Document:

Form of Agreement for Stock Option Award, as amended on October 31, 2006

			
	Form of Agreement for Stock Option Award to Non-Employee Directors under	 	 Exhibit 10(d)

	the Company’s 2002 Stock Incentive Plan (fully vested)	 	

 

 
 Grant Number: 
  

							
	 Grant Date
	 	 Option
 Shares
	 	 Exercise
 Price
 $
	  	Expiration
Date

 THIS CERTIFIES THAT UnitedHealth Group Incorporated (the “Company”) has on the Grant Date specified
above granted to 
 «Name» 
 (“Optionee”) the option (the “Option”) to purchase that number of shares of UnitedHealth Group Incorporated Common Stock, $.01 par value per share (the “Common Stock”), indicated above (the “Option
Shares”). The Option that this Certificate represents is fully exercisable from the Grant Date set forth above until the Expiration Date. 
 By
accepting this Option the holder acknowledges that the holder of this Option will not have any of the rights of a shareholder with respect to the Option Shares until the holder has duly exercised the Option and paid the Exercise Price in accordance
with this Certificate. The holder further acknowledges and agrees that the Company may deliver, by electronic mail, the use of the Internet or Company intranet web pages or otherwise, any information concerning the Company, this Option, the
UnitedHealth Group Incorporated 2002 Stock Incentive Plan (the “Plan”), pursuant to which the Company granted this Option, and any information required by the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 This Option is subject to the further terms and conditions set forth below and to the terms of the Plan. A copy of the Plan is available upon
request. In the event of any conflict between the terms of the Plan and this Certificate, the terms of the Plan shall govern. Any terms not defined herein shall have the meaning set forth in the Plan. 
 * * * * * 
 Nonqualified Option. The Company does not
intend that the Option shall be an Incentive Stock Option governed by the provisions of Section 422 of the Internal Revenue Code of 1986, as amended. 
 Termination of Option. The Option shall terminate on the Expiration Date. This Option shall in no event be exercisable after the Expiration Date. 

 Departure of Optionee from the Board. If the Optionee departs from the Board of Directors of the Company for any
reason, all Option Shares shall remain exercisable until the Expiration Date. If the Optionee dies while in office as a director or following his or her departure from the Board of Directors, the Optionee’s personal representatives or
administrators or any person or persons to whom the Option is transferred by will or the applicable laws of descent and distribution may exercise the Option Shares in accordance with the terms of this paragraph. 
 Manner of Exercise. On the terms set forth herein, the Option may be exercised in whole or in part from time to time by delivering notice of exercise to the
Company, accompanied by payment of the Exercise Price (i) in cash, by wire transfer, certified check or bank cashier’s check payable to the Company, (ii) by delivery of shares of Common Stock already owned by the Optionee or
(iii) by delivery of a combination of cash and such shares; provided, that Optionee shall not be entitled to tender shares of Common Stock pursuant to successive, substantially simultaneous exercises of options to purchase Common Stock. Any
shares already owned by the Optionee referred to in the preceding sentence must have been owned by the Optionee for no less than six months prior to the date of exercise of the Option if such shares were acquired upon the exercise of another option
or upon the vesting of restricted stock or restricted stock units. Notwithstanding anything to the contrary in this Certificate, the Company shall not be required to issue or deliver any shares of Common Stock upon exercise of any Option until the
requirements of any federal or state securities laws, rules or regulations or other laws or rules (including the rules of any securities exchange) as may be determined by the Company to be applicable have been and continue to be satisfied (including
an effective registration of the shares under federal and state securities laws). 
 No Other Rights. This Option does not confer on the Optionee any
right to continue as a director of the Company, nor shall it interfere in any way with the right of the Company to terminate such directorship at any time. 
 Transfer. During the Optionee’s lifetime, only the Optionee or a transferee pursuant to clause (ii) of the following sentence can exercise the Option. The Optionee may not transfer the Option except (i) by will or the
laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act or the rules promulgated thereunder or (ii) by gift to a “family
member,” as such term is defined in the General Instructions to Form S-8 under the Securities Act of 1933 (or any successor form), of the Optionee. Following a transfer pursuant to clause (ii), no subsequent transfers pursuant to clause
(ii) shall be permitted. Any attempt to otherwise transfer the Option shall be void. 
 Adjustments to Option Shares. In the event that any
dividend or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of Shares or other securities of the Company or other similar corporate transaction or event affecting the Shares would be reasonably likely to result in the diminution or enlargement of any of the 

