Document:

Independent Directors Compensation Plan

 Exhibit 10.5 
 O’DONNELL STRATEGIC INDUSTRIAL REIT, INC. 
 INDEPENDENT DIRECTORS
COMPENSATION PLAN 

 O’DONNELL STRATEGIC INDUSTRIAL REIT, INC. 

INDEPENDENT DIRECTORS COMPENSATION PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not
employees of O’Donnell Strategic Industrial REIT, Inc. or any of its subsidiaries or affiliates for service as members of the Board by providing them with competitive compensation and an ownership interest in the Stock of the Company. The
Company intends that the Plan will benefit the Company and its stockholders by allowing Independent Directors to have a personal financial stake in the Company through an ownership interest in the Stock and will closely associate the interests of
Independent Directors with that of the Company’s stockholders. 
 1.2. ELIGIBILITY. Independent Directors of the
Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan. 
 ARTICLE 2

 DEFINITIONS 
 2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Incentive Plan. Unless the context clearly indicates otherwise, the
following terms shall have the following meanings: 
 “Base Annual Retainer” means the annual retainer
(excluding Meeting Fees and expenses) payable by the Company to an Independent Director pursuant to Section 5.1 hereof for service as a director of the Company, as such amount may be changed from time to time. 

“Eligible Participant” means any person who is an Independent Director on the Plan Effective Date or becomes an
Independent Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be an Eligible
Participant. 
 “Incentive Plan” means the O’Donnell Strategic Industrial REIT, Inc. Long Term Incentive
Plan, or any subsequent equity compensation plan approved by the Board and designated as the Incentive Plan for purposes of this Plan. 
 “Meeting Fees” means fees for attending a meeting of the Board or one of its committees as set forth in Section 5.2 hereof. 

“Plan” means this O’Donnell Strategic Industrial REIT, Inc. Independent Directors Compensation Plan, as amended
from time to time. 
 “Plan Effective Date” of the Plan has the meaning set forth in Section 9.4 of the
Plan. 
 “Plan Year(s)” means the approximate twelve-month period beginning with the annual stockholders
meeting and ending at the next annual stockholders meeting; provided that the first Plan Year shall begin on the Plan Effective Date and extend until the first annual stockholders meeting. 

 ARTICLE 3 
 ADMINISTRATION 
 3.1. ADMINISTRATION. The Plan shall be
administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make all other determinations necessary or
advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties
concerned, including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the ministerial functions of the Plan, but the administrator shall have no other authority or
powers of the Board. 
 3.2. RELIANCE. In administering the Plan, the Board may rely upon any information furnished by
the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by the Company or the Board in connection with the Plan. This limitation of liability shall not be
exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or otherwise. 
 ARTICLE 4 
 SHARES 

4.1. SOURCE OF SHARES FOR THE PLAN. The shares of Stock that may be issued pursuant to the Plan shall be issued under the
Incentive Plan, subject to all of the terms and conditions of the Incentive Plan. The terms contained in the Incentive Plan are incorporated into and made a part of this Plan with respect to shares of Stock, Restricted Stock and any other equity
granted pursuant hereto and any such grant shall be governed by and construed in accordance with the Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Incentive Plan and the provisions of this Plan, the
provisions of the Incentive Plan shall be controlling and determinative. This Plan does not constitute a separate source of shares for the grant of Restricted Stock or shares of Stock described herein. 

ARTICLE 5 

BASE ANNUAL RETAINER, MEETING FEES AND EXPENSES 
 5.1. BASE ANNUAL RETAINER. Each Eligible Participant shall be paid a Base Annual Retainer for service as a director during each Plan Year, payable in such form as shall be elected by the
Eligible Participant in accordance with Section 6.1. The amount of the Base Annual Retainer shall be established from time to time by the Board. Until changed by the Board, the Base Annual Retainer for a full Plan Year shall be $30,000. The
Base Annual Retainer shall be payable in approximately equal quarterly installments in advance, beginning on the date of the annual stockholders meeting; provided, however, that for the first Plan Year, the first installment shall
begin on the Plan Effective Date and be prorated based on the number of full months in such quarter after the Plan Effective Date and, provided, further, that for purposes of this Article 5, the month in which the Plan Effective Date
occurs shall be considered a “full month.” Each person who first becomes an Eligible Participant on a date other than the Plan Effective Date or an annual meeting date shall be paid a retainer equal to the quarterly installment of the Base
Annual Retainer for the first quarter of eligibility, based on the number of full months he or she serves as an Independent Director during such quarter. Payment of such prorated Base Annual Retainer shall begin on the date that the person first
becomes an Eligible Participant, and shall resume on a quarterly basis thereafter. In no event shall any installment of the Base Annual Retainer be paid later than March 15 of the year following the year to which such installment relates.

