Health Net 2011 Annual Report Download - page 247

Termination Date, he or she will be required to repay to the Company an amount equal to one month of severance pay.) In
addition, upon re-hire the COBRA premium benefits set forth in Section 2(d) will cease.
In further consideration for the Employee’s acceptance of this Waiver and Release of Claims Agreement, the Company
will provide outplacement services to the Employee rendered by Lee Hecht Harrison per the Company’s outplacement
service program in effect as of the date of this Agreement. The Employee must enroll in the outplacement service program
with Lee Hecht Harrison within sixty (60) days of the Employee’s Termination Date in order to be eligible to receive these
outplacement service benefits. To the greatest extent applicable, such outplacement services shall be provided in a manner
that is exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and
Internal Revenue Service guidance thereunder (“Section 409A”) in accordance with Treasury Regulation Section 1.409A-1
(b)(9)(v)(A). In the event that the outplacement services constitute nonqualified deferred compensation subject to
Section 409A of the Code, the outplacement services shall be provided in a manner that complies with Section 409A of the
Code and the provisions of Section 23 hereof.
A-2
b. Subject to Section 2(c) hereof, by signing below, Employee confirms and agrees that as of the Termination Date, Employee
has been paid, or will be paid in his or her final regular paycheck (subject to withholding for taxes and applicable
deductions), all accrued salary, unused, accrued Paid Time Off, and other similar payroll related benefits and compensation
due the Employee as of the Termination Date by virtue of his or her employment, in keeping with the Company’s policy
and practice. Subject to Section 2(c) hereof, Employee further acknowledges that no other compensation or wages are due
and owin
g
to Em
p
lo
y
ee, and no further Paid Time Off or other benefits will accrue after the Termination Date.
c. Employee’s participation in all Company employee benefit plans as an active employee shall cease on the Termination
Date, and Employee shall not be eligible to make contributions to or to receive additional Company contributions under the
Health Net, Inc. 401(k) Associate Savings Plan (the “401(k) Plan”), or to make any deferrals pursuant to any deferred
compensation plan of the Company after the Termination Date. All payments due Employee under employee benefit plans
or arrangements in which Employee participates, including without limitation, the 401 (k) Plan and any deferred
compensation plan of the Company, shall be paid to Employee pursuant to the terms and provisions of such plans. If,
immediately prior to the Termination Date, Employee participates in any Company employee welfare benefit plan,
Employee’s participation in such plan shall continue on the same terms and conditions, including the same co-payment
terms, until 11:59
p
.m. (Pacific Time) on the last da
y
of the month in which the Termination Date occurs.
d. Effective as of the first day of the month immediately following the month in which the Termination Date occurs,
Em
p
lo
y
ee and Em
p
lo
y
ee’s s
p
ouse and