Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (the “Agreement”) is made and entered on the date specified on the signature page hereto, effective as of May 4, 2016 (the “Effective Date”), by and between Express Scripts Holding Company, a Delaware corporation (“ESHC”), and Timothy Wentworth (“Executive”).

WHEREAS, the parties wish to enter into this Agreement to set forth the terms and conditions of Executive’s employment with the Company; and

WHEREAS, this Agreement supersedes and replaces the Executive Employment Agreement between ESHC and Executive dated February 1, 2014 (the “Prior Agreement”).

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

For purposes of this Agreement, each term defined in the preamble and recitals has the meaning assigned to it and each of the following terms shall have the following meanings:

1.1 “Accrued Rights” has the meaning set forth in Section 4.1.

1.2 “Adjusted Performance Shares” has the meaning set forth in Section 4.3(c)(iv).

1.3 “Annual Base Salary” means the base salary set forth in Section 3.1.

1.4 “Annual Bonus” means Executive’s annual performance-based cash bonus paid out pursuant to the Annual Bonus Program, as described in Section 3.2.

1.5 “Annual Bonus Program” means the annual performance-based cash bonus program established by the Committee and the Board with respect to each fiscal year and pursuant to the applicable Incentive Plan.

1.6 “Board” means the Board of Directors of ESHC.

1.7 “Cause” means:

(a) any act or acts by Executive, whether or not in connection with his employment by the Company, constituting, or Executive’s conviction or plea of guilty or nolo contendere (no contest) to (whether or not any right to appeal or vacate said conviction or plea has been or may be exercised), (i) a felony under applicable law or (ii) a misdemeanor involving fraud, theft, dishonesty or moral turpitude;

(b) any act or acts of gross dishonesty, including, but not limited to, directly or indirectly, the actual or attempted misappropriation by Executive of the Company’s or its clients’ funds or property, or the actual or attempted appropriation of a business opportunity of the Company, including knowingly allowing or overlooking any such conduct; or any act or acts of gross misconduct in the performance of Executive’s duties hereunder;

(c) any willful malfeasance or willful misconduct by Executive in connection with Executive’s duties hereunder or any act or omission which is materially injurious to the financial condition or business reputation of the Company; or

(d) any breach by Executive of the provisions of Sections 5.1 through 5.3 of this Agreement, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement

Notwithstanding the foregoing, the event(s) described in clause (c) of this Section 1.7 shall not be deemed to constitute “Cause” if such event is (i) primarily the result of bad judgment or negligence on the part of Executive not rising to the level of gross negligence; or (ii) primarily because of an act or omission believed by Executive in good faith to have been in, or not opposed to, the interests of the Company.

1.8 “Change in Control” means a Change in Control as that term is defined in the ESHC 2016 Long-Term Incentive Plan and any successors thereto, as amended from time to time.

1.9 “CIC Pro Rata Bonus” has the meaning set forth in Section 4.2(b)(iv).

1.10 “CIC Severance Benefit” means a severance payment in an amount equal to:

(a) twenty-four (24) months of Executive’s Annual Base Salary as in effect immediately prior to the Termination Date, plus

(b) an amount equal to two hundred percent (200%) of the Target Bonus.

1.11 “Code” means the Internal Revenue Code of 1986, as amended.

1.12 “Committee” means the Compensation Committee of the Board.

1.13 “Company” means ESHC and, where context requires, its affiliates.

1.14 “Competitive Business” means a business that is, or will be, engaged wholly or primarily in the business of manufacturing, purchasing, selling or supplying in the United States or Canada, or in any other country in which the Company conducts business, any product or service manufactured, purchased, sold, supplied, or provided by the Company (including, without limitation, businesses which the Company has specific plans to conduct in the future and as to which Executive is aware of such planning) in the United States or Canada, or in any other country in which the Company conducts business, or which provides or will provide consulting or advisory services, including but not limited to audit reviews and evaluations of requests for proposals, which concern or could affect any existing or prospective relationship between the Company and any third party, including its customers, prospective customers, vendors, suppliers and drug manufacturers.

1.15 “Covered Equity Awards” means the following awards granted to Executive under the Incentive Plan: any and all Options, Stock Appreciation Rights, Restricted Stock Units or Performance Shares (as such terms are defined in the applicable Incentive Plan) granted on or after the effective date of the Prior Agreement, but during the term of this Agreement and the Prior Agreement.

1.16 “Covered Payments” means the amounts described in Section 7.12.

1.17 “Deemed Retirement Date” means the later to occur of (a) the date six months after Executive properly delivers a Notice of Retirement, or (b) the Termination Date.

1.18 “Disability” has the meaning ascribed to such term in the ESHC 2016 Long-Term Incentive Plan and any successors thereto, as amended from time to time.

1.19 “Early Retirement” means a voluntary termination of employment by Executive which is not a Tenured Retirement, and which meets all of the following requirements:

(a) Executive shall have properly delivered a Notice of Retirement at least six (6) months prior to the proposed effective date of the Early Retirement; and

(b) as of the date of proper delivery of the Notice of Retirement: (i) Executive shall be at least 54  ¹ ⁄ ₂ years of age; (ii) Executive shall have served on Senior Staff for a continuous period of at least 4  ¹ ⁄ ₂ years up to and including the date such Notice of Retirement is delivered, and (iii) the sum of the Executive’s age plus cumulative years of service on Senior Staff shall equal at least 64.

1.20 “Early Retirement Option Expiration Date” means, (i) with respect to Options or Stock Appreciation Rights granted on or following the effective date of the Prior Agreement, the first to occur of (A) the expiration of such grant’s respective term (as set forth in the applicable option or stock appreciation right agreement or notice), or (B) the four-year anniversary of the date of the Early Retirement.

1.21 “Early Retirement Period” means a number of months equal to the number of months from the first day of the calendar month of Executive’s 55th birthday to the Deemed Retirement Date, truncated to a whole number (e.g., if an Executive’s 55th birthday was February 11, 2015 and his Deemed Retirement Date was November 5, 2015, the Early Retirement Period would be nine months – the truncated number of months from February 1, 2015 to November 5, 2015).

1.22 “Early Retirement Vesting Factor” means a fraction, the numerator of which is the number of whole months in the Early Retirement Period, and the denominator of which is 60; provided , however , that under no circumstances may the Early Retirement Vesting Factor be greater than one (or, if expressed as a percentage, 100%).

1.23 “Employment Period” means the Initial Employment Period plus any additional Renewal Periods.

1.24 “Excise Tax” means the excise tax imposed by Section 4999 of the Code or any similar state or local tax that may be imposed.

1.25 “Good Reason” means the occurrence of any one or more of the following:

(a) Any material breach by the Company of any of the provisions of this Agreement or any material failure by the Company to carry out any of its obligations hereunder;

(b) The Company’s requiring Executive to be based at any office or location more than 50 miles from One Express Way, Saint Louis, Missouri (the “Current Headquarters”), except for travel reasonably required in the performance of Executive’s responsibilities to the extent substantially consistent with Executive’s business travel obligations;

(c) Any substantial and sustained diminution in Executive’s authority or responsibilities from those described in Section 2.3; provided , however , notwithstanding the foregoing, (i) in the event a Change in Control shall occur which results in ESHC becoming a subsidiary of another pharmacy benefit management company (“PBM”), or which is in the form of a merger in which the surviving corporation or entity is a PBM (x) so long as Executive is offered a position and continues to be employed as an officer of the parent PBM (or surviving corporation or entity) with duties and responsibilities which are not inconsistent in any material adverse respect with Executive’s duties and responsibilities immediately prior to such Change in Control, and such position is based at an office or location not more than 50 miles from the Current Headquarters, such change in position shall not constitute Good Reason, but (y) if Executive is not offered a position as, or ceases to be employed as, an officer of the parent PBM or surviving corporation or entity as described in (x), a substantial and sustained diminution in Executive’s authority or responsibility shall be deemed to have occurred; or (ii) in the event a Change in Control shall occur which results in ESHC becoming a subsidiary of a non-PBM or is in the form of a merger in which the surviving corporation or entity is not a PBM, failure to receive an offer to serve as an officer of the non-PBM parent or surviving corporation or entity shall not constitute Good Reason provided Executive’s duties subsequent to the Change in Control are not inconsistent in any material adverse respect with his duties immediately prior to the Change in Control, and such position is based at an office or location not more than 50 miles from the Current Headquarters;

(d) The material diminution of the perquisites or benefits Executive enjoys in the aggregate under the Company’s benefit programs (including long-term incentive compensation programs), such as any of the Company’s pension, savings, vacation, life insurance, medical, health and accident, disability or long-term incentive plans in which he was participating at the time of any such material discontinuation (or,

alternatively, if such plans are amended, modified or discontinued, material diminution of benefits thereunder in the aggregate), or the taking of any action by the Company which would directly or indirectly cause such benefits to be materially diminished in the aggregate to the benefits in effect immediately prior to taking such action; provided, that a material diminution in the context of long-term incentives shall be measured based on Executive’s long-term incentive opportunity; provided, further, that any amendment, modification or discontinuation of any plans or benefits referred to in this subsection (d) that generally affect substantially all other domestic salaried employees of the Company who were eligible to participate, and participated, in the affected Company benefit program(s) shall not be deemed to constitute Good Reason; and

(e) The failure of the Company to renew this Agreement for an additional Renewal Period under Section 2.2, unless the current Employment Period is scheduled to end after Executive has attained the age of 65;

provided , that the events described in Section 1.25(a), (b), (c) or (d) above shall only constitute Good Reason if the Company fails to cure such event within 30 days after receipt from Executive of written notice of the event which constitutes Good Reason, and the event described in Section 1.25(e) shall only constitute Good Reason if the Company has received written notice from Executive specifically expressing a desire to renew this Agreement which notice must be received no more than 75 days, and no less than 30 days prior to the expiration of the then current Employment Period; and provided , further that, for the events described in Sections 1.25(a), (b), (c) or (d) above, “Good Reason” shall cease to exist for an event on the 90th day following the later of its occurrence or Executive’s knowledge thereof, unless Executive has given the Company written notice thereof prior to such date. For the avoidance of doubt, Executive’s voluntary resignation (other than in circumstances constituting Good Reason hereunder) or termination by the Company for Cause shall not constitute termination for Good Reason.

1.26 “Incentive Plan” means the Express Scripts Holding Company 2016 Long-Term Incentive Plan, the Express Scripts, Inc. 2011 Long-Term Incentive Plan, the Express Scripts, Inc. 2000 Long-Term Incentive Plan, the Medco Health Solutions, Inc. 2002 Stock Incentive Plan, and in each case, any successors thereto, as amended from time to time.

1.27 “Initial Employment Period” has the meaning set forth in Section 2.2.

1.28 “Nondisclosure and Noncompetition Agreement” means any Form of Nondisclosure, Nonsolicitation, and Noncompetition Agreement entered into or previously entered into by and between Executive and the Company, as may be amended from time to time, or any successor form agreement.

1.29 “Notice of Retirement” means a notice of any purported Retirement by Executive as further described in Section 4.5(b).

1.30 “Notice of Termination” means a notice of any purported termination of Executive’s employment by the Company or by Executive as further described in Section 4.5.

1.31 “Payment Cap” means the maximum amount described in Section 7.12.

1.32 “Policy” has the meaning set forth in Section 7.16.

1.33 “Post-Retirement Performance Share Factor” means a fraction determined as follows:

(a) The numerator shall be the sum of (i) the number of calendar years in a Performance Period (as such term is defined in the Incentive Plan) during which Executive was employed by the Company as of December 31 of such year, plus (ii) an additional one year for the calendar year in which the Termination Date occurs, provided that Executive was employed by the Company during such year for at least three full calendar months prior to the Termination Date, and further provided that such additional year was not already included in this Section 1.33(a)(i) above (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, and a Termination Date of March 31, 2016 or thereafter, the numerator shall be two); and

(b) The denominator shall be the number of full calendar years in a Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, the denominator shall be three).

1.34 “Pro Rata Bonus” has the meaning set forth in Section 4.2(a)(iv). 1.35 “Renewal Period” has the meaning set forth in Section 2.2. 1.36 “Retiree Plan” has the meaning set forth in Section 4.2.

1.37 “Retirement” means (i) an Early Retirement, (ii) a Tenured Retirement or (iii) any termination of employment which becomes effective on or after Executive has reached the age of 59  ¹ ⁄ ₂ , other than a termination of employment for Cause or due to death or Disability.

1.38 “Senior Staff” means those members of the Company’s senior management team with a pay grade of M3 or higher, or a similar level under any new or revised salary grading system utilized by the Company or, with respect to the period prior to the Effective Date of the Prior Agreement, those members of the senior management of Medco Health Solutions, Inc., with a pay grade of E02 or higher.

1.39 “Severance Benefit” means a severance payment in an amount equal to:

(a) eighteen (18) months of Executive’s Annual Base Salary as in effect immediately prior to the Termination Date, plus

(b) an amount equal to one hundred fifty percent (150%) of the Target Bonus.

1.40 “Target Bonus” has the meaning set forth in Section 3.2.

1.41 “Tenured Retirement” means a voluntary termination of employment by Executive which meets all of the following requirements:

(a) Executive shall have properly delivered a Notice of Retirement at least six (6) months prior to the proposed effective date of the Retirement;

(b) as of the date of proper delivery of the Notice of Retirement (i) Executive shall be at least 59  ¹ ⁄ ₂ years of age, and (ii) Executive shall have served on Senior Staff for a continuous period of at least 4  ¹ ⁄ ₂ years up to and including the date such Notice of Retirement is delivered.

1.42 “Termination Date” means the effective date of termination of Executive’s employment as determined in accordance with Section 4.5.

1.43 “Termination Year” has the meaning set forth in Section 4.2(a)(iv).

1.44 “Welfare Benefit” has the meaning set forth in Section 4.2.

1.45 “Welfare Period” has the meaning set forth in Section 4.2.

ARTICLE II

TERM/POSITION

2.1 Employment; Effectiveness of Agreement . Effective as of the Effective Date, the Company employs Executive, and Executive accepts such employment, according to the terms and conditions set forth in this Agreement. The parties acknowledge that Executive may be employed by ESHC or any of its subsidiaries or affiliated entities, and such employment shall be governed by this Agreement.

2.2 Term . Unless terminated earlier pursuant to Sections 4.1 through 4.5 of this Agreement, the term of Executive’s employment under this Agreement commenced on the Effective Date and continues through March 31, 2019 (the “Initial Employment Period”). This Agreement may be extended by the Company and Executive beyond the Initial Employment Period (any such additional period, a “Renewal Period”) upon the mutual written agreement of the Company and Executive. The Initial Employment Period and any Renewal Periods, if any, shall constitute the “Employment Period” for purposes of this Agreement. If there are no Renewal Periods, then the Employment Period shall have the same meaning as Initial Employment Period. Notwithstanding the foregoing, upon a Change in Control, if less than twenty-four (24) months remain in the then-current Employment Period from the date of the Change in Control, the Employment Period shall automatically extend for an additional number of months such that twenty-four (24) months remain in the Employment Period from the date of the Change in Control. Except as set forth in Section 7.1, upon termination of Executive’s employment with the Company in accordance with the terms hereof or upon termination of the Initial Employment Period or the Employment Period without extension thereof, this Agreement shall terminate and no longer be of any force or effect.

2.3 Position and Duties . Executive shall hold the position of President and Chief Executive Officer of ESHC and shall report to, an at all times be subject to the lawful direction of the Board. If requested, Executive shall also serve as a member of the Board without additional compensation. During the Employment Period, Executive shall devote his best efforts and his full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business affairs of the Company. Executive shall perform his duties and responsibilities to the best of his abilities in a diligent, trustworthy, businesslike and efficient manner. Nothing herein shall preclude Executive from, (a) subject to the prior written consent of the Board, or an appropriate committee of the Board, serving on any for-profit corporate or governmental board of directors (b) serving on the board of, or working for, any charitable, not-for-profit or community organization, (c) pursuing his personal, financial and legal affairs, or (d) pursuing any other activity; provided , that Executive shall not engage in any other business, profession, occupation or other activity, for compensation or otherwise, which would violate the provisions of Section 5.1 or would, in each case, and in the aggregate, otherwise conflict or interfere with the performance of Executive’s duties and responsibilities hereunder, either directly or indirectly, without the prior written consent of the Board or an appropriate committee of the Board.

ARTICLE III

COMPENSATION AND BENEFITS

3.1 Annual Base Salary . Effective as of the Effective Date and during the Employment Period following the Effective Date, the Company shall pay Executive a base salary (“Annual Base Salary”) at the annual rate of One Million and Four Hundred Thousand Dollars ($1,400,000), which shall be payable in regular installments in accordance with the Company’s usual payroll practices. Executive shall be eligible for such increases in Executive’s Annual Base Salary, if any, as may be determined from time to time in the sole discretion of the Board or the Committee; provided , that any such increase shall not serve to limit or reduce any other obligation to Executive under this Agreement. The term “Annual Base Salary” as used in this Agreement shall refer to the Annual Base Salary as in effect from time to time during the Employment Period. Executive’s Annual Base Salary shall not be reduced after any such increase without Executive’s express written consent.

3.2 Annual Incentive Compensation . Executive shall be eligible to participate in the Company’s Annual Bonus Program. The size of Executive’s bonus opportunity for any calendar year shall be no less than One Hundred and Seventy Five Percent (175%) of Executive’s Annual Base Salary (the “Target Bonus”) for any calendar year, pro-rated for any modification during the year. Executive shall be eligible for minimum Target Bonus opportunity increases, if any, as may be determined from time to time in the sole discretion of the Board or the Committee. Once increased, any such amount shall be the new minimum Target Bonus opportunity and “Target Bonus” under the Agreement. The amount and terms of Executive’s participation in the Annual Bonus Program shall be determined based on the terms and conditions of the Annual Bonus Program (as approved at the sole discretion of the Committee and the Board), subject to adjustment as described therein, and in accordance with any bonus award agreement thereunder. Executive’s Annual Bonus for the year of hire shall be based on Executive’s Annual Base Salary as in effect on the Effective Date and pro-rated based on the number of days the Executive is employed with the Company during such calendar year.

3.3 Participation in Benefit Plans . During the Employment Period, Executive shall be entitled to participate in the Company’s employee benefit plans (other than bonus and incentive plans) as in effect from time to time, on the same basis as those benefits are generally made available to similarly situated senior executives of the Company.

3.4 Restricted Stock, Stock Options and Other Equity Awards and Deferred Compensation . Executive may receive restricted stock, stock options and other equity awards and deferred compensation, to the extent determined by the Company, the Board or the Committee, as applicable, from time to time. The terms of any such award shall be documented in a separate award notice or agreement.

3.5 Business Expenses . During the Employment Period, Executive shall be reimbursed for all reasonable expenses incurred by him in performing his duties hereunder provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Company.

3.6 Perquisites . During the Employment Period, Executive shall be entitled to receive such perquisites and fringe benefits which similarly situated senior executives of the Company are entitled to receive and such other perquisites which are suitable to the character of Executive’s position with the Company and adequate for the performance of Executive’s duties hereunder as determined by the Company from time to time.

ARTICLE IV

TERMINATION OF EMPLOYMENT

4.1 Termination by the Company for Cause; Termination by Executive Other Than for Good Reason or Retirement . If the Employment Period and Executive’s employment under this Agreement are terminated by the Company for Cause or by Executive other than for Good Reason or Retirement, prior to the scheduled expiration of the Employment Period, Executive shall be entitled to receive:

(a) The Annual Base Salary through the Termination Date;

(b) Reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the Termination Date; and

(c) Such employee benefits, if any, to which Executive may be entitled under the employee benefit plans of the Company, including rights with respect to any restricted stock, stock option and other equity awards or any deferred compensation, subject to the terms and conditions of the applicable plan, award, agreement or notice, if relevant (the amounts described in clauses (a) through (c) being referred to as the “Accrued Rights”). The Accrued Rights shall not include any bonus payments in connection with any bonus plan, policy, practice, program or award.

Following such termination of Executive’s employment hereunder pursuant to this Section 4.1, Executive shall have no further rights to any compensation or any other benefits under this Agreement. Notwithstanding the delivery of a Notice of Termination or a Notice of Retirement (as applicable) with respect to a termination other than a termination by the Company under this Section 4.1, the Company may, at any time on or prior to the Termination Date, exercise its right to terminate the Employment Period and Executive’s employment for Cause, and, upon the proper exercise of such right, any other purported termination (including a purported Retirement) shall be null and void, and the terms of this Section 4.1 shall apply. In addition, notwithstanding the delivery of a Notice of Retirement by Executive, if the Employment Period and Executive’s employment under this Agreement is terminated by Executive other than for Good Reason prior to the proposed effective date set forth in such Notice of Retirement, such purported Retirement (and the related Notice of Retirement) shall be null and void, and the terms of this Section 4.1 shall apply.

4.2 Termination by the Company Other Than for Cause or Disability; Termination by Executive for Good Reason .

(a) If the Employment Period and Executive’s employment under this Agreement is terminated by the Company prior to the scheduled expiration of the Employment Period other than for Cause or Disability, or Executive terminates his employment prior to the scheduled expiration of the Employment Period for Good Reason, in either case, prior to a Change in Control or following the two-year period following a Change in Control, Executive shall be entitled to receive:

(i) The Accrued Rights;

(ii) Any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date, which Annual Bonus shall be payable solely to the extent the applicable bonus payout is approved by the Committee;

(iii) A Severance Benefit pursuant to the terms and conditions set forth in Section 4.2(c) below;

(iv) An amount (to the extent such amount is approved for payout by the Committee and the Board in their sole discretion) equal to the Annual Bonus that Executive would have been entitled to receive for the year in which the Termination Date occurs (the “Termination Year”) had Executive remained employed through the end of such year, which amount, determined based on the Company’s actual performance for such year relative to the performance goals applicable to Executive, shall be prorated for the portion of the Termination Year in which Executive was employed by the Company (the “Pro Rata Bonus”) and shall be payable in a lump sum at the same time bonuses are paid to other senior executives under the Annual Bonus Program, but in no event later than March 15th of the year following the Termination Year; and

(v) A payment from the Company in monthly installments, beginning on the first day of the first month following the Termination Date (subject to the six-month delay described below), in an amount equal to (1) the cost of continuing medical, dental, vision and EAP coverage under the Company’s medical, dental, vision and EAP programs under COBRA for Executive’s applicable statutory COBRA period and (2) if Executive’s statutory COBRA period is less than 36 months, following the expiration of such COBRA period, in an amount equal to the cost of medical coverage (medical and prescription drug only) under the Company’s retiree medical plan that covers eligible rank-and-file employees who are not covered under a collective bargaining agreement (the “Retiree Plan”), in each case, for Executive and any eligible dependents of Executive (including Executive’s spouse) for a total period of thirty-six (36) months (the “Welfare Period”); provided that, (A) as of the Termination Date, Executive is covered under a Company plan for such medical, dental, vision and EAP coverage (as applicable), and the Company continues to offer such benefit to its rank-and-file employees who are not covered under a collective bargaining agreement, (B) with respect to the medical benefits only, if during the Welfare Period, the Company either does not sponsor or ceases to offer: (1) for the duration of the COBRA period, a medical program to its rank-and-file employees who are not covered under a collective bargaining agreement, or (2) after the expiration of the COBRA period, a Retiree Plan, the payment during the Welfare Period shall change to an amount equal to the monthly premium for equivalent medical insurance coverage and (C) if during the Welfare Period Executive becomes eligible, as a full-time employee, for group medical, dental, vision and EAP insurance from another employer, Executive shall forfeit (as applicable) any such future payments from the Company (collectively, the “Welfare Benefit”). Notwithstanding the foregoing, in the event such payments for continued coverage or such continued coverage itself, by reason of change in the applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax or other penalties.

