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    <TD valign="top"><FONT size="2">As filed with the Securities and
Exchange Commission on January&nbsp;30, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Registration No.&nbsp;333-</FONT></TD>
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<DIV align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B>
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<DIV align="center"><FONT size="3">Washington, D.C. 20549
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<P align="center"><FONT size="5"><B>FORM S-8</B>
</FONT>

<DIV align="center"><FONT size="3">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933
</FONT></DIV>
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<P align="center"><FONT size="6"><B>PACIFICARE HEALTH SYSTEMS, INC.</B>
</FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT></DIV>
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    <TD align="center" valign="top"><FONT size="2">Delaware<BR>
(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
95-4591529<BR>
(I.R.S. Employer Identification No.)</FONT></TD>
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<P align="center"><FONT size="2"><B>5995 Plaza Drive, Cypress, California 90630</B><BR>
(Address of principal executive offices, including zip code)
</FONT>

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<P align="center"><FONT size="2"><B>Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified Deferred Compensation Plan<BR>
Second Amended and Restated PacifiCare Health Systems, Inc. Statutory Restoration Plan<BR>
2001 Amendment and Restatement of the PacifiCare Health Systems, Inc. Savings and Profit-Sharing Plan</B>
</FONT>

<P align="center"><FONT size="2">(Full title of the plans)
</FONT>

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<P align="center"><FONT size="2"><B>Joseph S. Konowiecki, Esq.<BR>
Executive Vice President, General Counsel and Secretary<BR>
PacifiCare Health Systems, Inc.<BR>
5995 Plaza Drive<BR>
Cypress, California 90630<BR>
(714)&nbsp;226-3000</B><BR>
(Name, address and telephone number, including area code, of agent for service)
</FONT>

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<P align="center"><FONT size="2">Copies to:<BR><BR>
<B>Barbara Borden, Esq.<BR>
Cooley Godward LLP<BR>
4401 Eastgate Mall<BR>
San Diego, California 92121<BR>
(858)&nbsp;550-6000</B>
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>

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    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD nowrap align="center"><FONT size="1"><B>Title of Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>to be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price per Share</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
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    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, par value
$0.01 per share (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">5,500,000 shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2"></FONT></TD>
    <TD align="right"><FONT size="2">32.75</FONT></TD>
    <TD nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">180,125,000</FONT></TD>
    <TD nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">22,821.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interests in the
Savings and
Profit-Sharing Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">Indeterminate (3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred Compensation
Obligations (4)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">11,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">11,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,457.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred Compensation
Obligations (5)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">3,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">3,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">380.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">This registration statement shall cover 5,500,000 shares of the Common
Stock of PacifiCare Health Systems, Inc., a Delaware corporation (the
<B><I>&#147;Registrant&#148;</I></B>), that participants in the Registrant&#146;s 2001 Amendment and
Restatement of the PacifiCare Health Systems, Inc. Savings and
Profit-Sharing Plan (the <B><I>&#147;Savings and Profit-Sharing Plan&#148;</I></B>) may elect to
acquire with amounts that they contribute to the Savings and
Profit-Sharing Plan as 401(k) contributions. The shares of Common
Stock will be acquired either through open market purchases by the Savings
and Profit-Sharing Plan or will be issued by the Company.
In addition, pursuant to
Rule&nbsp;416(a) under the Securities Act of 1933, as amended (the <B><I>&#147;Securities
Act&#148;</I></B>), this registration statement shall also cover any additional shares
of the Registrant&#146;s Common Stock that become issuable with respect to
those shares by reason of any stock dividend, stock split,
recapitalization or other similar transaction effected without receipt of
consideration that increases the number of outstanding shares of the
Registrant&#146;s Common Stock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Estimated solely for the purpose of calculating the amount of the
registration fee pursuant to Rule&nbsp;457(h) under the Securities Act of 1933,
as amended (the <B><I>&#147;Securities Act&#148;</I></B>), on the basis of the average of the high
and low prices of the Registrant&#146;s Common Stock as reported on the New
York Stock Exchange on a date within five business days of the filing
hereof with respect to the shares being registered.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Pursuant to Rule&nbsp;416(c) under the Securities Act, this registration
statement covers an indeterminate amount of interests to be offered or
sold pursuant to the Savings and Profit-Sharing Plan described herein.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">These Deferred Compensation Obligations are unsecured obligations of the
Registrant to pay deferred compensation in the future in accordance with
the terms of the Third Amended and Restated PacifiCare Health Systems,
Inc. Non-Qualified Deferred Compensation Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">These Deferred Compensation Obligations are unsecured obligations of the
Registrant to pay deferred compensation in the future in accordance with
the terms of the Second Amended and Restated PacifiCare Health Systems,
Inc. Statutory Restoration Plan.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">2.</FONT>
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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="a95942exv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a95942exv5w2.txt">EXHIBIT 5.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="a95942exv15w1.txt">EXHIBIT 15.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a95942exv23w1.txt">EXHIBIT 23.1</A></TD></TR>
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<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Registrant with the Securities and
Exchange Commission, or SEC, are incorporated herein by reference:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; The Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended
December&nbsp;31, 2002 (the &#147;<B><I>Form&nbsp;10-K</I></B>&#148;), which is the Registrant&#146;s latest Annual
Report on Form&nbsp;10-K filed pursuant to Section&nbsp;13(a) or 15(d) of the Securities
Exchange Act of 1934 (the &#147;<B><I>Exchange Act</I></B>&#148;) and which contains audited financial
statements for the Registrant&#146;s latest fiscal year for which a Form&nbsp;10-K was
required to have been filed.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The Registrant&#146;s Quarterly Reports on Form&nbsp;10-Q for the quarters ended
March&nbsp;31, 2003, June&nbsp;30, 2003 and September&nbsp;30, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; The Registrant&#146;s Current Reports on Form&nbsp;8-K filed by the Registrant
with the SEC on February&nbsp;13, 2003 (except in connection with information
furnished thereunder, but not filed, with the SEC under Item&nbsp;9 of Form&nbsp;8-K),
February&nbsp;24, 2003, May&nbsp;23, 2003, June&nbsp;4, 2003, July&nbsp;10, 2003, November&nbsp;10,
2003, November&nbsp;13, 2003 and December&nbsp;23, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; The description of the Registrant&#146;s Common Stock, set forth in a
Registration Statement on Form&nbsp;8-A filed by the Registrant with
the SEC on December&nbsp;4, 2001, as amended on May&nbsp;30, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp; The Registrant&#146;s Savings and Profit-Sharing Plan Annual Report on Form
11-K for the fiscal year ended December&nbsp;31, 2002, filed by the Registrant with
the SEC on June&nbsp;30, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this registration statement and to be a part
hereof from the date of the filing of such documents.
</FONT>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;4. Description of Securities</B>
</FONT>

