Document:

Humana Inc. Amended and Restated 2003 Stock Incentive Plan

 Exhibit 10(c) 
 HUMANA INC. 
 AMENDED AND RESTATED 
 2003 STOCK INCENTIVE PLAN 
 (As Amended Through June 25, 2009) 
 SECTION 1.1 PURPOSE. The purpose of the Humana Inc. 2003 Stock Incentive Plan (the
“Plan”) is to strengthen Humana Inc., a Delaware corporation (the “Company”), by providing an incentive to its and its Subsidiaries’ employees, officers, consultants and directors and thereby encouraging them to devote their
abilities to the success of the Company and its Subsidiaries, thus enhancing the value of the Company for the benefit of its stockholders. It is also intended to enhance the ability of the Company and its Subsidiaries to attract and retain
individuals of exceptional talent upon whom, in large measure, the sustained progress, growth and profitability of the Company depend. 
 SECTION 1.2
ESTABLISHMENT AND TERM OF THE PLAN. The Company establishes the Plan effective as of May 15, 2003, the Plan having been approved by the Company’s stockholders on that date. The Plan shall remain in effect until the earliest of:
(i) the date that no additional Shares are available for issuance under the Plan, (ii) the date that the Plan has been terminated in accordance with Section 13 or (iii) the day preceding the tenth anniversary of the date of its
adoption. Upon the termination or expiration of the Plan as provided in this Section 1.2, no Award shall be granted pursuant to the Plan, but any Award granted prior thereto may extend beyond such termination or expiration. 
 SECTION 2. DEFINITIONS. As used in the Plan, the following terms shall have the meanings set forth below: 
  

	 	2.1	“Award” shall mean any Option, Stock Appreciation Right, Restricted Stock Award, Restricted Stock Unit, Performance Share, Performance Unit, or Share Award.

  

	 	2.2	“Award Agreement” or “Agreement” shall mean any written or electronic agreement, contract, or other instrument or document evidencing any Award granted by the
Committee hereunder and signed or otherwise authenticated by both the Company and the Participant. 

  

	 	2.3	“Board” shall mean the Board of Directors of the Company. 

  

	 	2.4	“Cause” shall mean, unless otherwise defined in the Award Agreement or a written employment agreement in effect between the Company or any of its Subsidiaries and an
individual Participant, a felony conviction of a Participant or the failure of a Participant to contest prosecution for a felony, or a Participant’s willful misconduct or dishonesty, any of which is determined by the Committee to be directly
and materially harmful to the business or reputation of the Company or its Subsidiaries. 

  

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	 	2.5	“Change in Control” shall mean the occurrence of: 

  

	 	(a)	An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any “Person” (as the term person is
used for purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or
more of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities which are acquired in a “Non-Control Acquisition” (as
hereinafter defined) shall not constitute an acquisition which would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by
(A) the Company or (B) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest is owned, directly or indirectly, by the Company (for purposes of this definition, a
“Subsidiary”) (ii) the Company or its Subsidiaries, or (iii) any Person in connection with a “Non-Control Transaction” (as hereinafter defined); 

  

	 	(b)	The individuals who, as of the effective date of this Plan are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least two-thirds of the
members of the Board; provided, however, that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall,
for purposes of this Plan, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; or 

 

	 	(c)	The consummation of: 

  

	 	(i)	A merger, consolidation or reorganization involving the Company, unless such merger, consolidation or reorganization is a “Non-Control Transaction.” A “Non-Control
Transaction” shall mean a merger, consolidation or reorganization of the Company where: 

  

	 	(A)	 the stockholders of the Company, immediately before such merger, consolidation or reorganization, own directly or indirectly immediately following such merger,

  

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consolidation or reorganization, at least seventy-five percent (75%) of the combined voting power of the outstanding Voting Securities of the
corporation resulting from such merger or consolidation or reorganization (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or
reorganization; 

  

	 	(B)	the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at
least two-thirds of the members of the board of directors of the Surviving Corporation, or a corporation beneficially directly or indirectly owning a majority of the Voting Securities of the Surviving Corporation, and no agreement, plan or
arrangement is in place to change the composition of the board of directors following the merger, consolidation or reorganization; and 

  

	 	(C)	no Person other than (i) the Company, (ii) any Subsidiary, (iii) any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the
Surviving Corporation, or any Subsidiary, or (iv) any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of twenty percent (20%) or more of the then outstanding Voting Securities, has
Beneficial Ownership of twenty percent (20%) or more of the combined voting power of the Surviving Corporation’s then outstanding voting securities. 

  

	 	(ii)	A complete liquidation or dissolution of the Company; or 

  

	 	(iii)	The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Subsidiary). 

 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired
Beneficial Ownership of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities then outstanding, increases the
proportional number of Shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such
share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in
Control shall occur. 
  

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	 	2.6	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. 

  

	 	2.7	“Committee” shall mean the Organization & Compensation Committee of the Board (or any successor committee); provided, however, that (i) with respect to
Awards to any Eligible Individual subject to Section 16 of the Exchange Act, Committee means all of the members of the Organization & Compensation Committee who are “non-employee directors” within the meaning of Rule 16b-3
adopted under the Exchange Act, (ii) with respect to Awards intended to satisfy the requirements for “performance based compensation” within the meaning of Section 162(m) of the Code, the regulations promulgated thereunder, and
any successors thereto, Committee means all of the members of the Organization & Compensation Committee who are “outside directors” within the meaning of Section 162(m) of the Code, and (iii) with respect to all Awards,
the Committee shall be composed of “independent” directors as required under the New York Stock Exchange listing requirements. 

  

	 	2.8	“Company” shall mean Humana Inc. and any successor thereto. 

  

	 	2.9	“Disability” means disability as determined by the Committee in accordance with standards and procedures similar to those under the Company’s long term disability
plan. 

  

	 	2.10	“Eligible Individual” means any Employee or any director or consultant of the Company or any of its Subsidiaries. 

  

	 	2.11	“Employee” shall mean any employee of the Company or of any of its Subsidiaries. Unless otherwise determined by the Committee in its sole discretion, for purposes of the
Plan, an Employee shall be considered to have terminated employment and to have ceased to be an Employee if his or her employer ceases to be a Subsidiary of the Company, even if he or she continues to be employed by such employer.

  

	 	2.12	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 

  

	 	2.13	“Fair Market Value” shall mean, (i) with respect to Shares, the average of the highest and lowest reported sales prices, regular way, of Shares in transactions
reported on the New York Stock Exchange on the date of determination of Fair Market Value, or if no sales of Shares are reported on the New York Stock Exchange for that date, the comparable average sales price for the last previous day for which
sales were reported on the New York Stock Exchange or the value of a Share for such date as established by the Committee using any other reasonable method of valuation, and (ii) with respect to any other property, the fair market value of such
property determined by such methods or procedures as shall be established from time to time by the Committee. 

  

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	 	2.14	“Fair Market Value as Adjusted” means, in the event of a Change in Control, the greater of (a) the highest price per Share paid to holders of the Shares in any
transaction (or series of transactions) constituting or resulting in a Change in Control or (b) the highest Fair Market Value of a Share during the ninety (90) day period ending on the date of a Change in Control. 

 

	 	2.15	“Incentive Stock Option” shall mean an Option granted under Section 6 hereof that is intended to meet the requirements of Section 422 of the Code or any
successor provision thereto and designated by the Committee as an Incentive Stock Option. 

  

	 	2.16	“Nonqualified Stock Option” shall mean an Option granted under Section 6 hereof that is not intended to be an Incentive Stock Option. 

  

	 	2.17	“Option” shall mean any right granted to a Participant under the Plan allowing such Participant to purchase Shares at such price or prices and during such period or
periods as the Committee shall determine. 

  

	 	2.18	“Parent” shall mean any corporation which is a parent corporation within the meaning of Section 424(e) of the Code with respect to the Company.

  

	 	2.19	“Participant” shall mean an Eligible Individual who is selected by the Committee to receive an Award under the Plan. 

  

	 	2.20	“Performance Award” shall mean any Award of Performance Shares or Performance Units pursuant to Section 9 hereof. 

  

	 	2.21	“Performance-Based Compensation” means an Award that is intended to constitute “performance based compensation” within the meaning of Section 162(m)(4)(C)
of the Code and the regulations promulgated thereunder. 

  

	 	2.22	“Performance Objectives” shall have the meaning set forth in Section 9.3(a). 

  

	 	2.23	“Performance Period” shall mean that period, established by the Committee during which any performance goals specified by the Committee with respect to such Award are to
be measured. 

  

	 	2.24	“Performance Share” shall mean any Shares issued or transferred to a Participant under Section 9.2. 

  

	 	2.25	“Performance Unit” shall mean Performance Units granted to a Participant under Section 9.1. 

  

	 	2.26	“Plan” shall mean the Humana Inc. 2003 Stock Incentive Plan, as the same may be amended from time to time. 

  

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	 	2.27	“Restricted Stock” shall mean any Share issued with the restriction that the holder may not sell, transfer, pledge, or assign such Share and with such other restrictions
as the Committee, in its sole discretion, may impose (including, without limitation, any forfeiture provisions and any restriction on the right to vote such Share, and the right to receive any cash dividends), which restrictions may lapse separately
or in combination at such time or times, in installments or otherwise, as the Committee may deem appropriate. 

  

	 	2.28	“Restricted Stock Award” shall mean an award of Restricted Stock under Section 8 hereof. 

  

	 	2.29	“Restricted Stock Units” means rights granted to an Eligible Individual under Section 8 representing a hypothetical number of Shares. 

  

	 	2.30	“Retirement” shall mean a Participant’s retirement from the Company or a Subsidiary, as applicable on or after the first day of the month coincident with or following
the date on which all of the following shall have occurred: 

  

	 	(a)	the Participant has completed five years of retirement service; 

  

	 	(b)	the Participant has reached at least age 55; and 

  

	 	(c)	the Participant’s age plus years of retirement service equals or exceeds 65. 

 A Participant’s “years of retirement service” shall be determined as provided for in the Humana Retirement and Savings Plan, as may be amended from time to time. 
  

	 	2.31	“Section 16” shall mean Section 16 of the Exchange Act and the rules promulgated thereunder and any successor provision thereto as in effect from time to time.

  

	 	2.32	“Share Award” means an Award of Shares granted pursuant to Section 10. 

  

	 	2.33	 “Shares” shall mean the shares of common stock, $.16 2/3 par value, of the Company and such other securities of the Company into which
such Shares are changed or for which such shares are exchanged. 

  

	 	2.34	 “Stock Appreciation Right” shall mean any right granted to a Participant pursuant to Section 7 hereof to receive, upon exercise by the Participant,
the excess of (i) the Fair Market Value of one Share on the date of exercise or, if the Committee shall so determine in the case of any such right other than one related to any Incentive Stock Option, at any time during a specified period
before the date of exercise over (ii) the grant price of the right on the date of grant, or if granted in connection with an outstanding Option on the date of grant of the related Option, as specified by the Committee in its sole discretion,
which, other than in the case of Substitute Awards, shall not be less than the Fair Market Value of one Share on such date of grant of the right or the related Option, as the case may be. Any 

  

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payment by the Company in respect of such right may be made in cash, Shares, other property, or any combination thereof, as the Committee, in its sole
discretion, shall determine. 

  

	 	2.35	“Subsidiary” shall mean (i) a “subsidiary corporation” of the Company as defined in Section 424(f) of the Code, or (ii) other than for purposes of
determining who is an Employee that is eligible for an Award of Incentive Stock Option, any other entity in which the Company directly or indirectly owns 50% or more of the voting interests. 

  

	 	2.36	“Substitute Award” shall have the meaning set forth in Section 4.3. 

  

	 	2.37	“Ten-Percent Stockholder” means an Eligible Individual, who, at the time an Incentive Stock Option is to be granted to him or her, owns (within the meaning of
Section 422 or the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, or of a Parent or a Subsidiary. 

 SECTION 3. ADMINISTRATION.  
  

