Document:

EX-10.1

[HEALTH NET, INC. LETTERHEAD]

October 10, 2005

Mr. Jeff Folick

[ADDRESS]

[ADDRESS]

Dear Jeff:

This letter will confirm the discussions and agreements reached between you and the Company to
further amend the letter agreement dated May 22, 2002, as amended by the letter agreement dated
July 2, 2004 and as further amended by the letter agreement dated January 28, 2005 (collectively,
the “Agreement”) setting forth the terms and conditions of your employment with the Company.
Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such
terms in the Agreement.

In accordance with Section 17 of the Agreement, you and the Company hereby agree and
acknowledge that each of the sections of the Agreement listed below is hereby amended, as follows:

Subsection (C) of Section 1 of the Agreement is added as follows:

“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 your employment arrangements with the Company,
including, among other things, the terms of this Agreement and any stock option agreement,
restricted stock agreement and/or severance agreement you enter 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 your Base Salary, any annual incentive
payment (whether in the form of cash or equity) awarded to you (in the past or after the date
hereof), and the establishment of performance goals under the Company’s incentive plans. Your
execution of this Agreement will serve as your acknowledgement that your Personal Compensation
Information may be publicly disclosed from time to time in filings with the SEC, NYSE or otherwise
as required by applicable law.”

Subsection (h) of Section 9 of the Agreement is amended and restated in its entirety as
follows:

“(h) You will have the option, exercisable by notifying the Company in writing no
earlier than October 10, 2005 but no later than March 31, 2006, to terminate your
employment with the Company effective thirty (30) days following the date of such
notice (the “Effective Date”), and to receive the incentive package described below
in lieu of any other payments or benefits under Section 9 of the Agreement (the
“Incentive Package”), provided that you sign and do not revoke a Waiver and Release
of Claims in the form attached hereto as Exhibit A, and a Restrictive
Covenant Agreement in the form attached hereto as Exhibit B, both of which
are incorporated into this Agreement by reference, and subject to the other terms
and conditions set forth below:

	 	(1)	 	Cash Payment; Benefits. You will
receive (i) a lump sum cash payment equal to two times (2x) your Base
Salary in effect immediately prior to the Effective Date and (ii) the
continuation of your medical, dental and vision benefits for you and
your dependents for up to six (6) months following the Effective
Date, and (iii) after expiration of such six (6) month benefits
continuation period, the premium payments for continuation, under
COBRA, of your medical, dental and vision benefits (as maintained for
your benefit immediately prior to the Effective Date) for you and
your dependents for up to eighteen (18) months, provided that you
properly elect to continue those benefits under COBRA, and provided
further that your eligibility for benefits continuation and/or COBRA
premium payments will expire immediately upon your accepting
employment with another employer offering comparable benefits. The
lump sum payment referred to in clause (i) above will be paid within
thirty (30) days following the Effective Date.

	 	(2)	 	Bonus Opportunity. You will be
eligible for two separate bonus awards in lieu of participation in
the Company’s 2005 Management Incentive Plan (“2005 MIP”) and 2006
Management Incentive Plan (“2006 MIP”), as set forth below:

(A) You will be paid a bonus award equal to fifty percent
(50%) of your current 2005 MIP target opportunity so long
as all of the following conditions are met: i) you
successfully complete and timely file with the Centers for
Medicare and Medicaid Services (“CMS”) the Company’s bid
application pursuant to competitive bidding procedures for
Medicare Advantage set forth in the Medicare Modernization
Act of 2003 which requires bid applications to be
submitted by June 6, 2005 (the “Bid Application”); and ii)
the Bid Application is approved by the CMS; and iii) the
Bid Application is certified by the Company’s Chief
Financial Officer as economically viable at the time of
filing.

(B) You will be paid a bonus award equal to fifty percent
(50%) of your current 2005 MIP target opportunity if you
successfully implement the Company’s Medicare plan. The
criteria and measures for determining a successful
implementation will be developed by the Company’s Chief
Executive Officer and approved by the Chair of the
Compensation Committee of the Company’s Board of
Directors.

