Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 KARYOPHARM
THERAPEUTICS INC. 
 April 28, 2021 
 Sharon Shacham,
Ph.D., M.B.A. 
 c/o Karyopharm Therapeutics Inc. 
 85 Wells
Avenue 
 Newton, MA 02459 
 Dear Sharon: 

Subject to your execution below, this letter hereby amends the employment letter, dated October 19, 2010, as previously amended on
December 6, 2010, January 23, 2015, and August 28, 2020, between you and Karyopharm Therapeutics Inc. (the “Company”) and provides for the following terms of employment, effective May 3, 2021 (the
“Effective Date”). For the avoidance of doubt, nothing herein supersedes the Non-Disclosure and Inventions Assignment Agreement you previously executed with the Company, which remains in
effect, unaltered, in all respects. 
 1. Position. You will serve as Chief Scientific Officer, reporting to the Company’s Chief
Executive Officer (“CEO”). In this role you will have the responsibilities customarily associated with such position and such additional responsibilities consistent with your senior executive status that are assigned to you by the
Company’s CEO; provided, however, that it is expressly contemplated that beginning on January 1, 2022 (the “Transition Date”), you will no longer have any direct management responsibilities. During the term of your
employment with the Company, you will devote the required professional time and efforts to the business of the Company, and you may engage in other activities that may be approved in advance by the Company’s Board of Directors (the
“Board”) including, but not limited, to those activities described in Exhibit A, which have been approved by the Board prior to the Effective Date. As of the Effective Date and through no earlier than the second anniversary
of the Transition Date, you will also continue to serve as Chair of the Scientific Advisory Board. 
 2. Compensation. 

a. Base Salary. For the remainder of 2021, you will continue to be paid an annual base salary of Four Hundred Ninety-Nine Thousand and
Nine Hundred Five Dollars ($499,905). As of the Transition Date, you will be paid an annual base salary of Three Hundred Thousand Dollars ($300,000). Your base salary will be payable pursuant to the Company’s regular payroll policy. 

b. Bonus Program. You will be eligible for an annual bonus that targets fifty percent (50%) of the total annual base salary payable to
you for the applicable calendar year based upon achievement of certain performance goals and corporate milestones established by the Board in consultation with you. Achievement of goals will be determined in the sole discretion of the Board or a
Compensation Committee of the Board. To earn any part of the bonus, you must be employed on December 31st of the applicable bonus year and such bonus shall be paid no later than March 15th of the year immediately following the year to which the
applicable annual bonus relates. Your bonus target will be reviewed annually and may be modified by the Board in connection with any such review. 

  
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 EXECUTION VERSION 
  

 c. Equity Grants. For so long as you continue to serve as Chief Scientific Officer of
the Company, you will remain eligible to receive annual equity grants on the same basis as the Company’s other executive officers in good standing, as such awards are determined by the Board in its sole discretion. 

d. Withholding. The Company shall withhold from any compensation or benefits payable under this letter agreement any federal, state and
local income, employment or other similar taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 3.
Benefits. 
 a. Vacation and Holidays. You will be eligible to accrue five weeks of paid vacation each year and take Company
paid holidays consistent with the Company’s vacation policy offered to other executive level employees of the Company. 
 b.
Other. You will be eligible to participate in such medical, retirement and other benefits as are approved by the Board and made available to other executive level employees of the Company. As is the case with all employee benefits, such
benefits will be governed by the terms and conditions of applicable plans or policies, which are subject to change or discontinuation at any time. 

4. At-Will Employment. Your employment with the Company is and shall at all times during your
employment hereunder be “at-will” employment. The Company or you may terminate your employment at any time for any reason, with or without Cause, as defined in Section 5, and with or without
notice. The “at-will” nature of your employment shall remain unchanged during your tenure as an employee of the Company and may only be changed by an express written agreement that is signed by you
and the Board. 
 5. Termination of Employment. 

a. Upon your separation from the Company for any reason, you will receive: (i) any unpaid base salary for services rendered prior to the
date of termination or resignation; (ii) any earned but unpaid annual bonus for any year prior to the year in which termination of employment occurs; (iii) reimbursement of any un-reimbursed business
expenses incurred as of the date of termination or resignation in accordance with the Company’s reimbursement policy; (iv) accrued but unused vacation (if applicable) earned through the effective resignation or termination date; and
(v) all other payments, benefits or fringe benefits to which you shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this letter agreement (collectively,
clauses (i) through (v) shall be referred herein as the “Accrued Benefits”), and, except as set forth in paragraph (b) or (c) below, you will not be entitled to any other compensation except as the Board may otherwise
agree in its sole discretion. If the Company terminates your employment for Cause, at any time, then you will receive no additional compensation other than the Accrued Benefits, except that the benefits described in Section 5(a)(ii) shall not
be paid to you. 

  
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 EXECUTION VERSION 
  

 b. If, on or before the second anniversary of the Transition Date, the Company terminates
your employment other than for “Cause” or if you terminate your employment for “Good Reason”, as such terms are defined below, subject to you providing the Company with a fully effective separation agreement that includes a
general release of claims in a form and manner reasonably satisfactory to the Company (the “Release”) within the 60-day period following the date of termination (or such shorter period, not
shorter than twenty-one (21) days, as may be directed by the Company)), the Company shall, in addition to the amounts payable under paragraph (a): (i) in the case of such termination that does not occur
in the twelve (12) month period following a Change of Control, (x) pay you severance pay in the form of continuation of base salary at the rate of $499,905 per annum for eighteen (18) months (the “Non-COC Severance Period”) in accordance with the Company’s payroll practice; and (y) provided you elect to continue your and your eligible dependents’ participation in the Company’s
medical and dental benefit plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), pay the monthly premium to continue such coverage for the lesser of the eighteen (18) full calendar months
immediately following the month in which the termination of your employment occurs and the end of the calendar month in which you become eligible to receive group health plan coverage under another employee benefit plan; or (ii) in the case of
such termination that occurs within the twelve (12) month period following a Change of Control, (x) pay you severance pay in the form of continuation of base salary at the rate of $499,905 per annum for eighteen (18) months (the
“COC Severance Period”) in accordance with the Company’s payroll practice; (y) pay to you an amount equal to 150% of your target annual bonus for the year in which your termination occurs, less applicable taxes and
withholdings, which amount shall be payable in a lump sum on the date that the first continued salary payment is made to you under this letter agreement; and (z) provided you elect to continue your and your eligible dependents’
participation in the Company’s medical and dental benefit plans pursuant to COBRA, pay the monthly premium to continue such coverage for the lesser of the eighteen (18) full calendar months immediately following the month in which the
termination of your employment occurs and the end of the calendar month in which you become eligible to receive group health plan coverage under another employee benefit plan (as applicable, the “Severance Benefits”). 

c. If, following the second anniversary of the Transition Date, the Company terminates your employment other than for “Cause” or if
you terminate your employment for “Good Reason”, as such terms are defined below, subject to you providing the Company with the Release within the 60-day period following the date of termination (or
such shorter period, not less than twenty-one (21) days, as may be directed by the Company), the Company shall, in addition to the amounts payable under paragraph (a), pay you severance pay in a lump sum
in the amount of $150,000, less applicable taxes and withholdings, in the first payroll period after the Release becomes fully effective (subject to the last sentence of paragraph (d) below). 

d. Except as expressly set forth herein, any severance pay will be paid ratably in accordance with the Company’s regular payroll
practices beginning in the Company’s first regular payroll cycle after the Release becomes effective. In any event, if the 60th day referenced in (b) or (c) above occurs in the calendar year following the date of your termination, then the
severance pay shall be paid or begin no earlier than January 1 of such subsequent calendar year. 

  
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 EXECUTION VERSION 
  

 e. Solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), each salary continuation payment is considered a separate payment. To the extent that any Severance Benefit constitutes “non-qualified deferred compensation” under
Section 409A of the Code, then such payments or benefits shall be payable only upon your “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the
presumptions set forth in Treasury Regulation Section 1.409A-l (h). Solely for this purpose, the “Company” shall include all persons with whom the Company would be considered a single employer
under Section 414(b) and 414(c) of the Internal Revenue Code. If, as of the date of your “separation from service” from the Company, you are not a “specified employee” (within the meaning of Section 409A), then each
installment of the severance payments shall be made on the dates and terms set forth in this letter agreement.
 If, as of the date of your “separation
from service” from the Company, you are a “specified employee” (within the meaning of Section 409A), then: (A) each installment of the severance payments due under this letter agreement that, in accordance with the dates and
terms set forth herein, will in all circumstances, regardless of when your separation from service occurs, be paid within the short-term deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the
meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and terms set forth in the letter agreement; and
(B) each installment of the severance payments due under this letter agreement that is not described the foregoing clause (A) and that would, absent this subsection, be paid within the six-month
period following your “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, your death) (the “New Payment Date”),
with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the New Payment Date and any subsequent installments, if any, being paid in
accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that such installment is deemed to be paid under a
separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation
from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the
taxable year in which the separation from service occurs. 
 f. For purposes of this Section 5, the following terms will have the
following meanings: 
 (i) “Good Reason” shall mean that you have complied with the “Good Reason
Process,” as defined below, following the occurrence of any of the following events: (i) you are made to report to anyone other than the Company’s Chief Executive Officer; (ii) the Company’s corporate headquarters or your
primary work location are located outside Massachusetts; or (iii) a material breach by the Company of this letter agreement or any other material agreement between you and the Company. 

