Document:

Exhibit 10.2

 

 

 

Execution Version

 

Aetna Inc.

151 Farmington Avenue

Hartford, CT 06156

(860) 273-0123

 

Re: Accelerated Share Repurchase 

 

Ladies and Gentlemen:

 

This master confirmation
(this “Master Confirmation”), dated as of February 22, 2017 is intended to set forth certain terms and provisions
of certain Transactions (each, a “Transaction”) entered into from time to time between Bank of America, N.A.
(“Dealer”), and Aetna Inc. (“Counterparty”). This Master Confirmation, taken alone, is neither
a commitment by either party to enter into any Transaction nor evidence of a Transaction. The additional terms of any particular
Transaction shall be set forth in a Supplemental Confirmation in the form of Annex A hereto (a “Supplemental Confirmation”),
which shall reference this Master Confirmation and supplement, form a part of, and be subject to this Master Confirmation. This
Master Confirmation and each Supplemental Confirmation together shall constitute a “Confirmation” as referred to in
the Agreement specified below.

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc., are incorporated into this Master Confirmation. This Master Confirmation
and each Supplemental Confirmation evidence a complete binding agreement between Counterparty and Dealer as to the subject matter
and terms of each Transaction to which this Master Confirmation and such Supplemental Confirmation relate and shall supersede all
prior or contemporaneous written or oral communications with respect thereto.

 

This Master Confirmation
and each Supplemental Confirmation supplement, form a part of, and are subject to an agreement in the form of the ISDA 2002 Master
Agreement (the “Agreement”), as if Dealer and Counterparty had executed the Agreement on the date of this Master
Confirmation (but without any Schedule except for (i) the election of New York law (without reference to its choice of laws
doctrine other than Title 14 of Article 5 of the New York General Obligations Law) as the governing law and US Dollars (“USD”)
as the Termination Currency and (ii) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement
will apply to Counterparty and to Dealer as if (w) the phrase “, or becoming capable at such time of being declared,”
were deleted from Section 5(a)(vi)(1) of the Agreement, (x) the “Threshold Amount” were USD100,000,000, with respect
to Counterparty, and three percent (3%) of shareholders’ equity of Dealer as of the Trade Date, with respect to Dealer,
(y) “Specified Indebtedness” had the meaning specified in Section 14 of the Agreement, except that such term shall
not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business and (z) the
following language were added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (1) the default was caused solely by error or omission
of an administrative or operational nature; (2) funds were available to enable the party to make the payment when due; and (3)
the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”).

 

The Transactions shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement between Dealer
and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement
is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such other existing or deemed
ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the
Transactions shall not be considered Transactions under, or otherwise governed by, such other existing or deemed ISDA Master Agreement.

 

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All provisions contained
or incorporated by reference in the Agreement shall govern this Master Confirmation and each Supplemental Confirmation except as
expressly modified herein or in the related Supplemental Confirmation.

 

If, in relation to
any Transaction to which this Master Confirmation and a Supplemental Confirmation relate, there is any inconsistency between the
Agreement, this Master Confirmation, such Supplemental Confirmation and the Equity Definitions, the following will prevail for
purposes of such Transaction in the order of precedence indicated: (i) the Supplemental Confirmation; (ii) this Master Confirmation
(including the Annexes hereto); (iii) the Equity Definitions; and (iv) the Agreement.

 

1.           
Each Transaction constitutes a Share Forward Transaction for the purposes of the Equity Definitions. Set forth below are
the terms and conditions that, together with the terms and conditions set forth in the Supplemental Confirmation relating to any
Transaction, shall govern such Transaction.

 

General
Terms:

 

	Trade Date:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 
	Effective Date:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 
	Buyer:	Counterparty
	 	 
	Seller:	Dealer
	 	 
	Shares:	The common stock of Counterparty, par value USD 0.01 per share (Ticker: “AET”)
	 	 
	Exchange:	New York Stock Exchange
	 	 
	Related Exchange(s):	All Exchanges
	 	 
	Calculation Agent:	Dealer
	 	 
	Prepayment/Variable	 
	 	 
	Obligations:	Applicable
	 	 
	Prepayment Amount:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 
	Prepayment Date:	For each Transaction, as set forth in the related Supplemental Confirmation.

 

Valuation:  

 

	Reference Price:	Subject to the provisions of “Pricing Disruption” below, for each Transaction, the amount equal to the arithmetic average of the Rule 10b-18 VWAPs for all Calculation Dates in the Pricing Period; provided that, in the event Dealer determines that a Disrupted Day during the Pricing Period is a Disrupted Day only in part, Dealer shall determine the Reference Price based on an appropriately weighted average instead of such arithmetic average with respect to such Disrupted Day.

 

 

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	Reference Price	 
	Adjustment Amount:	For each Transaction, as set forth in the related Supplemental Confirmation.
	 	 
	Rule 10b-18 VWAP:	Subject to the provisions of “Pricing Disruption” below, for any Exchange Business Day, the Rule 10b-18 volume-weighted average price at which the Shares trade during the regular trading session for the Exchange on such Exchange Business Day as published by Bloomberg at 4:15 p.m. New York time (or 15 minutes following the end of any extension of the regular trading session) on Bloomberg Page “AET.N<Equity> AQR SEC” (or any successor thereto); provided that if such published price is, in Calculation Agent’s reasonable judgment, erroneous or such page or successor page is unavailable, the Calculation Agent shall determine the Rule 10b-18 VWAP for such Exchange Business Day.
	Pricing Period:	For any Transaction, the period commencing on the Pricing Period Commencement Date and ending on, and including, the Pricing Period Termination Date, subject to extension as provided herein.
	 	 
	Pricing Period	 
	Commencement Date:	For any Transaction, the Effective Date.  
	 	 
	Pricing Period	 
	Termination Date:	For any Transaction, the earlier of (a) the Scheduled Termination Date, or (b) any Calculation Date occurring on or following the First Optional Termination Date that Dealer designates as the Pricing Period Termination Date by delivering notice to Counterparty prior to 11:59 p.m. New York City time on the Calculation Date immediately following such designated Calculation Date.
	 	 
	Calculation Dates:	For each Transaction, any date that is both an Exchange Business Day and is set forth as a Calculation Date in the related Supplemental Confirmation. Notwithstanding anything to the contrary in the Agreement, the Equity Definitions, this Master Confirmation or any Supplemental Confirmation, the dates identified as Calculation Dates in the relevant Supplemental Confirmation for any Transaction shall not be subject to adjustment or change (whether by the Calculation Agent, the Determining Party or otherwise).

 

	First Optional	 
	Termination Date:	For any Transaction, the date set forth as such in the Supplemental Confirmation for such Transaction.  
	 	 
	Scheduled 	 
	Termination Date:	For any Transaction, the date set forth as such in the Supplemental Confirmation for such Transaction; provided that the Scheduled Termination Date may be postponed by Dealer as provided in “Pricing Disruption” below.
	 	 
	Pricing Disruption:	The definition of “Market Disruption Event” contained in Section 6.3(a) of the Equity Definitions is hereby amended by:
	 	 
	 	(i) deleting the words “at any time during the one-hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation   

 

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	 	Time, as the case may be” and inserting the words “at any time on any Scheduled Trading Day during the Pricing Period or the Settlement Period” after the word “material” in the third line thereof; and
	 	 
	 	(ii) replacing the words “or (iii) an Early Closure” in the fifth line thereof with the words “, (iii) an Early Closure or (iv) a Regulatory Disruption”.
	 	 
	 	Notwithstanding anything to the contrary in the Equity Definitions, if a Disrupted Day occurs (i) in the Pricing Period, the Calculation Agent may, in its good faith and commercially reasonable discretion, postpone the Scheduled Termination Date by one Calculation Date for each Disrupted Day, or (ii) in the Settlement Period, if any, the Calculation Agent may extend the Settlement Period by one Calculation Date for each Disrupted Day.  The Calculation Agent shall also determine if (i) such Disrupted Day is a Disrupted Day in full, in which case the Rule 10b-18 VWAP for such Disrupted Day shall not be included for purposes of determining the Reference Price or the Settlement Price, as the case may be, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the Rule 10b-18 VWAP for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18 eligible transactions in the Shares on such Disrupted Day taking into account the nature and duration of the relevant Market Disruption Event, and the weighting of the Rule 10b-18 VWAP for the relevant Calculation Dates during the Pricing Period or the Settlement Period, as the case may be, shall be adjusted in a commercially reasonable manner by the Calculation Agent for purposes of determining the Reference Price or the Settlement Price, as the case may be, with such adjustments based on, among other factors, the duration of any Market Disruption Event and the volume, historical trading patterns and price of the Shares; provided that the Calculation Agent shall promptly provide Counterparty with written notice of the occurrence of a Disrupted Day or a partially Disrupted Day and any adjustments to the terms of any Transaction hereunder as a result thereof.  Any Exchange Business Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business Day; if a closure of the Exchange prior to its normal close of trading on any Exchange Business Day is scheduled following the date hereof, then such Exchange Business Day shall be deemed to be a Disrupted Day in full.  
	 	 
	Early Closure:	The definition of “Early Closure” contained in Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.  

  

	Regulatory Disruption:	In the event that the Calculation Agent reasonably concludes in good faith and upon the advice of counsel that it is appropriate with respect to any legal, regulatory or self-regulatory requirements or related policies and procedures that are generally applicable to accelerated share repurchase transactions (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer), or due to any other Market Disruption Event, for Dealer to refrain from, decrease or otherwise materially alter any market activity on any Scheduled Trading Day during the Pricing    

 

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	 	Period or, if applicable, the Settlement Period, the Calculation Agent may by written notice to Counterparty elect to suspend the Pricing Period or Settlement Period for such day.  The Calculation Agent shall promptly notify Counterparty upon exercising its rights pursuant to this provision and shall subsequently notify Counterparty in writing on the day the Calculation Agent reasonably believes in good faith and upon the advice of counsel that Dealer may resume Dealer’s market activity.  The Calculation Agent shall not be required to communicate to Counterparty the reason for the Calculation Agent’s exercise of its rights pursuant to this provision if the Calculation Agent reasonably determines in good faith and upon the advice of counsel that disclosing such reason could reasonably result in a violation of any legal, regulatory, or self-regulatory requirements or related policies and procedures that are generally applicable to equity derivatives transactions (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer).

 

Settlement Terms:

   

	Settlement Procedures:	For each Transaction, if the Number of Shares to be Delivered is positive, Physical Settlement shall be applicable; provided that Dealer does not, and shall not make the agreement or the representations set forth in Section 9.11 of the Equity Definitions related to the restrictions imposed by applicable securities laws with respect to any Shares delivered by Dealer to Counterparty under any Transaction.  If the Number of Shares to be Delivered is negative, then the Counterparty Settlement Provisions in Annex B shall apply to such Transaction.
	Number of Shares	 
	to be Delivered:	For each Transaction, a number of Shares equal to (i)(a) the Prepayment Amount, divided by (b) the Valuation Amount minus (ii) the Initial Share Number.
	 	 
	Valuation Amount:	For each Transaction, (i) the Reference Price minus (ii) the Reference Price Adjustment Amount. 
	Excess Dividend	 
	Amount:	For the avoidance of doubt, all references to Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the Equity Definitions.
	 	 
	Settlement Date:	For each Transaction, if the Number of Shares to be Delivered is positive, the date that is one Settlement Cycle immediately following the earlier of (i) the Scheduled Termination Date and (ii) the date on which Dealer delivers any notice of the Pricing Period Termination Date.
	 	 
	Settlement Currency:	USD
	 	 

 

Initial Shares: 

 

	Initial Share Delivery:	For any Transaction, upon payment by Counterparty of the Prepayment Amount, Dealer or an affiliate of Dealer shall deliver to Counterparty a number of Shares equal to the Initial Share Number on the Initial Settlement Date for such Transaction, in accordance with Section 9.4 of the Equity Definitions, with such Initial Settlement Date deemed to be a “Settlement Date” for purposes of such Section 9.4.

 

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	Initial Settlement Date:	For any Transaction, the date set forth as such in the Supplemental Confirmation for such Transaction.
	 	 
	Initial Share Number:	For each Transaction, the number set forth as such in the Supplemental Confirmation for such Transaction.

 

Share Adjustments:  

 

	Method of Adjustment:	Calculation Agent Adjustment 
	 	 
	Potential Adjustment Event: 	Notwithstanding anything to the contrary in Section 11.2(e) of the Equity Definitions, an Extraordinary Dividend shall not constitute a Potential Adjustment Event.
	 	 
	 	It shall constitute an additional Potential Adjustment Event if the Scheduled Termination Date for any Transaction is postponed pursuant to “Pricing Disruption” above, in which case the Calculation Agent shall, in its commercially reasonable discretion, adjust any relevant terms of any such Transaction as necessary to preserve as nearly as practicable the fair value of such Transaction prior to such postponement. For the avoidance of doubt, neither purchases under any Other Specified Repurchase Agreement (as defined in Section 7) nor any hedging activity by the bank counterparty to any Other Specified Repurchase Agreement shall constitute or give rise to a Potential Adjustment Event.
	 	 
