Document:

acer-ex103_18.htm

Exhibit 10.3

 

 ACER THERAPEUTICS INC.
2018 STOCK INCENTIVE PLAN
NOTICE OF STOCK OPTION GRANT (INDUCEMENT AWARD)

 

You have been granted the following Option (this “Option” or this “Award”) to purchase shares of Common Stock (“Stock”) of Acer Therapeutics Inc. (the “Company”) under the Acer Therapeutics Inc. 2018 Stock Incentive Plan (as may be amended from time to time, the “Plan”):

		
	
Participant:
	
Adrian Quartel

	
ID:
	
E010075

	
Award Number:
	
20180172

	
Type of Option:
	
Nonstatutory Option

	
Date of Grant:
	
February 21, 2022

	
Vesting Commencement Date: 
	
February 21, 2022

	
Number of Shares:
	
200,000

	
Exercise Price Per Share:
	
$2.55

	
Vesting Acceleration:
	
The Shares will become fully vested immediately prior to a “Change in Control,” as described in the Stock Option Agreement.

	
Expiration Date:
	
February 21, 2032

	
 
	
This Option expires earlier if your Service terminates earlier, as described in the Stock Option Agreement.

	
Vesting Schedule:
	
The Shares subject to this Option become exercisable over a four-year period, with 25% vesting on the one-year anniversary of the Vesting Commencement Date and the remaining 75% vesting in equal increments quarterly thereafter (in arrears) over the remaining three years, subject to continuous Service from the Vesting Commencement Date. 

 

By your electronic signature and the electronic signature of the Company’s representative below, you and the Company agree that this Option is granted under and governed by the term and conditions of the Plan and the Stock Option Agreement (this “Agreement”), both of which are attached to and made a part of this document.  

By your electronic signature, you further agree that the Company may deliver by e-mail all documents relating to the Plan or this Award (including without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements).  You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company.  If the Company posts these documents on a website, it 

 

 

will notify you by e-mail.  By your electronic signature, you agree to the following: “This electronic contract contains my electronic signature, which I have executed with the intent to sign this Agreement.”.

 

ACER THERAPEUTICS INC.

 

By:/s/ Harry S. Palmin

Name:Harry S. Palmin

Title:COO & CFO

 

 

 

 

 

ACER THERAPEUTICS INC.
2018 STOCK INCENTIVE PLAN
STOCK OPTION AGREEMENT (INDUCEMENT AWARD)

		
	
The Plan and Other Agreements
	
The Option that you are receiving is granted pursuant and subject in all respects to the applicable provisions of the Plan, which is incorporated herein by reference.  Capitalized terms not defined in this Agreement will have the meanings ascribed to them in the Plan.  

The attached Notice, this Agreement and the Plan constitute the entire understanding between you and the Company regarding this Award.  Any prior agreements, commitments or negotiations concerning this Option are superseded.  This Agreement may be amended by the Committee without your consent; however, if any such amendment would materially impair your rights or obligations under this Agreement, this Agreement may be amended only by another written agreement, signed by you and the Company.

	
Tax Treatment
	
This Option is a nonstatutory option.  

	
Vesting
	
This Option becomes exercisable in installments, as shown in the Notice of Stock Option Grant.  The Shares will become fully vested immediately prior to a “Change in Control” as defined in the Plan.  This Option will in no event become exercisable for additional Shares after your Service as an Employee or a Consultant has terminated for any reason.

	
Term
	
This Option expires in any event at the close of business at Company headquarters on the tenth (10th) anniversary of the Grant Date, as shown on the Notice of Stock Option Grant.  This Option may expire earlier if your Service terminates, as described below.

	
Regular Termination

 

 
	
If your Service terminates for any reason except due to your death or Disability, then this Option will expire at the close of business at Company headquarters on the date three (3) months after the date your Service terminates (or, if earlier, the Expiration Date).  The Company determines when your Service terminates for this purpose and all purposes under the Plan and its determinations are conclusive and binding on all persons.

	
Death
	
If your Service terminates because of your death, then this Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date your Service terminates (or, if earlier, the Expiration Date).  During that period of up to twelve (12) months, your estate or heirs may exercise this Option.

	
Disability
	
If your Service terminates because of your Disability, then this Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date your Service terminates (or, if earlier, the Expiration Date).

 

 

		
	
Leaves of Absence
	
For purposes of this Option, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave of absence was approved by the Company in writing and if continued crediting of Service is required by the terms of the leave or by applicable law.  But your Service terminates when the approved leave ends, unless you immediately return to active work.

If you go on a leave of absence, then the vesting schedule specified in the Notice of Stock Option Grant may be adjusted in accordance with the Company’s leave of absence policy or the terms of your leave.  If you commence working on a part-time basis, then the vesting schedule specified in the Notice of Stock Option Grant may be adjusted in accordance with the Company’s part-time work policy or the terms of an agreement between you and the Company pertaining to your part-time schedule.

	
Restrictions on Exercise
	
The Company will not permit you to exercise this Option if the issuance of Shares at that time would violate any law or regulation.  The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of the Stock pursuant to this Option will relieve the Company of any liability with respect to the non-issuance or sale of the Stock as to which such approval will not have been obtained.

	
Notice of Exercise
	
When you wish to exercise this Option you must provide a written or electronic notice of exercise form (substantially in the form attached to this Agreement as Exhibit A) in accordance with such procedures as are established by the Company and communicated to you from time to time.  Any notice of exercise must specify how many Shares you wish to purchase and how your Shares should be registered.  The notice of exercise will be effective when it is received by the Company.  If someone else wants to exercise this Option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.

