Document:

Form of Indemnification Agreement

 Exhibit 10.76 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is
made and entered into this 15th day of January, 2009, by and between [            ] (the “Indemnitee”) and SBA Communications Corporation, a Florida corporation (the
“Corporation”). 
 WITNESSETH 
 WHEREAS, the Board of Directors of the Corporation (the “Board of Directors”) has reviewed and analyzed the protection from liability available to directors or officers of the Corporation
(hereinafter, “Directors” or “Officers”) and its subsidiaries under the Corporation’s existing corporate documents and applicable law; and 
 WHEREAS, increases in corporate litigation subjects Directors and Officers to expensive litigation risks at the same time that the availability of directors’ and officers’ liability insurance has been
limited; and 
 WHEREAS, the Board of Directors has determined that the protection offered by the Corporation’s existing
corporate documents, applicable law, and liability insurance is not sufficient to fully protect its Directors or Officers from liability; and 
 WHEREAS, it is essential to the Corporation to attract and retain the most capable persons available as Directors and/or Officers; and 
 WHEREAS, the Board of Directors has determined that highly competent persons will be difficult to attract and retain as Directors and/or Officers unless they are adequately protected against liabilities
incurred in performance of their duties in such capacity; and 
 WHEREAS, the Board of Directors has determined that the use of
indemnification agreements will allow the Corporation to offer additional appropriate protection from liability to its Directors or Officers; and 
 WHEREAS, the Indemnitee is a Director and/or Officer; and 
 WHEREAS, the indemnification and advancement provisions
of Section 607.0850 of the Florida Business Corporation Act (the “FBCA”), Article VIII of the bylaws of the Corporation (the “Bylaws”), and Article VII of the Articles of Incorporation of the Corporation (the “Articles
of Incorporation”) expressly provide that they are non-exclusive; and 
 NOW THEREFORE, in consideration of the Indemnitee’s
services to the Corporation, the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows: 
  

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 Section 1. Definitions. For purposes of this Agreement: 
 (a) “Change in Control” shall mean, and a Change of Control shall be
deemed to have occurred if, on or after the date of this Agreement, (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”)),
other than (A) a trustee or other fiduciary holding securities under an employee benefit plan of one or more of the Corporation, or any of its subsidiaries, as the case may be, acting in such capacity or (B) a corporation owned
directly or indirectly by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or
indirectly, of securities of the Corporation representing more than thirty three percent (33%) of the total voting power represented by the Corporation’s then outstanding Voting Securities (as defined below), (ii) during any period of
two (2) consecutive years, individuals who at the beginning of such period constitute the Board of Directors and any new director whose election by the Board of Directors or nomination for election by the Corporation’s stockholders was
approved by a vote of at least two thirds ( 2/3) of the Directors then still in office who either were Directors at the
beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, (iii) the stockholders of the Corporation approve a merger or consolidation of the
Corporation with any other corporation other than a merger or consolidation that would result in the Voting Securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Securities of the surviving entity) at least eighty percent (80%) of the total voting power represented by the Voting Securities of the Corporation or such surviving entity outstanding immediately after such merger or
consolidation, (iv) the stockholders of the Corporation approve a plan of complete liquidation of the Corporation or an agreement for the sale or disposition by the Corporation of (in one transaction or a series of related
transactions) all or substantially all of the Corporation’s assets, or (v) the Corporation shall file or have filed against it, and such filing shall not be dismissed, any bankruptcy, insolvency or dissolution proceedings, or
a trustee, administrator or creditors committee shall be appointed to manage or supervise the affairs of the Corporation. 
 (b)
“Corporate Status” describes the status of a person who is serving or has served (i) as a director or officer of the Corporation, (ii) in any capacity with respect to any employee benefit plan of the Corporation, or
(iii) as a director, partner, trustee, officer, employee or agent of any other Entity at the request of the Corporation. For purposes of this Agreement, an officer or director of the Corporation who is serving or has served as a director,
partner, trustee, officer, employee or agent of a Subsidiary shall be deemed to be serving at the request of the Corporation. 
 (c)
“Disinterested Director” means a director of the Corporation who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
 (d) “Effective Date” means the date first listed above. 
  

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 (e) “Entity” shall mean any corporation, partnership, limited liability company,
joint venture, foundation, association, organization or other legal entity. 
 (f) “Expenses” shall mean all fees,
costs and expenses incurred in connection with any Proceeding (as defined below), including, without limitation, attorneys’ fees, disbursements and retainers, fees and disbursements of expert witnesses, private investigators and professional
advisors (including, without limitation, accountants and investment bankers), court costs, transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery
services, secretarial services, and other disbursements and expenses. 
 (g) “Independent Counsel” means a law firm,
or a member of a law firm, that is experienced in matters of corporate law and neither presently is, nor in the past five years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party, or
(ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (h) “Liabilities” shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in
settlement. 
 (i) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternative
dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative, including appeals, except one initiated by an Indemnitee pursuant to Section 10 or
Section 13(b) of this Agreement to enforce his rights under this Agreement. 
 (j) “Subsidiary” shall mean any
Entity of which the Corporation owns (either directly or through or together with another Subsidiary of the Corporation) either (i) a general partnership, managing membership or other similar interest or (ii) fifty percent (50%) or
more of the (A) voting power of the voting capital equity interests of such Entity, or (B) outstanding voting capital stock or other voting equity interests of such Entity. 
 (k) “Voting Securities” means securities of the Corporation that entitle the holder to vote for the election of Directors.

 Section 2. Services by Indemnitee. In consideration of the Corporation’s covenants and commitments hereunder, Indemnitee
agrees to continue to serve as a Director or Officer. However, this Agreement shall not impose any obligation on Indemnitee or the Corporation to continue Indemnitee’s service to the Corporation beyond any period otherwise required by law or by
other agreements or commitments of the parties, if any. 
  

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 Section 3. Agreement to Indemnify. The Corporation agrees to indemnify Indemnitee as follows:

 (a) Subject to the exceptions contained in Section 4 below, if Indemnitee was or is a party or is threatened to be made a party to
any Proceeding (other than an action by or in the right of the Corporation) by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Corporation against all Expenses and Liabilities incurred or paid by Indemnitee in
connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”) if
(i) Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation, and (ii) with respect to any criminal action or proceeding, Indemnitee had no reasonable
cause to believe that Indemnitee’s conduct was unlawful. 
 (b) Subject to the exceptions contained in Section 4 below, if
Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the
Corporation against all Indemnifiable Expenses and amounts paid in settlement if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Corporation, except that no
indemnification shall be made under this subsection in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction that Indemnitee is liable to the Corporation, unless, and only to the
extent that, the court in which such Proceeding was brought or another court of competent jurisdiction determines upon application that in view of all the circumstances of the case, that Indemnitee is fairly and reasonably entitled to indemnity for
such Indemnifiable Expenses and amounts paid in settlement, then Indemnitee shall be entitled to payment in such amount as such court deems proper. 
 (c) If Indemnitee, in connection with Indemnitee’s Corporate Status, is compelled or asked to be a witness in connection with any Proceeding but is not otherwise a party or threatened to be made a party to such Proceeding, Indemnitee
shall be indemnified by the Corporation against all Indemnifiable Expenses. 
 (d) Notwithstanding the exceptions listed in Section 4
below, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding referred to in subsections 3(a) or 3(b), or in defense of any claim, issue, or matter therein, Indemnitee shall be indemnified by the
Corporation against Indemnifiable Expenses actually and reasonably incurred by Indemnitee in connection therewith. 
 (e) If Indemnitee is
entitled under any provisions of this Agreement to indemnification by the Corporation for some or a portion of Indemnifiable Amounts but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the
portion of such Indemnifiable Amounts to which Indemnitee is entitled. 
  

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 (f) Good Faith Definition. For purposes of this Section 3 only, the Indemnitee shall be
deemed to have acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe the
Indemnitee’s conduct was unlawful, if such action was based on a reasonable reliance upon any of the following: (a) the records or books of the Corporation or applicable Entity, including financial statements, supplied to the Indemnitee by
the officers of such Entity in the course of their duties; (b) the advice of legal counsel for the Corporation or the applicable Entity; or (c) information or records given in reports made to the Corporation or the applicable Entity by
it’s independent certified public accountant or by an appraiser or other expert selected with reasonable care by such entity. The provisions of this Section 3(f) shall not be deemed to be exclusive or to limit in any way the other
circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Section 3. 
 Section 4. Exceptions to Indemnification. Indemnitee shall be entitled to indemnification under Sections 3(a) and 3(b) above in all circumstances unless it has been determined in accordance with Section 7 that, in
connection with the subject of the Proceeding out of which the claim for indemnification has arisen, a judgment or other final adjudication establishes that his or her actions, or omissions to act, were material to the cause of action so adjudicated
and constitute: 
 (i) a violation of the criminal law, unless the Indemnitee had reasonable cause to believe his or her
conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful; 
 (ii) a transaction from which
Indemnitee derived an improper personal benefit; 
 (iii) in the event the Indemnitee is a director, a circumstance under
which the liability provisions of Section 607.0834 of the FBCA are applicable; or 
 (iv) willful misconduct or a
conscious disregard for the best interests of the Corporation, in each case, in a Proceeding by or in the right of the Corporation to procure a judgment in its favor or in a proceeding by or in the right of a shareholder. 
 Section 5. Advancement of Expenses. The Corporation shall advance all Indemnifiable Expenses within thirty (30) days after the receipt
by the Corporation of a written request from Indemnitee for such advancement and on a current basis thereafter, whether prior to or after final disposition of the underlying Proceeding. Such written request shall be accompanied by evidence of the
Indemnifiable Expenses incurred by Indemnitee and shall include a written undertaking by or on behalf of Indemnitee to repay any and all amounts advanced if it shall ultimately be determined that Indemnitee is not entitled to indemnification by the
Corporation under this Agreement. Indemnitee’s 

  

