Document:

exv4w23

 

Exhibit 4.23

UNITEDHEALTH GROUP INCORPORATED

AND

                   , AS WARRANT AGENT

FORM OF COMMON STOCK

WARRANT AGREEMENT

DATED AS OF                    

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page

	SECTION 1.	 	Appointment of Warrant Agent
	 	 	1	 
	SECTION 2.	 	Form of Warrant
	 	 	1	 
	SECTION 3.	 	Countersignature and Registration
	 	 	2	 
	SECTION 4.	 	Transfers and Exchanges
	 	 	2	 
	SECTION 5.	 	Exercise of Warrants
	 	 	2	 
	SECTION 6.	 	Payment of Taxes
	 	 	3	 
	SECTION 7.	 	Mutilated or Missing Warrants
	 	 	4	 
	SECTION 8.	 	Reservation of Shares, etc.
	 	 	4	 
	SECTION 9.	 	Warrant Price; Adjustments
	 	 	4	 
	SECTION 10.	 	Notice to Warrantholders
	 	 	10	 
	SECTION 11.	 	Certain Covenants of the Company
	 	 	10	 
	SECTION 12.	 	Disposition of Proceeds, etc.
	 	 	11	 
	SECTION 13.	 	Merger or Consolidation or Change of Name of Warrant Agent
	 	 	11	 
	SECTION 14.	 	Duties of Warrant Agent
	 	 	11	 
	SECTION 15.	 	Change of Warrant Agent
	 	 	13	 
	SECTION 16.	 	Identity of Transfer Agent
	 	 	13	 
	SECTION 17.	 	Notices
	 	 	14	 
	SECTION 18.	 	Supplements and Amendments
	 	 	14	 
	SECTION 19.	 	Successors
	 	 	14	 
	SECTION 20.	 	Governing Law
	 	 	14	 
	SECTION 21.	 	Benefits of This Agreement
	 	 	14	 
	SECTION 22.	 	Counterparts
	 	 	15	 
	SECTION 23.	 	Acceleration of Warrants by the Company
	 	 	15	 

-i-

 

 

UNITEDHEALTH GROUP INCORPORATED

FORM OF COMMON STOCK WARRANT AGREEMENT

     COMMON STOCK WARRANT AGREEMENT, dated as of between UnitedHealth Group
Incorporated, a Minnesota corporation (hereinafter called the “Company”), and
                    having a corporate trust office in                    , as warrant agent
(hereinafter called the “Warrant Agent”).

     WHEREAS, the Company proposes to issue [Class      ] Purchase Warrants
(hereinafter called the “Warrants”) entitling the holders thereof to purchase
an aggregate of      shares of Common Stock of the Company (par value $      per share) (hereinafter
called the “Shares”) at an initial cash purchase price of
$      per Share at any time [after                     and] prior to [     ] p.m., [City]
time, on                     (hereinafter called the “Expiration Date”) (unless extended as
provided in Section 9A hereof); and

[IF WARRANTS ARE ATTACHED TO OTHER SECURITIES, INSERT -

     WHEREAS, the Warrants will be offered in Units, each of which consists of
                    and Warrants to purchase                     Shares; and]

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing so to act, in connection with the
issuance, registration, transfer, exchange and exercise of Warrants to be
issued from time to time by the Company,

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein set forth, the parties hereto agree as follows:

     SECTION 1. Appointment of Warrant Agent. The Company hereby appoints the
Warrant Agent to act as agent for the Company in accordance with the
instructions hereinafter in this Agreement set forth, and the Warrant Agent
hereby accepts such appointment.

     SECTION 2. Form of Warrant. The text of the Warrants and the form of
election to purchase Shares to be set forth on the reverse thereof shall be
substantially as set forth in Exhibit A attached hereto. Each Warrant shall,
subject to the terms of this Warrant Agreement, entitle the registered holder
thereof to initially purchase the number of Shares specified therein at an
initial exercise price of $      per Share; provided, however, that the Warrant
Exercise Price and the number of Shares issuable upon exercise of Warrants are
subject to adjustment upon the occurrence of certain events, all as hereinafter
provided. The Warrants shall be executed on behalf of the Company by the
manual or facsimile signature of the present or any future Chairman of the
Board, President or Vice President of the Company, under its seal, affixed or
in facsimile, and by the manual or facsimile signature of the present or any
future Secretary or Assistant Secretary of the Company.

     The Company shall promptly notify the Warrant Agent from time to time in
writing of the number of Warrants to be issued and furnish written instructions
in connection therewith

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signed by an executive officer of the Company; such
notification and instructions may, but need not be, in the form of a general or
continuing authorization to the Warrant Agent.

     The Warrants shall be dated by the Warrant Agent as of the date of each
initial issuance, and as of the date of issuance thereof upon any transfer or
exchange thereof.

     SECTION 3. Countersignature and Registration. The Warrant Agent shall
maintain books for the transfer and registration of the Warrants. Upon the
initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective registered holders thereof. The
Warrants shall be countersigned by the Warrant Agent (or by any successor to
the Warrant Agent then acting as warrant agent under this Agreement) and shall
not be valid for any purpose unless so countersigned. Such Warrants may be so
countersigned, however, by the Warrant Agent (or by its successor as warrant
agent) and be delivered by the Warrant Agent, notwithstanding that the persons
whose manual or facsimile signatures appear thereon as proper officers of the
Company shall have ceased to be such officers at the time of such
countersignature or delivery. Upon issuance of any Warrant, the Company will
present the same, or cause the same to be presented, to the Warrant Agent for
countersignature of such Warrant.

     SECTION 4. Transfers and Exchanges. The Warrant Agent shall transfer,
from time to time, any outstanding Warrants upon the books to be maintained by
the Warrant Agent for that purpose, upon the surrender thereof for transfer
properly endorsed or accompanied by appropriate instructions for transfer.
Upon any such transfer, a new Warrant of like tenor shall be issued to the
transferee and the surrendered Warrant shall be canceled by the Warrant Agent.
All such Warrants so canceled shall be delivered by the Warrant Agent to the
Company from time to time. The Warrants may be exchanged at the option of the
holder thereof, when surrendered at the office in of the Warrant Agent, for
another Warrant, or other Warrants of different denominations, of like tenor
and representing in the aggregate the right to purchase a like number of
Shares. The Warrant Agent is hereby irrevocably authorized to countersign and
deliver, in accordance with the provisions of this Section and Section 3 of
this Agreement, such new Warrants required pursuant to the provisions of this
Section, and the Company, whenever required by the Warrant Agent, will supply
the Warrant Agent with Warrants duly executed on behalf of the Company for such
purpose.

[IF THE WARRANTS ARE ATTACHED TO OTHER SECURITIES, INSERT -

     Notwithstanding the foregoing, until                    , the Warrants shall not
be transferable apart from the                     to which they are attached, any
transfer of the                     shall be deemed a transfer of the Warrants attached
thereto, and any attempt to transfer the Warrants apart from the                    
shall be void and of no effect. Each Warrant shall contain a legend to the
foregoing effect.]

     SECTION 5. Exercise of Warrants. The registered holder of each Warrant
shall have the right, which may be exercised as in such Warrant expressed, to purchase from the Company (and
the Company shall issue and sell to such registered holder) the number of
Shares specified in such Warrants, upon surrender to the Company, at the office
in                     of the Warrant Agent of such Warrant, with the form of
election to purchase on the reverse thereof duly

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filled in and signed, and upon
payment to the Warrant Agent for the account of the Company of the Warrant
Exercise Price, determined in accordance with the provisions of Section 9 of
this Agreement, for the number of Shares in respect of which such Warrant is
then exercised. Payment of such Warrant Exercise Price may be made in cash, or
by certified check or bank draft or postal or express money order, payable in
United States dollars, to the order of the Warrant Agent. No adjustment shall
be made for any dividends on any Shares issuable upon exercise of any Warrant.
Subject to Section 6, upon such surrender of Warrants, and payment of the
Warrant Exercise Price as aforesaid, the Company shall issue and cause to be
delivered with all reasonable dispatch to or upon the written order of the
registered holder of such Warrants, and in such name or names as such
registered holder may designate, a certificate or certificates for the number
of full Shares so purchased upon the exercise of such Warrants, together with
cash, as provided in Section 9 of this Agreement, in respect of any fraction of
a Share otherwise issuable upon such surrender. Such certificate or
certificates shall be deemed to have been issued and any person so designated
to be named therein shall be deemed to have become a holder of record of such
Shares as of the date of the surrender of such Warrants and payment of the
Warrant Exercise Price as aforesaid; provided, however, that if, at the date of
surrender of such Warrants and payment of such Warrant Exercise Price, the
transfer books for the Shares purchasable upon the exercise of such Warrants
shall be closed, no such surrender of such Warrants and no such payment of such
Warrant Exercise Price shall be effective to constitute the person so
designated to be named therein as the holder of record of such Shares on such
date, but shall be effective to constitute such person as the holder of record
of such Shares for all purposes at the opening of business on the next
succeeding day on which the transfer books for the Shares purchasable upon the
exercise of such Warrants shall be opened, and the certificates for the Shares
in respect of which such Warrants are then exercised shall be issuable as of
the date on which such books shall next be opened, and until such date the
Company shall be under no duty to deliver any certificate for such Shares. The
rights of purchase represented by the Warrants shall be exercisable, at the
election of the registered holders thereof, either as an entirety or from time
to time for part only of the Shares specified therein and, in the event that
any Warrant is exercised in respect of less than all of the Shares specified
therein at any time prior to the Expiration Date of the Warrants, a new Warrant
or Warrants of like tenor will be issued for the remaining number of Shares
specified in the Warrant so surrendered, and the Warrant Agent is hereby
irrevocably authorized to countersign and to deliver the required new Warrants
pursuant to the provisions of this Section and of Section 3 of this Agreement,
and the Company, whenever required by the Warrant Agent, will supply the
Warrant Agent with Warrants duly executed on behalf of the Company for such
purpose.

     SECTION 6. Payment of Taxes. The Company will pay any documentary stamp
taxes attributable to the initial issuance of Shares issuable upon the exercise
of Warrants; provided, however, that the Company shall not be required to pay
any tax or taxes which may be payable in respect of any transfer involved in
the issue or delivery of any certificates for Shares in a name other than that
of the registered holder of Warrants in respect of which such Shares are issued and the
Company shall not be required to issue and deliver the certificates for such
Shares unless and until the holder has paid to the Company the amount of any
tax which may be payable in respect of any transfer involved in such issuance
or shall establish to the satisfaction of the Company that such tax has been
paid.

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     SECTION 7. Mutilated or Missing Warrants. In case any of the Warrants
shall be mutilated, lost, stolen or destroyed, the Company will issue and the
Warrant Agent will countersign and deliver in exchange and substitution for and
upon cancellation of the mutilated Warrant, or in lieu of and substitution for
the Warrant lost, stolen or destroyed, a new Warrant of like tenor and
representing an equivalent right or interest, but only upon receipt of evidence
satisfactory to the Company and the Warrant Agent of such loss, theft or
destruction of such Warrants and indemnity, if requested, also satisfactory to
them. Applicants for such substitute Warrants shall also comply with such
other reasonable regulations and pay such other reasonable charges as the
Company or the Warrant Agent may prescribe. Any such new Warrant shall
constitute an original contractual obligation of the Company whether or not the
allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time
enforceable by anyone.