	 	(3)	 	Stock Options. Your
timely election to terminate your employment pursuant to this
Section 9(h) will be treated the same as a termination by the
Company without Cause (as defined in the Agreement) for
purposes of your ability to exercise your Stock Options under
your Stock Option Agreements. Accordingly, as of the
Effective Date, you will have ninety (90) days to exercise
any outstanding, vested Stock Options. You and the Company
acknowledge and agree that Exhibit C attached hereto
accurately reflects the current status of stock options
granted to you by the Company.”

Section 9(c) of the Agreement is hereby amended and replaced with the following:

“In the event that your employment is voluntarily terminated by you at any time (except as the
result of your timely election to receive the Incentive Package pursuant to subsection (h), or for
Good Reason within two (2) years after a Change in Control of Health Net, Inc.) then you shall not
be eligible to receive any payments set forth in this Section 9.”

Section 14(e) of the Agreement is hereby amended and replaced with the following:

“If you have timely elected the Incentive Package and entered into the Restrictive Covenant
Agreement attached hereto as Exhibit B, and provided that your employment has not been
terminated by the Company for Cause on or before the Effective Date, then this Section 14 shall be
of no further force or effect and the terms of the Restrictive Covenant Agreement shall govern.

If you have timely elected the Incentive Package and your employment is thereafter terminated
by the Company without Cause before the Effective Date, then you will remain eligible to receive
the Incentive Package subject to the terms and conditions set forth above. The Incentive Package
is in lieu of any other severance benefits under the Agreement or any other agreement between you
and the Company, or under any Company policy or program, and in lieu of your participation in the
2005 MIP and 2006 MIP. If your employment is terminated for Cause before the Effective Date, then
you will not be eligible to receive the Incentive Package.

In the event that you do not timely elect the Incentive Package, then you and the Company
acknowledge and agree that you will remain subject to the terms and conditions of the Agreement,
including, but not limited to, participation in the 2005 MIP and the 2006 MIP, a Change in Control
severance benefit (as defined in the Agreement), and acceleration in vesting of your Stock Options
based on completion of a “Change in Control” transaction (as defined in the Stock Option Plan and
Stock Option Agreement), provided that all of the terms and conditions of such benefits set forth
in such documents are met.”

Except as expressly provided herein, the terms and conditions of the Agreement (including,
without limitation, the at-will employment term) shall remain in full force and effect. Your
signature below will not only confirm your agreement with and acceptance of the terms of this
letter, but will also be your acknowledgement that you will not be entitled to receive or be
eligible for any future bonus compensation other than that referred to above. This will also
confirm that the terms of this letter have been approved by the Compensation Committee of the
Company’s Board of Directors. Please sign one copy of this letter where indicated below and return
it to me indicating such agreement and acknowledgement. The other copy is for your records.

Sincerely,

/s/ Jay M. Gellert

Jay M. Gellert

President and Chief Executive Officer

I hereby agree to the amendment to the terms of my letter agreement dated May 22, 2004, as amended
by the letter agreement dated July 2, 2004 and further amended by the letter agreement dated
January 28, 2005 as set forth above.

/s/ Jeff Folick

     

Jeff Folick

Date: October 10, 2005GUARANTEED MINIMUM INCOME BENEFIT ("GMIB") RIDER
                       (ALSO KNOWN AS THE LIVING BENEFIT)

This rider is part of your [Contract/Certificate], and the same definitions
apply to the capitalized terms used herein. The benefit described in this rider
is subject to all the terms contained in your [Contract/Certificate], except as
modified below. In this rider, "we", "our", and "us" means AXA Equitable Life
Insurance Company and "you" and "your" means the Owner.

THIS RIDER'S BENEFIT

      On the Transaction Date that you exercise the Guaranteed Minimum Income
      Benefit (GMIB), the annual lifetime income that will be provided under the
      fixed payout option selected will be the greater of (i) the GMIB, and (ii)
      the amount of income that would be provided by application of the Annuity
      Account Value as of the Transaction Date at our then current annuity
      purchase factors for the same payout option. The GMIB benefit base, as
      defined below, is applied to guaranteed minimum annuity purchase factors
      to determine the GMIB. The guaranteed minimum annuity purchase factors are
      shown in the attached table.