  

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 5.2. MEETING FEES. Beginning on the Plan Effective Date, each Independent
Director shall be paid Meeting Fees for attending meetings of the Board or its committees, payable in such form as shall be elected by the Independent Director in accordance with Section 6.2. The amount of the Meeting Fees shall be established
from time to time by the Board. Until changed by the Board, the Meeting Fee for attending a meeting of the Board in person shall be $2,000 and the Meeting Fee for attending a meeting of a committee of the Board in person shall be $2,000. The
chairperson of the audit committee will receive $2,500 for attending a meeting of the audit committee in person. Until changed by the Board, the Meeting Fee for participation in a telephonic meeting of the Board or a committee of the Board, provided
that minutes are kept at such telephonic meeting, shall be $250. If an Independent Director attends a Board meeting and a committee meeting on a single day, he or she shall be limited to a Meeting Fee of $2,500 per day, except for the chairperson of
the audit committee, who shall be limited to a Meeting Fee of $3,000 per day if there is a meeting of the audit committee on such day. Meeting Fees shall be payable on the date of the applicable meeting to which they relate. 

5.3. TRAVEL EXPENSE REIMBURSEMENT. All Eligible Participants shall be reimbursed for reasonable travel expenses in
connection with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer or Chair of the Board requests the Independent Director to participate. Notwithstanding the foregoing, the
Company’s reimbursement obligations pursuant to this Section 5.3 shall be limited to expenses incurred during such director’s service as an Independent Director. Such payments will be made within 30 days after delivery of the
Independent Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the last day of the Independent Director’s tax year following the tax
year in which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this Section 5.3 shall not
be subject to liquidation or exchange for another benefit. 
 ARTICLE 6 

ALTERNATIVE FORM OF PAYMENT FOR BASE ANNUAL RETAINER AND MEETING FEES 

6.1. PAYMENT OF BASE ANNUAL RETAINER. At the election of each Eligible Participant, in accordance with Section 6.3, the Base
Annual Retainer for a given Plan Year shall be either (i) payable in cash in approximately equal quarterly installments in advance, beginning on the date of the annual stockholders meeting, or (ii) subject to share availability under the
Incentive Plan, payable by a grant on the day an installment of the Base Annual Retainer is normally paid (the “Stock Grant Date”) of that number of shares of Stock (rounded up to the nearest whole share) determined by dividing the
Base Annual Retainer installment otherwise payable by (a) if the Stock Grant Date occurs during any “best efforts” public offering of the Company’s Stock prior to the date to the Stock is listed on a national securities exchange,
the offering price of the Stock, net of dealer manager fees and selling commissions, or (b) if the Stock Grant Date occurs after the termination of any public offering of the Company’s Stock, the per share estimated value of the Stock
disclosed in the Company’s most recent annual report distributed to investors pursuant to Section 13(a) of the 1934 Act, or (c) in any case, the Fair Market Value as otherwise determined by the Committee. Any shares of Stock granted
under the Plan as the Base Annual Retainer or under clause (ii) above will be 100% vested and nonforfeitable as of the Stock Grant Date, and the Eligible Participant receiving such shares of Stock (or his or her custodian, if any) will have
immediate rights of ownership in the shares of Stock, including the right to vote the shares of Stock and the right to receive dividends or other distributions thereon. 
 6.2. PAYMENT OF MEETING FEES. At the election of each Eligible Participant, in accordance with Section 6.3, the Meeting Fees to be earned during a Plan Year by such Eligible 

  

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 Participant shall be either (i) payable in cash at each meeting date or such other date(s) on which
such fees are normally paid, or (ii) subject to share availability under the Incentive Plan, payable by a grant on the day following each meeting date (the “Meeting Fee Stock Grant Date”) of that number of shares of Stock
(rounded up to the nearest whole share) determined by dividing the Meeting Fee otherwise payable by (a) if the Meeting Fee Stock Grant Date occurs during any “best efforts” public offering of the Company’s Stock prior to the date
the Stock is listed on a national securities exchange, the offering price of the Stock, net of dealer manager fees and selling commissions, or (b) if the Meeting Fee Stock Grant Date occurs after the termination of any public offering of the
Company’s Stock, the per share estimated value of the Stock disclosed in the Company’s most recent annual report distributed to investors pursuant to Section 13(a) of the 1934 Act, or (c) in any case, the Fair Market Value as
otherwise determined by the Committee. Any shares of Stock granted under the Plan as Meeting Fees under clause (ii) above will be 100% vested and nonforfeitable as of the Meeting Fee Stock Grant Date, and the Eligible Participant receiving such
shares of Stock (or his or her custodian, if any) will have immediate rights of ownership in the shares of Stock, including the right to vote the shares of Stock and the right to receive dividends or other distributions thereon. 

