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Exhibit 4.8

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES REGISTERED 

PURSUANT TO SECTION 12 OF THE SECURITIES
EXCHANGE ACT OF 1934

The following is a summary of the material terms of the Common
Stock, par value $0.01 per share of Cigna Corporation (“Cigna” or the
“Company”). This summary is not complete and is qualified by Cigna’s amended and
restated certificate of incorporation, which we refer to as the certificate of
incorporation, and Cigna’s amended and restated bylaws, which we refer to as
the bylaws, each of which is incorporated by reference as an exhibit to the
Annual Report on Form 10-K of which this Exhibit is a part, and the applicable
provisions of the General Corporation Law of the State of Delaware, which we
refer to as the DGCL.

Authorized Capital Stock

The aggregate number of shares which Cigna has
the authority to issue is (1) 600,000,000 shares of Cigna common stock, par
value $0.01 per share, and (2) 25,000,000 shares of Cigna preferred stock, par
value $1.00 per share. The board of directors is expressly authorized to
provide for the issue of all or any shares of the preferred stock, in one or
more series, and to fix for each such series such voting powers, full or
limited, or no voting powers, and such designations, preferences and relative,
participating, optional or other special rights and such qualifications,
limitations or restrictions thereof.

As of the date of the Annual Report of which
this Exhibit is a part, no shares of Cigna preferred stock are outstanding.

Common
Stock

Holders of Cigna common stock will be entitled
to receive dividends when, as and if declared by Cigna’s board of directors out
of funds legally available for payment.  If Cigna issues preferred stock in the
future, payment of dividends to holders of Cigna common stock may be subject to
the rights of holders of Cigna preferred stock with respect to payment of
preferential dividends, if any.

Subject to the rights, if any, of the holders
of any series of preferred stock if and when issued and subject to applicable
law, each holder of Cigna common stock is entitled to one vote per share and
all voting rights are vested in the Cigna common stock. Holders of shares of
Cigna common stock have noncumulative voting rights, which means that the
holders of more than 50% of the shares voting for the election of directors can
elect 100% of the directors and the holders of the remaining shares are not
able to elect any directors.

In the event of a voluntary or involuntary
liquidation, dissolution or winding up of Cigna, the holders of Cigna common
stock will be entitled to share equally in any of the assets available for
distribution after Cigna has paid in full all of its debts and after the
holders of all series of outstanding Cigna preferred stock, if any, have
received their liquidation preferences in full.

The shares of Cigna common stock outstanding
are validly issued, fully paid and nonassessable. Holders of shares of Cigna
common stock are not entitled to preemptive rights. Shares of Cigna common
stock are not convertible into shares of any other class of capital stock.

Transfer Agent and Registrar 

Computershare Inc. is the transfer agent for
the Cigna common stock. Cigna may from time to time engage another transfer
agent for its stock as business circumstances warrant.

Listing 

Cigna’s common stock is listed on the New York
Stock Exchange (“NYSE”) under the symbol “CI.” 

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Preferred Stock

Under the Cigna certificate of incorporation, without further stockholder
action, the Cigna board of directors is authorized to provide, by resolution of
the Cigna board of directors, for the issuance of all or any shares Cigna
preferred stock in one or more series, and to fix the voting powers,
designations, preferences and relative, participating, optional or other
special rights and such qualifications, limitations or restrictions of such
series including, without limitation, the authority to provide that any such
series may be (1) subject to redemption at such time or times and at such price
or prices; (2) entitled to receive dividends (which may be cumulative or
non-cumulative) at such rates, on such conditions, and at such times, and
payable in preference to, or in such relation to, the dividends payable on any
other class or any other series; (3) entitled to such rights upon the
dissolution of, or upon any distribution of the assets of, Cigna; or (4)
convertible into, or exchangeable for, shares of any other class of stock, or
of any other series of the same or any other class of stock, of Cigna at such
price or prices or at such rates of exchange and with such adjustments.

Number and Election of Directors

The Cigna board of directors must
consist of no less than eight and no more than sixteen directors. The number of
directors may be fixed, from time to time, by the affirmative vote of a
majority of the entire board of directors. Any decrease in the number of
directors will be effective at the time of the next succeeding annual meeting
of stockholders unless there will be vacancies in the board of directors, in
which case such decrease may become effective at any time prior to the next
succeeding annual meeting to the extent of the number of such vacancies.

