Document:

EX-10.1

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as
of November 6, 2012 (the “Effective Date”), by and between Health Net, Inc., a Delaware
corporation (the “Company”), with its principal place of business located at 21650 Oxnard Street,
Woodland Hills, California 91367, and Steve Tough (“Executive”). This Agreement amends and
restates the Prior Agreement (as defined below) in its entirety.

RECITALS

WHEREAS, the Company and Executive are parties to the Amended and Restated Employment
Agreement, dated February 17, 2009, as may be amended from time (the “Prior Agreement”); and

WHEREAS, the Company and Executive desire to amend and restate the Prior Agreement to reflect
Executive’s expanded role with the Company and certain other updates and changes.

NOW, THEREFORE, in consideration of the following covenants, conditions and promises contained
herein, and other good and valuable consideration, the Company and Executive hereby agree as
follows:

1. Duties and Salary.

A. Duties. Executive’s title is President, Government Programs, but may be changed at
the discretion of the Company to a title that reflects a similarly situated senior executive
position. Executive shall report directly to Jim Woys, Executive Vice President and Chief
Operating Officer of the Company, but Executive’s reporting relationship may be changed from time
to time at the discretion of the Company. Executive’s responsibilities are to provide strategic
direction and leadership to, and promote revenue growth and profitability of, the Company’s
government business under the Government Programs Division, including Health Net Federal Services
(HNFS), MHN Government Services, Government Administrative Programs, Medicare and Medicaid Business
Units and the Dual Eligible Program. In connection with the foregoing responsibilities,
Executive’s duties shall include, but shall not be limited to, the establishment and execution of
strategic direction in matters of program management, financial performance, sales, marketing,
business development, operations, compliance and organization effectiveness. The Company reserves
the right to assign Executive other duties as needed and to change Executive’s duties from time to
time on reasonable notice, based on Executive’s skills and the needs of the Company. In the event
that Executive performs any such additional duties, Executive shall not be entitled to an increase
in compensation beyond that specified in this Agreement.

B. Salary. Executive will be paid a base salary at the annual rate of $546,363, which
salary will be paid on a pro-rated bi-weekly basis, less applicable withholdings (“Base Salary”),
covering all hours worked. Generally, Executive’s Base Salary will be reviewed annually, but the
Company reserves the right to change Executive’s compensation from time-to-time. Pursuant to the
charter of the Compensation Committee of the Company’s Board of Directors (the “Committee”), any
adjustment to Executive’s compensation must be made with the approval of the Committee and, in the
event that Executive constitutes one of the top two (2) highest paid executive officers of the
Company, with the ratification of the Company’s Board of Directors.

C. Disclosure of Personal Compensation Information. As an “executive officer” of the
Company (as such term is defined in the rules and regulations of the Securities and Exchange
Commission (“SEC”)), information regarding Executive’s employment arrangements with the Company,
including, among other things, the terms of this Agreement and any stock option agreement,
restricted stock agreement, restricted stock unit agreement, performance share agreement and/or
severance agreement Executive enters into with the Company from time to time (collectively,
“Personal Compensation Information”), may be disclosed in filings with the SEC, the New York Stock
Exchange (“NYSE”) and/or other regulatory organizations upon the occurrence of certain triggering
events. Such triggering events include, but are not limited to, the execution of this Agreement
and any amendments thereto, changes in Executive’s Base Salary, any annual incentive payment
(whether in the form of cash or equity) awarded to Executive (in the past or after the date
hereof), and the establishment of performance goals under the Company’s incentive plans.
Executive’s execution of this Agreement will serve as Executive’s acknowledgement that Executive’s
Personal Compensation Information may be publicly disclosed from time to time in filings with the
SEC, NYSE or otherwise as required by applicable law.

2. Adjustments and Changes in Employment Status. Executive understands that the
Company reserves the right to make personnel decisions regarding Executive’s employment, including,
but not limited to, decisions regarding any promotion, salary adjustment, transfer or disciplinary
action, up to and including Termination (as defined below), consistent with the needs of the
business of the Company.

For purposes of this Agreement, the capitalized terms “Termination” and “Terminate,” shall
mean Executive’s Separation from Service (as defined below) from the Company. A “Separation from
Service” with respect to Executive shall mean a “separation from service,” as defined in Treasury
Regulation Section 1.409A-1(h) or any regulation that supersedes such regulation.

3. Protection of Proprietary and Confidential Information. Executive agrees that
Executive’s employment creates a relationship of confidence and trust with the Company with respect
to Proprietary and Confidential Information (as defined below) of the Company learned by Executive
during Executive’s employment.

A. Executive agrees not to directly or indirectly use or disclose any of the Proprietary and
Confidential Information of the Company or any of its affiliates at any time except in connection
with the services Executive provides to such entities. “Proprietary and Confidential Information”
shall mean trade secrets, confidential knowledge, data or any other proprietary or confidential
information of the Company or any of its affiliates, or of any customers, members, employees or
directors of any of such entities, but shall not include any information that (i) was publicly
known and made generally available in the public domain prior to the time of disclosure to
Executive by the Company or (ii) becomes publicly known and made generally available after
disclosure to Executive by the Company other than as a result of a disclosure by Executive in
violation of this Agreement. By way of illustration but not limitation, “Proprietary and
Confidential Information” includes: (i) trade secrets, documents, memoranda, reports, files,
correspondence, lists and other written and graphic records affecting or relating to any such
entity’s business; (ii) confidential marketing information including without limitation marketing
strategies, customer and client names and requirements, services, prices, margins and costs; (iii)
confidential financial information; (iv) personnel information (including without limitation
employee compensation); and (v) other confidential business information.

B. Executive further agrees that at all times during Executive’s employment and thereafter,
Executive will keep in confidence and trust all Proprietary and Confidential Information, and that
Executive will not use or disclose any Proprietary and Confidential Information or anything related
to such information without the written consent of the Company, except as may be necessary in the
ordinary course of performing Executive’s duties to the Company.

C. All Company property, including, but not limited to, Proprietary and Confidential
Information, documents, data, records, apparatus, equipment and other physical property, whether or
not pertaining to Proprietary and Confidential Information, provided to Executive by the Company or
any of its affiliates or produced by Executive or others in connection with Executive’s providing
services to the Company or any of its affiliates shall be and remain the sole property of the
Company or its affiliates (as the case may be) and shall be returned promptly to such appropriate
entity as and when requested by such entity. Executive shall return and deliver all such property
upon termination of Executive’s employment, and Executive may not take any such property or any
reproduction of such property upon such termination.

D. Executive recognizes that the Company and its affiliates have received and in the future
will receive information from third parties which is private, proprietary or confidential
information subject to a duty on such entity’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes. Executive agrees that during
Executive’s employment, and thereafter, Executive owes such entities and such third parties a duty
to hold all such private, proprietary or confidential information received from third parties in
the strictest confidence and not to disclose it, except as necessary in carrying out Executive’s
work for such entities consistent with such entities’ agreements with such third parties, and not
to use it for the benefit of anyone other than for such entities or such third parties consistent
with such entities’ agreements with such third parties.

E. Executive’s obligations under this Section 3 shall continue after the Termination of
Executive’s employment and any breach of this Section 3 shall be a material breach of this
Agreement.

4. Physical Exam. Executive shall be required, on an annual basis, to undergo a
physical examination and to send evidence that Executive has undergone such exam (but in no case
the results of such exam) to the Senior Vice President of Organization Effectiveness. The Company
shall reimburse Executive for any out-of-pocket expenses relating to the physical examination that
are not otherwise covered by Executive’s health insurance plan.

