Document:

EX-4.4

 Exhibit 4.4 

EXECUTION VERSION 
 HUMANA INC.,

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

ELEVENTH SUPPLEMENTAL INDENTURE 

Dated as of March 16, 2017 
  

 
 4.800% Senior
Notes due 2047 
  
  

Supplemental to Indenture dated as of August 5, 2003 

 THIS ELEVENTH SUPPLEMENTAL INDENTURE (the “Eleventh Supplemental Indenture”) is made
the 16th day of March, 2017, between HUMANA INC., a corporation duly incorporated and existing under the laws of Delaware and having its principal executive office at 500 West Main Street, Louisville, Kentucky 40202 (hereinafter called “the
Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York Trust Company, N.A. and as successor to The Bank of New York), a national banking association, as Trustee (hereinafter called the
“Trustee”). 
 RECITALS OF THE COMPANY 

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

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

WHEREAS, the Company proposes to issue a series of Securities designated as its 4.800% Senior Notes due 2047, the terms of which shall be set
forth in, or determined in the manner provided in, an Officers’ Certificate of the Company as provided in Section 301 of the Original Indenture (such senior notes being referred to herein as the “2047 Senior Notes” and all
references to Securities in the Original Indenture shall be deemed to refer also to the 2047 Senior Notes unless the context otherwise provides); and 

WHEREAS, the entry into this Eleventh Supplemental Indenture by the parties hereto is in all respect authorized by the provisions of the
Original Indenture; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Eleventh Supplemental Indenture
and to make it a valid and binding obligation of the Company have been done or performed; and 

 NOW, THEREFORE, THIS ELEVENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the promises and the purchase of the 2047 Senior Notes by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the 2047 Senior Notes, as follows: 

Section 1.    The Original Indenture is hereby amended solely with respect to the 2047 Senior
Notes as follows: 
  

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

“Change of Control” means the occurrence of any one of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s and its subsidiaries assets taken as a whole to any Person other than to
the Company or a Subsidiary; (2) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any Person becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company or the Voting Stock of any Parent Company (as
defined below) or other Voting Stock into which the Voting Stock of the Company or the Voting Stock of any Parent Company is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the
Company or any Parent Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company or any Parent Company, in any such event pursuant to a transaction in which any of the
outstanding Voting Stock of the Company, the Voting Stock of such Parent Company or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the
Voting Stock of the Company or the Voting Stock of such Parent Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any Parent Company
of the surviving Person immediately after giving effect to such transaction; or (4) the adoption of a plan relating to the liquidation or dissolution of the Company. Notwithstanding the foregoing, a transaction will not be deemed to involve a
Change of Control under clause (2) above if (i) the Company becomes a subsidiary of a Parent Company and (ii) the holders of the Voting Stock of the Company or the Voting Stock of any Parent Company immediately prior to such
transaction hold at least a majority of the Voting Stock of such Parent Company immediately following such transaction; provided that any series of related transactions shall be treated as a single transaction. The term “Person,” solely as
used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 
 “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a related Rating Event. 
 “Common Stock” means, with respect to
any Principal Subsidiary, Capital Stock of any class, however designated, except Capital Stock which is non-participating beyond fixed dividend and liquidation preferences and the holders of which have either
no voting rights or limited voting rights entitling them, only in the case of certain contingencies, to elect less than a majority of the directors (or persons performing similar functions) of such Principal Subsidiary, and also includes securities
of any class, however designated, which are convertible into Common Stock. 

  
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 “Indebtedness” means, with respect to any Person (without duplication): 

(1)    any liability of that Person (A) for borrowed money, or under any reimbursement obligation relating to a
letter of credit or similar instrument; (B) evidenced by a bond, note, debenture or similar instrument; (C) to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of
business; or (D) for the payment of money relating to any obligations under any capital lease of real or personal property which has been recorded as a capitalized lease obligation; 

(2)    any liability of others described in the preceding clause (1) that the Person has guaranteed or that is
otherwise its legal liability or which is secured by a lien on that Person’s Property; and 
 (3)    any amendment,
supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in clauses (1) or (2) above. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category) and a
rating of BBB- or better by Standard & Poor’s (or its equivalent under any successor rating category). 

