Document:

EXHIBIT 10.4

 

TRADEMARK LICENSE AGREEMENT:

LICENSOR’S PERSPECTIVE (U.S. ONLY)

 

THIS AGREEMENT is entered into this 31st day
of October, 2018 by and between Charles Scott, an individual having an address at 3321 Beechcliff Ln. Alexandria, VA 22306 (“LICENSOR”),
and Clinical & Herbal Innovations, Inc, a Georgia corporation with offices at 206 N. Washington St. #100. Alexandria, VA 22314
(“LICENSEE”).

 

W I T N E S S E T H:

 

WHEREAS, LICENSOR is the sole and exclusive
owner of the trademarks and registrations identified more fully in Schedule A attached hereto (the “Trademarks”); and

 

WHEREAS, LICENSOR has the power and authority
to grant to LICENSEE the right, privilege and license to use the Trademarks on or in association with the goods and/or services
covered by the registrations (the “Licensed Products”); and

 

WHEREAS, LICENSEE has represented that it has
the ability to manufacture, market and distribute the Licensed Products in the Territory identified in Schedule A attached hereto
(the "Territory") and to use the Trademarks on or in association with the Licensed Products; and

 

WHEREAS, LICENSEE desires to obtain from LICENSOR
a license to use, manufacture, have manufactured and sell Licensed Products in the Territory and to use the Trademarks on or in
association with the Licensed Products; and

 

WHEREAS, both LICENSEE and LICENSOR are in
agreement with respect to the terms and conditions upon which LICENSEE shall use the Trademarks;

 

NOW, THEREFORE, in consideration of the promises
and agreements set forth herein, the parties, each intending to be legally bound hereby, do promise and agree as follows.

 

1. LICENSE GRANT

A. LICENSOR hereby grants
to LICENSEE, for the Term of this Agreement as recited in Schedule A attached hereto, a non-exclusive license to use the Trademarks
on or in association with the Licensed Products in the Territory, as well as on packaging, promotional and advertising material
associated therewith.

 

B. LICENSOR hereby grants
to LICENSEE, for the Term of this Agreement as recited in Schedule A attached hereto, the non-exclusive right and license to use,
manufacture, have manufactured, sell, distribute and advertise the Licensed Products in the Territory. It is understood and agreed
that this license shall pertain only to the Trademarks and the Licensed Products and does not extend to any other mark, product
or service.

 

C. LICENSEE may not grant any sublicenses to
any third party without the prior express written consent of the LICENSOR which may be withheld for any reason.

 

    	1 of 9

    	 

    

 

D. LICENSEE shall not make or authorize any
use, direct or indirect, of the Trademarks and/or the Licensed Products, like or similar, outside of the Territory and will not
knowingly sell the Licensed Products to persons who intend or are likely to resell them outside of the Territory.

 

2. TERM OF THE AGREEMENT

This Agreement and the provisions hereof, except
as otherwise provided, shall be in full force and effect commencing on the date of execution by both parties and shall extend for
a Term as recited in Schedule A attached hereto (the “Term”).

 

3. COMPENSATION

A. In consideration for the licenses granted
hereunder, LICENSEE agrees to pay to LICENSOR during the Term of this Agreement a royalty in the amount recited in Schedule A attached
hereto (the “Royalty”) based on LICENSEE’s Net Sales of Licensed Products, and agrees to provide LICENSOR with
other good and valuable consideration, the receipt of which is hereby acknowledged by LICENSOR.

 

B. In the event that LICENSEE grants any previously
approved sub-licenses for the use of the Trademarks outside of the Territory, LICENSEE shall pay LICENSOR FIFTY PERCENT (50%) of
the gross income received by LICENSEE from such sub-licensees.

 

C. The Royalty owed LICENSOR shall be calculated
on a quarterly calendar basis (the "Royalty Period") and shall be payable no later than thirty (30) days after the termination
of the preceding full calendar quarter, i.e., commencing on the first (1st) day of January, April, July and October with the exception
of the first and last calendar quarters which may be "short" depending upon the effective date of this Agreement.

 

D. With each Royalty Payment, LICENSEE shall
provide LICENSOR with a written royalty statement in a form acceptable to LICENSOR. Such royalty statement shall be certified as
accurate by a duly authorized officer of LICENSEE, reciting the stock number, item, units sold, description, quantity shipped,
gross invoice, amount billed customers less discounts, allowances, returns and reportable sales for each Licensed Product. Such
statements shall be furnished to LICENSOR whether or not any Licensed Products were sold during the Royalty Period.

 

E. LICENSEE agrees to pay to LICENSOR a Guaranteed
Minimum Royalty in accordance with the terms of Schedule A attached hereto (the "Guaranteed Minimum Royalty"). As recited
in Schedule A, a portion of the Guaranteed Minimum Royalty for the first year shall be payable as an Advance against royalties
(the "Advance"). The actual royalty payments shall reflect the amount of all Guaranteed Minimum Royalty payments, including
any Advances made.

 

F. "Net Sales" shall mean LICENSEE's
gross sales (the gross invoice amount billed customers) of Licensed Products, less discounts and allowances actually shown on the
invoice (except cash discounts not deductible in the calculation of Royalty) and, further, less any bona fide returns (net
of all returns actually made or allowed as supported by credit memoranda actually issued to the customers). No other costs incurred
in the manufacturing, selling, advertising, and distribution of the Licensed Products shall be deducted nor shall any deduction
be allowed for any uncollectible accounts or allowances.

 

    	2 of 9

    	 

    

 

G. A Royalty obligation shall accrue upon the
sale of the Licensed Products regardless of the time of collection by LICENSEE. For purposes of this Agreement, a Licensed Product
shall be considered "sold" upon the date when such Licensed Product is billed, invoiced, shipped, or paid for, whichever
event occurs first.

 

H. If LICENSEE sells any Licensed Products
to any party affiliated with LICENSEE, or in any way directly or indirectly related to or under the common control with LICENSEE,
at a price less than the regular price charged to other parties, the Royalty payable to LICENSOR shall be computed on the basis
of the regular price charged to other parties.