	 	3.1	Authority of Committee. The Plan shall be administered by the Committee. The Committee shall have full power and authority, subject to such resolutions not inconsistent with the
provisions of the Plan, as may from time to time be adopted by the Board, to: (i) select those Eligible Individuals to whom Awards may from time to time be granted hereunder; (ii) determine the type or types of Awards to be granted to each
Participant hereunder; (iii) determine the number of Shares to be covered by each Award granted hereunder; (iv) determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award granted hereunder;
(v) accelerate the exercisability of, and accelerate or waive any restrictions and conditions applicable to an Award; (vi) determine whether, to what extent and under what circumstances Awards may be settled in cash, Shares or other
property or canceled or suspended; (vii) determine whether, to what extent and under what circumstances cash, Shares and other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or
at the election of the Participant; (viii) interpret and administer the Plan and any instrument or agreement entered into under the Plan; (ix) establish such rules and regulations and appoint such agents as it shall deem appropriate for
the proper administration of the Plan; (x) make any other determination and take any other action that the Committee deems necessary or desirable for administration of the Plan; and (xi) to correct any defect, supply any omission or
reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable. Notwithstanding anything in this Section 3.1 to the contrary, the Committee shall not have the authority to reduce the exercise price
for Options and Stock Appreciation Rights other than in connection with adjustments as provided in Section 4. 

  

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	 	3.2	Decisions Binding. Decisions of the Committee shall be final, conclusive and binding upon all persons, including the Company and its Subsidiaries, any Participant, and any Eligible
Individual. 

  

	 	3.3	Delegation. Subject to all applicable laws and the terms of the Plan, the Committee may delegate, in whole or in part and as limited by the Committee, its authority as identified
herein to any individual or committee of individuals (who need not be directors of the Board), including without limitation the authority to make Awards to Eligible Individuals who are not officers or directors of the Company, or any of its
Subsidiaries who are subject to Section 16 of the Exchange Act. To the extent that the Committee delegates its authority to make Awards as provided by this Section, all references in the Plan to the Committee’s authority to make Awards and
determinations with respect thereto shall be deemed to include the Committee’s delegate. 

  

	 	3.4	The terms and conditions of Awards need not be the same with respect to each recipient. The Committee shall have full and final authority to select those Eligible Individuals who
will receive Awards, which shall be evidenced by an Award Agreement between the Company and the Participant. 

 SECTION 4. SHARES SUBJECT TO
THE PLAN. 
  

	 	4.1	Number of Shares Available for Grants. Subject to adjustment as provided in Section 4.6, the aggregate number of Shares that may be granted to Participants pursuant to Awards
under the Plan shall not exceed nineteen million (19,000,000) Shares. Any Shares granted as Options or Stock Appreciation Rights shall be counted against this number as one (1) Share for every one (1) Share granted. Any Shares granted
as Awards other than Options or Stock Appreciation Rights shall be counted against this number as one and seven-tenths (1.7) Shares for every one (1) Share granted. 

  

	 	4.2	Lapsed Awards. If any Award is canceled, terminates, expires, or lapses for any reason, any Shares subject to such Award shall not count against the aggregate number of Shares that
may be granted under the Plan set forth in Section 4.1 above and may again be the subject of Awards hereunder. Any shares that again become subject to Awards pursuant to this Section 4.2 shall be added back as one (1) Share if such
Shares were subject to Options or Stock Appreciation Rights and as one and seven-tenths (1.7) Shares if such Shares were subject to Awards other than Options and Stock Appreciation Rights. If the exercise of a Stock Appreciation Right involves
the issuance of fewer Shares than were subject to the Stock Appreciation Right, then Shares not issued may not again become subject to Awards under the Plan. 

  

	 	4.3	 Other Items Not Included. The following items shall not count against the aggregate number of Shares that may be issued under the Plan set forth in Section 4.1
above: (i) the payment in cash of dividends or dividend equivalents under any outstanding Award; (ii) any Award that is settled in cash rather than by issuance 

  

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of Shares; or (iii) Awards granted through the assumption of, or in substitution for, outstanding awards previously granted to individuals who become
Employees as a result of a merger, consolidation, acquisition or other corporate transaction 

  

	 	4.4	Award Limits. Notwithstanding any provision herein to the contrary, the following provisions shall apply (subject to adjustment as provided in Section 4.6 below):

  

	 	(i)	in no event shall a Participant receive an Award or Awards (other than Performance Units denominated in dollars) during the term of the Plan in the aggregate in respect of more than
twenty percent (20%) of the Shares (whether such Award or Awards may be settled in Shares, cash or any combination of Shares and cash) authorized under the Plan, and the maximum dollar amount of Performance Units denominated in dollars which
may be paid in any calendar year shall not exceed $3 million in the case of the chief executive officer of the Company or $1.5 million in the case of any other Participant. 

  

	 	(ii)	in no event shall more than fifty percent (50%) of the Shares authorized under the Plan be issued upon the exercise of Incentive Stock Options granted under the Plan.

  

	 	4.5	Source of Shares. The Company shall reserve for purposes of the Plan unissued Shares or out of Shares held in the Company’s treasury, or partly out of each, such number of
Shares as shall be determined by the Board. 

  

	 	4.6	Adjustments. In the event of any merger, reorganization, consolidation, reclassification, recapitalization, stock dividend, stock split, reverse stock split, spin-off, split-up,
issuance of warrants, rights or debentures, cash dividend, property dividend, combination or exchange of shares, repurchase of shares or similar transaction or other change in corporate structure affecting the Shares, the Committee shall
conclusively determine the appropriate adjustments, if any, to (i) the maximum number and classes of Shares or other stock or securities with respect to which Options or other Awards may be granted under the Plan, and (ii) the number and
class of Shares or other stock or securities which are subject to outstanding Options or other Awards granted under the Plan and the purchase price therefore, if applicable. Any such adjustment in the Shares or other stock or securities subject to
outstanding Incentive Stock Options (including any adjustments in the purchase price) shall be made in such a manner as not to constitute a modification as defined by Section 424 of the Code and only to the extent otherwise permitted by
Sections 422 and 424 of the Code. 

 SECTION 5. ELIGIBILITY. Any Eligible Individual shall be eligible to be selected as a Participant;
provided, however, that only Employees may be granted Awards of Incentive Stock Options. 
  

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 SECTION 6. STOCK OPTIONS. Options may be granted hereunder to Participants, either alone or in addition to other
Awards granted under the Plan, the terms and conditions of which shall be set forth in an Award Agreement. Any such Option shall be subject to the following terms and conditions and to such additional terms and conditions, not inconsistent with the
provisions of the Plan, as the Committee shall deem desirable: 
  

	 	6.1	Option Price. The exercise price per Share under an Option shall be determined by the Committee in its sole discretion; provided that, except in the case of an Option pursuant to a
Substitute Award, such purchase price shall not be less than the Fair Market Value of a Share on the date of the grant of the Option (110% of the Fair Market Value in the case of an Incentive Stock Option granted to a Ten-Percent Stockholder).

  

	 	6.2	Option Period. The term of each Option shall be fixed by the Committee in its sole discretion; provided that no Option shall be exercisable after the expiration of ten
(10) years (five (5) years in the case of an Incentive Stock Option issued to a Ten-Percent Stockholder) from the date the Option is granted except as provided under Section 12.1. 

  

	 	6.3	Exercisability. Options shall be exercisable at such time or times as determined by the Committee and set forth in the Award Agreement; provided, however, that the Committee may
accelerate the time or times at which an Option shall be exercisable in its sole discretion. 

  

	 	6.4	Method of Exercise. The exercise of an Option shall be made only by a written notice delivered in person or by mail to the Secretary of the Company at the Company’s principal
executive offices, specifying the number of Shares to be purchased and accompanied by payment therefor and otherwise in accordance with the Award Agreement pursuant to which the Option was granted. The purchase price for any Shares purchased
pursuant to the exercise of an Option shall be paid, as determined by the Committee in its discretion, in either (or any combination thereof): (i) cash, or (ii) the transfer of Shares previously owned by the Participant, for a time period
determined by the Committee, to the Company upon such terms and conditions as determined by the Committee. Any Shares transferred to the Company as payment of the purchase price under an Option shall be valued at their Fair Market Value on the date
of exercise of such Option. In addition, Options may be exercised through a registered broker-dealer pursuant to such cashless exercise procedures (other than Share withholding) which are, from time to time, deemed acceptable by the Committee. No
fractional Shares (or cash in lieu thereof) shall be issued upon exercise of an Option, and the number of Shares that may be purchased upon exercise shall be rounded to the nearest number of whole Shares. 

  

	 	6.5	Incentive Stock Options. In accordance with rules and procedures established by the Committee, the aggregate Fair Market Value (determined as of the time of grant) of the Shares
with respect to which Incentive Stock Options may be granted to a Participant and the terms of any Incentive Stock Option granted hereunder shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision,
and any regulations promulgated thereunder. 

  

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	 	6.6	Form of Settlement. In its sole discretion, the Committee may provide, at the time of grant, that the Shares to be issued upon an Option’s exercise shall be in the form of
Restricted Stock or other similar securities. Similarly, the Committee may require Shares to be held for a specific period of time. 

  

	 	6.7	Non-Transferability. No Option shall be transferable by the Participant otherwise than by will or by the laws of descent and distribution, and an Option shall be exercisable during
the lifetime of such Participant only by the Participant or his or her guardian or legal representative. Notwithstanding the foregoing, the Committee may set forth in the Award Agreement evidencing an Option (other than an Incentive Stock Option) at
the time of grant or thereafter, that the Option may be transferred to members of the Participant’s immediate family, to trusts solely for the benefit of such immediate family members and to partnerships in which such family members and/or
trusts are the only partners, and for purposes of this Plan, a transferee of an Option shall be deemed to be the Participant. For this purpose, immediate family means the Participant’s spouse, parents, children, stepchildren and grandchildren
and the spouses of such parents, children, stepchildren and grandchildren. The terms of an Option shall be final, binding and conclusive upon the beneficiaries, executors, administrators, heirs and successors of the Participant.

 SECTION 7. STOCK APPRECIATION RIGHTS. The Committee may in its discretion, either alone or in connection with the grant of an Option,
grant Stock Appreciation Rights in accordance with the Plan, the terms and conditions of which shall be set forth in an Award Agreement. If granted in connection with an Option, a Stock Appreciation Right shall cover the same Shares covered by the
Option (or such lesser number of Shares as the Committee may determine) and shall, except as provided in this Section 7, be subject to the same terms and conditions as the related Option. 
  

	 	7.1	Time of Grant. A Stock Appreciation Right may be granted (i) at any time if unrelated to an Option, or (ii) if related to an Option, either at the time of grant or at any
time thereafter during the term of the Option. 

  

	 	7.2	Stock Appreciation Right Related to an Option. 

  

	 	(a)	Exercise. A Stock Appreciation Right granted in connection with an Option shall be exercisable at such time or times and only to the extent that the related Options are exercisable,
and will not be transferable except to the extent the related Option may be transferable. 

  

	 	(b)	 Amount Payable. Upon the exercise of a Stock Appreciation Right related to an Option, the Participant shall be entitled to receive an amount determined by
multiplying (i) the excess of the Fair Market Value of a Share on the date of exercise of such Stock Appreciation Right over the 

  

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per Share exercise price under the related Option, by (ii) the number of Shares as to which such Stock Appreciation Right is being exercised.
Notwithstanding the foregoing, the Committee may limit in any manner the amount payable with respect to any Stock Appreciation Right by including such a limit in the Award Agreement evidencing the Stock Appreciation Right at the time it is granted.

  

	 	(c)	Treatment of Related Options and Stock Appreciation Rights Upon Exercise. Upon the exercise of a Stock Appreciation Right granted in connection with an Option, the Option shall be
canceled to the extent of the number of Shares as to which the Stock Appreciation Right is exercised, and upon the exercise of an Option granted in connection with a Stock Appreciation Right, the Stock Appreciation Right shall be canceled to the
extent of the number of Shares as to which the Option is exercised or surrendered. 

  

	 	7.3	Stock Appreciation Right Unrelated to an Option. The Committee may grant to Eligible Individuals Stock Appreciation Rights unrelated to Options. Stock Appreciation Rights unrelated
to Options shall contain such terms and conditions as to exercisability, vesting and duration as the Committee shall determine, but in no event shall they have a term of greater than ten (10) years other than in the event of the death or
Disability of the Participant as set forth in Section 12. Upon exercise of a Stock Appreciation Right unrelated to an Option, the Participant shall be entitled to receive an amount determined by multiplying (a) the excess of the Fair
Market Value of a Share on the date of exercise of such Stock Appreciation Right over the Fair Market Value of a Share on the date the Stock Appreciation Right was granted, by (b) the number of Shares as to which the Stock Appreciation Right is
being exercised. Notwithstanding the foregoing, the Committee may limit in any manner the amount payable with respect to any Stock Appreciation Right by including such a limit in the Award Agreement evidencing the Stock Appreciation Right at the
time it is granted. 

