Document:

Employment Letter Agreement dated as of May 18, 2005 - David Olson

 Exhibit 10.1 
  
 May 18, 2005 
  
 Mr. David W. Olson 
 Senior Vice President, Corporate Communications

 [ADDRESS] 
 [ADDRESS] 
  
 Dear David: 
  
 The purpose of this letter agreement (this “Agreement”) is to memorialize your current employment arrangements
with Health Net, Inc. (the “Company”). As you are aware, you and the Company are currently party to an Offer Letter Agreement, dated December 30, 1993, a Severance Payment Agreement dated December 4, 1998 and an Agreement dated January 1,
2001 providing for your consent to certain changes under the Company’s Second Amended and Restated 1991 Stock Option Plan and 1997 Stock Option Plan, as amended (collectively, the “Employment Agreement”). By executing this Agreement,
you agree to the amendment and restatement of your Employment Agreement as set forth herein.  
  
 1. Duties and Salary. 
  
 A. Duties. Your title is Senior Vice President, Corporate Communications, but may be changed at the discretion of the Company to a title that
reflects a similarly senior executive position. You report directly to Jay Gellert, President and Chief Executive Officer of the Company, but your reporting relationship may be changed from time to time at the discretion of the Company. Your duties
and responsibilities are to provide executive leadership and management of the corporate communications and investor relations functions, but the Company reserves the right to assign you other duties as needed and to change your duties from time to
time on reasonable notice, based on your skills and the needs of the Company.  
  
 B. Salary. You are paid an annual base salary of $269,104.14, less applicable withholdings (payable on a bi-weekly basis) (“Base Salary”), which covers all hours worked. Generally, your Base Salary
will be reviewed annually, but the Company reserves the right to change your compensation from time-to-time. Pursuant to the charter of the Compensation Committee (the “Committee”) of the Company’s Board of Directors, any adjustment
to your compensation must be made with the approval of the Committee (or, in the event that you constitute 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 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. 
  
 2. Adjustments and
Changes in Employment Status. You understand that the Company reserves the right to make personnel decisions regarding your employment, including but not limited to decisions regarding any promotion, salary adjustment, transfer or disciplinary
action, up to and including termination, consistent with the needs of the business or the Company. Generally, your performance and compensation will be reviewed on an annual basis. 
  
 3. Protection of Proprietary and Confidential Information. You agree that your 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 you during your employment. 
  
 A. You agree 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 you provide 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 you by the Company or (ii) becomes publicly known and made generally available after disclosure to you by the Company. 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. You further agree that at all times during your employment and thereafter, you will keep in confidence and trust all Proprietary and Confidential Information, and that you 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 your 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 you by the Company or any of its affiliates or produced by you or others in connection with your 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. You shall return and
deliver all such property upon termination of your employment, and you may not take any such property or any reproduction of such property upon such termination. 

 D. You recognize 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. You agree that
during your employment, and thereafter, you owe 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 your 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. Your
obligations under this Section 3 shall continue after the termination of your employment and any breach of this Section 3 shall be a material breach of this Agreement. 
  
 4. Representation and Warranty of Employee. You represent and warrant to the Company that the performance of your
duties, and the entering into of this Agreement, has not violated and will not violate any agreements with or trade secrets of any other person or entity. You further represent and warrant that you do not have any relationship or commitment to any
other person or entity that might be in conflict with your obligations to the Company under this offer, including but not limited to outside employment, sales broker relationships, investments or business activities. You further understand and agree
that while employed by the Company you are expected to refrain from engaging in any outside activities that might be in conflict with the business interests of the Company. In addition, you represent and warrant to the Company that you have not
shared with or disclosed to, and will not share with or disclose to, the Company any proprietary or confidential information of your previous employers or any other third party. 
  
 5. Employee Benefits. 
  
 A. Employee Benefit Programs. You may be eligible for various employee benefit programs if you meet the applicable participation requirements.
These benefit programs 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, deferred compensation plan and
tuition reimbursement plan. You will also be eligible to participate in any employee benefit programs added at any future time that are generally applicable to senior executives of the Company and that have been approved by the Committee, provided
that you meet the applicable participation requirements; provided, however, that this provision does not extend to any individually negotiated or tailored benefits, plans or programs covering a particular employee or employees.
Although the Company may sponsor a benefit or plan or program for some employees, it is not required to do so for all employees and may exclude certain employees now or in the future from one or more benefits, plans or programs. 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. You are covered by workers’ compensation insurance and state disability insurance, as required by state law.

 C. Financial Counseling Allowance. You are reimbursed up to the amount of $5,000 per year for
documented costs incurred for your personal financial counseling services, including tax preparation. 
  