  
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 EXECUTION VERSION 
  

 (ii) “Good Reason Process” shall mean that (i) you reasonably
determine in good faith that a “Good Reason” condition has occurred; (ii) you notify the Company in writing of the first occurrence of the Good Reason condition within ten (10) days of the first occurrence of such condition;
(iii) you cooperate in good faith with the Company’s efforts, for a period not less than thirty (30) days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the
Good Reason condition continues to exist; and (v) you terminate your employment within thirty (30) days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed
not to have occurred. 
 (iii) “Change of Control” shall mean any of the following: 

1. any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with
all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities having the right to
vote in an election of the Board (“Voting Securities”) in such case other than as a result of an acquisition of securities directly from the Company; 

2. the date a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the incumbent Board before the date of the appointment or election, provided, further that directors whose initial assumption of office is in
connection with an actual or threatened election contest related to the election of directors of the Company will not be considered as members of the incumbent Board for purposes of this paragraph for a period of twelve (12) months following
such initial assumption; or 
 3. the consummation of (A) any consolidation or merger of the Company where the
stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act),
directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any
sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as
the result of an acquisition of securities by the 

  
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 EXECUTION VERSION 
  

 
Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to fifty percent (50%)
or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities
(other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns fifty percent (50%) or more of the combined voting
power of all of the then outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of this letter agreement. Further, and solely to the extent necessary to comply with Section 409A of the
Code, such event must constitute a “change in control” within the meaning of Treasury Regulation Section 1.409A-3(i)(5) in order for the payments and benefits hereunder to become payable. 

g. If your employment terminates because of your death or Disability, then you will receive the Accrued Benefits. For purposes of this letter
agreement, “Disability” shall be defined as your inability to have performed your material duties hereunder due to a physical or mental injury, infirmity or incapacity for one hundred eighty (180) days (including weekends and
holidays) in any 365-day period. 
 h. For purposes of this letter agreement,
“Cause” shall mean: (i) dishonesty, embezzlement, misappropriation of assets or property of the Company; (ii) gross negligence, willful misconduct, neglect of duties, theft, fraud or breach of fiduciary duty to the
Company; (iii) violation of federal or state securities law; (iv) the conviction of a felony or any crime involving moral turpitude, including a plea of guilty or nolo contendre; (v) a material breach of any of the
Company’s written policies related to conduct or ethics; or (vi) a material breach of the Nondisclosure and Inventions Assignment Agreement, dated October 22, 2010, between you and the Company (the “Confidentiality
Agreement”). 
 6. Employee Confidentiality Agreement. As an employee of the Company, you will continue to have access to
certain Company and third-party confidential information, and you may during the course of your employment develop certain information or inventions which will be the property of the Company. You acknowledge the continuing effectiveness of the
Confidentiality Agreement, and you further acknowledge that the changes to your responsibilities, duties, compensation, and title, as contemplated by this letter agreement (and which may occur hereafter), do not nullify or otherwise alter your
obligations under the Confidentiality Agreement, which remain in full force and effect. 
 7. Equity Forfeiture and Vesting.
Effective as of the Effective Date, you hereby agree to, and do, fully and irrevocably surrender all right, title and interest in the portions of the equity awards set forth on Exhibit B to this letter agreement. Any equity awards that are
outstanding on the date hereof and that you continue to hold following such surrender are herein referred to as the “Remaining Equity Awards.” Your Remaining Equity Awards will continue to vest, become exercisable and free from
early termination or forfeiture in accordance with their existing terms, provided that if the Company terminates your employment without Cause or you resign for Good Reason on or prior to March 1, 2025, then any of the remaining unvested
portions of your Remaining Equity Awards will, subject to your execution of, and the effectiveness of, the Release required by Section 5 of this letter agreement, become vested, 

  
 6 

 EXECUTION VERSION 
  

 
exercisable and free from early termination or forfeiture and, if such awards are stock options, will remain exercisable until the earlier of (x) March 1, 2026, and (y) the
expiration date of such stock option. 
 8. Resolution of Disputes. Any controversy or claim arising out of or relating to your
employment, this letter agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, shall be submitted to arbitration in Boston, Massachusetts before a single
arbitrator (applying Massachusetts law), in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association (“AAA”) as modified by the terms and conditions of this
Section 8; provided, however, that provisional injunctive relief may, but need not, be sought in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until
the matter is finally determined by the arbitrator. The arbitrator shall be selected by mutual agreement of the parties or, if the parties cannot agree, by striking from a list of arbitrators supplied by AAA. The arbitrator shall issue a written
opinion revealing, however briefly, the essential findings and conclusions upon which the award is based. Final resolution of any dispute through arbitration may include any remedy or relief which the arbitrator deems just and equitable. Any award
or relief granted by the arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction. 

The parties acknowledge that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of the parties
against the other in connection with any matter whatsoever arising out of or in any way connected with this letter agreement or your employment. 
 The
Company shall pay the arbitrator’s fees and arbitration expenses and any other costs associated with the arbitration or arbitration hearing that are unique to arbitration. The Company and you each shall separately pay its or your own
deposition, witness, expert and attorneys’ fees and other expenses as and to the same extent as if the matter were being held in court unless otherwise provided by law. The arbitrator shall have the sole and exclusive power and authority to
decide any and all issues of or related to whether this letter agreement or any provision of this letter agreement is subject to arbitration. 

9. Attorneys’ Fees. The Company shall reimburse you for your reasonable attorneys’ fees incurred in connection with the
negotiation of this letter agreement. 
 10. No Inconsistent Obligations. By accepting this offer of employment, you represent and
warrant to the Company that you are under no obligations or commitments, whether contractual or otherwise, that are inconsistent with your obligations set forth in this letter agreement or that would be violated by your employment by the Company.
You agree that you will not take any action on behalf of the Company or cause the Company to take any action that will violate any agreement that you have with a prior employer. 

11. Indemnification and Liability Insurance. The Company will provide you certain rights to indemnification as set forth in the
Company’s standard form of indemnification agreement for executive officers and directors. 

  
 7 

 EXECUTION VERSION 
  

 12. Observer. As of the Effective Date and through no earlier than the second
anniversary of the Transition Date, the Company shall invite you to attend all meetings of the Board in a nonvoting observer capacity and, in this respect, shall give you copies of all notices, minutes, consents, and other materials that it provides
to its directors; provided, however, that you shall agree to hold in confidence all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude you from any meeting or portion thereof
if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel, result in disclosure of trade secrets, result in or relates to a matter with respect to which you
have a conflict of interest, or if the Board reasonably determines that you are (or are associated with) a competitor of the Company. You shall not be entitled to attend executive session portions of Board meetings. 

13. Miscellaneous. 
 a.
This letter agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

b. The Company may only assign this letter agreement to a successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the Company, provided, that such successor expressly agrees to assume and perform this letter agreement in the same manner and to the same extent that the Company would have
been required to perform it if no such assignment had taken place, and “Company” shall include any such successor that assumes and agrees to perform this letter agreement, by operation of law or otherwise. 

c. No provision of this letter agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by you and such officer or director as may be designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this letter
agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. The validity, interpretation, construction and performance of this letter
agreement shall be governed by the laws of the Commonwealth of Massachusetts without regard to the choice of law principles thereof. 
 If
you have any further questions or require additional information, please feel free to contact me. 
 [Signatures appear on following page]

  
 8 

 EXECUTION VERSION 
  

 Sincerely, 
  

			
	Signature:	 	 /s/ Michael Mano

	
	Michael Mano
	Senior Vice President and General Counsel, Karyopharm Therapeutics

			
		
	Date:	 	 April 28, 2021

 The foregoing correctly sets forth the terms of my employment by Karyopharm Therapeutics Inc. I am not relying on any
representations pertaining to my employment other than those set forth above. 
  

			
	Signature:	 	 /s/ Sharon Shacham

			
		
	Printed Name:	 	Sharon Shacham, Ph.D., M.B.A.

			
		
	Date:	 	 April 28, 2021

 EXECUTION VERSION 
  

 Exhibit A 

You may (i) engage in charitable, civic, educational, professional, community or industry affairs; (ii) serve on the boards of directors or advisory
boards of other companies; and/or (iii) subject to written approval from the Nominating and Governance Committee, serve as a part-time employee or consultant for another company, so long as all such activities in this Exhibit A, either
individually and/or in the aggregate, do not (x) materially detract from your ability to perform your duties; or (ii) violate your obligations pursuant to the Confidentiality Agreement. 

 EXECUTION VERSION 
  

 Exhibit B 
  

																									
	 Name
	  	Grant
Number	 	  	Grant Date	 	  	Exercise
Price	 	  	Outstanding as
of the Effective
Date	 	  	Options to be
Forfeited
Under
Agreement	 	  	Remaining
Equity Awards	 
	 Sharon Shacham
	  	 	I000140	 	  	 	12/18/2013	 	  	$	23.66	 	  	 	16,904	 	  	 	—  	 	  	 	16,904	 
	 Sharon Shacham
	  	 	N000140	 	  	 	12/18/2013	 	  	$	23.66	 	  	 	123,096	 	  	 	90,000	 	  	 	33,096	 
	 Sharon Shacham
	  	 	I000234	 	  	 	1/19/2015	 	  	$	26.65	 	  	 	7,504	 	  	 	7,504	 	  	 	—  	 
	 Sharon Shacham
	  	 	N000234	 	  	 	1/19/2015	 	  	$	26.65	 	  	 	192,496	 	  	 	192,496	 	  	 	—  	 
	 Total
	  				  				  				  	 	340,000	 	  	 	290,000	 	  	 	50,000Exhibit 10.1

 

CIGNA LONG-TERM INCENTIVE PLAN

(Amended and Restated Effective as of April 28,
2021)

 

ARTICLE 1

Statement of Purpose

 

The Cigna Long-Term Incentive Plan is intended to:

 

		(a)	Reward the creation of long-term value for Cigna shareholders by providing key employees, non-employee directors, consultants, and
other advisors of the Company with an opportunity to acquire an equity interest in Cigna Corporation, thereby increasing their personal
interest in its continued success and progress, and aligning their interests with those of its shareholders;

 

		(b)	Aid the Company in attracting and retaining employees, non-employee directors, consultants, and other advisors of exceptional ability;

 

		(c)	Supplement and balance the Company's salary and incentive bonus programs in support of Cigna Corporation's long-term strategic plans
and financial results; and

 

		(d)	Encourage decisions and actions by Company executives, non-employee directors, consultants, and other advisors to deliver superior
enterprise results, with appropriate consideration of risk, and that are consistent with the long-range interests of Cigna Corporation's
shareholders.