  

	 	7.4	Non-Transferability. No Stock Appreciation Right shall be transferable by the Participant other than by will or by the laws of descent and distribution, and such Stock Appreciation
Right shall be exercisable during the lifetime of such Participant only by the Participant or his or her guardian or legal representative. The terms of such Stock Appreciation Right shall be final, binding and conclusive upon the beneficiaries,
executors, administrators, heirs and successors of the Participant. 

  

	 	7.5	Method of Exercise. Stock Appreciation Rights shall be exercised by a Participant only by a written notice delivered in person or by mail to the Secretary of the Company at the
Company’s principal executive offices, specifying the number of Shares with respect to which the Stock Appreciation Right is being exercised. 

  

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	 	7.6	Form of Payment. Payment of the amount determined under Section 7.2 or 7.3 may be made in the discretion of the Committee solely in whole Shares in a number determined at their
Fair Market Value on the date of exercise of the Stock Appreciation Right, or solely in cash, or in a combination of cash and Shares. If the Committee decides to make full payment in Shares and the amount payable results in a fractional Share,
payment for the fractional Share will be made in cash. 

 SECTION 8. RESTRICTED STOCK; RESTRICTED STOCK UNITS. 
  

	 	8.1	Grants. Restricted Stock Awards may be issued hereunder to Participants either alone or in addition to other Awards granted under the Plan. The terms and conditions of Restricted
Stock Awards shall be set forth in an Award Agreement between the Company and the Participant. Each Award Agreement shall contain such restrictions, which may include such terms and conditions, including forfeiture provisions, as the Committee may,
in its discretion, determine and (without limiting the generality of the foregoing) such Award Agreements may require that an appropriate legend be placed on Share certificates. 

  

	 	8.2	Purchase Price. The purchase price, if any, for Shares of Restricted Stock shall be determined by the Committee, but shall not be less than the par value per Share, except in the
case of treasury Shares, for which no payment need be required. Awards of Restricted Stock shall be subject to the terms and provisions set forth below in this Section 8. 

  

	 	8.3	Rights of Participant. Shares of Restricted Stock granted pursuant to an Award hereunder shall be issued in the name of the Participant as soon as reasonably practicable after the
Award is granted provided that the Participant has executed an Award Agreement, the appropriate blank stock powers and, in the discretion of the Committee, an escrow agreement and any other documents which the Committee may require as a condition to
the issuance of such Shares. If a Participant shall fail to execute the Award Agreement evidencing a Restricted Stock Award, the appropriate blank stock powers and, in the discretion of the Committee, an escrow agreement and any other documents
which the Committee may require within the time period prescribed by the Committee at the time the Award is granted, the Award shall be null and void. At the discretion of the Committee, Shares issued in connection with a Restricted Stock Award
shall be deposited together with the stock powers with an escrow agent (which may be the Company) designated by the Committee. Unless the Committee determines otherwise and as set forth in the Award Agreement, upon delivery of the Shares to the
escrow agent, the Participant shall have all of the rights of a stockholder with respect to such Shares, including the right to vote the Shares and to receive all dividends or other distributions paid or made with respect to the Shares.

  

	 	8.4	Non-transferability. Until all restrictions upon the Shares of Restricted Stock awarded to a Participant shall have lapsed in the manner set forth in Section 8.5, such Shares
shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated, nor shall they be delivered to the Participant. 

  

 13 

	 	8.5	Lapse of Restrictions. Restrictions upon Shares of Restricted Stock awarded hereunder shall lapse at such time or times and on such terms and conditions as the Committee may
determine. The Award Agreement evidencing the Award shall set forth any such restrictions. The Committee may accelerate or waive any or all of the restrictions and conditions applicable to any Award, for any reason. 

  

	 	8.6	Treatment of Dividends. At the time an Award of Shares of Restricted Stock is granted, the Committee may, in its discretion, determine that the payment to the Participant of
dividends, or a specified portion thereof, declared or paid on such Shares by the Company shall be (a) deferred until the lapsing of the restrictions imposed upon such Shares and (b) held by the Company for the account of the Participant
until such time. In the event that dividends are to be deferred, the Committee shall determine whether such dividends are to be reinvested in Shares (which shall be held as additional Shares of Restricted Stock) or held in cash. If deferred
dividends are to be held in cash, there may be credited at the end of each year (or portion thereof) interest on the amount of the account at a rate per annum as the Committee, in its discretion, may determine. Payment of deferred dividends in
respect of Shares of Restricted Stock (whether held in cash or as additional Shares of Restricted Stock), together with interest accrued thereon, if any, shall be made upon the lapsing of restrictions imposed on the Shares in respect of which the
deferred dividends were paid, and any dividends deferred (together with any interest accrued thereon) in respect of any Shares of Restricted Stock shall be forfeited upon the forfeiture of such Shares. 

  

	 	8.7	Delivery of Shares. Upon the lapse of the restrictions and forfeiture provisions on Shares of Restricted Stock, the Committee shall cause a stock certificate to be delivered to the
Participant with respect to such Shares, free of all restrictions hereunder. 

  

	 	8.8	Restricted Stock Unit Awards. The Committee may grant to Eligible Individuals Awards of Restricted Stock Units, the terms and conditions of which shall be set forth in an Award
Agreement. Each Restricted Stock Unit shall represent the right of the Participant to receive a payment upon vesting of the Restricted Stock Unit or on any later date specified by the Committee equal to the Fair Market Value of a Share as of the
date the Restricted Stock Unit was granted, the vesting date or such other date as determined by the Committee at the time the Restricted Stock Unit was granted. The Committee may, at the time a Restricted Stock Unit is granted, provide a limitation
on the amount payable in respect of each Restricted Stock Unit. The Committee may provide for the settlement of Restricted Stock Units in cash or with Shares having a Fair Market Value equal to the payment to which the Participant has become
entitled. Restricted Stock Units shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 

  

 14 

 SECTION 9. PERFORMANCE AWARDS. 
  

	 	9.1	Performance Units. The Committee, in its discretion, may grant Awards of Performance Units to Eligible Individuals, the terms and conditions of which shall be set forth in an Award
Agreement between the Company and the Participant. Performance Units may be denominated in Shares or a specified dollar amount and, contingent upon the attainment of specified Performance Objectives within the Performance Period, represent the right
to receive payment subject to Section 9.3(c) of (i) in the case of Share-denominated Performance Units, the Fair Market Value of a Share on the date the Performance Unit was granted, the date the Performance Unit becomes vested or any
other date specified by the Committee; (ii) in the case of dollar-denominated Performance Units, the specified dollar amount; or (iii) a percentage (which may be more than 100%) of the amount described in clause (i) or
(ii) depending on the level of Performance Objective attainment; provided, however, that the Committee may at the time a Performance Unit is granted specify a maximum amount payable in respect of a vested Performance Unit. Each Award Agreement
shall specify the number of Performance Units to which it related, the Performance Objectives which must be satisfied in order for the Performance Units to vest and the Performance Period within which such Performance Objectives must be satisfied.

  

	 	(a)	Vesting and Forfeiture. Subject to Section 9.3(c), a Participant shall become vested with respect to the Performance Units to the extent that the Performance Objectives set
forth in the Award Agreement are satisfied for the Performance Period. 

  

	 	(b)	Payment of Awards. Subject to Section 9.3(c), payment to Participants in respect of vested Performance Units shall be made as soon as practicable after the last day of the
Performance Period to which such Award relates unless the Award Agreement evidencing the Award provides for the deferral of payment, in which event the terms and conditions of the deferral shall be set forth in the Award Agreement. Such payments may
be made entirely in Shares valued at the Fair Market Value, entirely in cash, or in such combination of Shares and cash as the Committee in its discretion shall determine; provided, however, that if the Committee in its discretion determines to make
such payment entirely or partially in Shares of Restricted Stock, the Committee must determine the extent to which such payment will be in Shares of Restricted Stock and the terms of such Restricted Stock at the time the Award is granted.

  

	 	(c)	Non-transferability. Performance Units shall not be sold, transferred or otherwise disposed of and shall not be pledged or otherwise hypothecated. 

  

	 	9.2	Performance Shares. The Committee, in its discretion, may grant Awards of Performance Shares to Eligible Individuals with such terms and conditions including forfeiture provisions
as the Committee shall determine and as set forth in an Award Agreement. Each Award Agreement may require that an appropriate legend be placed on Share certificates. Awards of Performance Shares shall be subject to the following terms and
provisions. 

  

 15 

	 	(a)	Rights of Participant. The Committee shall provide at the time an Award of Performance Shares is made the time or times at which the actual Shares represented by such Award shall be
issued in the name of the Participant; provided, however, that no Performance Shares shall be issued until the Participant has executed an Award Agreement evidencing the Award, the appropriate blank stock powers and, in the discretion of the
Committee, an escrow agreement and any other documents which the Committee may require as a condition to the issuance of such Performance Shares. If a Participant shall fail to execute the Award Agreement evidencing an Award of Performance Shares,
the appropriate blank stock powers and, in the discretion of the Committee, an escrow agreement and any other documents which the Committee may require within the time period prescribed by the Committee at the time the Award is granted, the Award
shall be null and void. At the discretion of the Committee, Shares issued in connection with an Award of Performance Shares shall be deposited together with the stock powers with an escrow agent (which may be the Company) designated by the
Committee. Unless the Committee determines otherwise and as set forth in the Award Agreement, upon delivery of the Shares to the escrow agent, the Participant shall have all of the rights of a stockholder with respect to such Shares, including the
right to vote the Shares and to receive all dividends or other distributions paid or made with respect to the Shares. 

  

	 	(b)	Non-transferability. Until all restrictions upon the Performance Shares awarded to a Participant shall have lapsed, such Shares shall not be sold, transferred or otherwise disposed
of and shall not be pledged or otherwise hypothecated, nor shall they be delivered to the Participant. The Committee also may impose such other restrictions and conditions on the Performance Shares, if any, as it deems appropriate.

  

	 	(c)	Lapse of Restrictions. Restrictions upon Performance Shares awarded hereunder shall lapse and such Performance Shares shall become vested at such time or times and on such terms,
conditions and satisfaction of Performance Objectives as the Committee may, in its discretion, determine at the time an Award is granted. 

  

	 	(d)	 Treatment of Dividends. At the time an Award of Performance Shares is granted, the Committee may, in its discretion, determine that the payment to the Participant
of dividends, or a specified portion thereof, declared or paid on such Shares by the Company shall be (i) deferred until the lapsing of the restrictions imposed upon such Performance Shares and (ii) held by the Company for the account of
the Participant until such time. In the event that dividends are to be deferred, the Committee shall determine whether such dividends are to be reinvested in Shares (which shall be held 

  

 16 

	 	 
as additional Performance Shares) or held in cash. If deferred dividends are to be held in cash, there may be credited at the end of each year (or portion
thereof) interest on the amount of the account at a rate per annum as the Committee, in its discretion, may determine. Payment of deferred dividends in respect of Performance Shares (whether held in cash or as additional Performance Shares),
together with interest accrued thereon, if any, shall be made upon the lapsing of restrictions imposed on the Shares in respect of which the deferred dividends were paid, and any dividends deferred (together with any interest accrued thereon) in
respect of any Performance Shares shall be forfeited upon the forfeiture of such Performance Shares. 

  

	 	(e)	Delivery of Shares. Upon the lapse of the restrictions on Performance Shares awarded hereunder, the Committee shall cause a stock certificate to be delivered to the Participant with
respect to such Shares, free of all restrictions hereunder. 