     SECTION 8. Reservation of Shares, etc. Prior to the issuance of any
Warrants there shall have been reserved, and the Company shall at all times
through the Expiration Date keep reserved, out of its authorized and unissued
Common Stock, a number of Shares sufficient to provide for the exercise of the
rights of purchase represented by the Warrants, and the Transfer Agent for the
Shares and every subsequent Transfer Agent for the Shares issuable upon the
exercise of any of the rights of purchase aforesaid are hereby irrevocably
authorized and directed at all times to reserve such number of authorized and
unissued Shares as shall be requisite for such purpose. The Company will keep
a copy of this Agreement on file with the Transfer Agent for the Shares and
with every subsequent Transfer Agent for the Shares issuable upon the exercise
of the rights of purchase represented by the Warrants. The Warrant Agent is
hereby irrevocably authorized to requisition from time to time from such
Transfer Agent certificates required to honor outstanding Warrants that have
been exercised. The Company will supply such Transfer Agent with duly executed
certificates for such purpose and will itself provide or otherwise make
available any cash which may be issuable as provided in Section 9 of this
Agreement. All Warrants surrendered in the exercise of the rights thereby
evidenced or surrendered for transfer, exchange or partial exercise shall be
canceled by the Warrant Agent and shall thereafter be delivered to the Company.

     SECTION 9. Warrant Price; Adjustments.

     A. The warrant price per share at which Shares shall be purchasable upon
exercise of Warrants (herein called the “Warrant Exercise Price”) to and
including the Expiration Date (unless the Expiration Date is extended as
provided below in this Section 9A) shall be $      per share, or, if adjusted as
provided in this Section, shall be such price as so adjusted. The Warrants
will not be exercisable prior to [the close of business on the date of any
initial issuance thereof] [                   ] and will expire at [                   ] p.m., [City] time, on the Expiration
Date; provided that the Company reserves the right to, and may, in its sole
discretion, at any time and from time to time, at such time or times as the
Company so determines, extend the Expiration Date of the Warrants for such
periods of time as it chooses; further provided that in no case may the
Expiration Date of the Warrants (as extended) be extended beyond five years
from the Expiration Date set forth above. Whenever the Expiration Date of the
Warrants is so extended, the Company shall at least 20 days prior to the then
Expiration Date cause to be mailed to the Warrant Agent and the registered
holders of the Warrants in accordance with the provisions of Section 17 hereof
a notice stating that the Expiration Date has been extended and setting forth
the new Expiration Date.

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     B. The above provision is, however, subject to the following: (1) The
warrant purchase price, the number of Shares purchasable upon exercise of each
Warrant and the number of Warrants outstanding shall be subject to adjustment
as follows:

     (a) In case the Company shall at any time after the date of
this Agreement (i) pay a dividend, or make a distribution, on the
Common Stock which is payable in shares of its capital stock
(whether shares of Common Stock or of capital stock of any other
class), (ii) subdivide or reclassify its outstanding shares of
Common Stock into a greater number of securities (including shares
of Common Stock), or (iii) combine or reclassify its outstanding shares
of Common Stock into a smaller number of shares (including shares
of Common Stock), the number of shares purchasable upon
exercise of each Warrant immediately prior to the occurrence of
such event shall be adjusted so that the holder of each Warrant
shall be entitled to receive upon payment of the warrant purchase
price the aggregate number of shares of the Company which, if such
Warrant had been exercised immediately prior to the occurrence of
such event, such holder would have owned or have been entitled to
receive immediately after the occurrence of such event. An
adjustment made pursuant to this subparagraph (a) shall become
effective immediately after the record date in the case of a
dividend and shall become effective immediately after the effective
date in the case of a subdivision or combination. If, as a result
of an adjustment made pursuant to this subparagraph (a), the holder
of any Warrant thereafter exercised shall become entitled to
receive shares of two or more classes of capital stock of the
Company, the Board of Directors of the Company (whose determination
shall be conclusive) shall determine the allocation between or
among shares of such classes of capital stock.

     In the event that at any time, as a result of an adjustment made
pursuant to this subparagraph (a), the holder of any Warrant thereafter
exercised shall become entitled to receive any shares or other securities
of the Company other than shares of Common Stock, thereafter the number
of such other shares so received upon exercise of any Warrant shall be
subject to adjustment from time to time in a manner and on terms as
nearly equivalent as practicable to the provisions with respect to the shares
of Common Stock contained in this paragraph, and other provisions
of this paragraph 9(B)(1) with respect to the shares of Common Stock
shall apply on like terms to any such other shares or other securities.

          (b) In case the Company shall fix a record date for the
issuance of rights or warrants to all holders of its Common Stock
entitling them (for a period expiring within 45 days after such
record date) to subscribe for or purchase Common Stock at a price
per share less than the current market price per share of Common
Stock (as defined in subparagraph (e) below) at such record date,
the warrant purchase price shall be determined by multiplying the
warrant purchase price in effect immediately prior to such record
date by a fraction, the numerator of which shall be the number of Shares
of Common Stock outstanding on such record date plus the
number of Shares of Common Stock which the aggregate offering price
of the total number of Shares so offered would purchase at such

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current market price, and the denominator of which shall be the
number of Shares of Common Stock outstanding on such record date
plus the number of additional Shares of Common Stock offered for
subscription or purchase. Such adjustment shall be made
successively whenever such a record date is fixed, and shall become
effective immediately after such record date. In determining
whether any rights or warrants entitle the holders to subscribe for
or purchase shares of common stock at less than such current market
price, and in determining the aggregate offering price of such shares,
there shall be taken into account any consideration
received by the Company for such rights or warrants, the value of
such consideration, if other than cash, to be determined by the
Board of Directors of the Company. Common Stock owned by or held
for the account of the Company or any majority owned subsidiary
shall not be deemed outstanding for the purpose of any adjustment
required under this subparagraph (b).

     (c) In case the Company shall fix a record date for making a
distribution to all holders of its Common Stock of evidences of its
indebtedness or assets (excluding regular quarterly or other
periodic or recurring cash dividends or distributions and cash
dividends or distributions paid from retained earnings or referred
to in subparagraph (a) above) or rights or warrants to subscribe or
warrants to purchase (excluding those referred to in subparagraph
(b) above), then in each such case the warrant purchase price shall
be determined by multiplying the warrant purchase price in effect
immediately prior to such record date by a fraction (x) the
numerator of which shall be such current market price (as defined
in subparagraph (e) below) per Share of Common Stock on such record
date, less the then fair market value (as determined in good faith
by the Board of Directors, whose determination shall be conclusive)
of the portion of the assets or evidences of indebtedness so
distributed or of such subscription rights or warrants applicable
to one share of the Common Stock and (y) the denominator of which
shall be the current market price per share of the Common Stock on
such record date. Such adjustment shall be made successively
whenever such a record date is fixed and shall become effective
immediately after such record date. Notwithstanding the foregoing,
in the event that the Company shall distribute any rights or
warrants to acquire capital stock (“Rights”) pursuant to this
subparagraph (c), the distribution of separate certificates
representing such Rights subsequent to their initial distribution
(whether or not such distribution shall have occurred prior to the
date of the issuance of such Warrants) shall be deemed to be the
distribution of such Rights for purposes of this subparagraph (c),
provided that the Company may, in
lieu of making any adjustment pursuant to this subparagraph
(c) upon a distribution of separate certificates representing such
Rights, make proper provision so that each holder of such Warrants
who exercises such Warrants (or any portion thereof) (i) before the
record date for such distribution of separate certificates shall be
entitled to receive upon such exercise shares of Common Stock
issued with Rights and (ii) after such record date and prior to the
expiration, redemption or termination of such Rights shall be
entitled to receive upon such exercise, in addition to the shares
of Common Stock issuable upon such exercise, the same number of
such Rights as would a holder of the number of shares of Common
Stock that such Warrants so exercised would have entitled the
holder

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thereof to purchase in accordance with the terms and
provisions of and applicable to the Rights if such Warrants were
exercised immediately prior to the record date for such
distribution. Common Stock owned by or held for the account of the
Company or any majority owned subsidiary shall not be deemed
outstanding for the purpose of any adjustment required under this
subparagraph (c).

     (d) After each adjustment of the number of shares purchasable
upon exercise of each Warrant pursuant to subparagraph 9(B)(1)(a),
the Warrant Exercise Price shall be adjusted by multiplying such
Warrant Exercise Price immediately prior to such adjustment by a
fraction of which the numerator shall be the number of Shares
purchasable upon exercise of each Warrant immediately prior to such
adjustment, and the denominator of which shall be the number of
Shares so purchasable immediately thereafter. After each
adjustment of the Warrant Exercise Price pursuant to subparagraph
9(B)(1)(b) or (c), the total number of Shares or fractional part
thereof purchasable upon the exercise of each Warrant shall be
proportionately adjusted to such number of shares or fractional
parts thereof as the aggregate Warrant Exercise Price of the number
of shares or fractional part thereof purchasable immediately prior
to such adjustment will buy at the adjusted Warrant Exercise Price.

     (e) For the purpose of any computation under subparagraphs
9(B)(1)(b) and (c) above, the current market price per Share of
Common Stock at any date shall be deemed to be the average of the
daily closing prices for the 30 consecutive business days
commencing 45 business days before the day in question. The
closing price for each day shall be (i) if the Common Stock is
listed or admitted for trading on the New York Stock Exchange, the
last sale price (regular way), or the average of the closing bid
and ask prices (regular way), if no sale occurred, of Common Stock,
in either case as reported on the New York Stock Exchange Composite
Tape or, if the Common Stock is not listed or admitted to trading
on the New York Stock Exchange, on the principal national
securities exchange on which the Common Stock is listed or admitted
to trading or, if not listed or admitted to trading on any national
securities exchange, on the National Market System of the National
Association of Securities Dealers, Inc. Automated Quotations System
(“NASDAQ”) or, (ii) if not listed or quoted as described in (i),
the mean between the closing high bid and low asked quotations of
Common Stock reported by NASDAQ, or any similar system for
automated dissemination of quotations of securities prices then in
common use, if so quoted,
or (iii) if not quoted as described in clause (ii), the mean
between the high bid and low asked quotations for Common Stock as
reported by the National Quotation Bureau Incorporated if at least
two securities dealers have inserted both bid and asked quotations
for Common Stock on at least 5 of the 10 preceding days. If none
of the conditions set forth above is met, the closing price of
Common Stock on any day or the average of such closing prices for
any period shall be the fair market value of Common Stock as
determined by a member firm of the New York Stock Exchange selected
by the Company.

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     (f) (i) Nothing contained herein shall be construed to require
an adjustment as a result of the issuance of Common Stock pursuant
to, or the granting or exercise of any rights under, the Company’s
[List employee and shareholder plans, if any, that might otherwise
result in adjustments].

          (ii) In addition, no adjustment in the Warrant Exercise
Price shall be required unless and until the earlier of the
following shall have occurred: (x) such adjustment would
require an increase or decrease of at least 1% in the Warrant
Exercise Price or (y) a period of 3 years shall have elapsed
from the date of the occurrence of any event requiring any
such adjustment pursuant to subparagraphs 9(B)(1)(a), (b) or
(c) above. All adjustments shall be made to the nearest one
hundredth of a Share and the nearest cent, and any
adjustments which by reason of this subparagraph (f) are not
required to be made shall be carried forward cumulatively and
taken into account in any subsequent adjustment which
(including such carry-forward) is required to be made under
this subparagraph (f).

     (g) In any case in which this subparagraph 9(B)(1) shall
require that an adjustment be made retroactively immediately
following a record date, the Company may elect to defer (but only
until five business days following the mailing of the notice
described in subparagraph 9(B)(5) below) issuing to the holder of
any Warrant exercised after such record date the Shares of the
Company issuable upon such exercise over and above the Shares
issuable upon such exercise only on the basis of the Warrant
Exercise Price prior to adjustment.