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repayment undertaking shall be unsecured and interest-free. However, advancement of Indemnifiable Expenses shall not be made to Indemnitee if a judgment or
other final adjudication establishes that his or her actions, or omissions to act, were material to the cause of action so adjudicated and constitute: 
 (a) A violation of the criminal law, unless the Indemnitee had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful; 
 (b) A transaction from which Indemnitee derived an improper personal benefit; 
 (c) In the event the Indemnitee is a director, a circumstance under which the liability provisions of Section 607.0834 of the FBCA are applicable;
or 
 (d) Willful misconduct or a conscious disregard for the best interests of the Corporation in a Proceeding by or in the right of the
Corporation to procure a judgment in its favor or in a proceeding by or in the right of a shareholder. 
 Section 6. Defense of the
Underlying Proceeding. 
 (a) Notice by Indemnitee. Upon being served with any summons, citation, subpoena, complaint, indictment,
information, or other document relating to any Proceeding which may result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder, Indemnitee shall notify the Corporation promptly, but in all events no later
than the earlier of (i) fourteen (14) days after actual receipt or (ii) as soon as necessary after actual receipt to prevent the Corporation from being materially and adversely prejudiced by late notice. 
 (b) Option to Control Defense. Subject to the provisions of Section 6(c), in the event the Corporation is obligated to advance Indemnifiable
Expenses under Section 5, the Corporation shall have the right to participate in any Proceeding and, at its option, assume the defense of any Proceeding with counsel approved by Indemnitee (which approval shall not be unreasonably withheld or
delayed), upon the delivery to Indemnitee of written notice of its election to do so. However, the Indemnitee shall have the right to effectively participate in the defense and/or settlement of such Proceeding, including receiving copies of all
correspondence and participating in all meetings and teleconferences concerning the Proceeding. In no event shall the Corporation consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise without the prior
written consent of the Indemnitee, which consent shall not be unreasonably withheld or delayed. 
 (c) Limitation of Obligation to
Reimburse Defense Expenses. In the event the Corporation assumes the defense of any Proceeding pursuant to Section 6(b), the Corporation will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by
Indemnitee with respect to the same Proceeding; provided that (i) the Corporation shall indemnify Indemnitee for reasonable costs and expenses of counsel for Indemnitee to monitor the Proceeding (provided, however, that such counsel 

  

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for Indemnitee will not appear as counsel of record in any such Proceeding) and (ii) if (A) the employment of counsel by Indemnitee has been
previously authorized by the Corporation, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation and Indemnitee in the conduct of any such defense, or (C) the Corporation shall not
continue to retain the approved counsel to defend such Proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Corporation. Except as otherwise provided by Section 6(d) below, the Corporation’s
obligation to indemnify Indemnitee with respect to legal fees shall be limited to the fees charged by counsel selected by Indemnitee and all other persons similarly entitled to indemnification by the Corporation in the same Proceeding on account of
their Corporate Status to defend the interests of all such persons entitled to indemnification. 
 (d) Indemnitee’s Right to
Individual Counsel. Notwithstanding the provisions of Section 6(c) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, Indemnitee reasonably concludes that it may have separate defenses
or counterclaims to assert with respect to any issue which may not be consistent with the position of other defendants in such Proceeding, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice at the
expense of the Corporation. In addition, if the Corporation fails to comply with any of its obligations under this Agreement or in the event that the Corporation or any other person takes any action to declare all or any part of this Agreement void
or unenforceable, or institutes any action, suit or proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, at the
expense of the Corporation, to represent Indemnitee in connection with any such matter. 
 Section 7. Procedure for Determination of
Entitlement to Indemnification. 
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Corporation a
written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary
of the Corporation shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 7(a) above, a determination with respect to
Indemnitee’s entitlement thereto shall be made (unless made by a court) in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel (unless Indemnitee shall request that such determination be made by the
Board of Directors or the stockholders, in which case by the person or persons or in the manner provided for in clauses (ii) or (iii) of this Section 7(b)) in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee; (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting
of Disinterested Directors is not obtainable or, even if obtainable, by majority vote of a committee duly designated by the 

  

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Board of Directors (in which non-Disinterested Directors may participate) consisting solely of two or more Disinterested Directors; or (C) by
Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (D) by the stockholders of the Corporation by a majority vote of a quorum consisting of shareholders who were not parties to
such Proceeding or, if no such quorum is obtainable, by a majority vote of shareholders who were not parties to such Proceeding; or (iii) as provided in Section 8(b) of this Agreement. If it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or Entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or Entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or Entity making such determination shall be borne by the
Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Corporation hereby agrees to indemnify and hold Indemnitee harmless therefrom. 
 (c) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 7(b), the Independent
Counsel shall be selected as provided in this Section 7(c) and such determination shall be made in accordance with the standards set forth in Section 8 below. If a Change of Control shall not have occurred, the Independent Counsel shall be
selected by the Board of Directors in the manner prescribed in Subsections 7(b)(ii)(A) or (ii)(B), or if a quorum of the Directors cannot be obtained for Subsections 7(b)(ii)(A) and the committee cannot be designated under Subsections 7(b)(ii)(B),
selected by a majority vote of the Board of Directors (in which non-Disinterested Directors may participate), and the Corporation shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a
Change of Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the preceding sentence shall apply), and Indemnitee
shall give written notice to the Corporation advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Corporation, as the case may be, may, within seven (7) days after such written notice of
selection shall have been given, deliver to the Corporation or to Indemnitee, as the case may be, a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined in Section 1(g), and the objection shall set forth with particularity the factual basis of such assertion. If such written objection is made, the Independent Counsel so selected may not
serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 7(a), the
parties cannot resolve any objections to the selected Independent Counsel or mutually agree on another Independent Counsel, either the Corporation or Indemnitee may petition the Circuit Court of Palm Beach County, Florida or other court of competent
jurisdiction having jurisdiction over Palm Beach County, Florida for 

  

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resolution of any objection which shall have been made by the Corporation or Indemnitee to the other’s selection of Independent Counsel and/or for the
appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as Independent Counsel
under Section 7(b). The Corporation shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 7(b), and the Corporation shall pay all
reasonable fees and expenses incident to the procedures of this Section 7(c), regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding or arbitration pursuant to
Section 10(a)(iii), Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 
 Section 8. Presumptions and Effect of Certain Proceedings. 
 (a) In making a determination with respect to Indemnitee’s entitlement to indemnification, including any determination made by Independent Counsel pursuant to Section 7(b) and set forth in an opinion
delivered by such Independent Counsel, the person, persons or Entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance
with Section 7(a), and the Corporation shall have the burden of proof by clear and convincing evidence to overcome that presumption in connection with the making by any person, persons or Entity of any determination contrary to that
presumption. 
 (b) If the person, persons or Entity empowered or selected under Section 7 to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within sixty (60) days after receipt by the Corporation of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and
Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the
request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60)-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the
person, persons or Entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 8(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 7(b) of this Agreement and if (A) within
fifteen (15) days after receipt by the Corporation of the request for such determination, the Board of Directors has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held
within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such
meeting is held for such purpose within sixty (60) days 

  

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after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 7(b) of this Agreement. 
 (c) The termination of any Proceeding or of any claim, issue or
matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to
indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his conduct was unlawful. 
 Section 9. Exception to Right of Indemnification or
Advancement of Expenses. Any other provision herein to the contrary notwithstanding, the Corporation shall not be obligated pursuant to the terms of this Agreement to provide indemnification and/or advancement in the following instances:

 (a) Claims Initiated by the Indemnitee. To indemnify or advance Expenses to the Indemnitee with respect to proceedings or claims
initiated or brought voluntarily by the Indemnitee and not by way of defense, counterclaim or crossclaim, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law
or otherwise as required under Section 607.0850(3) of the FBCA or other similar provision of any other applicable corporations law, but such indemnification or advancement of Expenses may be provided by the Corporation in specific cases if the
Board of Directors has approved the initiation or bringing of such suit. 
 (b) Lack of Good Faith. To indemnify the Indemnitee for
any Expenses incurred by the Indemnitee with respect to any proceeding instituted by the Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that all of the material assertions made by the
Indemnitee in such proceeding were not made in good faith or were frivolous. 
 (c) Insured Claims. To indemnify the Indemnitee for
expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) which have been paid directly to the Indemnitee by an insurance carrier under
a policy of directors and officers liability insurance maintained by the Corporation or from any other source. 
 (d) Claims Under
Section 16(b). To indemnify the Indemnitee for Expenses and the payment of profits arising from the purchase and sale by the Indemnitee of securities in violation of Section 16(b) of the Act or any similar successor statute.

 Section 10. Remedies of Indemnitee. 
 (a) In the event that (i) a determination is made pursuant to Section 7 that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of 

  

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Expenses is not timely made pursuant to Section 5, (iii) the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to Section 7(b) and such determination shall not have been made and delivered in a written opinion within ninety (90) days after receipt by the Corporation of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 3(c) within ten (10) days after receipt by the Corporation of a written request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Sections 7 or 8, Indemnitee shall be entitled to an adjudication in an appropriate court of competent jurisdiction located in Palm Beach County,
Florida of his entitlement to such indemnification or advancement of Expenses. The Corporation shall not oppose Indemnitee’s right to seek any such adjudication. 
 (b) In the event that a determination shall have been made pursuant to Section 7 that Indemnitee is not entitled to indemnification of Indemnifiable Amounts, any judicial proceeding commenced pursuant to this
Section 10 shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to this Section 10, the
Corporation shall have the burden of proving by a preponderance of the evidence that Indemnitee is not entitled to indemnification of Indemnifiable Amounts or advancement of Indemnifiable Expenses, as the case may be. 
 (c) If a determination shall have been made or deemed to have been made pursuant to Sections 7 or 8 that Indemnitee is entitled to indemnification of
Indemnifiable Amounts, the Corporation shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 
 (d) Unless contrary to applicable law, neither the Corporation nor the Indemnitee may assert in any judicial proceeding commenced pursuant to this
Section 10 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and the Corporation and the Indemnitee shall stipulate in any such court that they are bound by all the provisions of this Agreement.

 (e) In the event that Indemnitee, pursuant to this Section 10, seeks a judicial adjudication to enforce his rights under, or to
recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Corporation, and shall be indemnified by the Corporation against, any and all expenses (of the types described in the definition of Expenses in
Section 1) actually and reasonably incurred by him in such judicial adjudication, but only if he prevails therein. If it shall be determined in such judicial adjudication that Indemnitee is entitled to receive part but not all of the
indemnification or advancement of expenses sought, Indemnitee shall be indemnified for the expenses incurred by Indemnitee in connection with such judicial adjudication to the extent such expenses are reasonably related to the part of the
indemnification of Indemnifiable Amounts or advancement of Indemnifiable Expenses awarded to Indemnitee. 
  

