Document:

Form of Nonqualified Stock Option Agreement

 Exhibit 10.36 
 FORM OF 
 NONQUALIFIED STOCK OPTION AGREEMENT 

FOR NON-EMPLOYEE DIRECTORS 
 UNDER THE HEALTH NET, INC. 
 2006 LONG-TERM INCENTIVE PLAN,

 AS AMENDED 
 This agreement (the “Option Agreement”) is made as of [DATE] (the “Grant Date”), between Health Net, Inc., a Delaware corporation (the “Company”), and [NAME], a
non-employee director of the Company (the “Optionee”). 
 Pursuant to the Health Net, Inc. 2006 Long-Term Incentive
Plan, as amended (the “Plan”), the Optionee is to be granted, on the terms and conditions set forth herein, a nonqualified stock option (the “Option”) to purchase shares of Common Stock of the Company, par value $.001 per share
(the “Common Stock”). 
 1. Number of Shares and Option Price. The Option is to purchase [NUMBER OF
SHARES] shares of Common Stock (the “Option Shares”) at a price of [GRANT PRICE] per share (the “Option Price”), which is equal to the Fair Market Value (as defined in the Plan) of an Option Share as of the Grant Date.

 2. Exercise of Option. The Option shall become exercisable on the date that is one year after the Grant Date to the
extent of 33 1/3 % of the Option Shares covered by the Option, and shall become exercisable on each subsequent anniversary of the Grant Date to the extent of an additional 33 1/3 % of the Option Shares covered by the Option until the
Option becomes fully exercisable. The Option may be exercised only to purchase whole shares, and in no case may a fraction of a share be purchased. 
 3. Term of Option and Termination of Service. 
 (a) General Term. The
term of the Option and this Option Agreement shall commence on the date hereof. The right of the Optionee to exercise the Option with respect to any Option Shares, to purchase any such Option Shares and all other rights of the Optionee with respect
to any such Option Shares shall terminate on the seventh anniversary of the Grant Date, unless the Option has been earlier terminated as provided in paragraphs (b) through (e) below, or under the Plan. 

(b) Death of the Optionee. If the Optionee shall die prior to the exercise of the Option, then: 

(i) if the Optionee dies while serving as a member of the board of directors of the Company (a “Director”), then
the Option (subject to clause (g) below) may be exercised by the legatee(s) or personal representative of the Optionee at any time within one year after the Optionee’s death; 

(ii) if the Optionee’s service as a Director was terminated due to Permanent and Total Disability (as defined in
Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, or any successor thereto) (hereinafter, “Permanent and Total 

 
Disability”) and the Optionee dies within one year after termination of service, then the Option (subject to clause (g) below) may be exercised by the legatee(s) or personal
representative of the Optionee at any time during the remainder of the period during which the Optionee would have been able to exercise the Option had the Optionee not died; and 

(iii) if the Optionee dies within three months after termination of service as a Director and clause (ii) is not
applicable, then the Option (subject to clause (g) below) may be exercised by the legatee(s) or personal representative of the Optionee at any time within one year after the Optionee’s death. 

(c) Permanent and Total Disability. If the Optionee’s service as a Director shall terminate prior to the exercise of the
Option as a result of Permanent and Total Disability, then the Option (subject to clause (g) below) may be exercised by the Optionee (or his or her personal representative) at any time within one year after such termination of service as a
Director. 
 (d) Removal by Stockholders for Cause. If the Optionee shall be removed from the board of directors of the
Company by the Company’s stockholders prior to the exercise of the Option for cause (for these purposes, if such termination occurs within 12 months after a Change in Control, as defined in Section 8.9 of the Plan, removal for cause shall
only mean a felony conviction for fraud, misappropriation or embezzlement), then upon such removal the Option shall immediately terminate. 
 (e) Removal by Stockholders Without Cause and Expiration of Term of Office. If prior to the exercise of the Option, the Optionee’s service as a Director shall be terminated as a result of
expiration of the Director’s term of office without an accompanying renomination or reelection of such Director, then the Option (subject to clause (g) below) shall become exercisable at the time of such termination and may be exercised at
any time within three months after the Optionee’s termination of service as a Director. If prior to the exercise of the Option, the Optionee’s service as a Director shall be terminated as a result of (i) removal by the Company’s
stockholders without cause or (ii) the tendering of the Optionee’s resignation as a Director upon expiration of his or her term of office, then the Option (subject to clause (g) below) may be exercised at any time within three months
after the Optionee’s termination of service as a Director. 
 (f) Termination for Other Reason. If prior to the
exercise of the Option, the Optionee’s service as a Director shall be terminated for any reason other than as set forth in subsections (b) through (e) above, including as a result of the tendering of the Optionee’s resignation as
a Director during his or her then current term of office, then the Option (subject to clause (g) below) held by the Optionee may be exercised at any time within one month after the Optionee’s termination of service as a Director.

