Document:

National Oilwell Varco, Inc. Annual Incentive Plan

 EXHIBIT 10.2 
 NATIONAL OILWELL VARCO, INC. 
 ANNUAL INCENTIVE PLAN 

Purpose 
 The National Oilwell Varco, Inc. Annual Incentive Plan (the “Plan”) is intended to promote the interests of National Oilwell Varco, Inc., a Delaware Corporation, (the “Company”) and
its shareholders by providing designated Executives with incentive compensation that is correlated with the achievement of specified performance goals. The Plan is intended to provide annual incentive compensation, primarily to Executives who are
considered to be “covered employees” within the meaning of Section 162(m)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), that is considered “performance-based compensation” under Code
Section 162(m) and thus not subject to the annual compensation deduction limit under Section 162(m). 
 ARTICLE I

 DEFINITIONS 
 For purposes of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated: 
 1.1 “Base Salary” means the regular, annual, base salary payable by the Employer for a Performance Period to a Participant for services rendered, but excluding Incentive Compensation payable
under the Plan, income derived from stock options, restricted stock awards, fringe benefits, and any bonuses, incentive compensation, special awards or other extraordinary remuneration. The Committee shall stipulate a Participant’s Base Salary
for purposes of computing Incentive Compensation awarded under the Plan to the Participant. 
 1.2 “Beneficiary” means
the beneficiary or beneficiaries designated to receive any amounts payable under the Plan pursuant to Section 6.2 upon the Participant’s death. 
 1.3 “Board” means the Board of Directors of the Company. 
 1.4
“Cause” when used in connection with the termination of a Participant’s employment, shall mean (i) the Participant’s gross negligence or willful misconduct in the performance of Participant’s duties with respect to the
Company or a Subsidiary or (ii) Participant’s final conviction of a misdemeanor involving moral turpitude or a felony. 
 1.5 “Change of Control” means (i) the Company completes the sale of assets having a gross sales price which exceeds 50% of the consolidated total capitalization of the Company (consolidated
total stockholders’ equity plus consolidated total long-term debt as determined in accordance with generally accepted accounting principles) as at the end of the last full fiscal quarter prior to the date such determination is made; or
(ii) any corporation, person or group within the meaning of Section 13(d)(3) and 14(d)(2) of the Exchange Act, becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) of voting securities of the Company
representing more than 30% of the total votes eligible to be cast at any election of directors of the Company. 

  
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 Notwithstanding the foregoing provisions of this Section 1.5, to the extent that any payment or
acceleration hereunder is subject to Code Section 409A as deferred compensation, the term Change of Control shall mean an event described in the foregoing definition of Change of Control that also constitutes a change in control event as
defined in Treasury regulation section 1.409A-3(i)(5). 
 1.6 “Code” means the Internal Revenue Code of 1986, as
amended. References herein to any Section of the Code shall also refer to any successor provision thereof, and the regulations and other authority issued thereunder by the appropriate governmental authority. 

1.7 “Committee” means the Compensation Committee of the Board. The Committee shall be comprised solely of two (2) or more
non-employee members of the Board who qualify to administer the Plan as “disinterested directors” under Rule 16b-3 of the Exchange Act, and as “outside directors” under Code Section 162(m). 

1.8 “Company” means National Oilwell Varco, Inc., a Delaware corporation, or its successor in interest. 

1.9 “Employer” means the Company and any Subsidiary. 
 1.10 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 1.11 “Executive” means an officer of the Company or a Subsidiary. 
 1.12
“Incentive Compensation” means the compensation approved by the Committee to be awarded to a Participant for any Performance Period under the Plan. 
 1.13 “Involuntary Termination” means a Participant’s termination from employment with the Employer on or within twelve months following a Change of Control that is either (i) initiated
by the Employer for reasons other than Cause, or (ii) initiated by the Participant after (a) a reduction by the Employer of the Participant’s authority, duties or responsibilities as in effect immediately prior to the Change of
Control (excluding for this purpose (x) an insubstantial reduction of such authorities, duties or responsibilities or an insubstantial reduction of the Participant’s offices, titles and reporting requirements, or (y) an isolated,
insubstantial and inadvertent action not taken in bad faith and that is remedied by the Employer promptly after receipt of notice thereof given by Participant), (b) a reduction of Participant’s Base Salary or total compensation as in
effect immediately prior to the Change of Control (total compensation means for this purpose: Base Salary, participation in this Plan, and participation in a long-term incentive plan), or (c) the Participant’s transfer, without the
Participant’s express written consent, to a location which is outside the general metropolitan area in which the Participant’s principal place of business immediately prior to the Change of Control may be located or the Employer’s
requiring the Participant to travel on Employer business to a substantially greater extent than required immediately prior to the Change of Control. 