6.3. TIMING AND MANNER OF PAYMENT ELECTION. Eligible Participants may make an election pursuant to this Section 6.3 for the
first full Plan Year following the date that the Company’s initial public offering of its common stock is declared effective by the Securities and Exchange Commission (the “IPO Effective Date”). Each Eligible Participant shall
elect the form of payment desired for his or her Base Annual Retainer, and Meeting Fees for a Plan Year by delivering a valid election form in such form as the Board or the plan administrator shall prescribe (the “Election Form”) to
the Board or the plan administrator prior to the beginning of such Plan Year, which will be effective as of the first day of the Plan Year beginning after the Board or the plan administrator receives the Eligible Participant’s Election Form.
The Election Form signed by the Eligible Participant prior to the Plan Year will be irrevocable for the coming Plan Year. However, prior to the commencement of the following Plan Year, an Eligible Participant may change his or her election for
future Plan Years by executing and delivering a new Election Form indicating different choices. If an Eligible Participant fails to deliver a new Election Form prior to the commencement of the new Plan Year, his or her Election Form in effect during
the previous Plan Year shall continue in effect during the new Plan Year. If no Election Form is filed or effective, or if there are insufficient shares of Stock in the Incentive Plan, the Base Annual Retainer, and Meeting Fees will be paid in cash.

 ARTICLE 7 
 EQUITY COMPENSATION 
 7.1. INITIAL RESTRICTED STOCK GRANT. Subject
to share availability under the Incentive Plan and the terms of this Section 7.1, on the first date that an Independent Director is initially elected or appointed to the Board, he or she shall receive an award of 3,000 shares of Restricted
Stock. Notwithstanding the foregoing, each Independent Director as of the Plan Effective Date shall receive such initial Restricted Stock grant on the date of the first meeting of the full Board. Such shares of Restricted Stock shall be subject to
the terms and restrictions described below in Section 7.3 and shall be in addition to any otherwise applicable annual grant of Restricted Stock granted to such Independent Director under Section 7.2. 

7.2. SUBSEQUENT RESTRICTED STOCK GRANT. Subject to share availability under the Incentive Plan, on the date following an
Independent Director’s subsequent re-election to the Board, such director shall receive 3,000 shares of Restricted Stock. Such shares of Restricted Stock shall be subject to the terms and restrictions described below in Section 7.3.

 7.3. TERMS AND CONDITIONS OF RESTRICTED STOCK. Shares of Restricted Stock 

  

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 shall be evidenced by a written Award Certificate, and shall be subject to such restrictions and risk of
forfeiture as determined by the Board, and shall be granted under and pursuant to the terms of the Incentive Plan. Unless and until provided otherwise by the Board, the Restricted Stock granted pursuant to Section 7.1 and Section 7.2
herein shall vest and become non-forfeitable in four (4) equal annual installments beginning on the first anniversary of the Restricted Stock grant date. Notwithstanding the foregoing vesting schedule, the shares of Restricted Stock shall
become fully vested on the earlier occurrence of (i) the termination of the Independent Director’s service as a director of the Company due to his or her death or Disability, or (ii) a Change in Control of the Company. If the
Independent Director’s service as a director of the Company terminates other than as described in clause (i) of the foregoing sentence, then the Independent Director shall forfeit all of his or her right, title and interest in and to any
unvested shares of Restricted Stock as of the date of such termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action by the Independent Director. 

ARTICLE 8 

AMENDMENT, MODIFICATION AND TERMINATION 
 8.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however,
that if an amendment to the Plan would, in the reasonable opinion of the Board, require stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of a securities exchange on which the Stock
is listed or traded, then such amendment shall be subject to stockholder approval; and provided, further, that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason.

