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CVS » Topics » Executive Retention Program Cash Awards

This excerpt taken from the CVS DEF 14A filed Mar 25, 2005.

Executive Retention Program Cash Awards

 

In March of 2000, the Committee made retention awards to the then named executive officers and other key members of senior management to promote continued service with the organization. These awards were payable 50% in cash and 50% in restricted shares of CVS common stock. To earn the awards, each executive was required to remain employed with the Company for four additional years. The retention cash payments that vested in March 2004 for Messrs. Ryan, Rickard, Bodine, Merlo and Sgarro are reflected in the all other compensation column in the Summary Compensation Table on page 17. Restrictions lapsed on the retention shares at the same time, and such shares continue to be held by each executive and are included in the Share Ownership of Directors and Certain Executive Officers Table found on page 10.

 

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