Document:

Agency Agreement, dated May 4, 2016, between the Company and Citibank, N.A.

 Exhibit 4.03 

CITIGROUP INC. 
 And

 CITIBANK, N.A. 

As Fiscal Agent, Registrar, Transfer Agent and Exchange Agent 

 
  

AGENCY AGREEMENT 

A$150,000,000 3.750% Notes due May 4, 2021 

Dated as of May 4, 2016 
  

 

 THIS AGREEMENT is made in London as of May 4, 2016, BY 

 

	(1)	CITIGROUP INC. (the “Issuer”). 

  

	(2)	CITIBANK, N.A. (“Citibank, N.A.”), which shall act as fiscal agent, registrar, transfer agent and exchange agent (hereinafter referred to in such respective capacities as “Fiscal
Agent”, “Registrar”, “Transfer Agent” or as “Exchange Agent”, which expressions shall include any successor or successors thereto). 

WHEREAS pursuant to the Terms Agreement dated April 27, 2016, that incorporates by reference the underwriting agreement basic provisions
dated March 2, 2006 (together, the “Underwriting Agreement”) between the Issuer and the Underwriters named therein, the Issuer has agreed to issue its A$150,000,000 3.750% Notes due May 4, 2021 (the
“Notes”); and 
 WHEREAS the Issuer wishes to appoint Citibank, N.A. to act as Fiscal Agent, Registrar, Transfer Agent and
Exchange Agent in relation to the Notes upon the terms and conditions set forth in this Agreement and the Schedules hereto. 
 IT IS HEREBY
AGREED as follows: 
  

	1.	DEFINITIONS, INTERPRETATION 

 The following terms shall, unless the context
otherwise requires, have the respective meanings indicated below: 
  

	  	“Applicable Law” means any law or regulation including, but not limited to: (a) any domestic or foreign statute or regulation; (b) any rule or practice of any Authority with which the Issuer
or any Agent is bound or accustomed to comply; and (c) any agreement entered into by Issuer or any Agent and any Authority or between any two or more Authorities. 

 

	  	“Agent(s)”means any of the Fiscal Agent, the Registrar, the Exchange Agent and the Transfer Agent. 

  

	  	“Authority” means any competent regulatory, prosecuting, tax or governmental authority in any jurisdiction, domestic or foreign. 

 

	  	“Conditions” means, with respect to a particular Series, the terms and conditions of such Series, as contained in the applicable Global Notes, in the Prospectus Supplement dated April 27, 2016 to
the Prospectus dated November 13, 2013, and the Indenture. 

  

	  	“Global Notes” means, with respect to a particular Series, either one or both of (i) the International Global Note in the form of Schedule 1 attached hereto and (ii) the DTC Global Notes in
the form of Schedule 2 attached hereto (also referred to herein as the “International Global Note”and the “DTC Global Note”, respectively). 

 

	  	“Indenture” means the Indenture dated as of November 13, 2013, as amended and supplemented to date, between the Issuer and The Bank of New York Mellon (the “Trustee”).

  

	  	“Record Date” means the close of business on the Business Day immediately preceding any interest payment date. 

  

	  	“Taxes” means all taxes, levies, imposts, charges, assessments, deductions, withholdings and related liabilities. 

  

	  	Terms not defined herein shall have the same meanings as are assigned thereto in the Underwriting Agreement and the Conditions. References to “A$” or “AUD” are to Australian dollars.

 2. APPOINTMENTS 

2.1 The Issuer hereby appoints Citibank, N.A. to act as Fiscal Agent, Registrar, Transfer Agent and Exchange Agent in respect of the Notes and Global Notes.

 2.2 Citibank, N.A. hereby accepts such appointments, and agrees to act in such capacities, solely on the terms and conditions set out in this Agreement
and the Schedules hereto. In particular, the Fiscal Agent agrees to arrange on behalf of and at the request and expense of the Issuer any publication of notices pursuant to the Conditions. 

2.3 The obligations of the Agents are several and not joint. 

3. THE NOTES 
 3.1 The Notes shall be represented by
permanent Global Notes without interest coupons as specified in the Conditions. Each International Global Note and DTC Global Note shall be substantially in the forms attached hereto as Schedules 1 and 2, respectively, in each case with such changes
as may be agreed between the Issuer and the Trustee. The Conditions shall be attached to, or endorsed upon, each Global Note. In the event that individual definitive Notes are issued, the parties shall enter into a supplement to this Agreement to
provide for the matters set forth herein with regard to such definitive Notes. 
 3.2 Each Global Note shall be signed manually or in facsimile by a duly
authorised officer of the Issuer and dated the Issue Date. Each Global Note shall be authenticated manually by Citibank, N.A., as authenticating agent on behalf of the Trustee, and delivered to (i) in the case of the International Global Note,
Citibank Europe plc as common depositary for Euroclear and Clearstream, and (ii), in the case of the DTC Global Notes, Citibank, N.A., London office as custodian for The Depository Trust Company, New York (“DTC”). 

4. PAYING AGENCY 
 4.1 The Issuer shall remit the
funds necessary for the payment of interest on and principal of the Notes to the Fiscal Agent, in AUD in same-day funds, to such account at the Fiscal Agent in London as the Fiscal Agent may from time to time specify (the “Redemption
Account”) by 10:00 am (London time) on the second Business Day immediately prior to the date on which such payment is due. Business Day shall mean a day on which commercial banks and foreign exchange markets settle payments and are open for
general business in each of London, Sydney and New York City. 
 The Issuer hereby authorizes and directs the Fiscal Agent, from the amounts so paid to it,
to make payment of the principal of, and interest on, the Notes on the due date for payment set forth in the Conditions and this Agreement. The Fiscal Agent shall be entitled to make payments net of any taxes or other sums required to be withheld or
deducted by any applicable law. 
 The Issuer shall confirm to the Fiscal Agent not later than 10:00 a.m. (London time) on the fourth Business Day before
the relevant date for such payment that it has issued irrevocable payment instructions for such payment to be made. 
 4.2 If for any reason the Fiscal Agent
does not receive unconditionally the full amount payable by the Issuer on the relevant due date in respect of all the outstanding or maturing Notes, the Fiscal Agent shall as soon as reasonably practicable notify the Issuer by facsimile. The Fiscal
Agent shall not be bound to make any payment of principal or interest in respect of the Notes until the Fiscal Agent has received to its order the full amount of the monies then due and payable in respect of all outstanding or maturing Notes,
provided, however, that if the Fiscal Agent shall, in its discretion, make any payment of principal or interest on or after the due date therefor in respect of the Notes prior to its unconditional receipt of the full amount then due and payable in
respect of all outstanding Notes, the Issuer will promptly pay such amount to the Fiscal Agent and will compensate the Fiscal Agent at a rate equal to the Fiscal Agent’s cost of funding. 

 4.3 Out of the sums paid to the Fiscal Agent in respect of interest and principal on the Notes, the Fiscal Agent
will make payment free of charge to the registered holder of the International Global Note and the DTC Global Note as stipulated in Clause 9 below, in the amounts specified in the Conditions. The Fiscal Agent shall obtain from the Registrar, and the
Registrar shall supply, such details as are required for the Fiscal Agent to make payment as stated above. 
 4.4 In respect of the monies paid to it
relating to any Note, the Fiscal Agent 
 4.4.1 shall not be entitled to exercise any lien, right of set-off or similar claim (including
without limitation any claim arising from or relating to any other issue of securities by the Issuer), 
 4.4.2 shall not be required to
account for interest thereon and 
 4.4.3 money held by it need not be segregated except as may be required by applicable law. 

Any funds held by the Fiscal Agent are held as banker and shall not be subject to the UK FCA Client Money Rules. 

Any payment by any Agent under this Agreement will be made without any deduction or withholding for or on account of any Taxes unless such deduction or
withholding is required by any Applicable Law. If any Paying Agent or the Registrar is, in respect of any payment of principal or interest in respect of the Notes, compelled to withhold or deduct any amount for or on account of any taxes, duties,
assessments or governmental charges, it shall give notice of that fact to the relevant Issuer and the Fiscal Agent as soon as it becomes aware of the compulsion to withhold or deduct. 

The Issuer acknowledges and agrees that any Agent may debit any amount available in any balance held for the Issuer and apply such amount in satisfaction of
Taxes. Such Agent will timely pay the full amount debited or withheld to the relevant Authority in accordance with the relevant Applicable Law. If any Taxes become payable with respect to any prior credit to the Issuer by an Agent, the Issuer
acknowledges that such Agent may debit any balance held for it in satisfaction of such prior Taxes. The Issuer shall remain liable for any deficiency and agrees that it shall pay any such deficiency upon notice from an Agent or any Authority. If
Taxes are paid by an Agent or any of its affiliates, the Issuer agrees that it shall promptly reimburse such Agent for such payment to the extent not covered by withholding from any payment or debited from any balance held for it. If an Agent is
required to make a deduction or withholding referred to above, it will not pay an additional amount in respect of that deduction or withholding to the Issuer. 

5. DOCUMENTS FOR INSPECTION AND PUBLICATION OF NOTICES 

5.1 On behalf and at the request and expense of the Issuer, the Fiscal Agent shall cause to be published any notices required to be given by the Issuer in
accordance with the Conditions. 
 5.2 The Issuer shall provide to the Fiscal Agent sufficient copies of all documents required by the Conditions to be
available for issue or inspection, and the Fiscal Agent shall make such copies available to Noteholders upon their request. 
 5.3 To the extent practicable,
the Issuer shall provide the Fiscal Agent with a copy (prior to publication) of all notices to be issued in connection with the Notes. 
 6.
CANCELLATION OF THE GLOBAL NOTES 
 6.1 Subject to the terms of the Indenture, as soon as practicable upon the Issuer’s request, the
Registrar shall take all measures necessary to cancel any Notes which the Issuer has repurchased or whose maturity has been accelerated pursuant to the Conditions. The Registrar shall cause any such Notes (i) to the extent represented by the
International Global Note, to be cancelled resulting in a reduction in the aggregate amount of the Notes represented by the International Global Note by the aggregate amount of Notes so cancelled, and (ii) to the extent represented by the DTC
Global Note, to be cancelled in accordance with the procedures established for that purpose by DTC, resulting in a reduction in the aggregate amount of the Notes represented by the DTC Global Note by the aggregate amount of the Notes so cancelled.

 6.2 On the same day such cancellation is effected, the Registrar shall record such cancellation of Notes on the
Register in such a way that the aggregate principal amount of Notes cancelled at any time together with the aggregate principal amount of Notes outstanding and represented by the Global Notes shall equal the aggregate principal amount of Notes
originally issued by the Issuer. 
 6.3 The Registrar shall upon request furnish the Issuer with a notice of cancellation signed by an authorized officer of
the Registrar confirming the cancellation of such Notes and the corresponding reduction of the relevant Global Note(s). 
 7. DUTIES OF THE
REGISTRAR 
 7.1 The Registrar shall maintain the Register in London in accordance with the Conditions. The Register shall show the aggregate amount
of Notes represented by each Global Note at the date of issue and all subsequent transfers and exchanges involving a change in such amounts and the names and addresses of the registered holders (each a “Payee”). On the first
Business Day after the Record Date for any interest payment on the Notes, the Registrar shall send payment details in respect of the Payees and the AUD accounts to which transfers should be made to the Fiscal Agent. 

7.2 Transfers or exchanges of Notes will be made in accordance with the Conditions, the procedures established for this purpose between Euroclear, Clearstream,
DTC and the Registrar, and Euroclear, Clearstream and DTC’s regulations applicable to such transfers or exchanges. Any such transfer or exchange which results in a change in the aggregate principal amount of Notes held by Euroclear, Clearstream
and DTC shall be notified by Euroclear, Clearstream and DTC to the Registrar. The Registrar shall promptly enter details of the transfer or exchange in the Register, which entry shall, without further action, cause the aggregate principal amount
represented by each Global Note to be amended accordingly. 
 7.3 The Registrar shall at all reasonable times during office hours make the Register available
to the Issuer and the Fiscal Agent or any person authorised by either of them for inspection and for the taking of copies thereof or extracts therefrom, and the Registrar shall deliver to such persons such information contained in the Register or
relating to the Notes as they may reasonably request. 
 8. DUTIES OF THE TRANSFER AGENT 

If and to the extent so specified by the Conditions and in accordance therewith, or if otherwise requested by the Issuer, the Transfer Agent shall make
available all relevant forms of transfer, inform the Registrar of the name and address of the relevant person to be inserted in the Register and carry out such other acts as may be necessary to give effect to the Conditions and this Agreement. 

