force or effect.
IN WITNESS WHEREOF, the parties hereto have executed this Option
Agreement as of the date and year set forth above.
Health Net, Inc.
By:
Name:
Title:
THE UNDERSIGNED OPTIONEE HEREBY EXPRESSLY ACKNOWLEDGES AND AGREES THAT
(I) HE/SHE IS AN EMPLOYEE AT WILL AND MAY BE TERMINATED BY THE EMPLOYER AT ANY
TIME, WITH OR WITHOUT CAUSE, (II) THE OPTION MAY NOT BE EXERCISED WITH RESPECT
TO ANY OPTION SHARES THAT ARE NOT VESTED ON THE DATE OF ANY SUCH TERMINATION AND
(III) THE OPTION MAY BE EXERCISED WITH RESPECT TO OPTION SHARES THAT ARE VESTED
ON THE DATE OF ANY SUCH TERMINATION ONLY TO THE EXTENT EXPRESSLY PROVIDED IN
THIS AGREEMENT.
The undersigned hereby accepts and agrees to all the terms and provisions of the
foregoing Option Agreement and to all the terms and provisions of the [INSERT
NAME OF STOCK OPTION PLAN] incorporated by reference herein.
Signature of Optionee
5
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FORM OF HEALTH NET, INC. NONQUALIFIED STOCK OPTION AGREEMENT FOR TIER 2 OFFICERS