5. Representations and Warranties of Executive.

A. No Violation; No Conflicts. Executive represents and warrants to the Company that
the entering into of this Agreement and Executive’s performance of Executive’s duties hereunder,
will not violate any agreements with, or trade secrets of, any other person or entity. Executive
further represents and warrants that Executive does not have any relationship or commitment to any
other person or entity that might be in conflict with Executive’s obligations to the Company under
this Agreement, including but not limited to outside employment, sales broker relationships,
investments or business activities. Executive understands and agrees that while employed by the
Company Executive is expected to refrain from engaging in any outside activities that might be in
conflict with the business interests of the Company. In addition, Executive represents and
warrants to the Company that Executive has not shared with or disclosed to, and will not share with
or disclose to, the Company any proprietary or confidential information of Executive’s previous
employers or any other third party.

B. Legal Proceedings. Executive represents and warrants to the Company that Executive
has not been arrested, indicted, convicted or otherwise involved in any criminal or civil action or
legal matter that could affect Executive’s ability to perform Executive’s duties hereunder or that
may have a negative impact on the Company, its reputation or its operations. Executive agrees, to
the extent permitted by applicable law, to notify the Company’s Senior Vice President of
Organization Effectiveness immediately in the event that Executive becomes party to any criminal or
civil action or other legal matter in the future that could have an affect on the foregoing
representation.

6. Executive Benefits.

A. Employee Benefit Programs. Executive shall be eligible to participate in the
Company’s various employee benefit programs and plans in place from time to time in accordance with
their terms, as long as Executive remains employed by the Company and Executive meets the
applicable participation requirements. These benefit programs and plans currently include paid
time off (“PTO”), holidays, group medical, dental, vision, term life, and short and long term
disability insurance and participation in the Company’s 401(k) plan, tuition reimbursement plan and
deferred compensation plan. The Company or its subsidiaries or affiliates may modify, terminate or
amend any benefit or plan in its discretion, retroactively or prospectively, subject only to
applicable law.

B. Required Insurance. Executive will be covered by workers’ compensation insurance
and state disability insurance, as required by state law.

C. Fringe Benefits. Executive will be entitled to such fringe benefits and
perquisites as are provided by the Company from time to time, in accordance with the Company’s
policies, practices and procedures, and shall receive such additional fringe benefits and
perquisites as the Company may, in its discretion, from time-to-time provide. Without limiting the
generality of the foregoing, Executive will be entitled to be reimbursed up to the amount of $5,000
per year for documented costs incurred for personal financial counseling services provided to
Executive, including tax preparation, as long as Executive remains employed by the Company.

D. Incentive Bonus. Executive will be eligible to participate in the Health Net, Inc.
Executive Officer Incentive Plan (“EOIP”) in accordance with the terms of the EOIP, which provides
Executive with a target bonus for each plan year up to 80% of Executive’s Base Salary as additional
compensation according to the terms of the EOIP. The actual bonus payment will range from 0% to
200% of target depending upon the actual results achieved. It is understood that the Committee and
the Company will award bonus amounts, if any, as it deems appropriate consistent with the EOIP.

E. Expenses. Subject to and in accordance with the Company’s written policies for
business and travel expenses, Executive will receive reimbursement for all business travel and
other out-of-pocket expenses reasonably incurred by Executive in the performance of Executive’s
duties pursuant to this Agreement.

F. Insurance Coverage. Irrespective of whether Executive remains employed by the
Company, the Company will provide Executive and Executive’s dependents with health (medical, dental
and vision) insurance coverage, at no charge to Executive or Executive’s dependents, for the
remainder of Executive’s life, which coverage shall be no less beneficial to Executive and
Executive’s dependents than the coverage provided Executive by Foundation Health Corporation
(“FHC”) immediately prior to the 1997 merger of FHC and Health Systems International.

7. Equity Grants.

A. Future Equity Grants. Any future equity grants made to Executive will be granted
under one of the Company’s Long-Term Incentive Plans, and will be subject to the terms of such plan
and of the agreement executed in connection with such grant. Any future equity grants to
Executive will be made at the discretion of the Committee.

B. Company Stock Ownership Requirement. In accordance with the Executive Officer
Stock Ownership Policy adopted by the Board of Directors of the Company, as may be amended from
time to time (the “Executive Stock Ownership Policy”), Executive is currently required to own
“Qualifying Shareholdings” (as defined in the Executive Stock Ownership Policy) having a value of
one time (1x) Executive’s Base Salary in effect from time to time pursuant to this Agreement (the
“Stock Ownership Requirement”). The number of Qualifying Shareholdings Executive is required to
own will be calculated based on the average NYSE closing price per share of the Company’s Common
Stock (as adjusted for stock splits and similar changes to the Common Stock) for the most recently
completed fiscal year of the Company.

Using Executive’s current Base Salary of $546,363 and a stock price of $28.8425, which is the
average closing price per share of the Company’s Common Stock for the fiscal year ended December
31, 2011, Executive’s current Stock Ownership Requirement is 18,943 shares (“Target Amount”). The
Target Amount is subject to change from time to time based on (1) changes in the average closing
price per share of the Company’s Common Stock on an annual basis, (2) any changes in Executive’s
Base Salary made pursuant to and in accordance with Section 1B of this Agreement, and (3) any
changes under the terms of the Executive Stock Ownership Policy.

Under the Executive Stock Ownership Policy as currently in effect, to the extent that
Executive has not achieved the Stock Ownership Requirement, Executive must hold 75% of all “net
settled shares” received from the vesting, delivery or exercise of equity awards granted under the
Company’s equity award (including long-term incentive) plans. For purposes of the Executive Stock
Ownership Policy, “net settled shares” means those shares that remain after payment of (i) the
exercise price of stock options or purchase price of other awards and all applicable withholding
taxes, including shares sold or netted with respect thereto, and (ii) all applicable transaction
costs.

The Committee expects that Executive will make reasonable progress toward Executive’s Stock
Ownership Requirement. Executive will be notified on an annual basis of any changes in Executive’s
Target Amount.

8. Term of Employment. Executive’s employment with the Company is at the mutual
consent of Executive and the Company. Nothing in this Agreement is intended to guarantee
Executive’s continuing employment with the Company or employment for any specific length of time.
Accordingly, either Executive or the Company may terminate the employment relationship at any time
and for any reason whatsoever (or for no reason), subject to certain notice requirements, to the
extent applicable, as set forth herein. Upon Termination of Executive’s employment for any reason,
in addition to any other payments that may be payable to Executive hereunder, Executive (or
Executive’s beneficiaries or estate) shall be paid (in each case to the extent not theretofore
paid) within thirty (30) days following Executive’s date of Termination (or such shorter period
that may be required by applicable law): (a) Executive’s annual Base Salary through such
Termination date, (b) accrued but unused PTO, (c) reimbursable expenses incurred by Executive prior
to the Termination date and (d) amounts to which Executive may be entitled through such Termination
date under any other compensatory plan, arrangement or program payment in accordance with the terms
thereunder. This Agreement constitutes a final and fully binding integrated agreement with respect
to the at-will nature of the employment relationship.

9. Termination of Employment/Severance Pay.

A. Termination Without Cause. If Executive’s employment is Terminated by the Company
without “Cause” (as defined in Section 9(D) below) Executive will be entitled to receive, within
thirty (30) days following the Termination of Executive’s employment, provided that
Executive signs and delivers prior to the expiration of such (30) day period, and does not revoke
or attempt to revoke, a Waiver and Release of Claims substantially in the form attached hereto as
Exhibit A, as may be revised by the Company from time to time, which is incorporated into
this Agreement by reference, a lump sum cash payment equal to twelve (12) months of Executive’s
Base Salary in effect immediately prior to the date of Executive’s Termination.

