Document:

CVS Caremark Deferred Compensation Plan as amended and restated

 Exhibit 10.5 
  
 CVS CAREMARK CORPORATION 
 Deferred
Compensation Plan 
 as amended and restated as of December 31, 2008 

 CVS CAREMARK CORPORATION 
 DEFERRED COMPENSATION PLAN 
 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I – INTRODUCTION	  	1
			
	1.01	  	NAME OF PLAN	  	1
	1.02	  	PURPOSE OF PLAN	  	1
	1.03	  	“TOP HAT” PENSION BENEFIT PLAN	  	1
	1.04	  	FUNDING	  	1
	1.05	  	EFFECTIVE DATE	  	1
	1.06	  	ADMINISTRATION	  	1
	1.07	  	NUMBER AND GENDER	  	2
	1.08	  	HEADINGS	  	2
		
	ARTICLE II – DEFINITIONS	  	3
		
	ARTICLE III – ELIGIBILITY AND PARTICIPATION	  	8
			
	3.01	  	ELIGIBILITY	  	8
	3.02	  	COMMENCEMENT OF PARTICIPATION	  	8
	3.03	  	TERMINATION OF PARTICIPATION	  	8
		
	ARTICLE IV – DEFERRALS & COMPANY CONTRIBUTIONS	  	10
			
	4.01	  	DEFERRAL AMOUNTS	  	10
	4.02	  	FILING REQUIREMENTS OF DEFERRED COMPENSATION ELECTIONS	  	10
	4.03	  	MODIFICATION OR REVOCATION OF ELECTION BY PARTICIPANT	  	11
	4.04	  	COMPANY CONTRIBUTIONS AND OTHER DEFERRALS	  	13
	4.05	  	DEFERRAL AND CONTRIBUTION TIMING	  	14
		
	ARTICLE V – ACCOUNTS	  	16
			
	5.01	  	ESTABLISHMENT OF BOOKKEEPING ACCOUNTS	  	16
	5.02	  	SUBACCOUNTS	  	16
	5.03	  	HYPOTHETICAL NATURE OF ACCOUNTS	  	16
	5.04	  	VESTING	  	16
	5.05	  	DEFERRAL CREDITING OPTIONS	  	17
	5.06	  	HYPOTHETICAL GAINS OR LOSSES	  	18
		
	ARTICLE VI – DISTRIBUTION OF ACCOUNT	  	19
			
	6.01	  	NORMAL DISTRIBUTIONS	  	19
	6.02	  	FORM OF PAYMENT	  	20
	6.03	  	DISABILITY DISTRIBUTIONS	  	21
	6.04	  	DISTRIBUTIONS IN THE EVENT OF DEATH	  	21
	6.05	  	DISTRIBUTIONS UPON TERMINATION OF EMPLOYMENT OTHER THAN RETIREMENT,
DEATH OR DISABILITY	  	22
	6.06	  	CHANGE OF DISTRIBUTION ELECTION	  	22
	6.07	  	ACCOUNT VALUATION UPON A DISTRIBUTION	  	24
	6.08	  	DESIGNATION OF BENEFICIARY	  	24
	6.09	  	UNCLAIMED BENEFITS	  	25
	6.10	  	HARDSHIP WITHDRAWALS	  	25
	6.11	  	CHANGE IN CONTROL	  	25

					
	6.12	  	DISTRIBUTION OF GRANDFATHERED DEFERRAL ACCOUNT AND THE GRANDFATHERED
COMPANY ACCOUNT	  	26
		
	ARTICLE VII – ADMINISTRATION	  	27
			
	7.01	  	PLAN COMMITTEE	  	27
	7.02	  	GENERAL POWERS OF ADMINISTRATION	  	27
	7.03	  	COSTS OF ADMINISTRATION	  	27
	7.04	  	INDEMNIFICATION OF PLAN COMMITTEE	  	28
	7.05	  	COMPLIANCE	  	28
		
	ARTICLE VIII – CLAIMS PROCEDURE	  	29
			
	8.01	  	CLAIMS	  	29
	8.02	  	CLAIM DECISION	  	29
	8.03	  	REQUEST FOR REVIEW	  	29
	8.04	  	REVIEW OF DECISION	  	30
		
	ARTICLE IX – MISCELLANEOUS	  	31
			
	9.01	  	NOT CONTRACT OF EMPLOYMENT	  	31
	9.02	  	NON-ASSIGNABILITY OF BENEFITS	  	31
	9.03	  	WITHHOLDING	  	31
	9.04	  	AMENDMENT AND TERMINATION	  	31
	9.05	  	COMPLIANCE WITH SECURITIES AND OTHER LAWS	  	32
	9.06	  	NO TRUST CREATED	  	32
	9.07	  	UNSECURED GENERAL CREDITOR STATUS OF EMPLOYEE	  	32
	9.08	  	PAYMENT TO MINORS AND INCOMPETENTS	  	33
	9.09	  	ACCELERATION OF OR DELAY IN PAYMENTS	  	33
	9.10	  	SEVERABILITY	  	33
	9.11	  	GOVERNING LAWS	  	34
	9.12	  	BINDING EFFECT	  	34
		
	APPENDIX A	  	35

 Exhibit 10.5 
 ARTICLE I – INTRODUCTION 
  

	1.01	Name of Plan 

 CVS Caremark Corporation (the
“Corporation”) hereby adopts the CVS Caremark Deferred Compensation Plan (the “Plan”) as amended and restated as of December 31, 2008. 
  

	1.02	Purpose of Plan 

 The purpose of the Plan is
to provide certain eligible employees of the Corporation or an Affiliate authorized to participate in the Plan the opportunity to defer elements of their compensation which might not otherwise be deferrable under other plans maintained by the
Corporation or an Affiliate and to receive the benefit of additions to their deferral comparable to those obtainable under the 401(k) and Employee Stock Ownership Plan of CVS Caremark Corporation and Affiliated Companies (“Future Fund”) in
the absence of certain restrictions and limitations in the Internal Revenue Code. 
  

	1.03	“Top Hat” Pension Benefit Plan 

 The Plan is an “employee pension benefit plan” within the meaning of ERISA. However, the Plan is unfunded and maintained for a select group of management or highly compensated employees and, therefore, it is intended that the Plan
will be exempt from Parts 2, 3 and 4 of Title I of ERISA. The Plan is not intended to qualify under Code Section 401(a). 
  

	1.04	Funding 

 The Plan is unfunded. All benefits
will be paid from the general assets of the Corporation. Participants in the Plan shall have the status of general unsecured creditors of the Corporation. 
  

	1.05	Effective Date 

 The Plan is effective as of
January 1, 1997, and as amended and restated in its entirety effective as of December 31, 2008, to comply with the provisions of Section 409A of the Internal Revenue Code and regulations promulgated thereunder and to reflect certain
design and administrative changes desired by the Corporation. 
  

	1.06	Administration 

 The Plan shall be
administered by the Plan Committee, as defined in Article VII. 
  

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	1.07	Number and Gender 

 Wherever appropriate
herein, words used in the singular shall be considered to include the plural and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender.
The feminine gender, where appearing in the Plan, shall be deemed to include the masculine gender. 
  

	1.08	Headings 

 The headings of Articles and
Sections herein are included solely for convenience, and if there is any conflict between such headings and the text of the Plan, the text shall control. 
  

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 ARTICLE II – DEFINITIONS 
 For purposes of the Plan, the following words and phrases shall have the meanings set forth below, unless their context clearly requires a different meaning: 
  

	2.01	Account means the Company Account, Deferral Account, Grandfathered Company Account, and the Grandfathered Deferral Account maintained by the Corporation on
behalf of each Participant pursuant to this Plan. 

  

	2.02	Affiliate means any entity, that together with the Corporation, would be treated as a single employer under Section 414(b) or (c) of the Code.

  

	2.03	Annual Cash Incentive means the amount awarded to a Participant in cash for a Plan Year under a regular (annual or quarterly) incentive plan (other than an
exceptional performance award program or a one-time incentive plan or program) maintained by the Corporation or an Affiliate, and any other amount otherwise included in Annual Cash Incentive for purposes of the Plan under rules as are adopted by the
Committee. 

  

	2.04	Annual Cash Incentive Deferral means the amount of a Participant’s Annual Cash Incentive which a Participant elects to have withheld on a pretax basis from
his Annual Cash Incentive and credited to his Deferral Account pursuant to this Plan. 

  

	2.05	Base Salary means the base rate of cash compensation paid by the Corporation or an Affiliate to or for the benefit of a Participant for services rendered or
labor performed while a Participant, including base pay a Participant could have received in cash in lieu of: 

  

	 	(a)	deferrals pursuant to this Plan; and 

  

	 	(b)	any pre-tax contribution made on the Participant’s behalf to any qualified plan maintained by the Corporation or an Affiliate pursuant to a cash or deferred arrangement
maintained by the Corporation or an Affiliate (as defined under Section 401(k) of the Code) or under any cafeteria plan (as defined under Section 125 of the Code) or under a qualified transportation fringe (as defined under
Section 132(f) of the Code). 

  

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 Base Salary shall exclude any overtime, premium pay, shift differentials, bonuses, commissions or any
other form of supplemental cash compensation, except to the extent otherwise deemed “Base Salary” for purposes of the Plan under rules as are adopted by the Committee. 
  

	2.06	Base Salary Deferral means the amount of a Participant’s Base Salary which the Participant elects to have withheld on a pretax basis from his Base Salary
and credited to his Deferral Account pursuant to this Plan. 

  

	2.07	Beneficiary means the person or persons designated by the Participant in accordance with the provisions of Section 6.08 to receive the amounts, if any,
payable under the Plan upon the death of the Participant. 

  

	2.08	Board means the Board of Directors of the Corporation. 

  

	2.09	Change in Control means “Change in Control” as such term is defined in the Universal 409A Definition Document. 

  

	2.10	Code means the Internal Revenue Code of 1986, as amended. 

  

	2.11	Commissions mean the amount of a Participant’s sales commissions or other commissions payable under a sales commissions or other commissions plan
maintained by the Corporation or an Affiliate. (Sales commissions for purposes of the Plan shall mean sales commissions (as defined in Treas. Reg. Section 1.409A-2(a)(12)(i) and any subsequent guidance) and such sales commissions are considered
to be earned in the taxable year of the Participant in which the sale occurs.) 

  

	2.12	Commissions Deferral means the amount of a Participant’s Commissions which a Participant elects to have withheld on a pre-tax basis from his Commissions
and credited to his Deferral Account pursuant to this Plan. 

  

	2.13	Committee means the Management Planning and Development Committee of the Board. 

  

	2.14	Company Account means the bookkeeping account (or subaccount(s) thereof) maintained for each Participant to record the amounts of Company Contributions that are
either (i) credited on his behalf under Section 4.04 on or after January 1, 2005 or (ii) were credited on his behalf under Section 4.04 prior to January 1, 2005, but become vested on or after January 1, 2005, as
adjusted pursuant to Section 5.06. 

  

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	2.15	Company Contribution means the amount, as determined by the Company on an annual basis based on the provisions of this Plan, which is credited on the
Participant’s behalf by the Company to his Company Account pursuant to the provisions of Section 4.04(a) of the Plan. 

  

	2.16	Corporation means CVS Caremark Corporation. References in the Plan to CVS Caremark Corporation shall be deemed to include successors to CVS Caremark
Corporation. 

  

	2.17	CVS Caremark Retention Payment means the amount granted to an Eligible Executive, as defined in and provided for under the provisions of the employment term
sheet agreement entered into between the Corporation or an Affiliate and said eligible executive, as a former employee of Caremark Rx, Inc., in connection with the merger involving Caremark, Rx, Inc. and the Corporation. 

  

	2.18	Deferrals mean the amount of deferrals credited to a Participant pursuant to Section 4.01. 

  

	2.19	Deferral Account means the bookkeeping account (or subaccount(s) thereof) maintained for each Participant to record (i) the amount of Base Salary, CVS
Caremark Retention Payment and/or Annual Cash Incentive or Commissions the Participant defers pursuant to Section 4.01 or (ii) the amount of LTIP deferrals the Participant elects to defer pursuant to Section 4.04(b), on or after
January 1, 2005, as adjusted pursuant to Section 5.06. 

