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Exhibit 4.1    
    

EXECUTION COPY  

Caremark Rx, Inc.
  3000 Galleria Tower, Suite 1000

Birmingham, AL 35244  

Dated
as of September 2, 2003 

Joseph
Littlejohn & Levy Fund III, L.P.

c/o JLL Partners, Inc.

450 Lexington Avenue

Suite 3350

New York, NY 10017 

        and 

The
other parties signatories hereto 

	Re:
	Agreement
Regarding Registration Rights 

        This
letter agreement (this "Agreement") is entered into as of the date set forth above between Caremark Rx, Inc., a Delaware corporation (together with its successors and
assigns, the "Company"), Joseph Littlejohn & Levy Fund III, L.P., a Delaware limited partnership ("JLL"), and the other Persons named on the signature pages hereof (such Persons
and JLL are collectively referred to as the "Covered Stockholders"), and shall be effective upon consummation of the Merger (as defined below). 

        Section 1.  Definitions. The following terms, as used in this Agreement, have the following meanings: 

        "Business
Day" means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law or other governmental action to close. 

        "Common
Stock" means the common stock, par value $.001 per share, of the Company. 

        "Exchange
Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

        "Governmental
Authority" means any government, any political subdivision, any governmental agency, bureau, department, board or commission, any court or tribunal or any other
governmental instrumentality, whether federal, state or local, domestic or foreign. 

        "Holder"
means any Person who owns, of record, any Registrable Securities. 

        "Investors"
means the Covered Stockholders and each Person who is or shall become a party to this Agreement whether as an original party as of the date hereof or hereafter pursuant to
Section 10(c). 

        "Material
Activity" has the meaning given to it in Section 5(a). 

        "Merger"
has the meaning given to it in the Agreement and Plan of Merger, dated as of the date hereof, by and among the Company, Cougar Merger Sub, a Delaware corporation and wholly
owned subsidiary of the Company, and AdvancePCS, a Delaware corporation, as amended, supplemented or modified from time to time. 

        "Participating
Holder" has the meaning given to it in Section 3(a). 

        "Participating
Registrable Securities" has the meaning given to it in Section 3(a). 

        "Permitted
Transferee" means (i) any direct or indirect Subsidiary of JLL Partners, Inc., a Delaware corporation ("JLL Partners"), (ii) any investment fund managed
by JLL Partners, (iii) any 

 

Person
who is or becomes an investor in a fund managed by JLL Partners, including JLL, (iv) the heirs, executors, administrators, testamentary trustees or legatees of any JLL Stockholder,
(v) the spouses and the lineal descendants of any JLL Stockholder, and (vi) any trust, the beneficiaries of which, or any corporation, limited liability company or partnership, the
stockholders, members or general or limited partners of which include only (A) an individual who was a JLL Stockholder, and (B) any Persons referred to in clause (v). 

        "Person"
means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization, including a Governmental Authority. 

        "Registrable
Securities" means any shares of Common Stock issued or issuable to any of the Covered Stockholders in the Merger, together with any shares of Common Stock or other
securities (whether securities of the Company or another issuer) issued or proposed to be issued with respect to such shares of Common Stock (A) by way of stock dividend or other distribution,
stock split or reverse stock split, or (B) in connection with a combination of shares, recapitalization, merger, consolidation, exchange offer or other reorganization. Notwithstanding the
foregoing, securities shall cease to be Registrable Securities when (x) a registration statement under the Securities Act covering such security is declared effective by the SEC and such
securities have been disposed of pursuant to such effective registration statement or (y) such securities are sold under circumstances in which all of the applicable conditions under
Rule 144 (or any similar provisions then in force) under the Securities Act are satisfied. 

        "Registration
Expenses" means all expenses incident to the Company's performance of or compliance with this Agreement, including, (a) all registration, filing and NASD fees,
(b) all fees and expenses of complying with securities or blue sky laws, (c) all word processing, duplicating and printing expenses, (d) messenger and delivery expenses,
(e) the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any "comfort" letters required by or incident to such performance
and compliance, (f) premiums and other costs of policies of insurance against liabilities arising out of the public offering of the Registrable Securities being registered (if the Company
elects to obtain any such insurance), (g) any fees and disbursements of underwriters
customarily paid by issuers or sellers of securities, including counsel for the underwriters but excluding underwriting discounts and commissions, and (h) reasonable costs and expenses incurred
for presentations to or meetings with prospective investors in connection with the offer or sale of Registrable Securities in a public offering thereof. Notwithstanding anything in the foregoing to
the contrary, Registration Expenses do not include (x) the fees and disbursements of counsel to one or more Selling Stockholders, or (y) transfer taxes, and underwriting discounts or
commissions and brokerage fees for the sale of any Registrable Securities. 

        "Requested
Securities" has the meaning given in Section 2(a). 

        "Requesting
Holders" has the meaning given to it in Section 2(a). 

        "SEC"
means the Securities and Exchange Commission. 

        "Securities
Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

        "Selling
Stockholder" means any Requesting Holder or Participating Holder. 

        "Subsidiary"
of any specified Person is any corporation, limited liability company, partnership or other entity (i) of which the stock or membership, general or limited
partnership or other ownership interests having ordinary power to elect a majority of the board of directors (or other persons or bodies performing similar functions) are directly or indirectly owned
by such specified Person or (ii) in which such specified Person directly or indirectly owns at least a majority of the outstanding stock or other equity or general voting interest. 

2

 

        Section 2.
Required Registrations. 

        (a)   Request. Upon the terms and subject to the conditions of this Agreement, upon the written request of the Holders of a
majority in interest of the Registrable Securities (the "Requesting Holders") requesting that the Company effect registration under the Securities Act of all or a specified number of such Registrable
Securities (such specified number of such Registrable Securities, the "Requested Securities") (which request shall also specify the intended method or methods of disposition thereof), the Company
shall use its best efforts to effect the registration under the Securities Act of the Requested Securities requested by the Requesting Holders for disposition according to the intended method or
methods of disposition specified by the Requesting Holders (including a shelf registration) to the extent required or deemed appropriate by the Requesting Holders to permit the disposition (according
to the intended method or methods thereof specified by the Requesting Holders) of the Requested Securities. Notwithstanding anything in this Section 2 to the contrary, the Company shall not be
required to effect more than two registrations of such Registrable Securities pursuant to this Section 2. 

