately vest, and (ii) Participant (or
Participant’s personal representatives, administrators or guardians, as applicable, or any person or persons to whom the Stock Appreciation Rights are transferred by will or the applicable laws of descent and distribution) may, subject to
Section 7, at any time within a period of five years after the Participant’s death or termination of employment due to the Participant’s failure to return to work as the result of a permanent long-term disability, or for such other
longer period established at the discretion of the Committee or the Chief Executive Officer of the Company, exercise the Stock Appreciation Rights to the extent of the full number of Vested Shares. 

 (c) Severance. If Participant is entitled to severance under the Company’s severance pay plan
as in effect on the date hereof, then the Stock Appreciation Rights shall continue to vest for the period of such severance that Participant is eligible to receive. If Participant is entitled to severance under an employment agreement entered into
with the Company, then vesting of the Stock Appreciation Rights shall continue for the period of such severance that Participant is entitled to receive as of the date hereof. If Participant is entitled to separation pay other than under the
Company’s severance pay plan or an employment agreement, then vesting of the Stock Appreciation Rights shall continue for the lesser of (i) the period Participant would have received payments under the severance pay plan as in effect on
the date hereof, had Participant been eligible for such payments or (ii) the period of separation pay. In either case, should Participant be paid in a lump sum versus bi-weekly payments, the Stock Appreciation Rights shall continue to vest for
the period of time in which severance or separation pay would have been paid had it been paid bi-weekly. 
 (d) For purposes of this Award,
“Exercise Period” means the greater of (i) a period of three months after the date of termination of Participant’s employment, (ii) if Participant is entitled to severance or separation pay, a period of three months after
vesting ceases as provided in (c) above, or (iii) such other longer period established at the discretion of the Committee or the Chief Executive Officer of the Company. Notwithstanding any other provision of this Agreement, the Stock
Appreciation Rights shall in no event be exercisable to any extent or by any Person after the Expiration Date. 
 5. Method of
Exercise. The Stock Appreciation Rights may be exercised with respect to Vested Shares by delivery to the Company of a written notice which shall state that Participant elects to exercise the Stock Appreciation Rights as to the number of Vested
Shares specified in the notice as of the date specified in the notice. 
 6. Restriction on Transfer. During Participant’s
lifetime, the Stock Appreciation Rights shall be exercisable only by Participant. Participant may not transfer the Stock Appreciation Rights except by will or by the laws of descent and distribution or pursuant to a qualified domestic relations
order as defined by the Code or Title I of the Employee Retirement Income Security Act or the rules promulgated thereunder. Any attempt to otherwise transfer the Stock Appreciation Rights shall be void. 
 7. Termination. The Stock Appreciation Rights granted pursuant to this Award shall terminate on the earlier to occur of (a) the date
indicated above in the box labeled “Expiration Date” or (b) as provided in Section 4 above. 
 8. Forfeiture of Stock
Appreciation Rights and Shares. This section sets forth circumstances under which Participant shall forfeit all or a portion of the Stock Appreciation Rights, or be required to repay the Company for the value realized in respect of all or a
portion of the Stock Appreciation Rights. 