“Issue Date” means the first date on which 2047 Senior Notes are issued, which shall be March 16, 2017. 

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

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

“Principal Subsidiary” means a consolidated subsidiary of the Company that, as of the relevant time of determination, is a
“significant subsidiary” as defined under Rule 405 under the Securities Act of 1933, as amended (as that Rule is in effect on March 13, 2017, without giving effect to any further amendment of that Rule). 

“Rating Agency” means: 

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

(2)    if either or both of Moody’s or Standard & Poor’s ceases to rate the 2047 Senior Notes or fails
to make a rating of the 2047 Senior Notes publicly available for reasons outside of the Company’s control, a Substitute Rating Agency in lieu thereof. 

  
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 “Rating Event” means (i) the rating of the 2047 Senior Notes is lowered by both
Rating Agencies during the related Trigger Period and (ii) the 2047 Senior Notes are rated below an Investment Grade rating by both Rating Agencies on any day during such Trigger Period. If either Rating Agency is not providing a rating of the
2047 Senior Notes on any day during such Trigger Period for any reason, the rating of such Rating Agency shall be deemed to be below Investment Grade on such day and such Rating Agency will be deemed to have lowered its rating of the 2047 Senior
Notes during the Trigger Period. For the avoidance of doubt, the Trustee shall not be charged with knowledge of any Rating Event nor have any duty to monitor the ratings of the Securities. 

“Standard & Poor’s” means Standard & Poor’s Financial Services LLC, a division of The McGraw Hill
Companies, or any successor thereto. 
 “Substitute Rating Agency” means a “nationally recognized statistical rating
organization” as that term is defined in Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors delivered to the Trustee) as a replacement agency for Moody’s or
Standard & Poor’s, or both of them, as the case may be. 
 “Trigger Period” means the period commencing on the
earlier of the first public notice of (a) the occurrence of a Change of Control or (b) the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control (which period shall be
extended so long as the rating of the 2047 Senior Notes is under publicly announced consideration for a possible downgrade by either of the Rating Agencies). 

“Voting Stock” means, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to
vote generally in the election of the board of directors (or other analogous managing body) of such Person. 
  

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

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

 

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

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

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

  

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

Section 403. Covenant Defeasance. 

Upon the Company’s exercise under Section 401 of the option applicable to this Section 403, the Company shall be
released from any obligations under the covenants contained in Sections 704, 801 and 1007 hereof with respect to the Outstanding 2047 Senior Notes, on and after the date the conditions set forth in Section 404 are satisfied (hereinafter,
“Covenant Defeasance”), and the 2047 Senior Notes and any coupons appertaining thereto shall thereafter be deemed not “Outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder (it being understood that such 2047 Senior Notes shall not be deemed outstanding for accounting
purposes). For this purpose, such Covenant Defeasance means that, with respect to the Outstanding 2047 Senior Notes and any coupons appertaining thereto, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a default or Event of Default under subsection 501(3) but, except as specified above, the remainder of this Indenture and the 2047 Senior Notes shall be unaffected thereby. 

 

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

(b)    in the case of Legal Defeasance, the Company shall have delivered to the Trustee for the Securities of that series
an Opinion of Counsel in the United States reasonably acceptable to such Trustee confirming that, subject to customary assumptions and exclusions, (1) the Company has received from, or there has been published by, the U.S. Internal Revenue
Service a ruling or (2) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel in the United States shall confirm that, subject
to customary assumptions and exclusions, the Holders and beneficial owners of the Outstanding Securities of that series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occured; 

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

(c)    in the case of Covenant Defeasance, the Company shall have delivered to the Trustee for the Securities of that
series an Opinion of Counsel in the United States reasonably acceptable to such Trustee confirming that, subject to customary assumptions and exclusions, the Holders and beneficial owners of the Outstanding Securities of that series will not
recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such Covenant Defeasance had not occurred; 
  

