Document:

Letter from Lois E. Quam

 Exhibit 10(z) 
 

 
 November 9, 2006 
 Mr. Richard T. Burke 
 Chairman of the Board of Directors 
 UnitedHealth Group Incorporated 
 9900 Bren Road East 
 Minnetonka, Minnesota 55343 
 Dear Mr. Burke: 
 As I stated in my letter to you earlier this week, I believe that business leaders have a special responsibility to
society and to shareholders. For that reason, I would like to voluntarily relinquish to UnitedHealth Group Incorporated (“Company”) the value of the stock options granted to me by the Company that were suspended in October 1999 and
reinstituted in August 2000.1 
 As you know, on November 6, 2006, I entered into a letter agreement (“November 6 Agreement”) with the Company providing for the repricing of certain options granted to me by the Company during the years 1994 through 2002. In
doing so, I explained that, although I was not personally involved in the implementation of the Company’s stock option program, I want to ensure that I do not receive any unintended personal benefit as a result of options granted to me by the
Company. I believe that the actions described in this letter, combined with those set forth in the November 6 Agreement, will allow me to accomplish that goal. 
 As I have stated before, I believe that the Company will be stronger because of the comprehensive changes that have and will be made as a result of this situation. In working with our talented group of executives here
in Minnesota and around the country, I am constantly reminded that our best days are yet to come. Our most important contribution is ultimately made in the improvements to health care affordability and quality that we deliver to individuals and
families. On that basis, we will build a yet greater company. 
 Very truly yours, 
  

	
	/s/ Lois E. Quam
	Lois E. Quam

 cc: Stephen J. Hemsley 

	 1
	 In particular, I wish to relinquish the value of the 56,000 options that the Company originally granted
to me on February 6, 1998. Those options were suspended in October 1999, and reinstituted in August 2000.Letter Agreement, William W. McQuire

 Exhibit 10(gg) 
 November 6, 2006 
 Mr. Richard T. Burke 
 Chairman of the Board of Directors 
 UnitedHealth Group Incorporated 
 9900 Bren Road East 
 Minnetonka, Minnesota 55343 
 Dear Mr. Burke: 
 This letter sets forth my agreement
with UnitedHealth Group Incorporated (the “Company”) concerning options to purchase shares of common stock of the Company granted to me by the Company during the years 1994 through 2002 (the “Subject Options”). This
letter agreement will be effective on the date a duly authorized representative of the Company executes the acceptance at the end of this letter on behalf of the Company (such date, the “Effective Date”). 
 As the Board of Directors is aware, I have agreed to the Company’s repricing the Subject Options, on the terms set forth herein, to ensure that no
unintended advantage accrued to me from the determination of exercise prices under the Company’s stock option plans from 1994 to 2002. This letter agreement in no way constitutes an admission of wrongdoing or an admission of any knowledge that
the Company’s option administration practices were in any way deficient. 
 Exhibit A attached to this letter agreement sets forth a
listing of each Subject Option issued to me. With respect to each Subject Option, Exhibit A includes the stated grant date, the stated exercise price, the number of shares underlying the Subject Option and the highest closing price of the
Company’s common stock, as reported by the New York Stock Exchange, during the calendar year of the stated grant date; provided, however, with respect to the Subject Options that are dated February 11, 1997, January 20, 1998 and
February 17, 1999, the highest closing price indicated is the highest closing price occurring during calendar year 2000 (the “Adjustment Price”). Exhibit A also indicates the Subject Options that remain outstanding in full or in part
on the Effective Date (each such Subject Option or portion thereof an “Outstanding Subject Option” and collectively, the “Outstanding Subject Options”) and the Subject Options that I have exercised in full or in part prior to the
Effective Date (each such Subject Option or portion thereof an “Exercised Subject Option” and collectively the “Exercised Subject Options”). 
  

 The Company and I agree as follows: 
 1. Effective as of the Effective Date, the exercise price of each Outstanding Subject Option shall be increased to equal the Adjustment Price applicable
to such Outstanding Subject Option. 
 2. To implement the repricing on the Exercised Subject Options, I understand and agree that the
Company will increase the exercise price on certain outstanding, vested options other than the Outstanding Subject Options that I hold as of the Effective Date (the “Outstanding Adjusted Options”). The Company will increase the exercise
price of my Outstanding Adjusted Options as follows. First, a differential amount will be calculated for each Exercised Subject Option as the product of (i) the number of shares of common stock as to which the Exercised Subject Option was
exercised and (ii) the difference between the Adjustment Price of that Exercised Subject Option and the exercise price of that Exercised Subject Option. The “Exercise Differential” is the sum of the calculated differential for each of
the Exercised Subject Options. As of the Effective Date, the exercise price of each Outstanding Adjusted Option shall be increased by an amount equal to the Exercise Differential divided by the aggregate number of shares subject to all of the
Outstanding Adjusted Options. 
 3. The adjustments effected by paragraphs 1 and 2 are set forth on Exhibit A. 
 4. Except as set forth in this letter agreement, each outstanding option held by me as of the date hereof shall remain outstanding, unaltered and in full
force and effect. 
 5. I hereby authorize the Company to update its books and records to reflect the amendment of any option agreement or
certificate pursuant to this letter agreement. I agree to make such filings on Form 4 as shall be necessary to reflect any such amendments and to take all other actions necessary or appropriate to give effect to the foregoing. 
 6. To the extent that the terms of this letter agreement may conflict with any employment agreement, option agreement or certificate or other agreement
or understanding between me and the Company, whether written or oral (collectively, the “Other Agreements”), the terms of this letter agreement shall govern. Except as expressly modified by this letter agreement, all Other
Agreements shall remain in full force and effect. 
 * * * 
  

 This letter agreement constitutes the entire agreement between the Company and me with respect to changes
in the exercise price of my options and supersedes, in its entirety, any other agreement between us, whether written or oral, relating to such matter. This letter agreement may not be amended or supplemented without both my consent and the express
written authorization of the Board of Directors. This letter agreement may be executed in counterparts, including by facsimile signature, all of which shall constitute one instrument, and it shall be governed by the internal laws of the State of
Minnesota, without giving effect to any otherwise applicable choice of law rules. 
  