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 Section 11. Insurance. Prior to any Change in Control, the Corporation shall maintain an
insurance policy or policies with reputable and creditworthy insurance companies with ratings of A- (excellent) or better from A.M. Best or another nationally recognized rating agency providing liability insurance for directors and officers or of
any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Corporation and providing for coverage substantially similar or better, in all material respects, to
the coverage maintained by the Corporation as of the Effective Date; provided, however, that this provision shall not apply should the Board of Directors be unable to maintain such insurance for which the premium is not grossly excessive relative to
the coverage provided thereunder. In all policies of director and officer liability insurance purchased by the Corporation, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are
accorded to the most favorably insured of the Corporation’s Directors and Officers (other than in the case of an independent director liability insurance policy, which would only apply to independent or outside Directors). The Corporation shall
promptly notify Indemnitee of any good faith determination not to provide such coverage. 
 Section 12. Insurance Upon a Change of
Control. In the event of and immediately upon a Change of Control, the Corporation (or any successor to the interests of the Corporation by way of merger, sale of assets or otherwise) shall be obligated to continue, procure and/or otherwise
maintain in effect for a period of six (6) years from the date on which such Change of Control is effective a policy or policies of insurance (the “Change of Control Coverage”) with reputable and creditworthy insurance
companies with ratings of A- (excellent) or better from A.M. Best or another nationally recognized rating agency providing Indemnitee with coverage for losses from wrongful acts occurring on or before the effective date of the Change of Control, and
to ensure the Corporation’s performance of its indemnification obligations under this Agreement. If such insurance is in place immediately prior to the Change of Control, then the Change of Control Coverage shall contain limits, deductibles and
exclusions substantially identical to those in place immediately prior to the Change in Control. In the event that the Corporation does not maintain such insurance immediately prior to the Change of Control, the Change of Control Coverage shall
contain such limits, deductibles, terms and exclusions as are customary for companies of similar size as determined by an insurance brokerage company of national reputation, provided, however, that in no event shall the Change of Control Coverage
contain limits, deductibles, terms and exclusions that are less favorable to Indemnitee than those set forth in the policy or policies most recently maintained by the Corporation. Each policy evidencing the Change of Control Coverage shall be
non-cancellable by the insurer except for non-payment of premium. 
 Section 13. Insurance Claims. 
 (a) If the Corporation has a policy of liability insurance for Directors and Officers in effect at the time the Corporation receives notification from
either the 

  

 12 

 
Indemnitee or a third party of summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which may result
in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder, the Corporation shall give prompt notice of such potential claim to the insurers in accordance with the procedures set forth in the respective policies.
The Corporation shall thereafter take all necessary or desirable action, consistent with the Corporation’s obligations under the policy and to its shareholders and its other Directors and Officers, to cause such insurers to pay, on behalf of
Indemnitee, all losses and expenses payable as a result of such Claim in accordance with the terms of such policies. 
 (b) In the event that
Indemnitee is required to seek judicial adjudication to enforce his rights for reimbursement or payment of any insured losses under, or to recover damages for breach of, the Corporation’s Director and Officer insurance policy, Indemnitee shall
be entitled to recover from the Corporation, and shall be indemnified by the Corporation against, any and all expenses (of the types described in the definition of Expenses in Section 1) actually and reasonably incurred by him in such judicial
adjudication, unless the court determines that such action was not brought in good faith or was frivolous. If it shall be determined in such judicial adjudication that Indemnitee is entitled to receive part but not all of the claimed losses or
expenses, Indemnitee shall be indemnified for the expenses incurred by Indemnitee in connection with such judicial adjudication to the extent such expenses are reasonably related to the part of the insured losses or expenses awarded to Indemnitee.

 Section 14. Subrogation. In the event of any payment under this Agreement by the Corporation, the Corporation shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action reasonably necessary to secure such rights, including execution of such documents as are necessary to
enable the Corporation to bring suit to enforce such rights. 
 Section 15. Duration of Agreement. This Agreement shall continue
until and terminate upon the later of (a) ten (10) years after the date that Indemnitee shall have ceased to serve (i) as a director or officer of the Corporation, (ii) in any capacity with respect to any employee benefit plan of
the Corporation, or (iii) as a director, partner, trustee, officer, employee or agent of any other Entity at the request of the Corporation or (b) the final termination of all pending Proceedings in respect of which Indemnitee is granted
rights of indemnification of Indemnifiable Amounts or advancement of Indemnifiable Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 10 or 13(b) of this Agreement relating thereto. This Agreement shall be
binding upon the Corporation and its successors and assigns and shall inure to the benefit of Indemnitee and his heirs, executors and administrators. 
 Section 16. Representations and Warranties of the Corporation. The Corporation hereby represents and warrants to Indemnitee as follows: 
 (a) Authority. The Corporation has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the
execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Corporation. 
  

 13 

 (b) Enforceability. This Agreement, when executed and delivered by the Corporation in accordance
with the provisions hereof, shall be a legal, valid and binding obligation of the Corporation, enforceable against the Corporation in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally. 
 Section 17.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement
(including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 
 Section 18. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been
duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii) when transmitted by facsimile and receipt is acknowledged, or (iii) sent by recognized
commercial overnight courier service, on the second business day after the date on which it is so sent: 
  

	
	If to the Corporation:
	
	 SBA Communications Corporation
 5900 Broken Sound Parkway
NW
 Boca Raton, Florida 33487

	Attention: General Counsel
	
	If to Indemnitee:
	
	[                    ]

 Section 19. Subsequent Legislation. If the FBCA is amended after adoption of
this Agreement to expand further the indemnification permitted to directors or officers, then the Corporation shall indemnify Indemnitee to the fullest extent permitted by the FBCA, as so amended. 
  

 14 

 Section 20. Non-Exclusivity. The rights to payment of Indemnifiable Amounts and advancement
of Indemnifiable Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Incorporation or the Bylaws, any agreement, a vote of
stockholders or a resolution of Directors, or otherwise. The parties hereto intend that this Agreement shall provide for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by
the Corporation’s Articles of Incorporation, its Bylaws, vote of its shareholders or Disinterested Directors, or applicable law. No amendment, alteration or termination of this Agreement or any provision hereof shall be effective as to any
Indemnitee with respect to any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or termination. As set forth in Section 15 above, Indemnitee’s rights hereunder shall continue after
Indemnitee has ceased acting as an agent of the Corporation.
 Section 21. Enforcement. The Corporation shall be precluded
from asserting in any judicial proceeding that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Corporation agrees that its execution of this Agreement shall constitute a stipulation by which it shall be
irrevocably bound in any court of competent jurisdiction in which a proceeding by Indemnitee for enforcement of his rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and
special, and that failure of the Corporation to comply with the provisions of this Agreement shall cause irreparable and irremediable injury to Indemnitee, for which a remedy at law shall be inadequate. As a result, in addition to any other right or
remedy Indemnitee may have at law or in equity with respect to breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Corporation of its obligations under this Agreement.

 Section 22. Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted
and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 
 Section 23.
Entire Agreement. This Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written
understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement. 
 Section 24.
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
 Section 25. Successor and Assigns. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by 

  

 15 

 
the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and
cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement in form and substance reasonably satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 
 Section 26. Service of Process and Venue. For purposes of any claims or proceedings to enforce this agreement, the Corporation consents
to the jurisdiction and venue of any federal or state court of competent jurisdiction in the State of Florida, and waives and agrees not to raise any defense that any such court is an inconvenient forum or any similar claim. 
 Section 27. Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of
Florida. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Florida govern indemnification by the Corporation of its Directors or Officers, then the indemnification
provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary. 
 Section 28. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all
of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 
 Section 29. Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

  

 16 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date first written
above. 
  

			
	SBA COMMUNICATIONS CORPORATION
		
	By	 	  

	Name:	 	
	Title:	 	
	
	INDEMNITEE
		
	By	 	  

	Name:	 	
	Title:	 	

  

 17Amended and Restated  Employment Agreement dated 12/22/08

 Exhibit 10.36 
 CVS CAREMARK CORPORATION 
  
  

Amended and Restated Employment Agreement for Thomas M. Ryan 
  

 

 CVS CAREMARK CORPORATION 
  
  
 Amended and Restated Employment Agreement for Thomas M. Ryan 
  
  
  

					
	 	  	 	  	Page
	1.	  	Definitions	  	1
			
	2.	  	Term of Employment	  	3
			
	3.	  	Position, Duties and Responsibilities	  	3
			
	4.	  	Base Salary	  	4
			
	5.	  	Annual Incentive Awards	  	4
			
	6.	  	Long-Term Stock Incentive Programs	  	4
			
	7.	  	Employee Benefit Programs	  	4
			
	8.	  	Disability	  	4
			
	9.	  	Reimbursement of Business and Other Expenses	  	5
			
	10.	  	Termination of Employment	  	6
			
	11	  	Confidentiality; Cooperation with Regard to Litigation; Non-disparagement	  	16
			
	12.	  	Non-competition	  	17
			
	13.	  	Non-solicitation	  	18
			
	14.	  	Remedies	  	18
			
	15.	  	Resolution of Disputes	  	19
			
	16.	  	Indemnification	  	19
			
	17.	  	Excise Tax Gross-Up	  	20
			
	18.	  	Effect of Agreement on Other Benefits	  	22
			
	19.	  	Assignability; Binding Nature	  	22
			
	20.	  	Representation	  	22
			
	21.	  	Entire Agreement	  	22
			
	22.	  	Amendment or Waiver	  	22
			
	23.	  	Severability	  	23
			
	24.	  	Survivorship	  	23
			
	25.	  	Beneficiaries/References	  	23
			
	26.	  	Governing Law/Jurisdiction	  	23
			
	27.	  	Notices	  	23
			
	28.	  	Headings	  	24
			
	29.	  	Counterparts	  	24

  

 i 

 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT, made and entered into as of the 22nd day of December, 2008 by and between CVS Caremark Corporation, a Delaware corporation (together with its successors and assigns, the “Company”), and
Thomas M. Ryan (the “Executive”). 
 WITNESSETH: 
 WHEREAS, CVS Corporation and Executive entered into an agreement in or about December, 1996 embodying the terms of Executive’s employment by the
Company (the “Original Agreement”), which Original Agreement was most recently amended as of December 28, 2006; 
 WHEREAS,
Executive and the Company desire to further amend the Original Agreement in certain respects and to restate the Original Agreement in its entirety to reflect all applicable amendments by entering into this Amended and Restated Employment Agreement
for Thomas M. Ryan (the “Agreement”); 
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained
herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and Executive (individually a “Party” and together the “Parties”) agree as follows: 
  

	 	1.	Definitions. 

 (a) “Approved Early
Retirement” shall have the meaning set forth in Section 10(f) below. 
 (b) “Base Salary” shall have the meaning set
forth in Section 4 below. 
 (c) “Board” shall mean the Board of Directors of the Company. 
 (d) “Cause” shall have the meaning set forth in Section 10(b) below. 
 (e) “Change in Control” shall have the meaning set forth in Section 10(c) below. 
 (f) “Committee” shall mean the Management Planning and Development Committee of the Board. 
 (g) “Confidential Information” shall have the meaning set forth in Section 11(c) below. 
 (h) “Constructive Termination Without Cause” shall have the meaning set forth in Section 10(c) below. 
 (i) “Effective Date” shall have the meaning set forth in Section 2 below. 
 (j) “Normal Retirement” shall have the meaning set forth in Section 10(f) below. 
 (k) “Original Term of Employment” shall have the meaning set forth in Section 2 below. 
 (l) “Renewal Term” shall have the meaning set forth in Section 2 below. 

 (m) “Restriction Period” shall have the meaning set forth in Section 12(b) below.