 ARTICLE 9 
 GENERAL PROVISIONS 
 9.1. ADJUSTMENTS. The adjustment provisions of
the Incentive Plan shall apply with respect to Restricted Stock or other equity awards outstanding or to be granted pursuant to this Plan. 
 9.2. DURATION OF THE PLAN. The Plan shall remain in effect until terminated by the Board. 
 9.3. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be borne by the Company. 
 9.4. PLAN EFFECTIVE DATE. The Plan was originally adopted by the Board on April 12, 2011, and became effective on that date (the “Plan Effective Date”). 

***** 

  

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 The foregoing is hereby acknowledged as being the O’Donnell Strategic Industrial REIT,
Inc. Independent Directors Compensation Plan as adopted by the Board. 
  

			
	O’DONNELL STRATEGIC INDUSTRIAL REIT, INC.
		
	By:	 	 /s/     Christopher S. Cameron

	Name:	 	Christopher S. Cameron
	Title:	 	Chief Financial Officer and Treasurer

  

- 6 -Form of Agreement for Performance-based Restricted Stock Unit Award

 Exhibit 10.1 

 

 

 PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD 

Award Number: 
  

									
	Award Date	  		 	 Target Number
of
 Performance-Based
 Units
  
	  		 	Performance
Period

 THIS CERTIFIES THAT UnitedHealth Group Incorporated has on the Award Date specified above granted to 

(“Participant”) an award (the “Award”) to be eligible to receive a number of Performance-Based Restricted Stock units (the
“Performance-Based Restricted Stock Units”), the target number of which is indicated above in the box labeled “Target Number of Performance-Based Units,” each Performance-Based Restricted Stock Unit representing the right to
receive one share of UnitedHealth Group Incorporated Common Stock, $.01 par value per share (the “Common Stock”), subject to certain restrictions and on the terms and conditions contained in this Award and the UnitedHealth Group
Incorporated 2002 Stock Incentive Plan (the “Plan”). A copy of the Plan is available upon request. In the event of any conflict between the terms of the Plan and this Award, the terms of the Plan shall govern. Any terms not defined herein
shall have the meaning set forth in the Plan. This Award is intended to qualify as “qualified performance-based compensation” as described in Section 162(m)(4) of the Code. 

* * * * * 
 1. Rights of
the Participant with Respect to the Performance-Based Restricted Stock Units. 
 (a) No Shareholder
Rights. The Performance-Based Restricted Stock Units granted pursuant to this Award do not and shall not entitle Participant to any rights of a shareholder of Common Stock. The rights of Participant with respect to the Performance-Based
Restricted Stock Units shall remain forfeitable at all times prior to the date on which such rights become vested, and the restrictions with respect to the Performance-Based Restricted Stock Units lapse, in accordance with Section 2, 3 or 4.

 (b) Conversion of Performance-Based Restricted Stock Units; Issuance of Common Stock. No shares of
Common Stock shall be issued to Participant prior to the date on which the Performance-Based Restricted Stock Units vest, and the 

 
restrictions with respect to the Performance-Based Restricted Stock Units lapse, in accordance with Section 2, 3 or 4. Neither this Section 1(b) nor any action taken pursuant to or in
accordance with this Section 1(b) shall be construed to create a trust of any kind. After any Performance-Based Restricted Stock Units vest pursuant to Section 2, 3 or 4, the Company shall promptly cause to be issued shares of Common Stock
in book-entry form, registered in Participant’s name or in the name of Participant’s legal representatives, beneficiaries or heirs, as the case may be, in payment of such vested whole Performance-Based Restricted Stock Units, but in any
event, within the period ending on March 15th of the
year following the year in which the vesting event occurs (which payment schedule is intended to comply with the “short-term deferral” exemption from the application of Section 409A of the Code), unless such payment is deferred in
accordance with the terms and conditions of the Company’s non-qualified compensation deferral plans. The value of any fractional Performance-Based Restricted Stock Unit shall be paid in cash at the time shares of Common Stock are delivered to
Participant in payment of the Performance-Based Restricted Stock Units. 
 2. Vesting. Subject to the terms and conditions of this
Award, including without limitation the terms set forth in Attachment 1, the Performance-Based Restricted Stock Units shall vest and the restrictions with respect to the Performance-Based Restricted Stock Units shall lapse (i) if Participant
has remained continuously employed with the Company or any Affiliate from the Award Date through and including the end of the Performance Period, and (ii) if and to the extent the Performance Vesting Criteria described in Attachment 1 have been
achieved during the Performance Period. Regardless of whether Participant meets the continuous employment or service criterion described in subpart (i) of this Section 2, if and to the extent the Performance Vesting Criteria have not been
achieved, the Participant’s rights to the Performance-Based Restricted Stock Units shall be immediately and irrevocably forfeited on that date. The Committee will determine in its sole discretion and certify in accordance with the requirements
of Section 162(m) of the Code the extent, if any, to which the Performance Vesting Criteria have been met, and it will retain sole discretion to reduce the number of Performance-Based Restricted Stock Units that would otherwise vest as a result
of the performance measured against the Performance Vesting Criteria. The Committee may not increase the number of Performance-Based Restricted Stock Units that may vest as a result of the performance as measured against the Performance Vesting
Criteria. Any vesting that may occur pursuant to this Section 2 will be effective on the date on which the Committee has certified the extent to which the Performance Vesting Criteria in subpart (ii) of this Section 2 were satisfied.