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

(d)    no Event of Default or event which with the giving of notice or the lapse of time, or both, would become an Event of
Default with respect to the 2047 Senior Notes shall have occurred and be continuing on the date of such deposit and no Event of Default under Section 501(5) or Section 501(6) shall have occurred and be continuing on the 123rd day after
such date; 
  

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

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

 

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

“Event of Default” wherever used herein with respect to the 2047 Senior Notes means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 (1)    default in the payment of any installment of interest upon any 2047 Senior Note and any related coupon when it
becomes due and payable, and continuance of such default for a period of 30 days; or 
 (2)    default in the payment of
the principal of (or premium, if any, on) any 2047 Senior Note at its Maturity; or 
 (3)    default in the performance
of, or breach of, any covenant or warranty of the Company in respect of any 2047 Senior Note contained in this Indenture or in such 2047 Senior Notes (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in
this Section specifically dealt with) and continuance of such default or breach for a period of 60 days after there has been given, by registered or 

  
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certified mail, to the Company by the Trustee for the 2047 Senior Notes or to the Company and such Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding 2047
Senior Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(4)    (A) the Company or any of its Subsidiaries fails to pay indebtedness for money borrowed by the Company or any of
its Subsidiaries in an aggregate principal amount of at least $150,000,000, at the later of final maturity or the expiration of any related applicable grace period and such payment shall not have been made, waived or extended within 30 days after
written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Outstanding 2047 Senior Notes as provided below or (B) acceleration of maturity of Securities of another series or any other indebtedness for
borrowed money of the Company or any of its Subsidiaries, in an aggregate principal amount exceeding $150,000,000, under the terms of the instrument or instruments under which such indebtedness arises or is secured, if such indebtedness has not been
discharged in full or such acceleration is not rescinded or annulled within 30 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and such Trustee by the Holders of at least 25% in
aggregate principal amount of the Outstanding 2047 Senior Notes a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5)    the Company shall commence any case or proceeding seeking to have an order for relief entered on its behalf as
debtor or to adjudicate it as bankrupt or insolvent or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any other relief under any
bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or other similar act or law of any jurisdiction, domestic or foreign, now or hereafter existing; or the Company shall apply for a
receiver, custodian or trustee (other than any trustee appointed as a mortgagee or secured party in connection with the issuance of indebtedness for borrowed money of the Company) of it or for all or a substantial part of its property; or the
Company shall make a general assignment for the benefit of creditors; or the Company shall take any corporate action in furtherance of any of the foregoing; or 

(6)    an involuntary case or other proceeding shall be commenced against the Company with respect to it or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator, custodian or similar official of the Company or any substantial part of its property; and such case or

  
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other proceeding (A) results in the entry of an order for relief or a similar order against the Company or (B) shall continue unstayed and in effect for a period of 60 consecutive days.

  

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

If an Event of Default with respect to the 2047 Senior Notes and any related coupons occurs and is continuing (other than an
Event of Default described in Section 501(5) or 501(6) with respect to the Company), then and in every such case either the Trustee for the 2047 Senior Notes or the Holders of not less than 25% in aggregate principal amount of the Outstanding
2047 Senior Notes may declare the entire principal amount of all the 2047 Senior Notes, to be due and payable immediately, by a notice in writing to the Company (and to such Trustee if given by Holders), and upon any such declaration of acceleration
such principal, together with accrued interest and all other amounts owing hereunder, shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived. 

If any Event of Default specified in Section 501(5) or 501(6) occurs with respect to the Company, all of the unpaid
principal amount and accrued interest on all Securities of each series then outstanding shall ipso facto become and be immediately due and payable without any declaration or other act by the Trustee or any Holder. 

 

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

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

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

Section 1007. Limitation on Liens 

The Company shall not, and shall not permit any of its Principal Subsidiaries to, issue, assume, Incur or guarantee any
Indebtedness secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, on any of the Common Stock of a Principal Subsidiary owned by the Company or any of its Principal Subsidiaries, unless the Company’s obligations
under the 2047 Senior Notes and, if the Company so elects, any other Indebtedness of the Company ranking on a parity with, or prior to, the 2047 Senior Notes, shall be secured equally and ratably with, or prior to, such secured Indebtedness so long
as it is outstanding and is so secured. 