 (n) “Severance Period” shall have the meaning set forth in Section 10(c)(ii) below, except as provided otherwise in
Section 10(e) below. 
 (o) “Subsidiary” shall have the meaning set forth in Section 11(d) below. 
 (p) “Term of Employment” shall have the meaning set forth in Section 2 below. 
 (q) “termination of employment”, “employment is terminated” and other similar words shall mean 
 (i) for any plan or arrangement that is subject to the rules of Section 409A of the Internal Revenue Code (the “Code”) a “Separation
from Service” as such term is defined in the Income Tax Regulations under Section 409A (the “409A Regulations”) of the Code as modified by the rules described below: 
  

	 	(A)	except in the case where Executive is on a bona fide leave of absence pursuant to the Company’s policies as provided below, Executive is deemed to have incurred a Separation
from Service on a date if the Company and Executive reasonably anticipate that the level of services to be performed by Executive after such date would be permanently reduced to 20% or less of the average services rendered by Executive during the
immediately preceding 36-month period (or the total period of employment, if less than 36 months), disregarding periods during which Executive was on a bona fide leave of absence; 

  

	 	(B)	if Executive is absent from work due to military leave, sick leave, or other bona fide leave of absence pursuant to the Company’s policies Executive shall incur a Separation
from Service on the first date that the rules of (A), above, are satisfied following the later of (i) the six-month anniversary of the commencement of the leave or (ii) the expiration of Executive’s right, if any, to reemployment
under statute, contract or Company policy; 

  

	 	(C)	Executive shall be considered to continue employment and to not have a Separation from Service while on a bona fide leave of absence if the leave does not exceed 6 consecutive
months (twelve months for a leave of absence due to Executive’s disability) or, if longer, so long as Executive retains a right to reemployment with the Corporation or an Affiliate under an applicable statute, contract or Company policy. For
this purpose, a “disability leave of absence” is an absence due to any medically determinable physical or mental impairment or Executive that can be expected to result in death or can be expected to last for a continuous period of not less
than 6 months, where such impairment causes the Participant to be unable to perform the duties of his job or a substantially similar job; 

  

 2 

	 	(D)	for purposes of determining whether another organization is an Affiliate of the Company, common ownership of at least 50% shall be determinative; 

  

	 	(E)	the Company specifically reserves the right to determine whether a sale or other disposition of substantial assets to an unrelated party constitutes a Separation from Service with
respect to Executive providing services to the seller immediately prior to the transaction and providing services to the buyer after the transaction. Such determination shall be made in accordance with the requirements of Code Section 409A; or

 (ii) for any plan or arrangement that is not subject to the rules of Section 409A of the Code, the complete cessation
of providing service to the Company or any Affiliate as an employee. 
 (r) “Termination Without Cause” shall have the meaning set
forth in Section 10(c) below. 
  

	 	2.	Term of Employment. 

 (a) The term of
Executive’s employment under this Agreement shall commence on the date of the Original Agreement (the “Effective Date”) and end on the third anniversary of such date (the “Original Term of Employment”), unless terminated
earlier in accordance herewith. The Original Term of Employment shall be automatically renewed for successive one-year terms (the “Renewal Terms”) unless at least 180 days prior to the expiration of the Original Term of Employment or any
Renewal Term, either Party notifies the other Party in writing that he or it is electing to terminate this Agreement at the expiration of the then current Term of Employment. “Term of Employment” shall mean the Original Term of Employment
and all Renewal Terms. If a Change in Control shall have occurred during the Term of Employment, notwithstanding any other provision of this Section 2, the Term of Employment shall not expire earlier than two years after such Change in Control.

 (b) In the event that this Agreement is not renewed because the Company has given the 180-day notice prescribed in the preceding paragraph
on or before the expiration of the Original Term of Employment or any Renewal Term and, in either case, should such notice result in the expiration of the Term of Employment prior to January 1, 2010, such non-renewal shall be treated as a
“Constructive Termination Without Cause” pursuant to Section 10(c). 
  

	 	3.	Position, Duties and Responsibilities. 

 (a)
Generally. Executive shall serve as Chairman, President and Chief Executive Officer of the Company, as a member of the Board of Directors of the Company, and as President and Chief Executive Officer of CVS Pharmacy Incorporated. For so long
as he is serving on the Board of Directors of the Company (the “Board”), Executive agrees to serve as a member of any committee of the Board if the Board shall elect Executive to such positions. In any and all such capacities, Executive
shall report only to the Board. Executive shall have and perform such duties, responsibilities, and authorities as are customary for the chairman, president and chief executive officer of corporations of similar size and businesses as the Company,
and as are customary for the president and chief executive officer of corporations of similar size and businesses as CVS Pharmacy Incorporated, as they each may exist from time to time and as are consistent with such positions and status. Executive
shall devote substantially all of his business time and attention (except for periods of vacation or absence due to illness), 

  

 3 

 
and his best efforts, abilities, experience, and talent to the positions of Chairman, President and Chief Executive Officer and for the businesses of the
Company and to the positions of President and Chief Executive Officer of CVS Pharmacy Incorporated and for the businesses of CVS Pharmacy Incorporated. 
 (b) Other Activities. Anything herein to the contrary notwithstanding, nothing in this Agreement shall preclude Executive from (i) service on the boards of directors of a reasonable number of other
corporations or the boards of a reasonable number of trade associations and/or charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs, provided that
such activities do not materially interfere with the proper performance of his duties and responsibilities under this Agreement. 
 (c)
Place of Employment. Executive’s principal place of employment shall be the corporate offices of the Company. 
 (d) Rank of
Executive Within Company. As Chairman, President and Chief Executive Officer of CVS Caremark Corporation, Executive shall be the highest-ranking executive of CVS Caremark Corporation; and as President and Chief Executive Officer of CVS Pharmacy
Incorporated, Executive shall be the highest ranking executive of CVS Pharmacy Incorporated. 
  

	 	4.	Base Salary. 

 Executive shall be paid an annualized
salary (“Base Salary”), payable in accordance with the regular payroll practices of the Company, of not less than $600,000 subject to review for increase at the discretion of the Committee. 
  

	 	5.	Annual Incentive Awards. 

 Executive shall
participate in the Company’s annual cash incentive compensation plan with a target annual incentive award opportunity of no less than 65% of Base Salary. Payment of annual incentive awards shall be made at the same time that other senior-level
executives receive their incentive awards. 
  

	 	6.	Long-Term Incentive Programs. 

 Executive shall be
eligible to participate in the Company’s long-term incentive compensation programs (including stock options and stock grants). 
  

	 	7.	Employee Benefit Programs. 

 During the Term of
Employment, Executive shall be entitled to participate in such employee pension and welfare benefit plans and programs of the Company as are made available to the Company’s senior-level executives or to its employees generally, as such plans or
programs may be in effect from time to time, including, without limitation, health, medical, dental, long-term disability, travel accident, life insurance and deferred compensation plans. 
  

	 	8.	Disability. 

 (a) During the Term of Employment, as
well as during the Severance Period, Executive shall be entitled to disability coverage as described in this Section 8(a). In the event Executive becomes disabled, as that term is defined under the Company’s Long-Term Disability Plan,
Executive shall be entitled to receive pursuant to the Company’s Long-Term Disability Plan 

  

 4 

 
or otherwise, and in place of his Base Salary, an amount equal to 60% of his Base Salary, at the annual rate in effect on the commencement date of his
eligibility for the Company’s long-term disability benefits (“Commencement Date”) for a period beginning on the Commencement Date and ending with the earlier to occur of (A) Executive’s attainment of age 65 or
(B) Executive’s commencement of retirement benefits from the Company in accordance with Section 10(f) below. If (i) Executive ceases to be disabled during the Term of Employment (as determined in accordance with the terms of the
Long-Term Disability Plan), (ii) his position or another senior executive position is then vacant and (iii) the Company requests in writing that he resume such position, he may elect to resume such position by written notice to the Company
within 15 days after the Company delivers its request. If he resumes such position, he shall thereafter be entitled to his Base Salary at the annual rate in effect on the Commencement Date and, for the year he resumes his position, a pro rata annual
incentive award. If he ceases to be disabled during the Term of Employment and does not resume his position in accordance with the preceding sentence, he shall be treated as if he voluntarily terminated his employment pursuant to Section 10(d)
as of the date Executive ceases to be disabled. If Executive is not offered his position or another senior executive position after he ceases to be disabled during the Term of Employment, he shall be treated as if his employment was terminated
Without Cause pursuant to Section 10(c) as of the date Executive ceases to be disabled; provided, however, that if a Change in Control shall have occurred during the period of Executive’s disability, he shall be treated as if
his employment was terminated Without Cause following a Change in Control pursuant to Section 10(e) as of the date Executive ceases to be disabled. 
 (b) Executive shall be entitled to a pro rata annual cash incentive award for the year in which the Commencement Date occurs based on the most recently established market target annual cash incentive amount, payable
in a cash lump sum not later than 15 days after the Commencement Date. Executive shall not be entitled to any annual incentive award with respect to the period following the Commencement Date. If Executive recommences his position in accordance with
Section 8(a), he shall be entitled to a pro rata annual incentive award for the year he resumes such position and shall thereafter be entitled to annual incentive awards in accordance with Section 5 hereof. 
 (c) During the period Executive is receiving disability benefits pursuant to Section 8(a) above, he shall continue to be treated as an employee for
purposes of all employee benefits and entitlements in which he was participating on the Commencement Date, including without limitation, the benefits and entitlements referred to in Sections 6 and 7 above, except that the Executive shall not be
entitled to receive any annual salary increases or any new long-term incentive plan grants following the Commencement Date. Notwithstanding the foregoing, with respect to any benefit plan or program providing benefits covered by Section 409A of
the Code, the definition of “termination of employment” set forth in Section 1(g) above shall apply. 
 (d) The provisions of
this Agreement in Section 8(a)-(c), above, shall apply in the event Executive shall become disabled, as that term is defined in the Company’s Long-Term Disability Plan and, except as provided in Section 8(a), the provisions of
Section 10 shall not apply if the Executive has a termination of employment due to such disability. 
  

	 	9.	Reimbursement of Business and Other Expenses. 

 Executive is authorized to incur reasonable expenses in carrying out his duties and responsibilities under this Agreement, and the Company shall promptly reimburse him for all business expenses incurred in connection therewith, subject to
documentation in accordance with the Company’s policy. During the Term of Employment, the Company shall pay or reimburse Executive, upon demand, for out-of-pocket expenses incurred in connection with personal financial and tax planning up to a
maximum of $15,000 per annum. The Company shall pay or reimburse the Executive for the expenses (including, without limitation, reasonable 

  

 5 

 
attorneys’ fees and expenses) incurred by him in conjunction with preparation and negotiation of this Agreement and any related documents up to a
maximum of $10,000. 
  

