<SEC-DOCUMENT>0000947871-24-000519.txt : 20240523
<SEC-HEADER>0000947871-24-000519.hdr.sgml : 20240523
<ACCEPTANCE-DATETIME>20240522174341
ACCESSION NUMBER:		0000947871-24-000519
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20240523
DATE AS OF CHANGE:		20240522
EFFECTIVENESS DATE:		20240523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVS HEALTH Corp
		CENTRAL INDEX KEY:			0000064803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				050494040
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-279641
		FILM NUMBER:		24974581

	BUSINESS ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895
		BUSINESS PHONE:		4017651500

	MAIL ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CAREMARK CORP
		DATE OF NAME CHANGE:	20070509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS/CAREMARK CORP
		DATE OF NAME CHANGE:	20070322

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CVS CORP
		DATE OF NAME CHANGE:	19970128
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ss3402476_s8.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May 22, 2024</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: right"><B>Registration No. 333-</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: right"></P>



<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;<B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CVS HEALTH
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Delaware<BR>
    </B>(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="width: 33%; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>05-0494040</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One CVS Drive<BR>
Woonsocket, RI 02895</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including Zip Code, of Principal Executive
Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>2017 Incentive Compensation
Plan of CVS Health Corporation<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Full title of the plan)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Thomas F. Cowhey<BR>
Executive Vice President and Chief Financial Officer<BR>
CVS Health Corporation<BR>
One CVS Drive<BR>
Woonsocket, RI 02895</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(401) 765-1500</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address and telephone number, including area
code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>With a copy to</I></B>:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Doreen E. Lilienfeld, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Allen Overy Shearman Sterling US LLP </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>599 Lexington Avenue</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10022 </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 848-7171</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo;
in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Large accelerated filer</P></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#254;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Registration Statement on Form S-8 (&ldquo;Registration
Statement&rdquo;) relates to shares of common stock, par value $0.01 per share (&ldquo;Common Stock&rdquo;), of CVS Health Corporation,
a Delaware corporation (the &ldquo;Company&rdquo;) that may be offered for sale to participants under the 2017 Incentive Compensation
Plan of the Company, as amended from time to time (the &ldquo;Plan&rdquo;). On May 10, 2017, the <a href="https://www.sec.gov/Archives/edgar/data/64803/000119312517165998/d375829ds8.htm">registrant filed a registration statement
on Form S-8 (File No. 333-217853)</a> with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) in order to register shares
of its Common Stock issuable under the Plan, and on May 19, 2020, the <a href="https://www.sec.gov/Archives/edgar/data/64803/000094787120000499/ss173456-s8.htm">registrant filed a registration statement on Form S-8 (File No.
333-238507)</a> to register additional shares of Common Stock under the Plan (collectively, the &ldquo;Prior Registration Statements&rdquo;).
In accordance with the requirements of General Instruction E to Form S-8, this Registration Statement is being filed to register 33,500,000
additional shares of Common Stock issuable under the Plan. The contents of the Prior Registration Statements are incorporated by reference
into this Registration Statement, except as revised or supplemented hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The documents containing the information specified
in Part I of Form S-8 will be sent or given to the participants in the Plan covered by this Registration Statement as required by Rule
428(b)(1) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Such documents are not required to be filed
with the Commission either as part of this Registration Statement or as a prospectus or prospectus supplement pursuant to Rule 424 under
the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part
II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><B>Item 3.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Incorporation of Documents by Reference.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following documents filed with the Commission by
the Company pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;), are incorporated
herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Company&rsquo;s Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/64803/000006480324000007/0000064803-24-000007-index.htm">Form 10-K</A> for the fiscal year ended December 31, 2023, filed with the Commission on February 7, 2024 (the &ldquo;2023 Form 10-K&rdquo;); </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Company&rsquo;s Quarterly Report on <A HREF="https://www.sec.gov/Archives/edgar/data/64803/000006480324000016/0000064803-24-000016-index.htm">Form 10-Q</A> for the quarterly period ended March 31, 2024, filed with the Commission on May 1, 2024, which contains unaudited interim financial statements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Company&rsquo;s Current Reports on Form 8-K filed with the Commission since December 31, 2023 (other than portions of those documents furnished or otherwise not deemed to be filed); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the description of the Company&rsquo;s capital stock contained in the Company&rsquo;s Registration Statement on Form S-4, filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/64803/000119312518002957/0001193125-18-002957-index.htm">January 4, 2018</A>, including any amendments or supplements thereto, including <A HREF="https://www.sec.gov/Archives/edgar/data/64803/000119312518021755/0001193125-18-021755-index.htm">Amendment No. 1</A> filed on January 26, 2018, <A HREF="https://www.sec.gov/Archives/edgar/data/64803/000119312518031585/0001193125-18-031585-index.htm">Amendment No. 2</A> filed on February 5, 2018 and <A HREF="https://www.sec.gov/Archives/edgar/data/64803/000119312518036987/0001193125-18-036987-index.htm">Amendment No. 3</A> filed on February 9, 2018, as updated by Exhibit 4.29 to the 2023 Form 10-K, together with any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in">In addition, all documents subsequently filed by
the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the 1934 Act, prior to the filing of a post-effective amendment to this
Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of
such documents. Any statement contained herein or in a document all or a portion of which is incorporated or deemed to be incorporated
by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein (or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein)
modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">With respect to the unaudited condensed consolidated interim financial
information of the Company for the three&#45;month periods ended March 31, 2024 and March 31, 2023 incorporated by reference in this Registration
Statement, Ernst &amp; Young LLP reported that they have applied limited procedures in accordance with professional standards for a review
of such information. However, their separate report dated May 1, 2024, included in the Company&rsquo;s Quarterly Report on Form 10-Q for
the quarter ended March 31, 2024, and incorporated by reference herein, states that they did not audit and they do not express an opinion
on that interim financial information. Accordingly, the degree of reliance on their report on such information should be restricted in
light of the limited nature of the review procedures applied. Ernst &amp; Young LLP is not subject to the liability provisions of Section
11 of the Securities Act for their report on the unaudited interim financial information because that report is not a &ldquo;report&rdquo;
or a &ldquo;part&rdquo; of the Registration Statement prepared or certified by Ernst &amp; Young LLP within the meaning of Sections 7
and 11 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><B>Item 4.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Description of Securities.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><B>Item 5.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Interests of Named Experts and Counsel.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><B>Item 6.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Indemnification of Directors and Officers</B>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 102(b)(7) of the Delaware General Corporation
Law (the &ldquo;DGCL&rdquo;), permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation
shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director
or officer, provided that such provisions shall not eliminate or limit the liability of (i) a director or officer for any breach of the
director&rsquo;s or officer&rsquo;s duty of loyalty to the corporation or its stockholders, (ii) a director or officer for acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) a director under Section 174 of the DGCL,
(iv) a director or officer for any transaction from which the director or officer derived an improper personal benefit, or (v) an officer
in any action by or in the right of the corporation. No such provision shall eliminate or limit the liability of a director or officer
for any act or omission occurring before the date when such provision becomes effective. The Company&rsquo;s Restated Certificate of Incorporation
(the &ldquo;Company Charter&rdquo;) limits the personal liability of a director to the Company and its stockholders for monetary damages
for a breach of fiduciary duty as a director to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 145 of the DGCL provides that a corporation
may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys&rsquo; fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending or completed
actions, suits or proceedings in which such person is made a party by reason of such person being or having been a director, officer,
employee or agent of the Company. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification
may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise. Expenses, including attorneys&rsquo;
fees, incurred by any such person in defending any such action, suit or proceeding shall be paid or reimbursed by the Company in advance
of the final disposition of such action, suit or proceeding upon receipt by the Company of an undertaking of such person to repay such
expenses if it shall ultimately be determined that such person is not entitled to be indemnified by the Company. The Company Charter provides
for indemnification of directors and officers of the Company against liability they may incur in their capacities as such to the fullest
extent permitted under the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The directors and officers of the Company are insured