 

I. The receipt or acceptance by LICENSOR of
any royalty statement, or the receipt or acceptance of any royalty payment made, shall not prevent LICENSOR from subsequently challenging
the validity or accuracy of such statement or payment.

 

J. Upon expiration or termination of this Agreement,
all Royalty obligations, including any unpaid portions of the Guaranteed Minimum Royalty, shall be accelerated and shall immediately
become due and payable.

 

K. LICENSEE's obligations for the payment of
a Royalty and the Guaranteed Minimum Royalty shall survive expiration or termination of this Agreement and will continue for so
long as LICENSEE continues to manufacture, sell or otherwise market the Licensed Products.

 

L. All payments due hereunder shall be made
in United States currency drawn on a United States bank, unless otherwise specified between the parties.

 

M. Late payments shall incur
interest at the rate of ONE PERCENT (1%) per month from the date such payments were originally due.

 

4. AUDIT 

A. LICENSOR shall have the right, upon at least
five (5) days written notice and no more than once per calendar year, to inspect LICENSEE's books and records and all other documents
and material in the possession of or under the control of LICENSEE with respect to the subject matter of this Agreement at the
place or places where such records are normally retained by LICENSEE. LICENSOR shall have free and full access thereto for such
purposes and shall be permitted to make copies thereof and extracts therefrom.

 

B. In the event that such inspection reveals
a discrepancy in the amount of Royalty owed LICENSOR from what was actually paid, LICENSEE shall pay such discrepancy, plus interest,
calculated at the rate of ONE AND ONE-HALF PERCENT (1 1/2%) per month. In the event that such discrepancy is in excess of ONE THOUSAND
UNITED STATES DOLLARS ($1,000.00), LICENSEE shall also reimburse LICENSOR for the cost of such inspection including any attorney's
fees incurred in connection therewith.

 

    	3 of 9

    	 

    

 

C. All books and records relative to LICENSEE's
obligations hereunder shall be maintained and kept accessible and available to LICENSOR for inspection for at least three (3) years
after termination of this Agreement.

 

D. In the event that an investigation of LICENSEE's
books and records is made, certain confidential and proprietary business information of LICENSEE may necessarily be made available
to the person or persons conducting such investigation. It is agreed that such confidential and proprietary business information
shall be retained in confidence by LICENSOR and shall not be used by LICENSOR or disclosed to any third party for a period of two
(2) years from the date of disclosure, or without the prior express written permission of LICENSEE unless required by law. It is
understood and agreed, however, that such information may be used in any proceeding based on LICENSEE's failure to pay its actual
Royalty obligation.

 

5. WARRANTIES AND OBLIGATIONS 

A. LICENSOR represents and warrants that it
has the right and power to grant the licenses granted herein and that there are no other agreements with any other party in conflict
herewith.

 

B. LICENSOR further represents and warrants
that the Trademarks do not infringe any valid right of any third party.

 

C. LICENSEE represents and warrants that it
will use its best efforts to promote, market, sell, and distribute the Licensed Products.

 

D. LICENSEE shall be solely responsible for
the manufacture, production, sale, and distribution of the Licensed Products and will bear all related costs associated therewith.

 

E. It is the intention of the parties that
LICENSEE shall introduce the Licensed Products in the Territory on or before the Product Introduction Date recited in Schedule
A and commence shipment of Licensed Products in the Territory on or before the Initial Shipment Date recited in Schedule A. Failure
to meet either the Product Introduction Date or the Initial Shipment Date shall constitute grounds for immediate termination of
this Agreement by LICENSOR.

 

6. NOTICES, QUALITY CONTROL AND SAMPLES

A. The licenses granted hereunder are conditioned
upon LICENSEE's full and complete compliance with the marking provisions of the patent, trademark and copyright laws of the United
States.

 

B. The Licensed Products, as well as all promotional,
packaging, and advertising material relative thereto, shall include all appropriate legal notices as required by LICENSOR.

 

C. The Licensed Products shall be of a high
quality which is at least equal to comparable products previously manufactured and marketed by LICENSEE under the trademarks and
in conformity with a standard sample approved by LICENSOR.

 

D. If the quality of a class of the Licensed
Products falls below such a production-run quality, as previously approved by LICENSOR, LICENSEE shall use its best efforts to
restore such quality. In the event that 

    	4 of 9

    	 

    

 

LICENSEE has not taken appropriate steps to restore such quality within thirty (30) days
after notification by LICENSOR, LICENSOR shall have the right to terminate this Agreement and require that the LICENSEE cease using
the Trademarks.

 

E. Prior to the commencement of manufacture
and sale of the Licensed Products, LICENSEE shall submit to LICENSOR, at no cost to LICENSOR and for approval as to quality, six
(6) sets of samples of all Licensed Products which LICENSEE intends to manufacture and sell and one (1) complete set of all promotional
and advertising material associated therewith. Failure of LICENSOR to approve such samples within ten (10) working days after receipt
thereof will be deemed approval. If LICENSOR should disapprove any sample, it shall provide specific reasons for such disapproval.
Once such samples have been approved by LICENSOR, LICENSEE shall not materially depart therefrom without LICENSOR's prior express
written consent, which shall not be unreasonably withheld.

 

F. At least once during each calendar year,
LICENSEE shall submit to LICENSOR, for approval, an additional twelve (12) sets of samples.

 

G. The LICENSEE agrees to permit LICENSOR or
its representative to inspect the facilities where the Licensed Products are being manufactured and packaged.

 

7. NOTICE AND PAYMENT 

A. Any notice required to be given pursuant
to this Agreement shall be in writing and delivered personally to the other designated party at the above stated address or mailed
by certified or registered mail, return receipt requested or delivered by a recognized national overnight courier service.

 

B. Either party may change the address to which
notice or payment is to be sent by written notice to the other in accordance with the provisions of this paragraph.