	
Form of Payment
	
When you submit your notice of exercise, you must include payment of the Option exercise price for the Shares you are purchasing.  Payment may be made in the following form(s):

•Your personal check, a cashier’s check, a money order or a wire transfer.

•Certificates for Shares that you own, along with any forms needed to effect a transfer of those Shares to the Company.  The value of the Shares, determined as of the effective date of the Option exercise, will be applied to the Option exercise price.  Instead of surrendering Shares, you may attest to the ownership of those Shares on a form provided by the Company and have the same number of Shares subtracted from the Shares issued to you upon exercise of this Option.  However, you may not surrender or attest to the ownership of Shares in payment of the exercise price if your action would cause the Company to recognize a compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes.

•By delivery on a form approved by the Company of an irrevocable direction to a securities broker approved by the Company to sell all or part of the Shares that are issued to you when you exercise this Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Option exercise price and any withholding taxes.  The balance of the sale proceeds, if any, will be delivered to you.  The directions must be given by providing a notice of exercise form approved by the Company.

•By delivery on a form approved by the Company of an irrevocable direction to a securities broker or lender approved by the Company to pledge Shares that are issued to you when you exercise this Option as security for a loan and to deliver to the Company from the loan proceeds an amount sufficient to pay the Option exercise price and any withholding taxes.  The directions must be given by providing a notice of exercise form approved by the Company.

•If permitted by the Committee, by a “net exercise” arrangement pursuant to which the number of Shares issuable upon exercise of the Option will be reduced by the largest whole number of Shares having an aggregate Fair Market Value that does not exceed the aggregate exercise price (plus tax withholdings, if applicable) and any remaining balance of the aggregate exercise price (and/or applicable tax withholdings) not satisfied by such reduction in the number of whole Shares to be issued will be paid by you in cash other form of payment permitted under this Option.  The directions must be given by providing a notice of exercise form approved by the Company.

•Any other form permitted by the Committee in its sole discretion.

Notwithstanding the foregoing, payment may not be made in any form that is unlawful, as determined by the Committee in its sole discretion.

 

 

		
	
Withholding Taxes and Stock Withholding 
	
Regardless of any action the Company and/or the Subsidiary or Affiliate employing you (“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or your Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Option grant, including the grant, vesting or exercise of this Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to structure the terms of the grant or any aspect of this Option to reduce or eliminate your liability for Tax-Related Items.

Prior to exercise of this Option, you will pay or make adequate arrangements satisfactory to the Company and/or your Employer to satisfy all withholding and payment on account of obligations of the Company and/or your Employer.  In this regard, you authorize the Company and/or your Employer to withhold all applicable Tax-Related Items legally payable by you from your wages or other cash compensation paid to you by the Company and/or your Employer.  With the Company’s consent, these arrangements may also include, if permissible under local law, (a) withholding Shares that otherwise would be issued to you when you exercise this Option, provided that the Company only withholds the amount of Shares necessary to satisfy the maximum legally required tax withholding, (b) having the Company withhold taxes from the proceeds of the sale of the Shares, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization), or (c) any other arrangement approved by the Company.  The Fair Market Value of the Shares, determined as of the effective date of the Option exercise, will be applied as a credit against the withholding taxes.  Finally, you will pay to the Company or your Employer any amount of Tax-Related Items that the Company or your Employer may be required to withhold as a result of your participation in the Plan or your purchase of Shares that cannot be satisfied by the means previously described.  The Company may refuse to honor the exercise and refuse to deliver the Shares if you fail to comply with your obligations in connection with the Tax-Related Items as described in this section.

 

 

		
	
Restrictions on Resale
	
You agree not to sell any Shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.  This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.

	
Transfer of Option
	
In general, only you can exercise this Option prior to your death.  You may not sell, transfer, assign, pledge or otherwise dispose of this Option, other than as designated by you by will or by the laws of descent and distribution, except as provided below.  For instance, you may not use this Option as security for a loan.  If you attempt to do any of these things, this Option will immediately become invalid.  You may in any event dispose of this Option in your will.  Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your former spouse, nor is the Company obligated to recognize your former spouse’s interest in this Option in any other way.

However, the Committee may, in its sole discretion, allow you to transfer this Option as a gift to one or more family members.  For purposes of this Agreement, “family member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships), any individual sharing your household (other than a tenant or employee), a trust in which one or more of these individuals have more than fifty percent (50%) of the beneficial interest, a foundation in which you or one or more of these persons control the management of assets, and any entity in which you or one or more of these persons own more than fifty percent (50%) of the voting interest.

In addition, the Committee may, in its sole discretion, allow you to transfer this Option to your spouse or former spouse pursuant to a domestic relations order in settlement of marital property rights.

The Committee will allow you to transfer this Option only if both you and the transferee(s) execute the forms prescribed by the Committee, which include the consent of the transferee(s) to be bound by this Agreement.

 

 

		
	
Retention Rights
	
Neither this Option nor this Agreement gives you the right to be employed or retained by the Company or any Subsidiary or Affiliate of the Company in any capacity.  The Company and its Subsidiaries and Affiliates reserve the right to terminate your Service at any time, with or without cause.

	
Shareholder Rights
	
This Option carries neither voting rights nor rights to dividends.  You, or your estate or heirs, have no rights as a shareholder of the Company unless and until you have exercised this Option by giving the required notice to the Company and paying the exercise price.  No adjustments will be made for dividends or other rights if the applicable record date occurs before you exercise this Option, except as described in the Plan.

