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HUMANA INC Director's Dealing 2011

Dec 5, 2011

30145_dirs_2011-12-05_64812818-4b8e-4ea0-a09d-c2f4d8ee4ba7.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HUMANA INC (HUM)
CIK: 0000049071
Period of Report: 2011-12-02

Reporting Person: MARGULIS HEIDI S (Senior V.P. - Public Affairs)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2011-12-02 Humana Common S 11362 $89.3203 Disposed 32616 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Humana Common 6717 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Options $69.475 2015-02-21 Humana Common (5130) 5130 Direct
Options $41.83 2016-02-19 Humana Common (2043) 2043 Direct
Restricted Stock Units $ Humana Common (4095) 4095 Direct
Restricted Stock Units $ Humana Common (2355) 2355 Direct
Phantom Stock Units $ Humana Common (350) 350 Indirect

Footnotes

F1: Stock units held for reporting person's benefit as of November 30, 2011 under the Humana Retirement & Savings Plan, including a routine disposition of shares to fund an administrative fee assessment under a Tax-Conditioned Plan, both exempt under Rule 16b-3(c).

F2: Right to buy pursuant to Humana Inc.'s 2003 Stock Incentive Plan.

F3: Incentive and Non-Qualified stock options granted to reporting person on 2/21/08, NQ options vesting in three increments from 2/21/09 to 2/21/11, and ISO's vesting on 2/21/11.

F4: Reporting person was granted the maximum number of Incentive stock options allowed and remaining options were granted as Non-Qualified stock options. The option grant vests in three increments from 2/19/10 to 2/19/12.

F5: Right to receive one share per restricted stock unit pursuant to the Company's 2003 Stock Incentive Plan.

F6: Each restricted stock unit represents a contingent right to receive one share of Humana Inc. common stock, exempt under Rule 16b-3(d)(1) & (3).

F7: Restricted stock units granted to reporting person on 2/18/10, 100% of the award is vesting on 2/18/13.

F8: Restricted stock units granted to reporting person on 5/5/11, 100% of the award is vesting on 5/5/14.

F9: Phantom Stock Units held for the benefit of reporting person as of November 30, 2011 based on the value of Humana common stock on a 1-for-1 basis, under the Humana Excess Plan exempt under Rule 16b-3(c and d).