<P align="left"><FONT size="2"><I>Second Amended and Restated PacifiCare Health Systems, Inc. Statutory
Restoration Plan</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Second Amended and Restated PacifiCare Health Systems, Inc.
Statutory Restoration Plan (the <B><I>&#147;SRP&#148;</I></B>), the Registrant provides eligible
employees with the opportunity to defer on an annual basis all or a portion of
their base salary and cash bonuses, subject to limitations. Under certain
circumstances, the Registrant also makes contributions to accounts for eligible
employees in amounts equal to any excess three percent contribution that would
have been made on behalf of an eligible employee under the Savings and
Profit-Sharing Plan, but for the application of specified limitations. The
obligations of the Registrant under the SRP (the <B><I>&#147;SRP Obligations&#148;</I></B>) are
unsecured obligations to pay the deferred compensation in the future in
accordance with the terms of the SRP, and will rank pari passu with other
unsecured and unsubordinated obligations of the Registrant from time to time
outstanding.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of applicable compensation to be deferred by each participating
employee (each, an <B><I>&#147;SRP Participant&#148;</I></B>) is determined in accordance with the
terms of the SRP based on elections by each SRP Participant. Each SRP
Obligation will be distributed to the applicable Participant on a date or dates
specified in accordance with the terms of the SRP upon the SRP Participant&#146;s
retirement, disability or other termination of employment with the Registrant,
or a change of control, as applicable. The SRP Obligations will be invested in
one or more investment options individually chosen by each SRP Participant from
a list of investment options, including the Registrant&#146;s Common Stock. The SRP
Obligations will be denominated and be distributed in United States dollars.
</FONT>



<P align="center"><FONT size="2">II-1</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An SRP Participant&#146;s right or the right of any other person to the SRP
Obligations cannot be assigned, alienated, garnished, transferred, attached, or
encumbered except by a written designation of a beneficiary under the Savings
Plan, which shall serve as such SRP Participant&#146;s designation of a beneficiary
for purposes of the SRP.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SRP Obligations are not subject to redemption, in whole or in part,
prior to the individual distribution dates specified by each SRP Participant in
accordance with the terms of the SRP, at the option of the Registrant or
through operation of a mandatory or optional sinking fund or analogous
provision. The Registrant does reserve the right to amend or terminate the SRP
at any time, except that no such amendment or termination shall have any
retroactive effect to reduce any amounts allocated to an SRP Participant&#146;s
deferred account as of the date of such amendment or termination.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Obligations are not convertible into another security of the
Registrant. The Obligations will not have the benefit of a negative pledge or
any other affirmative or negative covenant on the part of the Registrant.
</FONT>