	Extraordinary Dividend:	Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions) (a “Dividend”) the amount or value of which (as determined by the Calculation Agent) when aggregated with the amount or value (as determined by the Calculation Agent) of any and all previous Dividends with ex-dividend dates occurring in the same calendar quarter, exceeds the Ordinary Dividend.
	 	 
	Ordinary Dividend:	Amount as set forth in the Supplemental Confirmation for each Transaction.
	 	 
	Early Ordinary	 
	Dividend Payment:	If an ex-dividend date for any dividend that is not an Extraordinary Dividend and is not a dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions occurs during any calendar quarter occurring (in whole or in part) during the Relevant Period (as defined below) and is prior to the Scheduled Ex-Dividend Date for such calendar quarter, such ex-dividend date shall constitute an Additional Termination Event, with Counterparty as the sole Affected Party and the relevant Transaction(s) hereunder as the Affected Transaction(s).
	 	 
	Scheduled Ex-Dividend	 
	Dates:	For each Transaction for each calendar quarter, as set forth in the related Supplemental Confirmation.

 

 

Extraordinary
Events:

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Consequences
of

 

Merger Events:

 

		(a)	Share-for-Share:Modified Calculation Agent Adjustment

 

		(b)	Share-for-Other:Modified Calculation Agent Adjustment

 

		(c)	Share-for-Combined:Modified Calculation Agent Adjustment

 

	Tender Offer:	Applicable; provided that (i) Section 12.1(l) of the Equity Definitions shall be amended (x) by deleting the parenthetical in the fifth line thereof, (y) by replacing “that” in the fifth line thereof with “whether or not such announcement” and (z) by adding immediately after  the words “Tender Offer” in the fifth line thereof “, and any publicly announced change or amendment to such an announcement (including the announcement of an abandonment of such intention)”, (ii) Sections 12.3(a) and 12.3(d) of the Equity Definitions shall each be amended by replacing each occurrence of the words “Tender Offer Date” by “Announcement Date” and (iii) (x) the words “voting shares” in the fourth line of Section 12.1(d) of the Equity Definitions shall be replaced with the word “Shares” and (y) the reference to “10%” in the third line of Section 12.1(d) of the Equity Definitions shall be replaced with “20%.”

 

Consequences
of

Tender Offers:

 

		(a)	Share-for-Share:Modified Calculation Agent Adjustment

 

		(b)	Share-for-Other:Modified Calculation Agent Adjustment

 

		(c)	Share-for-Combined:Modified Calculation Agent Adjustment

 

	Nationalization, 	 
	Insolvency or Delisting:	Cancellation and Payment; provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.

 

Additional
Disruption Events:

 

	(a) Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation” and (ii) by replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position”; provided further that (i) any determination as to whether (A) the adoption of or any change in any applicable law or regulation (including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new 

 

 

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	 	regulations authorized or mandated by existing statute) or (B) the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, and (ii) Section 12.9(a)(ii) of the Equity Definitions is hereby amended by replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)”.  Notwithstanding anything to the contrary in the Equity Definitions, a Change in Law described in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions shall not constitute a Change in Law and instead shall constitute an Increased Cost of Hedging as described in Section 12.9(a)(vi) of the Equity Definitions.
	 	 
	(b)  Failure to
Deliver:	Applicable
	 	 
	(c)  Insolvency
Filing:	Applicable
	 	 
	(d)  Hedging Disruption:	Not
Applicable
	 	 
	(e)    Increased Cost of Hedging:	Applicable solely with respect to a “Change in Law” described
in clause (Y) of Section 12.9(a)(ii) of the Equity Definitions as set forth in the last sentence opposite the caption “Change
in Law” above.
	 	 
	(f)    Loss of Stock Borrow:	Applicable.
	 	 
	Maximum Stock
Loan Rate:	200 basis points per annum
	 	 
	(g)
  Increased Cost of

Stock Borrow:

	Applicable.
	 	 
	Initial Stock
Loan Rate:	35 basis points per annum
	 	 

 

	Hedging Party:	For all relevant Additional Disruption Events, Dealer; provided that, upon request from Counterparty, Dealer shall promptly provide Counterparty with a written explanation describing in reasonable detail any determination or calculation made by Dealer as Hedging Party (but without disclosing Dealer’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information).
	 	 
	Determining Party:	For all relevant Additional Disruption Events, Dealer; provided that, upon request from Counterparty, Dealer shall promptly provide Counterparty with a written explanation describing in reasonable detail any determination or calculation made by Dealer as Determining Party (but without 

 

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	 	disclosing Dealer’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory
obligations to not disclose such information).

 

	Additional Termination

                                                      Event(s):
	The declaration by the Issuer of any Extraordinary Dividend, the ex-dividend date for which occurs or is scheduled to occur during the Relevant Dividend Period, will constitute an Additional Termination Event, with Counterparty as the sole Affected Party and all Transactions hereunder as the Affected Transactions.
	 	 
	 	Notwithstanding anything to the contrary in Section 6 of the Agreement, if a Termination Price is specified in the Supplemental Confirmation for a Transaction, then an Additional Termination Event with Counterparty as the sole Affected Party and such Transaction as the sole Affected Transaction will automatically occur without any notice or action by Dealer or Counterparty if the price of the Shares on the Exchange falls below such Termination Price at any time on two consecutive Exchange Business Days, and such second consecutive Exchange Business Day will be the “Early Termination Date” for purposes of the Agreement. 
	 	 
	Relevant Dividend Period:	The period from and including the first day of the Pricing Period to and including the Relevant Dividend Period End Date.
	 	 
	Relevant Dividend Period

                                                      End Date:
	If the Number of Shares to be Delivered is negative, the last day of the Settlement Period; otherwise, the Pricing Period Termination Date.
	 	 
	Non-Reliance/Agreements and	 
	Acknowledgements Regarding	 
	Hedging Activities/Additional	 
	Acknowledgements:	Applicable
	 	 
	2. Calculation Agent.	Dealer. Whenever the Calculation Agent is required to act or to exercise
judgment in any way with respect to any Transaction hereunder, it will do so in good faith and in a commercially reasonable manner.
Following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with
respect to which Dealer is the Defaulting Party, Counterparty shall have the right to designate an independent equity derivatives
dealer to replace Dealer as Calculation Agent, and the parties hereto shall work in good faith to execute any appropriate documentation
required by such replacement Calculation Agent.
	 	 
	 	Following any
determination, adjustment or calculation by the Calculation Agent, the Calculation Agent will upon request by Counterparty promptly
following (and, in any event, within five Exchange Business Days of) such request, provide to Counterparty a report (in a commonly
used file format for the storage and manipulation of financial data without disclosing any confidential or proprietary models or
other information that is confidential or proprietary) displaying in reasonable 

 

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	 	detail the basis for such determination, adjustment
or calculation, as the case may be.

 

		3.	Account
                                         Details, Offices and Notices.

   

		(a)	Account Details:

 

	 	(i)	Account for payments to Counterparty: To Be Advised.
	 	 	 
	 	 	Account for delivery of Shares to Counterparty: To Be Advised.
	 	 	 
	 	(ii)	Account for payments to Dealer:
	 	 	 
	 	 	Bank of America, N.A.
	 	 	New York, NY
	 	 	SWIFT: BOFAUS3N
	 	 	Bank Routing: 026-009-593
	 	 	Account Name: Bank of America
	 	 	Account No : 0012334-61892
	 	 	 
	 	 	Account for delivery of Shares to Dealer: To Be Advised.

 

(b)           Notices.
Unless otherwise specified, notices under this Master Confirmation may be made by telephone, to be confirmed in writing to the
address below. Changes to the Notices must be made in writing.

 

	 	(i)	If to Counterparty:
	 	 	 
	 	 	Aetna
    Inc.
	 	 	151
    Farmington Avenue
	 	 	Hartford,
    CT 06156
	 	 	Attention:
    Treasurer
	 	 	Telephone:
    (860) 273-5664
	 	 	Facsimile:
    (860) 273-1303
	 	 	Email:
    BudaD@aetna.com
	 	 	            Share_Repurchases@aetna.com
	 	 	 
	 	(ii)	If
    to Dealer:
	 	 	 
	 	 	Bank
    of America, N.A.
	 	 	c/o
    Merrill Lynch, Pierce, Fenner & Smith Incorporated
	 	 	Bank
    of America Tower at One Bryant Park
	 	 	New
    York, NY 10036
	 	 	Attn:
    Robert Stewart, Assistant General Counsel
	 	 	Telephone:
    646-855-0711
	 	 	Facsimile:
    646-822-5618
	 	 	Email:
    rstewart4@bankofamerica.com

 

(c)           Offices.

 

	 	(i)	The Office of Counterparty for each Transaction is: Not Applicable
	 	 	 
	 	(ii)	The Office of Dealer for each Transaction is: New York

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4.                
Representations of Counterparty.

 

In
addition to the representations, warranties and covenants in the Agreement, Counterparty additionally hereby represents, warrants
and covenants to Dealer that:

 

(a)                
Corporate Existence and Authorization; Required Company Approvals. Counterparty has all corporate power to enter into this
Master Confirmation and each Supplemental Confirmation and to consummate the transactions contemplated hereby and thereby and
to purchase the Shares and deliver any Settlement Shares in accordance with the terms hereof and thereof. Each Transaction contemplated
by this Master Confirmation and any repurchase of Shares by Counterparty in connection with such Transaction are pursuant to a
publicly announced share repurchase program that has been approved by its board of directors (or any committee thereof duly authorized
to act on behalf of the board of directors) and, at the time of making this representation, such Transaction is not subject to
any internal policy or procedure of Counterparty, whether written or oral, which would prohibit Counterparty from effecting any
aspect of such Transaction, including, without limitation, the purchases of the Shares made pursuant to such Transaction at such
time.

 

(b)                
Private Placement. Counterparty acknowledges that the offer and sale of each Transaction
to it is intended to be exempt from registration under the Securities Act of 1933, as amended
(the “Securities Act”), by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants
to Dealer that (i) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the
Securities Act, (ii) it is entering into this Transaction for its own account and without
a view to the distribution or resale thereof, and it understands that Dealer has no obligation or intention to register
such Transaction under the Securities Act or any state securities law or other applicable federal securities law. Counterparty
has the financial ability to bear the economic risk of its investment in each Transaction and is able to bear a total loss of
its investment and the disposition of each Transaction is restricted under this Master Confirmation, the Securities Act and state
securities laws.

 

(c)                
Material Non-Public Information and Manipulation. As of the Trade Date for each Transaction
hereunder, it is not entering into such Transaction (i) on the basis of, and is not aware of, any material non-public information
regarding Counterparty or the Shares; (ii) in anticipation of, in connection with, or to facilitate, a distribution of its securities,
a self-tender offer or a third-party tender offer; or (iii) to create actual or apparent trading activity in the Shares (or any
security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares
(or any security convertible into or exchangeable for the Shares), in each case, in violation of applicable law.

 

(d)                
Tender Offer. As of the Trade Date for each Transaction hereunder, Counterparty
has not received notice that it is the subject of a tender offer made under Section 14(d)(1) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and has not commenced any tender offer that would be subject to Rule
13e-4 under the Exchange Act.

 

(e)                
Regulation M. The Shares are not, and Counterparty will not cause the Shares to be, subject to a “restricted period”
(as defined in Regulation M promulgated under the Exchange Act) at any time during any Regulation M Period (as defined below)
for any Transaction unless Counterparty has provided written notice to Dealer of such restricted period not later than the Scheduled
Trading Day immediately preceding the first day of such “restricted period”. Counterparty acknowledges that any such
notice may cause a Disrupted Day to occur pursuant to the provisions in Section 1 above opposite the caption “Regulatory
Disruption”; accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set
forth in Section 7 below. “Regulation M Period” means, for any Transaction, (i) the Relevant Period (as defined
below) for such Transaction, (ii) the Settlement Period, if any, for such Transaction and (iii) the Seller Termination Purchase
Period (as defined below), if any, for such Transaction. “Relevant Period” means, for any Transaction, the
period commencing on the first day of the Pricing Period for such Transaction and ending on the later of (i) the earlier of (x)
the Scheduled Termination Date and (y) the last Additional Relevant Day (as specified in the related Supplemental Confirmation)
for such Transaction, or such earlier day as elected by Dealer and communicated to Counterparty on such day (or, if later, the
First Optional Termination Date without regard to any

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 acceleration thereof pursuant to “Special Provisions for Friendly
Transaction Announcements” below) and (ii) if Section 9 is applicable to such Transaction, the date on which all deliveries
owed pursuant to Section 9 have been made.

 

(f)                 
Rule 10b-18 Purchases of Blocks. Counterparty shall, at least one day prior to the Effective Date for any Transaction,
notify Dealer of the total number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block exception
set forth in paragraph (b)(4) of Rule 10b-18 under the Exchange Act (“Rule 10b-18”) by or for Counterparty
or any of its “affiliated purchasers” (as defined in Rule 10b-18) during each of the four calendar weeks preceding
such day and during the calendar week in which such day occurs (“Rule 10b-18 purchases” and “blocks” each
being used as defined in Rule 10b-18).