  

	2.20	Deferred Compensation Election means the written election including any amendments, attachments and appendices thereto as prescribed by the Plan Committee,
regardless of how it may be titled, under which the Participant agrees to defer a portion of his Base Salary and/or Annual Cash Incentive or Commissions under the Plan (or any other cash remuneration payable to a Participant that he may elect to
defer under the provisions of this Plan, including but not limited to LTIP cash awards). This election is made by the Participant and constitutes the agreement entered into between the Corporation and a Participant for participation in the Plan. The
Participants elect the terms of their deferral pursuant to the provisions of this Plan and the administrative procedures established by the Plan Committee. 

  

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	2.21	Effective Date means January 1, 1997. 

  

	2.22	Elective Deferrals means Elective Deferrals as defined in Section 3.02 of Future Fund. 

  

	2.23	Eligible Executive means an Executive who is eligible to participate in the Plan as provided in Section 3.01(a). 

  

	2.24	Employee means any common-law employee of the Corporation or an Affiliate which has been authorized by the Committee to participate in the Plan.

  

	2.25	ERISA means the Employee Retirement Income Security Act of 1974, as amended. 

  

	2.26	Executive means an Employee whose Base Salary (determined on the basis of a maximum 40- hour work week) equals or exceeds $150,000 (as adjusted from time to
time by the Committee). 

  

	2.27	Future Fund means the 401(k) Plan and the Employee Stock Ownership Plan of CVS Caremark Corporation and Affiliated Companies. 

  

	2.28	Grandfathered Company Account means the bookkeeping account (or subaccount(s)) maintained for each Participant to record the amount of Company Contributions
credited on a Participant’s behalf under Section 4.04 prior to January 1, 2005, which were vested as of December 31, 2004, adjusted as provided in Section 5.06. 

  

	2.29	Grandfathered Deferral Account means the bookkeeping account (or subaccount(s)) maintained for each Participant to record (i) the amount of Base Salary
and/or Annual Cash Incentive or Commissions deferred in accordance with Section 4.01 or (ii) the amount of LTIP deferrals deferred in accordance with Section 4.04, prior to January 1, 2005, adjusted pursuant to Section 5.06.

  

	2.30	Lost Matching Contributions means the amounts credited on a Participant’s behalf to his Company Account pursuant to the provisions of Section 4.04(a).

  

	2.31	Participant means each Eligible Executive participating in the Plan pursuant to Article III who is credited with an amount under Article IV.

  

 6 

	2.32	Plan means the CVS Caremark Deferred Compensation Plan, as amended from time to time. 

  

	2.33	Plan Committee means the administrative committee appointed pursuant to Section 7.01 to administer the Plan. 

  

	2.34	Plan Year means each calendar year ending on December 31. 

  

	2.35	Qualified Future Fund Matching Contribution means the total of all matching contributions made (or that would have been made) by the Corporation or an Affiliate
with respect to a Plan Year for the benefit of a Participant under and in accordance with the terms of the Future Fund. 

  

	2.36	Retirement means Termination of Employment with the Corporation and all Affiliates on or after (i) age 55 and the completion of ten or more Years of
Service or, if earlier, (ii) age 60 and the completion of five or more Years of Service. 

  

	2.37	Specified Employee means “Specified Employee” as such term is defined in the Universal 409A Definition Document. 

  

	2.38	Specific Future Year means a calendar year in the future voluntarily elected by a Participant to begin distribution of Accounts (or subaccount(s) thereof)
pursuant to this Plan. 

  

	2.39	Termination of Employment means “termination of employment” as such term is defined in the Universal 409A Definition Document.

  

	2.40	Valuation Date means each business day on which the New York Stock Exchange is open for business, or such other day as the Plan Committee may determine.

  

	2.41	Years of Service means Vesting Service as defined in the Future Fund. 

  

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 ARTICLE III – ELIGIBILITY AND PARTICIPATION 
  

	3.01	Eligibility 

  

	 	(a)	 An Employee who is an Eligible Executive on October 1st of a calendar year (or such other date in the calendar year as designated by the Plan Committee) shall be an Eligible Executive
with respect to the Plan Year following such calendar year and thereby eligible to participate in this Plan and execute a Deferred Compensation Election authorizing Deferrals under the Plan with respect to a particular Plan Year. The Committee or
the Plan Committee, may, in its sole discretion, designate other key employees of the Corporation or an Affiliate which has been authorized by the Committee to participate in the Plan who are members of a select group of management or highly
compensated employees as eligible to participate in the Plan. 

  

	 	(b)	Notwithstanding any Plan provision to the contrary, Employees must also be subject to the income tax laws of the United States in order to be eligible for participation in the Plan.

  

	 	(c)	Subject to the provisions of Section 3.03 below and Section 4.01, an Eligible Executive shall remain eligible to continue participation in the Plan for each Plan Year
following his initial year of participation in the Plan. 

  

	3.02	Commencement of Participation 

 An Eligible
Executive shall become a Participant effective as of the date the Plan Committee grants eligibility and that Eligible Executive’s first Deferred Compensation Election becomes effective. 
 As a condition for participation in the Plan, a Participant may also be required by the Plan Committee to provide such other information as the Plan
Committee may deem necessary to properly administer the Plan. 
  

	3.03	Termination of Participation 

  

	 	(a)	Participation shall cease when all benefits to which a Participant is entitled to hereunder are distributed to him. 

  

 8 

	 	(b)	Subject to the provisions of Section 4.03, a Participant shall only be eligible to have Deferrals credited on his behalf in accordance with Article IV for as long as he remains
an Eligible Executive. 

  

	 	(c)	If a former Participant who has incurred a Termination of Employment with the Corporation and all Affiliates and whose participation in the Plan ceased under Section 3.03(a) is
reemployed as an Eligible Executive, the former Participant may again become a Participant in accordance with the provisions of Section 3.01. 

  

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 ARTICLE IV – DEFERRALS & COMPANY CONTRIBUTIONS 
  

	4.01	Deferral Amounts 

  

	 	(a)	Subject to the following provisions of this Article IV, an Eligible Executive may defer for any Plan Year, (i) up to 50% of Base Salary otherwise earned and payable in that
Plan Year, and/or (ii) up to 100% of Annual Cash Incentive otherwise earned in that Plan Year and payable in that Plan Year or in the first calendar quarter of the following Plan Year or (iii) up to 100% of Commissions otherwise earned in
that Plan Year and payable in that Plan Year or in the first calendar quarter of the following Plan Year. The Plan Committee may, as it deems appropriate, establish maximum or minimum limits on the amounts which may be deferred for a Plan Year
and/or the times of such Deferred Compensation Elections. An Eligible Executive shall be given advance notice of any such limits. 

  

	 	(b)	Deferrals shall be calculated with respect to the gross cash compensation payable to the Participant prior to any deductions or withholdings, but shall be reduced by the Plan
Committee as necessary so that Deferrals do not exceed 100% of the cash compensation of the Participant remaining after deduction of all required income and employment taxes, 401(k) and other employee benefit deductions, and other deductions
required by law. Changes to payroll withholdings that affect the amount of compensation being deferred to the Plan shall be allowed only to the extent permissible under Code Section 409A. 

  

	4.02	Filing Requirements of Deferred Compensation Elections 

 Subject to the following provisions of this Section, prior to the close of an annual enrollment period established by the Plan Committee in any Plan Year, an Eligible Executive described in Section 3.01 may
elect, subject to Section 4.01 above, to defer a portion of his Base Salary that is otherwise earned and payable in the next Plan Year and/or all or a portion of his Annual Cash Incentive or Commissions otherwise earned in the next Plan Year
and payable in that Plan Year or in the first calendar quarter of the subsequent Plan Year by filing a Deferred Compensation Election with the Plan Committee. If an Executive becomes an Eligible Executive after October 1 (or such later date as
prescribed by the Plan Committee) in any calendar year, he may not make a Deferred Compensation Election for Base Salary, Annual Cash Incentive or Commissions earned in the next Plan Year. 
  

 10 

 A Participant shall submit a Deferred Compensation Election in the manner specified by the Plan Committee
and a Deferred Compensation Election that is not timely filed shall be considered void and have no effect. If a Participant does not file a Deferred Compensation Election applicable to his Base Salary, Annual Cash Incentive or Commissions earned in
a Plan Year on or before the close of the applicable annual enrollment period (or such later date prescribed by the Plan Committee), the Participant shall be deemed to have elected not to make a Deferred Compensation Election for such Plan Year. The
Plan Committee shall establish procedures that govern deferral elections under the Plan, including the ability to make separate elections for Base Salary, Annual Cash Incentive or Commissions, and any other cash remuneration payable to the
Participant that the Committee or Plan Committee permits a Participant to defer under this Plan. 
 Subject to the provisions of this Article,
an Eligible Executive must file a new Deferred Compensation Election for each Plan Year that the Eligible Executive is eligible to participate in the Plan. 
  

	4.03	Modification or Revocation of Election by Participant 

  

	 	(a)	A Participant’s Deferred Compensation Election for a Plan Year shall become irrevocable as of the close of business on the date established by the Plan Committee, but not later
than the last day of the calendar year preceding the Plan Year in which such Base Salary, Annual Cash Incentive or Commissions applicable to that election is earned. Such Deferred Compensation Election shall become effective as of the first day of
the Plan Year in which such Base Salary and/or Annual Cash Incentive or Commissions is earned. 

 Notwithstanding the foregoing,
the Plan Committee may cancel a Participant’s Deferred Compensation Elections for the balance of a Plan Year if the Participant submits evidence of an unforeseeable emergency (as defined in the Universal 409A Definition Document) to the Plan
Committee. Any Base Salary, Annual Cash Incentive, Commissions or other cash remuneration which would have been deferred pursuant to that cancelled Deferred Compensation Election shall be paid to the Eligible Executive as if he had not made that
election. 
  

 11 

 A Participant may revoke or change a Deferred Compensation Election anytime prior to the date such
election becomes irrevocable. Any such change or revocation shall be made in a form and manner determined by the Plan Committee. Under no circumstances may a Participant’s Deferred Compensation Election be made, modified or revoked
retroactively. 
  

	 	(b)	If a Participant’s Deferred Compensation Election applicable to his Base Salary and/or Annual Cash Incentive or Commissions is cancelled for a Plan Year, he will not be
permitted to elect to make Deferrals again until the next Plan Year. 

  

	 	(c)	If a Participant ceases to be an Eligible Executive after the date a Deferred Compensation Election becomes effective but continues to be employed by the Corporation or an
Affiliate, he shall continue to be a Participant and his Deferred Compensation Election currently in effect shall remain in force, but such Participant shall not be eligible to make any further Deferred Compensation Elections until such time as he
shall once again become an Eligible Executive. 

  

	 	(d)	Notwithstanding anything in this Plan to the contrary, if Eligible Executive: 

  

	 	(i)	receives a withdrawal of deferred cash contributions on account of hardship from any plan which is maintained by the Corporation or an Affiliate and which meets the requirements of
Section 401(k) of the Internal Revenue Code (or any successor thereto); and 

  

	 	(ii)	is precluded from making contributions to such 401(k) plan for at least 6 months after receipt of the hardship withdrawal, 

 the Eligible Executive’s Deferred Compensation Election with respect to Base Salary, Annual Cash Incentative or Commissions in effect at that time
shall be cancelled. Any Base Salary, Annual Cash Incentative or Commissions payment which would have been deferred pursuant to that Deferred Compensation Election but for the application of this Section 4.03(b) shall be paid to the Eligible
Executive as if he had not made that election. 
  

