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EXHIBIT 10.3

SECOND AMENDMENT TO STOCK PURCHASE AGREEMENT

    THIS SECOND AMENDMENT TO STOCK PURCHASE AGREEMENT ("Amendment") is entered
into as of this 8th day of February, 2001, by and between Health Net, Inc., a
Delaware corporation ("Seller"), and Florida Health Plan Holdings II, L.L.C., a
Florida limited liability company ("Purchaser").

RECITALS

    WHEREAS, Seller and Purchaser entered into that certain Stock Purchase
Agreement dated January 19, 2001 (the "Agreement") concerning the sale of all of
the outstanding shares of capital stock of Foundation Health, A Florida Health
Plan, Inc., a Florida corporation (the "Company")(capitalized terms used but not
defined in this Amendment shall have the meanings given to them in the
Agreement);

    WHEREAS, Seller and Purchaser amended the Agreement by that certain
amendment dated as of February 2, 2001; and

    WHEREAS, Seller and Purchaser desire to further modify certain terms of the
Agreement on the terms set forth hereinbelow.

    NOW, THEREFORE, in consideration of the foregoing and of the mutual
obligations, promises and covenants herein contained, the receipt and adequacy
of which is hereby acknowledged by each of the parties hereto, it is hereby
agreed as follows:

    1.  Recitals. The foregoing recitals are true and correct and made a part
hereof.

    2.  Financing. The second sentence of Section 3.8 of the Agreement is hereby
amended by deleting "Within fourteen (14) business days of the execution of this
Agreement by Purchaser," and inserting in lieu thereof "Prior to 5:00 P.M.
Eastern Standard Time on February 9, 2001."

    3.  Miscellaneous. This Amendment is a part of the Agreement; provided,
however, that in the event that there are any inconsistencies between the terms
and provisions of this Amendment and the remaining portions of the Agreement,
the terms and provisions of this Amendment shall govern, control and prevail. In
all other respects, the Agreement shall be unchanged and shall remain in full
force and effect. The captions appearing in this Amendment are for convenience
only and no way define, limit, construe or describe the scope or intent of any
section or paragraph. This Amendment shall not be construed more or less
favorably with respect to either party as a consequence of the Amendment or
various provisions hereof have been drafted by one of the parties hereto. This
Amendment may be executed simultaneously in two (2) or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. A facsimile copy of this Amendment and any
signatures thereon shall be considered for all purposes as originals.

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    IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first above written.

 
   
   
   
   
            SELLER: WITNESSES:                             Health Net, Inc., a
Delaware corporation /s/ ERIC G. GROEN   

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Print Name: Eric G. Groen      
By: /s/ MICHAEL E. JANSEN   

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Print Name: Michael E. Jansen
Title: Vice President, Asst. General Counsel and Asst. Secretary /s/ DOROTHY
TUCKER   

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Print Name: Dorothy Tucker                         PURCHASER:            
Florida Health Plan Holdings II, L.L.C., a Florida limited liability company
/s/ MITZI F. MEYERS   

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Print Name: Mitzi F. Meyers      
By: /s/ STEVEN M. SCOTT, M.D.   

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Print Name: Steven M. Scott, M.D.
Title: Manager /s/ NANCY F. LOCKLEAR   

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Print Name: Nancy F. Locklear            

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EXHIBIT 10.3
SECOND AMENDMENT TO STOCK PURCHASE AGREEMENT