<P align="left"><FONT size="2"><I>Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified
Deferred Compensation Plan</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Third Amended and Restated PacifiCare Health Systems, Inc.
Non-Qualified Deferred Compensation Plan (the <B><I>&#147;NDCP&#148;</I></B>), the Registrant provides
employees in eligible positions who meet certain minimum salary requirements
with the opportunity to defer on an annual basis up to 50% of their base salary
and up to all of their cash bonuses, subject to a minimum annual deferral
amount of $5,000 and certain other limitations. The obligations of the
Registrant under the NDCP (the <B><I>&#147;NDCP Obligations&#148;</I></B>) are unsecured general
obligations of the Registrant to pay the deferred compensation in the future in
accordance with the terms of the NDCP, and will rank pari passu with other
unsecured and unsubordinated obligations of the Registrant from time to time
outstanding.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of applicable compensation to be deferred by each participating
employee (each, an <B><I>&#147;NDCP Participant&#148;</I></B>) is determined in accordance with the
NDCP based on elections by each Participant. Each Obligation will be
distributed to the applicable NDCP Participant on a date or dates specified in
accordance with the terms of the NDCP upon the NDCP Participant&#146;s retirement,
disability or other termination of employment with the Registrant, or a change
of control, as applicable. NDCP Participants may also elect to withdraw or to
be paid amounts from their deferral accounts prior to any of the aforementioned
events in certain circumstances. The NDCP Obligations will be invested in one
or more investment options individually chosen by each NDCP Participant from a
list of investment options, including the Registrant&#146;s Common Stock. The
Obligations will be denominated and be distributed in United States dollars,
except that NDCP Participants who participated in the Registrant&#146;s Long-Term
Performance Incentive Plan (the <B><I>&#147;LTPIP&#148;</I></B>) by investing in stock units under the
LTPIP will receive the Registrant&#146;s Common Stock upon receiving distributions
under the NDCP.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An NDCP Participant&#146;s right or the right of any other person to the NDCP
Obligations cannot be assigned, alienated, garnished, transferred, attached, or
encumbered except by a written designation of a beneficiary under the NDCP.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NDCP Obligations are not subject to redemption, in whole or in part,
prior to the individual distribution dates specified by each NDCP Participant
in accordance with the terms of the NDCP, at the option of the Registrant or
through operation of a mandatory or optional sinking fund or analogous
provision. The Registrant does reserve the right to amend or terminate the NDCP
at any time, except that no such amendment or termination shall have any
retroactive effect to reduce any amounts allocated to an NDCP Participant&#146;s
deferred account as of the date of such amendment or termination.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NDCP Obligations are not convertible into another security of the
Registrant. The NDCP Obligations will not have the benefit of a negative
pledge or any other affirmative or negative covenant on the part of the
Registrant.
</FONT>


<P align="center"><FONT size="2">II-2</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;145 of the Delaware General Corporation Law, the Registrant
has broad powers to indemnify its directors and officers against liabilities
they may incur in such capacities, including liabilities under the Securities
Act. The Registrant&#146;s bylaws provide that the Registrant will indemnify its
directors and executive officers to the fullest extent not prohibited by the
Delaware General Corporation Law or any other applicable law, with certain
exceptions relating to proceedings initiated by the Registrant&#146;s directors or
executive offers or by the Registrant&#146;s directors or executive officers against
the Registrant.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant&#146;s certificate of incorporation provides that
its directors shall not be liable for monetary damages to the Registrant and
its stockholders to the fullest extent permissible under applicable law. The
Registrant maintains a policy providing directors&#146; and officers&#146; liability
insurance, which insures directors and officers of the Registrant in certain
circumstances. The Registrant has also entered into indemnification agreements
with its directors and executive officers.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as the indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers or persons controlling
the Registrant pursuant to the foregoing provisions, the Registrant has been
informed that in the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable.
</FONT>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Exemption from Registration Claimed</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Certificate of Incorporation of Registrant (incorporated by
reference to Exhibit&nbsp;99.1 to Registrant&#146;s Registration Statement on Form&nbsp;S-3 (File No.
333-83069)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Designation of Series&nbsp;A Junior Participating Preferred Stock
(incorporated by reference to Exhibit&nbsp;4.1 to Registrant&#146;s Form&nbsp;8K, dated November&nbsp;19,
1999).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amendment to Amended and Restated Certificate of Incorporation of Registrant
(incorporated by reference to Exhibit&nbsp;3.03 to the Registrant&#146;s Form&nbsp;10-Q for the quarter
ended June&nbsp;30, 2003).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of Registrant (incorporated by reference to Exhibit&nbsp;99.2 to Registrant&#146;s
Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-83069)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Fifth Amendment to Bylaws of Registrant (incorporated by reference to Exhibit&nbsp;3.07 to
Registrant&#146;s Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2003).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of Specimen Certificate For Registrant&#146;s Common Stock (incorporated by reference to
Exhibit&nbsp;4.02 to Registrant&#146;s Form&nbsp;10-K for the year ended December&nbsp;31, 1999).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Rights Agreement, dated as of November&nbsp;19, 1999, between the Registrant and ChaseMellon
Shareholder Services, LLC (incorporated by reference to Exhibit&nbsp;99.2 to Registrant&#146;s
Current Report on Form&nbsp;8-K (file No.&nbsp;000-21949) filed on November&nbsp;19, 1999).</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Cooley Godward LLP. (1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Internal Revenue Service determination letter that the Savings and Profit-Sharing Plan
is qualified under Section&nbsp;401 of the Internal Revenue Code of 1986, as amended. (1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">15.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Letter re: Unaudited Interim Financial Information. (1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP, Independent Auditors. (1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Cooley Godward LLP is contained in Exhibit&nbsp;5.1 to this Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (appears on signature page)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
2001 Amendment and Restatement of the PacifiCare Health Systems, Inc. Savings and
Profit-Sharing Plan (incorporated by reference to Exhibit&nbsp;99.01 to the Registrant&#146;s Form
S-8, dated December&nbsp;14, 2001).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Second Amended and Restated PacifiCare Health Systems, Inc. Statutory Restoration Plan
(incorporated by reference to Exhibit&nbsp;10.23 to the Registrant&#146;s Form&nbsp;10-K for the year
ended December&nbsp;31, 2002).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified Deferred
Compensation Plan (incorporated by reference to the Registrant&#146;s Form&nbsp;10-Q for the
quarter ended September&nbsp;30, 2003).</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">A copy of this exhibit is being filed with this Registration Statement on
Form&nbsp;S-8.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings</B>
</FONT>