under a policy of directors&rsquo; and officers&rsquo; liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Exemption from Registration Claimed.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><B>Item 8.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Exhibits.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><U>Exhibit No.</U></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><U>Exhibit Description</U></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/64803/000119312518184593/d456958dex31c.htm">Restated Certificate of Incorporation of the Company dated June 4, 2018 (incorporated by reference to Exhibit 3.1C to the Company&rsquo;s Current Report on Form 8-K filed on June 5, 2018).</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/64803/000094787122001199/ss1535680_ex0301.htm">By-Laws of the Company, as amended and restated November 17, 2022 (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed on November 21, 2022).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ss3402476_ex0501.htm">Opinion of Allen Overy Shearman Sterling US LLP.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">15*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ss3402476_ex15.htm">Letter of Acknowledgement from Ernst &amp; Young LLP re: Unaudited Interim Financial Information</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ss3402476_ex2301.htm">Consent of Ernst &amp; Young LLP.</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ss3402476_ex0501.htm">Consent of Allen Overy Shearman Sterling US LLP (contained in the Opinion Filed as Exhibit 5.1).</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">24.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_001">Power of Attorney (included on the signature pages).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ss3402476_ex9901.htm">2017 Incentive Compensation Plan of CVS Health Corporation.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">107.1*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="ss3402476_ex1071.htm">Filing Fee Table.</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt">____________</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 96px"><FONT STYLE="font-size: 10pt"><B>Item 9.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Undertakings</B>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">To include any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports
filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the 1934 Act that are incorporated
by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the 1934 Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the 1934 Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Woonsocket, State of Rhode Island, on the 22<SUP>nd</SUP> day of May, 2024.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">CVS Health Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Thomas F. Cowhey</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Thomas F. Cowhey</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executive Vice President and Chief</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Financial Officer</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_001" TITLE="powerofattorney"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints each of Thomas F. Cowhey and Kristina V. Fink as his or her true and lawful attorney-in-fact
and agent, upon the action of either such appointee, with full power of substitution and resubstitution, to do any and all acts and things
and execute, in the name of the undersigned, any and all instruments which each of said attorneys-in-fact and agents may deem necessary
or advisable in order to enable CVS Health Corporation to comply with the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
and any requirements of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) in respect thereof, in connection with the
filing with the Commission of this Registration Statement under the Securities Act, including specifically, but without limitation, power
and authority to sign the name of the undersigned to such Registration Statement, and any amendments to such Registration Statement (including
post-effective amendments), and to file or cause to be filed the same with all exhibits thereto and other documents in connection therewith
with the Commission, to sign any and all applications, registration statements, notices or other documents necessary or advisable to comply
with applicable state securities laws, and to file or cause to be filed the same, together with other documents in connection therewith
with the appropriate state securities authorities, granting unto each of said attorneys-in-fact and agents full power and authority to
do and to perform each and every act and thing requisite or necessary to be done in and about the premises, as fully and to all intents
and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and
agents may lawfully do or cause to be done by virtue of this Power of Attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, as amended, this Registration Statement has been signed on the 22<SUP>nd</SUP> day of May, 2024 by the following persons in the
following capacities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt"><U>Signature</U></FONT></TD>
    <TD STYLE="width: 59%; padding-left: 9pt"><FONT STYLE="font-size: 10pt"><U>Title</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Fernando Aguirre</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Fernando Aguirre</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Jeffrey R. Balser, M.D., Ph.D</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Jeffrey R. Balser, M.D., Ph.D</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ C. David Brown II</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">C. David Brown II</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ James D. Clark</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Senior Vice President &ndash; Controller and Chief Accounting Officer (Principal Accounting Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">James D. Clark</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 41%; vertical-align: bottom">/s/ Thomas F. Cowhey</TD>
    <TD STYLE="padding-left: 9pt; width: 59%"><FONT STYLE="font-size: 10pt">Executive Vice President and Chief Financial Officer (Principal Financial Officer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Thomas F. Cowhey</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Alecia A. DeCoudreaux</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Alecia A. DeCoudreaux</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Nancy-Ann M. DeParle</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Nancy-Ann M. DeParle</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Roger N. Farah</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Chair of the Board and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Roger N. Farah</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Anne M. Finucane</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Anne M. Finucane</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/&#8239;J. Scott Kirby</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">J. Scott Kirby</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Karen S. Lynch</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer (Principal Executive Officer) and Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Karen S. Lynch</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Michael F. Mahoney</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Michael F. Mahoney</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jean-Pierre Millon</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Jean-Pierre Millon</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Mary L. Schapiro</TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Mary L. Schapiro</FONT></TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">&nbsp;</TD></TR>
  </TABLE>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ss3402476_ex0501.htm
<DESCRIPTION>OPINION OF ALLEN OVERY SHEARMAN STERLING US LLP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 5.1 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD><P STYLE="font: 7pt/16pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; letter-spacing: 0.5pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 7pt/16pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; letter-spacing: 0.5pt; text-align: center"><FONT STYLE="font-size: 8pt">599
    Lexington Avenue<BR>
    New York, NY 10022-6069</FONT></P>
    <P STYLE="font: 7pt/16pt Arial Narrow, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; letter-spacing: 0.5pt; text-align: center"><FONT STYLE="font-size: 8pt">+1.212.848.4000</FONT></P></TD></TR>
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    <TD STYLE="font: 7pt/16pt Arial Narrow, Helvetica, Sans-Serif; text-align: center; text-transform: uppercase; letter-spacing: 0.5pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: right">May 22, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CVS Health Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">One CVS Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Woonsocket, RI 02895</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We are acting as counsel for CVS Health Corporation,
a Delaware corporation (the &#8220;<U>Company</U>&#8221;), in connection with preparation and filing by the Company of a registration
statement on Form S-8 (the &#8220;<U>Registration Statement</U>&#8221;) with the Securities and Exchange Commission under the Securities
Act of 1933, as amended (the &#8220;<U>Securities Act</U>&#8221;), with respect to 33,500,000 shares of common stock, par value $0.01,
of the Company (the &#8220;<U>Shares</U>&#8221;) that may be delivered from time to time pursuant to the 2017 Incentive Compensation Plan
of CVS Health Corporation (the &#8220;<U>Plan</U>&#8221;). In connection with the foregoing, we have reviewed originals or copies identified
to our satisfaction of the following documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">(a) The Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">(b) The certificate of incorporation and bylaws
of the Company, in each case as amended to date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">(c) Originals or copies of such other corporate
records of the Company, certificates of public officials and of officers of the Company, and agreements and other documents as we have
deemed necessary as a basis for the opinions expressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">In our examination, we have assumed the genuineness
of all signatures, the authenticity of all documents, certificates and instruments submitted to us as originals and the conformity with
originals of all documents submitted to us as copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Our opinion set forth below is based on the
text of the Plan as referenced in the Exhibit Index to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Our opinion expressed below is limited to the
General Corporation Law of the State of Delaware, and we do not express any opinion herein concerning any other law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">Based upon and subject to the foregoing and
having regard for such legal considerations as we have deemed relevant, we are of the opinion that authorized but not previously issued
Shares that may be delivered under the Plan have been duly authorized by the Company and, when (a) issued and delivered by the Company
in accordance with the terms of the Plan and (b) paid for in full in accordance with the terms of the Plan, will be validly issued, fully
paid and non-assessable.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">This opinion letter speaks only as of the date
hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of
law or fact that may occur after the date of this opinion letter that might affect the opinions expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement. In giving this consent, we do not thereby concede that we come within the category of persons
whose consent is required by the Securities Act or the General Rules and Regulations of the Securities and Exchange Commission promulgated
thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; font: 12pt Times New Roman, Times, Serif; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">/s/ Allen Overy Shearman Sterling US LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Allen
    Overy Shearman Sterling US LLP</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-15
<SEQUENCE>3
<FILENAME>ss3402476_ex15.htm
<DESCRIPTION>LETTER OF ACKNOWLEDGEMENT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>EXHIBIT 15</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">May 22, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">The Board of Directors and Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">CVS Health Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Letter re: Unaudited Interim
Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">We are aware of the incorporation by reference
in this&nbsp;Registration Statement&nbsp;(Form S-8) of CVS Health Corporation pertaining to the 2017 Incentive Compensation Plan of CVS
Health Corporation of our report dated May&nbsp;1, 2024, relating to the unaudited condensed consolidated&nbsp;interim&nbsp;financial
statements of CVS Health Corporation that are included in its&nbsp;Form 10-Q&nbsp;for the quarter ended March&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Ernst &amp; Young LLP</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">May 22, 2024</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>ss3402476_ex2301.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white"><B>EXHIBIT 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center; background-color: white"><B>Consent of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">We consent to the
incorporation by reference in the Registration Statement (Form S-8) pertaining to the 2017 Incentive Compensation Plan of CVS Health Corporation