 D. Car Allowance. You are entitled to a car allowance of $1,000 per month. 
  
 E. Incentive Bonus. You are eligible to participate in the Health Net, Inc. Executive Incentive Plan (also known as
the Management Incentive Plan (“MIP”)) in accordance with the terms of the MIP, which provides you with a target opportunity to earn each plan year up to 70% of your Base Salary as additional compensation according to the terms of the
actual MIP documents. The bonus payment will range from 0% to 200% of target depending upon the actual results achieved, and specific, individually tailored measures will be established by the Company that must be achieved by you in order for you to
be eligible to receive bonus payments for a given plan year. It is understood that the Committee and the Company will award bonus amounts, if any, as it deems appropriate consistent with the guidelines of the MIP. You acknowledge that in the event
you are one of the top five (5) highest paid executive officers of the Company for a given calendar year under applicable federal securities laws, your bonus for that year, if any, will be subject to the Company’s Performance Based 162(m) Plan
in lieu of the MIP. 
  
 F. Expenses. Subject to and in
accordance with the Company’s written guidelines and procedures for business and travel expenses, you will receive reimbursement for all business travel and other out-of-pocket expenses reasonably incurred by you in the performance of your
duties pursuant to this Agreement. 
  
 6. Stock Options.
Any stock options or restricted stock granted to you have been or will be granted under the applicable Company Stock Option Plan (the “Stock Option Plan”), and have been or will be subject to the terms of the Company’s form of stock
option agreement or restricted stock agreement, as applicable, as adopted by the Committee. Any future grants of stock options and/or restricted stock to you are at the discretion of the Committee. 
  
 A. Company Stock Ownership Requirement. In accordance with the
Executive Officer Stock Ownership Guidelines adopted by the Board of Directors of the Company (the “Executive Stock Ownership Guidelines”), you are required to own shares of Common Stock of the Company having a value of one times your Base
Salary in effect from time to time pursuant to this Agreement (the “Stock Ownership Requirement”). The number of shares of Common Stock you are 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 your current salary of $269,104.14 and a stock price of $26.2684, which is the average closing price per share of the Company’s Common Stock as of December
31, 2004, your current stock ownership requirement is 10,245 (“Target Amount”). Any shares of Company Common Stock that you currently own and any shares of restricted stock of the Company that you own and have vested count toward the
Target Amount. Stock options, unvested shares of restricted stock and shares of Common Stock gifted to others do not count toward the Target Amount. Under the Executive Stock Ownership Guidelines, you will have until August 2006 to comply with the
Stock Ownership Requirement. Please keep in mind that the Target Amount is subject to change from time to time based on (1) changes in the average closing sales price of the Company’s Common Stock on an annual basis and (2) any changes in your
Base Salary made pursuant to and in accordance with Section 1A of this Agreement. 

 The Committee expects that you will make reasonable progress toward your Stock Ownership Requirement. You will be
notified on an annual basis of any changes in your Target Amount. 
  
 (B) Stock Plan Amendments. In accordance with the Agreement dated January 1, 2001 between you and the Company, you have previously consented, pursuant to Section 14 of the Company’s Second Amended and Restated 1991 Stock Option
Plan (the “1991 Plan”) and Section 6.2 of the Company’s 1997 Stock Option Plan, as amended (the “1997 Plan”, and together with the 1991 Plan, the “Plans”), that the Plans, as amended by the amendments to the
Accelerated Provisions of the Plans set forth on Exhibit A attached hereto, shall govern and apply to all of your outstanding options under the Plans, regardless of the date such options were granted. To the extent the option agreements for
your outstanding options under the Plans state anything to the contrary, you and the Company have agreed that such option agreement(s) are amended to be consistent with the foregoing sentence. 
  
 7. Term of Employment. Your employment with the Company is
“at-will,” which means that either you or the Company may terminate the employment relationship at any time, with or without advance notice and with or without Cause (as defined below). Upon termination of your employment for any reason,
in addition to any other payments that may be payable to you hereunder, you (or your beneficiaries or estate) will be paid (in each case to the extent not theretofore paid) within thirty (30) days following your date of termination (or such shorter
period that may be required by applicable law): your annual Base Salary through the date of termination, any compensation previously deferred by you (together with any interest and earnings therein), accrued but unused PTO, reimbursable expenses
incurred by you prior to the termination date and any other compensatory plan, arrangement or program payment to which you may be entitled. 
  
 8. Severance Pay. 
  
 A. If your employment is terminated by the Company without Cause (as defined in subsection (C) below) at any time that is not within two (2) years after a
Change in Control (as defined in subsection (D) below) of Health Net, Inc., you will be entitled to receive, provided you sign a Waiver and Release of Claims substantially in the form attached hereto as Exhibit B, which is incorporated into
this Agreement by reference, 
  
 (a) a lump sum
cash payment equal to one (1) year of your Base Salary in effect immediately prior to the date of your termination; and 
  
 (b) the continuation of all your medical, health, disability, life and accident insurance as maintained for your benefit immediately prior
to the date of your termination (collectively, “Benefits”) for a period of one (1) year following the effective date of your termination. 
  
 The lump sum payments referred to above will be paid within thirty (30) days following your termination of employment. 