      You may apply amounts during the period of time indicated below to receive
      a minimum amount of guaranteed lifetime income under either (i) our Life
      Annuity payout option or (ii) our Life Annuity with a Period Certain
      payout option. Other options may be available at the time of exercise. The
      Life Annuity payout option provides fixed annuity payments while the
      Annuitant is living. Payments end with the last payment made before the
      Annuitant's death. The Life Annuity payout option is also available on a
      joint and survivor basis.

      This rider does not provide a Cash Value or any minimum account value.

      [APPLICABLE FOR [CONTRACTS/CERTIFICATES] ISSUED IN THE QP, TSA AND IRA
      MARKETS]
      [The Life Annuity with a Period Certain payout option provides payment
      during a period certain with payments continuing for life thereafter. The
      period certain is based on the Annuitant's age at the time the Life
      Annuity with a Period Certain payout option is elected. The period certain
      is 10 years for Annuitants' age 60 through 75; 9 years for age 76; 8 years
      for age 77; 7 years for ages 78 through 83; 6 years for age 84; and 5
      years for age 85. The Life Annuity with a Period Certain payout option is
      also available on a joint and survivor basis.]

      [APPLICABLE FOR [CONTRACTS/CERTIFICATES] ISSUED IN THE NQ MARKETS]
      [The Life Annuity with a Period Certain payout option provides payment
      during a period certain with payments continuing for life thereafter. The
      period certain is based on the Annuitant's age at the time the Life
      Annuity with a Period Certain payout option is elected. The period certain
      is 10 years for Annuitants' age 60 through 80; 9 years for age 81; 8 years
      for age 82; 7 years for age 83; 6 years for age 84; and 5 years for age
      85. The Life Annuity with a Period Certain payout option is also available
      on a joint and survivor basis.]

CONDITIONS OF THIS RIDER

      [Contracts/Certificates] issued in the Tax Sheltered Annuity and Qualified
      Plan markets must convert to a traditional IRA [Contract/Certificate] to
      exercise the GMIB unless GMIB is automatically exercised as described
      below in "GMIB No Lapse Guarantee."

      [APPLICABLE FOR ANNUITANT ISSUE AGES 20 THROUGH 44]
      The GMIB may be exercised only within 30 days following each Contract Date
      Anniversary beginning with the [15th] or later Contract Date Anniversary
      under this [Contract/Certificate]. However, it may not be exercised later
      than the Contract Date Anniversary following the Annuitant's [85th]
      birthday.

      [APPLICABLE FOR ANNUITANT ISSUE AGES 45 THROUGH 49]
      The GMIB may be exercised only within 30 days following each Contract Date
      Anniversary on or after the Annuitant's [60th] birthday. However, it may
      not be exercised later than the Contract Date Anniversary following the
      Annuitant's [85th] birthday.

2003GMIB(rev1105)NLG                    1
<PAGE>

      [APPLICABLE FOR ANNUITANT ISSUE AGES 50 THROUGH 75]
      The GMIB may be exercised only within 30 days following each Contract Date
      Anniversary beginning with the [10th] or later Contract Date Anniversary
      under this [Contract/Certificate]. However, it may not be exercised later
      than the Contract Date Anniversary following the Annuitant's [85th]
      birthday.

      You will begin receiving [annual] payments [12] months after the GMIB
      supplementary contract is issued which reflects the terms of this benefit.

      GUARANTEED MINIMUM INCOME BENEFIT BASE - On the Contract Date, your [6%]
      Roll Up to Age [85] and Annual Ratchet to Age [85] benefit bases are both
      equal to your initial Contribution [plus any Credit]. Thereafter, both
      benefit bases are adjusted for any subsequent Contributions, [Credits] and
      withdrawals and your GMIB benefit base is equal to the greater of your
      [6%] Roll up to Age [85] or Annual Ratchet to Age [85] benefit base.