 

8. PATENTS, TRADEMARKS AND COPYRIGHTS 

A. LICENSOR shall seek, obtain and, during
the Term of this Agreement, maintain in its own name and at its own expense, appropriate protection for the Trademarks.

 

B. In the event that LICENSEE requests that
LICENSOR obtain trademark protection for a particular item for which LICENSOR had not, heretofore, obtained such protection, LICENSOR
agrees to take reasonable steps to obtain such protection, provided, however, that LICENSEE shall be obligated to reimburse LICENSOR
for the cost of filing, prosecuting and maintaining same.

 

C. It is understood and agreed that LICENSOR
shall retain all right, title and interest in the Trademarks as well as any modifications made to the Trademarks by LICENSEE.

 

D. The parties agree to execute any documents
reasonably requested by the other party to effect any of the above provisions.

 

E. LICENSEE acknowledges LICENSOR's exclusive
rights in the Trademarks and, further, acknowledges that the Trademarks are unique and original to LICENSOR and that LICENSOR is
the owner thereof. LICENSEE shall not, at any time during or after the effective Term of the Agreement dispute or contest, directly
or 

    	5 of 9

    	 

    

 

indirectly, LICENSOR's exclusive right and title to the Trademarks or the validity thereof. LICENSOR, however, makes no representation
or warranty with respect to the validity of any patent, trademark or copyright which may issue or be granted therefrom.

 

F. LICENSEE acknowledges that the Trademarks
have acquired secondary meaning.

 

G. LICENSEE agrees that its use of the Trademarks
inures to the benefit of LICENSOR and that the LICENSEE shall not acquire any rights in the Trademarks.

 

9. TERMINATION

The following termination rights are in addition
to the termination rights that may be provided elsewhere in this Agreement:

 

A. Immediate Right of Termination. LICENSOR
shall have the right to immediately terminate this Agreement by giving written notice to LICENSEE in the event that LICENSEE does
any of the following:

 

(1) fails to meet the Product Introduction
Date or the Initial Shipment Date as specified in Schedule A; or

 

(2) after having commenced sale of the Licensed
Products, fails to continuously sell Licensed Products for three (3) consecutive Royalty Periods; or

 

(3) fails to obtain or maintain product liability
insurance in the amount and of the type provided for herein; or

 

(4) files a petition in bankruptcy or is adjudicated
bankrupt or insolvent, or makes an assignment for the benefit of creditors, or an arrangement pursuant to any bankruptcy law, or
if the LICENSEE discontinues its business or a receiver is appointed for the LICENSEE or for LICENSEE’s business and such
receiver is not discharged within thirty (30) days; or

 

(5) breaches any of the provisions of this
Agreement relating to the unauthorized assertion of rights in the Trademarks; or

 

(6) fails, after receipt of written notice
from LICENSOR, to immediately discontinue the distribution or sale of the Licensed Products or the use of any packaging or promotional
material which does not contain the requisite legal legends; or

 

(7) fails to make timely payment of Royalties
when due two or more times during any twelve-month period.

 

B. Immediate Right to Terminate a Portion.
LICENSOR shall have the right to immediately terminate the portion(s) of the Agreement relating to any Licensed Product(s) if LICENSEE,
for any reason, fails to meet the 

    	6 of 9

    	 

    

 

Product Introduction Dates or the Initial Shipment Dates specified in Schedule A or, after the
commencement of manufacture and sale of a particular Licensed Product, ceases to sell commercial quantities of such Licensed Product
for three (3) consecutive Royalty Periods.

 

C. Right to Terminate on Notice. This
Agreement may be terminated by either party upon thirty (30) days written notice to the other party in the event of a breach of
a material provision of this Agreement by the other party, provided that, during the thirty (30) day period, the breaching party
fails to cure such breach.

 

D. LICENSEE shall have the right to terminate
this Agreement at any time on sixty (60) days written notice to LICENSOR. In such event, all moneys paid to LICENSOR shall be deemed
non-refundable and LICENSEE's obligation to pay any guaranteed moneys, including the Guaranteed Minimum Royalty, shall be accelerated
and any yet unpaid guaranteed moneys shall become immediately due and payable.

 

10. POST TERMINATION RIGHTS

A. Not less than thirty (30) days prior to
the expiration of this Agreement or immediately upon termination thereof, LICENSEE shall provide LICENSOR with a complete schedule
of all inventory of Licensed Products then on-hand (the "Inventory").

 

B. Upon expiration or termination of this Agreement,
except for reason of a breach of LICENSEE's duty to comply with the quality control or legal notice marking requirements, LICENSEE
shall be entitled, for an additional period of three (3) months and on a nonexclusive basis, to continue to sell such Inventory.
Such sales shall be made subject to all of the provisions of this Agreement and to an accounting for and the payment of a Royalty
thereon. Such accounting and payment shall be due and paid within thirty (30) days after the close of the said three (3) month
period.

 

C. Upon the expiration or termination of this
Agreement, all of the rights of LICENSEE under this Agreement shall forthwith terminate and immediately revert to LICENSOR and
LICENSEE shall immediately discontinue all use of the Trademarks at no cost whatsoever to LICENSOR.

 

D. Upon termination of this Agreement for any
reasons whatsoever, LICENSEE agrees to immediately return to LICENSOR all material relating to the Trademarks including, but not
limited to, all artwork, color separations, prototypes and the like, as well as any market studies or other tests or studies conducted
by LICENSEE with respect to the Trademarks, at no cost whatsoever to LICENSOR.

 

11. GOOD WILL 

LICENSEE recognizes the value of the good will
associated with the Trademarks and acknowledges that the Trademarks and all rights therein including the good will pertaining thereto,
belong exclusively to LICENSOR.

 

12. INFRINGEMENTS 

A. LICENSEE shall have the right, in its discretion,
to institute and prosecute lawsuits against third persons for infringement of the rights licensed in this Agreement.

