Document:

Exhibit 10.7

 

ROTH CAPITAL PARTNERS, LLC

888 San Clemente Dr. 

Newport Beach CA, 92660 

 

CRAIG-HALLUM CAPITAL GROUP LLC

222 South Ninth Street, Suite 350

Minneapolis, MN 55402 

 

December 10, 2020

 

Roth CH Acquisition II Co.

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

 

Ladies and Gentlemen:

 

This is to confirm our agreement (this “Agreement”)
whereby Roth CH Acquisition II Co., a Delaware corporation (“Company”), has requested Roth Capital Partners,
LLC and Craig-Hallum Capital Group LLC (each an “Advisor” and together the “Advisors”) to
assist it in connection with the Company’s initial merger, stock exchange, asset acquisition, stock purchase, recapitalization,
reorganization or similar business combination (in each case, a “Business Combination”) with one or more businesses
or entities (each a “Target”) as described in the Company’s Registration Statement on Form S-1 (File No.
333-250937) filed with the Securities and Exchange Commission (“Registration Statement”) in connection with
its initial public offering (“IPO”).

 

1.  Services and Fees.

 

(a) The Advisors will, if requested by the Company:

 

	 	(i)	Assist the Company in the transaction structuring and negotiation of a definitive purchase agreement with respect to the Business Combination;

 

	 	(ii)	Hold meetings with Company shareholders to discuss the Business Combination and the Target’s attributes;

 

	 	(iii)	Introduce the Company to potential investors to purchase the Company’s securities in connection with the Business Combination;

 

	 	(iv)	Assist the Company in trying to obtain shareholder approval for the Business Combination, including assistance with the Company’s proxy statement or tender offer materials; and

 

	 	(v)	Assist the Company with relevant financial analysis, presentations, press releases and filings related to the Business Combination or the Target.

 

(b) As compensation for the foregoing services,
the Company will pay the Advisors a cash fee of equal to, in the aggregate, of 4.5% of the gross proceeds received by the Company
in the IPO (“Fee”). The Fee shall be payable in cash and is due and payable to the Advisors by wire transfer at the
closing of the Business Combination (“Closing”) from the Trust Account (defined below). If a proposed Business
Combination is not consummated for any reason, no Fee shall be due or payable to the Advisors hereunder. The Fee shall be exclusive
of any finder’s fees which may become payable to the Advisors pursuant to any subsequent agreement between either of the
Advisors and the Company or the Target.

 

2. Expenses.

 

At the Closing, the Company shall
reimburse the Advisors up to $20,000 for their reasonable costs and expenses incurred (including its fees and disbursements
of counsel) in connection with the performance of its services hereunder; provided, however, all expenses in excess of $5,000
in the aggregate shall be subject to the Company’s prior written approval, which approval will not be unreasonably
withheld. Reimbursable expenses shall be due and payable to the Advisors by wire transfer at the Closing from the Trust
Account.

 

     

     

    

 

3. Company Cooperation.

 

The Company will cooperate with the Advisors
including, but not limited to, providing to the Advisors and their counsel, on a timely basis, all documents and information regarding
the Company and Target that the Advisors may reasonably request or that are otherwise relevant to the Advisors’ performance
of their obligations hereunder (collectively, the “Information”); making the Company’s management, auditors,
consultants and advisors available to the Advisors; and, using commercially reasonable efforts to provide the Advisors with reasonable
access to the management, auditors, suppliers, customers, consultants and advisors of Target. The Company will promptly notify
the Advisors of any change in facts or circumstances or new developments affecting the Company or Target or that might reasonably
be considered material to the Advisors’ engagement hereunder.

 

4. Representations; Warranties and Covenants.

 

The Company represents, warrants and covenants
to each of the Advisors that all Information it makes available to the Advisors by or on behalf of the Company in connection with
the performance of their obligations hereunder will not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make statements made, in light of the circumstances under which they were made, not misleading as of
the date thereof and as of the consummation of the Business Combination.