 B. If at any time within two (2) years after a Change in Control (as defined in subsection (D) below) of
Health Net, Inc. your employment is terminated by the Company without Cause or you terminate your employment for Good Reason (as defined in subsection (E) below) (by giving the Company at least fourteen (14) days prior written notice of the
effective date of termination), then you will be entitled to receive, provided you sign a Waiver and Release of Claims substantially in the form attached hereto as Exhibit B, which is incorporated into this Agreement by reference, (i) a lump
sum payment equal to two (2) years of your Base Salary in effect immediately prior to the date of your termination, and (ii) the continuation of your Benefits for two (2) years following your date of termination provided, that in the event
the Company requests, in writing, prior to such voluntary termination by you for Good Reason that you continue in the employ of the Company for a period of time up to 90 days following such Change in Control, then you shall forfeit such severance
allowance if you voluntarily leave the employ of the Company prior to the expiration of such period of time. In the event that your employment is voluntarily terminated by you at any time (except 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 8). The lump sum payment will be paid within thirty (30) days following your termination of employment. 
  
 C. You further understand and acknowledge that the Company will have no
obligation to provide the severance benefits called for in this letter if you terminate your employment voluntarily or if you are terminated for cause. For purposes of this letter, a “termination for cause” is defined as a termination of
employment based on the determination by the Company, in its sole discretion, that you engaged in conduct that (1) violates a federal, state or local law, regulation or ordinance that is material to your performance or to your trustworthiness, (2)
evidences dishonesty, gross carelessness or misconduct, negligence or neglect of duty, breach of a fiduciary obligation, or abandonment of the responsibilities of your position, (3) violates any policy or known business practice of the Company, (4)
evidences habitual drunkenness or narcotic drug addiction, (5) results in the knowing unauthorized disclosure of confidential information relating to the business of the Company or any of its affiliates, (6) amounts to a breach of your obligations
hereunder (or under any Company policy) to protect the proprietary and confidential information of the Company or any of its affiliates, or (7) is adverse to the best business interests of the Company. 
  
 D. For purposes of this Agreement, “Change in Control” is defined
as any of the following which occurs subsequent to the effective date of your employment: 
  
 (i) Any person (as such term is defined under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), corporation or other entity (other than Health Net, Inc. or any of its
subsidiaries, or any employee benefit plan sponsored by Health Net, Inc. or any of its subsidiaries) is or becomes the beneficial owner (as such term is defined in Rule 13d-3 under the Exchange Act) of securities of Health Net, Inc. representing
twenty percent (20%) or more of the combined voting power of the outstanding securities of Health Net, Inc. which ordinarily (and apart from rights accruing under special circumstances) have the right to vote in the election of directors (calculated
as provided in paragraph (d) of such Rule 13d-3 in the case of rights to acquire Health Net, Inc.’s securities) (the “Securities”); 
  
 (ii) As a result of a tender offer, merger, sale of assets or other major transaction, the persons who are directors of Health Net, Inc. immediately prior
to such transaction cease to constitute a majority of the Board of Directors of Health Net, Inc. (or any successor corporations) immediately after such transaction; 

 (iii) Health Net, Inc. is merged or consolidated with any other person, firm, corporation or other entity
and, as a result, the shareholders of Health Net, Inc., as determined immediately before such transaction, own less than eighty percent (80%) of the outstanding Securities of the surviving or resulting entity immediately after such transaction:

  
 (iv) A tender offer or exchange offer is made and consummated
for the ownership of twenty percent (20%) or more of the outstanding Securities of Health Net, Inc.; 
  
 (v) Health Net, Inc. transfers substantially all of its assets to another person, firm, corporation or other entity that is not a wholly-owned subsidiary
of Health Net, Inc.; or 
  
 (vi) Health Net, Inc. enters into a
management agreement with another person, firm, corporation or other entity that is not a wholly-owned subsidiary of Health Net, Inc. and such management agreement extends hiring and firing authority over you to an individual or organization other
than Health Net, Inc. 
  
 E. For purposes of this Agreement, the
term “Good Reason” means any of the following which occurs, without your consent, subsequent to the effective date of a Change in Control as defined above: 
  
 (i) A demotion or a substantial reduction in the scope of your position, duties, responsibilities or status with the
Company, or any removal of you from or any failure to reelect you to any of the positions (or functional equivalent of such positions) referred to in the introductory paragraphs hereof, except in connection with the termination of your employment
for Disability (as defined below), normal retirement or Cause or by you voluntarily other than for Good Reason; 
  
 (ii) A reduction by the Company in your Base Salary or a material reduction in the benefits or perquisites available to you as in effect immediately prior
to any such reduction; 
  
 (iii) A relocation of you to a work
location more than fifty (50) miles from your work location immediately prior to such proposed relocation; provided that such proposed relocation results in a materially greater commute for you based on your residence immediately prior to such
relocation; or 
  
 (iv) The failure of the Company to obtain an
assumption agreement from any successor contemplated under Section 14 of this Agreement. 
  
 9. Termination by the Company for Cause. The Company may terminate your employment for Cause at any time with or without advance notice. In the event of such termination, you will not be eligible to receive any
of the payments set forth in Section 8(A) or 8(B) above. 
  