 (g) Post-Termination Exercisability. Notwithstanding any other provision of this Section 3 to the contrary,
following termination of Optionee’s service as a Director for any reason: (i) the Option shall be exercisable during any of the post-termination periods described in subparagraphs (b) through (f) of this Section 3 if and
only to the extent the Option was exercisable (i.e., vested) at the time of such termination and (2) no portion of the Option shall be exercisable following the seventh anniversary of the Grant Date. 

 (h) Service on Subsidiary Board. Notwithstanding anything to the contrary set forth
herein, if upon an Optionee’s termination of service as a Director, such Optionee becomes a member of a board of directors of a subsidiary of the Company, then such Optionee’s service shall not be treated as having terminated hereunder
until such Optionee’s termination of service as member of the board of directors of such subsidiary. 
 4. Notices.
Any notice required or permitted under the Plan shall be deemed given when delivered personally, transmitted electronically by facsimile or email, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the
Optionee either at the last known address set forth in the records of the Company or such other address as the Optionee may designate in writing to the Company. 
 5. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Option Agreement or the Plan shall in no way be construed to be a waiver of such
provision or of any other provision hereof or thereof. 
 6. Incorporation of Plan; Entire Agreement. The Plan is hereby
incorporated by reference and made a part hereof, and the Option and this Option Agreement are subject to all terms and conditions of the Plan. This Option Agreement and the Plan, taken together, constitute the entire agreement between the parties
relating to or effecting the Option, and no promises, terms, conditions or obligations other than those contained in this Option Agreement or the Plan shall be valid or binding. Any prior agreements, statements or promises, either oral or written,
made by any party or agent of any party relating to or effecting the Option that are not contained in the Option Agreement or the Plan are of no force or effect. 
 7. Rights of Stockholder. The Optionee shall have no rights as a stockholder with respect to any Option Shares unless and until certificates of shares of Common Stock are issued to the Optionee or
such shares of Common Stock are issued in uncertificated form and recorded in the name of the Optionee in the books and records of the Company or its agent. 
 8. Change of Control. The Option shall become immediately fully vested and exercisable upon the occurrence of a Change in Control, as such term is defined in the Plan. 

9. Rights of Removal. Nothing in the Plan or in this Option Agreement shall confer upon the Optionee the right to continue as a
director of the Company or affect any right which the stockholders of the Company may have to remove the Optionee as a director of the Company. 
 10. Amendment. This Option Agreement may be amended or modified at any time by the Board (or its designee); provided, however, that the amendment or modification of this Option Agreement shall not,
without the consent of the Optionee, adversely affect the rights of the Optionee under this Option Agreement. The Plan may be terminated or amended pursuant to its terms at any time; provided, however, that the termination or any modification or
amendment of the Plan shall not, without the consent of the Optionee, impair the rights of the Optionee under this Option Agreement. 

 11. Compliance with Applicable Law. The Option is subject to the condition that if
the listing, registration or qualification of the shares subject to the Option upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action, is necessary or desirable as a
condition of, or in connection with, the purchase or delivery of shares hereunder, the Option may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained, free
of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent or approval. 