	
Adjustments
	
The number of Shares covered by this Option and the exercise price per Share will be subject to adjustment in the event of a stock split, a stock dividend or a similar change in Company Shares, and in other circumstances, as set forth in the Plan.  The forfeiture provisions and restrictions described above will apply to all new, substitute or additional stock options or securities to which you are entitled by reason of this Award.

	
Successors and Assigns
	
Except as otherwise provided in the Plan or this Agreement, every term of this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees and assigns.

 

 

		
	
Notice
	
Any notice required or permitted under this Agreement will be given in writing and will be deemed effectively given upon the earliest of personal delivery, receipt or the third (3rd) full day following mailing with postage and fees prepaid, addressed to the other party hereto at the address last known in the Company’s records or at such other address as such party may designate by ten (10) days’ advance written notice to the other party hereto.

	
Section 409A of the Code
	
To the extent this Agreement is subject to, and not exempt from, Section 409A of the Code, this Agreement is intended to comply with Section 409A, and its provisions will be interpreted in a manner consistent with such intent.  You acknowledge and agree that changes may be made to this Agreement to avoid adverse tax consequences to you under Section 409A.

	
Applicable Law and Choice of Venue
	
This Agreement will be interpreted and enforced under the laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of any state.

 

For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of Texas and agree that such litigation will be conducted only in the courts of Montgomery County, Texas, or the federal courts for that district, and no other courts, where this grant is made and/or to be performed.

 

	
Miscellaneous
	
You understand and acknowledge that (1) the Plan is entirely discretionary, (2) the Company and your Employer have reserved the right to amend, suspend or terminate the Plan at any time, (3) the grant of this Option does not in any way create any contractual or other right to receive additional grants of options (or benefits in lieu of options) at any time or in any amount and (4) all determinations with respect to any additional grants, including (without limitation) the times when options will be granted, the number of Shares subject to awards, the exercise price and the vesting schedule, will be at the sole discretion of the Company.

The value of this Option will be an extraordinary item of compensation outside the scope of your employment contract, if any, and will not be considered a part of your normal or expected compensation for purposes of calculating severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

You understand and acknowledge that participation in the Plan ceases upon termination of your Service for any reason, except as may explicitly be provided otherwise in the Plan or this Agreement.

You hereby authorize and direct your Employer to disclose to the Company or any Subsidiary or Affiliate any information regarding your employment, the nature and amount of your compensation and the fact and conditions of your participation in the Plan, as your Employer deems necessary or appropriate to facilitate the administration of the Plan.

You consent to the collection, use and transfer of personal data as described in this subsection.  You understand and acknowledge that the Company, your Employer and the Company’s other Subsidiaries and Affiliates hold certain personal information regarding you for the purpose of managing and administering the Plan, including (without limitation) your name, home address, telephone number, date of birth, social insurance or other government identification number, salary, nationality, job title, any Shares or directorships held in the Company and details of all options or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (the “Data”).  You further understand and acknowledge that the Company, its Subsidiaries and/or its Affiliates will transfer Data among themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan and that the Company and/or any Subsidiary may each further transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan.  You understand and acknowledge that the recipients of Data may be located in the United States or elsewhere, and that the laws of a recipient’s country of operation (e.g., the United States) may not have equivalent privacy protections as local laws where you reside or work.  You authorize such recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering your participation in the Plan, including a transfer to any broker or other third party with whom you elect to deposit Shares acquired under the Plan of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf.  You may, at any time, view the Data, require any necessary modifications of Data, make inquiries about the treatment of Data or withdraw the consents set forth in this subsection by contacting the Human Resources Department of the Company in writing.

 

 

 

BY ELECTRONICALLY SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

 

 

 

 

ACER THERAPEUTICS INC. 
2018 STOCK INCENTIVE PLAN
NOTICE OF EXERCISE OF STOCK OPTION (INDUCEMENT AWARD)

		
	
OPTIONEE INFORMATION:
Name:Social Security Number:Employee Number:Address:
 
	
 

 

		
	
OPTION INFORMATION:
Grant Date:Exercise Price per Share:$Total Number of Shares of Acer Therapeutics Inc. (the “Company”) Covered by Option:Type of Stock Option:☒  Nonstatutory (NSO)Number of Shares of the Company for which Option is Being Exercised Now:     (“Purchased Shares”)Total Exercise Price for the Purchased Shares:$Form of Payment:☐  Cash or Check for $payable to “Acer Therapeutics Inc.”☐  Cashless exercise☐  Net exerciseName(s) in which the Purchased Shares should be Registered:The Certificate for the Purchased Shares (if any) should be sent to the Following Address:
 
	
 

ACKNOWLEDGMENTS:

	
1.
	
I understand that all sales of Purchased Shares are subject to compliance with the Company’s policy on securities trades.

	
2.
	
I hereby acknowledge that I received and read a copy of the prospectus describing the Acer Therapeutics Inc. 2018 Stock Incentive Plan and the tax consequences of an exercise.

1

 

 

	
3.
	
I understand that I must recognize ordinary income equal to the spread between the fair market value of the Purchased Shares on the date of exercise and the exercise price.  I further understand that I am required to pay withholding taxes at the time of exercising a nonstatutory option.