 (a) Violation of Restrictive Covenants. If Participant violates any provision of the Restrictive
Covenants of this Certificate, then (i) any unvested Stock Appreciation Rights and (ii) any Stock Appreciation Rights that vested within one year prior to Participant’s termination of employment with the Company or its subsidiaries or
at any time after such termination of employment (the “Forfeited SARs”) and that have not been exercised shall be immediately cancelled and rendered null and void without any payment therefor. If any such Forfeited SARs have been exercised
prior to Participant’s violation of the Restrictive Covenants, Participant shall be required to repay or otherwise reimburse the Company, upon demand, an amount in cash or Common Stock having a value equal to the amount described in clause
(i) or (ii), depending on whether the Participant still holds the Shares received upon exercise of the Forfeited SARs; (i) to the extent that such Shares have been sold, the aggregate proceeds received from such sale of Shares, and
(ii) to the extent that such Shares have not been sold at the time Company demand is made, the aggregate Fair Market Value of such Shares on the date the Forfeited SARs were exercised. 
 (b) Fraud. If the Board determines that Participant has engaged in fraud that, in whole or in part, caused the need for a material restatement of
the Company’s consolidated financial statements, then any vested and unvested Stock Appreciation Rights then held by the Participant shall be immediately cancelled and rendered null and void without any payment therefor. In addition, for any
Stock Appreciation Rights that were exercised during the 12-month period following the first public issuance or filing with the Securities Exchange Commission (whichever occurs first) of the incorrect financial statements (the “Covered
SARs”), the Participant shall be required to repay or otherwise reimburse the Company, upon demand, an amount in cash or Common Stock having a value equal to the amount described in clause (i) or (ii), depending on whether the Participant
still holds the Shares received upon exercise of the Covered SARs; (i) to the extent that such Shares have been sold, the aggregate proceeds received from such sale of Shares, and (ii) to the extent that such Shares have not been sold at
the time Company demand is made, the aggregate Fair Market Value of such Shares on the date the Covered SARs were exercised. 
 (c) In
General. This section does not constitute the Company’s exclusive remedy for Participant’s violation of the Restrictive Covenants or commission of fraudulent conduct. The Company may seek any additional legal or equitable remedy,
including injunctive relief, for any such violations. The provisions in this section are essential economic conditions to the Company’s grant of Stock Appreciation Rights to Participant. By receiving the grant of Stock Appreciation Rights
hereunder, Participant agrees that the Company may deduct from any amounts it owes Participant from time to time (such as wages or other compensation, deferred compensation credits, vacation pay, any severance or other payments owed following a
termination of employment, as well as any other amounts owed to the Participant by the Company) to the extent of any amounts Participant owes the Company under this section. The provisions of this section and any amounts repayable by Participant
hereunder are intended to be in addition to any rights to repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002 and other applicable law. 

 9. Restrictive Covenants. In consideration of the terms of this Award and Participant’s
access to Confidential Information, Participant agrees to the Restrictive Covenants set forth below. For purposes of the Restrictive Covenants, the “Company” means UnitedHealth Group and all of its subsidiaries and other affiliates.

 (a) Confidential Information. Participant has or will be given access to and provided with sensitive, confidential, proprietary
and/or trade secret information (collectively, “Confidential Information”) in the course of Participant’s employment. Examples of Confidential Information include inventions, new product or marketing plans, business strategies and
plans, merger and acquisition targets, financial and pricing information, computer programs, source codes, models and data bases, analytical models, customer lists and information, and supplier and vendor lists and information. Participant agrees
not to disclose or use Confidential Information, either during or after Participant’s employment with the Company, except as necessary to perform Participant’s duties or as the Company may consent in writing. 
 (b) Non-Solicitation. During Participant’s employment and for the greater of two years after the termination of Participant’s employment
for any reason whatsoever or the period of time for which the Stock Appreciation Rights remain exercisable, Participant may not, without the Company’s prior written consent, directly or indirectly, for Participant or for any other person or
entity, as agent, employee, officer, director, consultant, owner, principal, partner or shareholder, or in any other individual or representative capacity: 
  

	 	(i)	Engage in any business competitive with any Company business with any person or entity who: (a) was a Company provider or customer within the 12 months before
Participant’s employment termination and, (b) with whom Participant had contact to further the Company’s business or for whom Participant performed services, or supervised the provision of services for, during Participant’s
employment. 

  

	 	(ii)	Hire, employ, recruit or solicit any Company employee or consultant. 

  

	 	(iii)	Induce or influence any Company employee, consultant, customer or provider to terminate his, her or its employment or other relationship with UnitedHealth Group.

  

	 	(iv)	Assist anyone in any of the activities listed above. 

 (c)
Non-Competition. During Participant’s employment and for the greater of one year after the termination of Participant’s employment for any reason whatsoever or the period of time for which the which the Stock Appreciation
Rights remain exercisable, Participant may not, without the Company’s prior written consent, directly or indirectly, for Participant or for any other person or entity, as agent, employee, officer, director, consultant, owner, principal, partner
or shareholder, or in any other individual or representative capacity: 
 (i) Engage or participate in, or in any way render
services or assistance to, any business that competes, directly or indirectly, with any Company product or service that Participant participated in, engaged in, or had Confidential Information regarding, during Participant’s employment.