(b) If (1) a Change in Control occurs during the Employment Period, and (2) if the Employment Period and Executive’s employment under this Agreement is terminated by the Company prior to the scheduled expiration of the Employment Period other than for Cause or Disability, or Executive terminates his employment prior to the scheduled expiration of the Employment Period for Good Reason, in either case, within two (2) years after such Change in Control, Executive shall be entitled to receive:

(i) The Accrued Rights;

(ii) Any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date, which Annual Bonus shall be payable solely to the extent the applicable bonus payout is approved by the Committee;

(iii) A CIC Severance Benefit pursuant to the terms and conditions set forth in Section 4.2(c) below;

(iv) An amount equal to the Target Bonus, prorated for the portion of the Termination Year in which Executive was employed by the Company (the “CIC Pro Rata Bonus”) which shall be payable in a lump sum within sixty (60) days following the Termination Date; and

(v) The Welfare Benefit.

(c) The Company shall pay the Severance Benefit, without interest thereon (except as described in Section 7.18), in eighteen (18) substantially equal monthly installments, which installments shall be payable on the first day of each month, with the first installment payable in the first full month commencing fifteen (15) days after the Termination Date (subject to Section 4.2(d) and the six-month delay described in Section 7.18). The Company shall pay the CIC Severance Benefit, without interest thereon (except as described in Section 7.18), in twenty-four (24) substantially equal monthly installments, which installments shall be payable on the first day of each month, with the first installment payable in the first full month commencing fifteen (15) days after the Termination Date (subject to Section 4.2(d) and the six-month delay described in Section 7.18). Executive shall not be under any duty to mitigate damages in order to be eligible to receive the Severance Benefit or the CIC Severance Benefit.

(d) Notwithstanding the foregoing, Executive agrees that the Company’s obligation to pay the Severance Benefit, the CIC Severance Benefit, the Welfare Benefit, the bonuses pursuant to Sections 4.2(a)(ii), 4.2(a)(iv), 4.2(b)(ii) and 4.2(b)(iv), if applicable, and the benefits pursuant to Section 4.7 is contingent and conditioned upon both of the following:

(i) Executive’s full compliance with Sections 5.1 through 5.3 and Section 5.6, as well as any agreements in the release described in Section 4.2(d)(ii) below, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement or any other nondisclosure or noncompetition agreement between Executive and the Company that remains in effect. Notwithstanding anything herein, if either (A) Executive breaches any of the provisions of Sections 5.1 through 5.3 or Section 5.6 (or any breach of any agreements in the release described in Section 4.2(d)(ii) below, or in the Nondisclosure and Noncompetition Agreement, or in any other nondisclosure or noncompetition agreement between Executive and the Company that was in effect as of the time of such breach), or (B) following the Termination Date the Committee becomes aware of acts or omissions by Executive during the term of Executive’s employment with the Company which would have constituted Cause, or (C) Executive, or anyone on Executive’s behalf, pursues any type of action or claim against the Company regarding this Agreement or any topic or claim covered by this Agreement, other than (i) in connection with any challenges to the validity of the release described in Section 4.2(d)(ii) below under the federal Age Discrimination in Employment Act as amended by the Older Worker Benefit Protection Act, (ii) in connection with the filing of a charge or complaint with or the participation in an investigation, hearing or proceeding of a government agency or (iii) as otherwise prohibited by law, then, in each case, Executive shall reimburse the Company for all compensation or other amounts previously paid, allocated, accrued, delivered or provided by the Company to Executive pursuant to Section 4.2(a) or 4.2(b) and the Company shall be entitled to discontinue the future payment, delivery, allocation, accrual or provision of the Severance Benefit, the CIC Severance Benefit, the Pro Rata Bonus, the CIC Pro Rata Bonus, the Welfare Benefit, the benefits pursuant to Section 4.7 and such other compensation, including any deferred or equity compensation, as reflected in the terms of any plan, notice or agreement evidencing such other compensation, except to the extent prohibited by applicable law.

(ii) No later than sixty (60) days after the Termination Date, Executive must execute and deliver (and not revoke) a general release releasing all claims against the Company (other than those specifically described in the below proviso) in such form and containing such terms as the Company may reasonably prescribe (and all applicable revocation periods must have expired); provided , however , that in no event shall the timing of Executive’s execution (and non-revocation) of the general release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment that is subject to execution (and non-revocation) of the general release could be made in more than one taxable year, payment shall be made in the later taxable year; provided, further, that it shall not be a condition to Executive’s receipt of such payments that Executive release the Company from any of the following:

(A) the obligations of the Company described in Article IV of this Agreement; or

(B) any vested rights that Executive may have with respect to any benefits, rights or entitlements under the terms of any employee benefit programs of the Company to which Executive is or will be entitled by virtue of his employment with the Company or any of its subsidiaries, and nothing in the release will prohibit or be deemed to restrict Executive from enforcing his rights to any such benefits, rights or entitlements; or

(C) Executive’s right to indemnification to the extent provided in the Company’s Certificate of Incorporation and/or bylaws.

Failure or refusal by Executive to execute and deliver timely (and not revoke) such release shall release the Company from its obligations to make the payments described herein. Following such termination of Executive’s employment hereunder pursuant to this Section 4.2, Executive shall have no further rights to any compensation or any other benefits under this Agreement.

4.3 Termination Due to Death, Disability or Retirement .

(a) Rights Upon Termination. If the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death, Disability or Retirement prior to the scheduled expiration of the Employment Period, Executive or Executive’s estate, as applicable, will receive (a) the Accrued Rights plus any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date which Annual Bonus shall be payable solely to the extent the applicable bonus payout is approved by the Committee; provided , however , that, in the event of Executive’s death, the Company agrees to abide by previously received written instructions from Executive directing the Company to pay the Accrued Rights and/or the accrued but unpaid Annual Bonus to a living trust or similar estate planning vehicle of Executive, provided such trust or similar vehicle is still in existence at the time of Executive’s death, except to the extent prohibited by law, and except as may otherwise be required or directed by any applicable employee benefit plan; and (b) payment for the Welfare Benefit; provided , however , in the event such continued coverage, by reason of change in the applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax or other penalties. Following such termination of Executive’s employment hereunder pursuant to this Section 4.3, Executive shall have no further rights to any compensation or any other benefits under this Agreement. Further, notwithstanding the specific terms of the Incentive Plan or any award agreement thereunder, with respect to any grants made to Executive under the Incentive Plan during the term of this Agreement, a Retirement under this Agreement which is not also an Early Retirement or a Tenured Retirement shall be deemed to be a “Retirement” under the Incentive Plan and shall be treated in accordance with the provisions of the Incentive Plan and any applicable award agreements which apply upon a “Retirement”. With respect to all other grants held by Executive, upon Retirement such grants shall be treated in accordance with the terms of the Incentive Plan, any award agreement or the Prior Agreement, as applicable.

(b) Tenured Retirement . Notwithstanding the specific terms of the Incentive Plan or any award agreements thereunder, with respect to any Covered Equity Awards, upon a Tenured Retirement, the following provisions shall apply:

(i) Vested Options and Stock Appreciation Rights. All Options or Stock Appreciation Rights which have vested on or prior to the Termination Date, but which have not expired, been exercised, or otherwise terminated, shall remain vested and exercisable through the expiration of their respective terms (as set forth in the applicable option or stock appreciation rights agreements or notices) and shall thereafter terminate.

(ii) Unvested Options and Stock Appreciation Rights. All Options or Stock Appreciation Rights which have not vested as of the Termination Date, and which have not expired or otherwise terminated, shall continue to vest after the Termination Date in accordance with their respective terms as if Executive were still employed by the Company, and shall remain vested and exercisable through the expiration of their respective terms (in each case as set forth in the applicable option or stock appreciation rights agreements or notices) and shall thereafter terminate.

(iii) Restricted Stock Units. All grants of Restricted Stock Units which have not vested as of the Termination Date, and which have not expired or otherwise terminated, shall continue to vest after the Termination Date in accordance with their respective terms as if Executive were still employed by the Company (as set forth in the applicable restricted stock unit agreements or notices) and shall be paid in accordance with the vesting schedule as set forth in the applicable restricted stock unit agreement.

(iv) Performance Shares. For each award of Performance Shares, to the extent not already vested, terminated or forfeited as of the Termination Date, Executive shall be considered vested in such Performance Shares, but only to the extent the Performance Criteria (as defined in the applicable Performance Share award agreement) are achieved at the end of the applicable performance period (subject to the limitations set forth below in this Section 4.3(b)(iv)), and any payment of shares shall be made in accordance with the terms of the applicable Performance Share agreement as if Executive had remained as an employee of the Company through the end of the performance period (i.e. generally shares would not be distributed until after the end of the performance period). Notwithstanding the foregoing, certain Performance Shares shall be subject to a reduction in the maximum number of shares which may be delivered, as follows:

(A) For each award of Performance Shares, if Executive’s Termination Date occurs on or after the end of the third calendar month of the final full year of the applicable Performance Period (as such term is defined in the Incentive Plan) (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, on or after March 31, 2017), then such Performance Shares shall be treated as described in the preceding paragraph without any reduction in the maximum number of shares which may be delivered.

(B) For each award of Performance Shares, if Executive’s Termination Date occurs prior to the end of the third calendar month of the final full year of the applicable Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, before March 31, 2017), then such Performance Shares shall be multiplied by the Post-Retirement Performance Share Factor, and the product shall be treated as described in the initial paragraph of this Section 4.3(b)(iv) without any reduction in the maximum number of shares which may be delivered with respect to such portion of the Performance Shares. The remaining portion of the Performance Shares shall be treated as described in the initial paragraph of this Section 4.3(b)(iv) with a maximum payout of 100% (or “target” number) of such remaining portion of the Performance Shares.

EXAMPLE: For an award of 150 Performance Shares, with a Post-Retirement Performance Share Factor of two-thirds, assuming the achievement of the applicable Performance Criteria results in a payment of 200% of the target number of Performance Shares, Executive would receive 250 shares determined as follows: 150 Performance Shares multiplied by the Post-Retirement Performance Share Factor results in 100 Performance Shares which are not subject to the 100% maximum and are thus paid out as 200 shares (100 Performance Shares * 200% payout factor); the remaining 50 Performance Shares are capped at a 100% payout factor and are thus paid out as 50 shares.

(c) Early Retirement . Notwithstanding the specific terms of the Incentive Plan or any award agreement thereunder, with respect to any Covered Equity Awards, upon an Early Retirement, the following provisions shall apply:

(i) Vested Options and Stock Appreciation Rights. All Options or Stock Appreciation Rights which have vested on or prior to the Termination Date, but which have not expired, been exercised, or otherwise terminated, shall remain vested and exercisable through the Early Retirement Option Expiration Date and shall thereafter terminate.

(ii) Unvested Options and Stock Appreciation Rights. Each grant, or portion thereof, of Options or Stock Appreciation Rights which has not vested as of the Termination Date, and which has not expired or otherwise terminated, shall vest or be terminated and forfeited as follows: (A) any portion of such grant which is scheduled (under its original terms) to vest after the Early Retirement Option Expiration Date shall terminate and be forfeited on the Termination Date; (B) for any portion of such grant which is scheduled (under its original terms) to vest on or prior to the Early Retirement Option Expiration Date, each “tranche” of such grant (meaning each portion scheduled to vest on the various vesting dates under the grant) shall be multiplied by the Early Retirement Vesting Factor, and a portion of such tranche equal to such product rounded to the nearest whole number, shall continue to vest after the Termination Date in accordance with its original terms as if Executive were still employed by the Company, and shall remain vested and exercisable through the Early Retirement Option Expiration Date and shall thereafter terminate; and (C) for each tranche to which the Early Retirement Vesting Factor is applied under the preceding Subsection B, any remaining portion of such tranche that does not so vest shall terminate and be forfeited on the Termination Date. (See example on Exhibit A to this Agreement).

(iii) Restricted Stock Units. Each grant, or portion thereof, of Restricted Stock Units which has not vested as of the Termination Date, and which has not expired or otherwise terminated, shall vest or be terminated and forfeited as follows: (A) any portion of such grant which is scheduled (under its original terms) to vest after the third anniversary of the Deemed Retirement Date shall terminate and be forfeited on the Termination Date; (B) for any portion of such grant which is scheduled (under its original terms) to vest on or prior to the third anniversary of the Deemed Retirement Date, each “tranche” of such grant (meaning each portion scheduled to vest on the various vesting dates under the grant) shall be multiplied by the Early Retirement Vesting Factor, and a portion of such tranche equal to such product rounded to the nearest whole number, shall continue to vest after the Termination Date in accordance with its original terms as if Executive were still employed by the Company and shall be paid in accordance with the vesting schedule as set forth in the applicable restricted stock unit agreement; and (C) for each tranche to which the Early Retirement Vesting Factor is applied under the preceding Subsection B, any remaining portion of such tranche that does not so vest shall terminate and be forfeited on the Termination Date.

(iv) Performance Shares. For each award of Performance Shares, to the extent not already vested, terminated or forfeited as of the Termination Date, Executive shall be considered vested in a portion of such Performance Shares determined by multiplying the number of such Performance Shares by the Early Retirement Vesting Factor (the product being the “Adjusted Performance Shares”), but only to the extent the Performance Criteria are achieved at the end of the applicable performance period (e.g., if the target number of Performance Shares is 150, the Early Retirement Vesting Factor is 0.24 the Adjusted Performance Shares would be 36, and if the achievement of the Performance Criteria results in a payment of 75% of target shares, the number

of shares awarded would be 36 * 75% or 27 shares), and any payment of shares shall be made in accordance with the terms of the applicable Performance Share agreement as if Executive had remained as an employee of the Company through the end of the performance period (i.e., generally shares would not be distributed until after the end of the performance period). Notwithstanding the foregoing, certain Performance Shares shall be subject to a reduction in the maximum number of shares which may be delivered, as follows:

(A) For each award of Performance Shares, if Executive’s Termination Date occurs on or after the end of the third calendar month of the final full year of the applicable Performance Period (as such term is defined in the Incentive Plan) (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, on or after March 31, 2017), then the Adjusted Performance Shares for shall be treated as described in the preceding paragraph without any reduction in the maximum number of shares which may be delivered.

(B) For each award of Performance Shares, if Executive’s Termination Date occurs prior to the end of the third calendar month of the final full year of the applicable Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, before March 31, 2017), then the Adjusted Performance Shares shall be multiplied by the Post-Retirement Performance Share Factor, and the product shall be treated as described in the initial paragraph of this Section 4.3(c)(iv) without any reduction in the maximum number of shares which may be delivered with respect to such portion of the Adjusted Performance Shares. The remaining portion of the Adjusted Performance Shares shall be treated as described in the initial paragraph of this Section 4.3(c)(iv) with a maximum payout of 100% (or “target” number) of such remaining portion of the Adjusted Performance Shares.

EXAMPLE: Assuming an award of 150 Performance Shares, and an Early Retirement Vesting Factor is 0.24 the Adjusted Performance Shares would be 36. Further assuming a Post-Retirement Performance Share Factor of two-thirds, if the achievement of the Performance Criteria results in a payment of 200% of the target number of Performance Shares, Executive would receive 60 shares determined as follows: 36 Adjusted Performance Shares multiplied by the Post-Retirement Performance Share Factor (two-thirds) results in 24 Adjusted Performance Shares which are not subject to the 100% maximum and are thus paid out as 48 shares (24 Adjusted Performance Shares * 200% payout factor); the remaining 12 Performance Shares are capped at a 100% payout factor and are thus paid out as 12 shares.

(d) Notwithstanding anything to the contrary set forth herein, if either (i) Executive breaches any of the provisions of Sections 5.1 through 5.3 or Section 5.6, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement (whether such breach occurs during or after Executive’s employment with the Company), or (ii) following the Termination Date the Committee becomes aware of acts or omissions by Executive during the term of Executive’s employment with the Company which would have constituted Cause, or (iii) Executive, or anyone on Executive’s behalf, pursues any type of action or claim against the Company, regarding this Agreement or any topic or claim covered by this Agreement, other than (i) in connection with any challenges to the validity of the release described in Section 4.2(d)(ii) under the federal Age Discrimination in Employment Act as amended by the Older Worker Benefit Protection Act, (ii) in connection with the filing of a charge or complaint with or the participation in an investigation, hearing or proceeding of a government agency or (iii) as otherwise prohibited by law, then, in each case, (1) all Options, Stock Appreciation Rights, Restricted Stock Units, Performance Shares or other Awards (as defined in the Incentive Plan), to the extent not previously exercised or paid out, shall immediately terminate and be forfeited, and Executive shall reimburse the Company for the value of any other Options, Stock Appreciation Rights, Restricted Stock Units, Performance Shares or other Awards for which vesting accelerated, or which Executive otherwise realized value, as a result of a purported Retirement; and (2) Executive shall reimburse the Company for all compensation or other amounts previously paid, allocated, accrued, delivered or provided by the Company to Executive pursuant to this Section 4.3 and the Company shall be entitled to discontinue the future payment, delivery, allocation, accrual or provision of the Severance Benefit, the CIC Severance Benefit, the Pro-Rata Bonus, the CIC Pro Rata Bonus, the Welfare Benefit, the benefits pursuant to Section 4.7 and such other compensation, including any deferred or equity compensation, as reflected in the terms of any plan, notice or agreement evidencing such other compensation, except to the extent prohibited by applicable law.

(e) If the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death, Disability or Retirement prior to the scheduled expiration of the Employment Period, Executive or Executive’s estate, as applicable, will receive a Pro Rata Bonus and shall be payable, solely to the extent the applicable bonus payout is approved by the Committee, in a lump sum at the same time bonuses are paid to other senior executives under the Annual Bonus Program, but in no event later than March 15th of the year following the Termination Year.

(f) (i) In the event the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death or Disability prior to the scheduled expiration of the Employment Period, and, as of the Termination Date, Executive would have been eligible for Tenured Retirement, then, to the extent permitted under Section 409A of the Code, Executive’s termination of employment shall be treated as a Tenured Retirement with respect to the Covered Equity Awards with a Deemed Retirement Date that is six (6) months following the Termination Date. Notwithstanding the foregoing, Executive or Executive’s estate, as applicable, to the extent permitted under Section 409A of the Code, may decline such Tenured Retirement through an election delivered by written notice to the Company not less than ninety (90) days following the Termination Date. If proper election is made under this paragraph, then Section 4.3(b) shall not apply to the Covered Equity Awards and the provisions of the Incentive Plan, and/or the agreements or notices for the Covered Equity Awards, related to vesting, termination or forfeiture, or exercise period, following a termination due to death or Disability, shall apply to the Covered Equity Awards (except to the extent provided herein).

(ii) In the event the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death or Disability prior to the scheduled expiration of the Employment Period, and, as of the Termination Date, Executive would have been eligible for Early Retirement (but not Tenured Retirement), then, to the extent permitted under Section 409A of the Code, Executive or Executive’s estate, as applicable, may elect to have Executive’s termination treated as an Early Retirement with respect to the Covered Equity Awards with a Deemed Retirement Date that is six (6) months following the Termination Date. Such election shall be made by delivery of written notice to the Company not less than ninety (90) days following the Termination Date. If proper election is made under this paragraph, then (1) the provisions of Section 4.3(c) shall apply to all, and not less than all, Covered Equity Awards and (2) the provisions of the Incentive Plan, and/or the agreements or notices for the Covered Equity Awards, related to vesting, termination or forfeiture, or exercise period, following a termination due to death or Disability, shall not apply to the Covered Equity Awards (except to the extent provided herein).

(g) Any payment or vesting of cash or equity to Executive is subject to all federal, state, and local income and payroll tax withholding that, in the opinion of the Company, is required by law. Unless Executive satisfies any such tax withholding obligation by paying the amount in cash (including by check or wire transfer) or shares of the Company’s stock, the Company shall withhold cash and/or shares on the date of withholding sufficient to cover the withholding obligation or such other amount that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by the Internal Revenue Service or another governmental entity, with shares valued in the same manner as used in computing the withholding taxes.

(h) Notwithstanding the foregoing, Executive agrees that the Company’s obligation to make the payments set forth in this Section 4.3, other than the Accrued Rights, is contingent and conditioned upon the execution and delivery (and non-revocation) of a general release by Executive (or Executive’s estate, if applicable), no later than sixty (60) days after the Termination Date, releasing all claims against the Company (other than those specifically described in the below provisos) in such form and containing such terms as the Company may reasonably prescribe; provided , however , that in no event shall the timing of Executive’s execution (and non-revocation) of the general release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment that is subject to execution (and non- revocation) of the general release could be made in more than one taxable year, payment shall be made in the later taxable year; provided , further, that it shall not be a condition to Executive’s receipt of such payments that Executive release the Company from any of the following:

(i) the obligations of the Company described in Article IV of the Agreement; or

(ii) any vested rights that Executive may have with respect to any benefits, rights or entitlements under the terms of any employee benefit programs of the Company to which Executive is or will be entitled by virtue of his employment with the Company or any of its subsidiaries, and nothing in the release will prohibit or be deemed to restrict Executive from enforcing his rights to any such benefits, rights or entitlements; or

(iii) Executive’s right to indemnification to the extent provided in the Company’s Certificate of Incorporation and/or bylaws.

Failure or refusal by Executive to execute and deliver timely (and not revoke) such release shall release the Company from its obligations to make the payments described herein. Following such termination of Executive’s employment hereunder pursuant to this Section 4.3, Executive shall have no further rights to any compensation or any other benefits under this Agreement.

4.4 Expiration of the Employment Period .

(a) In the event either party elects not to extend the Employment Period pursuant to Section 2.2, unless Executive’s employment is earlier terminated pursuant to Sections 4.1 through 4.3, the Agreement shall terminate upon the expiration of the then current Employment Period subject only to Section 7.1 and Executive’s employment with the Company beyond the expiration of the Employment Period shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement (subject to Section 7.1) and Executive’s employment may thereafter be terminated at will by either Executive or the Company.

(b) Following such termination of the Agreement pursuant to this Section 4.4, Executive shall have no further rights to any compensation or any other benefits under this Agreement.

4.5 Notice of Termination; Notice of Retirement; Termination Date .

(a) For purposes of this Agreement, any purported termination of Executive’s employment by the Company or by Executive (other than a Retirement by Executive), shall be communicated by written “Notice of Termination” to the other party hereto in accordance with Section 7.2. Any Notice of Termination shall set forth (i) the effective date of termination (for purposes of determining Executive’s entitlement to benefits hereunder), which, in the case of a termination by Executive pursuant to Section 4.1, or a termination by either party pursuant to Section 4.2 shall not be less than fifteen (15) days after the date the Notice of Termination is delivered; (ii) the specific provision in this Agreement relied upon; and (iii) except in the case of a termination due to death, Disability or by the Company other than for Cause, death or Disability, in reasonable detail, the facts and circumstances claimed to provide a basis for such termination.

(b) For purposes of this Agreement, any purported Retirement by Executive shall be communicated by written “Notice of Retirement” to the Company in accordance with Section 7.2. Any Notice of Retirement shall include the following (i) if Executive intends for the Retirement to qualify as either an Early Retirement or a Tenured Retirement, the notice shall indicate such intent; and (ii) the notice shall set forth the proposed effective date of the Retirement, which, for either an Early Retirement or a Tenured Retirement shall not be less than six (6) months after the date the Notice of Retirement is delivered, or for any other Retirement shall not be less than fifteen (15) days after the date the Notice of Retirement is delivered. Notwithstanding anything to the contrary set forth herein, in order for a Notice of Retirement to be proper and valid, Executive must, during the period from delivery of the purported Notice

of Retirement through the Termination Date, continue to substantially perform his duties hereunder, to the extent required by the Company. Executive’s material neglect or willful and continuous failure to perform such duties, which neglect or failure is not cured within seven (7) days following written notice thereof from the Company to Executive, shall (i) invalidate the Notice of Retirement ab initio, and (ii) deprive Executive the right to deliver a subsequent Notice of Retirement. However, the foregoing shall not prevent the Company, in its sole discretion, from agreeing to reduce or diminish Executive’s duties and obligations to the Company during the period following delivery of the purported Notice of Retirement through the Termination Date.