SIGNATURE AND DATE:

	

	
, 20

 

2EXHIBIT 10.1

    

    

    EXECUTION VERSION

     

    

     

    

    
      AGREEMENT

      This Agreement (this “Agreement”) is made and
        entered into as of February 21, 2022, by and among Humana Inc. (the “Company”) and the entities and natural persons set forth in the signature pages hereto (collectively,
        “Starboard”) (each of the Company and Starboard, a “Party” to this Agreement, and
        collectively, the “Parties”).

      RECITALS

      WHEREAS, the Company and Starboard have engaged in discussions and communications concerning the Company’s business, financial
        performance and strategic plans;

      WHEREAS, as of the date hereof, Starboard has beneficial ownership (as determined under Rule 13d-3 promulgated under the
        Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder (the “Exchange
            Act”)) of 1,000,000 shares of Company’s common stock, par value $0.16 2/3 per share (the “Common Shares”), including 525,000 Common Shares underlying
        certain forward purchase contracts; and

      WHEREAS, as of the date hereof, the Company and Starboard have determined to come to an agreement with respect to the addition
        of a new independent member to the Company’s board of directors (the “Board”) and certain other matters, as provided in this Agreement.

      NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for
        other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:

      1. Board Appointment and Related Agreements

      (a)

      (i) The Company and Starboard shall act in good faith to mutually agree (x) as promptly as practicable after the date hereof but prior to March 5, 2022,  upon a first Qualified Independent
          Candidate (as defined below) for appointment to the Board (such first agreed Qualified Independent Candidate, the “First Agreed Appointee”) and (y) as promptly as
          practicable after the  Company’s 2022 Annual Meeting of Stockholders (the “2022 Annual Meeting”),  upon a second Qualified Independent Candidate for appointment to the
          Board (such second agreed Qualified Independent Candidate, the “Second Agreed Appointee,” and together with the First Agreed Appointee, the “Agreed Appointees”).   For an individual to be a “Qualified Independent Candidate,” such individual shall (A) have submitted to the Company (1) a fully completed copy of the Company’s standard director and officer questionnaire and other reasonable and customary director onboarding documentation (including an authorization form to conduct a background
            check, a representation agreement, consent to be named as a director in the Company’s proxy statement (if applicable) and certain other agreements) required by the Company in connection with the appointment or election of Board members, and (2)
            a written representation that such person, if appointed or elected as a director of the Company, would be in compliance, and will comply with, all applicable publicly disclosed confidentiality, corporate governance, conflict of interest,
            Regulation FD, code of conduct and ethics, and stock ownership and trading policies and guidelines of the Company that have been provided to such person prior to such date, (B) be independent of Starboard (for the avoidance of doubt,
          the nomination by Starboard of such person to serve on the board of any other company shall not (in and of itself) cause such person not to be deemed independent of Starboard), (C) qualify as independent director of the Company pursuant to New
          York Stock Exchange (“NYSE”) listing standards, and (D) have the relevant financial and business experience to be a director of the Company (in the case of the matters
          set forth in clauses  (B) through (D), as reasonably determined by the Nominating, Governance & Sustainability Committee of the Board (the “Governance Committee”).

      (ii) If the Parties agree on a First Agreed Appointee prior to 5:00 P.M. Eastern Time on the later of March 5, 2022 and the second day prior to the date the Company files with the Securities and
          Exchange Commission the Company’s definitive proxy statement for its 2022 Annual Meeting  (such time on such later date, the “Proxy Statement Deadline”), then, (x) as
          promptly as practicable thereafter, the Board and all applicable committees of the Board shall take all necessary actions to appoint the First Agreed Appointee to the Board, and (y) provided that the First Agreed Appointee is able and willing to
          continue to serve on the Board, the Company shall include the First Agreed Appointee in the Company’s slate of recommended nominees standing for election at the 2022 Annual Meeting and shall recommend, support and solicit proxies for the election
          of the First Agreed Appointee at the 2022 Annual Meeting in the same manner as for the Company’s other nominees at the 2022 Annual Meeting. If the Parties fail to agree on a First Agreed Appointee prior to the Proxy Statement Deadline, than, as
          promptly as practicable after the 2022 Annual Meeting, the Parties shall work in good faith to mutually agree upon a First Agreed Appointee and once agreed upon by the Parties, the Board and all applicable committees of the Board shall take all
          necessary actions to immediately appoint the First Agreed Appointee to the Board.

      (iii) As promptly as practicable after the Parties agree on the Second Agreed Appointee, the Board and all applicable committees of the Board shall take all necessary actions to immediately
          appoint the Second Agreed Appointee to the Board.

      (iv) If any Agreed Appointee (or any replacement thereof pursuant to this section) is unable or unwilling to serve as a director, resigns as a director or is removed as a director prior to the
          expiration of the Standstill Period (as defined below), and at such time Starboard has beneficial ownership of (as determined under Rule 13d-3 promulgated under the Exchange Act), or aggregate economic exposure to, at least the lesser of 0.4% of
          the Company’s then outstanding Common Shares and 506,534 Common Shares (subject to adjustment for stock splits, reclassifications, combinations and similar
          adjustments), the Parties shall work in good faith to promptly mutually agree upon a replacement Qualified Independent Candidate for appointment to the Board (any such replacement nominee, when appointed to the Board, shall be referred to as a “Replacement Director”), and once agreed upon by the Parties, the Board and all applicable committees of the Board shall take all necessary actions to immediately appoint the
          Replacement Director to the Board. Upon such Replacement Director’s appointment to the Board, the Board and all applicable committees of the Board shall take all necessary actions to appoint such Replacement Director to any applicable committee
          of the Board of which the Agreed Appointee was a member immediately prior to such director’s resignation or removal or, if the Board or the applicable committee of the Board determines that the Replacement Director does not satisfy the
          requirements of the NYSE and applicable law with respect to service on the applicable committee (which determination shall be made reasonably and in good faith), to an alternative committee of the Board.

