Document:

Exhibit 10.1

 

SECOND AMENDMENT TO OPERATING AGREEMENT

 

This Second Amendment to Operating Agreement (this “Amendment”) is made this September 12, 2014, between Corinthian Colleges, Inc. and its wholly- and partially-owned subsidiaries (“Corinthian”) and the U.S. Department of Education (the “Department”). This Amendment amends the Operating Agreement executed July 3, 2014 and effective July 8, 2014, between Corinthian and the Department (the “Operating Agreement”), as previously amended.

 

Recitals

 

A.                                    WHEREAS, the intent of the parties in entering into the Operating Agreement is to provide Corinthian students an opportunity to complete their education without material interruption, change or additional cost;

 

B.                                    WHEREAS, Section VI.F of the Operating Agreement calls for Corinthian and the Department to work together to establish a reserve fund of no less than $30 million to be placed into an interest bearing account to be used exclusively for student refunds;

 

C.                                    WHEREAS, the Department and Corinthian, in consideration of the importance of maintaining educational programs for students enrolled at Corinthian schools, progress made by Corinthian to sell schools to new owners, and the positive impact such sales would have on potential student refund liabilities, have agreed to establish the reserve fund under the terms and conditions set forth herein.

 

Agreement

 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein, Corinthian and the Department hereby agree as follows:

 

1.              Escrow Agreement.  The parties are concurrently contracting with an escrow agent (the “Escrow Agent”) pursuant to a mutually agreeable escrow agreement (the “Escrow Agreement”) to hold the funds deposited pursuant to this understanding. Corinthian is depositing on the date hereof the initial deposit as described in Section 2 below in the escrow account (the “Escrow Account”) established pursuant to the Escrow Agreement.

 

2.              Funding out of Ongoing Operations.  Upon execution of the Escrow Agreement between the Department, the Escrow Agent and Corinthian, Corinthian is making an initial deposit into the Escrow Account of $500,000. Corinthian will thereafter deposit $250,000 bi-weekly to the Escrow Account starting on September 26, 2014. Corinthian will continue to make deposits on a bi-weekly basis until the Escrow Account is funded in the amount of $30 million.

 

 

3.              October Deposit.  On October 23, 2014, Corinthian shall deposit into the Escrow Account the amount of $5,000,000. Upon the deposit of this amount into the Escrow Account, the Department shall not object to Corinthian repaying, consistent with the terms of the Operating Agreement, a portion of its indebtedness to its Lenders, out of any available net non-Title IV cash balances, in an amount equal to $5,000,000.

 

4.              Funding out of Sale School Proceeds.  Following closing of any transaction related to Sale Schools (as defined in the Operating Agreement) or group of Sale Schools for which the net sale proceeds is more than $750,000, Corinthian will deposit 35% of the net sales proceeds into the Escrow Account until the Escrow Fund is funded in the amount of $30 million. The amounts deposited in the Escrow Account shall be the first proceeds received. The Department acknowledges that the remaining sale proceeds shall be available for general corporate purposes including distribution to its stakeholders in the order of their legal priorities.

 

5.              Release of Funds. If, upon the completion by Corinthian of the sale of all or substantially all of its Sale Schools (Heald and Everest), it shall be determined that the amount of funds in the Escrow Account is greater than the total Corinthian student refund liability, and if so by how much (“Excess Funds”), then the Excess Funds shall immediately be paid to Corinthian and will be available for distribution to its stakeholders in order of their legal priorities. After the initial determination of Excess Funds, a determination of whether the Escrow account holds Excess Funds shall take place every ninety (90) days thereafter. The amount necessary to satisfy Corinthian’s student refund escrow obligation shall be based upon the amount of Corinthian’s prospective student refund liability at that time, and that determination shall be made in consultation with the Monitor.

 

6.              Replenishment of Funds.  Should the funds in the Escrow Account reach $30 million and subsequently drop below that amount, Corinthian will make any payment as and to the extent required by paragraph 4 above, and will resume making biweekly deposits as and to the extent required by paragraph 2 above, with the first such biweekly deposit made within two business days of the date on which the Escrow Account drops below $30 million, unless, in either case, it is then determined that there are Excess Funds in the Escrow Account.

