Document:

Performance Share Award Agreement

 Exhibit 10.3 
 WALGREEN CO. 
 2013 OMNIBUS INCENTIVE PLAN 

PERFORMANCE SHARE AWARD AGREEMENT 
 Participant Name (“you”): 
 Participant ID: 

Grant Date: 
 Performance Period: 

Target Shares Granted: 
 Acceptance Date:

 Electronic Signature: 
 This
document (referred to below as this “Agreement”) spells out the terms and conditions of the Performance Shares Award (the “Performance Shares”) granted to you by Walgreen Co., an Illinois corporation (the “Company”),
pursuant to the Walgreen Co. 2013 Omnibus Incentive Plan (the “Plan”) on and as of the Grant Date designated above. Except as otherwise defined herein, capitalized terms used in this Award Agreement have the respective meanings set forth
in the Plan. The Plan as it may be amended from time to time, is incorporated into this Agreement by this reference. 
 You and the Company
agree as follows: 
 1. Grant of Performance Shares. Pursuant to the approval and direction of the Compensation Committee
of the Company’s Board of Directors (the “Committee”), the Company hereby grants you the target number of Performance Shares specified above, subject to the terms and conditions of the Plan and this Agreement. This “target”
number of shares is computed by multiplying your annual base salary by the target award percentage for your position, and then dividing that by the average closing stock price of the Company’s common stock, par value $.078125 per share
(“Common Stock”) for the 30 trading days preceding the Grant Date. 
 2. Performance Measure. The number of
Performance Shares earned at the end of the three-year Performance Period will vary depending on the degree to which the combination of Adjusted earnings before income and taxes (EBIT) weighted at 70%, and return on invested capital (ROIC), weighted
at 30%, performance goals are met. FIFO Adjusted EBIT and ROIC performance goals are based on the three-year average annual goal, with inventory based on the FIFO method of accounting. 

3. Determination of Performance Shares Earned. At the target levels, 100% of the Performance Shares will be earned. At the
threshold levels 50% of the Performance Shares will be earned. Below the threshold levels of performance, no Performance Shares are earned. At the maximum levels or more, 150% of the Performance Shares will be earned. Performance between minimum and
target, and between target and maximum, will earn performance shares on a pro-rated basis between 50% and 100%, and 100% and 150%, respectively. 

  
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 The amount earned will be calculated according to the following: 

 

									
		 		 		 		 	Percent of
	Performance	 	=	 	Target	 	X	 	Target
	Shares Awarded	 		 	Performance Shares	 		 	Performance Shares Earned

 4. Disability or Death. If during the Performance Period you have a Termination of Service by
reason of Disability or death, then the number of Performance Shares earned (based on performance as of the end of the Performance Period) shall become vested at the end of the Performance Period. Any Performance Shares becoming vested by reason of
your Termination of Service by reason of Disability or death shall be paid at the same time Performance Shares are paid to other Participants. 
 5. Retirement and Involuntary Termination of Service. If during the Performance Period you have a Termination of Service by reason of Retirement, or if you have an involuntary (as determined by the
Committee) Termination of Service other than for Cause (as defined in Section 6), then the number of Performance Shares earned (based on performance as of the end of the Performance Period) will be prorated to reflect the portion of the
Performance Period during which you remained employed by the Company. Such prorated portion shall equal the number of Performance Shares that you would otherwise have earned, multiplied by a fraction equal to the number of full months of the
Performance Period completed as of your Termination of Service, divided by the number of months in the Performance Period. 
 6.
Other Termination of Service. If during the Performance Period you have a Termination of Service by voluntary quit or resignation, or if you are terminated for Cause, or if you have a Termination of Service for any reason other than as set
forth in Section 4 or 5 above or Section 8 below, as determined by the Committee, then all of your Performance Shares shall be forfeited. For purposes of this Section 6, “Cause” means any one or more of the following, as
determined by the Committee in its sole discretion: 
 (a) your commission of a felony or any crime of moral turpitude;

 (b) your dishonesty or material violation of standards of integrity in the course of fulfilling your employment duties to the
Company or any Affiliate; 
 (c) your material violation of a material written policy of the Company or any Affiliate violation
of which is grounds for immediate termination; 
 (d) your willful and deliberate failure to perform your employment duties to
the Company or any Affiliate in any material respect, after reasonable notice of such failure and an opportunity to correct it; or 
 (e) your failure to comply in any material respect with the Foreign Corrupt Practices Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010, and the Truth in Negotiations Act, or any rules or regulations thereunder. 