      (v) The Company agrees that the Agreed Appointees (and any Replacement Directors) shall be given the same due consideration for membership to committees of the Board as any other independent
          director.

      (vi)  The Company agrees that (x) one of the members of the Board as of the date hereof to be selected by the Governance Committee shall not be included in the Company’s slate of recommended
          nominees standing for election at the 2022 Annual Meeting and (y) a second member of the Board as of the date hereof to be selected by the Governance Committee shall not be included in the Company’s slate of recommended nominees standing for
          election at the Company’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”).

      (b) Additional Agreements.

      (i) Starboard shall comply, and shall cause each of its controlled Affiliates and Associates (collectively, “Covered Persons”)
          to comply, with the terms of this Agreement and shall be responsible for any breach of this Agreement by any such Covered Person. As used in this Agreement, the terms “Affiliate”
          and “Associate” shall have the respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission under the Exchange Act and shall include
          all persons or entities that at any time during the term of this Agreement become Affiliates or Associates of any person or entity referred to in this Agreement.

      (ii) During the Standstill Period, except as otherwise provided herein, Starboard shall not, and shall cause each of its Covered Persons not to, directly or indirectly, (A) nominate or recommend
          for nomination any person for election at any annual or special meeting of the Company’s stockholders, or any stockholder action by written consent, (B) submit any proposal for consideration at, or bring any other business before, any annual or
          special meeting of the Company’s stockholders, or any stockholder action by written consent, or (C) initiate, encourage or participate in any solicitation of proxies or consents, “vote no,” “withhold” or similar campaign with respect to any
          annual or special meeting of the Company’s stockholders, or any stockholder action by written consent. Starboard shall not publicly or privately encourage or support any other stockholder, person or entity to take any of the actions described in
          this Section 1(b)(ii).

      (iii) Starboard shall appear in person or by proxy at the 2022 Annual Meeting and vote all Common Shares beneficially owned by Starboard at the 2022 Annual Meeting (A) in favor of all of the
          Company’s nominees, (B) in favor of the ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022, (C) in accordance with the Board’s
          recommendation with respect to the Company’s “say-on-pay” proposal and (D) in accordance with the Board’s recommendation with respect to any other Company proposal or stockholder proposal presented at the 2022 Annual Meeting; provided, however,
          that in the event Institutional Shareholder Services Inc. (“ISS”) or Glass Lewis & Co., LLC (“Glass
              Lewis”) recommends otherwise with respect to the Company’s “say-on-pay” proposal or any other Company proposal or stockholder proposal presented at the 2022 Annual Meeting (other than proposals relating to the election or removal
          of directors), Starboard shall be permitted to vote in accordance with the ISS or Glass Lewis recommendation. Starboard further agrees that it will (x) appear in person or by proxy at any special meeting of the Company’s stockholders held during
          the Standstill Period and vote all Common Shares beneficially owned by Starboard as of the record date at such meeting, and (y) execute valid written consents with respect to all Common Shares beneficially owned by Starboard as of the record date
          in any stockholder action by written consent during the Standstill Period, in the case of each of (x) and (y) in accordance with the Board’s recommendation on any proposal relating to the appointment, election or removal of director(s). For the
          avoidance of doubt, Starboard shall be permitted to vote in its discretion on any proposal of the Company in respect of any extraordinary transaction, including any merger, acquisition, amalgamation, tender offer, exchange offer,
          recapitalization, restructuring, disposition, distribution, spin-off, asset sale, joint venture or other business combination involving the Company or any of its subsidiaries or that would result in (i) any person becoming a beneficial owner,
          directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the equity interests and voting power of the Company’s then-outstanding equity securities or (ii) the Company entering into a stock-for-stock
          transaction whereby immediately after the consummation of the transaction the Company’s shareholders retain less than fifty percent (50%) of the equity interests and voting power of the surviving entity’s then-outstanding equity securities.

      (iv) Starboard acknowledges that all directors (including the Agreed Appointees and any Replacement Directors) are (A) governed by, and required to comply with, all policies, procedures, codes,
          rules, standards and guidelines applicable to all members of the Board and (B) required to keep confidential all Company confidential information and not disclose to any third parties (including Starboard) any such Company
            confidential information.

      (v) The Company agrees that the Board and all applicable committees of the Board shall take all necessary actions, effective no later than immediately following the appointment of each Agreed
          Appointee, to determine, in connection with his or her initial appointment as a director and nomination by the Company at the 2022 Annual Meeting, as applicable, that such Agreed Appointee is deemed to be (A) a member of the “Incumbent Board” or
          “Continuing Director” (as such term may be defined in the definition of “Change in Control” or any similar term under the Company’s incentive plans, options plans, deferred compensation plans, employment agreements, severance plans, retention
          plans, loan agreements, or indentures, including, without limitation, the Company’s 2011 Stock Incentive Plan, Deferred Compensation Plan, or the Amended and Restated Employment Agreement with Bruce Broussard, or any other related plans or
          agreements that refer to any such plan or agreement’s definition of “Change in Control” or any similar term) and (B) a member of the Board as of the beginning of any applicable measurement period for the purposes of the definition of “Change in
          Control” or any similar term under such incentive plans, options plans, employment agreements, loan agreements or indentures of the Company, including, without limitation, any retention plan, severance plan, change-in-control severance plan, or
          the Company’s 2011 Stock Incentive Plan, Deferred Compensation Plan, or the Amended and Restated Employment Agreement with Bruce Broussard.