 (ii) Assist anyone in any of the activities listed above. 
 By accepting this Stock Appreciation Right, Participant agrees that the provisions of this Restrictive Covenants section are reasonable and necessary to protect the
legitimate interests of the Company. 
 9. Adjustments to Stock Appreciation Rights. In the event that any dividend or other
distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or
exchange of Common Stock or other securities of the Company or other similar corporate transaction or event affecting the Common Stock would be reasonably likely to result in the diminution or enlargement of any of the benefits or potential benefits
intended to be made available under the Award (including, without limitation, the benefits or potential benefits of provisions relating to the term, vesting or exercisability of the Stock Appreciation Rights), the Committee shall, in such manner as
it shall deem equitable or appropriate in order to prevent such diminution or enlargement of any such benefits or potential benefits, make adjustments to the Award, including adjustments in the number and type of Shares subject to the Stock
Appreciation Rights; provided, however, that the number of shares of Common Stock into which the Stock Appreciation Rights may be exercised shall always be a whole number. 
 10. Income Tax Matters. 
 (a) In
order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the
sole and absolute responsibility of Participant, are withheld or collected from Participant. 
 (b) In accordance with the terms of the
Plan, and such rules as may be adopted by the Committee under the Plan, the Participant’s minimum required federal, state and local payroll, withholding, income or other tax withholding obligations arising from the receipt of Issued Shares will
be satisfied by withholding a portion of the Issued Shares otherwise to be delivered having a Fair Market Value equal to the amount of such taxes (but only to the extent of the minimum amount required to be withheld under applicable laws or
regulations). The Company will not deliver any fractional share of Common Stock but will pay, in lieu thereof, cash equal to the Fair Market Value of such fractional share. 
 11. Miscellaneous. 
 (a) This
Award does not confer on Participant any right with respect to the continuance of any relationship with the Company or its subsidiaries, nor will it interfere in any way with the right of the Company to terminate such relationship at any time.

 (b) Neither the Plan nor this Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between the Company or any Affiliate and Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the
right of any unsecured creditor of the Company or any Affiliate. 

 (c) The Company shall not be required to issue or deliver any shares of Common Stock upon exercise
of any Stock Appreciation Rights until the requirements of any federal or state securities laws, rules or regulations or other laws or rules (including the rules of any securities exchange) as may be determined by the Company to be applicable have
been and continue to be satisfied (including an effective registration of the shares under federal and state security laws). 
 (d) An
original record of this Award and all the terms hereof, executed by the Company, is held on file by the Company. To the extent there is any conflict between the terms contained in this Award and the terms contained in the original held by the
Company, the terms of the original held by the Company shall control. 
 (e) If a court or arbitrator decides that any provision of this
Certificate is invalid or overbroad, Participant agrees that the court or arbitrator should narrow such provision so that it is enforceable or, if narrowing is not possible or permissible, such provision should be considered severed and the other
provisions of this Certificate should be unaffected. 
 (f) Participant agrees that (i) legal remedies (money damages) for any breach of
the Restrictive Covenants in this Certificate will be inadequate, (ii) the Company will suffer immediate and irreparable harm from any such breach, and (iii) the Company will be entitled to injunctive relief from a court in addition to any
legal remedies the Company may seek in arbitration. 
 (g) The Restrictive Covenants and the provisions regarding forfeiture of the Stock
Appreciation Rights and Shares in this Certificate shall survive termination of the Stock Appreciation Rights. 
 (h) The validity,
construction and effect of this Award and any rules and regulations relating to this Award shall be determined in accordance with the laws of the State of Minnesota (without regard to its conflict of law principles).Amended and Restated UnitedHealth Group Incorporated Executive Incentive Plan

 Exhibit 10.7 
 AMENDED AND RESTATED 
 UNITEDHEALTH GROUP INCORPORATED 
 EXECUTIVE INCENTIVE PLAN 
 SECTION 1.
ESTABLISHMENT. 
 On February 12, 2002, the Board of Directors of UnitedHealth Group Incorporated, upon recommendation by the
Compensation and Human Resources Committee of the Board of Directors, approved an executive incentive plan for executives as described herein (the “UnitedHealth Group Executive Incentive Plan”). This Plan was submitted for approval by the
shareholders of UnitedHealth Group Incorporated at the 2002 Annual Meeting of Shareholders and became effective as of January 1, 2002 after approval by the shareholders, and no benefits were issued pursuant thereto until after this Plan had
been approved by the shareholders. On April 17, 2007, this Plan was amended and restated to revise this Section 1, include a new defined term in Section 3(i) and include a new Section 10 (Potential Repayment of Awards). All
subsequent Sections were renumbered accordingly to reflect the new Section 10. 
 SECTION 2. PURPOSE. 
 The purpose of this Plan is to advance the interests of the Company and its shareholders by attracting and retaining key employees, and by stimulating the
efforts of such employees to contribute to the continued success and growth of the business of the Company. 
 SECTION 3. DEFINITIONS.