<P align="left"><FONT size="2"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a) </B>To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the
Registration Statement;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) </B>That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof; and
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c) </B>To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>

<P align="left"><FONT size="2"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Exchange Act that is incorporated by reference in the Registration Statement
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
</FONT>
<P align="left"><FONT size="2"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a
court of appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">II-4</FONT>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Cypress, State of California, on this
30th&nbsp;day
of January, 2004.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>PACIFICARE HEALTH SYSTEMS, INC.</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Howard G. Phanstiel</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>

    <TD align="left" valign="top" colspan="2"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Howard G. Phanstiel</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Title:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>POWER OF ATTORNEY</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KNOW ALL PERSONS BY THESE PRESENTS</B>, that each person whose signature
appears below constitutes and appoints Howard G. Phanstiel and Gregory W.
Scott, and each or any one of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and on his or her behalf, and in his or her
name, place and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite or necessary
to be done in connection therewith, as fully to all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or any of them, or their or his substitutes
or substitute, may lawfully do or cause to be done by virtue hereof and the
Registrant hereby confers like authority on its behalf.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Howard G. Phanstiel</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President, Chief Executive</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004</FONT></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer and Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">HOWARD G. PHANSTIEL</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
(Principal Executive Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Gregory W. Scott</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Executive Vice President
and Chief Financial</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004</FONT></TD>

</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer (Principal Financial
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">GREGORY W. SCOTT</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Peter A. Reynolds</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Senior Vice President and</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><FONT size="2">January 30, 2004</FONT></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Corporate Controller (Chief</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">PETER A. REYNOLDS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Accounting Officer)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ David A. Reed</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">DAVID A. REED</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-5</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">AIDA ALVAREZ</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Bradley C. Call</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2"><HR size="1" noshade>
BRADLEY C. CALL</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">SHIRLEY S. CHATER</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">TERRY O. HARTSHORN</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Gary L. Leary</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">GARY L. LEARY</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Dominic Ng</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">DOMINIC NG</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Warren E.
Pinckert, II</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">WARREN E. PINCKERT, II</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Charles R. Rinehart</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">CHARLES R. RINEHART</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Linda Rosenstock</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">LINDA ROSENSTOCK</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Lloyd E. Ross</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">January 30, 2004 </FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">LLOYD E. ROSS</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-6</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amended and Restated Certificate of Incorporation of Registrant (incorporated by
reference to Exhibit&nbsp;99.1 to Registrant&#146;s Registration Statement on Form&nbsp;S-3 (File No.
333-83069)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Designation of Series&nbsp;A Junior Participating Preferred Stock
(incorporated by reference to Exhibit&nbsp;4.1 to Registrant&#146;s Form&nbsp;8K, dated November&nbsp;19,
1999).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Amendment to Amended and Restated Certificate of Incorporation of Registrant
(incorporated by reference to Exhibit&nbsp;3.03 to the Registrant&#146;s Form&nbsp;10-Q for the quarter
ended June&nbsp;30, 2003).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of Registrant (incorporated by reference to Exhibit&nbsp;99.2 to Registrant&#146;s
Registration Statement on Form&nbsp;S-3 (File No.&nbsp;333-83069)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Fifth Amendment to Bylaws of Registrant (incorporated by reference to Exhibit&nbsp;3.07 to
Registrant&#146;s Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2003).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of Specimen Certificate For Registrant&#146;s Common Stock (incorporated by reference to
Exhibit&nbsp;4.02 to Registrant&#146;s Form&nbsp;10-K for the year ended December&nbsp;31, 1999).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Rights Agreement, dated as of November&nbsp;19, 1999, between the Registrant and ChaseMellon
Shareholder Services, LLC (incorporated by reference to Exhibit&nbsp;99.2 to Registrant&#146;s
Current Report on Form&nbsp;8-K (file No.&nbsp;000-21949) filed on November&nbsp;19, 1999).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Cooley Godward LLP. (1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;&nbsp;5.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Internal Revenue Service determination letter that the Savings and Profit-Sharing Plan
is qualified under Section&nbsp;401 of the Internal Revenue Code of 1986, as amended. (1)</FONT></TD>
</TR>