 12 

	4.04	Company Contributions and Other Deferrals 

  

	 	(a)	Company Contributions – Restoration of Lost Matching Contribution. The amount of Lost Matching Contributions credited under the Plan on a Participant’s behalf each
calendar year shall be equal to (i) minus (ii) where: 

  

	 	(i)	is the total Qualified Future Fund Matching Contribution that would have been allocated on the Participant’s behalf under Future Fund, without giving effect to any reductions
or limitations required by Sections 401(a)(17), 401(k), 402(g) and/or 415 of the Code, for the Plan Year based on the aggregate of the Participant’s Elective Deferrals to Future Fund, his deferrals to any other qualified defined contribution
plan maintained by the Corporation or an Affiliate, and his Deferral under Section 4.01 for the Plan Year, disregarding, in all cases, any deferrals made with respect to Base Salary, Annual Cash Incentives and Commissions otherwise payable
prior to the first payroll period commencing in the month following date the Participant’s completion of one Year of Service; and 

  

	 	(ii)	if the Participant is eligible to contribute to Future Fund during the Plan Year, the actual matching contributions made on the Participant’s behalf to Future Fund or any other
qualified defined contribution plan maintained by the Corporation or any Affiliate for that Plan Year. However, if the Participant is not eligible to contribute to Future Fund during the Plan Year but is eligible to contribute to the CareSave 401(k)
Retirement Savings Plan for Employees of Caremark Rx, Inc. during that Plan Year, the amount under this clause (ii) shall equal the maximum amount of matching contributions the Participant would have received under the provisions of Future Fund
for that Plan Year had he been eligible to contribute to Future Fund during that Plan Year, based on his Base Salary and/or Annual Cash Incentive or Commissions otherwise earned and payable in that Plan Year, and his contributions to the CareSave
401(k) Retirement Savings Plan for Employees of Caremark Rx, Inc. for that Plan Year had been made to Future Fund. 

  

 13 

	 	(b)	LTIP Deferrals. 

 At the sole discretion of the Plan
Committee, all or a portion of a Participant’s cash award under a Long-Term Incentive Plan program maintained by the Corporation or an Affiliate may be deferred under this Plan. Such election shall be made in accordance with the procedures
established by the Plan Committee. The deferral election applicable to a LTIP cash award shall be made prior to the close of the calendar year preceding the first day of the performance period applicable to that award. Notwithstanding the foregoing,
such election shall become irrevocable as of the close of business of the last day of the calendar year preceding the first day of the performance period applicable to that award. However, if such award meets the definition of performance-based
compensation (as defined under Treas. Reg. Section 1.409A-1(e) and any subsequent guidance), the Plan Committee may permit such election to be made in accordance with the provisions under Treas. Reg. Section 1.409A-2(a)(8) and subsequent
guidance. 
  

	 	(c)	Cash Retention Award Deferrals. 

 At the sole
discretion of the Plan Committee and subject to the procedures established by the Plan Committee, an Eligible Executive may elect to defer all or a portion of a cash retention award which may be otherwise paid under a cash retention program
maintained by the Corporation or an Affiliate. The deferral election applicable to such cash retention award shall be made in accordance with the provisions of Treasury Regulations Section 1.409A-2(a)(5). 
  

	4.05	Deferral and Contribution Timing 

 Base
Salary Deferrals will be credited to the Account of each Participant as of the date of the pay check from which the deferral was withheld. A Participant whose employment terminates during a pay period will cease deferral withholding effective as of
the first day of the following payroll period. 
 Annual Cash Incentive Deferrals and Commission Deferrals will be credited to the Account of
each Participant as of the day of which such Annual Cash Incentive or Commissions, whichever is applicable, otherwise would have been paid to the Participant in cash. 
 Company Contributions for the Restoration of Lost Matching Contribution pursuant to Section 4.04(a) above will generally be credited to the Participant’s Company Account at the same time the said Lost
Matching Contribution would otherwise have been credited to the Participant’s account under Future Fund. 
  

 14 

 LTIP deferrals shall be credited to the Account of the Participant at the time designated by the Plan
Committee. 
 Cash Retention Awards Deferrals will be credited to the Account of each Participant as of the day of which such Cash Retention
Award otherwise would have been paid to the Participant in cash. 
  

 15 

 ARTICLE V – ACCOUNTS 
  

	5.01	Establishment of Bookkeeping Accounts 

 Separate bookkeeping accounts shall be maintained for each Participant. Said accounts (or subaccount(s) thereof) shall be credited with the deferrals and contributions made by or on behalf of the Participant pursuant to this Plan and
credited (or charged, as the case may be) with the hypothetical investment results determined pursuant to this Article of the Plan. 
  

	5.02	Subaccounts 

 Within each Participant’s
bookkeeping account, separate subaccount(s) shall be maintained to the extent necessary for the administration of the Plan. Generally, subaccount(s) will be set up for each year, for each Deferred Compensation Election the Participant makes, and the
Company contribution credited each year on behalf of a Participant. 
  

	5.03	Hypothetical Nature of Accounts 

 The
accounts established under this Article shall be hypothetical in nature and shall be maintained for bookkeeping purposes only so that hypothetical gains or losses on the deferrals or contributions made to the Plan can be credited (or charged, as the
case may be). 
 Neither the Plan nor any of the accounts, or subaccount(s), established hereunder shall hold any actual funds or assets. The
right of any person to receive one or more payments under the Plan shall be an unsecured claim against the general assets of the Corporation. Any liability of the Corporation to any Participant, former Participant, or Beneficiary with respect to a
right to payment shall be based solely upon contractual obligations created by the Plan. The Corporation, an Affiliate, the Board, the Committee, or any other person shall not be deemed to be a trustee of any amounts to be paid under the Plan.
Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Corporation or an Affiliate and a Participant or any other person.

  

	5.04	Vesting 

 Deferral Account.
Participants shall be 100% vested in their Deferral Account and Grandfathered Deferral Account at all times. The Participants shall be 100% vested in the LTIP deferrals credited on his behalf pursuant to Section 4.04(b) and any Cash Retention
Award deferrals credited on his behalf pursuant to Section 4.04(c). 
  

 16 

 Company Account. Participants shall be 100% vested in the portion of their Company Account and
Grandfathered Company Account attributable to Company contributions credited on his behalf prior to January 1, 2001. A Participant shall vest in the portion of his Company Account and Grandfathered Company Account attributable to Lost Matching
Contributions credited on his behalf on and after January 1, 2001 at the same rate at which such contributions would have vested under the Future Fund had they been contributed thereunder. 
  

	5.05	Deferral Crediting Options 

 Deferral
Crediting Options are similar to investment choices in a qualified defined contribution plan, except that they are hypothetical in nature and no funds are actually held in the Plan. Deferral Crediting Options determine the hypothetical gain or loss
to be reflected in the Participant Accounts. 
 The Deferral Crediting Options offered to Participants are determined by the Plan Committee at
its sole discretion. The Plan Committee specifically retains the right to change the Deferral Crediting Options at any time, in its sole discretion. 
 In the event the Plan Committee designates more than one Deferral Crediting Options, each Participant shall file a Deferral Crediting Option election with the Plan Committee, which shall be used to measure the investment performance of his
Accounts, within such time period and on such form as the Plan Committee may prescribe. The designation of a Deferral Crediting Option shall not require the Corporation to invest or earmark their general assets in any manner. If a Participant fails
to make a Deferral Crediting Option, his Accounts shall be deemed invested in a Deferral Crediting Option as determined by the Plan Committee. 
 A Participant may change his election of Deferral Crediting Options used to measure the future investment performance of his future deferrals and company contributions within such time periods and in such manner prescribed by the Plan
Committee. The election shall be effective as soon as administratively practicable after the date on which the notice is timely filed. 
 A
Participant may change his election of a Deferral Crediting Options used to measure the future investment performance of his existing Account balance within such time periods and in such manner prescribed by the Plan Committee. The election shall be
effective as soon as administratively practicable after the date on which the notice is timely filed. 
  

 17 

 Any amounts added to or subtracted from a Participant’s Account on any given Valuation Date will be
converted to hypothetical share equivalents (“Hypothetical Shares”) based on the daily closing price on said date (“Share Price”) for any given Deferral Crediting Option. 
  

	5.06	Hypothetical Gains or Losses 

 Any
hypothetical dividends, capital gains and any other income or share activity will be reflected in the Deferral Crediting Options. The timing of these will be the same as for the funds on which each Deferral Crediting Option is based. 
 The gain or loss on Participant Accounts will be calculated each Valuation Date. The Share Price shall determine each Deferral Crediting Option’s
hypothetical value, based on the number of shares within the Account for any given Deferral Crediting Option. Account balances that are given to Participants on a given day will be based on the closing price of the previous Valuation Date.

  

 18 

 ARTICLE VI – DISTRIBUTION OF ACCOUNT 
  

	6.01	Normal Distributions 

  

	 	(a)	Subject to the limitations set forth in this Article VI, each time a Participant makes a Deferred Compensation Election with respect to a Plan Year beginning on or after
January 1, 2005, the Participant shall designate on that applicable Deferred Compensation Election that the distribution of such deferrals, as adjusted pursuant to Article V, shall commence, pursuant to Section 6.02, on or after the
occurrence of the later of (i) or (ii): 

  

	 	(i)	the Participant’s Retirement; or 

  

	 	(ii)	a Specific Future Year not later than the Plan Year in which the Participant attains age 71. 

 A Participant may choose different options with respect to each Deferred Compensation Election. 
 In the event a Participant elects to have such deferrals commence as of a Specific Future Year pursuant to clause (ii) above, subject to rules
established by the Plan Committee, the deferral period must be at least five (5) Plan Years. 
 A Participant may not change the election
made pursuant to the provisions of this Section 6.01, except as otherwise provided in Section 6.06 below. 
  

	 	(b)	Notwithstanding the foregoing, any Company Contributions, made with respect to a Plan Year beginning on or after January 1, 2005, adjusted as provided in Article V, shall be
distributed pursuant to the Participant’s distribution election made with respect to his Base Salary Deferrals for that Plan Year. In the event a Participant has not made a Base Salary Deferral in that Plan Year, such distribution shall be made
pursuant to his distribution election made with respect to Annual Cash Incentive or Commissions Deferral for that Plan Year, if any; otherwise, such distribution shall be made at Retirement. 

  

 19 

	 	(c)	The distribution of the portion of a Participant’s Deferral or Company Account (or subaccount(s)) that is deferred to Retirement under paragraph (a)(i) of this Section,
adjusted as provided in Article V, shall commence on the first business day in January following his Retirement, pursuant to the provisions of Section 6.02, provided, however, that with respect to a Participant who is a Specified Employee as of
the date of his Retirement, payment of any portion of his Deferral or Company Account (or any subaccount(s) thereof) will be delayed until the first day of the seventh month following the date such Retirement occurs. 

 The distribution of the portion of a Participant’s Deferral or Company Account (or subaccount(s)) that is deferred to a Specific Future Year under
paragraph (a)(ii) of this Section, adjusted as provided in Article V, shall commence on the first business day in January of that specific year pursuant to the provisions of Section 6.02. 
  

	 	(d)	A Participant shall not change his normal distribution election under this Section 6.01, except as otherwise provided in Section 6.06 below. 

  

	6.02	Form of Payment 

  

	 	(a)	Subject to the limitations set forth in the Article VI, Normal Distributions will be made in annual (or quarterly, if the election was made prior to October 1, 2008)
installments, as elected by the Participant, for up to, and including, fifteen (15) years (10 years for an election made after October 1, 2008). The initial installment of an annual or quarterly payment stream will begin as of the first
business day in January following the Participant’s date of Retirement or of the Specific Future Year in accordance with the provisions of set forth in Section 6.01. Subsequent annual or quarterly payments will be as of the first business
day of each subsequent calendar year of the installment period. Notwithstanding the foregoing, effective as of October 1, 2008, a Participant may not elect either quarterly installments or installments in excess of 10 years.

 Each installment will be equal to a fraction of the Account balance (or subaccount(s) thereof) as of the date the installment
is paid. The numerator of the fraction being “1” and the denominator being the number of payments remaining in the payment schedule. 
 Notwithstanding the foregoing provisions of this paragraph (a), if a Participant dies before receiving payment of the entire balance of his Deferral and Company Accounts under the provisions of this Section 6.02(a), the remaining value
of such Accounts shall be payable to his Beneficiary in accordance with the provisions of Section 6.04. 
  

 20 

	 	(b)	Normal Distributions made pursuant to Section 6.01 will occur when and how a Participant elects to receive payment at the time of his Deferred Compensation Election. A
Participant may choose different forms of payment with respect to each Deferred Compensation Election. Any Company Contributions made with respect to a Plan Year beginning on or after January 1, 2005, adjusted pursuant to Article V, shall be
distributed pursuant to the Participant’s form of payment election made with respect to his Base Salary Deferral for that year. If the Participant has not made a Base Salary Deferral in that year, the portion of his Company Account attributable
to such Company contributions will be distributed in accordance with his form of payment election with respect to his Annual Cash Incentive or Commissions Deferrals for that year, if any; otherwise payment will be made in a lump sum payment. In the
absence of an election of the form of payment by a Participant on a Deferred Compensation Election, the portion of the Participant’s Account deferred pursuant to that Deferred Compensation Election, adjusted pursuant to the provisions of
Article V, shall be paid in a single lump sum. 