 

(g)                
Liquidity. As of the Trade Date for each Transaction hereunder, (i) its financial condition is such that it has no need
for liquidity with respect to its investment in the Transactions contemplated by this Master Confirmation and no need to dispose
of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and (ii) its investments in and liabilities
in respect of such Transactions, which it understands are not readily marketable, is not disproportionate to its net worth, and
it is able to bear any loss in connection with such Transactions, including the loss of its entire investment in such Transactions.

 

(h)                
Solvency. As of the Trade Date and the Prepayment Date, Counterparty is not “insolvent” (as such term is defined
under Section 101(32) of the Bankruptcy Code (as defined below)) and Company would be able to purchase a number of the Shares
with a value equal to the Prepayment Amount in compliance with the laws of the jurisdiction of Company’s incorporation.

 

(i)                  
Financial Expertise and Total Assets. Counterparty (i) is capable of evaluating
investment risks independently, both in general and with regard to all transactions and investment strategies involving a security
or securities; (ii) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated
persons, unless it has otherwise notified the broker-dealer in writing; and (iii) has total assets of at least USD 50,000,000
as of the date hereof.

 

(j)                 
Investment Company Act of 1940. Counterparty is not, and after giving effect to each Transaction, will not be, required
to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

(k)                
CEA Status. Counterparty is an “eligible contract participant”, as defined in the U.S. Commodity Exchange Act
(as amended), and is entering into each Transaction hereunder as principal (and not as agent or in any other capacity, fiduciary
or otherwise) and not for the benefit of any third party.

 

(l)                  
Non-Reliance. Counterparty is not relying, and has not relied upon, Dealer or any of
its affiliates with respect to the legal, accounting, tax or other implications of this Master Confirmation and that it
has conducted its own analyses of the legal, accounting, tax and other implications of this Master Confirmation. Further, it
acknowledges and agrees that neither Dealer nor any affiliate of Dealer has acted as its advisor in any capacity in connection
with this Master Confirmation or the transactions contemplated hereby. Without limiting the generality of the foregoing
or Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making any
representations or warranties or taking any position or expressing any view with respect to the treatment of any Transaction under
any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging or
ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging Contracts in Entity’s
Own Equity.

 

(m)              
No Deposit Insurance. Counterparty understands that no obligations of Dealer to
it hereunder will be entitled to the benefit of deposit insurance and that such obligations will not be guaranteed by any affiliate
of Dealer or any governmental agency.

 

    12

     

    

(n)                
Assumption of Risk. COUNTERPARTY UNDERSTANDS THAT THE TRANSACTIONS CONTEMPLATED BY THIS MASTER CONFIRMATION ARE SUBJECT
TO COMPLEX RISKS THAT MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED
MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH RISKS.

 

(o)                
Counterparty is (i) a corporation for U.S. federal income tax purposes and is organized under the laws of Pennsylvania and (ii)
a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S.
federal income tax purposes.

 

 5.                
Acknowledgements and Agreements of Counterparty.

 

(a)                
Nature of Rights. Counterparty acknowledges and agrees that this Master Confirmation is not intended to convey to
Dealer rights against Counterparty hereunder that are senior to the claims of common stockholders in any U.S. bankruptcy proceedings
of Counterparty; provided, however, that nothing herein shall limit or shall be deemed to limit Dealer’s right to
pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to this Master Confirmation;
and provided further that in pursuing a claim against Counterparty in the event of a bankruptcy, insolvency or dissolution
with respect to Company, Dealer’s rights hereunder shall rank on a parity with the rights of a holder of the Shares enforcing
similar rights under a contract involving the Shares.

 

(b)                
Bankruptcy Code. The parties hereto intend (i) for the Transaction hereunder to be a “securities contract”
as defined in the Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”), and the parties
hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(o), 546, 555 and 561 of the
Bankruptcy Code; (ii) for a party’s right to liquidate, terminate or accelerate the Transaction and to exercise any other
remedies upon the occurrence of any Event of Default or Termination Event under this Master Confirmation with respect to the other
party to constitute a “contractual right” within the meaning of the Bankruptcy Code; (iii) that all transfers of cash,
securities or other property under or in connection with the Transaction are “transfers” made “by or to (or
for the benefit of)” a “master netting agreement participant”, a “financial institution”, a “financial
participant” or a “forward contract merchant” (each as defined in the Bankruptcy Code) within the meaning of
Sections 546(e), 546(f) and 546(j) of the Bankruptcy Code; (iv) that all obligations under or in connection with the Transaction
represent obligations in respect of “termination values”, “payment amounts” or “other transfer obligations”
within the meaning of Section 362 and 561 of the Bankruptcy Code; and (v) for each of the parties hereto to be a “financial
participant” within the meaning of Section 101(22A) of the Bankruptcy Code.

 

(c)                
Dealer’s Activities. Counterparty understands and acknowledges that Dealer and its affiliates may from time
to time effect transactions for their own account or the account of customers and hold positions in securities or options on securities
of Counterparty and that Dealer and its affiliates may continue to conduct such transactions during the Pricing Period and the
Settlement Period.

 

(d)                
Establishment of Hedge Position. Counterparty acknowledges that during the term of any Transaction, Dealer and its
affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other
derivative securities in order to establish, adjust or unwind Dealer’s hedge position with respect to such Transaction.

 

(e)                
Other Market Activities. Counterparty acknowledges that Dealer and its affiliates may also be active in the market
for Shares and transactions linked to the Shares other than in connection with hedging activities in relation to any Transaction.

 

(f)                 
Manner of Hedging or Market Activities. Counterparty acknowledges that Dealer shall make its own determination as
to whether, when or in what manner any hedging or market activities in Counterparty’s securities shall be conducted and
shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Reference Price and the
Rule 10b-18 VWAP.

 

    13

     

    

(g)                
Effect of Market Activities. Counterparty acknowledges that any market activities of Dealer and its affiliates with
respect to the Shares may affect the market price and volatility of the Shares, as well as the Reference Price and Rule 10b-18
VWAP, each in a manner that may be adverse to Counterparty.

 

(h)                
Purchase Price. Counterparty acknowledges that each Transaction is a derivative transaction in which it has granted
Dealer an option; and Dealer may purchase Shares for its own account at an average price that may be greater than, equal to, or
less than, the price paid by Counterparty under the terms of the related Transaction.

 

6.                
Calculations and Payment Date upon Early Termination.

 

The
parties acknowledge and agree that in calculating (a) the Close-Out Amount pursuant to Section 6 of the Agreement and (b) the
amount due upon cancellation or termination of any Transaction (whether in whole or in part) pursuant to Article 12 of the Equity
Definitions as a result of an Extraordinary Event, Dealer may (but need not) determine such amount based on (i) expected losses
assuming a commercially reasonable (including, without limitation, with regard to reasonable legal and regulatory guidelines and
taking into account the existence of any Other Specified Repurchase Transaction) risk bid were used to determine loss or (ii)
the price at which one or more market participants would offer to sell to the Seller a block of Shares equal in number to the
Seller’s hedge position in relation to the Transaction. Notwithstanding anything to the contrary in Section 6(d)(ii) of
the Agreement or Article 12 of the Equity Definitions, all amounts calculated as being due in respect of an Early Termination
Date under Section 6(e) of the Agreement or upon cancellation or termination of the relevant Transaction under Article 12 of the
Equity Definitions will be payable on the Exchange Business Day immediately following the day that notice of the amount payable
is effective; provided that if Counterparty elects to receive or deliver Shares or Alternative Delivery Units in accordance
with Section 10, such Shares or Alternative Delivery Units shall be delivered on a date selected by the Calculation Agent as promptly
as practicable thereafter.

 

7.                
10b5-1 Plan.

 

(a)                It
is the intent of Counterparty and Dealer that each Transaction comply with the requirements of Rule 10b5-1(c) of the Exchange
Act and that this Master Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c)(1)(i)(B) and Dealer
shall take no action that results in the transaction not so complying with such requirements.

 

(b)                Counterparty
is entering into this Master Confirmation and each Transaction hereunder in good faith and not as part of a plan or scheme to
evade the prohibitions of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) or any other antifraud or anti-manipulation
provisions of the federal or applicable state securities laws and that it has not entered into or altered and will not enter into
or alter any corresponding or hedging transaction or position with respect to the Shares. For the avoidance of doubt, the parties
hereto acknowledge that entry into any Other Specified Repurchase Agreement shall not fall within the ambit of the previous sentence.
Counterparty acknowledges that it is the intent of the parties that each Transaction entered into under this Master Confirmation
comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 and each Transaction entered into under this Master
Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c). “Other Specified Repurchase Agreement”
means, for any Transaction, any other substantially similar prepaid variable share repurchase transaction entered into on the
Trade Date for such Transaction.

 

(c)                During
the term of any Transaction and in connection with the delivery of any Alternative Delivery Units for any Transaction, Dealer
(or its agent or affiliate) may effect transactions in Shares in connection with such Transaction. The timing of such transactions
by Dealer, the price paid or received per Share pursuant to such transactions and the manner in which such transactions are made,
including, without limitation, whether such transactions are made on any securities exchange or privately,

    14

     

    

 shall be within the
sole judgment of Dealer. Counterparty acknowledges and agrees that all such transactions shall be made in Dealer’s sole
judgment and for Dealer’s own account.

 

(d)                Counterparty
does not have, and shall not attempt to exercise, any control or influence over how, when or whether Dealer (or its agent or affiliate)
makes any “purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) in connection with any Transaction,
including, without limitation, the price paid per Share pursuant to such purchases, whether such purchases are made on any securities
exchange or privately and over how, when or whether Dealer (or its agent or affiliate) enters into any hedging transactions. Counterparty
represents and warrants that it has consulted with its own advisors as to the legal aspects of its adoption and implementation
of this Master Confirmation and each Supplemental Confirmation under Rule 10b5-1.

 

(e)                 Counterparty
acknowledges and agrees that any amendment, modification, waiver or termination of this Master Confirmation or any Supplemental
Confirmation must be effected in accordance with the requirements for the amendment or termination of a “plan” as
defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification, waiver or termination
shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment,
modification or waiver shall be made at any time at which Counterparty is aware of any material non-public information regarding
Counterparty or the Shares.

 

8.                 Counterparty
Purchases.

 

Except
pursuant to any Other Specified Repurchase Agreement, Counterparty (including its “affiliated
purchasers”, as defined in Rule 10b-18) shall not, without a prior written consent
of Dealer (such consent not to be unreasonably withheld or delayed), directly or indirectly (x) purchase, offer to purchase,
place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or
an equivalent interest, including, without limitation, by means of a derivative instrument) on the open market or (y) enter
into any accelerated share repurchase program, any derivative share repurchase transaction, or any other similar transaction,
on any Calculation Date (in the case of clause (x)) or for which the relevant calculation dates or valuation dates (including,
without limitation, during any settlement period or seller termination purchase period, each however defined) occur (in the case
of clause (y)), during the Relevant Period, the Settlement Period or the Seller Termination Purchase Period and thereafter until
all payments or deliveries of Shares under any outstanding Transaction entered into pursuant to this Master Confirmation have
been made. Notwithstanding the foregoing, nothing herein shall limit Counterparty’s ability (i) pursuant to its employee
incentive plans, to re-acquire Shares in connection with the related equity transactions, (ii) to withhold Shares to cover tax
liabilities associated with such equity transactions or (iii) to grant stock, restricted stock units, performance stock units,
market stock units, stock appreciation rights, performance stock appreciation rights, stock options and other forms of equity
compensation (collectively, “stock compensation”) to “affiliated purchasers” (as defined in Rule 10b-18)
or the ability of such affiliated purchasers to acquire such stock compensation, in connection with Counterparty’s compensation
policies for directors, officers and employees.  Further, without Dealer’s consent, (i) Counterparty or an “affiliated
purchaser” (as defined in Rule 10b-18) may (A) effect purchases of Shares or (B) enter into derivative instruments relating
to the Shares on any Calculation Date (in the case of clause (A)) or for which the relevant calculation dates or valuation dates
(including, without limitation, during any settlement period or seller termination purchase period, each however defined) occur
(in the case of clause (B)), during the Relevant Period, the Settlement Period or the Seller Termination Purchase Period so long
as they are effected through Dealer (but, for the avoidance of doubt, Dealer shall not be obligated to effect any such purchases),
(ii) an agent independent of Counterparty may make purchases of Shares effected by or for an issuer plan of Counterparty in accordance
with the requirements of Rule 10b-18(a)(13)(ii) under the Exchange Act (with “issuer plan” and “agent independent
of the Counterparty” each being used herein as defined in Rule 10b-18), and (iii) Counterparty or any “affiliated
purchaser” (as defined in Rule 10b-18) may purchase Shares in (x) unsolicited transactions or (y) privately negotiated (off-market)
transactions that, in the case of both clause (x) and clause (y), are not reasonably expected to result in purchases of Shares
in the market.