      2. Standstill Provisions

      (a) Starboard agrees that, from the date of this Agreement until the earlier of (x) the date that is
          fifteen (15) business days prior to the deadline for the submission of stockholder nominations for the 2023 Annual Meeting pursuant to the Company’s By-Laws or (y) the date that is ninety  (90) days prior to the first anniversary of the 2022
          Annual Meeting (the “Standstill Period”), Starboard shall not, and shall cause each Covered Person not to, in each case directly or indirectly, in any manner:

      (i) engage in any solicitation of proxies or consents or become a “participant” in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) of proxies or consents
          (including, without limitation, any solicitation of consents that seek to call a special meeting of stockholders, or any action by written consent), in each case, with respect to any securities of the Company;

      (ii) form, join or in any way knowingly participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any securities of the Company (other than a
          “group” that includes all or some of the members of Starboard, but does not include any other entities or persons that are not members of Starboard as of the date hereof); provided,
          however, that nothing herein shall limit the ability of an Affiliate of Starboard to join the “group” following the execution of this Agreement, so long as any such
          Affiliate agrees to be bound in writing by the terms and conditions of this Agreement;

      (iii) deposit any Common Shares in any voting trust or subject any Common Shares to any arrangement or agreement with respect to the voting of any Common Shares, other than any such voting trust,
          arrangement or agreement solely among the members of Starboard and otherwise in accordance with this Agreement;

      (iv) seek or submit, or knowingly encourage any person or entity to seek or submit, nomination(s), proxies or consents in furtherance of a “contested solicitation” for the appointment, election
          or removal of directors with respect to the Company or seek, knowingly encourage or take any other action with respect to the appointment, election or removal of any directors, except as permitted under Section 1(a); provided, however, that nothing in this Agreement shall prevent Starboard or its Affiliates or Associates from
          taking actions in furtherance of identifying director candidates in connection with the 2023 Annual Meeting so long as such actions do not create a public disclosure obligation for Starboard or the Company, are not publicly disclosed by Starboard
          or its representatives, Affiliates or Associates and are undertaken on a basis reasonably designed to be confidential and in accordance in all material respects with Starboard’s normal practices in the circumstances;

      (v) (A) make any proposal for consideration by stockholders at any annual or special meeting of stockholders of the Company or through any stockholder action by written consent, (B) make any
          offer or proposal (with or without conditions) with respect to any merger, takeover offer, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition or other business combination involving the Company or any of its
          subsidiaries, (C) affirmatively solicit a third party to make an offer or proposal (with or without conditions) with respect to any merger, takeover offer, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition or
          other business combination involving the Company or any of its subsidiaries, or knowingly publicly encourage, initiate or support any third party in making such an offer or proposal, (D) publicly comment on any third party proposal regarding any
          merger, takeover offer, tender (or exchange) offer, acquisition, recapitalization, restructuring, disposition, or other business combination with respect to the Company or any of its subsidiaries by such third party (provided that this clause (D) shall not prevent such public comment after such proposal has become generally known to the public other than as a result of a disclosure by Starboard), or (E) call or
          seek to call a special meeting of stockholders, or initiate or participate in any stockholder action by written consent;

      (vi) seek, alone or in concert with others, representation on the Board, except as specifically provided in Section 1;

      (vii) advise, knowingly encourage, knowingly support or knowingly influence any person or entity with respect to the voting or disposition of any securities of the Company at any annual or
          special meeting of stockholders or any stockholder action by written consent, except in accordance with Section 1; or

      (viii) make any request or submit any proposal to amend the terms of this Agreement other than through non-public communications with the Company that would not be reasonably determined to trigger
          public disclosure obligations for any Party.

      (b) Except as expressly provided in Section 1 or Section
              2(a), Starboard shall be entitled to (i) vote the Common Shares that it beneficially owns as it determines in its sole discretion and (ii) disclose, publicly or otherwise, how it intends to vote or act with respect to any
          securities of the Company on any stockholder proposal or other matter to be voted on by the stockholders of the Company and the reasons therefor.

      (c) Nothing in Section 2(a) shall be deemed to limit the exercise in good faith by an Agreed Appointee or a
          Replacement Director of such persons’ fiduciary duties solely in such person’s capacity as a director of the Company and in a manner consistent with such person’s and Starboard’s obligations under this Agreement.

      3. Representations and Warranties of the Company.

      The Company represents and warrants to Starboard that (A) the Company has the corporate power and authority to execute this
        Agreement and to bind it thereto, (B) this Agreement has been duly and validly authorized, executed and delivered by the Company, and assuming due execution by each counterparty hereto, constitutes a valid and binding obligation and agreement of
        the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally
        affecting the rights of creditors and subject to general equity principles, (C) as of the date of this Agreement, the Board is comprised of thirteen (13) directors, and (D) the execution, delivery and performance of this Agreement by the Company
        does not and will not (1) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company or (2) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or
        both would constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document or
        material agreement to which the Company is a party or by which it is bound.