(c) If the Company terminates Executive’s employment pursuant to Section 4.1 or due to Executive’s Disability pursuant to Section 4.3, the Termination Date shall be the date upon which the Company notifies Executive of such termination. If the Company terminates Executive’s employment pursuant to Section 4.2 or 4.3, or if Executive terminates employment pursuant to Section 4.1, 4.2 or 4.3, the Termination Date shall be Executive’s last full day of work prior to the effectiveness of such termination. At any time following proper delivery of a Notice of Retirement but prior to the effective date of such Retirement, the Company may elect to terminate the Employment Period and Executive’s employment under this Agreement in which case the Termination Date shall be Executive’s last full day of work prior to the effectiveness of such termination; provided , however , that, unless such termination is for Cause under Section 4.1, such early termination by the Company shall not have any impact on the Deemed Retirement Date. Notwithstanding the foregoing, if within fifteen (15) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a good faith dispute exists concerning the termination, the “Termination Date” for purposes of determining Executive’s entitlement to benefits under this Agreement shall be the date on which the dispute is finally determined by an independent arbitrator selected by the American Arbitration Association.

4.6 Board/Committee Resignation . Upon termination of Executive’s employment for any reason, Executive hereby agrees to immediately resign from all positions (including, without limitation, any management, officer or director position) that Executive holds on the date of such termination with the Company or any of its affiliates or with any entity in which the Company or any of its affiliates has made any investment. Executive hereby agrees to execute and deliver such documentation reasonably required by the Company as may be necessary or appropriate to enable the Company or its affiliates, or any entity in which the Company or any of its affiliates thereof has made an investment to effectuate such resignation, and in any case, Executive’s execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited power of attorney to sign in Executive’s name and on Executive’s behalf such documentation solely for the limited purposes of effectuating such resignation.

4.7 Continuing Medical Coverage . Following the expiration of the Welfare Period, if Executive was participating in a Retiree Plan during the Welfare Period and if Executive has not become eligible, as a full time employee, for group insurance from another employer, then Executive may continue participation in the Retiree Plan for Executive and any eligible dependents (including Executive’s spouse) through Executive’s 65th birthday subject to the terms and conditions of such plan, so long as Executive pays for the full cost of such participation. Notwithstanding the foregoing sentence, if following the expiration of the Welfare Period, either the Company does not sponsor a Retiree Plan or a Retiree Plan is no longer offered or is terminated, and Executive has not become eligible for group insurance coverage from another employer or otherwise obtained medical coverage, the Company shall use commercially reasonable efforts to assist Executive in obtaining medical insurance coverage reasonably equivalent to the medical benefits provided to then-active employees of the Company who are not covered under a collective bargaining agreement for Executive and his eligible dependents (including Executive’s spouse) through Executive’s 65th birthday, so long as Executive pays for the full cost of such coverage. Notwithstanding the foregoing, in the event fulfilling its commitments under this Section 4.7 by reason of change in applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax or other penalties. For the avoidance of doubt, should Executive have a surviving spouse at the time of his death, such spouse shall have the same rights as Executive with respect to the Welfare Benefit, and after the expiration of the Welfare Period as provided for in this Section 4.7, as Executive would have had under this Agreement and further, the rights such Executive would have had through any such surviving spouse’s 65th birthday; provided , however , that if any such Retiree Plan does not permit independent elections by a spouse, the Company will provide payment for other coverage during the Welfare Period and for both the remaining Welfare Period and after the Welfare Period will use commercially reasonable efforts to assist such spouse in obtaining medical insurance coverage as would have been provided to Executive under this Agreement through such spouse’s 65th birthday.

ARTICLE V

RESTRICTIVE COVENANTS

For the purposes of this Article V, all references to the Company shall include the Company and its affiliates.

5.1 Non-Solicitation and Non-Competition .

(a) Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees as follows:

(i) During the period of Executive’s employment with the Company and, for a period of two (2) years after termination of Executive’s employment for any reason by Executive or the Company (cumulatively the “Nonsolicit Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly solicit or assist in soliciting to provide products or services manufactured, sold, supplied or provided by the Company to any actual or prospective client, vendor, supplier, drug manufacturer, broker, regional marketing director, employee benefit plan or trust, or other party in any type of business relationship with the Company or encourage any such Person to reduce, terminate or change the terms of business conducted with the Company, in each case:

(A) with whom Executive had personal contact or dealings on behalf of the Company during the one (1) year period preceding Executive’s termination of employment;

(B) with whom employees reporting directly to Executive or to Executive’s direct reports have had personal contact or dealings on behalf of the Company during the one (1) year immediately preceding Executive’s termination of employment; or

(C) for whom Executive had direct or indirect responsibility during the one (1) year immediately preceding Executive’s termination of employment.

(ii) During the Nonsolicit Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly:

(A) solicit or encourage any employee of the Company to leave the employment of the Company; or

(B) hire any such employee who was employed by the Company as of the date of Executive’s termination of employment with the Company or who left the employment of the Company coincident with, or within one year prior to or after, the termination of Executive’s employment with the Company.

(iii) During the Nonsolicit Period, Executive will not, directly or indirectly, solicit, or encourage to cease to work with the Company, any consultant or independent contractor then under contract with the Company.

(iv) During the period of Executive’s employment with the Company and, for a period of (18) months after termination of Executive’s employment for any reason by Executive or the Company (cumulatively the “Noncompete Period”), Executive will not directly or indirectly:

(A) engage in or prepare to engage in any Competitive Business;

(B) enter the employ of, or render any services to, any Person (or any division or controlled or controlling affiliate of any Person) who or which engages in or is preparing to engage in a Competitive Business;

(C) acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

(D) interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between the Company or any third parties, including employees, consultants, customers, clients, vendors, suppliers, drug manufacturers, partners, members or investors of the Company.

(v) Notwithstanding anything to the contrary herein, Executive may, directly or indirectly own, solely as an investment, securities of any Person engaged in the business of the Company which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which controls, such Person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person.

(b) Tolling . Executive understands that if he violates the terms of Sections 5.1(a)(i), (ii), (iii) or (iv) above by engaging in one or more of the prohibited activities during the applicable restrictive period, then the running of the restrictive period will stop, or be “tolled,” during the time of such violation and will begin running again only when the violation(s) have ceased by voluntary action of Executive or following legal action by the Company to enforce the Agreement.

5.2 Confidentiality .

(a) Executive acknowledges that the identity of the clients and customers of the Company, the prices, terms and conditions at, or upon which, the Company sells its products or provides its services and other non-public, proprietary or confidential information relating to the business, financial and other affairs of the Company (including, without limitation, any idea, product, trade secret, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property; creative or conceptual business or marketing plan, strategy or other material developed for the Company by Executive; or information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals – concerning the past, current or future business, activities and operations of the Company and/or any third party that has disclosed or provided any of same to the Company on a confidential basis) (hereinafter collectively referred to as “Confidential Information”) are valuable, special unique assets of the Company and that such Confidential Information, if disclosed to others, may result in loss of business or other irreparable and consequential damage to the Company.

(b) Executive shall hold in fiduciary capacity, for the benefit of the Company, all Confidential Information and shall not, at any time during the Employment Period or thereafter (i) retain or use for the benefit, purposes or account of Executive of any other Person, or (ii) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any Confidential Information, without the prior written authorization of the Company.

(c) Notwithstanding the foregoing, the term Confidential Information shall not include information (i) generally known to the public or the trade other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties, (ii) made legitimately available

to Executive by a third party without breach of any confidentiality obligation, (iii) the release of which is deemed by the Board to be in the best interest of the Company, or (iv) the disclosure of which is required by applicable law; provided , that Executive shall give prompt written notice to the Company of such legal requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. Furthermore, nothing in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures and Executive is not required to notify the Company that he has made such reports or disclosures.

(d) Upon termination of Executive’s employment with the Company for any reason, Executive shall (i) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, (ii) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the business of the Company, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information, and (iii) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Executive is or becomes aware. In addition, on Executive’s last day of employment with the Company, or earlier upon the request of the Company, Executive shall return to the Company all equipment, data, material, manuals, offering documents, contracts, closing binders, books, records, documents (whether stored electronically or on computer hard drives, disks, thumb drives, or other storage devices), computer disks, credit cards, keys, I.D. cards, and other Company property, including, without limitation, stand-alone computers or tablets, fax machines, printers, telephones, and other Company electronic devices in Executive’s possession, custody, or control.

5.3 Non-Disparagement . Executive agrees that Executive will not disparage the Company or its or their current or former officers, directors, and employees in any way; further, Executive will not make or solicit any comments, statements, or the like to the media or to others that would be considered derogatory or detrimental to the good name or business reputation of any of the aforementioned entities or individuals; provided , that this Section does not prohibit statements which Executive is required to make under oath or which are otherwise required by law, provided , that such statements are truthful and made in a professional manner; further provided , that this Section does not prohibit Executive from making statements which would otherwise be in violation of this Section, provided such statements are made by Executive in response to public statements made by the Company, or its authorized representatives, which are derogatory or detrimental to the good name or business reputation of Executive.

5.4 Acknowledgment of Reasonable Covenants . It is expressly understood and agreed that Executive and the Company consider the restrictions and covenants contained herein to be reasonable and enforceable, because, among other things, (a) Executive will be receiving compensation under this Agreement or otherwise, (b) there are many other areas in which, and companies for which, Executive could work in view of Executive’s background, (c) the restrictions and covenants set forth herein do not impose any undue hardship on Executive, (d) the Company would not have entered into this Agreement but for the restrictions and covenants of Executive contained herein, (e) the restrictions and covenants contained herein have been made in order to induce the Company to enter into this Agreement and (f) the restrictions and covenants contained herein are for the protection of the Company’s confidential or trade secrets business information and customer or supplier relationships, goodwill and loyalty.

5.5 Subsequent Employment . Executive agrees to disclose the existence of this Agreement and the restrictions in this Article V (but nothing further) to any person, firm, corporation or other entity before accepting employment with, engagement by or otherwise working for such person or entity during Executive’s employment with the Company and during the two (2) year period following termination of Executive’s employment for any

reason. Executive further agrees that upon request Executive will disclose to one of the Company’s Vice President(s) of Human Resources the identity of any new employment, business relationship, or consulting arrangement that Executive is engaged in while Executive is employed and during the two (2) year period after termination of employment for any reason. Notwithstanding the foregoing, this paragraph shall not prohibit Executive from disclosing historical compensation information (e.g., salary, bonus or long term incentive compensation) to prospective future employers.

5.6 Modification of the Restrictive Covenants . If, at the time of enforcement of the restrictive covenants set forth herein, a final judicial determination is made by a court or arbiter of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

ARTICLE VI

EMPLOYEE INVENTIONS

6.1 Ownership of Work Product . Executive acknowledges and agrees that the Company shall solely own, without restrictions or liability of any kind, all right, title, and interest in and to any and all intellectual property and tangible embodiments thereof, including, but not limited to, all documents, reports, memoranda, drawings, specifications, computer programs, works of authorship, and other tangible or intangible property and any and all plans, discoveries, creations, compositions, inventions, innovations, processes, technical data, patents and patent applications, know-how, trade secrets, customer lists, business plans, marketing plans and other competitive data and information, trademarks, service marks, trade names, copyrights and copyright registration applications, and other materials and designs (whether tangible or intangible) developed or conceived by Executive or provided by the Company or business units to Executive during the course of Executive’s performance of services pursuant to this Agreement (individually or collectively “Work Product”).

6.2 Return of Materials . Executive acknowledges and agrees that Executive shall not acquire any rights whatsoever in any Work Product and that any and all Work Product, and any other property of Company shall be returned or provided to the Company at any time upon the Company’s demand, and, at the latest, upon Executive’s separation from Company for any reason.

6.3 Title . Executive acknowledges and confirms that it is Executive’s intention that any and all rights, including any copyright or other intellectual property rights, in any Work Product created by Executive for the Company shall solely and exclusively vest in the Company, and that any such Work Product shall be considered within the scope of Executive’s employment. The parties agree that the Company is entitled, as author, to the copyright in any copyrightable Work Product and any other rights therein including the right to seek or not seek statutory registration of any copyright and the right to make such changes therein and uses thereof as the Company in its sole discretion determines. If, for any reason, any Work Product is not considered a work made for hire under the U.S. Copyright Act, then Executive hereby grants and assigns to the Company, without any requirement of further consideration, all of Executive’s right, title, and interest in and to such Work Product.

6.4 Assignment of Rights . Executive agrees to execute such assignments, releases, transfer documents, and other instruments as the Company may reasonably require in order to vest in the Company complete and absolute title to the Work Product, including all intellectual property rights therein and thereto. For this limited purpose, Executive hereby appoints the Company as its attorney in fact to execute and deliver to the Company, on behalf of Executive, any and all such documents or instruments. This appointment shall be deemed to be a power coupled with an interest and shall be irrevocable. Executive agrees to cooperate fully with the Company in any and all acts or actions deemed appropriate by the Company in order to perfect, retain, enforce, and maintain sole and exclusive title in and to the Work Product and all intellectual property rights therein and thereto.

ARTICLE VII

MISCELLANEOUS

7.1 Survival . Sections 4.1 through 4.7 inclusive (as applicable to the relevant circumstance of termination only), Articles V, VI and VII shall survive and continue in full force in accordance with their terms notwithstanding any termination of Executive’s employment hereunder or termination of the Employment Period.

7.2 Notices . All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and postage prepaid, or sent via a nationally recognized overnight courier, or sent via e-mail to the recipient. Such notices, demands and other communications shall be sent to the address indicated below:

To the Company:

Express Scripts Holding Company

One Express Way

Saint Louis, MO 63121

Attention: Chief Legal Officer

To Executive:

At the address in the Company records

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.

7.3 Severability . Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

7.4 Complete Agreement . Except to the extent specifically set forth herein, this Agreement constitutes the complete agreement and understanding between the parties regarding the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by and between the parties, written or oral which shall automatically terminate upon the effectiveness of this Agreement; provided , however , that this Agreement shall not supersede or modify the terms of the Nondisclosure and Noncompetition Agreement or any other nondisclosure or noncompetition agreement between Executive and the Company, and any restricted stock, stock options, performance shares, restricted stock units or other equity awards, deferred compensation and sign on incentives, whether in cash or otherwise, shall be subject to the terms of the applicable awards, notices or agreements. The applicable provisions of this Agreement amend the terms and provisions of the Incentive Plan to the extent addressed by this Agreement.

7.5 Counterparts . This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

7.6 Successors and Assigns . Except as otherwise provided herein, all covenants and agreements contained in this Agreement shall bind and inure to the benefit of and be enforceable by the parties to this Agreement and their respective heirs, executors, administrators, successors and assigns. Except as otherwise specifically provided herein, this Agreement, including the obligations and benefits hereunder, may not be assigned to any party by Executive. In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement within 30 days after a written demand therefor is delivered to the Board by Executive shall be a breach of this Agreement and shall entitle Executive to claim Good Reason pursuant to Section 1.25(a) of this Agreement.

7.7 No Strict Construction . The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied to this Agreement.

7.8 Descriptive Headings . The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

7.9 Governing Law . This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri, without regard to conflicts of laws principles thereof; provided , however , that issues related to the Incentive Plan or any grants thereunder shall be resolved in accordance with the laws of the State of Delaware.

7.10 Specific Performance . The Company shall be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorneys’ fees) caused by any breach or threatened breach of any provision of this Agreement and to exercise all other rights existing in its favor. Executive agrees and acknowledges that money damages are an inadequate remedy for any breach of the provisions of this Agreement, including, without limitation, Sections 5.1 through 5.3 and Section 5.6, and that the Company shall be entitled to apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. Further, Executive acknowledges that the forfeiture provision set forth in the termination provisions hereof shall not be construed to limit or otherwise affect the Company’s right to seek legal or equitable remedies it may otherwise have, or the amount of damages for which it may seek recovery, resulting from breach of this Agreement.

7.11 Amendment and Waiver . The provisions of this Agreement may be amended and waived only with the prior written consent of the Company and Executive.

7.12 Tax Matters .

(a) Notwithstanding anything to the contrary herein (or any other agreement entered into by and between Executive and the Company or any incentive arrangement or plan offered by the Company), in the event that any amount or benefit paid or distributed to Executive pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to Executive by the Company or any of its subsidiaries (collectively, the “Covered Payments”), would exceed the amount which can be paid to Executive without Executive incurring an Excise Tax, then the amounts payable to Executive under this Agreement (or any other agreement by and between Executive and the Company or pursuant to any incentive arrangement or plan offered by the Company) may, in the discretion of the Company, be reduced (but not below zero) to the maximum amount which may be paid hereunder without Executive becoming subject to the Excise Tax (such reduced payments to be referred to as the “Payment Cap”), but only if and to the extent such reduced amount would provide a greater benefit to Executive than an unreduced payment that would subject Executive to an Excise Tax. In the event Executive receives reduced payments and benefits as a result of application of this Section 7.12, Executive shall have the right to designate which of the payments and benefits otherwise set forth herein (or any other agreement between Executive and the Company or any incentive arrangement or plan offered by the Company) will be received in connection with the application of the Payment Cap, subject to the following sentence. Reduction shall first be made from payments and benefits which are determined not to be nonqualified deferred compensation for purposes of Section 409A of the Code, and then shall be made (to the extent necessary) out of payments and benefits which are subject to Section 409A of the Code and which are due at the latest future date.

(b) Immediately upon a Change in Control, the Company shall notify Executive of any modification or reduction as a result of the application of this Section 7.12. In the event Executive and the Company disagree as to the application of this Section 7.12, the Company shall select a law firm or accounting firm from among those regularly consulted (during the twelve-month period immediately prior

to the Change in Control that resulted in the characterization of the Covered Payments as parachute payments) by the Company, and such law firm or accounting firm shall determine, at the Company’s expense, the amount to which Executive shall be entitled hereunder (and pursuant to any other agreements, incentive arrangements or plans), taking into consideration the application of this Section 7.12, and such determination shall be final and binding upon Executive and the Company.

7.13 Executive Representation . Executive hereby represents and warrants to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound.

7.14 Executive Acknowledgement . Executive acknowledges that he has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on his own judgment.

7.15 Cooperation . Each party shall provide reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder.

7.16 Clawback Policy . This Agreement shall be subject to the Company’s Clawback and Recoupment Policy, or any successor policy, as it may be in effect from time to time, including, without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Policy”), and Executive specifically acknowledges that such Policy shall apply to compensation and benefit previously provided and that the Committee shall have discretion regarding application of the Policy to this Agreement.

7.17 Withholding . The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required or authorized by law to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

7.18 Section 409A of the Code . The intent of the parties is that payments and benefits under this Agreement and any other plans or arrangements in which Executive participates (together, the “Arrangements”) comply with Section 409A of the Code, to the extent subject thereto, and accordingly, to the maximum extent permitted, the Arrangements shall be interpreted and administered to be in compliance therewith. Notwithstanding anything contained therein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of any payments under the Arrangements which are subject to Section 409A of the Code until Executive has incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing under any Arrangements, to the extent required in order to avoid an accelerated or additional tax under Section 409A of the Code, (a) amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Arrangements during the six-month period immediately following an Executive’s separation from service shall instead be paid on the first business day after the date that is six months following Executive’s separation from service (or, if earlier, Executive’s date of death); provided, however, amounts with respect to the Severance Benefit, the CIC Severance Benefit or the Welfare Benefit shall accrue with a reasonable rate of interest, as determined in the Company’s sole discretion, from the Termination Date until the date of payment, (b) no Change in Control shall be deemed to have occurred thereunder unless such Change in Control constitutes a change in control event for purposes of Section 409A of the Code and (c) references to a termination on account of disability shall be deemed to refer to a “disability” for purposes of Section 409A of the Code. To the extent required to avoid an accelerated or additional tax under Section 409A of the Code, amounts reimbursable to Executive shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to Executive) during one year may not affect amounts reimbursable or provided in any subsequent year. The Company makes no representation that any or all of the payments described in the Arrangements will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.

7.19 Arbitration . Executive and the Company agree that any and all disputes between the parties hereto arising from or relating to this Agreement, and/or any release executed by Executive pursuant to the terms of this Agreement, other than under Article V (with respect to which either party may seek an injunction in aid of arbitration such as an order seeking specific performance or injunctive or other equitable relief), shall be submitted and decided by binding confidential arbitration before a single arbitrator in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”) then in effect, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Venue for the arbitration shall be in St. Louis County, Missouri and the laws as set forth in Section 7.9 will apply. Any demand for arbitration shall be made within a reasonable time after the claim, dispute, or other matter in question has arisen, and in no event shall any such demand be made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Under no circumstances will either party be subject to punitive damages. Each party hereto shall bear its costs of the arbitration proceeding. However, to the extent permitted by applicable laws, the prevailing party in the arbitration, as designated by the arbitrator, shall be entitled to recover its reasonable cost of the arbitration, including, without limitation, its reasonable attorneys’ fees, from the other party as determined by the arbitrator in or following the decision on the merits. Any disputes about the enforcement of this Section 7.19 shall be submitted to arbitration, and the arbitrator shall have the authority to sever any provision of this Section 7.19 which would render the provision unenforceable as a matter of then existing law in accordance with Section 7.3.

* * * * *

IN WITNESS WHEREOF, the parties hereto have executed this Executive Employment Agreement as of the Effective Date first above written.

THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.

EXHIBIT A

Sample Calculation under Section 4.3(c)(ii)

The following is an example of the methodology to be used to calculate the impact of Early Retirement on Unvested Options or Stock Appreciation Rights granted on or following the effective date of the Prior Agreement:

Option Grant: 375 options granted on May 1, 2016, vesting in 3 tranches as follows:

Tranche 1 – 100 options vesting May 1, 2017

Tranche 2 – 125 options vesting May 1, 2018

Tranche 3 – 150 options vesting May 1, 2019

Expiration Date: May 1, 2027

Executive’s 55th Birthday: March 11, 2016

Deemed Retirement Date: November 1, 2016

Termination Date: October 1, 2016

Early Retirement Period: 8 months (whole months between 3/1/16 and 11/1/16)

Early Retirement Option Expiration Date: November 1, 2020 (4 years after the Deemed Retirement Date. Note: For any Options or Stock Appreciation Rights with an Expiration Date prior to 11/1/20, the Early Retirement Option Expiration Date would be such Expiration Date.)

Early Retirement Vesting Factor: 0.133 or 13.3% (8 ÷ 60)

Calculations as of the Termination Date based on the foregoing:

Tranche 1 – 13 options (100 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2017, and following vesting would remain exercisable until November 1, 2020; the remaining 87 options in Tranche 1 would terminate and be forfeited as of the Termination Date.

Tranche 2 – 17 options (125 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2018, and following vesting would remain exercisable until November 1, 2020; the remaining 108 options in Tranche 2 would terminate and be forfeited as of the Termination Date.

Tranche 3 – 20 options (150 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2019, and following vesting would remain exercisable until November 1, 2020; the remaining 130 options in Tranche 3 would terminate and be forfeited as of the Termination Date.

The foregoing is for illustrative purposes only and does not reflect any actual grants to Executive.

Exhibit 10.2

FORM OF

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (the “Agreement”) is made and entered on the date specified on the signature page hereto, effective as of [    ] (the “Effective Date”), by and between Express Scripts Holding Company, a Delaware corporation (“ESHC”), and [    ] (“Executive”).

WHEREAS, the parties wish to enter into this Agreement to set forth the terms and conditions of Executive’s employment with the Company

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

For purposes of this Agreement, each term defined in the preamble has the meaning assigned to it and each of the following terms shall have the following meanings:

1.1 “Accrued Rights” has the meaning set forth in Section 4.1.