    	7 of 9

    	 

    

 

B. If LICENSEE does not institute an infringement
suit within ninety (90) days after LICENSOR's written request that it do so, LICENSOR may institute and prosecute such lawsuit.
Any lawsuit shall be prosecuted solely at the cost and expense of the party bringing suit and all sums recovered in any such lawsuits,
whether by judgment, settlement or otherwise, in excess of the amount of reasonable attorneys' fees and other out of pocket expenses
of such suit, shall be divided equally between the parties.

 

C. Upon request of the party bringing the lawsuit,
the other party shall execute all papers, testify on all matters, and otherwise cooperate in every way necessary and desirable
for the prosecution of any such lawsuit. The party bringing suit shall reimburse the other party for the expenses incurred as a
result of such cooperation.

 

13. INDEMNITY

LICENSEE agrees to defend and indemnify LICENSOR,
its officers, directors, agents and employees, against all costs, expenses and losses (including reasonable attorneys' fees and
costs) incurred through claims of third parties against LICENSOR based on the manufacture or sale of the Licensed Products including,
but not limited to, actions founded on product liability.

 

14. INSURANCE

LICENSEE shall, throughout the Term of the
Agreement, obtain and maintain at its own cost and expense from a qualified insurance company licensed to do business in [State],
standard Product Liability Insurance naming LICENSOR as an additional named insured. Such policy shall provide protection against
any and all claims, demands and causes of action arising out of any defects or failure to perform, alleged or otherwise, of the
Licensed Products or any material used in connection therewith or any use thereof. The amount of coverage shall be as specified
in Schedule A attached hereto. The policy shall provide for ten (10) days notice to LICENSOR from the insurer by Registered or
Certified Mail, return receipt requested, in the event of any modification, cancellation or termination thereof. LICENSEE agrees
to furnish LICENSOR a certificate of insurance evidencing same within thirty (30) days after execution of this Agreement and, in
no event shall LICENSEE manufacture, distribute or sell the Licensed Products prior to receipt by LICENSOR of such evidence of
insurance.

 

15. JURISDICTION AND DISPUTES

A. This Agreement shall be governed in accordance
with the laws of the State of [State].

 

B. All disputes under this Agreement shall
be resolved by the courts of the State of [State], including the United States District Court for the [district]
of [State], and the parties all consent to the jurisdiction of such courts, agree to accept service of process by mail,
and hereby waive any jurisdictional or venue defenses otherwise available to it.

 

16. AGREEMENT BINDING ON SUCCESSORS

The provisions of this Agreement shall be binding
on and shall inure to the benefit of the parties hereto, and their heirs, administrators, successors and assigns.

 

    	8 of 9

    	 

    

 

17. WAIVER

No waiver by either party of any default shall
be deemed as a waiver of prior or subsequent default of the same or other provisions of this Agreement.

 

18. SEVERABILITY

If any term, clause, or provision hereof is
held invalid or unenforceable by a court of competent jurisdiction, such invalidity shall not affect the validity or operation
of any other term, clause or provision and such invalid term, clause or provision shall be deemed to be severed from the Agreement.

 

19. NO JOINT VENTURE

Nothing contained herein shall constitute this
arrangement to be employment, a joint venture or a partnership.

 

20. ASSIGNABILITY

The license granted hereunder is personal to
LICENSEE and shall not be assigned by any act of LICENSEE or by operation of law unless in connection with a transfer of substantially
all of the assets of LICENSEE or with the consent of LICENSOR.

 

21. INTEGRATION

This Agreement constitutes the entire understanding
of the parties, and revokes and supersedes all prior agreements between the parties, including any option agreements which may
have been entered into between the parties, and is intended as a final expression of their Agreement. It shall not be modified
or amended except in writing signed by the parties hereto and specifically referring to this Agreement. This Agreement shall take
precedence over any other documents which may be in conflict with said Agreement.

 

IN WITNESS WHEREOF, the parties hereto, intending
to be legally bound hereby, have each caused to be affixed hereto its or his/her hand and seal the day indicated.

 

	Charles Scott	Clinical & Herbal Innovations, Inc.

 

 

	By:	By:

 

		Title:

 

	Date:	Date:

 

 

 

    	9 of 9

    	 

    

 

 

SCHEDULE A

 

1. Licensed Trademarks 

The following Trademarks form part of this
Agreement:

Vasonoxol, U.S. Registration number: 5082860,
date of registration: November 15, 2016, G & S: Dietary and nutritional supplements; Food supplements; Food supplements for
vascular health.

 

2. Licensed Products 

The following Licensed Products form part of
this Agreement: Vasonoxol

 

3. Territory 

This agreement shall not be limited by Territory:

 

4. Term 

This Agreement shall commence on the date executed
by both parties and shall extend for an initial Term of: five (5) YEARS

 

5. Options and Royalty 

LICENSOR hereby grants LICENSEE two (2) separately
exercisable options (the "Options") to renew this Agreement for additional two (2) year extended Terms on the same terms
and conditions provided for herein, provided: a) LICENSEE provides written notice of its intention to exercise this Option within
sixty (60) days prior to expiration of the then in-effect Term; and b) LICENSEE shall have paid LICENSOR total royalty of at least
fifty-thousand UNITED STATES DOLLARS ($50,000) during the then in-effect Term.

 

6. Guaranteed Minimum Royalty & Advance

LICENSEE agrees to pay LICENSOR an Advance
of $500 UNITED STATES DOLLARS ($500) upon execution of this Agreement.cvs_Ex10_1

		
			EXHIBIT 10.1
		

		
			 
		

		
			CONFIDENTIAL SEPARATION AGREEMENT
		

		
			This Confidential Separation Agreement (this “Agreement”) between David M. Denton (“Employee”) and CVS Pharmacy, Inc. (“CVS” or the “Company”) shall be effective as of June 25, 2018 (the “Effective Date”).
		

