Document:

<PAGE>   1
                                                                   Exhibit 10.19

                                 CVS CORPORATION
                            1996 DIRECTORS STOCK PLAN
                   (As Amended and Restated November 9, 1999)

     1.   PURPOSE

          The purpose of this Plan is to afford present and future directors of
CVS Corporation (the "Company") an opportunity to secure a stock ownership in
the Company, thereby encouraging them to acquire a direct and long term interest
in the growth and prosperity of the Company and to have the outlook and
consideration of an owner of the Company. This Plan also permits the Company to
compete with other organizations offering similar plans in attracting and
retaining the services of directors of exceptional talent who are able to make
important contributions to the Company's success.

     2.   ADMINISTRATION OF THE PLAN

          This Plan shall be administered by the Company's Board of Directors
(the "Board"). Subject to the provisions of the Plan, the Board shall be
authorized to interpret the Plan, to establish, amend, and rescind any rules and
regulations relating to the Plan and to make all other determinations necessary
or advisable for the administration of the Plan; provided, however, that the
Board shall have no discretion with regard to the selection of individual
directors to receive stock grants under the Plan. The Board's interpretation of
the terms and provisions of this Plan shall be final and conclusive. The Board
may authorize an appropriate officer or officers of the Company to execute, on
behalf of the Company, such agreements and other instruments as may be necessary
to implement this Plan.

     3.   ELIGIBILITY

          Participation will be limited to individuals who are Eligible
Directors as defined herein. Eligible Director shall mean a director of the
Company who at the relevant time is not, and solely for purposes of Section 5
has not been within the one year period immediately preceding such time, an
employee of the Company or its subsidiaries or otherwise eligible for selection
to participate (on a discretionary basis) in any plan of the Company or its
subsidiaries that entitles the participant therein to acquire stock, stock
options or stock appreciation rights of the Company or its subsidiaries.

     4.   SHARES SUBJECT TO THE PLAN

          (a)  Subject to the adjustments made pursuant to paragraph (c) of this
Section 4, the aggregate number of shares of Common Stock, $0.01 par value, of
the Company ("Stock") which may be issued under the Plan shall be 346,460.

          (b)  Any shares of Stock to be delivered under the Plan shall be made
available from newly issued shares of Stock or from shares of Stock reacquired
by the Company, including such shares purchased in the open market.

          (c)  In the event of any merger, reorganization, consolidation,
recapitalization, stock split, stock dividend or other special, large, and
non-recurring non-cash dividend, or other

<PAGE>   2

change in corporate structure affecting the Stock, the aggregate number of
shares of Stock which may be issued under the Plan, the number of shares
automatically granted under the first and second sentences of Section 5, and the
number of shares of Stock subject to the later issuance by reason of previous
deferral of payment shall be increased or decreased proportionately, as the case
may be; provided, said number of shares already has been adjusted to reflect the
Company's June 1998 stock split.

     5.   ANNUAL STOCK GRANTS

          Effective as of the end of each annual meeting of shareholders of the
Company, each person who is an Eligible Director shall be granted an award of
1,500 shares of Stock in respect of the preceding Award Year except that if the
Eligible Director was not a director of the Company for all of such Award Year,
the size of the award shall be pro rated based on the number of months in such
Award Year during which such Eligible Director was a director of the Company. If
an Eligible Director retires, resigns, dies or otherwise ceases to be a director
of the Company prior to the end of the annual meeting of shareholders of the
Company, there shall be granted, effective as of the first day of the month
after such person's termination of service as a director of the Company, an
award of 125 shares of Stock for each month during the Award Year such person
was a director. For purposes of this Section 5, a part of a month shall be
treated as a month and an Award Year shall mean the period from the first day of
the month after an annual meeting of shareholders of the Company to the
beginning of the next annual meeting of shareholders of the Company.