     (h) The Company may, at its option, at any time until the
Expiration Date, reduce the then current Warrant Exercise Price to
any amount deemed appropriate by the Board of Directors of the
Company for any period not exceeding twenty (20) consecutive days
(as evidenced in a resolution adopted by such Board of Directors),
but only upon giving the notices required by subparagraph 9(B)(5)
twenty (20) days prior to taking such action.

     (i) Except as herein otherwise expressly provided, no
adjustment in the Warrant Exercise Price shall be made by reason of
the issuance of Shares, or securities convertible into or
exchangeable for Shares, or securities carrying the right to
purchase any of the foregoing or for any other reason whatsoever.

     (j) Irrespective of any of the adjustments in the Warrant
Exercise Price or the number of Shares, Warrant Certificates
theretofore issued may continue to express the same prices and
number of Shares as are stated in a similar Warrant Certificate
issuable initially, or at some subsequent time, pursuant to this
Agreement and such number of Shares specified therein shall be
deemed to have been so adjusted.

     (2) No fractional Shares of Common Stock shall be issued upon the
exercise of Warrants. If more than one Warrant shall be exercised at one
time by the same holder, the number of full Shares which shall be
issuable upon such exercise shall be computed

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on the basis of the
aggregate number of Shares purchased pursuant to the Warrants so
exercised. Instead of any fractional Share of Common Stock which would
otherwise be issuable upon exercise of any Warrant, the Company shall pay
a cash adjustment in respect of such fraction in an amount equal to the
same fraction of the last sales price (or bid price if there were no
sales) per Share of Common Stock, in either case as reported on the New
York Stock Exchange Composite Tape on the business day which next
precedes the day of exercise or, if the Common Stock is not then listed
or admitted to trading on the New York Stock Exchange, an amount equal to
the same fraction of the market price per share of Common Stock (as
determined in a manner described by the Board of Directors of the
Company) at the close of business on the business day which next precedes
the day of exercise.

     (3) In case any of the following shall occur while any Warrants are
outstanding: (a) any reclassification or change of the outstanding Shares
of Common Stock (other than a change in par value, or from par value to
no par value, or from no par value to par value); or (b) any
consolidation or merger to which the Company is a party (other than a
consolidation or a merger in which the Company is the continuing
corporation and which does not result in any reclassification of, or
change in, the outstanding shares of Common Stock issuable upon exercise
of the Warrants); or (c) any sale or conveyance to another corporation of
the property of the Company as an entirety or substantially as an
entirety; then the Company, or such successor or purchasing corporation,
as the case may be, shall make appropriate provision by amendment of this
Agreement or otherwise so that the holders of the Warrants then
outstanding shall have the right at any time thereafter, upon exercise of
such Warrants, to purchase the kind and amount of shares of stock and
other securities and property receivable upon such reclassification,
change, consolidation, merger, sale or conveyance as would be received by
a holder of the number of shares of Common Stock issuable upon exercise
of such Warrant immediately prior to such reclassification, change,
consolidation, merger, sale or conveyance. Such provision shall provide
for adjustments which shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section 9. The above provisions
of this subparagraph 9(B)(3) shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales or
conveyances.

     (4) Before taking any action which would cause an adjustment
decreasing the Warrant Exercise Price so that the Warrant Exercise Price
is below the then par value of the shares of Common Stock, the Company
will take any corporate action which may, in the opinion of its counsel,
be necessary in order that the Company may validly and
legally issue fully paid and nonassessable Shares of Common Stock at
the Warrant Exercise Price as so adjusted.

     (5) Whenever the Warrant Exercise Price then in effect is adjusted
as herein provided, the Company shall mail to each holder of the Warrants
at such holder’s address as it shall appear on the books of the Company a
statement setting forth the adjusted Warrant Exercise Price then and
thereafter effective under the provisions hereof, together with the
facts, in reasonable detail, upon which such adjustment is based.

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     (6) In case (i) the Company shall declare a dividend (or any other
distribution) on its Common Stock payable otherwise than in cash out of
its current or retained earnings, or (ii) the Company shall authorize the
granting to the holders of its Common Stock of rights to subscribe for or
purchase any shares of capital stock of any class or of any other rights,
or (iii) there is to be any reclassification of the Common Stock of the
Company (other than a subdivision or combination of its outstanding shares
of Common Stock), or any consolidation or merger to which the
Company is a party and for which approval of any shareholders of the
Company is required, or (iv) any distribution is to be made on or in
respect of the Common Stock in connection with the dissolution,
liquidation or winding up of the Company, then the Company shall mail to
each holder of Warrants at such holder’s address as it shall appear on
the books of the Company, at least twenty days (or ten days in any case
specified in clause (i) or (ii) above) prior to the applicable record
date hereinafter specified, a notice stating (x) the record date for such
dividend, distribution or rights, or, if a record is not to be taken, the
date as of which the holders of Common Stock of record to be entitled to
such dividend, distribution or rights are to be determined, or (y) the
date on which such reclassification, consolidation, merger, dissolution,
liquidation or winding up is expected to become effective, and the date
as of which it is expected that holders of Common Stock of record shall
be entitled to exchange their shares of Common Stock for securities or
other property deliverable upon such reclassification, consolidation,
merger, dissolution, liquidation or winding up. No failure to mail such
notice nor any defect therein or in the mailing thereof shall affect any
such transaction or any adjustment in the Warrant Exercise Price required
by this Section 9.

     SECTION 10. Notice to Warrantholders. Nothing contained in this Agreement
or in any of the Warrants shall be construed as conferring upon the holders
thereof the right to vote or to consent or to receive notice as shareholders in
respect of the meetings of shareholders or the election of directors of the
Company or any other matter, or any rights whatsoever as shareholders of the
Company.

     SECTION 11. Certain Covenants of the Company.

     A. So long as any unexpired Warrants remain outstanding and if required in
order to comply with the Securities Act of 1933, as amended (the “Act”), the
Company covenants and agrees that it will file such post-effective amendments
to the registration statement filed pursuant to the Act with respect to the
Warrants (File No. 333- ) (or such other
registration statements or post-effective amendments or supplements) as may be
necessary to permit the Company to deliver to each person exercising a Warrant
a prospectus meeting the requirements of Section 10(a)(3) of the Act and
otherwise complying therewith, and will deliver such a prospectus to each such
person. The Company further covenants and agrees that it will obtain and keep
effective all permits, consents and approvals of governmental agencies and
authorities, and will use its best efforts to take all action which may be
necessary to qualify the Shares for sale under the securities laws of such of
the United States, as may be necessary to permit the free exercise of the
Warrants, and the issuance, sale, transfer and delivery of the Shares issued
upon exercise of the Warrants, and to maintain such qualifications during the
entire period in which the Warrants are exercisable.

10

 

     B. The Company covenants and agrees that it shall take all such action as
may be necessary to ensure that all Shares will at the time of delivery of
certificates for such Shares (subject to payment of the Warrant Exercise Price)
be duly and validly authorized and issued and fully paid and nonassessable
Shares, free from any preemptive rights and taxes, liens, charges and security
interests created by or imposed upon the Company.

     C. The Company covenants and agrees that it will take all action which may
be necessary to cause the Shares to be duly listed on the New York Stock
Exchange or any securities exchange on which the other shares of Common Stock
of the Company are listed or on the National Market System of NASDAQ at the
dates of exercise of the Warrants.

     SECTION 12. Disposition of Proceeds, etc.

     A. The Warrant Agent shall account promptly to the Company with respect to
Warrants exercised and concurrently pay to the Company all moneys received by
the Warrant Agent for the purchase of Shares through the exercise of such
Warrants.

     B. The Warrant Agent shall keep copies of this Agreement available for
inspection by holders of Warrants during normal business hours at its principal
office in the City of                    ,     .

     SECTION 13. Merger or Consolidation or Change of Name of Warrant Agent.
Any corporation into which the Warrant Agent may be merged or with which it may
be consolidated, or any corporation resulting from any merger or consolidation
to which the Warrant Agent shall be a party, or any corporation succeeding to
the corporate trust business of the Warrant Agent, shall be the successor to
the Warrant Agent hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that such
corporation would be eligible for appointment as a successor Warrant Agent
under the provisions of Section 15 of this Agreement. In case at the time such
successor to the Warrant Agent shall succeed to the agency created by this
Agreement, and if any of the Warrants shall have been countersigned but not
delivered, any such successor to the Warrant Agent may adopt the
countersignature of the original Warrant Agent and deliver such Warrants so
countersigned; and in case at that time any of the Warrants shall not have been
countersigned, any successor to
the Warrant Agent may countersign such Warrants either in the name of the
predecessor Warrant Agent or in the name of the successor Warrant Agent; and in
all such cases such Warrant shall have the full force provided in the Warrants
and in this Agreement.

     In case at any time the name of the Warrant Agent shall be changed and at
such time any of the Warrants shall have been countersigned but not delivered,
the Warrant Agent may adopt the countersignature under its prior name and
deliver Warrants so countersigned; and in case at that time any of the Warrants
shall not have been countersigned, the Warrant Agent may countersign such
Warrants either in its prior name or in its changed name; and in all such cases
such Warrants shall have the full force provided in the Warrants and in this
Agreement.

     SECTION 14. Duties of Warrant Agent. The Warrant Agent undertakes the
duties and obligations imposed by this Agreement upon the following terms and
conditions, by all of which the Company and the holders of Warrants, by their
acceptance thereof, shall be bound:

11

 

     A. The statements contained herein and in the Warrants shall be taken as
statements of the Company, and the Warrant Agent assumes no responsibility for
the correctness of any of the same except such as describe the Warrant Agent or
action taken or to be taken by it. The Warrant Agent assumes no responsibility
with respect to the distribution of the Warrants except as herein otherwise
provided.

     B. The Warrant Agent shall not be responsible for any failure of the
Company to comply with any of the covenants contained in this Agreement or in
the Warrants to be complied with by the Company.

     C. The Warrant Agent may execute and exercise any of the rights or powers
hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys, agents or employees, and the Warrant Agent shall not be
answerable or accountable for any act, default, neglect or misconduct of any
such attorneys, agents or employees or for any loss to the Company resulting
from such neglect or misconduct, provided reasonable care shall have been
exercised in the selection and continued employment thereof.

     D. The Warrant Agent may consult at any time with counsel satisfactory to
it (who may be counsel for the Company), and the Warrant Agent shall incur no
liability or responsibility to the Company or to any holder of any Warrant in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in accordance with the opinion or the advice of such counsel.

     E. The Warrant Agent shall incur no liability or responsibility to the
Company or to any holder of any Warrant for any action taken in reliance on any
notice, resolution, waiver, consent, order, certificate, or other paper,
document or instrument believed by it to be genuine and to have been signed,
sent or presented by the proper party or parties.

     F. The Company agrees to pay to the Warrant Agent reasonable compensation
for all services rendered by the Warrant Agent in the execution of this
Agreement, to reimburse the Warrant Agent for all expenses, taxes and
governmental charges and other charges of any kind
and nature incurred by the Warrant Agent in the execution of this
Agreement and to indemnify the Warrant Agent and save it harmless against any
and all liabilities, including judgments, costs and counsel fees, for anything
done or omitted by the Warrant Agent in the execution of this Agreement except
as a result of the Warrant Agent’s gross negligence or bad faith.

     G. The Warrant Agent shall be under no obligation to institute any action,
suit or legal proceeding or to take any other action likely to involve expense
unless the Company or one or more registered holders of Warrants shall furnish
the Warrant Agent with reasonable security and indemnity for any costs and
expenses which may be incurred, but this provision shall not affect the power
of the Warrant Agent to take such action as the Warrant Agent may consider
proper, whether with or without any such security or indemnity. All rights of
action under this Agreement or under any of the Warrants may be enforced by the
Warrant Agent without the possession of any of the Warrants or the production
thereof at any trial or other proceeding relative thereto, and any such action,
suit or proceeding instituted by the Warrant Agent shall be brought in its name
as Warrant Agent, and any recovery of judgment shall be for the ratable
benefit of the registered holders of the Warrants, as their respective rights or
interests may appear.