		
			WHEREAS, Employee has been employed by CVS or one of its subsidiaries;
		

		
			WHEREAS, Employee and CVS desire to enter into an agreement setting forth the terms of Employee’s separation from the Company in connection with CVS Health Corporation’s acquisition of Aetna Inc. (the “Aetna Acquisition”);
		

		
			WHEREAS, Employee and CVS are already bound to the obligations set forth in the Restrictive Covenant Agreement dated May 23, 2017 (the “Restrictive Covenant Agreement”), which is attached as Exhibit B, all of which survive this separation of employment; and
		

		
			WHEREAS, Employee has thoroughly reviewed this Agreement, has entered into it voluntarily, and has had the opportunity to consult with legal counsel of Employee’s choice before signing this Agreement.
		

		
			NOW THEREFORE, in consideration of the covenants below, including but not limited to the General Release of Claims, and for other good and valuable consideration as set forth in this Agreement, Employee and the Company agree as follows:
		

		
			1.         TERMINATION OF EMPLOYMENT; OTHER SERVICE.
		

		
			Employee’s last date of employment with the Company shall be the earlier to occur of (i) the date of the closing of the Aetna Acquisition and (ii) December 31, 2018 (the “Separation Date”).  As of the Separation Date, Employee shall resign as an officer of CVS Health Corporation and CVS Pharmacy, Inc., and from any other office held as of the Separation Date.  If requested, Employee agrees to promptly resign from any directorships held in connection with his employment with the Company.
		

		
			 
		

		
			2.         CONSIDERATION.
		

		
			In order to receive the payments and benefits set forth in this Agreement, Employee must: (i) sign this Agreement; (ii) sign the General Release of Claims within 21 days after the Separation Date and allow the attendant Revocation Period to expire and the General Release of Claims to become effective; and (iii) comply with all of his obligations to the Company, including, without limitation, remaining employed with CVS Health Corporation and continuing to satisfactorily perform his role as Chief Financial Officer through the Separation Date.  Notwithstanding anything to the contrary in this Agreement, Employee shall receive the payments and benefits set forth in this Agreement if his employment is involuntarily terminated by CVS without Cause (as defined in CVS Health Corporation’s 2017 Incentive Compensation Plan), subject to Employee’s execution of the General Release of Claims, or due to death prior to the Separation Date.
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			3.         SEVERANCE.
		

		
			During the twenty-four (24) month period immediately following the Separation Date (the “Severance Period”), Employee shall continue to (i) receive his base salary (as in effect immediately prior to the Separation Date) paid in accordance with the Company’s ordinary payroll practices during such period and (ii) subject to a valid COBRA election, participate in the Company’s medical and other health benefit plans and programs that Employee participated in immediately prior to the Separation Date at Company subsidized rates, subject to the terms and conditions of each such plan or program.  Employee understands and agrees that CVS may modify its premium structure, employer subsidy, the terms of its plans, and the coverage of the plans at any time subject only to applicable law. The parties agree that notwithstanding anything in the CVS Health Severance Plan to the contrary, any payments made under paragraph 3 of this Agreement shall (a) not be subject to mitigation; and (b) in the event of Employee’s death, be paid to Employee’s estate in the form of a lump sum as soon as practicable, but in no event later than 60 days following death.
		

		
			 
		

		
			4.         OTHER PAYMENTS AND BENEFITS.
		

		
			During the Severance Period, Employee shall be entitled to executive outplacement services with an outplacement provider of Employee’s choosing (with fees not to exceed $50,000.00).
		

		
			Employee shall also be entitled to: (i) a reimbursement of up to $15,000 per year for tax preparation and financial planning services during 2018 and 2019 (reduced by amounts previously reimbursed for 2018), which reimbursement shall be paid at the next practicable payroll cycle of the Company following the receipt of an invoice from Employee for the tax preparation and financial planning services sent to the attention of Sr. Director, Executive Compensation, One CVS Drive, Woonsocket, RI 02895 and (ii) a one-time payment of $15,000 of attorneys’ fees in connection with the negotiation of this Agreement, paid directly to Outten & Golden LLP, attention Wendi S. Lazar, within 30 days of signing this Agreement following the receipt of a summary invoice and a W-9 sent to the attention of Sr. Director, Executive Compensation, One CVS Drive, Woonsocket, RI 02895.
		

		
			5.         ANNUAL BONUS.
		

		
			Employee shall be eligible for a pro-rated cash bonus for calendar year 2018 based on Employee’s actual time worked.  Employee’s pro-rated cash bonus shall be in an amount determined by the Company’s Management Planning and Development Committee equal to the average of the bonuses paid (expressed as a percentage of target bonus between 0% to 200%) to the CVS legacy Section 16 officers set forth on Addendum I.
		

		
			6.         STOCK OPTIONS; RESTRICTED STOCK UNITS.
		

		
			Employee’s previously-granted CVS Health stock options and restricted stock unit awards, as set forth in Sections 1A and 2A, respectively, of Exhibit A, shall continue to vest through the end of the Severance Period and shall be exercisable and/or settled, as applicable, in accordance with their terms.  Employee’s previously-granted CVS Health stock options, as set forth in Section 1B of Exhibit A, shall continue to vest during the three-year period following the Separation Date and shall be exercisable through the last day of such three-year period (unless expired by their terms).  Employee’s previously-granted CVS Health
		

		
			
		

		
			

		 

 

		

		
			restricted stock unit awards as set forth in Section 2B of Exhibit A, shall vest in the amounts and on the dates set forth in Section 2B of Exhibit A and shall be settled in accordance with their terms. Employee’s retention restricted stock unit award granted on April 1, 2014 shall fully vest on the Separation Date and shall be settled in accordance with its terms (as set forth in Section 2C of Exhibit A).
		

		
			7.         PERFORMANCE STOCK UNITS.
		

		
			Effective as of the Separation Date, Employee’s outstanding performance stock unit awards (as set forth in Section 3 of Exhibit A) shall vest on a pro-rated basis through the Separation Date, calculated using target performance levels, and, as of the Separation Date, shall be canceled and settled in accordance with the cash value of the awards on that date.  CVS agrees to waive any holding period applicable to the awards set forth in Section 3 of Exhibit A.
		