  
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 1.14 “Participant” means an Executive who is selected by the Committee to
participate in the Plan pursuant to Article III for any Performance Period. 
 1.15 “Performance Criteria” means the
business criteria that are specified by the Committee pursuant to Article VII. 
 1.16 “Performance Goal” means
(a) the selected Performance Criteria and (b) the objective goals established relative to such Performance Criteria, as determined by the Committee for any Performance Period. 

1.17 “Performance Period” means the Company’s fiscal year or such other period selected by the Committee for the award of
Incentive Compensation. 
 1.18 “Plan” means the National Oilwell Varco, Inc. Annual Incentive Plan, as it may be
amended from time to time. 
 1.19 “Subsidiary” means any corporation (whether now or hereafter existing) which
constitutes a “subsidiary” of the Company, as defined in Code Section 424(f), and any limited liability company, partnership, joint venture, or other entity in which the Company controls more than fifty percent (50%) of its
voting power or equity interests. 
 ARTICLE II 
 ADMINISTRATION 
 Subject to the terms and conditions of this Article
II, the Plan shall be administered by the Committee. The Committee shall have the power, in its discretion, to take such actions as may be necessary to carry out the provisions of the Plan and the authority to control and manage the operation and
administration of the Plan. In order to effectuate the purposes of the Plan, the Committee shall have the discretionary power and authority to construe and interpret the Plan, to supply any omissions therein, to reconcile and correct any errors or
inconsistencies, to decide any questions in the administration and application of the Plan, and to make equitable adjustments for any mistakes or errors made in the administration of the Plan. All such actions or determinations made by the
Committee, and the application of rules and regulations to a particular case or issue by the Committee, in good faith, shall not be subject to review by anyone, but shall be final, binding and conclusive on all persons ever interested hereunder.

 In construing the Plan and in exercising its power under provisions requiring the Committee’s approval, the Committee
shall attempt to ascertain the purpose of the provisions in question, and when the purpose is known or reasonably ascertainable, the purpose shall be given effect to the extent feasible as determined by the Committee. Likewise, the Committee is
authorized to determine all questions with respect to the individual rights of all Participants under the Plan, including, but not limited to, all issues with respect to eligibility. The Committee shall have all powers necessary or appropriate to
accomplish its duties under the Plan including, but not limited to, the power to: 
 (a) designate the
Executives who are eligible to participate in the Plan as Participants; 

  
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 (b) maintain records of all Plan transactions and other data in the manner
necessary for proper administration of the Plan; 
 (c) adopt rules of procedure and regulations necessary for
the proper and efficient administration of the Plan, provided the rules and regulations are not inconsistent with the terms of the Plan as set out herein; 
 (d) enforce the terms of the Plan and the rules and regulations it adopts; 
 (e) review claims and render decisions on claims for benefits under the Plan; 
 (f) furnish the Company or the Participants, upon request, with information that the Company or the Participants may require for tax or other purposes; 

(g) employ agents, attorneys, accountants or other persons (who also may be employed by or represent the Company) for
such purposes as the Committee deems necessary or desirable in connection with its duties hereunder; and 
 (h)
perform any other acts necessary or appropriate for the proper management and administration of the Plan. 
 The Committee may
delegate to one or more members of the Committee any of its administrative duties under the Plan pursuant to such conditions or limitations as the Committee may establish from time to time by directive or practice; provided, however, the Committee
cannot delegate to such member(s) the power or authority to (i) award Incentive Compensation under the Plan or (ii) to take any action which would contravene the requirements of Code Section 162(m) or the Sarbanes-Oxley Act of 2002.

