Document:

Form of Nonqualified Stock Option Agreement

 Exhibit 10.15 
 FORM OF 
 NONQUALIFIED STOCK OPTION AGREEMENT 

UNDER THE HEALTH NET, INC. 
 2006 LONG-TERM INCENTIVE PLAN, 
 AS AMENDED 

This agreement (together with the Notice of Grant of Stock Options (the “Grant Notice”) attached hereto and incorporated by
reference herein, the “Option Agreement”) is made as of the grant date set forth on the Grant Notice (the “Grant Date”), by and between Health Net, Inc., a Delaware corporation (the “Company”), and the participant
identified on the Grant Notice, an employee of the Company or a Subsidiary of the Company (the “Optionee”). 

Pursuant to the Health Net, Inc. 2006 Long-Term Incentive Plan, as amended (the “Plan”), the Compensation Committee of the
Board of Directors of the Company (the “Committee”) or an appropriate executive officer of the Company empowered by the Committee, has determined that the Optionee is to be granted, on the terms and conditions set forth in this Option
Agreement, a nonqualified stock option (the “Option”) to purchase shares of Common Stock of the Company, par value $.001 per share (the “Common Stock”), and hereby grants such Option. Capitalized terms used but not defined herein
shall have the meanings set forth in the Plan. 
 1. Number of Shares and Exercise Price. The Option is to purchase the
number of shares of Common Stock set forth on the Grant Notice (the “Option Shares”) at a price per share set forth on the Grant Notice (the “Exercise Price”), which is equal to the Fair Market Value (as defined in the Plan) of
the Option Shares as of the Grant Date. 
 2. Exercise of Option. Except as set forth in Sections 3 and 9, the Option
shall become exercisable in cumulative installments beginning on the [first] anniversary of the Grant Date to the extent of [    %] of the Option Shares covered by the Option, and [on each subsequent anniversary
of the Grant Date to the extent of an additional     %] of the Option Shares covered by the Option, until the Option has become exercisable as to all of the Option Shares (the “Vesting Dates”). The Option may be
exercised only to purchase whole shares, and in no case may a fraction of a share be purchased. 
 3. Term of Option and
Termination of Employment. 
 (a) General Term. The term of the Option and this Option Agreement shall commence on the
Grant Date. The right of the Optionee to exercise the Option with respect to any Option Shares, to purchase any such Option Shares and all other rights of the Optionee with respect to any such Option Shares shall terminate on the seventh anniversary
of the Grant Date, unless the Option has been earlier terminated as provided either in paragraphs (b) through (h) below or under the Plan. 
 (b) Death of Optionee. If the Optionee shall die prior to the exercise of the Option, then: 
 (i) if the Optionee dies while employed by an Employer (as defined in the Plan), then the Option (subject to subsection (h) below) may be exercised by the legatee(s) or personal representative of the
Optionee at any time within one year after the Optionee’s death; 
 (ii) if the Optionee’s employment
with the Employer was terminated due to a Disability (as defined in the Plan) and the Optionee dies within one year after termination of employment, then the Option (subject to subsection (h) below) may be exercised by the legatee(s) or
personal representative of the Optionee any time during the remainder of the period during which the Optionee would have been able to exercise the Option pursuant to subsection (c) below had the Optionee not died; 

 (iii) if the Optionee’s employment is terminated due to Retirement (as
defined below), and the Optionee dies during the period after Retirement when the Option was still exercisable by the Optionee, then the Option (subject to subsection (h) below) may be exercised by the legatee(s) or personal representative of
the Optionee at any time during the remainder of the period during which the Optionee would have been able to exercise the Option pursuant to subsection (d) below had the Optionee not died; and 