  
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 7. Settlement of Earned Performance Shares. At the end of the
Performance Period actual performance for the entire Performance Period shall be reviewed, and the amount of the earned Award shall be determined based on this performance and communicated to you. Subject to the requirements of Section 12
below, the Company shall transfer to you one share of Common Stock for each Performance Share earned at that time, net of any applicable tax withholding requirements in accordance with Section 9 below. Performance Shares payable under this
Agreement are intended to be exempt from Internal Revenue Code Section 409A under the exemption for short-term deferrals. Accordingly, Performance Shares will be settled in Common Stock no later than the 15th day of the third month following the end of the fiscal year of the
Company (or if later the calendar year) in which the Performance Shares are earned. 
 8. Settlement following a Change In
Control. Notwithstanding any provision of this Agreement to the contrary, if there is a Change in Control during the Performance Period, then your earned Award shall equal your target number of Performance Shares, and will be settled in cash
(subject to required tax withholdings) in accordance with Section 9.01(b) of the Plan within 45 days after the effective date of the Change in Control. 
 9. Tax Withholding. The Company may make such provisions and take such actions as it may deem necessary or appropriate for the withholding of any Federal, state, local income and employment taxes
and other taxes required by law to be withheld with respect to the Performance Shares, including, but not limited to, deducting the amount of any such withholding taxes from the amount to be paid hereunder, whether in Common Stock or in cash, or
from any other amount then or thereafter payable to you, or requiring you or your beneficiary or legal representative to pay to the Company the amount required to be withheld or to execute such documents as the Committee or its designee deems
necessary or desirable to enable the Company to satisfy its withholding obligations. The Company may refuse to deliver Common Stock if you, your beneficiary or legal representative fail to comply with your obligations under this section. Regardless
of any action the Company takes with respect to any or all income tax, social security, payroll tax, payment on account or other tax-related withholding (“Taxes”) that you are required to bear pursuant to all applicable laws, any and all
Taxes are your responsibility. 
 10. Nontransferability. During the Performance Period and thereafter until Common Stock
is transferred to you in settlement thereof, you may not sell, transfer, pledge, assign or otherwise alienate or hypothecate the Performance Shares, whether voluntarily or involuntarily or by operation of law, other than by beneficiary designation
effective upon your death, or by will or by the laws of intestacy. 
 11. Rights as Shareholder. You shall have no rights
as a shareholder of the Company with respect to the Performance Shares until such time as a certificate of stock for the Common Stock issued in settlement of the Performance Shares has been issued to you or such shares of Common Stock have been
recorded in your name in book entry form. Except as provided in Section 13 below, no adjustment shall be made for dividends or distributions or other rights with respect to such shares for which the record date is prior to the date on which you
become the holder of record thereof. Anything herein to the contrary notwithstanding, if a law or any regulation of the Securities and Exchange Commission or of any other body having jurisdiction shall require the Company or you to take any action
before shares of Common Stock can be delivered to you hereunder, then the date of delivery of such shares may be delayed accordingly. 

  
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 12. Securities Laws. If a Registration Statement under the Securities Act of 1933, as
amended, is not in effect with respect to the shares of Common Stock to be delivered pursuant to this Agreement, you hereby represent that you are acquiring the shares of Common Stock for investment and with no present intention of selling or
transferring them and that you will not sell or otherwise transfer the shares except in compliance with all applicable securities laws and requirements of any stock exchange on which the shares of Common Stock may then be listed. 

13. Change in Common Stock. In the event of any change in the Common Stock, by reason of any stock dividend, recapitalization,
reorganization, split-up, merger, consolidation, exchange of shares, or of any similar change affecting Common Stock, the number of Performance Shares subject to this Award Agreement shall be equitably adjusted by the Committee. 

14. No Guarantee of Employment. Nothing in this Award Agreement shall interfere with or limit in any way the right of the Company
or any of its subsidiaries to terminate your employment at any time, nor confer upon you or any employee any right to continue in the employ of the Company or any of its subsidiaries. No employee shall have a right to be selected to be granted
Performance Shares or any other Award under the Plan. 
 15. Committee Authority; Recoupment. It is expressly understood
that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate for the administration of the Plan and this Agreement, including the enforcement of any recoupment policy, all of which shall be binding
upon you and any claimant. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan. 
 16.
Amendment or Modification, Waiver. Except as set forth in the Plan, no provision of this Agreement may be amended or waived unless the amendment or waiver is agreed to in writing, signed by you and by a duly authorized officer of the Company.
No waiver of any condition or provision of this Agreement shall be deemed a waiver of a similar or dissimilar condition or provision at the same time, any prior time or any subsequent time. 