of our reports dated May 22, 2024, with respect to the consolidated financial statements of CVS Health Corporation and the effectiveness
of internal control over financial reporting of CVS Health Corporation included in its Annual Report (Form 10-K) for the year ended December
31, 2023, filed with the Securities and Exchange Commission.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">May 22, 2024</P>

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<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>ss3402476_ex9901.htm
<DESCRIPTION>2017 INCENTIVE COMPENSATION PLAN
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>&nbsp;</B>Exhibit 99.1</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2017 Incentive Compensation Plan of CVS Health Corporation</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center"><B>As Amended Through March 21, 2024</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>1. <I>Purpose</I>.</B> The purpose of this 2017 Incentive Compensation
Plan (the &ldquo;Plan&rdquo;) is to assist CVS Health Corporation, a Delaware corporation (the &ldquo;Corporation&rdquo;), and its subsidiaries,
in attracting, retaining and rewarding high-quality executives, employees, and other persons who provide services to the Corporation and/or
its subsidiaries, to enable such persons to acquire or increase a proprietary interest in the Corporation in order to strengthen the mutuality
of interests between such persons and the Corporation&rsquo;s stockholders and to provide such persons with short- and long-term performance
incentives to expend their maximum efforts in the creation of stockholder value.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>2. <I>Definitions</I>.</B> For purposes of the Plan, the following
terms shall be defined as set forth below, in addition to such terms defined in Section 1 hereof:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(a) &ldquo;Award&rdquo; means any Option, Restricted Stock, Restricted
Stock Unit, Stock Appreciation Right, Deferred Stock, Stock granted as a bonus or in lieu of another award, Stock awarded to a director
pursuant to Section 8, Dividend Equivalent, Other Stock-Based Award, Performance Award or Annual Incentive Award, together with any other
right or interest granted to a Participant under the Plan.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(b) &ldquo;Beneficiary&rdquo; means the person, persons, trust or trusts
which have been designated by a Participant in his or her most recent written beneficiary designation filed with the Committee to receive
the benefits specified under the Plan upon such Participant&rsquo;s death or to which Awards or other rights are transferred if and to
the extent permitted under Section 11(b) hereof. If, upon a Participant&rsquo;s death, there is no designated Beneficiary or surviving
designated Beneficiary, then the term Beneficiary means person, persons, trust or trusts entitled by will or the laws of descent and distribution
to receive such benefits.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(c) &ldquo;Beneficial Owner&rdquo; shall have the meaning ascribed
to such term in Rule 13d-3 under the Exchange Act and any successor to such Rule.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(d) &ldquo;Board&rdquo; means the Corporation&rsquo;s Board of Directors.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(e) &ldquo;Change in Control&rdquo; means Change in Control as defined
with related terms in Section 10 of the Plan.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(f) &ldquo;Code&rdquo; means the Internal Revenue Code of 1986, as
amended from time to time, including regulations thereunder and successor provisions and regulations thereto.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(g) &ldquo;Committee&rdquo; means a committee of two or more directors
designated by the Board to administer the Plan.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(h) &ldquo;Constructive Termination Without Cause&rdquo; shall have
the meaning set forth in Section 10(c)(ii) hereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(i) &ldquo;Deferred Stock&rdquo; means a right, granted to a Participant
under Section 6(e) hereof, to receive Stock, cash or a combination thereof at the end of a specified deferral period.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(j) &ldquo;Dividend Equivalent&rdquo; means a right, granted to a Participant
under Section 6(g), to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified
number of shares of Stock, or other periodic payments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(k) &ldquo;Eligible Person&rdquo; means each Executive Officer and
other officers and employees of the Corporation or of any subsidiary, including such persons who may also be directors of the Corporation,
and any Eligible Director. An employee on leave of absence may be considered as still in the employ of the Corporation or a subsidiary
for purposes of eligibility for participation in the Plan.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(l) &ldquo;Eligible Director&rdquo; means a director of the Corporation
who at the relevant time is not, and for the preceding twelve (12) months was not, an employee of the Corporation or its subsidiaries.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(m) &ldquo;Exchange Act&rdquo; means the Securities Exchange Act of
1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(n) &ldquo;Executive Officer&rdquo; means an executive officer of the
Corporation as defined under the Exchange Act.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(o) &ldquo;Fair Market Value&rdquo; means the fair market value of
Stock, Awards or other property as determined by the Committee or under procedures established by the Committee. Unless otherwise determined
by the Committee, the Fair Market Value of Stock shall be the closing price of a share of Stock, as quoted on the composite transactions
table on the New York Stock Exchange, on the date on which the determination of fair market value is being made. In the event the date
on which the determination is being made is a date on which the New York Stock Exchange is closed, then the closing price of a share of
Stock, as quoted on the composite transactions table on the New York Stock Exchange on the last date prior to such date on which the New
York Stock Exchange was open, shall be used.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(p) &ldquo;Incentive Stock Option&rdquo; or &ldquo;ISO&rdquo; means
any Option intended to be and designated as an incentive stock option within the meaning of Code Section 422 or any successor provision
thereto; provided, however, that only an Eligible Person who is an employee within the meaning of Code Section 422 and the regulations
thereunder shall be eligible to receive an ISO.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(q) &ldquo;Option&rdquo; means a right, granted to a Participant under
Section 6(b) hereof, to purchase Stock or other Awards at a specified price during specified time periods.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(r) &ldquo;Other Stock-Based Awards&rdquo; means Awards granted to
a Participant under Section 6(h) hereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(s) &ldquo;Participant&rdquo; means a person who has been granted an
Award under the Plan that remains outstanding, including a person who is no longer an Eligible Person.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(t) &ldquo;Performance Award&rdquo; means a right, granted to a Participant
under Section 9 hereof, to receive Awards based upon performance criteria specified by the Committee.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(u) &ldquo;Person&rdquo; shall have the meaning ascribed to such term
in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, and shall include a &ldquo;group&rdquo; as defined
in Section 13(d) thereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(v) &ldquo;Plan Limit&rdquo; means the maximum aggregate number of
shares of Stock that may be issued for all purposes under the Plan as set forth is Section 4(a).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(w) &ldquo;Qualified Member&rdquo; means a member of the Committee
who is a &ldquo;Non-Employee Director&rdquo; within the meaning of Rule 16b-3(b)(3).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(x) &ldquo;Recoupment Policies&rdquo; means collectively, the CVS Health
Corporation Recoupment Policy as amended and restated on March 6, 2019, and the CVS Health Corporation Dodd-Frank Clawback Policy, dated
September&nbsp;21,&nbsp;2023, in each case, as may be amended from time to time.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(y) &ldquo;Restricted Stock&rdquo; means Stock granted to a Participant
under Section 6(d) hereof, that is subject to certain restrictions and to a risk of forfeiture.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(z) &ldquo;Restricted Stock Unit&rdquo; shall mean a contractual right
granted under Section 6(d) hereof that represents a right to receive the value of a share of Stock upon the terms and conditions set forth
in the Plan and the applicable Award agreement.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(aa) &ldquo;Rule 16b-3&rdquo; means Rule 16b-3, as in effect from time
to time and applicable to the Plan and Participants, promulgated by the Securities and Exchange Commission under Section 16 of the Exchange
Act.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(bb) &ldquo;Stock&rdquo; means the Corporation&rsquo;s Common Stock,
and such other securities as may be substituted (or resubstituted) for Stock pursuant to Section 11(c) hereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(cc) &ldquo;Stock Appreciation Rights&rdquo; or &ldquo;SAR&rdquo; means
a right granted to a Participant under Section 6(c) hereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(dd) &ldquo;Substitute Award&rdquo; means an Award granted in assumption
of, or in substitution for, outstanding awards previously granted by a company acquired by the Corporation or with which the Corporation
combines.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(ee) &ldquo;Termination Without Cause&rdquo; shall have the meaning
set forth in Section 10(c)(i) hereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>3. <I>Administration</I>.</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>Authority of the Committee</I>. The Plan shall be administered
by the Committee, except to the extent the Board elects to administer the Plan, in which case references herein to the &ldquo;Committee&rdquo;
shall be deemed to include references to the &ldquo;Board&rdquo;. The Committee shall have full and final authority, in each case subject
to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants, grant Awards, determine the type,
number and other terms and conditions of, and all other matters relating to, Awards, prescribe Award agreements (which need not be identical
for each Participant) and rules and regulations for the administration of the Plan, construe and interpret the Plan and Award agreements
and correct defects, supply omissions or reconcile inconsistencies therein and to make all other decisions and determinations as the Committee
may deem necessary or advisable for the administration of the Plan.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Manner of Exercise of Committee Authority</I>. At any time that
a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to a Participant
who is then subject to Section 16 of the Exchange Act in respect of the Corporation may be taken either (i) by a subcommittee, designated
by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is not a Qualified
Member abstaining or recusing himself or herself from such action; provided, however, that, upon such abstention or recusal, the Committee
remains composed solely of two or more Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the
abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. Any action of the
Committee shall be final, conclusive and binding on all persons, including the Corporation, its subsidiaries, Participants, Beneficiaries,
transferees under Section 11(b) hereof or other persons claiming rights from or through a Participant, and stockholders.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The express grant
of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or
authority of the Committee. To the extent permitted by applicable law, the Committee may delegate to officers or managers of the Corporation
or any subsidiary, or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions,
including administrative functions, as the Committee may determine, to the extent that such delegation will not result in the loss of
an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Corporation.
