SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
FOLEY PATRICK

(Last) (First) (Middle)
C/O HEALTH NET, INC.
21650 OXNARD STREET

(Street)
WOODLAND HILLS CA 91367

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
HEALTH NET INC [ HNT ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/18/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/18/2011 M (1) 7,500 A $20.6 28,000 (4) D
Common Stock 03/18/2011 S 700 D $30.03 27,300 (4) D
Common Stock 03/18/2011 S 300 D $30.02 27,000 (4) D
Common Stock 03/18/2011 S 400 D $30.01 26,600 (4) D
Common Stock 03/18/2011 S 300 D $29.99 26,300 (4) D
Common Stock 03/18/2011 S 800 D $29.98 25,500 (4) D
Common Stock 03/18/2011 S 490 D $29.97 25,010 (4) D
Common Stock 03/18/2011 S 75 D $29.96 24,935 (4) D
Common Stock 03/18/2011 S 200 D $29.95 24,735 (4) D
Common Stock 03/18/2011 S 100 D $29.94 24,635 (4) D
Common Stock 03/18/2011 S 200 D $29.93 24,435 (4) D
Common Stock 03/18/2011 S 825 D $29.92 23,610 (4) D
Common Stock 03/18/2011 S 800 D $29.9 22,810 (4) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $20.6 03/18/2011 M (1) 7,500 05/04/2002 (2) 05/04/2011 Common Stock 7,500 $0 0 (3) D
Explanation of Responses:
1. Exercise of a stock option granted to the Reporting Person on May 4, 2001, under the Issuer's Third Amended and Restated Non-Employee Director Stock Option Plan (the "Grant") in a transaction exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended.
2. The Grant became exercisable in 33 1/3% increments on each of the first, second and third anniversary of the grant date.
3. Represents unexercised options from the Grant beneficially owned by the Reporting Person.
4. All shares are held by The Foley Trust (the "Trust"). The Reporting Person is the sole trustee and beneficiary of the Trust and has sole voting and investment power over the Trust.
/s/ Patrick Foley 03/22/2011
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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