17. Governing Law and Jurisdiction. This Agreement is governed by the substantive and procedural laws of the state of Illinois.
You and the Company shall submit to the exclusive jurisdiction of, and venue in, the courts in Illinois in any dispute relating to this Agreement. 
 18. Conformity with Applicable Law. If any provision of this Agreement is determined 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 the validity, legality or enforceability of any other provision of this Agreement or the validity, legality or enforceability of such provision in 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. 
 19. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons who shall, upon your death, acquire any rights
hereunder. 

  
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 **** 
 This Agreement contains highly sensitive and confidential information. Please handle it accordingly. Once you have read and understood this Agreement, please click the acceptance box to certify and
confirm your agreement to be bound by the terms and conditions of this Agreement and to acknowledge your receipt of the Prospectus, the Plan and this Agreement and your acceptance of the terms and conditions of the Performance Share Award granted
hereunder. 
  

			
	WALGREEN CO.
		
	By  	 	 
		
		 	 

  
 5Stock Option Award Agreement

 Exhibit 10.4 
 WALGREEN CO. 
 2013 OMNIBUS INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 
 Participant Name (“you”): 
 Participant ID: 

Grant Date: 
 Exercise Price: 

Shares Granted: 
 Vesting Date: 

Expiration Date: 
 Acceptance Date: 

Electronic Signature: 
 This document (referred
to below as this “Agreement”) spells out the terms and conditions of the stock option (the “Option”) granted to you by Walgreen Co., an Illinois corporation (the “Company”), pursuant to the Walgreen Co. 2013 Omnibus
Incentive Plan (the “Plan”) on and as of the Grant Date designated above. Except as otherwise defined herein, capitalized terms used in this Agreement have the respective meanings set forth in the Plan. The Plan, as in effect on the date
of this Agreement and as it may be amended from time to time, is incorporated into this Agreement by this reference. 
 You and the Company
agree as follows: 
 1. Grant of Stock Option. Pursuant to the approval and direction of the Compensation Committee of the
Company’s Board of Directors (the “Committee”), the Company hereby grants you an Option to purchase all or any part of the number of Shares Granted set forth above of common stock of the Company, par value $.078125 (“Common
Stock”), at the per-share Exercise Price set forth above, which is 100% of the fair market value of a share of Common Stock on the Grant Date, subject to the terms and conditions of the Plan and this Agreement. This stock option is intended to
be a “non-qualified stock option” and shall not be treated as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended. 

2. Vesting/Exercise/Expiration. The Employee may not exercise the Option prior to the Vesting Date set forth above absent action
by the Committee to waive or alter such restrictions or as may be permitted under paragraphs 3, 4 or 5 below. Thereafter, except as hereinafter provided, the Employee may exercise the Option, to the extent it is vested, at any time and from time to
time until the close of business on the Expiration Date set forth above, subject, in the event of a Change in Control, to the 

  
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Committee’s exercise of its discretion under Section 9.01 of the Plan. The Option may be exercised to purchase any number of whole shares of Common Stock, except that no purchase shall
be for less than ten (10) full shares, or the remaining unexercised shares, if less. This Option is deemed to be “outstanding” until it has been exercised in full or expired pursuant to the terms of this Agreement. 

3. Disability. If, without having fully exercised this Option, you have a Termination of Service due to Disability, whether before
or after the Vesting Date, then the Option shall thereupon become vested and (a) you may exercise this Option for the full number of Shares Granted (less any shares for which this Option was previously exercised), but (b) your right to
exercise this Option shall terminate upon the earlier of the Expiration Date or a date which is one (1) year following the date of your Termination of Service. 
 4. Death. If, without having fully exercised this stock option, you have a Termination of Service due to your death, whether before or after the Vesting Date, then this Option shall be fully vested
and (a) it may be exercised by the executor or administrator of your estate or by such person or persons who shall have acquired your rights hereunder by bequest or inheritance or by designation as your beneficiary for the full number of Shares
Granted (less any shares for which this Option was previously exercised), but (b), such person’s right to exercise this Option shall terminate upon the earlier of the Expiration Date or a date which is one (1) year after the date of the
your death. 
 5. Retirement and Involuntary Termination of Service. If without having fully exercised this Option you
have a Termination of Service by reason of Retirement, or if you have an involuntary (as determined by the Committee) Termination of Service other than for Cause (as defined in Section 6), then (a) then the number of Options that you may
exercise shall be determined by treating the Vesting Date as occurring one year prior to the Vesting Date specified in the introduction to this Agreement, but (b) your right to exercise this Option shall terminate upon the earlier of the
Expiration Date or a date which is one (1) month following your involuntary Termination of Service or one (1) year after the date of your Retirement). Shares for which you cannot exercise the Option under this Section 5 shall be
forfeited. 
 6. Other Termination of Service. If without having fully exercised this Option you have a Termination of
Service by voluntary quit or resignation, or if you are terminated for Cause, or if you have a Termination of Service for any reason other than as set forth in Section 3, 4 or 5 above, as determined by the Committee, then your right to exercise
this Option shall terminate as of the date of your Termination of Service, subject to the right of the Committee to extend the exercise period of this Option. For purposes of this Section 6, “Cause” means any one or more of the
following, as determined by the Committee in its sole discretion: 