  

	 	9.3	Performance Objectives. 

  

	 	(a)	Establishment. Performance objectives (“Performance Objectives”) for Performance Awards may be expressed in terms of (i) earnings per share, (ii) Share price,
(iii) consolidated net income, (iv) pre-tax profits, (v) earnings or net earnings, (vi) return on equity or assets, (vii) sales, (viii) cash flow from operating activities, (ix) return on invested capital,
(x) membership, (xi) other Company-specific growth or profit objectives as determined by the Committee, or (xii) any combination of the foregoing. Performance Objectives may be in respect of the performance of the Company, any of its
subsidiaries, any of its divisions or any combination thereof. Performance Objectives may be absolute or relative (to prior performance of the Company or to the performance of one or more other entities or external indices) and may be expressed in
terms of a progression within a specified range. The Performance Objectives with respect to an Award that is intended to constitute Performance-Based Compensation shall be established in writing by the Committee by the earlier of (x) the date
on which a quarter of the Performance Period has elapsed or (y) the date which is ninety (90) days after the commencement of the Performance Period, and in any event while the performance relating to the Performance Objectives remains
substantially uncertain. 

  

	 	(b)	 Effect of Certain Events. At the time of the granting of an Award, or at any time thereafter, in either case to the extent permitted under Section 162(m) of
the Code and the regulations thereunder without adversely affecting the treatment of any Award intended to constitute Performance-Based Compensation, the Committee may provide for the manner in which the performance will be measured against the
Performance Objectives (or may adjust the Performance Objectives) to reflect the impact of specified events, including any one or more of the following 

  

 17 

	 	 
with respect to the Performance Period (i) the gain, loss, income or expense resulting from changes in accounting principles that become effective
during the Performance Period; (ii) the gain, loss, income or expense reported publicly by the Company with respect to the Performance Period that are extraordinary or unusual in nature or infrequent in occurrence; (iii) the gains or
losses resulting from and the direct expenses incurred in connection with, the disposition of a business, or the sale of investments or non-core assets; (iv) the gain or loss from all or certain claims and/or litigation and all or certain
insurance recoveries relating to claims or litigation; (v) the impact of impairment of tangible or intangible assets, including goodwill; (vi) the impact of restructuring or business recharacterization activities, including but not limited
to reductions in force, that are reportedly publicly by the Company; or (vii) the impact of investments or acquisitions made during the year or, to the extent provided by the Committee, any prior year. The events may relate to the Company as a
whole or to any part of the Company’s business or operations, as determined by the Committee at the time the Performance Objectives are established. Any adjustments based on the effect of certain events are to be determined in accordance with
generally accepted accounting principles and standards, unless another objective method of measurement is designated by the Committee. 

  

	 	(c)	Determination of Performance. Prior to the vesting, payment, settlement or lapsing of any restrictions with respect to any Performance Award that is intended to constitute
Performance-Based Compensation, the Committee shall certify that the applicable Performance Objectives have been satisfied to the extent necessary for such Award to qualify as Performance-Based compensation. 

  

	 	9.4	Unless otherwise determined by the Committee at the time of grant, each Performance Award granted hereunder is intended to be Performance-Based Compensation.

 SECTION 10. SHARE AWARDS. 
 The Committee may grant a Share Award to any Eligible Individual on such terms and conditions as the Committee may determine in its sole discretion. Share Awards may be made as additional compensation for services rendered by the Eligible
Individual or may be in lieu of cash or other compensation to which the Eligible Individual is entitled from the Company. 
 SECTION 11. CHANGE IN CONTROL
PROVISIONS. 
  

	 	11.1	Notwithstanding any other provision of the Plan to the contrary, the following shall govern in the event of a Change in Control. 

  

	 	11.2	 Except as may be set forth in an Award Agreement, all Options outstanding on the date of such Change in Control shall become immediately and fully 

  

 18 

	 	 
exercisable. In the event a Participant’s employment with the Company is terminated other than for Cause within three (3) years following a Change
in Control, each Option held by the Participant that was exercisable as of the date of termination of the Participant’s employment or service shall remain exercisable for a period ending the earlier of the second anniversary of the termination
of the Participant’s employment or the expiration of the stated term of the Option. 

  

	 	11.3	To the extent set forth in an Award Agreement evidencing the grant of an Option, a Participant will be permitted to surrender for cancellation within sixty (60) days after such
Change in Control any Option or portion of an Option to the extent not yet exercised and the Participant will be entitled to receive a payment in an amount equal to the excess, if any, of (x) (A) in the case of a Nonqualified Stock Option,
the greater of (1) the Fair Market Value, on the date of surrender, of the Shares subject to the Option or portion thereof surrendered or (2) the Fair Market Value as Adjusted of the Shares subject to the Option or portion thereof
surrendered or (B) in the case of an Incentive Stock Option, the Fair Market Value, on the date of surrender, of the Shares subject to the Option or portion thereof surrendered, over (y) the aggregate purchase price for such Shares under
the Option or portion thereof surrendered. The form of payment shall be determined by the Committee. 

  

	 	11.4	Stock Appreciation Rights shall become immediately and fully exercisable. In addition, to the extent set forth in an Award Agreement evidencing the grant of a Stock Appreciation
Right unrelated to an Option, a Participant will be entitled to surrender for cancellation within sixty (60) days after such Change in Control and receive a payment from the Company in cash in an amount equal to the excess, if any, of
(a) the greater of (i) the Fair Market Value on the date of exercise, of the underlying Shares subject to the Stock Appreciation Right or portion thereof exercised and (ii) the Fair Market Value as Adjusted, on the date of exercise,
of the Shares over (b) the aggregate Fair Market Value, on the date the Stock Appreciation Right was granted, of the Shares subject to the Stock Appreciation Right or portion thereof exercised. In the event a Participant’s employment with
the Company terminates other than for Cause within three (3) years following a Change in Control, each Stock Appreciation Right held by the Participant that was exercisable as of the date of termination of the Participant’s employment
shall, notwithstanding any shorter period set forth in the Award Agreement evidencing the Stock Appreciation Right, remain exercisable for a period ending not before the earlier of the second anniversary of (x) the termination or the
Participant’s employment or (y) the expiration of the stated term of the Stock Appreciation Right. 

  

	 	11.5	Shares of Restricted Stock or Restricted Stock Units shall lapse and in the case of a Restricted Stock Unit, the Participant shall be entitled to receive in respect of the
Restricted Stock Unit a cash payment within ten (10) days after such Change in Control. 

  

 19 

	 	11.6	Unless otherwise determined by the Committee and set forth in the Award Agreement, the Participant shall (i) become vested in all outstanding Performance Units as if all
Performance Objectives had been satisfied at the maximum level and (ii) be entitled to receive in respect of all Performance Units which become vested as a result of a Change in Control a cash payment within ten (10) days after such Change
in Control. 

  

	 	11.7	Unless otherwise determined by the Committee and set forth in the Award Agreement, with respect to Performance Shares, all restrictions shall lapse immediately on all outstanding
Performance Shares as if all Performance Objectives had been satisfied at the maximum level. 

 SECTION 12. TERMINATION OF EMPLOYMENT,
DIRECTORSHIP OR CONSULTANCY; DEATH OR DISABILITY. 
  

	 	12.1	Unless otherwise determined by the Committee: 

  

	 	(a)	If the employment, directorship or consultancy of a Participant with the Company is terminated for Cause, all the rights of such Participant under any then outstanding Award shall
terminate immediately, regardless of whether or not such Award is then vested. 

  

	 	(b)	If the employment, directorship or consultancy of the Participant is terminated for any reason other than for Cause, Retirement, death or Disability. 

  

	 	(i)	Any outstanding Options and Stock Appreciation Rights shall be exercisable by such Participant or a personal representative at any time prior to the expiration date of the Option or
Stock Appreciation Right or within ninety (90) days after the date of such termination, whichever is the shorter period, but only to the extent the Option or Stock Appreciation Right was exercisable at the date of termination.

  

	 	(ii)	Any Shares of Restricted Stock, Performance Awards or Restricted Stock Units with respect to which restrictions shall not have lapsed shall thereupon be forfeited immediately by the
Participant and returned to the Company, and the Participant shall only receive the amount, if any, paid by the Participant for such Awards; provided that the Committee may determine, in its sole discretion, in the case of a termination of
employment other than for Cause, that the restrictions on some or all of such Awards then held by the Participant shall immediately lapse. 

  

	 	(c)	In the event of the Participant’s Retirement: 

  

	 	(i)	 Any outstanding Options or Stock Appreciation Rights shall be exercisable by such Participant at any time prior to the expiration 

  

 20 

	 	 
date of the Option or Stock Appreciation Right or within two (2) years after the date of such Retirement, whichever is the shorter period, but only to
the extent that such Option or Stock Appreciation Right was exercisable at the date of such Retirement. Notwithstanding the foregoing, any Option or Stock Appreciation Right granted on or after January 1, 2010 (A) that was exercisable at
the date of such Retirement shall be exercisable for the two (2) year period after the date of such Retirement and (B) that was not exercisable at the date of such Retirement shall continue to vest and become exercisable as if the
Participant were continuing to provide services to the Company or a Subsidiary, as applicable, and such Option or Stock Appreciation Right (or portion thereof) shall be exercisable for the two (2) year period following the date on which such
Option or Stock Appreciation Right (or portion thereof) becomes vested and exercisable. 

  

	 	(ii)	Any Shares of Restricted Stock or Restricted Stock Units with respect to which restrictions have not lapsed as of the date of Retirement shall thereupon be forfeited immediately by
the Participant and returned to the Company, and the Participant shall only receive the amount, if any, paid by the Participant for such Awards; provided, that any Shares of Restricted Stock or Restricted Stock Units granted on or after
January 1, 2010 with respect to which restrictions have not lapsed as of the date of Retirement, shall continue to vest, in accordance with the original schedule, as if the Participant were continuing to provide services to the Company or a
Subsidiary, as applicable; provided, further, that, the Committee may determine, in its sole discretion, that the restrictions on some or all such Shares of Restricted Stock or Restricted Stock Units held by the Participant as of the
date of Retirement shall immediately lapse. 

  

	 	(iii)	Any Performance Awards with respect to which restrictions have lapsed as of the date of Retirement shall thereupon be forfeited immediately by the Participant and returned to the
Company, and the Participant shall only receive the amount, if any, paid by the Participant for such Performance Awards; provided, that the Committee may determine, in its sole discretion, that the restrictions on some or all of such
Performance Awards then held by the Participant shall immediately lapse; provided, further, that with respect to a Performance Award granted on or after January 1, 2010, the Award Agreement pursuant to which such Performance Award
was granted may provide for such treatment on Retirement as the Committee may determine at the time of grant or at any time thereafter. 

  

	 	(d)	In the event of Disability or death of a Participant: 

  

	 	(i)	All outstanding Options and Stock Appreciation Rights of such Participant then outstanding shall become immediately exercisable in full. In the event of death of a Participant, all
Options and Stock Appreciation Rights of such Participant shall be exercisable by the person or the persons to whom those rights pass by will or by the laws of descent and distribution or, if appropriate, by the legal representative of the estate of
the deceased Participant at any time within two (2) years after the date of death, regardless of the expiration date of the Option or Stock Appreciation Right, except for Incentive Stock Options which may not be exercised later than the
expiration date of the Options. In the event of Disability of any Participant, all Options and Stock Appreciation Rights of such Participant shall be exercisable by the Participant, or, if incapacitated, by a legal representative at any time within
two (2) years of the date of determination of Disability regardless of the expiration date of the Option or Stock Appreciation Right. 

  

 21 

	 	(ii)	Any restriction and other conditions applicable to any Shares of Restricted Stock, Performance Awards or Restricted Stock Units then held by the Participant, including, but not
limited to, vesting requirements, shall immediately lapse. 

 SECTION 13. AMENDMENTS AND TERMINATION. The Board may amend, alter or
discontinue the Plan, but no amendment, alteration, or discontinuation shall be made that would impair the rights of a Participant under an Award theretofore granted, without the Participant’s consent, or that without the approval of the
Company’s stockholders would: 
  

	 	(a)	except as is provided in Section 4.6 of the Plan, increase the total number of Shares reserved for the purpose of the Plan; 

  

	 	(b)	change the class of Eligible Individuals eligible to participate in the Plan; or 

  

	 	(c)	reduce the exercise price for Options and Stock Appreciation Rights by repricing or replacing such Awards. The Committee may amend the terms of any Award theretofore granted,
prospectively or retroactively, but no such amendment shall impair the rights of any Participant without his consent. Except as provided in Section 4.6 and with respect to the grant of Substitute Awards, the Committee shall not have the
authority to cancel any outstanding Option and issue a new Option in its place with a lower exercise price; provided, however, that this sentence shall not prohibit an exchange offer whereby the Company provides certain Participants with an election
to cancel an outstanding Option and receive a grant of a new Option at a future date if such exchange offer only occurs with stockholder approval. 