 When the following terms are used herein with initial capital letters, they shall have the following meanings: 
 (a) “Annual Incentive Award” shall have the meaning set forth in Section 5 hereof. 
 (b) “Base Salary” shall mean a Participant’s annualized base salary, as determined by the Committee, as of the last day of September of a
Performance Period. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time, and any
proposed, temporary or final Treasury Regulations promulgated thereunder. 
 (d) “Committee” shall mean the Compensation and Human
Resources Committee of the Board of Directors of the Company designated by such Board to administer the Plan which shall consist of members appointed from time to time by the Board of Directors. Each member of the Committee shall be an “outside
director” within the meaning of Section 162(m) of the Code. 
 (e) “Company” shall mean UnitedHealth Group Incorporated,
a Minnesota corporation, and any of its subsidiaries or affiliates, whether now or hereafter established. 
  

 (f) “Earnings” shall mean the Company’s net earnings computed in accordance with generally
accepted accounting principles as reported in the Company’s consolidated financial statements for the applicable Performance Period, adjusted to eliminate (1) the cumulative effect of changes in generally accepted accounting principles;
(2) gains and losses from discontinued operations; (3) extraordinary gains or losses; and (4) any other unusual or nonrecurring losses which are separately identified and quantified in the Company’s financial statements,
including merger related charges. 
 (g) “Earnings Per Share” or “EPS” shall mean the Company’s earnings per share
computed in accordance with generally accepted accounting principles, as in effect from time to time, as reported in the Company’s consolidated financial statements for the applicable Performance Period, adjusted in the same fashion that
Earnings are to be adjusted as provided in Section 3(f) hereof. 
 (h) “Maximum Annual Incentive Award” shall mean a dollar
amount equal to one percent (1.00%) of the Company’s Earnings for the Performance Period. 
 (i) “Misconduct” shall mean
a Participant’s (a) violation of, or failure to act upon or report known or suspected violations of, the Company’s Principles of Integrity and Compliance, or (b) commission of any illegal, fraudulent, or dishonest act or gross
negligent or intentional misrepresentation in connection with the Participant’s employment. 
 (j) “Participant” shall mean
any executive officer of the Company who is designated by the Committee, as provided for herein, to participate with respect to a Performance Period as a Participant in this Plan. Directors of the Company who are not also employees of the Company
are not eligible to participate in the Plan. 
 (k) “Performance Award” shall have the meaning set forth in Section 6 hereof.

 (l) “Performance Period” shall mean (i) for an Annual Incentive Award, each consecutive twelve-month period commencing on
January 1 of each year during the term of this Plan and coinciding with the Company’s fiscal year; and (ii) for a Performance Award, such period or periods as shall be specified from time to time by the Committee. 
 (m) “Performance Threshold” shall, with respect to Annual Incentive Awards, mean one or more pre-established, objective performance goals
selected by the Committee with respect to each Performance Period and which shall be based solely on Earnings Per Share. 
 (n)
“Plan” shall mean this UnitedHealth Group Executive Incentive Plan. 
 (o) “Return on Equity” shall mean the
Company’s return on equity computed in accordance with generally accepted accounting principles, as in effect from time to time, as reported in the Company’s consolidated financial statements for the applicable Performance Period, adjusted
in the same fashion that Earnings are to be adjusted as provided in Section 3(f) hereof. 
 (p) “Target Award” shall mean a
percentage, which may be greater or less than 100%, as determined by the Committee with respect to each Performance Period. 
  

