UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Zacharias, Tod J.
Employers Health Insurance Company
1100 Employers Boulevard
Green Bay,, WI 54344
USA
2. Date of Event Requiring Statement (Month/Day/Year)
December 30, 1996
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Issuer Name and Ticker or Trading Symbol
Humana Inc.
HUM
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President-Employers Health Ins. Co.
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
Common (1) |1,000 |D | |
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Common (1) |2,767.5734 |I |HRSP(2) |
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Option(4) |11/16/97 |11/16/05 |Common(1) |6,250 |22.625 |D | |
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Option(4) |11/16/98 |11/16/05 |Common(1) |6,250 |22.625 |D | |
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Option(4) |11/16/99 |11/16/05 |Common(1) |6,250 |22.625 |D | |
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Option(4) |11/16/00 |11/16/05 |Common(1) |6,250 |22.625 |D | |
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Option(5) |08/12/97 |08/12/06 |Common(1) |20,000 |19.1875 |D | |
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Option(5) |08/12/98 |08/12/06 |Common(1) |20,000 |19.1875 |D | |
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Option(5) |08/12/99 |08/12/06 |Common(1) |20,000 |19.1875 |D | |
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Phanton Stock Units(3) |(3) |(3) |Common(1) |0 |1-for-1 |D | |
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Explanation of Responses:
(1) Each share of Common Stock contains a Right adopted on March 5, 1987, as
amended and restated on February
14, 1996, pursuant to the Company Rights Agreement, which entitles holders of
the Company's Common Stock, in the
event certain specified events occur, to acquire 1/100 of a share of Series A
Participating Preferred Stock at a price
of $145 per fractional
share.
(2) Shares held for my benefit as of November 30, 1996, under the Humana
Retirement and Savings Plan ("HRSP")
exempt under Rule
16b-3(c).
(3) Phantom stock units held for my benefit as of November 30,1996, under the
Humana Excess Plans exempt under
Rule
16b-3(d).
(4) Right to buy pursuant to the Company's 1989 Stock Option Plan for
Employees
(5) Right to buy pursuant to the Company's 1996 Stock Incentive
Plan