	 	10.	Termination of Employment. 

 (a) Termination Due
to Death. In the event Executive’s employment with the Company is terminated due to his death, his estate or his beneficiaries, as the case may be, shall be entitled to and their sole remedies under this Agreement shall be: 
  

	 	(i)	Base Salary through the date of death, which shall be paid in a cash lump sum not later than 15 days following Executive’s death; 

  

	 	(ii)	pro rata annual incentive award for the year in which Executive’s death occurs based on the most recently established market target annual cash incentive bonus amount for
Executive, which shall be payable in a cash lump sum promptly (but in no event later than 15 days); 

  

	 	(iii)	elimination of all restrictions on any restricted or deferred stock awards outstanding at the time of his death (other than awards under the Company’s Partnership Equity
Program, which shall be governed by the terms of such awards); 

  

	 	(iv)	immediate vesting of all outstanding stock options and the right to exercise such stock options for a period of one year following death or for the remainder of the exercise period,
if less (other than awards under the Company’s Partnership Equity Program, which shall be governed by the terms of such awards); 

  

	 	(v)	the balance of any incentive awards earned as of December 31 of the prior year (but not yet paid), which shall be paid in a cash lump sum not later than 15 days following the
Executive’s death; 

  

	 	(vi)	settlement of all deferred compensation arrangements in accordance with any then applicable deferred compensation plan or election form; and 

  

	 	(vii)	other or additional benefits then due or earned in accordance with applicable plans and programs of the Company. 

 (b) Termination by the Company for Cause. 
  

	 	(i)	“Cause” shall mean: 

  

	 	(A)	Executive’s willful and material breach of Sections 11, 12 or 13 of this Agreement; 

  

	 	(B)	Executive is convicted of a felony involving moral turpitude; or 

  

	 	(C)	Executive engages in conduct that constitutes willful gross neglect or willful gross misconduct in carrying out his duties under this Agreement, resulting, in either case, in
material harm to the financial condition or reputation of the Company. 

  

 6 

 For purposes of this Agreement, an act or failure to act on Executive’s part shall be considered “willful”
if it was done or omitted to be done by him not in good faith, and shall not include any act or failure to act resulting from any incapacity of Executive. 
  

	 	(ii)	A termination for Cause shall not take effect unless the provisions of this paragraph (ii) are complied with. Executive shall be given written notice by the Company of its
intention to terminate him for Cause, such notice (A) to state in detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed termination for Cause is based and (B) to be given within
90 days of the Company’s learning of such act or acts or failure or failures to act. Executive shall have 20 days after the date that such written notice has been given to him in which to cure such conduct, to the extent such cure is possible.
If he fails to cure such conduct, Executive shall then be entitled to a hearing before the Committee of the Board at which Executive is entitled to appear. Such hearing shall be held within 25 days of such notice to Executive, provided he requests
such hearing within 10 days of the written notice from the Company of the intention to terminate him for Cause. If, within five days following such hearing, Executive is furnished written notice by the Board confirming that, in its judgment, grounds
for Cause on the basis of the original notice exist, he shall thereupon be terminated for Cause. 

  

	 	(iii)	In the event the Company terminates Executive’s employment for Cause, he shall be entitled to and his sole remedies under this Agreement shall be: 

  

	 	(A)	Base Salary through the date of the termination of his employment for Cause, which shall be paid in a cash lump sum not later than 15 days following Executive’s termination of
employment; 

  

	 	(B)	any incentive awards earned as of December 31 of the prior year (but not yet paid), which shall be paid in a cash lump sum not later than 15 days following Executive’s
termination of employment; 

  

	 	(C)	settlement of all deferred compensation arrangements in accordance with any then applicable deferred compensation plan or election form; and 

  

	 	(D)	other or additional benefits then due or earned in accordance with applicable plans or programs of the Company. 

 (c) Termination Without Cause or Constructive Termination Without Cause Prior to Change in Control. In the event Executive’s employment with
the Company is terminated without Cause (which termination shall be effective as of the date specified by the Company in a written notice to Executive), other than due to death, or in the event there is a Constructive Termination Without Cause (as
defined below), in either case prior to a Change in Control (as defined below) the Executive shall be entitled to and his sole remedies under this 

  

 7 

 
Agreement shall be: 
  

	 	(i)	Base Salary through the date of termination of Executive’s employment, which shall be paid in a cash lump sum not later than 15 days following the Executive’s termination
of employment; 

  

	 	(ii)	Base Salary, at the annualized rate in effect on the date of termination of Executive’s employment (or in the event a reduction in Base Salary is a basis for a Constructive
Termination Without Cause, then the Base Salary in effect immediately prior to such reduction), for a period of 36 months (the “Severance Period”); 

  

	 	(iii)	a pro rata annual incentive award for the year in which Executive’s termination occurs based on the most recently established Management Incentive Plan target (“MIP
Award”), as determined below, for Executive. The MIP Award will be payable at the conclusion of the annual performance cycle, based on actual performance of the Company as determined in accordance with the Company’s 2007 Incentive Plan
(the “Plan”) or other plan for an executive of the Company as may be in effect from time to time, as certified by the applicable Committee of the Board of Directors of the Company, and paid at the same time the annual incentive award is
paid to other similarly-situated executives of the Company, unless otherwise previously elected to be deferred by Executive. 

  

	 	(A)	The MIP Award is determined by multiplying the Market Payout Percentage as approved by the Committee for Executive’s position, by Executive’s base salary in effect on the
date of termination, based on the Company’s performance for the applicable annual performance cycle. 

  

	 	(B)	The amount of the pro rata award will be determined by multiplying the full amount of the MIP Award, as determined above, by a fraction, the numerator of which is the number of
months that have elapsed since January 1 through the date of termination of Executive’s Employment and the denominator of which is twelve (12); 

  

	 	(iv)	an amount equal to the most recently established market target MIP Award (without taking into account the Company’s performance) for Executive multiplied by three, payable in
equal monthly payments over the Severance Period; 

  

	 	(v)	elimination of all restrictions on any restricted or deferred stock awards outstanding at the time of termination of employment (other than awards under the Company’s
Partnership Equity Program, which shall be governed by the terms of such awards); 

  

	 	(vi)	 any outstanding stock options which are unvested shall vest and Executive shall have the right to exercise any vested stock options during the Severance Period or
for the remainder of the exercise period, if less (other than awards under the Company’s 

  

 8 

	 	 
Partnership Equity Program, which shall be governed by the terms of such awards); 

  

	 	(vii)	the balance of any incentive awards, except for awards under the Company’s Long-Term Incentive Plan or other such plans which are intended to qualify for deductibility under
Section 162(m) of the Code, earned as of December 31 of the prior year (but not yet paid), which shall be paid in a cash lump sum not later than 15 days following Executive’s termination of employment; 

  

	 	(viii)	a pro rata long-term incentive award, as determined below, for the year in which Executive’s termination occurs based on the targets for Executive for performance periods not
yet closed under the Company’s Long-Term Incentive Plan (the “LTIP”) with the target for each such performance period being adjusted based on actual performance of the Company as determined in accordance with the LTIP or other plan
for an executive of the Company as may be in effect from time to time, as certified by the applicable Committee of the Board of Directors of the Company, and as further adjusted under (A), below, and being payable at the same time such Awards are
paid to other similarly-situated executives of the Company, unless otherwise previously elected to be deferred by Executive; 

  

	 	(A)	The amount of the pro rata award will be determined by multiplying the full amount of each award, as determined above, by a fraction, the numerator of which is the number of months
(treating a part of a month as a full month) that have elapsed since the first day of the applicable performance cycle through the date of termination of Executive’s Employment and the denominator of which is the number of months in such
performance cycle; 

  

	 	(ix)	settlement of all deferred compensation arrangements in accordance with any then applicable deferred compensation plan or election form; 

  

	 	(x)	continued participation in all medical, health and life insurance plans at the same benefit level at which he was participating on the date of the termination of his employment
until the earlier of: 

  

	 	(A)	the end of the Severance Period; or 

  

	 	(B)	the date, or dates, he receives equivalent coverage and benefits under the plans and programs of a subsequent employer (such coverage and benefits to be determined on a
coverage-by-coverage, or benefit-by-benefit, basis); 

 provided that (1) if Executive is precluded from continuing his
participation in any employee benefit plan or program as provided in this clause (ix) of this Section 10(c), he shall receive cash payments equal on an after-tax basis to the cost to him of obtaining the benefits provided under the plan or
program in which he is unable to participate for the period specified in this clause (ix)

  

 9 

 
of this Section 10(c), (2) such cost shall be deemed to be the lowest reasonable cost that would be incurred by Executive in obtaining such benefit
himself on an individual basis, and (3) payment of such amounts shall be made quarterly in advance; and 
  

	 	(xi)	other or additional benefits then due or earned in accordance with applicable plans and programs of the Company. 

 “Termination Without Cause” shall mean Executive’s employment is terminated by the Company for any reason other than Cause (as defined in
Section 10(b)) or due to death. 
 “Constructive Termination Without Cause” shall mean a termination of Executive’s
employment at his initiative as provided in this Section 10(c) following the occurrence, without Executive’s written consent, of one or more of the following events (except as a result of a prior termination): 
  

	 	(A)	a material diminution or change, adverse to Executive, in Executive’s positions, titles, or offices as set forth in Section 3(a), status, rank, nature or responsibilities,
or authority within the Company, or a removal of Executive from any failure to elect or re-elect or, as the case may be, nominate Executive to any such positions or offices, including as a member of the Board; 

  

	 	(B)	an assignment of any duties to Executive which are materially inconsistent with his status as Chairman, President and Chief Executive Officer of the Company and other positions held
under Section 3(a); 

  

	 	(C)	a material decrease in Executive’s annual Base Salary or target annual cash incentive award opportunity below 65% of Base Salary; 

  

	 	(D)	any other failure by the Company to perform any material obligation under, or breach by the Company of any material provision of, this Agreement that is not cured within 30 days; or

  

	 	(E)	a relocation of the corporate offices of the Company outside a 35-mile radius of Woonsocket, Rhode Island; or 

  

	 	(F)	any failure to secure the agreement of any successor corporation or other entity to the Company to fully assume the Company’s obligations under this Agreement.

 A “Change in Control” shall be deemed to have occurred if: 
  

	 	(i)	 any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly
or indirectly, by the stockholders of the Company immediately prior to the occurrence with respect to which the evaluation is being made in substantially the same proportions as their ownership of the 

  

 10 

	 	 
common stock of the Company) becomes the Beneficial Owner (except that a Person shall be deemed to be the Beneficial Owner of all shares that any such Person
has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants or options or otherwise, without regard to the sixty day period referred to in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company or any Significant Subsidiary (as defined below), representing 30% or more of the combined voting power of the Company’s or such subsidiary’s then outstanding securities;

  

	 	(ii)	during any period of twelve (12) consecutive months, individuals who at the beginning of such period constitute the Board, and any new director whose election by the Board or
nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the twelve (12) month period or whose election or
nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board; 

  

	 	(iii)	the consummation of a merger or consolidation of the Company (or any subsidiary owning directly or indirectly all or substantially all of the consolidated assets of the Company but
in no event assets having a gross fair market value of less than 40% of the total gross fair market value of all of the consolidated assets of the Company (a “Significant Subsidiary”)) with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company or a Significant Subsidiary outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving or resulting entity) more than 50% of the combined voting power of the surviving or resulting entity outstanding immediately after such merger or consolidation; or 

  

	 	(iv)	the consummation of a transaction (or series of transactions within a 12 month period) which constitutes the sale or disposition of all or substantially all of the consolidated
assets of the Company but in no event assets having a gross fair market value of less than 40% of the total gross fair market value of all of the consolidated assets of the Company (other than such a sale or disposition immediately after which such
assets will be owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the common stock of the Company immediately prior to such sale or disposition) 

 For purposes of this definition: 
  

	 	(A)	The term “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act (including any successor to such Rule).

