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Exhibit 10.33  

 
 

WELLPOINT HEALTH NETWORKS INC.
  2000 EMPLOYEE STOCK OPTION PLAN    
  

 
 

ARTICLE ONE
  
    GENERAL PROVISIONS    
  

1.1  PURPOSE OF THE PLAN

        This
WellPoint Health Networks Inc. 2000 Employee Stock Option Plan ("Plan") was originally adopted effective February 17,
2000, (the "Effective Date"), to enable WellPoint Health Networks Inc. (the "Company") to offer
stock options to non-executive officers of the Company or any affiliate. The Plan was amended and restated effective as of October 19, 2001. 

1.2  ELIGIBILITY

        The
following individuals ("Eligible Individuals") are be eligible to be granted stock options under the Plan: Each employee of the
Company or of an affiliate ("Affiliate") of the Company linked to the Company by a 50% or greater chain of ownership or in which the Company has a
significant ownership interest, directly or indirectly (as determined by the Committee, as defined below) who, on the date of grant or such date before the grant as the Committee shall specify for
administrative purposes is not an executive officer of the Company. 

1.3  ADMINISTRATION OF THE PLAN

        A.    Committee.    The Plan will be administered by a committee or committees appointed by the Board of Directors of
the Company (the "Board") and consisting of two or more members of the Board. If no committee is appointed, the Board will serve as the committee. The
term "Committee," when used in this Plan, refers to the committee that has been delegated authority with respect to a matter, or to the Board if no
committee has been delegated such authority. Members of a committee will serve for such term as the Board may determine, and may be removed by the Board at any time. 

        B.    Authority.    The Committee has full authority to administer the Plan within the scope of its delegated
responsibilities, including authority to interpret and construe any relevant provision of the Plan, to adopt rules and regulations that it deems necessary, to determine which individuals are Eligible
Individuals, to determine which Eligible Individuals shall be granted options under the Plan, to determine the amount and/or number of shares subject to such options, and to determine the terms of
such an option (which terms need not be identical). Decisions of a Committee made within the discretion delegated to it by the Board are final and binding on all persons. 

1.4  STOCK SUBJECT TO THE PLAN

        A.    Number of Shares.    Shares of the Company's Common Stock ("Common
Stock") available for issuance under the Plan will be drawn from the Company's authorized but unissued shares of Common Stock or from reacquired shares of Common Stock,
including shares purchased by the Company on the open market. The number of shares of Common Stock that may be issued under the Plan will not exceed 4,500,000, subject to adjustment in accordance with
Paragraph C below. 

        B.    Share Counting.    In determining whether the number of shares issued under the Plan exceeds the maximum number
set forth in Paragraph 1.4.A., only the net number of shares actually issued under an option shall count against the limit. Thus, if any outstanding option under the Plan expires, is
terminated, is cancelled or is forfeited for any reason before the full number of shares governed by the option grant are issued, those remaining shares will not be charged against the limit in
Paragraph 1.4.A. above and will be available for subsequent option grants under the Plan. If shares held by an optionee are delivered to the Company, or are withheld from shares otherwise
issuable under the option, in 

 

payment of all or a portion of the exercise price or tax withholding obligations under the option, only the net number of shares issued by the Company (i.e., the gross number less the shares
delivered or withheld) shall be counted toward the limit of Paragraph 1.4.A. 

        C.    Adjustments.    If any change is made to the Common Stock issuable under the Plan by reason of any stock split,
stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without receipt of consideration, then the Committee shall
make appropriate adjustments to (i) the maximum number and/or class of securities issuable under the Plan and (ii) the number and/or class of securities and price per share in effect
under each option outstanding under the Plan. The purpose of these adjustments will be to preclude the enlargement or dilution of rights and benefits under the options. 

 
 

ARTICLE TWO
  
    TERMS OF OPTIONS    
  

2.1  TERMS AND CONDITIONS OF OPTIONS

        A.    Type and Term.    All options granted under the Plan shall be non-qualified options not intended to
satisfy the requirements for incentive stock options under Section 422 of the Internal Revenue Code. 

        B.    Price and Exercisability.    The option price per share and the period or periods within the term of an option
that such option may be exercised will be fixed by the Committee. 