 SECTION 4. ADMINISTRATION. 
 (a) Power and Authority of Committee. The Plan shall be administered by the Committee. The Committee shall have full power and authority, subject to all the applicable provisions of the Plan and applicable law, to
(i) establish, amend, suspend or waive such rules and regulations and appoint such agents as it deems necessary or advisable for the proper administration of the Plan, (ii) construe, interpret and administer the Plan and any instrument or
agreement relating to the Plan, and (iii) make all other determinations and take all other actions necessary or advisable for the administration of the Plan. Unless otherwise expressly provided in the Plan, each determination made and each
action taken by the Committee pursuant to the Plan or any instrument or agreement relating to the Plan (x) shall be within the sole discretion of the Committee, (y) may be made at any time and (z) shall be final, binding and
conclusive for all purposes on all persons, including, but not limited to, Participants and their legal representatives and beneficiaries, and employees of the Company. 
 (b) Determinations Made Prior to Each Performance Period. At any time ending on or before the 90th calendar day of each Performance Period, the Committee shall: 
 (i) with respect to Annual Incentive Awards, (A) designate all Participants and their Target Awards for such Performance Period, and
(B) establish one or more Performance Thresholds, based solely on EPS; and 
 (ii) with respect to Performance Awards,
(A) designate all Participants, their target and maximum awards for such Performance Period, and (B) establish the objective performance factors for each Participant for that Performance Period on the basis of one or more of the criteria
set forth in Section 6(a) below. 
 (c) Certification. Following the close of each Performance Period and prior to payment of any amount
to any Participant under the Plan, the Committee must certify in writing: 
 (i) with respect to Annual Incentive Awards,
(A) the Company’s Earnings and EPS for that Performance Period and (B) as to the attainment of all other factors upon which any payments to a Participant for that Performance Period are to be based; and 
 (ii) with respect to Performance Awards, as to the attainment of all factors (including the performance factors for a Participant) upon
which any payments to a Participant for that Performance Period are to be based. 
 SECTION 5. ANNUAL INCENTIVE AWARDS. 
 From time to time, the Committee may grant annual incentive awards under the Plan payable to Participants in cash (an “Annual Incentive Award”).
Annual Incentive Awards shall be granted in accordance with the following provisions: 
 (a) Formula. In the event that the Company’s EPS
for a Performance Period is equal to or exceeds a designated Performance Threshold for that Performance Period, then each Participant shall receive an Annual Incentive Award for that Performance Period in an amount not greater than 

 (i) the Participant’s Base Salary for the Performance Period, multiplied by

 (ii) the Participant’s Target Award for the Performance Period; 
 provided, however, that in the event that the Company’s EPS for a Performance Period exceeds the highest designated Performance Threshold for that Performance
Period, then each Participant shall receive an Annual Incentive Award for that Performance Period in an amount not greater than the Maximum Annual Incentive Award for that Performance Period. 
 (b) Limitations. 
 (i)
Discretionary Reduction. The Committee shall retain sole and full discretion to reduce by any amount the Annual Incentive Award otherwise payable to any Participant under this Plan. 
 (ii) Continued Employment. No Annual Incentive Award shall be paid to a Participant who is not actively employed by the Company at the
time the Annual Incentive Award otherwise would be paid except in the case of retirement, death or permanent disability. If a Participant retires before the end of a Performance Period or after the end of a Performance Period but before an Annual
Incentive Award is paid, the Committee may, in its discretion, determine that the Participant shall be paid a pro rated portion of the Annual Incentive Award that the Participant would have received but for such retirement. If a Participant dies or
becomes permanently and totally disabled before the end of a Performance Period or after the end of a Performance Period but before an Annual Incentive Award is paid, the Committee may, in its discretion, determine that the Participant (or, in the
case of death, the Participant’s estate) shall be paid a pro rated portion of the Annual Incentive Award that the Participant would have received but for such death or disability. The Committee shall determine the Participant’s date of
disability in a manner consistent with Company practices. 
 (iii) Maximum Payments. No Participant shall receive an Annual
Incentive Award under this Plan for any Performance Period in excess of the Maximum Annual Incentive Award for that Performance Period. 
 (c) Payment of Annual Incentive Award. Subject to any deferred compensation election pursuant to any such plans of the Company applicable hereto, benefits shall be paid to the Participant in cash as soon as administratively feasible upon
the completion of a Performance Period, after the Committee has certified that the Performance Threshold has been attained, determined the Maximum Annual Incentive Award for that Performance Period and made the other certifications provided for in
Section 4(c)(i) hereof. 
  