 3. Early Vesting Upon Change in Control. Notwithstanding the other vesting provisions contained in Section 2, but subject to
the other terms and conditions set forth herein, upon the effective date of a Change in Control, then the Target Number of Performance-Based Restricted Stock Units described in this Award will become immediately and unconditionally vested, and the
restrictions with respect thereto shall lapse. For purposes of this Award, a “Change in Control” shall mean the sale of all or substantially all of the Company’s assets or any merger, reorganization, or exchange or tender offer which,
in each case, will result in a change in the power to elect 50% or more of the members of the Board of Directors of the Company. 

  
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 4. Termination of Employment. 

(a) Termination of Employment Generally. Subject to the provisions of this Section 4, if, prior to vesting of
the Performance-Based Restricted Stock Units pursuant to Section 2 or 3, Participant ceases to be an employee of the Company or any Affiliate, for any reason (voluntary or involuntary), then Participant’s rights to all of the unvested
Performance-Based Restricted Stock Units shall be immediately and irrevocably forfeited on the date of termination. 
 (b) Death or Permanent Long-Term Disability. If Participant dies while employed by the Company or any Affiliate, or if Participant’s employment by the Company or any Affiliate is terminated
due to Participant’s failure to return to work as the result of a permanent long-term disability which renders Participant incapable of performing his or her duties as determined under the provisions of the Company’s long-term disability
program applicable to Participant, then following the end of the Performance Period, if and to the extent the Committee, in accordance with Section 2 above, determines that the Performance Vesting Criteria has been met, such that some number of
Performance-Based Restricted Stock Units will vest and the restrictions with respect thereto will lapse, Participant will vest in a pro rata number of Performance-Based Restricted Stock Units, and the restrictions with respect thereto will lapse.
Such pro rationing shall be based on the number of full months of the Performance Period that Participant was employed prior to the date of death or termination due to disability. 

(c) Severance. If Participant’s employment ends at a time when the Participant is not eligible for Retirement
(as defined below) and in connection with that separation from employment the Company pays the Participant severance benefits pursuant to an employment agreement with Participant that is in effect on the date of this Award or pursuant to any Company
severance policy, plan or program in effect on the date of this Award, then following the end of the Performance Period, if and to the extent the Committee, in accordance with Section 2 above, determines that the Performance Vesting Criteria
has been met, such that some number of Performance-Based Restricted Stock Units will vest and the restrictions with respect thereto will lapse, Participant will vest in a pro rata number of Performance-Based Restricted Stock Units, and the
restrictions with respect thereto will lapse. Such pro rationing shall be based on the number of full months of the Performance Period that Participant was employed prior to the date of termination plus the number of full months during which the
Participant is entitled to receive severance benefits under an employment agreement that is in effect on the date of this Award or pursuant to any Company severance policy, plan or program in effect on the date of this Award. 

(d) Retirement. If the Participant’s employment ends and at the time of separation from employment is eligible
for Retirement (the “Retirement Date”) and at least one year of the Performance Period of the award is completed at or prior to the Retirement Date, then following the end of the Performance Period, if and to the extent the Committee, in
accordance with Section 2 above, determines that the Performance Vesting Criteria has been met, such that some number of Performance-Based 

  
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Restricted Stock Units will vest and the restrictions with respect thereto will lapse, Participant will vest in the full number of Performance-Based Restricted Stock Units and the restrictions
with respect thereto will lapse as if the Participant had been continuously employed throughout the entire Performance Period. 
 For purposes of this Award, “Retirement” means the termination of employment of a Participant who is age 55 or older with at least ten years of Recognized Employment with the Company or any
Affiliate other than by reason of (i) death or permanent long-term disability or (ii) Misconduct. 

For purposes of this Award, “Recognized Employment” shall include only employment since the Participant’s
most recent date of hire by the Company or any Affiliate, and shall not include employment with a company acquired by UnitedHealth Group or any Affiliate before the date of such acquisition. 