<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">15.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Letter re: Unaudited Interim Financial Information. (1)</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP, Independent Auditors. (1)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Cooley Godward LLP is contained in Exhibit&nbsp;5.1 to this Registration Statement.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (appears on signature page)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
2001 Amendment and Restatement of the PacifiCare Health Systems, Inc. Savings and
Profit-Sharing Plan (incorporated by reference to Exhibit&nbsp;99.01 to the Registrant&#146;s Form
S-8, dated December&nbsp;14, 2001).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Second Amended and Restated PacifiCare Health Systems, Inc. Statutory Restoration Plan
(incorporated by reference to Exhibit&nbsp;10.23 to the Registrant&#146;s Form&nbsp;10-K for the year
ended December&nbsp;31, 2002).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified Deferred
Compensation Plan (incorporated by reference to the Registrant&#146;s Form&nbsp;10-Q for the
quarter ended September&nbsp;30, 2003).</FONT></TD>
</TR>
</TABLE>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">A copy of this exhibit is being filed with this Registration Statement on
Form&nbsp;S-8.</FONT></TD>
</TR>
</TABLE>

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</BODY>
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PacifiCare Health Systems, Inc.
Table of Contents
As filed with the Securities and
Exchange Commission on January 30, 2004
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PACIFICARE HEALTH SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
95-4591529
(I.R.S. Employer Identification No.)
5995 Plaza Drive, Cypress, California 90630
(Address of principal executive offices, including zip code)
Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified Deferred Compensation Plan
Second Amended and Restated PacifiCare Health Systems, Inc. Statutory Restoration Plan
2001 Amendment and Restatement of the PacifiCare Health Systems, Inc. Savings and Profit-Sharing Plan
(Full title of the plans)
Joseph S. Konowiecki, Esq.
Executive Vice President, General Counsel and Secretary
PacifiCare Health Systems, Inc.
5995 Plaza Drive
Cypress, California 90630
(714) 226-3000
(Name, address and telephone number, including area code, of agent for service)
Copies to:
Barbara Borden, Esq.
Cooley Godward LLP
4401 Eastgate Mall
San Diego, California 92121
(858) 550-6000
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities
Offering
Aggregate
Amount of
to be Registered
Amount to be Registered
Price per Share
Offering Price
Registration Fee
Common Stock, par value
$0.01 per share (1)
5,500,000 shares
32.75
(2)
$
180,125,000
(2)
$
22,821.84
Interests in the
Savings and
Profit-Sharing Plan
Indeterminate (3)
N/A
N/A
N/A
Deferred Compensation
Obligations (4)
$
11,500,000
100
%
$
11,500,000
$
1,457.05
Deferred Compensation
Obligations (5)
$
3,000,000
100
%
$
3,000,000
$
380.10
(1)
This registration statement shall cover 5,500,000 shares of the Common
Stock of PacifiCare Health Systems, Inc., a Delaware corporation (the
"Registrant"
), that participants in the Registrant's 2001 Amendment and
Restatement of the PacifiCare Health Systems, Inc. Savings and
Profit-Sharing Plan (the
"Savings and Profit-Sharing Plan"
) may elect to
acquire with amounts that they contribute to the Savings and
Profit-Sharing Plan as 401(k) contributions. The shares of Common
Stock will be acquired either through open market purchases by the Savings
and Profit-Sharing Plan or will be issued by the Company.
In addition, pursuant to
Rule 416(a) under the Securities Act of 1933, as amended (the
"Securities
Act"
), this registration statement shall also cover any additional shares
of the Registrant's Common Stock that become issuable with respect to
those shares by reason of any stock dividend, stock split,
recapitalization or other similar transaction effected without receipt of
consideration that increases the number of outstanding shares of the
Registrant's Common Stock.
(2)
Estimated solely for the purpose of calculating the amount of the
registration fee pursuant to Rule 457(h) under the Securities Act of 1933,
as amended (the
"Securities Act"
), on the basis of the average of the high
and low prices of the Registrant's Common Stock as reported on the New
York Stock Exchange on a date within five business days of the filing
hereof with respect to the shares being registered.
(3)
Pursuant to Rule 416(c) under the Securities Act, this registration
statement covers an indeterminate amount of interests to be offered or
sold pursuant to the Savings and Profit-Sharing Plan described herein.
(4)
These Deferred Compensation Obligations are unsecured obligations of the
Registrant to pay deferred compensation in the future in accordance with
the terms of the Third Amended and Restated PacifiCare Health Systems,
Inc. Non-Qualified Deferred Compensation Plan.
(5)
These Deferred Compensation Obligations are unsecured obligations of the
Registrant to pay deferred compensation in the future in accordance with
the terms of the Second Amended and Restated PacifiCare Health Systems,
Inc. Statutory Restoration Plan.
2.
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
EXHIBIT 5.1
EXHIBIT 5.2
EXHIBIT 15.1
EXHIBIT 23.1
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed by the Registrant with the Securities and