 10.
Termination due to Death or Disability. In the event that your employment is terminated at any time due to death or Disability, you (or your beneficiaries or estate) shall be entitled, to (a) continuation of your Benefits for a period of six
(6) months from the date of termination and (b) a lump sum payment equal to one-half (1/2) your Base Salary in effect immediately prior to the date of your termination, to be paid within thirty (30) days following your termination of employment,
provided in the event of a termination due to Disability, you sign the Waiver and Release of Claims which is incorporated into this Agreement by reference as 

 Exhibit B. For purposes of this Agreement, a termination for “Disability” shall mean a termination of
your employment due to your absence from your duties with the Company on a full-time basis for at least 180 consecutive days as a result of your incapacity due to physical or mental illness. 
  
 11. Withholding. All payments required to be made by the Company
hereunder to you or your 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. 
  
 12. Potential Tax Consequences for “Parachute” Payments.

  
 A. Notwithstanding any other provisions of this Agreement, in
the event that (i) any payment or distribution by the Company to or for your benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any
person whose actions result in a Change in Control or any person affiliated with the Company or such person) (all such payments and distributions, including the severance payments and benefits provided for in Section 8 hereof (the “Severance
Payments”), being hereinafter called (“Total Payments”) would be subject (in whole or part) to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor
provision enacted under the Code or any interest or penalties are incurred by you with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”) and (ii) there are any excess parachute payments (within the meaning of Section 280G(b) of the Code or any successor provision enacted under the Code), in the aggregate, in respect of such Total Payments in excess of $50,000, then the
Company shall pay to you an additional cash payment (the “Tax Gross-up”) so that after receipt of such Tax Gross-up, the payment of any additional federal, state and local income taxes on such Tax Gross-up amount and the payment of any
Excise Taxes, you shall receive such net amount of Total Payments equal to the amount that you would have received if no Excise Tax was due; provided, however, that you shall cooperate in good faith with the Company to minimize the
amount of the Excise Tax that may become payable by taking any such action or making any such election as may be reasonably requested by the Company in respect of the Total Payments due to you. 
  
 B. Subject to the provisions of Section 12(C), all determinations required to
be made under this Section 12, including whether and when a Tax Gross-Up is required and the amount of such Tax Gross-Up and the assumptions to be utilized in arriving at such determination, shall be made by the public accounting firm that,
immediately prior to the Change in Control, was the Company’s independent auditor (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and you within fifteen (15) business days of the
receipt of notice from you that you have received Total Payments, or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Tax Gross-Up, as determined pursuant to
this Section 12, shall be paid by the Company to you within five (5) days of the receipt of the Accounting Firm’s determination. If the Accounting Firm determines that no Excise Tax is payable by you, then the Accounting Firm shall furnish to
you a written opinion that failure to report the Excise Tax on your applicable federal income tax return would not result in the imposition of any tax assessment or a negligence or similar penalty. Any determination by the Accounting Firm shall be
binding upon you and the Company. As a result of any uncertainty in the application of Section 4999 of the Code at the time of the determination by the Accounting Firm hereunder, it 

 is possible that Tax Gross-Up which will not have been made by the Company should have been made
(“Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 12(C) and you thereafter are required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to you or for your benefit. 
  
 C. You shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require
the payment by the Company of the Tax Gross-Up. Such notification shall be given as soon as practicable but no later than ten (10) business days after you are informed in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. You shall not pay such claim prior to the expiration of the thirty (30) day period following the date on which you give such notice to the Company (or such shorter period ending on the
date that any payment of taxes with respect to such claim is due). If the Company notifies you in writing prior to the expiration of such period that it desires to contest such claim, you shall: 
  
 (1) give the Company any information reasonably requested by
the Company relating to such claim, 
  
 (2) take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by
the Company, 
  
 (3) cooperate with the Company
in good faith in order effectively to contest such claim, and 
  
 (4) permit the Company to participate in any proceedings relating to such claim; 
  
 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold you harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and
expenses. Without limitation on the foregoing provisions of this Section 12(C), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals,
proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct you to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and you agree to
prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided further, that if the Company directs you to
pay such claim and sue for a refund, the Company shall advance the amount of such payment to you on an interest-free basis and shall indemnify and hold you harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance and any and all costs and expenses of any such contest, dispute and/or appeal that you pay directly; and
provided further, that any extension of the statute of limitations relating to payment of taxes for your taxable year with respect to which such contested amount is claimed to be due is limited 

 solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with
respect to which a Tax Gross-Up would be payable hereunder and you shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  
 D. If, after your receipt of an amount advanced by the Company pursuant to
Section 12(C), you become entitled to receive, and receive, any refund with respect to such claim, you shall (subject to the Company’s complying with the requirements of Section 12(C)) promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon after taxes applicable thereto). If, after your receipt of an amount advanced by the Company pursuant to Section 12(C), a determination is made that you shall not be entitled to any refund with
respect to such claim and the Company does not notify you in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required
to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Tax Gross-Up required to be paid. 
  
 E. At the time that payments are made under this Section 12, the Company shall provide you with a written statement setting forth the manner in which such
payments were calculated and the basis for such calculations including, without limitation, any opinions or other advice the Company has received from tax counsel, the Auditor or other advisors or consultants (and any such opinions or advice which
are in writing shall be attached to the statement). 
  
