Renaudin George II 4

What Happened
George Renaudin II, President, Insurance at Humana Inc., reported an "other acquisition" (transaction code J) on 2026-03-31 of 25 derivative units at $173.39 each, totaling $4,335. This was not an open-market stock purchase but an acquisition of phantom stock units credited under Humana’s retirement/equalization plan.

Key Details

• Transaction date: 2026-03-31; Form 4 filed: 2026-04-02 (timely).
• Security: Derivative phantom stock units; 25 units acquired at $173.39 each (total ~$4,335).
• Shares owned after transaction: Not specified in the provided filing.
• Notable footnotes:
  • F5: Units are Phantom Stock Units under the Humana Retirement Equalization Plan, credited once annually and reported with code "J"; units track Humana common stock 1-for-1.
  • F4: Filing also lists 9,059 restricted stock units (contingent rights to shares), exempt under Rule 16b-3.
  • F2/F3: Reporting person holds stock options with multi-year vesting schedules (grants 02/24/2023 and 02/21/2024).
• Transaction type: Derivative acquisition (plan contribution), not a market purchase — often routine.

Context
Phantom stock units are bookkeeping credits that mirror share value (typically settle in cash or stock per plan) and are commonly used in retirement/equalization plans; such plan credits are routine and do not necessarily signal the insider’s market view. This report reflects a plan contribution/accrual rather than an exercise-and-sell or an open-market trade.