Exchange Commission, or SEC, are incorporated herein by reference:
(a)  The Registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 2002 (the "
Form 10-K
"), which is the Registrant's latest Annual
Report on Form 10-K filed pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (the "
Exchange Act
") and which contains audited financial
statements for the Registrant's latest fiscal year for which a Form 10-K was
required to have been filed.
(b)  The Registrant's Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2003, June 30, 2003 and September 30, 2003.
(c)  The Registrant's Current Reports on Form 8-K filed by the Registrant
with the SEC on February 13, 2003 (except in connection with information
furnished thereunder, but not filed, with the SEC under Item 9 of Form 8-K),
February 24, 2003, May 23, 2003, June 4, 2003, July 10, 2003, November 10,
2003, November 13, 2003 and December 23, 2003.
(d)  The description of the Registrant's Common Stock, set forth in a
Registration Statement on Form 8-A filed by the Registrant with
the SEC on December 4, 2001, as amended on May 30, 2003.
(e)  The Registrant's Savings and Profit-Sharing Plan Annual Report on Form
11-K for the fiscal year ended December 31, 2002, filed by the Registrant with
the SEC on June 30, 2003.
All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this registration statement and to be a part
hereof from the date of the filing of such documents.
Item 4. Description of Securities
Second Amended and Restated PacifiCare Health Systems, Inc. Statutory
Restoration Plan
Under the Second Amended and Restated PacifiCare Health Systems, Inc.
Statutory Restoration Plan (the
"SRP"
), the Registrant provides eligible
employees with the opportunity to defer on an annual basis all or a portion of
their base salary and cash bonuses, subject to limitations. Under certain
circumstances, the Registrant also makes contributions to accounts for eligible
employees in amounts equal to any excess three percent contribution that would
have been made on behalf of an eligible employee under the Savings and
Profit-Sharing Plan, but for the application of specified limitations. The
obligations of the Registrant under the SRP (the
"SRP Obligations"
) are
unsecured obligations to pay the deferred compensation in the future in
accordance with the terms of the SRP, and will rank pari passu with other
unsecured and unsubordinated obligations of the Registrant from time to time
outstanding.
The amount of applicable compensation to be deferred by each participating
employee (each, an
"SRP Participant"
) is determined in accordance with the
terms of the SRP based on elections by each SRP Participant. Each SRP
Obligation will be distributed to the applicable Participant on a date or dates
specified in accordance with the terms of the SRP upon the SRP Participant's
retirement, disability or other termination of employment with the Registrant,
or a change of control, as applicable. The SRP Obligations will be invested in
one or more investment options individually chosen by each SRP Participant from
a list of investment options, including the Registrant's Common Stock. The SRP
Obligations will be denominated and be distributed in United States dollars.
II-1
Table of Contents
An SRP Participant's right or the right of any other person to the SRP
Obligations cannot be assigned, alienated, garnished, transferred, attached, or
encumbered except by a written designation of a beneficiary under the Savings
Plan, which shall serve as such SRP Participant's designation of a beneficiary
for purposes of the SRP.
The SRP Obligations are not subject to redemption, in whole or in part,
prior to the individual distribution dates specified by each SRP Participant in
accordance with the terms of the SRP, at the option of the Registrant or
through operation of a mandatory or optional sinking fund or analogous
provision. The Registrant does reserve the right to amend or terminate the SRP
at any time, except that no such amendment or termination shall have any
retroactive effect to reduce any amounts allocated to an SRP Participant's
deferred account as of the date of such amendment or termination.
The Obligations are not convertible into another security of the
Registrant. The Obligations will not have the benefit of a negative pledge or
any other affirmative or negative covenant on the part of the Registrant.
Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified
Deferred Compensation Plan
Under the Third Amended and Restated PacifiCare Health Systems, Inc.
Non-Qualified Deferred Compensation Plan (the
"NDCP"
), the Registrant provides
employees in eligible positions who meet certain minimum salary requirements
with the opportunity to defer on an annual basis up to 50% of their base salary
and up to all of their cash bonuses, subject to a minimum annual deferral
amount of $5,000 and certain other limitations. The obligations of the
Registrant under the NDCP (the
"NDCP Obligations"
) are unsecured general
obligations of the Registrant to pay the deferred compensation in the future in
accordance with the terms of the NDCP, and will rank pari passu with other
unsecured and unsubordinated obligations of the Registrant from time to time
outstanding.
The amount of applicable compensation to be deferred by each participating
employee (each, an
"NDCP Participant"
) is determined in accordance with the
NDCP based on elections by each Participant. Each Obligation will be