B. Severance Policy. Executive shall be entitled to participate in the Company’s
Severance Policy, as amended from time to time, in accordance with the terms and conditions of the
Severance Policy. To the extent Executive’s participation in the Severance Policy results in any
duplicate, additional or inconsistent severance benefit when compared to the severance benefits
provided in this Agreement, Executive shall be entitled to the more favorable severance benefits.

C. Voluntary Termination. Notwithstanding anything to the contrary in this Agreement,
whether express or implied, Executive may at any time Terminate Executive’s employment for any
reason by giving the Company fourteen (14) days prior written notice of the effective date of
Termination. Except as provided in the Company’s Severance Policy, in the event that Executive
voluntarily Terminates employment with the Company, then Executive shall not be eligible to receive
any payments or continuation of Benefits set forth in this Section 9.

D. Termination by the Company for Cause. The Company may Terminate Executive’s
employment for “Cause” at any time with or without advance notice. In the event of such
Termination, Executive will not be eligible to receive any of the payments set forth in Section
9(A) above. For purposes of this Agreement, a Termination for “Cause” is defined as: (i) an act
of dishonesty causing harm to the Company or any of its affiliates, (ii) the material breach of
either the Company’s Code of Business Conduct and Ethics (the “Code of Conduct”) or any policy or
procedure developed and published by the Company regarding compliance or ethics related to the Code
of Conduct, (iii) habitual drunkenness or narcotic drug addiction, (iv) conviction of, or entry by
Executive of a guilty or no contest plea to, the commission of a felony or a misdemeanor involving
moral turpitude, (v) willful refusal to perform or gross neglect of the duties assigned to
Executive, (vi) the willful breach of any law that, directly or indirectly, affects the Company or
any of its affiliates, (vii) a material breach by Executive following a “Change in Control” (as
defined in the Company’s 2006 Long-Term Incentive Plan, as amended from time to time) of those
duties and responsibilities of Executive that do not differ in any material respect from
Executive’s duties and responsibilities during the 90-day period immediately prior to such Change
in Control (other than as a result of incapacity due to physical or mental illness) which is
demonstrably willful and deliberate on Executive’s part, which is committed in bad faith or without
reasonable belief that such breach is in the best interests of the Company or any of its affiliates
and which is not remedied in a reasonable period of time after receipt of written notice from the
Company specifying such breach, or (viii) breach of Executive’s obligations hereunder (or under any
Company policy) to protect the proprietary and confidential information of the Company or any of
its affiliates.

E. Termination Due to Death or Disability. In the event that Executive’s employment
is Terminated at any time due to Executive’s death or “Disability” (as defined below), Executive
(or Executive’s beneficiaries or estate) shall be entitled to receive, provided Executive (or
Executive’s beneficiaries or estate, as applicable) signs a Waiver and Release of Claims
substantially in the form attached hereto as Exhibit A, as may be revised by the Company
from time to time, which is incorporated into this Agreement by reference, (i) continuation of
Executive’s Benefits for a period of twelve (12) months from the date of Termination, and (ii) a
lump sum payment equal to twelve (12) Executive’s Base Salary in effect immediately prior to the
date of Executive’s Termination, to be paid within thirty (30) days following Executive’s
Termination of employment. For purposes of this Agreement, a Termination for “Disability” shall
mean a Termination of Executive’s employment due to Executive’s absence from Executive’s duties
with the Company on a full-time basis for at least 180 consecutive days as a result of Executive’s
incapacity due to physical or mental illness which is determined to be total and permanent by a
physician selected by the Company or its insurers.

10. Withholding. All payments required to be made by the Company hereunder to
Executive or Executive’s estate or beneficiaries shall be subject to the withholding of such
amounts relating to taxes as the Company may reasonably determine should be withheld pursuant to
any applicable law or regulation.

11.

Restrictive Covenants.

A. Non-Competition. Executive hereby agrees that, during (i) the six (6)-month period
following a Termination of Executive’s employment with the Company that entitles Executive to
receive severance benefits under this Agreement or a written agreement with or policy of the
Company or (ii) the twelve (12)-month period following a Termination of Executive’s employment with
the Company that does not entitle Executive to receive such severance benefits (the period referred
to in either clause (i) or (ii), the “Restricted Period”), Executive shall not undertake any
employment or activity (including, but not limited to, consulting services) with a Competitor (as
defined below) in any geographic area in which the Company or any of its affiliates operate (the
“Market Area”), where the loyal and complete fulfillment of the duties of the competitive
employment or activity would call upon Executive to reveal, to make judgments on or otherwise use
or disclose any confidential business information or trade secrets of the business of the Company
or any of its affiliates to which Executive had access during Executive’s employment with the
Company. For purposes of this Section, “Competitor” shall refer to any health maintenance
organization or insurance company that provides managed health care or related services similar to
those provided by the Company or any of its affiliates.

B. Non-Solicitation. In addition, Executive agrees that, during the applicable
Restricted Period following Termination of Executive’s employment with the Company, Executive shall
not, directly or indirectly, (i) solicit, interfere with, hire, offer to hire or induce any person,
who is or was an employee of the Company or any of its affiliates at the time of such solicitation,
interference, hiring, offering to hire or inducement, to discontinue his/her relationship with the
Company or any of its affiliates or to accept employment by, or enter into a business relationship
with, Executive or any other entity or person or (ii) solicit, interfere with or otherwise contact
any customer or client of the Company or any of its affiliates.

C. Modification of Restrictions. It is hereby further agreed that if any court of
competent jurisdiction shall determine that the restrictions imposed in this Section 11 are
unreasonable (including, but not limited to, the definition of Market Area or Competitor or the
time period during which this provision is applicable), the parties hereto hereby agree to any
restrictions that such court would find to be reasonable under the circumstances.

D. Injunction Rights. Executive also acknowledges that the services to be rendered by
Executive to the Company are of a special and unique character, which gives this Agreement a
peculiar value to the Company or any of its affiliates, the loss of which may not be reasonably or
adequately compensated for by damages in an action at law, and that a material breach or threatened
breach by Executive of any of the provisions contained in this Section 11 will cause the Company or
any of its affiliates irreparable injury. Executive therefore agrees that the Company may be
entitled, in addition to the remedies set forth above in this Section 11 and any other right or
remedy, to a temporary, preliminary and permanent injunction, without the necessity of proving the
inadequacy of monetary damages or the posting of any bond or security, enjoining or restraining
Executive from any such violation or threatened violations.

12. Successors; Binding Agreement.

A. Survival Following Merger, Consolidation or Asset Transfer. This Agreement shall
not be terminated by any merger or consolidation of the Company whereby the Company is or is not
the surviving or resulting corporation or as a result of any transfer of all or substantially all
of the assets of the Company. In the event of any such merger, consolidation or transfer of
assets, the provisions of this Agreement shall be binding upon the surviving or resulting
corporation or the person or entity to which such assets are transferred.

B. Survivor’s Assumption of Agreement. The Company agrees that concurrently with any
merger, consolidation or transfer of assets referred to in this Section 12, it will cause any
successor or transferee to unconditionally assume, by written instrument delivered to Executive (or
Executive’s beneficiary or estate), all of the obligations of the Company hereunder. Failure of
the Company to obtain such assumption prior to the effectiveness of any such merger, consolidation
or transfer of assets shall entitle Executive to compensation and other benefits from the Company
in the same amount and on the same terms as Executive would be entitled hereunder if Executive’s
employment were Terminated without Cause. For purposes of implementing the foregoing, the date on
which any such merger, consolidation or transfer becomes effective shall be deemed the date of
Termination.