  

	 	(B)	 The term “Exchange Act” means the Securities Exchange 

  

 11 

	 	 
Act of 1934, as amended from time to time, or any successor act thereto. 

  

	 	(C)	The term “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including
“group” as defined in Section 13(d) thereof. 

 (d) Voluntary Termination. In the event of a termination
of employment by Executive on his own initiative after delivery of 10 business days advance written notice, other than a termination due to death, a Constructive Termination Without Cause, or Approved Early Retirement or Normal Retirement pursuant
to Section 10(f) below, Executive shall have the same entitlements as provided in Section 10(b)(iii) above for a termination for Cause, provided that at the Company’s election, furnished in writing to Executive within 15 days
following such notice of termination, the Company shall in addition pay Executive 50% of his Base Salary for a period of 18 months following such termination in exchange for Executive not engaging in competition with the Company or any Subsidiary as
set forth in Section 12(a) below, and further provided that if the Company makes such an election, the Company’s obligation to pay Executive his monthly Base Salary and Executive’s obligation not to engage in competition with the
Company or any Subsidiary shall terminate upon the occurrence of a Change in Control. Notwithstanding any implication to the contrary, Executive shall not have the right to terminate his employment with the Company during the Term of Employment
except in the event of a Constructive Termination Without Cause, Approved Early Retirement, or Normal Retirement, and any voluntary termination of employment during the Term of Employment in violation of this Agreement shall be considered a material
breach. 
 (e) Termination Without Cause; Constructive Termination Without Cause or Voluntary Termination Following a Change in
Control. In the event Executive’s employment with the Company is terminated by the Company without Cause (which termination shall be effective as of the date specified by the Company in a written notice to Executive), other than due to
death, or in the event there is a Constructive Termination Without Cause (as defined above), in either case within two years following a Change in Control (as defined above), Executive shall be entitled to and his sole remedies under this Agreement
shall be: 
  

	 	(i)	Base Salary through the date of termination of Executive’s employment, which shall be paid in a cash lump sum not later than 15 days following Executive’s termination of
employment; 

  

	 	(ii)	an amount equal to three times Executive’s Base Salary, at the annualized rate in effect on the date of termination of Executive’s employment (or in the event a reduction
in Base Salary is a basis for a Constructive Termination Without Cause, then the Base Salary in effect immediately prior to such reduction), payable in a cash lump sum promptly (but in no event later than 15 days) following Executive’s
termination of employment; 

  

	 	(iii)	pro rata annual incentive award for the year in which Executive’s termination occurs based on the most recently established market target amount for Executive, payable in a
cash lump sum promptly (but in no event later than 15 days or by such later date as is required to comply with Section 22) following Executive’s termination of employment; 

  

 12 

	 	(A)	The amount of the pro rata award will be determined by multiplying the market target amount by a fraction, the numerator of which is the number of months that have elapsed since
January 1 through the date of termination of Executive’s Employment and the denominator of which is twelve (12); 

  

	 	(iv)	an amount equal to the MIP Award based on the most recently established market target amount for Executive multiplied by three, payable in a cash lump sum promptly (but in no event
later than 15 days) following Executive’s termination of employment; 

  

	 	(v)	elimination of all restrictions on any restricted or deferred stock awards outstanding at the time of termination of employment (other than awards under the Company’s
Partnership Equity Program, which shall be governed by the terms of such awards); 

  

	 	(vi)	immediate vesting of all outstanding stock options and the right to exercise such stock options during the Severance Period or in accordance with their terms, if longer (other than
awards under the Company’s Partnership Equity Program, which shall be governed by the terms of such awards); 

  

	 	(vii)	the balance of any incentive awards earned as of December 31 of the prior year (but not yet paid), which shall be paid in a single lump sum not later than 15 days following the
Executive’s termination of employment; 

  

	 	(viii)	immediate vesting of Executive’s accrued benefits under any supplemental retirement benefit plan (“SERP”) maintained by the Company, with payment of such benefits to
be made in accordance with the terms and conditions of the SERP; 

  

	 	(ix)	settlement of all deferred compensation arrangements in accordance with any then applicable deferred compensation plan or election form; 

  

	 	(x)	continued participation in all medical, health and life insurance plans at the same benefit level at which he was participating on the date of termination of his employment until
the earlier of: 

  

	 	(A)	the end of the Severance Period; or 

  

	 	(B)	the date, or dates, he receives equivalent coverage and benefits under the plans and programs of a subsequent employer (such coverage and benefits to be determined on a
coverage-by-coverage, or benefit-by-benefit, basis); 

 provided that (1) if Executive is precluded from continuing his
participation in any employee benefit plan or program as provided in this clause (x) of this Section 10(e), he shall receive cash payments equal on an after-tax basis to the cost to him of obtaining the benefits provided under the plan or
program in which he is unable to participate for the period specified in this clause (x)

  

 13 

 
of this Section 10(e), (2) such cost shall be deemed to be the lowest reasonable cost that would be incurred by Executive in obtaining such benefit
himself on an individual basis, and (3) payment of such amounts shall be made quarterly in advance; and 
  

	 	(xi)	other or additional benefits then due or earned in accordance with applicable plans and programs of the Company. 

 For purposes of any termination pursuant to this Section 10(e), the term “Severance Period” shall mean the period of 36 months following the termination
of the Executive’s employment. 
 (f) Approved Early Retirement or Normal Retirement. Upon Executive’s Approved Early
Retirement or Normal Retirement (each as defined below), Executive shall be entitled to and his sole remedies under this Agreement shall be: 
  

	 	(i)	Base Salary through the date of termination of Executive’s employment, which shall be paid in a cash lump sum not later than 15 days following Executive’s termination of
employment; 

  

	 	(ii)	pro rata cash portion of MIP Award for the year in which termination occurs, determined in accordance with Section 10(c)(iii) above; 

  

	 	(iii)	elimination of all restrictions on any restricted stock awards outstanding at the time of Executive’s termination of employment; 

  

	 	(iv)	continued vesting (as if Executive remained employed by the Company) of any deferred stock awards outstanding at the time of his termination of employment (other than awards under
the Company’s Partnership Equity Program, which shall be governed by the terms of such awards); 

  

	 	(v)	continued vesting of all outstanding stock options and the right to exercise such stock options (including, for the avoidance of doubt, after Executive’s death by any person to
whom the award passes by will or the laws of descent and distribution following Executive’s death) for a period of one year following the later of the date the options are fully vested or Executive’s termination of employment or for the
remainder of the exercise period, if less (other than awards under the Company’s Partnership Equity Program, which shall be governed by the terms of such awards); provided, however, that options granted pursuant to the Company’s 1987 Stock
Option Plan shall in no event be exercisable after three years following termination of employment; 

  

	 	(vi)	the balance of any incentive awards earned as of December 31 of the prior year (but not yet paid), which shall be paid in a single lump sum not later than 15 days following
Executive’s termination of employment; 

  

	 	(vii)	settlement of all deferred compensation arrangements in accordance with any then applicable deferred compensation plan or election form; and 

  

 14 

	 	(viii)	other or additional benefits then due or earned in accordance with applicable plans and programs of the Company. 

 “Approved Early Retirement” shall mean Executive’s voluntary termination of employment with the Company at or after attaining age 55 but
prior to January 1, 2010, if such termination is approved in advance by the Committee. 
 “Normal Retirement” shall mean
Executive’s voluntary termination of employment with the Company at or after January 1, 2010. 
 (g) No Mitigation; No
Offset. In the event of any termination of employment, Executive shall be under no obligation to seek other employment; amounts due Executive under this Agreement shall not be offset by any remuneration attributable to any subsequent employment
that he may obtain. 
 (h) Nature of Payments. Any amounts due under this Section 10 are in the nature of severance payments
considered to be reasonable by the Company and are not in the nature of a penalty. 
 (i) Exclusivity of Severance Payments. Upon
termination of Executive’s employment during the Term of Employment, he shall not be entitled to any severance payments or severance benefits from the Company or any payments by the Company on account of any claim by him of wrongful
termination, including claims under any federal, state or local human and civil rights or labor laws, other than the payments and benefits provided in this Section 10. 
 (j) Release of Employment Claims. Executive agrees, as a condition to his entitlement to receipt of the termination payments and benefits provided
for in this Section 10, that he will execute within sixty (60) days of Executive’s termination of employment a release agreement, in a form reasonably satisfactory to the Company, releasing any and all claims arising out of
Executive’s employment (other than enforcement of this Agreement, Executive’s rights under any of the Company’s incentive compensation and employee benefit plans and programs to which he is entitled under this Agreement, any rights to
indemnification to which Executive may be entitled or which may have been granted to him, any rights of indemnification to which Executive may be entitled under any policy of insurance, and any claim for any tort for personal injury not arising out
of or related to his termination of employment). 
 (k) Subject to the provisions of Section 22(b), all payments to be made pursuant to
this Section 10 upon the termination of employment of Executive shall be made or commence, as the case may be, within 75 days after Executive’s termination of employment provided, however, that if such termination of employment is after
October 17 of a year, the payout or first payment, as the case may be, shall be made at the end of such 75 day period. 
 (l) For the
avoidance of doubt, the provisions of this Agreement, insofar as they pertain to any stock option awarded to Executive, apply and shall be deemed to govern notwithstanding any contrary term in any agreement awarding such stock option to Executive.

 (m) For the avoidance of doubt, the provisions of the CVS/pharmacy Long-Term Incentive Plan, insofar as they pertain to any LTIP award to
Executive, apply; provided, however, that the terms of the LTIP plan should be read together with this Agreement and the terms and provisions of this Agreement shall be deemed to govern notwithstanding any contrary term or provision in the LTIP
plan. 
  