9. PAYMENTS TO DTC NOTEHOLDERS 
 9.1 All amounts of
principal and interest due in respect of the Notes which are represented by the DTC Global Note (each a “DTC Amount”) shall be paid in U.S. dollars (each such payment being referred to herein as a “U.S. Dollar
Payment”),and no election to receive payment in Australian dollars may be made. 
 9.2 The Fiscal Agent shall, from each DTC Amount received by it,
make U.S. Dollar Payments in accordance with the Conditions. 
 10. DUTIES OF EXCHANGE AGENT 

For the purposes of this Clause 10, a “payment date” shall be each date on which the Issuer is obligated to remit funds to the Fiscal
Agent pursuant to Clause 4.1. 

 The Exchange Agent shall: 

 

	(i)	accept AUD by remittance to an account maintained by the Exchange Agent of the total amount of interest or principal due on any payment date on Notes held by Cede & Co. (as nominee of DTC) on the Record Date.
The Exchange Agent shall be advised by DTC if any beneficial holders of the Notes held by Cede & Co. (as nominee of DTC) have elected to receive payment in AUD and, if so, the amount of Notes held by such holders and the accounts to which
such payments in AUD are to be wired. On the payment date, the Exchange Agent shall wire payment in the appropriate AUD amounts to the accounts indicated. The remainder on such payment date shall be exchanged by the Exchange Agent pursuant to
sub-clause (ii) below into U.S. dollars and, after deduction of any costs relating to such exchange, shall be paid to Cede & Co. (as nominee of DTC) on the payment date; and 

 

	(ii)	on the London business day preceding the applicable payment date, enter into a contract for the purchase of U.S. dollars with the Specified Amount of AUD for settlement on such payment date. “Specified
Amount” shall mean the aggregate amount of AUD payable to all Noteholders holding Notes through participants of DTC that have not elected to receive payments in AUD. The amount of U.S. dollars payable in respect of a particular payment
under the DTC Global Note will be equal to the amount of AUD otherwise payable exchanged into U.S. dollars at the AUD/U.S.$ exchange rate obtained on the London business day prior to the relevant payment date, less any costs incurred by the Exchange
Agent for such conversion (such costs to be shared pro rata among holders under the DTC Global Note accepting U.S. dollar payments in proportion of their respective holdings). If an exchange rate bid quotation is not so available, the Exchange Agent
shall obtain a bid quotation from a leading foreign exchange bank in London selected by the Exchange Agent after consultation with the Issuer. If no bid quotation is so available, payment will be made in AUD to the account or accounts specified by
DTC to the Exchange Agent. In this sub-clause (ii), the term “London business day” shall mean any day on which commercial banks and foreign exchange markets settle payments in London. 

11. CONDITIONS OF APPOINTMENT 
 11.1 The Issuer will
pay to the Agents a remuneration for all services rendered hereunder by the Agents in connection with the Notes together with any expenses incurred as separately agreed in a fee letter dated as at the date hereof and executed by the Agents and the
Issuer. 
 11.2 The Issuer will indemnify and hold harmless each of the Agents against any loss, liability or expense which it may incur or any claim, action
or demand which may be made against it arising out of or in connection with such Agent’s appointment or the exercise of its powers and duties hereunder without gross negligence or wilful misconduct on the part of such Agent. 

11.3 Each Agent will indemnify and hold harmless the Issuer against any loss, liability or expense incurred by the Issuer or any claim, action or demand which
may be made against the Issuer resulting from the gross negligence or wilful misconduct on the part of such Agent (or such Agent’s officers, employees or agents) and arising out of or in connection with such Agent’s duties hereunder.
Notwithstanding the foregoing, under no circumstances will any Agent be liable to the Issuer or any other person for any consequential loss (being loss of business, goodwill, opportunity or profit) even if advised to the possibility of such loss or
damages. 
 11.4 The indemnities above shall survive the termination or expiry of this Agreement. 

11.5 Each of the Agents shall be protected and shall incur no liability for or in respect of any action taken, omitted or suffered in reliance upon any
instruction or communication from the Issuer or any document reasonably believed by it to be genuine and to have been delivered, signed or sent by the proper party or parties in accordance with the provisions hereof, except such as may result from
its own gross negligence or wilful misconduct or that of its officers, employees or agents. Each of the Agents shall be entitled to do refrain from acting under any instruction, without liability, if the instructions received are conflicting,
unclear or equivocal. 

 11.6 In acting hereunder and in connection with the Notes, the Agents do not assume any relationship of agency
and trust for the Noteholders, and shall not have any obligation towards them except that all funds held by the Fiscal Agent for payment of principal of or interest on the Notes shall be held for payment to the Noteholders and shall be applied as
set forth herein and in the Conditions. Except as otherwise required by applicable law, no Agent will be required to segregate any funds held by it hereunder from any of its other funds. 

11.7 Nothing herein shall be deemed to require any Agent to advance its own funds in the performance of its duties hereunder. 

11.8 The Agents may consult with legal and other professional advisers selected in good faith and satisfactory to them and the opinion of such advisers shall
be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and without negligence and in accordance with the opinion of such advisers. 

11.9 The Agents shall be obliged to perform such duties and only such duties as are herein specifically set forth, and no implied duties or obligations shall
be read into this Agreement against the Agents. No Agent shall be under any obligation to take any action hereunder which it expects will result in any expense or liability of such Agent, the payment of which within a reasonable time is not, in its
opinion, assured to it. The obligations of the Agents hereunder are several and not joint. 
 11.10 The Agents, their affiliates and their respective
officers and employees, in their individual or any other capacity, may become the owner of, or acquire any interest in, any Notes with the same rights that the Agents would have it they were not the Agents hereunder. 

11.11 The Issuer undertakes that: 
  

	 	(a)	it will provide to any Agent all documentation and other information required by such Agent from time to time to comply with any Applicable Law forthwith upon request by such Agent; and 

 

	 	(b)	it will notify any relevant Agent in writing within 30 days of any change that affects the Issuer’s tax status pursuant to any Applicable Law. 

It shall be the sole responsibility of the Issuer to determine whether a deduction or withholding is or will be required from any payment to be made in
respect of the Notes or otherwise in connection with this Agreement and to procure that such deduction or withholding is made in a timely manner to the appropriate Authorities and shall promptly notify each relevant Agent upon determining or
becoming aware of such requirement. The Issuer shall notify each relevant Agent a minimum of 5 Business Days prior to the date on which any payment for which a deduction or withholding is required of (i) the amount of such deduction or
withholding and (ii) the relevant Authorities to whom such amount should be paid. The Issuer shall provide such Agent with all information required for such Agent to be able to make such payment. 

12. CHANGE IN AGENTS 
 12.1 Each of the Fiscal
Agent, Registrar, Exchange Agent and Transfer Agent in its capacity as such may be removed at any time by the giving to it of at least 30 days’ written notice to that effect signed on behalf of the Issuer specifying the date on which such
removal shall become effective. Each of the Fiscal Agent, Registrar, Exchange Agent and Transfer Agent may at any time resign by giving at least 30 days’ written notice (unless the Issuer agrees to accept less notice) to that effect to the
Issuer specifying the date on which such resignation shall become effective. Notwithstanding the foregoing, no such resignation or removal shall take effect within 30 days before or after any due date for payment of any Notes or before a new Fiscal
Agent, Registrar, Exchange Agent and Transfer Agent, as the case may be, shall have been appointed by the Issuer as hereinafter provided, and such new Agent shall have accepted such appointment. Any change in any Agent shall be notified by the
Issuer to the other Agent(s). 

 12.2 The Issuer agrees with the Fiscal Agent that if, by the day falling 10 days before the expiry of any notice
under Clause 12.1 above, the Issuer has not appointed a replacement Fiscal Agent, then the Fiscal Agent shall be entitled, on behalf of the Issuer, to appoint in its place any reputable financial institution of good standing and the Issuer shall not
unreasonably object to such appointment. 
 12.3 Upon the effectiveness of the appointment of any successor Fiscal Agent, Registrar, Exchange Agent and
Transfer Agent, as the case may be, pursuant to Clause 12.1, the Fiscal Agent, Registrar, Exchange Agent and Transfer Agent so removed shall cease to be a Fiscal Agent, Registrar, Exchange Agent and Transfer Agent, as the case may be, hereunder.
Prior to the effectiveness of such appointment, the Fiscal Agent, Registrar, Exchange Agent and Transfer Agent shall hold all moneys deposited with it or held by it hereunder in respect of the Notes to the order of the respective successor Fiscal
Agent, Registrar, Exchange Agent and Transfer Agent. 
 13. NOTICES 

Notices shall be in writing (including by facsimile) and addressed to the relevant party hereto as follows: 

 

	(a)	If to the Issuer: 

  

	  	Citigroup Inc. 

	  	One Court Square 

	  	Long Island City, New York 11120 

	  	Attention: Treasury Department 

	  	Telefax: (718) 248-9335 

	  	Email: fdny.capmktgrp@citi.com 

  

	(b)	If to the Fiscal Agent, Registrar, Transfer Agent and Exchange Agent: 

  

	  	Citibank, N.A. 

	  	Citigroup Centre 

	  	Canada Square 

	  	Canary Wharf 

	  	London E14 5LB 

	  	Attn: Agency & Trust, Bond Desk 

  

	  	Fiscal Agent Telefax: +353 1 622 2210 

	  	Registrar Telefax: +353 1 506 0339 

	  	Exchange Agent Telefax: +353 1 247 6348 

 or at any other address of which any of the foregoing shall have
notified the others, and shall be deemed to have been given when received by the relevant party. 
 14. APPLICABLE LAW, PLACE OF JURISDICTION

  

	14.1	This Agreement shall be subject to New York law. 

  

	14.2	The exclusive place for all proceedings arising out of this agreement shall be New York. 

 15.
MISCELLANEOUS 
 15.1 The Fiscal Agent agrees to perform its obligations hereunder through its London Branch to the extent that this is necessary
or appropriate in order to make payments to DTC or DTC Participants in accordance with the Conditions. 
 15.2 The Fiscal Agent shall promptly advise the
Issuer of any notice, including any notice declaring Notes due, which it may receive pursuant to the Conditions. 

 15.3 Each Agent will treat information relating to or provided by the Issuer as confidential, but (unless consent
is prohibited by law) the Issuer consents to the processing, transfer and disclosure by any Agent of any information relating to or provided by the Issuer to any Agent and any agents of an Agent and third parties (including service providers)
selected by any of them, wherever situated (together, the Authorised Recipients), for confidential use (including without limitation in connection with the provision of any service and for data processing, statistical and risk analysis
purposes and for compliance with any applicable law) provided that such Agent has ensured or shall ensure that each such Authorised Recipient to which it provides such confidential information is aware that such information is confidential and
should be treated accordingly. Each Agent, agent or third party referred to above may also transfer and disclose any such information as is required or requested by, or to, any court, legal process, applicable law or relevant authority, including an
auditor of any party to this Agreement and including any payor or payee as required by applicable law, and may use (and its performance will be subject to the rules of) any communications, clearing or payment systems, intermediary bank or other
system. The Issuer: (a) acknowledges that the transfers permitted by this provision may include transfers to jurisdictions which do not have strict data protection or data privacy laws; and (b) represents that it has provided to and
secured from any person regarding whom it has provided information to any Agent any notices, consents and waivers necessary to permit the processing, transfer and disclosure of that information as permitted by this provision and that it will provide
such notices and secure such necessary consents and waivers in advance of providing similar information to any Agent in the future. 
 15.4 Should any of the
provisions of this Agreement be or become invalid, in whole or in part, the other provisions of this Agreement shall remain in force. Invalid provisions shall, according to the intent and purpose of this Agreement, be replaced by such valid
provisions which in their economic effect come as close as legally possible to that of the invalid provisions. 
 15.5 This Agreement may be signed in
counterparts. 
 15.6 Terms not defined in this Agreement shall have the meanings ascribed to them in the Underwriting Agreement or the Conditions, as the
case may be. 
 15.7 If there is any conflict between the terms of this Agreement and the terms of the Indenture, the terms of the Indenture shall control.

 15.8 Notwithstanding anything else herein contained, the Fiscal Agent may refrain without liability from doing anything that would or might in its opinion
be contrary to any law of any state or jurisdiction (including but not limited to the United States of America or any jurisdiction forming a part of it and England & Wales) or any directive or regulation of any agency of any such state or
jurisdiction and may without liability do anything which is, in its reasonable opinion, necessary to comply with any such law, directive or regulation. 