        C.    Exercise and Payment.    After any option granted under the Plan becomes exercisable, it may be exercised by
notice to the Company at any time before termination of the option. The option price will
be payable in full in cash or check made payable to the Company or, subject to such limitations as the Committee may determine, in one or more of the following alternative forms: 

        (1)  in
shares of Common Stock valued as of the Exercise Date (defined below) and held by the optionee for the requisite period to avoid a charge to earnings; or 

        (2)  through
a sale and remittance procedure under which the option holder delivers in such form as the Committee shall authorize an exercise notice and irrevocable
instructions to a broker to promptly deliver to the Company the amount of sale proceeds to pay the option price. 

        For
purposes of Subparagraph (2) immediately above, the "Exercise Date" is the date on which notice, in such form as the Committee
shall authorize, of the exercise of the option is delivered to the Company. In all other cases, the Exercise Date is the date on which notice and actual payment is received by the Company. 

        An
option may provide, subject to such restrictions as the Committee may specify, that, to the extent that the exercise price of an option (or the Federal, State and local income and
employment tax withholding obligations attributable thereto) is paid in shares of Common Stock (whether delivered to the Company by the holder or withheld from shares otherwise issuable upon
exercise), the holder will automatically be granted a new option covering the number of shares so delivered or withheld; the terms of the new option shall generally be the same as the option so
exercised, except that the per share exercise price of the new option shall be the fair market value of one share of Common Stock on the date of grant of the new option and the term of the new option
shall be equal to the remaining term of the option so exercised. 

        D.    Stockholder Rights.    An option holder will have no stockholder rights with respect to any shares covered by an
option before the Exercise Date of the option, as defined in the immediately preceding Paragraph. 

2

 

        E.    Separation from Service.    The Committee will determine and set forth in each option whether the option will
continue to be exercisable, and the terms of such exercise, on and after the date that an optionee ceases to be employed by or to provide services to the Company or an Affiliate. The date of
termination of an optionee's employment or services will be determined by the Committee, which determination will be final. 

        F.    Transferability.    During the lifetime of the optionee, options will be exercisable only by the optionee and
will not be assignable or transferable by the optionee otherwise than by will or by the laws of descent and distribution following the optionee's death. However, if and to the extent that the
Committee so authorizes at the time an option is granted or amended, an option may be assigned in whole or in part during the optionee's lifetime to one or more members of the optionee's family or an
entity in which the optionee or a member of the optionee's family holds an interest. 

2.2  CORPORATE TRANSACTIONS

        The
Committee may determine and set forth in each option, either at the time of grant or by amendment thereafter, the effect, if any, that any sale of stock or assets, merger,
combination, spinoff, reorganization, or liquidation of the Company will have upon the term, exercisability and/or vesting of outstanding options, provided that any options that are continued, assumed
or replaced with comparable awards in connection with any transaction will be adjusted as provided in Section 1.4.C. The grant of options under this Plan will in no way affect the right of the
issuer of Common Stock to adjust, reclassify, reorganize, or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its
business or assets. 

 
 

ARTICLE THREE
  
    MISCELLANEOUS    
  

3.1  AMENDMENT

        A.    Board Action.    The Board may amend, suspend or discontinue the Plan in whole or in part at any time; provided,
however, that (1) such action shall not adversely affect a holder's rights and obligations with respect to options at the time outstanding under the Plan and (2) the Board may condition
any amendment upon the approval of the Company's stockholders, if and to the extent that the Board determines that stockholder approval is required by applicable law or regulatory standards or is
otherwise advisable. 

        B.    Modification of Options.    The Committee has full power and authority to modify or waive any or all of the
terms, conditions or restrictions applicable to any outstanding option under the Plan, to the extent not inconsistent with the Plan; provided, however, that no such modification or waiver shall,
without the consent of the holder of the option, adversely affect the holder's rights thereunder. 

3.2  TAX WITHHOLDING

        A.    Obligation.    The Company's obligation to deliver shares or cash upon the exercise of options under the Plan is
subject to the satisfaction of all applicable Federal, State and local income and employment tax withholding requirements. 