  

 22 

 SECTION 14. GENERAL PROVISIONS. 
  

	 	(a)	The term of each Award shall be for such period of months or years from the date of its grant as may be determined by the Committee; provided that, except as provided in
Section 12, in no event shall the term of any Option or any Stock Appreciation Right related to any Option exceed a period of ten (10) years from the date of its grant. 

  

	 	(b)	No Employee or Participant shall have any claim to be granted any Award under the Plan and there is no obligation for uniformity of treatment of Employees or Participants under the
Plan. 

  

	 	(c)	The prospective recipient of any Award under the Plan shall not, with respect to such Award, be deemed to have become a Participant, or to have any rights with respect to such
Award, until and unless such recipient shall have complied with the then applicable terms and conditions of such Award. 

  

	 	(d)	All certificates for Shares delivered under the Plan pursuant to any Award shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable
under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any applicable Federal or state securities laws, and the Committee may cause a legend or
legends to be put on any such certificates to make appropriate reference to such restrictions. 

  

	 	(e)	Except as otherwise required in any applicable Award Agreement or by the terms of the Plan, recipients of Awards under the Plan shall not be required to make any payment or provide
consideration other than the rendering of services. 

  

	 	(f)	The Committee is authorized to establish procedures pursuant to which the payment of any Award may be deferred. 

  

	 	(g)	The Company is authorized to withhold from any Award granted or payment due under the Plan the amount of withholding taxes due in respect of an Award or payment hereunder and to
take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. The Committee be authorized to establish procedures for election by Participants to satisfy such withholding taxes by
delivery of, or directing the Company to retain Shares. The Company will not issue Shares or Awards until such tax obligations have been satisfied. 

  

	 	(h)	Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is otherwise
required; and such arrangements may be either generally applicable or applicable only in specific cases. 

  

 23 

	 	(i)	The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware and
applicable Federal law. 

  

	 	(j)	If any provision of this Plan is or becomes or is deemed invalid, illegal or unenforceable in any relevant jurisdiction, or would disqualify the Plan or any 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 Plan shall remain in full force and effect. 

 (As adopted by the Board on
March 13, 2003 and February 23, 2006, and the stockholders on May 15, 2003; amendments subject to approval at the April 27, 2006 Annual Meeting of Stockholders; further amendments adopted by the Board on June 25, 2009,
effective as of January 1, 2010) 
  

 24Humana Supplemental Executive Retirement and Savings Plan

 Exhibit 10(d) 
 HUMANA SUPPLEMENTAL EXECUTIVE 
 RETIREMENT 
 AND SAVINGS PLAN 
 AMENDED AND
RESTATED AS OF 
 JUNE 25, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE 1	  	
			
		  	PURPOSE AND APPLICABILITY OF PLAN	  	
			
	1.1	  	Purpose of Plan	  	2
	1.2	  	Applicability of Plan	  	2
			
		  	ARTICLE 2	  	
			
		  	DEFINITIONS	  	
			
	2.1	  	Accounts	  	2
	2.2	  	Beneficiary and Secondary Beneficiary	  	2
	2.3	  	Board of Directors	  	2
	2.4	  	Change in Control	  	2
	2.5	  	Code	  	2
	2.6	  	Compensation Committee	  	2
	2.7	  	[Reserved]	  	2
	2.8	  	Employee	  	3
	2.9	  	Employer	  	3
	2.10	  	Initial Year Contribution	  	3
	2.11	  	Investment Options	  	3
	2.12	  	OTRP Rollover Account	  	3
	2.13	  	Participant	  	3
	2.14	  	Payment Commencement Date	  	3
	2.15	  	Participation Date	  	3
	2.16	  	Plan	  	3
	2.17	  	Plan Administrator	  	3
	2.18	  	Plan Year	  	3
	2.19	  	Qualified Plans	  	3
	2.20	  	Qualified Pretax Savings Account	  	4
	2.21	  	Qualified Retirement Account	  	4
	2.22	  	Related Employer	  	4
	2.23	  	Retirement	  	4
	2.24	  	Retirement and Savings Plan	  	4
	2.25	  	Section 409A	  	4
	2.26	  	Separation from Service	  	4
	2.27	  	Sponsoring Employer	  	4
	2.28	  	Supplemental Benefits	  	4
	2.29	  	Supplemental Pretax Savings Account	  	4
	2.30	  	Supplemental Retirement Account	  	5
	2.31	  	Supplemental Pretax Savings Benefit	  	5
	2.32	  	Supplemental Retirement Benefit	  	5

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE 3	  	
			
		  	PARTICIPATION IN THE PLAN	  	
			
	3.1	  	Eligible Employees	  	5
	3.2	  	Provisions of Plan Binding on Participants	  	5
	3.3	  	Notification of Participation	  	5
	3.4	  	Termination of Benefit Accrual	  	5
			
		  	ARTICLE 4	  	
			
		  	SUPPLEMENTAL BENEFITS	  	
			
	4.1	  	Amount of Supplemental Benefits	  	5
	4.2	  	Accrual of Supplemental Benefits	  	6
	4.3	  	Investment Options	  	6
	4.4	  	Reallocation Among Investment Options	  	7
	4.5	  	Adjustments to Account Balances	  	7
			
		  	ARTICLE 5	  	
			
		  	DISTRIBUTION OF BENEFITS	  	
			
	5.1	  	Eligibility for Distribution of Supplemental Benefits	  	7
	5.2	  	Form of Payment	  	7
	5.3	  	Initial Election of Form of Distribution	  	7
	5.4	  	Subsequent Election	  	8
	5.5	  	Change in Control Election	  	8
	5.6	  	Rabbi Trust	  	8
	5.7	  	Source of Supplemental Benefits	  	9
	5.8	  	Distributions to Beneficiaries	  	9
	5.9	  	Payments to Specified Employees	  	9
			
		  	ARTICLE 6	  	
			
		  	PLAN ADMINISTRATION	  	
			
	6.1	  	Duties of the Plan Administrator	  	9
	6.2	  	Establishment of Rules and Claims Procedure	  	9

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	6.3	  	Employment of Counsel, Etc.	  	10
	6.4	  	Payment of Expenses	  	10
			
		  	ARTICLE 7	  	
			
		  	AMENDMENTS AND RESERVATION OF COMPANY RIGHTS	  	
			
	7.1	  	Rights Generally to Make Amendments	  	10
	7.2	  	Conditions to Amendment, Suspension or Termination	  	10
	7.3	  	Accelerated Distribution Upon Loss of Tax Deferral	  	10
			
		  	ARTICLE 8	  	
			
		  	CHANGE IN EMPLOYMENT	  	
			
	8.1	  	Participant Transfer from Employer to Employer	  	11
	8.2	  	Participant Transfer from Employer to Related Employer	  	11
			
		  	ARTICLE 9	  	
			
		  	MISCELLANEOUS PROVISIONS	  	
			
	9.1	  	Prohibition Against Assignment	  	11
	9.2	  	Plan Voluntary on Part of Employers	  	11
	9.3	  	Plan Not Contract of Employment	  	11
	9.4	  	Form of Notice	  	12
	9.5	  	Construction	  	12
	9.6	  	Payments to Minors, etc.	  	12

 HUMANA SUPPLEMENTAL EXECUTIVE RETIREMENT 
 AND SAVINGS PLAN 
 AMENDED AND RESTATED AS OF 
 JUNE 25, 2009 
 WHEREAS, HUMANA
INC. (“Humana”), a Delaware corporation with its principal place of business in Louisville, Kentucky (“Sponsoring Employer”), has adopted the Humana Retirement and Savings Plan (“Retirement and Savings Plan”), which
is intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (“Code”), and 
 WHEREAS, certain employees of the Sponsoring Employer and its subsidiaries are eligible for allocations of contributions to retirement accounts and pretax savings accounts under the Retirement and Savings Plan and the Humana Puerto
Rico 1165(e) Retirement Plan and plans previously terminated or merged into the Retirement and Savings Plan (collectively, “Qualified Plans”), and 
 WHEREAS, pursuant to the terms of the Qualified Plans, the benefits of certain employees of the Sponsoring Employer and its subsidiaries have been and will be reduced because of the limitation on compensation
of Section 401(a)(17) of the Code, the nondiscrimination requirements of Sections 401(k) and 401(m) of the Code, the limitation on allocations of contributions of Section 415 of the Code and certain other limitations imposed by applicable
provisions of the Puerto Rico Internal Revenue Code, and 
 WHEREAS, the Board of Directors of the Sponsoring Employer (“Board of
Directors”) desires to continue to provide a supplemental benefit to a select group of management and highly compensated employees in the amount of the reduction of their benefits and employer contributions under the Qualified Plans, and

 WHEREAS, on September 1, 1982, the Sponsoring Employer adopted the Humana Supplemental Executive Retirement Plan, and

 WHEREAS, on May 11, 1988, the Sponsoring Employer adopted the Humana Thrift Excess Plan, and 
 WHEREAS, on December 31, 2003 the Sponsoring Employer merged the Humana Supplemental Executive Retirement Plan and the Humana Thrift Excess
Plan, and amended and restated those plans as a single plan, namely the Humana Supplemental Executive Retirement and Savings Plan (the “Plan”), and 
 WHEREAS, the Sponsoring Employer now desires to amend the Plan to comply with Section 409A and to make certain other changes to the Plan. 
 NOW, THEREFORE, the Sponsoring Employer, pursuant to the right to amend the Plan contained in Article 7, hereby approves and adopts this amendment
and restatement effective June 25, 2009, except for the modifications to Section 2.23 which shall be effective January 1, 2010. 

 ARTICLE 1 
 PURPOSE AND APPLICABILITY OF PLAN 
 1.1 Purpose of Plan. The purpose of the Plan
shall be to provide Supplemental Benefits to Participants whose benefits under the Qualified Plans have been or will be reduced because of the compensation limitation of Section 401(a)(17) of the Code, the nondiscrimination requirements of
Sections 401(k) and 401(m) of the Code and certain limitations imposed by applicable provisions of the Puerto Rico Internal Revenue Code, upon the terms and conditions, and subject to the limitations, contained herein. 
 1.2 Applicability of Plan. The provisions of the Plan shall apply only to persons participating in Qualified Plans on and after the
applicable dates specified in Section 3.1. 
 ARTICLE 2 
 DEFINITIONS 
 As used herein, the following words and phrases shall have the meanings specified below, unless
a different meaning is plainly required by the context. Terms not defined herein shall have the meanings specified in the Retirement and Savings Plan. 
 2.1 Accounts. A Participant’s Supplemental Retirement Account, Supplemental Pretax Savings Account and OTRP Rollover Account. 
 2.2 Beneficiary and Secondary Beneficiary. The person or persons (or a trust) as set forth under the Qualified Plans unless a Participant
shall have elected in writing a different Beneficiary and Secondary Beneficiary for this Plan, in which case the written election for this Plan shall govern. 
 2.3 Board of Directors. The Board of Directors of the Sponsoring Employer. 
 2.4 Change
in Control. Change in Control shall have the meaning set forth in Appendix A. 
 2.5 Code. The Internal Revenue Code of
1986, as it has been and may be amended from time to time. Reference to any section of the Code shall include any provision successor thereto. 
 2.6 Compensation Committee. The Organization and Compensation Committee of the Board of Directors of the Sponsoring Employer. 
 2.7 [Reserved.] 
  

 2 

 2.8 Employee. Any member of a select group of management and highly compensated employees
employed by an Employer. 
 2.9 Employer. The Sponsoring Employer and each corporation which is a member of the
“affiliated group” (as defined in Section 1504(a) of the Code) with the Sponsoring Employer. When used with reference to an Employee or Participant, the term shall mean the Employer employing the Employee or Participant. 