distributed to the applicable NDCP Participant on a date or dates specified in
accordance with the terms of the NDCP upon the NDCP Participant's retirement,
disability or other termination of employment with the Registrant, or a change
of control, as applicable. NDCP Participants may also elect to withdraw or to
be paid amounts from their deferral accounts prior to any of the aforementioned
events in certain circumstances. The NDCP Obligations will be invested in one
or more investment options individually chosen by each NDCP Participant from a
list of investment options, including the Registrant's Common Stock. The
Obligations will be denominated and be distributed in United States dollars,
except that NDCP Participants who participated in the Registrant's Long-Term
Performance Incentive Plan (the
"LTPIP"
) by investing in stock units under the
LTPIP will receive the Registrant's Common Stock upon receiving distributions
under the NDCP.
An NDCP Participant's right or the right of any other person to the NDCP
Obligations cannot be assigned, alienated, garnished, transferred, attached, or
encumbered except by a written designation of a beneficiary under the NDCP.
The NDCP Obligations are not subject to redemption, in whole or in part,
prior to the individual distribution dates specified by each NDCP Participant
in accordance with the terms of the NDCP, at the option of the Registrant or
through operation of a mandatory or optional sinking fund or analogous
provision. The Registrant does reserve the right to amend or terminate the NDCP
at any time, except that no such amendment or termination shall have any
retroactive effect to reduce any amounts allocated to an NDCP Participant's
deferred account as of the date of such amendment or termination.
The NDCP Obligations are not convertible into another security of the
Registrant. The NDCP Obligations will not have the benefit of a negative
pledge or any other affirmative or negative covenant on the part of the
Registrant.
II-2
Table of Contents
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
Under Section 145 of the Delaware General Corporation Law, the Registrant
has broad powers to indemnify its directors and officers against liabilities
they may incur in such capacities, including liabilities under the Securities
Act. The Registrant's bylaws provide that the Registrant will indemnify its
directors and executive officers to the fullest extent not prohibited by the
Delaware General Corporation Law or any other applicable law, with certain
exceptions relating to proceedings initiated by the Registrant's directors or
executive offers or by the Registrant's directors or executive officers against
the Registrant.
In addition, the Registrant's certificate of incorporation provides that
its directors shall not be liable for monetary damages to the Registrant and
its stockholders to the fullest extent permissible under applicable law. The
Registrant maintains a policy providing directors' and officers' liability
insurance, which insures directors and officers of the Registrant in certain
circumstances. The Registrant has also entered into indemnification agreements
with its directors and executive officers.
Insofar as the indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers or persons controlling
the Registrant pursuant to the foregoing provisions, the Registrant has been
informed that in the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
The following exhibits are filed as part of this Registration Statement:
4.1
Amended and Restated Certificate of Incorporation of Registrant (incorporated by
reference to Exhibit 99.1 to Registrant's Registration Statement on Form S-3 (File No.
333-83069)).
4.2
Certificate of Designation of Series A Junior Participating Preferred Stock
(incorporated by reference to Exhibit 4.1 to Registrant's Form 8K, dated November 19,
1999).
4.3
Amendment to Amended and Restated Certificate of Incorporation of Registrant
(incorporated by reference to Exhibit 3.03 to the Registrant's Form 10-Q for the quarter
ended June 30, 2003).
4.4
Bylaws of Registrant (incorporated by reference to Exhibit 99.2 to Registrant's
Registration Statement on Form S-3 (File No. 333-83069)).
4.5
Fifth Amendment to Bylaws of Registrant (incorporated by reference to Exhibit 3.07 to
Registrant's Form 10-Q for the quarter ended September 30, 2003).
4.6
Form of Specimen Certificate For Registrant's Common Stock (incorporated by reference to
Exhibit 4.02 to Registrant's Form 10-K for the year ended December 31, 1999).
4.7
Rights Agreement, dated as of November 19, 1999, between the Registrant and ChaseMellon
Shareholder Services, LLC (incorporated by reference to Exhibit 99.2 to Registrant's
Current Report on Form 8-K (file No. 000-21949) filed on November 19, 1999).
II-3
Table of Contents
5.1
Opinion of Cooley Godward LLP. (1)
5.2
Internal Revenue Service determination letter that the Savings and Profit-Sharing Plan
is qualified under Section 401 of the Internal Revenue Code of 1986, as amended. (1)
15.1
Letter re: Unaudited Interim Financial Information. (1)
23.1
Consent of Ernst & Young LLP, Independent Auditors. (1)
23.2
Consent of Cooley Godward LLP is contained in Exhibit 5.1 to this Registration Statement.
24.1
Power of Attorney (appears on signature page)
99.1
2001 Amendment and Restatement of the PacifiCare Health Systems, Inc. Savings and
Profit-Sharing Plan (incorporated by reference to Exhibit 99.01 to the Registrant's Form
S-8, dated December 14, 2001).
99.2