        B.    Stock Withholding.    The Committee may require or permit, in its discretion and upon such terms and conditions
as it may deem appropriate, any or all holders of outstanding options under the Plan to elect to have the Company withhold, from the shares of Common Stock otherwise issuable pursuant to such option,
one or more of such shares with an aggregate Fair Market Value equal to the Federal, State and local income and employment taxes ("Taxes") incurred in connection with the acquisition of such shares.
Holders of options under the Plan may also be granted the right to deliver previously acquired shares of Common Stock held for the requisite period to avoid a charge to earnings 

3

 

in satisfaction of such Taxes. The withheld or delivered shares will be valued at Fair Market Value on the applicable determination date for such Taxes. 

3.3  VALUATION

        For
all purposes under this Plan, the fair market value per share of Common Stock on any relevant date under the Plan ("Fair Market
Value") will be determined as follows: 

        (1)    National Exchange.    If the Common Stock is at the time listed or admitted to trading on any national stock
exchange, then the Fair Market Value will be the closing selling price per share of Common Stock on the day before the date in question on the stock exchange determined by the Committee to be the
primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no reported sale of Common Stock on such exchange on the day
before the date in question, then the Fair Market Value will be the closing selling price on the exchange on the last preceding date for which such quotation exists. 

        (2)    NASDAQ.    If the Common Stock is not at the time listed or admitted to trading on any national stock exchange
but is traded in the over-the-counter market, the fair market value will be the mean between the highest bid and lowest asked prices (or, if such information is available, the
closing selling price) per share of Common Stock on the date in question in the over-the-counter market, as such prices are reported by the National Association of Securities
Dealers through its NASDAQ system or any successor system. If there are no reported bid and asked prices (or closing selling price) for the Common Stock on the date in question, then the mean between
the highest bid price and lowest asked
price (or the closing selling price) on the last preceding date for which such quotations exist will be determinative of fair market value. 

        (3)    Committee.    Notwithstanding the foregoing, if the Committee determines that, as a result of circumstances
existing on any date, the use of the above rules is not a reasonable method of determining Fair Market Value on that date or if Common Stock is not at the time listed or admitted to trading as
outlined above, the Committee may use such other method as, in its judgment, is reasonable. 

3.4  EFFECTIVE DATE AND TERM OF PLAN

        A.    Effective Date.    This Plan becomes effective on the Effective Date. 

        B.    Term.    The Committee may grant options under the Plan at any time after the Effective Date of the Plan and
before the Plan is terminated by the Board. 

3.5  REGULATORY APPROVALS

        The
implementation of the Plan, any option grants under the Plan, and the issuance of stock pursuant to any option granted under the Plan is subject to the procurement by the Company of
all approvals and permits required by regulatory authorities having jurisdiction over the Plan, option grants made under the Plan, and stock issued pursuant to the Plan. 

3.6  NO EMPLOYMENT/SERVICE RIGHTS

        Neither
the establishment of this Plan, nor any action taken under the terms of this Plan, nor any provision of this Plan will be construed to grant any individual the right to remain in
the employ or service of the Company (or any subsidiary or parent of the Company) for any period of specific duration, and the Company (or any subsidiary or parent of the Company retaining the
services of such individual) may terminate such individual's employment or service at any time and for any reason, with or without cause; provided that nothing contained in this Plan or in any option
granted under this Plan 

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will affect any contractual rights of the Company or an employee pursuant to a written employment agreement executed by the parties thereto. 

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WELLPOINT HEALTH NETWORKS INC. 2000 EMPLOYEE STOCK OPTION PLAN

ARTICLE ONE GENERAL PROVISIONS

ARTICLE TWO TERMS OF OPTIONS

ARTICLE THREE MISCELLANEOUSQuickLinks
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Exhibit 10.35  

 
 

WELLPOINT HEALTH NETWORKS INC.
  SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
  (As restated effective December 4, 2001)    
  

 
 

ARTICLE I
  PURPOSE    
  

        The purpose of the WellPoint Health Networks Inc. Supplemental Executive Retirement Plan is to provide additional retirement benefits to selected
executives of WellPoint Health Networks Inc. and its affiliates and to provide additional incentives for them to remain in employment with WellPoint and its affiliates. The Plan was adopted
effective June 1, 2000 and restated effective December 4, 2001. 