 ARTICLE III 
 ELIGIBILITY 
 For each Performance Period, the Committee shall
select the particular Executives to whom Incentive Compensation may be awarded under the Plan for such Performance Period. Executives who participate in the Plan may also participate in other incentive or benefit plans maintained by an Employer.

 ARTICLE IV 
 ESTABLISHMENT OF INCENTIVE COMPENSATION TARGETS 
 4.1 Incentive
Compensation Award Target. For each award of Incentive Compensation for a Performance Period, the Committee will establish the level or levels of targeted Incentive Compensation for each Participant within the first ninety (90) days of the
Performance Period (or within such shorter deadline as may apply under Code Section 162(m) if the Performance Period is less than 12 months). The Incentive Compensation targets for each Participant that are established by the Committee will be
expressed as a percentage of such Participant’s Base Salary; provided, however, in no event will a Participant’s Incentive Compensation exceed five million dollars ($5,000,000) for any single Performance Period. 

  
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 4.2 Increase in Incentive Compensation. Under no circumstances may the amount of any
Incentive Compensation awarded to any Participant for a specified Performance Period be increased by the Committee without requisite shareholder approval to the extent required by Code Section 162(m). 

ARTICLE V 

DETERMINATION OF GOALS FOR INCENTIVE COMPENSATION 
 5.1 Establishment of Performance Goals. For each Performance Period for which the Committee determines to establish potential Incentive Compensation awards for one or more Participants, the
Committee, within the first ninety (90) days of such Performance Period (or within such shorter deadline as may apply under Code Section 162(m) if the Performance Period is less than 12 months), will set forth in writing all of the terms
and conditions of such Incentive Compensation awards, including: (a) the Performance Goals for the Performance Period, including the Performance Criteria and the objective goals established relative to such Performance Criteria, which may
include a threshold, target and maximum level of achievement, and the relative weighting of each Performance Goal in determining the Participant’s actual Incentive Compensation; provided, however, the outcome of such Performance Goals must be
substantially uncertain at the time they are established by the Committee; and (b) with respect to each Participant, the maximum percentage of his Incentive Compensation payable upon attaining each level of achievement of the Performance Goals.

 5.2 Determination. Within a reasonable period of time after the end of each Performance Period, the Committee shall
determine the extent to which the Performance Goals assigned to each Participant were achieved for the Performance Period, and based solely on such achievement, shall approve the calculation of the Participant’s actual Incentive Compensation
award. No Incentive Compensation is payable hereunder unless at least the designated threshold level or levels for such Performance Goals have been achieved, as determined by the Committee. 

5.3 Committee Discretion. The Committee shall have no discretion to approve an amount of Incentive Compensation to be paid to a
Participant under the Plan that is in excess of the amount determined pursuant to the pre-established Incentive Compensation award granted to the Participant for the applicable Performance Period. 

ARTICLE VI 

PAYMENT OF INCENTIVE COMPENSATION 
 6.1 Form and Time of Payment. Subject to Section 6.2, a Participant’s Incentive Compensation for each Performance Period, if any, shall be paid in a cash lump sum (net of applicable tax
and other required withholdings) as soon as practicable after (a) the results for such Performance Period have been finalized and (b) the Committee has certified, in writing, that the applicable Performance Goals have been satisfied for
the Performance Period. For purposes of the preceding sentence, approved minutes of the Committee meeting in which the certification is made shall be treated as written certification. The Incentive Compensation shall be paid under the Plan within
two and one-half (2 1/2) months after the end of the calendar year in which the Performance Period relating to such Incentive Compensation ends. 

  
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	 	6.2	Payment in the Event of Termination. 