        If
the Requesting Holders request registration of their Requested Securities on a delayed or continuing basis under Rule 415 under the Securities Act (or any successor or similar
rule), the Company shall keep such registration continuously effective for at least 24 months (or such shorter period specified by the Requesting Holders) following the date on which such
registration statement is declared effective or until all such Registrable Securities registered thereunder are sold, whichever is shorter. 

        (b)   Withdrawal. The Requesting Holders shall have the right to request withdrawal of any registration statement filed
pursuant to this Section 2 (and the Company shall so withdraw such registration statement with respect to the Registrable Securities) prior to the effectiveness of such registration statement. 

        (c)   Effective Registration Statement. A registration requested pursuant to this Section 2 shall not be deemed to be
effected (i) if a registration statement with respect thereto does not become effective under the Securities Act (other than as a result of a withdrawal of such registration statement by the
Requesting Holders prior to the effectiveness thereof pursuant to Section 2(b)), (ii) if, after it has become effective, such registration is interfered with for any reason by any stop
order, injunction or other order or requirement of the SEC or any other Governmental Authority, and the result of such interference prevents the Requesting Holders from disposing of any of the
Requested Securities according to the intended methods of disposition or the Company exercises its rights under Section 5 and delays the proposed distribution of any Requested Securities and
the Requesting Holders determine not to sell Requested Securities pursuant to such registration as a result of such delay, (iii) if the conditions to closing specified in the purchase agreement
or underwriting agreement entered into in connection with any underwritten offering are not satisfied or waived with the consent of the Requesting Holders holding more than one-half of the
Requested Securities that were to have been sold thereunder, other than as a result of any breach by any Requesting Holder or any underwriter of its obligations thereunder or hereunder, or
(iv) if, because of inclusion in such registration of securities held by the Company (including pursuant to Section 2(g)), more than 5% of the Requested Securities for such registration
are not registered. 

        (d)   Registration Statement Form. Registration statements filed under this Section 2 shall be on such form of the SEC
as shall be selected by the Company and approved by the Requesting Holders (which approval shall not be unreasonably withheld), and as shall permit the disposition of the Requested Securities
according to the intended method or methods of disposition specified by the Requesting Holders. The Company agrees to include in any such registration statement additional information or material
reasonably requested by the Requesting Holders. 

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        (e)   Expenses. The Company shall pay all Registration Expenses in connection with any registration requested pursuant to this
Section 2. 

        (f)    Selection of Underwriters. If a registration pursuant to this Section 2 involves an underwritten offering, the
managing or lead underwriter or underwriters shall be selected by the Requesting Holders, after reasonable consultation with the Company; except that if the Company proposes to register and sell
Common Stock in such offering, the managing or lead underwriter or underwriters shall be selected jointly by the Company and the Requesting Holders. 

        (g)   Priority in Requested Registrations. If a registration pursuant to this Section 2 involves an underwritten
offering, and the managing or lead underwriter or underwriters advise the Requesting Holders in writing (a copy of which shall be provided by the Requesting Holders to the Company) that, in its or
their opinion, the number of securities requested to be included in such registration by the Requesting Holders, the Company and any other Person exceeds the number that can be sold in such offering
within a price range reasonably acceptable to the Requesting Holders, the Company shall include in such registration the number of securities that the Requesting Holders are so advised can be sold in
such offering pursuant to the following provisions: 

          (i)  first, the Registrable Securities proposed to be included by the Requesting Holders and the securities requested to be
included in such registration by the Company, each pro rata in accordance with the number of Registrable Securities proposed to be included by the
Requesting Holders and the number of securities so proposed to be included by the Company, respectively; and 

         (ii)  second, the securities of any other Person or Persons proposed to be included in such registration. 

        (h)   Inconsistent Rights. The Company shall not grant to any Person any registration or other rights inconsistent with the
provisions of this Section 2. 

        Section 3.  "Piggy-Back" Registration Rights. 

        (a)   Right to Participate. If the Company at any time proposes to register any of its securities under the Securities Act
(other than by a registration on Form S-4 or S-8 or any successor or similar forms or filed in connection with an exchange offer or any offering of securities solely to
the Company's existing stockholders) the Company shall give prompt written notice to each Holder of Registrable Securities of its intention to do so and of the rights of the Holders under this
Section 3. Upon the terms and subject to the conditions of this Agreement, upon the written request of any Holder (each, a "Participating Holder") made within 30 days after the delivery
of any such notice by the Company (which request shall specify the Registrable Securities intended to be disposed of by any Participating Holder and the intended method or methods of such
disposition), the Company shall use its best efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has been so requested to register by such
Participating Holders (the "Participating Registrable Securities"), to the extent required or reasonably deemed appropriate by such Participating Holders to permit the disposition (in accordance with
the intended methods thereof specified by the Participating Holders), of the Participating Registrable Securities so to be registered. Notwithstanding anything in this Section 3 to the
contrary, the Company shall not be required to effect more than two registrations of any Participating Holder's Registrable Securities pursuant to this Section 3. 

        If,
at any time after giving written notice of its intention to register any such securities and prior to the effective date of the registration statement filed in connection with such
registration, the Company determines for any reason not to register or to delay registration of such securities, the Company may, at its election, give written notice of such determination to each
Participating Holder and, thereupon, (i) in the case of a determination not to register, the Company need not register any Participating Registrable Securities in connection with such
registration (but shall, in such case, pay the reasonable 

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fees
and expenses of counsel (but of no more than one counsel in an amount not to exceed $20,000) to the Participating Holders in addition to the Registration Expenses), without prejudice, however, to
the rights of the Participating Holders to request that such registration be effected as a registration under Section 2, and (ii) in the case of a determination to delay registering, the
Company may delay registering any Participating Registrable Securities for the same period as the delay in registering such other securities. No registration effected under this Section 3 shall
relieve the Company of its obligation to effect any registration upon request under Section 2. 