16 WHOLE AGREEMENT 
 16.1. This Agreement contains
the whole agreement between the Parties relating to the subject matter of this Agreement at the date of this Agreement to the exclusion of any terms implied by law which may be excluded by contract and supersedes any previous written or oral
agreement between the Parties in relation to the matters dealt with in this Agreement. 
 16.2 Each Party acknowledges that it has not been induced to enter
into this Agreement by any representation, warranty or undertaking not expressly incorporated into it. 
 16.3 So far as is permitted by law and except in
the case of fraud, each Party agrees and acknowledges that its only right and remedy in relation to any representation, warranty or undertaking made or given in connection with this Agreement shall be for breach of the terms of this Agreement to the
exclusion of all other rights and remedies (including those in tort or arising under statute) 

 16.4 In Clauses 16.1 to 16.3, “this Agreement” includes the fee letter dated the date hereof and all
documents entered into pursuant to this Agreement. 
 This Agreement has been entered into effective the date stated at the beginning hereof. 

 

	
	CITIGROUP INC.
	
	/s/Joseph Bonocore
	Deputy Treasurer

  

	
	CITIBANK, N.A.
	
	/s/ Stuart SullivanEX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Executive Employment Agreement (the “Agreement”) is made and entered on the date specified on the signature page hereto,
effective as of May 4, 2016 (the “Effective Date”), by and between Express Scripts Holding Company, a Delaware corporation (“ESHC”), and Timothy Wentworth (“Executive”). 

WHEREAS, the parties wish to enter into this Agreement to set forth the terms and conditions of Executive’s employment with the Company;
and 
 WHEREAS, this Agreement supersedes and replaces the Executive Employment Agreement between ESHC and Executive dated February 1,
2014 (the “Prior Agreement”). 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS 

For purposes of this Agreement, each term defined in the preamble and recitals has the meaning assigned to it and each of the following terms
shall have the following meanings: 
 1.1 “Accrued Rights” has the meaning set forth in Section 4.1. 

1.2 “Adjusted Performance Shares” has the meaning set forth in Section 4.3(c)(iv). 

1.3 “Annual Base Salary” means the base salary set forth in Section 3.1. 

1.4 “Annual Bonus” means Executive’s annual performance-based cash bonus paid out pursuant to the Annual Bonus Program, as
described in Section 3.2. 
 1.5 “Annual Bonus Program” means the annual performance-based cash bonus program established by
the Committee and the Board with respect to each fiscal year and pursuant to the applicable Incentive Plan. 
 1.6 “Board” means
the Board of Directors of ESHC. 
 1.7 “Cause” means: 

(a) any act or acts by Executive, whether or not in connection with his employment by the Company, constituting, or
Executive’s conviction or plea of guilty or nolo contendere (no contest) to (whether or not any right to appeal or vacate said conviction or plea has been or may be exercised), (i) a felony under applicable law or (ii) a misdemeanor
involving fraud, theft, dishonesty or moral turpitude; 
 (b) any act or acts of gross dishonesty, including, but not limited
to, directly or indirectly, the actual or attempted misappropriation by Executive of the Company’s or its clients’ funds or property, or the actual or attempted appropriation of a business opportunity of the Company, including knowingly
allowing or overlooking any such conduct; or any act or acts of gross misconduct in the performance of Executive’s duties hereunder; 

(c) any willful malfeasance or willful misconduct by Executive in connection with Executive’s duties hereunder or any act
or omission which is materially injurious to the financial condition or business reputation of the Company; or 
 (d) any
breach by Executive of the provisions of Sections 5.1 through 5.3 of this Agreement, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement 

 Notwithstanding the foregoing, the event(s) described in clause (c) of this Section 1.7
shall not be deemed to constitute “Cause” if such event is (i) primarily the result of bad judgment or negligence on the part of Executive not rising to the level of gross negligence; or (ii) primarily because of an act or
omission believed by Executive in good faith to have been in, or not opposed to, the interests of the Company. 
 1.8 “Change in
Control” means a Change in Control as that term is defined in the ESHC 2016 Long-Term Incentive Plan and any successors thereto, as amended from time to time. 

1.9 “CIC Pro Rata Bonus” has the meaning set forth in Section 4.2(b)(iv). 

1.10 “CIC Severance Benefit” means a severance payment in an amount equal to: 

(a) twenty-four (24) months of Executive’s Annual Base Salary as in effect immediately prior to the Termination Date,
plus 
 (b) an amount equal to two hundred percent (200%) of the Target Bonus. 

1.11 “Code” means the Internal Revenue Code of 1986, as amended. 

1.12 “Committee” means the Compensation Committee of the Board. 

1.13 “Company” means ESHC and, where context requires, its affiliates. 

1.14 “Competitive Business” means a business that is, or will be, engaged wholly or primarily in the business of manufacturing,
purchasing, selling or supplying in the United States or Canada, or in any other country in which the Company conducts business, any product or service manufactured, purchased, sold, supplied, or provided by the Company (including, without
limitation, businesses which the Company has specific plans to conduct in the future and as to which Executive is aware of such planning) in the United States or Canada, or in any other country in which the Company conducts business, or which
provides or will provide consulting or advisory services, including but not limited to audit reviews and evaluations of requests for proposals, which concern or could affect any existing or prospective relationship between the Company and any third
party, including its customers, prospective customers, vendors, suppliers and drug manufacturers. 
 1.15 “Covered Equity Awards”
means the following awards granted to Executive under the Incentive Plan: any and all Options, Stock Appreciation Rights, Restricted Stock Units or Performance Shares (as such terms are defined in the applicable Incentive Plan) granted on or after
the effective date of the Prior Agreement, but during the term of this Agreement and the Prior Agreement. 
 1.16 “Covered
Payments” means the amounts described in Section 7.12. 
 1.17 “Deemed Retirement Date” means the later to occur of
(a) the date six months after Executive properly delivers a Notice of Retirement, or (b) the Termination Date. 
 1.18
“Disability” has the meaning ascribed to such term in the ESHC 2016 Long-Term Incentive Plan and any successors thereto, as amended from time to time. 

1.19 “Early Retirement” means a voluntary termination of employment by Executive which is not a Tenured Retirement, and which meets
all of the following requirements: 
 (a) Executive shall have properly delivered a Notice of Retirement at least six
(6) months prior to the proposed effective date of the Early Retirement; and 
 (b) as of the date of proper delivery of
the Notice of Retirement: (i) Executive shall be at least 54  1⁄2 years of age; (ii) Executive shall have served on Senior Staff for a continuous
period of at least 4  1⁄2 years up to and including the date such Notice of Retirement is delivered, and (iii) the sum of the Executive’s age plus
cumulative years of service on Senior Staff shall equal at least 64. 

 1.20 “Early Retirement Option Expiration Date” means, (i) with respect to Options
or Stock Appreciation Rights granted on or following the effective date of the Prior Agreement, the first to occur of (A) the expiration of such grant’s respective term (as set forth in the applicable option or stock appreciation right
agreement or notice), or (B) the four-year anniversary of the date of the Early Retirement. 
 1.21 “Early Retirement Period”
means a number of months equal to the number of months from the first day of the calendar month of Executive’s 55th birthday to the Deemed Retirement Date, truncated to a whole number (e.g., if an Executive’s 55th birthday was
February 11, 2015 and his Deemed Retirement Date was November 5, 2015, the Early Retirement Period would be nine months – the truncated number of months from February 1, 2015 to November 5, 2015). 

1.22 “Early Retirement Vesting Factor” means a fraction, the numerator of which is the number of whole months in the Early Retirement
Period, and the denominator of which is 60; provided, however, that under no circumstances may the Early Retirement Vesting Factor be greater than one (or, if expressed as a percentage, 100%). 

1.23 “Employment Period” means the Initial Employment Period plus any additional Renewal Periods. 

1.24 “Excise Tax” means the excise tax imposed by Section 4999 of the Code or any similar state or local tax that may be
imposed. 
 1.25 “Good Reason” means the occurrence of any one or more of the following: 

(a) Any material breach by the Company of any of the provisions of this Agreement or any material failure by the Company to
carry out any of its obligations hereunder; 
 (b) The Company’s requiring Executive to be based at any office or
location more than 50 miles from One Express Way, Saint Louis, Missouri (the “Current Headquarters”), except for travel reasonably required in the performance of Executive’s responsibilities to the extent substantially consistent with
Executive’s business travel obligations; 
 (c) Any substantial and sustained diminution in Executive’s authority
or responsibilities from those described in Section 2.3; provided, however, notwithstanding the foregoing, (i) in the event a Change in Control shall occur which results in ESHC becoming a subsidiary of another pharmacy
benefit management company (“PBM”), or which is in the form of a merger in which the surviving corporation or entity is a PBM (x) so long as Executive is offered a position and continues to be employed as an officer of the parent PBM
(or surviving corporation or entity) with duties and responsibilities which are not inconsistent in any material adverse respect with Executive’s duties and responsibilities immediately prior to such Change in Control, and such position is
based at an office or location not more than 50 miles from the Current Headquarters, such change in position shall not constitute Good Reason, but (y) if Executive is not offered a position as, or ceases to be employed as, an officer of the
parent PBM or surviving corporation or entity as described in (x), a substantial and sustained diminution in Executive’s authority or responsibility shall be deemed to have occurred; or (ii) in the event a Change in Control shall occur
which results in ESHC becoming a subsidiary of a non-PBM or is in the form of a merger in which the surviving corporation or entity is not a PBM, failure to receive an offer to serve as an officer of the non-PBM parent or surviving corporation or
entity shall not constitute Good Reason provided Executive’s duties subsequent to the Change in Control are not inconsistent in any material adverse respect with his duties immediately prior to the Change in Control, and such position is based
at an office or location not more than 50 miles from the Current Headquarters; 
 (d) The material diminution of the
perquisites or benefits Executive enjoys in the aggregate under the Company’s benefit programs (including long-term incentive compensation programs), such as any of the Company’s pension, savings, vacation, life insurance, medical, health
and accident, disability or long-term incentive plans in which he was participating at the time of any such material discontinuation (or, 

 
alternatively, if such plans are amended, modified or discontinued, material diminution of benefits thereunder in the aggregate), or the taking of any action by the Company which would directly
or indirectly cause such benefits to be materially diminished in the aggregate to the benefits in effect immediately prior to taking such action; provided, that a material diminution in the context of long-term incentives shall be measured based on
Executive’s long-term incentive opportunity; provided, further, that any amendment, modification or discontinuation of any plans or benefits referred to in this subsection (d) that generally affect substantially all other domestic salaried
employees of the Company who were eligible to participate, and participated, in the affected Company benefit program(s) shall not be deemed to constitute Good Reason; and 

(e) The failure of the Company to renew this Agreement for an additional Renewal Period under Section 2.2, unless the
current Employment Period is scheduled to end after Executive has attained the age of 65; 
 provided, that the events described in
Section 1.25(a), (b), (c) or (d) above shall only constitute Good Reason if the Company fails to cure such event within 30 days after receipt from Executive of written notice of the event which constitutes Good Reason, and the event
described in Section 1.25(e) shall only constitute Good Reason if the Company has received written notice from Executive specifically expressing a desire to renew this Agreement which notice must be received no more than 75 days, and no less
than 30 days prior to the expiration of the then current Employment Period; and provided, further that, for the events described in Sections 1.25(a), (b), (c) or (d) above, “Good Reason” shall cease to exist for an event
on the 90th day following the later of its occurrence or Executive’s knowledge thereof, unless Executive has given the Company written notice thereof prior to such date. For the avoidance of doubt, Executive’s voluntary resignation (other
than in circumstances constituting Good Reason hereunder) or termination by the Company for Cause shall not constitute termination for Good Reason. 

1.26 “Incentive Plan” means the Express Scripts Holding Company 2016 Long-Term Incentive Plan, the Express Scripts, Inc. 2011
Long-Term Incentive Plan, the Express Scripts, Inc. 2000 Long-Term Incentive Plan, the Medco Health Solutions, Inc. 2002 Stock Incentive Plan, and in each case, any successors thereto, as amended from time to time. 

1.27 “Initial Employment Period” has the meaning set forth in Section 2.2. 

1.28 “Nondisclosure and Noncompetition Agreement” means any Form of Nondisclosure, Nonsolicitation, and Noncompetition Agreement
entered into or previously entered into by and between Executive and the Company, as may be amended from time to time, or any successor form agreement. 

1.29 “Notice of Retirement” means a notice of any purported Retirement by Executive as further described in Section 4.5(b). 

1.30 “Notice of Termination” means a notice of any purported termination of Executive’s employment by the Company or by
Executive as further described in Section 4.5. 
 1.31 “Payment Cap” means the maximum amount described in Section 7.12.

 1.32 “Policy” has the meaning set forth in Section 7.16. 