 

 

7.              Except as amended herein, the Operating Agreement remains in full force and effect, including the provisions of Section IV of the Operating Agreement with respect to allowable and excluded uses associated with Title IV student aid funds.

 

 

	
 
    	
ACKNOWLEDGED   AND AGREED:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CORINTHIAN   COLLEGES, INC.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/   Jack D. Massimino
    	
 
    
	
 
    	
Jack   D. Massimino
    	
 
    
	
 
    	
Chairman   of the Board and
    	
 
    
	
 
    	
Chief   Executive Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
U.S.   DEPARTMENT OF EDUCATION
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/   Ted Mitchell
    	
 
    
	
 
    	
Ted   Mitchell
    	
 
    
	
 
    	
Under   SecretaryEX-4.2

 Exhibit 4.2 

HUMANA INC., 
 Issuer 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

Trustee 
 SEVENTH SUPPLEMENTAL
INDENTURE 
 Dated as of September 19, 2014 
  

 
 2.625% Senior
Notes due 2019 
  
  

Supplemental to Indenture dated as of August 5, 2003 
  

 THIS SEVENTH SUPPLEMENTAL INDENTURE (the “Seventh Supplemental Indenture”) is made the
19th day of September, 2014, between HUMANA INC., a corporation duly incorporated and existing under the laws of Delaware and having its principal executive office at 500 West Main Street, Louisville, Kentucky 40202 (hereinafter called “the
Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York Trust Company, N.A. and as successor to The Bank of New York), a national banking association, as Trustee (hereinafter called the
“Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company entered into an Indenture, dated as of August 5, 2003 with the Trustee (the “Original Indenture,” and
together with this Seventh Supplemental Indenture, referred to herein as the “Indenture”) (all capitalized terms used in this Seventh Supplemental Indenture and not otherwise defined herein have the meanings assigned to such terms in the
Original Indenture), for the purposes of issuing its Securities, evidencing its senior unsecured indebtedness, unlimited as to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and
to have such other provisions as authorized by or pursuant to the authority granted in one or more resolutions of the Board of Directors of the Company; and 

WHEREAS, Section 901 of the Original Indenture provides that without the consent of the Holders of the Securities of any series issued
under the Original Indenture, the Company, when authorized by a Board Resolution, and the Trustee may, in certain circumstances, enter into one or more indentures supplemental to the Original Indenture; and 

WHEREAS, the Company proposes to issue a series of Securities designated as its 2.625% Senior Notes due 2019, the terms of which shall be set
forth in, or determined in the manner provided in, an Officers’ Certificate of the Company as provided in Section 301 of the Original Indenture (such senior notes being referred to herein as the “2019 Senior Notes” and all
references to Securities in the Original Indenture shall be deemed to refer also to the 2019 Senior Notes unless the context otherwise provides); and 

WHEREAS, the entry into this Seventh Supplemental Indenture by the parties hereto is in all respect authorized by the provisions of the
Original Indenture; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Seventh Supplemental Indenture
and to make it a valid and binding obligation of the Company have been done or performed; and 
 NOW, THEREFORE, THIS SEVENTH SUPPLEMENTAL
INDENTURE WITNESSETH: 
 For and in consideration of the promises and the purchase of the 2019 Senior Notes by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the 2019 Senior Notes, as follows: 

Section 1. The Original Indenture is hereby amended solely with respect to the 2019 Senior Notes as follows: 

	 	(A)	By amending Section 101 to insert the following definitions in their entirety in the appropriate alphabetical order as follows: 

“Change of Control” means the occurrence of any one of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s and its subsidiaries assets taken as a whole to any Person other than to
the Company or a Subsidiary; (2) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any Person becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company or the Voting Stock of any Parent Company (as defined below) or other Voting Stock into which the Voting Stock of the Company or
the Voting Stock of any Parent Company is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company or any Parent Company consolidates with, or merges with or into, any Person, or
any Person consolidates with, or merges with or into, the Company or any Parent Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company, the Voting Stock of such Parent Company or the Voting
Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company or the Voting Stock of such Parent Company outstanding immediately
prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any Parent Company of the surviving Person immediately after giving effect to such transaction; (4) the
first day on which the majority of the members of the Company’s Board of Directors or the board of directors of any Parent Company cease to be Continuing Directors; or (5) the adoption of a plan relating to the liquidation or dissolution
of the Company. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control under clause (2) above if (i) the Company becomes a subsidiary of a Parent Company and (ii) the holders of the Voting Stock
of the Company or the Voting Stock of any Parent Company immediately prior to such transaction hold at least a majority of the Voting Stock of such Parent Company immediately following such transaction; provided that any series of related
transactions shall be treated as a single transaction. The term “Person,” solely as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a related Rating Event. 