        (b)   Effective Registration Statement. A "piggy-back" registration requested pursuant to this Section 3
shall not be deemed to be effected (i) if a registration statement with respect thereto does not become effective under the Securities Act, (ii) if, after it has become effective, such
registration is interfered with for any reason by any stop order, injunction or other order or requirement of the SEC or any other Governmental Authority, and the result of such interference prevents
the Participating Holders from disposing of any of the Participating Registrable Securities according to the intended methods of disposition or the Company exercises its rights under Section 5
and delays the proposed distribution of any Participating Registrable Securities and the Participating Holders determine not to sell Requested Securities pursuant to such registration as a result of
such delay, (iii) if the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with any underwritten offering are not satisfied or
waived with the consent of the Participating Holders holding more than one-half of the Participating Registrable Securities that were to have been sold thereunder, other than as a result
of any breach by any Participating Holder or any underwriter of its obligations thereunder or hereunder, or (iv) if, because of inclusion in such registration of securities held by the Company
(including pursuant to Section 3(c)), more than 5% of the Participating Registrable Securities for such registration are not registered. 

        (c)   Priority in Piggy-Back Registration Rights. If a registration pursuant to this Section 3 involves an
underwritten offering and the managing or lead underwriter or underwriters advises the Company in writing (a copy of which shall be provided by the Company to each Participating Holder) that, in its
or their opinion, the number of securities requested and otherwise proposed to be included in such registration exceeds the number that can be sold in such offering within a price range reasonably
acceptable to the Company, the Company shall include in such registration, the number of securities that the Company is so advised can be sold in such offering determined as follows: 

          (i)  If
the registration is a primary registration on behalf of the Company, (x) first, the securities proposed to be
included by the Company, (y) second, the Participating Registrable Securities requested to be included in such registration by the Participating
Holders on a pro rata basis based on the number of Participating Registrable Securities requested to be included in such registration by each
Participating Holder, and (z) third, the securities of other Persons requested to be included in such registration, and 

         (ii)  If
the registration is a secondary registration on behalf of a Person or Persons other than a Holder, (x) first,
the securities proposed to be registered by such other Person or Persons, and (y) second, the Participating Registrable Securities requested to
be included in such registration by the Participating Holders, on a pro rata basis based on the number of Participating Registrable Securities requested
to be included in such registration by each Participating Holder. 

        (d)   Inconsistent Rights. The Company shall not grant to any holder of its securities any registration rights inconsistent
with the provisions of this Section 3. 

        (e)   Expenses. The Company shall pay all Registration Expenses in connection with any registration requested pursuant to this
Section 3. 

        (f)    Selection of Underwriters. If an registration pursuant to this Section 3 involves an underwritten offering, the
managing or lead underwriter or underwriters shall be selected by the Company. 

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        Section 4.
Registration Procedures. If and whenever the Company is required to use its best efforts to effect the registration of
any Registrable Securities as provided in Sections 2 and 3, the Company shall as expeditiously as possible: 

        (a)   prepare
and as soon thereafter as possible file with the SEC the requisite registration statement to effect such registration and thereafter use its best efforts to
cause such registration statement to become effective; provided that before filing such registration statement or any amendments or supplements thereto, the Company (i) shall furnish to the
Selling Stockholders and their counsel copies of all such documents proposed to be filed, which documents will be subject to the review of such counsel, and (ii) may not file any such
registration statement or amendment or supplement to which any such Selling Stockholder shall have reasonably objected on the grounds that, in the opinion of counsel to such Selling Stockholder, such
registration statement or amendment or supplement does not comply in all material respects with the requirements of the Securities Act; 

        (b)   prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep
such registration statement continuously effective for a period of either (i) not less than 120 days (subject to extension pursuant to the last paragraph of this Section 4 or, if
applicable, such longer period contemplated by the last sentence of Section 2(a)) or, if such registration statement relates to an underwritten offering, such longer period as in the opinion of
counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of securities by an underwriter or dealer; or (ii) such shorter period as is required for
the disposition of all of the securities covered by such registration statement in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration
statement (but in any event not before the expiration of any longer period of effectiveness required under the Securities Act), and to comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such registration statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the
seller or sellers thereof set forth in such registration statement; 

        (c)   furnish
to each seller of securities covered by such registration statement such number of conformed copies of such registration statement and of each such amendment and
supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statement (including each preliminary prospectus and any summary
prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents in order to facilitate
the disposition of such securities owned by such seller in accordance with such seller's intended method of disposition, as such seller may reasonably request, but only during such time as the Company
shall be required under the provisions hereof to cause such registration statement to remain current; 

        (d)   use
its best efforts to register or qualify securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions in the
United States as each seller thereof shall reasonably request, to keep such registration or qualification in effect for so long as such registration statement remains in effect, and to take any other
action which may be reasonably necessary to enable such seller to consummate the disposition in such jurisdictions in the United States of the securities owned by such seller, except that for the
performance of its obligations under this Section 4(d), the Company shall not for any such purpose be required to (i) qualify generally to do business as a foreign corporation in any
jurisdiction where it would not otherwise be required to qualify but for the requirements of this Section 4(d), (ii) consent to general service of process in any such jurisdiction,
(iii) subject itself to taxation in any such jurisdiction or (iv) conform its capitalization or the composition of its assets at the time to the securities or blue sky laws of such
jurisdiction; 

        (e)   use
its best efforts to cause all securities covered by such registration statement to be registered with or approved by such other Governmental Authorities as may be
necessary by virtue of 

6

 

the
business and operations of the Company to enable the sellers to consummate the disposition thereof; 

        (f)    furnish
to each Selling Stockholder a signed counterpart, addressed to such Selling Stockholder (and the underwriters, if any), of: 

          (i)  an
opinion of counsel for the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
dated the date of the closing under the underwriting agreement), in form and substance reasonably satisfactory to such Selling Stockholder; and 

         (ii)  a
"comfort" letter, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, dated the date of the
closing under the underwriting agreement), in form and substance reasonably satisfactory to such Selling Stockholder, signed by the independent public accountants who have certified the Company's
financial statements included in such
registration statement, covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of the accountants' letter, with
respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to the underwriters in
underwritten public offerings of securities; 