      4. Representations and Warranties of Starboard.

      Starboard represents and warrants to the Company that (A) the authorized signatory of Starboard set forth on the signature page
        hereto has the power and authority to execute this Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind Starboard thereto, (B) this Agreement has been duly authorized, executed and
        delivered by Starboard, and assuming due execution by each counterparty hereto, constitutes a valid and binding obligation of Starboard, and is enforceable against Starboard in accordance with its terms except as enforcement thereof may be limited
        by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, (C) the execution of this Agreement, the consummation of
        any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of Starboard as
        currently in effect, (D) the execution, delivery and performance of this Agreement by Starboard does not and will not (1) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to Starboard or (2) result in any
        breach or violation of or constitute a default (or an event which with notice or lapse of time or both would constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right
        of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which such member is a party or by which it is bound, (E) as of the date of this Agreement,
        Starboard beneficially owns (as determined under Rule 13d-3 promulgated under the Exchange Act) an interest in 1,000,000 Common Shares, including 525,000 Common Shares underlying certain forward purchase contracts, (F) as of the date hereof, and
        except as set forth in clause (E) above, Starboard does not currently have, and does not currently have any right to acquire, any interest in any securities or assets of the Company or its Affiliates (or any rights, options or other securities
        convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified event) for such securities or assets or any obligations measured
        by the price or value of any securities of the Company or any of its controlled Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and risks that correspond to the ownership of Common Shares or
        any other class or series of the Company’s stock, whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery of
        Common Shares, payment of cash or by other consideration, and without regard to any short position under any such contract or arrangement), and (G) Starboard has not directly or indirectly, compensated or agreed to compensate, and will not,
        directly or indirectly, compensate or agree to compensate any director or director nominee of the Company for his or her respective service as a director of the Company, including the Agreed Appointees, with any cash, securities (including any
        rights or options convertible into or exercisable for or exchangeable into securities or any profit sharing agreement or arrangement), or other form of compensation directly or indirectly related to the Company or its securities. For the avoidance
        of doubt, nothing herein shall prohibit Starboard for compensating or agreeing to compensate any person for his or her respective service as a nominee or director of any other company.

      5. Press Release.

      Promptly following the execution of this Agreement, the Company and Starboard shall jointly issue a mutually agreeable press
        release (the “Press Release”) announcing certain terms of this Agreement in the form attached hereto as Exhibit

            A. Prior to the issuance of the Press Release and subject to the terms of this Agreement, neither the Company (including the Board and any committee thereof) nor Starboard shall issue any press release or make any public announcement
        regarding this Agreement or the matters contemplated hereby except as required by law or the rules of any stock exchange, or with the prior written consent of the other Party. During the Standstill Period, neither the Company nor Starboard shall
        make any public announcement or statement that is inconsistent with or contrary to the terms of this Agreement, except as required by law or the rules of any stock exchange.

      6. Specific Performance.

      Each of Starboard, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the
        other Party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies
        available at law (including the payment of money damages). It is accordingly agreed that Starboard, on the one hand, and the Company, on the other hand (the “Moving Party”),

        shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other Party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief
        on the grounds that any other remedy or relief is available at law or in equity. This Section 6 is not the exclusive remedy for any violation of this Agreement.

      
        7. Expenses.

      

      The Company shall reimburse Starboard for its reasonable, documented out-of-pocket fees and expenses (including legal expenses)
        incurred in connection with Starboard’s involvement at the Company through the date of this Agreement, including, but not limited to, the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed $75,000 in the
        aggregate.

      8. Severability.

      If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
        void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be
        the intention of the Parties that the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties
        agree to use their best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction.

      9. Notices.

      Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of
        this Agreement must be in writing and will be deemed to have been delivered: (A) upon receipt, when delivered personally; (B) upon confirmation of receipt, when sent by email (provided such confirmation is not automatically generated); or (C) two
        (2) business days after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the Party to receive the same. The addresses for such communications shall be:

      
        

        

        	
                If to the Company, to:

              
	 
	 	
                Humana Inc.

                  500 West Main Street

                  Louisville, Kentucky 40202

              
	 	
                Attention: Joseph C. Ventura

              
	 	 
	
                with a copy (which shall not constitute notice) to:

              
	 	 
	 	
                Fried, Frank, Harris, Shriver & Jacobson LLP

              
	 	
                One New York Plaza

                New York, NY 10004

              
	 	 
	 	
                Attention:

              	
                Warren de Wied

              
	 	 	
                Philip Richter

              
	 	 	
                Brian T. Mangino

              
	 	
                Facsimile:

              	
                (212) 859-4000

              
	 	
                E-mail:

              	
                warren.dewied@friedfrank.com

              
	 	 	
                philip.richter@friedfrank.com

              
	 	 	
                brian.mangino@friedfrank.com   

              
	 	 
	
                If to Starboard or any member thereof, to:

              
	 	 
	 	
                Starboard Value LP

                  777 Third Avenue, 18th Floor

                New York, New York 10017

              
	 	
                Attention:

              	
                Jeffrey C. Smith

              
	 	 	
                Peter A. Feld

              
	 	
                Facsimile:

              	
                (212) 845-7989

              
	 	
                Email:

              	
                jsmith@starboardvalue.com

              
	 	 	
                pfeld@starboardvalue.com

              
	 	 
	 	
                with a copy (which shall not constitute notice) to:

              
	 	 
	 	
                Olshan Frome Wolosky LLP

                  1325 Avenue of the Americas

                  New York, New York 10019

              
	 	
                Attention:

              	
                Steve Wolosky, Esq.

              
	 	 	
                Andrew Freedman, Esq.

