HUMANA INC — Director's Dealing 2013

Aug 30, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HUMANA INC (HUM)
CIK: 0000049071
Period of Report: 2013-08-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-08-29	Humana Common	M	3295	$69.475	Acquired	15211	Direct
2013-08-29	Humana Common	F	1091	$93.0155	Disposed	14120	Direct
2013-08-29	Humana Common	S	1484	$93.4464	Disposed	12636	Direct
2013-08-30	Humana Common	S	1835	$93.2648	Disposed	10801	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-08-29	Options	$69.475	M	3295	Disposed	2015-02-21	Humana Common (3295)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Humana Common	6861	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Options	$72.84	2020-02-20	Humana Common (4680)	4680	Direct
Restricted Stock Units	$		Humana Common (2355)	2355	Direct
Restricted Stock Units	$		Humana Common (2820)	2820	Direct
Restricted Stock Units	$		Humana Common (1544)	1544	Direct
Phantom Stock Units	$		Humana Common (1)	357	Indirect

Footnotes

F1: Shares held for the benefit of reporting person as of July 31, 2013 under the Humana Retirement & Savings Plan including routine payroll deductions, quarterly dividend allocation, and a routine disposition of shares to fund an administrative fee assessment under a Tax-Conditioned Plan, 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: Incentive and Non-Qualified stock options granted to reporting person on 02/20/13, vesting in three increments from 02/20/14 to 02/20/16.

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

F6: Right to receive one share per restricted stock unit pursuant to the Company's 2011 Stock Incentive Plan.

F7: 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).

F8: Restricted stock units granted to reporting person on 5/05/11, 100% of the award is vesting on 5/05/14.

F9: Restricted stock units granted to reporting person on 2/23/12, 100% of the award is vesting on 2/23/15.

F10: Restricted stock units granted to reporting person on 2/20/13, 100% of the award is vesting on 2/20/16.

F11: Phantom Stock Units held for the benefit of reporting person as of July 31, 2013 based on the value of Humana common stock on a 1-for-1 basis, under the Humana Retirement Equalization Plan. The ending number of units reflects normal fluctation due to changes in stock price.

F12: Sold at prices ranging from $93.42 to $93.50.

F13: Sold at prices ranging from $93.2440 to $93.3150