SEC Contract Filing

Filing Date: 2019-02-21

Document Content:
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<DESCRIPTION>EXHIBIT 10.FF
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<DIV><FONT size="1" style="font-size:1pt;color:white"> Exhibit 10(ff) HUMANA INC. RESTRICTED STOCK UNIT AGREEMENT AND AGREEMENT NOT TO COMPETE OR SOLICIT UNDER THE 2011 STOCK INCENTIVE PLAN THIS RESTRICTED STOCK UNIT AGREEMENT (&quot;Agreement&quot;) made as of &lt;award_date&gt; (the &#8220;Date of Grant&#8221;) by and between HUMANA INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter referred to as the &quot;Company&quot;), and &lt;first_name&gt; &lt;middle_name&gt; &lt;last_name&gt;, an employee of the Company (hereinafter referred to as &quot;Grantee&quot;). WITNESSETH: WHEREAS, the Humana Inc. 2011 Stock Incentive Plan (the &quot;Plan&quot;) was approved by the Company's Board of Directors and stockholders; and WHEREAS, the Company desires to award to Grantee Restricted Stock Units in accordance with the Plan. NOW, THEREFORE, in consideration of the award of Restricted Stock Units to Grantee, the promises and mutual covenants hereinafter set forth, and other good and valuable consideration, the Company and Grantee agree as follows: I. RESTRICTED STOCK UNIT GRANT A. Grant. Subject to the terms and conditions hereinafter set forth, and in accordance with the provisions of the Plan, the Company hereby grants to Grantee, and Grantee hereby accepts from the Company &lt;shares_awarded&gt; Restricted Stock Units. Each Restricted Stock Unit represents the right of Grantee to receive (i) one (1) Share on the date of distribution provided for in Section I.E. In addition, Grantee shall also have the right to receive all of the cash or in-kind dividends that are paid with respect to the Shares represented by the Restricted Stock Units to which this award relates (&#8220;DERs&#8221;). Dividend equivalents with respect to any such Share shall be paid on the same date that such Share is issued to Grantee pursuant to Section I.E. hereof. The DERs shall be subject to the same terms and conditions applicable to the Restricted Stock Units, including, without limitation, the restrictions and non-transferability, vesting, forfeiture and distribution provisions contained in Sections I.B through I.E., inclusive, of this Agreement. In the event that the Restricted Stock Units are forfeited pursuant to Section I.D. hereof, the related DER shall also be forfeited. B. Restrictions and Non-Transferability. The Restricted Stock Units and DERs may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated. In addition, such Restricted Stock Units and DERs shall be subject to forfeiture in accordance with the provisions of Section I.D. C. Vesting of Restricted Stock Units. The Restricted Stock Units shall vest in three equal installments, with the first installment vesting on [December 15] of the year in which the Date of Grant occurs, and the next two installments vesting on [December 15] of each of the next two years (each such date, a &#8220;Vesting Date&#8221; and the period between each Vesting Date or between the Date of Grant and a - 1 - RSU &#8211; NCNS - RE </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> Vesting Date, as applicable, a &#8220;Vesting Period&#8221;) subject to Grantee&#8217;s continued employment with the Company through each such Vesting Date; provided, that, notwithstanding the foregoing, upon certain terminations (as set forth below), all or a portion of the unvested Restricted Stock Units and DERs will vest as follows: 1. Upon a termination of Grantee&#8217;s employment with the Company due to Grantee&#8217;s death or Disability, all of the unvested Restricted Stock Units and DERs will immediately vest; 2. In the event of a Change in Control Termination, all of the unvested Restricted Stock Units and DERs will immediately vest; 3. Upon the termination of Grantee&#8217;s employment due to Retirement, a prorated portion of the Restricted Stock Units (and related DERs) that would have vested on the next scheduled Vesting Date shall vest on the next scheduled Vesting Date, with the proration to be determined by calculating the product of (i) the quotient of (x) the number of completed months Grantee has been employed since the Date of Grant or the most recent Vesting Date, as applicable, divided by (y) the number of months in the current restricted Vesting Period, multiplied by (ii) the total number of Restricted Stock Units that were scheduled to vest on the next scheduled Vesting Date. For purposes of the foregoing calculation, a month is complete on the day in the following month that corresponds to the Date of Grant; 4. [In the event that Grantee&#8217;s employment with the Company terminates due to a Divestiture of the business to which Grantee provides services and (i) the Company maintains a strategic interest in the divested business, as determined by the Committee in its sole discretion, all outstanding Restricted Stock Units (and related DERs) shall continue to vest on the regular Vesting Dates in the same manner as if Grantee continued to be employed by the Company through the applicable Vesting Dates; provided that the Grantee must remain employed by the divested business on each of the applicable Vesting Dates. For the avoidance of doubt, if the Grantee&#8217;s employment with the aforementioned divested business