12. Tax Payments. The Optionee shall be responsible for all the taxes associated with an exercise of the Option and subsequent
sale of the Option Shares. No taxes on the income from the exercise of the Option and sale of the Option Shares will be deducted or withheld by the Company. In compliance with the Internal Revenue Code, the Company will issue a Form 1099-Misc during
January of each year to report all non-employee compensation earned during the preceding calendar year, including income from the exercise of the Option and sale of the Option Shares. This Form 1099-Misc can be used to calculate the applicable
federal and state income taxes. 
 13. Failure to Execute Agreement. This Option Agreement and the
Option granted hereunder are subject to the Optionee returning a counter-signed copy of this Option Agreement to the designated representative of the Company on or before the 75th day after the Grant Date (except as otherwise determined by the Compensation Committee of the Board or a subcommittee
thereof in its sole discretion). In the event that the Optionee fails to so return a counter-signed copy of this Option Agreement within such period, then this Option Agreement and the Option granted hereunder shall automatically become null and
void and shall have no further force or effect. Electronic acceptance of this Option Agreement shall constitute an execution of the Option Agreement by the Optionee and a return of the counter-signed copy to the Company for purposes of this
Section 13. 
 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 hereby accepts and agrees to all the terms and provisions of the foregoing Option Agreement and to all the terms and provisions of the Health Net, Inc.
2006 Long-Term Incentive Plan, as amended, and as herein incorporated by reference.
	
	                           
                                         
   Optionee
	Signature of OptioneeForm of Restricted Stock Unit Agreement

 Exhibit 10.44 
 FORM 
 RESTRICTED STOCK UNIT AGREEMENT 

FOR NON-EMPLOYEE DIRECTORS 
 UNDER THE 2006 LONG-TERM INCENTIVE PLAN, AS AMENDED 
 This Restricted Stock
Unit Agreement (the “Restricted Stock Unit Agreement”) is made and entered into as of [DATE] (the “Date of Grant”), by and between Health Net, Inc., a Delaware corporation (the “Company”),
and [NAME], a non-employee director of the Company (the “Recipient”). 
 WHEREAS, the Board of Directors
of the Company (the “Board”) has approved the grant (the “Grant”) of Restricted Stock Units, as hereinafter defined, to the Recipient as set forth below under the Company’s 2006 Long-Term Incentive Plan, as
amended from time to time (the “Plan”). Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. 
 NOW, THEREFORE, in consideration of the covenants and agreements herein contained and intending to be legally bound hereby, the parties agree as follows: 

1. Grant of Restricted Stock Units. The Company hereby grants to the Recipient [NUMBER] restricted stock units (the
“Restricted Stock Units”), each such Restricted Stock Unit representing the right to receive, upon vesting, one (1) share of the Common Stock, par value $0.001 per share (the “Common Stock”) of the Company,
subject to all of the terms and conditions of this Restricted Stock Unit Agreement. 
 2. Vesting; Lapse of Restrictions.
Except as otherwise provided in Sections 3 and 10 of this Restricted Stock Unit Agreement, the Restricted Stock Units shall vest and become nonforfeitable in cumulative installments beginning on the first anniversary of the Grant Date to the
extent of 33 1/3% of the Restricted Stock Units, and on each subsequent anniversary of the Grant Date to the extent of an additional 33 1/3% of the Restricted Stock Units, until the Grant has fully vested with respect to all of the Restricted Stock
Units (each, a “Vesting Date” and collectively, the “Vesting Dates”). 
 3. Termination of
Service. 
 (a) Except as otherwise set forth in Section 10, if prior to a Vesting Date, the Recipient’s service
with the Company is terminated for any reason (a “Termination Event”), then all of the unvested Restricted Stock Units shall be immediately forfeited at such time. 

(b) Service on Subsidiary Board. Notwithstanding anything to the contrary set forth herein, if upon Recipient’s termination
of service as a director of the Board, such Recipient becomes a member of a board of directors of a subsidiary of the Company, then such Recipient’s service shall not be treated as having terminated hereunder until such Recipient’s
termination of service as a member of the board of directors of such subsidiary. 

 4. Distribution of Common Stock. 

(a) Subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement, and subject to Sections 10 and 18 hereof, the
shares of Common Stock underlying the Recipient’s vested Restricted Stock Units shall be distributed to the Recipient (or in the event of the Recipient’s death, to his or her estate) upon the Distribution Date (as defined below).

