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CVS » Topics » Chief Executive Officer Retention

This excerpt taken from the CVS DEF 14A filed Mar 24, 2006.

Chief Executive Officer Retention

 

In recognition of the need to ensure Mr. Ryan’s ongoing leadership of the Company, in August 2005 the Committee authorized a retention initiative for him. Subject to Mr. Ryan’s remaining employed by the Company through December 31, 2009, the Company will waive the 30-year cap in the Company’s Supplemental Executive Retirement Plan on credited service for Mr. Ryan and provide Mr. Ryan upon his retirement with financial planning services, office space and the services of an assistant for five years at the Company’s expense. The Committee also made a grant of 400,000 restricted stock units to Mr. Ryan, which will vest contingent on his employment through December 31, 2009, and which provides for settlement after Mr. Ryan’s retirement from the Company.

 

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