For purposes of this Award, “Misconduct” shall mean a Participant’s (a) violation of, or failure to
act upon or report known or suspected violations of, the Company’s Principles of Ethics and Integrity, or (b) commission of any illegal, fraudulent, or dishonest act or gross negligent or intentional misrepresentation in connection with
the Participant’s employment. 
 5. Restriction on Transfer. Participant may not transfer the Performance-Based Restricted
Stock Units except by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act or the rules promulgated thereunder. Any
attempt to otherwise transfer the Performance-Based Restricted Stock Units shall be void. 
 6. Special Restriction on
Transfer for Certain Participants. If Participant is an officer of the Company within the meaning of Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1 issued thereunder, as such status is reasonably determined from time to
time by the Board of Directors of the Company (a “Section 16 Officer”), at any time that shares of Common Stock are issued upon vesting of the Performance-Based Restricted Stock Units and the Company has theretofore communicated
Participant’s status as a Section 16 Officer to Participant, the following special transfer restrictions apply to Participant’s Award. One third ( 
1/3) of the net number of any shares of Common Stock issued to Participant upon vesting of the Performance-Based Restricted Stock Units
at a time when Participant is a Section 16 Officer (including any shares of Common Stock or other securities into which such shares may be converted or exchanged as a result of any adjustment made pursuant to this Award or Section 7 of the
Plan) must be retained, and may not be sold or otherwise transferred, for a period of at least one year following the issuance date. For purposes of this Award, the “net number of any shares of Common Stock issued” shall mean the number of
shares issued with respect to the Award after reduction for any shares of Common Stock withheld by or tendered to the Company, or sold on the market, to cover any federal, state, local or other payroll, withholding, income or other applicable tax
withholding required in connection with the issuance of the shares. The restrictions of this Section 6 are in addition to, and not in lieu of, the restrictions imposed under other Company policies and applicable laws. 

  
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 7. Forfeiture of Performance-Based Restricted Stock Units and Shares of Common Stock. This section
sets forth circumstances under which Participant shall forfeit all or a portion of the Performance-Based Restricted Stock Units, or be required to repay the Company for the value realized in respect of all or a portion of the Performance-Based
Restricted Stock Units. 
 (a) Violation of Restrictive Covenants. If Participant violates any provision
of the Restrictive Covenants set forth in Section 8 below, then any unvested Performance-Based Restricted Stock Units shall be immediately and irrevocably forfeited without any payment therefor. In addition, for any Performance-Based Restricted
Stock Units that did vest, whether before or after Participant’s employment terminated, the Participant shall be required, upon demand, to repay or otherwise reimburse the Company (including by forfeiting any deferred compensation credits in
respect of such Performance-Based Restricted Stock Units under the Company’s non-qualified compensation deferral plans) an amount having a value equal to the aggregate Fair Market Value of the shares of Common Stock underlying such
Performance-Based Restricted Stock Units on the date the Performance-Based Restricted Stock Units became vested. 

(b) Fraud or Misconduct. If the Committee determines that: (i) the Participant has engaged in fraud or
Misconduct that, in whole or in part, caused the need for a material restatement of the Company’s consolidated financial statements, (ii) the Performance Vesting Criteria were met was based, in whole or in part, on achievement of financial
results that were restated in connection with the restatement of the Company’s consolidated financial statements, and (iii) the number of Performance-Based Restricted Stock Units in which Participant vested would have been less if that
number had been based on the restated consolidated financial statements, then any Performance-Based Restricted Stock Units that have not yet been settled in shares of Common Stock (including any deferred compensation credits under the Company’s
non-qualified compensation deferral plans in respect of Performance-Based Restricted Stock Units that have previously become vested) shall be immediately and irrevocably forfeited without any payment therefore. In addition, for any Performance-Based
Restricted Stock Units that did vest, Participant shall be required, upon demand, to repay or otherwise reimburse the Company (including by forfeiting any deferred compensation credits in respect of such Performance-Based Restricted Stock Units
under the Company’s non-qualified compensation deferral plans) an amount having a value equal to the aggregate Fair Market Value of the shares of Common Stock underlying such Performance-Based Restricted Stock Units on the date the
Performance-Based Restricted Stock Units became vested. For the avoidance of doubt, a Participant shall be required to repay the full amount of the aggregate Fair Market Value of any such Common Stock, and not just the amount by which the amount of
the aggregate Fair Market Value of the Common Stock underlying the Performance-Based Restricted Stock Units that vested exceeded the amount of the aggregate Fair Market Value of the Common Stock underlying the number of Performance-Based Restricted
Stock Units that would have vested based on the corrected and restated financial results. For purposes of this Section 7(b), “Misconduct” shall mean a Participant’s (a) violation of, or failure to act upon or report known or
suspected violations of, the Company’s 