2.10 Initial Year Contribution. Contributions made to the Accounts of a Participant pursuant to Section 4.1 of the Plan, in respect
of the year in which the Participant’s Participation Date occurred, including all gains (or losses) attributable to such contributions. 
 2.11 Investment Options. The investment vehicles in which a Participant’s Accounts shall be deemed invested. Investment Options shall be limited to those offered to participants in the Retirement and Savings Plan as of
that date; provided, however, that no Participant shall be permitted to invest in a brokerage account. 
 2.12 OTRP Rollover Account.
The account which reflects balances transferred from the Humana Officers’ Target Retirement Plan on November 1, 2007. 
 2.13 Participant. An Employee who has met the requirements of Article 3 for participation hereunder. Where the context so permits or requires, the term shall also include a person who was a Participant prior to the termination
of the Participant’s employment with an Employer and who is entitled to a Supplemental Benefit after such person’s employment terminates. 
 2.14 Payment Commencement Date. The date on which the payment of a Participant’s Supplemental Benefits are scheduled to be paid or commence pursuant to Article V and the applicable election of the Participant. 

2.15 Participation Date. The later of the applicable date specified in Section 3.1 or the date a Participant receives the notice
described in Section 3.3. 
 2.16 Plan. The Humana Supplemental Executive Retirement and Savings Plan provided for herein,
as it may be amended from time to time. 
 2.17 Plan Administrator. The Plan Administrator shall be the Sponsoring Employer.

 2.18 Plan Year. The twelve consecutive month period commencing on the first day of January and ending on the last day of the
immediately following December. 
 2.19 Qualified Plans. Each of the Humana Retirement and Savings Plan and the Humana Puerto
Rico 1165(e) Retirement Plan. 
  

 3 

 2.20 Qualified Pretax Savings Account. The Pretax Savings Account of a Participant in a
Qualified Plan. 
 2.21 Qualified Retirement Account. The Retirement Account of a Participant in a Qualified Plan. 

2.22 Related Employer. Any subsidiary or affiliate of the Sponsoring Employer, which is designated by the Board of Directors to be a
Related Employer. 
 2.23 Retirement. A Participant’s retirement on or after the first day of the month coincident with or
following the date on which all of the following shall have occurred: 
 (a) the Participant has completed five years of retirement service;

 (b) the Participant has reached at least age 55; and 
 (c) the Participant’s age plus years of retirement service equals or exceeds 65. 
 A Participant’s “years of
retirement service” shall be determined as provided for in the Retirement and Savings Plan. 
 2.24 Retirement and Savings
Plan. The Humana Retirement and Savings Plan, as it may be amended from time to time. 
 2.25 Section 409A.
Section 409A of the Code and the regulations and interpretive guidance issued thereunder. 
 2.26 Separation from Service.
A Participant will be treated as having a Separation from Service if it is not reasonably expected that the Participant will continue to provide services to the Sponsoring Employer or any other Employer who has adopted the Qualified Plans (whether
as an employee or independent contractor, but not as a director) that exceeds twenty percent (20%) of the average level of bona fide services performed by the Participant over the immediately preceding thirty-six (36) month period (or the
full period of services if the Participant has been providing services less than thirty-six (36) months). 
 2.27 Sponsoring
Employer. Humana Inc., a Delaware corporation. 
 2.28 Supplemental Benefits. The benefits available under the Plan,
including the Supplemental Retirement Benefit, the Supplemental Pretax Savings Benefit, and the amount credited to the OTRP Rollover Account, unless otherwise specified. 
 2.29 Supplemental Pretax Savings Account. The account established by that name on behalf of a Participant. 
  

 4 

 2.30 Supplemental Retirement Account. The account established by that name on behalf of a
Participant. 
 2.31 Supplemental Pretax Savings Benefit. The benefit described in Section 4.1(b). 
 2.32 Supplemental Retirement Benefit. The benefit described in Section 4.1(a). 
 ARTICLE 3 
 PARTICIPATION IN THE
PLAN 
 3.1 Eligible Employees. Persons eligible to participate in the Plan include (i) each Employee who is a
participant in a Qualified Plan (a) after August 31, 1982, in the case of the Supplemental Retirement Account and (b) May 1, 1988, in the case of the Supplemental Pretax Savings Account and (ii) as of November 1, 2007,
in the case of persons whose accounts have been transferred to the Plan from the Humana Officers’ Target Retirement Plan. Participants shall participate in this Plan to the extent of the benefits stated herein. 
 3.2 Provisions of Plan Binding on Participants. Upon becoming a Participant, a Participant shall be bound then and thereafter by the terms
of this Plan, including all amendments to the Plan. 
 3.3 Notification of Participation. Each Employee shall become a
Participant on the date he or she receives notification to that effect. 
 3.4 Termination of Benefit Accrual. An
Employee’s accrual of benefits under this Plan shall cease upon the Employee’s Separation from Service. 
 ARTICLE 4

 SUPPLEMENTAL BENEFITS 
 4.1 Amount of Supplemental Benefits. 
 (a) Supplemental Retirement Benefits.
Each Participant shall become entitled to Supplemental Retirement Benefits for a Plan Year equal to the difference, if any, between the actual contribution by the Employer to a Qualified Retirement Account on behalf of the Participant for
such Plan Year and the amount of the contribution which would otherwise have been made by the Employer on behalf of such Participant for such Plan Year but for the compensation limitation of Section 401(a)(17) of the Code and the annual
additions limitations imposed by Section 415 of the Code, and effective January 1, 2008 with respect to limitations imposed by applicable sections of the Puerto Rico Internal Revenue Code. 
 (b) OTRP Rollover Benefits. Amounts that have been transferred to the Plan in respect of a Participant’s accrued benefit under the
Humana Officers’ Target Retirement Plan shall be allocated to the Participant’s OTRP Rollover Account as of November 1, 2007. 
  

 5 

 (c) Supplemental Pretax Savings Benefits. Each Participant shall become entitled to
Supplemental Pretax Savings Benefits for a Plan Year equal to the difference, if any, between the actual Employer matching contribution to a Qualified Pretax Savings Account made on behalf of the Participant for such Plan Year and the amount the
Employer matching contribution would otherwise have been on behalf of such Participant for such Plan Year but for the legal limitations on the Participant’s contributions and the Employer’s contributions, and effective January 1, 2008
with respect to limitations imposed by applicable section of the Puerto Rico Internal Revenue Code; provided, however, that for Plan Years beginning before 2008, Participants shall be entitled to benefits under this section only if such difference
is equal to or greater than eight hundred dollars ($800.00) in such Plan Year. 
 4.2 Accrual of Supplemental Benefits. The
Supplemental Retirement Benefit and the Supplemental Pretax Savings Benefit shall be deemed to accrue to the Participant’s Supplemental Retirement Account and Supplemental Pretax Savings Account no later than the date on which the annual
retirement contribution is made to the applicable Qualified Plan. No benefit will accrue with respect to any Plan Year if the Participant ceases to be an active employee before the end of such Plan Year, unless cessation of employment is due to
death, Retirement, disability or a Change in Control, in which case the Participant will be entitled to benefits prorated to the date on which the Participant ceases to be an active employee. 
 4.3 Investment Options. 
 (a) Accruals for Plan Years Prior to and Including 2006. With respect to accruals made to a Participant’s Supplemental Retirement Account and Supplemental Pretax Savings Account for plan years prior to and including 2006,
accruals were allocated among the Investment Options in accordance with the allocation of a Participant’s Retirement and Savings Plan account. Such allocations were effected at such times and with such exceptions as were established by the
Administrator. 
 (b) Accruals for Plan Years After 2006. Each Participant shall elect the Investment Options in which accruals
to the Participant’s Supplemental Retirement Account and Supplemental Pretax Savings Account shall be deemed to be allocated. A Participant’s accruals may be allocated in one percent increments among one or more of the Investment Options.
If the Participant allocates less than 100% of his or her accruals pursuant to this Section 4.3(b), unallocated accruals shall be deemed to be allocated to the default investment option established by the Plan Administrator, or if no such
default has been established by the Plan Administrator, to the default investment option established under the Retirement and Savings Plan. A Participant may change the allocation of accruals to his or her Supplemental Retirement Account and
Supplemental Pretax Savings Account at any time in such manner as the Plan Administrator may prescribe. 
 (c) OTRP Rollover.
Amounts allocated to a Participant’s OTRP Account shall initially be deemed to be invested in the applicable age appropriate target retirement fund Investment Option. Subsequently, a Participant may reallocate the balance in his or her OTRP
Rollover Account pursuant to Section 4.4. 
  

 6 

 4.4 Reallocation Among Investment Options. Each Participant may reallocate the balances in
his or her Accounts among the Investment Options in one percent increments. Effective November 1, 2007, changing Investment Options shall be permitted on a daily basis and shall be effected in such manner as the Plan Administrator may prescribe
from time to time, which may include an online alternative. 
 4.5 Adjustments to Account Balances. The balances in
Participants’ Accounts shall be adjusted for gains (or losses) as if such amounts were actually invested in the Investment Options selected by the Participants. Upon a Participant’s Separation from Service or cessation of active
participation in this Plan for any reason, the balances in the Participant’s Accounts will continue to be allocated among the Investment Options subject to reallocation pursuant to Section 4.4. 
 ARTICLE 5 
 DISTRIBUTION OF
BENEFITS 
 5.1 Eligibility for Distribution of Supplemental Benefits. Except as otherwise provided in Article 5, the
payment of the Participant’s Supplemental Benefits shall commence no later than ninety (90) days following the Participant’s Separation from Service (the “Payment Commencement Date”). The form of the payment shall be
governed by Section 5.2 notwithstanding the form of distribution of the Participant’s benefits from the Retirement and Savings Plan. All payments shall be made in cash. 
 5.2 Form of Payment. If a Participant does not elect an alternative form of distribution in accordance with Section 5.3, the
Participant’s distribution will be made in the form of a lump sum distribution. 
 5.3 Initial Election of Form of
Distribution. Prior to the later of December 31, 2008 and the date that is thirty (30) days after a Participant’s Participation Date, a Participant may elect one of the following alternative forms of distribution for amounts
other than the Initial Year Contribution: 
 (a) Periodic installments (either monthly, quarterly or annually) for a period not to
exceed 20 years, to the extent permitted under Section 409A; provided, however, that this form of payment will only be available if the Participant’s balance in the account from which the periodic payments would be made exceeds $100,000,
or such lesser amount, if any, permitted under Section 409A. In the event that the benefit payments are in the form of installments, the Participant’s Accounts shall be deemed to be invested in the Stable Value Fund or a fund similar to
the Stable Value Fund then available under the Retirement and Savings Plan; or 
 (b) An annuity in any form permitted from the
Retirement and Savings Plan at the time of a Participant’s election; provided, however, that an annuity form of payment will only be available if the Participant’s balance in the account from which the annuity payment would be made exceeds
$100,000, or such lesser amount, if any, permitted under Section 409A. 

  

 7 

 
A Participant’s initial election pursuant to this Section 5.3 shall become irrevocable on the later of (i) December 31, 2008 or
(ii) the thirtieth (30th) day after the Participant’s Participation
Date, except for subsequent elections made in accordance with Section 5.4. A Participant’s Initial Year Contribution will be paid at the time and in the manner provided for in Sections 5.1 and 5.2 
 5.4 Subsequent Election. At any time after the date that is thirty (30) days after a Participant’s Participation Date, a
Participant may change the form of payment method from the lump sum distribution provided in Section 5.2 to one of the alternatives provided in Section 5.3 or, if an initial election was made pursuant to Section 5.3, from the payment
method specified in such election to a lump sum distribution, provided that any such election that is made before January 1, 2009 shall be made in accordance with IRS Notice 2007-86 and any such election that is made after December 31,
2008 (i) will not be effective for twelve (12) months after the date on which such election is made, (ii) must be made not less than twelve (12) months prior to the date of the first scheduled payment of the Participant’s
Supplemental Benefits and (iii) will result in a Payment Commencement Date that is at least five (5) years after the previously scheduled Payment Commencement Date. A Participant may not change any election (or non-election) such
Participant has made with respect to Section 5.5(a) or Section 5.5(b). 
 5.5 Change in Control Election. Prior to
the later of December 31, 2008 or the date that is thirty (30) days after a Participant’s Participation Date, a Participant may make a separate election that in the event of a Change in Control which 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, his or her Supplemental Benefits (other than his or
her Initial Year Contribution) shall be distributed in 
  

	 	(a)	A lump sum to be paid at the effective time of the Change in Control; or 

  

	 	(b)	A lump sum to be paid following the Participant’s Separation from Service within two (2) years following the Change in Control. 