  
 8 

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

Section 1008. Waiver of Certain Covenants. 

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

 

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

  

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

 Section 1109. Offer
to Repurchase Upon Change of Control Triggering Event. 
 (a)     If a Change of Control Triggering Event occurs with
respect to the 2047 Senior Notes, unless the Company shall have exercised its option to redeem the 2047 Senior Notes pursuant to Section 1102, the Company shall be required to make an offer (the “Change of Control Offer”) to each
Holder of 2047 Senior Notes to repurchase all or any part (equal to $2,000 or any integral multiple of $1,000 in excess thereof) of such Holder’s 2047 Senior Notes on the terms set forth in this Section 1109. In the Change of Control
Offer, the Company shall be required to offer payment in cash equal to 101% of the principal amount of the 2047 Senior Notes to be repurchased, plus accrued and unpaid interest, if any, on the 2047 Senior Notes up to, but not including, the
date of repurchase (the “Change of Control Payment”) subject to the rights of the Holder on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control
Triggering Event or, at the option of the Company, prior to any Change of Control, but after the public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall deliver a notice to Holders of the
2047 Senior Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer, describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the
2047 Senior Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is sent other than as may be required by law or, if the notice is sent prior to the Change of
Control, no earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering Event occurs (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the
Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

  
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 (b)    On the Change of Control Payment Date, the Company shall, to the
extent lawful: 
 (i)     accept for payment all 2047 Senior Notes or portions of 2047 Senior Notes properly
tendered pursuant to the Change of Control Offer; 
 (ii)     deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all 2047 Senior Notes or portions of 2047 Senior Notes properly tendered in accordance with the procedures set forth in the Global Securities representing the 2047 Senior Notes; and 

(iii)     deliver or cause to be delivered to the Trustee the 2047 Senior Notes properly accepted together with an
Officer’s Certificate stating the principal amount of 2047 Senior Notes or portions of 2047 Senior Notes being repurchased. 
 The
Company shall publicly announce the results of the Change of Control Offer on or as soon as possible after the date of purchase. 

(c)     The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all 2047 Senior Notes properly tendered and not
withdrawn under its offer. 
 (d)     The Company shall comply in all material respects with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the 2047 Senior Notes as a
result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the 2047 Senior Notes, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 1109 by virtue of any such conflict. 

Section 2.    The recitals and statements in this Eleventh Supplemental Indenture are made by
the Company only and not by the Trustee, and the Trustee makes no representation as to the validity or sufficiency of this Eleventh Supplemental Indenture (other than with respect to the due authorization, execution and delivery of this Eleventh
Supplemental Indenture by the Trustee). All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 2047 Senior Notes and of this
Eleventh Supplemental Indenture as fully and with like effect as if set forth herein in full. 

  
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 Section 3.    As supplemented hereby, the Original
Indenture is in all respects ratified and confirmed, and the Original Indenture and this Eleventh Supplemental Indenture shall be read, taken and construed as one and the same instrument and all references to Securities in the Original Indenture
shall be deemed to refer also to the 2047 Senior Notes unless the context otherwise provides. 

Section 4.    This Eleventh Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 5.    In the event of a
conflict between the terms and conditions of the Original Indenture and the terms and conditions of this Eleventh Supplemental Indenture, then the terms and conditions of this Eleventh Supplemental Indenture shall prevail; provided that if and to
the extent that any provision of this Eleventh Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included herein or in the Original Indenture by the Trust Indenture Act of 1939, as amended, such
required provision shall control. 
 Section 6.    All covenants and agreements in this
Eleventh Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 7.    In case any provision in this Eleventh Supplemental Indenture shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired hereby. 

Section 8.    Nothing in this Eleventh Supplemental Indenture, expressed or implied, shall give
to any Person, other than the parties hereto and any Paying Agent, any Security Registrar and any Authenticating Agent for the 2047 Senior Notes and their successors under the Indenture, and the Holders of the 2047 Senior Notes any benefit or any
legal or equitable right, remedy or claim under this Eleventh Supplemental Indenture. 