     6.   DIRECTOR STOCK COMPENSATION

          (a)  The compensation of each Eligible Director shall be paid one-half
in Stock and, unless otherwise elected under paragraph 6(b) by an Eligible
Director, one-half in cash. Compensation for this purpose means annual retainer
fees, but does not include supplemental retainer fees for committee chair
positions which shall be paid in cash unless otherwise elected under paragraph
6(b) by an Eligible Director.

          (b)  Each Eligible Director may elect in accordance with rules
established by the Board and uniformly applied, to receive in Stock any part of
such Eligible Director's compensation (including fees for chair positions and
meeting attendance fees) otherwise payable in cash. The number of shares of
Stock to be issued in lieu of such cash shall be determined by dividing the
average of the high and low sales price of the Company's Common Stock on the
date the cash is otherwise payable as reported on the Composite Tape for such
day into the cash amount elected to be received in Stock. Except to the extent
deferred in accordance with paragraph 6(c), such number of shares shall be
rounded down to the next whole number of shares.

          (c)  (i)  Each Eligible Director may elect to defer the receipt of
                    shares otherwise currently payable to such Eligible Director
                    under Sections 5, 6 or 7 of this Plan until such Eligible
                    Director terminates service as a Director or such other date
                    or event as permitted under rules established by the Board
                    and uniformly applied. In that event, such Eligible Director
                    shall be granted an immediate award of share credits equal
                    to the number of shares of Stock elected to be deferred,
                    including fractional share credits to not less than three
                    decimal places.

               (ii) As soon as practicable after an Eligible Director has ceased
                    being a director of the Company or such other date or event
                    elected by an

                                      -2-
<PAGE>   3

                     Eligible Director under paragraph 6(c)(i), all awards shall
                     be paid to the Eligible Director or, in the case of the
                     death of the Eligible Director, the Eligible Director's
                     designated beneficiary or beneficiaries or in the absence
                     of a designated beneficiary, to the estate of the Eligible
                     Director, in a single payment or installments as elected by
                     the Eligible Director.

               (iii) (A)  In addition to the payment provided for in paragraph
                          (c)(ii) of this Section 6, each Eligible Director (or
                          beneficiary) entitled to payment under this paragraph
                          6(c) shall receive at the same time the dividend
                          equivalent amounts calculated under subparagraph (B)
                          below.

                     (B)  The dividend equivalent amount is the number of
                          additional share credits attributable to the number of
                          share credits originally granted plus additional share
                          credits previously calculated hereunder. Such
                          additional share credits shall be determined and
                          credited as of each dividend payment date by dividing
                          the aggregate cash dividends which would have been
                          paid had share credits awarded or credited (but not
                          yet paid) under this paragraph 6(c), as the case may
                          be, been actual shares of Stock on the record date for
                          such dividend by the market price per share of Stock
                          on the dividend payment date. For this purpose, the
                          market price on any day shall be the average of the
                          highest and lowest sales price of Stock as reported on
                          the Composite Tape for such day, unless the Board
                          determines that another procedure for determining
                          market price would be more appropriate. Fractional
                          share credits shall be calculated to not less than
                          three decimal places.

               (iv)  Payments pursuant to paragraphs (ii) and (iii) above shall
                     be made in shares of Stock except that there shall be paid
                     in cash the value of any fractional share.

     7.   RETIREMENT BENEFITS CONVERSION

          Each person who is an Eligible Director as of the end of the annual
meeting of shareholders of the Company at which the Plan is approved shall have
the right to elect within 30 days after such meeting on a form prescribed by the
Company for such purpose to waive any and all rights under the Directors
Retirement Plan and to receive in lieu of such rights a grant of shares of
Stock. Unless otherwise elected under paragraph 6(c) by an Eligible Director,
such shares shall be delivered to such Eligible Director as soon as possible
after the end of the 30 day election period. The number of shares of Stock to be
granted in lieu of an Eligible Director's benefit rights under the Directors
Retirement Plan shall be calculated by the Company's actuarial consultants using
assumptions that are reasonable and uniformly applied.