      [6%] ROLL UP TO AGE [85]
      Your [6%] Roll up to Age [85] benefit base is credited each day with
      interest at an annual effective rate of [6%] ([3%] for amounts in the
      [EQ/Money Market Fund, EQ/Alliance Intermediate Government Securities
      Fund, EQ/Short Duration, Fixed Maturity Options [APPLICABLE IF THE GPB
      OPTION 2 IS ELECTED] [and Special Ten Year FMO], , Guaranteed Interest
      Account and the loan reserve account (if applicable) through the Contract
      Date Anniversary following the Annuitant's [85th] birthday (or the
      Annuitant's death, if earlier), and 0% thereafter. [The Guaranteed Minimum
      Income Benefit interest rate applicable during the period selected for the
      Special Dollar Cost Averaging Account, if applicable, will be [6%] and for
      the Money Market Fund (12 Month) Dollar Cost Averaging Account, if
      applicable, will be [6%].]

      ANNUAL RATCHET TO AGE [85]
      For the Annual Ratchet to Age [85] benefit base, on each Contract Date
      Anniversary up to the Contract Date Anniversary following the Annuitant's
      [85th] birthday, if the Annuity Account Value is greater than the current
      Annual Ratchet to Age [85] benefit base, the Annual Ratchet to Age [85]
      benefit base is reset to equal the Annuity Account Value.

EFFECT OF WITHDRAWALS
NOTE TO REGULATOR: THERE ARE THREE ALTERNATIVES FOR ADJUSTING THE GMIB BENEFIT
BASE FOR WITHDRAWALS. THEY ARE REFERENCED BELOW AS OPTION 1, 2 AND 3. ALL
ADJUSTMENTS ARE DETERMINED ON A CONTRACT YEAR BASIS. THE ONE OPTION WE IMPLEMENT
WILL BE REFLECTED IN THIS RIDER AS ISSUED AND WILL NOT CHANGE FOR AN ANNUITANT
ONCE ISSUED.

      OPTION 1  (DOLLAR FOR DOLLAR ADJUSTMENT ON [6]% OF WITHDRAWALS AND
      ------------------------------------------------------------------
      PRO-RATA THEREAFTER FOR BOTH GMIB BENEFIT BASES):
      -------------------------------------------------

      [The [6%] Roll Up to Age [85] and the Annual Ratchet to Age [85] benefit
      bases will each be reduced by withdrawals. The reduction is determined
      separately for each benefit base. The reduction of the benefit base is on
      a dollar-for-dollar basis as long as the sum of your withdrawals in that
      Contract Year is [6%] or less of the respective benefit base as of the
      beginning of the Contract Year. Once a withdrawal is made that causes
      cumulative withdrawals in a Contract Year to exceed [6%] of the respective
      benefit base as of the beginning of the Contract Year, that entire
      withdrawal and any subsequent withdrawals in that Contract Year will cause
      a pro rata reduction of the respective benefit base. (Because your benefit
      bases may differ from each other, the same withdrawal may produce a pro
      rata adjustment in one benefit base and not in the other benefit base.)]

      OPTION 2 FOR 6% ROLL-UP GMIB BENEFIT BASE ONLY: Dollar for Dollar
      ------------------------------------------------------------------
      Adjustment on [6]% of Withdrawals, and Pro-rata thereafter; FOR ANNUAL
      ----------------------------------------------------------------------
      RATCHET GMIB BENEFIT BASE ONLY: Pro-rata adjustment)
      ---------------------------------------------------

      [The [6%] Roll Up to Age [85] and the Annual Ratchet to Age [85] benefit
      bases will each be reduced by withdrawals. The reduction is determined
      separately for each benefit base. The Annual Ratchet to Age [85] benefit
      base will be reduced pro rata by all withdrawals. The reduction of the
      Roll Up to Age [85] benefit base is on a dollar-for-dollar basis as long
      as the sum of your withdrawals in that Contract Year is [6%] or less of

2003GMIB(rev1105)NLG                    2

<PAGE>

      the [6%] Roll Up to Age [85] benefit base as of the beginning of the
      Contract Year. Once a withdrawal is made that causes cumulative
      withdrawals in a Contract Year to exceed [6%] of the benefit base as of
      the beginning of the Contract Year, that entire withdrawal and any
      subsequent withdrawals in that Contract Year will cause a pro rata
      reduction of the Roll Up to Age [85] benefit base.]