Section 9.    This Eleventh Supplemental Indenture may be simultaneously executed in several
counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

(signature page follows) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental Indenture dated as
of March 16, 2017 to be duly executed, all as of March 16, 2017. 
  

					
	 HUMANA INC.,
 Issuer

		
	By:	 	 /s/ Brian A. Kane

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

  
 [Signature Page to
Eleventh Supplemental Indenture] 

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

Trustee

		
	By:	 	 /s/ Valere Boyd

		 	Name:	 	Valere Boyd
		 	Title:	 	Vice President
			
	Dated:	 		 	March 16, 2017

  
 [Signature Page to
Eleventh Supplemental Indenture]EX-4.5

 Exhibit 4.5 

HUMANA INC. 
 4.800% Senior
Notes due 2047 
  

			
		  	PRINCIPAL AMOUNT
	REGISTERED	  	$        
		
		  	CUSIP No.: 444859 BG6
		  	ISIN No.: US444859BG60
	No.	  	Common Code: 153996253

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”) TO A NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
 HUMANA INC., a Delaware corporation (the “Issuer” or the “Company,” which terms include any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
                                         
                        on March 15, 2047, and to pay interest thereon (computed on the basis of a
360-day year of twelve 30-day months), semi-annually in arrears on September 15 and March 15 (the “Interest Payment Dates”) of each year, commencing
on September 15, 2017, at the rate per annum specified in the title of this Note from March 16, 2017 or the most recent Interest Payment Date to which interest had been paid or duly provided for. 

The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to
the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the September 1st or March
1st (the “Record Date”) immediately preceding such Interest Payment Date. Except as provided herein, payment of the principal of (and premium, if any) and interest on this Note will be
made at the office or agency of the Company maintained by the Company for such purpose, in the Borough of Manhattan, The City of New York, which initially will be in the corporate trust office of The Bank of New York Mellon Trust Company, N.A., the
Trustee for this Note under 

 
the Indenture, located at 101 Barclay Street, New York, New York 10286, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts. 
 Reference is hereby made to the further provisions of this Note as set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon
has been executed by or on behalf of The Bank of New York Mellon Trust Company, N.A., the Trustee for this Note under the Indenture, or its successor thereunder, by the manual signature of one of its authorized officers, this Note shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or in
facsimile, and an imprint or facsimile of its corporate seal to be imprinted hereon. 
 Dated: March 16, 2017 

 

							
		 	HUMANA INC.
			
		 	By:	 	  

		 		 	Name:	 	Brian A. Kane
		 		 	Title:	 	Senior Vice President and Chief
		 		 		 	Financial Officer
	
	[FACSIMILE OF SEAL]
		
		 	Attest:
			
		 	By:	 	  

		 		 	Name:	 	Joseph C. Ventura
		 		 	Title:	 	Associate General Counsel &
		 		 		 	Assistant Corporate Secretary

  
 [Signature Page to 2047
Global Note No.    ] 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

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

as Trustee

		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 [Signature Page to 2047
Global Note No.    ] 

 (Reverse of Note) 

HUMANA INC. 
 This Note is one
of a duly authorized issue of Securities of the Company designated as its 4.800% Senior Notes due 2047 (the “Notes”). The Notes are one of an indefinite number of series of debt securities of the Company (the “Securities”),
issued or issuable under and pursuant to a base indenture, dated as of August 5, 2003 (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust
Company, N.A.) (as successor to The Bank of New York) (herein called the “Trustee,” which term includes any successor Trustee under the Indenture), as supplemented by an eleventh supplemental indenture, dated as of March 16, 2017 (the
“Eleventh Supplemental Indenture”; the Base Indenture as supplemented by the Eleventh Supplemental Indenture is herein called the “Indenture”), to which Indenture and all indentures supplemental thereto (other than supplemental
indentures creating a different series of notes) reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and
delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, and those set forth in this Note. This Note is one of a
series designated on the face hereof initially issued in an aggregate principal amount of $400,000,000. The Company may, from time to time, without the consent of the Holders, issue and sell additional Securities ranking equally with the Notes and
otherwise identical in all respects (except for their date of issue, issue price and, if applicable, the first payment of interest on the additional notes) so that such additional Securities shall be consolidated and form a single series with the
Notes. If any additional Securities are not fungible with the Notes for U.S. federal income tax purposes, they will be issued with a different CUSIP number (or other applicable identifying number). 