1.33 “Post-Retirement Performance Share Factor” means a fraction determined as follows: 

(a) The numerator shall be the sum of (i) the number of calendar years in a Performance Period (as such term is defined in
the Incentive Plan) during which Executive was employed by the Company as of December 31 of such year, plus (ii) an additional one year for the calendar year in which the Termination Date occurs, provided that Executive was employed by the
Company during such year for at least three full calendar months prior to the Termination Date, and further provided that such additional year was not already included in this Section 1.33(a)(i) above (e.g., for a Performance Period of
January 1, 2015 through January 1, 2018, and a Termination Date of March 31, 2016 or thereafter, the numerator shall be two); and 

 (b) The denominator shall be the number of full calendar years in a Performance
Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, the denominator shall be three). 
 1.34
“Pro Rata Bonus” has the meaning set forth in Section 4.2(a)(iv). 1.35 “Renewal Period” has the meaning set forth in Section 2.2. 1.36 “Retiree Plan” has the meaning set forth in Section 4.2. 

1.37 “Retirement” means (i) an Early Retirement, (ii) a Tenured Retirement or (iii) any termination of employment
which becomes effective on or after Executive has reached the age of 59 1⁄2, other than a termination of employment for Cause or due to death or Disability.

 1.38 “Senior Staff” means those members of the Company’s senior management team with a pay grade of M3 or higher, or a
similar level under any new or revised salary grading system utilized by the Company or, with respect to the period prior to the Effective Date of the Prior Agreement, those members of the senior management of Medco Health Solutions, Inc., with a
pay grade of E02 or higher. 
 1.39 “Severance Benefit” means a severance payment in an amount equal to: 

(a) eighteen (18) months of Executive’s Annual Base Salary as in effect immediately prior to the Termination Date,
plus 
 (b) an amount equal to one hundred fifty percent (150%) of the Target Bonus. 

1.40 “Target Bonus” has the meaning set forth in Section 3.2. 

1.41 “Tenured Retirement” means a voluntary termination of employment by Executive which meets all of the following requirements:

 (a) Executive shall have properly delivered a Notice of Retirement at least six (6) months prior to the proposed
effective date of the Retirement; 
 (b) as of the date of proper delivery of the Notice of Retirement (i) Executive
shall be at least 59 1⁄2 years of age, and (ii) Executive shall have served on Senior Staff for a continuous period of at least 4  1⁄2 years up to and including the date such Notice of Retirement is delivered. 

1.42 “Termination Date” means the effective date of termination of Executive’s employment as determined in accordance with
Section 4.5. 
 1.43 “Termination Year” has the meaning set forth in Section 4.2(a)(iv). 

1.44 “Welfare Benefit” has the meaning set forth in Section 4.2. 

1.45 “Welfare Period” has the meaning set forth in Section 4.2. 

ARTICLE II 
 TERM/POSITION 

2.1 Employment; Effectiveness of Agreement. Effective as of the Effective Date, the Company employs Executive, and Executive accepts
such employment, according to the terms and conditions set forth in this Agreement. The parties acknowledge that Executive may be employed by ESHC or any of its subsidiaries or affiliated entities, and such employment shall be governed by this
Agreement. 

 2.2 Term. Unless terminated earlier pursuant to Sections 4.1 through 4.5 of this
Agreement, the term of Executive’s employment under this Agreement commenced on the Effective Date and continues through March 31, 2019 (the “Initial Employment Period”). This Agreement may be extended by the Company and Executive
beyond the Initial Employment Period (any such additional period, a “Renewal Period”) upon the mutual written agreement of the Company and Executive. The Initial Employment Period and any Renewal Periods, if any, shall constitute the
“Employment Period” for purposes of this Agreement. If there are no Renewal Periods, then the Employment Period shall have the same meaning as Initial Employment Period. Notwithstanding the foregoing, upon a Change in Control, if less than
twenty-four (24) months remain in the then-current Employment Period from the date of the Change in Control, the Employment Period shall automatically extend for an additional number of months such that twenty-four (24) months remain in
the Employment Period from the date of the Change in Control. Except as set forth in Section 7.1, upon termination of Executive’s employment with the Company in accordance with the terms hereof or upon termination of the Initial Employment
Period or the Employment Period without extension thereof, this Agreement shall terminate and no longer be of any force or effect. 
 2.3
Position and Duties. Executive shall hold the position of President and Chief Executive Officer of ESHC and shall report to, an at all times be subject to the lawful direction of the Board. If requested, Executive shall also serve as a member
of the Board without additional compensation. During the Employment Period, Executive shall devote his best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods of illness or other
incapacity) to the business affairs of the Company. Executive shall perform his duties and responsibilities to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner. Nothing herein shall preclude Executive from,
(a) subject to the prior written consent of the Board, or an appropriate committee of the Board, serving on any for-profit corporate or governmental board of directors (b) serving on the board of, or working for, any charitable,
not-for-profit or community organization, (c) pursuing his personal, financial and legal affairs, or (d) pursuing any other activity; provided, that Executive shall not engage in any other business, profession, occupation or other
activity, for compensation or otherwise, which would violate the provisions of Section 5.1 or would, in each case, and in the aggregate, otherwise conflict or interfere with the performance of Executive’s duties and responsibilities
hereunder, either directly or indirectly, without the prior written consent of the Board or an appropriate committee of the Board. 
 ARTICLE
III 
 COMPENSATION AND BENEFITS 

3.1 Annual Base Salary. Effective as of the Effective Date and during the Employment Period following the Effective Date, the Company
shall pay Executive a base salary (“Annual Base Salary”) at the annual rate of One Million and Four Hundred Thousand Dollars ($1,400,000), which shall be payable in regular installments in accordance with the Company’s usual payroll
practices. Executive shall be eligible for such increases in Executive’s Annual Base Salary, if any, as may be determined from time to time in the sole discretion of the Board or the Committee; provided, that any such increase shall not
serve to limit or reduce any other obligation to Executive under this Agreement. The term “Annual Base Salary” as used in this Agreement shall refer to the Annual Base Salary as in effect from time to time during the Employment Period.
Executive’s Annual Base Salary shall not be reduced after any such increase without Executive’s express written consent. 
 3.2
Annual Incentive Compensation. Executive shall be eligible to participate in the Company’s Annual Bonus Program. The size of Executive’s bonus opportunity for any calendar year shall be no less than One Hundred and Seventy Five
Percent (175%) of Executive’s Annual Base Salary (the “Target Bonus”) for any calendar year, pro-rated for any modification during the year. Executive shall be eligible for minimum Target Bonus opportunity increases, if any, as
may be determined from time to time in the sole discretion of the Board or the Committee. Once increased, any such amount shall be the new minimum Target Bonus opportunity and “Target Bonus” under the Agreement. The amount and terms of
Executive’s participation in the Annual Bonus Program shall be determined based on the terms and conditions of the Annual Bonus Program (as approved at the sole discretion of the Committee and the Board), subject to adjustment as described
therein, and in accordance with any bonus award agreement thereunder. Executive’s Annual Bonus for the year of hire shall be based on Executive’s Annual Base Salary as in effect on the Effective Date and pro-rated based on the number of
days the Executive is employed with the Company during such calendar year. 

 3.3 Participation in Benefit Plans. During the Employment Period, Executive shall be
entitled to participate in the Company’s employee benefit plans (other than bonus and incentive plans) as in effect from time to time, on the same basis as those benefits are generally made available to similarly situated senior executives of
the Company. 
 3.4 Restricted Stock, Stock Options and Other Equity Awards and Deferred Compensation. Executive may receive
restricted stock, stock options and other equity awards and deferred compensation, to the extent determined by the Company, the Board or the Committee, as applicable, from time to time. The terms of any such award shall be documented in a separate
award notice or agreement. 
 3.5 Business Expenses. During the Employment Period, Executive shall be reimbursed for all reasonable
expenses incurred by him in performing his duties hereunder provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Company. 

3.6 Perquisites. During the Employment Period, Executive shall be entitled to receive such perquisites and fringe benefits which
similarly situated senior executives of the Company are entitled to receive and such other perquisites which are suitable to the character of Executive’s position with the Company and adequate for the performance of Executive’s duties
hereunder as determined by the Company from time to time. 
 ARTICLE IV 

TERMINATION OF EMPLOYMENT 
 4.1
Termination by the Company for Cause; Termination by Executive Other Than for Good Reason or Retirement. If the Employment Period and Executive’s employment under this Agreement are terminated by the Company for Cause or by Executive
other than for Good Reason or Retirement, prior to the scheduled expiration of the Employment Period, Executive shall be entitled to receive: 

(a) The Annual Base Salary through the Termination Date; 

(b) Reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior
to the Termination Date; and 
 (c) Such employee benefits, if any, to which Executive may be entitled under the employee
benefit plans of the Company, including rights with respect to any restricted stock, stock option and other equity awards or any deferred compensation, subject to the terms and conditions of the applicable plan, award, agreement or notice, if
relevant (the amounts described in clauses (a) through (c) being referred to as the “Accrued Rights”). The Accrued Rights shall not include any bonus payments in connection with any bonus plan, policy, practice, program or award.

 Following such termination of Executive’s employment hereunder pursuant to this Section 4.1, Executive shall have no further rights to any
compensation or any other benefits under this Agreement. Notwithstanding the delivery of a Notice of Termination or a Notice of Retirement (as applicable) with respect to a termination other than a termination by the Company under this
Section 4.1, the Company may, at any time on or prior to the Termination Date, exercise its right to terminate the Employment Period and Executive’s employment for Cause, and, upon the proper exercise of such right, any other purported
termination (including a purported Retirement) shall be null and void, and the terms of this Section 4.1 shall apply. In addition, notwithstanding the delivery of a Notice of Retirement by Executive, if the Employment Period and
Executive’s employment under this Agreement is terminated by Executive other than for Good Reason prior to the proposed effective date set forth in such Notice of Retirement, such purported Retirement (and the related Notice of Retirement)
shall be null and void, and the terms of this Section 4.1 shall apply. 

 4.2 Termination by the Company Other Than for Cause or Disability; Termination by Executive
for Good Reason. 
 (a) If the Employment Period and Executive’s employment under this Agreement is terminated by
the Company prior to the scheduled expiration of the Employment Period other than for Cause or Disability, or Executive terminates his employment prior to the scheduled expiration of the Employment Period for Good Reason, in either case, prior to a
Change in Control or following the two-year period following a Change in Control, Executive shall be entitled to receive: 

(i) The Accrued Rights; 

(ii) Any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date, which Annual Bonus
shall be payable solely to the extent the applicable bonus payout is approved by the Committee; 
 (iii) A Severance Benefit
pursuant to the terms and conditions set forth in Section 4.2(c) below; 
 (iv) An amount (to the extent such amount is
approved for payout by the Committee and the Board in their sole discretion) equal to the Annual Bonus that Executive would have been entitled to receive for the year in which the Termination Date occurs (the “Termination Year”) had
Executive remained employed through the end of such year, which amount, determined based on the Company’s actual performance for such year relative to the performance goals applicable to Executive, shall be prorated for the portion of the
Termination Year in which Executive was employed by the Company (the “Pro Rata Bonus”) and shall be payable in a lump sum at the same time bonuses are paid to other senior executives under the Annual Bonus Program, but in no event later
than March 15th of the year following the Termination Year; and 
 (v) A payment from the Company in monthly
installments, beginning on the first day of the first month following the Termination Date (subject to the six-month delay described below), in an amount equal to (1) the cost of continuing medical, dental, vision and EAP coverage under the
Company’s medical, dental, vision and EAP programs under COBRA for Executive’s applicable statutory COBRA period and (2) if Executive’s statutory COBRA period is less than 36 months, following the expiration of such COBRA period,
in an amount equal to the cost of medical coverage (medical and prescription drug only) under the Company’s retiree medical plan that covers eligible rank-and-file employees who are not covered under a collective bargaining agreement (the
“Retiree Plan”), in each case, for Executive and any eligible dependents of Executive (including Executive’s spouse) for a total period of thirty-six (36) months (the “Welfare Period”); provided that, (A) as
of the Termination Date, Executive is covered under a Company plan for such medical, dental, vision and EAP coverage (as applicable), and the Company continues to offer such benefit to its rank-and-file employees who are not covered under a
collective bargaining agreement, (B) with respect to the medical benefits only, if during the Welfare Period, the Company either does not sponsor or ceases to offer: (1) for the duration of the COBRA period, a medical program to its
rank-and-file employees who are not covered under a collective bargaining agreement, or (2) after the expiration of the COBRA period, a Retiree Plan, the payment during the Welfare Period shall change to an amount equal to the monthly premium
for equivalent medical insurance coverage and (C) if during the Welfare Period Executive becomes eligible, as a full-time employee, for group medical, dental, vision and EAP insurance from another employer, Executive shall forfeit (as
applicable) any such future payments from the Company (collectively, the “Welfare Benefit”). Notwithstanding the foregoing, in the event such payments for continued coverage or such continued coverage itself, by reason of change in the
applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax
or other penalties. 
 (b) If (1) a Change in Control occurs during the Employment Period, and (2) if the
Employment Period and Executive’s employment under this Agreement is terminated by the Company prior to the scheduled expiration of the Employment Period other than for Cause or Disability, or Executive terminates his employment prior to the
scheduled expiration of the Employment Period for Good Reason, in either case, within two (2) years after such Change in Control, Executive shall be entitled to receive: 

 (i) The Accrued Rights; 

(ii) Any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date, which Annual Bonus
shall be payable solely to the extent the applicable bonus payout is approved by the Committee; 
 (iii) A CIC Severance
Benefit pursuant to the terms and conditions set forth in Section 4.2(c) below; 
 (iv) An amount equal to the Target
Bonus, prorated for the portion of the Termination Year in which Executive was employed by the Company (the “CIC Pro Rata Bonus”) which shall be payable in a lump sum within sixty (60) days following the Termination Date; and 

(v) The Welfare Benefit. 

