May 18, 2005 Mr. David W. Olson Senior Vice President, Corporate Communications [ADDRESS] [ADDRESS] Dear David:Letter Agreement • May 18th, 2005 • Health Net Inc • Hospital & medical service plans • Delaware
The purpose of this letter agreement (this “Agreement”) is to memorialize your current employment arrangements with Health Net, Inc. (the “Company”). As you are aware, you and the Company are currently party to an Offer Letter Agreement, dated December 30, 1993, a Severance Payment Agreement dated December 4, 1998 and an Agreement dated January 1, 2001 providing for your consent to certain changes under the Company’s Second Amended and Restated 1991 Stock Option Plan and 1997 Stock Option Plan, as amended (collectively, the “Employment Agreement”). By executing this Agreement, you agree to the amendment and restatement of your Employment Agreement as set forth herein.