“Common Stock” means, with respect to any Principal Subsidiary, Capital Stock of any class, however designated, except Capital Stock
which is non-participating beyond fixed dividend and liquidation preferences and the holders of which have either no voting rights or limited voting rights entitling them, only in the case of certain contingencies, to elect less than a majority of
the directors (or persons performing similar functions) of such Principal Subsidiary, and also includes securities of any class, however designated, which are convertible into Common Stock. 

  
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 “Continuing Director” means, as of any date of determination, any member of the
Company’s Board of Directors who: 
 (1) was a member of the Board of Directors on the Issue Date; or 

(2) was nominated for election, elected or appointed to the Board of Directors with the approval of a majority of the Continuing Directors who
were members of the Board of Directors at the time of such nomination, election or appointment. 
 “Indebtedness” means, with
respect to any Person (without duplication): 
 (1) any liability of that Person (A) for borrowed money, or under any reimbursement
obligation relating to a letter of credit or similar instrument; (B) evidenced by a bond, note, debenture or similar instrument; (C) to pay the deferred purchase price of property or services, except trade accounts payable arising in the
ordinary course of business; or (D) for the payment of money relating to any obligations under any capital lease of real or personal property which has been recorded as a capitalized lease obligation; 

(2) any liability of others described in the preceding clause (1) that the Person has guaranteed or that is otherwise its legal liability
or which is secured by a lien on that Person’s Property; and 
 (3) any amendment, supplement, modification, deferral, renewal,
extension or refunding of any liability of the types referred to in clauses (1) or (2) above. 
 “Investment Grade” means
a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category) and a rating of BBB- or better by Standard & Poor’s (or its equivalent under any successor rating category). 

“Issue Date” means the first date on which 2019 Senior Notes are issued, which shall be September 19, 2014. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

“Parent Company” means any holding company that, directly or indirectly, owns 100% of the Voting Stock of the Company. 

“Principal Subsidiary” means a consolidated subsidiary of the Company that, as of the relevant time of determination, is a
“significant subsidiary” as defined under Rule 405 under the Securities Act of 1933, as amended (as that Rule is in effect on September 16, 2014, without giving effect to any further amendment of that Rule). 

  
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 “Rating Agency” means: 

(1) each of Moody’s and Standard & Poor’s, and 

(2) if either or both of Moody’s or Standard & Poor’s ceases to rate the 2019 Senior Notes or fails to make a rating of the
2019 Senior Notes publicly available for reasons outside of the Company’s control, a Substitute Rating Agency in lieu thereof. 

“Rating Event” means (i) the rating of the 2019 Senior Notes is lowered by both Rating Agencies during the related Trigger
Period and (ii) the 2019 Senior Notes are rated below an Investment Grade rating by both Rating Agencies on any day during such Trigger Period. If either Rating Agency is not providing a rating of the 2019 Senior Notes on any day during such
Trigger Period for any reason, the rating of such Rating Agency shall be deemed to be below Investment Grade on such day and such Rating Agency will be deemed to have lowered its rating of the 2019 Senior Notes during the Trigger Period. For the
avoidance of doubt, the Trustee shall not be charged with knowledge of any Rating Event nor have any duty to monitor the ratings of the Securities. 

“Standard & Poor’s” means Standard & Poor’s Financial Services LLC, a division of The McGraw Hill
Companies, or any successor thereto. 
 “Substitute Rating Agency” means a “nationally recognized statistical rating
organization” as that term is defined in Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency for Moody’s or Standard & Poor’s, or
both of them, as the case may be. 
 “Trigger Period” means the period commencing on the earlier of the first public notice of
(a) the occurrence of a Change of Control or (b) the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control (which period shall be extended so long as the rating of the
2019 Senior Notes is under publicly announced consideration for a possible downgrade by either of the Rating Agencies). 
 “Voting
Stock” means, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote generally in the election of the board of directors (or other analogous managing body) of such Person. 