(iv) if the Optionee dies within three months after termination of employment by the Employer without Cause, as determined
pursuant to Subsection 3(f), and clauses (ii) and (iii) above are not applicable, then the Option (subject to subsection (h) below) may be exercised by the legatee(s) or personal representative of the Optionee at any time within one
year after the Optionee’s death. 
 (c) Disability. If the Optionee’s employment with the Employer shall
terminate prior to the exercise of the Option as a result of a Disability, then the Option (subject to subsection (h) below) may be exercised by the Optionee (or his or her personal representative) at any time within one year after the
Optionee’s termination of employment. 
 (d) Retirement. If the Optionee’s employment with the Employer shall
terminate prior to the exercise of the Option as a result of Retirement, then the Option (subject to subsection (h) below) may be exercised at any time within one year after the Optionee’s termination of employment. For purposes hereof
“Retirement” shall mean the Recipient’s termination of employment at or after the date upon which the Recipient has attained both age 55 and 10 years of continuous service with the Company. 

(e) Termination by the Employer for Cause. If the Optionee’s employment with the Employer shall be terminated by the Employer
prior to the exercise of the Option for Cause then the Option shall immediately terminate and shall immediately cease to be exercisable and shall be forfeited to the Company. For purposes of this Option Agreement, “Cause” shall have the
meaning set forth in Section [INSERT SECTION NUMBER] of the Plan. 
 (f) Termination by the Employer Without
Cause. If prior to the exercise of the Option, the Optionee’s employment with the Employer shall be terminated by the Employer without Cause, then the Option (subject to subsection (h) below) held by the Optionee may be exercised at
any time within three months after the Optionee’s termination of employment. For purposes of this Option Agreement, if a Subsidiary by which the Optionee is employed ceases to be a Subsidiary, whether through a sale by the Company of all or a
portion of the stock or assets of such Subsidiary, a merger or otherwise (a “Subsidiary Transaction”), the Optionee’s employment with the Employer shall be deemed to have been terminated by the Employer without Cause as of the
effective date of such Subsidiary Transaction. 
 (g) Termination for Other Reason. If prior to the exercise of the
Option, the Optionee’s employment with the Employer shall be terminated for any reason other than as set forth in paragraphs (b) through (e) above, then the Option (subject to subsection (h) below) held by the Optionee may be
exercised at any time within one month after the Optionee’s termination of employment. 
 (h) Post-Termination
exercisability. Notwithstanding any other provision of this Section 3 to the contrary, following termination of employment of the Optionee for any reason: (i) the Option shall be exercisable during any of the post-employment periods
described in subparagraphs (b) through (g) of this Section 3 if and only to the extent the Option was exercisable (i.e., vested) at the time of such termination of employment and (ii) no portion of the Option shall be exercisable
following the seventh anniversary of the Grant Date. 

 4. Employment/Association with Company Competitor. The Optionee hereby agrees that,
during (i) the six-month period following a termination of the Optionee’s employment with an Employer that entitles the Optionee to receive severance benefits under an agreement with or the policy of the Company or (ii) the
twelve-month period following a termination of the Optionee’s employment with an Employer that does not entitle the Optionee to receive such severance benefits (the period referred to in either clause (i) or (ii), the “Noncompetition
Period”), the Optionee shall not undertake any employment or activity (including, but not limited to, consulting services) with a Competitor (as defined below), where the loyal and complete fulfillment of the duties of the competitive
employment or activity would call upon the Optionee to reveal, to make judgments on or otherwise use any confidential business information or trade secrets of the business of the Company or any Subsidiary to which the Optionee had access during his
employment with the Employer. In addition, the Optionee agrees that, during the Non-competition Period applicable to the Optionee following termination of employment with the Employer, the Optionee shall not, directly or indirectly, solicit,
interfere with, hire, offer to hire or induce any person, who is or was an employee of the Company or any of its Subsidiaries during the 12 month period prior to the date of such termination of employment, to discontinue his or her relationship with
the Company or any of its Subsidiaries or to accept employment by, or enter into a business relationship with, the Optionee or any other entity or person. In the event that the Optionee breaches the covenants set forth in this first paragraph of
Section 4: 
 (a) the Option shall immediately terminate; and 