      OPTION 3 (PRO-RATA ADJUSTMENT OF WITHDRAWALS FOR BOTH GMIB BENEFIT BASES):
      -------------------------------------------------------------------------

      [The [6%] Roll up to Age [85] and the Annual Ratchet to Age [85] benefit
      bases will each be reduced pro rata by withdrawals. The reduction is
      determined separately for each benefit base.]

      A pro rata reduction is determined as follows:
      1) Divide the amount of your withdrawal by your Annuity Account Value
      immediately preceding the withdrawal;
      2) Multiply the fraction calculated in (1) by the amount of your benefit
      base immediately preceding the withdrawal. This is the amount of the pro
      rata reduction.

      The GMIB benefit base will also be reduced by any withdrawal charge
      remaining on the Transaction Date that the Owner exercises the GMIB. The
      amount of the charge is a withdrawal that will reduce the GMIB benefit
      base as described above.

      The GMIB benefit base does not create an Annuity Account Value or a Cash
      Value and is used solely for purposes of calculating the GMIB.

 [FOR NQ, IRA AND TSA MARKET SEGMENTS ONLY]
 [SPECIAL RULES FOR SUCCESSOR OWNER/ANNUITANT

      If the Owner/Annuitant dies and the surviving spouse (who is the joint
      owner or the sole primary beneficiary) elects to become Successor
      Owner/Annuitant (SOA) and is age [84] or younger, the GMIB crediting
      continues until the Contract Date Anniversary following the SOA's [85th]
      birthday unless (i) on the date of the original Owner/Annuitant's death,
      the SOA was age [85] or older or the SOA will become [85] prior to the end
      of the original Owner/Annuitant's waiting period under "Conditions of this
      Rider," above, or (ii) at the time of death, the original Owner/Annuitant
      had attained age [85] and GMIB crediting had stopped or the
      [Contract/Certificate] was past the last possible GMIB exercise date.

      If GMIB crediting is continued under the preceding paragraph, then the
      Annuitant age for determining when GMIB may be exercised under "Conditions
      of this Rider," above, is based on the SOA's age as of (i) the date of the
      original Owner/Annuitant's death and (ii) the Contract Date (with respect
      to the waiting period under "Conditions of this Rider," above).
      Determination of the Contract Date Anniversary is not affected by the
      death of the original Owner/Annuitant.

      If GMIB crediting is not continued as described above, the GMIB feature
      and GMIB charge terminate upon the death of the original Owner/Annuitant
      and are not reinstated for the SOA.]

GMIB NO LAPSE GUARANTEE:

APPLICABLE TO NQ, IRA AND QP MARKETS ONLY:

[If your Annuity Account Value falls to zero before the Contract Date
Anniversary following the Annuitant's [85th] birthday while this
[Contract/Certificate] is in force and there have been no withdrawals from your
[Contract/Certificate] other than as described below under "Conditions of the
GMIB No Lapse Guarantee," then your GMIB will be exercised automatically on the
Transaction Date that the Annuity Account Value falls to zero. The annual
lifetime income that will be provided under GMIB will be based on the
Annuitant's age and the value of the GMIB Benefit Base on the Transaction Date
that the Annuity Account Value falls to zero, notwithstanding any waiting period
described above in "Conditions of this Rider". Annual GMIB payments will be
based on a single life annuity with a ten year period certain and begin one
calendar year after the Transaction Date that the Annuity Account Value falls to
zero. You may notify us in writing, within 30 days of your receipt of notice
from us stating

2003GMIB(rev1105)NLG                    3

<PAGE>

that the Transaction Date that your Annuity Account Value has fallens to zero,
if you wish to change the frequency of payments.]