Second Amended and Restated PacifiCare Health Systems, Inc. Statutory Restoration Plan
(incorporated by reference to Exhibit 10.23 to the Registrant's Form 10-K for the year
ended December 31, 2002).
99.3
Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified Deferred
Compensation Plan (incorporated by reference to the Registrant's Form 10-Q for the
quarter ended September 30, 2003).
(1)
A copy of this exhibit is being filed with this Registration Statement on
Form S-8.
Item 9. Undertakings
1.
The undersigned Registrant hereby undertakes:
(a)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the
Registration Statement;
(b)
That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof; and
(c)
To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
2.
The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act that is incorporated by reference in the Registration Statement
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
3.
Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a
court of appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
II-4
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Cypress, State of California, on this
30th day
of January, 2004.
PACIFICARE HEALTH SYSTEMS, INC.
By:
/s/ Howard G. Phanstiel
Howard G. Phanstiel
Title:
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature
appears below constitutes and appoints Howard G. Phanstiel and Gregory W.
Scott, and each or any one of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and on his or her behalf, and in his or her
name, place and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite or necessary
to be done in connection therewith, as fully to all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or any of them, or their or his substitutes
or substitute, may lawfully do or cause to be done by virtue hereof and the
Registrant hereby confers like authority on its behalf.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/ Howard G. Phanstiel
President, Chief Executive
January 30, 2004
Officer and Director
HOWARD G. PHANSTIEL
(Principal Executive Officer)
/s/ Gregory W. Scott
Executive Vice President
and Chief Financial
January 30, 2004
Officer (Principal Financial
GREGORY W. SCOTT
Officer)
/s/ Peter A. Reynolds
Senior Vice President and
January 30, 2004
Corporate Controller (Chief
PETER A. REYNOLDS
Accounting Officer)
/s/ David A. Reed
Chairman of the Board
January 30, 2004
DAVID A. REED
II-5
Table of Contents
Signature
Title
Date
Director
January 30, 2004
AIDA ALVAREZ
/s/ Bradley C. Call
BRADLEY C. CALL
Director
January 30, 2004
Director
January 30, 2004
SHIRLEY S. CHATER
Director
January 30, 2004
TERRY O. HARTSHORN
/s/ Gary L. Leary
Director
January 30, 2004
GARY L. LEARY
/s/ Dominic Ng
Director
January 30, 2004
DOMINIC NG
/s/ Warren E.
Pinckert, II
Director
January 30, 2004
WARREN E. PINCKERT, II
/s/ Charles R. Rinehart
Director
January 30, 2004
CHARLES R. RINEHART
/s/ Linda Rosenstock
Director
January 30, 2004
LINDA ROSENSTOCK
/s/ Lloyd E. Ross
Director
January 30, 2004
LLOYD E. ROSS
II-6
Table of Contents
EXHIBIT INDEX
4.1
Amended and Restated Certificate of Incorporation of Registrant (incorporated by
reference to Exhibit 99.1 to Registrant's Registration Statement on Form S-3 (File No.
333-83069)).
4.2
Certificate of Designation of Series A Junior Participating Preferred Stock
(incorporated by reference to Exhibit 4.1 to Registrant's Form 8K, dated November 19,
1999).
4.3
Amendment to Amended and Restated Certificate of Incorporation of Registrant
(incorporated by reference to Exhibit 3.03 to the Registrant's Form 10-Q for the quarter
ended June 30, 2003).
4.4
Bylaws of Registrant (incorporated by reference to Exhibit 99.2 to Registrant's
Registration Statement on Form S-3 (File No. 333-83069)).
4.5
Fifth Amendment to Bylaws of Registrant (incorporated by reference to Exhibit 3.07 to
Registrant's Form 10-Q for the quarter ended September 30, 2003).
4.6
Form of Specimen Certificate For Registrant's Common Stock (incorporated by reference to
Exhibit 4.02 to Registrant's Form 10-K for the year ended December 31, 1999).
4.7
Rights Agreement, dated as of November 19, 1999, between the Registrant and ChaseMellon
Shareholder Services, LLC (incorporated by reference to Exhibit 99.2 to Registrant's
Current Report on Form 8-K (file No. 000-21949) filed on November 19, 1999).
5.1
Opinion of Cooley Godward LLP. (1)
5.2
Internal Revenue Service determination letter that the Savings and Profit-Sharing Plan
is qualified under Section 401 of the Internal Revenue Code of 1986, as amended. (1)
15.1
Letter re: Unaudited Interim Financial Information. (1)
23.1
Consent of Ernst & Young LLP, Independent Auditors. (1)
23.2
Consent of Cooley Godward LLP is contained in Exhibit 5.1 to this Registration Statement.
24.1
Power of Attorney (appears on signature page)
99.1
2001 Amendment and Restatement of the PacifiCare Health Systems, Inc. Savings and
Profit-Sharing Plan (incorporated by reference to Exhibit 99.01 to the Registrant's Form
S-8, dated December 14, 2001).
99.2
Second Amended and Restated PacifiCare Health Systems, Inc. Statutory Restoration Plan
(incorporated by reference to Exhibit 10.23 to the Registrant's Form 10-K for the year
ended December 31, 2002).
99.3
Third Amended and Restated PacifiCare Health Systems, Inc. Non-Qualified Deferred
Compensation Plan (incorporated by reference to the Registrant's Form 10-Q for the
quarter ended September 30, 2003).
(1)
A copy of this exhibit is being filed with this Registration Statement on
Form S-8.