  
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 (a) your commission of a felony or any crime of moral turpitude; 

(b) your dishonesty or material violation of standards of integrity in the course of fulfilling your employment duties to the Company or
any Affiliate; 
 (c) your material violation of a material written policy of the Company or any Affiliate violation of which is
grounds for immediate termination; 
 (d) your willful and deliberate failure to perform your employment duties to the Company or
any Affiliate in any material respect, after reasonable notice of such failure and an opportunity to correct it; or 
 (e) your
failure to comply in any material respect with the Foreign Corrupt Practices Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,
and the Truth in Negotiations Act, or any rules or regulations thereunder. 
 7. Forfeiture of Outstanding Options Following
Termination of Service. Notwithstanding any provision of this Agreement to the contrary, your remaining right, if any, to the Option shall immediately terminate if and when you violate any post-employment obligation that you may have to the
Company, including but not limited to any non-competition, non-solicitation, confidentiality, non-disparagement or other restrictive covenant. 
 8. Exercise Process. This Option may be exercised by giving written notice to Walgreen Co., Attention: Finance Department, Corporate Offices, 200 Wilmot Road, MS 2261, Deerfield, Illinois 60015 (or
such other address as the Company may specify). Alternatively, the Company may designate one or more third parties to administer the Option exercise process and direct you accordingly. The exercise notice (a) shall be signed by you or (in the
event of your death) your legal representative, (b) shall specify the number of full shares then elected to be purchased, and (c) shall be accompanied by payment in full of the Exercise Price of the shares to be purchased. Payment may be
made in cash or by check payable to the order of the Company, and such payment shall include any tax withholding obligation, as set forth in Section 12 below. Alternatively, the Committee may allow for one or more of the following methods of
exercising this Option: 
 (a) Payment for shares as to which this Option is being exercised and/or payment of any federal,
state, local or other tax withholding obligations may be made by transfer to the Company of shares of Common Stock you already own, or any combination of such shares and cash, having a fair market value determined at the time of exercise of the
Option equal to, but not exceeding, the Exercise Price and/or the tax withholding obligation, as the case may be. 

  
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 (b) A “same day sale” transaction pursuant to which a third party (engaged by your
or the Company) loans funds to you to enable you to purchase the shares and pay any tax withholding obligations, and then sells a sufficient number of the exercised shares on your behalf to enable you to repay the loan and any fees. The remaining
shares and/or cash are then delivered by the third party to you. 
 (c) A “net exercise” transaction, pursuant to which
the Company delivers to you the net number of whole shares remaining from the portion of the Option being exercised after deduction of a number of shares of Common Stock with a fair market value equal to the exercise price and a number of shares of
Common Stock with a fair market value equal to the amount of any tax withholding obligations. 
 As promptly as practicable after receipt of
such notice and payment (including payment with respect to any tax withholding obligations), subject to Section 12 below, the Company shall cause to be issued and delivered to you (or in the event of your death to your legal representative, as
the case may be), certificates for the shares of Common Stock so purchased. Alternatively, such shares may be issued and held in book entry form. 
 9. Tax Withholding. The Company may make such provisions and take such actions as it may deem necessary or appropriate for the withholding of any Federal, state, local income and employment taxes
and other taxes required by law to be withheld with respect to this Option, including, but not limited to, deducting the amount of any such withholding taxes from the amount to be paid hereunder, whether in Common Stock or in cash, or from any other
amount then or thereafter payable to you, or requiring you or your beneficiary or legal representative to pay to the Company the amount required to be withheld or to execute such documents as the Committee or its designee deems necessary or
desirable to enable the Company to satisfy its withholding obligations. The Company may refuse to deliver Common Stock if you, your beneficiary or legal representative fail to comply with your or its obligations under this Section. Regardless of any
action the Company takes with respect to any or all income tax, social security, payroll tax, payment on account or other tax-related withholding (“Taxes”) that you are required to bear pursuant to all applicable laws, any and all Taxes
are your responsibility. 
 10. Limited Transferability. You may not sell, transfer, pledge, assign or otherwise alienate
or hypothecate this Option, whether voluntarily or involuntarily or by operation of law, other than by beneficiary designation effective upon your death, by will or by the laws of intestacy. During your lifetime this Option and all rights granted
hereunder shall be exercisable only by you. Notwithstanding the foregoing, you may transfer this Option, in whole or in part, by gift to a Permitted Transferee in accordance with rules and subject to any conditions specified by the Committee under
the Plan. 