(b) the Optionee shall promptly pay to the Company an amount of cash equal to the Gain Realized (as defined below) on any
Option Shares acquired during the Restricted Period (as defined below). 
 For the purposes of this Section 4: “Restricted
Period” shall refer to the period of time commencing ninety days prior to such termination of the Optionee’s employment and ending (x) in the case of an Optionee terminated under clause (i) of the first paragraph of this
Section 4, six months after such termination or (y) in the case of an Optionee terminated under clause (ii) of the first paragraph of this Section 4, twelve months after such termination; “Gain Realized” shall equal the
difference between (x) the Exercise Price applicable to the Option Shares and (y) the greater of the Fair Market Value (as defined in the Plan) of the Option Shares (I) on the date of acquisition of such Option Shares or (II) on the
date such competitive activity with a Competitor was commenced by the Optionee; and “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 Subsidiary. 
 It is hereby further agreed that if any court of competent jurisdiction shall determine that the
restrictions imposed in this Section 4 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. 
 The Optionee acknowledges that the services to be rendered
by him/her to the Company are of a special and unique character, which gives this Option Agreement a peculiar value to the Company, 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 him/her of any of the provisions contained in this Section 4 will cause the Company irreparable injury. Optionee therefore agrees that the Company may be entitled, in addition to the remedies set forth
above in this Section 4 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
Optionee from any such violations or threatened violations. 

 4A. Compensation Recovery (Clawback). In the event that Optionee is subject to the
Company’s Compensation Recovery Policy, as such policy may be amended from time to time (the “Compensation Recovery Policy”), notwithstanding anything in this Option Agreement to the contrary, any Options granted (or Option Shares
vesting) hereunder shall be subject to the terms and conditions of the Compensation Recovery Policy. 
 5. Notices. Any
notice or communication given hereunder shall be in writing and shall be given electronically (e.g., email), or by fax or first class mail, certified or registered with return receipt requested, and shall be deemed to have been duly given
three (3) days after mailing or twenty-four (24) hours after transmission of an email or a fax to the following addresses: 
  

			
	 To the Recipient at:
	  	Address on record at Health Net, Inc. as of the date any notice is to be delivered.

 To the Company at: 
 Health Net, Inc. 
 21650 Oxnard Street 

Woodland Hills, California 91367 
 Attention: General Counsel 
 or to such other address as any party may have furnished to the other
in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 6.
Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Option Agreement or the Plan shall in no way be construed to be a waiver of such provision or of any other provision hereof. 

7. Incorporation of Plan; Entire Agreement. The Plan is hereby incorporated by reference and made a part hereof, and the Option
and this Option Agreement are subject to all terms and conditions of the Plan. This Option Agreement and the Plan, taken together, constitutes the entire agreement between the parties relating to or effecting the Option, and no promises, terms,
conditions or obligations other than those contained in this Option Agreement or the Plan shall be valid or binding. Any prior agreements, statements or promises, either oral or written, made by any party or agent of any party relating to or
effecting the Option that are not contained in the Option Agreement or the Plan are of no force or effect. 
 8. Rights of a
Stockholder. The Optionee shall have no rights as a stockholder with respect to any Option Shares unless and until certificates for shares of Common Stock are issued to the Optionee or such shares of Common Stock are issued in uncertificated
form and recorded in the name of the Optionee in the books and records of the Company or its agent. 