 

	 	(B)	By replacing the definition of “Notice of Default” in Section 101 of the Original Indenture in its entirety as follows: 

“Notice of Default” has the meaning specified in Sections 501(3) and 501(4). 

  
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	 	(C)	By replacing Section 105(2) of the Original Indenture in its entirety as follows: 

 (2) the
Company by such Trustee or by any Holder shall be sufficient for every purpose hereunder (except as provided in paragraphs (3) and (4) of Section 501) if furnished in writing and mailed, first class postage prepaid, addressed to it,
to the attention of the Chief Financial Officer, at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to such Trustee by the Company, or if sent by
facsimile transmission, to a facsimile number provided to the Trustee by the Company, with a copy mailed, first class postage prepaid, to the Company addressed to it as provided above. 

 

	 	(D)	By deleting the eighth paragraph of Section 305 of the Original Indenture in its entirety. 

  

	 	(E)	By replacing Section 403 of the Original Indenture in its entirety as follows: 

Section 403. Covenant Defeasance.  

Upon the Company’s exercise under Section 401 of the option applicable to this Section 403, the Company shall be
released from any obligations under the covenants contained in Sections 704, 801 and 1007 hereof with respect to the Outstanding 2019 Senior Notes, on and after the date the conditions set forth in Section 404 are satisfied (hereinafter,
“Covenant Defeasance”), and the 2019 Senior Notes and any coupons appertaining thereto shall thereafter be deemed not “Outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder (it being understood that such 2019 Senior Notes shall not be deemed outstanding for accounting
purposes). For this purpose, such Covenant Defeasance means that, with respect to the Outstanding 2019 Senior Notes and any coupons appertaining thereto, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a default or Event of Default under subsection 501(3) but, except as specified above, the remainder of this Indenture and the 2019 Senior Notes shall be unaffected thereby. 

 

	 	(F)	By replacing Section 404(d) of the Original Indenture in its entirety as follows: 

 (d) no
Event of Default or event which with the giving of notice or the lapse of time, or both, would become an Event of Default with respect to the 2019 Senior Notes shall have occurred and be continuing on the date of such deposit and no Event of Default
under Section 501(5) or Section 501(6) shall have occurred and be continuing on the 123rd day after such date; 

  
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	 	(G)	By replacing Section 405(ii)(B) of the Original Indenture in its entirety as follows: 

 (B)
no Event of Default or event which with the giving of notice or the lapse of time, or both, would become an Event of Default shall have occurred and be continuing on the date of such deposit and no Event of Default under Section 501(5) or
Section 501(6) shall have occurred and be continuing on the 123rd day after such date; 
  

	 	(H)	By replacing Section 501 of the Original Indenture in its entirety as follows: 

“Event of Default” wherever used herein with respect to the 2019 Senior Notes means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 (1) default in the payment of any installment of interest upon any 2019 Senior Note and any related coupon when it becomes due and
payable, and continuance of such default for a period of 30 days; or 
 (2) default in the payment of the principal of (or premium, if any,
on) any 2019 Senior Note at its Maturity; or 
 (3) default in the performance of, or breach of, any covenant or warranty of the Company in
respect of any 2019 Senior Note contained in this Indenture or in such 2019 Senior Notes (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with) and continuance of such
default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee for the 2019 Senior Notes or to the Company and such Trustee by the Holders of at least 25% in principal amount of
the Outstanding 2019 Senior Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(4) (A) the Company or any of its Subsidiaries fails to pay indebtedness for money borrowed by the Company or any of its Subsidiaries in an
aggregate principal amount of at least $75,000,000, at the later of final maturity or the expiration of any related applicable grace period and such payment shall not have been made, waived or extended within 30 days after written notice from the
Trustee or the Holders of at least 25% in principal amount of the Outstanding 2019 Senior Notes as provided below or (B) acceleration of maturity of Securities of another series or any other indebtedness for borrowed money of the Company or any
of its Subsidiaries, in an aggregate principal amount exceeding $75,000,000, under the terms of the instrument or instruments under 