 If the Participant does not make a separate Change in Control election, his or her Supplemental Benefits will be paid at the time and in the manner provided for in
Sections 5.1 and 5.2 or, except for the Participant’s Initial Year Contribution, pursuant to the Participant’s alternative election made in accordance with Section 5.3 or 5.4. 
 5.6 Rabbi Trust. Upon the effective date of a Change in Control, the Sponsoring Employer shall create a “Rabbi Trust” (i.e., a
grantor trust designed to hold funds to be used to pay benefits under a deferred compensation arrangement without such funds becoming taxable to the Participants entitled to such benefits until paid to such Participants) in the form set forth on
Appendix B with a major financial institution selected by the Sponsoring Employer to which the Sponsoring Employer shall transfer funds in an amount equal to the aggregate balance of all Participants’ Accounts as of the date of the Change in
Control, but excluding amounts to be paid in a lump sum immediately following the Change in Control. 
  

 8 

 5.7 Source of Supplemental Benefits. The Supplemental Benefits shall not be funded but
shall constitute liabilities of the Sponsoring Employer, payable when due from the general assets of the Employer or, if a Rabbi Trust has been established pursuant to Section 5.6, such Rabbi Trust. The Sponsoring Employer shall pay all costs,
charges and expenses related thereto. No Participant or other person shall have any right or claim to the payment of Supplemental Benefits which in any manner whatsoever is superior to or different from the right or claim of a general and unsecured
creditor of the Sponsoring Employer. 
 5.8 Distributions to Beneficiaries. Effective November 1, 2007, if at the time of
a Participant’s death a distribution is still outstanding, the remaining benefits shall be paid to the Participant’s Beneficiary in a single lump sum as soon as practicable following the death of the Participant and the determination of
the Beneficiary but in no event later than ninety (90) days after the Participant’s death. If a Participant’s death occurs while any amount remains in the Participant’s Accounts and the Participant’s Beneficiary does not
survive the Participant, the remaining benefits shall be paid to the Participant’s Secondary Beneficiary. If a deceased Participant is not survived by either a Beneficiary or Secondary Beneficiary (or if no Beneficiary was effectively named),
the benefits shall be paid in a single sum to the estate of the Participant and the Plan Administrator shall be fully protected in paying such benefits to such deceased Participant’s personal representative, irrespective of whether payments are
actually made to a person or persons who in fact are not the personal representative of the deceased Participant. 
 5.9 Payments to
Specified Employees. Notwithstanding any other provision in the Plan, payments of Supplemental Benefits owed to any Participant pursuant to the Plan who is a “specified employee” as defined under Section 409A, shall not be
made or commenced pursuant to the Plan to the Participant until the date that is six (6) months and one (1) day after the Participant’s Separation from Service and shall be paid or commenced on such date; provided, however, that this
Section 5.9 shall not apply if the Participant’s Separation from Service occurs by reason of his or her death. If this Section 5.9 applies and the method of payment of the Participant’s Supplemental Benefits is not a lump sum,
the first payment to the Participant will include all amounts that would have been paid during the six (6) month and one (1) day period but for this Section 5.9 
 ARTICLE 6 
 PLAN ADMINISTRATION 
 6.1 Duties of Plan Administrator. The Plan Administrator shall be responsible for making all policy decisions which arise under the Plan
and shall be responsible for administering the Plan and keeping records of Supplemental Benefits. 
 6.2 Establishment of Rules and
Claims Procedure. Subject to the limitations of the Plan, the Plan Administrator shall from time to time establish rules for the administration of the Plan. Without limiting the generality of the preceding sentence, it is specifically
provided that the Plan Administrator shall set forth the procedures to be followed in presenting claims for benefits under the Plan. In case of any factual dispute hereunder, the Compensation Committee shall resolve such dispute giving due weight to
all evidence available to it. The Compensation 

  

 9 

 
Committee shall interpret the Plan and shall determine all questions arising in the administration, interpretation and application of the Plan. All such
determinations shall be final, conclusive and binding. 
 6.3 Employment of Counsel, Etc. The Compensation Committee may employ
such counsel, accountants and other agents, as it shall deem advisable. The Sponsoring Employer shall pay the compensation of such counsel, accountants and other agents and any other expenses incurred by the Compensation Committee in the
administration of the Plan. 
 6.4 Payment of Expenses. The reasonable costs and expenses incurred by the Compensation
Committee in the performance of its duties hereunder, excluding compensation for services, but including, without limitation, reasonable fees for legal, accounting and other services rendered, shall be paid by the Sponsoring Employer. 
 ARTICLE 7 
 AMENDMENTS AND
RESERVATION OF COMPANY RIGHTS 
 7.1 Rights Generally to Make Amendments. By action of the Board of Directors, the
Sponsoring Employer shall have the right at any time by instrument of writing, to modify, alter, amend or terminate the Plan in whole or in part, provided that any Benefit which has actually accrued and become distributable hereunder shall not be
affected thereby, and provided that no amendment increases the obligations of any Employer to make contributions hereunder unless such Employer approves such amendment. Further, no amendment shall be made which shall decrease any Participant’s
Account balance. Subject to the foregoing restrictions, the committee appointed pursuant to Article 10 of the Retirement and Savings Plan shall also have the authority to amend the Plan in any manner which is necessary to comply with
Section 409A and the authority to adopt any other amendment to the Plan which does not have the effect of materially increasing the liability of any Employer; provided, however, that no amendment by such committee may affect any Participant who
is a member of such committee unless it applies to Participants generally. 
 7.2 Conditions to Amendments, Suspension or
Termination. Notwithstanding the provisions of Section 7.1, no amendment, suspension or termination shall adversely affect: 
 (a) The Supplemental Benefits of any Participant, or the Beneficiary or Secondary Beneficiary of any Participant who has retired prior thereto; or 
 (b) The right of any Participant then employed by the Employer to receive upon retirement or other termination of employment, or the Participant’s Beneficiary or Secondary Beneficiary to receive upon the
Participant’s death, the accrued Supplemental Benefits to which such person would have been entitled under the Plan prior to its amendment, suspension or termination. 
 7.3 Accelerated Distribution Upon Loss of Tax Deferral. In the event that this Plan fails to satisfy the requirements of Section 409A
and as a consequence a Participant 

  

 10 

 
becomes subject to federal income tax on all or any portion of his or her Account Balance for which such Participant is not then scheduled to receive a
distribution under the Plan, notwithstanding any other provision of the Plan or distribution election made by such Participant, the Plan Administrator shall accelerate the payment of that portion of the Participant’s Accounts which the Plan
Administrator reasonably determines to be subject to such taxation in a lump sum payable on a date determined by the Plan Administrator. 
 ARTICLE 8 
 CHANGE IN EMPLOYMENT 
 8.1 Participant Transfer from Employer to Employer. A Participant who transfers employment from one Employer to another Employer shall not be considered as terminating employment with an Employer and
shall continue to be a Participant in this Plan without interruption. 
 8.2 Participant Transfer from Employer to Related
Employer. A Participant who transfers employment to a Related Employer that has not adopted the Qualified Plans shall not be considered as terminating employment with an Employer and shall remain an active Participant in the Plan, except
that no further benefits shall be accrued on such Participant’s behalf under Article 4. Although no further benefits may be accrued, the Participant’s Supplemental Benefits may continue to be allocated among the Investments Options in
accordance with Section 4.4. 
 ARTICLE 9 
 MISCELLANEOUS PROVISIONS 
 9.1 Prohibition Against Assignment. Neither the
interest of a Participant or any other person nor the Supplemental Benefits payable hereunder, is subject to the claim of creditors of Participants or their Beneficiaries, and will not be subject to attachment, garnishment or any other legal
process. Neither a Participant nor the Participant’s Beneficiaries may assign, sell, borrow on or otherwise encumber any of the Participant’s beneficial interest in the Plan, nor shall any such benefits be in any manner liable for or
subject to the deeds, contracts, liabilities, engagements or torts of any Participant or Beneficiary. All such payments and rights thereto are expressly declared to be non-assignable and non-transferable, and in the event of any attempt of
assignment or transfer, the Employer shall have no further liability hereunder. 
 9.2 Plan Voluntary on Part of Employers.
Although it is the intention of each Employer that this Plan shall be continued, this Plan is entirely voluntary on the part of each Employer, and the continuance of the Plan is not assumed as a contractual obligation of an Employer other than as
may be provided by Article 7. 
 9.3 Plan Not Contract of Employment. This Plan shall not be deemed to constitute a contract
between the Employer and any Participant or to be a consideration or an inducement for the employment of any Participant or Employee. Nothing contained in this Plan shall be deemed to give any Participant or Employee the right to be retained in the
service of the 

  

 11 

 
Employer or to interfere with the right of the Employer to discharge any Participant or Employee at any time regardless of the effect which such discharge
shall have upon such individual as a Participant in the Plan. 
 9.4 Form of Notice. Any references in this Plan to written
notice may, at the option of the Employer, be made by electronic notice. 
 9.5 Construction. 
 (a) This Plan shall be construed and enforced according to the laws of the Commonwealth of Kentucky, and all provisions hereunder shall be
administered according to the laws thereof. It is intended that this Plan be exempt from Title I of the Employee Retirement Income Security Act of 1974, as amended, under Section 4(b)(5) thereof, as an excess benefit plan and as a plan which is
unfunded and maintained by the Employer for the purpose of providing deferred compensation for a select group of highly compensated employees, and any ambiguities in construction shall be resolved in favor of interpretation which will effectuate
such intentions. 
 (b) Any words herein used in the singular shall be read and construed as though used in the plural in all cases
where they would so apply. 
 (c) Titles of articles and headings to sections are inserted for convenience of reference only and, in
the event of any conflict, the text of the Plan, rather than such titles and headings, shall control. 
 9.6 Payment to Minors,
Etc. In making any payment to or for the benefit of any minor or incompetent Beneficiary, or incompetent Participant, the Plan Administrator, in its sole, absolute and uncontrolled discretion, may, but need not, make such payment to a legal
or natural guardian or other relative of such minor or court appointed committee of such incompetent, or to any adult with whom such minor or incompetent temporarily or permanently resides, and any such guardian, committee, relative or other person
shall have full authority and discretion to expend such distribution for the use and benefit of such minor or incompetent, and the receipt by such guardian, committee, relative or other person shall be a complete discharge to the Employer, without
any responsibility on its part to see to the application thereof. 
 [signature page follows] 
  

 12 

 IN WITNESS WHEREOF, the Sponsoring Employer has caused this instrument to be
executed and attested thereto by its duly authorized officers this 29th day of July,
2009. 
  

					
		 	HUMANA INC.
			
	Attest:	 	By:	 	 /s/ Michael B. McCallister

		 		 	Michael B. McCallister
		 		 	President & Chief Executive Officer

  

	
	 /s/ Joan O. Lenahan

	Joan O. Lenahan
	Vice President & Secretary

  

 13 

 APPENDIX A 
 The below definition of Change in Control is the definition used in the Humana Inc. 2003 Stock Incentive Plan. All definitions referred to herein shall have the definitions ascribed to them in the 2003 Stock Incentive Plan. 
 “Change in Control” shall mean the occurrence of: 
  

	1)	An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any “Person” (as the term person is
used for purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or
more of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities which are acquired in a “Non-Control Acquisition” (as
hereinafter defined) shall not constitute an acquisition which would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by
(A) the Company or (B) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest is owned, directly or indirectly, by the Company (for purposes of this definition, a
“Subsidiary”) (ii) the Company or its Subsidiaries, or (iii) any Person in connection with a “Non-Control Transaction” (as hereinafter defined); 

  

	2)	The individuals who, as of the effective date of this Plan are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least two-thirds of the
members of the Board; provided, however, that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall,
for purposes of this Plan, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; or 

 

	3)	The consummation of: 

  

	 	a)	A merger, consolidation or reorganization involving the Company, unless such merger, consolidation or reorganization is a “Non-Control Transaction.” A “Non-Control
Transaction” shall mean a merger, consolidation or reorganization of the Company where: 

 i) the
stockholders of the Company, immediately before such merger, consolidation or reorganization, own directly or indirectly immediately following 

  

 14 

 
such merger, consolidation or reorganization, at least seventy-five percent (75%) of the combined voting power of the outstanding Voting Securities of
the corporation resulting from such merger or consolidation or reorganization (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or
reorganization; 
 ii) the individuals who were members of the Incumbent Board immediately prior to the execution of the
agreement providing for such merger, consolidation or reorganization constitute at least two-thirds of the members of the board of directors of the Surviving Corporation, or a corporation beneficially directly or indirectly owning a majority of the
Voting Securities of the Surviving Corporation, and no agreement, plan or arrangement is in place to change the composition of the board of directors following the merger, consolidation or reorganization; and 
 iii) no Person other than (i) the Company, (ii) any Subsidiary, (iii) any employee benefit plan (or any trust forming a
part thereof) maintained by the Company, the Surviving Corporation, or any Subsidiary, or (iv) any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of twenty percent (20%) or more of
the then outstanding Voting Securities, has Beneficial Ownership of twenty percent (20%) or more of the combined voting power of the Surviving Corporation’s then outstanding voting securities. 
  

	 	b)	A complete liquidation or dissolution of the Company; or 

  

	 	c)	The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Subsidiary). 