  

	 	(c)	A Participant shall not change his form of payment election, except as otherwise provided in Section 6.06 below. 

  

	6.03	Disability Distributions 

 Notwithstanding
the foregoing, if a Participant, prior to his Termination of Employment, becomes Disabled (as defined under Treas. Regs. Section 1.409A-3(i)(4) and any subsequent guidance thereto), such Participant will receive the balance of his Deferral
Account and Company Account paid out in five (5) annual installments with the first payment to be made in the month following the date the Participant is determined to be Disabled by the Plan Committee. Subsequent annual payments will be paid
as of the first business day of each subsequent year of the installment period. 
  

	6.04	Distributions in the Event of Death 

 Notwithstanding the foregoing, in the event of a Participant’s death, the Participant’s Beneficiary will receive the remaining balance of the Participant’s Deferral Account and Company Account paid in two (2) annual
installments with the first payment to be made by the end of the month following the month in which the Participant’s date of death occurs. The second annual payment will be paid as of the first business day in January of the subsequent year.

  

 21 

	6.05	Distributions Upon Termination of Employment Other Than Retirement, Death or Disability 

 Notwithstanding the foregoing, in the event a Participant incurs a Termination of Employment from the Corporation and all Affiliates for any reason other
than death or Retirement prior to becoming Disabled (as defined in Section 6.03), said Participant will receive his entire Deferral Account and Company Account balance in a single lump sum payment. Such payment shall be made as of the month
following the month in which the Participant’s Termination of Employment occurs; provided, however, that with respect to a Participant who is a Specified Employee as of the date of his Termination of Employment for reasons other than death,
payment of any portion of his Deferral or Company Account (or any subaccount(s) thereof) pursuant to the provisions of this Section 6.05 will be delayed until the first day of the seventh month following the date such Termination of Employment
occurs. 
  

	6.06	Change of Distribution Election 

  

	 	(a)	In accordance with such procedures as the Plan Committee may prescribe, a Participant may elect to change his Specific Future Year election under Section 6.01(ii) (or an
Interium Distribution date election applicable to a portion of his Deferral Account or Company Account made pursuant to the provisions of the Plan as in effect prior to December 31, 2008) to a later Specific Future Year (or, if applicable, a later
Interium Distribution date) by duly completing, executing and filing with the Plan Committee a new Specific Future Year election (or Interium Distribution date election) applicable to such deferrals, subject to the following limitations:

  

	 	(i)	such election must be made at least 12 months prior to the Specific Future Year (or Interium Distribution date) then in effect with respect to that portion of his Deferral or
Company Account (or subaccount(s) thereof), and such election will not become effective until at least 12 months after the date on which the election is made; and 

  

	 	(ii)	the new Specific Future Year (or Interium Distribution date) shall be a calendar year that is not less than five (5) years from the Specific Future Year (or Interium
Distribution date) then in effect. 

  

 22 

 Notwithstanding the forgoing, a Participant may elect to delay a Specific Future Year to the later of
Retirement or a new Specific Future Year that is at least five years from the Specific Future Year then in effect, provided the election is made in accordance with the foregoing provisions of this Section 6.06(a). A Participant may elect to
delay a Specific Future Year (or Interium Distribution date) pursuant to this Section 6.06(a) more than once, provided that all such elections comply with the provisions of this Section 6.06(a). 
  

	 	(b)	In accordance with such procedures as the Plan Committee may prescribe, a Participant may elect to delay the payment of a portion of his Deferral or Company Account (or any
subaccount(s) thereof) scheduled to be paid at his Retirement to his Retirement plus 5 calendar years by duly completing, executing and filing with the Plan Committee a new Retirement election applicable to such deferrals; provided, however such
election shall not become effective until at least 12 months after the date on which the election is made. 

  

	 	(c)	In accordance with such procedures as the Plan Committee may prescribe, a Participant may elect to change the form of payment election under Section 6.02 applicable to his
Normal Distribution under Section 6.01(i) or (ii) by duly completing, executing and filing with the Plan Committee a new form of payment election applicable to such deferrals, subject to the following limitations: 

 

	 	(i)	such election must be made at least 12 months prior to the Specific Future Year then in effect with respect to that portion of his Deferral or Company Account (or subaccount(s)
thereof), and such election will not become effective until at least 12 months after the date on which the election is made; and 

  

	 	(ii)	the Normal Distribution of that portion of his Deferral or Company Account (or subaccount(s) thereof) shall be deferred for five years from the date such amount would otherwise have
been paid absence this election. 

  

	 	(d)	It is the Corporation’s intent that the provisions of Sections 6.06(a), (b) and (c) comply with the subsequent election provisions in Code Section 409A(a)(4)(C),
related regulations and other applicable guidance, and this Section 6.06 shall be interpreted accordingly. The Plan Committee may impose additional restrictions or conditions on a Participant’s ability to make an election pursuant to
this Section 6.06(a). For avoidance of doubt, a Participant 

  

 23 

 may not elect to alter the distribution of any portion of his Deferral or Company Accounts (or any
subaccount(s) thereof) from Retirement to a Specific Future Year or, except as provided in paragraph (a) above, from a Specific Future Year to Retirement. 
  

	 	(e)	Transition Rules. Notwithstanding anything in the Plan to the contrary, the Plan Committee may, in its discretion and subject to such terms and conditions as it may from time
to time prescribe, allow Participants to change the time of payment or portion of payment of all or a portion of their Deferral or Company Accounts prior to January 1, 2009 in accordance with applicable transition relief provided with respect
to Code Section 409A, dated regulations and other applicable guidance. 

  

	6.07	Account Valuation Upon a Distribution 

 Before a distribution pursuant to this Article, the balance of a Participant’s Account shall be determined as of the Valuation Date on or immediately preceding the date such payment is processed based on the Share Price in effect for
that Valuation Date. 
  

	6.08	Designation of Beneficiary 

 Each Participant
shall have the right to designate a beneficiary to receive payment of their Account in the event of their death. A beneficiary designation shall be made by executing and filing the beneficiary designation form prescribed by the Plan Committee. Any
such designation may be changed at any time by execution of a new designation in accordance with this Section. 
 If no such designation is on
file with the Plan Committee at the time of the death of the Participant, or such designation is not effective for any reason as determined by the Plan Committee, then the beneficiary to receive such benefit shall be the Participant’s surviving
spouse, if any; otherwise, Plan Committee shall designate a Beneficiary or Beneficiaries from among the following in the order named (1) Participant’s surviving lineal descendants, per stirpes, in equal parts, (2) the
Participant’s surviving parents, in equal parts, (3) the Participant’s estate. 
  

 24 

	6.09	Unclaimed Benefits 

 If the Plan Committee is
unable to locate a Participant or Beneficiary to whom a benefit is payable, such benefit may be forfeited to the Corporation upon the Plan Committee’s determination. Notwithstanding the foregoing, if subsequent to any such forfeiture, the
Participant or Beneficiary to whom such benefit is payable makes a valid claim for such benefit, such forfeited benefit shall be restored to the Plan and paid by the Corporation, with interim interest credited as if the Account were maintained in
the plan. 
  

	6.10	Hardship Withdrawals 

 A Participant may
apply in writing to the Plan Committee for, and the Plan Committee may grant, a hardship withdrawal of all or any part of a Participant’s Deferral or Company Account if the Plan Committee, in its sole discretion, determines that the Participant
has incurred an Unforeseeable Emergency, as defined in the Universal 409A Definition Document. 
 The Plan Committee shall determine whether
an event qualifies as a hardship within this Section, in its sole and absolute discretion. Such request shall be made in a time and manner determined by the Plan Committee. The payment made from a Participant’s Deferral or Company Account (or
any subaccount(s) thereof) pursuant to the provisions of this Section 6.10 shall not be in excess of the amount necessary to meet such financial hardship of the Participant, including amounts necessary to pay any federal, state or local income
taxes with respect to the payment. Payment shall be made in the month following the date the Plan Committee determines that the Participant has incurred an unforeseeable severe financial hardship and grants the right to a withdrawal pursuant to this
Section 6.10. 
  

	6.11	Change in Control 

 Notwithstanding the
foregoing provisions of this Article VI, upon the occurrence of a Change of Control a Participant who has a valid change in control election(s) in effect, shall automatically receive the balance of his Deferral Account and Company Account related to
that election, in cash, in a single lump sum payment. Such lump sum payment shall be made in the month following the month in which the Change of Control occurs. If such Participant dies after such Change of Control event occurs, but before
receiving such payment, it shall be made to his Beneficiary. 
  

 25 

	6.12	Distribution of Grandfathered Deferral Account and the Grandfathered Company Account 

 Notwithstanding the foregoing provisions of this Article VI, the distribution from a Participant’s Grandfathered Deferral Account and Grandfathered
Company Account (or subaccount(s)) shall be made pursuant to the provisions of the Plan as set forth on October 3, 2004, without regard to any amendments after October 3, 2004 which would constitute a material modification for Code
Section 409A, as modified in Appendix A attached hereto. 
  

 26 

 ARTICLE VII – ADMINISTRATION 
  

	7.01	Plan Committee 

 The Plan shall be
administered by the committee appointed by the Board of Directors pursuant to the provisions of Future Fund. The Plan Committee shall be responsible for the general operation and administration of the Plan and for carrying out the provisions
thereof. The Plan Committee may delegate to others certain aspects of the management and operations of the Plan including the employment of advisors and the delegation of ministerial duties to qualified individuals, provided that such delegation is
in writing. The Plan Committee shall be a “named fiduciary” as that term is defined in Section 402(a)(2) of ERISA. 
  

	7.02	General Powers of Administration 

 The Plan
Committee shall have the exclusive responsibility and complete discretionary authority to control the operation, management and administration of the Plan, with all powers necessary to enable it properly to carry out such responsibilities,
including, but not limited to, the power to interpret the Plan and any related documents, to establish procedures for making any elections called for under the Plan, to make factual determinations regarding any and all matters arising hereunder,
including, but not limited to, the right to determine eligibility for benefits, the right to construe the terms of the Plan, the right to remedy possible ambiguities, inequities, inconsistencies or omissions, and the right to resolve all
interpretive, equitable or other questions arising under the Plan. The decisions of the Plan Committee or such other party as is authorized under the terms of any grantor trust on all matters shall be final, binding and conclusive on all persons to
the extent permitted by law. The Plan Committee shall have all powers necessary or appropriate to enable it to carry out its administrative duties. Not in limitation, but in application of the foregoing, the Plan Committee shall have the duty and
power to interpret the Plan and determine all questions that may raise hereunder as to the status and rights of Employees, Participants, Beneficiaries, and any other person. The Plan Committee may exercise the powers hereby granted in its sole and
absolute discretion. No member of the Plan Committee shall be personally liable for any actions taken by the Plan Committee unless the member’s action involves gross negligence or willful misconduct. 
  

	7.03	Costs of Administration 

 The costs of
administering the Plan shall be borne by the Corporation unless and until the Participant receives written notice of the imposition of such administrative costs; with such costs to begin with the next Plan Year and none may be assessed retroactively
for prior Plan Years. 
  

 27 

 Such costs shall be charged against the Participant’s Account and shall be uniform or proportional
for all Plan Participants. Such costs shall not exceed the standard rates for similarly designed nonqualified plans under administration by high quality third party administrators at the time such costs are initially imposed and thereafter.

  

	7.04	Indemnification of Plan Committee 

 The
Corporation shall indemnify the members of the Plan Committee or its delegates against any and all claims, losses, damages, expenses, including attorney’s fees, incurred by them, and any liability, including any amounts paid in settlement with
their approval, arising from their action or failure to act, except when the same is judicially determined to be attributable to their gross negligence or willful misconduct. 
  

	7.05	Compliance 

 With respect to the accounts
subject to Code Section 409A, the Plan is intended to comply with the requirements of Code Section 409A and the provisions hereof shall be interpreted in a manner that satisfies the requirements of Code Section 409A and the
regulations thereunder, and the Plan shall be operated accordingly. If any provision of the Plan would otherwise frustrate or conflict with this intent, the provision will be interpreted and deemed amended so as to avoid this conflict.