 
benefits or potential benefits intended to be made available under the Option (including, without limitation, the benefits or potential benefits of
provisions relating to the term, vesting or exercisability of the Option), the Committee shall, in such manner as it shall deem equitable or appropriate in order to prevent such diminution or enlargement of any such benefits or potential benefits,
adjust any or all of (i) the number and type of shares (or other securities or other property) subject to the Option and (ii) the exercise price with respect to the Option; provided, however, that the number of shares covered by the Option
shall always be a whole number. Without limiting the foregoing, if any capital reorganization or reclassification of the capital stock of the Company, or consolidation or merger of the Company with another entity, or the sale of all or substantially
all of the Company’s assets to another entity, shall be effected in such a way that holders of the Company’s Common Stock shall be entitled to receive stock, securities, cash or other assets with respect to or in exchange for such shares,
the Optionee shall have the right to purchase and receive upon the basis and upon the terms and conditions specified in this Certificate and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon
the exercise of the Option, with appropriate adjustments to prevent diminution or enlargement of benefits or potential benefits intended to be made available under the Option, such shares of stock, other securities, cash or other assets as would
have been issued or delivered to the Optionee if the Optionee had exercised the Option and had received such shares of Common Stock prior to such reorganization, reclassification, consolidation, merger or sale. The Company shall not effect any such
reorganization, consolidation, merger or sale unless prior to the consummation thereof the successor entity (if other than the Company) resulting from such reorganization, consolidation or merger or the entity purchasing such assets shall assume by
written instrument the obligation to deliver to the Optionee such shares of stock, securities, cash or other assets as, in accordance with the foregoing provisions, the Optionee may be entitled to purchase or receive. 
 Other. An original record of this Certificate and all the terms thereof is held on file by the Company. To the extent there is any conflict between the terms
contained in this Certificate and the terms contained in the original held by the Company, the terms of the original held by the Company shall control. 
 Governing Law. The validity, construction and effect of this Option and any rules and regulations relating to the Option and this Certificate shall be determined in accordance with the laws of the State of Minnesota (without regard
to its conflict of laws principles). 
 THIS CERTIFICATE REPRESENTS AN OPTION TO PURCHASE SHARES OF COMMON STOCK AND DOES NOT CONSTITUTE OR REPRESENT
SHARES OF COMMON STOCK 
 NON-NEGOTIABLEForm of Stock Appreciation Rights Award Agreement, as amended on October 31,2006

			
	 Form of Stock Appreciation Rights Award Agreement to Non-Employee
 Directors under the Company’s 2002 Stock Incentive Plan (fully vested)
	 	Exhibit 10(e)

 

 
 UNITEDHEALTH GROUP 
 STOCK APPRECIATION RIGHTS AWARD 
 (STOCK SETTLED) 
 Award Number: 
  

							
	 Award Date
	 	Number of Shares	 	Grant Price	  	Expiration Date

  
  
 THIS CERTIFIES THAT UnitedHealth Group Incorporated (the “Company”) has on the Award Date specified above granted to 
 «Name» 
 (“Participant”) stock appreciation rights (the “Stock Appreciation Rights”)
with respect to the number of shares of UnitedHealth Group Incorporated Common Stock, $.01 par value per share (the “Common Stock”), indicated above in the box labeled “Number of Shares” (the “Shares”). The initial
value of each Share is indicated above in the box labeled “Grant Price.” The Stock Appreciation Rights that this Certificate represents are fully exercisable from the Award Date set forth above until the Expiration Date. This Award is
subject to the terms and conditions set forth below and in the UnitedHealth Group Incorporated 2002 Stock Incentive Plan (the “Plan”). A copy of the Plan is available upon request. In the event of any conflict between the terms of the Plan
and this Award, the terms of the Plan shall govern. Any terms not defined herein shall have the meaning set forth in the Plan. 
 * * * * *

 1. Rights of the Participant with Respect to the Stock Appreciation Rights. 
 (a) No Shareholder Rights. The Stock Appreciation Rights granted pursuant to this Award do not and shall not entitle Participant to any rights of
a shareholder of Common Stock prior to the exercise of the Stock Appreciation Rights and the receipt of shares of Common Stock (the “Issued Shares”) in accordance with this Award. 
 (b) Exercise of Stock Appreciation Rights; Issuance of Common Stock. No shares of Common Stock shall be issued to Participant prior to the date on
which the Stock Appreciation Rights are exercised in accordance with Section 2. Upon exercise of the 

