SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
BLAIR DAVID T
(Last) (First) (Middle)
800 KING FARM BOULEVARD
4TH FLOOR
(Street)
ROCKVILLE MD 20850
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
HEALTHEXTRAS INC [ HLEX ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
08/01/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/01/2007 M 19,865 A $4.63 147,665 D
Common Stock 08/01/2007 M 2,635 A $6.62 150,300 D
Common Stock 08/01/2007 S(1) 1,086 D $26.44 149,214 D
Common Stock 08/01/2007 S(1) 568 D $26.45 148,646 D
Common Stock 08/01/2007 S(1) 742 D $26.46 147,904 D
Common Stock 08/01/2007 S(1) 854 D $26.47 147,050 D
Common Stock 08/01/2007 S(1) 57 D $26.474 146,993 D
Common Stock 08/01/2007 S(1) 343 D $26.49 146,650 D
Common Stock 08/01/2007 S(1) 400 D $26.5 146,250 D
Common Stock 08/01/2007 S(1) 228 D $26.51 146,022 D
Common Stock 08/01/2007 S(1) 457 D $26.52 145,565 D
Common Stock 08/01/2007 S(1) 1,199 D $26.54 144,366 D
Common Stock 08/01/2007 S(1) 228 D $26.55 144,138 D
Common Stock 08/01/2007 S(1) 403 D $26.56 143,735 D
Common Stock 08/01/2007 S(1) 57 D $26.57 143,678 D
Common Stock 08/01/2007 S(1) 114 D $26.58 143,564 D
Common Stock 08/01/2007 S(1) 400 D $26.59 143,164 D
Common Stock 08/01/2007 S(1) 57 D $26.595 143,107 D
Common Stock 08/01/2007 S(1) 114 D $26.6 142,993 D
Common Stock 08/01/2007 S(1) 57 D $26.605 142,936 D
Common Stock 08/01/2007 S(1) 628 D $26.61 142,308 D
Common Stock 08/01/2007 S(1) 57 D $26.615 142,251 D
Common Stock 08/01/2007 S(1) 286 D $26.62 141,965 D
Common Stock 08/01/2007 S(1) 1,085 D $26.63 140,880 D
Common Stock 08/01/2007 S(1) 514 D $26.633 140,366 D
Common Stock 08/01/2007 S(1) 114 D $26.64 140,252 D
Common Stock 08/01/2007 S(1) 343 D $26.643 139,909 D
Common Stock 08/01/2007 S(1) 57 D $26.65 139,852 D
Common Stock 08/01/2007 S(1) 57 D $26.656 139,795 D
Common Stock 08/01/2007 S(1) 57 D $26.66 139,738 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)(2) $4.63 08/01/2007 M 19,819 06/07/2004 06/07/2010 Common Stock 19,819 $0 0 D
Employee Stock Option (right to buy)(3) $4.63 08/01/2007 M 46 10/04/2004 10/04/2010 Common Stock 46 $0 0 D
Employee Stock Option (right to buy)(4) $6.62 08/01/2007 M 2,635 06/10/2003 06/10/2012 Common Stock 2,635 $0 910,500 D
Explanation of Responses:
1. Sale is pursuant to a 10b5-1 plan.
2. A total of 350,000 options were granted on June 7, 2000 under the HealthExtras, Inc. 1999 Stock Option Plan. These options vested in four equal annual installments beginning on the first anniversary of the date of grant.
3. A total of 150,000 options were granted on October 4, 2000 under the HealthExtras, Inc. 2000 Stock Option Plan. These options vested in four equal annual installments beginning on the first anniversary of the date of grant.
4. A total of 1,000,000 options were granted on June 10, 2002 under the HealthExtras, Inc. 1999 Stock Option Plan. These options vest in four equal annual installments beginning on the first anniversary of the date of grant; however, all options not yet vested as of December 31, 2005 became vested and exercisable as of that date.
Remarks:
Form 1 of 3 being filed.
Thomas M. Farah for David T. Blair by Power of Attorney 08/03/2007
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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