Document:

Employment Agreement with Richard H. Anderson

 Exhibit 10(p) 
  
 EMPLOYMENT AGREEMENT 
  
 This Agreement is effective November 1, 2004 (the “Effective Date”) and is between Richard Anderson (“Executive”) and UnitedHealth
Care Services, Inc. (“UnitedHealth Group”). This Agreement’s purposes are to set forth certain terms of Executive’s employment by UnitedHealth Group or one of its affiliates and to protect UnitedHealth Group’s knowledge,
expertise, customer relationships, and confidential information. Unless the context otherwise requires, “UnitedHealth Group” includes all its affiliated entities. 
  

	1.	Employment and Duties. 

  

	 	A.	Employment. UnitedHealth Group hereby employs Executive, and Executive accepts employment, under this Agreement’s terms. Except as superseded by this Agreement,
Executive is subject to all of UnitedHealth Group’s employment policies and procedures. 

  

	 	B.	Duties. Executive will initially hold a senior executive level position with UnitedHealth Group. Executive will perform this position’s duties and any other executive
level responsibilities reasonably assigned to Executive. Executive will devote substantially all of Executive’s business time and energy to Executive’s duties. Executive will maintain operations in Executive’s area of responsibility,
and ensure that the employees within that area of responsibility act, in compliance with applicable law and UnitedHealth Group’s Principles of Integrity and Compliance. 

  

	2.	Compensation and Benefits. 

  

	 	A.	Base Salary. Executive’s annual base salary will be in an amount customary for executives of comparable position, less applicable withholdings and deductions, payable
according to UnitedHealth Group’s regular payroll schedule. Periodic adjustments to Executive’s base salary may be made in UnitedHealth Group’s sole discretion, provided that UnitedHealth Group will not decrease Executive’s base
salary during the first 12 months of this Agreement. 

  

	 	B.	Incentive Compensation. Executive will be eligible to participate in UnitedHealth Group’s incentive compensation plans in UnitedHealth Group’s sole discretion and
in accordance with the plans’ terms and conditions. Executive’s target bonus potential will be 100% of annual base salary, subject to periodic adjustments in UnitedHealth Group’s sole discretion, provided that UnitedHealth Group will
not decrease Executive’s target bonus potential during the first 12 months of this Agreement. 

	 	C.	Stock Option. Executive will be granted, within the calendar quarter of Executive’s commencement of employment under this Agreement, a nonqualified option to purchase
shares of UnitedHealth Group Incorporated common stock and other equity based incentive compensation customary for executives of comparable position. 25% of the option will vest and become exercisable on each of the grant date’s first through
fourth anniversaries. The applicable stock option certificate and plan contain the specific terms governing the option. 

  

	 	D.	Employee Benefits. Executive will be eligible to participate in UnitedHealth Group’s employee welfare plans, including short-term and long-term disability benefits, and
retirement benefit plans in accordance with the terms of the plans, and will be eligible for Paid Time Off in accordance with UnitedHealth Group’s policies. However, UnitedHealth Group reserves the right to amend or discontinue any plan or
policy at any time in its sole discretion. Executive will be provided life insurance benefits in a face amount of at least $1,000,000. 

  

	3.	Term and Termination. 

  

	 	A.	Term. This Agreement’s term is from the Effective Date until it is terminated under Section 3.B. 

  

	 	B.	Termination. 

  

	 	1.	By UnitedHealth Group without Cause. UnitedHealth Group may terminate this Agreement and Executive’s employment for any reason with 30 days’ prior written notice.

  

	 	2.	By UnitedHealth Group with Cause. UnitedHealth Group may terminate this Agreement and Executive’s employment without prior notice if UnitedHealth Group determines in its
sole discretion that Cause exists. “Cause” means (A) the willful and continued failure by Executive substantially to perform his duties hereunder (other than any such failure resulting from his disability or from termination by Executive
for Good Reason), after a written demand for substantial performance is delivered to Executive that specifically identifies the manner in which Executive has not substantially performed his duties, and Executive has not remedied such failure within
a reasonable time after receipt of such written notice; (B) a violation of UnitedHealth Group’s Principles of Integrity and Compliance that is materially detrimental to UnitedHealth Group and that Executive has not remedied within a reasonable
time after receipt of a written notice from UnitedHealth Group that specifically identifies such violations; (C) the conviction of Executive of a felony; or (D) any other willful and material breach of this Agreement by Executive that Executive has
not remedied 

  

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	 	    	within a reasonable time after receipt of a written notice from UnitedHealth Group that specifically identifies such breach. For purposes of this paragraph, no act, or failure to
act, on Executive’s part will be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that his action or omission was in the best interest of UnitedHealth Group.

  

	 	3.	By Executive. 

  

	 	a.	For Good Reason. Executive may terminate this Agreement and Executive’s employment upon 30 days’ prior written notice for Good Reason. “Good Reason” shall
mean (i) a reduction in base pay or target bonus percentage, or (ii) a requirement that Executive move the geographic location of Executive’s principal duties more than 50 miles, or (iii) any material breach of this Agreement by UnitedHealth
Group that is not cured as provided below. 