1.2 “Adjusted Performance Shares” has the meaning set forth in Section 4.3(c)(iv).

1.3 “Annual Base Salary” means the base salary set forth in Section 3.1.

1.4 “Annual Bonus” means Executive’s annual performance-based cash bonus paid out pursuant to the Annual Bonus Program, as described in Section 3.2.

1.5 “Annual Bonus Program” means the annual performance-based cash bonus program established by the Committee and the Board with respect to each fiscal year and pursuant to the applicable Incentive Plan.

1.6 “Board” means the Board of Directors of ESHC.

1.7 “Cause” means:

(a) any act or acts by Executive, whether or not in connection with Executive’s employment by the Company, constituting, or Executive’s conviction or plea of guilty or nolo contendere (no contest) to (whether or not any right to appeal or vacate said conviction or plea has been or may be exercised), (i) a felony under applicable law or (ii) a misdemeanor involving fraud, theft, dishonesty or moral turpitude;

(b) any act or acts of gross dishonesty, including, but not limited to, directly or indirectly, the actual or attempted misappropriation by Executive of the Company’s or its clients’ funds or property, or the actual or attempted appropriation of a business opportunity of the Company, including knowingly allowing or overlooking any such conduct; or any act or acts of gross misconduct in the performance of Executive’s duties hereunder;

(c) any willful malfeasance or willful misconduct by Executive in connection with Executive’s duties hereunder or any act or omission which is materially injurious to the financial condition or business reputation of the Company; or

(d) any breach by Executive of the provisions of Sections 5.1 through 5.3 of this Agreement, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement

Notwithstanding the foregoing, the event(s) described in clause (c) of this Section 1.7 shall not be deemed to constitute “Cause” if such event is (i) primarily the result of bad judgment or negligence on the part of Executive not rising to the level of gross negligence; or (ii) primarily because of an act or omission believed by Executive in good faith to have been in, or not opposed to, the interests of the Company.

1.8 “Change in Control” means a Change in Control as that term is defined in the ESHC 2016 Long-Term Incentive Plan and any successors thereto, as amended from time to time.

1.9 “CIC Pro Rata Bonus” has the meaning set forth in Section 4.2(b)(iv).

1.10 “CIC Severance Benefit” means a severance payment in an amount equal to:

(a) twenty-four (24) months of Executive’s Annual Base Salary as in effect immediately prior to the Termination Date, plus

(b) an amount equal to two hundred percent (200%) of the Target Bonus.

1.11 “Code” means the Internal Revenue Code of 1986, as amended.

1.12 “Committee” means the Compensation Committee of the Board.

1.13 “Company” means ESHC and, where context requires, its affiliates.

1.14 “Competitive Business” means a business that is, or will be, engaged wholly or primarily in the business of manufacturing, purchasing, selling or supplying in the United States or Canada, or in any other country in which the Company conducts business, any product or service manufactured, purchased, sold, supplied, or provided by the Company (including, without limitation, businesses which the Company has specific plans to conduct in the future and as to which Executive is aware of such planning) in the United States or Canada, or in any other country in which the Company conducts business, or which provides or will provide consulting or advisory services, including but not limited to audit reviews and evaluations of requests for proposals, which concern or could affect any existing or prospective relationship between the Company and any third party, including its customers, prospective customers, vendors, suppliers and drug manufacturers.

1.15 “Covered Equity Awards” means the following awards granted to Executive under the Incentive Plan: any and all Options, Stock Appreciation Rights, Restricted Stock Units or Performance Shares (as such terms are defined in the applicable Incentive Plan) granted on or after the Effective Date, but during the term of this Agreement.

1.16 “Covered Payments” means the amounts described in Section 7.12.

1.17 “Deemed Retirement Date” means the later to occur of (a) the date six months after Executive properly delivers a Notice of Retirement, or (b) the Termination Date.

1.18 “Disability” has the meaning ascribed to such term in the ESHC 2016 Long-Term Incentive Plan and any successors thereto, as amended from time to time.

1.19 “Early Retirement” means a voluntary termination of employment by Executive which is not a Tenured Retirement, and which meets all of the following requirements:

(a) Executive shall have properly delivered a Notice of Retirement at least six (6) months prior to the proposed effective date of the Early Retirement; and

(b) as of the date of proper delivery of the Notice of Retirement: (i) Executive shall be at least 54  ¹ ⁄ ₂ years of age; (ii) Executive shall have served on Senior Staff for a continuous period of at least 4  ¹ ⁄ ₂ years up to and including the date such Notice of Retirement is delivered, and (iii) the sum of the Executive’s age plus cumulative years of service on Senior Staff shall equal at least 64.

2

1.20 “Early Retirement Option Expiration Date” means, (i) with respect to Options or Stock Appreciation Rights granted on or following the Effective Date, the first to occur of (A) the expiration of such grant’s respective term (as set forth in the applicable option or stock appreciation right agreement or notice), or (B) the four-year anniversary of the date of the Early Retirement.

1.21 “Early Retirement Period” means a number of months equal to the number of months from the first day of the calendar month of Executive’s 55th birthday to the Deemed Retirement Date, truncated to a whole number (e.g., if an Executive’s 55th birthday was February 11, 2015 and Executive’s Deemed Retirement Date was November 5, 2015, the Early Retirement Period would be nine months – the truncated number of months from February 1, 2015 to November 5, 2015).

1.22 “Early Retirement Vesting Factor” means a fraction, the numerator of which is the number of whole months in the Early Retirement Period, and the denominator of which is 60; provided , however , that under no circumstances may the Early Retirement Vesting Factor be greater than one (or, if expressed as a percentage, 100%).

1.23 “Employment Period” means the Initial Employment Period plus any additional Renewal Periods.

1.24 “Excise Tax” means the excise tax imposed by Section 4999 of the Code or any similar state or local tax that may be imposed.

1.25 “Good Reason” means the occurrence of any one or more of the following:

(a) Any material breach by the Company of any of the provisions of this Agreement or any material failure by the Company to carry out any of its obligations hereunder;

(b) The Company’s requiring Executive to be based at any office or location more than 50 miles from One Express Way, Saint Louis, Missouri (the “Current Headquarters”), except for travel reasonably required in the performance of Executive’s responsibilities to the extent substantially consistent with Executive’s business travel obligations;

(c) Any substantial and sustained diminution in Executive’s authority or responsibilities from those described in Section 2.3; provided , however , notwithstanding the foregoing, (i) in the event a Change in Control shall occur which results in ESHC becoming a subsidiary of another pharmacy benefit management company (“PBM”), or which is in the form of a merger in which the surviving corporation or entity is a PBM (x) so long as Executive is offered a position and continues to be employed as an officer of the parent PBM (or surviving corporation or entity) with duties and responsibilities which are not inconsistent in any material adverse respect with Executive’s duties and responsibilities immediately prior to such Change in Control, and such position is based at an office or location not more than 50 miles from the Current Headquarters, such change in position shall not constitute Good Reason, but (y) if Executive is not offered a position as, or ceases to be employed as, an officer of the parent PBM or surviving corporation or entity as described in (x), a substantial and sustained diminution in Executive’s authority or responsibility shall be deemed to have occurred; or (ii) in the event a Change in Control shall occur which results in ESHC becoming a subsidiary of a non-PBM or is in the form of a merger in which the surviving corporation or entity is not a PBM, failure to receive an offer to serve as an officer of the non-PBM parent or surviving corporation or entity shall not constitute Good Reason provided Executive’s duties subsequent to the Change in Control are not inconsistent in any material adverse respect with Executive’s duties immediately prior to the Change in Control, and such position is based at an office or location not more than 50 miles from the Current Headquarters;

(d) The material diminution of the perquisites or benefits Executive enjoys in the aggregate under the Company’s benefit programs (including long-term incentive compensation programs), such as any of the Company’s pension, savings, vacation, life insurance, medical, health and accident, disability or long-term incentive plans in which he or she was participating at the time of any such material discontinuation (or, alternatively, if such plans are amended, modified or discontinued, material diminution of benefits thereunder in the aggregate), or the taking of any action by the Company which would directly or indirectly cause such benefits to be materially diminished in the aggregate to the benefits in effect immediately prior to taking such action; provided, that a material diminution in the context of long-term incentives shall be measured based on Executive’s long-term incentive opportunity; provided, further, that any amendment, modification or discontinuation of any plans or benefits referred to in this subsection (d) that generally affect substantially all other domestic salaried employees of the Company who were eligible to participate, and participated, in the affected Company benefit program(s) shall not be deemed to constitute Good Reason; and

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(e) The failure of the Company to renew this Agreement for an additional Renewal Period under Section 2.2, unless the current Employment Period is scheduled to end after Executive has attained the age of 65;

provided , that the events described in Section 1.25(a), (b), (c) or (d) above shall only constitute Good Reason if the Company fails to cure such event within 30 days after receipt from Executive of written notice of the event which constitutes Good Reason; and provided , further that, “Good Reason” shall cease to exist for an event on the 90th day following the later of its occurrence or Executive’s knowledge thereof, unless Executive has given the Company written notice thereof prior to such date. For the avoidance of doubt, Executive’s voluntary resignation (other than in circumstances constituting Good Reason hereunder) or termination by the Company for Cause shall not constitute termination for Good Reason.

1.26 “Incentive Plan” means the Express Scripts Holding Company 2016 Long-Term Incentive Plan, the Express Scripts, Inc. 2011 Long-Term Incentive Plan, the Express Scripts, Inc. 2000 Long-Term Incentive Plan, the Medco Health Solutions, Inc. 2002 Stock Incentive Plan, and in each case, any successors thereto, as amended from time to time.

1.27 “Initial Employment Period” has the meaning set forth in Section 2.2.

1.28 “Nondisclosure and Noncompetition Agreement” means any Form of Nondisclosure, Nonsolicitation, and Noncompetition Agreement entered into or previously entered into by and between Executive and the Company, as may be amended from time to time, or any successor form agreement.

1.29 “Notice of Retirement” means a notice of any purported Retirement by Executive as further described in Section 4.5(b).

1.30 “Notice of Termination” means a notice of any purported termination of Executive’s employment by the Company or by Executive as further described in Section 4.5.

1.31 “Payment Cap” means the maximum amount described in Section 7.12.

1.32 “Policy” has the meaning set forth in Section 7.16.

1.33 “Post-Retirement Performance Share Factor” means a fraction determined as follows:

(a) The numerator shall be the sum of (i) the number of calendar years in a Performance Period (as such term is defined in the Incentive Plan) during which Executive was employed by the Company as of December 31 of such year, plus (ii) an additional one year for the calendar year in which the Termination Date occurs, provided that Executive was employed by the Company during such year for at least three full calendar months prior to the Termination Date, and further provided that such additional year was not already included in this Section 1.33(a)(i) above (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, and a Termination Date of March 31, 2016 or thereafter, the numerator shall be two); and

(b) The denominator shall be the number of full calendar years in a Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, the denominator shall be three).

1.34 “Pro Rata Bonus” has the meaning set forth in Section 4.2(a)(iv).

1.35 “Renewal Period” has the meaning set forth in Section 2.2.

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1.36 “Retirement” means (i) an Early Retirement, (ii) a Tenured Retirement or (iii) any termination of employment which becomes effective on or after Executive has reached the age of 59  ¹ ⁄ ₂ , other than a termination of employment for Cause or due to death or Disability.

1.37 “Senior Staff” means those members of the Company’s senior management team with a pay grade of M3 or higher, or a similar level under any new or revised salary grading system utilized by the Company.

1.38 “Severance Benefit” means a severance payment in an amount equal to:

(a) eighteen (18) months of Executive’s Annual Base Salary as in effect immediately prior to the Termination Date, plus

(b) an amount equal to one hundred fifty percent (150%) of the Target Bonus.

1.39 “Target Bonus” has the meaning set forth in Section 3.2.

1.40 “Tenured Retirement” means a voluntary termination of employment by Executive which meets all of the following requirements:

(a) Executive shall have properly delivered a Notice of Retirement at least six (6) months prior to the proposed effective date of the Retirement;

(b) as of the date of proper delivery of the Notice of Retirement (i) Executive shall be at least 59  ¹ ⁄ ₂ years of age, and (ii) Executive shall have served on Senior Staff for a continuous period of at least 4  ¹ ⁄ ₂ years up to and including the date such Notice of Retirement is delivered.

1.41 “Termination Date” means the effective date of termination of Executive’s employment as determined in accordance with Section 4.5.

1.42 “Termination Year” has the meaning set forth in Section 4.2(a)(iv).

1.43 “Welfare Benefit” has the meaning set forth in Section 4.2.

1.44 “Welfare Period” has the meaning set forth in Section 4.2.

ARTICLE II

TERM/POSITION

2.1 Employment; Effectiveness of Agreement . Effective as of the Effective Date, the Company employs Executive, and Executive accepts such employment, according to the terms and conditions set forth in this Agreement. The parties acknowledge that Executive may be employed by ESHC or any of its subsidiaries or affiliated entities, and such employment shall be governed by this Agreement.

2.2 Term . Unless terminated earlier pursuant to Sections 4.1 through 4.5 of this Agreement, the term of Executive’s employment under this Agreement commenced on the Effective Date and continues through March 31, [    ] (the “Initial Employment Period”). On April 1 of each year, commencing with April 1, [    ], and on each subsequent April 1 thereafter (each, an “Anniversary Date”), this Agreement shall be extended automatically at such time for an additional twelve (12) month period or until such earlier termination pursuant to Sections 4.1 through 4.5 of this Agreement (each, a “Renewal Period”) unless either party hereto delivers written notice in accordance with Section 7.2 hereof to the other party hereto at least 90 days prior to such Anniversary Date of his, her or its desire not to renew this Agreement for an additional Renewal Period (e.g. subject to the terms hereof, assuming an April 1 Anniversary Date, and an employment period (Initial or Renewal) of April 1, 2014 through March 31, 2015, if either party gives proper notice at least 90 days prior to April 1, 2015 then the Agreement shall terminate as of March 31, 2015, but if neither party gives proper notice at least 90 days prior to April 1, 2015 then the Agreement shall automatically renew for an additional Renewal Period of April 1, 2015 through March 31, 2016). The Initial Employment Period and any Renewal Periods, if any, shall constitute the “Employment Period” for purposes of this Agreement. If there are no Renewal Periods, then the Employment Period shall have the same meaning as Initial

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Employment Period. Notwithstanding the foregoing, upon a Change in Control, the Employment Period shall automatically extend for an additional number of months such that twenty-four (24) months remain in the Employment Period from the date of the Change in Control. Except as set forth in Section 7.1, upon termination of Executive’s employment with the Company in accordance with the terms hereof or upon termination of the Initial Employment Period or the Employment Period without extension thereof, this Agreement shall terminate and no longer be of any force or effect.

2.3 Position and Duties . Executive shall hold the position of [    ] or such other title as the Company may ascribe to that position, or such other position of relatively equivalent responsibility and authority to which the Company may assign Executive, and shall report to the President of the Company or such other executive officer of the Company as designated by the Chief Executive Officer of the Company. During the Employment Period, Executive shall devote Executive’s best efforts and Executive’s full business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business affairs of the Company. Executive shall perform Executive’s duties and responsibilities to the best of Executive’s abilities in a diligent, trustworthy, businesslike and efficient manner. Nothing herein shall preclude Executive from, (a) subject to the prior written consent of the Board, or an appropriate committee of the Board, serving on any for-profit corporate or governmental board of directors (b) serving on the board of, or working for, any charitable, not-for-profit or community organization, (c) pursuing Executive’s personal, financial and legal affairs, or (d) pursuing any other activity; provided , that Executive shall not engage in any other business, profession, occupation or other activity, for compensation or otherwise, which would violate the provisions of Section 5.1 or would, in each case, and in the aggregate, otherwise conflict or interfere with the performance of Executive’s duties and responsibilities hereunder, either directly or indirectly, without the prior written consent of the Board or an appropriate committee of the Board.

ARTICLE III

COMPENSATION AND BENEFITS

3.1 Annual Base Salary . Effective as of the Effective Date and during the Employment Period following the Effective Date, the Company shall pay Executive a base salary (“Annual Base Salary”) at the annual rate of [    ] Dollars ($[    ]), which shall be payable in regular installments in accordance with the Company’s usual payroll practices. Executive shall be eligible for such increases in Executive’s Annual Base Salary, if any, as may be determined from time to time in the sole discretion of the Board or the Committee; provided , that any such increase shall not serve to limit or reduce any other obligation to Executive under this Agreement. The term “Annual Base Salary” as used in this Agreement shall refer to the Annual Base Salary as in effect from time to time during the Employment Period. Executive’s Annual Base Salary shall not be reduced after any such increase without Executive’s express written consent.

3.2 Annual Incentive Compensation . Executive shall be eligible to participate in the Company’s Annual Bonus Program. The size of Executive’s bonus opportunity for any calendar year shall be no less than [    ] Percent ([ ]%) of Executive’s Annual Base Salary (the “Target Bonus”) for any calendar year, pro-rated for any modification during the year. Executive shall be eligible for minimum Target Bonus opportunity increases, if any, as may be determined from time to time in the sole discretion of the Board or the Committee. Once increased, any such amount shall be the new minimum Target Bonus opportunity and “Target Bonus” under the Agreement. The amount and terms of Executive’s participation in the Annual Bonus Program shall be determined based on the terms and conditions of the Annual Bonus Program (as approved at the sole discretion of the Committee and the Board), subject to adjustment as described therein, and in accordance with any bonus award agreement thereunder. Executive’s Annual Bonus for the year of hire shall be based on Executive’s Annual Base Salary as in effect on the Effective Date and pro-rated based on the number of days the Executive is employed with the Company during such calendar year.

3.3 Participation in Benefit Plans . During the Employment Period, Executive shall be entitled to participate in the Company’s employee benefit plans (other than bonus and incentive plans) as in effect from time to time, on the same basis as those benefits are generally made available to similarly situated senior executives of the Company.

3.4 Restricted Stock, Stock Options and Other Equity Awards and Deferred Compensation . Executive may receive restricted stock, stock options and other equity awards and deferred compensation, to the extent determined by the Company, the Board or the Committee, as applicable, from time to time. The terms of any such award shall be documented in a separate award notice or agreement.

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3.5 Business Expenses . During the Employment Period, Executive shall be reimbursed for all reasonable expenses incurred by him or her in performing Executive’s duties hereunder provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Company.

3.6 Perquisites . During the Employment Period, Executive shall be entitled to receive such perquisites and fringe benefits which similarly situated senior executives of the Company are entitled to receive and such other perquisites which are suitable to the character of Executive’s position with the Company and adequate for the performance of Executive’s duties hereunder as determined by the Company from time to time.

ARTICLE IV

TERMINATION OF EMPLOYMENT

4.1 Termination by the Company for Cause; Termination by Executive Other Than for Good Reason or Retirement . If the Employment Period and Executive’s employment under this Agreement are terminated by the Company for Cause or by Executive other than for Good Reason or Retirement, prior to the scheduled expiration of the Employment Period, Executive shall be entitled to receive:

(a) The Annual Base Salary through the Termination Date;

(b) Reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company policy prior to the Termination Date; and

(c) Such employee benefits, if any, to which Executive may be entitled under the employee benefit plans of the Company, including rights with respect to any restricted stock, stock option and other equity awards or any deferred compensation, subject to the terms and conditions of the applicable plan, award, agreement or notice, if relevant (the amounts described in clauses (a) through (c) being referred to as the “Accrued Rights”). The Accrued Rights shall not include any bonus payments in connection with any bonus plan, policy, practice, program or award.

Following such termination of Executive’s employment hereunder pursuant to this Section 4.1, Executive shall have no further rights to any compensation or any other benefits under this Agreement. Notwithstanding the delivery of a Notice of Termination or a Notice of Retirement (as applicable) with respect to a termination other than a termination by the Company under this Section 4.1, the Company may, at any time on or prior to the Termination Date, exercise its right to terminate the Employment Period and Executive’s employment for Cause, and, upon the proper exercise of such right, any other purported termination (including a purported Retirement) shall be null and void, and the terms of this Section 4.1 shall apply. In addition, notwithstanding the delivery of a Notice of Retirement by Executive, if the Employment Period and Executive’s employment under this Agreement is terminated by Executive other than for Good Reason prior to the proposed effective date set forth in such Notice of Retirement, such purported Retirement (and the related Notice of Retirement) shall be null and void, and the terms of this Section 4.1 shall apply.

4.2 Termination by the Company Other Than for Cause or Disability; Termination by Executive for Good Reason .

(a) If the Employment Period and Executive’s employment under this Agreement is terminated by the Company prior to the scheduled expiration of the Employment Period other than for Cause or Disability, or Executive terminates Executive’s employment prior to the scheduled expiration of the Employment Period for Good Reason, in either case, prior to a Change in Control or following the two-year period following a Change in Control, Executive shall be entitled to receive:

(i) The Accrued Rights;

(ii) Any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date, which Annual Bonus shall be payable solely to the extent the applicable bonus payout is approved by the Committee;

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(iii) A Severance Benefit pursuant to the terms and conditions set forth in Section 4.2(c) below;

(iv) An amount (to the extent such amount is approved for payout by the Committee and the Board in their sole discretion) equal to the Annual Bonus that Executive would have been entitled to receive for the year in which the Termination Date occurs (the “Termination Year”) had Executive remained employed through the end of such year, which amount, determined based on the Company’s actual performance for such year relative to the performance goals applicable to Executive, shall be prorated for the portion of the Termination Year in which Executive was employed by the Company (the “Pro Rata Bonus”) and shall be payable in a lump sum at the same time bonuses are paid to other senior executives under the Annual Bonus Program, but in no event later than March 15th of the year following the Termination Year; and

(v) A payment from the Company in monthly installments, beginning on the first day of the first month following the Termination Date (subject to the six-month delay described below), in an amount equal to the cost of continuing medical, dental, vision and EAP coverage under the Company’s medical, dental, vision and EAP programs under COBRA for Executive’s applicable statutory COBRA period, for Executive and any eligible dependents of Executive (including Executive’s spouse) for a total period of eighteen (18) months (the “Welfare Period”); provided that, (A) as of the Termination Date, Executive is covered under a Company plan for such medical, dental, vision and EAP coverage (as applicable), and the Company continues to offer such benefit to its rank-and-file employees who are not covered under a collective bargaining agreement, (B) with respect to the medical benefits only, if during the Welfare Period, the Company ceases to offer a medical program to its rank-and-file employees who are not covered under a collective bargaining agreement, the payment during the Welfare Period shall change to an amount equal to the monthly premium for equivalent medical insurance coverage and (C) if during the Welfare Period Executive becomes eligible, as a full-time employee, for group medical, dental, vision and EAP insurance from another employer, Executive shall forfeit (as applicable) any such future payments from the Company (collectively, the “Welfare Benefit”). Notwithstanding the foregoing, in the event such payments for continued coverage or such continued coverage itself, by reason of change in the applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax or other penalties.

(b) If (1) a Change in Control occurs during the Employment Period, and (2) if the Employment Period and Executive’s employment under this Agreement is terminated by the Company prior to the scheduled expiration of the Employment Period other than for Cause or Disability, or Executive terminates Executive’s employment prior to the scheduled expiration of the Employment Period for Good Reason, in either case, within two (2) years after such Change in Control, Executive shall be entitled to receive:

(i) The Accrued Rights;

(ii) Any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date, which Annual Bonus shall be payable solely to the extent the applicable bonus payout is approved by the Committee;

(iii) A CIC Severance Benefit pursuant to the terms and conditions set forth in Section 4.2(c) below;

(iv) An amount equal to the Target Bonus, prorated for the portion of the Termination Year in which Executive was employed by the Company (the “CIC Pro Rata Bonus”) which shall be payable in a lump sum within sixty (60) days following the Termination Date; and

(v) The Welfare Benefit.

