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CVS » Topics » 3. EXERCISE OF OPTION .

This excerpt taken from the CVS 8-K filed Jan 11, 2005.

3.     EXERCISE OF OPTION.

          (a)      The Option, subject to the provisions of the Plan, shall be exercised by submitting a request to exercise to the Company’s stock option administrator, in accordance with the Company’s current exercise policies and procedures, specifying the number of shares to be purchased, which number may not be less than one hundred (100) shares (unless the number of shares purchased is the total balance which is then exercisable). Unless the Company, in its discretion, establishes “cashless exercise” procedures and permits the Optionee

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entitled to exercise the Option to utilize such “cashless exercise” procedures, the Optionee so exercising all or part of this Option shall, at the time of exercise, tender to the Company cash or cash equivalent for the aggregate option price of the shares he has elected to purchase or certificates for shares of Common Stock of the Company owned by the Optionee for at least six (6) months with a fair market value at least equal to the aggregate option price of the shares he has elected to purchase, or a combination of the foregoing.

          (b)      Prior to its expiration or termination, and except as otherwise provided herein, the Option may be exercised by the Optionee, so long as Optionee has maintained continuous employment with the Company or its subsidiaries immediately following the date of the Agreement, within the following time limitations:

  (i)      After one (1) year from the date of grant, the Option may be exercised as to not more than one-third (1/3) of the Shares originally subject to the Option.  
 
  (ii)      After two (2) years from the date of grant, the Option may be exercised as to not more than an aggregate of two-thirds (2/3) of the Shares originally subject to the Option.  
 
  (iii)      After three (3) years from the date of grant, the Option may be exercised as to any part or all of the Shares originally subject to the Option.  

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