  
 Executive must treat a Good Reason event as a termination of Executive’s employment by sending written notice to UnitedHealth Group within 90 days after Executive receives notice or otherwise is definitively informed of the event
constituting Good Reason. Executive’s written notice must specify the event(s) Executive contends constitute Good Reason. An event will not be considered Good Reason if Executive fails to timely send the required election notice or if
UnitedHealth Group cures the Good Reason within 30 days after receiving Executive’s election notice. Executive’s failure to treat a Good Reason event as an employment termination does not preclude Executive from treating a later Good
Reason event as an employment termination. The effective date of Executive’s termination based on Good Reason will be 30 days after UnitedHealth Group receives Executive’s written election notice. 
  

	 	b.	Voluntary Termination. Executive may terminate this Agreement and Executive’s employment at any time with 30 days’ prior written notice. 

 

	 	4.	By Executive’s Death. This Agreement and Executive’s employment will terminate automatically if Executive dies. The termination date will be the date of
Executive’s death.  

  

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	4.	Severance Benefits. 

  

	 	A.	Circumstances under Which Severance Benefits Payable. Executive will be entitled to Severance Benefits only if this Agreement and Executive’s employment are terminated
under the circumstances in Section 4.B or Section 4.C. The Severance Benefits in this Agreement are in lieu of any payments or benefits to which Executive otherwise might be entitled under any UnitedHealth Group severance plan or severance program.
 

  

	 	B.	Severance Benefits for Termination by UnitedHealth Group without Cause or by Executive for Good Reason. Executive will be entitled to the following Severance Benefits if
UnitedHealth Group terminates this Agreement and Executive’s employment without Cause under Section 3.B.1 or if Executive terminates this Agreement and Executive’s employment for Good Reason under Section 3.B.3.a: 

 

	 	1.	For 12 months following employment termination (the “Severance Period”), biweekly payments equal to 1/26 of the sum of (1) Executive’s annualized base salary as of
Executive’s termination date, and (2) one-half of the total of any bonus or incentive compensation paid or payable to Executive for the two most recent calendar years (excluding stock option grants, Long Term Incentive Plan payments, or any
other special or one-time bonus or incentive compensation payments), or if Executive has been eligible for such bonus or incentive compensation payments for less than two calendar years, the last such payment paid or payable to Executive. Such
payments will be less applicable withholdings and deductions. UnitedHealth Group may elect to pay the severance compensation in this Section in a lump sum rather than biweekly during the Severance Period. 

  

	 	2.	If Executive is enrolled in group health, dental and life insurance coverage on Executive’s termination date, a one-time payment equal to the portion of the premiums that
UnitedHealth Group subsidizes for employee-only coverage for each of these benefits that Executive is enrolled in. The payment will (a) cover the Severance Period, (b) be determined as of the date of Executive’s termination, and (c) be less tax
withholding. 

  

	 	3.	Outplacement services through an outplacement firm selected by, and in an amount determined by, UnitedHealth Group. 

  

	 	C.	Severance Benefits for Termination following Change in Control. Executive will be entitled to the following Severance Benefits if a Change in Control occurs, and either of
the following occurs within two years after the Change in Control: (a) UnitedHealth Group terminates this Agreement and Executive’s employment without Cause, or (b) a Change in 

  

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	 	    	Employment occurs and Executive elects to treat such Change in Employment as an employment termination. 

  

	 	1.	For 12 months following employment termination (the “Severance Period”) Executive will receive biweekly payments equal to 1/26 of the sum of (1) Executive’s highest
annualized base salary during the 2 year period immediately preceding termination and (2) the greater of (i) all bonuses that would have been payable to Executive under any incentive compensation plans in which Executive participates at the time of
termination at Executive’s target level in effect at the time of termination, or (ii) one-half of the total of any bonus or incentive compensation paid or payable to Executive for the two most recent calendar years (excluding stock option
grants, Long Term Incentive Plan payments, or any other special or one-time bonus or incentive compensation payments), or if Executive has been eligible for such bonus or incentive compensation payments for less than two calendar years, the last
such payment paid or payable to Executive. Such payments will be less applicable withholdings and deductions. UnitedHealth Group may elect to pay the severance compensation in this Section in a lump sum rather than biweekly during the Severance
Period. 

  

	 	2.	If Executive is enrolled in group health, dental and life insurance coverage on Executive’s termination date, a one-time payment equal to the portion of the premiums that
UnitedHealth Group subsidizes for employee-only coverage for each of these benefits that Executive is enrolled in. The payment will (a) cover the Severance Period, (b) be determined as of the date of Executive’s termination, and (c) be less tax
withholding. 

  

	 	3.	Outplacement services through an outplacement firm selected by, and in an amount determined by, UnitedHealth Group. 

  

	 	D.	Separation Agreement and Release Required. In order to receive any Severance Benefits under this Agreement, Executive must sign a separation agreement and release of claims
in a form determined by UnitedHealth Group in its sole discretion. 