 

5. Indemnity.

 

The Company shall indemnify each of the
Advisors and their respective affiliates and their respective directors, officers, employees, shareholders, representatives and
agents in accordance with the indemnification provisions set forth in Annex I hereto, all of which are incorporated herein by reference.

 

Notwithstanding the foregoing and Annex
I, each Advisor agrees, if there is no Closing, (i) that it does not have any right, title, interest or claim of any kind in or
to any monies in the Company’s trust account established in connection with the IPO (“Trust Account”)
with respect to this Agreement (each, a “Claim”); (ii) to waive any Claim it may have in the future as a result
of, or arising out of, any services provided to the Company hereunder; and (iii) to not seek recourse against the Trust Account
with respect to the Fee.

 

6. Use of Name and Reports.

 

Without the Advisors’ prior written
consent, neither the Company nor any of its affiliates (nor any director, officer, manager, partner, member, employee, representative
or agent thereof) shall quote or refer to, in any filings with the Securities and Exchange Commission, any advice rendered by the
Advisors to the Company or any communication from the Advisors, in each case, in connection with performance of the Advisors’
services hereunder, except as required by applicable federal or state law, regulation or securities exchange rule.

 

7. Status as Independent Contractor.

 

Each of the Advisors shall perform its services
as an independent contractor and not as an employee of the Company or affiliate thereof. It is expressly understood and agreed
to by the parties that each Advisor shall have no authority to act for, represent or bind the Company or any affiliate thereof
in any manner, except as may be expressly agreed to by the Company in writing. In rendering such services, each Advisor will be
acting solely pursuant to a contractual relationship on an arm’s-length basis. This Agreement is not intended to create a
fiduciary relationship between the parties and neither the Advisors nor any of the Advisors’ officers, directors or personnel
will owe any fiduciary duty to the Company or any other person in connection with any of the matters contemplated by this Agreement.

 

     

     

    

 

8. Potential Conflicts.

 

The Company acknowledges that each of the
Advisors is a full-service securities firm engaged in securities trading and brokerage activities and providing investment banking
and advisory services from which conflicting interests may arise. Subject to applicable law, in the ordinary course of business,
each Advisor and its respective affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions,
for their own account or the accounts of customers, in debt or equity securities of the Company, its affiliates or other entities
that may be involved in the transactions contemplated hereby. Nothing in this Agreement shall be construed to limit or restrict
either Advisor or any of its respective affiliates in conducting such business to the extent permitted by applicable law.

 

9. Entire Agreement.

 

This Agreement constitutes the entire understanding
between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written,
with respect thereto. This Agreement may not be modified or terminated orally or in any manner other than by an agreement in writing
signed by the parties hereto. 

 

10. Notices.

 

Any notices required or permitted to be
given hereunder shall be in writing and shall be deemed given when mailed by certified mail or private courier service, return
receipt requested, addressed to each party at its respective addresses set forth above, or such other address as may be given by
a party in a notice given pursuant to this Section.

 

11. Successors and Assigns.

 

This Agreement may not be assigned by any
of the parties without the written consent of the others. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and, except where prohibited, to their successors and assigns.

 

12. Non-Exclusivity.

 

Nothing herein shall be deemed to restrict
or prohibit the engagement by the Company of other consultants providing the same or similar services or the payment by the Company
of fees to such other consultants. The Company’s engagement of any other consultant(s) shall not affect the Advisors’
right to receive the Fee and reimbursement of expenses pursuant to this Agreement.

 

13. Applicable Law; Venue.

 

This Agreement shall be construed and enforced
in accordance with the laws of the State of New York without giving effect to conflict of laws. In the event of any dispute under
this Agreement, then and in such event, each party hereto agrees that the dispute shall be brought and enforced in the courts of
the State of New York, County of New York under the accelerated adjudication procedures of the Commercial Division, or the United
States District Court for the Southern District of New York, in each event at the discretion of the party initiating the dispute.
Each party irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon
a party may be served by transmitting a copy thereof by registered or certified mail, postage prepaid, addressed to such party
at the address set forth at the beginning of this Agreement. Such mailing shall be deemed personal service and shall be legal and
binding upon the party being served in any action, proceeding or claim. The Company agrees that each Advisor shall be entitled
to recover all of its reasonable attorneys’ fees and expenses relating to any action or proceeding and/or incurred in connection
with the preparation therefor if it is the prevailing party in such action or proceeding. EACH PARTY HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

14. Counterparts.

 

This Agreement may be executed in several
original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

     

     

    

 

If the foregoing correctly
sets forth the understanding between the Advisors and the Company with respect to the foregoing, please so indicate your agreement
by signing in the place provided below, at which time this letter shall become a binding contract.