12

 

     H. The Warrant Agent and any shareholder, director, officer or employee of
the Warrant Agent may buy, sell or deal in any of the Warrants or other
securities of the Company or become pecuniarily interested in any transaction
in which the Company may be interested, or contract with or lend money to or
otherwise act as fully and freely as though it were not Warrant Agent under
this Agreement. Nothing herein shall preclude the Warrant Agent from acting in
any other capacity for the Company or for any other legal entity.

     I. The Warrant Agent shall act hereunder solely as agent and not in a
ministerial capacity, and its duties shall be determined solely by the
provisions hereof. The Warrant Agent shall not be liable for anything which it
may do or refrain from doing in connection with this Agreement except for its
own gross negligence or bad faith.

     SECTION 15. Change of Warrant Agent. The Warrant Agent may resign and be
discharged from its duties under this Agreement by giving to the Company notice
in writing, and to the holders of the Warrants notice by publication, of such
resignation, specifying a date when such resignation shall take effect, which
notice shall be published at the expense of the Company at least once a week
for two consecutive weeks in a newspaper of general circulation in the City of
[City] prior to the date so specified. The Warrant Agent may be removed by the
Company by like notice from the Company to the Warrant Agent and the holders of
Warrants at the expense of the Company. If the Warrant Agent shall resign or
be removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Warrant Agent. If the Company shall fail to make
such appointment within a period of 30 days after such removal or after it has
been notified in writing of such resignation or incapacity by the resigning or
incapacitated Warrant Agent or by the registered holder of a Warrant (who
shall, with such notice, submit his Warrant for inspection by the Company),
then, at the expense of the Company, the Warrant Agent or the registered holder
of any Warrant may apply to any court of competent jurisdiction for the
appointment of a successor to the Warrant Agent. Any successor Warrant Agent,
whether appointed by the
Company or by such a court, shall be a bank or trust company, in good
standing, incorporated under the laws of any State or of the United States of
America, having at the time of its appointment as Warrant Agent a combined
capital and surplus of at least $100,000,000. After appointment the successor
Warrant Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Warrant Agent without
further act or deed; but the former Warrant Agent shall deliver and transfer to
the successor Warrant Agent any property at the time held by it hereunder, and
execute and deliver any further assurance, conveyance, act or deed necessary
for the purpose. Failure to file or publish any notice provided for in this
Section, however, or any defect therein, shall not affect the legality or
validity of the resignation or removal of the Warrant Agent or the appointment
of the successor Warrant Agent, as the case may be.

     SECTION 16. Identity of Transfer Agent. Forthwith upon the appointment of
any Transfer Agent for the Shares or of any subsequent Transfer Agent for
Shares issuable upon the exercise of the rights of purchase represented by the
Warrants, the Company will file with the Warrant Agent a statement setting
forth the name and address of such Transfer Agent.

13

 

     SECTION 17. Notices. Any notice pursuant to this Agreement to be given or
made by the Warrant Agent or by the registered holder of any Warrant to or on
the Company shall be sufficiently given or made if sent by first-class mail,
postage prepaid, addressed (until another address is filed in writing by the
Company with the Warrant Agent) as follows:

UnitedHealth Group Incorporated

300 Opus Center 9900

Bren Road East Minnetonka, Minnesota 55343

Attn: Secretary

     Any notice pursuant to this Agreement to be given or made by the Company
or by the registered holder of any Warrant to or on the Warrant Agent shall be
sufficiently given or made if sent by first-class mail, postage prepaid,
addressed (until another address is filed in writing by the Warrant Agent with
the Company) as follows:

     Any notice pursuant to this Agreement to be given or made by the Company
or the Warrant Agent to the registered holder of any Warrant shall be
sufficiently given or made (unless otherwise specifically provided for herein)
if sent by first-class mail, postage prepaid, addressed to said registered
holder at his address appearing on the Warrant register.

     SECTION 18. Supplements and Amendments. The Company and the Warrant Agent may from time to time supplement or
amend this Agreement without the approval of any holders of Warrants in order
to cure any ambiguity or to correct or supplement any provision contained
herein which may be defective or inconsistent with any other provision herein,
or to make any other provisions in regard to matters or questions arising
hereunder which the Company and the Warrant Agent may deem necessary or
desirable and which will not materially adversely affect the interest of the
registered holders of the Warrants. The Company and the Warrant Agent may also
modify or amend this Agreement and the terms of the Warrants if a majority of
the holders of the then outstanding unexercised Warrants affected by the
modification or amendment consent. However, no modification or amendment that
accelerates the expiration date, increases the exercise price, reduces the
majority consent requirement for any such modification or amendment, or
otherwise materially adversely affects the rights of the holders of the
Warrants may be made without the consent of each holder affected by the
modification or amendment.

     SECTION 19. Successors. All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns hereunder.

     SECTION 20. Governing Law. This Agreement and each Warrant Certificate
issued hereunder shall be governed by and construed in accordance with the laws
of the State of [                   ].

     SECTION 21. Benefits of This Agreement. Nothing in this Agreement shall
be construed to give to any person or entity other than the Company and the
Warrant Agent and the

14

 

holders of Warrants any legal or equitable right, remedy
or claim under this Agreement, but this Agreement shall be for the sole and
exclusive benefit of the Company and the Warrant Agent and the holders of
Warrants.

     SECTION 22. Counterparts. This Agreement may be executed in any number of
counterparts, and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

     [IF THE WARRANTS ARE SUBJECT TO ACCELERATION BY THE COMPANY, INSERT

     SECTION 23. Acceleration of Warrants by the Company.

     A. At any time on or after , the Company shall have the right to
accelerate any or all Warrants at any time by causing them to expire at the
close of business on the day next preceding a specified date (the “Acceleration
Date”), if the Market Price (as hereinafter defined) of the
Common Stock equals or exceeds percent ( %) of the then effective Warrant
Exercise Price, adjusted as if no changes in such Warrant Exercise Price had
been made pursuant to subsection 9(B), on any 20 Trading Days (as hereinafter
defined) within a period of 30 consecutive Trading Days ending no more than
five Trading Days prior to the date on which the Company gives notice to the
Warrant Agent of its election to accelerate the Warrants.

     B. “Market Price” for each Trading Day shall be, if the Common Stock is
listed or admitted for trading on the New York Stock Exchange, the last
reported sale price, regular way (or, if no such price is reported, the average
of the reported closing bid and asked prices, regular way) of Common Stock, in
either case as reported on the New York Stock Exchange Composite Tape or, if
the Common Stock is not listed or admitted to trading on the New York Stock
Exchange, on the principal national securities exchange on which Common Stock
is not listed or admitted to trading or, if not listed or admitted to trading
on any national securities exchange, on the National Market System of NASDAQ
or, if not listed or admitted to trading on any national securities exchange or
quoted on the National Market System of NASDAQ, the average of the closing high
bid and low asked prices in the over-the-counter market, as reported by NASDAQ,
or such other system then in use, or if on any such date the Shares of Common
Stock are not quoted by any such organization, the average of the closing bid
and asked prices as furnished by any New York Stock Exchange firm selected from
time to time by the Company for that purpose. “Trading Day” shall be each
Monday through Friday, other than any day on which securities are not traded in
the system or on the exchange that is the principal market for the Common
Stock, as determined by the Board of Directors of the Company.

     C. In the event of an acceleration of less than all of the Warrants, the
Warrant Agent shall select the Warrants to be accelerated by lot, pro rata or
in such other manner as it deems, in its discretion, to be fair and
appropriate.

     D. Notice of an acceleration specifying the Acceleration Date shall be
sent by mailing first class, postage prepaid, to each registered holder of a
Warrant Certificate representing a Warrant accelerated at such holder’s address
appearing on the Warrant register not more than 60 days nor less than 30 days
before the Acceleration Date. Such notice of an

15

 

acceleration also shall be
given no more than 20 days, and no less than 10 days, prior to the mailing of
notice to registered holders of Warrants pursuant to this Section, by
publication at least once in a newspaper of general circulation in the City of
New York.

     E. Any Warrant accelerated may be exercised until [     ] p.m., [City]
time, on the business day next preceding the Acceleration Date. The Warrant
Exercise Price shall be payable as provided in Section 5]

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, all as of the day and year first above written.

	 	 	 	 	 
	 	 	UNITEDHEALTH GROUP INCORPORATED
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	Its	 	 
	

	 	 	 	
 

	 	 	 
	

	 	Attest:

	

	 	
 

	 	 	 	 	 
	 	 	Warrant Agent
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	Its	 	 
	

	 	 	 	
 

	 	 	 
	

	 	Attest:

	

	 	
 

16

 

EXHIBIT A

FORM OF WARRANT CERTIFICATE

[Face of Warrant Certificate]

	 	 	 
	[If Warrants are attached to Other
Securities and are not immediately
detachable.

	 	Prior to                    ,
this Warrant Certificate
cannot be transferred or
exchanged unless attached to a
[Title of Other Securities].]
	 
	 	 
	[Form of Legend if Warrants are
not immediately exercisable.

	 	Prior to                    ,
Warrants evidenced by this
Warrant Certificate cannot be
exercised.]

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN

VOID AFTER [                   ] P.M., [CITY] TIME, ON                    ,      

UNITEDHEALTH GROUP INCORPORATED

Warrants to Purchase

Warrant Certificate Representing

[Title of Warrant Securities]

			
	No.                    
	 	                    Warrants

     This certifies that                     or registered assigns is the registered
owner of the above indicated number of Warrants, each Warrant entitling such
owner [if Warrants are attached to Other Securities and are not immediately
detachable —, subject to the registered owner qualifying as a “Holder” of this
Warrant Certificate, as hereinafter defined) to purchase, at any time [after
[                   ] P.M., [City] time, on                     and] on or before [                   ]
P.M., [City] time, on                    ,                    shares of [Title of Warrant
Securities] (the “Warrant Securities”), of UnitedHealth Group Incorporated (the
“Company”) on the following basis: during the period from                    , through
and including                    , the exercise price of each Warrant will be
                   ; during the period from                    , through and including
                   , the exercise price of each warrant will be                     (the “Warrant
Price”). No adjustment shall be made for any dividends on any Warrant
Securities issuable upon exercise of any Warrant. The Holder may exercise the
Warrants evidenced hereby by providing certain information set forth on the
back hereof and by paying in full [in lawful money of the United

1

 

States of America] [in cash or by certified check or official bank check
or by bank wire transfer, in each case,] [by bank wire transfer] in immediately
available funds, the Warrant Price for each Warrant exercised to the Warrant
Agent (as hereinafter defined) and by surrendering this Warrant Certificate,
with the purchase form on the back hereof duly executed, at the corporate trust
office of [name of Warrant Agent], or its successor as warrant agent (the
“Warrant Agent”), [or                                      ], which is, on the date hereof, at
the address specified on the reverse hereof, and upon compliance with and
subject to the conditions set forth herein and in the Warrant Agreement (as
hereinafter defined).

     The term “Holder” as used herein shall mean [if Warrants are attached to
Other Securities and are not immediately detachable — prior to                    ,
                    (the “Detachable Date”), the registered owner of the Company’s
[title of Other Securities] to which this Warrant Certificate was initially
attached, and after such Detachable Date,] the person in whose name at the time
this Warrant Certificate shall be registered upon the books to be maintained by
the Warrant Agent for that purpose pursuant to Section 4 of the Warrant
Agreement.