  

	 	E.	Definitions. 

  

	 	1.	Change in Control. A “Change in Control” means (a) the acquisition by any person, entity or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934 (the “Exchange Act”), other than UnitedHealth Group Incorporated (“UHG”) or any UnitedHealth Group employee benefit plan, of beneficial ownership (as defined in the Exchange Act) of 20% or

  

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	 	    	more of UHG’s common stock or the combined voting power of UHG’s then-outstanding voting securities in a transaction or series of transactions not approved in advance by a
vote of at least three-quarters of UHG’s directors; (b) a change in 50% or more of the directors of UHG in any 12 month period which is not approved by at least three-quarters of the directors in office before the first change occurred; (c) the
approval by UHG’s shareholders of a reorganization, merger, consolidation, liquidation or dissolution of UHG or of the sale (in one transaction or a series of related transactions) of all or substantially all of the assets of UHG, other than a
reorganization, merger, consolidation, liquidation, dissolution or sale approved in advance by a vote of at least three-quarters of UHG’s directors; (d) the first purchase under any tender offer or exchange offer (other than an offer by UHG)
under which shares of UHG common stock are purchased; or (e) a determination in the sole discretion a majority of UHG’s directors that there has been a change of control. 

  

	 	2.	Change in Employment following Change in Control. A “Change in Employment” occurs if, following a Change in Control, without Executive’s consent, UnitedHealth
Group (i) changes Executive’s duties materially and adversely, (ii) reduces Executive’s salary or benefits other than in a general reduction affecting a group of employees, (iii) gives Executive 30 days’ written notice that it is
terminating this Agreement, but not Executive’s employment, or (iv) moves the geographic location of Executive’s principal duties more than 50 miles. An isolated, insubstantial or inadvertent action by UnitedHealth Group will not
constitute a Change in Employment. 

  
 Executive
may elect to treat a Change in Employment as a termination of Executive’s employment by sending written notice to UnitedHealth Group within 90 days after Executive receives notice or otherwise is definitively informed of the event(s)
constituting the Change in Employment. Executive’s written notice must specify the event(s) Executive contends constitute a Change in Employment. An event will not be considered a Change of Employment if Executive fails to timely send the
required election notice or if UnitedHealth Group cures the Change in Employment within 30 days after receiving Executive’s election notice. Executive’s failure to treat a Change in Employment as an employment termination does not preclude
Executive from treating a later Change in Employment as an employment termination. The effective date of Executive’s termination based on a Change in Employment will be 30 days after UnitedHealth Group receives Executive’s written election
notice. 
  

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	5.	Property Rights, Confidentiality, Non-Disparagement, and Restrictive Covenants. 

  

	 	A.	UnitedHealth Group’s Property. 

  

	 	1.	Assignment of Property Rights. Executive must promptly disclose in writing to UnitedHealth Group all inventions, discoveries, processes, procedures, methods and works of
authorship, whether or not patentable or copyrightable, that Executive alone or jointly conceives, makes, discovers, writes or creates, during working hours or on Executive’s own time, during this Agreement’s term (the “Works”).
Executive hereby assigns to UnitedHealth Group all Executive’s rights, including copyrights and patent rights, to all Works. Executive must assist UnitedHealth Group as it reasonably requires to perfect, protect, and use its rights to the
Works. This provision does not apply to an invention for which no UnitedHealth Group equipment, supplies, facility or trade secret information was used and: (1) which does not relate directly to UnitedHealth Group’s business or actual or
demonstrably anticipated research or development, or (2) which does not result from any work performed for UnitedHealth Group. 

  

	 	2.	No Removal of Property. Executive may not remove from UnitedHealth Group’s premises any UnitedHealth Group records, documents, data or other property, in either original
or duplicate form, except as necessary in the ordinary course of UnitedHealth Group’s business. 

  

	 	3.	Return of Property. Executive must immediately deliver to UnitedHealth Group, upon termination of employment, or at any other time at UnitedHealth Group’s request, all
UnitedHealth Group property, including records, documents, data, and equipment, and all copies of any such property, including any records or data Executive prepared during employment. 

  

	 	B.	Confidential Information. Executive will be given access to and provided with sensitive, confidential, proprietary and trade secret information (“Confidential
Information”) in the course of Executive’s employment. Examples of Confidential Information include: inventions; new product or marketing plans; business strategies and plans; merger and acquisition targets; financial and pricing
information; computer programs, source codes, models and databases; analytical models; customer lists and information; and supplier and vendor lists and information. Executive agrees not to disclose or use Confidential Information, either during or
after Executive’s employment with UnitedHealth Group, except as necessary to perform Executive’s UnitedHealth Group duties or as UnitedHealth Group may consent in writing. This Agreement does not restrict use or disclosure of publicly
available information or information: (i) that Executive obtained 

  

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	 	    	from a source other than UnitedHealth Group before becoming employed by UnitedHealth Group; or (ii) that Executive received from a source outside UnitedHealth Group without an
obligation of confidentiality. 

  

	 	C.	Non-Disparagement. Executive agrees not to criticize, make any negative comments or otherwise disparage UnitedHealth Group or those associated with it, whether orally, in
writing or otherwise, directly or by implication, to any person or entity, including UnitedHealth Group customers and agents. 

  

	 	D.	Restrictive Covenants. Executive agrees to the restrictive covenants in this Section in consideration of Executive’s employment and UnitedHealth Group’s promises in
this Agreement, including providing Executive access to Confidential Information. The restrictive covenants in this Section apply during (i) this Agreement’s term, (ii) the Severance Period, but only if Executive is receiving severance payments
pertaining to that period, and (iii) any period following this Agreement’s termination or expiration during which Executive remains employed by UnitedHealth Group. Executive agrees that he/she will not, directly or indirectly, for Executive or
for any other person or entity, as agent, employee, officer, director, consultant, owner, principal, partner or shareholder, or in any other individual or representative capacity: 

  

	 	1.	Engage in any business competitive with UnitedHealth Group with any person or entity who: (a) was a UnitedHealth Group provider or customer within the 12 months before
Executive’s employment termination and, (b) with whom Executive had contact to further UnitedHealth Group’s business or for whom Executive performed services or from whom Executive received services during Executive’s employment.