 

This Plan is an amendment and restatement of the Plan as previously amended
and restated effective April 28, 2010 and as further amended on April 27, 2011, April 24, 2013, April 26, 2017, and January 25, 2018.
The amendments to the Plan contained herein shall become effective on the date the amended and restated Plan is approved by: (i) the Board,
with respect to any amendments that do not require the prior approval of Cigna Corporation shareholders, and (ii) Cigna Corporation shareholders,
with respect to any amendments that require the prior approval of Cigna Corporation shareholders.

 

ARTICLE 2

Definitions

 

Except as otherwise provided in the Plan or unless the context otherwise
requires, the terms defined below shall have the following meanings under the Plan:

 

		2.1	"Affiliate" -- the meaning set forth in Rule 12b-2 promulgated under the Exchange Act.

 

		2.2	"Beneficial Owner" and "Beneficially Owned" -- the meaning set forth in Rule 13d-3 promulgated under
the Exchange Act.

		2.3	"Board" -- the board of directors of Cigna Corporation or any duly authorized committee of that board.

 

		2.4	"CEO" -- the Chief Executive Officer of Cigna Corporation.

 

2.5"Change
of Control" -- any of the following:

 

		(a)	A corporation, person or group acting in concert, as described in Exchange Act Section 14(d)(2), holds or acquires beneficial ownership
within the meaning of Rule 13d 3 promulgated under the Exchange Act of a number of preferred or common shares of Cigna Corporation having
30% or more of the combined voting power of Cigna Corporation’s then outstanding securities; provided, however, in determining whether
a Change of Control has occurred, voting securities which are acquired by any of the following shall not constitute an acquisition which
would cause a Change of Control: (i) by an employee benefit plan (or a trust forming a part thereof) maintained by Cigna Corporation or
any Subsidiary, (ii) by Cigna Corporation or any Subsidiary, or (iii) by any Person in connection with a transaction described in (b)(i)
immediately below; or

 

		(b)	There is consummated a merger, consolidation or reorganization of Cigna Corporation or any direct or indirect Subsidiary of Cigna
Corporation with any other corporation, other than:

 

		(i)	a merger, consolidation or reorganization –

 

    
 

     

    

 

 

		a.	immediately following which the individuals who constituted the Board immediately prior thereto constitute at least a majority of
the board of directors of the entity surviving such merger, consolidation or reorganization or the ultimate parent thereof,

 

		b.	in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of Cigna Corporation (not including in
the securities Beneficially Owned by such Person any securities acquired directly from Cigna Corporation or its Affiliates) representing
30% or more of the combined voting power of Cigna Corporation’s then outstanding securities, and

 

		c.	where the shareholders of Cigna Corporation, immediately before such merger, consolidation or reorganization, own directly or indirectly,
immediately following such merger, consolidation or reorganization, at least fifty percent (50%) of the combined voting power of the outstanding
voting securities of the entity surviving such merger, consolidation or reorganization or the ultimate parent thereof in substantially
the same proportion as their ownership of the outstanding securities of Cigna Corporation immediately before such merger, consolidation
or reorganization; or

 

		(c)	A change occurs in the composition of the Board at any time during any consecutive 12-month period such that the Continuity Directors
cease for any reason to constitute a majority of the Board. For purposes of the preceding sentence “Continuity Directors”
means those members of the Board who either: (1) were directors at the beginning of such consecutive 12-month period; or (2) were elected
by, or on nomination or recommendation of, at least a majority of the Board (other than a director whose initial assumption of office
is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election
of directors of Cigna Corporation); or

 

		(d)	The shareholders of Cigna Corporation approve a plan of complete liquidation or dissolution of Cigna Corporation or there is consummated
an agreement for the sale or disposition by Cigna Corporation of all or substantially all of Cigna Corporation’s assets, other than
a sale or disposition by Cigna Corporation of all or substantially all of Cigna Corporation's assets immediately following which the individuals
who constituted the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such
assets are sold or disposed or any parent thereof.

 

Notwithstanding the foregoing, a “Change of Control”
shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately
following which the record holders of the common stock of Cigna Corporation immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of Cigna
Corporation immediately following such transaction or series of transactions.

 

		2.6	"Code" -- the Internal Revenue Code of 1986, as amended.

 

		2.7	"Committee" -- the Board's People Resources Committee or any successor committee with responsibility for compensation;
provided that, with respect to the grant of awards to or awards held by Non-Employee Directors, “Committee” shall mean the
Board’s Corporate Governance Committee, or any successor committee for corporate governance.

 

		2.8	"Common Stock" -- the common stock, par value $0.25 per share, of Cigna Corporation.

 

		2.9	"Company" -- Cigna Corporation, a Delaware corporation, and/or its Subsidiaries.

 

		2.10	"Deferred Compensation Plan" -- a Company deferred compensation plan, or another arrangement of the Company which
has been designated by the Committee as a "Deferred Compensation Plan" for purposes of this Plan.

 

		2.11	"Disability" -- permanent and total disability as defined in Code Section 22(e)(3).

 

		2.12	“Dividend Equivalent Right” -- a right granted under Article 9.

 

    
 

     

    

 

 

		2.13	"Early Retirement" -- a Termination of a Participant’s employment (other than a Termination for Cause), after
appropriate notice to the Company, (a) on or after a Participant has reached age 55 (but not age 65) and attained at least five years
of service (as determined under the elapsed time service counting rules applied by the Company to determine an employee’s total
period of Company service using an adjusted service date), or (b) upon such terms and conditions approved by the Committee or officers
of the Company designated by the Board or the Committee.

 

		2.14	"Eligible Individual" -- all employees of the Company, Non-Employee Directors, and consultants or advisors of the
Company are eligible to be granted awards under the Plan.

 

		2.15	"Exchange Act" -- the Securities Exchange Act of 1934, as amended.

 

		2.16	"Expiration Date" -- the last date, specified in an Option or SAR grant, on which an Option or SAR may be exercised.

 

		2.17	"Fair Market Value" -- the average of the highest and lowest quoted selling prices as reported on the New York Stock
Exchange-composite tape (or any successor method of publishing stock prices) as of 4:00 p.m. Eastern time (or such other time as trading
on the New York Stock Exchange may close) on the date as of which any determination of stock value is made. If the New York Stock Exchange-composite
tape (or any successor publication) is not published on that date, the determination will be made on the next preceding date of publication.
In the absence of reported Common Stock sales, the Committee will determine Fair Market Value by taking into account all facts and circumstances
the Committee deems relevant, subject to the requirements of Code Section 409A.

 

		2.18	"Incentive Stock Option" -- an Option described by Code Section 422(b).

 

		2.19	"Involuntary Termination" -- a Termination, other than a Termination Upon a Change of Control, pursuant to which
a Participant is eligible to receive severance benefits under the severance plan or arrangement of the Company, if any, that applies to
the Participant as of the date of Termination. For avoidance of doubt, a Participant must satisfy all conditions to receive severance
benefits under the applicable severance plan or arrangement (including, without limitation, the requirement to execute a release of claims
in favor of the Company) in order for a Termination to qualify as an Involuntary Termination under this Section 2.19.

 

If a Participant is not covered by any severance
plan or arrangement of the Company as of the date of Termination that provides for severance benefits for a Termination (that is not a
Termination Upon a Change of Control), then “Involuntary Termination” means a Termination that is initiated by the Company
or a successor other than a Termination for Cause or Termination Upon a Change of Control.

 

		2.20	“Non-Employee Director” -- a member of the Board who is not employed by the Company.

 

		2.21	"Nonqualified Option" -- an Option that is not an Incentive Stock Option.

 

		2.22	"Option" -- a right granted under Article 5 to purchase one or more shares of Common Stock.

 

		2.23	“Other Stock-Based Awards” -- a right granted under Article 12.

 

		2.24	"Participant" -- an Eligible Individual who has received an award under the Plan.

 

		2.25	"Payment" -- the compensation due a Participant, or Participant's estate, under Article 8 of the Plan on account
of a grant of Restricted Stock Units or Article 11 of the Plan on account of a grant of Performance Shares or Units.

 

		2.26	"Payment Date" -- the date that a Qualifying Plan payment is made (or would have been made if not deferred under
Section 10.3).

 

		2.27	"Peer Group"-- a group of companies, selected by the Committee, whose financial performance is compared to Cigna
Corporation’s.

 

    
 

     

    

 

 

		2.28	"Performance Measures" -- the measures to be used to assess the Company’s performance with respect to Restricted
Stock subject to performance conditions, Strategic Performance Units and Strategic Performance Shares. The measures shall be one or more
of the following: earnings (total or per share); net income (total or per share); growth in net income (total or per share); income from
selected businesses (total or per share); growth in net income or income from selected businesses (total or per share); pre-tax income
or growth in pre-tax income; profit margins; revenues; revenue growth; premiums and fees; growth in premiums and fees; membership; membership
growth; market share; change in market share; book value; total shareholder return; stock price; change in stock price; market capitalization;
change in market capitalization; return on market value; shareholder equity (total or per share); return on equity; assets; return on
assets; capital; return on capital; economic value added; market value added; cash flow; change in cash flow; expense ratios or other
expense management measures; medical loss ratio; ratio of claims or loss costs to revenues; satisfaction – customer, provider, or
employee; service quality; productivity ratios or other measures of operating efficiency; and accuracy of claim processing or other measures
of operational effectiveness. The Committee may specify any reasonable definition of the measures it uses. Such definitions may provide
for reasonable adjustments to the measures and may include or exclude items, including but not limited to: realized investment gains and
losses; special items identified in the company’s reporting; extraordinary, unusual or non-recurring items; effects of accounting
changes, currency fluctuations, acquisitions, divestitures, reserve strengthening, or financing activities; expenses for restructuring
or productivity initiatives; and other non-operating items.