        (g)   furnish
to each such Selling Stockholder a copy of any amendment or supplement to such registration statement or prospectus (other than any amendment or supplement in
the form of a filing which the Company is required to make pursuant to the Exchange Act); 

        (h)   notify
each Selling Stockholder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the
discovery of the happening of any event as a result of which, the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and at the request of any
such Selling Stockholder promptly prepare and furnish to such Selling Stockholder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as
thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

        (i)    otherwise
use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering a period of at least twelve months beginning after the effective date of such registration statement, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act; 

        (j)    cooperate
in the conduct of such due diligence relating to the Company as the Selling Stockholders and the managing or lead underwriter or underwriters (including their
counsel and other authorized representatives) may reasonably request and is customary for such offering, including by making available for inspection the Company's financial and other records and
pertinent corporate and other documents as shall be reasonably necessary or appropriate to enable such persons to conduct their due diligence and by causing the Company's officers and personnel to
supply information and respond to all inquiries reasonably requested by such persons in connection with their due diligence; 

        (k)   use
its best efforts to provide customary assistance to the underwriters in their selling efforts and presentations to prospective investors, including by making
available the Company's officers and personnel for presentations to and meetings with prospective investors; and 

7

   
        (l)    use its best efforts to list all shares of Common Stock covered by such registration statement on any national securities exchange on which the Common Stock is then
listed or on The New York Stock Exchange, Inc. if the Common Stock is then quoted on The New York Stock Exchange, Inc. not later than the effective date of such registration statement. 

        Each
Selling Stockholder shall furnish the Company in writing for inclusion in the registration statement such information regarding such Selling Stockholder and the distribution of such
Registrable Securities being sold as the Company may from time to time reasonably request. 

        Each
Selling Stockholder agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(h), such Selling Stockholder
shall forthwith discontinue such Selling Stockholder's disposition of Registrable Securities pursuant to the registration statement relating to such Registrable Securities until such Selling
Stockholder's receipt of the copies of the supplemented or amended prospectus contemplated by Section 4(h) and, if so directed by the Company, such Selling Stockholder shall use its reasonable
efforts to deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Selling Stockholder's possession, of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice. If the Company shall give any such notice, the applicable time period mentioned in Section 4(b) during which a registration statement
is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 4(h), to and including the date
when each Selling Stockholder shall have received the copies of the supplemented or amended prospectus contemplated by Section 4(h). 

        Section 5.
Delay of Filing or Sales. 

        (a)   The
Company shall have the right, upon giving notice to the Selling Stockholders of the exercise of such right, to delay filing a registration statement or to require
such Selling Stockholders not to sell any Registrable Securities pursuant to a registration statement for a period of 90 days from the date on which such notice is given, or such shorter period
of time as may be specified in such notice or in a subsequent notice delivered by the Company to such effect prior to or during the effectiveness of the registration statement, if (i) the
Company is engaged in negotiations with respect to, or has taken a substantial step to commence, or there otherwise is pending, any merger, acquisition, other form of business combination,
divestiture, tender offer, financing or other similar transaction, or there is an event or state of facts relating to the Company, in each case which is material to the Company (any of the foregoing,
a "Material Activity"), (ii) such Material Activity would, in the opinion of counsel for the Company, require disclosure so as to permit the Registrable Securities to be sold in compliance with
law, and (iii) such disclosure would, in the reasonable judgment of the Company, be adverse to its interests. Notwithstanding anything in the foregoing to the contrary, the Company will not
have the right to delay the filing of a registration statement or the selling of Registrable Securities if at any time during the 365 days preceding the date on which such notice was given the
Company had delayed either the filing of a registration statement that included Registrable Securities or the selling of Registrable Securities. 

        (b)   The
Company shall pay all Registration Expenses and all reasonable fees and expenses of counsel (but no more than one counsel in an amount not to exceed $20,000) for the
Selling Stockholders with respect to any registration of Registrable Securities or sales thereof that has been delayed for more than 30 days pursuant to this Section 5. 

        Section 6.
Underwritten Offerings. 

        (a)   Required Underwritten Offerings. If requested by the underwriters of any underwritten offering of Registrable Securities
pursuant to a registration requested under Section 2, the Company shall enter into an underwriting agreement with such underwriters for such offering. Such agreement shall be reasonably
satisfactory in substance and form to each Selling Stockholder, the Company and the 

8

 

underwriters
and shall contain representations, warranties, indemnities and agreements as are customarily provided or entered into by an issuer in underwriting agreements of this type, including
indemnities for the benefit of the underwriters to the effect and to the extent provided to the Selling Stockholders in Section 7. The Selling Stockholders shall be parties to such underwriting
agreement and may, at their option, require that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the
obligations of such Selling Stockholders. 

        (b)   Piggy-Back Underwritten Offerings. If the Company at any time proposes to register any of its securities
under the Securities Act as contemplated by Section 3 and such securities are to be distributed by or through one or more underwriters, the Company shall, if requested by the Selling
Stockholders pursuant to Section 3 and subject to the provisions of Section 3(b), use its best efforts to arrange for such underwriters to include those Registrable Securities designated
by the Selling Stockholders among the securities to be distributed by such underwriters. The Selling Stockholders shall be parties to the underwriting agreement between the Company and such
underwriters and may, at their option, require that any or all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such
underwriters shall also be made to and for the benefit of such Selling Stockholders and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting
agreement be conditions precedent to the obligations of such Selling Stockholders. No underwriting agreement (or other agreement in connection with such offering) shall require any Selling Stockholder
to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling Stockholder, such Selling
Stockholder's Registrable Securities and such Selling Stockholder's intended method of distribution and any other representation required by law. 

        (c)    Holdback Agreements. 