  
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Principles of Ethics and Integrity, or (b) commission of any illegal, fraudulent, or dishonest act or gross negligent or intentional misrepresentation in connection with the
Participant’s employment. 
 (c) In General. This section does not constitute the Company’s
exclusive remedy for Participant’s violation of the Restrictive Covenants or commission of fraud or Misconduct. The Company may seek any additional legal or equitable remedy, including injunctive relief, for any such violations. The provisions
in this section are essential economic conditions to the Company’s grant of Performance-Based Restricted Stock Units to Participant. By receiving the grant of Performance-Based Restricted Stock Units hereunder, Participant agrees that the
Company may deduct from any amounts it owes Participant from time to time (such as wages or other compensation, deferred compensation credits, vacation/PTO pay, any severance or other payments owed following a termination of employment, as well as
any other amounts owed to the Participant by the Company) to the extent of any amounts Participant owes the Company under this section. The provisions of this section and any amounts repayable by Participant hereunder are intended to be in addition
to any rights to repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002 and other applicable law. 
 7.
Restrictive Covenants. In consideration of the terms of this Award and Participant’s access to Confidential Information, Participant agrees to the Restrictive Covenants set forth below. For purposes of the Restrictive Covenants, the
“Company” means UnitedHealth Group and all of its Affiliates. 
 (a) Confidential Information.
Participant has or will be given access to and provided with sensitive, confidential, proprietary and/or trade secret information (collectively, “Confidential Information”) in the course of Participant’s employment. Examples of
Confidential Information include inventions, new product or marketing plans, business strategies and plans, merger and acquisition targets, financial and pricing information, computer programs, source codes, models and data bases, analytical models,
customer lists and information, and supplier and vendor lists and information. Participant agrees not to disclose or use Confidential Information, either during or after Participant’s employment with the Company, except as necessary to perform
Participant’s duties or as the Company may consent in writing. 
 (b) Non-Solicitation. During
Participant’s employment and for two years after the later of (i) the termination of Participant’s employment for any reason whatsoever, or (ii) the date on which any number of Performance-Based Restricted Stock Units vests under
Sections 2, 3 or 4, Participant may not, without the Company’s prior written consent, directly or indirectly, for Participant or for any other person or entity, as agent, employee, officer, director, consultant, owner, principal, partner or
shareholder, or in any other individual or representative capacity: 
  

	 	(i)	 Solicit any business competitive with the Company from any person or entity who (a) was a Company provider or customer within the 12 months before
Participant’s employment termination 

  
 6 

	 	 
and with whom Participant had contact to further the Company’s business, or for whom Participant provided services or supervised employees who provided those services, or (b) was a
prospective provider or customer the Company solicited within the 12 months before Participant’s employment termination and with whom Participant had contact for the purposes of soliciting the person or entity to become a provider or customer
of the Company, or supervised employees who had those contacts. 

  

	 	(ii)	Hire, employ, recruit or solicit any Company employee or consultant. 

  

	 	(iii)	Induce or influence any Company employee, consultant, or provider to terminate his, her or its employment or other relationship with the Company.

  

	 	(iv)	Assist anyone in any of the activities listed above. 

 (c) Non-Competition. During Participant’s employment and for one year after the later of (i) the termination of Participant’s employment for any reason whatsoever, or
(ii) the date on which any number of Performance-Based Restricted Stock Units vests under Sections 2, 3 or 4, Participant may not, without the Company’s prior written consent, directly or indirectly, for Participant or for any other person
or entity, as agent, employee, officer, director, consultant, owner, principal, partner or shareholder, or in any other individual or representative capacity: 
  

	 	(i)	Engage in or participate in any activity that competes, directly or indirectly, with any Company product or service that Participant engaged in, participated in, or had
Confidential Information about during Participant’s employment. 

  

	 	(ii)	Assist anyone in any of the activities listed above. 