The Committee may appoint agents to assist it in administering the Plan.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(c) <I>Limitation of Liability</I>. The Committee and each member thereof
shall be entitled to rely or act upon in good faith any report or other information furnished to him or her by any executive officer,
other officer or employee of the Corporation or a subsidiary, the Corporation&rsquo;s independent auditors, consultants or any other agents
assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Corporation or a subsidiary acting
at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith
with respect to the Plan and shall, to the extent permitted by law, be fully indemnified and protected by the Corporation with respect
to any such action or determination.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>4. <I>Stock Subject to Plan</I>.</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>Overall Number of Shares Available for Delivery</I>. Subject to
adjustment as provided in Section 11(c) hereof, the total number of shares of Stock reserved and available for delivery in connection
with Awards under the Plan shall be equal to 98,145,312; provided, however, that the total number of shares of Stock with respect to which
ISOs may be granted under the Plan shall not exceed three million (3,000,000). Any shares of Stock delivered under the Plan shall consist
of authorized and unissued shares or treasury shares.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Application of Limitation to Grants of Awards</I>. No Award may
be granted if the number of shares of Stock to be delivered in connection with such Award exceeds the number of shares of Stock remaining
available under the Plan after taking into account the number of shares issuable in settlement of Awards or relating to then-outstanding
Awards. Notwithstanding the foregoing, Awards settleable only in cash shall not reduce the number of shares of Stock available under the
Plan and Stock issued for Substitute Awards shall not count against the limits of Section 4(a). Additionally, for purposes of determining
the number of shares of Stock that remain available for issuance under the Plan, the number of shares of Stock corresponding to Awards
under the Plan that are forfeited or cancelled or otherwise expire for any reason without having been exercised or settled, or that are
settled through the issuance of consideration other than shares of Stock (including, without limitation, cash), shall be added back to
the Plan Limit and again be available for the grant of Awards. The following shares of Stock, however, shall not be available again for
grant under the Plan:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.25in">(i) shares of Stock not issued or delivered as a result of net
settlement of an outstanding Option or SAR;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) shares of Stock delivered or withheld by the Corporation
to pay the exercise price of or the withholding taxes with respect to an Award; and</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) shares of Stock repurchased with proceeds from the payment
of the exercise price of an Option.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Committee has discretion to adopt reasonable counting procedures
to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments
if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an Award.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>5. <I>Eligibility; Per-Person Award Limitations</I>.</B> Awards may
be granted under the Plan only to Eligible Persons. In each fiscal year during any part of which the Plan is in effect, an Eligible Person
may not be granted Awards relating to more than one million (1,000,000) shares of Stock, subject to adjustment as provided in Section
11(c), under each of Sections 6(b) through 6(h), 9(b) and 9(c). In addition, the maximum cash amount that may be earned under the Plan
as a final Annual Incentive Award or other cash annual Award in respect of any fiscal year by any one Participant shall be ten million
dollars ($10,000,000), and the maximum cash amount that may be earned under the Plan as a final Performance Award or other cash Award
in respect of a performance period other than an annual period by any one Participant on an annualized basis shall be five million dollars
($5,000,000).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>6. <I>Specific Terms of Awards.</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>General. </I>Awards may be granted on the terms and conditions
set forth in this Section 6, and with respect to directors of the Corporation, in Section 8. In addition, the Committee may impose on
any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 11(e)), such additional terms and conditions,
not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in
the event of termination of employment of the Participant and terms permitting a Participant to make elections relating to his or her
Award. The Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award
that is not mandatory under the Plan. Except in cases in which the Committee is authorized to require other forms of consideration under
the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of the Delaware General Corporation Law,
no consideration other than services may be required for the grant of any Award.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Options. </I>The Committee is authorized to grant Options to Participants
on the following terms and conditions:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) <I>Exercise Price</I>. The exercise price per share of
Stock purchasable under an Option shall be determined by the Committee, provided that such exercise price shall be not less than the Fair
Market Value of a share of Stock on the date of grant of such Option except as provided under the first sentence of Section 7(a) hereof.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) <I>Time and Method of Exerc</I>ise. The Committee shall
determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based
on achievement of performance goals and/or future service requirements), the methods by which such exercise price may be paid or deemed
to be paid, the form of such payment, including, without limitation, cash, Stock, other Awards or awards granted under other plans of
the Corporation or any subsidiary, or other property, and the methods by or forms in which Stock will be delivered or deemed to be delivered
to Participants.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) <I>ISOs</I>. The terms of any ISO granted under the
Plan shall comply in all respects with the provisions of Code Section 422. Anything in the Plan to the contrary notwithstanding, no term
of the Plan relating to ISOs shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be
exercised, so as to disqualify either the Plan or any ISO under Code Section 422, unless the Participant has first requested the change
that will result in such disqualification.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(c) <I>Stock Appreciation Rights</I>. The Committee is authorized to
grant SARs to Participants on the following terms and conditions:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) <I>Right to Payment</I>. A SAR shall confer on the Participant
to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the
date of exercise over (B) the grant price of the SAR as determined by the Committee.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) <I>Other Terms</I>. The Committee shall determine at
the date of grant or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part
(including based on achievement of performance goals and/or future service requirements), the method of exercise, method of settlement,
form of consideration payable in settlement, method by or forms in which Stock will be delivered or deemed to be delivered to Participants,
whether or not a SAR shall be in tandem or in combination with any other Award and any other terms and conditions of any SAR. The exercise
price of a SAR shall be determined by the Committee, provided that such exercise price shall be not less than the Fair Market Value of
a share of Stock on the date of grant of such SAR. SARs may be either freestanding or in tandem with other Awards.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(d) <I>Restricted Stock and Restricted Stock Units</I>. The Committee
is authorized to grant Restricted Stock or Restricted Stock Units to Participants on the following terms and conditions:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) <I>Grant and Restrictions</I>. Restricted Stock and Restricted
Stock Units shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee
may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement
of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date
of grant or thereafter. Except to the extent restricted under the terms of the Plan and any Award agreement relating to the Restricted
Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder, including the right to vote the Restricted
Stock and the right to receive dividends thereon, provided that dividends shall accrue and be paid only upon vesting, and may be subject
to any mandatory reinvestment or any other requirement that may imposed by the Committee. During the restricted period applicable to the
Restricted Stock, subject to Section 11(b) below, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or
otherwise encumbered by the Participant. Restricted Stock Units may be settled in Stock, cash equal to the Fair Market Value of the specified
number of shares of Stock covered by the Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) <I>Forfeiture</I>. Except as otherwise determined by
the Committee, upon termination of employment during the applicable restriction period, Restricted Stock and Restricted Stock Units that
are at that time subject to restrictions shall be forfeited, provided that the Committee may provide, by rule or regulation or in any
Award agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock and
Restricted Stock Units shall be waived in whole or in part in the event of terminations resulting from specified causes and the Committee
may in other cases waive in whole or in part the forfeiture of Restricted Stock and Restricted Stock Units.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) <I>Certificates for Stock</I>. Restricted Stock granted
under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered
in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions
and restrictions applicable to such Restricted Stock, that the Corporation retain physical possession of the certificates and that the
Participant deliver a stock power to the Corporation, endorsed in blank, relating to the Restricted Stock.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iv) <I>Dividends and Splits</I>. As a condition to the grant
of an Award of Restricted Stock, the Committee may require that any cash dividends paid on a share of Restricted Stock be automatically
reinvested in additional shares of Restricted Stock or applied to the purchase of additional Awards under the Plan, or shall require vesting
of an Award prior to payment of accrued cash dividends. Unless otherwise determined by the Committee, Stock distributed in connection
with a Stock split or Stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture
to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed. The Committee shall