 15 

	 	11.	Confidentiality; Cooperation with Regard to Litigation; Non-disparagement. 

 (a) During the Term of Employment and thereafter, Executive shall not, without the prior written consent of the Company, disclose to anyone (except in good faith in the ordinary course of business to a person who will
be advised by Executive to keep such information confidential) or make use of any Confidential Information except in the performance of his duties hereunder or when required to do so by legal process, by any governmental agency having supervisory
authority over the business of the Company or by any administrative or legislative body (including a committee thereof) that requires him to divulge, disclose or make accessible such information. In the event that Executive is so ordered, he shall
give prompt written notice to the Company in order to allow the Company the opportunity to object to or otherwise resist such order. 
 (b)
During the Term of Employment and thereafter, Executive shall not disclose the existence or contents of this Agreement beyond what is disclosed in the proxy statement or documents filed with the government unless and to the extent such disclosure is
required by law, by a governmental agency, or in a document required by law to be filed with a governmental agency or in connection with enforcement of his rights under this Agreement. In the event that disclosure is so required, Executive shall
give prompt written notice to the Company in order to allow the Company the opportunity to object to or otherwise resist such requirement. This restriction shall not apply to such disclosure by him to members of his immediate family, his tax, legal
or financial advisors, any lender, or tax authorities, or to potential future employers to the extent necessary, each of whom shall be advised not to disclose such information. 
 (c) “Confidential Information” shall mean all information concerning the business of the Company or any Subsidiary relating to any of their
products, product development, trade secrets, customers, suppliers, finances, and business plans and strategies. Excluded from the definition of Confidential Information is information (i) that is or becomes part of the public domain, other
than through the breach of this Agreement by Executive or (ii) regarding the Company’s business or industry properly acquired by Executive in the course of his career as an executive in the Company’s industry and independent of
Executive’s employment by the Company. For this purpose, information known or available generally within the trade or industry of the Company or any Subsidiary shall be deemed to be known or available to the public. 
 (d) “Subsidiary” shall mean any corporation controlled directly or indirectly by the Company. 
 (e) Executive agrees to cooperate with the Company, during the Term of Employment and thereafter (including following Executive’s termination of
employment for any reason), by making himself reasonably available to testify on behalf of the Company or any Subsidiary in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, or any
Subsidiary, in any such action, suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any Subsidiary as reasonably requested;
provided, however, that the same does not materially interfere with his then current professional activities. The Company agrees to reimburse Executive, on an after-tax basis, for all expenses actually incurred in connection with his
provision of testimony or assistance. 
 (f) Executive agrees that, during the Term of Employment and thereafter (including following
Executive’s termination of employment for any reason) he will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, 

  

 16 

 
or otherwise, or take any action which may, directly or indirectly, disparage the Company or any Subsidiary or their respective officers, directors,
employees, advisors, businesses or reputations. The Company agrees that, during the Term of Employment and thereafter (including following Executive’s termination of employment for any reason), the Company will not make statements or
representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage Executive or his business or reputation. Notwithstanding the foregoing, nothing in
this Agreement shall preclude either Executive or the Company from making truthful statements or disclosures that are required by applicable law, regulation or legal process. 
  

	 	12.	Non-competition. 

 (a) During the Restriction Period
(as defined in Section 12(b) below), Executive shall not engage in Competition with the Company or any Subsidiary. “Competition” shall mean engaging in any activity, except as provided below, for a Competitor of the Company or any
Subsidiary, whether as an employee, consultant, principal, agent, officer, director, partner, shareholder (except as a less than one percent shareholder of a publicly traded company) or otherwise. A “Competitor” shall mean any corporation
or other entity (and its parents, subsidiaries and affiliates) doing business in a geographical area in which the Company is doing or has imminent plans to do business, and which is engaged in the operation of (a) a retail business which
includes or has imminent plans to include a pharmacy (i.e., the sale of prescription drugs) as an offering or component of its business, including, without limitation, chain drug store companies such as Walgreen Co. or Rite Aid Corporation,
mass merchants such as Wal-Mart Stores, Inc. or Target Corp., and food/drug combinations such as The Kroger Co. or Supervalu Inc.; and/or (b) a business which includes or has imminent plans to include mail order prescription, specialty pharmacy
and/or pharmacy benefits management as an offering or component of its business, such as Medco Health Solutions, Inc., or Express Scripts, Inc.; and/or (c) a business which includes or has imminent plans to include offering, marketing or the
sale of basic acute health care services at retail or other business locations, similar to the services provided by MinuteClinic, Inc. (and excluding hospitals, private physicians’ offices, or other businesses dedicated to the direct provision
of health care services); and/or (d) any other business in which the Company is or has imminent plans to be engaged (whether directly or indirectly, including through any joint venture) at the time of Executive’s termination. If Executive
commences employment or becomes a consultant, principal, agent, officer, director, partner, or shareholder of any entity that is not a Competitor at the time Executive initially becomes employed or becomes a consultant, principal, agent, officer,
director, partner, or shareholder of the entity, future activities of such entity shall not result in a violation of this provision unless (x) such activities were contemplated by Executive at the time Executive initially became employed or
becomes a consultant, principal, agent, officer, director, partner, or shareholder of the entity or (y) Executive commences directly or indirectly overseeing or managing the activities of an entity which becomes a Competitor during the
Restriction Period, which activities are competitive with the activities of the Company or Subsidiary. Executive shall not be deemed indirectly overseeing or managing the activities of such Competitor which are competitive with the activities of the
Company or Subsidiary so long as he does not regularly participate in discussions with regard to the conduct of the competing business. The parties agree that the purpose of this provision is to protect the Company’s confidential information,
trade secrets and/or business relationships, and that it shall only be enforceable for such purpose. 
 (b) For the purposes of this
Section 12, “Restriction Period” shall mean the period beginning with the Effective Date and ending with: 
  

 17 

	 	(i)	in the case of a termination of Executive’s employment without Cause or a Constructive Termination Without Cause, in either case prior to a Change in Control, the earlier of
(1) 24 months after such termination and (2) the occurrence of a Change in Control; 

  

	 	(ii)	in the case of a termination of Executive’s employment for Cause, the earlier of (1) 24 months after such termination and (2) the occurrence of a Change in Control;

  

	 	(iii)	in the case of a voluntary termination of Executive’s employment pursuant to Section 10(d) above followed by the Company’s election to pay Executive (and subject to
the payment of) 50% of his Base Salary, as provided in Section 10(d) above, the earlier of (1) 18 months after such termination and (2) the occurrence of a Change in Control; 

  

	 	(iv)	in the case of a voluntary termination of Executive’s employment pursuant to Section 10(d) above which is not followed by the Company’s election to pay Executive such
50% of Base Salary, the date of such termination; 

  

	 	(v)	in the case of Approved Early Retirement or Normal Retirement pursuant to Section 10(f) above, the remainder of the Term of Employment; or 

  

	 	(vi)	in the case of a termination of Executive’s employment without Cause or a Constructive Termination Without Cause, in either case following a Change in Control, immediately upon
such termination of employment. 

  

	 	(vii)	notwithstanding Section 12(b)(i) – (vi), above, in the case of a termination of employment on or after December 31, 2009 for any reason other than death or
disability, the date that is ten (10) years after such date of termination of employment. 

  

	 	13.	Non-solicitation. 

 During the period beginning with
Effective Date and ending at the end of the Restriction Period, as defined in Section 12(b), Executive shall not induce employees of the Company or any Subsidiary to terminate their employment, nor shall Executive solicit or encourage any of
the Company’s or any Subsidiary’s non-retail customers, or any corporation or other entity in a joint venture relationship (directly or indirectly) with the Company or any Subsidiary, to terminate or diminish their relationship with the
Company or any Subsidiary or to violate any agreement with any of them. During such period, Executive shall not hire, either directly or through any employee, agent or representative, any employee of the Company or any Subsidiary or any person who
was employed by the Company or any Subsidiary within 180 days of such hiring. 
  

	 	14.	Remedies. 

 If Executive breaches any of the
provisions contained in Sections 11, 12 or 13 above, the Company (a) subject to Section 15, shall have the right to immediately terminate all 

  

 18 

 
payments and benefits due under this Agreement and (b) shall have the right to seek injunctive relief. Executive acknowledges that such a breach of
Sections 11, 12 or 13 would cause irreparable injury and that money damages would not provide an adequate remedy for the Company; provided, however, the foregoing shall not prevent Executive from contesting the issuance of any such injunction on the
ground that no violation or threatened violation of Section 11, 12 or 13 has occurred. 
  

	 	15.	Resolution of Disputes. 

 Any controversy or claim
arising out of or relating to this Agreement or any breach or asserted breach hereof or questioning the validity and binding effect hereof arising under or in connection with this Agreement, other than seeking injunctive relief under
Section 14, shall be resolved by binding arbitration, to be held at an office closest to the Company’s principal offices in accordance with the rules and procedures of the American Arbitration Association. Judgment upon the award rendered
by the arbitrator(s) may be entered in any court having jurisdiction thereof. Pending the resolution of any arbitration or court proceeding, the Company shall continue payment of all amounts and benefits due Executive under this Agreement. All costs
and expenses of any arbitration or court proceeding (including fees and disbursements of counsel) shall be borne by the respective party incurring such costs and expenses, but the Company shall reimburse Executive for such reasonable costs and
expenses in the event he substantially prevails in such arbitration or court proceeding. Notwithstanding the foregoing, following a Change in Control all reasonable costs and expenses (including fees and disbursements of counsel) incurred by
Executive pursuant to this Section 15 shall be paid on behalf of or reimbursed to Executive promptly by the Company; provided, however, that no reimbursement shall be made of such expenses if and to the extent the arbitrator(s)
determine(s) that any of Executive’s litigation assertions or defenses were in bad faith or frivolous. 
  

	 	16.	Indemnification. 

 (a) Company Indemnity. The
Company agrees that if Executive is made a party, or is threatened to be made a party, to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a
director, officer or employee of the Company or any Subsidiary or is or was serving at the request of the Company or any Subsidiary as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, including service with respect to employee benefit plans, whether or not the basis of such Proceeding is Executive’s alleged action in an official capacity while serving as a director, officer, member, employee or agent, Executive
shall be indemnified and held harmless by the Company to the fullest extent legally permitted or authorized by the Company’s certificate of incorporation or bylaws or resolutions of the Company’s Board or, if greater, by the laws of the
State of Delaware against all cost, expense, liability and loss (including, without limitation, attorney’s fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by
Executive in connection therewith, and such indemnification shall continue as to Executive even if he has ceased to be a director, member, officer, employee or agent of the Company or other entity and shall inure to the benefit of Executive’s
heirs, executors and administrators. The Company shall advance to Executive all reasonable costs and expenses to be incurred by him in connection with a Proceeding within 20 days after receipt by the Company of a written request for such advance.
Such request shall include an undertaking by Executive to repay the amount of such advance if it shall ultimately be determined that he is not entitled to be indemnified against such costs and expenses. The provisions of this Section 16(a)
shall not be deemed exclusive of any other rights of indemnification to which Executive may be entitled or which may be granted to him, and it shall 

  

 19 

 
be in addition to any rights of indemnification to which he may be entitled under any policy of insurance. 
 (b) No Presumption Regarding Standard of Conduct. Neither the failure of the Company (including its Board, independent legal counsel or
stockholders) to have made a determination prior to the commencement of any proceeding concerning payment of amounts claimed by Executive under Section 16(a) above that indemnification of Executive is proper because he has met the applicable
standard of conduct, nor a determination by the Company (including its Board, independent legal counsel or stockholders) that Executive has not met such applicable standard of conduct, shall create a presumption that Executive has not met the
applicable standard of conduct. 
 (c) Liability Insurance. The Company agrees to continue and maintain a directors and officers’
liability insurance policy covering Executive to the extent the Company provides such coverage for its other executive officers. 
  

