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*
WILLISON BRUCE G
(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)
05/11/2007
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 05/11/2007 M(1) 2,791 A $25.8 9,791 D
Common Stock 05/11/2007 M(2) 7,500 A $20.8125 17,291 D
Common Stock 05/11/2007 S 100 D $57.64 17,191 I By Trust(3)
Common Stock 05/11/2007 S 400 D $57.65 16,791 I By Trust(3)
Common Stock 05/11/2007 S 300 D $57.66 16,491 I By Trust(3)
Common Stock 05/11/2007 S 100 D $57.57 16,391 I By Trust(3)
Common Stock 05/11/2007 S 1,600 D $57.68 14,791 I By Trust(3)
Common Stock 05/11/2007 S 400 D $57.69 14,391 I By Trust(3)
Common Stock 05/11/2007 S 1,100 D $57.7 13,291 I By Trust(3)
Common Stock 05/11/2007 S 100 D $57.74 13,191 I By Trust(3)
Common Stock 05/11/2007 S 900 D $57.75 12,291 I By Trust(3)
Common Stock 05/11/2007 S 100 D $57.76 12,191 I By Trust(3)
Common Stock 05/11/2007 S 100 D $57.77 12,091 I By Trust(3)
Common Stock 05/11/2007 S 500 D $57.79 11,591 I By Trust(3)
Common Stock 05/11/2007 S 400 D $57.8 11,191 I By Trust(3)
Common Stock 05/11/2007 S 100 D $57.84 11,091 I By Trust(3)
Common Stock 05/11/2007 S 200 D $57.86 10,891 I By Trust(3)
Common Stock 05/11/2007 S 300 D $57.89 10,591 I By Trust(3)
Common Stock 05/11/2007 S 300 D $57.9 10,291 I By Trust(3)
Common Stock 05/11/2007 S 100 D $57.93 10,191 I By Trust(3)
Common Stock 05/11/2007 S 100 D $57.96 10,091 I By Trust(3)
Common Stock 05/11/2007 S 200 D $57.97 9,891 I By Trust(3)
Common Stock 05/11/2007 S 1,500 D $57.98 8,391 I By Trust(3)
Common Stock 05/11/2007 S 500 D $57.99 7,891 I By Trust(3)
Common Stock 05/11/2007 S 291 D $58.01 7,600 I By Trust(3)
Common Stock 05/11/2007 S 500 D $58.03 7,100 I By Trust(3)
Common Stock 05/11/2007 S 100 D $58.04 7,000 I By Trust(3)
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) $25.8 05/11/2007 M(1) 2,791 07/01/2003(4) 07/01/2007 Common Stock 2,791 $0 0(6) D
Stock Option (Right to Buy) $20.8125 05/11/2007 M(2) 7,500 12/13/2001(5) 12/13/2010 Common Stock 7,500 $0 0(7) D
Explanation of Responses:
1. Exercise of a Stock Option granted to the Reporting Person on July 1, 2002 under the Issuer's 1998 Stock Option Plan in a transaction exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
2. Exercise of a Stock Option granted to the Reporting Person on December 13, 2000 under the Issuer's Non-Employee Director Stock Option Plan in a transaction exempt under Rule 16b-3 of the Exchange Act.
3. The shares are held by the B&G Willison Living Trust, of which the Reporting Person is a trustee.
4. The Stock Option became exercisable in full on the first anniversary of the grant date.
5. The Stock Option became exercisable in 33 1/3% increments on each of the first, second and third anniversary of the grant date.
6. Represents unexercised stock options from the July 1, 2002 option grant to the Reporting Person beneficially owned by the Reporting Person.
7. Represents unexercised stock options from the December 13, 2000 option grant to the Reporting Person benefically owned by the Reporting Person.
/s/ Bruce G. Willison 05/14/2007
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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