determine and specify in the Restricted Stock Unit Agreement the effect, if any, of dividends paid on Stock during the period such Award
is outstanding.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(e) <I>Deferred Stock</I>. The Committee is authorized to grant Deferred
Stock to Participants, which are rights to receive Stock, cash, or a combination thereof at the end of a specified deferral period, subject
to the following terms and conditions:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) <I>Award and Restrictions</I>. Satisfaction of an Award
of Deferred Stock shall occur upon expiration of the deferral period specified for such Deferred Stock by the Committee (or, if permitted
by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject to such restrictions (which may include
a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at
earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination,
in installments or otherwise, as the Committee may determine. Deferred Stock may be satisfied by delivery of Stock, cash equal to the
Fair Market Value of the specified number of shares of Stock covered by the Deferred Stock, or a combination thereof, as determined by
the Committee at the date of grant or thereafter.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) <I>Forfeiture</I>. Except as otherwise determined by
the Committee, upon termination of employment during the applicable deferral period or portion thereof to which forfeiture conditions
apply (as provided in the Award agreement evidencing the Deferred Stock), all Deferred Stock that is at that time subject to deferral
(other than a deferral at the election of the Participant) shall be forfeited; provided that the Committee may provide, by rule or regulation
or in any Award agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Deferred Stock
shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases
waive in whole or in part the forfeiture of Deferred Stock.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) <I>Dividend Equivalents</I>. Unless otherwise determined
by the Committee at date of grant, Dividend Equivalents on the specified number of shares of Stock covered by an Award of Deferred Stock
shall be either (A) paid with respect to such Deferred Stock at the dividend payment date in cash or in shares of unrestricted Stock having
a Fair Market Value equal to the amount of such dividends, or (B) deferred with respect to such Deferred Stock and the amount or value
thereof automatically deemed reinvested in additional Deferred Stock, other Awards or other investment vehicles, as the Committee shall
determine or permit the Participant to elect.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(f) <I>Bonus Stock and Awards in Lieu of Obligations</I>. The Committee
is authorized to grant Stock as a bonus, or to grant Stock or other Awards in lieu of obligations to pay cash or deliver other property
under the Plan or under other plans or compensatory arrangements, provided that, in the case of Participants subject to Section 16 of
the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions
of Stock or other Awards are exempt from liability under Section 16(b) of the Exchange Act. Stock or Awards granted hereunder shall be
subject to such other terms as shall be determined by the Committee. In the case of any grant of Stock to an officer of the Corporation
in lieu of salary or other cash compensation, the number of shares granted in place of such compensation shall be reasonable, as determined
by the Committee.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(g) <I>Dividend Equivalents</I>. Except with respect to Options and SARs,
which shall not be eligible for Dividend Equivalents, the Committee is authorized to grant Dividend Equivalents to a Participant, entitling
the Participant to receive cash, Stock, other Awards, or other property equal in value to dividends paid with respect to a specified number
of shares of Stock, or other periodic payments. The Committee shall provide that Dividend Equivalents either shall accrue and be paid
or distributed upon the vesting of an Award or shall be deemed to have been reinvested in additional Stock, Awards, or other investment
vehicles and subject to such restrictions on transferability and risks of forfeiture as the Committee may specify.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(h) <I>Other Stock-Based or Cash Awards</I>. The Committee is authorized,
subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued
in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by the Committee to be consistent with the
purposes of the Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable
into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance of the Corporation or any other factors
designated by the Committee and Awards valued by reference to the book value of Stock or the value of securities of or the performance
of specified subsidiaries.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The Committee shall determine the terms and conditions of such Awards. Stock delivered pursuant to an Award
in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by
such methods, and in such forms, including, without limitation, cash, Stock, other Awards, or other property, as the Committee shall determine.
Cash awards, as an element of or supplement to any other Award under the Plan, may also be granted pursuant to this Section 6(h).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>7. <I>Certain Provisions Applicable to Awards.</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>Stand-Alone, Additional, Tandem and Substitute Awards</I>. Awards
granted under the Plan may, in the discretion of the Committee, be granted at any time, either alone or in addition to, in tandem with,
or in substitution or exchange for, any other Award or any award granted under another plan of the Corporation, any subsidiary, or any
business entity to be acquired by the Corporation or a subsidiary, or any other right of a Participant to receive payment from the Corporation
or any subsidiary, but if an Award is granted in substitution or exchange for another Award or award, the Committee shall require the
surrender of such other Award or award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of
cash compensation, including in lieu of cash amounts payable under other plans of the Corporation or any subsidiary, in which the value
of Stock subject to the Award (for example, Deferred Stock or Restricted Stock) is equivalent in value to the cash compensation, provided,
however, that any such Award that is an Option or SAR shall have an exercise price that is at least one hundred percent (100%) of the
Fair Market Value of a share of Stock on the date of grant of such Option or SAR. Notwithstanding the foregoing language of this Section
7(a), no outstanding Option or SAR may be amended to decrease the exercise price except in accordance with Section 11(c), and no outstanding
Option or SAR may be surrendered in exchange for another Award or for cash.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Term of Awards</I>. The term of each Award shall be for such period
as may be determined by the Committee; provided that in no event shall the term of any Option or SAR exceed a period of ten (10) years
(or such shorter term as may be required in respect of an ISO under Code Section 422).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(c) <I>Form and Timing of Payment under Awards; Deferrals</I>. Subject
to the terms of the Plan, including but not limited to Section 11(l), and any applicable Award agreement, (i) payments to be made by the
Corporation or a subsidiary upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee
shall determine, including, without limitation, cash, Stock, other Awards or other property, and may be made in a single payment or transfer,
in installments, or on a deferred basis, (ii) the settlement of any Award may be accelerated, and cash paid in lieu of Stock in connection
with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change in
Control), (iii) installment or deferred payments may be required by the Committee (subject to Section 11(e) of the Plan, including the
consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted
at the election of the Participant on terms and conditions established by the Committee, and (iv) payments may include, without limitation,
provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend
Equivalents or other amounts in respect of installment or deferred payments denominated in Stock.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(d) <I>Exemptions from Section 16(b) Liability</I>. It is the intent
of the Corporation that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the Exchange
Act shall be exempt under Rule 16b-3 (except for transactions acknowledged in writing to be non-exempt by such Participant). Accordingly,
if any provision of this Plan or any Award agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such
transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of
Rule 16b-3 so that such Participant shall avoid liability under Section 16(b).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(e) <I>Cancellation and Rescission of Awards</I>. Unless the Award agreement
specifies otherwise, the Committee may cancel any unexpired, unpaid, or deferred Awards at any time, and the Corporation shall have the
additional rights set forth in Section 7(e)(iv) below, if the Participant is not in compliance with all applicable provisions of the Award
agreement and the Plan including the following conditions:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) While employed by the Corporation or one of its subsidiaries,
a Participant shall not render services for any organization or engage directly or indirectly in any business that, in the judgment of
the Chief Executive Officer of the Corporation or other senior officer designated by the Committee, is or becomes competitive with the
Corporation.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) A Participant shall not, without prior written authorization
from the Corporation, disclose to anyone outside the Corporation, or use in other than the Corporation&rsquo;s business, any confidential
information or material relating to the business of the Corporation that is acquired by the Participant either during or after employment
with the Corporation.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) A Participant shall disclose promptly and assign to
the Corporation all right, title, and interest in any invention or idea, patentable or not, made or conceived by the Participant during
employment by the Corporation, relating in any manner to the actual or anticipated business, research or development work of the Corporation
and shall do anything reasonably necessary to enable the Corporation to secure a patent where appropriate in the United States and in
foreign countries.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.25in">(iv) (A) Upon exercise, settlement, payment or delivery pursuant
to an Award, the Participant shall certify on a form acceptable to the Committee that he or she is in compliance with the terms and conditions
of the Plan. Failure to comply with the provisions of this Section 7(e) prior to, or during the six (6) months after, any exercise, payment
or delivery pursuant to an Award shall cause such exercise, payment or delivery to be rescinded. The Corporation shall notify the Participant