(c) The Company shall pay the Severance Benefit, without interest thereon (except as described in Section 7.18), in
eighteen (18) substantially equal monthly installments, which installments shall be payable on the first day of each month, with the first installment payable in the first full month commencing fifteen (15) days after the Termination Date
(subject to Section 4.2(d) and the six-month delay described in Section 7.18). The Company shall pay the CIC Severance Benefit, without interest thereon (except as described in Section 7.18), in twenty-four (24) substantially
equal monthly installments, which installments shall be payable on the first day of each month, with the first installment payable in the first full month commencing fifteen (15) days after the Termination Date (subject to Section 4.2(d)
and the six-month delay described in Section 7.18). Executive shall not be under any duty to mitigate damages in order to be eligible to receive the Severance Benefit or the CIC Severance Benefit. 

(d) Notwithstanding the foregoing, Executive agrees that the Company’s obligation to pay the Severance Benefit, the CIC
Severance Benefit, the Welfare Benefit, the bonuses pursuant to Sections 4.2(a)(ii), 4.2(a)(iv), 4.2(b)(ii) and 4.2(b)(iv), if applicable, and the benefits pursuant to Section 4.7 is contingent and conditioned upon both of the following: 

(i) Executive’s full compliance with Sections 5.1 through 5.3 and Section 5.6, as well as any agreements in the
release described in Section 4.2(d)(ii) below, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement or any other nondisclosure or noncompetition agreement between Executive and the Company that remains in effect.
Notwithstanding anything herein, if either (A) Executive breaches any of the provisions of Sections 5.1 through 5.3 or Section 5.6 (or any breach of any agreements in the release described in Section 4.2(d)(ii) below, or in the
Nondisclosure and Noncompetition Agreement, or in any other nondisclosure or noncompetition agreement between Executive and the Company that was in effect as of the time of such breach), or (B) following the Termination Date the Committee
becomes aware of acts or omissions by Executive during the term of Executive’s employment with the Company which would have constituted Cause, or (C) Executive, or anyone on Executive’s behalf, pursues any type of action or claim
against the Company regarding this Agreement or any topic or claim covered by this Agreement, other than (i) in connection with any challenges to the validity of the release described in Section 4.2(d)(ii) below under the federal Age
Discrimination in Employment Act as amended by the Older Worker Benefit Protection Act, (ii) in connection with the filing of a charge or complaint with or the participation in an investigation, hearing or proceeding of a government agency or
(iii) as otherwise prohibited by law, then, in each case, Executive shall reimburse the Company for all compensation or other amounts previously paid, allocated, accrued, delivered or provided by the Company to Executive pursuant to
Section 4.2(a) or 4.2(b) and the Company shall be entitled to discontinue the future payment, delivery, allocation, accrual or provision of the Severance Benefit, the CIC Severance Benefit, the Pro Rata Bonus, the CIC Pro Rata Bonus, the
Welfare Benefit, the benefits pursuant to Section 4.7 and such other compensation, including any deferred or equity compensation, as reflected in the terms of any plan, notice or agreement evidencing such other compensation, except to the
extent prohibited by applicable law. 

 (ii) No later than sixty (60) days after the Termination Date, Executive
must execute and deliver (and not revoke) a general release releasing all claims against the Company (other than those specifically described in the below proviso) in such form and containing such terms as the Company may reasonably prescribe (and
all applicable revocation periods must have expired); provided, however, that in no event shall the timing of Executive’s execution (and non-revocation) of the general release, directly or indirectly, result in Executive
designating the calendar year of payment, and if a payment that is subject to execution (and non-revocation) of the general release could be made in more than one taxable year, payment shall be made in the later taxable year; provided, further, that
it shall not be a condition to Executive’s receipt of such payments that Executive release the Company from any of the following: 

(A) the obligations of the Company described in Article IV of this Agreement; or 

(B) any vested rights that Executive may have with respect to any benefits, rights or entitlements under the terms of any
employee benefit programs of the Company to which Executive is or will be entitled by virtue of his employment with the Company or any of its subsidiaries, and nothing in the release will prohibit or be deemed to restrict Executive from enforcing
his rights to any such benefits, rights or entitlements; or 
 (C) Executive’s right to indemnification to the extent
provided in the Company’s Certificate of Incorporation and/or bylaws. 
 Failure or refusal by Executive to execute and deliver timely (and not revoke)
such release shall release the Company from its obligations to make the payments described herein. Following such termination of Executive’s employment hereunder pursuant to this Section 4.2, Executive shall have no further rights to any
compensation or any other benefits under this Agreement. 
 4.3 Termination Due to Death, Disability or Retirement. 

(a) Rights Upon Termination. If the Employment Period and Executive’s employment under this Agreement are terminated due
to Executive’s death, Disability or Retirement prior to the scheduled expiration of the Employment Period, Executive or Executive’s estate, as applicable, will receive (a) the Accrued Rights plus any Annual Bonus earned for a
previously completed fiscal year but unpaid as of the Termination Date which Annual Bonus shall be payable solely to the extent the applicable bonus payout is approved by the Committee; provided, however, that, in the event of
Executive’s death, the Company agrees to abide by previously received written instructions from Executive directing the Company to pay the Accrued Rights and/or the accrued but unpaid Annual Bonus to a living trust or similar estate planning
vehicle of Executive, provided such trust or similar vehicle is still in existence at the time of Executive’s death, except to the extent prohibited by law, and except as may otherwise be required or directed by any applicable employee benefit
plan; and (b) payment for the Welfare Benefit; provided, however, in the event such continued coverage, by reason of change in the applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the
Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax or other penalties. Following such termination of Executive’s employment hereunder pursuant to
this Section 4.3, Executive shall have no further rights to any compensation or any other benefits under this Agreement. Further, notwithstanding the specific terms of the Incentive Plan or any award agreement thereunder, with respect to any
grants made to Executive under the Incentive Plan during the term of this Agreement, a Retirement under this Agreement which is not also an Early Retirement or a Tenured Retirement shall be deemed to be a “Retirement” under the Incentive
Plan and shall be treated in accordance with the provisions of the Incentive Plan and any applicable award agreements which apply upon a “Retirement”. With respect to all other grants held by Executive, upon Retirement such grants shall be
treated in accordance with the terms of the Incentive Plan, any award agreement or the Prior Agreement, as applicable. 
 (b)
Tenured Retirement. Notwithstanding the specific terms of the Incentive Plan or any award agreements thereunder, with respect to any Covered Equity Awards, upon a Tenured Retirement, the following provisions shall apply: 

 (i) Vested Options and Stock Appreciation Rights. All Options or Stock
Appreciation Rights which have vested on or prior to the Termination Date, but which have not expired, been exercised, or otherwise terminated, shall remain vested and exercisable through the expiration of their respective terms (as set forth in the
applicable option or stock appreciation rights agreements or notices) and shall thereafter terminate. 
 (ii) Unvested
Options and Stock Appreciation Rights. All Options or Stock Appreciation Rights which have not vested as of the Termination Date, and which have not expired or otherwise terminated, shall continue to vest after the Termination Date in accordance
with their respective terms as if Executive were still employed by the Company, and shall remain vested and exercisable through the expiration of their respective terms (in each case as set forth in the applicable option or stock appreciation rights
agreements or notices) and shall thereafter terminate. 
 (iii) Restricted Stock Units. All grants of Restricted Stock
Units which have not vested as of the Termination Date, and which have not expired or otherwise terminated, shall continue to vest after the Termination Date in accordance with their respective terms as if Executive were still employed by the
Company (as set forth in the applicable restricted stock unit agreements or notices) and shall be paid in accordance with the vesting schedule as set forth in the applicable restricted stock unit agreement. 

(iv) Performance Shares. For each award of Performance Shares, to the extent not already vested, terminated or forfeited
as of the Termination Date, Executive shall be considered vested in such Performance Shares, but only to the extent the Performance Criteria (as defined in the applicable Performance Share award agreement) are achieved at the end of the applicable
performance period (subject to the limitations set forth below in this Section 4.3(b)(iv)), and any payment of shares shall be made in accordance with the terms of the applicable Performance Share agreement as if Executive had remained as an
employee of the Company through the end of the performance period (i.e. generally shares would not be distributed until after the end of the performance period). Notwithstanding the foregoing, certain Performance Shares shall be subject to a
reduction in the maximum number of shares which may be delivered, as follows: 
 (A) For each award of Performance Shares,
if Executive’s Termination Date occurs on or after the end of the third calendar month of the final full year of the applicable Performance Period (as such term is defined in the Incentive Plan) (e.g., for a Performance Period of
January 1, 2015 through January 1, 2018, on or after March 31, 2017), then such Performance Shares shall be treated as described in the preceding paragraph without any reduction in the maximum number of shares which may be delivered.

 (B) For each award of Performance Shares, if Executive’s Termination Date occurs prior to the end of the third
calendar month of the final full year of the applicable Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, before March 31, 2017), then such Performance Shares shall be multiplied by the
Post-Retirement Performance Share Factor, and the product shall be treated as described in the initial paragraph of this Section 4.3(b)(iv) without any reduction in the maximum number of shares which may be delivered with respect to such
portion of the Performance Shares. The remaining portion of the Performance Shares shall be treated as described in the initial paragraph of this Section 4.3(b)(iv) with a maximum payout of 100% (or “target” number) of such remaining
portion of the Performance Shares. 

 EXAMPLE: For an award of 150 Performance Shares, with a Post-Retirement Performance Share Factor
of two-thirds, assuming the achievement of the applicable Performance Criteria results in a payment of 200% of the target number of Performance Shares, Executive would receive 250 shares determined as follows: 150 Performance Shares multiplied by
the Post-Retirement Performance Share Factor results in 100 Performance Shares which are not subject to the 100% maximum and are thus paid out as 200 shares (100 Performance Shares * 200% payout factor); the remaining 50 Performance Shares are
capped at a 100% payout factor and are thus paid out as 50 shares. 
 (c) Early Retirement. Notwithstanding the
specific terms of the Incentive Plan or any award agreement thereunder, with respect to any Covered Equity Awards, upon an Early Retirement, the following provisions shall apply: 

(i) Vested Options and Stock Appreciation Rights. All Options or Stock Appreciation Rights which have vested on or prior
to the Termination Date, but which have not expired, been exercised, or otherwise terminated, shall remain vested and exercisable through the Early Retirement Option Expiration Date and shall thereafter terminate. 

(ii) Unvested Options and Stock Appreciation Rights. Each grant, or portion thereof, of Options or Stock
Appreciation Rights which has not vested as of the Termination Date, and which has not expired or otherwise terminated, shall vest or be terminated and forfeited as follows: (A) any portion of such grant which is scheduled (under its original
terms) to vest after the Early Retirement Option Expiration Date shall terminate and be forfeited on the Termination Date; (B) for any portion of such grant which is scheduled (under its original terms) to vest on or prior to the Early
Retirement Option Expiration Date, each “tranche” of such grant (meaning each portion scheduled to vest on the various vesting dates under the grant) shall be multiplied by the Early Retirement Vesting Factor, and a portion of such tranche
equal to such product rounded to the nearest whole number, shall continue to vest after the Termination Date in accordance with its original terms as if Executive were still employed by the Company, and shall remain vested and exercisable through
the Early Retirement Option Expiration Date and shall thereafter terminate; and (C) for each tranche to which the Early Retirement Vesting Factor is applied under the preceding Subsection B, any remaining portion of such tranche that does not
so vest shall terminate and be forfeited on the Termination Date. (See example on Exhibit A to this Agreement). 