 

	 	ROTH CAPITAL PARTNERS, LLC
	 	 	 
	 	By:	/s/ Byron Roth
	 	Name:	Byron Roth
	 	Title:	Chief Executive Officer

 

	 	CRAIG-HALLUM CAPITAL GROUP LLC
	 	 	 
	 	By:	/s/ Steve Dyer
	 	Name:  	Steve Dyer
	 	Title:	Chief Executive Officer

 

	AGREED AND ACCEPTED BY:	 
	 	 
	ROTH CH ACQUISITION II CO.	 
	 	 	 
	By:	/s/ Byron Roth	 
	Name:	Byron Roth	 
	Title:	Chief Executive Officer	 

 

     

     

    

 

ANNEX I

 

Indemnification

 

In connection with the Company’s engagement
of Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC (each an “Advisor” and together the “Advisors”)
pursuant to that certain letter agreement (“Agreement”) of which this Annex forms a part, Roth CH Acquisition
II Co. (the “Company”) hereby agrees, subject to the second paragraph of Section 5 of the Agreement, to indemnify
and hold harmless each of the Advisors and its respective affiliates and their respective directors, officers, shareholders, agents
and employees of any of the foregoing (collectively the “Indemnified Persons”), from and against any and all
claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them
(including the reasonable fees and expenses of counsel), as incurred, (collectively a “Claim”), that (A) are
related to or arise out of (i) any actions taken or omitted to be taken (including any untrue statements made or any statements
omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in connection with
the Company’s engagement of the Advisors, or (B) otherwise relate to or arise out of the Advisors’ activities on the
Company’s behalf under the Advisors’ engagement, and the Company shall reimburse any Indemnified Person for all expenses
(including the reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection with investigating,
preparing or defending any such claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation
in which any Indemnified Person is a party.

 

The Company will not, however, be responsible
for any Claim that is finally judicially determined to have resulted from the gross negligence or willful misconduct of any person
seeking indemnification for such Claim. The Company further agrees that no Indemnified Person shall have any liability to the Company
for or in connection with the Company’s engagement of the Advisors except for any Claim incurred by the Company as a result
of such Indemnified Person’s gross negligence or willful misconduct.

 

The Company further agrees that it will
not, without the prior written consent of the Advisors which consent may not be unreasonably withheld, settle, compromise or consent
to the entry of any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether
or not any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes
an unconditional, irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

 

Promptly upon receipt by an Indemnified
Person of notice of any complaint or the assertion or institution of any Claim with respect to which indemnification is being sought
hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of such assertion or institution but
failure to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except and only to the
extent such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company so elects or is
requested by such Indemnified Person, the Company will assume the defense of such Claim, including the employment of counsel reasonably
satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel. In the event, however, that legal
counsel to such Indemnified Person reasonably determines that having common counsel would present such counsel with a conflict
of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and the Company, and legal counsel
to such Indemnified Person reasonably concludes that there may be legal defenses available to it or other Indemnified Persons different
from or in addition to those available to the Company, then such Indemnified Person may employ its own separate counsel to represent
or defend him, her or it in any such Claim and the Company shall pay the reasonable fees and expenses of such counsel. Notwithstanding
anything herein to the contrary, if the Company fails timely or diligently to defend, contest, or otherwise protect against any
Claim, the relevant Indemnified Party shall have the right, but not the obligation, to defend, contest, compromise, settle, assert
crossclaims, or counterclaims or otherwise protect against the same, and shall be fully indemnified by the Company therefor, including
without limitation, for the reasonable fees and expenses of its counsel and all amounts paid as a result of such Claim or the compromise
or settlement thereof.