A nominee for director is
elected to the board of directors if the votes cast for election exceed the
votes cast against; however, if the number of director nominees exceeds the
number of directors to be elected, which we refer to as a contested election, directors
are elected by a plurality of the votes. Stockholders cannot vote against a
nominee in a contested election. A contested election will be deemed to exist
at any meeting of stockholders for which (1) the Corporate Secretary of
receives a notice that a stockholder has nominated a person for election
to the board of directors in compliance with the bylaws and (2) such nomination
has not been withdrawn by such stockholder on or prior to the day next
preceding the date Cigna first mails its notice of meeting for such meeting to
the stockholders.

Vacancies on the Board of Directors and Removal of
Directors

The bylaws of Cigna provide
that, any vacancy in the board of directors may be filled by the majority vote
of the directors then in office (even if less than quorum) or by the sole
remaining director. Each director so elected will hold office for a term
expiring at the next annual meeting of stockholders and will hold office until
his or her successor will have been elected and qualified, or until death, or
until such director will have resigned, or will have been removed, as provided
in the bylaws.

Any director may be removed,
with or without cause, at any time, by a majority of the voting power of the
issued and outstanding capital stock of Cigna entitled to vote at an election
for directors. Neither the certificate of incorporation nor the bylaws of
Cigna authorize the Cigna board of directors to remove any members of the Cigna
board of directors.

Amendments to Certificates of Incorporation

The certificate of
incorporation grants Cigna the right to amend, alter, change or repeal any
provision in the Cigna certificate of incorporation in the manner prescribed by
statute. Under Section 242 of the DGCL, unless the certificate of incorporation
requires a greater vote, a proposed amendment to the certificate of incorporation
must be approved by the affirmative vote of a majority of the voting power of
the outstanding stock entitled to vote thereon and a majority of the
outstanding stock of each class entitled to vote as a class.

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Amendments to
Bylaws

The Cigna
bylaws may be adopted, amended or repealed by majority vote of the capital
stock of Cigna outstanding and entitled to vote thereon, or by the Cigna board of directors
without any vote of the stockholders.

Ability to Call Special Meeting of Stockholders

Special meetings of Cigna
stockholders, unless otherwise prescribed by statute, may be called at any time
by the board of directors or the Chief Executive Officer.  At any special
meeting of the stockholders, only such business will be conducted
as will have been brought before the meeting by or at the direction of the
board of directors.

Notice Required for Stockholder
Nominations and other Proposals

Nominations:  A stockholder’s notice must be received by the Corporate
Secretary at the principal executive offices of Cigna not less than 90 days nor
more than 120 days prior to the first anniversary of the date of the preceding
year’s annual meeting of stockholder; provided, however, that in the event that
the annual meeting of stockholder is more than 30 days before or 60 days after
such anniversary date or if no such meeting was held in the preceding year,
notice by a stockholder will be timely only if received (1) not earlier than
120 days prior to such annual meeting and (2) not less than 90 days before such
annual meeting or, if later, within 10 days after the first public announcement
of the date of such annual meeting. In no event will any
adjournment or postponement of an annual meeting or the announcement thereof
commence a new time period (or extend any time period) for the giving of a
stockholder’s notice as described above.

Other Proposals:  A stockholder’s notice pursuant to this section must be
delivered to or mailed and received by the Corporate Secretary at the principal
executive offices of Cigna, not less than 90 days nor more than 120 days prior to the
first anniversary of the date of the preceding year’s annual meeting of
stockholder; provided, however, that in the event that the annual meeting of
stockholder is more than 30 days before or 60 days after such anniversary date
or if no such meeting was held in the preceding year, notice by a stockholder
will be timely only if received (1) not earlier than 120 days prior to such
annual meeting and (2) not less than 90 days before such annual meeting or, if
later, within 10 days after the first public announcement of the date of such
annual meeting. In no event will any adjournment or postponement of an annual
meeting or the announcement thereof commence a new time period (or extend any
time period) for the giving of a stockholder’s notice as described above.

Proxy Access

The Cigna bylaws provide that
if the board of directors solicits proxies with respect to the election of
directors of Cigna at an annual meeting, a stockholder or a group of up to 20
stockholders owning 3% or more of the aggregate number of shares of Cigna’s
outstanding common stock continuously for at least three years is permitted to
nominate and include in Cigna’s proxy materials director nominees constituting
up to the greater of 20% of the board of directors or two individuals, provided
the stockholder(s) and the nominee(s) satisfy the requirements specified in the
bylaws, including by providing Cigna with advance notice of the nomination.