        This
Plan is intended to be a plan that is unfunded and that is maintained by WellPoint Health Networks Inc. primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees within the meaning of the Employee Retirement Income Security Act of 1974 ("ERISA"). 

 
 

ARTICLE II
  DEFINITIONS    
  

        In this Plan, the following terms have the meanings indicated below: 

        2.1    "Committee"    means the Compensation Committee of the Board of Directors of the Company, as constituted from
time to time. The Committee has full discretionary authority to administer and
interpret the Plan, to determine eligibility for Plan benefits, to select employees for Plan participation, and to correct errors. The Committee may delegate its duties and responsibilities and,
unless the Committee expressly provides to the contrary, any such delegation will carry with it the Committee's full discretionary authority to accomplish the delegation. Decisions of the Committee
and its delegate will be final and binding on all persons. 

        2.2    "Company"    means WellPoint Health Networks Inc. and any successor to substantially all of the assets
or business of WellPoint Health Networks Inc. that, by appropriate action, adopts this Plan. 

        2.3    "Final Average Pay"    means for each Participant the average annual salary and target annual bonus for the
last five (5) Years of Benefit Service (or the total Years of Benefit Service if fewer than five (5)). 

        2.4    "Other Plan Offset Amount"    means the benefit which is payable to a Participant (or his or her spouse) from
(i) the WellPoint Health Networks Inc. Pension Accumulation Plan, as amended from time to time, (ii) the Supplemental Pension Benefit portion of the WellPoint Health
Networks Inc. Comprehensive Executive Non-Qualified Retirement Plan, as amended from time to time, (iii) any other defined benefit pension plan maintained at any time by a
WellPoint Company or an entity that is or was acquired by a WellPoint Company, or which merges or consolidates with a WellPoint Company, or which acquires a WellPoint Company, (iv) if
determined by the Committee at the time that an individual commences participation in the Plan, under a defined benefit pension plan of a predecessor employer of the Participant or (v) any
annuity contract acquired under or upon termination of such plan. If any such benefit is payable other than in the form of a single life annuity or at a different time than the benefits payable under
this Plan, the Other Plan Offset attributable thereto will be adjusted using the applicable actuarial assumptions that would be in effect under the WellPoint Health Networks Inc. Pension
Accumulation Plan with respect to that Participant' s benefits on the date that benefits under this Plan become payable. 

        2.5    "Participant"    means a current or former officer of a WellPoint Company who has been selected by the
Committee for participation in this Plan and has received written notice of such participation. An individual who becomes a Participant shall remain a Participant so long as he or she 

 

retains an accrued benefit under the Plan, but further accrual of benefits will be subject to the terms of the Plan. 

        2.6    "Plan"    means this WellPoint Health Networks Inc. Supplemental Executive Retirement Plan, as amended
from time to time. 

        2.7    ""WellPoint Company"    means the Company and any other entity while that entity is a parent or a subsidiary of
the Company. 

        2.8    "Years of Benefit Service"    means the total of a Participant's Years of Service, provided that
(i) when the individual first becomes a Participant, the Committee may exclude certain Years of Service rendered before he or she becomes a Participant, (ii) the Committee may include
all or a portion of a Participant's service rendered to an entity before it becomes a WellPoint Company, and (iii) the Committee may at any time cease future accrual of Years of Benefit Service
for a Participant. A Participant may be credited with fractional Years of Benefit Service. 

        2.9    "Year of Service"    means each 365 days of service rendered by a Participant for a WellPoint Company. 

        2.10    "Year of Vesting Service"    means each Year of Service rendered by a Participant for a WellPoint Company
after the later of January 1, 2000 or the date that the individual commences participation in the Plan. 