 9. Change of Control. Notwithstanding the provisions of Section 2 and 3 hereof,
in the event that (i) there shall occur a Change in Control (as defined in the Plan) and (ii) the employment of the Optionee shall be terminated within the two year period following the Change in Control but prior to any Vesting Date
either (A) by the Company without Cause or (B) under circumstances which entitle the Optionee to Change in Control severance benefits under an effective employment agreement between the Optionee and the Company or the Company’s Safety
Net Security Program, each Option shall become fully vested and the date of such vesting shall be deemed to be the Vesting Date hereunder; such termination shall be treated as having occurred pursuant to Section 3(f) hereof for purposes of
determining the post-termination exercise period. For purposes of this Section 9, “Cause” shall have the meaning set forth in the Plan. 
 10. Rights to Terminate Employment. Nothing in the Plan or in this Option Agreement shall confer upon the Optionee the right to continue in the employment of an Employer or affect any right which
an Employer may have to terminate the employment of the Optionee. The Optionee specifically acknowledges that the Employer intends to review Optionee’s performance from time to time, and that the Company and/or the Employer has the right to
terminate Optionee’s employment at any time, including a time in close proximity to a Vesting Date, for any reason, with or without Cause. The Optionee acknowledges that upon his or her termination of employment with an Employer for any reason,
the Option shall be exercisable only to the extent it is exercisable on the effective date of the Optionee’s termination of employment and only within the period following such termination as is set forth in this Option Agreement. 

11. Transferability. The Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by
the Optionee otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company; provided that the
designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 

12. Amendment. This Option Agreement may be amended or modified at any time by the Committee; provided, however, that the
amendment or modification of this Option Agreement shall not, without the consent of the Optionee, adversely affect the rights of the Optionee under this Option Agreement. The Board may terminate or amend the Plan at any time; provided, however,
that the termination or any modification or amendment of the Plan shall not, without the consent of the Optionee, impair the rights of the Optionee under this Option Agreement. 

13. Compliance with Applicable Law. The Option is subject to the condition that if the listing, registration or qualification of
the shares subject to the Option upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action, is necessary or desirable as a condition of, or in connection with, the purchase
or delivery of shares hereunder, the Option may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained, free of any conditions not acceptable to the Company.
The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent or approval. 
 14. Decisions of Board or Committee. The Board of Directors or the Committee shall have the right to resolve all questions which may arise in connection with the Option or its exercise. Any
interpretation, determination or other action made or taken by the Board of Directors or the Committee regarding the Plan or this Option Agreement shall be final, binding and conclusive. 

 15. Failure to Execute Agreement. This Option Agreement and the
Option granted hereunder are subject to the Optionee returning a counter-signed copy of this Option Agreement to the designated representative of the Company on or before the 75h day after the Grant Date (except as otherwise determined by the Compensation and Benefits Committee of the Company or a
subcommittee thereof in its sole discretion). In the event that the Optionee fails to so return a counter-signed copy of this Option Agreement within such period, then this Option Agreement and the Option granted hereunder shall automatically become
null and void and shall have no further force or effect. Electronic acceptance of this Option Agreement shall constitute an execution of the Option Agreement by the Optionee and a return of the counter-signed copy to the Company for purposes of this
Section 15. 
 IN WITNESS WHEREOF, the parties hereto have executed this Option Agreement as of the date and year set forth
above. 
  

	
	Health Net, Inc.
	
	Name:
	Title:
	
	OPTIONEE HEREBY EXPRESSLY ACKNOWLEDGES AND AGREES THAT (I) HE/SHE IS AN EMPLOYEE AT WILL AND MAY BE TERMINATED BY THE EMPLOYER AT ANY TIME, WITH OR WITHOUT CAUSE, (II) THE OPTION
MAY NOT BE EXERCISED WITH RESPECT TO ANY OPTION SHARES THAT ARE NOT VESTED ON THE DATE OF ANY SUCH TERMINATION AND (III) THE OPTION MAY BE EXERCISED WITH RESPECT TO OPTION SHARES THAT ARE VESTED ON THE DATE OF ANY SUCH TERMINATION ONLY TO THE EXTENT
EXPRESSLY PROVIDED IN THIS OPTION AGREEMENT.
	
	Your acceptance of this Option Agreement indicates that you hereby accept and agree to all the terms and provisions of the foregoing Option Agreement and the attached Grant Notice,
and to all the terms and provisions of the Plan incorporated by reference herein.
	