Notice must be addressed to and
received by the Corporate Secretary not less than 120 days nor more than 150
days prior to the first anniversary of the date on which Cigna’s definitive
proxy statement was released to stockholders in connection with the prior
year’s annual meeting; provided, however, that if the annual meeting is convened more
than 30 days prior to or delayed by more than 60 days after the first
anniversary of the date of the preceding year’s annual meeting, the information
must be so received not earlier than 120 days prior to such annual meeting and
not later than the close of business on the later of (1) the 90th day prior to
such annual meeting or (2) the 10th day following the day on which a public
announcement of the date of the annual meeting is first made.

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State Anti-Takeover Statutes

Cigna has elected not to be
governed by Section 203 of the DGCL, which provisions generally prohibit
“business combinations,” including mergers, sales and leases of assets,
issuances of securities and similar transactions by a corporation or a
subsidiary with an interested stockholder who beneficially owns 15% or more of
a corporation’s voting stock within three years after the person or entity
becomes an interested stockholder, unless:  (1) the board of directors of the
target corporation has approved, before the acquisition time, either the
business combination or the transaction that resulted in the person becoming an
interested stockholder; (2) upon consummation of the transaction that resulted
in the person becoming an interested stockholder, the person owns at least 85%
of the corporation’s voting stock (excluding shares owned by directors who are
officers and shares owned by employee stock plans in which participants do not
have the right to determine confidentially whether shares will be tendered in a
tender or exchange offer); or (3) after the person or entity becomes an
interested stockholder, the business combination is approved by the board of
directors and authorized by the vote of at least 66 2/3% of the outstanding
voting stock not owned by the interested stockholder at an annual or special
meeting.

Transactions Involving Officers or Directors

Section 143 of the DGCL
provides that a corporation may lend money to, or guarantee any obligation
incurred by, its officers or directors if, in the judgment of the board of
directors, the loan or guarantee may reasonably be expected to benefit the
corporation. Section 144 of the DGCL provides that any other contract or
transaction between the corporation and one or more of its directors or
officers is neither void nor voidable solely because the interested director or
officer was present, participates or votes at the board of directors or board
committee meeting that authorizes the contract or transaction, if either:  (1)
the director’s or officer’s interest is made known to the disinterested
directors or the stockholders of the corporation, who thereafter approve the
transaction in good faith; or (2) the contract or transaction is fair to the
corporation as of the time it is approved or ratified by either the board of
directors, a committee thereof, or the stockholders.

Exclusive Forum

The Cigna bylaws provide that,
unless Cigna consents in writing to the selection of an alternative forum, the
sole and exclusive forum for (1) any derivative action or proceeding brought
on behalf of Cigna, (2) any action asserting a claim for or based on a breach
of a fiduciary duty owed by any current or former director or officer or other
employee of Cigna to Cigna or Cigna’s stockholders, including a claim alleging
the aiding and abetting of such a breach of fiduciary duty, (3) any action
asserting a claim against Cigna or any current or former director or officer or
other employee of Cigna arising pursuant to any provision of the DGCL or the
certificate of incorporation or the bylaws, (4) any action asserting a claim
related to or involving Cigna that is governed by the internal affairs
doctrine, or (5) any action asserting an “internal corporate claim” as that
term is defined in Section 115 of the DGCL will be a state court in Delaware
(or, if no state court located within Delaware has jurisdiction, the federal
district court for the District of Delaware).

Limitation of Personal Liability of Directors and Officers

The DGCL provides that the
certificate of incorporation of Cigna may include provisions which limits or
eliminates personal liability of directors to the corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director,
provided that such liability does not arise from (1) any breach of the
director’s duty of loyalty to Cigna or its stockholders; (2) acts or omissions
not in good faith or which involve intentional misconduct or a knowing
violation of law; (3) unlawful payments of dividends, certain stock repurchases
or redemptions; or (4) any transaction from which the director derived an
improper personal benefit. The certificate of incorporation of Cigna limits
director liability to the extent permitted by the DGCL.