The terms of other series of Securities issued under the Base Indenture may vary with respect to interest rates or interest rate formulas,
issue dates, maturity, redemption, repayment, currency of payment and otherwise as provided in the Base Indenture. The Base Indenture further provides that Securities of a single series may be issued at various times, with different maturity dates
and may bear interest at different rates. All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

This Note is not subject to any sinking fund. 

If an Event of Default (other than an Event of Default described in Section 501(5) or 501(6) of the Indenture, with respect to the
Company) with respect to the Notes shall occur and be continuing, then either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes of this series then Outstanding may declare the aggregate principal amount of
the Notes of this series due and payable in the manner and with the effect provided in the Indenture. If an Event of Default specified in Section 501(5) or 501(6) occurs with respect to the Company, all of the unpaid principal amount and
accrued interest thereon shall ipso facto become and be immediately due and payable in the manner and with the effect provided in the Indenture without any declaration or other act by the Trustee or any Holder. 

 This Note may be redeemed at any time in whole, or from time to time in part, at the option of
the Company (such date of redemption, the “Optional Redemption Date”) at the Redemption Price (as defined below) plus accrued and unpaid interest thereon to the Optional Redemption Date, subject to the rights of Holders as of the close of
business on a relevant Record Date to receive interest due on the related Interest Payment Date. 
 The “Redemption Price” shall
equal the greater of: 
  

	 	•	 	100% of the principal amount of the Notes to be redeemed; and 

  

	 	•	 	the sum of the present values of the remaining scheduled payments on the Notes to be redeemed consisting of principal and interest, exclusive of interest accrued to the Optional Redemption Date that would be due if the
notes matured on the Par Call Date, discounted to the Optional Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Yield plus 25 basis points; 

 provided, however, that if the Company redeems any Notes on or
after the Par Call Date, the Redemption Price for such Notes shall equal 100% of the principal amount of Notes to be redeemed. 
 The Notes
called for redemption become due on the Optional Redemption Date. Notices of redemption will be mailed (or otherwise transmitted in accordance with the applicable procedures of the Depositary) at least 30 but not more than 60 days before the
Optional Redemption Date to each Holder of Notes to be redeemed at its registered address. The notice of redemption for the Notes will state the amount to be redeemed. On and after the Optional Redemption Date, interest will cease to accrue on any
Notes that are redeemed. If less than all the Notes are redeemed at any time, the Notes shall be selected on a pro rata basis or by any other method the Trustee deems fair and appropriate. 

For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that such Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes assuming for this purpose, the Notes mature on the Par Call Date. 

“Comparable Treasury Price” means, with respect to any Optional Redemption Date the average of the Reference Treasury Dealer
Quotations obtained by the Company for that Optional Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or, if the Company is unable to obtain at least four such Reference Treasury Dealer
Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Company. 

 “Independent Investment Banker” means each of J.P. Morgan Securities LLC, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC or U.S. Bancorp Investments, Inc., as selected by the Company or, if all such firms are unwilling or unable to select the applicable Comparable Treasury Issue, an
independent investment banking institution of national standing appointed by the Company. 
 “Par Call Date” means
September 15, 2046 (6 months prior to maturity). 
 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC or a treasury dealer selected by U.S. Bancorp Investments, Inc. and their respective successors and two other primary U.S. government securities dealers
in New York City (each, a “Primary Treasury Dealer”) selected by the Independent Investment Banker; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute
therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Optional Redemption Date for the Notes, an average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue for the Notes, expressed in each case as a percentage of its principal amount,
quoted in writing to the Company by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding the Optional Redemption Date. 