  
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which such indebtedness arises or is secured, if such indebtedness has not been discharged in full or such acceleration is not rescinded or annulled within 30 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company and such Trustee by the Holders of at least 25% in principal amount of the Outstanding 2019 Senior Notes a written notice specifying such default and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (5) the Company or any of its Principal
Subsidiaries shall commence any case or proceeding seeking to have an order for relief entered on its behalf as debtor or to adjudicate it as bankrupt or insolvent or seeking reorganization, liquidation, dissolution, winding-up, arrangement,
composition or readjustment of its debts or any other relief under any bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or other similar act or law of any jurisdiction, domestic or
foreign, now or hereafter existing; or the Company or any of its Principal Subsidiaries shall apply for a receiver, custodian or trustee (other than any trustee appointed as a mortgagee or secured party in connection with the issuance of
indebtedness for borrowed money of the Company) of it or for all or a substantial part of its property; or the Company or any of its Principal Subsidiaries shall make a general assignment for the benefit of creditors; or the Company or any of its
Principal Subsidiaries shall take any corporate action in furtherance of any of the foregoing; or 
 (6) an involuntary case or other
proceeding shall be commenced against the Company or any of its Principal Subsidiaries with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver,
liquidator, custodian or similar official of the Company or any of its Principal Subsidiaries or any substantial part of either’s property; and such case or other proceeding (A) results in the entry of an order for relief or a similar
order against either the Company or any of its Principal Subsidiaries or (B) shall continue unstayed and in effect for a period of 60 consecutive days. 
  

	 	(I)	By replacing the first and second paragraphs of Section 502 of the Original Indenture in their entirety as follows: 

If an Event of Default with respect to the 2019 Senior Notes and any related coupons occurs and is continuing (other than an
Event of Default described in Section 501(5) or 501(6) with respect to the Company), then and in every such case either the Trustee for the 2019 Senior Notes or the Holders of not less than 25% in principal amount of the Outstanding 2019 Senior
Notes may declare the entire principal amount of all the 2019 Senior Notes, to be due and payable immediately, by a notice in writing to the Company (and to such Trustee 

  
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if given by Holders), and upon any such declaration of acceleration such principal, together with accrued interest and all other amounts owing hereunder, shall become immediately due and payable,
without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived. 
 If any Event of
Default specified in Section 501(5) or 501(6) occurs with respect to the Company, all of the unpaid principal amount and accrued interest on all Securities of each series then outstanding shall ipso facto become and be immediately due
and payable without any declaration or other act by the Trustee or any Holder. 
  

	 	(J)	By replacing the last paragraph of Section 607 of the Original Indenture in its entirety as follows: 

When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(5) or
Section 501(6) the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency
or other similar law. 
  

	 	(K)	By replacing Section 1007 of the Original Indenture in its entirety as follows: 

Section 1007. Limitation on Liens 

The Company shall not, and shall not permit any of its Principal Subsidiaries to, issue, assume, Incur or guarantee any
Indebtedness secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, on any of the Common Stock of a Principal Subsidiary owned by the Company or any of its Principal Subsidiaries, unless the Company’s obligations
under the 2019 Senior Notes and, if the Company so elects, any other Indebtedness of the Company ranking on a parity with, or prior to, the 2019 Senior Notes, shall be secured equally and ratably with, or prior to, such secured Indebtedness so long
as it is outstanding and is so secured. 
  

	 	(L)	By replacing Section 1008 of the Original Indenture in its entirety as follows: 

Section 1008. Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any covenant or condition set forth in Sections 1005 to 1007,
inclusive, if before or after the time for such compliance the Holders of more than 50% in principal amount of the Outstanding Securities of each series of Securities affected by the omission shall, in each case by Act of such Holders, either waive
such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee for the Securities of each series with respect to any such covenant or condition shall remain in full force and effect. 

  
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	 	(M)	By deleting Section 1009 from the Original Indenture in its entirety. 