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(c) The Company shall pay the Severance Benefit, without interest thereon (except as described in Section 7.18), in eighteen (18) substantially equal monthly installments, which installments shall be payable on the first day of each month, with the first installment payable in the first full month commencing fifteen (15) days after the Termination Date (subject to Section 4.2(d) and the six-month delay described in Section 7.18). The Company shall pay the CIC Severance Benefit, without interest thereon (except as described in Section 7.18), in twenty-four (24) substantially equal monthly installments, which installments shall be payable on the first day of each month, with the first installment payable in the first full month commencing fifteen (15) days after the Termination Date (subject to Section 4.2(d) and the six-month delay described in Section 7.18). Executive shall not be under any duty to mitigate damages in order to be eligible to receive the Severance Benefit or the CIC Severance Benefit.

(d) Notwithstanding the foregoing, Executive agrees that the Company’s obligation to pay the Severance Benefit, the CIC Severance Benefit, the Welfare Benefit, the bonuses pursuant to Sections 4.2(a)(ii), 4.2(a)(iv), 4.2(b)(ii) and 4.2(b)(iv), if applicable, is contingent and conditioned upon both of the following:

(i) Executive’s full compliance with Sections 5.1 through 5.3 and Section 5.6, as well as any agreements in the release described in Section 4.2(d)(ii) below, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement or any other nondisclosure or noncompetition agreement between Executive and the Company that remains in effect. Notwithstanding anything herein, if either (A) Executive breaches any of the provisions of Sections 5.1 through 5.3 or Section 5.6 (or any breach of any agreements in the release described in Section 4.2(d)(ii) below, or in the Nondisclosure and Noncompetition Agreement, or in any other nondisclosure or noncompetition agreement between Executive and the Company that was in effect as of the time of such breach), or (B) following the Termination Date the Committee becomes aware of acts or omissions by Executive during the term of Executive’s employment with the Company which would have constituted Cause, or (C) Executive, or anyone on Executive’s behalf, pursues any type of action or claim against the Company regarding this Agreement or any topic or claim covered by this Agreement, other than (i) in connection with any challenges to the validity of the release described in Section 4.2(d)(ii) below under the federal Age Discrimination in Employment Act as amended by the Older Worker Benefit Protection Act, (ii) in connection with the filing of a charge or complaint with or the participation in an investigation, hearing or proceeding of a government agency or (iii) as otherwise prohibited by law, then, in each case, Executive shall reimburse the Company for all compensation or other amounts previously paid, allocated, accrued, delivered or provided by the Company to Executive pursuant to Section 4.2(a) or 4.2(b) and the Company shall be entitled to discontinue the future payment, delivery, allocation, accrual or provision of the Severance Benefit, the CIC Severance Benefit, the Pro Rata Bonus, the CIC Pro Rata Bonus, the Welfare Benefit and such other compensation, including any deferred or equity compensation, as reflected in the terms of any plan, notice or agreement evidencing such other compensation, except to the extent prohibited by applicable law.

(ii) No later than sixty (60) days after the Termination Date, Executive must execute and deliver (and not revoke) a general release releasing all claims against the Company (other than those specifically described in the below proviso) in such form and containing such terms as the Company may reasonably prescribe (and all applicable revocation periods must have expired); provided , however , that in no event shall the timing of Executive’s execution (and non-revocation) of the general release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment that is subject to execution (and non-revocation) of the general release could be made in more than one taxable year, payment shall be made in the later taxable year; provided , further, that it shall not be a condition to Executive’s receipt of such payments that Executive release the Company from any of the following:

(A) the obligations of the Company described in Article IV of this Agreement; or

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(B) any vested rights that Executive may have with respect to any benefits, rights or entitlements under the terms of any employee benefit programs of the Company to which Executive is or will be entitled by virtue of Executive’s employment with the Company or any of its subsidiaries, and nothing in the release will prohibit or be deemed to restrict Executive from enforcing Executive’s rights to any such benefits, rights or entitlements; or

(C) Executive’s right to indemnification to the extent provided in the Company’s Certificate of Incorporation and/or bylaws.

Failure or refusal by Executive to execute and deliver timely (and not revoke) such release shall release the Company from its obligations to make the payments described herein. Following such termination of Executive’s employment hereunder pursuant to this Section 4.2, Executive shall have no further rights to any compensation or any other benefits under this Agreement.

4.3 Termination Due to Death, Disability or Retirement .

(a) Rights Upon Termination . If the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death, Disability or Retirement prior to the scheduled expiration of the Employment Period, Executive or Executive’s estate, as applicable, will receive (a) the Accrued Rights plus any Annual Bonus earned for a previously completed fiscal year but unpaid as of the Termination Date which Annual Bonus shall be payable solely to the extent the applicable bonus payout is approved by the Committee; provided , however , that, in the event of Executive’s death, the Company agrees to abide by previously received written instructions from Executive directing the Company to pay the Accrued Rights and/or the accrued but unpaid Annual Bonus to a living trust or similar estate planning vehicle of Executive, provided such trust or similar vehicle is still in existence at the time of Executive’s death, except to the extent prohibited by law, and except as may otherwise be required or directed by any applicable employee benefit plan; and (b) payment for the Welfare Benefit; provided , however , in the event such continued coverage, by reason of change in the applicable law, may, in the Company’s reasonable view, result in tax or other penalties on the Company, this provision shall terminate and the parties shall, in good faith, negotiate for a substitute provision which does not result in such tax or other penalties. Following such termination of Executive’s employment hereunder pursuant to this Section 4.3, Executive shall have no further rights to any compensation or any other benefits under this Agreement. Further, notwithstanding the specific terms of the Incentive Plan or any award agreement thereunder, with respect to any grants made to Executive under the Incentive Plan during the term of this Agreement, a Retirement under this Agreement which is not also an Early Retirement or a Tenured Retirement shall be deemed to be a “Retirement” under the Incentive Plan and shall be treated in accordance with the provisions of the Incentive Plan and any applicable award agreements which apply upon a “Retirement”.

(b) Tenured Retirement . Notwithstanding the specific terms of the Incentive Plan or any award agreements thereunder, with respect to any Covered Equity Awards, upon a Tenured Retirement, the following provisions shall apply:

(i) Vested Options and Stock Appreciation Rights . All Options or Stock Appreciation Rights which have vested on or prior to the Termination Date, but which have not expired, been exercised, or otherwise terminated, shall remain vested and exercisable through the expiration of their respective terms (as set forth in the applicable option or stock appreciation rights agreements or notices) and shall thereafter terminate.

(ii) Unvested Options and Stock Appreciation Rights . All Options or Stock Appreciation Rights which have not vested as of the Termination Date, and which have not expired or otherwise terminated, shall continue to vest after the Termination Date in accordance with their respective terms as if Executive were still employed by the Company, and shall remain vested and exercisable through the expiration of their respective terms (in each case as set forth in the applicable option or stock appreciation rights agreements or notices) and shall thereafter terminate.

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(iii) Restricted Stock Units. All grants of Restricted Stock Units which have not vested as of the Termination Date, and which have not expired or otherwise terminated, shall continue to vest after the Termination Date in accordance with their respective terms as if Executive were still employed by the Company (as set forth in the applicable restricted stock unit agreements or notices) and shall be paid in accordance with the vesting schedule as set forth in the applicable restricted stock unit agreement.

(iv) Performance Shares. For each award of Performance Shares, to the extent not already vested, terminated or forfeited as of the Termination Date, Executive shall be considered vested in such Performance Shares, but only to the extent the Performance Criteria (as defined in the applicable Performance Share award agreement) are achieved at the end of the applicable performance period (subject to the limitations set forth below in this Section 4.3(b)(iv)), and any payment of shares shall be made in accordance with the terms of the applicable Performance Share agreement as if Executive had remained as an employee of the Company through the end of the performance period (i.e. generally shares would not be distributed until after the end of the performance period). Notwithstanding the foregoing, certain Performance Shares shall be subject to a reduction in the maximum number of shares which may be delivered, as follows:

(A) For each award of Performance Shares, if Executive’s Termination Date occurs on or after the end of the third calendar month of the final full year of the applicable Performance Period (as such term is defined in the Incentive Plan) (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, on or after March 31, 2017), then such Performance Shares shall be treated as described in the preceding paragraph without any reduction in the maximum number of shares which may be delivered.

(B) For each award of Performance Shares, if Executive’s Termination Date occurs prior to the end of the third calendar month of the final full year of the applicable Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, before March 31, 2017), then such Performance Shares shall be multiplied by the Post-Retirement Performance Share Factor, and the product shall be treated as described in the initial paragraph of this Section 4.3(b)(iv) without any reduction in the maximum number of shares which may be delivered with respect to such portion of the Performance Shares. The remaining portion of the Performance Shares shall be treated as described in the initial paragraph of this Section 4.3(b)(iv) with a maximum payout of 100% (or “target” number) of such remaining portion of the Performance Shares.

EXAMPLE: For an award of 150 Performance Shares, with a Post-Retirement Performance Share Factor of two-thirds, assuming the achievement of the applicable Performance Criteria results in a payment of 200% of the target number of Performance Shares, Executive would receive 250 shares determined as follows: 150 Performance Shares multiplied by the Post-Retirement Performance Share Factor results in 100 Performance Shares which are not subject to the 100% maximum and are thus paid out as 200 shares (100 Performance Shares * 200% payout factor); the remaining 50 Performance Shares are capped at a 100% payout factor and are thus paid out as 50 shares.

(c) Early Retirement . Notwithstanding the specific terms of the Incentive Plan or any award agreement thereunder, with respect to any Covered Equity Awards, upon an Early Retirement, the following provisions shall apply:

(i) Vested Options and Stock Appreciation Rights . All Options or Stock Appreciation Rights which have vested on or prior to the Termination Date, but which have not expired, been exercised, or otherwise terminated, shall remain vested and exercisable through the Early Retirement Option Expiration Date and shall thereafter terminate.

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(ii) Unvested Options and Stock Appreciation Rights . Each grant, or portion thereof, of Options or Stock Appreciation Rights which has not vested as of the Termination Date, and which has not expired or otherwise terminated, shall vest or be terminated and forfeited as follows: (A) any portion of such grant which is scheduled (under its original terms) to vest after the Early Retirement Option Expiration Date shall terminate and be forfeited on the Termination Date; (B) for any portion of such grant which is scheduled (under its original terms) to vest on or prior to the Early Retirement Option Expiration Date, each “tranche” of such grant (meaning each portion scheduled to vest on the various vesting dates under the grant) shall be multiplied by the Early Retirement Vesting Factor, and a portion of such tranche equal to such product rounded to the nearest whole number, shall continue to vest after the Termination Date in accordance with its original terms as if Executive were still employed by the Company, and shall remain vested and exercisable through the Early Retirement Option Expiration Date and shall thereafter terminate; and (C) for each tranche to which the Early Retirement Vesting Factor is applied under the preceding Subsection B, any remaining portion of such tranche that does not so vest shall terminate and be forfeited on the Termination Date. (See example on Exhibit A to this Agreement).

(iii) Restricted Stock Units. Each grant, or portion thereof, of Restricted Stock Units which has not vested as of the Termination Date, and which has not expired or otherwise terminated, shall vest or be terminated and forfeited as follows: (A) any portion of such grant which is scheduled (under its original terms) to vest after the third anniversary of the Deemed Retirement Date shall terminate and be forfeited on the Termination Date; (B) for any portion of such grant which is scheduled (under its original terms) to vest on or prior to the third anniversary of the Deemed Retirement Date, each “tranche” of such grant (meaning each portion scheduled to vest on the various vesting dates under the grant) shall be multiplied by the Early Retirement Vesting Factor, and a portion of such tranche equal to such product rounded to the nearest whole number, shall continue to vest after the Termination Date in accordance with its original terms as if Executive were still employed by the Company and shall be paid in accordance with the vesting schedule as set forth in the applicable restricted stock unit agreement; and (C) for each tranche to which the Early Retirement Vesting Factor is applied under the preceding Subsection B, any remaining portion of such tranche that does not so vest shall terminate and be forfeited on the Termination Date.

(iv) Performance Shares. For each award of Performance Shares, to the extent not already vested, terminated or forfeited as of the Termination Date, Executive shall be considered vested in a portion of such Performance Shares determined by multiplying the number of such Performance Shares by the Early Retirement Vesting Factor (the product being the “Adjusted Performance Shares”), but only to the extent the Performance Criteria are achieved at the end of the applicable performance period (e.g., if the target number of Performance Shares is 150, the Early Retirement Vesting Factor is 0.24 the Adjusted Performance Shares would be 36, and if the achievement of the Performance Criteria results in a payment of 75% of target shares, the number of shares awarded would be 36 * 75% or 27 shares), and any payment of shares shall be made in accordance with the terms of the applicable Performance Share agreement as if Executive had remained as an employee of the Company through the end of the performance period (i.e., generally shares would not be distributed until after the end of the performance period). Notwithstanding the foregoing, certain Performance Shares shall be subject to a reduction in the maximum number of shares which may be delivered, as follows:

(A) For each award of Performance Shares, if Executive’s Termination Date occurs on or after the end of the third calendar month of the final full year of the applicable Performance Period (as such term is defined in the Incentive Plan) (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, on or after March 31, 2017), then the Adjusted Performance Shares for shall be treated as described in the preceding paragraph without any reduction in the maximum number of shares which may be delivered.

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(B) For each award of Performance Shares, if Executive’s Termination Date occurs prior to the end of the third calendar month of the final full year of the applicable Performance Period (e.g., for a Performance Period of January 1, 2015 through January 1, 2018, before March 31, 2017), then the Adjusted Performance Shares shall be multiplied by the Post-Retirement Performance Share Factor, and the product shall be treated as described in the initial paragraph of this Section 4.3(c)(iv) without any reduction in the maximum number of shares which may be delivered with respect to such portion of the Adjusted Performance Shares. The remaining portion of the Adjusted Performance Shares shall be treated as described in the initial paragraph of this Section 4.3(c)(iv) with a maximum payout of 100% (or “target” number) of such remaining portion of the Adjusted Performance Shares.

EXAMPLE: Assuming an award of 150 Performance Shares, and an Early Retirement Vesting Factor is 0.24 the Adjusted Performance Shares would be 36. Further assuming a Post-Retirement Performance Share Factor of two-thirds, if the achievement of the Performance Criteria results in a payment of 200% of the target number of Performance Shares, Executive would receive 60 shares determined as follows: 36 Adjusted Performance Shares multiplied by the Post-Retirement Performance Share Factor (two-thirds) results in 24 Adjusted Performance Shares which are not subject to the 100% maximum and are thus paid out as 48 shares (24 Adjusted Performance Shares * 200% payout factor); the remaining 12 Performance Shares are capped at a 100% payout factor and are thus paid out as 12 shares.

(d) Notwithstanding anything to the contrary set forth herein, if either (i) Executive breaches any of the provisions of Sections 5.1 through 5.3 or Section 5.6, or of the terms and provisions of the Nondisclosure and Noncompetition Agreement (whether such breach occurs during or after Executive’s employment with the Company), or (ii) following the Termination Date the Committee becomes aware of acts or omissions by Executive during the term of Executive’s employment with the Company which would have constituted Cause, or (iii) Executive, or anyone on Executive’s behalf, pursues any type of action or claim against the Company, regarding this Agreement or any topic or claim covered by this Agreement, other than (i) in connection with any challenges to the validity of the release described in Section 4.2(d)(ii) under the federal Age Discrimination in Employment Act as amended by the Older Worker Benefit Protection Act, (ii) in connection with the filing of a charge or complaint with or the participation in an investigation, hearing or proceeding of a government agency or (iii) as otherwise prohibited by law, then, in each case, (1) all Options, Stock Appreciation Rights, Restricted Stock Units, Performance Shares or other Awards (as defined in the Incentive Plan), to the extent not previously exercised or paid out, shall immediately terminate and be forfeited, and Executive shall reimburse the Company for the value of any other Options, Stock Appreciation Rights, Restricted Stock Units, Performance Shares or other Awards for which vesting accelerated, or which Executive otherwise realized value, as a result of a purported Retirement; and (2) Executive shall reimburse the Company for all compensation or other amounts previously paid, allocated, accrued, delivered or provided by the Company to Executive pursuant to this Section 4.3 and the Company shall be entitled to discontinue the future payment, delivery, allocation, accrual or provision of the Severance Benefit, the CIC Severance Benefit, the Pro-Rata Bonus, the CIC Pro Rata Bonus, the Welfare Benefit and such other compensation, including any deferred or equity compensation, as reflected in the terms of any plan, notice or agreement evidencing such other compensation, except to the extent prohibited by applicable law.

(e) If the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death, Disability or Retirement prior to the scheduled expiration of the Employment Period, Executive or Executive’s estate, as applicable, will receive a Pro Rata Bonus and shall be payable, solely to the extent the applicable bonus payout is approved by the Committee, in a lump sum at the same time bonuses are paid to other senior executives under the Annual Bonus Program, but in no event later than March 15th of the year following the Termination Year.

(f) (i) In the event the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death or Disability prior to the scheduled expiration of the Employment Period, and, as of the Termination Date, Executive would have been eligible for Tenured Retirement, then, to the extent permitted under Section 409A of the Code, Executive’s termination of employment shall be treated as a Tenured Retirement with respect to the Covered Equity Awards with a Deemed Retirement

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Date that is six (6) months following the Termination Date. Notwithstanding the foregoing, Executive or Executive’s estate, as applicable, to the extent permitted under Section 409A of the Code, may decline such Tenured Retirement through an election delivered by written notice to the Company not less than ninety (90) days following the Termination Date. If proper election is made under this paragraph, then Section 4.3(b) shall not apply to the Covered Equity Awards and the provisions of the Incentive Plan, and/or the agreements or notices for the Covered Equity Awards, related to vesting, termination or forfeiture, or exercise period, following a termination due to death or Disability, shall apply to the Covered Equity Awards (except to the extent provided herein).

(ii) In the event the Employment Period and Executive’s employment under this Agreement are terminated due to Executive’s death or Disability prior to the scheduled expiration of the Employment Period, and, as of the Termination Date, Executive would have been eligible for Early Retirement (but not Tenured Retirement), then, to the extent permitted under Section 409A of the Code, Executive or Executive’s estate, as applicable, may elect to have Executive’s termination treated as an Early Retirement with respect to the Covered Equity Awards with a Deemed Retirement Date that is six (6) months following the Termination Date. Such election shall be made by delivery of written notice to the Company not less than ninety (90) days following the Termination Date. If proper election is made under this paragraph, then (1) the provisions of Section 4.3(c) shall apply to all, and not less than all, Covered Equity Awards and (2) the provisions of the Incentive Plan, and/or the agreements or notices for the Covered Equity Awards, related to vesting, termination or forfeiture, or exercise period, following a termination due to death or Disability, shall not apply to the Covered Equity Awards (except to the extent provided herein).

(g) Any payment or vesting of cash or equity to Executive is subject to all federal, state, and local income and payroll tax withholding that, in the opinion of the Company, is required by law. Unless Executive satisfies any such tax withholding obligation by paying the amount in cash (including by check or wire transfer) or shares of the Company’s stock, the Company shall withhold cash and/or shares on the date of withholding sufficient to cover the withholding obligation or such other amount that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by the Internal Revenue Service or another governmental entity, with shares valued in the same manner as used in computing the withholding taxes.

(h) Notwithstanding the foregoing, Executive agrees that the Company’s obligation to make the payments set forth in this Section 4.3, other than the Accrued Rights, is contingent and conditioned upon the execution and delivery (and non-revocation) of a general release by Executive (or Executive’s estate, if applicable), no later than sixty (60) days after the Termination Date, releasing all claims against the Company (other than those specifically described in the below provisos) in such form and containing such terms as the Company may reasonably prescribe; provided , however , that in no event shall the timing of Executive’s execution (and non-revocation) of the general release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment that is subject to execution (and non-revocation) of the general release could be made in more than one taxable year, payment shall be made in the later taxable year; provided , further, that it shall not be a condition to Executive’s receipt of such payments that Executive release the Company from any of the following:

(i) the obligations of the Company described in Article IV of the Agreement; or

(ii) any vested rights that Executive may have with respect to any benefits, rights or entitlements under the terms of any employee benefit programs of the Company to which Executive is or will be entitled by virtue of Executive’s employment with the Company or any of its subsidiaries, and nothing in the release will prohibit or be deemed to restrict Executive from enforcing Executive’s rights to any such benefits, rights or entitlements; or

(iii) Executive’s right to indemnification to the extent provided in the Company’s Certificate of Incorporation and/or bylaws.

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Failure or refusal by Executive to execute and deliver timely (and not revoke) such release shall release the Company from its obligations to make the payments described herein. Following such termination of Executive’s employment hereunder pursuant to this Section 4.3, Executive shall have no further rights to any compensation or any other benefits under this Agreement.

4.4 Expiration of the Employment Period .

(a) In the event either party elects not to extend the Employment Period pursuant to Section 2.2, unless Executive’s employment is earlier terminated pursuant to Sections 4.1 through 4.3, the Agreement shall terminate upon the expiration of the then current Employment Period subject only to Section 7.1 and Executive’s employment with the Company beyond the expiration of the Employment Period shall be deemed an employment at-will and shall not be deemed to extend any of the provisions of this Agreement (subject to Section 7.1) and Executive’s employment may thereafter be terminated at will by either Executive or the Company.

(b) Following such termination of the Agreement pursuant to this Section 4.4, Executive shall have no further rights to any compensation or any other benefits under this Agreement.

4.5 Notice of Termination; Notice of Retirement; Termination Date .

(a) For purposes of this Agreement, any purported termination of Executive’s employment by the Company or by Executive (other than a Retirement by Executive), shall be communicated by written “Notice of Termination” to the other party hereto in accordance with Section 7.2. Any Notice of Termination shall set forth (i) the effective date of termination (for purposes of determining Executive’s entitlement to benefits hereunder), which, in the case of a termination by Executive pursuant to Section 4.1, or a termination by either party pursuant to Section 4.2 shall not be less than fifteen (15) days after the date the Notice of Termination is delivered; (ii) the specific provision in this Agreement relied upon; and (iii) except in the case of a termination due to death, Disability or by the Company other than for Cause, death or Disability, in reasonable detail, the facts and circumstances claimed to provide a basis for such termination.

(b) For purposes of this Agreement, any purported Retirement by Executive shall be communicated by written “Notice of Retirement” to the Company in accordance with Section 7.2. Any Notice of Retirement shall include the following (i) if Executive intends for the Retirement to qualify as either an Early Retirement or a Tenured Retirement, the notice shall indicate such intent; and (ii) the notice shall set forth the proposed effective date of the Retirement, which, for either an Early Retirement or a Tenured Retirement shall not be less than six (6) months after the date the Notice of Retirement is delivered, or for any other Retirement shall not be less than fifteen (15) days after the date the Notice of Retirement is delivered. Notwithstanding anything to the contrary set forth herein, in order for a Notice of Retirement to be proper and valid, Executive must, during the period from delivery of the purported Notice of Retirement through the Termination Date, continue to substantially perform Executive’s duties hereunder, to the extent required by the Company. Executive’s material neglect or willful and continuous failure to perform such duties, which neglect or failure is not cured within seven (7) days following written notice thereof from the Company to Executive, shall (i) invalidate the Notice of Retirement ab initio, and (ii) deprive Executive the right to deliver a subsequent Notice of Retirement. However, the foregoing shall not prevent the Company, in its sole discretion, from agreeing to reduce or diminish Executive’s duties and obligations to the Company during the period following delivery of the purported Notice of Retirement through the Termination Date.

