X0202 4 2007-06-05 0 0000916085 HEALTH NET INC HNT 0001213930 GREAVES ROGER F C/O HEALTH NET, INC. 21650 OXNARD STREET WOODLAND HILLS CA 91367 1 0 0 0 Common Stock 2007-06-05 4 M 0 7500 31.50 A 38472 D Common Stock 2007-06-05 4 F 0 4115 57.40 D 34357 D Stock Option (Right to Buy) 31.50 2007-06-05 4 M 0 7500 0 D 1998-08-06 2007-08-06 Common Stock 7500 0 D Exercise of a stock option granted to the Reporting Person on August 6, 1997 under the Issuer's Second Amended and Restated Non-Employee Director Stock Option Plan (the "Plan") in a transaction exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended (the "Stock Option"). Shares tendered by the Reporting Person to the Issuer in lieu of payment of the exercise price owed by the Reporting Person in connection with the exercise of the Stock Option. The tender of the shares was made in accordance with the terms of the Plan. The price used to calculate the number of shares to be tendered to the Issuer by the Reporting Person for payment of the exercise price for the Stock Option was based on the closing price of the Issuer's common stock on June 5, 2007. Represents unexercised options from the August 6, 1997 stock option grant to the Reporting Person beneficially owned by the Reporting Person. The Stock Option became exercisable in 33 1/3% increments on each of the first, second and third anniversary of the grant date. /s/ Roger F. Greaves 2007-06-06