 13.
Restrictive Covenants. 
  
 A. You hereby agree that,
during (i) the six (6)-month period following a termination of your employment with the Company that entitles you 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 your employment with the Company that does not entitle you to receive such severance benefits (the period referred to in either clause (i) or (ii), the “Restricted Period”), you 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 you 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 you had access during your 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. In addition, you agree that, during the applicable Restricted Period following termination of your employment with the Company, you 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, you 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. It is hereby further agreed that if any court of competent jurisdiction shall determine that the
restrictions imposed in this Section 13 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. You also acknowledge that the services to be rendered by you 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 you of any of the provisions contained in this Section 13 will cause the Company or any of its affiliates irreparable injury.
You therefore agree that the Company may be entitled, in addition to the remedies set forth above in this Section 13 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 you from any such violation or threatened violations. 
  
 14. Successors; Binding Agreement. 
  
 A. 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. The Company agrees that concurrently with any merger, consolidation or transfer of assets referred to in this Section 14, it will cause any successor or transferee to unconditionally assume, by written instrument
delivered to you (or his 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 be a breach
of this Agreement and shall entitle you to compensation and other benefits from the Company in the same amount and on the same terms as you would be entitled hereunder if your 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. This Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees. If you shall die while any amounts would be payable to you hereunder had you 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 you to receive such amounts or, if no person is so appointed, to your estate. 
  
 15. 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. 

 16. Integrated Agreement. This Agreement supersedes any prior agreements, representations or
promises of any kind, whether written, oral, express or implied between the parties hereto with respect to the subject matters herein, including, but not limited, to the Employment Agreement. It constitutes the full, complete and exclusive agreement
between you and the Company with respect to the subject matters herein. This Agreement cannot be changed unless in writing, signed by you and the Chief Executive Officer of the Company and approved by the Board of Directors of the Company (or the
Committee, if permitted by the Committee’s charter). 
  
 17.
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. 
  
 18. Notices. All notices and communications required or permitted hereunder shall be in writing and shall be deemed given (a) if delivered
personally, (b) one (1) business day after being sent by Federal Express or a similar commercial overnight service, or (c) 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.
	 	  	Organization Effectiveness Department
	 	  	21650 Oxnard Street, 22nd Floor
	 	  	Woodland Hills, CA 91367
	 	  	Attention: Karin Mayhew
		
	 If to the Employee:
	  	Mr. David W. Olson
	 	  	[ADDRESS]

  
 19. 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. 
  
 20. Survival and Enforcement. Sections 3, 8, 10, 12 and 13 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 your employment. The
parties agree that the Company would be damaged irreparably in the event any provision of Sections 3 or 13 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). 
  
 21. Acknowledgement. You acknowledge that you have had the opportunity to discuss the content of this Agreement with and obtain advice from your
attorney, have had sufficient 

 time to and have carefully read and fully understood all of the provisions of this Agreement, and you are knowingly and
voluntarily entering into this Agreement. You further acknowledge that you are obligated to become familiar with and comply at all times with all written policies of the Company. 
  
 In order to confirm your agreement with the Company and your acceptance of these terms, please sign one copy of this letter agreement and
return it to me. 
  
 Sincerely, 
  

	
	 /s/ Karin D. Mayhew

	 Karin D. Mayhew

	 Senior Vice President, Organization Effectiveness

  

	cc:	Jay Gellert 

 Debbie J. Colia/D.W. Olson Personnel File

  
 This will confirm my agreement to the terms of my employment with the Company
as set forth in this letter agreement. 
  

	
	 /s/ David W. Olson

	 David W. OlsonAmended and Restated VimpelCom 2000 Stock Option Plan

 Exhibit 4.1 
  

AMENDED AND RESTATED 
  
 VIMPELCOM 
  
 2000 STOCK OPTION PLAN 
  
 (as adopted on December 20, 2000, and amended and restated on December 19, 2003) 

 AMENDED AND RESTATED 
 VIMPELCOM 2000 STOCK OPTION PLAN 
  
 1.
Purpose. The purpose of this Amended and Restated VimpelCom 2000 Stock Option Plan (the “Plan”) is to align the interests of officers, other employees, directors, and consultants of Open Joint Stock Company
“Vimpel-Communications,” an open joint stock company organized and existing under the laws of the Russian Federation (“VimpelCom”), and its Affiliates (as defined herein) with those of the stockholders of VimpelCom
through the granting of Options (as defined herein) by VC ESOP N.V., an indirect, wholly owned subsidiary of VimpelCom, organized and existing under the laws of Belgium (“VC ESOP”). 
  
 2. Definitions. For purposes of the Plan: 
  
 “ADS” or “ADSs” means American Depositary
Share(s) representing the Shares. 
  
 “Affiliate”
means any entity, directly or indirectly, controlled by, controlling, or under common control with either VimpelCom or VC ESOP or any corporation or other entity acquiring, directly or indirectly, all or substantially all the assets and
business of VimpelCom or VC ESOP, whether by operation of law or otherwise. 
  
 “Agreement” means the written agreement between VC ESOP and an Optionee evidencing the grant of an Option and setting forth the terms and conditions thereof. 
  
 “Board” means the Board of Directors of VC ESOP. 
  