C. Enforceability. This Agreement shall inure to the benefit of and be enforceable by
Executive’s personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If Executive shall die while any amounts would be payable to
Executive hereunder had Executive continued to live, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to such person or persons
appointed in writing by Executive to receive such amounts or, if no person is so appointed, to
Executive’s estate.

13. Section 409(A) of the Internal Revenue Code. It is the intention of the Company
and Executive that this Agreement not result in unfavorable tax consequences to Executive under
Section 409A of the Code, and the Treasury Regulations and Internal Revenue Service guidance
promulgated thereunder (“Section 409A”) and the Agreement shall be interpreted, construed and
administered as to so comply with, or be exempt from, Section 409A. Notwithstanding anything to
the contrary herein, the Company and Executive agree to the provisions set forth in this Section 13
in order to comply with, or be exempt from, the requirements of Section 409A.

A. If Executive is a “specified employee” (as determined under the Company’s Specified
Employee Policy as in effect from time to time, or, in the absence of such policy, within the
meaning of Section 409A) with respect to the Company, any non-exempt non-qualified deferred
compensation that is subject to Section 409A and otherwise payable to or in respect of Executive in
connection with Executive’s Separation from Service pursuant to this Agreement shall be delayed
until the earlier of (i) the expiration of six (6) months measured from the date of Executive’s
Separation from Service, or (ii) the date of Executive’s death. Any amount, the payment or benefit
of which is delayed by application of the preceding sentence, shall be paid as soon as possible
following the expiration of such period.

B. All incentive bonus payments described in Section 6(D) shall be paid to Executive, to the
extent earned, in no event later than the last day of the “applicable 2-1/2 month period”, as such
term is defined in Treasury Regulation Section 1.409A-1(b)(4)(i)(A) with respect to such payment’s
treatment as a “short-term deferral” for purposes of Section 409A.

C. With respect to the Company’s reimbursement obligations under Sections 6(C) and 6(E) hereof
and the provision of Benefits to Executive, (i) in no event shall any such reimbursements or
in-kind benefits be made or provided later than the last day of Executive’s taxable year following
the taxable year in which the fee or expense was incurred, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during Executive’s taxable year may not affect the
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year
of Executive, and (iii) the right to reimbursement or in-kind benefits is not subject to
liquidation or exchange for another benefit, in accordance with Treasury Regulation Section
1.409A-3(i)(1)(iv).

D. The Company and Executive agree to cooperate in good faith in an effort to comply with
Section 409A. Under no circumstances shall the Company be responsible for any taxes, penalties,
interest or other losses or expenses incurred by Executive due to any failure to comply with
Section 409A. To the extent payments and benefits under this Agreement are subject to Section
409A, and such payments and benefits do not so comply, the Company shall amend this Agreement, or
take such other actions as the Company deems reasonably necessary or appropriate, to comply with
Section 409A. If any provision of the Agreement would cause such payments and benefits to fail to
so comply, such provision shall not be effective and shall be null and void with respect to such
payments or benefits, and such provision shall otherwise remain in full force and effect.

14. Company Policies. Executive’s employment with the Company is subject to the terms
and conditions contained in the Company’s Associate Policies located on HR Link, which can be
accessed through the Company’s intranet site, as in effect from time to time (the “Associate
Policies”), the content of which is incorporated by reference herein. Executive shall be required
to read, understand and comply with the Associate Policies.

15. Compensation Recovery (Clawback). Notwithstanding anything in this Agreement to
the contrary, any compensation payable to Executive under this Agreement that constitutes
“Incentive Compensation” (as such term is defined under the Company’s Compensation Recovery Policy,
as such policy may be amended from time to time (the “Compensation Recovery Policy”)) shall be
subject to the terms and conditions of the Compensation Recovery Policy.

16. Severability. If any term of this Agreement is held to be invalid, void or
unenforceable, the remainder of this Agreement shall remain in full force and effect and shall in
no way be affected and the parties shall use their best efforts to find an alternative way to
achieve the same result.

17. Integrated Agreement. This Agreement supersedes any prior agreements (including,
without limitation, the Prior Agreement), representations or promises of any kind, whether written,
oral, express or implied between the parties hereto with respect to the subject matters herein. It
constitutes the full, complete and exclusive agreement between Executive and the Company with
respect to the subject matters herein. This Agreement cannot be changed unless in writing, signed
by Executive and the Chief Executive Officer of the Company and approved by the Board of Directors
of the Company (or the Committee or its delegate, if permitted by the Committee’s charter). The
Company acknowledges and agrees that nothing contained herein shall be deemed to supersede, amend
or otherwise modify the terms of the Indemnification Agreement dated November 15, 2008 between
Executive and the Company.

18. Waiver. No waiver of any default hereunder shall operate as a waiver of any
subsequent default. Failure by either party to enforce any of the terms or conditions of this
Agreement, for any length of time or from time to time, shall not be deemed to waive or decrease
the rights of such party to insist thereafter upon strict performance by the other party.

19. Notices. All notices and communications required or permitted hereunder shall be
in writing and shall be deemed given (a) if delivered personally, (b) upon confirmation of receipt
by the sender after being sent by electronic mail, (c) one (1) business day after being sent by
Federal Express or a similar commercial overnight service, or (d) three (3) business days after
being mailed by registered or certified mail, return receipt requested, prepaid and addressed to
the following addresses, or at such other addresses as the parties may designate by written notice
in the manner aforesaid:

If to the Company: Health Net, Inc.

21650 Oxnard Street, 22nd Floor

Woodland Hills, CA 91367

Attention: General Counsel

If to the Executive: Steve Tough

c/o Health Net, Inc.

21650 Oxnard Street, 22nd Floor

Woodland Hills, CA 91367

20. Governing Law. The interpretation, construction and performance of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State
of Delaware without regard to the principle of conflicts of laws. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provisions of this Agreement, which other provisions shall remain in full force and
effect.

21. Survival and Enforcement. Sections 3, 6(f), 8, 9, 11, 12 and 15 of this Agreement
and any rights and remedies arising out of this Agreement shall survive and continue in full force
and effect in accordance with the respective terms thereof, notwithstanding any termination of this
Agreement or a Termination of Executive’s employment. The parties agree that the Company would be
damaged irreparably in the event any provision of Sections 3, 11 and 12 of this Agreement were not
performed in accordance with its terms or were otherwise breached and that money damages would be
an inadequate remedy for any such nonperformance or breach. Therefore, the Company or its
successors or assigns shall be entitled in addition to other rights and remedies existing in their
favor, to an injunction or injunctions to prevent any breach or threatened breach of any of such
provisions and to enforce such provisions specifically (without posting a bond or other security).

22. Acknowledgement. Executive acknowledges that Executive has had the opportunity to
discuss the content of this Agreement with and obtain advice from Executive’s attorney, have had
sufficient time to and have carefully read and fully understood all of the provisions of this
Agreement, and Executive is knowingly and voluntarily entering into this Agreement. Executive
further acknowledges that Executive is obligated to become familiar with and comply at all times
with all written policies of the Company.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date
set forth above.

	 	 	 
	Executive

	 	Health Net, Inc.
	By: /s/ Steve Tough

	 	By: /s/ Jay Gellert
	Name: Steve Tough

	 	Name: Jay Gellert
	Title: President, Government

Programs

	 	Title: CEO & President

cc: Angelee Bouchard

Karin Mayhew

Debbie J. Colia/Steve Tough Personnel File

EXHIBIT A

WAIVER AND RELEASE OF CLAIMS

This WAIVER AND RELEASE OF CLAIMS (this “Release” or “Agreement”) is made and entered into by
and between Health Net, Inc. and its affiliates and subsidiaries (hereinafter referred to as the
“Company”) and— (hereinafter referred to as the “Employee”).