		
			8.         LONG TERM INCENTIVE PLAN (LTIP) AWARDS.
		

		
			Effective as of the Separation Date, Employee’s outstanding LTIP awards (as set forth in Section 4 of Exhibit A) shall vest on a pro-rated basis through the Separation Date, calculated using target performance levels, and shall be settled in accordance with their existing terms.  CVS agrees to waive any holding period applicable to the awards set forth in Section 4 of Exhibit A.
		

		
			9.         DEFERRED COMPENSATION.
		

		
			Employee has been a participant in the Company’s Deferred Compensation and Deferred Stock programs.  Employee’s deferred cash balance shall be paid pursuant to the terms thereof consistent with the elections on file as of the Separation Date, including the withholding of applicable taxes.  Pursuant to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), such amounts, subject to applicable withholding, shall be distributed in a lump sum in the seventh (7th) month following the Separation Date.  As of June 12, 2018, Employee’s deferred cash account was $30,017.
		

		
			10.       NO OTHER PAY OR BENEFITS; SUFFICIENCY OF CONSIDERATION.
		

		
			Except as specifically set forth in this Agreement, Employee shall be entitled to no other wages, salary, vacation pay, myTime, PTO, bonuses, incentive awards, commissions, benefits, or any other compensation of any kind, except as required by law.  Employee acknowledges that the promises described in this Agreement are in excess of any earned wages and any other amounts due and owing to Employee, and are good and valuable consideration for the general release of claims and the other covenants and terms in this Agreement.  Employee understands and agrees that Employee is not eligible for or entitled to any other payments except as provided in this Agreement.
		

		
			11.       GENERAL RELEASE OF CLAIMS.
		

		
			Within twenty-one days following the Separation Date, Employee shall sign and deliver the General Release of Claims in the form set forth at the end of this Agreement.
		

		
			
		

		
			

		 

 

		

		
			12.       NO PENDING ACTIONS; COVENANT NOT TO SUE.
		

		
			Except as otherwise provided in this Agreement, Employee agrees not to initiate or file, or cause to be initiated or filed, any action, lawsuit, complaint, arbitration proceeding, or other proceeding asserting any of the Released Claims against any of the Released Parties.  Employee further agrees not to be a member of any class or collective action in any court or in any arbitration proceeding seeking relief against the Released Parties based on claims released by this Agreement, and that even if a court or arbitrator rules that Employee may not waive a claim released by this Agreement, Employee shall not accept any money damages or other relief. Employee agrees to promptly reimburse the Company for any legal fees that the Company incurs as a result of any breach of this paragraph by Employee.  These provisions are subject to the Limitation on Restrictions provisions set forth in paragraph 8 of the parties’ Restrictive Covenant Agreement, which are incorporated by reference herein.  Employee shall not, however, be entitled to receive any relief, recovery or monies in connection with any claim or action filed with and/or pursued by any federal, state or local government agency, or any Released Claim brought against any of the Released Parties, regardless of who filed or initiated any such complaint, charge or proceeding.  Notwithstanding the above, nothing in this Agreement limits Employee’s right to receive an award for information provided to the SEC.
		

		
			Subject to the limitations set forth above, Employee represents that as of the date Employee signs this Agreement, Employee has not filed or initiated, or caused to be filed or initiated, any complaint, claim, action or lawsuit of any kind against any of the Released Parties in any federal, state, or local court or agency or other forum, and Employee agrees not to initiate or file, or cause to be initiated or filed, any action, lawsuit, complaint or proceeding in any federal, state, or local court or in any administrative tribunal or other forum with authority to adjudicate disputes asserting any of the Released Claims against any of the Released Parties.  Employee agrees to promptly reimburse the Company for any legal fees that the Company incurs as a result of any breach of this section by Employee.
		

		
			13.       NO FMLA OR FLSA CLAIMS.
		

		
			Employee acknowledges that the Company has provided Employee with any leave to which Employee may be or may have been entitled under the Family and Medical Leave Act.  Employee represents that Employee is not aware of any facts that would support a claim by Employee against any of the Released Parties for any violation of the Family and Medical Leave Act.  Employee further acknowledges that Employee has been properly paid for all time worked and is unaware of any facts that would support a claim by Employee against any of the Released Parties for any claim of unpaid overtime or any other violation of the Fair Labor Standards Act or comparable state law.
		

		
			14.       RESTRICTIVE COVENANT AGREEMENT.
		

		
			Employee and CVS acknowledge and agree that the term “Competitor” as defined in paragraph 2(b) of the Restrictive Covenant Agreement and the term “Non-Competition Period” as defined in paragraph 2(d) of the Restrictive Covenant Agreement shall be modified to be defined as set forth in Addendum II hereto.
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			15.       NON-DISCLOSURE OF CONFIDENTIAL INFORMATION.
		

		
			Employee remains obligated to the terms of the Non-Disclosure of Confidential Information provisions set forth in paragraphs 4a and 4b of the parties’ Restrictive Covenant Agreement, which are incorporated by reference herein.  As set forth in paragraph 8 of the parties’ Restrictive Covenant Agreement, expressly incorporated into paragraph 12 above, nothing in this paragraph is intended to or shall interfere with Employee’s right to file a charge or complaint or participate or cooperate in an investigation or proceeding with the NLRB, SEC, EEOC or comparable state or local agencies.  Employee shall not, however, receive any individual benefit, including without limitation receipt of any monetary benefit, from any such action, charge, or complaint, or any Released Claim brought against any of the Released Parties, regardless of who filed or initiated any such complaint, charge or proceeding.  Notwithstanding the above, nothing in this Agreement limits Employee’s right to receive an award for information provided to the SEC.  Moreover, pursuant to 18 USC § 1833(b), an individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law.  An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order.
		