 SECTION 6. PERFORMANCE AWARDS. 
 From time to time, the Committee may grant Performance Awards under the Plan payable in cash or in shares of the Company, other securities or other
property (a “Performance Award”). Performance Awards that are payable in shares of the Company, other securities or other property shall be payable pursuant to the UnitedHealth Group Incorporated 2002 Stock Incentive Plan. Performance
Awards shall be “qualified performance-based compensation” within the meaning of Section 162(m) of the Code. Notwithstanding any other provision of this Plan to the contrary, the following additional requirements shall apply to all
Performance Awards made to any Participant under this Plan: 
 (a) Business Criteria. The business criteria to be used for purposes of
establishing performance goals for Performance Awards, the attainment of which may determine the amount and/or vesting with respect to Performance Awards, will be selected from the following alternatives (unless and until the Committee proposes for
shareholder approval and the Company’s shareholders approve a change in such criteria), each of which may be based on absolute standards or comparisons versus specified companies or groups of companies and may be applied at individual or
various organizational levels (for example, the Company as a whole or identified business units, segments or the like): revenue growth, Return on Equity, operating cash flows, Earnings per Share, and operating margin. 
 In the event that Code Section 162(m) or applicable tax and/or securities laws change to permit Committee discretion to alter the governing
performance measures without disclosing to shareholders and obtaining shareholder approval of such changes and without thereby exposing the Company to potentially adverse tax or other legal consequences, the Committee shall have the sole discretion
to make such changes without obtaining shareholder approval. 
 (b) Target and Range; Maximum Performance Award. The target and range of a
Participant’s possible Performance Awards established by the Committee shall be between zero and 300% of the Participant’s average base compensation. For this purpose, average base compensation shall be the Participant’s total salary
earned during the applicable Performance Period (or such lower amount as determined by the Committee) divided by the number of years in the Performance Period. The maximum bonus which may be paid to any Participant pursuant to any Performance Award
with respect to any Performance Period shall not exceed $10,000,000. 
 (c) Payment of Performance Awards. Performance Awards shall be paid
no later than three months following the conclusion of the applicable Performance Period. The Committee may, in its discretion, reduce the amount of a payout otherwise to be made in connection with a Performance Award, but may not exercise
discretion to increase such amount. If permitted by applicable law, payments of Performance Awards may be deferred into the Company’s Executive Savings Plan in accordance with rules established by the Committee. 
 (d) Certain Events. No Performance Award shall be paid to a Participant who is not actively employed by the Company at the time the Performance Award
otherwise would be paid except in the case of retirement as provided for in (e) below, death or disability as provided for in (f) below, or in the event of a Change in Control as provided for in (g) below. 
  

 (e) If a Participant retires before the end of a Performance Period or after the end of a Performance
Period but before a Performance Award is paid, the Committee may, in its discretion, determine that the Participant shall be paid a pro rated portion of the Performance Award that the Participant would have received but for such retirement. In such
event, (i) the pro-rationing shall be based on the portion of such Performance Period prior to the Participant’s retirement, and (ii) the measurement of Company and Participant performance shall be based on performance through the end
of the fiscal year of the Company which ends closest to the Participant’s date of retirement. The Committee shall determine the Participant’s date of retirement in a manner consistent with Company practices. Any such pro rated Performance
Award shall be paid at the same time as other Performance Awards with respect to the applicable Performance Period. 
 (f) If a Participant
dies or becomes permanently and totally disabled before the end of a Performance Period or after the end of a Performance Period but before a Performance Award is paid, the Committee may, in its discretion, determine that the Participant (or, in the
case of death, the Participant’s estate) shall be paid a pro rated portion of the Performance Award that the Participant would have received but for such death or disability. In such event, (i) the pro rationing shall be based on the
portion of such Performance Period prior to the Participant’s date of death or disability, and (ii) the measurement of Company and Participant performance shall be based on performance through the end of the fiscal year of the Company
which ends closest to such date. The Committee shall determine the Participant’s date of disability in a manner consistent with Company practices. Any such pro rated Performance Award shall be paid at the same time as other Performance Awards
with respect to the applicable Performance Period. 
 (g) If a Change in Control (as defined below) occurs during a Performance Period or
after the end of a Performance Period but before a Performance Award is paid, the Company or its successor shall pay each Participant a pro rated portion of the maximum Performance Award for which such Participant is eligible with respect to each
such Performance Period. Such pro rationing shall be based on the proportion of each such Performance Period through the date of such Change in Control. Any such Performance Awards shall be paid within 90 days of the occurrence of the event
constituting such Change in Control, or, if a timely deferral election is then in effect, shall be deferred into the Company’s Executive Savings Plan. Any such Performance Award shall be paid regardless of whether the Participant is actively
employed by the Company at the time the Performance Award is to be paid. “Change in Control” means the occurrence of any of the following events: 
 (i) The acquisition by any person, entity or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, other than the Company or any of its affiliates, or any
employee benefit plan of the Company and/or one or more of its affiliates, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of 20% or more of either the then outstanding shares of the
Company’s Common Stock or the combined voting power of the Company’s then outstanding voting securities in a transaction or series of transactions not approved in advance by a vote of at least three-quarters of the Continuing Directors (as
hereinafter defined). 
  

