X0202 4 2007-08-08 0 0000916085 HEALTH NET INC HNT 0001213928 GELLERT JAY M 21650 OXNARD STREET WOODLAND HILLS CA 91367 1 1 0 0 President & CEO Common Stock 2007-08-08 4 M 0 55550 32.50 A 680775 D Common Stock 2007-08-08 4 S 0 400 52.17 D 680375 D Common Stock 2007-08-08 4 S 0 100 52.14 D 680275 D Common Stock 2007-08-08 4 S 0 100 52.10 D 680175 D Common Stock 2007-08-08 4 S 0 100 52.06 D 680075 D Common Stock 2007-08-08 4 S 0 100 52.05 D 679975 D Common Stock 2007-08-08 4 S 0 100 52.04 D 679875 D Common Stock 2007-08-08 4 S 0 100 51.95 D 679775 D Common Stock 2007-08-08 4 S 0 200 51.94 D 679575 D Common Stock 2007-08-08 4 S 0 100 51.92 D 679475 D Common Stock 2007-08-08 4 S 0 100 51.89 D 679375 D Common Stock 2007-08-08 4 S 0 100 51.88 D 679275 D Common Stock 2007-08-08 4 S 0 200 51.86 D 679075 D Common Stock 2007-08-08 4 S 0 400 51.85 D 678675 D Common Stock 2007-08-08 4 S 0 300 51.84 D 678375 D Common Stock 2007-08-08 4 S 0 200 51.83 D 678175 D Common Stock 2007-08-08 4 S 0 100 51.81 D 678075 D Common Stock 2007-08-08 4 S 0 100 51.75 D 677975 D Common Stock 2007-08-08 4 S 0 100 51.74 D 677875 D Common Stock 2007-08-08 4 S 0 200 51.73 D 677675 D Common Stock 2007-08-08 4 S 0 100 51.71 D 677575 D Common Stock 2007-08-08 4 S 0 100 51.69 D 677475 D Common Stock 2007-08-08 4 S 0 300 51.52 D 677175 D Common Stock 2007-08-08 4 S 0 500 51.48 D 676675 D Common Stock 2007-08-08 4 S 0 100 51.47 D 676575 D Common Stock 2007-08-08 4 S 0 200 51.43 D 676375 D Common Stock 2007-08-08 4 S 0 100 51.42 D 676275 D Common Stock 2007-08-08 4 S 0 200 51.41 D 676075 D Common Stock 2007-08-08 4 S 0 100 51.40 D 675975 D Common Stock 2007-08-08 4 S 0 100 51.39 D 675875 D Stock Option (Right to Buy) 32.50 2007-08-08 4 M 0 55550 0 D 1998-09-04 2007-09-04 Common Stock 55550 488900 D Exercise of a stock option granted to the Reporting Person on September 4, 1997, under the Issuer's Amended and Restated 1997 Stock Option Plan in a transaction exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended (the "Act"). The exercise was affected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Act. This sale and all of the subsequent sales of Common Stock by the Reporting Person on August 8, 2007, as reported on this Form 4, were affected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Act. The stock option became exercisable in 33 1/3% increments on each of the first, second and third anniversary of the grant date. Represents unexercised options from the September 4, 1997 option grant to the Reporting Person beneficially owned by the Reporting Person. /s/ Jay M. Gellert 2007-08-08