in writing of any such rescission within two (2) years after such exercise, payment or delivery. Within ten (10) days after receiving
such a notice from the Corporation, the Participant shall pay to the Corporation the amount of any gain realized or payment received as
a result of the rescinded exercise, payment or delivery pursuant to an Award. Such payment shall be made either in cash or by returning
to the Corporation the number of shares of Stock that the Participant received in connection with the rescinded exercise, payment or delivery.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-indent: 0.25in">(B) To the extent determined by the Committee,
all Awards shall be subject to the terms and conditions of the Corporation&rsquo;s Recoupment Policies as it exists from time to time.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(f) <I>Limitation of Vesting of Certain Awards.</I> Notwithstanding anything
in this Plan to the contrary, Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock, Dividend Equivalents and Other
Stock-Based Awards, as described in Sections 6(b), 6(c), 6(d), 6(e), 6(g) and 6(h) of the Plan, respectively, granted to employees, and
Awards granted to directors as described in Section 8 of the Plan, will vest over a minimum period of three (3) years, except in the event
of a Participant&rsquo;s death or disability, or in the event of a Change in Control and (i) Options, SARs, Restricted Stock, Restricted
Stock Units, Deferred Stock, Dividend Equivalents and Other Stock-Based Awards as to which either the grant or the vesting is based on
the achievement of one or more performance conditions will vest over a minimum period of one (1) year except in the event of a Participant&rsquo;s
death or disability, or in the event of a Change in Control, and (ii) up to five percent (5%) of the shares of Stock authorized under
the Plan may be granted as Options, SARs, Restricted Stock, Restricted Stock Units, Deferred Stock, Dividend Equivalents or Other Stock-Based
Awards without any minimum vesting requirements. For purposes of this Section 7(f), vesting over a three (3)-year period will include
periodic vesting over such period if the rate of such vesting is proportional throughout such period and in no event shall Awards subject
to a minimum vesting period vest any earlier than one (1) year from the date of grant.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>8. <I>Special Rules for Directors.</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>Awards; Per-Director Award Limitation</I>. Eligible Directors
may receive Awards, including without limitation Awards in respect of their annual retainer and any additional retainers for chairing
the board or a committee of the board, or serving as lead independent director.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">The maximum number of shares of Stock subject to Awards granted under
the Plan during any one fiscal year to any one Eligible Director, taken together with any cash fees paid or Stock otherwise granted by
the Company to such Eligible Director during such fiscal year for service as a non-employee director, will not exceed the following in
total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes):
(i) five hundred thousand dollars ($500,000) for each Eligible Director, and (ii) an additional five hundred thousand dollars ($500,000)
for the Eligible Director designated as independent chairman of the board or as lead independent director, in each such case including
the value of any Awards in Stock that are received in lieu of all or a portion of any annual board chair, committee chair, or lead independent
director cash retainers or similar cash-based payments and excluding, for this purpose, the value of any dividend equivalent payments
paid pursuant to any Awards granted in a previous year.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Deferral of Shares by Directors</I>. Each Eligible Director may
elect to defer the receipt of shares otherwise currently payable to such Eligible Director under Section 8(a) of this Plan until such
Eligible Director terminates service as a director or such other date or event as permitted under rules established by the Board and uniformly
applied. In that event, such Eligible Director shall be granted an award of share credits equal to the number of shares of Stock elected
to be deferred, including fractional share credits to not less than three decimal places.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(c) <I>Settlement</I>. As soon as practicable after an Eligible Director
has ceased being a Director of the Corporation or such other date or event elected by an Eligible Director under Section 8(b), all awards
shall be paid to the Eligible Director or, in the case of the death of the Eligible Director, the Eligible Director&rsquo;s designated
beneficiary or beneficiaries, or in the absence of a designated beneficiary, to the estate of the Eligible Director, in a single payment
or installments as elected by the Eligible Director.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(d) <I>Dividend Equivalents</I>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) In addition to the payment provided for in Section 8(c),
each Eligible Director (or beneficiary) entitled to payment under this Section 8(d) shall receive at the same time the dividend equivalent
amounts calculated under subsection (ii) below.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.25in">(ii) The dividend equivalent amount is the number of additional
share credits attributable to the number of share credits originally granted plus additional share credits previously calculated hereunder.
Such additional share credits shall be determined and credited as of each dividend payment date by dividing the aggregate cash dividends
that would have been paid had share credits awarded or credited (but not yet paid) under this Section 8(d), as the case may be, been actual
shares of Stock on the record date for such dividend by the Fair Market Value of Stock on the dividend payment date. Fractional share
credits shall be calculated to not less than three decimal places.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(e) <I>Payment; Fractional Shares</I>. Payments pursuant to Sections
8(c) and 8(d) above shall be made in shares of Stock, except that there shall be paid in cash the value of any fractional share.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>9. <I>Performance Awards.</I></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>Performance Conditions.</I> The right of a Participant to exercise
or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified
by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing
any performance conditions and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance
conditions. Performance goals may differ for Performance Awards granted to any one Participant or to different Participants.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Business Criteria</I>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) One or more of the following business criteria for the
Corporation, on a consolidated basis, and/ or for specified subsidiaries or business units of the Corporation (except with respect to
the total stockholder return and earnings per share criteria), may be used by the Committee in establishing performance goals for such
Performance Awards: (1) earnings per share; (2) revenues; (3) cash flow; (4) cash flow return on investment; (5) return on net assets,
return on assets, return on investment, return on capital, return on equity; (6) economic value added; (7) operating margin; (8) Common
Knowledge Retail Customer Service score or a similar customer service measurement as measured by a third-party administrator; (9) Pharmacy
Benefit Services Customer Satisfaction score; (10) net income; pretax earnings; pretax earnings before interest, depreciation and amortization;
pretax operating earnings after interest expense and before incentives, service fees and extraordinary or special items; operating earnings;
(11) total stockholder return; (12) any of the above goals as compared to the performance of a published or special index deemed applicable
by the Committee including, but not limited to, the Standard &amp; Poor&rsquo;s 500 Stock Index or a group of comparator companies; or
(13) any other objective or subjective business criteria.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">(ii) Profit, earnings and revenues used for any performance goal
measurement may exclude, without limitation,:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">gains or losses on operating asset sales or dispositions; asset
write-downs; litigation or claim judgments or</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">settlements; accruals for historic environmental obligations;
effect of changes in tax law or rate on deferred tax</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">assets and liabilities; accruals for reorganization and restructuring
programs; uninsured catastrophic property</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">losses; the effect of changes in accounting standards; the cumulative
effect of changes in accounting principles;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">the effect of dispositions of companies or businesses; charges
related to the acquisition and integration of</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">companies or businesses; and any items excluded from the calculation
of ordinary income (or loss) determined</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">in accordance with generally accepted accounting principles (which
may include, without limitation,</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">extraordinary items or significant unusual or infrequently occurring
items) and/or described in management&rsquo;s</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">discussion and analysis of financial performance appearing in
the Corporation&rsquo;s annual report to stockholders</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">for the applicable year.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">(c) <I>Performance Period</I>. Achievement of performance goals in respect
of such Performance Awards shall be measured over a performance period of at least one (1) year and up to ten (10) years, as specified
by the Committee.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(d) <I>Settlement of Performance Awards; Other Terms.</I> Settlement
of such Performance Awards shall be in cash, Stock, other Awards or other property, at the discretion of the Committee. The Committee
may, in its discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance Awards, but may not
exercise discretion to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to this Section
9(b). The Committee shall specify the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination
of employment of the Participant prior to the end of a performance period or settlement of Performance Awards.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>10. Change in Control.</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>Effect of &ldquo;Change in Control&rdquo;.</I> In the event that
a Participant experiences a Termination Without Cause or a Constructive Termination Without Cause within two (2) years following a &ldquo;Change
in Control,&rdquo; the following provisions shall apply unless otherwise provided in the Award agreement:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) Within two (2) years of a Change in Control, any Award