 

		2.29	"Performance Objectives" -- the written objective performance goals applicable to performance conditions for Restricted
Stock granted under Section 7.3 or Strategic Performance Shares or Strategic Performance Units granted under Section 11.1. Performance
Objectives may be stated separately for one or more of the Participants, collectively for the entire group of Participants, or in any
combination of the two. Performance Objectives may be for the Company as a whole, for one or more of its Subsidiaries, business units,
lines of business or for any combination of the foregoing and may be absolute or may require comparing the Company's financial performance
to that of a Peer Group or of a specified index or indices, or be based on a combination of the foregoing. If Cigna Corporation is involved
in a merger, acquisition or divestiture transaction (even if it does not constitute a Change of Control), the Committee may, in its sole
discretion, adjust or modify completely the Performance Measures, and/or Performance Objectives if the transaction has any material effect
on the Company’s ability to apply the Performance Measures, or meet the Performance Objectives, established at the time of grant.

 

		2.30	"Performance Period" -- the period, specified by the Committee, during which Performance Objectives applicable to
Strategic Performance Shares or Strategic Performance Units are measured. No Performance Period shall be a period of less than one-year.

 

		2.31	"Person" -- the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof, except that such term shall not include (a) Cigna Corporation or any of its Subsidiaries, (b) a trustee or other fiduciary
holding securities under an employee benefit plan of Cigna Corporation or any of its Affiliates, (c) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by the stockholders of Cigna
Corporation in substantially the same proportions as their ownership of stock of Cigna Corporation.

 

		2.32	"Plan" -- the Cigna Long-Term Incentive Plan.

 

		2.33	"Prior Plan" -- the Cigna Long-Term Incentive Plan as restated effective January 1, 2000 and as further amended and
restated through April 28, 2010 and as further amended on April 27, 2011, April 24, 2013, April 26, 2017 and January 25, 2018, the Express
Scripts, Inc. 2011 Long-Term Incentive Plan (as amended and restated effective April 2, 2012), the Express Scripts Holding Company 2016
Long-Term Incentive Plan, the Cigna Corporation Directors Equity Plan, and, unless otherwise provided under the terms of this Plan, the
Cigna Corporation Stock Plan as adopted effective May 1, 1991, and as amended thereafter.

 

		2.34	"Qualifying Plan" -- any Company bonus plan, short-term or long-term incentive compensation plan, any other incentive
compensation arrangement or any supplemental retirement benefit plan that is not tax qualified under the Code. Except with respect to
payment of Performance Shares or Units in the form of Common Stock, this Plan shall not be a Qualifying Plan.

 

		2.35	“Restatement Date” -- April 28, 2021, or, if later, the date Company shareholders approve this amended and restated
Plan.

 

		2.36	"Restricted Period" -- the period during which Common Stock is subject to restrictions under Section 7.2.

 

		2.37	"Restricted Stock" -- Common Stock granted under Article 7 that remains subject to a Restricted Period.

 

		2.38	“Restricted Stock Unit” -- a right granted under Article 8.

 

    
 

     

    

 

 

		2.39	"Retirement" -- a Participant’s Termination of employment (other than a Termination for Cause), after appropriate
notice to the Company, (a) on or after a Participant has reached age 65 and attained at least five years of service (as determined under
the elapsed time service counting rules applied by the Company to determine an employee’s total period of Company service using
an adjusted service date), or (b) upon such other terms and conditions approved by the Committee, or officers of the Company designated
by the Board or the Committee.

 

		2.40	"SAR" -- a stock appreciation right granted under Article 6.

 

		2.41	"SEC" -- the Securities and Exchange Commission.

 

		2.42	"Strategic Performance Share" or "Performance Share" -- an amount of incentive opportunity available
for award to a Participant for a specified Performance Period, with a value equal to the Fair Market Value of one share of Common Stock.

 

		2.43	"Strategic Performance Unit" or "Unit" -- the smallest amount of incentive opportunity available
for award to a Participant for a specified Performance Period, with a target value of $75.00 per Unit unless a different target value
is established by the Committee at the time a Unit award is made.

 

		2.44	"Subsidiary" -- any corporation of which more than 50% of the total combined voting power of all classes of stock
entitled to vote, or other equity interest, is directly or indirectly owned by Cigna Corporation; or a partnership, joint venture or other
unincorporated entity of which more than a 50% interest in the capital, equity or profits is directly or indirectly owned by Cigna Corporation;
provided that such corporation, partnership, joint venture or other unincorporated entity is included in the Company’s consolidated
financial statements under generally accepted accounting principles.

 

		2.45	"Termination for Cause" -- a Termination for Cause under this Plan occurs when a Participant’s employment or
service relationship with the Company is terminated by the Company for “Cause”.

 

“Cause” shall have the same meaning
as defined under the severance plan or arrangement of the Company that applies to the Participant as of the date of termination; provided
however that if the Participant is not covered by a severance plan or arrangement of the Company at the time of the Termination, “Cause”
shall mean the Participant’s (a) unsatisfactory level of performance; (b) violation of any legal or contractual obligation to the
Company; (c) non-compliance with Company policies or procedures, including without limitation Cigna's Code of Ethics and Principles of
Conduct; (d) if the Participant is an employee of the Company, engagement in any activity resulting in the Participant’s being not
bondable as determined by Cigna under its (or its successor’s) fidelity bond; (e) conviction of a felony involving fraud or dishonesty
directed against the Company; or (f) any willful act or failure to act that adversely affects the business of the Company in any material
respect. For purposes of this Section 2.45, “unsatisfactory level of performance” means a serious performance failure or infraction,
including, without limitation, serious conduct and attendance failures, subject to formal discipline or corrective action up to and including
immediate termination.

 

		2.46	"Termination" -- the termination of the Participant's employment or service relationship with the Company (unless
otherwise expressly provided by the Committee) or a transaction by which the Company that employs the Participant or to which the Participant
provides service ceases to be a Subsidiary.

 

		2.47	"Termination Upon a Change of Control" -- a Termination upon or within the two-year period following a Change of
Control pursuant to which a Participant is eligible to receive severance benefits under the severance plan or arrangement of the Company,
if any, that applies to the Participant as of the date of Termination. For avoidance of doubt, a Participant must satisfy all conditions
to receive severance in connection with the Termination under the applicable severance plan or arrangement (including, without limitation,
the requirement to execute a release of claims in favor of the Company) in order for a Termination to qualify as a Termination Upon a
Change of Control under this Section 2.47.

 

If a Participant is not covered by any severance
plan or arrangement of the Company as of the date of Termination, then “Termination Upon a Change of Control” means a Termination
upon or within two years after a Change of Control that is initiated by the Company or a successor other than a Termination for Cause.

 

    
 

     

    

 

 

		2.48	"Vesting Percentage" -- the ratio, determined by the Committee, of Performance Shares payable under Section 11.3
to Performance Shares granted under Section 11.1.

 

 

ARTICLE 3

Participation

 

3.1Participation. An Eligible
Individual who receives an authorized award under the Plan shall become a Participant upon receipt of the award.

 

ARTICLE 4

Authorized
Incentive Awards

 

4.1
Authorized Awards. The Plan’s authorized awards are: (a) Options (including Incentive Stock Options); (b) SARs; (c) Restricted
Stock; (d) Restricted Stock Units; (e) Dividend Equivalent Rights; (f) Common Stock in lieu of cash or other awards payable under a Qualifying
Plan; (g) Strategic Performance Shares; (h) Strategic Performance Units; and (i) Other Stock-Based Awards.

 

4.2
General Powers of the Committee. Subject to the requirements of the Plan and Delaware law, the Committee may in its sole discretion
select Participants, grant them any authorized awards in amounts and combinations, and upon terms and conditions, as it shall determine,
and exercise any other authority granted to the Committee under the Plan. The Committee may delegate to the CEO or the CEO’s designee
any such authority; however, no power or authority delegated by the Committee under the Plan may be exercised (a) to affect the terms
and conditions of an award made to anyone subject to the requirements of Section 16(a) of the Exchange Act, (b) as to matters reserved
to the Board under the Delaware General Corporation Law, or (c) with respect to awards granted to or held by Non-Employee Directors.

 

4.3General Powers of the CEO.
Subject to the requirements of Delaware law, the CEO shall have the authority and discretion to select Participants and grant them any
authorized awards in amounts and combinations and upon terms and conditions as the CEO shall determine, subject to the same limitations
and provisions that apply under the Plan to the Committee, and also subject to the following:

 

		(a)	The CEO may not grant any awards to or for the benefit of (1) members of the Board or (2) anyone subject to the requirements of Exchange
Act Section 16(a);

 

		(b)	The CEO must be a member of the Board when the CEO grants any award under the Plan and must be properly empowered by the Board to
grant such award; and

 

		(c)	The total number of shares of Common Stock which may be issued pursuant to awards granted under this Section 4.3 is limited to a maximum
of 10% of the number of shares of Common Stock authorized to be issued under the Plan.

 

4.4Term Limit. No awards
may be made under this Plan after December 31, 2030.

 

ARTICLE 5

Stock Options

 

5.1General. Subject to
any Plan limitations and provisions, the Committee may grant Options to Eligible Individuals upon terms and conditions that it may establish,
including restrictions on the right to exercise Options. However, no Option shall be exercisable by a Participant within one year after
the Option grant date, except as provided under the Plan or the terms of the Option grant upon a Participant’s Termination due to
death, Disability, Early Retirement or Retirement or a Participant’s Termination Upon a Change of Control.