  

	 	2.	Hire, employ, recruit or solicit any UnitedHealth Group employee or consultant. 

  

	 	3.	Induce or influence any UnitedHealth Group employee, consultant, customer or provider to terminate his, her or its employment or other relationship with UnitedHealth Group.

  

	 	4.	Engage or participate in, or in any way render services or assistance to, any business that competes, directly or indirectly, with any UnitedHealth Group product or service that
Executive participated in, engaged in, or had Confidential Information regarding, during Executive’s employment. Ownership of less than 2% of the total outstanding stock or securities of a UnitedHealth Group competitor listed on a national
securities exchange is not a violation of this Section. 

  

	 	5.	Assist anyone in any of the activities listed above. 

  

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	 	E.	Injunctive Relief. Executive agrees that (a) legal remedies (money damages) for any breach of Section 5 will be inadequate, (b) UnitedHealth Group will suffer immediate and
irreparable harm from any such breach, and (c) UnitedHealth Group will be entitled to injunctive relief from a court in addition to any legal remedies UnitedHealth Group may seek in arbitration. In any litigation or arbitration under this Section 5,
the party not prevailing in the proceeding shall bear the costs and expenses thereof, including without limitation, the reasonable attorneys’ fees of the prevailing party. 

  

	 	F.	Survival. This Section 5 will survive this Agreement’s termination. 

  

	6.	Miscellaneous. 

  

	 	A.	Assignment. Executive may not assign this Agreement. UnitedHealth Group may assign this Agreement in its sole discretion. Any successor to UnitedHealth Group will be deemed
to be UnitedHealth Group under this Agreement. 

  

	 	B.	Notices. All notices under this Agreement must be hand delivered or sent by registered or certified mail, return receipt requested and postage prepaid, to the party’s
address below or to the party’s current address at the time of the notice. 

  

			
	 UnitedHealth Group:
	 	 UnitedHealth Group

	 	 	 Attn: Vice President, Employee Relations

	 	 	 MN008-T850

	 	 	 9900 Bren Road East

	 	 	 Minnetonka, MN 55343

		
	 Executive:
	 	 Richard Anderson

	 	 	 9522 Olympia Drive

	 	 	 Eden Prairie, MN 55347

  

	 	C.	Terms of this Agreement Prevail Over Inconsistent Terms of Any Other Agreement or Document; Amendment of Agreement. It is anticipated that, both at the commencement of and
during the term of his employment, Executive will execute or be granted access to a number of agreements and other documents which contain or will contain terms inconsistent with the terms of this Agreement, particularly with respect to, but not
limited to, the issues of termination of employment, severance benefits, restrictive covenants, and the availability of attorney’s fees in the event of a breach. Those agreements and documents include, by way of illustration only and not by way
of limitation, the following: 

  

	 	•	 	Employment Arbitration Policy 

  

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	 	•	 	Principles of Integrity & Compliance 

  

	 	•	 	Employee Handbook Acknowledgment Form 

  

	 	•	 	Company Policies and Procedures posted on the internet or the Company’s intranet, or otherwise made accessible to Executive 

  

	 	•	 	Awards, Grants, or Agreements pertaining to Executive Compensation, Stock Incentives, or other aspects of Executive’s compensation or benefits 

  
 It is the intention of the parties that, to the extent the terms of any
plan, award, grant, agreement, acknowledgment, or other document executed or acknowledged by Executive, or made available to Executive by UnitedHealth Group, regardless of the date of such execution, acknowledgment, or grant of access, are
inconsistent with the terms of this Agreement, the latter shall govern. UnitedHealth Group has an interest in using form documents for its employees pertaining to such matters and maintaining uniformity in their provisions, and the parties agree
that, for purposes of convenience only, instead of modifying each document to make it conform to the provisions of this Agreement, this Section 6.C. shall be sufficient to effect that result. The terms of this Agreement, including this
Section 6.C., may be modified only by a subsequently-executed Employment Agreement which both (a) explicitly identifies this Agreement and the date of its execution, and (b)(i) identifies the particular provisions being modified or (ii) in the
event this Agreement is to be superseded in its entirety, explicitly so provides. 
  

	 	D.	Choice of Law. Minnesota law governs this Agreement. 

  

	 	E.	Waivers. No party’s failure to exercise, or delay in exercising, any right or remedy under this Agreement will be a waiver of such right or remedy, nor will any single
or partial exercise of any right or remedy preclude any other or further exercise of such right or remedy. 

  

	 	F.	Narrowed Enforcement and Severability. If a court or arbitrator decides that any provision of this Agreement is invalid or overbroad, the parties agree that the court or
arbitrator should narrow such provision so that it is enforceable or, if narrowing is not possible or permissible, such provision should be considered severed and the other provisions of this Agreement should be unaffected. 

 

	 	G.	Dispute Resolution and Remedies. Except for injunctive relief under Section 5.E, any dispute between the parties relating to this Agreement or to Executive’s employment
will be resolved by binding arbitration under UnitedHealth Group’s Employment Arbitration Policy, as it may be amended from time to time. The arbitrator(s) may not vary this Agreement’s terms and must apply applicable law.