 

     

     

    

 

In addition, with respect to any Claim in
which the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim and to retain his,
her or its own counsel therefor at his, her or its own expense.

 

The Company agrees that if any indemnity
sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason then (whether or not either Advisor
is an Indemnified Person), the Company and the Advisors shall contribute to the Claim for which such indemnity is held unavailable
in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and the Advisors on the
other, in connection with the Advisors’ engagement referred to above, subject to the limitation that in no event shall the
amount of the Advisors’ contribution to such Claim exceed the amount of fees actually received by the Advisors from the Company
pursuant to the Advisors’ engagement. The Company hereby agrees that the relative benefits to the Company, on the one hand,
and the Advisors on the other, with respect to the Advisors’ engagement shall be deemed to be in the same proportion as (a)
the total value paid or proposed to be paid or received by the Company or its shareholders as the case may be, pursuant to the
transaction (whether or not consummated) for which the Advisors are engaged to render services bears to (b) the fee paid or proposed
to be paid to the Advisors in connection with such engagement.

 

The Company’s indemnity, reimbursement
and contribution obligations under this Agreement (a) shall be in addition to, and shall in no way limit or otherwise adversely
affect any rights that any Indemnified Party may have at law or at equity and (b) shall be effective whether or not the Company
is at fault in any way.EX-4.1

 Exhibit 4.1 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL THIS GLOBAL NOTE IS EXCHANGED IN WHOLE OR IN PART FOR A GLOBAL NOTE IN
DEFINITIVE REGISTERED FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. 

 CVS HEALTH CORPORATION 

 

					
	No. [●]	  		  	$[●]

 CUSIP No. 126650 DM9 
 ISIN
No. US126650DM98 
 1.300% Senior Note due 2027 

CVS HEALTH CORPORATION, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to,
being herein called the “Company”), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] on August 21, 2027. If such maturity date is not a Business Day, then payment
of principal will be made on the next succeeding Business Day and no interest will accrue on the amount so payable for the period from such maturity date to the date payment is made. 

Interest Payment Dates: February 21 and August 21. 

Record Dates: Each February 6 and August 6, immediately preceding each Interest Payment Date. 

Additional provisions of this Note are set forth on the reverse side of this Note. 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

			
	CVS HEALTH CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Note No. [●] of 2027 Notes] 

 Dated: December 16, 2020 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., 
 as Trustee, certifies that this is one of the Debt Securities referred to 

in the Indenture. 
  

			
	By	 	
                     
                            

		 	Authorized Signatory

 [Signature Page to Note No. [●] of 2027 Notes] 

 1.300% Senior Note due 2027 

This Note is one of a duly authorized series of Notes of the Company, designated as its 1.300% Senior Notes due 2027 (hereinafter referred to
as the “Notes”). 
 (a) Interest 

The Company promises to pay interest on the principal amount of this Note at the rate per annum shown above. 

The Company will pay interest on the Notes semi-annually on February 21 and August 21 of each year, commencing February 21,
2021. Interest on the Notes will accrue from the most recent date to which interest has been paid or provided for, or, if no interest has been paid or provided for, from August 21, 2020. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes. If any interest payment date is not a Business
Day, then payment of interest will be made on the next succeeding Business Day and no interest will accrue on the amount so payable for the period from such interest payment date to the date payment is made. 

(b) Method of Payment 
 The
Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders thereof at the close of business on the February 6 and August 6 (whether or not a Business Day) immediately preceding the interest
payment date even if the Notes are canceled after the record date and on or before the interest payment date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal, premium, if any, and interest
in money of the United States that at the time of payment is legal tender for payment of public and private debts by wire transfer of immediately available funds to the accounts specified by the Holders, or, if no such account is specified, the
Company may pay principal and interest by check payable in such money. It may mail an interest check to a Holder’s registered address. 