(iii) Restricted Stock Units. Each grant, or portion thereof, of Restricted Stock Units which has not vested as of the
Termination Date, and which has not expired or otherwise terminated, shall vest or be terminated and forfeited as follows: (A) any portion of such grant which is scheduled (under its original terms) to vest after the third anniversary of the
Deemed Retirement Date shall terminate and be forfeited on the Termination Date; (B) for any portion of such grant which is scheduled (under its original terms) to vest on or prior to the third anniversary of the Deemed Retirement Date, each
“tranche” of such grant (meaning each portion scheduled to vest on the various vesting dates under the grant) shall be multiplied by the Early Retirement Vesting Factor, and a portion of such tranche equal to such product rounded to the
nearest whole number, shall continue to vest after the Termination Date in accordance with its original terms as if Executive were still employed by the Company and shall be paid in accordance with the vesting schedule as set forth in the applicable
restricted stock unit agreement; and (C) for each tranche to which the Early Retirement Vesting Factor is applied under the preceding Subsection B, any remaining portion of such tranche that does not so vest shall terminate and be forfeited on
the Termination Date. 
 (iv) Performance Shares. For each award of Performance Shares, to the extent not already
vested, terminated or forfeited as of the Termination Date, Executive shall be considered vested in a portion of such Performance Shares determined by multiplying the number of such Performance Shares by the Early Retirement Vesting Factor (the
product being the “Adjusted Performance Shares”), but only to the extent the Performance Criteria are achieved at the end of the applicable performance period (e.g., if the target number of Performance Shares is 150, the Early Retirement
Vesting Factor is 0.24 the Adjusted Performance Shares would be 36, and if the achievement of the Performance Criteria results in a payment of 75% of target shares, the number 

 of shares awarded would be 36 * 75% or 27 shares), and any payment of shares shall be made in
accordance with the terms of the applicable Performance Share agreement as if Executive had remained as an employee of the Company through the end of the performance period (i.e., generally shares would not be distributed until after the end of the
performance period). Notwithstanding the foregoing, certain Performance Shares shall be subject to a reduction in the maximum number of shares which may be delivered, as follows: 

(A) For each award of Performance Shares, if Executive’s Termination Date occurs on or after the end of the third
calendar month of the final full year of the applicable Performance Period (as such term is defined in the Incentive Plan) (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, on or after March 31, 2017), then
the Adjusted Performance Shares for shall be treated as described in the preceding paragraph without any reduction in the maximum number of shares which may be delivered. 

(B) For each award of Performance Shares, if Executive’s Termination Date occurs prior to the end of the third calendar
month of the final full year of the applicable Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, before March 31, 2017), then the Adjusted Performance Shares shall be multiplied by the
Post-Retirement Performance Share Factor, and the product shall be treated as described in the initial paragraph of this Section 4.3(c)(iv) without any reduction in the maximum number of shares which may be delivered with respect to such
portion of the Adjusted Performance Shares. The remaining portion of the Adjusted Performance Shares shall be treated as described in the initial paragraph of this Section 4.3(c)(iv) with a maximum payout of 100% (or “target” number)
of such remaining portion of the Adjusted Performance Shares. 
 EXAMPLE: Assuming an award of 150 Performance Shares, and an Early
Retirement Vesting Factor is 0.24 the Adjusted Performance Shares would be 36. Further assuming a Post-Retirement Performance Share Factor of two-thirds, if the achievement of the Performance Criteria results in a payment of 200% of the target
number of Performance Shares, Executive would receive 60 shares determined as follows: 36 Adjusted Performance Shares multiplied by the Post-Retirement Performance Share Factor (two-thirds) results in 24 Adjusted Performance Shares which are not
subject to the 100% maximum and are thus paid out as 48 shares (24 Adjusted Performance Shares * 200% payout factor); the remaining 12 Performance Shares are capped at a 100% payout factor and are thus paid out as 12 shares. 

(d) Notwithstanding anything to the contrary set forth herein, if either (i) Executive breaches any of the provisions of
Sections 5.1 through 5.3 or Section 5.6, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement (whether such breach occurs during or after Executive’s employment with the Company), or (ii) following the
Termination Date the Committee becomes aware of acts or omissions by Executive during the term of Executive’s employment with the Company which would have constituted Cause, or (iii) Executive, or anyone on Executive’s behalf, pursues
any type of action or claim against the Company, regarding this Agreement or any topic or claim covered by this Agreement, other than (i) in connection with any challenges to the validity of the release described in Section 4.2(d)(ii)
under the federal Age Discrimination in Employment Act as amended by the Older Worker Benefit Protection Act, (ii) in connection with the filing of a charge or complaint with or the participation in an investigation, hearing or proceeding of a
government agency or (iii) as otherwise prohibited by law, then, in each case, (1) all Options, Stock Appreciation Rights, Restricted Stock Units, Performance Shares or other Awards (as defined in the Incentive Plan), to the extent not
previously exercised or paid out, shall immediately terminate and be forfeited, and Executive shall reimburse the Company for the value of any other Options, Stock Appreciation Rights, Restricted Stock Units, Performance Shares or other Awards for
which vesting accelerated, or which Executive otherwise realized value, as a result of a purported Retirement; and (2) Executive shall reimburse the Company for all compensation or other amounts previously paid, allocated, accrued, delivered or
provided by the Company to Executive pursuant to this Section 4.3 and the Company shall be entitled to discontinue the future payment, delivery, allocation, accrual or provision of the Severance Benefit, the CIC Severance Benefit, the Pro-Rata
Bonus, the CIC Pro Rata Bonus, the Welfare Benefit, the benefits pursuant to Section 4.7 and such other compensation, including any deferred or equity compensation, as reflected in the terms of any plan, notice or agreement evidencing such
other compensation, except to the extent prohibited by applicable law. 

 (e) If the Employment Period and Executive’s employment under this Agreement
are terminated due to Executive’s death, Disability or Retirement prior to the scheduled expiration of the Employment Period, Executive or Executive’s estate, as applicable, will receive a Pro Rata Bonus and shall be payable, solely to the
extent the applicable bonus payout is approved by the Committee, in a lump sum at the same time bonuses are paid to other senior executives under the Annual Bonus Program, but in no event later than March 15th of the year following the
Termination Year. 
 (f) (i) In the event the Employment Period and Executive’s employment under this Agreement are
terminated due to Executive’s death or Disability prior to the scheduled expiration of the Employment Period, and, as of the Termination Date, Executive would have been eligible for Tenured Retirement, then, to the extent permitted under
Section 409A of the Code, Executive’s termination of employment shall be treated as a Tenured Retirement with respect to the Covered Equity Awards with a Deemed Retirement Date that is six (6) months following the Termination Date.
Notwithstanding the foregoing, Executive or Executive’s estate, as applicable, to the extent permitted under Section 409A of the Code, may decline such Tenured Retirement through an election delivered by written notice to the Company not
less than ninety (90) days following the Termination Date. If proper election is made under this paragraph, then Section 4.3(b) shall not apply to the Covered Equity Awards and the provisions of the Incentive Plan, and/or the agreements or
notices for the Covered Equity Awards, related to vesting, termination or forfeiture, or exercise period, following a termination due to death or Disability, shall apply to the Covered Equity Awards (except to the extent provided herein). 

(ii) In the event the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death or
Disability prior to the scheduled expiration of the Employment Period, and, as of the Termination Date, Executive would have been eligible for Early Retirement (but not Tenured Retirement), then, to the extent permitted under Section 409A of
the Code, Executive or Executive’s estate, as applicable, may elect to have Executive’s termination treated as an Early Retirement with respect to the Covered Equity Awards with a Deemed Retirement Date that is six (6) months
following the Termination Date. Such election shall be made by delivery of written notice to the Company not less than ninety (90) days following the Termination Date. If proper election is made under this paragraph, then (1) the
provisions of Section 4.3(c) shall apply to all, and not less than all, Covered Equity Awards and (2) the provisions of the Incentive Plan, and/or the agreements or notices for the Covered Equity Awards, related to vesting, termination or
forfeiture, or exercise period, following a termination due to death or Disability, shall not apply to the Covered Equity Awards (except to the extent provided herein). 

(g) Any payment or vesting of cash or equity to Executive is subject to all federal, state, and local income and payroll tax
withholding that, in the opinion of the Company, is required by law. Unless Executive satisfies any such tax withholding obligation by paying the amount in cash (including by check or wire transfer) or shares of the Company’s stock, the Company
shall withhold cash and/or shares on the date of withholding sufficient to cover the withholding obligation or such other amount that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules
promulgated by the Internal Revenue Service or another governmental entity, with shares valued in the same manner as used in computing the withholding taxes. 

(h) Notwithstanding the foregoing, Executive agrees that the Company’s obligation to make the payments set forth in this
Section 4.3, other than the Accrued Rights, is contingent and conditioned upon the execution and delivery (and non-revocation) of a general release by Executive (or Executive’s estate, if applicable), no later than sixty (60) days
after the Termination Date, releasing all claims against the Company (other than those specifically described in the below provisos) in such form and containing such terms as the Company may reasonably prescribe; provided, however,
that in no event shall the timing of Executive’s execution (and non-revocation) of the general release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment that is subject to execution (and
non- revocation) of the general release could be made in more than one taxable year, payment shall be made in the later taxable year; provided, further, that it shall not be a condition to Executive’s receipt of such payments that
Executive release the Company from any of the following: 

 (i) the obligations of the Company described in Article IV of the Agreement; or

 (ii) any vested rights that Executive may have with respect to any benefits, rights or entitlements under the terms of
any employee benefit programs of the Company to which Executive is or will be entitled by virtue of his employment with the Company or any of its subsidiaries, and nothing in the release will prohibit or be deemed to restrict Executive from
enforcing his rights to any such benefits, rights or entitlements; or 
 (iii) Executive’s right to indemnification to
the extent provided in the Company’s Certificate of Incorporation and/or bylaws. 
 Failure or refusal by Executive to execute and
deliver timely (and not revoke) such release shall release the Company from its obligations to make the payments described herein. Following such termination of Executive’s employment hereunder pursuant to this Section 4.3, Executive shall
have no further rights to any compensation or any other benefits under this Agreement. 
 4.4 Expiration of the Employment Period.

 (a) In the event either party elects not to extend the Employment Period pursuant to Section 2.2, unless Executive’s
employment is earlier terminated pursuant to Sections 4.1 through 4.3, the Agreement shall terminate upon the expiration of the then current Employment Period subject only to Section 7.1 and Executive’s employment with the Company beyond
the expiration of the Employment Period shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement (subject to Section 7.1) and Executive’s employment may thereafter be terminated at
will by either Executive or the Company. 
 (b) Following such termination of the Agreement pursuant to this
Section 4.4, Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 4.5 Notice of
Termination; Notice of Retirement; Termination Date. 
 (a) For purposes of this Agreement, any purported termination of
Executive’s employment by the Company or by Executive (other than a Retirement by Executive), shall be communicated by written “Notice of Termination” to the other party hereto in accordance with Section 7.2. Any Notice of
Termination shall set forth (i) the effective date of termination (for purposes of determining Executive’s entitlement to benefits hereunder), which, in the case of a termination by Executive pursuant to Section 4.1, or a termination
by either party pursuant to Section 4.2 shall not be less than fifteen (15) days after the date the Notice of Termination is delivered; (ii) the specific provision in this Agreement relied upon; and (iii) except in the case of a
termination due to death, Disability or by the Company other than for Cause, death or Disability, in reasonable detail, the facts and circumstances claimed to provide a basis for such termination. 