                                      -3-
<PAGE>   4

     8.   DELIVERY OF SHARES; TRANSFER OF SHARES

          No shares of Stock shall be delivered under the Plan until the
requirements of such laws and regulations as may be deemed by the Board to be
applicable thereto are satisfied.

     9.   GENERAL PROVISIONS

          (a)  Designation of Beneficiary. Each Eligible Director may designate
a beneficiary or beneficiaries and may change such designation from time to time
by filing a written instrument of beneficiaries with the Board on a form to be
prescribed by it, provided that no such designation shall be effective unless so
filed prior to the death of such Eligible Director.

          (b)  Nontransferability. Except as may be permitted by paragraph 9(a),
no right to receive Stock hereunder shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or
charge and any such attempted action shall be void and of no effect.

          (c)  No Segregation of Cash or Shares. The Company shall not be
required to segregate any cash or any shares of Stock which may at any time be
represented by Stock grants, share credits or dividend equivalents. No Eligible
Director shall have voting or other rights with respect to shares of Stock prior
to the delivery of such shares. The Company shall not, by any provisions of this
Plan, be deemed to be a trustee of any Stock or any other property, and the
liabilities of the Company to any Eligible Director pursuant to the Plan shall
be those of a debtor pursuant to such contract obligations as are created by the
Plan, and no such obligation of the Company shall be deemed to be secured by any
pledge or other encumbrance on any property of the Company.

          (d)  Delaware Law to Govern. All questions pertaining to the
construction, regulation, validity and effect of the provisions of the Plan
shall be determined in accordance with the laws of the State of Delaware.

          (e)  Withholding of Taxes. The Company shall be authorized to withhold
from any payment due under this Plan the amount of withholding taxes, if any,
due in respect of an award or payment hereunder, unless other provisions
satisfactory to the Company shall have been made for the payment of such taxes.

     10.  AMENDMENTS, SUSPENSION OR DISCONTINUANCE

          The Board of Directors may amend, suspend, or discontinue the Plan,
but except as permitted by Rule 16b-3 promulgated under the Securities Exchange
Act of 1934 may not make any amendment which operates (a) to modify the class of
persons who constitute Eligible Directors as defined in the Plan, (b) to
increase the total number of shares of Stock available under the Plan, or (c) to
extend the period during which awards may be granted under the Plan.

     11.  TERMINATION

          The Plan shall be effective as of the annual meeting of shareholders
of the Company at which the shareholders approve the Plan. No grant shall be
made under the Plan after expiration of ten years from the date upon which the
Plan is approved by vote of the shareholders.

                                      -4-<PAGE>   1
                                                                   EXHIBIT 10.27

                                 CVS CORPORATION
                 SUMMARY OF THE LONG-TERM PERFORMANCE SHARE PLAN

In 1999, CVS implemented a Long-Term Performance Share Plan. This Plan, which is
a sub-plan of the Company's 1997 Incentive Compensation Plan, is intended to
encourage executives to balance short-term goals, as reflected in the annual
incentive plan, with long-term profit growth. It uses both an internal measure
of success - earnings per share ("EPS") compound annual growth rate - as well as
an external validation of success - CVS stock price. The Plan consists of
three-year performance cycles, with a new cycle commencing each year. At the
beginning of each cycle, participants are awarded an opportunity to earn a
target number of shares of CVS stock. At the end of each cycle, the actual
number of shares awarded may be higher or lower than the target number,
depending upon performance relative to a predetermined goal of growth in EPS.
Final awards will be paid 50% in shares of CVS stock and 50% in cash (based upon
the value of the shares earned at the end of the performance cycle). The first
full performance cycle is from 1999 through 2001. The cycle provides for target
awards of 21,175 shares for the Chairman and Chief Executive Officer, 10,500
shares for the President and Chief Operating Officer and 6,000 shares for other
executive officers of CVS. To introduce the Plan and provide competitive total
compensation opportunities, a transitional ("bridge") cycle was implemented,
covering the calendar year 1999 payable the first quarter of 2000.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]