“Treasury Yield” means, with respect to any Optional Redemption Date, the rate per annum equal to the semi-annual equivalent yield
to maturity, computed as of the third business day immediately preceding the Optional Redemption Date, of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue, expressed as a percentage of its principal amount, equal to
the applicable Comparable Treasury Price for the Optional Redemption Date. 
 As provided in the Indenture, the Notes shall be subject to
repurchase by the Company or a third party at the option of the Holders at a purchase price of 101% upon the occurrence of a Change of Control Triggering Event. Upon receipt of notice of a Change of Control Offer, Holders electing to have Notes
repurchased pursuant to the Change of Control Offer shall either (i) surrender this Note with the form of “Option of Holder to Elect Repurchase” attached hereto completed or (ii) transfer its Notes to the Paying Agent by
book-entry transfer pursuant to the applicable procedures of the Paying Agent, in either case prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee with the consent of the Holders of more than
50% in principal amount of the Securities at the time Outstanding of each series issued under the Indenture to be affected thereby, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of the Securities of such series; provided, however, that no such supplemental indenture shall, among other things, (i) change the
Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal 

 
amount thereof or interest thereon, if any, or any premium payable upon redemption thereof; or (ii) change the Place of Payment on any Security or the currency or currency unit in which any
Security or the principal or interest thereon is payable; (iii) impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof; (iv) reduce or alter the method of computation of any
amount payable upon redemption, repayment or purchase of any Securities by the Company (or the time when such redemption, repayment or purchase may be made); or (v) reduce the percentage in principal amount of the Securities, the Holders of
which are required to consent to any supplemental indenture, without the consent of the Holder of each Security affected thereby. The Indenture also contains provisions permitting the Holders of more than 50% in principal amount of the Securities of
each series at the time outstanding, on behalf of the Holders of all the Securities of that series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences with
respect to such series, except a default in the payment of principal of or interest, if any, on any Security of that series or a default with respect to a covenant or provision of the Indenture which cannot be amended without the consent of such
Holder. 
 The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. The Notes shall be initially issued in the form of a Global Security. All payments of principal of (and premium, if any) and interest on the Notes will be made to the Trustee so long as the Notes are in the form of a Global Security.
As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. If (x) the Depositary is at any time
unwilling or unable to continue as depository and a successor depository is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company delivers to the Trustee a
Company Order to the effect that this Note shall be exchangeable or (z) an Event of Default has occurred and is continuing with respect to the Notes, this Note shall be exchangeable for Notes in definitive form and in an equal aggregate
principal amount. Such definitive Notes shall be registered in such name or names as the Depositary shall instruct the Trustee. 
 As
provided in the Indenture and subject to certain limitations set forth therein and above, the transfer of this Note may be registered on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or
agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company duly executed by, the Holder hereof or by his attorney duly authorized
in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. 

No reference herein to the Indenture and no provisions of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Certain of the
Company’s obligations under the Indenture with respect to Notes may be terminated if the Company irrevocably deposits with the Trustee money or Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes, as
provided in the Indenture. 
 No recourse shall be had for the payment of the principal of (and premium, if any), or the interest, if any,
on this Note, or for any claim based thereon, or upon any obligation, covenant or agreement of the Company in the Indenture, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any
successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment of penalty or otherwise; and all such personal liability is expressly released and waived as a condition of, and as part of
the consideration for, the issuance of this Note. 
 The Indenture and the Notes shall be governed by and construed in accordance with the
laws of the State of New York. 

 ASSIGNMENT/TRANSFER FORM 

FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto (insert Taxpayer Identification No.)
                                         
                                         
                                         
                                         

  

                          
                                         
                                         
                                         
                                         
                           
  

                          
                                         
                                         
                                         
                                         
                           

(Please print or typewrite name and address including postal zip code of assignee) 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                attorney to transfer said Note on the books of the Company with full power of substitution in the premises. 

 

                       
                                         
                 
 Date:
                     
 NOTICE: The signature of
the registered Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Company pursuant to Section 1109 of the Indenture, check this box:  ☐

 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 1109 of the Indenture, state the
amount in principal amount (must be integral multiple of $1,000):
$                                         
                    
  

							
	Date:                    	 	Your Signature	 	  

		 		 		 	(Sign exactly as your name appears on the other side of the Security)
			
		 	Signature Guarantee:	 	  

		 		 	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

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