 

5.2
Option Price. The exercise price per share of any Option (that is not a Substitute Award as defined in Section 13.6) shall not be
less than the Fair Market Value of such share on the grant date. The Option price may be paid in cash or such other means as the Committee
may accept. The Committee may, in its sole discretion, permit payment of the Option price in the form of previously acquired shares of
Common Stock based on the Fair Market Value of such shares on the Option exercise date or through means of a “net settlement,”
whereby the Option price will not be due in cash and where the number of shares of Common Stock issued upon such exercise will be equal
to: (a) the product of (1) the number of shares of Common Stock as to which the Option is then being exercised, and (2) the
excess, if any, of (i) the then current Fair Market Value per share over (ii) the Option price, divided by (b) the then
current Fair Market Value per share.

 

    
 

     

    

 

 

5.3Maximum Term. No Expiration
Date of an Option shall be more than 10 years after the Option grant date. An Option may expire earlier than its Expiration Date as specified
in the terms and conditions of the applicable Option grant.

 

		5.4	Expiration of Options.

 

		(a)	Any outstanding Option held by a Participant at Termination for any reason other than a Termination for Cause, shall become or remain
exercisable in accordance with the terms and conditions established by the Committee at the time of grant.

 

		(b)	Any outstanding Option held by a Participant at Termination for Cause shall be immediately and automatically forfeited as of the date
of such Termination.

 

5.5No Repricing; No Automatic
Option Grants (Reloads). Without prior approval of Cigna Corporation shareholders, the Committee may not:

 

		(a)	Cancel a previously granted Option and grant a replacement Option if the new Option exercise price is lower than that of the canceled
Option;

 

		(b)	Provide for any automatic grant of a new Option upon a Participant’s exercise of any Option granted under the Plan;

 

		(c)	Except in connection with a corporate transaction involving Cigna Corporation (including, without limitation, any stock dividend,
stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or
exchange of shares), (i) amend the terms of an Option to reduce the Option exercise price, or (ii) to the extent the exercise price of
an Option exceeds the Fair Market Value of a share of Common Stock, cancel, exchange, substitute, buyout or surrender an outstanding Option
in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original Option;
or

 

		(d)	Take any other action that could constitute a repricing.

 

5.6Incentive Stock Options.
The following terms and conditions shall apply to any Options granted under the Plan that are identified as Incentive Stock Options.

 

		(a)	Incentive Stock Options may be granted only to Eligible Individuals who are employed by Cigna Corporation or a corporation that is
either a direct Subsidiary or an indirect Subsidiary through an unbroken chain of corporations.

 

		(b)	No Incentive Stock Option may be granted after December 31, 2030.

 

		(c)	No Incentive Stock Option may be granted to any person who, at the time of grant, owns (or is deemed to own under Code Section 424(d))
shares of outstanding Common Stock possessing more than 10% of the total combined voting power of all classes of stock of Cigna Corporation
or a Subsidiary, unless the Option exercise price is at least 110% of the Fair Market Value on the grant date of the stock subject to
the Option and the Option by its terms is not exercisable after the expiration of five years after the Option grant date.

 

		(d)	To the extent that the aggregate Fair Market Value of stock with respect to which the Incentive Stock Options first become exercisable
by a Participant in any calendar year exceeds $100,000 (taking into account both Common Stock subject to the Incentive Stock Options under
this Plan and stock subject to Incentive Stock Options under all other Company plans, if any), such Options shall be treated as Nonqualified
Options. For this purpose the Fair Market Value of the stock subject to Options shall be determined as of the date the Options were awarded.
In reducing the number of options treated as Incentive Stock Options to meet the $100,000 limit, the most recently granted Options shall
be reduced first. To the extent a reduction of simultaneously granted Options is necessary to meet the $100,000 limit, the Committee may,
in the manner and to the extent permitted by law, designate which shares of Common Stock are to be treated as shares acquired pursuant
to the exercise of an Incentive Stock Option.

 

    
 

     

    

 

 

		(e)	Any grant of Incentive Stock Options shall include whatever terms and conditions are required to meet the requirements of Code Section
422.

 

ARTICLE 6

Stock Appreciation Rights

 

6.1General. Subject to
any Plan limitations and provisions, the Committee may grant SARs to Eligible Individuals upon terms and conditions it may establish,
including restrictions on the right to exercise SARs. However, no SAR shall be exercisable by a Participant within one year after the
SAR grant date, except as provided under the Plan or the terms of the SAR grant upon a Participant’s Termination due to death, Disability,
Early Retirement or Retirement or a Participant’s Termination Upon a Change of Control.

 

6.2Maximum Term. No Expiration
Date of an SAR shall be exercisable more than 10 years after the SAR grant date. A SAR may expire earlier than its Expiration Date as
specified in the terms and conditions of the applicable SAR grant.

 

6.3SAR Exercise. The SAR
shall entitle the Participant to receive upon exercise of the SAR, without payment to the Company, a whole number of shares of Common
Stock determined by multiplying (a) and (b) and dividing the result by (c):

 

		(a)	Total number of shares subject to the SAR that the Participant designates for SAR exercise, up to the maximum number available for
exercise as of the SAR exercise date;

 

		(b)	Excess of (1) the Fair Market Value of a share of Common Stock on the SAR exercise date over (2) the Fair Market Value of a share
of Common Stock on the grant date of the SAR; and

 

		(c)	Fair Market Value of a share of Common Stock on the SAR exercise date.

 

Any fractional share of Common Stock resulting from this calculation shall
be ignored.

 

The Committee may provide that, instead of issuing shares upon the SAR
exercise, the Company shall pay cash equal to the Fair Market Value, on the SAR exercise date, of some or all the shares that would otherwise
be issued upon the SAR exercise.

 

Upon exercise of an SAR, the number of shares that the Participant designates
for exercise will be subtracted from the number of shares available under the SAR immediately before the SAR exercise to determine the
remaining number of shares, if any, that the Participant may designate for any future exercise of the SAR.

 

6.4Expiration of SARs.

 

		(a)	Any outstanding SAR held by a Participant at Termination for any reason other than a Termination for Cause shall become or remain
exercisable in accordance with the terms and conditions established by the Committee at the time of grant.

 

		(b)	Any outstanding SAR held by a Participant at Termination for Cause shall be immediately and automatically forfeited as of the date
of such termination.

 

6.5No Repricing; No Automatic
SAR Grants (Reloads). Without prior approval of Cigna Corporation shareholders, the Committee may not:

 

		(a)	Cancel a previously granted SAR and grant a replacement SAR if the Fair Market Value on date of grant of the new SAR is lower than
the Fair Market Value on date of grant of the canceled SAR;

 

		(b)	Provide for any automatic grant of a new SAR upon a Participant’s exercise of any SAR granted under the Plan;

 

		(c)	Except in connection with a corporate transaction involving Cigna Corporation (including, without limitation, any stock dividend,
stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or
exchange of shares), (i) amend the terms of an SAR to reduce the SAR exercise price, or (ii) to the extent the exercise price of an SAR
exceeds the Fair Market Value of a share of Common Stock, cancel, exchange, substitute, buyout or surrender an outstanding SAR in exchange
for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original SAR; or

 

    
 

     

    

 

 

		(d)	Take any other action that could constitute a repricing.

 

ARTICLE 7

Restricted Stock Grants

 

7.1General. Subject to
any limitations and provisions in the Plan, the Committee may grant Restricted Stock to Eligible Individuals upon terms and conditions
it may establish. The consideration for a Restricted Stock grant may be solely in the form of the recipient's services rendered to the
Company, or it may be any other lawful form of consideration the Committee may determine.

 

7.2Restricted Period.
Except as provided below, Restricted Stock shall not be sold, transferred, assigned, pledged or otherwise disposed of by the Participant
during the Restricted Period established by the Committee. The Committee may establish different Restricted Periods and different restriction
terms for shares contained in a single Restricted Stock grant.

 

7.3Performance Conditions.
The Committee may grant Restricted Stock that is subject to performance conditions, as follows:

 

		(a)	Restricted Stock may automatically be forfeited to the Company at the end of the Restricted Period unless, and to the extent that,
the Company meets specified Performance Objectives; or

 

		(b)	The Restricted Period applicable to Restricted Stock may end earlier if, and to the extent that, the Company meets specified Performance
Objectives, but no earlier than one year after the date of grant.

 

If the Committee grants Restricted Stock subject to performance conditions,
at the time of grant the Committee shall establish in writing the applicable Performance Measures, Performance Objectives, vesting schedule
and, if the Performance Objectives require comparing the Company's financial results to those of a Peer Group, the composition of the
Peer Group. The Committee may establish different performance conditions for shares contained in a single Restricted Stock grant. No Eligible
Individual may receive more than 450,000 shares of Restricted Stock with performance conditions during any calendar year. In the event
of a stock dividend, stock split, or other subdivision or combination of the Common Stock, effective as the date of such dividend, split,
subdivision or combination, the maximum number of shares of Restricted Stock that may be awarded in any calendar year shall be adjusted
proportionately in accordance with Section 14.1.