     Any whole number of Warrants evidenced by this Warrant Certificate may be
exercised to purchase Warrant Securities in registered form. Upon any exercise
of fewer than all of the Warrants evidenced by this Warrant Certificate, there
shall be issued to the Holder hereof a new Warrant Certificate evidencing the
number of Warrants remaining unexercised.

     This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of                    ,                     (the “Warrant Agreement”)
between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and
provisions the Holder of this Warrant Certificate consents by acceptance
hereof. Copies of the Warrant Agreement are on file at the above-mentioned
office of the Warrant Agent [and at                                       ].

     [if Warrants are attached to Other Securities and are not immediately
detachable — Prior to the Detachable Date, this Warrant Certificate may be
exchanged or transferred only together with the [Title of Other Securities]
(the “Other Securities”) to which this Warrant Certificate was initially
attached, and only for the purpose of effecting, or in conjunction with, an
exchange or transfer of such Offered Security. Additionally, on or prior to
the Detachable Date, each transfer of such Other Security or the register of
the Other Securities shall operate also to transfer this Warrant Certificate.
After such date, transfer of this] [if Warrants are attached to Other
Securities and are not immediately detachable — Transfer of this] Warrant
Certificate may be registered when this Warrant Certificate is surrendered at
the corporate trust office of the Warrant Agent [or                                       ] by
the registered owner of such owner’s assigns, in person or by an attorney duly
authorized in writing, in the manner and subject to the limitations provided in
the Warrant Agreement.

     [If Other Securities with Warrants which are not immediately detachable —
Except as provided in the immediately preceding paragraph, after] [if Other
Securities with Warrants which are immediately detachable or Warrant alone —
After] countersignature by the Warrant Agent and prior to the expiration of
this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent [or                                       ] for
Warrant Certificates representing the same aggregate number of Warrants.

A-2

 

 

     This Warrant Certificate shall not entitle the Holder hereof to any of the
rights of a holder of the Warrant Securities, including, without limitation,
the right to receive payments of dividends or distributions, if any, on the
Warrant Securities or to exercise any voting rights.

     This Warrant Certificate shall not be valid or obligatory for any purpose
until countersigned by the Warrant Agent.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in
its name and on its behalf by the facsimile signatures of its duly authorized
officers.

	 	 	 	 	 
	Dated:                                       	 	UNITEDHEALTH GROUP

INCORPORATED
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	Its	 	 
	

	 	 	 	
 

	 	 	 
	

	 	Attest:

	

	 	
 
	 
	 	 
	

	 	Countersigned:

	

	 	
 
	 
	 	 
	

	 	As Warrant Agent

	

	 	 

	 	 	 	 	 
	 	 	By
	 	 
	

	 	 	 	
 
	

	 	 	 	Authorized Signature	 

A-3

 

 

[Reverse of Warrant Certificate]

(Instructions for Exercise of Warrant)

     To exercise the Warrants evidenced hereby, the Holder must pay [in United
States dollars] [in cash or by certified check or official bank check or by
bank wire transfer, in each case] [by bank wire transfer in immediately
available funds], the Warrant Price in full for Warrants exercised, to [Warrant
Agent] [address of Warrant Agent], Attn:                                       , which payment must
specify the name of the Holder and the number of Warrants exercised by such
Holder. In addition, the Holder must complete the information required below
and present this Warrant Certificate in person or by mail (certified or
registered mail is recommended) to the Warrant Agent at the appropriate address
set forth below. This Warrant Certificate, completed and duly executed, must
be received by the Warrant Agent within five business days of the payment.

To Be Executed Upon Exercise of Warrant

     The undersigned hereby irrevocably elects to exercise                     Warrants,
evidenced by this Warrant Certificate, to purchase                    shares of the
[Title of Warrant Securities] (the “Warrant Securities”) of UnitedHealth Group
Incorporated and represents that he has tendered payment for such Warrant
Securities [in Dollars] [in cash or by certified check or official bank check
or by bank wire transfer, in each case] [by bank wire transfer in immediately
available funds] to the order of UnitedHealth Group Incorporated, c/o [insert
name and address of Warrant Agent], in the amount of                     in accordance
with the terms hereof. The undersigned requests that said principal amount of
Warrant Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the
instructions set forth below.

     If the number of Warrants exercised is less than all of the Warrants
evidenced hereby, the undersigned requests that a new Warrant Certificate
representing the remaining Warrants evidenced hereby be issued and delivered to
the undersigned unless otherwise specified in the instructions below.

	 	 	 
	

	 	Dated:
	

	 	
 
	

	 	Name:
	

	 	
 
	

	 	(Please print)
	 
	 	 
	

	 	Address:
	 
	 	 
	

	 	

	

	 	
 
	 
	 	 
	

	 	(Insert Social Security or Other
Identifying Number of Holder)

A-4

 

 

	 	 	 
	

	 	Signature Guaranteed
	 
	 	 
	

	 	
 
	

	 	Signature
	 
	 	 
	

	 	[For registered Warrants — Signature
must conform in all respects to name
of holder as specified on the face
of this Warrant Certificate and must
bear a signature guarantee by a
bank, trust company or member broker
of the New York, Midwest or Pacific
Stock Exchange)

This Warrant may be exercised at the following addresses:

     By hand at

     By mail at

     [Instructions as to form and delivery of Warrant Securities and, if
applicable, Warrant Certificates evidencing unexercised Warrants — complete as
appropriate.]

A-5

 

 

ASSIGNMENT

(FORM OF ASSIGNMENT TO BE EXECUTED IF

WARRANT HOLDER DESIRES TO TRANSFER WARRANT)

FOR VALUE RECEIVED,                     hereby sells, assigns and transfers unto:

Print or Type Name

Street Address

City            State            Zip Code

Social Security or other Identifying Number

the right represented by the within Warrant to purchase       Shares of Common
Stock ($      par value) of UnitedHealth Group Incorporated to which the within
Warrant relates and appoints                     attorney to transfer such right on
the books of the Warrant Agent with full power of substitution in the premises.

	 	 	 
	Dated:                   
	 	 
	 
	 	 
	

	 	
 
	

	 	Signature
	 
	 	 
	

	 	(Signature must conform in all
respects to name of holder as
specified on the face of the
Warrant)
	Signature Guaranteedexv4w25

 

Exhibit 4.25

UNITEDHEALTH GROUP INCORPORATED

AND

                   , AS WARRANT AGENT

PREFERRED STOCK

WARRANT AGREEMENT

DATED AS OF                                       

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page

	ARTICLE I. ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES
	 	 	1	 
	SECTION 1.01. Issuance of Warrants
	 	 	1	 
	SECTION 1.02. Execution and Delivery of Warrant Certificates
	 	 	1	 
	SECTION 1.03. Issuance of Warrant Certificates
	 	 	2	 
	ARTICLE II. WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS
	 	 	3	 
	SECTION 2.01. Warrant Price
	 	 	3	 
	SECTION 2.02. Duration of Warrants
	 	 	3	 
	SECTION 2.03. Exercise of Warrants
	 	 	3	 
	ARTICLE III. OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES
	 	 	4	 
	SECTION 3.01. No Rights as Warrant Securityholder Conferred by
Warrants or Warrant Certificates
	 	 	4	 
	SECTION 3.02. Lost, Stolen, Mutilated or Destroyed Warrant Certificates
	 	 	4	 
	SECTION 3.03. Holder of Warrant Certificate May Enforce Rights
	 	 	5	 
	SECTION 3.04. Reclassification, Consolidation, Merger, Sale, Conveyance or Lease
	 	 	5	 
	ARTICLE IV. EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES
	 	 	6	 
	SECTION 4.01. Exchange and Transfer of Warrant Certificates
	 	 	6	 
	SECTION 4.02. Treatment of Holders of Warrant Certificates
	 	 	6	 
	SECTION 4.03. Cancellation of Warrant Certificates
	 	 	7	 
	ARTICLE V. CONCERNING THE WARRANT AGENT
	 	 	7	 
	SECTION 5.01. Warrant Agent
	 	 	7	 
	SECTION 5.02. Conditions of Warrant Agent’s Obligations
	 	 	7	 
	SECTION 5.03. Resignation and Appointment of Successor
	 	 	9	 
	ARTICLE VI. MISCELLANEOUS
	 	 	10	 
	SECTION 6.01. Amendment
	 	 	10	 
	SECTION 6.02. Notices and Demands to the Company and Warrant Agent
	 	 	10	 
	SECTION 6.03. Addresses
	 	 	10	 
	SECTION 6.04. Governing Law
	 	 	11	 
	SECTION 6.05. Delivery of Prospectus
	 	 	11	 
	SECTION 6.06. Obtaining of Governmental Approvals
	 	 	11	 
	SECTION 6.07. Persons Having Rights Under Warrant Agreement
	 	 	11	 
	SECTION 6.08. Headings
	 	 	11	 
	SECTION 6.09. Counterparts
	 	 	11	 
	SECTION 6.10. Inspection of Agreement
	 	 	11	 

-i-

 

 

UNITEDHEALTH GROUP INCORPORATED

FORM OF PREFERRED STOCK WARRANT AGREEMENT

     PREFERRED STOCK WARRANT AGREEMENT, dated as of                     between
UnitedHealth Group Incorporated, a Minnesota corporation (hereinafter called
the “Company”) and                                                           as
Warrant Agent (herein called the “Warrant Agent”).

     WHEREAS, the Company proposes to sell [if Warrants are sold with other
securities — [title of such other securities being offered] (the “Other
Securities”) with] warrant certificates evidencing one or more warrants (the
“Warrants” or individually a “Warrant”) representing the right to purchase
[title of Preferred Stock purchasable through exercise of Warrants] (the
“Warrant Securities”), such warrant certificates and other warrant certificates
issued pursuant to this Agreement being herein called the “Warrant
Certificates”; and

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company in connection with the issuance, exchange, exercise and replacement of
the Warrant Certificates, and in this Agreement wishes to set forth, among
other things, the form and provisions of the Warrant Certificates and the terms
and conditions on which they may be issued, exchanged, exercised and replaced;

     NOW THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

     *Complete or modify the provisions of this Form as appropriate to reflect
the terms of the Warrants, Warrant Securities and Other Securities.

ARTICLE I.

ISSUANCE OF WARRANTS AND EXECUTION AND

DELIVERY OF WARRANT CERTIFICATES

     SECTION 1.01. Issuance of Warrants. [If Warrants alone — Upon issuance,
each Warrant Certificate shall evidence one or more Warrants.] [If Other
Securities and Warrants — Warrants shall be [initially] issued in connection
with the issuance of the Other Securities [but shall be separately transferable
on and after                                                           (the
“Detachable Date”)] [and shall not be separately transferable] and each Warrant
Certificate shall evidence one or more Warrants.] Each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein
and therein, to purchase one Warrant Security. [If Other Securities and
Warrants — Warrant Certificates shall be initially issued in units with the
Other Securities and each Warrant Certificate included in such a unit shall
evidence                                        Warrants for each
[                   principal amount] [                   shares] of Other
Securities included in such unit.]