WHEREAS, the Company and Employee are entering into this Release as a condition to Employee’s
receipt of severance pay upon his or her termination of employment with the Company.

NOW, THEREFORE, the Company and Employee agree as follows:

	1.	 	Employee’s employment with the Company shall terminate on        (the “Termination
Date”). Following termination of employment, Employee shall not represent to anyone that he
or she is an employee of the Company and shall not say or do anything purporting to bind the
Company. For purposes of this Release, Employee will terminate employment only if such
termination constitutes a “separation from service,” as defined in Treasury Regulation Section
1.409A-1(h), and the “Termination Date” shall mean the date of Employee’s “separation from
service.”

	 	 	2.

	 	 	 	Upon Employee’s acceptance of the terms set forth herein as evidenced by Employee’s

signature below and upon expiration of any revocation period, the Company shall provide
Employee with the following benefits and payments, subject to the terms and conditions set
forth in this Release:

a. Employee shall be entitled to receive a lump sum severance payment under the

terms of Employee’s employment agreement or an applicable Company severance policy
(as in effect from time to time) in the amount of $      (which is equal to      
months of Employee’s monthly base salary in effect as of the Termination Date),
subject to withholding for payroll taxes and applicable deductions. The severance
payment shall be made on the payday for the payroll period beginning after the
effective date of this Release, and in no event later than March 15 following the
calendar year in which the Termination Date occurs.

In the event that the Company rehires Employee and the number of months between
Employee’s Termination Date and the date of his or her re-hire, if any, is less than
the number of months of Employee’s monthly base salary was taken into account to
calculate his or her lump sum severance payment, then the Employee shall repay to
the Company an amount equal to the amount of his or her severance payment multiplied
by a fraction, the numerator of which is the number of months set forth above on
which the severance payment was based, minus the number of months (any partial month
will be prorated) during which the Employee was unemployed, and the denominator of
which is the number of months on which the severance payment was based (e.g. if an
employee receives three months of severance pay and is re-hired by the Company two
months after his or her Termination Date, he or she will be required to repay to the
Company an amount equal to one month of severance pay.) In addition, upon re-hire
the COBRA premium benefits set forth in Section 2(d) will cease.

In further consideration for the Employee’s acceptance of this Waiver and Release of
Claims Agreement, the Company will provide outplacement services to the Employee
rendered by Lee Hecht Harrison per the Company’s outplacement service program in
effect as of the date of this Agreement. The Employee must enroll in the
outplacement service program with Lee Hecht Harrison within sixty (60) days of the
Employee’s Termination Date in order to be eligible to receive these outplacement
service benefits. To the greatest extent applicable, such outplacement services
shall be provided in a manner that is exempt from Section 409A of the Internal
Revenue Code of 1986, as amended, and the Treasury Regulations and Internal Revenue
Service guidance thereunder (“Section 409A”) in accordance with Treasury Regulation
Section 1.409A-1(b)(9)(v)(A). In the event that the outplacement services
constitute nonqualified deferred compensation subject to Section 409A of the Code,
the outplacement services shall be provided in a manner that complies with Section
409A of the Code and the provisions of Section 23 hereof.

	 	b.	 	Subject to Section 2(c) hereof, by signing below, Employee confirms and agrees
that as of the Termination Date, Employee has been paid, or will be paid in his or her
final regular paycheck (subject to withholding for taxes and applicable deductions),
all accrued salary, unused, accrued Paid Time Off, and other similar payroll related
benefits and compensation due the Employee as of the Termination Date by virtue of his
or her employment, in keeping with the Company’s policy and practice. Subject to
Section 2(c) hereof, Employee further acknowledges that no other compensation or wages
are due and owing to Employee, and no further Paid Time Off or other benefits will
accrue after the Termination Date.

	 	c.	 	Employee’s participation in all Company employee benefit plans as an active
employee shall cease on the Termination Date, and Employee shall not be eligible to
make contributions to or to receive additional Company contributions under the Health
Net, Inc. 401(k) Associate Savings Plan (the “401(k) Plan”), or to make any deferrals
pursuant to any deferred compensation plan of the Company after the Termination Date.
All payments due Employee under employee benefit plans or arrangements in which
Employee participates, including without limitation, the 401 (k) Plan and any deferred
compensation plan of the Company, shall be paid to Employee pursuant to the terms and
provisions of such plans. If, immediately prior to the Termination Date, Employee
participates in any Company employee welfare benefit plan, Employee’s participation in
such plan shall continue on the same terms and conditions, including the same
co-payment terms, until 11:59 p.m. (Pacific Time) on the last day of the month in which
the Termination Date occurs.

	 	d.	 	Effective as of the first day of the month immediately following the month in
which the Termination Date occurs, Employee and Employee’s spouse and dependents who
are covered under the Company’s employee welfare benefit plan which is a group health
plan immediately prior to the Termination Date shall be eligible to elect to continue
coverage under such plan, as required under and in accordance with Part VI (“COBRA”) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). If the
appropriate COBRA election forms are completed, signed and returned by the applicable
deadlines established by the Company, the Company shall pay on the Employee’s behalf
the full cost of the COBRA coverage for group health plan and dental and vision
benefits under such plan until the earlier of (i) the end of        months from the
Termination Date and (ii) the date Employee becomes eligible for coverage under a plan
of another employer. If, upon the termination of the Company’s payment of such COBRA
coverage, Employee continues to be entitled under federal law to receive COBRA
coverage, then any such coverage shall be available to Employee, solely at Employee’s
expense, at the full COBRA coverage rates then in effect. COBRA election forms will be
mailed to Employee’s home address under separate cover. To the greatest extent
applicable, such continued health coverage shall be provided in a manner that is exempt
from Section 409A in accordance with Treasury Regulation Section 1.409A-1(b)(9)(v)(B).

	3.	 	Employee acknowledges and agrees that the payments and benefits set forth in Sections 2(a)
and (d) above are payments and benefits to which Employee is not otherwise entitled, and
Employee understands that if he or she does not sign this Release, or if he or she revokes
acceptance of this Release, Employee shall not be entitled to these payments and benefits.

	4.	 	In return for the consideration set forth in Sections 2(a) and (d) above, Employee freely and
voluntarily hereby waives and releases the Company, and each of its past, present and future
officers, directors, shareholders, employees, consultants, accountants, attorneys, agents,
managers, insurers, sureties, parent and sister corporations, divisions, subsidiary
corporations and entities, partners, joint venturers and affiliates (and each of their
respective beneficiaries, successors, representatives and assigns) (collectively,
“Affiliates”) from any and all claims, demands, damages, debts, liabilities, controversies,
obligations, actions or causes of action of any nature whatsoever, whether based on tort,
statute, contract, indemnity, rescission or any other theory or recovery, and whether for
compensatory, punitive, equitable or other relief, whether known, unknown, suspected or
unsuspected, against the Company and/or its Affiliates, including without limitation claims
which may have arisen or may in the future arise in connection with any event that occurred on
or before the date of Employee’s execution of this Release.

These claims include but are not limited to claims arising under federal, state, and local
statutory or common law, such as Title VII of the Civil Rights Act of 1964, the Civil Rights
Act of 1875, the Americans with Disabilities Act (“ADA”), the Age Discrimination in
Employment Act (“ADEA”), the Worker Adjustment and Retraining Notification Act (“WARN”), the
Corporate and Criminal Fraud Accountability Act of 2002 (“Sarbanes-Oxley Act”), the
Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), the California
Fair Employment and Housing Act, the California Labor Code, the California Constitution (all
as amended) or claims arising out of any legal restrictions on the Company’s right to
terminate its employees. Also included in the release is a release of the right to file an
application for award for original information submitted pursuant to Section 21F of the
Securities Exchange Act of 1934.