 
 

ARTICLE III
  AMOUNT OF BENEFIT    
  

        3.1    Retirement Benefit.    

        (a)    Normal Retirement.    If a Participant terminates employment on or after attaining age sixty-two
(62) and after completing five (5) full years of vesting service, the Participant shall be entitled to receive an annual retirement benefit for life, payable in monthly installments
beginning on the first day of the month on or after such termination that, before reduction for the Other Plan Offset Amount, equals (i) his or her Applicable Retirement Percentage multiplied
by (ii) his or her Final Average Pay and (iii) if the Participant has less than fifteen (15) Years of Benefit Service, multiplied by a fraction the numerator of which is the
Participant's full Years of Benefit Service and the denominator of which is fifteen (15). The Applicable Retirement Percentage for each Participant shall be either fifty (50%) or sixty (60%) as
designated by the Committee at the time that the Participant is selected for participation in the Plan; provided that the Committee may, in its sole discretion after participation commences, either
change the Applicable Percentage applicable to future Years of Benefit Service from 50% to 60% or vice versa or increase the percentage from 50% to 60% applicable to all Years of Benefit Service. 

        (b)    Early Retirement.    If a Participant terminates employment before attaining age sixty-two (62),
but after completing five (5) full Years of Vesting Service, the Participant may elect to receive benefits on the first day of any month beginning on or after the later of the date of
termination or attainment of age fifty-five (55), but not later than the first day of the month on or after attainment of age sixty-two (62). The annual retirement benefit
(before reduction for the Other Plan Offset Amount) shall be the benefit computed in accordance with subsection (a), based on the number of Years of Benefit Service the Participant has actually
completed as of commencement of retirement benefits, reduced by 6.75% for each year (or .5625% for each full calendar month) that benefits commence before the first day of the month on or after the
Participant would attain age sixty-two (62). 

2

 

        (c)    Other Plan Offset Amount.    The amount of the single life annuity payable to a Participant pursuant to
subparagraph (a) or (b) above shall be further reduced by the Other Plan Offset Amount. 

        3.2    Other Terminations.    Except as provided in Section 3.3 below, if a Participant terminates employment
with all WellPoint Companies before completing five (5) full Years of Vesting Service, no benefits shall be payable under the Plan to or on behalf of such Participant. 

        3.3    Certain Terminations.    If a Participant's employment is terminated under circumstances that would make such
Participant eligible for benefits under the WellPoint Health Networks Inc. Officer Change-in-Control Plan, as in effect on the date of adoption of this Plan or such
termination, then (i) such Participant shall be deemed to have five (5) full Years of Vesting Service at the time of such termination for purposes of Sections 3.1 and 3.2 and
(ii) such Participant shall, for purposes of this Plan, be credited with such number of additional Years of Benefit Service, and shall be deemed to be older by such number of years, as is set
forth in the Officer Change in Control Plan. 

 
 

ARTICLE IV
  DISTRIBUTIONS    
  

        4.1    Distribution of Benefits.    A Participant must elect the manner in which his or her benefits will be paid out
by following the procedures described below and by satisfying such additional requirements as the Committee may reasonably determine. 

        (a)    Elections.    When a Participant first confirms his initial participation in the Plan, the Participant must
elect, in writing, which of the distribution options described below will govern payment of the Participant's benefits. 

        (b)    Timing.    A Participant's benefits will be distributed, based on the Participant's election under
(a) above, beginning with the first day of the month beginning after the later of the Participant's termination of employment with all WellPoint Companies or attainment of age
fifty-five (55) or, if later, the date, if any, specified by the Participant in his election. Any date specified by the Participant must be at least twelve (12) full calendar
months from the date of the election and in no event later than the date on which the Participant would attain age sixty-two (62). 

        (c)    Form.    A Participant's benefits will be distributed, based on the Participant's election under
(a) above, in one of the following forms: (i) a single life annuity payable to the Participant during his or her lifetime and ending with the date of the Participant's death; or
(ii) a joint and survivor annuity payable to the Participant during his or her lifetime and ending with the date of the Participant's death, with provision for the continuance of retirement
benefits to the spouse to whom the Participant is married on the date that benefit distributions begin under this Plan during the lifetime of such spouse in an amount equal to fifty percent (50%) or
one hundred percent (100%) of the monthly benefit paid to the Participant prior to the Participant's death. If the Participant elects a joint and survivor annuity, the amount payable during the
Participant's lifetime and the amount on which the continuing survivor benefit will be based will be determined using the actuarial assumptions that would be in effect for the Participant under the
WellPoint Health Networks Inc. Pension Accumulation Plan on the date that benefits under this Plan become payable. 