          (i)  Each
Holder agrees by becoming a holder of Registrable Securities not to effect any public sale or distribution of any equity securities of the Company, or any
securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 under the Securities Act (or any similar provision then in force), during
the ten days before and the 90 days after any underwritten registration pursuant to Section 2 or 3 has become effective (or such shorter or longer period as may be reasonably requested
by the lead or managing underwriter and consented to by the Holders of a majority in interest of the Registrable Securities, such consent not to be unreasonably withheld), except (A) as part of
such underwritten registration or (B) as consented to by the lead or managing underwriter of the offering pertaining thereto. 

         (ii)  The
Company agrees: (x) not to effect any public sale or distribution of its equity securities or securities convertible into or exchangeable or exercisable for
any of such securities during the ten days before and the 90 days after any underwritten registration pursuant to Section 2 or 3 has become effective (or such shorter or longer period as
may be requested by the lead or managing underwriter and consented to by the Company, such consent not to be unreasonably withheld), except (1) as part of such underwritten registration,
(2) as consented to by the lead or managing underwriter of the offering pertaining thereto, and (3) pursuant to (A) registrations on Form S-4 or
S-8, or any successor or similar forms thereto; (B) sales upon exercise or exchange, by the holder thereof, of options, warrants or convertible securities; or (C) any other
agreement to issue equity securities or securities convertible into or exchangeable or exercisable for any of such securities in effect on the date the Selling Stockholders deliver to the Company the
request to register, or include in a registration, Registrable Securities under Sections 2 or 3, as the case may be; and (y) to use all reasonable efforts to cause holders of its equity
securities or any securities convertible into or exchangeable or exercisable for any of such securities, whether outstanding on the date of this Agreement or issued at any time after the 

9

 

date of
this Agreement (other than any such securities acquired in a public offering, including any public sales pursuant to Rule 144), to agree not to effect any such public sale or
distribution of such securities during such period, except as part of any such registration if permitted. 

        Section 7.
Indemnification. 

        (a)   Indemnification
by the Company. In the event of any registration of any securities of the Company under the Securities Act pursuant to Section 2 or 3, the Company
shall, and hereby does, indemnify and hold harmless each Selling Stockholder, its directors, officers, employees, agents and advisors, and each other Person, if any, who controls such Selling
Stockholder within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which each such Person may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: 

          (i)  any
untrue statement or alleged untrue statement of any material fact contained in any registration statement under which the Registrable Securities were registered
under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein or used in connection with the offering of securities covered thereby, or any amendment
or supplement thereto; 

         (ii)  any
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; or 

        (iii)  any
violation or alleged violation by the Company, or any of its directors, officers, employees, agents or advisors, of any law or regulation with respect to such
registration or offer or sale of Registrable Securities, 

and
the Company will reimburse such Person for any reasonable legal or any other expenses incurred by it in connection with investigating or defending any such loss, claim, liability, action or
proceeding; provided that (A) the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense
arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such preliminary prospectus, final prospectus,
summary prospectus, amendment or supplement, in reliance upon and in conformity with written information prepared and furnished to the Company by any Selling Stockholder specifically for use in the
preparation thereof, and (B) that the Company shall not be liable to any Selling Stockholder who participates as an underwriter in any such registration or any other Person who controls such
underwriter within the meaning of the Securities Act, in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of
such Person's failure to send or give a copy of the final prospectus, as the same may be then supplemented or amended, to the Person asserting an untrue statement or alleged untrue statement or
omission or alleged omission at or prior to the written confirmation of the sale of the securities to such Person if such statement or omission was timely corrected in such final prospectus. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any such Person and shall survive the transfer of such securities by such Person. The Company
shall not be obligated to pay the fees and expenses of more than one counsel or firm of counsel for all parties indemnified in respect of a claim for each jurisdiction in which such counsel is
required unless a conflict of interest exists between such indemnified party and any other indemnified party in respect of such claim. 

        (b)   Indemnification by the Selling Stockholders. The Company may require, as a condition to including any Registrable
Securities held by a Selling Stockholder in any registration statement filed pursuant to Sections 2 or 3, that the Company receive an undertaking reasonably satisfactory to it from such Selling
Stockholder, to indemnify and hold harmless (in the same manner and to the same extent 

10

 

as
set forth in Section 7(a)) the Company, each director, officer, employee, agent and advisor of the Company and each other Person, if any, who controls the Company within the meaning of the
Securities Act (other than such Persons who are Selling Stockholders), with respect to any untrue statement or alleged untrue statement in or omission or alleged omission from such registration
statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with written information prepared and furnished to the Company by such Selling Stockholder specifically for use therein. Such
indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer, employee, agent, advisor or controlling Person and
shall survive the transfer of such securities by such Selling Stockholder. The indemnity provided by each Selling Stockholder under this Section 7(b) shall be only with respect to its own
misstatements and omissions and not with respect to those of any other seller or prospective seller of securities, and not jointly and severally, and shall be limited in amount to the net amount of
proceeds received by such Selling Stockholder from the sale of Registrable Securities pursuant to such registration statement. 

        (c)   Notices of Claims, etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or
proceeding involving a claim referred to in the preceding subsections of this Section 7, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party,
give written notice to the latter of the commencement of such action; provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of
its obligations under this Section 7, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an
indemnified party, unless a conflict of interest between such indemnified and indemnifying parties exists in respect of such claim, the indemnifying party shall be entitled to participate in and to
assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after
notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, if the indemnifying party is entitled to do so hereunder, the indemnifying party shall
not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. No
indemnifying party shall, without the consent of the indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

        (d)   Contribution. If for any reason the indemnity set forth in the preceding subsections of this Section 7 is
unavailable, or is insufficient to hold harmless an indemnified party, other than by reason of the exceptions provided therein, then the indemnifying party shall contribute to the amount paid or
payable by the indemnified party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and the indemnified party on the other hand in connection with the offering of securities and the statements or omissions or alleged statements or omissions which resulted in such loss, claim, damage,
or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party. No party shall be liable
for contribution under this Section 7(d) except to the extent and under such circumstances as such party would have been liable to indemnify under this Section 7 if such indemnification
were enforceable under applicable law. 

        (e)   Payments. The indemnification or contribution required by this Section 7 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and 

11

 

when
bills are received or expense, loss, damage or liability is incurred, subject to refund if the party receiving such payments is subsequently found not to have been entitled thereto hereunder. 

