CAREMARK RX INC
SECOND AMENDMENT TO AMENDED AND RESTATED 1993 STOCK OPTION PLAN
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<TYPE>EX-10.23
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<DESCRIPTION>SECOND AMENDMENT TO AMENDED AND RESTATED 1993 STOCK OPTION PLAN
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.23 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SECOND AMENDMENT </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">TO THE CAREMARK RX, INC. 1993 STOCK OPTION PLAN </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(FORMERLY THE AMENDED&nbsp;&amp; RESTATED MEDPARTNERS, INC. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1993 STOCK OPTION PLAN) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This Second Amendment to the Caremark Rx, Inc. 1993 Stock Option Plan (formerly the Amended&nbsp;&amp; Restated Medpartners, Inc. 1993 Stock Option Plan)
(the &#147;Plan&#148;) to be effective as of January&nbsp;12, 2001. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">WITNESSETH: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, Caremark Rx, Inc. (the
&#147;Company&#148;) currently sponsors and maintains the Caremark Rx, Inc. 1993 Stock Option Plan (formerly the Amended&nbsp;&amp; Restated Medpartners, Inc. 1993 Stock Option Plan) (the &#147;Plan&#148;); and </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">WHEREAS, Section&nbsp;11 of the Plan grants the Compensation Committee of the
Board the power at any time to amend the Plan, and the Compensation Committee now wishes to amend the Plan to modify the vesting provisions for options granted under the Plan on and after January&nbsp;12, 2001; </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW, THEREFORE, the Plan is hereby amended as indicated below: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:13%"><FONT FACE="Times New Roman" SIZE="2">1. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;6.4 of the Plan is amended effective as of January&nbsp;12, 2001, to read as follows: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6.4 Vesting of Options. Except as set forth by the Committee
in the applicable Option Agreement, Options shall vest and become exercisable as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) 34% of the Options shall vest on the Grant Date; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) 33% of the Options granted shall vest on each of the first anniversary and second anniversary of the
Grant Date; provided, however, that for Options granted prior to January&nbsp;12, 2001, if during </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Second Amendment to the </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Caremark Rx, Inc. 1993 Stock Option Plan </FONT></P> <P
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">the first year after the Grant Date, the stock price of the Common Stock closes at or above $12.00 (or
such other price as determined by the Committee and set forth in the applicable Option Agreement) for any twenty (20)&nbsp;out of thirty (30)&nbsp;consecutive trading days, the 33% of the Options due to vest on the first anniversary of the Grant
Date shall vest immediately at the end of such 20th day, and provided, however, that for Options granted prior to January&nbsp;12, 2001, if during the second year after the Grant Date, the stock price of the Common Stock closes at or above $18.00
(or such other price as determined by the Committee and set forth in the applicable Option Agreement) for any twenty (20)&nbsp;out of thirty (30)&nbsp;consecutive trading days, the 33% of the Options due to vest on the second anniversary of the
Grant Date shall vest immediately at the end of such 20th day. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">2. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The name of the Plan is changed effective as of
January&nbsp;12, 2001 from the Amended&nbsp;&amp; Restated Medpartners, Inc. 1993 Stock Option Plan to the Caremark Rx, Inc. 1993 Stock Option Plan. All references in any Company documents to the Amended&nbsp;&amp; Restated Medpartners, Inc. 1993
Stock Option Plan shall, after January&nbsp;12, 2001, be a reference to the Caremark Rx, Inc. 1993 Stock Option Plan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">All other provisions of the Plan not inconsistent herewith are hereby confirmed and ratified. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Approved by the Board of Directors by resolutions on January&nbsp;12, 2001.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Second Amendment to the </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Caremark Rx, Inc. 1993 Stock Option Plan </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"> Page

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