	 	17.	Excise Tax Gross-Up. 

 If while a member of the
Business Planning Committee Executive becomes entitled to one or more payments (with a “payment” including, without limitation, the vesting of an option or other non-cash benefit or property), whether pursuant to the terms of this
Agreement or any other plan, arrangement, or agreement with the Company or any affiliated company (the “Total Payments”), which are or become subject to the tax imposed by Section 4999 of the Code (or any similar tax that may
hereafter be imposed) (the “Excise Tax”), the Company shall pay to Executive at the time specified below an additional amount (the “Gross-up Payment”) (which shall include, without limitation, reimbursement for any penalties and
interest that may accrue in respect of such Excise Tax) such that the net amount retained by the Executive, after reduction for any Excise Tax (including any penalties or interest thereon) on the Total Payments and any federal, state and local
income or employment tax and Excise Tax on the Gross-up Payment provided for by this Section 17, but before reduction for any federal, state, or local income or employment tax on the Total Payments, shall be equal to the sum of (a) the
Total Payments, and (b) an amount equal to the product of any deductions disallowed for federal, state, or local income tax purposes because of the inclusion of the Gross-up Payment in Executive’s adjusted gross income multiplied by the
highest applicable marginal rate of federal, state, or local income taxation, respectively, for the calendar year in which the Gross-up Payment is to be made. For purposes of determining whether any of the Total Payments will be subject to the
Excise Tax and the amount of such Excise Tax: 
  

	 	(i)	The Total Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute payments” within
the meaning of Section 280G(b)(1) of the Code shall be treated as subject to the Excise Tax, unless, and except to the extent that, in the written opinion of independent compensation consultants, counsel or auditors of nationally recognized
standing (“Independent Advisors”) selected by the Company and reasonably acceptable to the Executive, the Total Payments (in whole or in part) do not constitute parachute payments, or such excess parachute payments (in whole or in part)
represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the base amount within the meaning of Section 280G(b)(3) of the Code or are otherwise not subject to the
Excise Tax; 

  

	 	(ii)	 The amount of the Total Payments which shall be treated as subject to the Excise Tax shall be equal to the lesser of (A) the total amount of the 

  

 20 

	 	 
Total Payments or (B) the total amount of excess parachute payments within the meaning of Section 280G(b)(1) of the Code (after applying clause
(i) above); and 

  

	 	(iii)	The value of any non-cash benefits or any deferred payment or benefit shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and
(4) of the Code. 

 For purposes of determining the amount of the Gross-up Payment, Executive shall be deemed (A) to
pay federal income taxes at the highest marginal rate of federal income taxation for the calendar year in which the Gross-up Payment is to be made; (B) to pay any applicable state and local income taxes at the highest marginal rate of taxation
for the calendar year in which the Gross-up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes if paid in such year (determined without regard to
limitations on deductions based upon the amount of Executive’s adjusted gross income); and (C) to have otherwise allowable deductions for federal, state, and local income tax purposes at least equal to those disallowed because of the
inclusion of the Gross-up Payment in Executive’s adjusted gross income. In the event that the Excise Tax is subsequently determined to be less than the amount taken into account hereunder at the time the Gross-up Payment is made, Executive
shall repay to the Company at the time that the amount of such reduction in Excise Tax is finally determined (but, if previously paid to the taxing authorities, not prior to the time the amount of such reduction is refunded to Executive or otherwise
realized as a benefit by Executive) the portion of the Gross-up Payment that would not have been paid if such Excise Tax had been applied in initially calculating the Gross-up Payment, plus interest on the amount of such repayment at the rate
provided in Section 1274(b)(2)(B) of the Code. In the event that the Excise Tax is determined to exceed the amount taken into account hereunder at the time the Gross-up Payment is made (including by reason of any payment the existence or amount
of which cannot be determined at the time of the Gross-up Payment), the Company shall make an additional Gross-up Payment in respect of such excess (plus any interest and penalties payable with respect to such excess) at the time that the amount of
such excess is finally determined. 
 The Gross-up Payment provided for above shall be paid on the 30th day (or such earlier date as the
Excise Tax becomes due and payable to the taxing authorities) after it has been determined that the Total Payments (or any portion thereof) are subject to the Excise Tax; provided, however, that if the amount of such Gross-up Payment or
portion thereof cannot be finally determined on or before such day, the Company shall pay to Executive on such day an estimate, as determined by the Independent Advisors, of the minimum amount of such payments and shall pay the remainder of such
payments (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code), as soon as the amount thereof can be determined. In the event that the amount of the estimated payments exceeds the amount subsequently determined to
have been due, such excess shall constitute a loan by the Company to Executive, payable on the fifth day after demand by the Company (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code). If more than one Gross-up
Payment is made, the amount of each Gross-up Payment shall be computed so as not to duplicate any prior Gross-up Payment. The Company shall have the right to control all proceedings with the Internal Revenue Service that may arise in connection with
the determination and assessment of any Excise Tax and, at its sole option, the Company may pursue or forego any and all administrative appeals, proceedings, hearings, and conferences with any taxing authority in respect of such Excise Tax
(including any interest or penalties thereon); provided, however, that the Company’s control over any such proceedings shall be limited to issues with respect to which a Gross-up Payment would be payable hereunder, and Executive shall be
entitled to settle or contest any other issue raised by the Internal Revenue Service or any other taxing authority. Executive shall cooperate with the Company in any 

  

 21 

 
proceedings relating to the determination and assessment of any Excise Tax and shall not take any position or action that would materially increase the
amount of any Gross-Up Payment hereunder. 
  

	 	18.	Effect of Agreement on Other Benefits. 

 Except as
specifically provided in this Agreement, the existence of this Agreement shall not be interpreted to preclude, prohibit or restrict Executive’s participation in any other employee benefit or other plans or programs in which he currently
participates. 
  

	 	19.	Assignability; Binding Nature. 

 This Agreement
shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (in the case of Executive) and permitted assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the
Company except that such rights or obligations may be assigned or transferred in connection with the sale or transfer of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or
substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company further agrees
that, in the event of a sale or transfer of assets as described in the preceding sentence, it shall take whatever action it legally can in order to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the
Company hereunder. No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive other than his rights to compensation and benefits, which may be transferred only by will or operation of law, except as
provided in Section 25 below. 
  

	 	20.	Representation. 

 The Company represents and
warrants that it is fully authorized and empowered to enter into this Agreement and that the performance of its obligations under this Agreement will not violate any agreement between it and any other person, firm or organization. 
  

	 	21.	Entire Agreement. 

 This Amended and Restated
Employment Agreement contains the entire understanding and agreement between the Parties concerning the subject matter hereof and, as of the Effective Date, supersedes all prior agreements, understandings, discussions, negotiations and undertakings,
whether written or oral, between the Parties with respect thereto. 
  

	 	22.	Amendment or Waiver; Section 409A of the Code. 

 (a) No provision in this Agreement may be amended unless such amendment is agreed to in writing and signed by Executive and an authorized officer of the Company. Except as set forth herein, no delay or omission to exercise any right, power
or remedy accruing to any Party shall impair any such right, power or remedy or shall be construed to be a waiver of or an acquiescence to any breach hereof. No waiver by either Party of any breach by the other Party of any condition or provision
contained in this Agreement to be performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by Executive or an
authorized officer of the Company, as the case may be. 
  

 22 

 (b) Executive and Company agree that it is the intent of the parties that this Agreement not violate any
applicable provision of, or result in any additional tax or penalty under, Section 409A of the Internal Revenue Code of 1986 (the “Code”), as amended, and that to the extent any provisions of this Agreement do not comply with such
Code Section 409A the parties will make such changes as are mutually agreed upon in order to comply with Code Section 409A. In all events, to the extent required to avoid a violation of the applicable rules under all Section 409A by
reason of Section 409A(a)(2)(B)(i) of the Code, payment of any amounts subject to Section 409A of the Code shall be delayed until the relevant date of payment that will result in compliance with the rules of Section 409A(a)(2)(B)(i)
of the Code. 
  

	 	23.	Severability. 

 In the event that any provision or
portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent
permitted by law. 
  

	 	24.	Survivorship. 

 The respective rights and
obligations of the Parties hereunder shall survive any termination of Executive’s employment to the extent necessary to the intended preservation of such rights and obligations. 
  

	 	25.	Beneficiaries/References. 

 Executive shall be
entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following Executive’s death by giving the Company written notice thereof.
In the event of Executive’s death or a judicial determination of his incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. 
  

	 	26.	Governing Law/Jurisdiction. 

 This Agreement shall
be governed by and construed and interpreted in accordance with the laws of Rhode Island without reference to principles of conflict of laws. Subject to Section 15, the Company and Executive hereby consent to the jurisdiction of any or all of
the following courts for purposes of resolving any dispute under this Agreement: (i) the United States District Court for Rhode Island or (ii) any of the courts of the State of Rhode Island. The Company and Executive further agree that any
service of process or notice requirements in any such proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied. The Company and Executive hereby waive, to the fullest extent permitted by applicable
law, any objection which it or he may now or hereafter have to such jurisdiction and any defense of inconvenient forum. 
  

	 	27.	Notices. 

 Any notice given to a Party shall be in
writing and shall be deemed to have been given when delivered personally or sent by certified or registered mail, postage prepaid, return 

  

 23 

 
receipt requested, duly addressed to the Party concerned at the address indicated below or to such changed address as such Party may subsequently give such
notice of: 
  

			
	If to the Company:	  	CVS Caremark Corporation
		  	One CVS Drive
		  	Woonsocket, Rhode Island 02895
		  	Attention: Corporate Secretary
		
	If to Executive:	  	Thomas M. Ryan
		  	135 Cliff Drive
		  	Narragansett, Rhode Island 02882

  

	 	28.	Headings. 

 The headings of the sections contained
in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
  

	 	29.	Counterparts. 

 This Agreement may be executed in
two or more counterparts. 
 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above. 

 

							
	CVS CAREMARK CORPORATION	 		 	THOMAS M. RYAN
				
	By:	 	  
	 		 	  

		 	 Sheli Z. Rosenberg
 Chair, Management Planning and
Development Committee of the Board of Directors of CVS Caremark Corporation
	 		 	

  

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