  

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	 United HealthCare Services, Inc.
	 	 	 	 Executive

				
	 By
	 	 /s/ David J. Lubben

	 	 	 	 /s/ Richard H. Anderson

	 Its
	 	 Vice President

	 	 	 	 	 	 
	 Date
	 	 November 1, 2004

	 	 	 	 Date
	 	 November 1, 2004

  

 - 11 -Employment Agreement with William A. Munsell

 Exhibit 10(t) 
  
 EMPLOYMENT AGREEMENT 
  
 This Agreement, effective as of October 1, 1998 (the “Effective Date”), is made by and between William A. Munsell (“Executive”) and
United HealthCare Services, Inc. (“United HealthCare”) for the purpose of setting forth the terms and conditions of Executive’s employment by United HealthCare, or an affiliate or subsidiary of United HealthCare, and to protect United
HealthCare’s knowledge, expertise, customer relationships and the confidential information United HealthCare has developed about its customers, products, operations and services. Unless the context otherwise requires, when used in this
Agreement “United HealthCare” includes any entity affiliated with United HealthCare. 
  
 WHEREAS, as additional consideration for entering into this Agreement Executive shall receive, upon execution of this Agreement, a nonqualified stock option to purchase 40,000 shares of United HealthCare Corporation
(“UHC”) common stock with a grant date the same as the Effective Date pursuant to the terms of the UHC Amended and Restated 1991 Stock and Incentive Plan. 
  
 WHEREAS, Executive and United HealthCare desire to enter into this Agreement, which shall supersede any and all other prior
employment-related agreements between Executive and United HealthCare. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained and intending to be legally bound hereby, the parties the agree as follows: 
  

	1.	Employment and Duties; Termination of Prior Agreements.  

  

	 	A.	Employment. United HealthCare hereby employs Executive, either directly or through an affiliate or subsidiary of United HealthCare, and Executive hereby accepts such
employment on the terms and conditions set forth in this Agreement. Except as specifically superseded by this Agreement, Executive’s employment hereunder shall be subject to all of United HealthCare’s policies and procedures in regard to
its employees. Executive’s employment hereunder shall begin on the Effective Date and shall continue until terminated as set forth in Section 3 hereof. 

  

	 	B.	Duties. Executive shall initially hold the executive level position of CFO & Chief Administrative Officer, Health Plans and perform the duties associated therewith.
Executive shall perform such other executive level responsibilities as are reasonably assigned Executive from time to time. Executive agrees to devote substantially all of Executive’s business time and energy to the performance of
Executive’s duties in a diligent and proper manner. 

  

	 	C.	Termination of Prior Agreements. As of the Effective Date all other prior employment related agreements between Executive and United HealthCare will terminate in their
entirety and no longer be of any force or effect. 

	2.	Compensation. 

  

	 	A.	Base Salary. Executive shall initially be paid a base annual salary the amount of $250,000, payable bi-weekly, less all applicable withholdings and deductions (the
“Initial Base Salary”). Executive shall receive a periodic performance review and consideration for an increase in the Initial Base Salary. 

  

	 	B.	Bonus and Stock Plans. Executive shall be eligible to participate in the incentive compensation plans and the stock option and grant plans maintained by United HealthCare or
an affiliate or subsidiary of United HealthCare, in the sole discretion of United HealthCare and in accordance with the terms and conditions of those plans and applicable laws and regulations. 

  

	 	C.	Employee Benefits. Executive shall be eligible to participate in the employee benefit plans maintained by either United HealthCare or an affiliate or subsidiary of United
HealthCare, including without limitation, any life, health, dental, short-term and long-term disability insurance coverages and any retirement plans, in the sole discretion of United HealthCare and in accordance with the terms and conditions of
those plans and applicable laws and regulations. 

  

	 	D.	Vacation; Illness. Executive shall be eligible for paid vacation and sick leave each year in accordance with the then-current policies of either United HealthCare or an
affiliate or subsidiary of United HealthCare, in the sole discretion of United HealthCare and in accordance with the terms and conditions of those plans and applicable laws and regulations. 

  

	3.	Term and Termination. 

  

	 	A.	Term. The term of this Agreement shall begin on the Effective Date and shall continue until terminated as set forth in Section 3B. 

  

	 	B.	Termination of Agreement.  

  

	 	1.	By Mutual Agreement: This Agreement and Executive’s employment hereunder may be terminated at any time by the mutual written agreement of the parties.

  

	 	2.	By United HealthCare: United HealthCare may terminate this Agreement and Executive’s employment hereunder on 30 days’ written notice. 

  

	 	3.	By Executive: Executive may terminate this Agreement and Executive’s employment hereunder on 30 days’ written notice. 

  

	 	4.	Death, Disability, Etc.: This Agreement and Executive’s employment by United HealthCare shall terminate immediately upon Executive’s death. This Agreement and
Executive’s employment hereunder shall automatically terminate in the event of a permanent and total disability which renders Executive incapable of performing Executive’s duties, with or without reasonable accommodation. United HealthCare
has the sole discretion to determine whether Executive is permanently or totally disabled with the meaning of this Section 3B4, and the effective date on which Executive was rendered so disabled. 