(c) If the Company terminates Executive’s employment pursuant to Section 4.1 or due to Executive’s Disability pursuant to Section 4.3, the Termination Date shall be the date upon which the Company notifies Executive of such termination. If the Company terminates Executive’s employment pursuant to Section 4.2 or 4.3, or if Executive terminates employment pursuant to Section 4.1, 4.2 or 4.3, the Termination Date shall be Executive’s last full day of work prior to the effectiveness of such termination. At any time following proper delivery of a Notice of Retirement but prior to the effective date of such Retirement, the Company may elect to terminate the Employment Period and Executive’s employment under this Agreement in which case the Termination Date shall be Executive’s last full day of work prior to the effectiveness of such termination; provided , however , that, unless such termination is for Cause under

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Section 4.1, such early termination by the Company shall not have any impact on the Deemed Retirement Date. Notwithstanding the foregoing, if within fifteen (15) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a good faith dispute exists concerning the termination, the “Termination Date” for purposes of determining Executive’s entitlement to benefits under this Agreement shall be the date on which the dispute is finally determined by an independent arbitrator selected by the American Arbitration Association.

4.6 Board/Committee Resignation . Upon termination of Executive’s employment for any reason, Executive hereby agrees to immediately resign from all positions (including, without limitation, any management, officer or director position) that Executive holds on the date of such termination with the Company or any of its affiliates or with any entity in which the Company or any of its affiliates has made any investment. Executive hereby agrees to execute and deliver such documentation reasonably required by the Company as may be necessary or appropriate to enable the Company or its affiliates, or any entity in which the Company or any of its affiliates thereof has made an investment to effectuate such resignation, and in any case, Executive’s execution of this Agreement shall be deemed the grant by Executive to the officers of the Company of a limited power of attorney to sign in Executive’s name and on Executive’s behalf such documentation solely for the limited purposes of effectuating such resignation.

ARTICLE V

RESTRICTIVE COVENANTS

For the purposes of this Article V, all references to the Company shall include the Company and its affiliates.

5.1 Non-Solicitation and Non-Competition .

(a) Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees as follows:

(i) During the period of Executive’s employment with the Company and, for a period of two (2) years after termination of Executive’s employment for any reason by Executive or the Company (cumulatively the “Nonsolicit Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever (“Person”), directly or indirectly solicit or assist in soliciting to provide products or services manufactured, sold, supplied or provided by the Company to any actual or prospective client, vendor, supplier, drug manufacturer, broker, regional marketing director, employee benefit plan or trust, or other party in any type of business relationship with the Company or encourage any such Person to reduce, terminate or change the terms of business conducted with the Company, in each case:

(A) with whom Executive had personal contact or dealings on behalf of the Company during the one (1) year period preceding Executive’s termination of employment;

(B) with whom employees reporting directly to Executive or to Executive’s direct reports have had personal contact or dealings on behalf of the Company during the one (1) year immediately preceding Executive’s termination of employment; or

(C) for whom Executive had direct or indirect responsibility during the one (1) year immediately preceding Executive’s termination of employment.

(ii) During the Nonsolicit Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly:

(A) solicit or encourage any employee of the Company to leave the employment of the Company; or

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(B) hire any such employee who was employed by the Company as of the date of Executive’s termination of employment with the Company or who left the employment of the Company coincident with, or within one year prior to or after, the termination of Executive’s employment with the Company.

(iii) During the Nonsolicit Period, Executive will not, directly or indirectly, solicit, or encourage to cease to work with the Company, any consultant or independent contractor then under contract with the Company.

(iv) During the period of Executive’s employment with the Company and, for a period of (18) months after termination of Executive’s employment for any reason by Executive or the Company (cumulatively the “Noncompete Period”), Executive will not directly or indirectly:

(A) engage in or prepare to engage in any Competitive Business;

(B) enter the employ of, or render any services to, any Person (or any division or controlled or controlling affiliate of any Person) who or which engages in or is preparing to engage in a Competitive Business;

(C) acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

(D) interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between the Company or any third parties, including employees, consultants, customers, clients, vendors, suppliers, drug manufacturers, partners, members or investors of the Company.

(v) Notwithstanding anything to the contrary herein, Executive may, directly or indirectly own, solely as an investment, securities of any Person engaged in the business of the Company which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which controls, such Person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person.

(b) Tolling . Executive understands that if he/she violates the terms of Sections 5.1(a)(i), (ii), (iii) or (iv) above by engaging in one or more of the prohibited activities during the applicable restrictive period, then the running of the restrictive period will stop, or be “tolled,” during the time of such violation and will begin running again only when the violation(s) have ceased by voluntary action of Executive or following legal action by the Company to enforce the Agreement.

5.2 Confidentiality .

(a) Executive acknowledges that the identity of the clients and customers of the Company, the prices, terms and conditions at, or upon which, the Company sells its products or provides its services and other non-public, proprietary or confidential information relating to the business, financial and other affairs of the Company (including, without limitation, any idea, product, trade secret, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property; creative or conceptual business or marketing plan, strategy or other material developed for the Company by Executive; or information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals – concerning the past, current or future business, activities and operations of the Company and/or any third party that has disclosed or provided any of same to the Company on a confidential basis) (hereinafter collectively referred to as “Confidential Information”) are valuable, special unique assets of the Company and that such Confidential Information, if disclosed to others, may result in loss of business or other irreparable and consequential damage to the Company.

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(b) Executive shall hold in fiduciary capacity, for the benefit of the Company, all Confidential Information and shall not, at any time during the Employment Period or thereafter (i) retain or use for the benefit, purposes or account of Executive of any other Person, or (ii) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers who are bound by confidentiality obligations), any Confidential Information, without the prior written authorization of the Company.

(c) Notwithstanding the foregoing, the term Confidential Information shall not include information (i) generally known to the public or the trade other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties, (ii) made legitimately available to Executive by a third party without breach of any confidentiality obligation, (iii) the release of which is deemed by the Board to be in the best interest of the Company, or (iv) the disclosure of which is required by applicable law; provided , that Executive shall give prompt written notice to the Company of such legal requirement, disclose no more information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. Furthermore, nothing in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures and Executive is not required to notify the Company that he or she has made such reports or disclosures.

(d) Upon termination of Executive’s employment with the Company for any reason, Executive shall (i) cease and not thereafter commence use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, (ii) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the business of the Company, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information, and (iii) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Executive is or becomes aware. In addition, on Executive’s last day of employment with the Company, or earlier upon the request of the Company, Executive shall return to the Company all equipment, data, material, manuals, offering documents, contracts, closing binders, books, records, documents (whether stored electronically or on computer hard drives, disks, thumb drives, or other storage devices), computer disks, credit cards, keys, I.D. cards, and other Company property, including, without limitation, stand-alone computers or tablets, fax machines, printers, telephones, and other Company electronic devices in Executive’s possession, custody, or control.

5.3 Non-Disparagement . Executive agrees that Executive will not disparage the Company or its or their current or former officers, directors, and employees in any way; further, Executive will not make or solicit any comments, statements, or the like to the media or to others that would be considered derogatory or detrimental to the good name or business reputation of any of the aforementioned entities or individuals; provided , that this Section does not prohibit statements which Executive is required to make under oath or which are otherwise required by law, provided , that such statements are truthful and made in a professional manner; further provided , that this Section does not prohibit Executive from making statements which would otherwise be in violation of this Section, provided such statements are made by Executive in response to public statements made by the Company, or its authorized representatives, which are derogatory or detrimental to the good name or business reputation of Executive.

5.4 Acknowledgment of Reasonable Covenants . It is expressly understood and agreed that Executive and the Company consider the restrictions and covenants contained herein to be reasonable and enforceable, because, among other things, (a) Executive will be receiving compensation under this Agreement or otherwise, (b) there are many other areas in which, and companies for which, Executive could work in view of Executive’s background, (c) the

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restrictions and covenants set forth herein do not impose any undue hardship on Executive, (d) the Company would not have entered into this Agreement but for the restrictions and covenants of Executive contained herein, (e) the restrictions and covenants contained herein have been made in order to induce the Company to enter into this Agreement and (f) the restrictions and covenants contained herein are for the protection of the Company’s confidential or trade secrets business information and customer or supplier relationships, goodwill and loyalty.

5.5 Subsequent Employment . Executive agrees to disclose the existence of this Agreement and the restrictions in this Article V (but nothing further) to any person, firm, corporation or other entity before accepting employment with, engagement by or otherwise working for such person or entity during Executive’s employment with the Company and during the two (2) year period following termination of Executive’s employment for any reason. Executive further agrees that upon request Executive will disclose to one of the Company’s Vice President(s) of Human Resources the identity of any new employment, business relationship, or consulting arrangement that Executive is engaged in while Executive is employed and during the two (2) year period after termination of employment for any reason. Notwithstanding the foregoing, this paragraph shall not prohibit Executive from disclosing historical compensation information (e.g., salary, bonus or long term incentive compensation) to prospective future employers.

5.6 Modification of the Restrictive Covenants . If, at the time of enforcement of the restrictive covenants set forth herein, a final judicial determination is made by a court or arbiter of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

ARTICLE VI

EMPLOYEE INVENTIONS

6.1 Ownership of Work Product . Executive acknowledges and agrees that the Company shall solely own, without restrictions or liability of any kind, all right, title, and interest in and to any and all intellectual property and tangible embodiments thereof, including, but not limited to, all documents, reports, memoranda, drawings, specifications, computer programs, works of authorship, and other tangible or intangible property and any and all plans, discoveries, creations, compositions, inventions, innovations, processes, technical data, patents and patent applications, know-how, trade secrets, customer lists, business plans, marketing plans and other competitive data and information, trademarks, service marks, trade names, copyrights and copyright registration applications, and other materials and designs (whether tangible or intangible) developed or conceived by Executive or provided by the Company or business units to Executive during the course of Executive’s performance of services pursuant to this Agreement (individually or collectively “Work Product”).

6.2 Return of Materials . Executive acknowledges and agrees that Executive shall not acquire any rights whatsoever in any Work Product and that any and all Work Product, and any other property of Company shall be returned or provided to the Company at any time upon the Company’s demand, and, at the latest, upon Executive’s separation from Company for any reason.

6.3 Title . Executive acknowledges and confirms that it is Executive’s intention that any and all rights, including any copyright or other intellectual property rights, in any Work Product created by Executive for the Company shall solely and exclusively vest in the Company, and that any such Work Product shall be considered within the scope of Executive’s employment. The parties agree that the Company is entitled, as author, to the copyright in any copyrightable Work Product and any other rights therein including the right to seek or not seek statutory registration of any copyright and the right to make such changes therein and uses thereof as the Company in its sole discretion determines. If, for any reason, any Work Product is not considered a work made for hire under the U.S. Copyright Act, then Executive hereby grants and assigns to the Company, without any requirement of further consideration, all of Executive’s right, title, and interest in and to such Work Product.

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6.4 Assignment of Rights . Executive agrees to execute such assignments, releases, transfer documents, and other instruments as the Company may reasonably require in order to vest in the Company complete and absolute title to the Work Product, including all intellectual property rights therein and thereto. For this limited purpose, Executive hereby appoints the Company as its attorney in fact to execute and deliver to the Company, on behalf of Executive, any and all such documents or instruments. This appointment shall be deemed to be a power coupled with an interest and shall be irrevocable. Executive agrees to cooperate fully with the Company in any and all acts or actions deemed appropriate by the Company in order to perfect, retain, enforce, and maintain sole and exclusive title in and to the Work Product and all intellectual property rights therein and thereto.

ARTICLE VII

MISCELLANEOUS

7.1 Survival . Sections 4.1 through 4.6 inclusive (as applicable to the relevant circumstance of termination only), Articles V, VI and VII shall survive and continue in full force in accordance with their terms notwithstanding any termination of Executive’s employment hereunder or termination of the Employment Period.

7.2 Notices . All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally, mailed by certified or registered mail, return receipt requested and postage prepaid, or sent via a nationally recognized overnight courier, or sent via e-mail to the recipient. Such notices, demands and other communications shall be sent to the address indicated below:

To the Company:

Express Scripts Holding Company

One Express Way Saint Louis, MO 63121

Attention: Chief Legal Officer

To Executive:

At the address in the Company records

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.

7.3 Severability . Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

7.4 Complete Agreement . Except to the extent specifically set forth herein, this Agreement constitutes the complete agreement and understanding between the parties regarding the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by and between the parties, written or oral which shall automatically terminate upon the effectiveness of this Agreement; provided , however , that this Agreement shall not supersede or modify the terms of the Nondisclosure and Noncompetition Agreement or any other nondisclosure or noncompetition agreement between Executive and the Company, and any restricted stock, stock options, performance shares, restricted stock units or other equity awards, deferred compensation and sign on incentives, whether in cash or otherwise, shall be subject to the terms of the applicable awards, notices or agreements. The applicable provisions of this Agreement amend the terms and provisions of the Incentive Plan to the extent addressed by this Agreement.

7.5 Counterparts . This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

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7.6 Successors and Assigns . Except as otherwise provided herein, all covenants and agreements contained in this Agreement shall bind and inure to the benefit of and be enforceable by the parties to this Agreement and their respective heirs, executors, administrators, successors and assigns. Except as otherwise specifically provided herein, this Agreement, including the obligations and benefits hereunder, may not be assigned to any party by Executive. In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such assumption and agreement within 30 days after a written demand therefor is delivered to the Board by Executive shall be a breach of this Agreement and shall entitle Executive to claim Good Reason pursuant to Section 1.25(a) of this Agreement.

7.7 No Strict Construction . The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied to this Agreement.

7.8 Descriptive Headings . The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

7.9 Governing Law . This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri, without regard to conflicts of laws principles thereof; provided , however , that issues related to the Incentive Plan or any grants thereunder shall be resolved in accordance with the laws of the State of Delaware.

7.10 Specific Performance . The Company shall be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorneys’ fees) caused by any breach or threatened breach of any provision of this Agreement and to exercise all other rights existing in its favor. Executive agrees and acknowledges that money damages are an inadequate remedy for any breach of the provisions of this Agreement, including, without limitation, Sections 5.1 through 5.3 and Section 5.6, and that the Company shall be entitled to apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. Further, Executive acknowledges that the forfeiture provision set forth in the termination provisions hereof shall not be construed to limit or otherwise affect the Company’s right to seek legal or equitable remedies it may otherwise have, or the amount of damages for which it may seek recovery, resulting from breach of this Agreement.

7.11 Amendment and Waiver . The provisions of this Agreement may be amended and waived only with the prior written consent of the Company and Executive.

7.12 Tax Matters .

(a) Notwithstanding anything to the contrary herein (or any other agreement entered into by and between Executive and the Company or any incentive arrangement or plan offered by the Company), in the event that any amount or benefit paid or distributed to Executive pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to Executive by the Company or any of its subsidiaries (collectively, the “Covered Payments”), would exceed the amount which can be paid to Executive without Executive incurring an Excise Tax, then the amounts payable to Executive under this Agreement (or any other agreement by and between Executive and the Company or pursuant to any incentive arrangement or plan offered by the Company) may, in the discretion of the Company, be reduced (but not below zero) to the maximum amount which may be paid hereunder without Executive becoming subject to the Excise Tax (such reduced payments to be referred to as the “Payment Cap”), but only if and to the extent such reduced amount would provide a greater benefit to Executive than an unreduced payment that would subject Executive to an Excise Tax. In the event Executive receives reduced payments and benefits as a result of application of this Section 7.12, Executive shall have the right to designate which of the payments and benefits otherwise set forth herein (or any other agreement between Executive and the Company or any incentive arrangement or plan offered by the Company) will be received in connection with the application of the Payment Cap, subject to the following sentence. Reduction shall first be made from payments and benefits which are determined not to be nonqualified deferred compensation for purposes of Section 409A of the Code, and then shall be made (to the extent necessary) out of payments and benefits which are subject to Section 409A of the Code and which are due at the latest future date.

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(b) Immediately upon a Change in Control, the Company shall notify Executive of any modification or reduction as a result of the application of this Section 7.12. In the event Executive and the Company disagree as to the application of this Section 7.12, the Company shall select a law firm or accounting firm from among those regularly consulted (during the twelve-month period immediately prior to the Change in Control that resulted in the characterization of the Covered Payments as parachute payments) by the Company, and such law firm or accounting firm shall determine, at the Company’s expense, the amount to which Executive shall be entitled hereunder (and pursuant to any other agreements, incentive arrangements or plans), taking into consideration the application of this Section 7.12, and such determination shall be final and binding upon Executive and the Company.

7.13 Executive Representation . Executive hereby represents and warrants to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound.

7.14 Executive Acknowledgement . Executive acknowledges that he or she has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment.

7.15 Cooperation . Each party shall provide reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder.

7.16 Clawback Policy . This Agreement shall be subject to the Company’s Clawback and Recoupment Policy, or any successor policy, as it may be in effect from time to time, including, without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Policy”), and Executive specifically acknowledges that such Policy shall apply to compensation and benefit previously provided and that the Committee shall have discretion regarding application of the Policy to this Agreement.

7.17 Withholding . The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required or authorized by law to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

7.18 Section 409A of the Code . The intent of the parties is that payments and benefits under this Agreement and any other plans or arrangements in which Executive participates (together, the “Arrangements”) comply with Section 409A of the Code, to the extent subject thereto, and accordingly, to the maximum extent permitted, the Arrangements shall be interpreted and administered to be in compliance therewith. Notwithstanding anything contained therein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of any payments under the Arrangements which are subject to Section 409A of the Code until Executive has incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing under any Arrangements, to the extent required in order to avoid an accelerated or additional tax under Section 409A of the Code, (a) amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Arrangements during the six-month period immediately following an Executive’s separation from service shall instead be paid on the first business day after the date that is six months following Executive’s separation from service (or, if earlier, Executive’s date of death); provided, however, amounts with respect to the Severance Benefit, the CIC Severance Benefit or the Welfare Benefit shall accrue with a reasonable rate of interest, as determined in the Company’s sole discretion, from the Termination Date until the date of payment, (b) no Change in Control shall be deemed to have occurred thereunder unless such Change in Control constitutes a change in control event for purposes of Section 409A of the Code and (c) references to a termination on account of disability shall be deemed to

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refer to a “disability” for purposes of Section 409A of the Code. To the extent required to avoid an accelerated or additional tax under Section 409A of the Code, amounts reimbursable to Executive shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to Executive) during one year may not affect amounts reimbursable or provided in any subsequent year. The Company makes no representation that any or all of the payments described in the Arrangements will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment.

7.19 Arbitration . Executive and the Company agree that any and all disputes between the parties hereto arising from or relating to this Agreement, and/or any release executed by Executive pursuant to the terms of this Agreement, other than under Article V (with respect to which either party may seek an injunction in aid of arbitration such as an order seeking specific performance or injunctive or other equitable relief), shall be submitted and decided by binding confidential arbitration before a single arbitrator in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA”) then in effect, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Venue for the arbitration shall be in St. Louis County, Missouri and the laws as set forth in Section 7.9 will apply. Any demand for arbitration shall be made within a reasonable time after the claim, dispute, or other matter in question has arisen, and in no event shall any such demand be made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Under no circumstances will either party be subject to punitive damages. Each party hereto shall bear its costs of the arbitration proceeding. However, to the extent permitted by applicable laws, the prevailing party in the arbitration, as designated by the arbitrator, shall be entitled to recover its reasonable cost of the arbitration, including, without limitation, its reasonable attorneys’ fees, from the other party as determined by the arbitrator in or following the decision on the merits. Any disputes about the enforcement of this Section 7.19 shall be submitted to arbitration, and the arbitrator shall have the authority to sever any provision of this Section 7.19 which would render the provision unenforceable as a matter of then existing law in accordance with Section 7.3.

* * * * *

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IN WITNESS WHEREOF, the parties hereto have executed this Executive Employment Agreement as of the Effective Date first above written.

THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.

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EXHIBIT A

Sample Calculation under Section 4.3(c)(ii)

The following is an example of the methodology to be used to calculate the impact of Early Retirement on Unvested Options or Stock Appreciation Rights granted on or following the Effective Date:

Option Grant: 375 options granted on May 1, 2016, vesting in 3 tranches as follows:

Tranche 1 – 100 options vesting May 1, 2017

Tranche 2 – 125 options vesting May 1, 2018

Tranche 3 – 150 options vesting May 1, 2019

Expiration Date: May 1, 2027

Executive’s 55th Birthday: March 11, 2016

Deemed Retirement Date: November 1, 2016

Termination Date: October 1, 2016

Early Retirement Period: 8 months (whole months between 3/1/16 and 11/1/16)

Early Retirement Option Expiration Date: November 1, 2020 (4 years after the Deemed Retirement Date. Note: For any Options or Stock Appreciation Rights with an Expiration Date prior to 11/1/20, the Early Retirement Option Expiration Date would be such Expiration Date.)

Early Retirement Vesting Factor: 0.133 or 13.3% (8 ÷ 60)

Calculations as of the Termination Date based on the foregoing:

Tranche 1 – 13 options (100 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2017, and following vesting would remain exercisable until November 1, 2020; the remaining 87 options in Tranche 1 would terminate and be forfeited as of the Termination Date.

Tranche 2 – 17 options (125 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2018, and following vesting would remain exercisable until November 1, 2020; the remaining 108 options in Tranche 2 would terminate and be forfeited as of the Termination Date.

Tranche 3 – 20 options (150 * 0.133, rounded to the nearest whole option) would remain scheduled to vest on May 1, 2019, and following vesting would remain exercisable until November 1, 2020; the remaining 130 options in Tranche 3 would terminate and be forfeited as of the Termination Date.

The foregoing is for illustrative purposes only and does not reflect any actual grants to Executive.

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Exhibit 10.3

[EXPRESS SCRIPTS HOLDING COMPANY]

RESTRICTED STOCK UNIT GRANT NOTICE

FOR NON-EMPLOYEE DIRECTORS

Notice is hereby given of the following award of Restricted Stock Units (the “Award”), which entitles the Grantee to receive one share of the common stock, $0.01 par value per share (“Common Stock”), of Express Scripts Holding Company (the “Company”) for each Restricted Stock Unit pursuant to the following terms and conditions:

This Award is granted under, and governed by, the terms and conditions of this Grant Notice, the Plan and the RSU Agreement.

Attachments :

Exhibit A—Restricted Stock Unit Agreement

EXHIBIT A

RESTRICTED STOCK UNIT AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

Express Scripts Holding Company, a Delaware corporation (“Company”), has granted you (“Grantee”) an award of the number of Restricted Stock Units as set forth on the Grant Notice. Each Restricted Stock Unit shall entitle Grantee to receive one share of Common Stock upon vesting in the future in accordance with, and subject to, the terms and conditions set forth in your Restricted Stock Unit Grant Notice (“Grant Notice”) and this Restricted Stock Unit Agreement (“RSU Agreement”).

The Award is granted pursuant to the Express Scripts Holding Company 2016 Long-Term Incentive Plan, as amended from time to time (the “Plan”), pursuant to which restricted stock units, and other awards, may be granted to Non-Employee Directors of the Company. Except as otherwise specifically set forth herein, all capitalized terms utilized herein (including on Schedule 1 hereto) shall have the respective meanings ascribed to them in the Plan.

The details of your Award are as follows:

l. Grant of Restricted Stock Unit Award . Pursuant to action of the Board and/or a committee authorized by the Board, the Company hereby grants to Grantee an award (the “Award”) of the number of Restricted Stock Units as set forth on the Grant Notice. Each Restricted Stock Unit shall entitle Grantee to receive one share of Common Stock upon vesting in the future in accordance with, and subject to, the terms and conditions described herein.

2. Vesting and Forfeiture .

(a) Time Vesting . The Restricted Stock Units shall vest in one or more installments (each, an “Installment”) in accordance with the Vesting Schedule as set forth on the Grant Notice, with the vesting of each Installment subject to the Grantee’s continued service as a member of the Board through the applicable vesting date.

(b) Accelerated Vesting . Any Restricted Stock Units which have not yet vested under subparagraph (a) above shall vest or be forfeited in accordance with the provisions of the Plan, and the terms of this Agreement (including Schedule 1 hereto).