 (ii) Individuals who, as of January 1, 2002 constitute the Board of Directors of the
Company (generally the “Directors” and, as of January 1, 2002, the “Continuing Directors”) cease for any reason to constitute at least a majority thereof (provided that any person becoming a Director subsequent to
January 1, 2002 whose nomination for election was approved in advance by a vote of at least three-quarters of the Continuing Directors (other than a nomination of an individual whose initial assumption of office is in connection with an actual
or threatened solicitation with respect to the election or removal of the Directors of the Company, as such terms are used in Rule 14a-11 of Regulation 14A under the Securities Exchange Act of 1934) shall be deemed to be a Continuing Director).

 (iii) The approval by the shareholders of the Company of a reorganization, merger, consolidation, liquidation or
dissolution of the Company or of the sale (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company other than a reorganization, merger, consolidation, liquidation, dissolution or sale approved
in advance by a vote of at least three-quarters of the Continuing Directors. 
 (iv) The first purchase under any tender offer
or exchange offer (other than an offer by the Company or any of its affiliates) pursuant to which shares of the Company’s Common Stock are purchased. 
 (v) At least a majority of the Continuing Directors determine in their sole discretion that there has been a change in control of the Company. 
 SECTION 7. AMENDMENT AND TERMINATION; ADJUSTMENTS. 
 Except to the extent prohibited by applicable law and unless otherwise expressly provided in the Plan: 
 (a) Amendments to the Plan.
The Committee may amend this Plan prospectively at any time and for any reason deemed sufficient by it without notice to any person affected by this Plan and may likewise terminate or curtail the benefits of this Plan both with regard to persons
expecting to receive benefits hereunder in the future and persons already receiving benefits at the time of such action, provided, however, that Section 6(g) of this Plan shall not be amended, or its benefits terminated or curtailed, with
respect to any Performance Period during which a Change in Control occurs, occurred, or is anticipated to occur. 
 (b) Correction of
Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent it shall deem desirable to carry the Plan into effect. 
 SECTION 8. NONTRANSFERABILITY. 
 Participants
and beneficiaries shall not have the right to assign, encumber or otherwise anticipate the payments to be made under this Plan, and the benefits provided hereunder shall not be subject to seizure for payment of any debts or judgments against any
Participant or any beneficiary. 
  

 SECTION 9. TAX WITHHOLDING. 
 In order to comply with all applicable federal or state income, social security, payroll, withholding or other tax laws or regulations, the Committee may establish such policy or policies s it deems appropriate with
respect to such laws and regulations, including without limitation, the establishment of policies to ensure that all applicable federal or state income, social security, payroll, withholding or other taxes, which are the sole and absolute
responsibility of the Participant, are withheld or collected from such Participant. 
 SECTION 10. POTENTIAL REPAYMENT OF AWARDS. 