  

 28 

 ARTICLE VIII – CLAIMS PROCEDURE 
  

	8.01	Claims 

 A person who believes that they are
being denied a benefit to which they are entitled to under the Plan (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Plan Committee, setting forth their claim. The request must be addressed to
the Plan Committee at the Corporation’s then principal place of business. 
  

	8.02	Claim Decision 

 Upon receipt of a claim, the
Plan Committee shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. If the Plan Committee determines that additional time is needed to review the claim,
the Plan Committee will provide the Claimant with a notice of the extension before the end of the initial ninety (90)-day period. The notice of extension will explain the special circumstances that require the extension and the date by which the
Plan Committee expects to make a decision. 
 If the claim is denied in whole or in part, the Plan Committee shall adopt a written opinion
using language calculated to be understood by the Claimant, setting forth all of the following: 
  

	 	(a)	The specific reason or reasons for such denial; 

  

	 	(b)	The specific reference to pertinent provisions of the Plan on which such denial is based; 

  

	 	(c)	A description of any additional material or information necessary for the Claimant to perfect their claim and an explanation why such material or such information is necessary;

  

	 	(d)	Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; and 

  

	 	(e)	The time limits for requesting a review under this Section. 

  

	8.03	Request for Review 

 Within sixty
(60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the determination of the Plan Committee be reviewed. Such request must be addressed to the Secretary of the Committee,
at its then principal place of business. The Claimant or their duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Corporation. If the Claimant does not
request a review of the Plan Committee’s determination within such sixty (60)-day period, he shall be barred and stopped from challenging the Plan Committee’s determination. 
  

 29 

	8.04	Review of Decision 

 Within sixty
(60) days after the Secretary’s receipt of a request for review, the Committee as designated by the Corporation to hear such appeals (Appeals Committee) will review the Plan Committee’s determination. After considering all materials
presented by the Claimant, the Secretary will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent
provisions of this Plan on which the decision is based. If special circumstances require that the sixty (60)-day time period be extended, the Secretary will so notify the Claimant and will render the decision as soon as possible, but no later than
one hundred twenty (120) days after receipt of the request for review. 
  

 30 

 ARTICLE IX – MISCELLANEOUS 
  

	9.01	Not Contract of Employment 

 The adoption and
maintenance of the Plan shall not be deemed to be a contract between the Corporation or an Affiliate and any person and shall not be consideration for the employment of any person. Nothing herein contained shall be deemed to give any person the
right to be retained in the employ of the Corporation or an Affiliate or to restrict the right of the Corporation or an Affiliate to discharge any person at any time nor shall the Plan be deemed to give the Corporation or an Affiliate the right to
require any person to remain in the employ of the Corporation or an Affiliate or to restrict any person’s right to terminate their employment at any time. 
  

	9.02	Non-Assignability of Benefits 

 No
Participant, Beneficiary or distributees of benefits under the Plan shall have any power or right to transfer, assign, anticipate, hypothecate or otherwise encumber any part or all of the amounts payable hereunder, which are expressly declared to be
unassignable and nontransferable. Any such attempted assignment or transfer shall be void. No amount payable hereunder shall, prior to actual payment thereof, be subject to seizure by any creditor of any such Participant, Beneficiary or other
distributees for the payment of any debt judgment or other obligation, by a proceeding at law or in equity, nor transferable by operation of law in the event of the bankruptcy, insolvency or death of such Participant, Beneficiary or other
distributes hereunder. 
  

	9.03	Withholding 

 All deferrals and payments
provided for hereunder shall be subject to applicable withholding and other deductions as shall be required of the Corporation under any applicable local, state or federal law. 
  

	9.04	Amendment and Termination 

 The Committee may
from time to time, in its discretion, amend, in whole or in part, any or all of the provisions of the Plan; provided, however, that no amendment may be made that would impair the rights of a Participant with respect to amounts already allocated to
their Account. To the extent consistent with the rules relating to plan terminations and liquidations in Treas. Reg. Section 1.409A-3(j)(4)(ix) or otherwise consistent with Code Section 409A, the Committee may terminate the Plan and any
related Deferred Compensation Agreement at any time and in that 
  

 31 

 event the Committee may provide that, without the prior written consent of Participants, the
Participants’ Deferral Account and Company Account shall be distributed in a cash lump sum upon termination of the Plan. Unless so distributed in accordance with the preceding sentence, in the event of a Plan termination, the Committee
shall continue to maintain the Deferral Account and Company Account until distributed pursuant to the terms of the Plan and Participants shall remain 100% vested in all amounts credited to their Deferal and Company Accounts. In the event of a Plan
termination, the distribution of a Participant’s Grandfathered Deferral Account and Grandfathered Company Account shall be made pursuant to the provisions of the Plan as set forth on October 3, 2004, without regard to any amendments after
October 3, 2004 which would constitute a material modification for Code Section 409A, as modified in Appendix A attached hereto. 
  

	9.05	Compliance with Securities and Other Laws 

 Notwithstanding any Plan provision to the contrary, the Committee may at any time impose such restrictions on the Plan and participation therein, including limiting the amount of any deferral or the timing thereof, as the Committee may deem
advisable from time to time in order to comply or preserve compliance with any applicable laws, including any applicable state and federal securities laws and exemptions from registration available thereunder. 
  

	9.06	No Trust Created 

 Nothing contained in this
Plan and no action taken pursuant to its provisions by the Corporation or any person, shall create, nor be construed to create, a trust of any kind or a fiduciary relationship between the Corporation or an Affiliate and the Participant, Beneficiary,
or any other person. 
  

	9.07	Unsecured General Creditor Status of Employee 

 The payments to the Participant, Beneficiary or any other distributes hereunder shall be made from assets which shall continue, for all purposes, to be a part of the general, unrestricted assets of the Corporation. No person shall have or
acquire any interest in any such assets by virtue of the provisions of this Plan. The Corporation’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that the Participant, Beneficiary or
other distributees acquires a right to receive payments from the Corporation under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Corporation. No such person shall have nor require any
legal or equitable right, interest or claim in or to any property or assets of the Corporation. 
  

 32 

 In the event that, in its discretion, the Corporation purchases an insurance policy, or policies,
insuring the life of the Employee, or any other property, to allow the Corporation to recover the cost of providing the benefits, in whole, or in part, hereunder, neither the Participant, Beneficiary or other distributee shall have or acquire any
rights whatsoever therein or in the proceeds therefrom. The Corporation shall be the sole owner and beneficiary of any such policy or policies and, as such, shall possess and, may exercise all incidents of ownership therein. No such policy, policies
or other property shall be held in any trust for a Participant, Beneficiary or other distributee or held as collateral security for any obligation of the Corporation hereunder. An Employee’s participation in the underwriting or other steps
necessary to acquire such policy or policies may be required by the Corporation and, if required, shall not be a suggestion of any beneficial interest in such policy or policies to a Participant. 
  

	9.08	Payment to Minors and Incompetents 

 If any
Participant, spouse, or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Plan Committee or is adjudicated to be legally incapable of giving a valid receipt and discharge for such benefits, the benefits will be
paid to such person or institution as the Plan Committee may designate or to the duly appointed guardian of such person. Such payment shall, to the extent made, be deemed a complete discharge of any such payment under the Plan. 
  

	9.09	Acceleration of or Delay in Payments 

 The
Plan Committee, in its sole and absolute discretion, may elect to accelerate the time or form of payment of a benefit owed to the Participant hereunder, provided such acceleration is permitted under Treas. Reg. Section 1.409A-3(j)(4) and any
subsequent guidance. The Plan Committee may also, in its sole and absolute discretion, delay the time for payment of a benefit owed to the Participant hereunder, to the extent permitted under Treas. Reg. Section 1.409A-2(b)(7) and any
subsequent guidance. 
  

	9.10	Severability 

 If any provision of this Plan
shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions hereof; instead, each provision shall be fully severable and the Plan shall be construed and enforced as if said illegal or
invalid provision had never been included herein. 
  

 33 

	9.11	Governing Laws 

 All provisions of the Plan
shall be construed in accordance with the laws of Rhode Island, except to the extent preempted by federal law. 
  

	9.12	Binding Effect 

 This Plan shall be binding
on each Participant and their heirs and legal representatives and on the Corporation and its successors and assigns. 
  

 34 

 APPENDIX A 
 PROVISIONS APPLICABLE TO A PARTICIPANT’S 
 GRANDFATHERED DEFERRAL ACCOUNT AND 

GRANDFATHERED COMPANY ACCOUNT 
 This Appendix A
constitutes an integral part of the Plan and is applicable with respect to the Grandfathered Deferral Account and the Grandfathered Company Account of those individuals who were Participants in the Plan on December 31, 2004. The Grandfathered
Deferral Account and Grandfathered Company Account are subject to all the terms and conditions of the Plan as set forth on October 3, 2004, without regard to any Plan amendments after October 3, 2004 which would constitute a material
modification for Code Section 409A, as modified below. Section references in this Appendix A correspond to appropriate Sections of the Plan as set forth on October 3, 2004. 
 ARTICLE 1 – DEFINITIONS 
 Section 2.15 - Company Account means the
Participant’s Grandfathered Company Account as set forth in Section 2.28. 
 Section 2.19 - Deferral Account means the
Participant’s Grandfathered Deferral Account as set forth in Section 2.29 of the foregoing provisions of the Plan. 
 For purposes of a
Particpant’s Grandfathered Deferral Account and Grandfathered Company Account, the term Change in Control shall have the meaning set forth in the 1997 Incentive Compensation Plan as in effect on October 3, 2004. 
 ARTICLE IV – DEFERRALS AND COMPANY CONTRIBUTIONS 
 The provisions of Section 4.03 shall continue to apply to a Participant’s Grandfathered Deferral Account, Grandfathered Company Account and amounts transferred from the Melville Deferred Compensation Plan that were vested on or
earlier than December 31, 2004. 
  

 35 

 ARTICLE V – MAINTENANCE OF ACCOUNTS 
 The provisions of Section V as set forth in the foregoing provisions of the Plan as amended and restated effective as of December 31, 2008 shall be applicable to a
Participant’s Grandfathered Deferral Account and Grandfathered Company Account on and after January 1, 2009. 
 ARTICLE VI
– PAYMENT OF BENEFIT 
 For purposes of this Article VI - Payment of Benefit, the term “termination of employment” or any other
similar language means with respect to a Participant the complete cessation of providing service to the Corporation and any Affiliate as an employee. 
  

	6.02	Form of Payment 

 Effective on or after
October 1, 2008, a Participant shall not elect installments in excess of ten years or quarterly installments. 
  

	6.03	Disability Distributions 

 A Participant shall be
entitled to distribution under this Section if such Participant become “Disabled” as such term is defined under Section 6.03 in the foregoing provisions of this Plan. 
  

	6.06	Change of Distribution Election 

 On and after
January 1, 2009, a change in a Specific Future Year distribution date or an Interim distribution date shall be effective only if the new Specific Future Year distribution date or an Interim distribution date is not less than 5 years later then
the date in effect prior to the change election. 
  