5. Employee enters this Release on his or her own behalf and on behalf of his or her heirs,
beneficiaries, successors, representatives, trustees, administrators and assigns.

6. Employee expressly waives any right or claim of right to assert hereafter that any claim,
demand, obligation and/or cause of action has, through ignorance, oversight or error, been
omitted from the terms of this Release. Employee makes this waiver with full knowledge of
his or her rights and with specific intent to release both his or her known and unknown
claims and therefore specifically waives the provision of Section 1542 of the Civil Code of
California or other similar provisions of any other applicable law (collectively, “Section
1542”), which reads as follows:

“A general release does not extend to claims which the creditor does
not know or suspect to exist in his or her favor at the time of
executing the release, which if known by him or her must have
materially affected his or her settlement with the debtor.”

Employee understands and acknowledges the significance and consequence of this Release and
of such specific waiver of Section 1542, and expressly agrees that this Agreement shall be
given full force and effect according to each and all of its express terms and provisions,
including those relating to unknown and unsuspected claims, demands, obligations and causes
of action herein above specified.

	7.	 	To the extent permitted by law, Employee agrees that Employee shall not encourage, cooperate
in, or initiate any suit or action of any kind, or voluntarily participate in same,
individually or as a representative, witness or member of a class, under contract, law or
regulation, federal, state or local, pertaining to any matter related to his or her employment
with the Company. Employee represents that he or she has not, to date, initiated (or caused to
be initiated) any such suit or action. However, this agreement does not apply if Employee is
required to participate by legal process or other requirement, provided that Employee gives
the Company notice when such process is served on the Employee. This Agreement also does not
apply to any challenge by Employee to the validity of any release herein of ADEA claims nor to
any to suit or action brought by Employee to assert such a challenge.

	8.	 	This Release does not waive rights or claims under federal or state law that Employee cannot
waive by private agreement, including, but not limited to, those he or she may have under the
California Labor Code (including indemnification rights), the Employee’s right to file a claim
for unemployment benefits, worker’s compensation benefits, claims under the Fair Labor
Standards Act, health insurance benefits under the Consolidated Omnibus Budget Reconciliation
Act (COBRA), or claims with regards to vested benefits under a retirement plan governed by the
Employee Retirement Income Security Act (ERISA). Additionally, nothing in this Release
precludes Employee from participating in any investigation or proceeding before any federal or
state agency, or governmental body, including the Equal Employment Opportunity Commission.
However, while Employee may file a charge and participate in any such proceeding, by signing
this Release, Employee waives any right to bring a lawsuit against the Company, and waives any
right to any individual monetary recovery in any such proceeding or lawsuit or in any
proceeding brought based on any communication by Employee to any federal, state or local
government agency or department.

	9.	 	In addition, Employee shall, without further compensation, cooperate with and assist the
Company in the investigation of, preparation for or defense of any actual or threatened third
party claim, investigation or proceeding involving the Company or its predecessors or
affiliates and arising from or relating to, in whole or in part, Employee’s employment with
the Company or its predecessors or affiliates for which the Company requests Employee’s
assistance, which cooperation and assistance shall include, but not be limited to, providing
truthful testimony and assisting in information and document gathering efforts. In connection
herewith, it is agreed that the Company will use its reasonable best efforts to assure that
any request for such cooperation will not unduly interfere with Employee’s other material
business and personal obligations and commitments.

	10.	 	Employee agrees he or she shall return to the Company immediately upon termination of
employment any building key(s), security pass or other access or identification cards and any
and all Company property in his or her possession, including but not limited to any books,
documents, credit cards, computer equipment, software, mobile phones or data files. Employee
agrees to submit all expense accounts and to pay promptly the outstanding balance on each
corporate credit card that the Company previously issued to Employee.

	11.	 	Employee shall not, without the Company’s written consent by an authorized representative, at
any time prior or subsequent to the execution of this Release, disclose, use, remove or copy
any Confidential Information, trade secret or proprietary information he or she acquired
during the course of his or her employment by the Company. “Confidential Information,” for
purposes of this Agreement, includes any information not previously published or generally in
the public domain. Confidential information, trade secrets and proprietary information
includes without limitation, any technical, actuarial, economic, financial, procurement,
provider, enrollee, customer, underwriting, contractual, managerial, marketing or other
information of any type regarding the business in which the Company is engaged, but not
including any previously published information or other information generally in the public
domain. Employee also agrees that he or she shall not without the Company’s written consent
by an authorized representative, directly or indirectly use the Company’s trade secret
information, including but not limited to customer lists, to solicit business of any customers
of the Company (other than on behalf of the Company).

	12.	 	In addition to any other part or term of this Release, Employee agrees that he or she shall
not, for a period of one (1) year from the date of this Agreement, regardless of the reason
for Employee’s termination of employment, without the Company’s written consent by an
authorized representative, on his or her own behalf or on behalf of any other person, either
directly or indirectly, solicit, recruit, encourage or induce any employee, agent, provider,
vendor or independent contractor with whom Employee became acquainted during the course of
employment to terminate such a person’s or entity’s relationship with the Company or to
associate with a competitor of the Company. The prohibitions of this paragraph are not
intended to deny employment opportunities within the Employee’s field of employment but are
limited only to those prohibitions necessary to protect the Company from unfair competition.

	13.	 	Employee acknowledges and agrees that any developments or discoveries by Employee during the
course of his or her employment with the Company through the date of execution of this Release
resulting in patents, lists of customers, trade secrets, specialized know-how or other
intellectual property useful in the then- current business of the Company shall be for the
sole benefit of the Company.

	14.	 	Employee further agrees and acknowledges that in exchange for the consideration identified in
Sections 2 (a) and (d) above, he or she shall not make any disparaging comments and/or
statements to anyone either orally or in writing about the Company and/or its employees.

	15.	 	Nothing contained herein shall be construed as an admission of any wrongful act, including,
but not limited to, violation of any contract, express or implied, or any federal, state or
local employment laws or regulations, and nothing contained herein shall be used for any
purpose except in proceedings related to the enforcement of this Release.

	16.	 	If there is any dispute between the Company and the Employee over the terms or obligations
under this Release, that dispute shall be resolved by binding arbitration before a single
neutral arbitrator who shall be a retired judge. The arbitration shall proceed in accordance
with the then-current rules of the Commercial American Arbitration Association to the extent
not inconsistent with this Release. The judgment of the arbitrator shall be final, binding
and nonappealable, and may be entered in any state or federal court having jurisdiction
thereafter. The arbitrator shall be bound to apply and follow the applicable state or federal
laws in reaching a decision in this matter. Any disagreement regarding whether a dispute is
required to be arbitrated pursuant to this Release shall be decided by the arbitrator. The
Federal Arbitration Act, 9 U.S.C. Sections 1-16, shall govern the interpretation and
enforcement of this paragraph. The prevailing party will be entitled to recover reasonable
attorney’s fees and costs incurred in any action to enforce or defend this Release.

Notwithstanding the above paragraph, the arbitration procedure does not apply to claims for
injunctive relief to enforce the confidentiality provisions of Paragraph 11 of this
Agreement. Employee acknowledges that in any such action, the prevailing party will be
entitled to attorneys’ fees and costs.

	17.	 	The parties further represent and agree that they will keep the terms, amounts and facts of
this Release completely confidential, and that they will not hereafter disclose any
information concerning this Release to anyone except their respective immediate family,
attorneys or accountants or taxing authorities, except as may be required by law. Employee
agrees that if Employee discloses this Release to anyone in his or her immediate family, his
or her attorney(s), or his or her accountant(s), Employee will ensure that the individual to
whom Employee discloses the Agreement understands that he or she is also subject to this
confidentiality provision. Employee agrees that he or she is liable for any breach of this
provision by his or her immediate family, attorney(s) or accountant(s), in the same manner and
with the same consequences as if the Employee himself/herself had breached this provision.