Effective for Annual Incentive Awards and Performance Awards that are paid after April 17, 2007, Participants shall be required to repay the
Company any amounts previously paid in respect of such Annual Incentive Awards and Performance Awards (each of which is referred to herein as an “Incentive Payment”) plus interest under the circumstances described in this Section 10.
A Participant’s repayment obligation shall be triggered if the Board determines that (i) the Participant has engaged in fraud or Misconduct that, in whole or in part, caused the need for a material restatement of the Company’s
consolidated financial statements, (ii) the Incentive Payment was based, in whole or in part, on achievement of financial results that were restated in connection with the restatement of the Company’s consolidated financial statements and
(iii) the amount of the Incentive Payment to the Participant would have been less if it had been based on the restated consolidated financial statements. In each such instance described in the preceding sentence, the Participant shall repay to
the Company, upon demand, the full amount of such Incentive Payment, plus interest at a rate per annum equal to 110% of the applicable short-term federal rate under Section 1274(d) of the Code in effect for the month in which such Incentive
Payment was paid to the Participant. For the avoidance of doubt, a Participant shall be required to repay the full amount of such Incentive Payment, and not just the amount by which the amount of the Incentive Payment exceeded the amount that would
have been paid to the Participant with respect to the corresponding Annual Incentive Award or Performance Award based on the corrected and restated financial results. The provisions in this Section 10 are essential economic conditions to each
grant of an Annual Incentive Award and Performance Award made under the Plan. By participating in this Plan and receiving Annual Incentive Awards and/or Performance Awards hereunder, each Participant agrees to be bound by the terms of the Plan,
including this Section 10, and agrees that the Company may deduct from any amounts it owes the Participant from time to time (such as wages or other compensation, deferred compensation credits, vacation pay, any severance or other payments owed
following a termination of employment, as well as any other amounts owed to the Participant by the Company) to the extent of any amounts a Participant owes the Company under this Section 10. The provisions of this Section 10 and any
amounts repayable by a Participant hereunder are intended to be in addition to any rights to repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002 and other applicable law. 
 SECTION 11. SHAREHOLDER APPROVAL. 
 The
material terms of this Plan shall be disclosed to and approved by shareholders of the Company in accordance with Section 162(m) of the Code. No amount shall be paid to any Participant under this Plan unless such shareholder approval has been
obtained. No award under 

 
this Plan shall be granted more than five years after the Company’s 2002 annual meeting of shareholders unless shareholders have re-approved the Plan to
the extent required by Section 162(m) of the Code. 
 SECTION 12. MISCELLANEOUS. 
 (a) Effective Date. Except as specifically provided herein, this Plan shall be deemed effective, subject to shareholder approval, as of January 1,
2002. 
 (b) Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such
headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
 (c) Applicability to Successors. This Plan shall be binding upon and inure to the benefit of the Company and each Participant, the successors and assigns of the Company, and the beneficiaries, personal representatives and heirs of each
Participant. If the Company becomes a party to any merger, consolidation or reorganization, this Plan shall remain in full force and effect as an obligation of the Company or its successors in interest. 
 (d) Employment Rights and Other Benefit Programs. The provisions of this Plan shall not give any Participant any right to be retained in the employment
of the Company. In the absence of any specific agreement to the contrary, this Plan shall not affect any right of the Company, or of any affiliate of the Company, to terminate, with or without cause, any Participant’s employment at any time.
This Plan shall not replace any contract of employment, whether oral or written, between the Company and any Participant, but shall be considered a supplement thereto. This Plan is in addition to, and not in lieu of, any other employee benefit plan
or program in which any Participant may be or become eligible to participate by reason of employment with the Company. No compensation or benefit awarded to or realized by any Participant under the Plan shall be included for the purpose of computing
such Participant’s compensation under any compensation-based retirement, disability, or similar plan of the Company unless required by law or otherwise provided by such other plan. 
 (e) No Trust or Fund Created. This Plan shall not create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any affiliate and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company or any affiliate pursuant to this Plan, such right shall be no greater than the right of
any unsecured general creditor of the Company or of any affiliate. 
 (f) Governing Law. The validity, construction and effect of the Plan or
any incentive payment payable under the Plan shall be determined in accordance with the laws of the State of Minnesota. 
 (g) Severability.
If any provision of the Plan is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended
without, in the determination of the Committee, materially altering the purpose or intent of the Plan, such provision shall be stricken as to such jurisdiction, and the remainder of the Plan shall remain in full force and effect. 
  

 (h) Qualified Performance-Based Compensation. All of the terms and conditions of the Plan shall be
interpreted in such a fashion as to qualify all compensation paid hereunder as “qualified performance-based compensation” within the meaning of Section 162(m) of the Code.

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