 36Supplemental Retirement Plan I for Select Senior Management of CVS Caremark

 Exhibit 10.6 
 SUPPLEMENTAL RETIREMENT PLAN I 
 FOR SELECT SENIOR MANAGEMENT 
 OF CVS CAREMARK CORPORATION 
 As Amended
and Restated as of 
 December 31, 2008 

 CVS CAREMARK CORPORATION 
 SUPPLEMENTAL RETIREMENT PLAN I FOR SELECT SENIOR MANAGEMENT 
 AS AMENDED AND
RESTATED 
 TABLE OF CONTENTS 
  

			
	 ARTICLE 1 – DEFINITIONS
	  	1
	 ARTICLE 2 – MEMBERSHIP
	  	6
	 ARTICLE 3 – AMOUNT AND PAYMENT OF SUPPLEMENTAL BENEFITS
	  	7
	 ARTICLE 4 – ADMINISTRATION
	  	13
	 ARTICLE 5 – GENERAL PROVISIONS
	  	15
	 ARTICLE 6 – AMENDMENT OR TERMINATION
	  	17
	 APPENDIX A
	  	18
	 APPENDIX B
	  	19
	 APPENDIX C
	  	20
	 APPENDIX D
	  	21
	 SCHEDULE E
	  	27

 The Plan set forth in this document is known as the Supplemental Retirement Plan I for Select Senior Management of CVS
Caremark Corporation (the “Plan”). The Plan is amended and restated as of December 31, 2008 to comply with the provisions of Section 409A of the Internal Revenue Code and any regulations promulgated thereunder. Except as
otherwise provided herein, the provisions contained herein are applicable to Members who commence payment of benefits on or after January 1, 2009. 
 The benefits accrued and vested under the provisions of the Plan by a Member who terminated employment with the CVS Caremark Corporation and all its Affiliates prior to January 1, 2005 shall be subject to the provisions of the Plan as
in effect on October 3, 2004. In addition, with respect to a Member who was employed by CVS Caremark Corporation or one of its Affiliates on or after January 1, 2005, the portion of his benefit payable under the provisions of this Plan
equal to his Grandfathered Annual Benefit (as defined herein) shall be subject to the provisions of the Plan as in effect on October 3, 2004 without regard to any amendments after October 3, 2004 which would constitute a material
modification for Code Section 409A purposes. The Plan has been administered in good faith compliance with Section 409A and the guidance issued thereunder from January 1, 2005 through December 31, 2008. 
 All benefits payable under this Plan, which is intended to constitute both an unfunded excess benefit plan under Section 3(36) of Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), and a nonqualified, unfunded deferred compensation plan for a select group of management employees under Title I of ERISA, shall be paid out of the general assets of the Corporation. The
Corporation may establish and fund a trust in order to aid it in providing benefits due under the Plan. 

 CVS CAREMARK CORPORATION 
 SUPPLEMENTAL RETIREMENT PLAN I 
 FOR SELECT SENIOR MANAGEMENT AS AMENDED AND
RESTATED 
 ARTICLE 1 – DEFINITIONS 
  

	1.01	“Affiliate” shall mean any entity that together with CVS Caremark Corporation would be treated as a single employer under Section 414(b) or (c) of the
Code. 

  

	1.02	“Annual Benefit” with respect to Class A Member shall mean the amount specified in clause (a) below, and, with respect to a Class D Member, the amount
specified in clause (b) below. In addition, the term “Annual Benefit” is defined under Section 3.10 with respect to Members designated in that Section. 

  

	 	(a)	The “Annual Benefit” shall mean, with respect to a Class A Member who became or becomes a Class A Retiree after January 1, 2005, the amount equal to the
product of (x) 1.6% times (y) the lesser of such Member’s years of Service or 30, unless otherwise provided in an agreement with a Class A Member, times (z) such Class A Member’s Compensation, less the amount set
forth in Appendix B, if any. 

  

	 	(b)	The “Annual Benefit” shall mean, with respect to a Class D Member, the “Annual Benefit” as defined in Appendix D. 

 With respect to a Class A Member who became a Class A Retiree after December 4, 1996 and on or prior to January 1, 2005 and a Class B
Member “Annual Benefit” shall have the meaning set forth in Plan document as in effect in October 3, 2004. 
  

	1.03	 “Beneficiary” shall mean the person named as such by the Member (i) at the time payments to the Member commence under the Plan or (ii) in
the case of benefits payable under Section 3.03, at the time of the Member’s death, by written designation filed with the Retirement Administration Committee in accordance with the Plan (including Section 

 Page 2 
  

	 	 
3.04, in the case of a Beneficiary named thereunder), to receive payments after the Member’s death. In the absence of a beneficiary designation, the
Participant’s Beneficiary for purposes of Section 3.03 shall be his spouse, if any; otherwise, the Participant’s Beneficiary shall be the person named as his beneficiary under the Corporation’s life insurance program, and if none
then the Member’s surviving lineal descendants, per stirpes, in equal parts. 

  

	1.04	“Benefit Commencement Date” shall mean, unless the Plan specifically provides otherwise, the first day of the first period for which an amount is due as an annuity
or any other form. 

  

	1.05	“Board of Directors” or “Board” shall mean the Board of Directors of CVS Caremark Corporation. 

  

	1.06	“Change in Control” shall mean “Change in Control” as such term is defined in the Universal 409A Definition Document. 

  

	1.07	“Class A Member,” “Class B Member,” “Class C Member,” and “Class D Member” are defined in Article 2 and Section 4.01, and
“Class A Retiree,” “Class C Retiree” and “Class D Retiree” are defined in Section 1.17 below. 

  

	1.08	“Compensation” shall mean, with respect to a Class A Member, the average yearly amount of the Member’s salary and cash bonus paid by the Corporation or an
Affiliate (and/or its Predecessor) in the three years (which need not be consecutive) in which the amount of such salary and bonus was highest during the ten-year period preceding and including the year of the Member’s Termination of Service.
For purposes of this Section 1.09, salary and cash bonus mean those amounts which constitute salary and bonus for purposes of Item 402(b)(2)(iii)(A) and (B) of Regulation S-K, including the amount of salary and cash bonus amounts
deferred pursuant to Instruction 3 thereto on an elective basis but excluding bonus amounts payable in a form other than cash on a mandatory basis. Compensation, with respect to a Class D Member, shall have the meaning set forth in Appendix D.

 Page 3 
  

	1.09	“Corporation” shall mean CVS Caremark Corporation. References in the Plan to CVS Caremark Corporation shall be deemed to include successors to CVS Caremark
Corporation. 

  

	1.10	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto.

  

	1.11	“Executive Employee” shall mean an employee of the Corporation or an Affiliate who is a senior officer of the Corporation or any Affiliate and who has been listed
as a Class A Member in Appendix A or Class D Member in Appendix D, as amended from time to time by the Management Planning and Development Committee (the “MPD Committee”) of the Board of Directors. 

  

	1.12	“409A Annual Benefit” means the portion of the Member’s Annual Benefit, if any, in excess of his Grandfathered Annual Benefit. 

  

	1.13.	“Grandfathered Annual Benefit” shall mean the portion of a Member’s Annual Benefit, if any, that was accrued and vested before January 1, 2005, determined
under the provisions of the Plan without regard to any amendments after October 3, 2004 which would cause a material modification for Code Section 409A purposes, the provisions of Section 409A, the regulations promulgated thereunder
and other applicable guidance, adjusted for the passage of time based on actuarial equivalent assumptions and procedures established by the MPD Committee in accordance with Code Section 409A. 

  

	1.14	“Member” shall mean any person included as a Class A Member, Class B Member, Class C Member or Class D Member under the Plan, as provided in Article 2.

 Page 4 
  

	1.15	“Plan” shall mean the Supplemental Retirement Plan I for Select Senior Management of CVS Caremark Corporation, as described herein or as hereafter amended.

  

	1.16	“Predecessor” means Melville Corporation and its subsidiaries with respect to events prior to December 4, 1996. 

  

	1.17	“Retiree” shall mean a Class A Retiree, as defined in clause (a) below, a Class B Retiree as defined under the provisions of the Plan as in effect on
October 3, 2004 and listed on Appendix C, a Class D Retiree, as defined in clause (b) below, or a person designated as a Retiree in Appendix C hereto, under the terms specified in Section 3.10. 

  

	 	(a)	A “Class A Retiree” shall mean a Class A Member who terminates employment with the Corporation for any reason, including disability but excluding death, prior to
attaining age 55 but after completing five or more years of Service or on or after attaining age 55 regardless of years of Service. 

  

	 	(b)	A “Class D Retiree” shall mean a Class D Member who has attained age 55 and completed ten or more years of Service and incurs a Termination of Employment with the
Corporation and all Affiliates at or after age 55 for any reason, including disability but excluding death. 

  

	1.18	“Retirement Administration Committee” shall mean the Benefit Plans Committee appointed by the Board pursuant to the provisions of the 401(k) Plan and the Employee
Stock Ownership Plan of CVS Caremark Corporation and Affiliated Companies. 

  

	1.19	“Retirement Plan” shall mean any defined benefit plan maintained by the Corporation or its Predecessor meeting the requirements of Section 401 of the Internal
Revenue Code of 1986, as amended, in which such Member shall be or was a participant. 

 Page 5 
  

	1.20	“Service” shall mean with respect to a Member the sum of (a), in the case of an Executive Employee who became a Member prior to July 1, 1995, the period of
such Member’s active employment with the Corporation, its Predecessor and its Affiliates, whether or not as an Executive Employee, or, in the case of an Executive Employee who became a Member on or after July 1, 1995, the period of such
Member’s active employment with the Corporation, its Predecessor or an Affiliate as an Executive Employee, excluding, in each case, unless otherwise provided by the Retirement Administration Committee, any period during which the Member was
engaged as a consultant or received salary continuance or severance payments, and (b) any Service credited under the Plan to such Member by the MPD Committee or by the compensation committee of the board of directors of the Corporation’s
Predecessor prior to the assumption of the Plan by the Corporation, pursuant to Article 4. A year of Service is a period of 12 consecutive months, which need not be a calendar year. Notwithstanding the foregoing, with respect to a Member who incurs
a Termination of Employment on and after July 1, 2009, such Member’s Service shall cease as of the date he incurs such Termination of Employment. 

  

	1.21	“Specified Employee” shall mean “Specified Employee” as such term is defined in the Universal 409A Definition Document. 

  

	1.22	“Termination of Employment” shall mean “termination of employment” as such term is defined in the Universal 409A Definition Document.

 Page 6 
  

 ARTICLE 2 – MEMBERSHIP 
  

	2.01	Every Executive Employee in the employ of the Corporation or an Affiliate on December 31, 2008 shall continue to be or shall become a Member of the Plan on that date. Such a
Member shall be a Class A Member or Class D Member, as specified on Appendix A or Appendix D hereto. 

  

	2.02	Any other employee of the Corporation who becomes an Executive Employee after January 1, 2009 and who is designated a Member by the MPD Committee shall thereupon become a
Class A Member of the Plan, unless otherwise stipulated by the MPD Committee. 

  

	2.03	Any former employee of the Corporation, its Predecessor, or an Affiliate, who is a Retiree under the Plan on December 31, 2008 and any Member who thereafter becomes a Retiree
shall continue to be a Member of the Plan until the payment of all benefits in respect of such Retiree under the Plan. In addition, the former employees designated in Item 2 of Appendix C hereto shall be deemed to be Retirees (and thus
Members), under the terms specified in Section 3.09. 

  

	2.04	The participation and membership under the Plan of an Executive Employee who is not a Retiree shall terminate if his employment with the Corporation and all Affiliates as an
Executive Employee terminates, and such person shall cease to be a Member, unless (i) at the time of such termination, he becomes a Retiree, (ii) upon such termination, he continues to be entitled to a benefit hereunder pursuant to
Section 3.06, or (iii) he is entitled to a benefit under Section 3.09 or (iv) he is a Class D Member and upon such termination he is entitled to a benefit in accordance with Appendix D. 

  

	2.05	A Member whose membership in the Plan terminates pursuant to Section 2.03 or Section 2.04 shall be restored to membership in the Plan at such time as he is restored to
employment as an Executive Employee of the Corporation or an Affiliate. 

 Page 7 
  

 ARTICLE 3 – AMOUNT AND PAYMENT OF SUPPLEMENTAL BENEFITS 
  

	3.01	Except as provided in Section 3.06 or 3.09 or an Appendix attached hereto, benefits under the Plan shall be payable only with respect to Members who are Retirees or become
Retirees or, as provided in Section 3.03, 3.04 or 3.06 to Beneficiaries. 

  

	3.02	Except as provided in Section 3.06, Section 3.10 or an Appendix attached hereto, and subject to the provisions of Section 3.05 and Section 3.07, a Retiree shall
be entitled to commencement of payment of benefits hereunder pursuant to Section 3.04 upon the first day of the month coincident with or next following the later of (i) his Termination of Employment or (ii) his attainment of age 55.
Notwithstanding any Plan provision to the contrary a Member may not elect to defer payment of benefits hereunder. 