     SECTION 1.02. Execution and Delivery of Warrant Certificates.
Each Warrant Certificate, whenever issued, shall be in registered form
substantially in the form set forth in Exhibit A hereto, shall be dated
                    and may have such letters, numbers, or other marks of
identification or designation and such legends or endorsements printed,
lithographed or

 

 

engraved thereon as the officers of the Company executing the
same may approve (execution thereof to be conclusive evidence of such approval)
and as are inconsistent with the provisions of this Agreement, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which the
Warrants may be listed, or to conform to usage. The Warrant Certificates shall
be signed on behalf of the Company by the Chairman of the Board, the President
or a Vice President of the Company and by the Treasurer or one of the Assistant
Treasurers or the Secretary or one of the Assistant Secretaries of the Company
under its corporate seal reproduced thereon. Such signatures may be manual or
facsimile signatures of such authorized officers and may be imprinted or
otherwise reproduced on the Warrant Certificates. The seal of the Company may
be in the form of a facsimile thereof and may be impressed, affixed, imprinted
or otherwise reproduced on the Warrant Certificates.

     No Warrant Certificate shall be valid for any purpose, and no Warrant
evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent. Such signature by
the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence that the Warrant Certificate so countersigned has been duly
issued hereunder.

     In case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature shall cease to
be such officer before the Warrant Certificates so signed shall have been
countersigned and delivered by the Warrant Agent, such Warrant Certificates may
be countersigned and delivered notwithstanding that the person who signed such
Warrant Certificates ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such

     Warrant Certificate, shall be the proper officers of the Company, although
at the date of the execution of this Agreement any such person was not such
officer.

     The term “holder” or “holder of a Warrant Certificate” as used herein
shall mean any person in whose name at the time any Warrant Certificate shall
be registered upon the books to be maintained by the Warrant Agent for that
purpose [If Other Securities and Warrants are not immediately detachable — or
upon the register of the Other Securities prior to the Detachable Date. Prior
to the Detachable Date, the Company will, or will cause the Registrar of the
Other Securities to, make available at all times to the Warrant Agent such
information as to holders of the Other Securities with Warrants as may be
necessary to keep the Warrant Agent’s records up to date].

     SECTION 1.03. Issuance of Warrant Certificates. Warrant Certificates
evidencing the right to purchase an aggregate not exceeding                    
Warrant Securities (except as provided in Sections 2.03(c), 3.02 and 4.01) may
be executed by the Company and delivered to the Warrant Agent upon the
execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon
receipt of Warrant Certificates duly executed on behalf of the Company,
countersign Warrant Certificates evidencing Warrants representing the right to
purchase up to                     Warrant Securities and shall deliver such
Warrant Certificates to or upon the order of the Company. Subsequent to such
original issuance of the Warrant

-2-

 

Certificates, the Warrant Agent shall
countersign a Warrant Certificate only if the Warrant Certificate is issued in
exchange or substitution for one or more previously countersigned Warrant
Certificates or in connection with their transfer, as hereinafter provided.

ARTICLE II.

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

     SECTION 2.01. Warrant Price. During the period from                    ,
through and including                   , the exercise price of each Warrant will
be                     During the period from                   , through and
including                    , the exercise price of each Warrant will
be                   . Such purchase price of Warrant Securities is referred to
in this Agreement as the “Warrant Price”. No adjustment shall be made for any
dividends on any Warrant Securities issuable upon exercise of any Warrant.

     SECTION 2.02. Duration of Warrants. Each Warrant may be exercised in
whole at any time, as specified herein, on or after [the date thereof]
[                   ] and at or before [                   ] P.M., [City] time, on
                    or such later date as the Company may designate, by notice to
the Warrant Agent and the holders of Warrant Certificates mailed to their
addresses as set forth in the record books of the Warrant Agent (the
“Expiration Date”). Each Warrant not exercised at or before
[                   ] P.M., [City] time, on the Expiration Date shall become
void, and all rights of the holder of the Warrant Certificate evidencing such
Warrant under this Agreement shall cease.

     SECTION 2.03. Exercise of Warrants. (a) During the period specified in
Section 2.02 any whole number of Warrants may be exercised by providing certain
information as set forth on the reverse side of the Warrant Certificate and by
paying in full, in [lawful money of the United States of America] [in cash or
by certified check or official bank check or by bank wire transfer, in each
case,] [by bank wire transfer] [in immediately available funds] the Warrant
Price for each Warrant exercised to the Warrant Agent at its corporate trust
office [or at                   ], provided that such exercise is subject to
receipt within five business days of such [payment] [wire transfer] by the
Warrant Agent of the Warrant Certificate with the form of election to purchase
Warrant Securities set forth on the reverse side of the Warrant Certificate
properly completed and duly executed. The date on which payment in full of the
Warrant Price is received by the Warrant Agent shall, subject to receipt of the
Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant
is exercised. The Warrant Agent shall deposit all funds received by it in
payment of the Warrant Price in an account of the Company maintained with it
and shall advise the Company by
telephone at the end of each day on which a [payment] [wire transfer] for
the exercise of Warrants is received of the amount so deposited to its account.
The Warrant Agent shall promptly confirm such telephone advice to the Company
in writing.

     (b) The Warrant Agent shall, from time to time, as promptly as
practicable, advise the Company of (i) the number of Warrants exercised,
(ii) the instructions of each holder of the Warrant Certificates
evidencing such Warrants with respect to delivery of the Warrant
Securities to which such holder is entitled upon such exercise, (iii)
delivery of Warrant Certificates evidencing the balance, if any, of the
Warrants remaining after such exercise, and (iv) such other information
as the Company shall reasonably require.

-3-

 

     (c) As soon as practicable after the exercise of any Warrant, the
Company shall issue to or upon the order of the holder of the Warrant
Certificate evidencing such Warrant the Warrant Securities to which such
holder is entitled, in fully registered form, registered in such name or
names as may be directed by such holder. If fewer than all of the
Warrants evidenced by such Warrant Certificate are exercised, the Company
shall execute, and an authorized officer of the Warrant Agent shall
manually countersign and deliver, a new Warrant Certificate evidencing
the number of such Warrants remaining unexercised.

     (d) The Company shall not be required to pay any stamp or other tax
or other governmental charge required to be paid in connection with any
transfer involved in the issue of the Warrant Securities, and in the
event that any such transfer is involved, the Company shall not be
required to issue or deliver any Warrant Security until such tax or other
charge shall have been paid or it has been established to the Company’s
satisfaction that no such tax or other charge is due.

     (e) Prior to the issuance of any Warrants there shall have been
reserved, and the Company shall at all times keep reserved, out of its
authorized but unissued Warrant Securities, a number of shares sufficient
to provide for the exercise of the Warrant Certificates.

ARTICLE III.

OTHER PROVISIONS RELATING TO RIGHTS

OF HOLDERS OF WARRANT CERTIFICATES

     SECTION 3.01. No Rights as Warrant Securityholder Conferred by Warrants or
Warrant Certificates. No Warrant Certificates or Warrant evidenced thereby
shall entitle the holder thereof to any of the rights of a holder of Warrant
Securities, including, without limitation, the right to receive the payment of
dividends or distributions, if any, on the Warrant Securities or to exercise
any voting rights.

     SECTION 3.02. Lost, Stolen, Mutilated or Destroyed Warrant Certificates.
Upon receipt by the Warrant Agent of evidence reasonably satisfactory
to it and the Company of the ownership of and the loss, theft, destruction or
mutilation of any Warrant Certificate and or indemnity reasonably satisfactory
to the Warrant Agent and the Company and, in the case of mutilation, upon
surrender thereof to the Warrant Agent for cancellation, then, in the absence
of notice to the Company or the Warrant Agent that such Warrant Certificate has
been acquired by a bona fide purchaser, the Company shall execute, and an
authorized officer of the Warrant Agent shall manually countersign and deliver,
in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant
Certificate, a new Warrant Certificate of the same tenor and evidencing a like
number of Warrants. Upon the issuance of any new Warrant Certificate under
this Section, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Warrant Agent)
in connection therewith. Every substitute Warrant Certificate executed and
delivered pursuant to this Section in lieu of any lost, stolen or destroyed
Warrant Certificate shall represent an additional contractual obligation of the
Company, whether

-4-

 

or not the lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of
this Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered hereunder. The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement of mutilated, lost, stolen
or destroyed Warrant Certificates.

     SECTION 3.03. Holder of Warrant Certificate May Enforce Rights.
Notwithstanding any of the provisions of this Agreement, any holder of a
Warrant Certificate, without the consent of the Warrant Agent, the holder of
any Warrant Securities or the holder of any other Warrant Certificate, may, in
such holder’s own behalf and for such holder’s own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, such holder’s right to
exercise the Warrants evidenced by such holder’s Warrant Certificate in the
manner provided in such holder’s Warrant Certificate and in this Agreement.

     SECTION 3.04. Reclassification, Consolidation, Merger, Sale, Conveyance or
Lease. In case any of the following shall occur while any Warrants are
outstanding: (a) any reclassification or change of the outstanding shares of
Warrant Securities; or (b) any consolidation or merger to which the Company is
party (other than a consolidation or a merger in which the Company is the
continuing corporation and which does not result in any reclassification of, or
change in, the outstanding shares of Warrant Securities issuable upon exercise
of the Warrants); or (c) any sale, conveyance or lease to another corporation
of the property of the Company as an entirety or substantially as an entirety;
then the Company, or such successor or purchasing corporation, as the case may
be, shall make appropriate provision by amendment of this Agreement or
otherwise so that the holders of the Warrants then outstanding shall have the
right at any time thereafter, upon exercise of such Warrants, to purchase the
kind and amount of shares of stock and other securities and property receivable
upon such a reclassification, change, consolidation, merger, sale, conveyance
or lease as would be received by a holder of the number of shares of Warrant
Securities issuable upon exercise of such Warrant immediately prior to such
reclassification, change, consolidation, merger, sale, conveyance or
lease, and, in the case of a consolidation, merger, sale, conveyance or
lease, the Company shall thereupon be relieved of any further obligation
hereunder or under the Warrants, and the Company as the predecessor corporation
may thereupon or at any time thereafter be dissolved, wound up or liquidated.
Such successor or assuming corporation thereupon may cause to be signed, and
may issue either in its own name or in the name of the Company, any or all of
the Warrants issuable hereunder which heretofore shall not have been signed by
the Company, and may execute and deliver Warrant Securities in its own name, in
fulfillment of its obligations to deliver Warrant Securities upon exercise of
the Warrants. All the Warrants so issued shall in all respects have the same
legal rank and benefit under this Agreement as the Warrants theretofore or
thereafter issued in accordance with the terms of this Agreement as though all
of such Warrants had been issued at the date of the execution hereof. In any
case of any such reclassification, change, consolidation, merger, conveyance,
transfer or lease, such changes in phraseology and form (but not in substance)
may be made in the Warrants thereafter to be issued as may be appropriate.

-5-

 

     The Warrant Agent may receive a written opinion of legal counsel as
conclusive evidence that any such reclassification, change, consolidation,
merger, conveyance, transfer or lease complies with the provisions of this
Section 3.04.

ARTICLE IV.