 
Stock Appreciation Rights, Participant shall be entitled to receive a number of Issued Shares for each share with respect to which the Stock Appreciation
Rights are exercised equal to (i) the excess of the Fair Market Value of one share on the date of exercise over the Grant Price, divided by (ii) the Fair Market Value of one share on the date of exercise. The Issued Shares shall be issued
in book-entry form, registered in Participant’s name or in the name of Participant’s legal representatives, beneficiaries or heirs, as the case may be. The Company will not deliver any fractional share of Common Stock but will pay, in lieu
thereof, cash equal to the Fair Market Value of such fractional share. 
 2. Method of Exercise. The Stock Appreciation Rights may be
exercised by delivery to the Company of a written notice which shall state that Participant elects to exercise the Stock Appreciation Rights as to the number of shares specified in the notice as of the date specified in the notice. 
 3. Transfer. During Participant’s lifetime, only the Participant or a transferee pursuant to clause (ii) of the following sentence can
exercise the Stock Appreciation Rights. Participant may not transfer the Stock Appreciation Rights except (i) by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title
I of the Employee Retirement Income Security Act or the rules promulgated thereunder or (ii) by give to a “family member,” as such term is defined in the General Instructions to Form S-8 under the Securities Act of 1933 (or any
successor form), of the Participant. Following a transfer pursuant to clause (ii), no subsequent transfers pursuant to clause (ii) shall be permitted. Any attempt to otherwise transfer the Stock Appreciation Rights shall be void. 
 4. Termination. The Stock Appreciation Rights granted pursuant to this Award shall terminate on the date indicated above in the box labeled
“Expiration Date.” 
 5. Departure of Participant from the Board. If Participant departs from the Board of Directors of the
Company for any reason, all Stock Appreciation Rights shall remain exercisable until the Expiration Date. If Participant dies while in office as a director or following his or her departure from the Board of Directors, Participant’s personal
representatives or administrators or any person or persons to whom the Stock Appreciation Rights are transferred by will or the applicable laws of descent and distribution may exercise the Stock Appreciation Rights in accordance with the terms of
this Award and the Plan. 
 6. Adjustments to Stock Appreciation Rights. In the event that any dividend or other distribution (whether
in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Common Stock or
other securities of the Company or other similar corporate transaction or event affecting the Common Stock would be reasonably likely to result in the diminution or enlargement of any of the benefits or potential benefits intended to be made
available under the Award (including, without limitation, the benefits or potential benefits of provisions relating to the term or exercisability of the Stock Appreciation Rights), the 

 
Committee shall, in such manner as it shall deem equitable or appropriate in order to prevent such diminution or enlargement of any such benefits or
potential benefits, make adjustments to the Award, including adjustments in the number and type of Shares subject to the Stock Appreciation Rights; provided, however, that the number of shares of Common Stock into which the Stock
Appreciation Rights may be exercised shall always be a whole number. 
 7. Income Tax Matters. 
 (a) In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to
ensure that all applicable federal or state payroll, withholding, income or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant. 
 (b) In accordance with the terms of the Plan, and such rules as may be adopted by the Committee under the Plan, Participant may elect to satisfy
Participant’s federal and state income tax withholding obligations arising from the receipt of Issued Shares by (i) delivering cash, check (bank check, certified check or personal check) or money order payable to the Company,
(ii) having the Company withhold a portion of the Issued Shares otherwise to be delivered having a Fair Market Value equal to the amount of such taxes, or (iii) delivering to the Company shares of Common Stock already owned by Participant
having a Fair Market Value equal to the amount of such taxes. Any shares already owned by Participant referred to in the preceding sentence must have been owned by Participant for no less than six months prior to the date delivered to the Company if
such shares were acquired upon the exercise of an option or stock appreciation right or upon the vesting of restricted stock or other restricted stock units. The Company will not deliver any fractional share of Common Stock but will pay, in lieu
thereof, cash equal to the Fair Market Value of such fractional share. Participant’s election must be made on or before the date that the amount of tax to be withheld is determined. 
 8. Miscellaneous. 
 (a) This Award
does not confer on Participant any right to continue as a director, nor will it interfere in any way with the right of the Company to terminate such directorship at any time. 
 (b) Neither the Plan nor this Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any Affiliate and Participant or any other Person. To the extent that any Person acquires a right to receive payments form the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured
creditor of the Company or any Affiliate. 
 (c) The Company shall not be required to issue or deliver any shares of Common Stock upon
exercise of any Stock Appreciation Rights until the requirements of any federal or state securities laws, rules or regulations or other laws or rules (including the 

 
rules of any securities exchange) as may be determined by the Company to be applicable have been and continue to be satisfied (including an effective
registration of the shares under federal and state security laws). 
 (d) An original record of this Award and all the terms hereof, executed
by the Company, is held on file by the Company. To the extent there is any conflict between the terms contained in this Award and the terms contained in the original held by the Company, the terms of the original held by the Company shall control.

 (e) The validity, construction and effect of this Award and any rules and regulations relating to this Award shall be determined in
accordance with the laws of the State of Minnesota (without regard to its conflict of law principles).

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