 “Cause” means (i) intentional failure to perform reasonably assigned
duties, (ii) dishonesty or willful misconduct in the performance of duties, (iii) involvement in a transaction in connection with the performance of duties to VimpelCom or any of its Affiliates which transaction is adverse to the interests of
VimpelCom or any of its Affiliates and which is engaged in for personal profit, or (iv) willful violation of any law, rule, or regulation in connection with the performance of duties (other than traffic violations or similar offenses). 

 
 “Change in Capitalization” means any increase or reduction in the
number of Shares, or any change (including, but not limited to, a change in value) in the Shares or exchange of Shares for a different number or kind of shares or other securities of VimpelCom or another corporation, by reason of a reclassification,
recapitalization, merger, consolidation, reorganization, spin-off, split-up, issuance of warrants or rights or debentures, stock dividend, stock split or reverse stock split, cash dividend, property dividend, combination or exchange of shares,
repurchase of shares, change in corporate structure, or otherwise. 
  
 “Committee” means a committee appointed by the Board, from time to time to administer the Plan and to perform the functions set forth herein. 
  
 “Director” means a member of the Board. 

 “Disability” means a physical or mental infirmity which impairs the Optionee’s ability to
perform substantially his or her duties for a period of ninety (90) consecutive days. 
  
 “Eligible Individual” means any (i) Director or director of any Affiliate, (ii) any officer or employee of VimpelCom (or any Affiliate), and (iii) any other person designated by the Committee as eligible to receive
Options subject to the conditions set forth herein; provided, however, that no Belgian residents shall be eligible to receive Options. 
  
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
  
 “Exercise Price” means the price paid for the Shares upon the exercise of an Option. 
  
 “NYSE Fair Market Value” on any date means the higher of (i) the 30
trading day average of closing sales prices or (ii) the closing sales prices of the Shares on such day on the New York Stock Exchange or such other exchange or market quotation system on which the ADSs are then traded, as adjusted for the ratio of
ADSs per Share; provided that if ADSs are not traded on such date, then the closing sales prices of the Shares on the day last traded. 
  
 “Option” means an option from VC ESOP and designated by the Committee as such; provided, however, that under no circumstances will an
“option” be a security as defined under Russian law. 
  
 “Optionee” means a person to whom an Option has been granted under the Plan. 
  
 “Plan” means the VimpelCom 2000 Stock Option Plan, as may be amended and restated from time to time. 
  
 “Securities Act” means the United States Securities Act of 1933, as amended. 
  
 “Shares” means the common stock, par value 0.5 kopecks per share, of VimpelCom. 
  
 “Transaction” has the meaning set forth in Section 8.

  
 3. Administration. 
  
 3.1 The Plan shall be administered by the Board unless and until the Board
shall appoint a Committee to administer the Plan. If the Board has not appointed a Committee, all references to the Committee shall mean the Board. Any decision or determination reduced to writing and signed by a majority of all of the members of
the Committee shall be as fully effective as if made by a majority vote at a meeting duly called and held. If a Committee is appointed, it shall consist of at least two directors of the board of directors of VimpelCom; provided, that, if an
Option is granted to any individual who is then subject to Rule 16b-3 as promulgated under Section 16 of the Exchange Act, the Committee shall consist of at least two Directors who are “non-employee directors” within the meaning of such
Rule 16b-3. No member of the Committee shall be liable for any action, failure to act, determination or interpretation made in good faith with respect to this Plan or any transaction hereunder, except for liability arising from his or her own
willful misconduct, gross negligence, or reckless disregard of his or her duties. Each of VC ESOP and VimpelCom hereby agrees to indemnify each member of the Committee for all costs and expenses and, to the extent permitted by applicable law, any
liability incurred in connection with defending against, responding to, negotiating for the settlement of, or otherwise dealing with any claim, cause of action, or dispute of any kind arising in connection with any actions in administering this
Plan. 
  

 2 

 3.2 Subject to the express terms and conditions set forth herein, the Committee shall have the power from
time to time: 
  
 (a) to determine those Eligible Individuals to
whom Options shall be granted under the Plan and the number of such Options to be granted and to prescribe the terms and conditions (which need not be identical) of each such Option, including the Exercise Price per Share subject to each Option, and
make any amendment or modification to any Option Agreement consistent with the terms of the Plan; 
  
 (b) to construe and interpret the Plan and the Options granted hereunder and to establish, amend, and revoke rules and regulations for the administration
of the Plan, including, but not limited to, correcting any defect, supplying any omission, or reconciling any inconsistency in the Plan or in any Agreement, in the manner and to the extent it shall deem necessary or advisable so that the Plan
complies with applicable law and otherwise to make the Plan fully effective, and all decisions and determinations by the Committee shall be final, binding, and conclusive upon VimpelCom, VC ESOP, and the Optionees, and all other persons having any
interest therein; 
  
 (c) to determine the duration and purposes
for leaves of absence which may be granted to an Optionee on an individual basis without constituting a termination of employment or service for purposes of the Plan, in accordance with applicable law; 
  
 (d) to exercise its discretion with respect to the powers and rights granted
to it as set forth in the Plan; and 
  
 (e) generally, to exercise
such powers and to perform such acts as are deemed necessary or advisable to promote the best interests of VC ESOP and VimpelCom with respect to the Plan. 
  