  

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	 	C.	Employee Benefits: On the effective date of the termination of this Agreement and Executive’s employment by United HealthCare, Executive shall cease to be eligible for
all employee benefit plans maintained by United HealthCare, except as required by federal or state continuation of coverage laws (“COBRA Benefits”). If Executive elects COBRA Benefits, Executive shall pay the entire cost of such benefits
ether through after-tax payroll deductions from the cash component of any severance compensation Executive receives or directly if Executive does not receive such severance compensation or if such severance compensation ceases.

  

	 	D.	Severance Events and Benefits: If a Severance Event, as hereinafter defined, occurs, Executive shall receive the severance benefits set forth in this Section 3D for a period
of 12 months from the effective date of the applicable Severance Event (the “Severance Period”). For purposes of this Agreement a Severance Event shall occur if and when: 

  

	 	(i)	United HealthCare (a) terminates this Agreement and Executive’s employment without Cause, as hereinafter defined, or (b) terminates this Agreement without terminating
Executive’s employment and Executive elects to treat such termination of this Agreement as a Change in Employment, as hereinafter defined (collectively a “Termination without Cause”), or 

  

	 	(ii)	Within two years following a Change in Control, as hereinafter defined, either (a) United HealthCare terminates this Agreement and Executive’s employment without Cause, or (b)
a Change in Employment occurs and Executive elects to treat such Change in Employment as a termination of Executive’s employment (a “Termination following a Change in Control”). 

  

	 	1.	Severance Compensation: Executive shall receive the following severance compensation (the “Severance Compensation”): 

  

	 	a)	Termination without Cause. Subject to Section 3D(1)(b) below, upon a Termination without Cause Executive shall receive biweekly payments equal to 1/26 of the sum of (1)
Executive’s annualized base salary as of the date of the Severance Event, less all applicable withholdings or deductions required by law and Executive’s COBRA Benefit payments, if any, plus (2) one-half of the total of any bonus or
incentive compensation paid or payable to Executive for the two most recent calendar years (excluding any special or one-time bonus or incentive compensation payments), or if Executive has been eligible for such bonus or incentive compensation
payments for less than two such periods, the last such payment paid or payable to Executive (excluding any special or one-time bonus or incentive compensation payments). 

  

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	 	b)	Termination following a Change in Control: Upon a Termination following a Change in Control, Executive shall receive biweekly payments equal to 1/26 of two times the sum of
(1) Executive’s highest annualized base salary during the 2 year period immediately preceding the Severance Event, less all applicable withholdings or deductions required by law and Executive’s COBRA Benefit payments, if any, plus (2) the
greater of (i) all bonuses that would be payable to Executive under any incentive compensation plans in which Executive then participates at Executive’s then-current target level, or (ii) one-half of the total of any bonus or incentive
compensation paid or payable to Executive for the two most recent calendar years (excluding any special or one-time bonus or incentive compensation payments), or if Executive has been eligible for such bonus or incentive compensation payments for
less than two such periods, the last such payment paid or payable to Executive (excluding any special or one-time bonus or incentive compensation payments. 

  

	 	2.	Cash Payment: Executive shall receive a one-time cash payment within a reasonable time following commencement of the Severance Period in an amount equal to the portion of the
premiums that United HealthCare, or its affiliate or subsidiary, as applicable, subsidizes for employee-only health, dentaI and group term life benefit coverages (the “Cash Payment”). The Cash Payment shall cover the Severance Period and
shall be determined as of the effective date of the applicable Severance Event. 

  

	 	3.	Job Search Fees. For a period not to exceed the Severance Period, United HealthCare shall pay to an outplacement firm selected by United HealthCare an amount deemed
reasonable by United HealthCare for outplacement and job search services for Executive. 

  
 This Section 3D shall be the sole liability of United HealthCare to Executive upon the termination of this Agreement and Executive’s employment hereunder, and shall replace and be in lieu of any payments or
benefits which otherwise might be owed Executive under any other severance plan or program maintained by United HealthCare. Such compensation and benefits shall be conditioned on receipt by United HealthCare of a separation agreement and a release
of claims by Executive on terms and conditions acceptable to United HealthCare in its sole discretion. 
  

	 	E.	Definitions and Procedures.  

  

	 	1.	Cause. For purposes of this Agreement “Cause” shall mean (a) the refusal of Executive to follow the reasonable direction of the Board of Directors of United
HealthCare or Executive’s supervisor or to perform any duties reasonably required on material matters by United HealthCare, (b) material violations of United HealthCare’s Code of Conduct or (c) the commission of any criminal act or act of
fraud or dishonesty by Executive in connection with Executive’s employment by United HealthCare. Prior to the termination of Executive’s employment under subsection (a) of this 

  

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	 	    	definition of Cause, United HealthCare shall provide Executive with a 30 day notice specifying the basis for Cause. If the Cause described in the notice is cured to United
HealthCare’s reasonable satisfaction prior to the end of the 30 day notice period, Executive’s employment hereunder shall not be terminated on that basis. 