 (a) If a Participant’s employment terminates for any reason prior to the end of a Performance Period, then such Participant shall immediately forfeit and relinquish any and all rights and claims to
receive any Incentive Compensation hereunder for such Performance Period. 
 (b) If a Participant’s
employment terminates for any reason after the end of a Performance Period but prior to the date of actual payment pursuant to Section 6.1, then such Participant (or Participant’s Beneficiary in the event employment is terminated due to
death) shall be entitled to the Incentive Compensation payment determined by the Committee to be due and payable to such Participant; provided, however, that if (i) such Participant’s employment is terminated for Cause, or (ii) such
Participant voluntarily terminates employment with the Company (excluding an Involuntary Termination) during the period after the end of a Performance Period but prior to the date of actual payment pursuant to Section 6.1, then such Participant
shall immediately forfeit and relinquish any and all rights and claims to receive any Incentive Compensation hereunder for such Performance Period. 
 ARTICLE VII 
 PERFORMANCE CRITERIA 

As determined by the Committee, Incentive Compensation payable under the Plan is subject to the performance objectives relating to one or
more of the following Performance Criteria (with respect to the Company, any Subsidiary or any division, operating unit or product line): net earnings (either before or after interest, taxes, depreciation and/or amortization), sales, revenue, net
income (either before or after taxes), operating profit, cash flow (including, but not limited to, operating cash flow and free cash flow), cash flow return on capital, return on net assets, return on stockholders’ equity, return on assets,
return on capital, stockholder returns, return on sales, gross or net profit margin, customer or sales channel revenue or profitability, productivity, expense, margins, cost reductions, controls or savings, operating efficiency, customer
satisfaction, working capital, strategic initiatives, economic value added, earnings per share, earnings per share from operations, price per share of stock, and market share. Performance Criteria may be stated in absolute terms or relative to
comparison companies or indices to be achieved during a Performance Period. 
 The Committee shall establish one or more
Performance Criteria for each award of Incentive Compensation to a Participant. In establishing the Performance Criteria for each award of Incentive Compensation, the Committee may provide that the effect of specified extraordinary or unusual events
will be included or excluded (including, but not limited to, all items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of business or related to a
change in accounting principle, all as determined in accordance with standards set by Opinion No. 30 of the Accounting Principles Board (APB Opinion 30) or other authoritative financial accounting standards). The terms of the stated Performance
Criteria for each applicable award of Incentive Compensation must preclude the Committee’s discretion to increase the amount payable to any Participant that would otherwise be due upon attainment of the Performance Criteria. The Performance
Criteria specified need not be applicable to all awards of Incentive Compensation, and may be particular or unique to an individual Participant’s function, duties or business unit. 

  
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 ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 
 8.1 Non-Assignability. A
Participant cannot alienate, assign, pledge, encumber, transfer, sell or otherwise dispose of any rights or benefits under the Plan prior to the actual receipt thereof; and any attempt to alienate, assign, pledge, sell, transfer or assign prior to
such receipt, or any levy, attachment, execution or similar process upon any such rights or benefits, shall be null and void. 

8.2 No Right to Continue in Employment. Nothing in the Plan confers upon any Participant the right to continue in the employ of
the Company or any Subsidiary, or interferes with or restricts in any way the right of the Employer to discharge any Participant at any time (subject to any contract rights of such Participant). 

8.3 Indemnification of Committee Members. Each person who is or was a member of the Committee shall be indemnified by the Company
against and from any damage, loss, liability, cost and expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit, or proceeding to which he is or may be a party, or in which he may be
involved, by reason of any action taken or failure to act under the Plan, except for any such act or omission constituting willful misconduct or gross negligence. Each such person shall be indemnified by the Company for all amounts paid by him in
settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such action, suit, or proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend the
same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled from the Company, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 8.4 No Plan Funding. The
Plan shall at all times be entirely unfunded and no provision shall be made with respect to segregating any assets of any Employer for payment of any amounts due hereunder. No Participant, Beneficiary, or other person or entity shall have any
interest in any particular assets of an Employer by reason of the right to receive any Incentive Compensation under the Plan until such payment is actually received by such person. Participants and Beneficiaries shall have only the rights of general
unsecured creditors of the Company. 
 8.5 Governing Law. The Plan shall be construed in accordance with the laws of the
State of Texas without regard to its conflicts of law provisions. 
 8.6 Binding Effect. The Plan shall be binding upon
and inure to the benefit of the Employer and its successors and assigns, and the Participants and their Beneficiaries, heirs, and personal representatives. 
 8.7 Construction of Plan. The captions used in the Plan are for convenience of reference only and shall not be construed in interpreting the Plan. Whenever the context so requires, the masculine
shall include the feminine and neuter, and the singular shall also include the plural, and conversely. 