	  

 Notice of Grant of Stock Options 
 Health Net, Inc. 

                         
                                         
                                         
                                         
                                     

Plan Name:
                                         
                                         
           
 Participant Name:
                                         
                                        

Participant ID:
                                         
                                         
     
 Grant Date:
                                         
                                         
           
 Grant Number:
                                         
                                         
     
 Type of Options: Non-Qualified Stock Options 
 Option Shares Granted:
                                         
                                
 Exercise Price:
                                         
                                         
        
 Expiration Date:
                                         
                                         
     
 Vesting Template:
                                         
                                         
                                         
                              
 Vesting Schedule:Form of Restricted Stock Agreement

 Exhibit 10.26 
 FORM 
 RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement (this “Restricted Stock Agreement”) is made and entered into as of [DATE OF
GRANT] (the “Date of Grant”), by and between Health Net, Inc., a Delaware corporation (the “Company”), and [NAME] (the “Recipient”). 

WHEREAS, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the
Company has approved the grant of Restricted Stock, as hereinafter defined, to the Recipient as set forth below under the Company’s [NAME OF PLAN] (the “Plan”). Capitalized terms used but not defined herein shall have
the meanings set forth in the Plan. 
 NOW, THEREFORE, in consideration of the covenants and agreements herein contained and
intending to be legally bound hereby, the parties agree as follows: 
 1. Grant of Restricted Stock. The Company hereby
grants to the Recipient [NUMBER OF SHARES] restricted shares (the “Restricted Stock”) of the Common Stock, par value $.001 per share (the “Common Stock”) of the Company, subject to all of the terms and
conditions of this Restricted Stock Agreement. As a condition of the effectiveness of this grant, the Recipient shall pay to the Company as soon as practicable the par value for each share of Restricted Stock subject to this grant in such
consideration as determined by the Committee in its sole discretion. The Recipient’s grant and record of share ownership shall be kept on the books of the Company, until the restrictions on transfer have lapsed pursuant to Sections 2 or 3
below. Shares that have become vested pursuant to Sections 2 or 3 below may be evidenced by stock certificates, at the request of the Recipient, which certificates shall be registered in the name of the Recipient and delivered to Recipient within
ten (10) days of such request. 
 2. Lapse of Restrictions. Except as otherwise provided in Section 3 or 11
hereof, the restrictions on transfer set forth in Section 4 hereof shall lapse (the “Vesting Date”) with respect to all shares of the Restricted Stock on the [NUMBER] anniversary of the Grant Date. 

3. Termination of Service. 
 (a) If prior to the Vesting Date, the Recipient’s employment or service with the Company is terminated (a “Termination Event”) by either the Recipient or the Company for any reason,
then all shares of Restricted Stock not yet vested shall be immediately forfeited at such time, and the Company shall return to the Recipient an amount equal to the par value of the Restricted Stock which was paid by the Recipient to the Company as
described in Section 1 above. 
 (b) If the Recipient violates the terms of Section 5 of this Agreement (a
“Breach Event”), in addition to being subject to all remedies in law or equity that the Company may assert, then at any time thereafter the Company, in its sole and absolute discretion, may, with respect to any Restricted Stock that
has vested within six (6) months of the Recipient’s termination of employment: (i) to the extent that the Restricted Stock is beneficially 

 
owned by the Recipient, reacquire from the Recipient, in return for an amount equal to the par value of the Restricted Stock which was paid by the Recipient to the Company as described in
Section 1 above, any or all of the shares of Restricted Stock; and (ii) to the extent that the Restricted Stock has been sold, assigned or otherwise transferred by the Recipient, recover from the Recipient an amount equal to the Gain
Realized (as defined in Section 5 below) from such sale, assignment or transfer. 
 (c) Upon the occurrence of a Breach
Event, the Company may elect to purchase all or any portion of the Restricted Stock pursuant to this Section 3 by delivery of written notice (the “Repurchase Notice”) to the Recipient within ninety (90) days after the
occurrence of such Breach Event. 
 4. Restrictions on Transfer. Unless earlier vested pursuant to Section 2 above,
shares of Restricted Stock may not be transferred or otherwise disposed of by the Recipient prior to [DATE], including by way of sale, assignment, transfer, pledge or otherwise except by will or the laws of descent and distribution. 

