Exhibit 10.1
AGREEMENT
AGREEMENT
made and executed
unto as of the 30 th day of July, 2008 by and
between CVS Caremark Corporation, a Delaware corporation (together
with its successors and assigns, the “ Company
”) and Christopher Bodine (the “ Executive
”).
WHEREAS , the Company and the Executive have previously
announced the Executive’s transition to a retirement;
and
WHEREAS , both the Company and the Executive wish to
memorialize various matters relating to such transition.
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 the Executive agree as
follows:
A. Reference is made to the 2001
employment agreement by and between CVS Corporation and Executive
(such binding employment agreement, as previously amended, being
herein referred to as the “ Employment Agreement
”). Pursuant to Section 22 of the Employment
Agreement, the Company and Executive hereby amend the Employment
Agreement as follows, effective as of the date of this
Agreement.
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1.
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Section 1
is amended by deleting Sections 1(k) and 1(l) and replacing all
references to “Section 2(a)” with references to
“Section 2”.
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2.
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Section 2
is amended by deleting such section in its entirety and replacing
it with the following:
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The term of
Executive’s employment under this Agreement (the “
Term of Employment ”) shall commence on the date of
this Agreement (the “ Effective Date ”) and,
unless terminated earlier in accordance herewith, shall end on
June 21, 2010.
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3.
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Section 3(a) is amended by replacing the
first sentence with the following:
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Executive shall serve as Special
Advisor to the Chief Executive Officer of the Company (the “
CEO ”) and, in such capacity, shall perform such
duties as are assigned to Executive from time to time by the
CEO.
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4.
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Section 4
is amended by adding the following at the end of such
section:
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Notwithstanding the foregoing,
during the period commencing on January 1, 2009 and ending
May 31, 2009, Executive’s Base Salary s