		
			16.       RETURN OF COMPANY PROPERTY.
		

		
			Employee acknowledges and represents that he remains bound by his obligations under the Ownership and Return of the Company’s Property provisions set forth in paragraph 5 of the parties’ Restrictive Covenant Agreement, which are incorporated by reference herein. Notwithstanding anything to the contrary in this Agreement or the Restrictive Covenant Agreement, the Employee may retain the mobile device, phone number and iPad provided to Employee during his employment with the Company; provided, however, that Employee reasonably cooperates with the Company in transferring and/or removing any and all Confidential Information (as defined in the Restrictive Covenant Agreement).
		

		
			17.       UNDERSTANDING OF AGREEMENT; ADVICE OF COUNSEL.
		

		
			Employee acknowledges and confirms that Employee has entered into this Agreement of Employee’s own free will, without duress or coercion.  Employee acknowledges that Employee has read and fully understands the meaning and intent of this Agreement and is competent to execute it.  The Company hereby advises Employee to seek the advice of legal counsel before signing this Agreement, and Employee represents that Employee has had the opportunity to do so prior to signing this Agreement.
		

		
			18.       REVIEW AND REVOCATION OF GENERAL RELEASE.
		

		
			Pursuant to the Older Workers Benefit Protection Act, Employee has twenty-one (21) days from the date of receipt of this Agreement or, in the case of the General Release of Claims,
		

		
			
		

		
			

		 

 

		

		
			from the Separation Date (each, a “Consideration Period”) to consider whether to enter into this Agreement and the General Release of Claims.  Employee shall send the entire original signed Agreement to Lisa Bisaccia, EVP Chief Human Resources Officer, One CVS Drive, Woonsocket, RI 02895.  If Employee chooses not to consider this Agreement for the full twenty-one (21) days, Employee acknowledges that Employee does so knowingly, voluntarily, and with full understanding that Employee is waiving Employee’s statutory right to consider this Agreement for the full twenty-one (21) days.  Any modifications to this Agreement, whether material or immaterial, shall not restart the Consideration Periods.  Following the Separation Date, Employee shall send the signed General Release of Claims in the form attached as Exhibit A to Lisa Bisaccia, EVP Chief Human Resources Officer, One CVS Drive, Woonsocket, RI 02895.  If Employee chooses not to consider the General Release of Claims for the full twenty-one (21) days, Employee acknowledges that Employee does so knowingly, voluntarily, and with full understanding that Employee is waiving Employee’s statutory right to consider the General Release of Claims for the full twenty-one (21) days.  Any modifications to the General Release of Claims, whether material or immaterial, shall not restart the Consideration Periods.  CVS hereby advises Employee to consult with an attorney prior to executing this Agreement and the General Release of Claims, and that Employee may rescind this Agreement within seven (7) calendar days of its execution or revoke the General Release of Claims within seven (7) days of its execution (each, a “Revocation Period”).  To revoke this Agreement or the General Release of Claims, Employee must send written notice by mail stating: “I revoke my acceptance of the Separation Agreement,” or “I revoke my acceptance of the General Release of Claims” or words to that effect to Lisa Bisaccia, EVP Chief Human Resources Officer, before the end of the applicable Revocation Period.  Any such rescission must be delivered by hand or mail within the seven (7) day period.  If delivered by mail, the rescission must be: (a) postmarked within the seven (7) day period; (b) addressed to Lisa Bisaccia, EVP Chief Human Resources Officer, One CVS Drive, Woonsocket, RI 02895; and, (c) sent by certified mail, return receipt requested.  Employee acknowledges and agrees that this Agreement and the General Release of Claims do not become fully enforceable and effective until the applicable Revocation Period has expired.
		

		
			19.       EMPLOYEE COVENANTS.
		

		
			Employee acknowledges and agrees that the Restrictive Covenant Agreement attached hereto as Exhibit B is a valid agreement supported by adequate consideration.  Employee further acknowledges that the consideration provided by the Company in this Agreement is contingent on Employee’s compliance with his obligations under the Restrictive Covenant Agreement, which Employee has acknowledged shall survive the separation of his employment, as set forth in the Survival of Employee’s Obligations provisions in paragraph 16 of the parties’ Restrictive Covenant Agreement.  Employee and the Company agree, however to execute an Amendment to the Restrictive Covenant regarding only paragraphs 2 (b) and 2(d) of the Restrictive Covenant, in the form attached as Addendum II to this Agreement.  All other provisions of the Restrictive Covenant shall remain the same. Employee further certifies that, during the term of employment with the Company, Employee has complied with all applicable laws and regulations and that, as of the date Employee signs below, Employee has notified the Company of any actual or potential violations of applicable laws or regulations about which Employee has information.
		

		
			
		

		
			

		 

 

		

		
			20.       NON-DISPARAGEMENT.
		

		
			Employee shall not make any statements that disparage the business or reputation of the Company, and/or any officer, director or employee of the Company.  Notwithstanding the foregoing, nothing in this Agreement shall prohibit Employee from (i) making truthful statements or disclosures that are required by applicable law, regulation or legal process; (ii) requesting or receiving confidential legal advice; or (iii) cooperating, participating, or filing charges with any federal, state or local government agency enforcing discrimination laws, including the EEOC.
		

		
			The Company agrees that it will instruct Larry Merlo in writing not to make, and not to direct any other employee of the Company to make, any disparaging statements regarding Employee.  Notwithstanding the foregoing, nothing in this Agreement shall prohibit (i) any officer, director or employee of the Company from making any truthful statements or disclosures that are required by applicable law, regulation or legal process, or (ii) Larry Merlo from requesting or receiving confidential legal advice or from making confidential statements to other executive officers of the Company or to the Company’s directors concerning Employee.
		

		
			21.       COOPERATION.
		

		
			Employee remains obligated to the Cooperation provisions set forth in paragraphs 7a and 7b of the parties’ Restrictive Covenant Agreement, which are incorporated by reference herein; provided, however, nothing herein shall require Employee to cooperate with the Company in an action Employee files, or participates in furthering, against the Company, with any federal, state or local government agency enforcing discrimination laws, including the NLRB, EEOC, SEC, EEOC or other federal, state or local agencies. Further, the Company shall (a) reimburse the Employee for reasonable expenses incurred in connection with this cooperation and (b) in its request for cooperation, take into consideration Employee’s personal and business commitments and the amount of notice provided to Employee.
		