carrying a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested upon a Termination
Without Cause or a Constructive Termination Without Cause and shall remain exercisable and vested for the balance of the stated term of
such Award without regard to any termination of employment by the Participant, subject only to applicable restrictions set forth in Section
11(a) hereof;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) Within two (2) years of a Change in Control, the restrictions,
deferral of settlement and forfeiture conditions applicable to any other Award granted under the Plan shall lapse and such Awards shall
be deemed fully vested upon a Termination Without Cause or a Constructive Termination Without Cause, except to the extent of any waiver
by the Participant and subject to applicable restrictions set forth in Section 11(a) hereof; and</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) With respect to any outstanding Award subject to achievement
of performance goals and conditions under the Plan, such performance goals and other conditions will be deemed to be met at actual performance
or prorated as of the date of termination.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Definition of &ldquo;Change in Control&rdquo;. </I>A &ldquo;Change
in Control&rdquo; shall be deemed to have occurred if:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) any Person (other than (w) the Corporation, (x) any trustee
or other fiduciary holding securities under any employee benefit plan of the Corporation, (y) any corporation owned, directly or indirectly,
by the stockholders of the Corporation immediately after the occurrence with respect to which the evaluation is being made in substantially
the same proportions as their ownership of the common stock of the Corporation immediately prior to such occurrence, or (z) any surviving
or resulting entity from a merger or consolidation referred to in clause (iii) below that does not constitute a Change in Control under
clause (iii) below) becomes the Beneficial Owner (except that a Person shall be deemed to be the Beneficial Owner of all shares that any
such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants or options
or otherwise, without regard to the sixty (60) day period referred to in Rule 13d-3 under the Exchange Act), as directly or indirectly,
of securities of the Corporation or of any subsidiary owning directly or indirectly all or substantially all of the consolidated assets
of the Corporation (a &ldquo;Significant Subsidiary&rdquo;), representing thirty percent (30%) or more of the combined voting power of
the Corporation&rsquo;s or such Significant Subsidiary&rsquo;s then outstanding securities;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) during any period of twelve (12) consecutive months,
individuals who at the beginning of such period constitute the Board, and any new director whose election by the Board or nomination for
election by the Corporation&rsquo;s stockholders was approved by a vote of at least a majority of the directors then still in office who
either were directors at the beginning of the twelve (12)-month period or whose election or nomination for election was previously so
approved, cease for any reason to constitute at least a majority of the Board;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) the consummation of a merger or consolidation of the
Corporation or any Significant Subsidiary with any other entity, other than a merger or consolidation which would result in the voting
securities of the Corporation or a Significant Subsidiary outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving or resulting entity) more than fifty percent (50%) of the combined
voting power of the surviving or resulting entity outstanding immediately after such merger or consolidation; or</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iv) the consummation of a transaction (or series of transactions
within a twelve (12)-month period) which constitutes the sale or disposition of all or substantially all of the consolidated assets of
the Corporation but in no event assets having a gross fair market value of less than forty percent (40%) of the total gross fair market
value of all of the consolidated assets of the Corporation (other than such a sale or disposition immediately after which such assets
will be owned directly or indirectly by the stockholders of the Corporation in substantially the same proportions as their ownership of
the common stock of the Corporation immediately prior to such sale or disposition.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(c) <I>Definition of &ldquo;Termination Without Cause&rdquo; and &ldquo;Constructive
Termination Without Cause&rdquo;.</I></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(i) &ldquo;Termination Without Cause&rdquo; shall mean the
involuntary termination of a Participant&rsquo;s employment by the Corporation or a subsidiary without Cause.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(ii) &ldquo;Constructive Termination Without Cause&rdquo;
shall mean the Participant&rsquo;s termination of his or her employment following the occurrence, without the Participant&rsquo;s written
consent, of one or more of (A) an assignment of any duties to the Participant that is materially inconsistent with Participant&rsquo;s
position, (B) a material decrease in Participant&rsquo;s annual base salary or target annual incentive award opportunity, or (C) a relocation
of Participant&rsquo;s principal place of employment more than thirty-five (35) miles from Participant&rsquo;s place of employment before
such relocation.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">In all cases, no Constructive Termination Without Cause shall be deemed to have occurred if any such event occurs as
a result of a prior termination. In addition, no Constructive Termination Without Cause shall be deemed to have occurred unless the Participant
provides written notice to the Corporation that any such event has occurred, which notice identifies the event and is provided within
thirty (30) days of the initial occurrence of such event, a cure period of forty-five (45) days following the Corporation&rsquo;s receipt
of such notice expires and the Corporation has not cured such event within such cure period, and the Participant actually terminates his/her
employment within thirty (30) days of the expiration of the cure period.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in">(iii) &ldquo;Cause&rdquo; shall be deemed to occur if the
Participant (A) willfully and materially breaches any of his or her obligations to the Corporation with respect to confidentiality, cooperation
with regard to litigation, non-disparagement and non-solicitation; (B) is convicted of a felony involving moral turpitude; or (C) engages
in conduct that constitutes willful gross neglect or willful gross misconduct in carrying out Participant&rsquo;s duties to the Corporation,
resulting, in either case, in material harm to the financial condition or reputation of the Corporation.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>11. General Provisions.</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(a) <I>Compliance with Legal and Other Requirements.</I> The Corporation
may, to the extent deemed necessary or advisable by the Committee, postpone the issuance or delivery of Stock or payment of other benefits
under any Award until completion of such registration or qualification of such Stock or other required action under any federal or state
law, rule or regulation, listing or other required action with respect to any stock exchange or automated quotation system upon which
the Stock or other securities of the Corporation are listed or quoted, or compliance with any other obligation of the Corporation, as
the Committee may consider appropriate, and may require any Participant to make such representations, furnish such information and comply
with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Stock or payment
of other benefits in compliance with applicable laws, rules, and regulations, listing requirements, or other obligations. The foregoing
notwithstanding, in connection with a Change in Control, the Corporation shall take or cause to be taken no action, and shall undertake
or permit to arise no legal or contractual obligation, that results or would result in any postponement of the issuance or delivery of
Stock or payment of benefits under any Award or the imposition of any other conditions on such issuance, delivery or payment, to the extent
that such postponement or other condition would represent a greater burden on a Participant than existed on the ninetieth (90<SUP>th</SUP>)
day preceding the Change in Control.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(b) <I>Limits on Transferability; Beneficiaries. </I>No Award or other
right or interest of a Participant under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation
or liability of such Participant to any party (other than the Corporation or a subsidiary), or assigned or transferred by such Participant
otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant, and such Awards or
rights that may be exercisable shall be exercised during the lifetime of the Participant only by the Participant or his or her guardian
or legal representative, except that Awards and other rights (other than ISOs in tandem therewith) may be transferred (without receipt
of value from the transferee) to one or more Beneficiaries, family members or other permitted transferees designated by the Committee
during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of such Award, but only
if and to the extent such transfers are permitted by the Committee pursuant to the express terms of an Award agreement (subject to any
terms and conditions which the Committee may impose thereon). A Beneficiary, transferee, or other person claiming any rights under the
Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award agreement applicable to such
Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate
by the Committee.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(c) <I>Adjustments. </I>In the event that any dividend or other distribution
(whether in the form of cash, Stock, or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation,
spin-off, combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction or event affects the
Stock such that an adjustment is determined by the Committee to be appropriate under the Plan, then the Committee shall, in such manner
as it may deem equitable, adjust any or all of (i) the number and kind of shares of Stock which may be delivered in connection with Awards
granted thereafter, (ii) the number and kind of shares of Stock by which annual per-person Award limitations are measured under Section
5 hereof, (iii) the number and kind of shares of Stock subject to or deliverable in respect of outstanding Awards, and (iv) the exercise
price, grant price or purchase price relating to any Award and/or make provision for payment of cash or other property in respect of any
outstanding Award. In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included
in, Awards (including Performance Awards and performance goals) in recognition of unusual or nonrecurring events (including, without limitation,
events described in the preceding sentence, as well as acquisitions and dispositions of businesses and assets) affecting the Corporation,