    15

     

    

 

9.                
Loss Settlement Election.

 

In
the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is
designated with respect to any Transaction or (b) any Transaction is cancelled or terminated upon the occurrence of an Extraordinary
Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders
of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii) an
Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party,
other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination
Event of the type described in Section 5(b) of the Agreement, in each case, that resulted from an event or events outside Counterparty’s
control), if either party would owe any amount to the other party pursuant to Section 6(d)(ii) of the Agreement or any Cancellation
Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Amount”), then, in lieu
of any payment of such Payment Amount, unless Counterparty makes an election to the contrary, no later than the Early Termination
Date or the date on which such Transaction is terminated or cancelled, Counterparty or Dealer, as the case may be, shall deliver
to the other party a number of Shares (or, in the case of a Nationalization, Insolvency or Merger Event, a number of units, each
comprising the number or amount of the securities or property that a hypothetical holder of one Share would receive in such Nationalization,
Insolvency or Merger Event, as the case may be (each such unit, an “Alternative Delivery Unit”)) with a value
equal to the Payment Amount, as determined by the Calculation Agent, in its commercially reasonable judgment, over a commercially
reasonable period of time (and the parties agree that, in making such determination of value, the Calculation Agent may take into
account a number of factors, including the market price of the Shares or Alternative Delivery Units on the Early Termination Date
or the date of early cancellation or termination, as the case may be, and if such delivery is made by Dealer, the prices at which
Dealer purchases Shares or Alternative Delivery Units on any Calculation Date to fulfill its delivery obligation under this Section
9); provided that in determining the composition of any Alternative Delivery Unit, if the relevant Nationalization, Insolvency
or Merger Event involves a choice of consideration to be received by holders, such holder shall be deemed to have elected to receive
the maximum possible amount of cash; and provided further that Counterparty may elect that the provisions of this Section
9 above providing for the delivery of Shares or Alternative Delivery Units, as the case may be, shall not apply only if Counterparty
represents and warrants to Dealer, in writing on the date it notifies Dealer of such election, that, as of such date, Counterparty
is not aware of any material non-public information regarding Counterparty or the Shares and is making such election in good faith
and not as part of a plan or scheme to evade compliance with the federal securities laws. If delivery of Shares or Alternative
Delivery Units, as the case may be, pursuant to this Section 9 is to be made by Counterparty, paragraphs 2 through 7 of Annex
B hereto shall apply as if (A) such delivery were a settlement of such Transaction to which Net Share Settlement applied, (B)
the Cash Settlement Payment Date were the Early Termination Date or the date of early cancellation or termination, as the case
may be, and (C) the Forward Cash Settlement Amount were equal to (x) zero minus (y) the Payment Amount owed by Counterparty.
For the avoidance of doubt, if Counterparty validly elects for the provisions of this Section 9 relating to the delivery of Shares
or Alternative Delivery Units, as the case may be, not to apply to any Payment Amount, the provisions of Article 12 of the Equity
Definitions, or the provisions of Section 6(d)(ii) of the Agreement, as the case may be, shall apply. If delivery of Shares or
Alternative Delivery Units, as the case may be, is to be made by Dealer pursuant to this Section 9, the period during which Dealer
purchases Shares or Alternative Delivery Units to fulfill its delivery obligations under this Section 9 shall be referred to as
the “Seller Termination Purchase Period”; provided that the parties hereby agree that such purchases
shall be made solely on Calculation Dates for the relevant Transaction. Dealer shall notify Counterparty of the first day of the
Seller Termination Purchase Period at least one Exchange Business Day prior to such first day. Dealer shall notify Counterparty
of the last day of the Seller Termination Purchase Period within one Exchange Business Day following such last day.

    16

     

    

 

10.                
Special Provisions for Merger Transaction.

 

Notwithstanding
anything to the contrary herein or in the Equity Definitions:

 

		(a)	Counterparty
                                         agrees that:

 

		(i)	it will
                                         not during the period commencing on the Trade Date for any Transaction and ending on
                                         the latest of (x) the last day of the Relevant Period, (y) the last day of the Settlement
                                         Period and (z) the last day of the Seller Termination Purchase Period, for such Transaction
                                         make or permit to be made (in each case, to the extent within Counterparty’s control)
                                         any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger
                                         Transaction or any transaction that, if consummated, would constitute a Merger Transaction
                                         (a “Merger Announcement”) unless such Merger Announcement is made
                                         prior to the opening or after the close of the regular trading session on the Exchange
                                         for the Shares;

 

		(ii)	it shall
                                         promptly notify Dealer following any such Merger Announcement that such Merger Announcement
                                         has been made (and Counterparty shall use commercially reasonable efforts to so notify
                                         Dealer prior to the next opening of the regular trading session on the Exchange); and

 

		(iii)	it shall
                                         promptly provide Dealer with written notice specifying (i) Counterparty’s average
                                         daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar
                                         months immediately preceding the announcement date of any Merger Transaction that were
                                         not effected through Dealer or its affiliates and (ii) the number of Shares purchased
                                         pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full
                                         calendar months preceding the announcement date of any Merger Transaction (and Counterparty
                                         shall use commercially reasonable efforts to so provide such notice to Dealer prior to
                                         the next opening of the regular trading session on the Exchange).

 

The
written notice described in clause (iii) above shall be deemed to be a certification by Counterparty to Dealer that such information
is true and correct. In addition, Counterparty shall promptly notify Dealer of the earlier to occur of the completion of such
transaction and the completion of the vote by target shareholders.

 

(b)                
Counterparty acknowledges that any such Merger Announcement or delivery of a notice with respect thereto may cause the
terms of any Transaction to be adjusted or such Transaction to be terminated; accordingly, Counterparty acknowledges that its
delivery of such notice must comply with the standards set forth in Section 7 above.

 

(c)                
Upon the occurrence of any Merger Announcement (whether made by Counterparty or a third party), the Calculation Agent shall
make adjustments to the terms of any Transaction, including, without limitation, the Scheduled Termination Date or the Reference
Price Adjustment Amount, and/or suspend the Pricing Period to preserve the fair value of the Transaction following such Merger
Announcement, unless the Calculation Agent determines that no such adjustment that it could make would produce a commercially
reasonable result, in which case the occurrence of such Merger Announcement shall constitute an Additional Termination Event with
Counterparty as the sole Affected Party and the Transactions hereunder as the Affected Transactions and with the amount under
Section 6(e) of the Agreement determined taking into account the fact that the Pricing Period had fewer Scheduled Trading Days
than originally anticipated.

 

“Merger
Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule
10b-18(a)(13)(iv) under the Exchange Act, other than, 

    17

     

    

solely for purposes of this Section 10, any such transaction in which the
consideration consists solely of cash and there is no valuation period.

 

11.                
Special Provisions for Friendly Transaction Announcements.

 

(a)                
If a Friendly Transaction Announcement occurs on or prior to the Settlement Date for any Transaction, then the Number of
Shares to be Delivered for such Transaction shall be determined based on a Reference Price Adjustment Amount that has been adjusted
in a manner that the Calculation Agent determines appropriate to account for the economic effect of such Friendly Transaction
Announcement. If a Friendly Transaction Announcement occurs after the Effective Date, but prior to the First Optional Termination
Date of any Transaction, the First Optional Termination Date shall be the date of such Friendly Transaction Announcement. If a
Friendly Transaction Announcement occurs after the Settlement Date for any Transaction or any earlier date of termination or cancellation
of such Transaction pursuant to Section 6 of the Agreement or Article 12 of the Equity Definitions, then a second settlement of
such Transaction (a “Second Settlement”) shall occur (notwithstanding such earlier termination or cancellation)
with a Number of Shares to be Delivered equal to the lesser of (i) zero and (ii) (x) the Number of Shares to be Delivered determined
pursuant to the first sentence of this paragraph as if such Friendly Transaction Announcement occurred prior to such Settlement
Date minus (y) the Number of Shares to be Delivered determined pursuant to Section 1 of this Master Confirmation (provided
that in the case of a Second Settlement occurring after such an early termination or cancellation, a Number of Shares to be
Delivered shall not be determined and instead a Forward Cash Settlement Amount will be determined as provided in Annex B).

 

(b)                
“Friendly Transaction Announcement” means (i) an Acquisition Transaction Announcement by Counterparty
or its board of directors prior to the Settlement Date or any earlier date of termination or cancellation of the relevant Transaction
pursuant to Section 6 of the Agreement or Article 12 of the Equity Definitions (such date, the “Actual Termination Date”),
(ii) (A) an announcement by Counterparty or its board of directors prior to the date three months following the Scheduled Termination
Date that an Acquisition Transaction that is the subject of an Acquisition Transaction Announcement occurring prior to the Actual
Termination Date has been approved, agreed to, recommended by or otherwise consented to by Counterparty or its board of directors,
or negotiated by Counterparty or any authorized representative of Counterparty or (B) consummation prior to the date three months
following the Scheduled Termination Date of an Acquisition Transaction that is the subject of an Acquisition Transaction Announcement
occurring prior to the Actual Termination Date, or (iii) where Counterparty or its board of directors has a legal obligation to
make a recommendation to Counterparty’s shareholders in respect of any such Acquisition Transaction prior to the date three
months following the Scheduled Termination Date, the absence of a recommendation that Counterparty’s shareholders reject
such transaction.

 

(c)                
“Acquisition
Transaction Announcement” means (i) the announcement of an Acquisition Transaction or an event that, if consummated,
would result in an Acquisition Transaction, (ii) an announcement that Counterparty or any of its subsidiaries has entered into
an agreement, a letter of intent or an understanding designed to result in an Acquisition Transaction, (iii) the announcement
of the intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include,
an Acquisition Transaction, (iv) any other announcement that in the reasonable judgment of the Calculation Agent may result in
an Acquisition Transaction or (v) any announcement of any change or amendment to any previous Acquisition Transaction Announcement
(including any announcement of the abandonment of any such previously announced Acquisition Transaction, agreement, letter of
intent, understanding or intention). For the avoidance of doubt, announcements as used in the definition of Acquisition Transaction
Announcement refer to any public announcement whether made by the Issuer or a third party.

 

(d)                
 “Acquisition
Transaction” means (i) any Merger Event (for purposes of this definition the definition of Merger Event shall be read
with the references therein to “100%” being replaced by “15%” and references to “50%” being
replaced by “75%” and without reference to the clause beginning immediately following the definition of Reverse Merger
therein to the end of such definition), Tender Offer or Merger Transaction or any other transaction involving the merger of Counterparty
with or into any third 

    18

     

    

party, (ii) the sale or transfer of all or substantially all of the assets of Counterparty to a person
or entity other than Counterparty or a subsidiary of Counterparty, (iii) a recapitalization, reclassification, binding share exchange
or other similar transaction with respect to Counterparty, (iv) any acquisition by Counterparty or any of its subsidiaries (other
than an acquisition from Counterparty or a subsidiary of Counterparty) where the aggregate consideration transferable by Counterparty
or any of its subsidiaries exceeds 50% of the market capitalization of Counterparty, (v) any lease, exchange, transfer, disposition
(including by way of spin-off or distribution) of assets (including, without limitation, any capital stock or other ownership
interests in subsidiaries) or other similar event by Counterparty or any of its subsidiaries (other than a lease, exchange, transfer,
disposition or similar event between and/or among solely Counterparty and/or one or more subsidiaries of Counterparty) where the
aggregate consideration transferable or receivable by or to Counterparty or its subsidiaries exceeds 15% of the market capitalization
of Counterparty and (vi) any transaction in which Counterparty or its board of directors has a legal obligation to make a recommendation
to its shareholders in respect of such transaction (whether pursuant to Rule 14e-2 under the Exchange Act or otherwise).

 

12.                
[Reserved.]

 

13.                
Delivery Procedures and Limitation.

 

Notwithstanding
anything to the contrary in this Master Confirmation, Counterparty acknowledges and agrees that, on any day, Dealer (or its agent
or affiliate) shall not be entitled to receive any Shares from Counterparty if such receipt would result in Dealer directly or
indirectly beneficially owning (as such term is defined for purposes of Section 13(d) of the Exchange Act) at any time in excess
of 4.9% of the outstanding Shares. Any purported receipt of Shares shall be void and have no effect to the extent (but only to
the extent) that any receipt of Shares would result in Dealer directly or indirectly so beneficially owning in excess of 4.9%
of the outstanding Shares. If, on any day, any receipt of Shares by Dealer (or its agent or affiliate) is not effected, in whole
or in part, as a result of this provision, Counterparty’s obligations to make such delivery of Shares shall not be extinguished,
and such delivery shall be effected over time as promptly as Dealer reasonably determines that such delivery would not result
in Dealer directly or indirectly beneficially owning in excess of 4.9% of the outstanding Shares.

 

14.                
Additional Amendments to the Equity Definitions.

 

(a)                
Section 11.2(a) of the Equity Definitions is hereby amended by deleting the words “a diluting or concentrative”
and replacing them with the words “a material”; and adding the phrase “or such Transaction” at the end
of the sentence.

 

(b)                
Section 11.2(c) of the Equity Definitions is hereby amended by (w) replacing the words “a diluting or concentrative”
with “a material” in the fifth line thereof, (x) adding the phrase “or the Transaction” after the words
“the relevant Shares” in the same sentence, (y) replacing the words “diluting or concentrative” in the
sixth to last line thereof with the word “material” and (z) deleting the phrase “(provided that no adjustments
will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant
Shares)” and replacing it with the phrase “(and, for the avoidance of doubt, except in the case of a Potential Adjustment
Event as described in Section 11.2(e)(i), Section 11.2(e)(ii)(A), Section 11.2(e)(ii)(B), Section 11.2(e)(iv) or Section 11.2(e)(v),
adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative
to the relevant Shares); in the case of a Potential Adjustment Event as described in Section 11.2(e)(i), Section 11.2(e)(ii)(A),
Section 11.2(e)(ii)(B), Section 11.2(e)(iv) or Section 11.2(e)(v), no adjustments will be made to account solely for changes in
volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares.”