 (d) Because the Company’s business competes on a nationwide basis, the Participant’s obligations under this “Restrictive Covenants” section shall apply on a nationwide basis anywhere
in the United States. 
 (e) To the extent Participant and the Company agree at any time to enter into separate
agreements containing restrictive covenants with different or inconsistent terms than those contained herein, Participant and the Company acknowledge and agree that such different or inconsistent terms shall not in any way affect or have relevance
to the Restrictive Covenants contained herein. 
 By accepting this Performance-Based Restricted Stock Units Award, Participant agrees that the
provisions of this Restrictive Covenants section are reasonable and necessary to protect the legitimate interests of the Company. 

  
 7 

 8. Adjustments to Performance-Based Restricted Stock Units. In the event that any dividend or
other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or
exchange of Common Stock or other securities of the Company or other similar corporate transaction or event affecting the Common Stock would be reasonably likely to result in the diminution or enlargement of any of the benefits or potential benefits
intended to be made available under the Award (including, without limitation, the benefits or potential benefits of provisions relating to the vesting of the Performance-Based Restricted Stock Units), the Committee shall, in such manner as it shall
deem equitable or appropriate in order to prevent such diminution or enlargement of any such benefits or potential benefits, make adjustments to the Award, including adjustments in the number and type of shares of Common Stock Participant would have
received upon vesting of the Performance-Based Restricted Stock Units; provided, however, that the number of shares into which the Performance-Based Restricted Stock Units may be converted shall always be a whole number. 

9. Tax Matters. 
 (a) In order to comply with all applicable federal or state income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal or state
payroll, withholding, income or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant. 
 (b) On any pertinent vesting date described in this Award, Participant will be deemed to have elected to satisfy Participant’s minimum required federal, state, and local payroll, withholding,
income or other tax withholding obligations arising from the receipt of shares or the lapse of restrictions relating to the Performance-based Restricted Stock Units, by having the Company withhold a portion of the shares of Common Stock otherwise to
be delivered having a Fair Market Value equal to the amount of such taxes (but only to the extent of the minimum amount required to be withheld under applicable laws or regulations), unless, on or before the applicable vesting date, Participant
notifies the Company that Participant has elected, and makes appropriate arrangements, to deliver cash, check (bank check, certified check or personal check) or money order payable to the Company. 

10. Miscellaneous. 
 (a) This Award does not confer on Participant any right with respect to the continuance of any relationship with the Company or any Affiliate, nor will it interfere in any way with the right of the
Company to terminate such relationship at any time. 
 (b) Neither the Plan nor this Award shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate
pursuant to an Award, such right shall be no greater than the right of any unsecured creditor of the Company or any Affiliate. 

  
 8 

 (c) The Company shall not be required to deliver any shares of Common
Stock upon the vesting of any Performance-Based Restricted Stock Units until the requirements of any federal or state securities laws, rules or regulations or other laws or rules (including the rules of any securities exchange) as may be determined
by the Company to be applicable have been and continue to be satisfied (including an effective registration of the shares under federal and state securities laws). 

(d) An original record of this Award and all the terms hereof, executed by the Company, is held on file by the
Company. To the extent there is any conflict between the terms contained in this Award and the terms contained in the original held by the Company, the terms of the original held by the Company shall control. 

(e) If a court or arbitrator decides that any provision of this Award certificate is invalid or overbroad, Participant
agrees that the court or arbitrator should narrow such provision so that it is enforceable or, if narrowing is not possible or permissible, such provision should be considered severed and the other provisions of this Award certificate should be
unaffected. 
 (f) Participant agrees that (i) legal remedies (money damages) for any breach of the
Restrictive Covenants in Section 8 will be inadequate, (ii) the Company will suffer immediate and irreparable harm from any such breach, and (iii) the Company will be entitled to injunctive relief from a court in addition to any legal
remedies the Company may seek in arbitration. 
 (g) The Restrictive Covenants in Section 8 and the
provisions regarding the forfeiture of Performance-Based Restricted Stock Units and shares of Common Stock shall survive termination of the Performance-Based Restricted Stock Units. 

(h) The validity, construction and effect of this Award and any rules and regulations relating to this Award shall be
determined in accordance with the laws of the State of Minnesota (without regard to its conflict of law principles). 
 (i) The vesting and settlement of Performance-Based Restricted Stock Units pursuant to this Award is intended to qualify for the “short-term deferral” exemption from Section 409A of the
Code. The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify the Plan and/or this Award certificate to ensure that the Award is made in a manner that qualifies
for exemption from or complies with Section 409A of the Code; provided however, that the Company makes no representations that the Award will be exempt from Section 409A of the Code and makes no undertaking to preclude Section 409A of
the Code from applying to this Award. 

  
 9

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