         APPLICABLE TO TSA MARKET ONLY:

         [If your Annuity Account Value falls to zero while you are eligible to
         take distributions from the [Contract/Certificate] and before the
         Contract Date Anniversary following the Annuitant's [85th] birthday,
         due to the conditions described below, GMIB will be exercised as of the
         Transaction Date that the Annuity Account Value falls to zero. The
         annual lifetime income that will be provided under GMIB will be based
         on the Annuitant's age and the value of the GMIB Benefit Base on the
         Transaction Date that the Annuity Account Value falls to zero,
         notwithstanding any waiting period described above in "Conditions of
         this Rider. You may notify us in writing regarding your choice of the
         form of annuity we are then offering for GMIB exercise.]

Conditions of the GMIB No Lapse Guarantee:

The No Lapse Guarantee described above applies only if there are no withdrawals
from your [Contract/Certificate] other than:

(i)                Withdrawals due to "Charges Deducted from Annuity Account
                   Value" as described in Section 8.02, and

(ii)               Withdrawals during a Contract Year that, in aggregate, do not
                   exceed [6%] of the beginning of Contract Year [6%] Rollup to
                   Age [85] GMIB Benefit Base.

Any withdrawal in excess of the above will cause the GMIB No Lapse Guarantee to
terminate irrevocably. Termination of the No Lapse Guarantee provision does not
cause termination of the other provisions of this Rider.

THE COST OF THIS RIDER

      The charge for this benefit is shown in the Data Pages.

GENERAL PROVISIONS OF THIS RIDER

      Upon the occurrence of any of the following, this rider and any charge
      associated herewith will terminate: (i) the [Contract/Certificate]
      terminates, (ii) the Annuitant reaches the Contract Date Anniversary
      following his/her [85th] birthday, (iii) the [Contract/Certificate] is
      continued under the Beneficiary Continuation Option, if applicable, or
      (iv) the [Contract/Certificate] is annuitized including exercise of
      Guaranteed Minimum Income Benefit (also referred to as Living Benefit).

AXA EQUITABLE LIFE INSURANCE COMPANY
[OBJECT OMITTED]  [GRAPHIC OMITTED][GRAPHIC OMITTED]

/S/Christopher M. Condron                           /S/Pauline Sherman
-------------------------                           ------------------
Christopher M. Condron                              Pauline Sherman
Chairman and Chief Executive Officer                Senior Vice President,
                                                    Secretary and Associate
                                                    General Counsel

2003GMIB(rev1105)NLG                    4

<PAGE>

                        GUARANTEED MINIMUM INCOME BENEFIT
                       TABLE OF GUARANTEED MINIMUM ANNUITY
                                PURCHASE FACTORS
                         FOR INITIAL LEVEL ANNUAL INCOME
                             [SINGLE LIFE] - [MALE]

                               PURCHASE FACTORS

 Election Age       Life Annuity with a Period Certain       Life Annuity
 ------------       ----------------------------------       ------------
                            NQ/[IRA]
   [60                         4.94                                5.15%
    61                         5.02                               5.26
    62                         5.11                               5.38
    63                         5.20                               5.51
    64                         5.30                               5.64
    65                         5.40                               5.79
    66                         5.50                               5.94
    67                         5.60                               6.10
    68                         5.70                               6.27
    69                         5.81                               6.45
    70                         5.91                               6.64
    71                         6.02                               6.84
    72                         6.12                               7.06
    73                         6.21                               7.28
    74                         6.31                               7.51
    75                         6.40                               7.76
    76                      6.50/6.69                             8.03
    77                      6.59/7.01                             8.31
    78                      6.66/7.38                             8.61
    79                      6.74/7.53                             8.93
    80                      6.81/7.67                             9.27
    81                      7.16/7.81                             9.64
    82                      7.57/7.93                            10.02
    83                         8.05                              10.43
    84                         8.60                              10.87
    85                         9.25                              11.34]

Other forms of annuities may be available.

2003GMIB(rev1105)NLG                    5

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