 

(c)                
Section 11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “diluting or concentrative”
and replacing them with the word “material”; and by adding the phrase “or the relevant Transaction; provided
that such event is not based on (x) an observable market, other than the market for the Issuer’s own stock or (y) an
observable index, other than an index calculated measured solely by reference to Issuer’s own operations” at the end
of the sentence.

 

    19

     

    

(d)           Section 12.9(b)(iv) of the Equity Definitions is hereby amended by:

 

		(i)	deleting
                                         (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection
                                         (A) and (3) the phrase “in each case” in subsection (B); and

 

		(ii)	replacing
                                         the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares”
                                         with the phrase “such Lending Party does not lend Shares” in the penultimate
                                         sentence.

 

(e)           Section 12.9(b)(v) of the Equity Definitions is hereby amended by:

 

		(i)	adding
                                         the word “or” immediately before subsection “(B)” and deleting
                                         the comma at the end of subsection (A); and

 

		(ii)	(1) deleting
                                         subsection (C) in its entirety, (2) deleting the word “or” immediately preceding
                                         subsection (C), (3) deleting the penultimate sentence in its entirety and replacing it
                                         with the sentence “The Hedging Party will determine the Cancellation Amount payable
                                         by one party to the other” (y) deleting clause (X) in the final sentence and (z)
                                         deleting the phrase “or (Y)” in the final sentence.

 

15.           Miscellaneous.

 

(a)           No
Collateral. Notwithstanding any provision of this Master Confirmation, or any other agreement between the parties, to the
contrary, the obligations of Counterparty under this Master Confirmation are not secured by any collateral.

 

(b)           Waiver
of Trial by Jury. Each of Counterparty and Dealer hereby irrevocably waives (on its
own behalf and, to the extent permitted by applicable law, on behalf of its stockholders) all right to trial by jury in any action,
proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Master Confirmation
or the actions of Dealer, COUNTERPARTY or THEIR RESPECTIVE affiliates in the negotiation, performance or enforcement hereof.

 

(c)           Jurisdiction.
Section 13(b)(i)(2) of the Agreement is hereby amended by deleting the words “non-exclusive” in the second line thereof
and replacing them with the word “exclusive”.

 

(d)           Non-Confidentiality.
Notwithstanding anything to the contrary herein, (i) Dealer acknowledges that this Master Confirmation may be intended to produce
U.S. federal income tax benefits for Counterparty and (ii) Counterparty and Dealer hereby agree that (A) Counterparty is
not obligated to Dealer to keep confidential from any and all persons or otherwise limit the use of any aspect of this Master
Confirmation relating to the structure or tax aspects thereof, and (B) Dealer does not assert any claim of proprietary ownership
in respect of any such aspect of this Master Confirmation.

 

(e)           Wall
Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability
Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under
the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision in any legislation
enacted, or rule or regulation promulgated, on or after the date of this Master Confirmation, shall limit or otherwise impair
either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement any Supplemental Confirmation,
this Master Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased
costs, regulatory change or similar event under any Supplemental Confirmation, this Master Confirmation, the Equity Definitions
incorporated herein or the Agreement (including, without limitation, rights arising from Change in Law, Increased Cost of Hedging,
Loss of Stock Borrow, Increased Cost of Stock Borrow or Illegality).

 

    20

     

    

(f)           No
Netting or Setoff. Obligations under any Transaction shall not be netted, recouped or set off (including pursuant to Section
6 of the Agreement) against any other obligations of the parties, whether arising under the Agreement, this Master Confirmation
or any Supplemental Confirmation, or under any other agreement between the parties hereto, by operation of law or otherwise, and
no other obligations of the parties shall be netted, recouped or set off (including pursuant to Section 6 of the Agreement) against
obligations under any Transaction, whether arising under the Agreement, this Master Confirmation or any Supplemental Confirmation,
or under any other agreement between the parties hereto, by operation of law or otherwise, and each party hereby waives any such
right of setoff, netting or recoupment.

 

(g)           Assignment
and Transfer. The rights and duties under this Master Confirmation may not be assigned or transferred by either party hereto
without the prior written consent of the other party hereto; provided, however, that Dealer may assign its obligation
to deliver or receive Shares hereunder to any of its affiliates without the prior written consent of Counterparty. Upon any such
assignment Dealer shall indemnify Counterparty from and against any loss, cost or expense relating to the failure of such affiliate
to perform its delivery obligation. Notwithstanding the foregoing, if such affiliate of Dealer shall have performed any such assigned
obligations, then Dealer shall be discharged of its obligations, if any, to Counterparty to the extent of such performance.

 

(h)           Counterparts.
This Master Confirmation may be executed in any number of counterparts, all of which shall constitute one and the same instrument,
and any party hereto may execute this Master Confirmation by signing and delivering one or more counterparts.

 

(i)            Delivery
of Cash. For the avoidance of doubt, other than payment of the Prepayment Amount by Counterparty, nothing in this Master Confirmation
shall be interpreted as requiring Counterparty to cash settle any Transaction, except in circumstances where cash settlement is
within Counterparty’s control (including, without limitation, where Counterparty fails timely to elect to receive Alternative
Delivery Units in accordance with Section 9) or in those circumstances in which holders of the Shares also would receive cash.

 

(j)            Dealer
Share Delivery Cap. Notwithstanding any other provision of this Master Confirmation, any Supplemental Confirmation, the Equity
Definitions or the Agreement to the contrary, in no event shall Dealer be required to deliver to Counterparty in connection with
any Transaction a number of Shares that exceeds the Dealer Share Delivery Cap set forth in the Supplemental Confirmation relating
to such Transaction.

 

(k)           Agreement
Regarding Dividends. Notwithstanding any other provision of this Master Confirmation, any Supplemental Confirmation, the Equity
Definitions or the Agreement to the contrary, in calculating any adjustment pursuant to Article 11 of the Equity Definitions or
any amount payable in respect of any termination or cancellation of the Transaction pursuant to Article 12 of the Equity Definitions
or Section 6 of the Agreement, the Calculation Agent shall not take into account changes to any dividends since the Trade Date.
For the avoidance of doubt, if an Early Termination Date occurs in respect of a Transaction hereunder, the amount payable pursuant
to Section 6 of the Agreement in respect of such Early Termination Date shall be determined without regard to the difference between
actual dividends declared (including Extraordinary Dividends) and expected dividends as of the Trade Date.

 

(l)           FINRA.
Counterparty represents and warrants to Dealer that, as of the Trade Date for each Transaction hereunder and as of the date of
any amendment, modification, waiver or termination of this Master Confirmation or any Supplemental Confirmation hereunder, Counterparty
(i) is an “institutional account” as defined in FINRA Rule 4512(c); and (ii) is capable of evaluating investment risks
independently, both in general and with regard to the Transactions hereunder and other acquisitions of Shares, and will exercise
independent judgment in evaluating the recommendations of Dealer or its associated persons, unless it has otherwise notified Dealer
in writing.

 

(l)           Tax
Matters. Counterparty shall provide to Dealer a valid U.S. Internal Revenue Service Form W-9, or any successor thereto,
(i) on or before the date of execution of this Master Confirmation and 

    21

     

    

(ii) promptly upon learning that any such tax form previously
provided by Counterparty has become obsolete or incorrect. Additionally, Counterparty shall, promptly upon request by Dealer,
provide such other tax forms and documents reasonably requested by Dealer.

 

    22

     

    

 

 

 

Please confirm
your agreement to the foregoing by signing and returning to us the enclosed duplicate of this Master Confirmation.

 

 

	 	Very truly yours,
	 	 
	 	BANK OF AMERICA, N.A. 
	 	 
	 	 
	 	By:
    /s/ Christopher A. Hutmaker         
	 	Name:  Christopher A. Hutmaker
	 	Authorized Representative

 

Acknowledged
and agreed to as of

the date first
above written,

 

AETNA INC.

 

 

	By:	 /s/ David Buda  	 
	Name:  	David Buda	 
	Title: 	Vice President, Finance and Treasurer	 

 

    23

     

    

ANNEX
A

 

 

Bank of America,
N.A.

c/o Merrill
Lynch, Pierce, Fenner & Smith Incorporated

Bank of America
Tower at One Bryant Park

New York, NY
10036

Attn: Robert
Stewart, Assistant General Counsel

Telephone:
646-855-0711

Facsimile:
646-822-5618

 

[      ], 201[      ]

 

Aetna Inc.

151 Farmington Avenue

Hartford, CT 06156

(860) 273-0123

 

Re: Accelerated
Share Repurchase: Supplemental Confirmation

 

Ladies and
Gentlemen:

 

Reference
is made to the Master Confirmation between us dated February 22, 2017 (the “Master Confirmation”). Capitalized
terms used without definition in this Supplemental Confirmation have the definitions assigned to them in the Master Confirmation.

 

This
Supplemental Confirmation confirms the terms and conditions of the Transaction entered into between Bank of America, N.A. (“Dealer”)
and Aetna Inc. (“Counterparty”) (together, the “Contracting Parties”) on the Trade Date
specified below. This Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the relevant Trade
Date for the Transaction referenced below. Dealer is acting as principal in this Transaction.

 

1.      
This Supplemental Confirmation supplements, forms part of, and is subject to the Master Confirmation between the Contracting Parties,
as amended and supplemented from time to time. All provisions contained in the Master Confirmation govern this Supplemental Confirmation
except as expressly modified below.

 

2.      
The additional terms of the Transaction to which this Supplemental Confirmation relates are as follows:

 

	Trade
    Date:	[         ]
	 	 
	Effective
    Date:	[         ][;
    provided that Counterparty shall have the right to terminate the Transaction by notice in writing (which, for the avoidance
    of doubt, shall include email) to Dealer at any time prior to 9:00 a.m., New York City time, on such date, in which case (x)
    the Transaction and all of the respective rights and obligations of Dealer and Counterparty under the Transaction shall be
    cancelled and terminated and (y) each of 

 

    24

     

    

  

	 	Dealer and Counterparty shall be released and discharged by the other party from,
    and agrees not to make any claim against the other party with respect to, any obligations or liabilities of the other party
    arising out of or to be performed in connection with, the Transaction either prior to or after such date of termination (including,
    without limitation, the payment of any hedging costs incurred by Dealer, any obligations arising in connection with an Extraordinary
    Event or any obligations arising upon the occurrence of an Event of Default or an Additional Termination Event).]

  

	Closing
    Price:	The
    closing price per Share for the regular trading session (including any extensions thereof) of the Exchange on the Share Reference
    Date, as determined by the Calculation Agent based on Bloomberg page “AET.N <equity> QR <GO>” (or
    any successor thereto) at 4:15 p.m. New York time (or 15 minutes following the end of any extension of the regular trading
    session of the Exchange) on the Share Reference Date, or if such price is not so reported on the Share Reference Date for
    any reason or the reported price is manifestly erroneous, the Closing Price shall be as commercially reasonably determined
    by the Calculation Agent.
	 	 
	Share
    Reference Date:	The
    Exchange Business Day immediately prior to the Pricing Period Commencement Date.
	 	 
	Prepayment
    Amount:	USD
    [   ]
	 	 
	Prepayment
    Date:	[             ]
	 	 
	Reference
    Price Adjustment Amount:	[  ]%,
    multiplied by the Closing Price.
	 	 
	First
    Optional Termination Date:	[             ]
	 	 
	Scheduled
    Termination Date:	[             ]
	 	 
	Initial
    Share Number:	A
    number of Shares equal to [  ]% of the Prepayment Amount divided by the Closing Price, rounded up to the
    nearest whole Share; provided that, notwithstanding anything to the contrary in the Agreement, in the Master Confirmation
    or herein, any failure by Dealer to deliver the Initial Share Number on the Initial Settlement Date, in whole or in part,
    shall not constitute a Potential Event of Default or Event of  

 

    25

     

    

 

	 	Default under the Agreement (under Section 5(a)(i) or otherwise). Instead, any
    such failure, whether in whole or in part, if not remedied on or before the Exchange Business Day after notice of such failure
    is given to Dealer, shall constitute an Additional Termination Event, with Dealer as the sole Affected Party and the Transaction
    as the sole Affected Transaction.
	 	 
	Initial Settlement Date:	[              ]
	 	 
	Ordinary Dividend:	USD [    ]
	 	 
	Scheduled Ex-Dividend Date:	[              ]
	 	 
	Termination Price:	[              ]
	 	 
	Additional Relevant Days:	[              ]
	 	 
	Dealer Share Delivery Cap:	[              ]1

 

3.     Calculation Dates:

 

	1. 	 	2.
    	 	3.
    	 