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Indemnification
of Directors and Officers

The Cigna
bylaws provide that Cigna will indemnify each person who was or is made a party
or is threatened to be made a party to or is otherwise involved in any action,
suit or proceeding, whether civil, criminal, administrative or investigative,
which we refer to as a proceeding, because he or she (1) is or was a director
or an officer of Cigna or (2) is or was serving at the request of Cigna
as a director, officer, employee, agent, partner or trustee of another company
or of a partnership, joint venture, trust or other enterprise, including
service with respect to an employee benefit plan (we refer to the persons in
clauses (1) and (2) hereinafter each as an indemnitee), to the fullest extent
permitted by Delaware law, against all expense, liability and loss (including
attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts
paid in settlement) reasonably incurred or suffered by such indemnitee in
connection therewith. However, except with respect to proceedings to enforce
rights to indemnification, Cigna will indemnify any such indemnitee in
connection with a proceeding (or part thereof) initiated by such indemnitee
only if such proceeding (or part thereof) was authorized by the Cigna board of
directors.

Cigna may, to the extent
authorized from time to time by the Cigna board of directors, grant rights to
indemnification and to the advancement of expenses to any employee or agent of
Cigna to the fullest extent of indemnification and advancement of expenses of
directors and officers of Cigna.

 

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Exhibit 10.12(b)

 

AMENDMENT NO. 1

TO THE

EXPRESS SCRIPTS, INC. 

EXECUTIVE DEFERRED COMPENSATION PLAN OF 2005

(As amended and restated effective December 20, 2018)

WHEREAS, Cigna Corporation (the
“Company”) sponsors the Express Scripts Inc. Executive Deferred Compensation
Plan of 2005 (the “Plan”) for the benefit of a select group of one or more
management or highly compensated employees; and 

WHEREAS, the People Resources Committee
of the Company’s Board of Directors (the “Committee”) desires to change the
designation of plan administrator for the Plan; and

WHEREAS, the Committee desires to
freeze participation in and cease contributions, including participant
deferrals and employer contributions, to the Plan; and

WHEREAS, Section 16 of the Plan
allows the Committee to amend the Plan at any time.

            NOW, THEREFORE, effective as of October 23, 2019, the Plan is hereby
amended, as follows:

1.     
 Section 2.11 of the Plan is
hereby amended, to change the designation of “Committee,” to be and to read in
its entirety as follows:

            “2.11   Committee  

 

“Committee” means the Compensation Committee of the Board
or its designee.  Effective for periods on and after October 23, 2019, the duties
and responsibilities of the Committee under the Plan will be delegated to the Benefits
Managing Director of Cigna and any reference to the “Committee” in the Plan
shall be replaced with a reference to the “Benefits Managing Director”.”

 

2.     
 Section 4 of the Plan is hereby
amended by adding the following to the end thereof:

“Effective for periods on and after January 1, 2020,
individuals who are not Participants in the Plan on December 31, 2019
(including, but not limited to, individuals hired on or after January 1, 2020) shall not be eligible to become Participants in the Plan.” 

3.     
 Section 6.1 of the Plan is
hereby amended by adding the following to the end thereof:

“Effective for periods on and after January 1, 2020, each Participant who is a Participant in the Plan on
December 31, 2019 shall remain a Participant in the Plan, but shall not be
entitled to make Elections with respect to Base Compensation, Bonus
Compensation, or any other compensation that would be effective for periods on
and after January 1, 2020, or to accrue further benefits hereunder for any periods
on and after January 1, 2020.  

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Notwithstanding anything
in the Plan to the contrary and for avoidance of doubt, no existing Election
under the Plan shall be effective for periods on and after January 1, 2020 and
any such Election shall expire on December 31, 2019.

Any existing election to defer compensation under the Plan
for periods on or before December 31, 2019 shall be contributed to the Plan pursuant
to such election.  For purposes of clarity, this includes, but is not limited
to, any existing election to defer Bonus Compensation earned with respect to
2019, but paid in early 2020.”

4.       Section 7 of the Plan is hereby amended by adding the
following to the end thereof:

“Effective January 1, 2020, no further Company Credits,
Deferred Bonuses, or Special Bonuses shall be credited to a Participant’s
Compensation Accounts.”

5.       Section 16 of the Plan is hereby amended in its entirety as
follows:

“AMENDMENTS  

The Chief Human
Resources Officer of Cigna or his or her designee may amend, alter or terminate
this Plan at any time without the prior approval of the Board; provided,
however, that the Chief Human Resources Officer of Cigna or his or her designee
may not, without approval by the Board, materially increase the benefits
accruing to Participants under the Plan.”

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