        (d)    Subsequent Elections.    Subject to approval by the Committee and to the requirements of Sections 4.1(b) and
4.1(c) above, a Participant may change a distribution election as to timing or form by submitting the change to the Committee in writing. A subsequent election will be valid only if the distribution
commences more than twelve (12) months after the date of such 

3

 

subsequent election and if the prior specified distribution date would have commenced more than twelve (12) months after the date of the election change. 

        (e)    Default.    If the Committee does not have a proper distribution election on file for a Participant, the
Participant's benefits will begin in the form of a single life annuity on the first day of the month beginning after the later of the Participant's termination of employment with all WellPoint
Companies or the Participant's attainment of age fifty-five (55). 

        4.2    Withholding.    The Company will deduct from Plan payouts, or from other compensation payable to a Participant
or his or her spouse, amounts required by law to be withheld for taxes with respect to benefits under this Plan. 

 
 

ARTICLE V
  PRE-RETIREMENT DEATH BENEFIT    
  

        If a Participant who has completed at least five (5) full Years of Vesting Service dies before commencement of retirement benefits under the Plan, the
spouse (if any) to whom the Participant is married on the date of his or her death shall be entitled to receive an annual survivor benefit payable in monthly installments beginning on the first day of
the month beginning after the later of the date of the Participant's death or the date the Participant would have attained age fifty-five (55) and ending with the date of the
surviving spouse's death. The annual survivor benefit will be equal to the survivor benefit that the spouse would have received had the Participant commenced receipt of benefits on the date that such
survivor benefits begin in the form of a fifty percent (50%) joint and survivor annuity. 

 
 

ARTICLE VI
  NON-COMPETITION REQUIREMENT    
  

        Notwithstanding any other provision of the Plan, if a Participant at any time without the prior written approval of the Committee, engages, directly or indirectly
(including, but not limited to, as a director, principal, partner, venturer, employee, consultant or agent), or has any direct or indirect interest, in any business similar to or competitive with that
being carried on by a WellPoint Company or affiliate at the time of the Participant's termination of employment in any area of the world where any WellPoint Company or an affiliate carries on such
business, no further benefit payments shall be made under the Plan to the Participant or his or her spouse after the Participant first so engages in, or acquires an interest, in such business.
Included within the meaning of an indirect interest for purposes of this Article VI is, by way of example only, an interest in a trust, corporation, venture or partnership which, in turn, owns
an interest in any such business, or an interest in any such business through a nominee, agent, option or other device. However, nothing in this Article VI will prevent a Participant from
serving on boards of companies for which he serves as a director on the date that he or she becomes a Participant, or from owning an interest in a mutual fund or an interest of no more than one
percent (1%) of the outstanding equity interest of a corporation whose stock is listed on a national stock market. If any of the provisions of this Article VI would contravene or be invalid
under any applicable law, such contravention or invalidity shall not invalidate all of the provisions of this Article VI, but rather this Article VI shall be construed insofar as such
law is concerned as not containing the particular provision or provisions held to be invalid in said state and the rights and obligations shall be construed and enforced accordingly. 

 
 

ARTICLE VII
  MISCELLANEOUS    
  

        7.1    Limitation of Rights.    Participation in this Plan does not give any individual the right to be retained in
the service of any entity. Subject to the terms of any written employment agreement executed by both parties thereto, both the WellPoint Companies and each Participant reserve the right 

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to terminate the Participant's employment at any time for any or no reason and with or without advance notice. 

        7.2    Claims Procedure.    If a Participant or his or her spouse ("Claimant") believes that he or she is entitled to
a greater benefit under the Plan, the Claimant may submit a signed, written application to the Committee. The Claimant will generally be notified of the approval or denial of this application within
90 days of the date that the Committee receives the application. If the claim is denied, the notification will state specific reasons for the denial and the Claimant will have 60 days to
file a signed, written request for a review of the denial with the Committee. This request will include the reasons for requesting a review, facts supporting the request and any other relevant
comments. The Committee, operating pursuant to its discretionary authority to administer and interpret the Plan and to determine eligibility for benefits under the terms of the Plan, will generally
make a final, written determination of the Claimant's eligibility for benefits within 60 days of receipt of the request for review. 