	4.
    	 	5. 	 	6. 	 
	7.
    	 	8. 	 	9. 	 
	10.	 	11.	 	12.	 
	13.	 	14.	 	15.	 
	16.	 	17.	 	18.	 
	19.	 	20.	 	21.	 
	22.	 	23.	 	24.	 

 

 

1 To Be Equal To 25% Of Total Shares
Outstanding.

 

    26

     

    

 

	25.	 	26.	 	27.	 
	28.	 	29.	 	30.	 
	31.	 	32.	 	33.	 
	34.	 	35.	 	36.	 
	37.	 	38.	 	39.	 
	40.	 	41.	 	42.	 
	43.	 	44.	 	45.	 
	46.	 	47.	 	48.	 
	49.	 	50.	 	51.	 
	52.	 	53.	 	54.	 
	55.	 	56.	 	57.	 
	58.	 	59.	 	60.	 
	61.	 	62.	 	63.	 
	64.	 	65.	 	66.	 

 

    27

     

    

	67.	 	68.	 	69.	 
	70.	 	71.	 	72.	 
	73.	 	74.	 	75.	 
	76.	 	77.	 	78.	 
	79.	 	80.	 	81.	 
	82.	 	83.	 	84.	 

 

  If
necessary, the Calculation Agent may add additional Calculation Dates beginning with [     ] and continuing with every other Scheduled
Trading Day thereafter.

 

4.      
In addition to the covenants in the Agreement, in the Master Confirmation and herein, Dealer agrees to use commercially reasonable
efforts, during any Settlement Period or Seller Termination Purchase Period for any Transaction, to make all purchases of Shares
in connection with such Transaction in a manner that would comply with the limitations set forth in clauses (b)(2), (b)(3) and
(b)(4) of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (“Rule 10b-18”), as if such rule were
applicable to such purchases and taking into account any applicable Securities and Exchange Commission no-action letters, as appropriate,
and subject to any delays between the execution and reporting of a trade of the Shares on the Exchange and other circumstances
beyond Dealer’s control.

 

Please
indicate your acknowledgment of the above by signing and returning to us a copy of this Supplemental Confirmation.

 

 

    28

     

    

 

 

	 	Very truly yours, 
	 	 
	 	BANK OF AMERICA, N.A.
	 	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Authorized Representative

 

Acknowledged:

 

AETNA INC.

 

 

	By:		 
	Name:  	 	 
	Title:	 	 

 

 

    29

     

    

ANNEX
B

 

Counterparty
Settlement Provisions

 

1.            The
following Counterparty Settlement Provisions shall apply to the extent indicated under the Master Confirmation:

 

	Settlement Currency:	USD
	 	 
	Settlement Method Election:	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and replacing it with the words “Net Share” and (ii) the Electing Party may make a settlement method election only if the Electing Party represents and warrants to Dealer in writing on the date it notifies Dealer of its election that, as of such date, the Electing Party is not aware of any material non-public information concerning Counterparty or the Shares and is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws.
	 	 
	Electing Party:	Counterparty
	 	 
	Settlement Method 	 
	Election Date:	The earlier of (i) the Scheduled Termination Date and (ii) the second Exchange Business Day immediately following the Pricing Period Termination Date (in which case the election under Section 7.1 of the Equity Definitions shall be made no later than 10 minutes prior to the open of trading on the Exchange on such second Exchange Business Day), as the case may be; provided that if a Friendly Transaction Announcement occurs after the Settlement Date, the Settlement Method Election Date for the Second Settlement shall be the date of the Friendly Transaction Announcement.
	 	 
	Default Settlement Method:	Net Share Settlement
	 	 
	Forward Cash Settlement 	 
	Amount:	The Number of Shares to be Delivered multiplied by the Settlement
Price; provided that in the case of a Second Settlement occurring after an early termination or cancellation of the relevant
Transaction pursuant to Section 6 of the Agreement or Article 12 of the Equity Definitions, the Forward Cash Settlement Amount
shall equal the lesser of (i) zero and (ii)(x) the Payment Amount that would have been calculated for such early termination or
cancellation if the definition of Valuation Amount were replaced with “For each Transaction, the Reference Price.”, as determined by the Calculation Agent minus (y) the actual Payment Amount calculated for such early termination or cancellation

 

 

    30

     

    

 

	 	(in each case, with an amount that would have been owed by Counterparty
expressed as a negative number for purposes of this calculation).
	 	 
	Settlement Price:	An amount equal to the average of the Rule 10b-18 VWAPs (or, in the case of a Second Settlement, the Relevant Prices) for the Calculation Dates in the Settlement Period, subject to Pricing Disruption as specified in the Master Confirmation or, in the case of a Second Settlement, subject to Section 6.6(a) of the Equity Definitions as if such dates were Valuation Dates.
	 	 
	Settlement Period:	A number of Scheduled Trading Days selected by Dealer in its commercially reasonable discretion, beginning on the Scheduled Trading Day immediately following the earlier of (i) the Scheduled Termination Date or (ii) the Scheduled Trading Day immediately following the Pricing Period Termination Date or, in the case of a Second Settlement, the date of the Friendly Transaction Announcement. 
	 	 
	Cash Settlement:	If Cash Settlement is applicable, then Buyer shall pay to Dealer the absolute value of the Forward Cash Settlement Amount on the Cash Settlement Payment Date. 
	Cash Settlement 	 
	Payment Date:	The date one Settlement Cycle following the last day of the Settlement Period.
	 	 
	Net Share Settlement	 
	Procedures:	If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs 2 through 7 below.  

 

 

2.            Net
Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number of Shares satisfying the conditions
set forth in paragraph 3 below (the “Registered Settlement Shares”), or a number of Shares not satisfying such
conditions (the “Unregistered Settlement Shares”), in either case with a value equal to the absolute value
of the Forward Cash Settlement Amount, with such Shares’ value based on the value thereof to Dealer (which value shall,
in the case of Unregistered Settlement Shares, take into account a commercially reasonable illiquidity discount), in each case
as determined by the Calculation Agent. Notwithstanding Counterparty’s election (or deemed election) of Net Share Settlement,
if all of the conditions for delivery of either Registered Settlement Shares or Unregistered Settlement Shares have not been met,
Cash Settlement shall be applicable in accordance with paragraph 1 above.

 

3.            Counterparty
may only deliver Registered Settlement Shares pursuant to paragraph 2 above if:

 

(a)a
registration statement covering public resale of the Registered Settlement Shares by Dealer (the “Registration Statement”)
shall have been filed with the Securities and Exchange Commission under the Securities Act and been declared or otherwise become
effective on or prior to the date of delivery, and no stop order shall be in effect with respect to the Registration Statement;
a printed

    31

     

    

 prospectus relating to the Registered Settlement Shares (including, without limitation, any prospectus supplement thereto,
the “Prospectus”) shall have been delivered to Dealer, in such quantities as Dealer shall reasonably have requested,
on or prior to the date of delivery;

 

(b)       the
form and content of the Registration Statement and the Prospectus (including, without limitation, any sections describing the
plan of distribution) shall be satisfactory to Dealer;

 

(c)       as
of or prior to the date of delivery, Dealer and its agents shall have been afforded a reasonable opportunity to conduct a due
diligence investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities by issuers
of comparable size to Counterparty and in the same industry as Counterparty and the results of such investigation are satisfactory
to Dealer, in its good faith discretion; and

 

(d)       as
of the date of delivery, an agreement (the “Underwriting Agreement”) shall have been entered into with Dealer
in connection with the public resale of the Registered Settlement Shares by Dealer substantially similar to underwriting agreements
customary for underwritten offerings of equity securities by issuers of comparable size to Counterparty and in the same industry
as Counterparty, in form and substance reasonably satisfactory to Dealer, which Underwriting Agreement shall include, without
limitation, provisions substantially similar to those contained in such underwriting agreements relating, without limitation,
to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and the provision of
customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters.

 

4.             If
Counterparty delivers Unregistered Settlement Shares pursuant to paragraph 2 above:

 

(a)       all
Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of Dealer designated by Dealer) pursuant to the
exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof;

 

(b)       as
of or prior to the date of delivery, Dealer and any potential purchaser of any such Shares from Dealer (or any affiliate of Dealer
designated by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for private placements of equity securities by issuers of comparable
size to Counterparty and in the same industry as Counterparty (including, without limitation, the right to have made available
to them for inspection all financial and other records, pertinent corporate documents and other information reasonably requested
by them);

 

(c)       as
of the date of delivery, Counterparty shall enter into an agreement (a “Private Placement Agreement”) with
Dealer (or any affiliate of Dealer designated by Dealer) in connection with the private placement of such Shares by Counterparty
to Dealer (or any such affiliate) and the private resale of such Shares by Dealer (or any such affiliate), substantially similar
to private placement purchase agreements customary for private placements of equity securities by issuers of comparable size to
Counterparty and in the same industry as Counterparty, in form and substance commercially reasonably satisfactory to Dealer, which
Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private
placement purchase agreements relating, without limitation, to the indemnification of, and contribution in connection with the
liability of, Dealer and its affiliates and shall provide for Counterparty to use its best efforts to deliver documentation appropriate
and customary for private placements of equity securities of similar size by similar companies to Counterparty, and shall provide
for the payment by Counterparty of all reasonable, out-of-pocket fees and expenses in connection with such resale, including,
without limitation, all reasonable fees and expenses of outside counsel for Dealer, and shall contain representations, warranties,
covenants and agreements of Counterparty reasonably necessary or advisable to establish and maintain the availability of an exemption
from the registration requirements of the Securities Act for such resales; and

 

    32

     

    

(d)       in
connection with the private placement of such Shares by Counterparty to Dealer (or any such affiliate) and the private resale
of such Shares by Dealer (or any such affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with
Dealer, a private placement memorandum in form and substance reasonably satisfactory to Dealer and customary for private placements
of equity securities of similar size by similar companies to Counterparty.

 

5.             Dealer,
itself or through an affiliate (the “Selling Agent”) or any underwriter(s), will sell, in a commercially reasonable
manner over a commercially reasonable period of time, all, or such lesser portion as may be required hereunder, of the Registered
Settlement Shares or Unregistered Settlement Shares and any Makewhole Shares (as defined below) (together, the “Settlement
Shares”) delivered by Counterparty to Dealer pursuant to paragraph 6 below commencing on the Cash Settlement Payment
Date and continuing until the date on which the aggregate Net Proceeds (as such term is defined below) of such sales, as determined
by Dealer in a commercially reasonable manner, is equal to the absolute value of the Forward Cash Settlement Amount (such date,
the “Final Resale Date”). If the proceeds of any sale(s) made by Dealer, the Selling Agent or any underwriter(s),
net of any fees and commissions (including, without limitation, underwriting or placement fees) customary for similar transactions
under the circumstances at the time of the offering, together with carrying charges and expenses incurred in connection with the
offer and sale of the Shares (including, without limitation, the covering of any over-allotment or short position (syndicate or
otherwise)) (the “Net Proceeds”) exceed the absolute value of the Forward Cash Settlement Amount, Dealer will
refund, in USD, such excess to Counterparty on the date that is two (2) Currency Business Days following the Final Resale Date,
and, if any portion of the Settlement Shares remains unsold, Dealer shall return to Counterparty on that date such unsold Shares.

 

6.             If
the Calculation Agent determines that the Net Proceeds received from the sale of the Registered Settlement Shares or Unregistered
Settlement Shares or any Makewhole Shares, if any, pursuant to this paragraph 6 are less than the absolute value of the Forward
Cash Settlement Amount (the amount in USD by which the Net Proceeds are less than the absolute value of the Forward Cash Settlement
Amount being the “Shortfall” and the date on which such determination is made, the “Deficiency Determination
Date”), Counterparty shall on the Exchange Business Day next succeeding the Deficiency Determination Date (the “Makewhole
Notice Date”) deliver to Dealer, through the Selling Agent, a notice of Counterparty’s election that Counterparty
shall either (i) pay an amount in cash equal to the Shortfall on the day that is two (2) Currency Business Days after the Makewhole
Notice Date, or (ii) deliver to Dealer additional Shares. If Counterparty elects to deliver to Dealer additional Shares,
then Counterparty shall deliver additional Shares in compliance with the terms and conditions of paragraph 3 or paragraph 4 above,
as the case may be (the “Makewhole Shares”), on the second Clearance System Business Day that is also an Exchange
Business Day following the Makewhole Notice Date in such number as the Calculation Agent determines would have a market value
on that Exchange Business Day equal to the Shortfall. Such Makewhole Shares shall be sold by Dealer in accordance with the provisions
above; provided that if the sum of the Net Proceeds from the sale of the originally delivered Shares and the Net Proceeds
from the sale of any Makewhole Shares is less than the absolute value of the Forward Cash Settlement Amount then Counterparty
shall, at its election, either make such cash payment or deliver to Dealer further Makewhole Shares until such Shortfall has been
reduced to zero.