5. Employment/Association with Company Competitor. The Recipient hereby agrees that, during (i) the six-month period
following a termination of the Recipient’s employment with an Employer that entitles the Recipient to receive severance benefits under an agreement with or the policy of the Company or (ii) the twelve-month period following a termination
of the Recipient’s employment with an Employer that does not entitle the Recipient to receive such severance benefits (the period referred to in either clause (i) or (ii), the “Noncompetition Period”), the Recipient shall
not undertake any employment or activity (including, but not limited to, consulting services) with a Competitor (as defined below), where the loyal and complete fulfillment of the duties of the competitive employment or activity would call upon the
Recipient to reveal, to make judgments on or otherwise use any confidential business information or trade secrets of the business of the Company or any Subsidiary to which the Recipient had access during the Recipient’s employment with the
Employer. In addition, the Recipient agrees that, during the Noncompetition Period applicable to the Recipient following termination of employment with the Employer, the Recipient shall not, directly or indirectly, solicit, interfere with, hire,
offer to hire or induce any person, who is or was an employee of the Company or any of its Subsidiaries during the 12 month period prior to the date of such termination of employment, to discontinue his or her relationship with the Company or any of
its Subsidiaries or to accept employment by, or enter into a business relationship with, the Recipient or any other entity or person. In the event that the Recipient breaches the covenants set forth in this first paragraph of Section 5, it
shall be considered a Breach Event under Section 3 above. 
 For purposes of this Section 5: “Gain
Realized” shall equal the difference between (x) the par value paid by the Recipient for the Restricted Stock and (y) the greater of the Fair Market Value (as defined in the Plan) of the Common Stock representing the Restricted
Stock (I) on the date of transfer of such Restricted Stock or (II) on the date such competitive activity with a Competitor was commenced by the Recipient; and “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 Subsidiary. 
 It is hereby further agreed that if any court of competent jurisdiction shall determine that the restrictions imposed in this Section 5 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. 

 The Recipient acknowledges that the services to be rendered by the Recipient to the Company
are of a special and unique character, which gives this Agreement a peculiar value to the Company, 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 the Recipient of any of the provisions contained in this Section 5 will cause the Company irreparable injury. Recipient therefore agrees that the Company may be entitled, in addition to the remedies set forth above in this Section 5 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 Recipient from any such violations
or threatened violations. 
 5A. Compensation Recovery (Clawback). In the event that Recipient is subject to the
Company’s Compensation Recovery Policy, as such policy may be amended from time to time (the “Compensation Recovery Policy”), notwithstanding anything in this Restricted Stock Agreement to the contrary, any Restricted Stock
granted hereunder shall be subject to the terms and conditions of the Compensation Recovery Policy. 
 6. Rights as a
Stockholder. The Company shall hold in escrow all dividends, if any, that are paid with respect to the shares of Restricted Stock until all restrictions on such shares have lapsed. Recipient agrees that the right to vote any shares for which the
restrictions on transfer set forth in Section 4 hereof have not yet lapsed (the “Unvested Shares”) will be held by the Company and, accordingly, the Employee shall execute an Irrevocable Proxy in favor of the Company for all
shares of Restricted Stock in the form supplied by the Company. 
 7. Notices. Any notice or communication given
hereunder shall be in writing and shall be given electronically (e.g., email) or by fax or first class mail, certified or registered with return receipt requested, and shall be deemed to have been duly given three (3) days after mailing
or twenty-four (24) hours after transmission of an email or a fax to the following addresses: 
  