        Section 8.  Rule 144. The Company shall file the reports required to be filed by it under the Securities Act and the Exchange
Act and the rules and regulations promulgated thereunder (or, if the Company is not required to file such reports, shall, upon the request of any holder of Registrable Securities,
make publicly available other information) and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell
Registrable Securities without registration under the Securities Act pursuant to (i) Rule 144 under the Securities Act, as such rule may be amended from time to time, or (ii) any
similar rule or regulation hereafter promulgated. Upon the request of any Holder, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. 

        Section 9.
Transfer of Registration Rights and Obligations. The rights provided in this Agreement are for the benefit of all
Holders in addition to the Investors, and all such Holders may enforce their rights and remedies directly against the Company. In the event the Company (or any Person directly or indirectly acquiring,
or succeeding to the rights of, the Company) issues or distributes, or proposes to issue or distribute, any shares or other securities of another issuer to any Holder and such shares or other
securities would be Registrable Securities, the Company shall use its reasonable best efforts to cause such issuer to deliver to the Holders a written instrument, in form and substance reasonably
satisfactory to the Holders, that such issuer is bound by and subject to all the terms and conditions of this Agreement to the same extent as the Company and that the rights and remedies provided
herein to the Holders apply in all respects to the Registrable Securities of such issuer. 

        Section 10.
Miscellaneous. 

        (a)   Entire Agreement; Other Holders. This Agreement constitutes the entire agreement among the parties with respect to the
subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof.
Without limiting the foregoing, upon the effectiveness of this Agreement, all rights and obligations of the parties hereto to the other parties hereto under the Stockholders' Agreement, dated as of
October 20, 2000, as amended (the "Stockholders' Agreement"), by and among AdvancePCS (formerly named Advance Paradigm, Inc.) ("AdvancePCS"), JLL and the other signatories thereto, are
hereby terminated and of no further force and effect. 

        (b)   Binding Effect; Benefit. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, successors, legal representatives and permitted assigns. Except pursuant to Section 7 or as set forth in Section 9, nothing in this Agreement, expressed or implied, is
intended to confer on any Person other than the parties hereto and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities
under or by reason of this Agreement. 

        (c)   Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason
hereof shall be assignable by the Company or any Investor; provided that any Permitted Transferee acquiring shares of Registrable Securities shall, upon execution by such Person of an agreement to be
bound by this Agreement as an Investor, become an "Investor" under this Agreement with all the rights and obligations of an Investor as if an original party to this Agreement. 

        (d)   Amendment; Waiver. No provision of this Agreement may be waived except by an instrument in writing executed by the party
against whom the waiver is to be effective. No provision of this Agreement may be amended or otherwise modified except by an instrument in writing (i) executed by the Company and
(ii) approved by the holders of a majority of the Registrable Securities then outstanding voting together as a single class. 

12

 

        (e)   Termination. This Agreement shall survive and be in full force and effect so long as any Registrable Securities are held
by or may be issued to JLL. 

        (f)
Notices. 

          (i)  All
notices, consents, requests, approvals and other communications provide for in this Agreement, shall be in writing and shall be deemed validly duly given when sent
by fax (with confirmation in writing via first class U.S. mail), upon personal delivery or on the third Business Day after being sent by registered or certified U.S. mail (postage prepaid,
return receipt requested) to the parties at the fax number or address set forth below or at such other fax number or address as a party may designate to the other parties: 

        If
to the Company, to: 

Caremark
Rx, Inc.

3000 Galleria Tower, Suite 1000

Birmingham, AL 35244

Telecopy: (205) 733-9780

Attention: General Counsel 

with
a copy to: 

King &
Spalding

191 Peachtree Street

Atlanta, Georgia 30306

Telecopy: (404) 572-5147

Attention: William R. Spalding 

        If
to an Investor, to the fax number or the address set forth for such Investor on Schedule I hereto, with copies as set forth
therein. 

         (ii)  Any
Person who becomes an Investor pursuant to this Agreement shall provide its address and fax number to the Company, which shall promptly provide such information to
each other Investor. 

        (g)   Headings. The headings contained in this Agreement are for convenience only and shall not affect the meaning or
interpretation of this Agreement. 

        (h)   Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original and all of which together shall be deemed to be one and the same instrument. 

        (i)    Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

        (j)    Specific Performance. Each party hereto acknowledges that the remedies at law of the other parties for a breach or
threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies which may be
available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may
then be available. 

        (k)   Consent to Jurisdiction. The parties hereto expressly and irrevocably (i) consent to the exclusive jurisdiction of
the federal courts sitting in the City of New York, County of New York, (ii) agree not to bring any action related to this agreement or the transactions contemplated hereby in any other court
(except to enforce the judgment of such courts), (iii) agree not to object to venue in such courts or to claim that such forum is inconvenient and (iv) agree that notice or the service
of 

13

 

process
in any proceeding shall be properly served or delivered if delivered in the manner contemplated by Section 10(f). Final judgment by such courts shall be conclusive and may be enforced
in any manner permitted by law. In addition, each of the parties hereto waives any right to trial by jury with respect to any claim or proceeding related to or arising out of this agreement or any of
the transactions contemplated hereby. 

        (l)    Severability. If one or more provisions of this Agreement are held to be unenforceable to any extent under applicable
law, such provision shall be interpreted as if it were written so as to be enforceable to the maximum possible extent so as to effectuate the parties' intent to the maximum possible extent, and the
balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms to the maximum extent permitted by law. 

14

        Please execute below acknowledging and agreeing to this Agreement as of the date first above written. 

	 	 	CAREMARK RX, INC.
	

 	
 	

By	
 	

/s/  E. MAC CRAWFORD      
 Name: E. Mac Crawford

Title: Chairman and Chief Executive Officer

	

JOSEPH LITTLEJOHN & LEVY FUND III, L.P.
	