  
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 8.8 Integrated Plan. The Plan constitutes the final and complete expression of
agreement among the parties hereto with respect to the subject matter hereof. 
 8.9 Compliance with Code
Section 409A. The Plan is not intended to provide for the payment of any nonqualified deferred compensation that is subject to Code Section 409A. However, to the extent that any payment under the Plan is determined by the Committee to
be nonqualified deferred compensation subject to Section 409A, the Plan is intended to comply with Section 409A. If any provision herein results in the imposition of an excise tax on any Participant or Beneficiary under Section 409A,
such provision will be reformed to the extent necessary to avoid such imposition as the Committee determines is appropriate to comply with Section 409A. 
 8.10 Forfeiture in Certain Circumstances (“Clawback”). The Committee may, at its sole discretion, terminate any Award of Incentive Compensation (“Award”) if it determines that
the recipient of the Award has engaged in material misconduct. For purposes of this Clawback provision, material misconduct includes conduct adversely affecting the Company’s financial condition, results of operations, or conduct which
constitutes fraud or theft of Company assets, any of which require the Company to make a restatement of its reported financial statements. The Committee may also specify other conduct requiring the Company to make a restatement of its publicly
reported financial statements as constituting material misconduct in future Awards. If any material misconduct results in any error in financial information used in the determination of compensation paid to the recipient of an Award and the
effect of such error is to increase the payment amount pursuant to an Award, the Committee may also require the recipient to reimburse the Company for all or a portion of such increase in compensation provided in connection with any such
Award. In addition, if there is a material restatement of the Company’s financial statements that affects the financial information used to determine the compensation paid to the recipient of the Award, then the Committee may take whatever
action it deems appropriate to adjust such compensation. 
 ARTICLE IX 

AMENDMENT OR DISCONTINUANCE 
 The Committee may at any time, and from time to time, without the consent of (or liability of the Committee or Employer to) any Participant, amend, revise, suspend, or discontinue the Plan, in whole or in
part, subject to any shareholder approval required by law; provided, however, the Committee may not amend the Plan to change the method for determining Incentive Compensation or the Performance Goals under Articles IV and V without the approval of
the majority of votes cast by the shareholders of the Company in a separate vote to the extent required by Code Section 162(m). 

  
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 ARTICLE X 
 EFFECT OF THE PLAN 
 Neither the adoption of the Plan, nor any
action of the Board or the Committee hereunder, shall be deemed to give any Participant any right to be granted Incentive Compensation hereunder. In addition, nothing contained in the Plan, and no action taken pursuant to its provisions, shall be
construed to (a) give any Participant any right to any compensation, except as expressly provided herein; (b) be evidence of any agreement, contract or understanding, express or implied, that any Employer will employ a Participant in any
particular position or for any particular duration; (c) give any Participant any right, title, or interest whatsoever in, or to, any assets or investments which the Participant may make to aid it in meeting its obligations hereunder;
(d) create a trust or fund of any kind; or (e) create any type of fiduciary relationship between an Employer and a Participant or any other person. 
 ARTICLE XI 
 TERM 

The Plan shall be effective as of January 1, 2008, contingent upon its approval by the Company’s shareholders in a manner
consistent with the shareholder approval requirements of Code Section 162(m). 

  
 9Form of Company's Restricted Stock Unit Agreement

 Exhibit 10(y) 
 HUMANA INC. 
 RESTRICTED STOCK UNIT AGREEMENT 

UNDER THE AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN 
 THIS RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) made as of              (the “Date of Grant”) by and
between HUMANA INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter referred to as the “Company”), and
            , an employee of the Company (hereinafter referred to as “Grantee”). 
 WITNESSETH: 
 WHEREAS, the Amended and Restated 2003 Stock Incentive
Plan (the “Plan”), for certain employees and non-employee Directors of the Company and its subsidiaries was approved by the Company’s Board of Directors (the “Board”) and stockholders; and 

WHEREAS, the Company desires to award to Grantee Restricted Stock Units in accordance with the Plan. 