any subsidiary or any business unit, or the financial statements of the Corporation or any subsidiary, or in response to changes in applicable
laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee&rsquo;s assessment
of the business strategy of the Corporation, any subsidiary or business unit thereof, performance of comparable organizations, economic
and business conditions, personal performance of a Participant, and any other circumstances deemed relevant.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(d) <I>Taxes. </I>The Corporation and any subsidiary is authorized to
withhold from any Award granted, any payment relating to an Award under the Plan, including from a distribution of Stock, or any payroll
or other payment to a Participant, amounts of withholding and other taxes required to be withheld by the applicable employment tax rules
in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the
Corporation to satisfy obligations for the payment of withholding taxes relating to any Award. To the extent permitted by applicable law,
the Committee shall be entitled to deduct and withhold additional amounts so long as such additional deductions would not cause an Award
classified as equity under applicable accounting principles and standards to be classified as a liability award under such principles
and standards. The Committee&rsquo;s authority shall also include authority to withhold or receive Stock or other property and to make
cash payments in respect thereof in satisfaction of such withholding tax obligations.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(e) <I>Changes to the Plan and Awards. </I>The Board may amend, alter,
suspend, discontinue or terminate the Plan or the Committee&rsquo;s authority to grant Awards under the Plan without the consent of stockholders
or Participants, except that any amendment or alteration to the Plan shall be subject to the approval of the Corporation&rsquo;s stockholders
not later than the annual meeting next following such Board action if such stockholder approval is required by any federal or state law
or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, or if
the amendment increases the number of shares of Stock reserved and available for delivery in connection with Awards, materially modifies
the requirements as to eligibility for participation in the Plan, or materially increases the benefits accruing to Participants, and the
Board may otherwise, in its discretion, determine to submit other such changes to the Plan to stockholders for approval; provided that,
without the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant
under any previously granted and outstanding Award, except to the extent the Committee considers such amendment necessary or advisable
to comply with any law, regulation, ruling, judicial decision, accounting standards, regulatory guidance or other legal requirement. Subject
to the provisions of Section 7(a) the Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate
any Award theretofore granted and any Award agreement relating thereto, except as otherwise provided in the Plan; provided that, without
the consent of an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under
such Award.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(f) <I>Limitation on Rights Conferred under Plan. </I>Neither the Plan
nor any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible
Person or Participant or in the employ or service of the Corporation or a subsidiary, (ii) interfering in any way with the right of the
Corporation or a subsidiary to terminate any Eligible Person&rsquo;s or Participant&rsquo;s employment or service at any time, (iii) giving
an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants
and employees, or (iv) conferring on a Participant any of the rights of a stockholder of the Corporation unless and until the Participant
is duly issued or transferred shares of Stock in accordance with the terms of an Award.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(g) <I>Unfunded Status of Awards; Creation of Trusts. </I>The Plan is
intended to constitute an &ldquo;unfunded&rdquo; plan for incentive and deferred compensation. With respect to any payments not yet made
to a Participant or obligation to deliver Stock pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant
any rights that are greater than those of a general creditor of the Corporation; provided that the Committee may authorize the creation
of trusts and deposit therein cash, Stock, other Awards or other property, or make other arrangements to meet the Corporation&rsquo;s
obligations under the Plan. Such trusts or other arrangements shall be consistent with the &ldquo;unfunded&rdquo; status of the Plan unless
the Committee otherwise determines with the consent of each affected Participant. The trustee of such trusts may be authorized to dispose
of trust assets and reinvest the proceeds in alternative investments, subject to such terms and conditions as the Committee may specify
and in accordance with applicable law.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(h) <I>Non-exclusivity of the Plan. </I>Neither the adoption of the Plan
by the Board nor its submission to the stockholders of the Corporation for approval shall be construed as creating any limitations on
the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(i) <I>Payments in the Event of Forfeitures; Fractional Shares. </I>Unless
otherwise determined by the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid cash or other
consideration, the Participant shall be repaid the amount of such cash or other consideration. No fractional shares of Stock shall be
issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall
be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise
eliminated.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(j) <I>Governing Law. </I>The validity, construction and effect of the
Plan, any rules and regulations under the Plan, and any Award agreement shall be determined in accordance with the Delaware General Corporation
Law, without giving effect to principles of conflicts of laws, and applicable federal law.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(k) <I>Recoupment. </I>Each Award under the Plan shall be subject to
the terms of the Corporation&rsquo;s Recoupment Policies, and to such other recoupment policies or provisions as may be required under
the terms of any agreement between the Corporation and any regulatory authority or as may be required under applicable law.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(l) <I>Code Section 409A. </I>With respect to Awards subject to Code
Section 409A, the Plan is intended to comply with the requirements of Code Section 409A, and the provisions hereof shall be interpreted
in a manner that satisfies the requirements of Code Section 409A and the related regulations, and the Plan shall be operated accordingly.
If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision,
term or condition will be interpreted and deemed amended so as to avoid this conflict. The Committee may not accelerate the payment or
settlement of any Award that constitutes a deferral of compensation for purposes of Code Section 409A except to the extent such acceleration
would not result in the Participant incurring interest or additional tax under Code Section 409A. Notwithstanding anything in the Plan
to the contrary, if a Participant is determined under rules adopted by the Committee to be a &ldquo;specified employee&rdquo; within the
meaning of Code Section 409A(a)(2)(B)(i) and as defined in the Corporation&rsquo;s Universal 409A Definition Document, payment under any
Award hereunder shall be delayed to the extent necessary to avoid a violation of Code Section 409A.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">(m) <I>Plan Effective Date and Stockholder Approval; Expiration Date.
</I>The Plan has been initially adopted by the Board on March 2, 2017, subject to approval by the stockholders of the Corporation, in
accordance with applicable law. The Plan will become effective on the date of such approval. Unless an extension is approved by the stockholders
of the Corporation, the Plan shall have a term that expires on May 9, 2027, after which no further Awards may be made, provided, however,
that&nbsp;the&nbsp;provisions of the Plan shall continue to apply to Awards made prior to such date. The Plan as last amended was adopted
by the Board on March 21, 2024, and became effective upon approval by the Company&rsquo;s stockholders on May 16, 2024 by a vote sufficient
to meet the requirements of Section 423(b)(2) of the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 107.1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 5.05pt; text-align: center"><B>CALCULATION OF FILING FEE TABLE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 5.05pt; text-align: center"><B>S-8</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 5.05pt; text-align: center">(Form Type)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.75pt 6pt 5.05pt; text-align: center"><B>CVS Health Corporation<BR>
</B>(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><U>Table 1: Newly Registered Securities</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Security Class Title</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Calculation Rule</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount Registered</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Offering Price Per Unit</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum Aggregate Offering Price</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Registration Fee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Class A Common Stock, $0.01 par value per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Other</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">33,500,000 (1)(2)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$57.0075 (3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$1,909,751,250 (3)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">0.00014760</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$281,879.29 (3)</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$1,909,751,250 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$281,879.29</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$281,879.29</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">This Registration Statement on Form S-8 relates to 33,500,000 shares of common stock, par value $0.01
per share (&ldquo;<B>Common Stock</B>&rdquo;), of CVS Health Corporation (the &ldquo;<B>Company</B>&rdquo; or the &ldquo;<B>Registrant</B>&rdquo;)
issuable pursuant to the 2017 Incentive Compensation Plan of CVS Health Corporation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416(a) under the Securities Act of 1933 (the &ldquo;<B>Securities Act</B>&rdquo;), this
Registration Statement also covers any additional shares of Common Stock that become issuable under the Plan by any reason of any stock
dividend, stock split, or other similar transaction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating
the registration fee in accordance with Rule 457(c) and (h) under the Securities Act based o<FONT STYLE="background-color: white">n a
price of $57.0075 per share of Common Stock, which is the average of the high and low price per Common Share as reported by the&nbsp;New York
Stock Exchange&nbsp;on May&nbsp;16,&nbsp;2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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