	
	 Very truly yours,

	
	 /s/ William W. McGuire

	William W. McGuire, M.D.

 Acknowledged and agreed effective this 7th day of November 2006: 
 UNITEDHEALTH GROUP INCORPORATED 
  

			
	 By:
	 	 /s/ Stephen J. Hemsley

	Name:	 	Stephen J. Hemsley
	Title:	 	President and Chief Operating OfficerForm of Letter Agreement dated as of November 6, 2006

 Exhibit 10(jj) 
 November 6, 2006 
 Mr. Richard T. Burke 
 Chairman of the Board of Directors 
 UnitedHealth Group Incorporated 
 9900 Bren Road East 
 Minnetonka, Minnesota 55343 
 Dear Mr. Burke: 
 This letter sets forth my agreement
with UnitedHealth Group Incorporated (the “Company”) concerning options to purchase shares of common stock of the Company granted to me by the Company during the years 1994 through 2002 (the “Subject Options”). This
letter agreement will be effective on the date a duly authorized representative of the Company executes the acceptance at the end of this letter on behalf of the Company (such date, the “Effective Date”). 
 I understand that the Company is in the process of determining, in consultation with its independent public accounting firm, the appropriate measurement
date (“Measurement Date”) for the Subject Options and that the closing price of the Company’s common stock on the Measurement Date, when finally determined, is likely to be higher than the stated exercise price of the Subject Options.

 As the Board of Directors is aware, I have agreed to reprice the Subject Options, on the terms set forth herein, to ensure that no
unintended advantage accrued to me from the Company’s determination of exercise prices under the Company’s stock option plans from 1994 to 2002. This letter agreement in no way constitutes an admission of wrongdoing or an admission of any
knowledge that the Company’s option administration practices were in any way deficient. 
  

	 	The	Company and I agree as follows: 

 1. Upon determination of
the appropriate Measurement Date of the Subject Options by the Company (the “Determination Date”) the exercise price of each Subject Option that remains outstanding as of the Determination Date (each an “Outstanding Subject
Option”), shall be increased to equal the closing price of the Company’s common stock as of the Measurement Date of each such Outstanding Subject Option. If the closing price of the Company’s common stock on the Measurement Date is
less than the exercise price of the Subject Option, there shall be no adjustment to the exercise price. 
 2. To implement the repricing on
Subject Options that have been previously exercised by me in whole or in part (each an “Exercised Subject Option” and 

 
collectively the “Exercised Subject Options”), I understand and agree that the Company will increase the exercise price on certain outstanding,
vested in-the-money options that I hold as of the Determination Date (each an “Outstanding Adjusted Option” and collectively the “Outstanding Adjusted Options”). The Company will increase the exercise price of my Outstanding
Adjusted Options as follows. First, a differential amount will be calculated for each Exercised Subject Option as the product of (i) the number of shares of common stock as to which the Exercised Subject Option was exercised and (ii) the
difference between the closing price of the Company’s common stock as of the Measurement Date of that Exercised Subject Option and the exercise price of that Exercised Subject Option. The “Exercise Differential” is the sum of the
calculated differential for each of the Exercised Subject Options. Effective as of the Determination Date, the exercise price of each Outstanding Adjusted Option shall be increased by an amount equal to the Exercise Differential divided by the
aggregate number of shares subject to all of the Outstanding Adjusted Options. 
 3. Except as set forth in this letter agreement, each
outstanding option held by me as of the date hereof shall remain outstanding, unaltered and in full force and effect. 
 4. I hereby
authorize the Company to update its books and records on the Determination Date to reflect the amendment of any option agreement or certificate pursuant to this letter agreement. I agree to make such filings on Form 4 as shall be necessary to
reflect any such amendments and to take all other actions necessary or appropriate to give effect to the foregoing. 
 5. I acknowledge and
agree that to the extent that the terms of this letter agreement may conflict with any employment agreement, option agreement or certificate or other agreement or understanding between me and the Company, whether written or oral (collectively, the
“Other Agreements”), the terms of this letter agreement shall govern. I further acknowledge and agree that, except as expressly modified by this letter agreement, all Other Agreements shall remain in full force and effect.

 * * * 
  

 This letter agreement constitutes the entire agreement between the Company and me with respect to changes
in the exercise price of my options and supersedes, in its entirety, any other agreement between us, whether written or oral, relating to such matter. This letter agreement may not be amended or supplemented without both my consent and the express
written authorization of the Board of Directors. This letter agreement may be executed in counterparts, all of which shall constitute one instrument, and it shall be governed by the laws of the State of Minnesota, without giving effect to the choice
of law rules thereof. 
  

	
	 Very truly yours,

	
	 [Name of Executive]

 Acknowledged and agreed effective this      day of
                         2006: 
 UNITEDHEALTH GROUP INCORPORATED 
  

			
	 By:
	 	  

	Name:	 	
	Title:

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