NOW, THEREFORE, in consideration of the award of restricted stock to Grantee, the promises and mutual covenants hereinafter set
forth, and other good and valuable consideration, the Company and Grantee agree as follows: 
 I. RESTRICTED STOCK UNIT GRANT

 A. Grant. Subject to the terms and conditions hereinafter set forth, and in accordance with the provisions
of the Plan, the Company hereby grants to Grantee, and Grantee hereby accepts from the Company              Restricted Stock Units. Each Restricted Stock Unit represents the right of
the Grantee to receive (i) one (1) Share on the date of distribution provided for in Section 1.E. In addition, the Grantee shall also have the right to receive all of the cash or in-kind dividends that are paid with respect to the
Shares represented by the Restricted Stock Units to which this award relates (“DERs’). Dividend equivalents with respect to any such Share shall be paid on the same date that such Share is issued to the Grantee pursuant to Section I.E.
hereof. The DERs shall be subject to the same terms and conditions applicable to the Restricted Stock Units, including, without limitation, the restrictions and non-transferability, vesting, forfeiture and distribution provisions contained in
Sections I.B through I.E., inclusive, of this Agreement. In the event that the Restricted Stock Units are forfeited pursuant to Section I.D. hereof, the related DER shall also be forfeited. 

B. Restrictions and Non-Transferability. The Restricted Stock Units and DERs may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated. In addition, such Restricted Stock Units and DERs shall be subject to forfeiture in accordance with the provisions of Section I.D. 

  
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 C. Vesting of Shares. The Restricted Stock Units and DERs shall vest in
full on the earliest of (i) the third anniversary of the Date of Grant, (ii) the death or Disability of Grantee, or (iii) a Change in Control. 
 D. Forfeiture. Upon the termination of Grantee’s employment with the Company prior to the time the Restricted Stock Units have vested pursuant to Section I.C., other than a termination
in the event of Grantee’s Retirement, the Restricted Stock Units and DERs shall thereupon be forfeited immediately by Grantee. In the event of Grantee’s Retirement, any Restricted Stock Units and DERs that have not vested as of the date of
Retirement shall remain outstanding and shall vest in accordance with Section I.C., as if the Grantee were continuing to provide services to the Company or a Subsidiary, as applicable; provided, however, that the Committee may determine, in its sole
discretion, that some or all of such Restricted Stock Units and DERs held by the Grantee as of the date of Retirement shall vest. 
 E. Distributions. The Company shall issue to Grantee (or, if applicable, the Grantee’s estate or personal representative) Shares with respect to the Grantee’s Restricted Stock
Units and dividend equivalents accrued pursuant to the DERs with respect to such Restricted Stock Units, upon the earliest of (i) the date provided in Section I.C(i) hereof, (ii) the date of the occurrence of a Section 409A Change in
Control (as defined below), (iii) the date of the Grantee’s death or (iv) the date the Grantee is determined to be Disabled, provided that such Disability also constitutes being “disabled” within the meaning of
Section 409A of the Code. A “Section 409A Change in Control” shall mean a Change in Control that also constitutes a “change in ownership or effective control” of the Company or a “change in ownership of a substantial
portion of the assets of” the Company, in each case within the meaning of Section 409A of the Code. Notwithstanding anything to the contrary contained herein, no Shares may be transferred to any person other than the Grantee unless such
other person demonstrates to the reasonable satisfaction of the Company such person’s right to the transfer. 
 F.
Taxes. Federal, state and local income and employment taxes and other amounts as may be required by law to be collected by the Company (“Withholding Taxes”) in connection with the distribution of Shares, cash or other
property or, to the extent applicable, vesting of the Restricted Stock Units or DERs hereunder, shall be paid by Grantee at such time. Notwithstanding the foregoing, the Company shall, at the Grantee’s election, withhold delivery of a number of
Shares with a Fair Market Value as of the distribution date equal to the Withholding Taxes required to 

  
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be withheld in connection with such distribution. If, however, Grantee is eligible for Retirement (as defined in the Plan) as of the date hereof, or becomes eligible for Retirement before the
vesting of this award, federal employment taxes may be required by law to be collected by the Company immediately upon grant, or immediately upon the day the Grantee becomes eligible for Retirement, as applicable. 