(c) Forfeiture of Restricted Stock Units . If Grantee’s service as a member of the Board terminates for any reason, Grantee shall forfeit all rights with respect to any portion of the Award (and the underlying shares of Common Stock) that has not yet vested as of the effective date of the termination, except to the extent such Award vests upon such termination under Section 2(b).

3. Issuance of Common Stock . In accordance with the Vesting Schedule and subject to all the terms and conditions set forth in this Agreement or the Plan, upon an applicable vesting event, but in no event later than thirty (30) days following such event, the Company shall issue and deliver to Grantee the number of shares of Common Stock equal to the number of Restricted Stock Units which have become vested as a result of such event. The Company may, in its sole discretion, deliver such shares of Common Stock (a) by issuing Grantee a certificate of Common Stock representing the appropriate number of shares, (b) through electronic delivery to a brokerage or similar securities-holding account in the name of Grantee, or (c) through such other commercially reasonable means available for the delivery of securities.

4. Incorporation of the Plan by Reference; Conflicting Terms . The Award of Restricted Stock Units pursuant to this Agreement is granted under and expressly subject to, the terms and provisions of the Plan, which terms and provisions are incorporated herein by reference. Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. In the event of any conflict between the terms of the Plan and the terms of this Agreement, the terms and provisions of the Plan shall govern.

5. Non-Transferability of Restricted Stock Units . The Restricted Stock Units may not be transferred in any manner and any purported transfer or assignment shall be null and void. Notwithstanding the foregoing, upon the death of Grantee, Grantee’s Successor shall have the right to receive any shares of Common Stock that may be deliverable hereunder, provided, that, for such purposes, the terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Grantee.

6. Ownership Rights . The Restricted Stock Units do not represent a current interest in any shares of Common Stock. Grantee shall have no voting or other ownership rights in the Company arising from the Award of Restricted Stock Units under this Agreement. Notwithstanding the foregoing, unless otherwise determined by the Committee or the Board, and to the extent permitted by the Plan, Grantee shall participate in any cash dividend declared by the Board applicable to shares of Common Stock, which shall entitle Grantee to receive a cash payment for each Restricted Stock Unit, subject to the same Vesting Schedule and restrictions as the underlying Restricted Stock Unit and otherwise payable at the same time shares are issued and delivered to Grantee with respect to the underlying Restricted Stock Unit, in an amount that would otherwise be payable as dividends with respect to an equal number of shares of Common Stock.

7. Adjustments upon Changes in Capitalization or Corporate Acquisitions . Should any change be made to the Common Stock by reason of any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change, appropriate adjustments shall be made to the total number and/or class of securities subject to this Award in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder.

8. Board Discretion . This Award has been made pursuant to a determination made by the Board and/or one or more committees of the Board (as delegated by the Board). Notwithstanding anything to the contrary herein, and subject to the limitations of the Plan, the Board or its delegated committee(s) shall have plenary authority to: (a) interpret any provision of this Agreement or the Award; (b) make any determinations necessary or advisable for the administration of this Agreement or the Award; (c) make adjustments as it deems appropriate to the aggregate number and type of securities available under this Agreement to appropriately adjust for, and give effect to, any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change; and (d) otherwise modify or amend any provision hereof, or otherwise with respect to the Award, in any manner that does not materially and adversely affect any right granted to Grantee by the express terms hereof, unless required as a matter of law, subject to the limitations stated in the Plan.

9. Taxes . By accepting this Award of Restricted Stock Units pursuant to this Agreement, Grantee represents that he or she has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Grantee understands and agrees that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

10. Electronic Delivery . The Company may choose to deliver certain statutory or regulatory materials relating to the Plan in electronic form, including without limitation securities law disclosure materials. Without limiting the foregoing, by accepting this Award, Grantee hereby agrees that the Company may deliver the Plan prospectus and the Company’s annual report to Grantee in an electronic format. If at any time Grantee would prefer to receive paper copies of any document delivered in electronic form, the Company will provide such paper copies upon written request to the Investor Relations department of the Company.

11. No Right to Continued Service on the Board . Nothing in this Agreement shall be deemed to create any limitation or restriction on or otherwise affect such rights as the Company, the stockholders of the Company, or the Board otherwise would have to remove Grantee from the Board, to exclude Grantee from any slate of nominees for election to the Board, or to otherwise terminate Grantee’s service on the Board at any time for any reason.

12. Entire Agreement . This Agreement, including Schedule 1 hereto, and the Plan contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations between the parties.

13. Governing Law . To the extent federal law does not otherwise control, this Agreement shall be governed by the laws of Delaware, without giving effect to principles of conflicts of laws.

14. Compliance with Section 409A of the Internal Revenue Code . The Award is intended to comply with section 409A of the Code to the extent subject thereto, and shall be interpreted in accordance with section 409A of the Code and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Grant Date. Notwithstanding any provision in the Plan, this Agreement or any other applicable Agreement to the contrary, no payment or distribution under this Agreement that constitutes an item of deferred compensation under section 409A of the Code and becomes payable by reason of Grantee’s termination of employment or service with the Company shall be made to Grantee until such termination of employment or service constitutes a separation from service within the meaning of section 409A of the Code. For purposes of this Award, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of section 409A of the Code. Notwithstanding any provision in the Plan, this Agreement or any Applicable Employment Agreement to the contrary, and to the extent necessary to avoid the imposition of taxes under section 409A of the Code, (a) if Grantee is a specified employee within the meaning of section 409A of the Code, Grantee shall not be entitled to any payments upon a termination of employment or service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of Grantee’s separation from service or (ii) the date of death; and (b) no Change in Control shall be deemed to have occurred hereunder unless such Change in Control constitutes a change in control event for purposes of section 409A of the Code. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 14 (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to Grantee in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Award will be paid in accordance with the normal payment dates specified for them herein. Notwithstanding any provision of the Plan, this Agreement or any Applicable Employment Agreement to the contrary, in no event shall the Company or any affiliate be liable to Grantee on account of an Award’s failure to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, section 409A of the Code.

SCHEDULE 1

TERMINATION AND CHANGE IN CONTROL PROVISIONS UNDER THE

EXPRESS SCRIPTS HOLDING COMPANY 2016 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

I. Termination of Service of Non-Employee Director

(A) Generally . Except as provided herein, if Grantee’s service as a member of the Board terminates, then any Restricted Stock Units that have not vested as of the date of such termination shall terminate as of such date, and such unvested Restricted Stock Units shall be forfeited to the Company without payment therefor.

(B) Death or Disability . If Grantee’s service as a member of the Board terminates on account of death or Disability, Grantee shall vest in a number of Restricted Stock Units equal to the Pro-Rata Portion (as defined below) of each Installment of Restricted Stock Units outstanding at the time of such termination of service. The Company shall issue and deliver to Grantee shares of Common Stock in accordance with Section 3 of the RSU Agreement. For purposes of this RSU Agreement, the term “Pro-Rata Portion” means, with respect to each Installment, a fraction, the numerator of which is the number of months completed between the Date of Grant and the date of such termination of service, and the denominator of which is the total number of months between the Date of Grant and the vesting date applicable to such Installment.

(C) Retirement . The termination of Grantee’s service as a member of the Board after attainment of age 65 for any reason other than death or Disability shall be considered a Retirement, subject to the following:

II. Change in Control

(A) Acceleration of Vesting Upon Change in Control

(i) Acceleration of Vesting . Upon the occurrence of a Change in Control, the Restricted Stock Units shall, to the extent outstanding, vest in full.

(ii) Company Payment . Upon the occurrence of a Change in Control transaction, on the Change in Control Date the Restricted Stock Units still outstanding shall be automatically cancelled without further action by the Company or the Grantee, and the Company shall provide payment in connection with such cancellation at a per share price equal to the number of such Restricted Stock Units multiplied by the Change in Control Price (as defined below). The Change in Control Price shall mean the value, expressed in dollars, as of the date of receipt of the per share consideration received by the Company’s stockholders whose stock is acquired in a transaction constituting a Change in Control. In case such all or part of such consideration shall be in a form other than cash, the value of such consideration shall be as determined in good faith by a majority of the Board of Directors based on a written opinion by a nationally recognized investment banking firm, whose determination shall be described in a statement furnished to Participants.

Exhibit 10.4

[EXPRESS SCRIPTS HOLDING COMPANY]

STOCK OPTION GRANT NOTICE

FOR NON-EMPLOYEE DIRECTORS

Notice is hereby given of the following option grant (the “Option”) to purchase shares of common stock, $0.01 par value per share, of Express Scripts Holding Company (the “Company”) pursuant to the following terms and conditions:

This Option is granted under, and governed by, the terms and conditions of this Grant Notice, the Plan and the Option Agreement.

Attachments :

Exhibit A—Stock Option Agreement

Exhibit B—Express Scripts Holding Company 2016 Long-Term Incentive Plan

EXHIBIT A

STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

Express Scripts Holding Company, a Delaware corporation (“Company”), has granted you (“Optionee”) an option to purchase shares of common stock of the Company, $0.01 par value per share (“Common Stock”), pursuant to the terms and conditions set forth in your Stock Option Grant Notice (“Grant Notice”) and this Stock Option Agreement (“Option Agreement”).

The Option is granted pursuant to the Express Scripts Holding Company 2016 Long-Term Incentive Plan, as amended from time to time (the “Plan”), pursuant to which options, and other awards, may be granted to Non-Employee Directors of the Company. Except as otherwise specifically set forth herein, all capitalized terms utilized herein (including on Schedule 1 hereto) shall have the respective meanings ascribed to them in the Plan

The details of your Option are as follows:

1. Grant of Option . Pursuant to an action of the Board and or a committee authorized by the Board, the Company hereby grants to Optionee an option to purchase shares of Common Stock (the “Option”), subject to the terms and conditions described herein. The number of shares of Common Stock subject to your Option and the Exercise Price Per Share are set forth in the Grant Notice.

2. Term, Vesting and Forfeiture .

(a) Term . This Option may be exercised only within the Term set forth in the Grant Notice, and may be exercised during such Term only in accordance with the Plan and the terms of this Option Agreement.

(b) Time Vesting . The Option shall vest in one or more installments in accordance with the Vesting Schedule set forth on the Grant Notice, with the vesting of each installment subject to the Optionee’s continued service as a member of the Board through the applicable vesting date, subject to the terms hereof.

(c) Accelerated Vesting . Any Option, or portion thereof, which has not yet vested under subparagraph (b) above shall, upon the occurrence of a Change in Control or the termination of the Optionee’s continued service as a member of the Board, vest or be forfeited in accordance with the provisions of the Plan, and the terms of this Agreement (including Schedule 1 hereto).

(d) Forfeiture of Option . If Optionee’s service as a member of the Board terminates for any reason, Optionee shall forfeit all rights with respect to any portion of the Option that has not yet vested as of the effective date of the termination, except to the extent such Award vests upon such termination under Paragraph 2(c).

3. Exercise of Option .

(a) Right to Exercise . This Option is exercisable during its Term in accordance with the Vesting Schedule set forth in the Grant Notice and the applicable provisions of the Plan and this Option Agreement.

(b) Method of Exercise . This Option is exercisable pursuant to the procedures for exercise provided from time to time by the Company and/or by a third-party vendor selected by the Company. The Option exercise shall require payment of the aggregate exercise price as to all exercised shares. The method of payment of the aggregate exercise price shall be in a form approved by the Company in accordance with Section 7(a)(ii) of the Plan. This Option shall be deemed to be exercised upon receipt and approval by the Company (or the appropriate third party) of all required exercise notices, together with full payment of the exercise price and such additional documents as the Company (or the third-party vendor) may then require. The Company may cause, or authorize its third-party to vendor to cause, the vested portion of this Option to automatically be exercised on the Expiration Date for such Option, to the extent it has not previously been exercised or forfeited.

4. Incorporation of the Plan by Reference; Conflicting Terms . The Option is granted under, and expressly subject to, the terms and provisions of the Plan, which terms and provisions are incorporated herein by reference. Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. In the event of any conflict between the terms of the Plan and the terms of this Agreement, the terms and provisions of the Plan shall govern.

5. Non-Transferability of Option . This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.

6. Stockholder Rights . Optionee shall not have any stockholder rights with respect to the shares of Common Stock granted pursuant to this Option until Optionee shall have exercised the Option in accordance with Section 3 hereof.

7. Adjustments Upon Changes in Capitalization or Corporate Acquisitions . Should any change be made to the Common Stock by reason of any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change, appropriate adjustments shall be made to (a) the total number and/or class of securities subject to this Option, and (b) the Exercise Price Per Share set forth in the Grant Notice in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder.

8. Compliance with Laws and Regulations . Notwithstanding anything herein to the contrary, no shares of Common Stock shall be issued pursuant to the exercise of this Option unless such issuance and exercise complies with all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the shares of Common Stock are then listed.

9. Board Discretion . This Option has been granted pursuant to a determination made by the Board and/or one or more committees of the Board (as delegated by the Board). Notwithstanding anything to the contrary herein, and subject to the limitations of the Plan, the Board or its delegated committee(s) shall have plenary authority to: (a) interpret any provision of this Agreement or the Option; (b) make any determinations necessary or advisable for the administration of this Agreement or the Option; (c) make adjustments as it deems appropriate to the aggregate number and type of securities available under this Agreement to appropriately adjust for, and give effect to, any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change; and (d) otherwise modify or amend any provision hereof, or otherwise with respect to the Option, in any manner that does not materially and adversely affect any right granted to Optionee by the express terms hereof, unless required as a matter of law, subject to the limitations stated in the Plan.

10. Taxes . By accepting this Option pursuant to this Agreement, Grantee represents that he or she has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Grantee understands and agrees that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

11. Electronic Delivery . The Company may choose to deliver certain statutory or regulatory materials relating to the Plan in electronic form, including without limitation securities law disclosure materials. Without limiting the foregoing, by accepting this Option, Optionee hereby agrees that the Company may deliver the Plan prospectus and the Company’s annual report to Optionee in an electronic format. If at any time Optionee would prefer to receive paper copies of any document delivered in electronic form, the Company will provide such paper copies upon written request to the Investor Relations department of the Company.

12. No Right to Continued Service on the Board . Nothing in this Agreement shall be deemed to create any limitation or restriction on or otherwise affect such rights as the Company, the stockholders of the Company, or the Board otherwise would have to remove Optionee from the Board, to exclude Optionee from any slate of nominees for election to the Board, or to otherwise terminate Optionee’s service on the Board at any time for any reason.

13. Entire Agreement . This Agreement, including Schedule 1 hereto, and the Plan contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations between the parties.

14. Governing Law . To the extent federal law does not otherwise control, this Agreement shall be governed by the laws of Delaware, without giving effect to principles of conflicts of laws.

SCHEDULE 1 TO EXHIBIT A

TERMINATION AND CHANGE IN CONTROL PROVISIONS UNDER THE

EXPRESS SCRIPTS HOLDING COMPANY 2016 LONG-TERM INCENTIVE PLAN

STOCK OPTION GRANT NOTICE

FOR NON-EMPLOYEE DIRECTORS

I. Termination of Service of Non-Employee Director

(A) Generally . Except as provided herein, if Optionee’s service as a member of the Board terminates, then any portion of the Option that has not vested as of the date of such termination shall terminate as of such date, and the unvested portion of the Option shall be forfeited to the Company without payment therefor.

(B) Death. If Optionee’s service as a member of the Board terminates because of his or her death, then the Option, to the extent it has not expired or been terminated, shall vest and become exercisable in full, and may be exercised by the Optionee’s Successor at any time, or from time to time, within one year after the date of Optionee’s death.

(C) Disability . If Optionee’s service as a member of the Board terminates because of Disability, then the Option, to the extent it has not expired or been terminated, shall vest and become exercisable in full, and Optionee or Optionee’s Successor may exercise such Option at any time, or from time to time, within one year after the date of Optionee’s Disability.

(D) Retirement . The termination of Optionee’s service as a member of the Board after attainment of age 65 for any reason other than death or Disability shall be considered a Retirement, subject to the following:

(E) Reasons other than Death, Disability, Tenured Retirement, Early Retirement or Termination for Cause . If Optionee’s service as a member of the Board terminates due to a Standard Retirement or for any other reason other than death, Disability, Tenured Retirement or Early Retirement, then the Option, to the extent it has not expired or been terminated, shall remain exercisable for one year after termination of Optionee’s service on the Board, but only to the extent that such Option was exercisable immediately prior to Optionee’s termination of service.

(F) Expiration of Term . Any portion of the Option that remains unexercisable upon termination of service as a member of the Board (after taking into account the foregoing paragraphs (A)-(E), and except as specifically provided in the foregoing paragraph (D)(3)) shall terminate immediately upon such termination of service as a member of the Board. Any portion of the Option that is, or becomes, exercisable upon termination of service as a member of the Board (or thereafter pursuant to the foregoing paragraph (D)(3)) which is not exercised within the applicable period set forth in the foregoing paragraphs (A)-(E) shall terminate as of the end of the applicable period described in such paragraphs; provided, however, that the Company may cause, or authorize its third-party to vendor to cause, any remaining vested portion of the Option to automatically be exercised on the last date of the applicable period, to the extent it has not previously been exercised or forfeited. Notwithstanding the foregoing, or any other provision of the Plan, the Stock Option Agreement, the Grant Notice, or this Schedule 1, in no event shall the Option be exercisable after expiration of the Term.

II. Change in Control

(A) Acceleration of Vesting Upon Change in Control After Which No Public Market for Company or Exchange Stock Exists

(i) Acceleration of Vesting . Upon the occurrence of a Change in Control after which there will be no generally recognized U.S. public market for the Company’s Common Stock or any common stock for which the Company’s Common Stock is exchanged, the Option, to the extent it has not expired or been terminated, shall, to the extent not yet exercisable, vest and become exercisable in full.

(ii) Company Payment . Upon the occurrence of a Change in Control transaction after which there will be no generally recognized U.S. public market for the Company’s Common Stock or any common stock for which the Company’s Common Stock is exchanged, on the Change in Control

Date the Option shall be automatically cancelled without further action by the Company or the Optionee, and the Company shall provide payment in connection with such cancellation at a per share price equal to the excess (if any) of the Change in Control Price (as defined below) over the exercise price of the Option. The Change in Control Price shall mean the value, expressed in dollars, as of the date of receipt of the per share consideration received by the Company’s stockholders whose stock is acquired in a transaction constituting a Change in Control. In case such all or part of such consideration shall be in a form other than cash, the value of such consideration shall be as determined in good faith by a majority of the Board of Directors based on a written opinion by a nationally recognized investment banking firm, whose determination shall be described in a statement furnished to Participants.

(B) Acceleration of Vesting Upon Other Change in Control Transactions . Upon the occurrence of a Change in Control after which there remains a generally recognized U.S. public market for the Company’s Common Stock or for any common stock for which the Company’s Common Stock is exchanged, the Option, to the extent it has not expired or been terminated, shall vest and become exercisable in full and shall remain exercisable for the remainder of the Term.

(C) Options Not Assumed . Notwithstanding anything herein to the contrary, the Board may provide for such other treatment of the Option as the Board may determine in its sole discretion with respect to the Option if it is not assumed or is cancelled in connection with a Change in Control.

Exhibit 10.5

[EXPRESS SCRIPTS HOLDING COMPANY]

RESTRICTED STOCK UNIT GRANT NOTICE

Notice is hereby given of the following award of Restricted Stock Units (the “Award”), which entitles the Grantee to receive one share of the common stock, $0.01 par value per share, of Express Scripts Holding Company (“Common Stock”) for each Restricted Stock Unit pursuant to the following terms and conditions:

This Award is granted under, and governed by, the terms and conditions of this Grant Notice, the Plan and the RSU Agreement.

Attachments :

Exhibit A—Restricted Stock Unit Agreement

EXHIBIT A

RESTRICTED STOCK UNIT AGREEMENT

Express Scripts Holding Company, a Delaware corporation (the “Company”), has granted you (the “Grantee”) an award of the number of Restricted Stock Units as set forth on your Restricted Stock Unit Grant Notice (the “Grant Notice”). Each Restricted Stock Unit shall entitle Grantee to receive one share of Common Stock upon vesting in the future in accordance with, and subject to, the terms and conditions set forth in the Notice and this Restricted Stock Unit Agreement (the “RSU Agreement”).

The Award is granted pursuant to the Express Scripts Holding Company 2016 Long-Term Incentive Plan, as amended from time to time (the “Plan”), pursuant to which restricted stock units, and other awards, may be granted to employees of the Company or an Affiliate. Except as otherwise specifically set forth herein, all capitalized terms utilized herein (including on Schedule 1 hereto) shall have the respective meanings ascribed to them in the Plan.

The details of your Award are as follows:

l. Grant of Restricted Stock Unit Award . Pursuant to action of the Board and/or the Committee, the Company hereby grants to Grantee an Award of the number of Restricted Stock Units as set forth on the Grant Notice. Each Restricted Stock Unit shall entitle Grantee to receive one share of Common Stock upon vesting in the future in accordance with, and subject to, the terms and conditions described herein.

2. Vesting and Forfeiture .

(a) Time Vesting . The Restricted Stock Units shall vest in one or more installments (each, an “Installment”) in accordance with the Vesting Schedule as set forth on the Grant Notice, with the vesting of each Installment subject to the Grantee’s continued employment with the Company or an Affiliate through the applicable vesting date, subject to the terms hereof and, where applicable, the terms of an Applicable Employment Agreement (as defined below), if any.

(b) Accelerated Vesting . Any Restricted Stock Units which have not yet vested under subparagraph (a) above shall vest or be forfeited in accordance with the provisions of the Plan, and the terms of this RSU Agreement (including Schedule 1 hereto), and, where applicable, the terms of any Applicable Employment Agreement.

(c) Forfeiture of Restricted Stock Units . Except as provided on Schedule 1 hereto or in an Applicable Employment Agreement (if any), if Grantee’s employment with the Company or an Affiliate terminates for any reason, Grantee shall forfeit all rights with respect to any portion of the Award (and the underlying shares of Common Stock) that has not yet vested as of the effective date of the termination.

3. Issuance of Common Stock . In accordance with the Vesting Schedule and subject to all the terms and conditions set forth in this RSU Agreement, the Plan and any Applicable Employment Agreement, upon an applicable vesting event, but in no event later than thirty (30) days following such event, the Company shall issue and deliver to Grantee the number of shares of Common Stock equal to the number of Restricted Stock Units which have become vested as a result of such event (subject to any reductions for tax withholding or otherwise to the extent permitted under the Plan, this RSU Agreement or any Applicable Employment Agreement). The Company may, in its sole discretion, deliver such shares of Common Stock (a) by issuing Grantee a certificate of Common Stock representing the appropriate number of shares, (b) through electronic delivery to a brokerage or similar securities-holding account in the name of Grantee, or (c) through such other commercially reasonable means available for the delivery of securities.

4. Incorporation of the Plan by Reference; Conflicting Terms . The Award of Restricted Stock Units pursuant to this RSU Agreement is granted under, and expressly subject to, the terms and provisions of the Plan, which terms and provisions are incorporated herein by reference. Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. In the event of any conflict between the terms of the Plan and the terms of this RSU Agreement, the terms and provisions of the Plan shall govern.

5. Non-Transferability of Restricted Stock Units . The Restricted Stock Units may not be transferred in any manner and any purported transfer or assignment shall be null and void. Notwithstanding the foregoing, upon the death of Grantee, Grantee’s Successor shall have the right to receive any shares of Common Stock that may be deliverable hereunder, provided, that, for such purposes, the terms of the Plan and this RSU Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Grantee.