 4. Stock Subject to the Plan. 
  
 4.1 The maximum number of Shares that may be made the subject of Options granted under the Plan is 250,000. 
  
 4.2 Upon the granting of an Option, the number of Shares available under
Section 4.1 for the granting of further Options shall be reduced by the number of Shares in respect of which the Option is granted or denominated. 
  
 4.3 Whenever any outstanding Option or portion thereof expires, is canceled or is otherwise terminated for any reason without having been exercised or
payment having been made in respect of the entire Option, the Shares allocable to the expired, canceled or otherwise terminated portion of the Option may, upon the decision of the Committee, again be the subject of Options granted hereunder.

  

 3 

 5. Option Grants for Eligible Individuals. 
  
 5.1 Authority of Committee. Subject to the provisions of the Plan, the Committee shall have full and final authority
to select those Eligible Individuals who will receive Options, and the terms and conditions of the grant to such Eligible Individuals shall be set forth in an Agreement. 
  
 5.2 Exercise Price. Unless otherwise determined by the Committee, the Exercise Price per Share under each Option
shall be equal to the NYSE Fair Market Value of the Shares at the time the Option was granted to the Optionee. 
  
 5.3 Maximum Duration. Options granted hereunder shall be for such term as the Committee shall determine; provided, however, that no Option
or portion thereof shall be exercisable after December 31, 2006. The Committee may, subsequent to the grant of any Option, shorten or extend the term of the Option or any portion thereof, but in no event shall an Option or portion thereof, if so
extended, be exercisable after December 31, 2006. 
  
 5.4
Vesting. Each Option shall become exercisable in such installments (which need not be equal) and at such times as may be designated by the Committee and set forth in the Agreement. To the extent not exercised, installments shall accumulate
and be exercisable, in whole or in part, at any time after becoming exercisable, but not later than the date the Option expires. The Committee may accelerate the vesting of any Option or portion thereof at any time. 
  
 5.5 Modification. Except as contemplated by this Plan or by an
Agreement, no modification of an Option shall adversely alter or impair any rights or obligations under the Option without the Optionee’s consent, which will not be unreasonably withheld by Optionee. 
  
 6. Terms and Conditions Applicable to Options.

  
 6.1 Non-Transferability. An Option granted hereunder
shall not be transferable by the Optionee to whom granted except by will or the laws of descent and distribution, and an Option may be exercised during the lifetime of such Optionee only by the Optionee or his or her guardian or legal
representative. The terms of such Option shall be final, binding, and conclusive upon the beneficiaries, executors, administrators, heirs, and successors of the Optionee.  
  
 6.2 Method of Exercise. The exercise of an Option shall be made only by a written notice delivered in person, by mail
or facsimile transmission to VC ESOP at its principal executive office or other address provided by VC ESOP, specifying the number of Shares to be purchased. Once the Notice is approved by VC ESOP as being in accordance with the Plan and Agreement
pursuant to which the Option was granted, the Exercise Price for any Shares purchased pursuant to the exercise of an Option shall be paid, as determined by the Committee in its discretion, in the following manners (or any combination thereof): (i)
wire transfer or in cash, (ii) the transfer of Shares, upon such terms and conditions as determined by the Committee, or (iii) the Options may be exercised through a registered broker-dealer or other legally permitted cashless exercise procedures
which are, from time to time, deemed acceptable by the Committee. Any Shares transferred to VC ESOP as payment of the Exercise Price under an Option shall be valued at their NYSE Fair Market Value on the day preceding the date of exercise of such
Option and shall again be available for future grant under the Plan. No fractional Shares (or cash in lieu thereof) shall be issued upon exercise of an Option and the number of Shares that may be purchased upon exercise shall be rounded to the
nearest number of whole Shares. 
  

 4 

 6.3 Rights of Optionees. Optionee shall not be deemed for any purpose to be the owner of any
Shares subject to any Option unless and until (i) the Option shall have been exercised pursuant to the terms thereof, (ii) VC ESOP shall have delivered the transfer order for the Shares to the Optionee, and (iii) the Optionee’s name shall have
been entered as a stockholder of record on the books of the registrar of VimpelCom (or through a nominee holder); thereupon, the Optionee shall have full voting, dividend, and other ownership rights with respect to such Shares, subject to such terms
and conditions as may be set forth in the applicable Agreement. 
  
 7. Adjustment Upon Changes in Capitalization. 
  
 7.1 In the event of a Change in Capitalization, the Committee shall have the sole discretion to conclusively determine the appropriate adjustments, if any, to (i) the maximum number and class of Shares or other stock
or securities with respect to which Options may be granted under the Plan, (ii) the maximum number and class of Shares or other stock or securities with respect to which Options may be granted to any Eligible Individual during the term of the Plan,
and (iii) the number and class of Shares or other stock or securities which are subject to outstanding Options granted under the Plan and the Exercise Price therefor, if applicable. 
  