  
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 11. Rights as Shareholder. You shall have no rights as a shareholder of the Company
with respect to the shares of Common Stock subject to this Option until such time as the purchase price has been paid and a certificate of stock for such shares has been issued to you or such shares of Common Stock have been recorded in your name in
book entry form. Except as provided in Section 13 below, no adjustment shall be made for dividends or distributions or other rights with respect to such shares for which the record date is prior to the date on which you become the holder of
record thereof. Anything herein to the contrary notwithstanding, if a law or any regulation of the Securities and Exchange Commission or of any other body having jurisdiction shall require the Company or you to take any action before shares of
Common Stock can be delivered to you hereunder, then the date of delivery of such shares may be delayed accordingly. 
 12.
Securities Laws. If a Registration Statement under the Securities Act of 1933, as amended, is not in effect with respect to the shares of Common Stock to be delivered pursuant to this Agreement, you hereby represent that you are acquiring the
shares of Common Stock for investment and with no present intention of selling or transferring them and that you will not sell or otherwise transfer the shares except in compliance with all applicable securities laws and requirements of any stock
exchange on which the shares of Common Stock may then be listed. 
 13. Change in Common Stock. In the event of any
change in Common Stock by reason of any stock dividend, recapitalization, reorganization, split-up, merger, consolidation, exchange of shares, or of any similar change affecting Common Stock, the number of shares of Common Stock subject to this
Option and the Exercise Price shall be equitably adjusted by the Committee. 
 14. No Guarantee of Employment. Nothing in
this Award Agreement shall interfere with or limit in any way the right of the Company or any of its subsidiaries to terminate your employment at any time, nor confer upon you or any employee any right to continue in the employ of the Company or any
of its subsidiaries. No employee shall have a right to be selected to be granted an Option or any other Award under the Plan. 

15. Committee Authority; Recoupment. It is expressly understood that the Committee is authorized to administer, construe, and make
all determinations necessary or appropriate for the administration of the Plan and this Agreement, including the enforcement of any recoupment policy, all of which shall be binding upon you and any claimant. Any inconsistency between this Agreement
and the Plan shall be resolved in favor of the Plan. 
 16. Amendment or Modification, Waiver. Except as set forth in the
Plan, no provision of this Agreement may be amended or waived unless the amendment or waiver is agreed to in writing, signed by you and by a duly authorized officer of the Company. No waiver of any condition or provision of this Agreement shall be
deemed a waiver of a similar or dissimilar condition or provision at the same time, any prior time or any subsequent time. 

  
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 17. Governing Law and Jurisdiction. This Agreement is governed by the substantive and
procedural laws of the state of Illinois. You and the Company shall submit to the exclusive jurisdiction of, and venue in, the courts in Illinois in any dispute relating to this Agreement. 

18. Conformity with Applicable Law. If any provision of this Agreement is determined 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 the validity, legality or enforceability of any other provision of this Agreement or the validity, legality or
enforceability of such provision in 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. 

19. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and
any person or persons who shall, upon the your death, acquire any rights hereunder. 
 **** 

This Agreement contains highly sensitive and confidential information. Please handle it accordingly. Once you have read and understood
this Agreement, please click the acceptance box to certify and confirm your agreement to be bound by the terms and conditions of this Agreement and to acknowledge your receipt of the Prospectus, the Plan and this Agreement and your acceptance of the
terms and conditions of the Stock Option Award granted hereunder. 
  

			
	WALGREEN CO.
		
	By  	 	 
		
		 	 

  
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