(c) Paying Agent and Registrar 

Initially, The Bank of New York Mellon Trust Company, N.A., a national banking association (the “Trustee”), will act as
Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act
as Paying Agent, Registrar or co-registrar. 
 (d) Indenture 

The Company issued the Notes under an Indenture dated as of August 15, 2006 (the “Indenture”), between the Company and
the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. ss.ss. 77aaa-77bbbb) as in effect on the date of the Indenture (the
“TIA”). Terms defined in the Indenture and not otherwise defined herein have the respective meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and
the TIA for a statement of those terms. 

  
 5 

 The Notes are general unsecured senior obligations of the Company initially limited to
$1,500,000,000 aggregate principal amount, with a further issuance in an aggregate principal amount of $750,000,000 on December 16, 2020 (subject to Section 2.08 of the Indenture). The Company may at any time issue additional Notes under
the Indenture in unlimited amounts having the same terms as and treated as a single class with the Notes for all purposes under the Indenture and that will vote together as one class with respect to the Notes. The Indenture imposes certain
limitations on the incurrence of certain additional indebtedness by the Company and certain of its subsidiaries and the entry into certain sale and leaseback arrangements by the Company and certain of its subsidiaries. The Indenture also restricts
the ability of the Company to consolidate or merge with or into, or to transfer all or substantially all its assets to, another person. 

(e) Optional Redemption 
 Prior
to June 21, 2027 (for purposes of this Note, the “Applicable Par Call Date”), the Company, at its option, may at any time redeem all or any portion of the Notes upon not less than 10 nor more than 60 days’ notice at a
redemption price, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, equal to the greater of (i) 100% of the aggregate principal amount of the Notes being redeemed or (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the Notes being redeemed that would be due if the Notes matured on the Applicable Par Call Date (not including any portion of such payments of interest accrued to the redemption date)
discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 15 basis
points. On or after the Applicable Par Call Date, the Company, at its option, may at any time redeem all or any portion of the Notes upon not less than 10 nor more than 60 days’ notice at a redemption price equal to 100% of the aggregate
principal amount of the Notes being redeemed plus accrued and unpaid interest, if any, to, but excluding, the redemption date on such Notes. If any redemption date is not a Business Day, then payment of the redemption price and accrued and unpaid
interest will be made on the next succeeding Business Day, and no interest will accrue on the amounts so payable for the period from such redemption date to the date payment is made. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes (assuming, for this purpose, that the Notes matured on the Applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to such remaining term. 
 “Comparable Treasury
Price” means, with respect to any redemption date for the Notes, (i) the average of the applicable Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such applicable Reference Treasury
Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

  
 6 

 “Independent Investment Banker” means Barclays Capital Inc. or, if such
firm is unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means (i) Barclays Capital Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities
LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the Company
shall substitute therefor another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date for the
Notes, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed as a percentage of the aggregate principal amount of the Comparable Treasury Issue) quoted
in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Yield” means, with respect to any redemption date for the Notes, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue for the Notes, assuming a price for the Comparable Treasury Issue (expressed as a percentage of the aggregate principal amount of the Comparable Treasury Issue) equal to the applicable
Comparable Treasury Price for such redemption date. 
 (f) Notice of Optional Redemption 

Notice of redemption shall be transmitted by the Company (or, at the Company’s request, by the Trustee on the Company’s behalf) to
each Holder of Notes to be redeemed. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on all Notes (or portions thereof)
to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called
for redemption. 
 (g) Repurchase of the Notes Upon a Change of Control Triggering Event 

If a Change of Control Triggering Event (as defined below) occurs, Holders of the Notes will have the right to require the Company to
repurchase all or any part (in integral multiples of $1,000 up to the original principal amount) of their Notes pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth in this Note. In the Change
of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to, but excluding, the date of purchase
(the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Company will be required to mail a notice to Holders of Notes describing the transaction or transactions that constitute the
Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such 

  
 7 

 
notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required by this Note and described in such notice. The Company must comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of the Notes, the Company will be required to comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions of the Notes by virtue of such conflicts and compliance with law. 