By	
 	

/s/  RAMSEY FRANK      
 Name: Ramsey Frank

Title: Senior Managing Partner	
 	

 
	

By	
 	

/s/  STEPHEN WISE      
 Stephen Wise	
 	

 
	

By	
 	

/s/  MICHAEL BERK      
 Michael Berk	
 	

 
	

By	
 	

/s/  DOMINGO J. RODRIGUEZ      
 Domingo J. Rodriguez	
 	

 
	

By	
 	

/s/  BRETT MILGRIM      
 Brett Milgrim	
 	

 
	

By	
 	

/s/  MICHAEL CHANG      
 Michael Chang	
 	

 
	

By	
 	

/s/  JEAN-PIERRE MILLON      
 Jean-Pierre Millon	
 	

 
	

ACKNOWLEDGED AND AGREED BY:	
 	

 
	

ADVANCEPCS	
 	

 
	

By	
 	

/s/  DAVID D. HALBERT      
 Name: David D. Halbert

Title: Chairman of the Board,

President and Chief Executive Officer	
 	

 

SCHEDULE I

NOTICE INFORMATION FOR INVESTORS  

JOSEPH
LITTLEJOHN & LEVY FUND III, L.P.

450 Lexington Avenue

Suite 3350

New York, NY 10017

Attention: Ramsey Frank

Telecopy: (212) 286-8626 

        with
a copy to: 

Simpson
Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: Charles I. Cogut

Telecopy: (212) 455-2502 

STEPHEN
WISE

MICHAEL BERK

DOMINGO J. RODRIGUEZ

BRETT MILGRIM

MICHAEL CHANG

c/o JLL Partners, Inc.

450 Lexington Avenue

Suite 3350

New York, NY 10017

Telecopy: (212) 286-8626 

JEAN-PIERRE
MILLON 

                                        
        
 

                                        
        

                                        
        

Telecopy:
(      ) 

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Exhibit 4.1QuickLinks
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Exhibit 10.1    
    

EXECUTION COPY  

  
 

    VOTING AGREEMENT    
    

        THIS VOTING AGREEMENT (the "Agreement"), dated as of September 2, 2003 among CAREMARK RX, INC., a Delaware corporation (the "Company") and Joseph
Littlejohn & Levy Fund III, L.P., a Delaware limited partnership (the "Stockholder") in its capacity as a stockholder of ADVANCEPCS, a Delaware corporation ("AdvancePCS"). 

W I T N E S S E T H:  

        WHEREAS, the Company, AdvancePCS and Cougar Merger Corporation, a Delaware corporation and a wholly owned subsidiary of the Company ("Merger Sub"), have entered
into an Agreement and Plan of Merger, dated as of the date hereof (as the same may be amended or supplemented, the "Merger Agreement"; initially capitalized terms used but not defined herein shall
have the meanings set forth in the Merger Agreement), pursuant to which Merger Sub will be merged with and into AdvancePCS upon the terms and subject to the conditions set forth in the Merger
Agreement with AdvancePCS continuing as the surviving corporation (the "Merger"); 

        WHEREAS,
the Stockholder is the record and beneficial owner (including sole voting power) of 12,913,334 shares of Class B-1 common stock, par value $0.01 per share, of
AdvancePCS (the "Shares"; the term Shares shall also include any shares of AdvancePCS Class A common stock, Class B-1 common stock and Class B-2 common
stock of which the Stockholder obtains beneficial ownership during the term of this Agreement); 

        WHEREAS,
concurrently with the execution and delivery of the Merger Agreement and as a condition and inducement to the Company's willingness to enter into the Merger Agreement, the
Stockholder has
agreed to vote (or provide consent with regard to) all the Shares with respect to which the Stockholder has voting power on the date of the Company Stockholders' Meeting in favor of the adoption and
approval of the Merger Agreement and the consummation of the transactions contemplated therein (as provided herein); 

        NOW,
THEREFORE, in consideration of the premises and the agreements herein contained and intending to be legally bound, the parties agree as follows: 

        1.     Voting of Shares. Until the termination of this Agreement in accordance with the terms hereof, the Stockholder hereby
agrees that, at any annual, special or other meeting of the shareholders of AdvancePCS, and at any adjournment or adjournments thereof, or by written consent without a meeting, the Stockholder will
vote all the Shares then beneficially owned by the Stockholder (i) in favor of the adoption and approval of the Merger Agreement and the consummation of the transactions contemplated thereby
and (ii) against approval or adoption of any Company Alternative Transaction or any other action or agreement that would impede, interfere with, frustrate, delay, postpone or attempt to
discourage the transactions contemplated by the Merger Agreement (in each case, so long as the Company shall have advised the Stockholder in advance in writing of any matter to which the Company
believes this clause (ii) applies); provided, however, that notwithstanding anything contained in
this Agreement to the contrary, the Stockholder shall not be required to vote any Shares then beneficially held by the Stockholder in accordance with this Section 1 if, prior to the adoption
and approval of the Merger Agreement and the transactions contemplated thereby by the shareholders of AdvancePCS, (i) the Board of Directors of AdvancePCS has made a Company Subsequent
Determination as provided in the Merger Agreement, (ii) the Stockholder has determined an Acquisition Proposal that constitutes a Superior Proposal has been made by a third party, substituting
the good faith judgment of the Stockholder for the good faith judgment of the Board of Directors of AdvancePCS (having considered, among other things, the advice of an independent financial advisor
and taking into account such matters as deemed relevant by the Stockholder, including (A) whether, in the good faith judgment of the Stockholder, the third party is reasonably able to finance
the transaction, (B) any proposed 

 

changes
to the Merger Agreement that may be proposed by the Company in response to such Acquisition Proposal and (C) the ability and timing for satisfaction of the conditions to closing the
Merger and such Acquisition Proposal) or (iii) if in the Stockholder's good faith judgment the Company is in material breach of any of its representations, warranties, covenants or agreements
under the Merger Agreement, which breach is not cured by the date of the Company Stockholders' Meeting after at least ten business days' written notice to the Company of such breach from the
Stockholder. Notwithstanding anything contained herein to the contrary, in the event the Stockholder sells, assigns, conveys or otherwise transfers (whether directly or indirectly and whether by
operation of law or otherwise) any Shares to an affiliate of the Stockholder, the Stockholder hereby agrees to comply with, and to cause such affiliate to comply with, this Section 1 with
respect to any Shares then beneficially owned by the Stockholder or any such affiliate on the date of the Company Stockholders' Meeting. 