 

7.4Issuance; Voting Rights;
Dividends. Restricted Stock granted to a Participant shall be issued by the Company as of the date of the grant. During the Restricted
Period, the Participant shall be entitled to vote the shares. The Participant shall also be entitled to deferred payment of dividends
on shares of Restricted Stock to the holders of such shares as described in this Section 7.4. Such dividend payments will be in an amount
equal to the number of shares of outstanding Restricted Stock multiplied by the amount of any dividend declared and paid on one share
of Common Stock, to the extent the Restricted Stock is outstanding on any such dividend record date. Restricted Stock shall be considered
outstanding for this purpose until the earlier of the lapse of the applicable Restricted Period or the date the Restricted Stock is forfeited
under the terms of the Plan. Dividends paid on shares of Common Stock during the Restricted Period shall be held by the Company and such
accumulated dividends will only be paid when (and if) the applicable Restricted Period for the Restricted Stock lapses, provided that
the Committee (or CEO) may specify additional restrictions on the payment of such accumulated dividends in the applicable grant document.
If any shares of Restricted Stock are forfeited under the terms of the Plan or the applicable grant document, the Participant shall also
forfeit the right to any accumulated and future dividends related to such forfeited shares. The Committee (or CEO) shall specify in the
grant document the time and form of payment of the deferred dividends in a manner that complies with the requirements of Code Section
409A and the regulations thereunder. Shares issued as a result of stock dividends, splits or reclassifications, to the extent the issued
shares relate to Restricted Stock, shall be subject to the same limitations, restrictions and provisions that are applicable to the related
Restricted Stock.

 

7.5Termination of Employment
or Services. Unless otherwise expressly provided by the terms and conditions established by the Committee at the time of grant, Restricted
Stock (and all related rights) held by a Participant at Termination during a Restricted Period shall be forfeited to the Company immediately
upon such Termination.

 

    
 

     

    

 

 

ARTICLE 8

Restricted Stock Units

 

8.1General. Subject to
any limitations and provisions in the Plan, the Committee may grant Restricted Stock Units to Eligible Individuals upon terms and conditions
it may establish. The consideration for a Restricted Stock Unit grant may be solely in the form of the recipient's services rendered to
the Company, or it may be any other lawful form of consideration the Committee may determine

 

8.2Restrictions on Restricted
Stock Units; Vesting.

 

		(a)	Except as provided below, a Restricted Stock Unit shall not be sold, transferred, assigned, pledged, or otherwise disposed of by the
Participant. The Committee in its discretion may establish different restriction terms and vesting periods for different Restricted Stock
Units evidenced by a single grant.

 

		(b)	Prior to vesting, Restricted Stock Units shall be subject to forfeiture as described in Section 8.5. Unless vesting is accelerated
pursuant to the terms and conditions of the award established by the Committee at the time of grant, a portion of Restricted Stock Units
will become vested upon the payment date(s) specified in the applicable grant document.

 

8.3Time and Form of Payment.
The portion of a vested Restricted Stock Unit shall be paid in a lump sum on the earlier of a Participant’s death or the payment
date(s) specified in the applicable Restricted Stock Unit grant document. Payments shall be made in a single lump sum in the form of cash,
shares of Common Stock, or a combination of these forms of Payment, as determined by the Committee in its sole discretion. Any payment
upon a Participant’s death shall be made to the Participant’s surviving spouse or, if the Participant’s surviving spouse
does not survive, the Participant’s estate during the 90 day period immediately following the Participant’s death. A Restricted
Stock Unit (including any dividend equivalent rights) shall cease to be outstanding and a Participant shall have no further rights related
to such Restricted Stock Unit upon the earlier of payment or forfeiture of such Restricted Stock Unit under the terms of the Plan.

 

8.4Voting Rights; Dividends.
No Participant shall have any voting rights, rights to dividend payments, or any other rights of a holder of Common Stock merely because
the Participant is granted a Restricted Stock Unit under this Plan.

 

8.5Termination of Employment
or Services. Unless otherwise expressly provided by the terms and conditions established by the Committee at the time of grant, any
unvested Restricted Stock Units (and all related rights) held by a Participant at Termination shall be forfeited to the Company immediately
upon such Termination.

ARTICLE 9

Dividend
Equivalent Rights

 

9.1General. Subject to
the limitations and provisions of the Plan, the Committee may grant Dividend Equivalent Rights to Eligible Individuals upon terms and
conditions it may establish. A Dividend Equivalent Right shall entitle a Participant to receive cash or Common Stock equal in value to
dividends paid with respect to a specified number of shares of Common Stock.

 

9.2Dividends and Rights; Options
or SARs. No dividends or Dividend Equivalent Rights may be paid or granted with respect to any Option or SAR granted under the Plan.

 

9.3Payments. The Committee
shall determine at time of grant whether payment pursuant to a Dividend Equivalent Right shall be made in cash or Common Stock, or a combination
of both. The Committee shall specify other terms and conditions applicable to Dividend Equivalent Rights at the time of grant, including
when the Dividend Equivalent Rights vest and the time and form of payment for such Dividend Equivalent Rights, provided that in
no event shall a Participant vest in a right to receive payments for Dividend Equivalent Rights associated with an award under the Plan
before the scheduled vesting or payment date (as applicable) of such award.

 

9.4Termination of Employment
or Services. Unless otherwise expressly provided by the terms and conditions established by the Committee at the time of grant, any
Dividend Equivalent Right held by a Participant at Termination for any reason shall be forfeited to the Company immediately upon Termination.

 

    
 

     

    

 

 

ARTICLE
10

Common
Stock in Place of Other Awards

 

10.1General. The Committee
may grant an Eligible Individual Common Stock instead of all or a portion (determined by the Committee) of an award otherwise payable
under a Qualifying Plan. The grant shall be for a number of shares of Common Stock that have an aggregate Fair Market Value, determined
as of the Payment Date, that most closely approximates, but does not exceed, the dollar amount of the award being replaced by the Common
Stock if made in cash.

 

10.2Death; Termination of
Employment or Services. Unless the Committee, in its sole discretion, provides otherwise, a Common Stock grant approved under Section
10.1 for a Participant whose Termination occurs before the Payment Date shall still be granted. If the reason for Termination is the Participant's
death, however, the Common Stock grant shall automatically be canceled, and the award payment shall be made in accordance with the terms
of the Qualifying Plan.

 

10.3Deferral of Payments.
A Common Stock grant approved under Section 10.1 shall be deferred if the Participant had made a timely election to defer the underlying
award under a Deferred Compensation Plan, subject to the provisions of the Deferred Compensation Plan and Code Section 409A, if applicable.
Common Stock that would have been issued but for deferral under this provision shall be issued under this Plan at the end of the deferral
period.

 

ARTICLE 11

Strategic Performance Units; Strategic Performance
Shares

 

11.1Award of Units and Shares.

 

		(a)	The Committee may in its sole discretion grant Strategic Performance Shares, Strategic Performance Units or both to Eligible Individuals
selected for participation for a Performance Period.

 

		(b)	The Committee, the CEO or the CEO’s designee may grant Strategic Performance Shares (subject to the requirements of Delaware
law), Strategic Performance Units, or both to a person who becomes an Eligible Individual during a Performance Period as long as any such
grant made by the CEO or the CEO’s designee is (1) in accordance with guidelines approved by the Committee or (2) subject to ratification
by the Committee before any resulting Payment is made.

 

		(c)	During any calendar year an Eligible Individual may receive no more than 500,000 Performance Shares or 250,000 Units. When an Eligible
Individual receives a combination of Performance Shares and Units, each Unit awarded shall reduce the maximum number of awardable Performance
Shares by two and every two Performance Shares awarded shall reduce the maximum number of awardable Units by one. That is, the Performance
Shares-to-Units parity ratio shall be 2 to 1. For example, if an Eligible Individual is awarded 50,000 Units in a calendar year, the maximum
number of awardable Performance Shares the Eligible Individual could receive for that year is 100,000.

 

		(d)	In the event of a stock dividend, stock split, or other subdivision or combination of the Common Stock, effective as the date of such
dividend, split, subdivision or combination, the maximum number of Performance Shares that may be awarded in any calendar year, and the
Performance Shares-to-Units parity ratio described in Section 11.1(c), shall be adjusted proportionately in accordance with Section 14.1.

 

11.2Performance Goals; Financial
Measures. When the Committee grants Performance Shares or Units for a particular Performance Period, it shall:

 

		(a)	Establish in writing the Performance Objectives and the Performance Measures applicable to the Performance Period;

 

		(b)	Determine the length of the Performance Period and, if the Performance Objectives require comparing the Company's financial results
to those of a Peer Group, the composition of the Peer Group; and

 

		(c)	Determine the formula or method for determining the Vesting Percentage for Performance Shares and the value of Units.

 

    
 

     

    

 

 

11.3Vesting Percentage; Value
of Units. After the close of the Performance Period, the Committee will determine the preliminary Vesting Percentage and/or Unit value
based on the applicable formula or method under Section 11.2(c). The preliminary Vesting Percentage and/or Unit value may be adjusted
downward by the Committee based upon the Committee's evaluation of Cigna Corporation's strategic accomplishments over the Performance
Period. The final Vesting Percentage shall not exceed 200%, and the final Unit value shall not exceed $200.00.

 

11.4Performance Share or Unit
Payment.

 

		(a)	After the Committee has determined the Vesting Percentage or Unit value for a Performance Period and subject to Sections 11.5 and
11.6, the Company shall make Payments to Participants to whom Performance Shares or Units were granted for the Performance Period.

 

		(b)	Payment to a Participant for a grant of Performance Shares shall equal (1) the number of Performance Shares granted to the Participant
multiplied by (2) the Vesting Percentage determined under Section 11.3. This product shall be multiplied by the Fair Market Value of Common
Stock on the date the Committee determines the Vesting Percentage, to the extent the Committee provides for payment of Performance Shares
in cash.

 

		(c)	Payment to a Participant for a grant of Units shall equal the number of Units granted to the Participant multiplied by the Unit value
determined under Section 11.3.

 

		(d)	Notwithstanding the above, the Committee in its sole discretion may reduce the amount of any Payment to any Participant or eliminate
entirely the Payment to any Participant. The Committee's authority under this Section 11.4(d) shall expire immediately upon a Change of
Control.

 

11.5Eligibility for Payments.
Unless otherwise expressly provided by the terms and conditions established by the Committee at the time of grant, a Participant shall
be eligible to receive a Payment for a Performance Period under Section 11.4 only if the Participant has been employed by (or in service
with) the Company continuously from the date of Participant's grant of Performance Shares and/or Units through the date of Payment.