 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership
of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities then outstanding, increases the proportional number of
Shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the
Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.

  

 15 

 APPENDIX B 
 FORM OF RABBI TRUST 
 APPENDIX B 
 TRUST UNDER                      
 DEFERRED COMPENSATION PLAN 
 THIS TRUST AGREEMENT (“Trust Agreement”) is made this Click and type Day day of Click and type Month , Click and type Year , by and between
(i) <NAME OF COMPANY CREATING TRUST>, a <state of incorporation> corporation (“Company”) and
(ii) <NAME OF TRUSTEE>, (“Trustee”). 
 RECITALS:

 A. Company has adopted the <Name of Company creating Trust> Deferred Compensation Plan (“Plan”), which is a
nonqualified deferred compensation plan. 
 B. Company has incurred or expects to incur liability under the terms of such Plan with
respect to the individuals participating in such Plan. 
 C. Company wishes to establish a trust (hereinafter called
“Trust”) and to contribute to the Trust assets that shall be held therein, subject to the claims of Company’s creditors in the event of Company’s Insolvency (as herein defined), until paid to Plan participants and their
beneficiaries in such manner and at such times as specified in the Plan. 
 D. It is the intention of the parties that this Trust
shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of
Title I of the Employee Retirement Income Security Act of 1974, as amended. 
 E. It is the intention of Company to make contributions
to the Trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plan. 
 AGREEMENT: 

 NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be
comprised, held and disposed of as follows: 
 1. ESTABLISHMENT OF
TRUST. 
 (a) Company hereby deposits with Trustee in trust
$            , which shall become the principal of the Trust to be held, administered and disposed of by Trustee as provided in this Trust Agreement. 
 (b) The Trust hereby established is revocable by Company; it shall become irrevocable upon a “Change in Control” as that term is
defined in the Plan. 
  

 16 

 (c) The Trust is intended to be a grantor trust, of which Company is the grantor, within
the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 
 (d) The principal of the Trust, and any earnings thereon shall be held separate and apart from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and
general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be
mere unsecured contractual rights of Plan participants and their beneficiaries against Company. Any assets held by the Trust will be subject to the claims of Company’s general creditors under federal and state law in the event of Insolvency.

 (e) Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other
property in trust with Trustee to augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement. Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional
deposits. 
 2. PAYMENTS TO PLAN PARTICIPANTS AND
THEIR BENEFICIARIES. 
 (a) Company shall deliver to Trustee a schedule (the
“Payment Schedule”) that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form
in which such amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their
beneficiaries in accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to
the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company. 
 (b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Company or such
party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. 
 (c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment
of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of
the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient. 
  

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 3. TRUSTEE RESPONSIBILITY REGARDING
PAYMENTS TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT. 
 (a) Trustee shall cease payment of benefits to Plan participants and their beneficiaries if Company is Insolvent. Company shall be
considered “Insolvent” for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.

 (b) At all times during the continuance of this Trust, as provided in Section 1(d) hereof, the principal and income of
the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below. 
 (1) The Board of Directors of Company and the Chief Executive Officer of Company shall have the duty to inform Trustee in writing of Company’s Insolvency. If a person claiming to be a creditor of Company alleges in
writing to Trustee that Company has become Insolvent, Trustee shall determine whether Company is Insolvent and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries. 
 (2) Unless Trustee has actual knowledge of Company’s Insolvency, or has received notice from Company or a person
claiming to be a creditor alleging that Company is Insolvent, Trustee shall have no duty to inquire whether Company is Insolvent. Trustee may in all events rely on such evidence concerning Company’s solvency as may be furnished to Trustee and
that provides Trustee with a reasonable basis for making a determination concerning Company’s solvency. 
 (3) If at any time Trustee has determined that Company is Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company’s
general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of Company with respect to benefits due under the Plan or otherwise.

 (4) Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance
with Section 2 of this Trust Agreement only after Trustee has determined that Company is not Insolvent (or is no longer Insolvent). 
 (c) Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3(b) hereof and subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants
or their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance. 
 4.
PAYMENTS TO COMPANY. Except as provided in Section 3 hereof, after the Trust has become irrevocable, Company shall have no right or power to direct Trustee to return to Company
or to divert to others any of the Trust assets before all payment of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan. 
  

 18 

 5. INVESTMENT AUTHORITY. 
 (a) The Trustee may invest in securities (including stock or rights to acquire stock) or obligations issued by Company. All rights
associated with assets of the Trust shall be exercised by Trustee or the person designated by Trustee, and shall in no event be exercised by or rest with the Plan Participants. The Committee shall direct Trustee as to the investment of the Trust
assets. 
 (b) Company shall have the right at any time, and from time to time in its sole discretion, to substitute assets of
equal fair market value for any asset held by the Trust. This right is exercisable by Company in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity. 
 (c) All amounts paid to Trustee by Company shall be held and administered by Trustee as a single trust and Trustee shall not be required to
segregate and invest separately any part of the Trust representing interests of individual Plan participants. 
 (d) Neither
any Plan participant nor their beneficiaries shall have any authority or control whatsoever over the investments of the Trust. 
 (e) Trustee shall have all the powers necessary to carry out the provisions hereunder. Trustee shall have the custody of all cash, securities and investments received or purchased in accordance with the terms hereof. Trustee
may sell or exchange any property or asset of the Trust at public or private sale, with or without advertisement, upon terms acceptable to Trustee and in such manner as Trustee may deem wise and proper. The proceeds of any such sale or exchange may
be reinvested as provided hereunder. The purchaser of any such property from Trustee shall not be required to look to the application of the proceeds of any such sale or exchange by Trustee. Trustee may participate in the reorganization,
recapitalization, merger or consolidation of any corporation in which Trustee may own stock or securities and may exercise any subscription rights or conversion privileges, and generally may exercise any of the powers of any owner with respect to
any stock or other securities or property comprising the Trust. Trustee may, through any duly authorized officer or proxy, vote or refrain from voting any shares of stock or securities which Trustee may own from time to time. 
 (f) Trust may retain in cash such funds as from time to time it may deem advisable. 
 (g) Trustee may hold stocks or other securities in its own name as Trustee, with or without the designation of the Trust, or in the name of
a nominee selected by it for that purpose, and may deposit securities with a depository trust company, but Trustee shall nevertheless be obligated to account for all securities owned by it as a part of the Trust, notwithstanding the name in which
the same may be held. 
 6. DISPOSITION OF INCOME. During the term
of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested. 
  

 19 

 7. ACCOUNTING BY TRUSTEE.
Trustee shall keep accurate and detailed records of all investments, receipts, disbursements and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Company and Trustee. Within 45
days following the close of each calendar year, and within 45 days after the removal or resignation of Trustee, Trustee shall deliver to Company a written account of its administration of the Trust during such year or during the period from the
close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold
with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or
resignation, as the case may be. 
 8. RESPONSIBILITY OF TRUSTEE.

 (a) Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent
person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; provided, however, that Trustee shall incur no liability to any person for any action taken pursuant to a
direction, request or approval given by Company which is contemplated by, and in conformity with, the terms of the Plan or this Trust and is given in writing by Company. In the event of a dispute between Company and a party, Trustee may apply to a
court of competent jurisdiction to resolve the dispute. 
 (b) If Trustee undertakes or defends any litigation arising in
connection with this Trust, Company agrees to indemnify Trustee against Trustee’s costs, expenses and liabilities (including, without limitation, reasonable attorneys’ fees and expenses) relating thereto and to be primarily liable for such
payments. If Company does not pay such costs, expenses and liabilities in a reasonably timely manner, Trustee may obtain payment from the Trust. 
 (c) Trustee may consult with legal counsel (who may also be counsel for Company generally) with respect to any of its duties or obligations hereunder. 
 (d) Trustee shall have, without exclusion, all powers conferred on trustees by applicable law, unless expressly provided otherwise herein;
provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different
form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy. 
 (e)
Notwithstanding the provisions of Section 8(d) hereof, Trustee may loan to Company the proceeds of any borrowing against any insurance policy held as an asset of the Trust. 
 (f) Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or by applicable law, Trustee shall not have any power
that could give this Trust the objective of carrying on a business and dividing the gains therefrom within the meaning of Treas. Reg. § 301.7701-2. 
  

 20 

 9. COMPENSATION AND EXPENSES OF
TRUSTEE. Company shall pay all administrative and Trustee’s fees and expenses. If not so paid, the fees and expenses shall be paid from the Trust. 
 10. RESIGNATION AND REMOVAL OF TRUSTEE.

 (a) Trustee may resign at any time by written notice to Company, which shall be effective 30 days after receipt of such
notice unless Company and Trustee agree otherwise. 
 (b) Trustee may be removed by Company on 10 days notice or upon shorter
notice acceptable by Trustee; provided, however, that upon a Change in Control, Trustee may not be removed by Company for one year. 
 (c) If Trustee resigns within one year after a Change in Control, Company shall apply to a court of competent jurisdiction for the appointment of a successor Trustee or for instructions. 
 (d) Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the
successor Trustee. The transfer shall be completed within 30 days after receipt of notice of resignation, removal or transfer, unless Company extends the time limit. 
 (e) If Trustee resigns or is removed, a successor shall be appointed, in accordance with Section 11 hereof, by the effective date of resignation or removal under Sections 10(a) or 10(b) hereof. If
no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of
the Trust. 
 11. APPOINTMENT OF SUCCESSOR. 
 (a) If Trustee resigns or is removed in accordance with Sections 10(a) or 10(b) hereof, Company may appoint any third party, such as a bank
trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall
have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee to evidence the transfer.

 (b) The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing
Trust assets, subject to Sections 7 and 8 hereof. The successor Trustee shall not be responsible for, and Company shall indemnify and defend the successor Trustee from, any claim or liability resulting from any action or inaction of any prior
Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee. 
  

 21 

 12. AMENDMENT OR TERMINATION.

 (a) This Trust Agreement may be amended by a written instrument executed by Trustee and Company. Notwithstanding the
foregoing, no such amendment shall conflict with the terms of the Plan or shall make the Trust revocable after it has become irrevocable in accordance with Section 1(b) hereof. 
 (b) The Trust shall not terminate until the date on which Plan participants and their beneficiaries are no longer entitled to benefits
pursuant to the terms of the Plan unless sooner revoked in accordance with Section 1(b) hereof. Upon termination of the Trust, any assets remaining in the Trust shall be returned to Company. 
 (c) This Trust Agreement may not be amended by Company for one year following a Change in Control. 
 13. MISCELLANEOUS. 
 (a) Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof. 
 (b) Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at
law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process. 
 (c) This Trust Agreement shall be governed by and construed in accordance with, the laws of the Commonwealth of Kentucky without regard to its conflict of laws rules. 
 14. EFFECTIVE DATE. The effective date of this Trust Agreement shall be the date of its
execution. 
 IN WITNESS WHEREOF, the parties have executed this Trust
Agreement as of the date first written above. 
  

			
	X_NAME OF COMPANY CREATING TRUST_X
		
	By:	 	  

	Title:	 	  

		 	(“x_DefinedName_x”)
	
	X_NAME OF TRUSTEE_X
		
	By:	 	  

	Title:	 	  

		 	(“x_DefinedName_x”)

  

 22

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