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to: 

 

	 	•	 	 accept for payment all Notes properly tendered pursuant to the Change of Control Offer; 

 

	 	•	 	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes properly tendered; and 

  

	 	•	 	 deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 

 The Company will not
be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the
Company and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an event of
default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

For purposes of the foregoing, the following definitions are applicable: 

“Below Investment Grade Rating Event” means that the Notes are rated below an Investment Grade Rating by each of the Rating
Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies);
provided, however, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed
a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or
inform the Trustee in writing at the Company’s or the Trustee’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event). 

  
 8 

 “Change of Control” means the occurrence of any of the following:
(1) any event requiring the filing of any report under or in response to Schedule 13D or 14D-1 pursuant to the Exchange Act disclosing beneficial ownership of either 50% or more of the Company’s
common stock then outstanding or 50% or more of the Company’s voting power or the Company’s voting stock then outstanding; (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the Company’s properties or the Company’s assets and the assets of its respective subsidiaries taken as a whole to one or more persons (as defined
in the Indenture) other than the Company or one of its subsidiaries; or (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a direct or
indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s voting
stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the voting stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event. 
 “Continuing Director” means, as of any date of determination, any
member of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date of the issuance of the Notes; or (2) was nominated for election or elected to such Board of Directors with the approval of a
majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee
for election as a director, without objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or
higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 

“Moody’s” means Moody’s Investors Service, Inc., or its successor. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 3(a)(62) under the Exchange
Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or its successor. 

  
 9 

 (h) Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. Holders of
Notes may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder of Notes, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of
15 days before a selection of Notes to be redeemed or 15 days before an interest payment date. 
 (i) Persons Deemed Owners 

The registered Holder of this Note may be treated as the sole owner of such Note for all purposes. 

(j) Unclaimed Money 
 Subject to
applicable abandoned property law, if money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates
another Person. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee or Paying Agent for payment. 

(k) Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the
Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

(l) Amendment; Waiver 
 Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Notes; and (ii) any default or compliance
with any provision may be waived with the written consent of the Holders of a majority in principal amount of the Notes then outstanding. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder of a Note, the
Company and the Trustee may amend the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency that does not materially and adversely affect the rights of any Holder of a Note, or to comply with Article 5 of the Indenture
or to comply with requirements of the SEC in connection with the qualification of the Indenture under the TIA. 
 (m) Defaults and Remedies

 If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes
may declare all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 

  
 10 

 Holders of Notes may not enforce the Indenture or the Notes except as provided in the
Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding such notice is in the interest of the Holders of
Notes. 
 (n) Trustee Dealings with the Company 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

(o) No Recourse Against Others 

A director, officer, employee or stockholder, as such, of the Company or the Trustee shall not have any liability for any obligations of the
Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations. By accepting a Note, each Holder of a Note waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes. 
 (p) Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the face of this Note. 
 (q) Abbreviations 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants
by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

(r) Governing Law 
 This Note
shall be governed by, and construed in accordance with, the laws of the State of New York. 
 (s) CUSIP Numbers 

Pursuant to the recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP
numbers to be printed on the Notes and has directed the Trustee to use such CUSIP numbers in notices of redemption as a convenience to Holders of Notes. No representation is made as to the accuracy of such numbers either as printed on the Notes or
as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

—————————————————————- 

  
 11 

 The Company will furnish to any Holder of a Note upon written request and without charge to
such Holder of a Note a copy of the Indenture. Requests may be made to: 
 CVS Health Corporation 

One CVS Drive — MC 1008 

Woonsocket, Rhode Island 02895 

Attention: Valerie Haertel 

  
 12 

 ASSIGNMENT FORM 

To assign this Note, complete the form below: 

I or we assign and transfer this Note to: 

[Print or type assignee’s name, address and zip code] 

[Insert assignee’s soc. sec. or tax I.D. No.] 

and irrevocably appoint ___________ as agent to 

transfer this Note on the books of CVS Health Corporation. 

The agent may substitute another to act for him. 
  

 
  

			
	 	  	 
	 Date:
                                
	  	 Your Signature:
                                         
                               

  
  

Sign exactly as your name appears on the face of this Note. 

  
 13

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