              
	 	
                Facsimile:

              	
                (212) 451-2222

              
	 	
                Email:

              	
                swolosky@olshanlaw.com

              
	 	 	
                afreedman@olshanlaw.com

              

      

      	10.	
              Applicable Law.

            

      This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without
        reference to the conflict of laws principles thereof that would result in the application of the law of another jurisdiction. Each of the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the
        rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party hereto or its successors or assigns, shall be
        brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal
        court within the State of Delaware). Each of the Parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the
        aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with
        respect to this Agreement, (A) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (B) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal
        process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (C) to the fullest extent permitted by applicable legal
        requirements, any claim that (1) the suit, action or proceeding in such court is brought in an inconvenient forum, (2) the venue of such suit, action or proceeding is improper or (3) this Agreement, or the subject matter hereof, may not be enforced
        in or by such courts.

      	11.	
              Counterparts.

            

      This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and
        shall become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile).

      	12.	
              Mutual Non-Disparagement.

            

      Subject to applicable law, each of the Parties covenants and agrees that, during the Standstill Period, or if earlier, until
        such time as the other Party or any of its agents, subsidiaries, controlled affiliates, successors, assigns, partners, members, officers, key employees or directors shall have breached this Section 12, neither it nor any of its respective agents, subsidiaries, controlled affiliates, successors, assigns, partners, members, officers, key employees or directors, shall in any way publicly criticize, disparage,
        call into disrepute, or otherwise defame or slander the other Party or such other Party’s subsidiaries, affiliates, successors, assigns, partners, members, officers (including any current officer of a Party or a Party’s subsidiaries who no longer
        serves in such capacity following the execution of this Agreement), directors (including any current officer or director of a Party or a Party’s subsidiaries who no longer serves in such capacity following the execution of this Agreement),
        employees, stockholders, agents, attorneys or representatives, or any of their businesses, products or services, in any manner that would reasonably be expected to damage the business or reputation of such other Party, their businesses, products or
        services or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors), employees, stockholders, agents, attorneys or representatives.

      	13.	
              Securities Laws.

            

      Starboard acknowledges that it is aware, and will advise each of its representatives who are informed as to the matters that
        are the subject of this Agreement, that the United States securities laws may prohibit any person who directly or indirectly has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from
        communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

      	14.	
              Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries; Term.

            

      This Agreement (including its exhibits) contains the entire understanding of the Parties with respect to its subject matter.
        There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth herein. No modifications of this Agreement can be made except in writing signed by an
        authorized representative of each the Company and Starboard. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
        exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by
        law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns. No Party shall
        assign this Agreement or any rights or obligations hereunder without, with respect to Starboard, the prior written consent of the Company, and with respect to the Company, the prior written consent of Starboard. This Agreement is solely for the
        benefit of the Parties and is not enforceable by any other persons or entities. This Agreement shall terminate at the end of the Standstill Period, except the Company’s obligation under Section 1(a)(vi)(y), which shall survive such termination until the 2023 Annual Meeting, and the provisions of Sections 6, 9, 10, 13 and 14, which shall survive such termination; provided, however, that any Party may bring an action following such termination alleging a breach of this Agreement occurring prior to the end of the Standstill Period (or in the case of the Company’s obligation under Section 1(a)(vi)(y), alleging a breach of this Agreement occurring prior to the 2023 Annual Meeting).

      [The remainder of this page intentionally left blank]

      

      

      
        
          

      

      IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the Parties as of
        the date first set forth above.

      THE COMPANY:

      HUMANA INC.

      
        
          

          

          	
                  By:

                	
                  /s/ JOSEPH VENTURA

                	 
	 	
                  Name: Joseph Ventura

                	 
	 	
                  Title: Chief Legal Officer

                	 

        

      

      

      

      

      
        
          

      

      	
              STARBOARD:

            	 
	 	 
	
              STARBOARD VALUE AND

                OPPORTUNITY MASTER FUND LTD

                By: Starboard Value LP,

                its investment manager

            	
              STARBOARD VALUE L LP

                By: Starboard Value R GP LLC,

                its general partner

            
	 	 
	
              STARBOARD VALUE AND

                OPPORTUNITY S LLC

                By: Starboard Value LP,

                its manager

            	
              STARBOARD X MASTER FUND LTD

                By: Starboard Value LP,

                its investment manager

            
	 	 
	
              STARBOARD VALUE AND

                OPPORTUNITY C LP

                By: Starboard Value R LP,

                its general partner

            	
              STARBOARD VALUE LP

                By: Starboard Value GP LLC,

                its general partner

            
	 	 
	
              STARBOARD VALUE R LP

                By: Starboard Value R GP LLC,

                its general partner

            	
              STARBOARD VALUE GP LLC

                By: Starboard Principal Co LP,

                its member

            
	 	 
	
              STARBOARD VALUE AND

                OPPORTUNITY MASTER FUND L LP

                By: Starboard Value L LP,

                its general partner

            	
              STARBOARD PRINCIPAL CO LP

                By: Starboard Principal Co GP LLC,

                its general partner

               

            
	 	
              STARBOARD PRINCIPAL CO GP LLC

               

              

              STARBOARD VALUE R GP LLC

            

      

      

      
        
          

          

          	 	
                  By:

                	
                  /s/ JEFFREY C. SMITH

                	 
	 	 	
                  Name:

                	
                  Jeffrey C. Smith

                	 
	 	 	
                  Title:

                	
                  Authorized Signatory

                	 

          

          

        

        

        

        
          [Signature Page to Agreement by and among Humana and Starboard]

        

      

      

      
        
          

      

      EXHIBIT A

        

        

        PRESS RELEASE

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