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

     SECTION 4.01. Exchange and Transfer of Warrant Certificates. [If Other
Securities with Warrants which are immediately detachable — Upon] [If Other
Securities with Warrants which are not immediately detachable — Prior to the
Detachable Date a Warrant Certificate may be exchanged or transferred only
together with the Offered Security to which the Warrant Certificate was
initially attached, and only for the purpose of effecting or in conjunction
with an exchange or transfer of such Offered Security. Prior to any Detachable
Date, each transfer of the Offered Security [on the register of the Other
Securities] shall operate also to transfer the related Warrant Certificates.
After the Detachable Date upon] surrender at the corporate trust office of the
Warrant Agent [or                   ], Warrant Certificates evidencing Warrants
may be exchanged for Warrant Certificates in other denominations evidencing
such Warrants or the transfer thereof may be registered in whole or in part;
provided that such other Warrant Certificates evidence the same aggregate
number of Warrants as the Warrant Certificates so surrendered. The Warrant
Agent shall keep, at its corporate trust office [and
at                                      ], books in which, subject to such
reasonable regulations as it may prescribe, it shall register Warrant
Certificates and exchanges and transfers of outstanding Warrant Certificates,
upon surrender of the Warrant Certificates to the Warrant Agent at its
corporate trust office [or                                      ] for exchange or
registration of transfer, properly endorsed or accompanied by appropriate
instruments of registration of transfer and written instructions for transfer,
all in form satisfactory to the Company and the Warrant Agent. No service
charge shall be made for any exchange or registration of transfer of Warrant
Certificates, but the Company may require payment of a sum sufficient to cover
any stamp or other tax or other governmental charge that may be imposed in
connection with any such exchange or registration of transfer. Whenever any
Warrant Certificates are so surrendered for
exchange or registration of transfer, an authorized officer of the Warrant
Agent shall manually countersign and deliver to the person or persons entitled
thereto a Warrant Certificate or Warrant Certificates duly authorized and
executed by the Company, as so requested. The Warrant Agent shall not be
required to effect any exchange or registration of transfer which will result
in the issuance of a Warrant Certificate evidencing a fraction of a Warrant or
a number of full Warrants and a fraction of a Warrant. All Warrant
Certificates issued upon any exchange or registration of transfer of Warrant
Certificates shall be the valid obligations of the Company, evidencing the same
obligations and entitled to the same benefits under this Agreement as the
Warrant Certificate surrendered for such exchange or registration of transfer.

     SECTION 4.02. Treatment of Holders of Warrant Certificates. [If Other
Securities and Warrants are not immediately detachable — Prior to the
Detachable Date, the Company, the Warrant Agent and all other persons may treat
the owner of the Offered Security as the owner of the Warrant Certificates
initially attached thereto for any purpose and as the person entitled to
exercise the rights represented by the Warrants evidenced by such Warrant
Certificates, any notice to the contrary notwithstanding. After the Detachable
Date and prior to due presentment

-6-

 

of a Warrant Certificate for registration of
transfer, ] [T]he Company and the Warrant Agent may treat the registered holder
of a Warrant Certificate as the absolute owner thereof for any purpose and as
the person entitled to exercise the rights represented by the Warrants
evidenced thereby, any notice to the contrary notwithstanding.

     SECTION 4.03. Cancellation of Warrant Certificates. Any Warrant
Certificate surrendered for exchange, registration of transfer or exercise of
the Warrants evidenced thereby shall, if surrendered to the Company, be
delivered to the Warrant Agent and all Warrant Certificates surrendered or so
delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent
and shall not be reissued and, except as expressly permitted by this Agreement,
no Warrant Certificate shall be issued hereunder in exchange therefor or in
lieu thereof. The Warrant Agent shall deliver to the Company from time to time
or otherwise dispose of canceled Warrant Certificates in a manner satisfactory
to the Company.

ARTICLE V.

CONCERNING THE WARRANT AGENT

     SECTION 5.01. Warrant Agent. The Company hereby appoints
                    as Warrant Agent of the Company in respect of the Warrants
and the Warrant Certificates upon the terms and subject to the conditions
herein set forth; and                     hereby accepts such appointment. The
Warrant Agent shall have the powers and authority granted to and conferred upon
it in the Warrant Certificates and hereby and such further powers and authority
to act on behalf of the Company as the Company may hereafter grant to or confer
upon it. All of the terms and provisions with respect to such powers and
authority contained in the Warrant Certificates are subject to and governed by
the terms and provisions hereof.

     SECTION 5.02. Conditions of Warrant Agent’s Obligations. The Warrant
Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following to all of which the Company agrees and to all
of which the rights hereunder of the holders from time to time of the Warrant
Certificates shall be subject:

     (a) Compensation and Indemnification. The Company agrees promptly
to pay the Warrant Agent the compensation to be agreed upon with the
Company for all services rendered by the Warrant Agent and to reimburse
the Warrant Agent for reasonable out-of-pocket expenses (including
counsel fees) incurred without gross negligence by the Warrant Agent in
connection with the services rendered hereunder by the Warrant Agent.
The Company also agrees to indemnify the Warrant Agent for, and to hold
it harmless against, any loss, liability or expense incurred without
negligence or bad faith on the part of the Warrant Agent, arising out of
or in connection with its acting as Warrant Agent hereunder, as well as
the costs and expenses of defending against any claim of such liability.

     (b) Agent for the Company. In acting under this Warrant Agreement
and in connection with the Warrant Certificates, the Warrant Agent is
acting solely as agent of the Company and does not assume any obligations
or relationship of agency or trust for or with any of the holders of
Warrant Certificates or beneficial owners of Warrants.

-7-

 

     (c) Counsel. The Warrant Agent may consult with counsel
satisfactory to it, and the written advice of such counsel shall be full
and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with
the advice of such counsel.

     (d) Documents. The Warrant Agent shall be protected and shall incur
no liability for or in respect of any action taken or thing suffered by
it in reliance upon any Warrant Certificate, notice, direction, consent,
certificate, affidavit, statement or other paper or document reasonably
believed by it to be genuine and to have been presented or signed by the
proper parties.

     (e) Certain Transactions. The Warrant Agent, and its officers,
directors and employees, may become the owner of, or acquire any interest
in, Warrants, with the same rights that it or they would have if it were
not the Warrant Agent hereunder, and, to the extent permitted by
applicable law, it or they may engage or be interested in any financial
or other transaction with the Company and may act on, or as depositary,
trustee or agent for, any committee or body of holders of Warrant
Securities or other obligations of the Company as freely as if it were
not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall
be deemed to prevent the Warrant Agent from acting as Trustee under any
of the Indentures.

     (f) No Liability for Interest. Unless otherwise agreed with the
Company, the Warrant Agent shall have no liability for interest on any
monies at any time received by it pursuant to any of the provisions of
this Agreement or of the Warrant Certificates.

     (g) No Liability for Invalidity. The Warrant Agent shall have no
liability with respect to any invalidity of this Agreement or any of the
Warrant Certificates (except as to the Warrant Agent’s countersignature
thereon).

     (h) No Responsibility for Representations. The Warrant Agent shall
not be responsible for any of the recitals or representations herein or
in the Warrant Certificates (except as to the Warrant Agent’s
countersignature thereon), all of which are made solely by the Company.

     (i) No Implied Obligations. The Warrant Agent shall be obligated to
perform only such duties as are herein and in the Warrant Certificates
specifically set forth and no implied duties or obligations shall be read
into this Agreement or the Warrant Certificates against he Warrant Agent.
The Warrant Agent shall not be under any obligation to take any action
hereunder which may tend to involve it in any expense or liability, the
payment of which within a reasonable time is not, in its reasonable
opinion, assured to it. The Warrant Agent shall not be accountable or
under any duty or responsibility for the use by the Company of any of the
Warrant Certificates authenticated by the Warrant Agent and delivered by
it to the Company pursuant to this Agreement or for the application by
the Company of the proceeds of the Warrant Certificates. The Warrant
Agent shall have no duty or responsibility in case of any default by the
Company in the performance of its covenants or agreements contained
herein or in the Warrant

-8-

 

Certificates or in the case of the receipt of
any written demand from a holder of a Warrant Certificate with respect to
such default, including, without limiting the generality of the
foregoing, any duty or responsibility to initiate or attempt to initiate
any proceedings at law or otherwise or, except as provided in Section
6.02 hereof, to make any demand upon the Company.

     SECTION 5.03. Resignation and Appointment of Successor. (a) The Company
agrees, for the benefit of the holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until
all the Warrants have been exercised or are no longer exercisable.

     (b) The Warrant Agent may at any time resign as agent by giving
written notice to the Company of such intention on its part, specifying
the date on which its desired resignation shall become effective;
provided that such date shall not be less than three months after the
date on which such notice is given unless the Company otherwise agrees.
The Warrant Agent hereunder may be removed at any time by the filing with
it of an instrument in writing signed by or on behalf of the Company and
specifying such removal and the intended date when it shall become
effective. Such resignation or removal shall take effect upon the
appointment by the Company, as hereinafter provided, of a successor
Warrant Agent (which shall be a bank or trust company authorized under
the laws of the jurisdiction of its organization to exercise corporate
trust powers) and the acceptance of such appointment by such successor
Warrant Agent. The obligation of the Company under Section 5.02(a) shall
continue to the extent set forth therein notwithstanding the resignation
or removal of the Warrant Agent.

     (c) In case at any time the Warrant Agent shall resign, or shall be
removed, or shall become incapable of acting, or shall be adjudged a
bankrupt or insolvent, or shall commence a voluntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or under any
other applicable Federal or State bankruptcy, insolvency or similar law
or shall consent to the appointment of or taking possession by a
receiver, custodian, liquidator, assignee, trustee, sequestrator (or
other similar official) of the Warrant Agent or its property or affairs,
or shall make an assignment for the benefit of creditors, or shall admit
in writing its inability to pay its debts generally as they become due,
or shall take corporate action in furtherance of any such action, or a
decree or order for relief by a court having jurisdiction in the premises
shall have been entered in respect of the Warrant Agent in an involuntary
case under the Federal bankruptcy laws, as now or hereafter constituted,
or any other applicable Federal or State bankruptcy, insolvency or
similar law, or a decree or order by a court having jurisdiction in the
premises shall have been entered for the appointment of a receiver,
custodian, liquidator, assignee, trustee, sequestrator (or similar
official) of the Warrant Agent or of its property or affairs, or any
public officer shall take charge or control of the Warrant Agent or of
its property or affairs for the purpose of rehabilitation, conservation,
winding up or liquidation, a successor Warrant Agent, qualified as
aforesaid, shall be appointed by the Company by an instrument in writing,
filed with the successor Warrant Agent. Upon the appointment as
aforesaid of a successor Warrant Agent and acceptance by the successor
Warrant Agent of such appointment, the Warrant Agent shall cease to be
Warrant Agent hereunder.

-9-

 

     (d) Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an
instrument accepting such appointment hereunder, and thereupon such
successor Warrant Agent, without any further act, deed or conveyance,
shall become vested with all the authority, rights, powers, trusts,
immunities, duties and obligations of such predecessor with like effect
as if originally named as Warrant Agent hereunder, and such predecessor,
upon payment of its charges and disbursements then unpaid, shall
thereupon become obligated to transfer, deliver and pay over, and such
successor Warrant Agent shall be entitled to receive, all monies,
securities and other property on deposit with or held by such
predecessor, as Warrant Agent hereunder.

     (e) Any corporation into which the Warrant Agent hereunder may be
merged or converted or any corporation with which the Warrant Agent may
be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Warrant Agent shall be a party, or any
corporation to which the Warrant Agent shall sell or otherwise transfer
all or substantially all the assets and business of the Warrant Agent,
provided that it shall be qualified as aforesaid, shall be the successor
Warrant Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto.

ARTICLE VI.

MISCELLANEOUS

     SECTION 6.01. Amendment. This Agreement may be amended by the parties
hereto, without the consent of the holder of any Warrant Certificate, for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any
defective provision contained herein, or making any other provisions with
respect to matters or questions arising under this Agreement as the Company and
the Warrant Agent may deem necessary or desirable; provided that such action
shall not affect adversely the interests of the holders of the Warrant
Certificates. The Company and the Warrant Agent may also modify or amend this
Agreement and the terms of the Warrants if a majority of the holders of the
then outstanding unexercised Warrants affected by the modification or amendment
consent. However, no modification or amendment that accelerates the expiration
date, increases the exercise price, reduces the majority consent requirement
for any such modification or amendment, or otherwise materially adversely
affects the rights of the holders of the Warrants may be made without the
consent of each holder affected by the modification or amendment.