 (b) [Alternative 1 – no deferral election: Each Vesting Date shall be referred to as a
“Distribution Date.”] 
 [Alternative 2 – with deferral election: The total number of vested
Restricted Stock Units shall be distributable upon the earliest date to occur, as follows (such date, the “Distribution Date”): (1) the date of the Recipient’s “separation from service,” as defined in Treasury
Regulation Section 1.409A-1(h); (2) a Change in Control, provided that such Change in Control constitutes a “change in the ownership or effective control of a corporation,” as defined in Treasury Regulation
Section 1.409A-3(i)(5), with respect to Health Net, Inc.[; or (3)             insert date certain if elected by Recipient]. 

(c) Subject to Sections 10 and 18 hereof, the shares of Common Stock underlying the Recipient’s vested Restricted Stock Units to be
distributed under this Section 4 shall be distributed in a lump sum not later than ten (10) business days following the Distribution Date. 
 (d) All distributions shall be made by the Company in the form of whole shares of Common Stock (and cash in an amount equal to the value of any fractional Restricted Stock Unit, determined based on the
Fair Market Value as of the Distribution Date). Shares that have become distributable may be evidenced by stock certificates, at the request of the Recipient, which certificates shall be registered in the name of the Recipient and delivered to
Recipient within ten (10) business days of such request. Upon each Distribution Date, the Recipient shall pay to the Company the par value for each share of Common Stock delivered pursuant to this Restricted Stock Unit Agreement in such
consideration as determined by the Board or Committee in its sole discretion. 
 5. No Rights as a Stockholder. The
Recipient shall not be entitled to dividends, if any, that are paid with respect to the shares of Common Stock unless and until the Restricted Stock Units have been issued and distributed to the Recipient. Recipient shall also not have the right to
vote any shares subject to the Restricted Stock Units unless and until the Restricted Stock Units shall have been issued and distributed to the Recipient. 
 6. Notices. Any notice or communication given hereunder shall be in writing and shall be given electronically (e.g., email), or by fax or first class mail, certified or registered with
return receipt requested, and shall be deemed to have been duly given three (3) days after mailing or twenty-four (24) hours after transmission of an email or a fax to the following addresses: 

			
	To the Recipient at:	    	Address on record at Health Net, Inc. as of the date
		    	any notice is to be delivered.
		
	To the Company at:	    	Health Net, Inc.
		    	21650 Oxnard Street
		    	Woodland Hills, California 91367
		    	Attention: General Counsel

 or to such other address as any party may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 
 7. Securities Laws Requirements. The Company shall
not be obligated to transfer any shares of Common Stock from the Recipient to another party, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended from time to time (the “Securities
Act”) (or any other federal or state statutes having similar requirements as may be in effect at that time). Further, the Company may require as a condition of transfer of any shares to the Recipient that the Recipient furnish a written
representation that he or she is holding the shares for investment and not with a view to resale or distribution to the public. The Company either has or will file an appropriate Registration Statement on Form S-8 (or other applicable form), and has
taken or will take such actions as necessary to keep the information therein current from time to time, in order to register the Common Stock under the Securities Act and shall use its commercially reasonable efforts to cause such Registration
Statement to become effective and to maintain the effectiveness of such registration. 
 8. Protections Against Violations of
Restricted Stock Unit Agreement. This Restricted Stock Unit Agreement is not transferable, other than by will or pursuant to the laws of descent and distribution. 
 9. Taxes. The Recipient understands that he or she (and not the Company) shall be responsible for any tax obligation that may arise as a result of the transactions contemplated by this Restricted
Stock Unit Agreement. No taxes on the income from the distribution of the Restricted Stock Units will be deducted or withheld by the Company. In compliance with the Internal Revenue Code, the Company will issue a Form 1099-MISC during January of
each year to report all non-employee compensation earned during the preceding calendar year, including with respect to the distribution of any Restricted Stock Units. This Form 1099-MISC can be used to calculate the applicable federal and state
income taxes. 
 10. Change of Control. Notwithstanding the provisions of Section 3 hereof, in the event that there
shall occur a Change in Control, each Restricted Stock Unit shall become fully vested and nonforfeitable upon such Change in Control and the date of such vesting shall be deemed to be the Vesting Date hereunder. The vested Restricted Stock Units
shall be distributed on or within ten (10) business days following the consummation of the Change in Control; provided, that such Change in Control constitutes a “change in the ownership or effective control of a corporation,” as
defined in Treasury Regulation Section 1.409A-3(i)(5), with respect to Health Net, Inc. 
 11. Failure to Enforce Not a
Waiver. The failure of the Company to enforce at any time any provision of this Restricted Stock Unit Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 