 

7.             Notwithstanding
the foregoing, in no event shall the aggregate number of Settlement Shares and Makewhole Shares be greater than the Reserved Shares
minus the amount of any Shares actually delivered by Counterparty under any other Transaction(s) under this Master Confirmation
(the result of such calculation, the “Capped Number”). Counterparty represents and warrants (which shall be
deemed to be repeated on each day that a Transaction is outstanding) that the Capped Number is equal to or less than the number
of Shares determined according to the following formula:

 

A – B

 

		Where	A =
                                         the number of authorized but unissued Shares of Counterparty that are not reserved for
                                         future issuance on the date of the determination of the Capped Number; and

 

    33

     

    

B
= the maximum number of Shares required to be delivered to third parties if Counterparty elected Net Share Settlement of all transactions
in the Shares (other than Transactions in the Shares under this Master Confirmation) with all third parties that are then currently
outstanding and unexercised.

 

“Reserved
Shares” means initially, 26,119,994 Shares. The Reserved Shares may be increased or decreased in a Supplemental Confirmation.

    34Exhibit

SEPARATION AGREEMENT
This Separation Agreement (this “Agreement”) by and between Cimpress USA Incorporated, which has offices at 275 Wyman Street, Waltham, MA 02451, and Donald R. Nelson (“Executive”) is effective as of seven days from the date of Executive’s signature below (the “Effective Date”).  As used in this Agreement, the term “Cimpress” means Cimpress USA Incorporated when referencing Executive’s employer and Cimpress N.V. and its subsidiaries and affiliates (including, without limitation, Cimpress USA Incorporated) in all other contexts.

WHEREAS, Executive and Cimpress N.V. entered into an Amended and Restated Executive Retention Agreement in 2009 (the “Executive Retention Agreement”);
WHEREAS, Cimpress has determined to terminate Executive’s employment in connection with a reorganization of Cimpress’ overall global organizational structure;
WHEREAS, Cimpress and Executive desire to enter into this agreement to resolve any issues between them arising from Executive’s employment and/or the termination of Executive’s employment and also to continue Executive’s employment with Cimpress through February 28, 2017 (the “Separation Date”); and
WHEREAS, Cimpress has advised Executive that if he declines to enter into this Agreement, he will not be entitled to receive the additional compensation and benefits described herein.
NOW, THEREFORE, in consideration of the agreements, covenants, promises and releases contained herein and such other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows.
		
	1.
	Transition Period.  

(a)    Cimpress and Executive agree that Executive will remain employed by Cimpress from the date of this Agreement through the Separation Date (the “Transition Period”).  During the Transition Period, Executive will continue to receive from Cimpress his base salary at the rate that was in effect immediately before the notification of termination (the “Base Salary”), and will continue to receive from Cimpress the level of fringe benefits and equity vesting to which Executive was entitled immediately before the notification of termination, subject to changes required in accordance with Cimpress’ normal policies and practices, benefit plans and written agreements regarding equity.
(b)    Effective as of the Separation Date, Executive’s employment relationship with Cimpress will automatically and immediately terminate.  Except as set forth below, all Company benefits, including, without limitation, life insurance, short term disability and long term disability, will terminate automatically upon Executive’s last day of employment.  Cimpress will pay to Executive all earned and unpaid salary and/or wages and all accrued and unpaid vacation pay on or within the legally required time following his last day of employment with Cimpress.
2.Severance Benefits.  If Executive does not revoke this Agreement as provided for in Section 10 below and complies with all other terms and conditions of this Agreement, Cimpress shall pay or otherwise provide to Executive the following severance benefits at the times set forth below (or, if this Agreement is not yet effective, as soon as practicable following the Effective Date):
(a)    Cimpress shall make a severance payment to Executive in the amount of $700,000, which equals 12 months of Base Salary, within thirty (30) days following the Separation Date. 

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(b)    Cimpress shall pay one hundred percent (100%) of the COBRA premium incurred by Executive with respect to the continuation of his current health care coverage for the period commencing March 1, 2017 and ending February 28, 2018; provided, however, that Cimpress’ obligations under this subsection shall cease in the event Executive obtains new employment and Executive becomes eligible to participate in his new employer’s group healthcare plan.  If Executive obtains new employment before the end of the Severance Pay Period, he shall promptly give written notice of such eligibility to the Cimpress contact person identified below the Cimpress signature block at the bottom of this Agreement (“Cimpress Contact Person”).  
(c)    Cimpress shall accelerate the vesting of Cimpress restricted share units (“RSUs”) held by Executive that, under the terms of the respective RSU agreements, are scheduled to vest during the period commencing March 1, 2017 and ending February 28, 2018, so that such RSUs will be fully vested as of February 28, 2017; provided, however, that in no event will such RSUs be made available to the Executive before the Effective Date.  Executive understands and acknowledges that the vesting of RSUs representing a total of 7,650 Cimpress shares is expected to be accelerated under this subsection.  
(d)    Cimpress shall accelerate the vesting of all Cimpress premium-priced share options (“PPSOs”) held by Executive that, under the terms of the respective share option agreements, are scheduled to vest during the period commencing March 1, 2017 and ending February 28, 2018, so that such PPSOs will be fully vested as of February 28, 2017; provided, however, that in no event shall such accelerated PPSOs be made available to the Executive before the Effective Date.  Executive understands and acknowledges that the vesting of PPSOs to purchase a total of 27,167 Cimpress shares is expected to be accelerated under this subsection.  Further, and after giving effect to the accelerated vesting described in this subsection, Cimpress shall extend to December 31, 2017 (but no later than the original expiration date of such options) the deadline for exercising all vested and unexercised PPSOs and any other Cimpress nonqualified share options (collectively with PPSOs, “NSOs”) held by Executive at February 28, 2017. 
(e)    Cimpress shall accelerate the service-based vesting of 25% of the Cimpress N.V. performance share units (“PSUs”) held by Executive (rounded to a whole share), so that such accelerated PSUs will be vested (from a service time standpoint only) as of February 28, 2017; provided, however, that in no event will such PSUs be made available to Executive before the Effective Date.  For avoidance of doubt, no changes will be made to the performance conditions (as described in section 3 of the PSU agreement) applicable to such PSUs and such PSUs will settle only at the time, and subject to the conditions, set forth in the PSU agreement.
(f)    Cimpress shall make a one-time, lump sum payment to Executive in the amount of $50,000 to defray incidental and miscellaneous expenses that may be incurred by Executive in connection with his departure from Cimpress.  Cimpress shall make such payment within thirty (30) days following the Separation Date.
(g)    Cimpress shall arrange for Executive to receive, at Cimpress’ expense, outplacement services from an outplacement services firm selected and engaged by Cimpress (the “Outplacement Services”).  The Outplacement Services shall be provided during the period commencing within a reasonable time following Effective Date and ending upon the earlier of (i) Executive’s acceptance of new employment and (ii) February 28, 2018.  No cash payments will be made to Executive in the event Executive elects not to utilize any or all of the outplacement services.
The payments and benefits described in the subsections immediately above are referred to collectively as the “Severance Benefits.”  The Severance Benefits will be paid or otherwise provided subject to all applicable tax withholdings.  If Executive has executed this Agreement prior to the Separation Date, then 

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as a further condition to Executive’s eligibility to receive the Severance Benefits, Executive shall execute and deliver to Cimpress (to the attention of the Cimpress contact person identified below the Cimpress signature block at the bottom of this Agreement (“Cimpress Contact Person”)), within the five (5) business day period following his last day of employment, a release dated on or after the last day of his employment in the form of Exhibit A hereto (which, for avoidance of doubt, shall supplement and is in addition to the general release set forth in Section 7 below).
3.Cancellation of Prior Severance-Related Agreements.  Effective as of the Effective Date, this Separation Agreement supersedes and replaces all prior agreements between Executive and Cimpress relating to severance or similar benefits payable to Executive or otherwise relating to the rights and obligations of the parties in connection with or in any way relating the termination of Executive’s employment, including, without limitation, the Executive Retention Agreement, which is cancelled and shall have no further or continuing force or effect from and after the Effective Date.  Without limiting the preceding sentence, Executive acknowledges and agrees that (i) from and after the Effective Date, he is not entitled to any severance, payments or other benefits relating to or arising from the termination of his employment under the Executive Retention Agreement, and (ii) the Severance Benefits exceed the aggregate value of the benefits that he would have been entitled to receive under the Executive Retention Agreement had such Executive Retention Agreement remained in force and effect. 
4.Certain Executive Acknowledgements.  Executive understands and acknowledges that, owing to his separation from employment with Cimpress as of the Separation Date, (i) all of Executive’s rights to participate in and receive payouts under any and all existing or future Cimpress long-term incentive compensation plans and programs (collectively, “Cimpress LTI programs”) will terminate effective on the Separation Date, and accordingly he will not be eligible to receive a payout under Cimpress’ LTI programs (including, without limitation, the LTI cash retention bonus program) in respect of Cimpress’ 2017 fiscal year, or in respect of any subsequent fiscal year; and (ii) all unvested NSO, RSUs and PSUs held by Executive on the Separation Date (after giving effect to the accelerations contemplated in Section 2 above, including that the accelerated PSUs under Section 2(f) above will remain outstanding and subject to the performance and other conditions set forth in the PSU agreement), will be forfeited in accordance with their terms.  Executive further acknowledges that except for the NSOs, RSUs and PSUs awarded to him by Cimpress and reflected in Executive’s Cimpress-related E*TRADE stock plan account, he holds no NSOs, RSUs, PSUs or other rights to purchase or otherwise acquire Cimpress N.V. shares (or any Cimpress N.V. affiliate).  For avoidance of doubt, clause (i) above does not apply to or limit the “in lieu of” payment described in Section 2 above.
5.Non-Disclosure, Non-Competition and Non-Solicitation Obligations.  Subject to Section 8 below, Executive acknowledges and reaffirms his obligation to keep confidential and not to disclose any and all non-public information concerning Cimpress that Executive acquired during the course of his employment with Cimpress, including, but not limited to, any non-public information concerning Cimpress’ business affairs, business prospects and financial condition, as is stated more fully in the Invention and Non-Disclosure Agreement that Executive previously executed, which remains in full force and effect.  Executive further acknowledges and reaffirms his obligations under the Non-Competition and Non-Solicitation Agreement that Executive previously executed for the benefit of Cimpress, which also remains in full force and effect.  The Invention and Non-Disclosure Agreement and Non-Competition and Non-Solicitation Agreement are collectively referred to as the “Ancillary Agreements.”
6.Return of Company Property.  Executive agrees and warrants that on or before his last day of employment with Cimpress, Executive will return to Cimpress all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc.), Cimpress identification, and any other Cimpress-owned 

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or Cimpress-leased property in his possession or control and will leave intact all electronic Cimpress documents, records and files, including but not limited to those that Executive developed or helped to develop during his employment with Cimpress.  Executive further agrees and warrants that on or before his last day of employment with Cimpress, he will have cancelled all accounts for his benefit, if any, in Cimpress’ name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or pager accounts and computer accounts.  In addition, Executive agrees and warrants that on or before his last day of employment with Cimpress, Executive will have transferred to Cimpress all rights in and control over (including all logins, passwords and the like) any and all accounts, social media accounts, subscriptions and/or registrations, electronic or otherwise, that Executive opened and/or maintained in his own name, but on behalf of or for the benefit of Cimpress, during the course of his employment and not access or do anything that may directly or indirectly inhibit or prevent Cimpress from accessing any and all of the accounts, social media accounts, subscriptions and/or registrations.  Executive agrees that, in the event that any such transfers have not been fully effected as of the last day of his employment with Cimpress, Executive will execute such instruments and other documents and take such other steps as Cimpress may reasonably request from time to time in order to complete the transfer of any such accounts, subscriptions and/or registrations.
7.General Release and Waiver of All Claims.  
(a)    In consideration of the compensation and other benefits provided for in this Agreement, which Executive acknowledges he would not otherwise be entitled to receive, Executive hereby fully, forever, irrevocably and unconditionally releases, remises and discharges Cimpress USA Incorporated, its corporate affiliates (including, without limitation, Cimpress N.V.) and its and their respective officers, directors, employees, stockholders, subsidiaries, parent companies, agents and representatives (each in their individual and corporate capacities) (hereinafter, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities and expenses (including attorneys’ fees and costs), in each case of every kind and nature which Executive has ever had or now has against the Released Parties in any way arising out of or relating to his employment with Cimpress, the termination of his employment with Cimpress and/or any other dealings Executive has had with Cimpress, including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code; the Employee Retirement Income Security Act; the Immigration Reform Control Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act (“ADEA”); the Older Workers Benefits Protection Act; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act; the Genetic Information Nondiscrimination Act; the Worker Adjustment and Retraining Act; the Occupational Safety and Health Act; the Family and Medical Leave Act; the Massachusetts Law Against Discrimination, M.G.L. c. 151B; the Massachusetts Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I; the Massachusetts Privacy Statute, M.G.L. c. 214, §1B; the Massachusetts Wage Act (Massachusetts law regarding payment of wages and overtime), M.G.L. c. 149, §§ 148 and 150; Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102 and Mass. Gen. Laws ch. 214, § 1C; the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq.; the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D; and the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D (each of the foregoing statutes and regulations as amended); any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; any public policy, contract, tort, or common law; and any allegation for costs, fees or other expenses including attorneys’ fees incurred in these matters.  This General Release and Waiver of All Claims specifically includes, but is not limited to:  any and all back pay, front pay, compensatory, exemplary, punitive and liquidated damages; all common law claims including, but not limited to, actions in tort, defamation and breach of contract; all claims to any non-vested ownership interest in Cimpress, 