        2.     Changes in Shares. For all purposes of this Agreement, the Shares shall include any securities issued or exchanged with
respect to such Shares upon any recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, stock dividend, split-up or combination of
the securities of AdvancePCS or any other change in the capital structure of AdvancePCS. The Stockholder hereby agrees to promptly notify the Company in writing of the number of Shares acquired, sold,
assigned, transferred (including by operation of law) or otherwise disposed by the Stockholder after the date hereof, which notification shall include the total number of Shares then beneficially
owned by the Stockholder. 

        3.     Representations and Warranties of The Stockholder. The Stockholder hereby represents and warrants to the Company as of the
date hereof as follows: 

        3.1    Ownership of the Shares. The Stockholder is the record and beneficial owner of 12,913,334 shares of
Class B-1 common stock, par value $0.01 per share, of AdvancePCS. The Stockholder does not own, of record or beneficially, any shares of capital stock or other voting securities of
AdvancePCS other than the Shares. The Stockholder has the sole right to vote the Shares at the Company Stockholders' Meeting. 

        3.2    Authority; Execution and Delivery. The Stockholder has the requisite power and authority to execute and deliver this
Agreement and to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by the Stockholder and the consummation by the Stockholder of the transactions
contemplated by this Agreement and performance by the Stockholder of the provisions of this Agreement have been duly authorized by all necessary action on the part of the Stockholder. This Agreement
has been duly executed and delivered by the Stockholder and constitutes a valid and binding agreement of the Stockholder, enforceable against the Stockholder in accordance with its terms, except as
may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting or relating to enforcement of creditors' rights generally, and subject to general principles of equity. 

        4.     Covenants of the Stockholder. The Stockholder hereby covenants and agrees as follows: 

        4.1    Inquiries or Proposals. From the date of this Agreement to the termination hereof, the Stockholder hereby agrees to
(i) provide prompt (but in no event less than twenty-four hours after receipt of any Acquisition Proposal with respect to AdvancePCS made directly to the Stockholder) written notice
to the Company of the receipt of any such Acquisition Proposal made directly to the Stockholder, indicating in connection with such notice the material terms and conditions of such Acquisition
Proposal, the identity of such person making any such Acquisition Proposal and the Stockholder's current intention with respect to furnishing information to, or entering into discussions or
negotiations with, such person and (ii) promptly keep the Company informed of the status and material terms of any such Acquisition Proposal. All information provided by the Stockholder to the
Company pursuant to this Section 4.1 shall be kept confidential by the Company in accordance with the terms of the Confidentiality Agreement. 

2

 

        4.2    Stockholder Capacity. The Stockholder has executed this Agreement in its capacity as a Stockholder of AdvancePCS. Without
limiting the foregoing, nothing herein shall limit or affect any actions taken by the Stockholder or any of its affiliates, employees, officers, directors, partners, representatives or agents in its
or their capacity as an officer or director of AdvancePCS in exercising the rights of AdvancePCS under the Merger Agreement. 

        5.    Miscellaneous. 

        5.1    Expenses. All costs and expenses (including legal fees) incurred in connection with this Agreement shall be paid by the
party incurring such expense. 

        5.2    Further Assurance and Cooperation. From time to time, and without further consideration, each party will execute and
deliver to the other such documents and take such action as the other may reasonably request in order to consummate more effectively the terms of this Agreement. 

        5.3    Parties in Interest; Complete Agreement; Amendment. All authority herein conferred or agreed to be conferred by the
Stockholder shall survive the Stockholder's dissolution, liquidation or termination. This Agreement constitutes the sole understanding of the parties hereto with respect to the subject matter hereof;  provided, however, that this provision is not intended to abrogate any other written agreement between
or among the parties executed with or after this Agreement or any written agreement pertaining to another subject matter. No amendment of this Agreement shall be binding unless made in writing and
duly executed by the Company and the Stockholder. This Agreement and all the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal
representatives, successors and permitted assigns, but neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto without the prior
written consent of the Company (if such assigning party is the Stockholder) or the Stockholder (if such assigning party is the Company). 

        5.4    Specific Performance. Each party acknowledges that its obligations hereunder are unique, and agrees that the other shall
have the right, in addition to any other rights it may have at law, to specific performance or equitable relief by way of injunction if it shall fail to perform any of its obligations hereunder. 

        5.5    Law Governing; Construction. This Agreement shall be construed in accordance with and governed by the laws of the State
of Delaware, without regard to principles of conflicts of law thereof. Unless otherwise expressly provided herein, all references in this Agreement to Section(s) shall refer to the Section(s) of this
Agreement. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning of this Agreement. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

        5.6    Consent to Jurisdiction; Venue. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the state
courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware, for the purpose of any action or proceeding arising out of or relating to this Agreement,
and each of the parties hereto irrevocably agrees that all claims in respect to such action or proceeding may be heard and determined exclusively in any state or federal court sitting in Wilmington,
Delaware. Each of the parties hereto agrees that a final judgment in any action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Each of the parties hereto irrevocably consents to the service of any summons and complaints and any other process in any other action or proceeding relating to this Agreement,
on behalf of itself or its property, by the personal delivery of copies of such process to such party. Nothing in this Section 5.6 shall affect the right of any party hereto to serve legal
process in any other manner permitted by law. 

        5.7    Termination. This Agreement shall terminate upon the earlier of (i) the termination of the Merger Agreement in
accordance with its terms and (ii) the Effective Time of the Merger. 

3

        IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

	 	 	CAREMARK RX, INC.
	

 	
 	

by:	
 	

/s/  E. MAC CRAWFORD      
 Name: E. Mac Crawford

Title: Chairman and Chief Executive Officer
	

 	
 	

JOSEPH LITTLEJOHN & LEVY FUND III, L.P.
	

 	
 	

by:	
 	

/s/  RAMSEY FRANK      
 Name: Ramsey Frank

Title: Senior Managing Partner

QuickLinks

Exhibit 10.1

VOTING AGREEMENT

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