        After
satisfaction of the claims procedures described above, any remaining dispute shall be subject to arbitration. 

        7.3    Assignment.    To the fullest extent permitted by law, benefits under the Plan and rights thereto are not
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or his spouse. 

        7.4    Inability to Locate Recipient.    If a benefit under the Plan remains unpaid for two years from the date it
becomes payable, solely by reason of the inability of the Committee to locate a Participant or his or her spouse entitled to the payment, the benefit shall be treated as forfeited. Any amount
forfeited in this manner shall be restored without interest upon presentation of an authenticated written claim by the person entitled to the benefit. 

        7.5    Amendment and Termination.    The Company may amend or terminate the Plan at any time, provided that no
amendment or termination may adversely affect a Participant's rights under the Plan with respect to benefits already accrued based on Years of Benefit Service rendered before, and Final Average Pay
determined as of, the date of such amendment or termination, without the Participant's written consent. Notwithstanding the above, upon termination of the Plan, the Company may satisfy its obligations
to each Participant hereunder by making a current single sum cash payment equal to the present value of the Participant's then accrued benefit, based on reasonable actuarial assumptions adopted by the
Committee. In addition, the Company may amend the Plan to restrict a Participant's right to change his or her election with respect to the timing and form of benefit, if and to the extent that the
Company deems necessary to avoid the constructive receipt of benefits by Participants for tax
purposes before actual distribution of benefits. Any amendment to the Plan must be made in writing; no oral amendment will be effective. 

        7.6    Applicable Law.    To the extent not governed by Federal law, the laws of the State of California govern the
Plan. If any provision of the Plan is held to be invalid or unenforceable, the remaining provisions of the Plan will continue to be fully effective. 

        7.7    No Funding.    The Plan constitutes a mere promise by the Company to make payments in the future in accordance
with the terms of the Plan. A Participant and his or her surviving spouse shall have the status of general unsecured creditors of the Company. Except to the extent provided below in
Section 7.8, Plan benefits will be paid from the general assets of the Company and nothing in the Plan will be construed to give a Participant or any other person rights to any specific assets
of the WellPoint Companies. In all events, it is the intention of the WellPoint Companies that the Plan be treated as unfunded for tax purposes and for purposes of Title I of ERISA. 

        7.8    Trust.    Except to the extent the Committee determines otherwise before a benefit is credited under the Plan,
Plan benefits will be paid from the assets of a grantor trust (the "Trust") established by the Company to assist it in meeting its obligations and, to the extent that such assets are not sufficient, 

5

 

by the Company. The Trust shall conform to the terms of the Internal Revenue Service Model Trust as described in Internal Revenue Service Procedure 92-64. 

        7.9    Plan Year.    The Plan Year of the Plan shall be the calendar year. 

        7.10    Predecessor Employer Benefits.    Each Participant shall identify the amount and provide the Committee or its
delegate with written materials from any predecessor employer showing the calculation of benefits payable to the Participant under the predecessor's defined benefit pension plan, if benefits from such
plan are to be included in the Other Plan Offset Amount. 

        IN
WITNESS WHEREOF, WellPoint Health Networks Inc. has caused this Plan to be executed by its duly authorized representative on the date indicated below. 

WELLPOINT HEALTH NETWORKS INC.  

	By:	/s/  LEONARD D. SCHAEFFER      	 	December 4, 2001
	 	
	 	
 Date

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WELLPOINT HEALTH NETWORKS INC. SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (As restated effective December 4, 2001)

ARTICLE I PURPOSE

ARTICLE II DEFINITIONS

ARTICLE III AMOUNT OF BENEFIT

ARTICLE IV DISTRIBUTIONS

ARTICLE V PRE-RETIREMENT DEATH BENEFIT

ARTICLE VI NON-COMPETITION REQUIREMENT

ARTICLE VII MISCELLANEOUS

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