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contractual or otherwise, including, but not limited to, claims to shares, restricted share units, performance share units, share options or any other equity rights; and any claim or damage arising out of Executive’s employment with or separation from Cimpress (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that this General Release and Waiver of All Claims does not cover claims that cannot be waived as a matter of law, including claims under the unemployment compensation and workers’ compensation statutes and as set forth in Section 8 below.  This General Release and Waiver of All Claims shall not affect any of Executive’s vested rights in Cimpress’ 401(k) plan, or employee equity plan, all of which shall be governed by the terms of said plans.
(b)    Executive understands and agrees that the claims released in this Section 7 include not only claims presently known to him, but also all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities and causes of action of every kind and character that would otherwise come within the scope of the released claims as described in this Section 7.  Executive understands that he may hereafter discover facts different from what Executive now believes to be true that, if known, could have materially affected this Agreement, but Executive nevertheless waives and releases any claims or rights based on different or additional facts.
(c)    The amounts described in Sections 1 and 2 above shall be complete and unconditional payment, accord and/or satisfaction with respect to all obligations and liabilities of the Released Parties to Executive, including, without limitation, all claims for back wages, salary, vacation pay, incentive pay, bonuses, equity awards, commissions, severance pay, reimbursement of expenses, any and all other forms of compensation or benefits, attorney's fees and other costs or sums. 
(d)    Cimpress agrees that Executive is not releasing any claims or rights Executive may have for indemnification under applicable law or any governing document of Cimpress or any Cimpress affiliate, or under any indemnification agreement with Cimpress or under any insurance policy providing directors’ and officers’ coverage for any lawsuit or claim relating to the period when Executive was a director, officer, or Executive of Cimpress or any Cimpress affiliate; provided, however, that (i) this acknowledgement is not a concession, acknowledgment, or guaranty that Executive has any such rights to indemnification or coverage, (ii) this Agreement does not create any additional rights for Executive to indemnification or coverage, and (iii) Cimpress retains any defenses it may have to such indemnification or coverage.
8.Preservation of Rights.  The parties agree that nothing contained in this Agreement (including Exhibit A hereto) or the Ancillary Agreements limits the Executive’s right to file a charge or complaint with or to report possible violations of federal or state law to any federal or state governmental agency (including, without limitation, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration and the Securities and Exchange Commission).  Executive further understands that nothing in this Agreement (including Exhibit A hereto) or the Ancillary Agreements limits Executive’s right (i) to provide information or documents to (including documents protected by Section 5 above) or otherwise communicate with such governmental agencies, or to participate in any investigation or proceeding that may be conducted by such governmental agencies, in each case without notice to Cimpress, or (ii) to receive or fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a governmental agency.  
9.Representations.  Executive represents that: (i) he understands he is waiving the various claims he could have asserted against Cimpress in connection with his employment with Cimpress and the termination of his employment with Cimpress, including, without limitation, under the ADEA and the other laws specified in Section 7 above; (ii) he has read this Agreement, including the release set forth in 

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Section 7 above, carefully and understands all of its provisions; (iii) he understands that rights or claims under the ADEA which may arise after the date this Agreement is executed are not waived by him; (iv) he understands that Cimpress advises Executive to consult with an attorney before signing this Agreement and to the extent that Executive desired, he availed himself or herself of this right; (v) the benefits are above and beyond the payments or benefits otherwise owed to Executive under the terms of his employment with Cimpress or required by law; (vi) he understands and agrees that Cimpress provided this Agreement to Executive on January 27, 2017 and that he has forty-five (45) days from such date to consider, sign and return this Agreement, including the release set forth in Section 7 above, and that any changes to this Agreement made subsequent to such date, whether material or immaterial, do not restart the running of such forty-five (45) day period; and (vii) he has received and understands the employee table attached as Annex 1 to this Agreement.  
10.Right to Revoke.  Executive may revoke his acceptance of this Agreement, including the release set forth in Section 7 above if, within seven (7) days after he signs this Agreement, he delivers a notice of revocation to Cimpress.  To be effective, such revocation must be hand delivered, mailed, emailed or mailed by certified mail, return receipt requested, before the expiration of the seven (7) day period to the Cimpress Contact Person.  If Executive does not so revoke, this Agreement will become a binding agreement between Executive and Cimpress upon the expiration of such seven (7) day period.  Executive understands and acknowledges that if he revokes this Agreement, he will not be entitled to receive the Severance Benefits and Cimpress will have no obligation to perform any or all of its commitments and obligations under this Agreement.
11.Non-Disparagement.  Executive understands and agrees that as a condition of his receipt of the compensation and other benefits provided to Executive under this Agreement, he shall not make any false, disparaging or derogatory statement to any person or entity, including any media outlet, regarding Cimpress or any of its directors, officers, employees, agents or representatives or about Cimpress’ business affairs or financial condition.  For the avoidance of doubt, this Section 11 applies to any statement that has or reasonably could be expected to have an adverse effect on Cimpress’ business or reputation.  Notwithstanding the foregoing, this Section 11 does not apply to any statements or other communications covered by or contemplated in Section 8 above.
12.Cooperation.  During the remainder of Executive’s employment with Cimpress and for a period of one (1) year following the termination of his employment, Executive agrees that he will reasonably cooperate with Cimpress and its counsel, at Cimpress’ expense, in connection with any investigation, administrative proceeding or litigation conducted or defended by Cimpress.  Executive agrees that, in the event that he is subpoenaed or otherwise required by any person or entity to give testimony (in a deposition, court proceeding or otherwise) that in any way relates to his employment with Cimpress, Executive will give prompt written notice of such request to the Cimpress general counsel and will make no disclosure until Cimpress has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.  Notwithstanding the foregoing, this Section 12 does not apply to any investigation, administrative proceeding or litigation described or contemplated in Section 8 above.
13.Confidentiality.  Executive understands and agrees that, to the fullest extent permitted by applicable law and except as provided for in Section 8 above, the amounts and types of Severance Benefits provided for in this Agreement shall be maintained as strictly confidential by Executive and his agents and representatives and shall not be disclosed except to his immediate family, financial advisors, accountants, taxing authorities, unemployment office, mortgage lenders/bank personnel and/or attorney, and to the extent required by federal or state law, including a subpoena, or as otherwise agreed to in writing by Cimpress.  

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14.Resignation from Cimpress Positions.  To the extent not already effected prior to the execution of this Agreement, Executive agrees to promptly execute and deliver to Cimpress all such resignation letters, instruments or other documents as may be reasonably requested by Cimpress to effect Executive’s immediate resignation from all directorships, offices and other positions held by Executive within any Cimpress subsidiary or affiliate. 
15.Nature of Agreement.  Executive understands and agrees that this Agreement is a severance agreement and does not constitute an admission by Cimpress of liability or wrongdoing of any kind on its part. 
16.References.  Cimpress agrees that Executive may direct any prospective employer to the Cimpress Contact Person for a factual reference that will be limited to confirming Executive’s dates of employment and last title. Further, if following the termination of his employment with Cimpress Executive files a claim for unemployment insurance benefits with the Massachusetts Division of Unemployment assistance (“DUA”), Cimpress agrees that it will report in response to DUA inquiry that (i) Executive’s termination was involuntary due to role elimination and (ii) Executive signed a release of claims required to receive all severance benefits.
17.Amendment.  This Agreement shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties hereto.  This Agreement is binding upon and shall inure to the benefit of the parties and their respective agents, assigns, heirs, executors, successors and administrators.
18.No Waiver.  No delay or omission by either party in exercising any right under this Agreement shall operate as a waiver of that or any other right.  A waiver or consent given by a party on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.
19.Validity.  Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal and/or invalid part, term or provision shall be deemed not to be a part of this Agreement.
20.Voluntary Assent.  Executive affirms that no other promises or agreements of any kind have been made to or with him by any person or entity whatsoever to cause him to sign this Agreement, and that Executive fully understand the meaning and intent of this Agreement. 
21.Section 409A.  Neither Cimpress nor Executive may elect to defer delivery of any of the payments to be made under this Agreement.  If any of the Severance Benefits is considered “nonqualified deferred compensation” within the meaning of Section 409A of the U.S. Internal Revenue Code (“Section 409A”), and Executive is considered a “specified employee” within the meaning of Section 409A, then notwithstanding the other provisions of this Agreement, no such Severance Benefits shall be paid to Executive during the six-month period following Executive’s termination of employment; provided, however, that such Severance Benefits may be paid immediately following the death of the Executive and such Severance Benefits shall be paid in a lump sum immediately upon the expiration of such six‐month period; and provided further, if not prohibited by Section 409A, such Severance Benefits shall, upon the Separation Date, be paid into an escrow account with a third party resonably acceptable to Executive, such escrow account to be subject to the claims of creditors of Cimpress and such Severance Benefits to be paid to Executive immediately upon the expiration of such six-month period.

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22.Governing Law; Forum.  This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without giving effect to any choice or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the Commonwealth of Massachusetts.  Any legal suit, action or proceeding arising out of or related to this Agreement shall be instituted exclusively in the federal courts of the United States sitting in Boston, Massachusetts or the courts of the Commonwealth of Massachusetts sitting in Middlesex County, Massachusetts, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.  Service of process, summons, notice or other document by mail to such party's address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. 
23.Entire Agreement. This Agreement, together with the Ancillary Agreements and agreements relating to equity awards between the Executive and Cimpress, contains and constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and cancels all previous oral and written negotiations, agreements, commitments and writings in connection therewith, including, without limitation, any such negotiations, agreements, commitments or writings relating to severance or other potential payments or benefits to Executive in the event of the termination of his employment with Cimpress.  Nothing in this section shall modify, cancel or supersede the obligations of Executive set forth in Section 5 herein.
IN WITNESS WHEREOF, the parties have executed this Separation Agreement on the dates set forth below and to be effective as of the Effective Date (as defined above). 
	
		
	CIMPRESS USA INCORPORATED

By:/s/Robert Keane
    Robert Keane
    Chief Executive Officer

Date:  2/17/17
	

/s/Donald R. Nelson
Donald R. Nelson

Date: 2/17/17

	 
	 

Cimpress Contact Person:

Ara Deirmendjian
Cimpress USA Incorporated
275 Wyman Street
Waltham, MA 02451
Tel. 781-652-6805
Email: ADeirmendjian@cimpress.com

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Exhibit A
GENERAL RELEASE OF CLAIMS
In consideration of the compensation and other benefits provided for in the Separation Agreement between Cimpress USA Incorporated (“Cimpress”) and me (the “Separation Agreement”), I, Donald R. Nelson, do hereby fully, forever, irrevocably and unconditionally release, remise and discharge Cimpress USA Incorporated, its corporate affiliates (including, without limitation, Cimpress N.V.), and its and their respective officers, directors, employees, stockholders, subsidiaries, parent companies, agents and representatives (each in their individual and corporate capacities) (hereinafter, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), in each case of every kind and nature which I have ever had or may now have against the Released Parties in any way arising out of or relating to my employment with Cimpress, the termination of my employment with Cimpress and/or any other dealings I have had with Cimpress, including, but not limited to:  all claims under Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code; the Employee Retirement Income Security Act; the Immigration Reform Control Act; the Fair Credit Reporting Act; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act; the Genetic Information Nondiscrimination Act; the Worker Adjustment and Retraining Act; the Occupational Safety and Health Act; the Family and Medical Leave Act; the Massachusetts Law Against Discrimination, M.G.L. c. 151B; the Massachusetts Civil Rights Act, MG.L. c. 12, §§11H and 11I; the Massachusetts Privacy Statute, M.G.L. c. 214, §1B; the Massachusetts Wage Act, M.G.L. c. 149, §§ 148 and 150; Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102 and Mass. Gen. Laws ch. 214, § 1C; the Massachusetts Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq.; the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D; and the Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D (each of the foregoing statutes and regulations as amended); any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance; any public policy, contract, tort, or common law; and any allegation for costs, fees or other expenses including attorneys’ fees incurred in these matters.  This General Release of Claims specifically includes, but is not limited to:  any and all back pay, front pay, compensatory, exemplary, punitive and liquidated damages; all common law claims including, but not limited to, actions in tort, defamation and breach of contract; all claims to any non-vested ownership interest in Cimpress N.V. or any of its subsidiaries and affiliates, contractual or otherwise, including, but not limited to, claims to shares, restricted share units, performance share units, share options or any other equity rights; and any claim or damage arising out of Employee’s employment with or separation from Cimpress (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that this General Release of Claims does not (i) cover claims that cannot be waived as a matter of law, including claims under the unemployment compensation and workers’ compensation statutes or (ii) limit my right to file a charge or complaint with or to report possible violations of federal or state law to any federal or state governmental agency or to receive or fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a governmental agency.  This General Release of Claims shall not affect any of my vested rights in Cimpress’ 401(k) plan, or employee equity plan, all of which shall be governed by the terms of said plans.  This General Release supplements and is in addition to the general release of claims contained within the Separation Agreement.
This General Release is executed as a sealed instrument on _______________________, 2017.
	
		
	 
	

__________________________________
Donald R. Nelson

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