			
	 To the Recipient at:
	    	[NAME]
		    	[ADDRESS]
		    	[EMAIL ADDRESS]
		
	 To the Company at:
	    	Health Net, Inc.
		    	21650 Oxnard Street
		    	Woodland Hills, California 91367
		    	Attention: General Counsel

 or to such other address as any party may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 

 8. Securities Laws Requirements. The Company shall not be obligated to transfer any
shares of Common Stock from the Recipient to another party, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended from time to time (the “Securities Act”) (or any other
federal or state statutes having similar requirements as may be in effect at that time). Further, the Company may require as a condition of transfer of any shares to the Recipient that the Recipient furnish a written representation that he or she is
holding the shares for investment and not with a view to resale or distribution to the public. The Company either has or will file an appropriate Registration Statement on Form S-8 (or other applicable form), and has taken or will take such actions
as necessary to keep the information therein current from time to time, in order to register the Restricted Stock under the Securities Act and shall use its commercially reasonable efforts to cause such Registration Statement to become effective and
to maintain the effectiveness of such registration. 
 9. Protections Against Violations of Restricted Stock Agreement.
No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the shares of Restricted Stock by any
holder thereof in violation of the provisions of this Restricted Stock Agreement or the Certificate of Incorporation or the By-Laws of the Company, shall be valid, and the Company will not transfer any of said shares of Restricted Stock on its books
nor will any of said shares of Restricted Stock be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company. The foregoing restrictions are in
addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions. 
 10.
Taxes. The Recipient understands that he or she (and not the Company) shall be responsible for any tax obligation that may arise as a result of the transactions contemplated by this Restricted Stock Agreement and shall pay to the Company the
amount determined by the Company to be such tax obligation at the time such tax obligation arises. If the Recipient fails to make such payment, the number of shares necessary to satisfy the tax obligations shall be forfeited. The Recipient shall
promptly notify the Company of any election made pursuant to Section 83(b) of the Code. 
 THE RECIPIENT ACKNOWLEDGES THAT
IT IS THE RECIPIENT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF THE CODE, IN THE EVENT THAT THE RECIPIENT DESIRES TO MAKE THE ELECTION. 

11. Change of Control. Notwithstanding the provisions of Section 3 hereof, in the event that (i) there shall occur a
Change in Control (as defined in the Plan) and (ii) the employment of the Recipient shall be terminated within the two year period following the Change in Control but prior to the Vesting Date either (A) by the Company without Cause or
(B) under circumstances which entitle the Recipient to Change in Control severance benefits under an effective employment agreement between the Recipient and the Company or the Company’s Safety Net Security Program, each share of
Restricted Stock shall become fully vested and the date of such vesting shall be deemed to be the Vesting Date hereunder. For purposes of this Section 11, “Cause” shall have the meaning set forth in the Plan. 

 12. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any
time any provision of this Restricted Stock Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
 13. Governing Law. This Restricted Stock Agreement shall be governed by and construed according to the laws of the State of Delaware without regard to its principles of conflict of laws.

 14. Amendments. This Restricted Stock Agreement may be amended or modified at any time by the Committee; provided,
however, that the amendment or modification of this Restricted Stock Agreement shall not, without the consent of the Recipient, adversely affect the rights of the Recipient under this Restricted Stock Agreement. The Board may terminate or amend the
Plan at any time; provided, however, that the termination or any modification or amendment of the Plan shall not, without the consent of the Recipient, impair the rights of the Recipient under this Restricted Stock Agreement. 