	18.	 	Should any part, term or provision of this Release be declared and/or be determined by any
court or arbitrator to be illegal or invalid, the validity of the remaining parts, terms or
provisions shall not be affected thereby, and said illegal or invalid part, term or provision
shall be deemed not to be a part of this Release.

	19.	 	This Release contains the entire agreement between the parties hereto, and fully supersedes
any and all prior agreements or understandings between the parties hereto pertaining to the
subject matter hereof. There may be no modification of the terms of this Release except in
writing signed by the parties hereto.

	20.	 	Employee acknowledges that he or she has had an opportunity to consult and be represented by
counsel of Employee’s choosing in the review of this Release, and that he or she has been
advised by the Company to do so, that the Employee is fully aware of the contents of the
Release and of its legal effect, that the preceding paragraphs recite the sole consideration
for this Release, and that Employee enters into this Release freely, without duress or
coercion, and based on the Employee’s own judgment and wishes and not in reliance upon any
representation or promise made by the Company, other than those contained herein.

	21.	 	This Release shall in all respects be interpreted, enforced and governed under the laws of
the State of California. The sole jurisdiction and venue for any action related to the
subject matter of this Agreement shall be the state and federal courts sitting in [      ]
County. The language of all parts of this Release shall in all cases be construed as a whole,
according to its fair meaning, and not strictly for or against any of the parties.

	22.	 	In the event any part, term or provision herein is not enforceable in accordance with its
terms, Employee and Company agree that such part, term or provision will be reformed to the
minimum extent necessary to make such part, term or provision enforceable.

	23.	 	To the extent that the outplacement services provided under Section 2(a) and/or the continued
health benefits payable under Section 2(d) constitute non-exempt “nonqualified deferred
compensation” (within the meaning of Section 409A) that is subject to Section 409A, such
benefits shall be provided in a manner that complies with the requirements of Treasury
Regulation Section 1.409A-3(i)(1)(iv), including, without limitation, the following
conditions: (i) the benefits payable in Employee’s taxable year may not affect such benefits
that Employee is eligible to receive in another taxable year of Employee; (ii) the
reimbursement of expenses or provision of in-kind benefits shall be made on or before the last
day of Employee’s taxable year following the taxable year in which the expense or obligation
is incurred; and (iii) such benefits shall not be subject to liquidation or exchange for
another benefit.

	24.	 	Employee has up to twenty-one (21) calendar days from the date he or she receives this
document to consider and accept the terms of this Release, but may accept it at any time
within those twenty-one (21) calendar days. Employee agrees that changes to the terms or
form of this Release, whether material or immaterial, do not restart the running of the
twenty-one (21) calendar day period. After twenty-one (21) calendar days have passed, this
offer will expire.

Once Employee has accepted the terms of this Release, Employee will have an additional seven
(7) calendar days in which to revoke such acceptance. To revoke, Employee must deliver or
fax a letter of revocation addressed to: Organization Effectiveness Unit, attention
     ,       (title)       , (address). Such letter must be
received by the addressee within said seven (7) calendar day period. If Employee properly
revokes, this Release will become null and void, and Employee will receive no benefits under
this Release. If Employee does not properly revoke, this Release will become effective on
the eighth (8th) calendar day following the date on which Employee signs this Release in
accordance with this Section 24.

EMPLOYEE ACKNOWLEDGES BY SIGNING BELOW that (i) Employee has not relied upon any representations,
written or oral, not set forth in this Release; (ii) at the time Employee was given this Release,
Employee was informed in writing by the Company that: (a) Employee had at least 21 calendar days in
which to consider whether Employee would sign the Release; and (b) Employee should consult with an
attorney before signing the Release; (iii) Employee had an opportunity to consult with an attorney
and either had such consultations or has freely decided to sign this Release without consulting an
attorney; and (iv) Employee executes this Release knowingly and voluntarily.

1

IN WITNESS WHEREOF, the parties hereto have executed this Release as of the dates set forth
below.

	 	 	 
	Employee
	 	Health Net, Inc.

	By:
	 	By:

	Name:
	 	Name:

	 	 	Title:

	Dated:
	 	Dated:

      

NOTE: Please return your signed waiver and release to:

Organization Effectiveness Unit

Attention: (Name, Title)

(Address, City, State, Zip Code)

2EX-10.1

AMENDMENT NO. 4 TO CREDIT AGREEMENT

AMENDMENT NO. 4 TO CREDIT AGREEMENT (this “Amendment”), is dated as of November 2,
2012 (the “Amendment Effective Date”), by and among Lionbridge Technologies, Inc., a
Delaware corporation (the “Company”), Lionbridge International Finance Limited, a company
formed under the laws of Ireland (the “Foreign Borrower”, and, together with the Company,
the “Borrowers”), the Foreign Guarantors from time to time parties to the Credit Agreement
referred to below (collectively, the “Foreign Guarantors”), the US Guarantors from time to
time parties to the Credit Agreement referred to below (collectively, the “US Guarantors”),
and HSBC Bank USA, N.A., as the lender (in such capacity, the “Lender”), as administrative
agent (in such capacity, the “Agent”) and as sole lead arranger and sole book runner
(“HSBC”).

RECITALS

WHEREAS, the Borrowers, the US Guarantors, the Foreign Guarantors, the Lender and the Agent
are parties to that certain Credit Agreement, dated as of December 21, 2006 (as amended from time
to time, the “Credit Agreement”); and

WHEREAS, the Borrowers have requested, and HSBC, as Lender, has agreed to, certain amendments
to the Credit Agreement, including, among other things, amending Section 6.10 (Restricted
Payments) of the Credit Agreement to permit certain repurchases of Capital Stock.

NOW, THEREFORE, in consideration of the foregoing, and for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1. Amendment to Section 1.1 of the Credit Agreement.

Section 1.1 of the Credit Agreement is hereby amended as follows:

The definition of “Fixed Charge Coverage Ratio” is amended and restated in its entirety
to read as follows:

“Fixed Charge Coverage Ratio” shall mean, with respect to the Company and its
Subsidiaries on a consolidated basis for the four consecutive quarters ending on the last
day of any fiscal quarter of the Company, the ratio of (a) Consolidated EBITDA for the
applicable period minus Consolidated Capital Expenditures for the applicable period minus
Restricted Payments permitted under Section 6.10(c) to the extent paid in cash
during the applicable period to (b) the sum of Consolidated Interest Expense paid or payable
in cash for such period plus amounts paid or payable in cash during such period paid in
respect of federal, state, local and foreign income, value added and similar taxes.

2. Amendment to Section 6.10 of the Credit Agreement.

Section 6.10 of the Credit Agreement is hereby amended as follows:

by deleting the word “and” before clause (b) therein, and immediately after clause (b)
adding the following new clause (c):

“and (c) so long as the Credit Parties would be in compliance with the financial
covenants set forth in Section 5.9 (calculated on a pro forma basis as of the date
thereof after giving effect thereto), and so long as no Default or Event of Default exists
or would result therefrom, the Company may repurchase Capital Stock issued by it in an
aggregate amount not to exceed $6,000,000 in any fiscal year”

3. Representations and Warranties. The Credit Parties hereby represent and warrant to the
Agent and Lender as follows:

3.1 Corporate Existence; Compliance with Law. Each of the Credit Parties (a) is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization (to the extent applicable under such laws), (b) has the requisite power and authority
and the legal right to own and operate all its property, to lease the property it operates as
lessee and to conduct the business in which it is currently engaged, (c) is duly qualified to
conduct business and in good standing (to the extent applicable) under the laws of (i) the
jurisdiction of its organization, (ii) the jurisdiction where its chief executive office is located
and (iii) each other jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires such qualification, except to the extent that the failure to so
qualify or be in good standing could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect on the business or operations of the Credit Parties and their
Subsidiaries in such jurisdiction and (d) is in compliance with all Requirements of Law, government
permits and government licenses except to the extent that the failure to comply therewith could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

3.2 No Change. Since June 30, 2012, there has been no development or event which,
individually or in the aggregate, has had or could reasonably be expected to have a Material
Adverse Effect.