(b) For purposes of this Agreement, any purported Retirement by Executive shall be communicated by written “Notice of
Retirement” to the Company in accordance with Section 7.2. Any Notice of Retirement shall include the following (i) if Executive intends for the Retirement to qualify as either an Early Retirement or a Tenured Retirement, the notice
shall indicate such intent; and (ii) the notice shall set forth the proposed effective date of the Retirement, which, for either an Early Retirement or a Tenured Retirement shall not be less than six (6) months after the date the Notice of
Retirement is delivered, or for any other Retirement shall not be less than fifteen (15) days after the date the Notice of Retirement is delivered. Notwithstanding anything to the contrary set forth herein, in order for a Notice of Retirement
to be proper and valid, Executive must, during the period from delivery of the purported Notice 

 
of Retirement through the Termination Date, continue to substantially perform his duties hereunder, to the extent required by the Company. Executive’s material neglect or willful and
continuous failure to perform such duties, which neglect or failure is not cured within seven (7) days following written notice thereof from the Company to Executive, shall (i) invalidate the Notice of Retirement ab initio, and
(ii) deprive Executive the right to deliver a subsequent Notice of Retirement. However, the foregoing shall not prevent the Company, in its sole discretion, from agreeing to reduce or diminish Executive’s duties and obligations to the
Company during the period following delivery of the purported Notice of Retirement through the Termination Date. 
 (c) If
the Company terminates Executive’s employment pursuant to Section 4.1 or due to Executive’s Disability pursuant to Section 4.3, the Termination Date shall be the date upon which the Company notifies Executive of such termination.
If the Company terminates Executive’s employment pursuant to Section 4.2 or 4.3, or if Executive terminates employment pursuant to Section 4.1, 4.2 or 4.3, the Termination Date shall be Executive’s last full day of work prior to
the effectiveness of such termination. At any time following proper delivery of a Notice of Retirement but prior to the effective date of such Retirement, the Company may elect to terminate the Employment Period and Executive’s employment under
this Agreement in which case the Termination Date shall be Executive’s last full day of work prior to the effectiveness of such termination; provided, however, that, unless such termination is for Cause under Section 4.1,
such early termination by the Company shall not have any impact on the Deemed Retirement Date. Notwithstanding the foregoing, if within fifteen (15) days after any Notice of Termination is given, the party receiving such Notice of Termination
notifies the other party that a good faith dispute exists concerning the termination, the “Termination Date” for purposes of determining Executive’s entitlement to benefits under this Agreement shall be the date on which the dispute
is finally determined by an independent arbitrator selected by the American Arbitration Association. 
 4.6 Board/Committee
Resignation. Upon termination of Executive’s employment for any reason, Executive hereby agrees to immediately resign from all positions (including, without limitation, any management, officer or director position) that Executive holds on
the date of such termination with the Company or any of its affiliates or with any entity in which the Company or any of its affiliates has made any investment. Executive hereby agrees to execute and deliver such documentation reasonably required by
the Company as may be necessary or appropriate to enable the Company or its affiliates, or any entity in which the Company or any of its affiliates thereof has made an investment to effectuate such resignation, and in any case, Executive’s
execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited power of attorney to sign in Executive’s name and on Executive’s behalf such documentation solely for the limited purposes of
effectuating such resignation. 
 4.7 Continuing Medical Coverage. Following the expiration of the Welfare Period, if Executive was
participating in a Retiree Plan during the Welfare Period and if Executive has not become eligible, as a full time employee, for group insurance from another employer, then Executive may continue participation in the Retiree Plan for Executive and
any eligible dependents (including Executive’s spouse) through Executive’s 65th birthday subject to the terms and conditions of such plan, so long as Executive pays for the full cost of such participation. Notwithstanding the foregoing
sentence, if following the expiration of the Welfare Period, either the Company does not sponsor a Retiree Plan or a Retiree Plan is no longer offered or is terminated, and Executive has not become eligible for group insurance coverage from another
employer or otherwise obtained medical coverage, the Company shall use commercially reasonable efforts to assist Executive in obtaining medical insurance coverage reasonably equivalent to the medical benefits provided to then-active employees of the
Company who are not covered under a collective bargaining agreement for Executive and his eligible dependents (including Executive’s spouse) through Executive’s 65th birthday, so long as Executive pays for the full cost of such coverage.
Notwithstanding the foregoing, in the event fulfilling its commitments under this Section 4.7 by reason of change in applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision
shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax or other penalties. For the avoidance of doubt, should Executive have a surviving spouse at the time of his death, such
spouse shall have the same rights as Executive with respect to the Welfare Benefit, and after the expiration of the Welfare Period as provided for in this Section 4.7, as Executive would have had under this Agreement and further, the rights
such Executive would have had through any such surviving spouse’s 65th birthday; provided, however, that if any such Retiree Plan does not permit independent elections by a spouse, the Company will provide payment for other
coverage during the Welfare Period and for both the remaining Welfare Period and after the Welfare Period will use commercially reasonable efforts to assist such spouse in obtaining medical insurance coverage as would have been provided to Executive
under this Agreement through such spouse’s 65th birthday. 

 ARTICLE V 

RESTRICTIVE COVENANTS 
 For the purposes of this
Article V, all references to the Company shall include the Company and its affiliates. 
 5.1 Non-Solicitation and Non-Competition.

 (a) Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly
agrees as follows: 
 (i) During the period of Executive’s employment with the Company and, for a period of two
(2) years after termination of Executive’s employment for any reason by Executive or the Company (cumulatively the “Nonsolicit Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction
with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly solicit or assist in soliciting to provide products or services
manufactured, sold, supplied or provided by the Company to any actual or prospective client, vendor, supplier, drug manufacturer, broker, regional marketing director, employee benefit plan or trust, or other party in any type of business
relationship with the Company or encourage any such Person to reduce, terminate or change the terms of business conducted with the Company, in each case: 

(A) with whom Executive had personal contact or dealings on behalf of the Company during the one (1) year period
preceding Executive’s termination of employment; 
 (B) with whom employees reporting directly to Executive or to
Executive’s direct reports have had personal contact or dealings on behalf of the Company during the one (1) year immediately preceding Executive’s termination of employment; or 

(C) for whom Executive had direct or indirect responsibility during the one (1) year immediately preceding Executive’s
termination of employment. 
 (ii) During the Nonsolicit Period, Executive will not, whether on Executive’s own behalf
or on behalf of or in conjunction with any Person, directly or indirectly: 
 (A) solicit or encourage any employee of the
Company to leave the employment of the Company; or 
 (B) hire any such employee who was employed by the Company as of the
date of Executive’s termination of employment with the Company or who left the employment of the Company coincident with, or within one year prior to or after, the termination of Executive’s employment with the Company. 

(iii) During the Nonsolicit Period, Executive will not, directly or indirectly, solicit, or encourage to cease to work with the
Company, any consultant or independent contractor then under contract with the Company. 
 (iv) During the period of
Executive’s employment with the Company and, for a period of (18) months after termination of Executive’s employment for any reason by Executive or the Company (cumulatively the “Noncompete Period”), Executive will not
directly or indirectly: 

 (A) engage in or prepare to engage in any Competitive Business; 

(B) enter the employ of, or render any services to, any Person (or any division or controlled or controlling affiliate of any
Person) who or which engages in or is preparing to engage in a Competitive Business; 
 (C) acquire a financial interest in,
or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 

(D) interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this
Agreement) between the Company or any third parties, including employees, consultants, customers, clients, vendors, suppliers, drug manufacturers, partners, members or investors of the Company. 

(v) Notwithstanding anything to the contrary herein, Executive may, directly or indirectly own, solely as an investment,
securities of any Person engaged in the business of the Company which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which
controls, such Person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person. 

(b) Tolling. Executive understands that if he violates the terms of Sections 5.1(a)(i), (ii), (iii) or
(iv) above by engaging in one or more of the prohibited activities during the applicable restrictive period, then the running of the restrictive period will stop, or be “tolled,” during the time of such violation and will begin
running again only when the violation(s) have ceased by voluntary action of Executive or following legal action by the Company to enforce the Agreement. 

5.2 Confidentiality. 

(a) Executive acknowledges that the identity of the clients and customers of the Company, the prices, terms and conditions at,
or upon which, the Company sells its products or provides its services and other non-public, proprietary or confidential information relating to the business, financial and other affairs of the Company (including, without limitation, any idea,
product, trade secret, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property; creative or conceptual business or marketing plan, strategy or other material
developed for the Company by Executive; or information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising,
sales, marketing, promotions, government and regulatory activities and approvals – concerning the past, current or future business, activities and operations of the Company and/or any third party that has disclosed or provided any of same to
the Company on a confidential basis) (hereinafter collectively referred to as “Confidential Information”) are valuable, special unique assets of the Company and that such Confidential Information, if disclosed to others, may result in loss
of business or other irreparable and consequential damage to the Company. 
 (b) Executive shall hold in fiduciary capacity,
for the benefit of the Company, all Confidential Information and shall not, at any time during the Employment Period or thereafter (i) retain or use for the benefit, purposes or account of Executive of any other Person, or (ii) disclose,
divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any Confidential Information, without the prior written
authorization of the Company. 
 (c) Notwithstanding the foregoing, the term Confidential Information shall not include
information (i) generally known to the public or the trade other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties, (ii) made legitimately available 

 to Executive by a third party without breach of any confidentiality obligation, (iii) the
release of which is deemed by the Board to be in the best interest of the Company, or (iv) the disclosure of which is required by applicable law; provided, that Executive shall give prompt written notice to the Company of such legal
requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. Furthermore, nothing in this Agreement prohibits Executive from reporting possible
violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures
that are protected under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures and Executive is not required to notify the Company that he
has made such reports or disclosures. 
 (d) Upon termination of Executive’s employment with the Company for any reason,
Executive shall (i) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other
source indicator) owned or used by the Company, (ii) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files,
letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or
otherwise relate to the business of the Company, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information, and (iii) notify and fully cooperate with the
Company regarding the delivery or destruction of any other Confidential Information of which Executive is or becomes aware. In addition, on Executive’s last day of employment with the Company, or earlier upon the request of the Company,
Executive shall return to the Company all equipment, data, material, manuals, offering documents, contracts, closing binders, books, records, documents (whether stored electronically or on computer hard drives, disks, thumb drives, or other storage
devices), computer disks, credit cards, keys, I.D. cards, and other Company property, including, without limitation, stand-alone computers or tablets, fax machines, printers, telephones, and other Company electronic devices in Executive’s
possession, custody, or control. 
 5.3 Non-Disparagement. Executive agrees that Executive will not disparage the Company or its or
their current or former officers, directors, and employees in any way; further, Executive will not make or solicit any comments, statements, or the like to the media or to others that would be considered derogatory or detrimental to the good name or
business reputation of any of the aforementioned entities or individuals; provided, that this Section does not prohibit statements which Executive is required to make under oath or which are otherwise required by law, provided, that
such statements are truthful and made in a professional manner; further provided, that this Section does not prohibit Executive from making statements which would otherwise be in violation of this Section, provided such statements are
made by Executive in response to public statements made by the Company, or its authorized representatives, which are derogatory or detrimental to the good name or business reputation of Executive. 

5.4 Acknowledgment of Reasonable Covenants. It is expressly understood and agreed that Executive and the Company consider the
restrictions and covenants contained herein to be reasonable and enforceable, because, among other things, (a) Executive will be receiving compensation under this Agreement or otherwise, (b) there are many other areas in which, and
companies for which, Executive could work in view of Executive’s background, (c) the restrictions and covenants set forth herein do not impose any undue hardship on Executive, (d) the Company would not have entered into this Agreement
but for the restrictions and covenants of Executive contained herein, (e) the restrictions and covenants contained herein have been made in order to induce the Company to enter into this Agreement and (f) the restrictions and covenants
contained herein are for the protection of the Company’s confidential or trade secrets business information and customer or supplier relationships, goodwill and loyalty. 

5.5 Subsequent Employment. Executive agrees to disclose the existence of this Agreement and the restrictions in this Article V (but
nothing further) to any person, firm, corporation or other entity before accepting employment with, engagement by or otherwise working for such person or entity during Executive’s employment with the Company and during the two (2) year
period following termination of Executive’s employment for any 

 reason. Executive further agrees that upon request Executive will disclose to one of the Company’s Vice
President(s) of Human Resources the identity of any new employment, business relationship, or consulting arrangement that Executive is engaged in while Executive is employed and during the two (2) year period after termination of employment for
any reason. Notwithstanding the foregoing, this paragraph shall not prohibit Executive from disclosing historical compensation information (e.g., salary, bonus or long term incentive compensation) to prospective future employers. 

5.6 Modification of the Restrictive Covenants. If, at the time of enforcement of the restrictive covenants set forth herein, a final
judicial determination is made by a court or arbiter of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall
not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction
finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

ARTICLE VI 
 EMPLOYEE INVENTIONS

 6.1 Ownership of Work Product. Executive acknowledges and agrees that the Company shall solely own, without restrictions or
liability of any kind, all right, title, and interest in and to any and all intellectual property and tangible embodiments thereof, including, but not limited to, all documents, reports, memoranda, drawings, specifications, computer programs, works
of authorship, and other tangible or intangible property and any and all plans, discoveries, creations, compositions, inventions, innovations, processes, technical data, patents and patent applications, know-how, trade secrets, customer lists,
business plans, marketing plans and other competitive data and information, trademarks, service marks, trade names, copyrights and copyright registration applications, and other materials and designs (whether tangible or intangible) developed or
conceived by Executive or provided by the Company or business units to Executive during the course of Executive’s performance of services pursuant to this Agreement (individually or collectively “Work Product”). 

6.2 Return of Materials. Executive acknowledges and agrees that Executive shall not acquire any rights whatsoever in any Work Product
and that any and all Work Product, and any other property of Company shall be returned or provided to the Company at any time upon the Company’s demand, and, at the latest, upon Executive’s separation from Company for any reason. 