  

	3.03	 In the event that a Class A Member dies after the earlier of attaining age 55 or completing five years of Service, or Class D Member dies after the attaining
age 55 and completing ten years of Service, in either case prior to becoming a Retiree, or dies after becoming a Retiree but prior to commencing to receive payments hereunder pursuant to Section 3.04, his Beneficiary shall be entitled to the
immediate commencement of a single life annuity, with an annual payment equal to one-half of the Annual Benefit, if any, computed under Section 1.02 for such Class A Member and computed under Appendix D, Section 1.01 for such Class D
Member, as if the Member was a Retiree and had commenced to receive payment of benefits under Section 3.04 immediately prior to his death. Payments under this Section 3.03 shall commence in the month following the month in which the
Member’s date of death occurs. In the event the age difference between the Class A Member or Class D Member and his Beneficiary is greater than five years, the benefit payable pursuant to this Section 3.03 shall be actuarially
adjusted to reflect the differences in the life expectancy of the Participant and the Beneficiary. Notwithstanding any Plan provisions to the contrary (i) in the event a Member has made an election under Section 3.04 to receive his
Grandfathered Annual Benefit in the form of a lump sum, or (ii) in the event the Member did not make an election under Section 3.04 and such Member’s Beneficiary is his estate, the benefit otherwise payable under this
Section 3.03 

 Page 8 
  

	 	 
attributable to his Grandfathered Annual Benefit, shall be commuted into a single lump sum amount of actuarial equivalent value, which amount shall be
determined by assuming the Beneficiary is a person of the same age as the Member at the Member’s date of death. The amount of such actuarial equivalent value computed under this Section 3.03 shall be determined by the MPD Committee using
the actuarial assumptions described below In computing such actuarial equivalence, the actuarial assumptions to be used shall be (A) the 1983 Group Annuity Mortality Table and (B) an interest rate assumption equal to the applicable
interest rate (expressed as a percentage) used by the Pension Benefit Guaranty Corporation for valuing lump sum benefits for single employer plans that terminate on the date of such calculation, minus 0.5%. 

  

	3.04	(a) Except as provided in Section 3.06 or 3.09 or an Appendix attached hereto and subject to the provisions below, the benefit payable under the Plan to a Class A Retiree
or a Class D Retiree shall be a single life annuity for the life of the Retiree, with annual payments equal to his Annual Benefit computed under Section 1.02 for such Class A Retiree, or Appendix D, Section 1.01 for such Class D
Retiree, at the time of the commencement of payment of benefits under this Section 3.04. 

 (b) A Member may make an
election in accordance with the procedures prescribed by the Retirement Administration Committee to receive his 409A Annual Benefit in a single lump sum payment. An election made under this paragraph (b) on or prior to December 31, 2008
shall become effective on the close of the 12 month period after the date on which the election is made, or January 1, 2009, if earlier, unless such election is made within 30 days of the date the Member first becomes eligible to participate in
the Plan or in any plan required to be aggregated with this Plan under the provisions of Code Section 409A in which case the election shall be effective on the close of such 30 day period (the 30 day initial eligibility period). An election
made on or after January 1, 2009 or, if later, after the close of the 30 day initial eligibility period shall be subject the provisions of paragraph (d) below. 

 Page 9 
  

 (c) Notwithstanding, any Plan provision to the contrary, if a Member does not have a valid election under
this Section 3.04 to receive his 409A Annual Benefit in the form of a lump sum in effect, such Member may elect at any time prior to his applicable Benefit Commencement Date to convert his 409A Annual Benefit into a joint and survivor annuity
form which provides a reduced benefit payable to the Member during his life, and after his death provides that 100% or 50% of the reduced benefit will continue to be paid during the life of and to his Beneficiary. Any such optional form of benefit
or lump sum shall be the actuarial equivalent of such single life annuity using the actuarial assumptions described in Section 3.03. A Member’s election to convert his 409A Annual Benefit into the form of a 50% or 100% joint &
survivor annuity shall be effective as of his Benefit Commencement Date, provided the Member makes and submits to the Retirement Administration Committee his election prior to his Benefit Commencement Date. If such Member fails to elect an optional
annuity form in a timely manner, his 409A Annual Benefit shall be distributed in the form of a single life annuity. 
 (d) In accordance with
the provisions of Code Section 409A, regulations thereunder and other applicable guidance and the procedures as the Retirement Administration Committee may prescribe, a Member may elect to change the form of payment election under this
Section 3.04 applicable to his 409A Annual Benefit from an annuity to a lump sum or from a lump sum to an annuity by duly completing, executing and filing with the Retirement Administration Committee a new form of payment election, subject to
the following limitations: 
 (i) such election will not become effective until at least 12 months after the date on which the election is
made; and 
 (ii) the distribution of such Member’s 409A Annual Benefit shall be deferred for five years from the date such amount would
otherwise have been paid absent this election (disregarding any delay under the provisions of Section 3.05.) 

 Page 10 
  

 No payment election made under this Section 3.04 may be changed after the Member’s Benefit
Commencement Date. 
 The portion of a Retiree’s Annual Benefit equal to his Grandfathered Annual Benefit shall be paid in accordance
with the provisions of the Plan as in effect on October 3, 2004. 
  

	3.05	Notwithstanding the foregoing, the actual payment of a 409A Annual Benefit to a Retiree who is a Specified Employee on his Termination of Employment for reasons other than death,
shall not commence prior to the first day of the seventh month following such Member’s Termination of Employment. Any payment due the Retiree which he would have otherwise received under Section 3.04 during the six month period immediately
following his Termination of Employment shall be accumulated, without interest. For the avoidance of doubt, the provisions of this clause (iii) shall not apply to a 409A Annual Benefit payable under Section 3.03 or Section 3.06 due to
the death of the Member or to payment of a Member’s Grandfathered Annual Benefit. 

  

	3.06	Notwithstanding the provisions of Section 3.01 or 3.02, if a Change in Control occurs: 

  

	 	(a)	Each Member who, at the time of such Change in Control, is a Retiree and each Beneficiary who at that time is entitled to benefits under Section 3.03 or Section 3.04 shall
be entitled to receive an immediate payment in cash, equal to the then present value of the portion of the benefit under Section 3.03 or 3.04 attributable to his 409A Annual Benefit, whichever is applicable, to which the Retiree or his
Beneficiary is entitled. Payment under this Section 3.06 shall be made as of the first business day following the date such Change in Control occurs. 

  

	 	(b)	 With respect to each Member at the time of such Change in Control who is not a Retiree at that time, (i) such a Member, upon his Termination of Employment
within two years of such Change in Control, or (ii) each Beneficiary of such a Member who dies following such Change in Control without having received a benefit under this Section 3.06(b), upon the Member’s death, shall receive an

 Page 11 
  

	 	 
immediate payment in cash equal to, in the case of the Member, the present value of his 409A Annual Benefit and/or in the case of a Beneficiary, the present
value of the benefit, if any payable under Section 3.03 attributable to the Member’s 409A Annual Benefit. The present value of a benefit payable under this Section 3.06 shall be determined on the basis of the (A) the 1983 Group
Annuity Mortality Table and (B) an interest rate assumption equal to the applicable interest rate (expressed as a percentage) used by the Pension Benefit Guaranty Corporation for valuing lump sum benefits for single employer plans that
terminate on the date of such calculations, minus 0.5%. Subject to the provisions of Section 3.05, payment under this paragraph (b) shall commence as of the first day of the month following the Member’s Termination of Employment.

  

	3.07	Notwithstanding any Plan provision to the contrary, the Retirement Administration Committee, in its sole and absolute discretion, may elect to accelerate the time or form of payment
of a benefit owed to the Participant hereunder, provided such acceleration is permitted under Treas. Reg. Section 1.409A-3(j)(4) and any subsequent guidance. Notwithstanding any Plan provision to the contrary, the Retirement Administration
Committee may also, in its sole and absolute discretion, delay the time for payment of a benefit owed to the Participant hereunder, to the extent permitted under Treas. Reg. Section 1.409A-2(b)(7) and any subsequent guidance.

  

	3.08	Any payment under Section 3.06 will be in place of, and in settlement of, the Member’s or Beneficiary’s benefits under Sections 3.03, 3.04 and/or 3.10.

  

	3.09	The payment of a Member’s Grandfathered Annual Benefit shall be made in accordance with the provisions of the Plan as in effect on October 3, 2004, except as modified in
Schedule E attached hereto and without regard to any amendment after October 3, 2004 which would constitute a material modification for Code Section 409A purposes. 

 Page 12 
  

	3.10	Other provisions of the Plan notwithstanding, each person named on Appendix C hereto as a Class C Retiree shall be deemed a Retiree who is entitled to an Annual Benefit payable in
the amount, at the times, and under such other terms and conditions as are specified in any separate agreement between the Corporation and such person relating to benefits under the Plan; provided that, in the event of a Change in Control, each such
Retiree and each Beneficiary of such a Retiree who is permitted to and who has elected an optional form of benefit making provision for the Beneficiary shall be entitled to receive such Retiree’s and such Beneficiary’s lump sum actuarial
equivalent of all future benefits based on the amount and other terms specified in such separate agreement between the Corporation and such Retiree (including taking into account the scheduled starting date if such benefits have not yet commenced to
be paid), payable to such Retiree and to such Beneficiary, as the case may be, under this Section 3.10, in full settlement of all of the Retiree’s and Beneficiary’s rights under the Plan. No amount shall be payable to a Beneficiary of
such a Retiree under Section 3.03. 

 Page 13 
  

 ARTICLE 4 – ADMINISTRATION 
  

	4.01	The MPD Committee shall select which senior officers of the Corporation and its Affiliates shall be designated as Executive Employees. 

  

	4.02	The MPD Committee shall have discretion to grant credit for Service to any Executive Employee. 

  

	4.03	Except with respect to powers specifically reserved to the MPD Committee, the Retirement Administration Committee shall have the exclusive responsibility and complete discretionary
authority to control the operation, management and administration of the Plan. 

  

	4.04	The provisions of the 401(k) Plan and Employee Stock Ownership Plan of CVS Caremark Corporation and Affiliated Companies concerning the Retirement Administration Committee
membership, meetings, maintenance of records and the Retirement Administration Committee powers shall apply under the Plan. The expenses of the Retirement Administration Committee incurred in connection with the Plan shall be paid directly by the
Corporation. 

  

	4.05	The Corporation shall indemnify the members of the Retirement Administration Committee or its delegates against any and all claims, losses, damages, expenses, including
attorney’s fees, incurred by them and any liability, including any amounts paid in settlement with their approval, arising from their action or failure to act, except when the same is judicially determined to be attributable to their gross
negligence or willful misconduct. 

 Page 14 
  

	4.06	With respect to beneifts hereunder subject to Code Section 409A, the Plan is intended to comply with the requirements of Code Section 409A and the provisions hereof shall
be interpreted in a manner that satisfies the requirements of Code Section 409A and the regulations thereunder, and the Plan shall be operated accordingly. If any provision of the Plan would otherwise frustrate or conflict with this
intent, the provision will be interpreted and deemed amended so as to avoid this conflict. 

 Page 15 
  

 ARTICLE 5 – GENERAL PROVISIONS 
  

	5.01	The establishment of the Plan shall not be construed as conferring any legal rights upon any Executive Employee or other person for a continuation of employment, nor shall such
actions interfere with the rights of the Corporation to discharge or demote any Executive Employee and to treat him without regard to the effect which such treatment might have upon him as a Member under the Plan. 

  

	5.02	In the event that the Retirement Administration Committee shall find that a Member is unable to care for his affairs because of illness or accident, the Retirement Administration
Committee may direct that any benefit payment due him, unless claim shall have been made therefore by a duly appointed legal representative, be paid to his spouse, a child, a parent or other blood relative, or to a person with whom he resides, and
any such payment so made shall be a complete discharge of the liabilities of the Plan therefor. 

  

	5.03	The Corporation or its Affiliates shall have the right to deduct from each payment to be made under the Plan any required withholding taxes. 

  

	5.04	Subject to any applicable law, no benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and
any attempt to do so shall be void, or shall any such benefit be in any manner liable for or subject to the debts, contracts, liabilities, engagements or torts of the Member or a Beneficiary. 

  

	5.05	Notwithstanding any other provision of the Plan to the contrary, in the event that a Member shall at any time be convicted of a crime involving dishonesty or fraud on the part of
such Member in his relationship with the Corporation or an Affiliate, all benefits which would otherwise be payable to him under the Plan shall be forfeited. 

 Page 16 
  

	5.06	The Corporation’s obligation hereunder shall be an unbounded and unsecured promise to pay money in the future. The rights of any Member or Beneficiary to benefits under the
Plan prior to the actual receipt of such benefits shall be limited to those of a general unsecured creditor of the Corporation. 

  

	5.07	The Plan shall be construed, regulated and administered under the laws of the State of Rhode Island to the extent such laws are not superseded by applicable federal law.