II. AGREEMENT NOT TO COMPETE AND AGREEMENT NOT TO SOLICIT  
 A. Agreement Not To Compete. Grantee hereby covenants and agrees that for a period commencing on the date hereof and ending twelve (12) months after the effective date of Grantee’s
termination of employment with the Company, Grantee shall not, directly or indirectly, personally, or as an employee, officer, director, partner, member, owner, material shareholder, investor or principal of, or consultant or independent contractor
with, another entity, engage in business with, be employed by, or render any consultation or business advice or other services with respect to, any business which provides or offers products or services which compete with any Company Business, in
any geographic areas in which the Company and/or any of its affiliates is then currently doing Company Business. 
 B.
Agreement Not To Solicit. Grantee hereby covenants and agrees that for a period commencing on the date hereof and ending twelve (12) months after the effective date of Grantee’s termination of employment with the Company,
Grantee, directly or indirectly, personally, or as an employee, officer, director, partner, member, owner, material shareholder, investor or principal of, or consultant or independent contractor with, another entity, shall not: 

1. Interfere with the relationship of the Company and/or any of its affiliates and any of its employees, agents, representatives,
consultants or advisors. 
 2. Divert, or attempt to cause the diversion from the Company and/or any of its affiliates, any
Company Business, nor interfere with relationships of the Company and/or any of its affiliates with its policyholders, agents, brokers, dealers, distributors, marketers, sources of supply or customers. 

3. Solicit, recruit or otherwise induce or influence any employee of the Company and/or any of its affiliates to accept employment in any
business which competes with the Company Business, in any of the geographic areas in which the Company and/or any of its affiliates is then currently doing Company Business. 
 C. Definitions. 
 For purposes of Sections II.A and B, the following
definitions apply. 

  
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 1. “Company Business” shall mean any business related to a service or product
offered by the Company and/or any of its affiliates during the two-year period immediately preceding the Grantee’s termination date that Grantee engaged in or rendered any consultation or business advice or other services with respect to,
during Grantee’s employment with the Company and/or any of its affiliates. 
 2 “Geographic area”
shall mean any state, commonwealth or territory of the United States or any equivalent entity in any foreign country. 
 D.
Effect of Termination of Employment on Agreements Not to Compete and Not to Solicit. 
 1. In the event Grantee
voluntarily resigns or is discharged by Company with Cause at any time prior to the vesting of the Restricted Stock Unit, the prohibitions on Grantee set forth in Sections II.A and II.B shall remain in full force and effect. 

2. In the event Grantee is discharged by Company other than with Cause prior to the vesting herein of the Restricted Stock Unit, the
prohibitions set forth in Section II.A shall remain in full force and effect only if the Company, solely at its option, pays to Grantee an amount at least equal to Grantee’s then current annual base salary, whether such amount is paid pursuant
to this provision or pursuant to any other severance or separation plan or other plan or agreement between Grantee and Company. 

3. In the event Grantee is discharged by Company other than with Cause prior to vesting herein of the Restricted Stock Unit, the
prohibitions set forth in Section II.B above shall remain in full force and effect. 
 4. After the vesting of the Restricted
Stock Unit, the prohibitions on Grantee set forth herein shall remain in full force and effect, except as otherwise provided in Section II.E. 
 E. Effect Of Change In Control on Agreements Not to Compete and Not to Solicit. 
 1. In the event of a Change in Control, the prohibitions on Grantee set forth in Section II.A shall remain in full force and effect only if the acquirer or successor to the Company following the Change in
Control shall, solely at its option, pay, within thirty (30) days following Grantee’s employment termination date with the Company or its successor, to the Grantee an amount at least equal to Grantee’s then current annual base salary,
plus Grantee’s maximum potential bonus pursuant to any bonus plan in which Grantee participated as of the date of the Change in Control. Such sums shall be in addition to any other amounts paid or payable to Grantee with respect to other change
in control agreements. 

  
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 2. In the event of a Change in Control, the prohibitions on Grantee set forth in Section
II.B. shall remain in full force and effect. 
 F. Governing Law. Notwithstanding any other provision
herein to the contrary, the provisions of this Section II of the Agreement, shall be governed by, and construed in accordance with, the laws of the Commonwealth of Kentucky without regard to its conflicts or choice of laws rules or principles that
might otherwise refer construction or interpretation of this Section II to the substantive law of another jurisdiction. 

