4 1 j8503_4.htm 4

FORM 4

 o Check this box if no longer subject to Section 16.  Form 4 or Form 5 obligations may continue.
See Instruction 1(b).

(Print or Type Responses)

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, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the
Investment Company Act of 1940

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 1. Name and Address of Reporting Person *



   Westen,                B.                    Curtis

(Last)            (First)              (Middle)


21650 Oxnard Street

(Street)


  Woodland Hills,     CA             91367

(City)       (State)          (Zip)

 

 2. Issuer Name and Ticker
    or Trading Symbol

Health Net, Inc.   HNT



 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)

 

 

 4. Statement for
    Month/Day/Year

February 20, 2003





 5. If Amendment, Date of
    Original (Month/Day/Year)

 

 


 6. Relationship of Reporting Person(s) to Issuer

     (Check all applicable)

      Director

 

   X   Officer (give title below)

 

      10% Owner

 

      Other (specify below)

Senior Vice President, General Counsel and Secretary  


 7. 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

Class A Common Stock

 

 

 

 

 

 

 

99,415(4)

D

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Underlying Securities
(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 of Derivative Securities: 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

Option (Right to Buy) (1)

$24.06

2/20/03 (2)

3/11/03 (2)

A

 

100,000

 

(3)

2/20/13

Class A Common Stock

100,000

N/A

100,000

D

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Explanation of Responses:

 

 

       (1) Grant to the Reporting Person of an Option (Right to Buy) under the Issuer's Amended and Restated

            1997 Stock Option Plan in a transaction exempt under Rule 16b-3(d).

 

       (2) Although the Issuer's Compensation and Stock Option Committee granted the option to the Reporting Person 

            on 2-20-03, the Reporting Person executed the Stock Option Agreement evidencing the grant on 3-11-03 which was

            within less than 24 hours of being notified of the grant and being presented with such agreement.  This Form 4

            was filed within two days of execution of such Stock Option Agreement.

 

       (3) The Option becomes exerciseable in 25% increments on each of the first through fourth anniversaries of the grant

             date (2-20-03).

 

       (4) Includes 265 shares in which the Reporting Person has a beneficial ownership interest under the profit

             sharing component of the Issuer's 401(k) Associate Savings Plan.

 

 

 

 

 

/s/  B. Curtis Westen  

** Signature of Reporting Person

3-13-03

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).

 

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

 

 

http://www.sec.gov/divisions/corpfin/forms/form4.htm

Last update: 09/05/2002