 

11.6Time and Form of Payment.

 

		(a)	Unless otherwise provided at the time of award in the applicable grant document, Payments shall be made in the year following the
close of the Performance Period. Payments shall be made in a single lump sum in the form of cash, shares of Common Stock, or a combination
of these forms of Payment, as determined by the Committee in its sole discretion.

 

		(b)	If a Payment is made wholly or partially in shares of Common Stock, the Payment shall be made in a number of whole shares. That number
of shares shall have an aggregate Fair Market Value that most closely approximates, but does not exceed, the dollar amount of the Payment
if made in cash.

 

ARTICLE 12

Other
Stock-Based Awards

 

12.1General. Subject to
the limitations and provisions of the Plan, the Committee may grant Other Stock-Based Awards to Eligible Individuals upon terms and conditions
it may establish. An Other Stock-Based Award, which shall consist of any right which is (a) not an authorized award described in Section
4.1(a)-(h) above and (b) an award of Common Stock or an award denominated or payable in, valued in whole or in part by reference to, or
otherwise based on or related to, Common Stock (including, without limitation, securities convertible into Common Stock), as deemed by
the Committee to be consistent with the purposes of the Plan; provided that any such rights must comply, to the extent deemed desirable
by the Committee, with Rule 16b-3 under the Exchange Act and applicable law. Subject to Section 17.4 below, Other Stock-Based Awards granted
under the Plan may or may not be subject to a vesting period as determined in the discretion of the Committee at the time of grant. If
an Other Stock-Based Award is subject to a vesting period, any dividends paid on shares of Common Stock during such period shall be held
by the Company and will only be paid when (and if) the Other Stock-Based Award vests, provided that the Committee (or CEO) may specify
additional restrictions on the payment of such accumulated dividends in the applicable grant document.

 

    
 

     

    

 

 

ARTICLE 13

Shares Authorized under the Plan

 

13.1Maximum Number Authorized.

 

		(a)	The number of shares of Common Stock authorized to be issued pursuant to Options, SARs, rights, grants or other awards made under
this Plan from and after the Restatement Date shall be 1,475,000 shares, plus 18,921,551 shares representing shares remaining available
for awards under Prior Plans as of March 1, 2021, plus the number of:

 

		(1)	shares reserved for issuance upon exercise of Options granted under Prior Plans, to the extent the Options
are outstanding on March 1, 2021, and subsequently expire or are canceled or surrendered;

 

		(2)	shares reserved for issuance under Article 10 upon vesting of restricted stock units granted under Qualifying
Plans, shares reserved for issuance upon vesting of restricted stock units granted under Prior Plans, or upon payment of Strategic Performance
Shares under Section 11.1, to the extent the restricted stock units or Strategic Performance Shares are outstanding on March 1, 2021,
and subsequently expire or are canceled or surrendered or the number of shares of Common Stock issued upon vesting of the Strategic Performance
Shares is subsequently less than the number of shares of Common Stock reserved; and

 

		(3)	shares of Restricted Stock granted under Prior Plans, to the extent the applicable Restricted Period has
not expired as of March 1, 2021, and the Restricted Stock is subsequently forfeited under Section 7.5 or is otherwise surrendered to the
Company before the Restricted Period expires.

 

For purposes of this Section 13.1, Prior Plans
shall not include the Cigna Corporation Stock Plan as adopted effective May 1, 1991, and as amended thereafter.

 

		(b)	Any shares that become available for issuance pursuant to Sections 13.1(a)(2) and 13.1(a)(3) shall become available at a rate of two
(2) shares for each share that becomes available under Sections 13.1(a)(2) and 13.1(a)(3).

 

		(c)	The maximum aggregate number of shares that may be issued as Incentive Stock Options under this Plan from and after the Restatement
Date is 2 million.

 

13.2Maximum Number Per Participant.
The aggregate number of shares of Common Stock subject to Options and SARs that may be granted during any calendar year to any individual
shall be limited to 1 million. The aggregate number of shares of Common Stock subject to authorized awards under Section 4.1 that may
be granted during any calendar year to any Non-Employee Director shall be limited to 150,000.

 

13.3Share Counting.

 

		(a)	Effective as of the Restatement Date, and subject to the other provisions of Section 13.3, the following rules shall apply in determining
whether shares of Common Stock remain available for issuance under Section 13.1 of the Plan.

 

		(1)	Each share reserved for issuance upon exercise of any Option or SAR granted under the Plan shall reduce the number of remaining authorized
shares by one, provided that an SAR that may be settled only in cash shall not reduce the number of authorized shares.

 

		(2)	Each share of Common Stock awarded under Article 7 or reserved for awards under Articles 8, 9, 10, 11 or 12 of the Plan, shall reduce
the number of authorized shares by two (2).

 

		(b)	The following shall not reduce the number of authorized shares of Common Stock available for issuance
under this Plan:

 

		(1)	Common Stock reserved for issuance upon exercise or settlement, as applicable, of awards granted under
the Plan, to the extent the awards expire or are canceled or surrendered;

 

    
 

     

    

 

 

		(2)	Restricted Stock granted under the Plan, to the extent such Restricted Stock is forfeited under Section
7.5 or is otherwise surrendered to the Company before the Restricted Period expires;

 

		(3)	Common Stock reserved, upon the grant of Restricted Stock Units or units under any Qualifying Plans, for
issuance when such Restricted Stock Units vest, to the extent the Restricted Stock Units are forfeited, canceled or surrendered;

 

		(4)	Common Stock reserved for issuance under Section 11.1 upon vesting of Strategic Performance Shares, to
the extent that the Strategic Performance Shares are forfeited, canceled or surrendered or the number of shares of Common Stock issued
upon vesting of the Strategic Performance Shares is less than the number of shares of Common Stock reserved;

 

		(5)	Common Stock reserved, upon the grant of Other Stock-Based Awards, for issuance under Article 12 when
such Other Stock-Based Awards vest, to the extent the Other Stock-Based Awards are forfeited, canceled or surrendered; and

 

		(6)	Awards, to the extent the payment is actually made in cash.

 

		(c)	The following shares shall not become available for issuance under the Plan:

 

		(1)	Shares tendered by Participants as full or partial payment to the Company upon exercise of Options granted under this Plan;

 

		(2)	Shares reserved for issuance upon grant of SARs, to the extent the number of reserved shares exceeds the number of shares actually
issued upon exercise of the SARs; and

 

		(3)	Shares withheld by, or otherwise remitted to, the Company to satisfy a Participant's tax withholding obligations upon the lapse of
restrictions on Restricted Stock or Restricted Stock Units or the exercise of Options or SARs granted under the Plan or upon any other
payment or issuance of shares under the Plan.

 

13.4No Fractional Shares.
No fractional shares of Common Stock shall be issued, accepted as payment of an Option exercise price or remitted to meet tax-withholding
obligations under the Plan.

 

13.5Source of Shares.
Common Stock may be issued from authorized but unissued shares or out of shares held in Cigna Corporation's treasury, or both.

 

13.6Substitute Awards.
The Committee may grant awards in substitution for outstanding awards previously granted by an entity directly or indirectly acquired
by the Company or with which the Company combines (“Substitute Awards”), and such Substitute Awards shall not be counted against
the aggregate number of shares of Common Stock available for Plan awards as determined pursuant to this Article 13 to the extent such
substitution constitutes a conversion, replacement or adjustment to reflect the applicable transaction within the meaning of Section 303A.08
of the NYSE Listed Company Manual; provided, that Substitute Awards issued or intended as Incentive Stock Options shall be counted
against the aggregate number of Incentive Stock Options available under the Plan. Substitute Awards may be granted in the form of any
authorized award type under Section 4.1 of the Plan as determined by the Committee at the time of grant. The terms and conditions of Substitute
Awards may vary from the terms and conditions set forth in the Plan to the extent that the Committee determines at the time of grant that
such variances are appropriate to conform, in whole or in part, to the provisions of the awards in substitution for which they are granted.

 

ARTICLE 14

Antidilution Provisions

 

Except as expressly provided under the Plan, the following provisions shall
apply to all shares of Common Stock (including Restricted Stock) authorized for issuance and all Options, SARs, and Restricted Stock Units
granted under the Plan:

 

14.1Stock Dividends, Splits,
Etc. In the event of a stock dividend, stock split, or other subdivision or combination of the Common Stock:

 

    
 

     

    

 

 

		(a)	The number of authorized shares of Common Stock, and any numerical share limits, under the Plan will be adjusted proportionately;
and

 

		(b)	There will be a proportionate adjustment in: the number of shares of Common Stock subject to unexercised stock Options and SARs; the
per share Option and SAR exercise price (but without adjustment to the aggregate Option or SAR exercise price); the number of shares of
Restricted Stock or Restricted Stock Units outstanding; and the number of Strategic Performance Shares outstanding.

 

14.2Merger, Exchange or Reorganization.
If the outstanding shares of Common Stock are changed or converted into, exchanged or exchangeable for, a different number or kind of
shares or other securities of Cigna Corporation or of another corporation, by reason of a reorganization, merger, consolidation, reclassification
or combination (an “Event”), appropriate adjustment shall be made by the Committee in the number of shares and kind of Restricted
Stock and Common Stock for which Options, SARs, Restricted Stock Units and other rights may be or may have been awarded under this Plan,
so that the proportionate interests of Participants shall be maintained as before the Event. However, in case of any contemplated Event
which may constitute a Change of Control, the Committee may modify any and all outstanding Restricted Stock, Options, SARs, and Restricted
Stock Units, so as to accelerate, as a consequence of or in connection with the Event, the vesting of a Participant's right to exercise
any such Options or SARs or the lapsing of the Restricted Periods for shares of Restricted Stock or the vesting of any Restricted Stock
Units, provided that such accelerated vesting shall occur only if a Change of Control is actually consummated.