G. Injunctive Relief; Invalidity of Any Provision. Grantee acknowledges that (1) his or her services to the
Company are of a special, unique and extraordinary character, (2) his or her position with the Company will place him or her in a position of confidence and trust with respect to the operations of the Company, (3) he or she will benefit
from continued employment with the Company, (4) the nature and periods of restrictions imposed by the covenants contained in this Section II hereof are fair, reasonable and necessary to protect the Company, (5) the Company would sustain
immediate and irreparable loss and damage if Grantee were to breach any of such covenants, and (6) the Company’s remedy at law for such a breach will be inadequate. Accordingly, Grantee agrees and consents that the Company, in addition to
the recovery of damages and all other remedies available to it, at law or in equity, shall be entitled to seek both preliminary and permanent injunctions to prevent and/or halt a breach or threatened breach by Grantee of any covenant contained in
Section II hereof. If any provision of this Section II is determined by a court of competent jurisdiction to be invalid in whole or in part, it shall be deemed to have been amended, whether as to time, area covered or otherwise, as and to the extent
required for its validity under applicable law, and as so amended, shall be enforceable. The parties further agree to execute all documents necessary to evidence such amendment. 
 III. MISCELLANEOUS PROVISIONS 
 A. Binding Effect &
Adjustment. This Agreement shall be binding and conclusive upon each successor and assign of the Company. Grantee’s obligations hereunder shall not be assignable to any other person or entity. It is the intent of the parties to this
Agreement that the benefits of any appreciation of the underlying Common Stock during the term of the Award shall be preserved in any event, including but not limited to a recapitalization, merger, consolidation, reorganization, stock dividend,
stock split, reverse stock split, spin-off or similar transaction, or other change in corporate structure affecting the Shares, as more fully described in Section 4.6 of the Plan. All obligations imposed upon Grantee and all rights granted to
Grantee and to the Company shall be binding upon Grantee’s heirs and legal representatives. 

  
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 B. Amendment. This Agreement may only be amended by a writing executed
by each of the parties hereto. 
 C. Governing Law. Except as to matters of federal law and as otherwise
provided herein, this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to its conflict of laws rules. This Agreement shall also be governed by, and construed in accordance with, the
terms of the Plan. 
 D. No Employment Agreement. Nothing herein confers on the Grantee any rights with respect to
the continuance of employment or other service with the Company, nor will it interfere with any right the Company would otherwise have to terminate or modify the terms of Grantee’s employment or other service at any time. 

E. Severability. If any provision of this Agreement is or becomes or is deemed invalid, illegal or unenforceable in any
relevant jurisdiction, or would disqualify this Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the Plan, it shall be stricken and the remainder of the Agreement shall remain in full force and effect. 
 F. Defined Terms. Any term used herein and not otherwise defined herein shall have the same meaning as in the Plan. Any conflict between this Agreement and the Plan will be resolved in favor
of the Plan. Any disputes or questions of right or obligation which shall result from or relate to any interpretation of this Agreement shall be determined by the Committee. Any such determination shall be binding and conclusive upon Grantee
and any person or persons claiming through Grantee as to any rights hereunder. 
 G. Execution. If Grantee shall
fail to execute this Agreement, either manually with a paper document, or through the online grant agreement procedure with the Company’s designated broker–dealer, and, if manually executed, return the executed original to the Secretary of
the Company, the Award shall be null and void. The choice of form will be at the Company’s discretion. 
 IN WITNESS
WHEREOF, Company has caused this Agreement to be executed on its behalf by its duly authorized officer, and Grantee has executed this Agreement, each as of the day first above written. 

  
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		 		 		  	“Company”
			
	ATTEST:	 		  	HUMANA INC.
					
	BY:	 	 	 		  	BY:	  	 
		 	[Name]	 		  		  	[Name]
		 	[Title]	 		  		  	[Title]
				
		 		 		  	“Grantee”
					
		 		 		  	 	  	 
		 		 		  		  	[Name]

  
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