6.3 Title. Executive acknowledges and confirms that it is Executive’s intention that any and all rights, including any copyright
or other intellectual property rights, in any Work Product created by Executive for the Company shall solely and exclusively vest in the Company, and that any such Work Product shall be considered within the scope of Executive’s employment. The
parties agree that the Company is entitled, as author, to the copyright in any copyrightable Work Product and any other rights therein including the right to seek or not seek statutory registration of any copyright and the right to make such changes
therein and uses thereof as the Company in its sole discretion determines. If, for any reason, any Work Product is not considered a work made for hire under the U.S. Copyright Act, then Executive hereby grants and assigns to the Company, without any
requirement of further consideration, all of Executive’s right, title, and interest in and to such Work Product. 
 6.4 Assignment
of Rights. Executive agrees to execute such assignments, releases, transfer documents, and other instruments as the Company may reasonably require in order to vest in the Company complete and absolute title to the Work Product, including all
intellectual property rights therein and thereto. For this limited purpose, Executive hereby appoints the Company as its attorney in fact to execute and deliver to the Company, on behalf of Executive, any and all such documents or instruments. This
appointment shall be deemed to be a power coupled with an interest and shall be irrevocable. Executive agrees to cooperate fully with the Company in any and all acts or actions deemed appropriate by the Company in order to perfect, retain, enforce,
and maintain sole and exclusive title in and to the Work Product and all intellectual property rights therein and thereto. 

 ARTICLE VII 

MISCELLANEOUS 
 7.1
Survival. Sections 4.1 through 4.7 inclusive (as applicable to the relevant circumstance of termination only), Articles V, VI and VII shall survive and continue in full force in accordance with their terms notwithstanding any termination of
Executive’s employment hereunder or termination of the Employment Period. 
 7.2 Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and
postage prepaid, or sent via a nationally recognized overnight courier, or sent via e-mail to the recipient. Such notices, demands and other communications shall be sent to the address indicated below: 

To the Company: 
 Express
Scripts Holding Company 
 One Express Way 

Saint Louis, MO 63121 

Attention: Chief Legal Officer 

To Executive: 
 At the address
in the Company records 
 or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice
to the sending party. 
 7.3 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 
 7.4 Complete Agreement. Except to the extent specifically set forth herein, this Agreement constitutes the complete
agreement and understanding between the parties regarding the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by and between the parties, written or oral which shall automatically terminate
upon the effectiveness of this Agreement; provided, however, that this Agreement shall not supersede or modify the terms of the Nondisclosure and Noncompetition Agreement or any other nondisclosure or noncompetition agreement between
Executive and the Company, and any restricted stock, stock options, performance shares, restricted stock units or other equity awards, deferred compensation and sign on incentives, whether in cash or otherwise, shall be subject to the terms of the
applicable awards, notices or agreements. The applicable provisions of this Agreement amend the terms and provisions of the Incentive Plan to the extent addressed by this Agreement. 

7.5 Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which
taken together constitute one and the same agreement. 
 7.6 Successors and Assigns. Except as otherwise provided herein, all
covenants and agreements contained in this Agreement shall bind and inure to the benefit of and be enforceable by the parties to this Agreement and their respective heirs, executors, administrators, successors and assigns. Except as otherwise
specifically provided herein, this Agreement, including the obligations and benefits hereunder, may not be assigned to any party by Executive. In addition to any obligations imposed by law upon any successor to the Company, the Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement within 30 days after a written demand therefor is delivered to the Board by
Executive shall be a breach of this Agreement and shall entitle Executive to claim Good Reason pursuant to Section 1.25(a) of this Agreement. 

 7.7 No Strict Construction. The language used in this Agreement shall be deemed to be the
language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied to this Agreement. 

7.8 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of
this Agreement. 
 7.9 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Missouri, without regard to conflicts of laws principles thereof; provided, however, that issues related to the Incentive Plan or any grants thereunder shall be resolved in accordance with the laws of the State of Delaware. 

7.10 Specific Performance. The Company shall be entitled to enforce its rights under this Agreement specifically, to recover damages
and costs (including reasonable attorneys’ fees) caused by any breach or threatened breach of any provision of this Agreement and to exercise all other rights existing in its favor. Executive agrees and acknowledges that money damages are an
inadequate remedy for any breach of the provisions of this Agreement, including, without limitation, Sections 5.1 through 5.3 and Section 5.6, and that the Company shall be entitled to apply to any court of law or equity of competent
jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. Further, Executive acknowledges that the forfeiture
provision set forth in the termination provisions hereof shall not be construed to limit or otherwise affect the Company’s right to seek legal or equitable remedies it may otherwise have, or the amount of damages for which it may seek recovery,
resulting from breach of this Agreement. 
 7.11 Amendment and Waiver. The provisions of this Agreement may be amended and waived
only with the prior written consent of the Company and Executive. 
 7.12 Tax Matters. 

(a) Notwithstanding anything to the contrary herein (or any other agreement entered into by and between Executive and the
Company or any incentive arrangement or plan offered by the Company), in the event that any amount or benefit paid or distributed to Executive pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to
Executive by the Company or any of its subsidiaries (collectively, the “Covered Payments”), would exceed the amount which can be paid to Executive without Executive incurring an Excise Tax, then the amounts payable to Executive under this
Agreement (or any other agreement by and between Executive and the Company or pursuant to any incentive arrangement or plan offered by the Company) may, in the discretion of the Company, be reduced (but not below zero) to the maximum amount which
may be paid hereunder without Executive becoming subject to the Excise Tax (such reduced payments to be referred to as the “Payment Cap”), but only if and to the extent such reduced amount would provide a greater benefit to Executive than
an unreduced payment that would subject Executive to an Excise Tax. In the event Executive receives reduced payments and benefits as a result of application of this Section 7.12, Executive shall have the right to designate which of the payments
and benefits otherwise set forth herein (or any other agreement between Executive and the Company or any incentive arrangement or plan offered by the Company) will be received in connection with the application of the Payment Cap, subject to the
following sentence. Reduction shall first be made from payments and benefits which are determined not to be nonqualified deferred compensation for purposes of Section 409A of the Code, and then shall be made (to the extent necessary) out of
payments and benefits which are subject to Section 409A of the Code and which are due at the latest future date. 
 (b)
Immediately upon a Change in Control, the Company shall notify Executive of any modification or reduction as a result of the application of this Section 7.12. In the event Executive and the Company disagree as to the application of this
Section 7.12, the Company shall select a law firm or accounting firm from among those regularly consulted (during the twelve-month period immediately prior 

 
to the Change in Control that resulted in the characterization of the Covered Payments as parachute payments) by the Company, and such law firm or accounting firm shall determine, at the
Company’s expense, the amount to which Executive shall be entitled hereunder (and pursuant to any other agreements, incentive arrangements or plans), taking into consideration the application of this Section 7.12, and such determination
shall be final and binding upon Executive and the Company. 
 7.13 Executive Representation. Executive hereby represents and warrants
to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any
employment agreement or other agreement or policy to which Executive is a party or otherwise bound. 
 7.14 Executive Acknowledgement.
Executive acknowledges that he has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has
entered into this Agreement freely based on his own judgment. 
 7.15 Cooperation. Each party shall provide reasonable cooperation in
connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder. 

7.16 Clawback Policy. This Agreement shall be subject to the Company’s Clawback and Recoupment Policy, or any successor policy, as
it may be in effect from time to time, including, without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Policy”), and Executive specifically acknowledges that such
Policy shall apply to compensation and benefit previously provided and that the Committee shall have discretion regarding application of the Policy to this Agreement. 

7.17 Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or
foreign withholding or other taxes or charges which the Company is required or authorized by law to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

 7.18 Section 409A of the Code. The intent of the parties is that payments and benefits under this Agreement and any other
plans or arrangements in which Executive participates (together, the “Arrangements”) comply with Section 409A of the Code, to the extent subject thereto, and accordingly, to the maximum extent permitted, the Arrangements shall be
interpreted and administered to be in compliance therewith. Notwithstanding anything contained therein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of any payments under the
Arrangements which are subject to Section 409A of the Code until Executive has incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided
under this Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing under any Arrangements, to the extent required in order to avoid an accelerated or additional tax
under Section 409A of the Code, (a) amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Arrangements during the six-month period immediately following an Executive’s separation from
service shall instead be paid on the first business day after the date that is six months following Executive’s separation from service (or, if earlier, Executive’s date of death); provided, however, amounts with respect to the Severance
Benefit, the CIC Severance Benefit or the Welfare Benefit shall accrue with a reasonable rate of interest, as determined in the Company’s sole discretion, from the Termination Date until the date of payment, (b) no Change in Control shall
be deemed to have occurred thereunder unless such Change in Control constitutes a change in control event for purposes of Section 409A of the Code and (c) references to a termination on account of disability shall be deemed to refer to a
“disability” for purposes of Section 409A of the Code. To the extent required to avoid an accelerated or additional tax under Section 409A of the Code, amounts reimbursable to Executive shall be paid to Executive on or before the
last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to Executive) during one year may not affect amounts reimbursable or provided in any
subsequent year. The Company makes no representation that any or all of the payments described in the Arrangements will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code
from applying to any such payment. 

 7.19 Arbitration. Executive and the Company agree that any and all disputes between the
parties hereto arising from or relating to this Agreement, and/or any release executed by Executive pursuant to the terms of this Agreement, other than under Article V (with respect to which either party may seek an injunction in aid of arbitration
such as an order seeking specific performance or injunctive or other equitable relief), shall be submitted and decided by binding confidential arbitration before a single arbitrator in accordance with the Employment Arbitration Rules and Mediation
Procedures of the American Arbitration Association (“AAA”) then in effect, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Venue for the arbitration shall be in St. Louis
County, Missouri and the laws as set forth in Section 7.9 will apply. Any demand for arbitration shall be made within a reasonable time after the claim, dispute, or other matter in question has arisen, and in no event shall any such demand be
made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Under no circumstances will either party be subject to punitive
damages. Each party hereto shall bear its costs of the arbitration proceeding. However, to the extent permitted by applicable laws, the prevailing party in the arbitration, as designated by the arbitrator, shall be entitled to recover its reasonable
cost of the arbitration, including, without limitation, its reasonable attorneys’ fees, from the other party as determined by the arbitrator in or following the decision on the merits. Any disputes about the enforcement of this
Section 7.19 shall be submitted to arbitration, and the arbitrator shall have the authority to sever any provision of this Section 7.19 which would render the provision unenforceable as a matter of then existing law in accordance with
Section 7.3. 
 * * * * * 

 IN WITNESS WHEREOF, the parties hereto have executed this Executive Employment Agreement as of
the Effective Date first above written. 
 THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES. 

 

			
	 EXPRESS SCRIPTS HOLDING COMPANY

		
	By:	 	 /s/ Maura C. Breen

	Name:	 	Maura C. Breen
	Title:	 	Chair of Compensation Committee
	
	 EXECUTIVE:

		
		 	/s/ Timothy Wentworth
	Name:	 	Timothy Wentworth
		
	Date:	 	 May 4, 2016

 EXHIBIT A 

Sample Calculation under Section 4.3(c)(ii) 

The following is an example of the methodology to be used to calculate the impact of Early Retirement on Unvested Options or Stock
Appreciation Rights granted on or following the effective date of the Prior Agreement: 
 Option Grant: 375 options granted on May 1, 2016, vesting in
3 tranches as follows: 
 Tranche 1 – 100 options vesting May 1, 2017 

Tranche 2 – 125 options vesting May 1, 2018 

Tranche 3 – 150 options vesting May 1, 2019 

Expiration Date: May 1, 2027 
 Executive’s 55th
Birthday: March 11, 2016 
 Deemed Retirement Date: November 1, 2016 

Termination Date: October 1, 2016 
 Early Retirement
Period: 8 months (whole months between 3/1/16 and 11/1/16) 
 Early Retirement Option Expiration Date: November 1, 2020 (4 years after the Deemed
Retirement Date. Note: For any Options or Stock Appreciation Rights with an Expiration Date prior to 11/1/20, the Early Retirement Option Expiration Date would be such Expiration Date.) 

Early Retirement Vesting Factor: 0.133 or 13.3% (8 ÷ 60) 

Calculations as of the Termination Date based on the foregoing: 

Tranche 1 – 13 options (100 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2017, and
following vesting would remain exercisable until November 1, 2020; the remaining 87 options in Tranche 1 would terminate and be forfeited as of the Termination Date. 

Tranche 2 – 17 options (125 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2018, and
following vesting would remain exercisable until November 1, 2020; the remaining 108 options in Tranche 2 would terminate and be forfeited as of the Termination Date. 

Tranche 3 – 20 options (150 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2019, and
following vesting would remain exercisable until November 1, 2020; the remaining 130 options in Tranche 3 would terminate and be forfeited as of the Termination Date. 

The foregoing is for illustrative purposes only and does not reflect any actual grants to Executive.

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