  

	 	2.	Change in Control. For purposes of this Agreement “Change in Control” shall mean (a) the acquisition by any person, entity or “group,” within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”), other than United HealthCare or any employee benefit plan of United HealthCare, of beneficial ownership (as defined in the Exchange Act) of 20% or
more of the common stock of UHC or the combined voting power of UHC’s then-outstanding voting securities in a transaction or series of transactions not approved in advanced by a vote of at least three-quarters of the directors of UHC; (b) a
change in 50% or more of the directors of UHC in any 12 month period; (c) the approval by the shareholders of UHC of a reorganization, merger, consolidation, liquidation or dissolution of UHC or of the sale (in one transaction or a series of related
transactions) of all or substantially all of the assets of UHC other than a reorganization, merger, consolidation, liquidation, dissolution or sale approved in advance by a vote of at least three-quarters of the directors; (d) the first purchase
under any tender offer or exchange offer (other than an offer by UHC) pursuant to which shares of UHC common stock are purchased; or (e) at least a majority of the directors of UHC determine in their sole discretion that there has been a change of
control of UHC. 

  

	 	3.	Change in Employment. For purposes of this Agreement a “Change in Employment” shall be deemed to have occurred (a) if (i) Executive’s duties are materially and
adversely changed without Executive’s prior consent, (ii) Executive’s salary or benefits are reduced other than as a general reduction of salaries and benefits by United HealthCare, (iii) without terminating Executive’s employment
United HealthCare terminates this Agreement, or (iv) the geographic location for the performance of Executive’s duties hereunder is moved more than 50 miles from the geographic location at the Effective Date without Executive’s prior
consent, and (b) if in each case under subsections (a) (i), (ii), (iii) and (iv), in the period beginning 90 days before the time the Change in Employment occurs, Cause does not exist or if Cause does exist United HealthCare has not given Executive
written notice that Cause exists. Notwithstanding the foregoing, an isolated, insubstantial or inadvertent action by United HealthCare, which is remedied by United HealthCare within 30 days after receipt of notice thereof by Executive, shall not
constitute a Change in Employment. Executive may elect to treat a Change in Employment as a termination of this Agreement and Executive’s employment hereunder. To do so Executive shall send written notice of such election to United HealthCare
within 90 days after the date Executive receives notice from United HealthCare or otherwise is definitively informed of the events constituting the Change in Employment. No Change in Employment shall be deemed to have occurred if Executive fails to
send the notice of election within the 90 day 

  

 5 

	 	    	period. Executive’s failure to treat a particular Change in Employment as a termination of employment shall not preclude Executive from treating a subsequent Change in
Employment as a termination of employment. The effective date of a Change in Employment termination shall be the date 30 days after United HealthCare receives the written notice of election. 

  

	4.	Property Rights, Confidentially, Non-Disparagement, Non-Solicit and Non-Compete Provisions.  

  

	 	A.	United HealthCare’s Property. 

  

	 	1.	Assignment of Properly Rights. Executive shall promptly disclose to United HealthCare in writing all inventions, discoveries and works of authorship, whether or not
patentable or copyrightable, which are conceived, made, discovered, written or created by Executive alone or jointly with another person, group or entity, whether during the normal hours of employment at United HealthCare or on Executive’s own
time, during the term of this Agreement. Executive assigns all rights to all such inventions and works of authorship to United HealthCare. Executive shall give United HealthCare any assistance it reasonably requires in order for United HealthCare to
perfect, protect, and use its rights to inventions and works of authorship. 

  
 This provision shall not apply to an invention for which no equipment, supplies, facility or trade secret information of United HealthCare was used and which was developed entirely on the Executive’s own time and
which (1) does not relate to the business of United HealthCare or to United HealthCare’s anticipated research or development, or (2) does not result from any work performed by the Executive for United HealthCare. 
  

	 	2.	No Removal of Property. Executive shall not remove any records, documents, or any other tangible items (excluding Executive’s personal property) from the premises of
United HealthCare in either original or duplicate form, except as is needed in the ordinary course of conducting business for United HealthCare. 

  

	 	3.	Return of Property. Executive shall immediately deliver to United HealthCare, upon termination of employment with United HealthCare, or at any other time upon United
HealthCare’s request, any property, records, documents, and other tangible items (excluding Executive’s personal property) in Executive’s possession or control, including data incorporated in word processing, computer and other data
storage media, and all copies of such records, documents and information, including all Confidential Information, as defined below. 

  

	 	B.	Confidential Information. During the course of employment Executive will develop, become aware of and accumulate expertise, knowledge and information regarding United
HealthCare’s organization, strategies, business and operations and United HealthCare’s past, current or potential customers and suppliers. United HealthCare considers such expertise, knowledge and information to be valuable, confidential
and proprietary and it shall be considered Confidential Information for purposes of this Agreement. During this Agreement and at all 

  

 6 

	 	    	times thereafter Executive shall not use such Confidential Information or disclose it to other persons or entities except as is necessary for the performance of Executive’s
duties for United HealthCare or as has been expressly permitted in writing by United HealthCare. This Section 4B shall survive the termination of this Agreement. 

  

	 	C.	Non-Disparagement. Executive agrees that he will not criticize, make any negative comments or otherwise disparage or put in disrepute United HealthCare, or those associated
with United HealthCare, in any way, whether orally, in writing or otherwise, directly or by implication in communication with any person, including but not limited to customers or agents of United HealthCare. This Section 4C shall survive the
termination of this Agreement. 