 12. Governing Law. This Restricted Stock Unit Agreement shall be governed by and
construed according to the laws of the State of Delaware without regard to its principles of conflict of laws. 
 13.
Amendments. This Restricted Stock Unit Agreement may be amended or modified at any time by the Board (or its designee); provided, however, that the amendment or modification of this Restricted Stock Unit Agreement shall not, without the
consent of the Recipient, adversely affect the rights of the Recipient under this Restricted Stock Unit Agreement. The Board may terminate or amend the Plan at any time; provided, however, that the termination or any modification or amendment of the
Plan shall not, without the consent of the Recipient, impair the rights of the Recipient under this Restricted Stock Unit Agreement. 
 14. Survival of Terms. This Restricted Stock Unit Agreement shall apply to and bind the Recipient and the Company and their respective permitted assignees and transferees, heirs, legatees,
executors, administrators and legal successors. 
 15. Agreement Not a Contract for Services; Rights of Removal. Neither
the grant of the Restricted Stock Units, this Restricted Stock Unit Agreement nor any other action taken pursuant to this Restricted Stock Unit Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the
Recipient has a right to provide or continue to provide services as an officer, director, employee or consultant of the Company for any period of time or at any specific rate of compensation. Nothing in the Plan or in this Restricted Stock Unit
Agreement shall confer upon the Recipient the right to continue in the service of the Company or affect any right which the stockholders of the Company may have to terminate the service of the Recipient. The Recipient acknowledges that upon his or
her termination of service with the Company for any reason, all Restricted Stock Units not yet vested shall be immediately forfeited at such time (other than as set forth in Sections 3 and 10). 

16. Decisions of Board. The Board shall have the right to resolve all questions which may arise in connection with the Restricted
Stock Units. Any interpretation, determination or other action made or taken by the Board regarding the Restricted Stock Units, the Plan or this Restricted Stock Unit Agreement shall be final, binding and conclusive. 

17. Failure to Execute Agreement. This Restricted Stock Unit Agreement and the Restricted Stock Units granted
hereunder are subject to the Recipient returning a counter-signed copy of this Restricted Stock Unit Agreement to the designated representative of the Company on or before the 75th day after the Date of Grant (except as otherwise determined by the Compensation Committee of the Board or a
subcommittee thereof in its sole discretion). In the event that the Recipient fails to so return a counter-signed copy of this Agreement within such period, then this Restricted Stock Unit Agreement and the Restricted Stock Units granted hereunder
shall automatically become null and void and shall have no further force or effect. Electronic acceptance of this Restricted Stock Unit Agreement shall constitute an execution of the Restricted Stock Unit Agreement by the Recipient and a return of
the counter-signed copy to the Company for purposes of this Section 17. 
 18. Code Section 409A.
Notwithstanding anything to the contrary in this Restricted Stock Unit Agreement, to the extent the Restricted Stock Units are intended to provide for any deferral of compensation subject to Code Section 409A, such Restricted Stock Units are

 
intended to satisfy, and shall be interpreted and administered in accordance with, the requirements of Code Section 409A and any Treasury Regulations and other guidance issued thereunder.
Furthermore, if the Recipient is a “specified employee” (as defined under the Health Net, Inc. Specified Employee Policy, or, in the absence of such policy, within the meaning of Code Section 409A) with respect to the Company at the
time of a “separation from service” and the Restricted Stock Units are subject to Code Section 409A and become distributable as a consequence of such “separation from service,” then the delivery of Common Stock in respect of
such Restricted Stock Units shall be delayed until the earliest date upon which such Common Stock may be delivered to Recipient without being subject to taxation under Code Section 409A. 

[signature page follows] 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Stock
Unit Agreement on the day and year first above written. 
  

	
	Health Net, Inc.
	
	  

	Name:
	Title:
	
	The undersigned hereby accepts and agrees to all of the terms and provisions of the foregoing Restricted Stock Unit Agreement and to all of the terms and conditions of the Health
Net, Inc. 2006 Long-Term Incentive Plan, as amended, herein incorporated by reference.
	
	  

	Signature of Recipient

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