 7.2 If, by decision of the Committee upon a Change in Capitalization, an Optionee shall be entitled to exercise an Option
with respect to new, additional, or different shares of stock or securities, such new, additional or different shares shall thereupon be subject to all of the conditions, restrictions, and performance criteria which were applicable to the Shares
subject to the Option prior to such Change in Capitalization. 
  
 8. Effect of
Certain Transactions; Liquidation or Dissolution. Except as otherwise provided in this Plan or in an Agreement, in the event of merger, consolidation, or similar business combination of VC ESOP or VimpelCom (a
“Transaction”), the Plan and the Options issued hereunder shall continue in effect in accordance with their respective terms, except that following a Transaction each Optionee shall be entitled to receive in respect of each
Share subject to any outstanding Options, upon exercise of any Option, the same number and kind of stock, securities, cash, property, or other consideration that each holder of a Share was entitled to receive in the Transaction in respect of a
Share; provided, however, that such stock, securities, cash, property, or other consideration shall remain subject to all of the conditions, restrictions, and performance criteria which were applicable to the Options prior to such
Transaction. Except as otherwise provided in this Plan or in an Agreement, in the event of liquidation or dissolution of VC ESOP or VimpelCom, each Optionee will be entitled to equitable treatment as determined by the Committee in its sole
discretion. 
  
 9. Termination and Amendment of the Plan. The Plan shall
terminate on December 31, 2006, and no Option may be granted thereafter. The Committee may sooner terminate the Plan and the Committee may at any time and from time to time amend, modify or suspend the Plan, including this Section 9;
provided, however, that to the extent necessary under applicable law, no amendment shall be effective, unless approved by the stockholders of VC ESOP and the Board in accordance with applicable law. 
  
 10. Non-Exclusivity of the Plan. The adoption of the Plan by the Board shall not be
construed as amending, modifying or rescinding any previously approved option plans of VimpelCom, VC ESOP, or any Affiliate or as creating any limitations on the power of VimpelCom, VC ESOP, or any 

  

 5 

 Affiliate to adopt such other option plans as it may deem desirable, including, without limitation, the granting of stock
options otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases. 
  
 11. Limitation of Liability. As illustrative of the limitations of liability of each of VimpelCom, VC ESOP or any Affiliate, but not intended to be exhaustive
thereof, nothing in the Plan shall be construed to: 
  
 (a) give
any person any right to be granted an Option other than at the sole discretion of the Committee; 
  
 (b) give any person any rights whatsoever with respect to Shares except as specifically provided in the Plan; or 
  
 (c) limit in any way the right of VC ESOP, VimpelCom, or any Affiliate to
terminate the employment of any person at any time. 
  
 12. Regulations and Other Approvals; Governing Law. 
  
 12.1 The Plan and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws of Belgium, without giving effect to conflicts of laws principles thereof. 
  
 12.2 The obligation of VC ESOP to sell or deliver Shares with respect to
Options granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by
the Committee. 
  
 12.3 The Committee may make such changes as may
be necessary or appropriate to comply with the rules and regulations of any government authority. 
  
 12.4 Each Option is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration, or
qualification of Shares issuable pursuant to the Plan is required by any securities exchange or under any law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the
grant of an Option or the issuance of Shares, no Options shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent, or approval has been effected or obtained. 
  
 12.5 Notwithstanding anything contained in the Plan or any Agreement to the
contrary, in the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted
against transfer to the extent required by the Securities Act and Rule 144 or other regulations thereunder, and the certificate, if any, evidencing such Shares will be imprinted with a legend setting for such restriction. The Committee may require
any individual receiving Shares pursuant to an Option granted under the Plan, as a condition precedent to receipt of such Shares, to represent and warrant to VimpelCom and VC ESOP in writing that the Shares acquired by such individual are acquired
without a view to any distribution thereof and will not be 

  

 6 

 
sold or transferred other than pursuant to an effective registration thereof under the Securities Act or pursuant to an exemption applicable under the
Securities Act or the rules and regulations promulgated thereunder. 
  
 13. Miscellaneous. 
  
 13.1 Multiple Agreements. The terms of each Option may differ from other Options granted under the Plan at the same time, or at some other time. The Committee may also grant more than one Option to a given Eligible Individual during
the term of the Plan, either in addition to, or in substitution for, one or more Options previously granted to that Eligible Individual. 
  
 13.2 Withholding of Taxes. If VC ESOP, VimpelCom or their Affiliates are required, by any applicable law, to report income or to withhold personal
income tax or social security contributions from the Optionee in connection with the grant, vesting or exercise of an Option at the time of such events, the Optionee shall (i) undertake to cooperate to facilitate such reporting or withholding and
shall bear costs relating thereto, (ii) declare any income reportable in connection with such events in full compliance with applicable law, (iii) make timely settlement of any taxes or social security due from the Optionee, and (iv) reimburse VC
ESOP, VimpelCom, or their Affiliates, as applicable, for any such payments made by VC ESOP, VimpelCom, or their Affiliate on behalf of Optionee. 
  
 13.3 Effective Date. The effective date of this Plan shall be December 20, 2000. 
  

 7

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