 

14.3No New Grant. No adjustment
to an Option or SAR shall be made under this Article 14 in a manner that will be treated under Code Section 409A as the grant of a new
Option or SAR.

 

 

ARTICLE 15

Administration of Plan

 

15.1General Administration.
The Plan shall be administered by the Committee, subject to any requirements for review and approval by the Board that the Board may establish.

 

15.2Administrative Rules.

 

		(a)	The Committee shall have full power and authority to adopt, amend and rescind administrative guidelines, rules and regulations relating
to this Plan, to interpret the Plan and to rule on any questions relating to any of its provisions, terms and conditions.

 

		(b)	Except with respect to (i) the CEO or any other person who is subject to the requirements of Section 16(a) of the Securities Exchange
Act of 1934, and (ii) any matters previously delegated by the Committee to the CEO or the Corporation’s senior human resources officer
under the Plan, the Corporation's Shareholder Services team shall have the authority to interpret the Plan and to rule on any questions
relating to any of its provisions, terms and conditions. Any decisions or rulings resulting from the authority described in this Section
15.2(b) shall be final and binding.

 

15.3Decisions Binding.
All decisions of the Committee concerning this Plan shall be binding on Cigna Corporation and its Subsidiaries and their respective boards
of directors, and on all Eligible Individuals, Participants and other persons claiming rights under the Plan.

 

ARTICLE
16

Amendments

 

16.1General Provisions.
All amendments to this Plan shall be in writing and shall be effective when approved by the Board, except that a Plan amendment shall
not be effective without the prior approval of Cigna Corporation shareholders if necessary under Internal Revenue Service or SEC regulations,
or the rules of the New York Stock Exchange or any applicable law. Unless otherwise expressly provided by an amendment or the Board, no
amendment to this Plan shall apply to any Plan awards made before the effective date of the amendment. A Participant's rights under any
Plan grants or awards and a transferee's rights relating to any transferred derivative securities, may not be abridged by any amendment,
modification or termination of the Plan without the Participant’s individual consent.

 

    
 

     

    

 

 

16.2Compliance with Code Section
409A. To the extent that a benefit under the Plan is subject to the requirements of Code section 409A, it is intended that the Plan,
as applied to that benefit, comply with the requirements of Code section 409A, and the Plan shall be so administered and interpreted.
The Board or Committee may make any changes required to conform the Plan and any Option agreements or other grants with applicable Code
provisions and regulations relating to Incentive Stock Options or to deferral of compensation under Code Section 409A.

 

ARTICLE 17

Other Provisions

 

17.1Effective Date. The
amended and restated Plan is effective as of (a) February 24, 2021, with respect to any amendments that do not require the prior approval
of Cigna Corporation shareholders, and (b) the Restatement Date, with respect to any amendments that require the prior approval of Cigna
Corporation shareholders.

 

17.2Duration of the Plan.
The Plan shall remain in effect until all Options and rights granted under the Plan have been satisfied by the issuance of Common Stock
or terminated under the terms of this Plan, all Restricted Periods applicable to Restricted Stock granted under the Plan have lapsed,
and all Performance Periods related to Performance Shares and Units granted under the Plan have expired, and all related Performance Share
or Unit Payments have been made.

 

17.3Early Termination.
Notwithstanding Section 17.2, the Board may terminate this Plan at any time; but no such action by the Board shall adversely affect the
rights of Participants which exist under this Plan immediately before its termination.

 

17.4Minimum Vesting. Subject
to acceleration in connection with a Participant’s Termination Upon a Change of Control or Termination due to death, Disability,
Retirement or Early Retirement, no more than 5% of all authorized award types granted under Section 4.1 of the Plan shall have a vesting
or restricted period (as applicable) less than one-year, provided that this Section 17.4 shall not apply to any Substitute Awards (as
defined in Section 13.6) granted under the Plan.

 

17.5General Restriction.
No Common Stock issued pursuant to this Plan shall be sold or distributed by a Participant until all appropriate listing, registration
and qualification requirements and consents and approvals have been obtained, free of any condition unacceptable to the Board. In no event
shall the value, amount or form of consideration for any award under the Plan be less than the value or amount, or in other than the form,
required by applicable Delaware law.

 

17.6Awards Not Assignable.

 

		(a)	No derivative security (as defined in rules promulgated under Exchange Act Section 16), including any right to receive Common Stock
(such as Options, SARs, Restricted Stock Units, or similar rights), or any Strategic Performance Shares or Strategic Performance Units,
or any right to payment under the Plan, shall be assignable or transferable by a Participant except by will or by the laws of descent
and distribution. Any other attempted assignment or alienation shall be void and of no force or effect. Any right to receive Common Stock
or any other derivative security (including Options, SARs, Restricted Stock Units, or similar rights) shall be exercisable during a Participant's
lifetime only by the Participant or by the Participant's guardian or legal representative.

 

		(b)	Notwithstanding Section 17.6(a), the Committee shall have the authority, in its discretion, to grant (or to sanction by way of amendment
of an existing grant) derivative securities (other than Incentive Stock Options) that may be transferred without consideration by the
Participant during the Participant’s lifetime to any member of the Participant’s immediate family, to a trust established
for the exclusive benefit of one or more members of the Participant’s immediate family, to a partnership of which the only partners
are members of the Participant’s immediate family, or to such other person as the Committee shall permit. In the case of a grant,
the written documentation containing the terms and conditions of such derivative security shall state that it is transferable, and in
the case of an amendment to an existing grant, such amendment shall be in writing. A derivative security transferred as contemplated in
this Section 17.6(b) may not be subsequently transferred by the transferee except by will or the laws of descent and distribution and
shall continue to be governed by and subject to the terms and limitations of the Plan and the relevant grant. The Committee, in its sole
discretion at the time the transfer is approved, may alter the terms and limitations of the relevant grant and establish such additional
terms and conditions as it shall deem appropriate. As used in this subparagraph, "immediate family" shall mean, as to any person,
a current or former spouse or domestic partner (as defined under the Cigna 401(k) Plan), any child, stepchild or grandchild, and shall
include relationships arising from legal adoption.

 

    
 

     

    

 

 

17.7Withholding Taxes.
Upon the exercise of any Option or SAR, the vesting of any Restricted Stock or Restricted Stock Unit, the issuance of shares for any Other
Stock-Based Award, the payment of any award described in Section 4.1(e), (f), (g) or (h), or upon the exercise of an Incentive Stock Option
prior to the satisfaction of the holding period requirements of Code Section 422, the Company shall have the right at its option to:

 

		(a)	require the Participant (or personal representative or beneficiary) to remit an amount sufficient to satisfy applicable federal, state
and local withholding taxes; or

 

		(b)	deduct from any amount payable the amount of any taxes the Company may be required to withhold because of the transaction.

 

The Committee may require or permit the Participant to remit
all or part of the required withholding amount in Common Stock (other than Restricted Stock). The remitted Common Stock may be shares
deliverable to the Participant because of the transaction giving rise to the withholding obligation (in which case the number of shares
of Common Stock delivered to a Participant shall be reduced by the number of shares so remitted) or shares the Participant has owned without
restriction for at least six months as of the date the withholding obligation arises. If the Committee permits a Participant to elect
to remit Common Stock, the election shall be made on or before the date the withholding obligation arises and be subject to the disapproval
of the Committee. The Committee may establish any additional conditions it deems appropriate. The value of any remitted Common Stock shall
be its Fair Market Value as of the date the withholding obligation arises.

 

17.8Book Entry.
A book entry shall be made in the electronic share ownership records maintained by the Company or the Company’s transfer agent as
evidence of the issuance of Common Stock to a Participant (or beneficiary) upon a Restricted Stock grant, the exercise of an Option or
any other grant or payment of Common Stock under the Plan.

 

17.9Participant's Rights Unsecured.
The right of any Participant to receive future payments under the provisions of the Plan shall be an unsecured claim against the general
assets of the Company.

 

17.10Future Award Not Guaranteed.
Any award to a Participant described in Section 4.1 is not intended to be, or to be construed as, a right to receive another award
at any later time.

 

17.11Termination of Employment
or Service. The Company retains the right to terminate the employment or service (as applicable) of any Eligible Individual at any
time for any reason or no reason, and an award or grant under the Plan to an Eligible Individual is not, and shall not be construed in
any manner to be, a waiver of that right.

 

17.12Successors. Any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of
Cigna Corporation, shall assume the liabilities of Cigna Corporation under this Plan and perform any duties and responsibilities in the
same manner and to the same extent that Cigna Corporation would be required to perform if no such succession had taken place.

 

17.13Construction. The
terms used in this Plan shall include the feminine as well as the masculine gender and the plural as well as the singular, as the context
in which they are used requires.

 

17.14Interpretation. All
statutory or regulatory references in this Plan shall include successor provisions.

 

17.15Controlling Law.
This Plan shall be construed and enforced according to the laws of the State of Delaware, without regard to Delaware conflict of laws
rules, to the extent not preempted by federal law, which shall otherwise control.

 

17.16Limitation under the
Cigna Executive Severance Benefits Plan. If some or all of a Participant’s awards or rights under this Plan, including without
limitation, the accelerated vesting of a Participant’s outstanding Restricted Stock, Options or SARs in the event of a Termination
Upon a Change of Control and the payment of Strategic Performance Units or Strategic Performance Shares under Section 11.6(d), (e) and
(f), are required to be cancelled, limited or reduced under the Cigna Executive Severance Benefits Plan (the “Executive Severance
Plan”), then such reduction, limitation or cancellation shall be applied in the manner and to the extent determined under the Executive
Severance Plan, notwithstanding any other provisions of this Plan. The limitations and reductions under this Section 17.16 shall apply
to a Participant’s grants and awards made under Prior Plans that remain outstanding as of the Restatement Date if the Participant
consents to the application of this Section to such grants and awards.

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