  

	 	D.	Non-Solicitation. During (i) the term of this Agreement, (ii) the Severarace Period or any period in which Executive receives severance compensation pursuant to United
HealthCare’s election under Section 4E, as applicable (iii) any period following the termination or expiration of this Agreement during which Executive remains employed by United HealthCare and (iv) for a period of one year after the last day
of the latest of any period described in (i), (ii) or (iii), Executive shall not (y) directly or indirectly attempt to hire away any then-current employee of United HealthCare or a subsidiary of United HealthCare or to persuade any such employee to
leave employment with United HealthCare, or (z) directly or indirectly solicit, divert, or take away, or attempt to solicit, divert, or take away, the business of any person, partnership, company or corporation with whom United HealthCare (including
any subsidiary or affiliated company in which United HealthCare has a more than 20% equity interest) has established or is actively seeking to establish a business or customer relationship. This Section 4D shall survive the termination of this
Agreement. 

  

	 	E.	Non-Competition. During (i) the term of this Agreement, (ii) the Severance Period or any period in which Executive receives severance compensation pursuant to United
HealthCare’ election under this Section 4E, as applicable, and (iii) any period following the termination or expiration of this Agreement during which Executive remains employed by United HealthCare, Executive shall not, without United
HealthCare’s prior written consent, engage or participate, either individually or as an employee, consultant or principal, partner, agent, trustee, officer or director of a corporation, partnership or other business entity, in any business in
which United HealthCare (including any subsidiary or affiliated company in which United HealthCare has more than a 20% equity interest) is engaged. If Executive terminates this Agreement, and as of such termination or within 90 days of such
termination Executive also terminates Executive’s employment by United HealthCare, United HealthCare may elect to have the provisions of this Section 4E be in effect for up to 24 months following the effective date of Executive’s
employment termination if, during the period up to 24 months specified by United HealthCare, United HealthCare pays Executive severance compensation equal to biweekly payments of 1/26 of the Severance Compensation and the Cash Payment. United
HealthCare must send written notice of such election within 10 days after it receives written notice of Executive’s termination of employment. This Section 4E shall survive the termination of this Agreement. 

  

 7 

	5.	Miscellaneous. 

  

	 	A.	Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties and their successors and assigns, but may not be assigned by either party
without the prior written consent of the other party, except that United HealthCare in its sole discretion may assign this Agreement to an entity controlled by United HealthCare at the time of the assignment. If United HealthCare subsequently loses
or gives up control of the entity to which this Agreement is assigned, such entity shall become United HealthCare for all purposes under this Agreement, beginning on the date on which United HealthCare loses or gives up control of the entity. Any
successor to United HealthCare shall be deemed to be United HealthCare for all purposes of this Agreement. 

  

	 	B.	Notices. All notices under this Agreement shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed by registered or certified mail,
return receipt requested, postage prepaid, to the party to receive the same at the address set forth below or at such other address as may have been furnished by proper notice. 

  

			
	 United HealthCare:
	 	 300 Opus Center

	 	 	 9900 Bren Road East

	 	 	 Minnetonka, MN 55343

	 	 	 Attn: General Counsel

		
	 Executive:
	 	 

  

	 	C.	Entire Agreement. This Agreement contains the entire understanding of the parties with respect to its subject matter and may be amended or modified only by a subsequent
written amendment executed by the parties. This Agreement replaces and supersedes any and all prior employment or employment related agreements and understandings, including any letters or memos which may have been construed as agreements, between
the Executive and United HealthCare. 

  

	 	D.	Choice of Law. This Agreement shall be construed and interpreted under the applicable laws and decisions of the State of Minnesota. 

  

	 	E.	Waivers. No failure on the part of either party to exercise, and no delay in exercising, any right or remedy under this Agreement shall operate as a waiver; nor shall any
single or partial exercise of any right or remedy preclude any other or further exercise of any right or remedy. 

  

	 	F.	Adequacy of Consideration. Executive acknowledges and agrees that Executive has received adequate consideration from United HealthCare to enter into this Agreement.

  

 8 

	 	G.	Dispute Resolution and Remedies. Any dispute arising between the parties relating to this Agreement or to Executive’s employment by United HealthCare shall be resolved
by binding arbitration pursuant to United HealthCare’ Employment Arbitration Policy. The arbitrators shall not ignore or vary the terms of this Agreement and shall be bound by and apply controlling law. The parties acknowledge that
Executive’s failure to comply with the Confidential Information, Non-Solicitation and Non-Competition provisions of this Agreement will cause immediate and irreparable injury to United HealthCare and that therefore the arbitrators, or a court
of competent jurisdiction if an arbitration panel cannot be immediately convened, will be empowered to provide injunctive relief, including temporary or preliminary relief, to restrain any such failure to comply. 

  

	 	H.	No Third-Party Beneficiaries. This Agreement shall not confer or be deemed or construed to confer any rights or benefits upon any person other than the parties.

  
 THIS AGREEMENT CONTAINS A BINDING ARBITRATION PROVISION THAT MAY
BE ENFORCED BY THE PARTIES. 
  
 IN WITNESS WHEREOF, this Agreement
has been signed by the parties hereto as of the Effective Date set forth above. 
  

							
	 United HealthCare Services, Inc.
	 	 	 	 Executive

				
	 By
	 	 /s/ Robert J. Backes

	 	 	 	 /s/ William A. Munsell

				
	 Its
	 	 Senior Vice President, Human Resources

	 	 	 	 

  

 9

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