  

	 	(N)	By adding Section 1109 to the Original Indenture as follows: 

 Section 1109. Offer
to Repurchase Upon Change of Control Triggering Event.  
 (a) If a Change of Control Triggering Event occurs with respect to the
2019 Senior Notes, unless the Company shall have exercised its option to redeem the 2019 Senior Notes pursuant to Section 1102, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of 2019
Senior Notes to repurchase all or any part (equal to $2,000 or any integral multiple of $1,000 in excess thereof) of such Holder’s 2019 Senior Notes on the terms set forth in this Section 1109. In the Change of Control Offer, the Company
shall be required to offer payment in cash equal to 101% of the principal amount of the 2019 Senior Notes to be repurchased, plus accrued and unpaid interest, if any, on the 2019 Senior Notes up to, but not including, the date of repurchase
(the “Change of Control Payment”) subject to the rights of the Holder on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at
the option of the Company, prior to any Change of Control, but after the public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall deliver a notice to Holders of the 2019 Senior Notes, with a
copy to the Trustee, which notice shall govern the terms of the Change of Control Offer, describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the 2019 Senior Notes on the
date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is sent other than as may be required by law or, if the notice is sent prior to the Change of Control, no earlier than 30
days and no later than 60 days from the date on which the Change of Control Triggering Event occurs (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that
the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

(b) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all 2019 Senior Notes or portions of 2019 Senior Notes properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all 2019 Senior Notes or portions of 2019
Senior Notes properly tendered in accordance with the procedures set forth in the Global Securities representing the 2019 Senior Notes; and 

  
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 (iii) deliver or cause to be delivered to the Trustee the 2019 Senior Notes properly accepted
together with an Officer’s Certificate stating the principal amount of 2019 Senior Notes or portions of 2019 Senior Notes being repurchased. 

The Company shall publicly announce the results of the Change of Control Offer on or as soon as possible after the date of purchase. 

(c) The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all 2019 Senior Notes properly tendered and not withdrawn under its offer. 

(d) The Company shall comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the 2019 Senior Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with the Change of Control Offer provisions of the 2019 Senior Notes, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
this Section 1109 by virtue of any such conflict. 
 Section 2. The recitals and statements in this Seventh Supplemental
Indenture are made by the Company only and not by the Trustee, and the Trustee makes no representation as to the validity or sufficiency of this Seventh Supplemental Indenture (other than with respect to the due authorization, execution and delivery
of this Seventh Supplemental Indenture by the Trustee). All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 2019 Senior
Notes and of this Seventh Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 Section 3. As
supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument and all references to
Securities in the Original Indenture shall be deemed to refer also to the 2019 Senior Notes unless the context otherwise provides. 

Section 4. This Seventh Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of
New York. 
 Section 5. In the event of a conflict between the terms and conditions of the Original Indenture and the terms and
conditions of this Seventh Supplemental Indenture, then the terms and conditions of this Seventh Supplemental Indenture shall prevail; provided that if and to the extent that any provision of this Seventh Supplemental Indenture limits, qualifies or
conflicts with another provision which is required to be included herein or in the Original Indenture by the Trust Indenture Act of 1939, as amended, such required provision shall control. 

  
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 Section 6. All covenants and agreements in this Seventh Supplemental Indenture by the
Company shall bind its successors and assigns, whether so expressed or not. 
 Section 7. In case any provision in this Seventh
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired hereby. 

Section 8. Nothing in this Seventh Supplemental Indenture, expressed or implied, shall give to any Person, other than the parties
hereto and any Paying Agent, any Security Registrar and any Authenticating Agent for the 2019 Senior Notes and their successors under the Indenture, and the Holders of the 2019 Senior Notes any benefit or any legal or equitable right, remedy or
claim under this Seventh Supplemental Indenture. 
 Section 9. This Seventh Supplemental Indenture may be simultaneously
executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

(signature page follows) 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Indenture dated as
of September 19, 2014 to be duly executed, all as of September 19, 2014. 
  

					
	HUMANA INC.,
	Issuer
		
	By:	 	 /s/ Brian A. Kane

		 	Name:	 	Brian A. Kane
		 	Title:	 	Senior Vice President and
		 		 	Chief Financial Officer

 [Signature Page to Seventh Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	Trustee
		
	By:	 	 /s/ Michael Countryman

		 	Name: Michael Countryman
		 	Title: Vice President
	
	Dated: September 19, 2014

 [Signature Page to Seventh Supplemental Indenture]

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