  

	5.08	The masculine pronoun shall mean the feminine wherever appropriate. 

  

	5.09	If any provisions of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions hereof, instead, each
provision shall be fully severable and the Plan shall be construed and enforced as if said illegal or invalid provision had never been include herein. 

 Page 17 
  

 ARTICLE 6 – AMENDMENT OR TERMINATION 
 The MPD Committee and the Board of Directors each reserves the right to modify or to amend, in whole or in part, or to terminate, this Plan at any time; provided,
however, that, without the written consent of the affected Member or affected Beneficiary, no such modification, amendment, or termination shall materially adversely affect the right of any Member (or the Beneficiary of such Member if the
Beneficiary is then entitled to receive benefits) to receive the benefits such Member (or the Beneficiary of such Member) should have received under the Plan upon Termination of Employment with the Corporation for any reason, including retirement,
death, or disability, had the Plan not been so modified, amended, or terminated, taking into account such Member’s Service and age at the time of such Member’s actual Termination of Employment with the Corporation for any reason. To the
extent consistent with the rules relating to plan terminations and liquidations in Treasury Reg. Section 1.409A-3(i)(4)(ix) or otherwise consistent with Code Section 409A, the Corporation may provide that, without the prior written consent
of Members (or the Beneficiary of a Member), the Member’s 409A Annual Benefit shall be distributed in a lump sum upon termination of the Plan. Unless so distributed in accordance with the preceding sentence, in the event of a Plan termination,
the 409A Annual Benefit shall continue to be paid in accordance with the foregoing provisions of the Plan. 

 Page 18 
  

 APPENDIX A 
 Each of the following is a Class A Member or Class A Retiree as of January 1, 2009: 
  

					
	 Name
	  	 	  	 Status

	 Christopher Bodine
	  	–	  	Member
	 Charles C. Conaway
	  	–	  	Retiree
	 V. Michael Ferdinandi
	  	–	  	Member
	 Larry J. Merlo
	  	–	  	Member
	 Daniel C. Nelson (spouse of)
	  	–	  	Retiree
	 David Rickard
	  	–	  	Member
	 Thomas M. Ryan
	  	–	  	Member
	 Douglas Sgarro
	  	–	  	Member

 Page 19 
  

 APPENDIX B 
  

				
	 Name
	  	Annual Amount*
	 David Rickard
	  	$	161,465
		
	 Thomas M. Ryan
	  	$	100,967

  

	*Amount	shown above is annual amount payable as a life annuity 

 Page 20 
  

 APPENDIX C 
  

	1.	Each of the following is a Class B Retiree: 

 Francis
Rooney 
 Kenneth Berland 
 John
Riefler 
 Ira Peterman 
 Neill
Simon 
 Arthur Richards 
 Larry
McGourty (spouse of) 
  

	2.	Each of the following is, at June 30, 1997, a Class C Retiree entitled to benefits pursuant to Section 3.10 of the Plan as in effect prior to October 4, 2004 and the
terms and conditions of a separate agreement between the Corporation and such Retiree (copies of which are attached hereto): 

 Jerald L. Maurer 
 Michael Friedheim 

 Page 21 
  

 APPENDIX D 
 Provisions Applicable to a Class D Member 
 This Appendix D constitutes an integral part of the Plan. The
provisions of this Appendix D are applicable only with repect to the Class D Member as defined below. Except as otherwise modified or expanded in this Appendix D, the provsions of this Plan as contained in the text to which this Appendix is attached
shall determine the benefits payable to or on behalf of a Member covered under this Appendix. 
  

	1.	The following is a Class D Member: 

  

			
	 Name
	  	Applicable Percentage
	 Nancy Christal
	  	10.12%

  

	2.	The Plan Sections referenced below are hereby modified or expanded in accordance with the following special provisions applicable to a Class D Member. 

 ARTICLE 1. - DEFINITIONS 
  

	 	a.	Section 1.01 

  

	 	(i)	 “Annual Benefit” shall mean Annual Benefit, with respect to a Class D Member who became or becomes a Retiree after June 30, 1995, the amount by which
35%, or such lesser percentage specified in clause (ii) below, of such Class D Member’s Compensation exceeds the aggregate annualized value of any retirement and deferred profit sharing benefits in respect of such Class D Member (excluding
the value of any benefits attributable to pre-tax or after-tax contributions made by or on behalf of the Class D Member) which have previously been received or which such Class D Member or any other person has a vested right to receive at the time
of the commencement of payment of such Class D Member’s benefit under Section 3.04 of the Plan, under (A) any arrangement maintained by the Corporation other than the Plan (including any annuity contracts purchased with respect to
benefits accrued under the Melville Corporation Retirement Plan), or (B) any arrangement which 

 Page 22 
  

	 	 
constitutes a qualified plan under Section 401(a) of the Internal Revenue Code of 1986, as amended, maintained by any entity other than the Corporation,
computed pursuant to clause (iv) below. 

  

	 	(ii)	 In the case of any Class D Member whose retirement allowance under Section 3.04 of the Plan commences to be paid on or after his reaching age 55 years but
prior to his reaching age 60 years, there shall be substituted for “35%” in clause (i) above that lower percentage which results from subtracting that percentage which is the product of 4 times the number of whole and partial years
(treating a partial year as a whole year) until such Class D Member’s 60th birthday so that, for example, the applicable percentage for a Class D Member age 58 1/2 years would be 27% (35% - (4 x 2)% = 27%). 

 

	 	(iii)	Notwithstanding the foregoing, the Annual Benefit computed under this Section shall not be less than annualized value of a Class D Member’s Accumulated Contribution Amount, as
computed at the time such Class D Member becomes a Retiree on the basis of the actuarial assumptions set forth in clause (iv) below. 

  

	 	(iv)	The annualized value of a Class D Member’s retirement and deferred profit sharing benefits shall be computed as follows: 

  

	 	(1)	with respect to any benefit which such Class D Member is thereupon commencing to receive at the time of such computation in the form of an annuity, the annual payment to which such
Class D Member would be entitled under the terms of the plan under which such benefit is to be paid were such benefit to be paid in the form of a single life annuity for the Class D Member’s life, or 

  

	 	(2)	 with respect to any other benefit, the annual amount of the actuarial equivalent of such benefit computed as if such benefit were to be paid in 

 Page 23 
  

	 	 
the form of a single life annuity to such Class D Member commencing at the time of such computation. In computing such actuarial equivalents, the actuarial
assumptions to be sued shall be (A) the 1983 Group Annuity Mortality Table and (B) an interest rate assumption equal to the applicable interest rate (expressed as a percentage) used by the Pension Benefit Guaranty Corporation for valuing
benefits for single employer plans that terminate on the date of such calculation, minus .5%. 

  

	 	b.	Section 1.09 

 “Compensation” shall
mean for purposes of this Appendix D, a Class D Member’s annual base pay rate as in effect on such Class D Member’s Compensation Measurement Date plus the Class D Member’s target bonus percentage under the Corporation annual cash
incentive program. A Class D Member’s Compensation Measurement Date shall be the date on which such Class D Member incurs a Termination of Employment for any reason, including retirement, death or disability. 
  

	 	c.	Accumulated Contribution Account” shall mean the bookkeeping account maintained for a Contribution Account Member to record the amount of company contribution credited
on behalf of such Member during the period he is designated as a Contribution Account Member in accordance with Article II of this Appendix D. 

  

	 	d.	“Contribution Account Member” shall mean an Eligible Executive listed on Appendix D. 

  

	3.	The following provisions are only applicable to a Class D Member: 

 Page 24 
  

 SPECIAL CONTRIBUTIONS 
  

	(a)	(i) A special contribution shall be deemed made to a Class D Member’s Accumulated Contribution Account by the Corporation wit respect to each calendar year prior to the
calendar year in which the Class D Member attains age 46 and during which the Class D Member is designated as a Contribution Account Member. 

  

	 	(ii)	The special contribution with respect to each calendar year shall be equal to the applicable percentage specified above in this Appendix D of the eligible Member’s Eligible
Compensation for the calendar year. For purposes of this Appendix D, Eligible Compensation shall mean the sum of the Contribution Account Member’s annual base rate as in effect for such calendar year, plus the full annual target incentive
compensation award under the Annual Incentive Plan of CVS Corporation or the Annual Incentive Plan for the divisions as last in effect immediately prior to the last day of such calendar year. 

  

	 	(iii)	The special contribution shall be credited to an eligible Class D Member’s Accumulated Contribution Account no later than the March 31st following the calendar year for
which the contribution is deemed made. 

  

	(b)	(i) As of the end of each month, a Class D Member’s Accumulated Contribution Account shall be credited or debited with the amount of earnings or losses which the account would
have been credited or debited assuming it had been invested in the Moderate Lifestyle Fund as provided under the 401(k) Plan and Employee Stock Ownership Plan of CVS Caremark Corporation and Affiliated Companies. 

  

	 	(ii)	 The Retirement Administration Committee shall maintain, or cause to be maintained on the books of the Corporation, records showing the individual 

 Page 25 
  

	 	 
balance of each eligible Class D Member’s Accumulated Contribution Account. At least once a year, each eligible Class D Member shall be furnished with a
statement setting forth the value of his Accumulated Contribution Account. 

  

	(c)	An eligible Class D Member shall be vested in and have a nonforfeitable right to the special contributions credited to this Accumulated Contribution Account (adjusted in accordance
with Paragraph b(i) above) in accordance with the following schedule: 

  

			
	 Completed Years of Vesting Service
	  	Percentage Vested
	 1
	  	10%
	 2
	  	20
	 3
	  	30
	 4
	  	40
	 5
	  	50
	 6
	  	60
	 7
	  	70
	 8
	  	80
	 9
	  	90
	 10
	  	100

 A Class D Member shall be credited with one year of Vesting Service for each completed calendar
year during which the Class D Member is in the employ of the Corporation and Affiliated Company following the calendar year for which the initial contribution was deemed allocated to his Accumulated Contribution Account pursuant to paragraph
(b) above. 
  

	(d)	(i) If a Class D Member incurs a Termination of Employment prior to the attainment of age 55 for any reason, he (or in the event of his death, his Beneficiary) shall be entitled to
receive a distribution of the vested portion of his Accumulated Contribution Account determined pursuant to paragraph (c) above. The distribution of such vested portion of a Member’s Accumulated Contribution Account shall be made in a
single cash lump sum as soon as practicable following the end of the month coincident with or next following the Class D Member’s Termination of Employment. 

 Page 26 
  

	 	(ii)	Notwithstanding any Plan provision to the contrary, if a Class D Member incurs a Termination of Employment as a Retiree, or dies after attaining age 55 with 10 years of Service but
prior to becoming a Retiree, or in the event of a Change in Control, the provisions of this Section of Appendix D shall be inapplicable and Plan benefits payable to or on behalf of the Class D Member’s Termination of Employment shall be
determined pursuant to the provisions of Article 3 of the Plan. 

 Page 27 
  

 SCHEDULE E 
 Provisions Applicale to a Member’s Grandfathered Annual Benefit 
 This Schedule E constitutes an integral part
of the Plan and is applicable with respect to the Grandfathered Annual Benefit of those individuals who were Members in the Plan on December 31, 2004 and were actives as of January 1, 2005. The portion of a Member’s Benefit determined
under the foregoing provisions of the Plan equal to his Grandfathered Annual Benefit is subject to the provisions of the Plan as in effect on October 3, 2004 without regard to any Plan amendments after October 3, 2004 which would
constitute a material modification for Code Section 409A purposes, as otherwise provided in this Schedule E. Section references in this Schedule E correspond to appropriate Sections of said Plan as set forth on October 3, 2004. 

For purposes of the Plan, the terms/phrases “termination of employment,” “terminates employment,” “retirement”, “employment is
terminated” or other similar language shall mean, with respect to a Member, the complete cessation of providing services to the Corporation. 
 ARTICLE 1 – DEFINITIONS 
  

	Section	1.11 The provisionsof Section 1.11 are void as of October 1, 2008 and are eliminated from the Plan as of such date. 

  

	Section	1.16 The provisions of Section 1.16 are void as of October 1, 2008 and hereby eliminated from the Plan as of such date. 

  

	Section	3.06 The provisions of Section 3.06 shall apply only to the Member’s Grandfathered Annual Benefit.

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