		
			22.       BREACH OF EMPLOYEE COVENANTS AND INJUNCTIVE RELIEF.
		

		
			Without limiting the remedies available to CVS, Employee acknowledges that a breach by Employee of any of the covenants in this Agreement shall result in irreparable injury to some or all of the Company for which there is no adequate remedy at law, that monetary relief shall be inadequate, and that, in the event of such a material breach or threat thereof, CVS shall be entitled to obtain, in addition to any other relief that may be available, a temporary restraining order and/or a preliminary or permanent injunction, restraining Employee from engaging in activities prohibited by any of the sections of this Agreement identified in this paragraph, as well as such other relief as may be required specifically to enforce any of the sections of this Agreement identified in this paragraph, without the payment of any bond.  In the event a dispute arises in connection with this paragraph 22 and a court of competent jurisdiction issues a ruling in favor of one of the parties, the breaching party agrees to promptly reimburse the prevailing party for all reasonable attorneys’ fees incurred by the prevailing party in connection with obtaining such equitable relief or damages. However, nothing in this Agreement shall prohibit Employee from participating, cooperating, or filing charges with any federal, state or local government
		

		
			
		

		
			

		 

 

		

		
			agency enforcing discrimination laws, including the NLRB, SEC or EEOC, and thus such action shall not constitute a breach of this Agreement.
		

		
			23.       NONADMISSION OF WRONGDOING.
		

		
			Employee and CVS agree that neither this Agreement nor the furnishing of consideration hereunder shall be deemed or construed at any time for any purpose as an admission by either party of any liability, wrongdoing or unlawful conduct, and Employee and CVS expressly deny any such liability, wrongdoing or unlawful conduct.
		

		
			24.       GOVERNING LAW; VENUE; HEADINGS.
		

		
			This Agreement shall be governed by and conformed in accordance with the laws of the state of Rhode Island without regard to its conflict of law provisions.  The exclusive venue for any legal action to enforce or allege breach of this Agreement shall be a court located in the State of Rhode Island.  Employee consents to the Rhode Island’s courts’ personal jurisdiction over him and waives his right to object to a Rhode Island court’s jurisdiction.  Section headings 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.
		

		
			25.       COUNTERPARTS.
		

		
			This Agreement may be executed in counterparts and each counterpart shall be deemed an original.
		

		
			26.       SEVERABILITY.
		

		
			If any of the provisions of this Agreement, including but not limited to the Employee Covenants, are deemed unenforceable by a court of competent jurisdiction because they are overly broad, then the court shall have the ability to modify the offending provision in order to make it enforceable.  Should any term or provision of this Agreement be declared illegal, invalid or unenforceable by any court of competent jurisdiction and if such provision cannot be modified to be enforceable, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the parties.
		

		
			27.       SECTION 409A AND RESPONSIBILITY FOR TAXES.
		

		
			Each payment made under this Agreement shall be deemed and treated as a separate payment for purposes of Section 409A.  Further, to the extent that the Employee becomes entitled to receive payments under this Agreement and, at the time of the Separation Date, Employee is a “specified employee”  within the meaning of Treasury Regulation Section 1.409A-1(i), any portion of the payments under this Agreement payable to the Employee that is subject to Section 409A and applicable guidance thereunder shall be delayed until the date that is the earlier of (i) Employee’s death or (ii) six (6) months following Employee’s Separation Date, at which time the payments that were delayed for such six (6) month period shall be paid in a lump sum on the date of the next occurring regular payroll date of the Company, and any remaining payments shall be paid according to the original schedule provided herein.  In no event shall any separation payment hereunder be made unless and until Employee has experienced a separation from service, as defined under Treasury Regulation Section 1.409A-1(h).  All payments set forth in this Agreement
		

		
			
		

		
			

		 

 

		

		
			are subject to applicable withholdings and deductions.  Employee acknowledges and agrees that Employee is solely responsible for all taxes on the payments and benefits described in this Agreement, including income and excise taxes. While the parties intend for payments and benefits provided under the terms of this Agreement to be exempt from or compliant with Section 409A, as applicable, CVS makes no representations or guarantees with respect to the tax status of any of the payments or benefits set forth herein, including taxation pursuant to Section 409A, and Employee acknowledges that Employee is solely responsible and shall hold the Company harmless for same.
		

		
			28.       SUCCESSORS.
		

		
			This Agreement shall inure to the benefit of, and shall be binding upon, the parties, their heirs, executors, administrators, agents, assigns, and estates.
		

		
			29.       ENTIRE AGREEMENT.
		

		
			The expressed terms of this Agreement (including Addendum I attached hereto), the General Release of Claims, the Restrictive Covenant Agreement (with the modifications set forth in Addendum II hereto), and any applicable compensation, equity or benefit plan or agreement referred to herein set forth the entire agreement between the parties hereto.  Employee acknowledges and represents that Employee has not relied on any representations, promises or agreements of any kind made to Employee in connection with Employee’s decision to accept the terms of this Agreement, except for the representations, promises and agreements herein.  Any modification to this Agreement must be in a writing signed by Employee and CVS’s CHRO or her authorized representative.
		

		
			 
		

		
			 
		

		
			IN WITNESS WHEREOF, the parties knowingly and voluntarily executed this Confidential Separation Agreement as of the dates set forth below.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DAVID M. DENTON

					
					
						 

					
					
						CVS PHARMACY, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ David M. Denton

					
					
						 

					
					
						By:

					
					
						/s/ Lisa Bisaccia

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Lisa Bisaccia 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Executive Vice President, Chief Human Resources Officer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date: 6/26/18

					
					
						 

					
					
						Date: 6/26/18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]