15. Survival of Terms. This Restricted Stock Agreement shall apply to and bind the Recipient and the Company and their respective
permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. 
 16. Agreement Not a
Contract for Services; Rights to Terminate Employment. Neither the grant of the Restricted Stock, this Restricted Stock Agreement nor any other action taken pursuant to this Restricted Stock Agreement shall constitute or be evidence of any
agreement or understanding, express or implied, that the Recipient has a right to continue to provide services as an officer, director, employee or consultant of the Company and/or the Employer for any period of time or at any specific rate of
compensation. Nothing in the Plan or in this Restricted Stock Agreement shall confer upon the Recipient the right to continue in the employment of an Employer or affect any right which an Employer may have to terminate the employment of the
Recipient. The Recipient specifically acknowledges that the Employer intends to review the Recipient’s performance from time to time, and that the Company and/or the Employer has the right to terminate the Recipient’s employment at any
time, including a time in close proximity to the Vesting Date, for any reason, with or without cause. The Recipient acknowledges that upon his or her termination of employment with an Employer for any reason, then all shares of Restricted Stock not
yet vested shall be immediately forfeited at such time, and the Company shall return to the Recipient an amount equal to the par value of the Restricted Stock which was paid by the Recipient to the Company as is set forth in Section 3 of this
Restricted Stock Agreement. 
 17. Decisions of Board or Committee. The Board or the Committee shall have the right to
resolve all questions which may arise in connection with the Restricted Stock. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Restricted Stock, the Plan or this Restricted Stock Agreement
shall be final, binding and conclusive. 
 18. Failure to Execute Agreement. This Restricted Stock
Agreement and the Restricted Stock granted hereunder are subject to the Recipient returning a counter-signed copy of this Restricted Stock Agreement to the designated representative of the Company on or before the 75th day after the Date of Grant (except as otherwise determined by the
Compensation and 

 
Benefits Committee of the Company or a subcommittee thereof in its sole discretion). In the event that the Recipient fails to so return a counter-signed copy of this Agreement within such period,
then this Restricted Stock Agreement and the Restricted Stock granted hereunder shall automatically become null and void and shall have no further force or effect. Electronic acceptance of this Restricted Stock Agreement shall constitute an
execution of the Restricted Stock Agreement by the Recipient and a return of the counter-signed copy to the Company for purposes of this Section 18. 
 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Stock Agreement on the day and year first above written. 

 

	
	Health Net, Inc.
	
	  

	Name:
	Title:
	
	THE UNDERSIGNED RECIPIENT HEREBY EXPRESSLY ACKNOWLEDGES AND AGREES THAT HE/SHE IS AN EMPLOYEE AT WILL AND MAY BE TERMINATED BY THE EMPLOYER AT ANY TIME, WITH OR WITHOUT
CAUSE.
	
	The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Restricted Stock Agreement and to all the terms and provisions of the Health Net, Inc.
[PLAN NAME], as amended to date, incorporated by reference herein.
	
	Recipient:
	
	  

	[NAME]

 IRREVOCABLE PROXY 

I, the undersigned, hereby irrevocably authorize and empower
[                    ], the
[                    ] of Health Net, Inc. (the “Company”), and
[                    ], the
[                    ] of the Company, or each of their successors in the event either of them is no longer serving the Company in such
capacity, (collectively, the “Proxies”) to represent me with respect to any and all shares of Restricted Stock (as such term is defined in the Restricted Stock Agreement (the “Restricted Stock Agreement”) by and between the
Company and the undersigned) that are not yet vested, at any and all general meetings of the shareholders of the Company. 
 The
Proxies are irrevocably authorized and empowered to receive, in my stead, any and all notices of and invitations to the Company’s general meetings, and to participate in all such general meetings; and the Proxies are authorized and empowered to
vote all such unvested shares in such manner as the Proxies shall, in their sole discretion, deem to be in the best interests of the Company. 
 This proxy shall remain in full force and effect until the shares of Restricted Stock granted to me pursuant to the Restricted Stock Agreement have vested in accordance with the terms of the Restricted
Stock Agreement, unless otherwise determined by the Company in writing. 
 NAME:
                                         
                
 DATE:
                                         
                 
 SIGNATURE:

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