3.3 Corporate Power; Authorization; Enforceable Obligations. Each of the Credit
Parties has full power and authority and the legal right to make, deliver and perform this
Amendment and the other Credit Documents to which it is party and has taken all necessary limited
liability company or corporate action to authorize the execution, delivery and performance by it of
this Amendment and the other Credit Documents to which it is party. No consent or authorization
of, filing with, notice to or other act by or in respect of, any Governmental Authority or any
other Person is required in connection with the borrowings hereunder or with the execution,
delivery or performance of this Amendment or any other Credit Document by the Credit Parties (other
than those that have been obtained) or with the validity or enforceability of this Amendment or any
other Credit Document against the Credit Parties (except such filings as are necessary in
connection with the perfection of the Liens created by this Amendment or such other Credit
Documents). This Amendment and each other Credit Document to which it is a party has been duly
executed and delivered on behalf of each Credit Party. This Amendment and each other Credit
Document to which it is a party constitutes a legal, valid and binding obligation of each Credit
Party, enforceable against such Credit Party in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law).

3.4 No Legal Bar; No Default. The execution, delivery and performance of this
Amendment and the other Credit Documents will not violate any material Requirement of Law or any
material Contractual Obligation of any Credit Party (except those as to which waivers or consents
have been obtained), and will not result in, or require, the creation or imposition of any Lien on
any Credit Party’s properties or revenues pursuant to any Requirement of Law or Contractual
Obligation other than the Liens arising under or contemplated in connection with this Amendment and
the other Credit Documents. No Credit Party is in default under or with respect to any of its
Contractual Obligations to the extent such default could reasonably be expected to have a Material
Adverse Effect. No Default or Event of Default has occurred and is continuing.

3.5 Credit Agreement. Before and after giving effect to this Amendment, the
representations and warranties of the Credit Parties contained in the Credit Agreement and other
Credit Documents are true and correct in all material respects (if not qualified as to materiality
or Material Adverse Effect) or in any respect (if so qualified) on and as of the date of this
Amendment as though made at and as of such date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct in all
material respects (if not qualified as to materiality or Material Adverse Effect) or in any respect
(if so qualified) as of such earlier date.

4. Conditions Precedent to the effectiveness of this Amendment. This Amendment shall become
effective when the Lender shall have received a counterpart signature page to this Amendment duly
executed and delivered by the Borrowers, the Foreign Guarantors and the US Guarantors.

5. Ratification. Except as otherwise expressly provided hereunder, the Credit Agreement, the
other Credit Documents and all documents, instruments and agreements related thereto as hereby
ratified and confirmed in all respects and shall continue in full force and effect. The Credit
Parties hereby confirm and ratify that all security interests granted to Agent pursuant to the
Security Documents to secure, inter alia, the Credit Party Obligations, remain binding and in full
force and effect before and after giving effect to this Amendment. This Amendment and the Credit
Agreement as previously amended shall hereafter be ready and construed as a single document.

	 	6.	 	Miscellaneous.

6.1 Counterparts. This Amendment may be executed by the parties hereto in several
counterparts hereof and by the different parties hereto on separate counterparts hereof, all of
which counterparts shall together constitute one and the same agreement. Delivery of an executed
signature page of this Amendment by telecopy or by other electronic means (in PDF format) shall be
effective as an in-hand delivery of an original executed counterpart hereof.

6.2 Severability. If any provision of this Amendment or any other Credit Document is
held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the
remaining provisions of this Amendment and the other Credit Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The
invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

6.3 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as a sealed instrument by their duly authorized representatives, all as of the day and
year first above written.

BORROWERS:

LIONBRIDGE TECHNOLOGIES, INC.,

a Delaware corporation

By: /s/Rory J. Cowan, President and CEO

	 	 	LIONBRIDGE INTERNATIONAL FINANCE LIMITED,

a Company formed under the laws of Ireland

By: /s/Tina Wang, Director

With respect to the foregoing Amendment, each of the US Guarantors acknowledges, accepts and
agrees that the provisions of Article X of the Credit Agreement remain binding and in full force
and effect with respect to the Credit Agreement as amended hereby. Nothing contained in this
Amendment shall affect or alter the US Guaranty (as defined in the Credit Agreement) of the US
Guarantors. In addition, each US Guarantor confirms that its guaranty of the Credit Party
Obligations pursuant to the Credit Documents remains binding in full force and effect before and
after giving effect to this Amendment, and further confirms and ratifies that all security
interests granted to Agent pursuant to the Security Documents to secure, inter alia, the Credit
Party Obligations, remain binding and in full force and effect before and after giving effect to
this Amendment.

	 	 	 
	US GUARANTORS:
	 	VERITEST, INC.,

	 
	 	

	 	 	a Delaware corporation

	 	 	By: /s/       Rory J. Cowan, President

	 	 	 

	 	 	LIONBRIDGE US, INC.,

a Delaware corporation

	 	 	By: /s/       Rory J. Cowan, President

	 	 	 

	 	 	LIONBRIDGE GLOBAL SOLUTIONS II, INC.,

a New York corporation

	 	 	By: /s/       Rory J. Cowan, President

	 	 	 

	 	 	LIONBRIDGE GLOBAL SOLUTIONS FEDERAL, INC.,

a Delaware corporation

	 	 	By:/s/ Margaret A. Shukur, Secretary

	 	 	 

	 	 	LIONBRIDGE GLOBAL SOURCING SOLUTIONS, INC., a Delaware
corporation

	 	 	 
	By:

	 	By: /s/       Rory J. Cowan, President
	
 
	 	 
	/s/

	 	

	 

	 	 
	Name:

	 	Rory Cowan

	 	 	Title: President

With respect to the foregoing Amendment, each of the Foreign Guarantors acknowledges, accepts and
agrees that the provisions of Article XI of the Credit Agreement remain binding and in full force
and effect with respect to the Credit Agreement as amended hereby. Nothing contained in this
Amendment shall affect or alter the Foreign Guaranty (as defined in the Credit Agreement) of the
Foreign Guarantors. In addition, each Foreign Guarantor confirms that its guaranty of the Credit
Party Obligations pursuant to the Credit Documents remains binding in full force and effect before
and after giving effect to this Amendment, and further confirms and ratifies that all security
interests granted to Agent pursuant to the Security Documents to secure, inter alia, the Credit
Party Obligations, remain binding and in full force and effect before and after giving effect to
this Amendment.

	 	 	FOREIGN GUARANTORS:

LIONBRIDGE INTERNATIONAL,

a company formed under the laws of Ireland

By:/ By: /s/      Rory J. Cowan, Director

	 	 	LIONBRIDGE LUXEMBOURG S.a.r.l.,

a company formed under the laws of Luxembourg

By: Paul S. Kohout, Type A Manager

Acknowledged, accepted and agreed:

HSBC BANK USA, NATIONAL ASSOCIATION,

as Administrative Agent and as Lender

By: /s/ Manuel Burgueno, Vice President

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