     SECTION 6.02. Notices and Demands to the Company and Warrant Agent. If
the Warrant Agent shall receive any notice or demand addressed to the Company
by the holder of a Warrant Certificate pursuant to the provisions of the
Warrant Certificates, the Warrant Agent shall promptly forward such notice or
demand to the Company.

     SECTION 6.03. Addresses. Any communication from the Company to the
Warrant Agent with respect to this Agreement shall be addressed
to                                      , Attention:                    and any
communication from the Warrant Agent to the Company with respect to this
Agreement shall be addressed to UnitedHealth Group Incorporated, 300 Opus Center, 9900

-10-

 

Bren Road East, Minnetonka, Minnesota 55343, Attention: Secretary
(or such other address as shall be specified in writing by the Warrant Agent or
by the Company).

     SECTION 6.04. Governing Law. This Agreement and each Warrant Certificate
issued hereunder shall be governed by and construed in accordance with the laws
of the State of [                   ].

     SECTION 6.05. Delivery of Prospectus. The Company shall furnish to the
Warrant Agent sufficient copies of a prospectus relating to the Warrant
Securities deliverable upon exercise of the Warrants (the “Prospectus”), and
the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant
Agent will deliver to the holder of the Warrant Certificate evidencing such
Warrant, prior to or concurrently with the delivery of the Warrant Securities
issued upon such exercise, a Prospectus.

     The Warrant Agent shall not, by reason of any such delivery, assume any
responsibility for the accuracy or adequacy of such Prospectus.

     SECTION 6.06. Obtaining of Governmental Approvals. The Company will from
time to time take all action which may be necessary to obtain and keep
effective any and all permits, consents and approvals of governmental agencies
and authorities and securities act filings under United States Federal and
State laws (including without limitation a registration statement in respect of
the Warrants and Warrant Securities under the Securities Act of 1933), which
may be or become requisite in connection with the issuance, sale, transfer, and
delivery of the Warrant Securities issued upon exercise of the Warrant
Certificates, the exercise of the Warrants, the issuance, sale, transfer and
delivery of the Warrants or upon the expiration of the period during which the
Warrants are exercisable.

     SECTION 6.07. Persons Having Rights Under Warrant Agreement. Nothing in
this Agreement shall give to any person other than the Company, the Warrant
Agent and the holders of the Warrant Certificates any right, remedy or claim
under or by reason of this Agreement.

     SECTION 6.08. Headings. The descriptive headings of the several Articles
and Sections of this Agreement are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

     SECTION 6.09. Counterparts. This Agreement may be executed in any number
of counterparts, each of which as so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same
instrument.

     SECTION 6.10. Inspection of Agreement. A copy of this Agreement shall be
available at all reasonable times at the principal corporate trust office of
the Warrant Agent for inspection by the holder of any Warrant Certificate. The
Warrant Agent may require such holder to submit his Warrant Certificate for
inspection by it.

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed, all as of the day and year first above written.

	 	 	 	 	 
	 	 	UNITEDHEALTH GROUP INCORPORATED
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	Its	 	 
	

	 	 	 	
 

	 	 	 
	

	 	Attest:

	

	 	
 

	 	 	 	 	 
	 	 	Warrant Agent
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	Its	 	 
	

	 	 	 	
 

	 	 	 
	

	 	Attest:

	

	 	
 

-12-

 

EXHIBIT A

FORM OF WARRANT CERTIFICATE

[Face of Warrant Certificate]

	 	 	 
	[If Warrants are attached
to Other Securities and are not
immediately detachable.

	 	Prior to                   , this
Warrant Certificate cannot be
transferred or exchanged unless
attached to a [Title of Other
Securities].]
	 
	 	 
	[Form of Legend if Warrants
are not immediately
exercisable.

	 	Prior to                   , Warrants
evidenced by this Warrant
Certificate cannot be exercised.]
	 
	 	 

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN

VOID AFTER [                   ] P.M., [CITY] TIME, ON                   ,     

UNITEDHEALTH GROUP INCORPORATED

Warrants to Purchase

Warrant Certificate Representing

[Title of Warrant Securities]

			
	No.                    
	 	                   Warrants

     This certifies that                     or registered assigns is the
registered owner of the above indicated number of Warrants, each Warrant
entitling such owner [if Warrants are attached to Other Securities and are not
immediately detachable —, subject to the registered owner qualifying as a
“Holder” of this Warrant Certificate, as hereinafter defined) to purchase, at
any time [after [                   ] P.M., [City] time, on                    
and] on or before [                   ] P.M., [City] time, on                    ,
                               shares of [Title of Warrant Securities] (the “Warrant
Securities”), of UnitedHealth Group Incorporated (the “Company”) on the
following basis: during the period from                    , through and
including                    , the exercise price of each Warrant will be
                   ; during the period from                    , through and
including                    , the exercise price of each warrant will be
                    (the “Warrant Price”). No adjustment shall be made for any
dividends on any Warrant Securities issuable upon exercise of any Warrant. The
Holder may exercise the Warrants evidenced hereby by providing certain
information set forth on the back hereof and by paying in full [in lawful money
of the United

 

 

States of America] [in cash or by certified check or official bank check
or by bank wire transfer, in each case,] [by bank wire transfer] in immediately
available funds, the Warrant Price for each Warrant exercised to the Warrant
Agent (as hereinafter defined) and by surrendering this Warrant Certificate,
with the purchase form on the back hereof duly executed, at the corporate trust
office of [name of Warrant Agent], or its successor as warrant agent (the
“Warrant Agent”), [or                                      ], which is, on the date
hereof, at the address specified on the reverse hereof, and upon compliance
with and subject to the conditions set forth herein and in the Warrant
Agreement (as hereinafter defined).

     The term “Holder” as used herein shall mean [if Warrants are attached to
Other Securities and are not immediately detachable — prior to
                   ,                     (the “Detachable Date”), the registered
owner of the Company’s [title of Other Securities] to which this Warrant
Certificate was initially attached, and after such Detachable Date,] the person
in whose name at the time this Warrant Certificate shall be registered upon the
books to be maintained by the Warrant Agent for that purpose pursuant to
Section 4.01 of the Warrant Agreement.

     Any whole number of Warrants evidenced by this Warrant Certificate may be
exercised to purchase Warrant Securities in registered form. Upon any exercise
of fewer than all of the Warrants evidenced by this Warrant Certificate, there
shall be issued to the Holder hereof a new Warrant Certificate evidencing the
number of Warrants remaining unexercised.

     This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of                    ,                     (the
“Warrant Agreement”) between the Company and the Warrant Agent and is subject
to the terms and provisions contained in the Warrant Agreement, to all of which
terms and provisions the Holder of this Warrant Certificate consents by
acceptance hereof. Copies of the Warrant Agreement are on file at the
above-mentioned office of the Warrant Agent [and at                    ].

     [if Warrants are attached to Other Securities and are not immediately
detachable — Prior to the Detachable Date, this Warrant Certificate may be
exchanged or transferred only together with the [Title of Other Securities]
(the “Other Securities”) to which this Warrant Certificate was initially
attached, and only for the purpose of effecting, or in conjunction with, an
exchange or transfer of such Offered Security. Additionally, on or prior to
the Detachable Date, each transfer of such Other Security or the register of
the Other Securities shall operate also to transfer this Warrant Certificate.
After such date, transfer of this] [if Warrants are attached to Other
Securities and are not immediately detachable — Transfer of this] Warrant
Certificate may be registered when this Warrant Certificate is surrendered at
the corporate trust office of the Warrant Agent [or
                                      ] by the registered owner of such owner’s
assigns, in person or by an attorney duly authorized in writing, in the manner
and subject to the limitations provided in the Warrant Agreement.

     [If Other Securities with Warrants which are not immediately detachable —
Except as provided in the immediately preceding paragraph, after] [if Other
Securities with Warrants which are immediately detachable or Warrant alone —
After] countersignature by the Warrant Agent and prior to the expiration of
this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent [or
                                      ] for Warrant Certificates representing the
same aggregate number of Warrants.

A-2

 

 

     This Warrant Certificate shall not entitle the Holder hereof to any of the
rights of a holder of the Warrant Securities, including, without limitation,
the right to receive payments of dividends or distributions, if any, on the
Warrant Securities or to exercise any voting rights.

     This Warrant Certificate shall not be valid or obligatory for any purpose
until countersigned by the Warrant Agent.

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in
its name and on its behalf by the facsimile signatures of its duly authorized
officers.

	 	 	 	 	 
	Dated:                                       	 	UNITEDHEALTH GROUP

INCORPORATED
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	
 
	

	 	Its	 	 
	

	 	 	 	
 

	 	 	 
	

	 	Attest:

	

	 	
 
	 
	 	 
	

	 	Countersigned:

	

	 	
 
	 
	 	 
	

	 	As Warrant Agent

	

	 	 

	 	 	 	 	 
	 	 	By
	 	 
	

	 	 	 	
 
	

	 	 	 	Authorized Signature	 

A-3

 

 

[Reverse of Warrant Certificate]

(Instructions for Exercise of Warrant)

     To exercise the Warrants evidenced hereby, the Holder must pay [in United
States dollars] [in cash or by certified check or official bank check or by
bank wire transfer, in each case] [by bank wire transfer in immediately
available funds], the Warrant Price in full for Warrants exercised, to [Warrant
Agent] [address of Warrant Agent], Attn:                                       ,
which payment must specify the name of the Holder and the number of Warrants
exercised by such Holder. In addition, the Holder must complete the
information required below and present this Warrant Certificate in person or by
mail (certified or registered mail is recommended) to the Warrant Agent at the
appropriate address set forth below. This Warrant Certificate, completed and
duly executed, must be received by the Warrant Agent within five business days
of the payment.

To Be Executed Upon Exercise of Warrant

     The undersigned hereby irrevocably elects to exercise                    
Warrants, evidenced by this Warrant Certificate, to purchase                    
shares of the [Title of Warrant Securities] (the “Warrant Securities”) of
UnitedHealth Group Incorporated and represents that he has tendered payment for
such Warrant Securities [in Dollars] [in cash or by certified check or official
bank check or by bank wire transfer, in each case] [by bank wire transfer in
immediately available funds] to the order of UnitedHealth Group Incorporated,
c/o [insert name and address of Warrant Agent], in the amount of
                    in accordance with the terms hereof. The undersigned
requests that said principal amount of Warrant Securities be in fully
registered form in the authorized denominations, registered in such names and
delivered all as specified in accordance with the instructions set forth below.

     If the number of Warrants exercised is less than all of the Warrants
evidenced hereby, the undersigned requests that a new Warrant Certificate
representing the remaining Warrants evidenced hereby be issued and delivered to
the undersigned unless otherwise specified in the instructions below.

	 	 	 
	

	 	Dated:
	

	 	
 
	

	 	Name:
	

	 	
 
	

	 	(Please print)
	 
	 	 
	

	 	Address:
	 
	 	 
	

	 	

	

	 	
 
	 
	 	 
	

	 	(Insert Social Security or Other
Identifying Number of Holder)

A-4

 

 

	 	 	 
	

	 	Signature Guaranteed
	 
	 	 
	

	 	
 
	

	 	Signature
	 
	 	 
	

	 	[For registered Warrants — Signature
must conform in all respects to name
of holder as specified on the face
of this Warrant Certificate and must
bear a signature guarantee by a
bank, trust company or member broker
of the New York, Midwest or Pacific
Stock Exchange)

This Warrant may be exercised at the following addresses:

     By hand at

     By mail at

     [Instructions as to form and delivery of Warrant Securities and, if
applicable, Warrant Certificates evidencing unexercised Warrants — complete as
appropriate.]

A-5

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