Document:

<PAGE>   1
                                                                   EXHIBIT 10.32

                                SECOND AMENDMENT
                                     TO THE
                   CAREMARK RX, INC. 1997 STOCK INCENTIVE PLAN
               (FORMERLY THE AMENDED & RESTATED MEDPARTNERS, INC.
                   1997 LONG TERM INCENTIVE COMPENSATION PLAN)

         This Second Amendment to the Caremark Rx, Inc. 1997 Stock Incentive
Plan (formerly the Amended & Restated Medpartners, Inc. 1997 Long Term Incentive
Compensation Plan) (the "Plan") to be effective as of January 12, 2001.

                              W I T N E S S E T H:

         WHEREAS, Caremark Rx, Inc. (the "Company") currently sponsors and
maintains the Caremark Rx, Inc. 1997 Stock Incentive Plan (formerly the Amended
& Restated Medpartners, Inc. 1997 Long Term Incentive Compensation Plan) (the
"Plan"); and

         WHEREAS, Section 13.1 of the Plan grants the Compensation Committee of
the Board the power at any time to amend the Plan, and the Compensation
Committee now wishes to amend the Plan to modify the vesting provisions for
options granted under the Plan on and after January 12, 2001;

         NOW, THEREFORE, the Plan is hereby amended as indicated below:

                                       1.

         Section 6.4 of the Plan is amended effective as of January 12, 2001, to
read as follows:

                  6.4      VESTING OF OPTIONS. Except as provided by the
         Committee in the applicable Award Agreement, Options shall vest and
         become exercisable as follows:

                  (a)      34% of the Options shall vest on the date such
         options are granted;

                  (b)      33% of the Options granted shall vest on each of the
         first anniversary and second anniversary of the date such Options are
         granted; provided, however, that for Options granted prior to January
         12, 2001, if during the first year after the date such Options are
         granted, the stock price of the Shares closes at or above $12.00 (or
         such other price as determined by the Committee and set forth in the
         applicable Award Agreement) for any twenty (20) out of thirty (30)
         consecutive trading days, the 33% of the Options due to vest on the
         first anniversary of the date such Options are granted shall vest
         immediately at the end of such 20th day, and provided, however, that
         for Stock Options granted prior to January 12, 2001, if during the
         second year after the date such Options are granted, the stock

                            Second Amendment to the
                  Caremark Rx, Inc. 1997 Stock Incentive Plan
                                     Page 1
<PAGE>   2

         price of the Shares closes at or above $18.00 (or such other price as
         determined by the Committee and set forth in the applicable Award
         Agreement) for any twenty (20) out of thirty (30) consecutive trading
         days, the 33% of the Options due to vest on the second anniversary of
         the date such Options are granted shall vest immediately at the end of
         such 20th day.

                                       2.

         The name of the Plan is changed effective as of January 12, 2001 from
the Amended & Restated Medpartners, Inc. 1997 Long Term Incentive Compensation
Plan to the Caremark Rx, Inc. 1997 Stock Incentive Plan. All references in any
Company documents to the Amended & Restated Medpartners, Inc. 1997 Long Term
Incentive Compensation Plan shall, after January 12, 2001, be a reference to the
Caremark Rx, Inc. 1997 Stock Incentive Plan.

                                       3.

         All other provisions of the Plan not inconsistent herewith are hereby
confirmed and ratified.

                       Approved by the Board of Directors
                       by resolutions on January 12, 2001.

                            Second Amendment to the
                  Caremark Rx, Inc. 1997 Stock Incentive Plan
                                     Page 2<PAGE>   1
                                                                   EXHIBIT 10.34

                                    AMENDMENT
                                       TO
                CAREMARK RX, INC. 1998 EMPLOYEE STOCK OPTION PLAN
                           EFFECTIVE NOVEMBER 15, 2000

         The Caremark Rx, Inc. 1998 Employee Stock Option Plan (the "Plan") is
hereby amended as follows:

         1.       Amendment Regarding Transferability of Options. Section 6.10
of the Plan is hereby amended by deleting Section 6.10 in its entirety and
substituting the following new Section 6.10 therefor:

         6.10     TRANSFERABILITY OF OPTIONS. To the extent not prohibited by
         any statute, rule or regulation applicable to the Plan, the Options or
         the registration with the Securities and Exchange Commission of the
         Common Stock to be issued upon exercise of the Options, the Committee
         may, in its discretion, authorize all or a portion of Options granted
         to a Participant to be on terms which permit transfer by such
         Participant to (i) Immediate Family Members, (ii) a trust or trusts for
         the exclusive benefit of such Immediate Family Members, or (iii) a
         partnership in which such Immediate Family Members are the only
         partners, provided that (A) the Award Agreement pursuant to which such
         Options are granted must be approved by the Committee, and must
         expressly provide for transferability in a manner consistent with this
         Section, and (B) subsequent transfers of transferred Options shall be
         prohibited except those by will or the laws of descent and
         distribution. Following transfer, any such Options shall continue to be
         subject to the same terms and conditions as were applicable immediately
         prior to transfer, provided that for purposes of this Plan, the term
         "Participant" shall be deemed to refer to the transferee. The events of
         termination of employment shall continue to be applied with respect to
         the original Participant, following which the Options shall be
         exercisable by the transferee only to the extent, and for the periods
         specified in this Section 6.10. Notwithstanding the foregoing, should
         the Committee provide that Options granted be transferable, the Company
         by such actions incurs no obligation to notify o otherwise provide
         notice to a transferee of early termination of the Option. In the event
         of a transfer, as set forth above, the original Participant is and will
         remain subject to and responsible for any applicable withholding taxes
         upon the exercise of such Options.

         2.       Effective Date. The effective date of this Amendment shall be
November 15, 2000.

         3.       Miscellaneous.

                  (a)      Capitalized terms not otherwise defined herein shall
have the meanings given them in the Plan.

                  (b)      Except as specifically amended hereby, the Plan shall
remain in full force and effect.

<PAGE>   2

         IN WITNESS WHEREOF, the Company has caused this Amendment to the
Caremark Rx, Inc. 1998 Employee Stock Option Plan to be executed as of the
Effective Date.

                                           CAREMARK RX, INC.

                                           -----------------------------------

                                           Sara J. Finley, Corporate Secretary

                                      -2-<PAGE>   1
                                                                   EXHIBIT 10.35

                                SECOND AMENDMENT
                                     TO THE
                    CAREMARK RX, INC. 1998 STOCK OPTION PLAN
                         (FORMERLY THE MEDPARTNERS, INC.
                        1998 EMPLOYEE STOCK OPTION PLAN)

         This Second Amendment to the Caremark Rx, Inc. 1998 Stock Option Plan
(formerly the Medpartners, Inc. 1998 Employee Stock Option Plan) (the "Plan") to
be effective as of January 12, 2001.

                              W I T N E S S E T H:

         WHEREAS, Caremark Rx, Inc. (the "Company") currently sponsors and
maintains the Caremark Rx, Inc. 1998 Stock Option Plan (formerly the
Medpartners, Inc. 1998 Employee Stock Option Plan) (the "Plan"); and

         WHEREAS, Section 11.1 of the Plan grants the Compensation Committee of
the Board the power at any time to amend the Plan, and the Compensation
Committee now wishes to amend the Plan to modify the vesting provisions for
options granted under the Plan on and after January 12, 2001;

         NOW, THEREFORE, the Plan is hereby amended as indicated below:

                                       1.

         Section 6.4 of the Plan is amended effective as of January 12, 2001, to
read as follows:

                  6.4      VESTING OF OPTIONS. Unless otherwise designated by
         the Compensation, each Option granted pursuant to this Plan shall vest
         as follows:

                  (a)      34% of the Options granted shall vest on the Option
         grant date;

                  (b)      33% of the Options granted shall vest on each of the
         first anniversary and second anniversary of the Option grant date;
         provided, however, that for Options granted prior to January 12, 2001,
         if during the first year after the Option grant date, the stock price
         of the Shares closes at or above $12.00 for any twenty (20) out of
         thirty (30) consecutive trading days, the 33% of the Options due to
         vest on the first anniversary of the Option grant date shall vest
         immediately at the end of such 20th day, and provided, however, that
         for Options granted prior to January 12, 2001, if during the second
         year after the Option grant date, the stock price of the Shares closes
         at or above $18.00 for any twenty (20) out of thirty (30) consecutive
         trading days, the 33% of the Options due to vest on the second

                            Second Amendment to the
             Caremark Rx, Inc. 1998 New Employee Stock Option Plan
                                     Page 1
<PAGE>   2

         anniversary of the Option grant date shall vest immediately at the end
         of such 20th day.

                                       2.

         The name of the Plan is changed effective as of January 12, 2001 from
the Medpartners, Inc. 1998 Employee Stock Option Plan to the Caremark Rx, Inc.
1998 Stock Option Plan. All references in any Company documents to the
Medpartners, Inc. 1998 Employee Stock Option Plan shall, after January 12, 2001,
be a reference to the Caremark Rx, Inc. 1998 Stock Option Plan.

                                       3.

         All other provisions of the Plan not inconsistent herewith are hereby
confirmed and ratified.

                       Approved by the Board of Directors
                       by resolutions on January 12, 2001.

                            Second Amendment to the
             Caremark Rx, Inc. 1998 New Employee Stock Option Plan
                                     Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]