6. Ownership Rights . The Restricted Stock Units do not represent a current interest in any shares of Common Stock. Grantee shall have no voting or other ownership rights in the Company arising from the Award of Restricted Stock Units under this RSU Agreement. Notwithstanding the foregoing, unless otherwise determined by the Committee or the Board, and to the extent permitted by the Plan, Grantee shall participate in any cash dividend declared by the Board applicable to shares of Common Stock, which shall entitle Grantee to receive a cash payment for each Restricted Stock Unit, subject to the same Vesting Schedule and restrictions as the underlying Restricted Stock Unit and otherwise payable at the same time shares are issued and delivered to Grantee with respect to the underlying Restricted Stock Unit, in an amount that would otherwise be payable as dividends with respect to an equal number of shares of Common Stock.

7. Adjustments Upon Changes in Capitalization or Corporate Acquisitions . Should any change be made to the Common Stock by reason of any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change, appropriate adjustments shall be made to the total number and/or class of securities or other property (including cash) subject to this Award in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder.

8. Committee Discretion . This Award has been made pursuant to a determination made by the Board and/or Committee. Notwithstanding anything to the contrary herein, and subject to the limitations of the Plan, the Committee shall have plenary authority to: (a) interpret any provision of this RSU Agreement or the Award; (b) make any determinations necessary or advisable for the administration of this RSU Agreement or the Award; (c) make adjustments as it deems appropriate to the aggregate number and type of securities available under this RSU Agreement to appropriately adjust for, and give effect to, any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change; and (d) otherwise modify or amend any provision hereof, or otherwise with respect to the Award, in any manner that does not materially and adversely affect any right granted to Grantee by the express terms hereof, unless required as a matter of law, subject to the limitations stated in the Plan.

9. Tax Withholding . The Company shall withhold from Grantee’s compensation any required taxes, including social security and Medicare taxes, and federal, state and local income tax, with respect to the income arising from the vesting or payment in respect of any Restricted Stock Units under this RSU Agreement. The Company shall have the right to require the payment of any such taxes before delivering any shares of Common Stock upon the vesting of any Restricted Stock Unit. Grantee may elect to have any such withholding obligations satisfied by: (i) delivering cash; (ii) delivering part or all of the withholding payment in previously owned shares of Common Stock; and/or (iii) irrevocably directing the Company to reduce the number of shares that would otherwise be issued to Grantee upon the vesting of the Award by that number of whole shares of Common Stock having a fair market value, determined by the Company, in its sole discretion, equal to the amount of tax required to be withheld or other such amount that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by the Internal Revenue Service or another governmental entity. Absent a specific election to the contrary by Grantee, such withholding obligations shall be satisfied pursuant to the method described in phrase (iii) of the preceding sentence.

10. Clawback Policy . If Grantee is or subsequently becomes a Senior Executive or Chief Accounting Officer of the Company who is subject to the Policy (as hereinafter defined), this Award shall be subject to the Company’s Clawback and Recoupment Policy, or any successor policy, as it may be in effect from time to time, including, without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Policy”), and Grantee specifically acknowledges that such Policy shall apply to previously granted awards and that the Committee shall have discretion regarding application of the Policy to this Award.

11. Electronic Delivery . The Company may choose to deliver certain statutory or regulatory materials relating to the Plan in electronic form, including without limitation securities law disclosure materials. Without limiting the foregoing, by accepting this Award, Grantee hereby agrees that the Company may deliver the Plan prospectus and the Company’s annual report to Grantee in an electronic format. If at any time Grantee would prefer to receive paper copies of any document delivered in electronic form, the Company will provide such paper copies upon written request to the Investor Relations department of the Company.

12. No Right to Continued Employment . Nothing in this RSU Agreement shall be deemed to create any limitation or restriction on such rights as the Company or an Affiliate otherwise would have to terminate the employment of Grantee at any time for any reason.

13. Entire Agreement . This RSU Agreement, including Schedule 1 hereto, and the Plan contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations between the parties except to the extent that the vesting and/or forfeiture of this Award of Restricted Stock Units is specifically addressed by any employment agreement between the Company or an Affiliate, on the one hand, and Grantee, on the other hand (an “Applicable Employment Agreement”), in which instance the relevant terms of such Applicable Employment Agreement shall be incorporated herein and deemed to be a part of this RSU Agreement, and, in the event of any conflict between the terms of this RSU Agreement regarding the vesting of the Restricted Stock Units, and the terms of an Applicable Employment Agreement (if any), the terms and provisions of the Applicable Employment Agreement shall govern. In addition, any references in any such Applicable Employment Agreement to the Prior Plans shall also be deemed to refer to the Plan as appropriate.

14. Governing Law . To the extent federal law does not otherwise control, this RSU Agreement shall be governed by the laws of Delaware, without giving effect to principles of conflicts of laws.

15. Compliance with Section 409A of the Internal Revenue Code . The Award is intended to comply with section 409A of the Code to the extent subject thereto, and shall be interpreted in accordance with section 409A of the Code and treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Grant

Date. Notwithstanding any provision in the Plan, this RSU Agreement or any Applicable Employment Agreement to the contrary, no payment or distribution under this RSU Agreement that constitutes an item of deferred compensation under section 409A of the Code and becomes payable by reason of Grantee’s termination of employment or service with the Company shall be made to Grantee until such termination of employment or service constitutes a separation from service within the meaning of section 409A of the Code. For purposes of this Award, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of section 409A of the Code. Notwithstanding any provision in the Plan, this RSU Agreement or any Applicable Employment Agreement to the contrary, and to the extent necessary to avoid the imposition of taxes under section 409A of the Code, (a) if Grantee is a specified employee within the meaning of section 409A of the Code, Grantee shall not be entitled to any payments upon a termination of employment or service until the earlier of: (i) the expiration of the six (6)-month period measured from the date of Grantee’s separation from service or (ii) the date of death; and (b) no Change in Control shall be deemed to have occurred hereunder unless such Change in Control constitutes a change in control event for purposes of section 409A of the Code. Upon the expiration of the applicable waiting period set forth in the preceding sentence, all payments and benefits deferred pursuant to this Section 15 (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such deferral) shall be paid to Grantee in a lump sum as soon as practicable, but in no event later than sixty (60) calendar days, following such expired period, and any remaining payments due under this Award will be paid in accordance with the normal payment dates specified for them herein. Notwithstanding any provision of the Plan, this RSU Agreement or any Applicable Employment Agreement to the contrary, in no event shall the Company or any Affiliate be liable to Grantee on account of an Award’s failure to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, section 409A of the Code.

SCHEDULE 1

CERTAIN TERMINATIONS AND CHANGE IN CONTROL PROVISIONS UNDER THE

RESTRICTED STOCK UNIT AGREEMENT

I. Death, Disability or Retirement

Subject to the terms of an Applicable Employment Agreement (if any), in the case of Grantee’s termination of employment from the Company or any Affiliate on account of death, Disability or Retirement (as defined below), Grantee shall vest in a number of Restricted Stock Units equal to the Pro-Rata Portion (as defined below) of each Installment of Restricted Stock Units outstanding at the time of such termination of employment. The Company shall issue and deliver to Grantee shares of Common Stock in accordance with Section 3 of the RSU Agreement. For purposes of this RSU Agreement, the term “Pro-Rata Portion” means, with respect to each Installment, a fraction, the numerator of which is the number of months completed between the Date of Grant and the date of such termination of employment, and the denominator of which is the total number of months between the Date of Grant and the vesting date applicable to such Installment. For purposes of this RSU Agreement, the term “Retirement” means a termination of employment after the attainment of age 60 and five (5) years of continuous service with the Company or any of its Affiliates.

II. Change in Control

(A) Restricted Stock Units Vesting. Upon the occurrence of a Change in Control, the following vesting provisions shall apply:

1. Termination of Employment within Two Years of the Change in Control Date . If within two (2) years following the Change in Control Date, either (a) the employment of Grantee is terminated without Cause or (b) Grantee terminates employment due to a Constructive Termination, then, notwithstanding the provisions hereof, the outstanding Restricted Stock Units shall vest in full on the date of such termination.

2. Certain Pre-Change in Control Terminations . If the Grantee is either a Senior Executive or a Vice President and the employment of Grantee is terminated without Cause within 90 days prior to the Change in Control Date, then notwithstanding the provisions hereof, the outstanding Restricted Stock Units held by such Grantee as of the date of his or her termination of employment that do not constitute “deferred compensation” subject to section 409A of the Code shall vest in full on the Change in Control Date.

3. Defined Terms . For purposes of this Schedule 1,

(a) “Constructive Termination” means,

i. with respect to a Grantee who is a Senior Executive or a Vice President, a change in employment conditions that results in such Grantee not having or continuing to have Comparable Employment relative to Grantee’s employment immediately preceding the Change in Control Date;

ii. with respect to a Grantee who is a Senior Executive, an adverse change in the level of position to which Grantee reports; and

iii. with respect to a Grantee who is neither a Senior Executive nor a Vice President, (1) a material reduction in the Grantee’s aggregate compensation (including salary, bonus and other benefit plans, including option plans) from that in effect immediately preceding the Change in Control Date or (2) the relocation of the Grantee’s principal place of employment to a location more than fifty (50) miles from the Grantee’s principal place of employment immediately preceding the Change in Control Date.

Notwithstanding anything herein to the contrary, a Constructive Termination shall not occur unless Grantee gives written notice to the Company (or, if applicable, the successor of the Company) within thirty (30) days of the occurrence of any of the events listed under a Constructive Termination and such event remains uncured thirty (30) days after the receipt of such notice. Such termination shall occur immediately following expiration of the cure period to the extent such event remains uncured.

(b) “Comparable Employment” shall mean employment with the Company and its Affiliates or any successor to the Company’s business following a Change in Control pursuant to which:

i. the responsibilities and duties of Grantee are substantially the same as before the Change in Control (such changes as are a necessary consequence of the fact that the securities of the Company are no longer publicly traded if the Company’s securities cease to be publicly traded as a consequence of the Change in Control shall not be considered a change in responsibilities or duties), and the other terms and conditions of employment following the Change in Control do not impose on Grantee obligations materially more burdensome than those to which Grantee was subject prior to the Change in Control;

ii. the aggregate compensation (including salary, bonus and other benefit plans, including option plans) of Grantee is substantially economically equivalent to or greater than Grantee’s aggregate compensation immediately prior to the Change in Control Date. In making such determination (A) there shall be taken into account all contingent or unvested compensation, under performance-based compensation plans or otherwise, with appropriate adjustment for rights of forfeiture, vesting rules and other contingencies to payment, and (B) any compensation payable by reason of the Change in Control shall be disregarded; and

iii. the Grantee’s principal place of employment is not relocated to a location more than fifty (50) miles from the Grantee’s principal place of employment immediately preceding the Change in Control.

(c) “Vice President” or “Senior Executive” shall mean a Grantee who either (i) held the position of Vice President or higher as of the Change in Control Date or (ii) held a position of Vice President or higher for the majority of the 12-month period prior to the Change in Control Date (or, if Grantee has been employed by the Company or its Affiliates for less than 12 months, then the majority of the entire period of employment).

4. Timing of Payment . Payments to be made in respect of section II.(A) of this Schedule 1 shall be made within ten (10) days following the applicable vesting date.

(B) Restricted Stock Units Assumption . Upon the occurrence of a Change in Control after which there will be a generally recognized U.S. public market for the Company’s Common Stock, for common stock for which the Company’s Common Stock is exchanged, or for the common stock of a successor or acquirer entity (such publicly traded stock, “Public Shares”), then the outstanding Restricted Stock Units shall be assumed, exchanged or substituted for by a successor or acquirer entity such that following the Change in Control, the Restricted Stock Unit relates to such Public Shares and is of substantially comparable value and (except as provided above) remains subject to the same terms and conditions that were applicable to the Restricted Stock Unit immediately prior to the Change in Control.

(C) Restricted Stock Units Cancellation for Cash Unit . Upon the occurrence of a Change in Control other than as described in (B) above, the Restricted Stock Units shall be treated as set forth below.

1. Cancellation . On the Change in Control Date, the outstanding Restricted Stock Units shall be automatically cancelled without further action by the Company or Grantee, and the Company shall provide for payment (in accordance with the applicable terms and conditions of the Restricted Stock Unit) in connection with such cancellation with respect to vested Restricted Stock Units at a per share price equal to the Change in Control Price. The Change in Control Price shall mean the value, expressed in dollars, as of the date of receipt of the per share consideration received by the Company’s stockholders whose stock is acquired in a transaction constituting a Change in Control. In case such sale or part of such consideration shall be in a form other than cash, the value of such consideration shall be as determined in good faith by a majority of the Incumbent Board, or if there shall be none, by a majority of the Board of Directors based on a written opinion by a nationally recognized investment banking firm, whose determination shall be described in a statement furnished to Participants.

2. Cash Unit Rabbi Trust . Any amount of the purchase price that may become payable to Grantee with respect to the Restricted Stock Units as to which restrictions have not lapsed on the Change in Control Date shall be deposited on the Change in Control Date in a rabbi trust with one of the ten largest U.S. commercial banks (measured in terms of amount of assets), or if no such bank will consent to serve as trustee, then another U.S. commercial bank of recognized standing chosen by the Company. Such funds shall be invested in securities issued or fully guaranteed as to both principal and interest by the U.S. Government, or in debt obligations of U.S. corporations with a remaining term to maturity not exceeding one year and rated AA or better by Standard & Poor’s Corporation or, in its absence, by an equivalent rating by another nationally recognized statistical rating organization. Interest earned on such funds shall be allocated ratably among the Plan Participants receiving payment of such funds or, if any amounts are forfeited by a Participant, to the Company (or, if applicable, the successor of the Company), and shall be disbursed when such payments are made. Disbursements from the escrow shall be made as follows:

(a) Disbursement on Lapse of Restrictions . With the initial deposit the Company shall deliver to the trustee a schedule for making disbursements to the Participants based on the dates when the remaining restrictions on Awards will lapse based solely on the lapse of time. Unless the trustee receives a notice described in the following clauses (b) or (c), the trustee will disburse the funds in accordance with such schedule. The Company (or, if applicable, the successor of the Company) will from time to time deliver to the trustee a notice when the restrictions on any such Awards shall lapse (if sooner than the dates stated in the initial schedule), and the trustee shall disburse funds in accordance with such notice.

(b) Forfeiture . If a Participant forfeits his rights to any payments relating to the Restricted Stock Unit, the Company (or, if applicable, the successor of the Company) shall give written notice thereof contemporaneously to the trustee and the Participant by certified or registered mail (in the case of the Participant, to the last known address of the

Participant on the records of the Company (or, if applicable, the successor of the Company)), stating the reason for such forfeiture and the amount thereof. The trustee shall disburse the amount stated in such notice to the Company (or, if applicable, the successor of the Company) thirty (30) days after receipt thereof unless prior to such time the trustee receives written notice from the Participant that the Participant has commenced litigation against the Company (or, if applicable, the successor of the Company) with respect to the validity of such forfeiture. If such a notice is received, the trustee shall disburse such funds only upon order of a court of competent jurisdiction or upon written instructions signed by both the Company (or, if applicable, the successor of the Company) and the Participant.

(c) Acceleration of Payments . If, under the terms of this RSU Agreement, a Participant or his or her successor in interest becomes entitled to a payment relating to the Restricted Stock Unit, the Participant or such successor shall give written notice thereof contemporaneously to the trustee and the Company (or, if applicable, the successor of the Company) by certified or registered mail, stating the reason for such accelerated payment and the amount thereof. The trustee shall disburse the amount stated in such notice to the Participant or such successor thirty (30) days after receipt thereof unless prior to such time the trustee receives written notice from the Company (or, if applicable, the successor of the Company) that the Company (or such successor) has commenced litigation against the Participant or such successor challenging the right to such acceleration of payment. If such a notice is received, the trustee shall disburse such funds only upon order of a court of competent jurisdiction or upon written instructions signed by both the Company (or, if applicable, the successor of the Company) and the Participant.

Exhibit 10.7

[EXPRESS SCRIPTS HOLDING COMPANY]

STOCK OPTION GRANT NOTICE

Notice is hereby given of the following option grant (the “Option”) to purchase shares of common stock, $0.01 par value per share, of Express Scripts Holding Company (the “Common Stock”) pursuant to the following terms and conditions:

This Option is granted under, and governed by, the terms and conditions of this Grant Notice, the Plan and the Option Agreement.

Attachments:

Exhibit A—Stock Option Agreement

EXHIBIT A

STOCK OPTION AGREEMENT

Express Scripts Holding Company, a Delaware corporation (the “Company”), has granted you (the “Optionee”) an option to purchase shares of common stock of the Company, $0.01 par value per share (“Common Stock”), pursuant to the terms and conditions set forth in your Stock Option Grant Notice (the “Grant Notice”) and this Stock Option Agreement (the “Option Agreement”).

The Option is granted pursuant to the Express Scripts Holding Company 2016 Long-Term Incentive Plan, as amended from time to time (the “Plan”), pursuant to which options, and other awards, may be granted to employees of the Company or an Affiliate. Except as otherwise specifically set forth herein, all capitalized terms utilized herein (including on Schedule 1 hereto) shall have the respective meanings ascribed to them in the Plan.

The details of your Option are as follows:

1. Grant of Option . Pursuant to an action of the Board and/or the Committee, the Company hereby grants to Optionee an option to purchase shares of Common Stock (the “Option”), subject to the terms and conditions described herein. The number of shares of Common Stock subject to your Option and the Exercise Price Per Share are set forth in the Grant Notice. If designated in the Grant Notice as an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d), it shall nevertheless be treated as a Non-Qualified Stock Option.

2. Term, Vesting and Forfeiture .

(a) Term . This Option may be exercised only within the Term set forth in the Grant Notice, and may be exercised during such Term only in accordance with the Plan and the terms of this Option Agreement.

(b) Time Vesting . The Option shall vest in one or more installments in accordance with the Vesting Schedule set forth on the Grant Notice, with the vesting of each installment subject to the Optionee’s continued employment with the Company or an Affiliate through the applicable vesting date, subject to the terms hereof and, where applicable, the terms of an Applicable Employment Agreement (as defined below), if any.

(c) Accelerated Vesting . Any Option, or portion thereof, which has not yet vested under subparagraph (b) above shall, vest or be forfeited in accordance with the provisions of the Plan, and the terms of this Option Agreement (including Schedule 1 hereto), and, where applicable, the terms of an Applicable Employment Agreement.

(d) Forfeiture of Option . Except as provided on Schedule 1 hereto or in an Applicable Employment Agreement (if any), if Optionee’s employment with the Company or an Affiliate terminates for any reason, Optionee shall forfeit all rights with respect to any portion of the Option that has not yet vested as of the effective date of the termination without payment therefor. In such case, the remaining vested Options shall be treated as follows: if the Option is a Non-Qualified Stock Option, to the extent it has not expired, the Option shall remain exercisable for one year after the termination of Optionee’s employment and if the Option is an Incentive Stock Option, to the extent it has not expired, the Option shall remain exercisable for three months after termination of Optionee’s employment.

3. Exercise of Option .

(a) Right to Exercise . This Option is exercisable during its Term in accordance with the Vesting Schedule set forth in the Grant Notice and the applicable provisions of the Plan and this Option Agreement.

(b) Method of Exercise . This Option is exercisable pursuant to the procedures for exercise provided from time to time by the Company and/or by a third-party vendor selected by the Company. The Option exercise shall require payment of the aggregate exercise price as to all exercised shares. The method of payment of the aggregate exercise price shall be in a form approved by the Company in accordance with Section 7(a)(ii) of the Plan. This Option shall be deemed to be exercised upon receipt and approval by the Company (or the appropriate third party) of all required exercise notices, together with full payment of the exercise price and such additional documents as the Company (or the third-party vendor) may then require. The Company may cause, or authorize its third-party vendor to cause, the vested portion of this Option to automatically be exercised on the Expiration Date for such Option, to the extent it has not previously been exercised or forfeited.

4. Incorporation of the Plan by Reference; Conflicting Terms . The Option is granted under, and expressly subject to, the terms and provisions of the Plan, which terms and provisions are incorporated herein by reference. Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof. In the event of any conflict between the terms of the Plan and the terms of this Option Agreement, the terms and provisions of the Plan shall govern.

5. Non-Transferability of Option . This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.

6. Stockholder Rights . Optionee shall not have any stockholder rights with respect to the shares of Common Stock granted pursuant to this Option until Optionee shall have exercised the Option in accordance with Section 3 hereof.

7. Adjustments Upon Changes in Capitalization or Corporate Acquisitions . Should any change be made to the Common Stock by reason of any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change, appropriate adjustments shall be made to (a) the total number and/or class of securities or other property (including cash) subject to this Option, and (b) the Exercise Price Per Share set forth in the Grant Notice in order to reflect such change and thereby preclude a dilution or enlargement of benefits hereunder.

8. Committee Discretion . This Option has been granted pursuant to a determination made by the Board and/or Committee. Notwithstanding anything to the contrary herein, and subject to the limitations of the Plan, the Committee shall have plenary authority to: (a) interpret any provision of this Option Agreement or the Option; (b) make any determinations necessary or advisable for the administration of this Option Agreement or the Option; (c) make adjustments as it deems appropriate to the aggregate number and type of securities available under this Option Agreement to appropriately adjust for, and give effect to, any Fundamental Change, divestiture, distribution of assets to stockholders (other than ordinary cash dividends), reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, stock combination or exchange, rights offering, spin-off or other relevant change; and (d) otherwise modify or amend any provision hereof, or otherwise with respect to the Option, in any manner that does not materially and adversely affect any right granted to Optionee by the express terms hereof, unless required as a matter of law, subject to the limitations stated in the Plan.

9. Tax Withholding . At the time Optionee exercises his or her Option, in whole or in part, the Company shall withhold from Optionee’s compensation any required taxes, including social security and Medicare taxes, and federal, state and local income tax, with respect to the income arising from the exercise of the Option under this Option Agreement. The Company shall have the right to require the payment of any such taxes before delivering any shares of Common Stock upon the exercise of the Option, or any portion thereof. Optionee may elect to have any such withholding obligations satisfied by: (i) delivering cash; (ii) delivering part or all of the withholding payment in previously owned shares of Common Stock; and/or (iii) irrevocably directing the Company to reduce the number of shares that would otherwise be issued to Optionee upon the exercise of the Option that number of whole shares of Common Stock having a fair market value, determined by the Company, in its sole discretion, equal to the amount of tax required to be withheld or other such amount that will not cause adverse accounting consequences for the Company and is permitted under applicable withholding rules promulgated by the Internal Revenue Service or another governmental entity. If the Option is an Incentive Stock Option, Optionee must immediately notify the Company in writing in the event Common Stock received pursuant to the Option is sold on or before the later of (a) two years after the Grant Date (as set forth in the Grant Notice), or (b) one year after the exercise date of the Option.

10. Clawback Policy . If Optionee is or subsequently becomes a Senior Executive or Chief Accounting Officer of the Company who is subject to the Policy (as hereinafter defined), this Option shall be subject to the Company’s Clawback and Recoupment Policy, or any successor policy, as it may be in effect from time to time, including, without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Policy”), and Optionee specifically acknowledges that such Policy shall apply to previously granted awards and that the Committee shall have discretion regarding application of the Policy to this Option.

11. Electronic Delivery . The Company may choose to deliver certain statutory or regulatory materials relating to the Plan in electronic form, including without limitation securities law disclosure materials. Without limiting the foregoing, by accepting this Option, Optionee hereby agrees that the Company may deliver the Plan prospectus and the Company’s annual report to Optionee in an electronic format. If at any time Optionee would prefer to receive paper copies of any document delivered in electronic form, the Company will provide such paper copies upon written request to the Investor Relations department of the Company.

11. No Right to Continued Employment . Nothing in this Option Agreement shall be deemed to create any limitation or restriction on such rights as the Company or an Affiliate otherwise would have to terminate the employment of Optionee at any time for any reason.

12. Entire Agreement . This Option Agreement, including Schedule 1 hereto, and the Plan contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations between the parties except to the extent that the vesting and/or forfeiture of this Option is specifically addressed by any employment agreement between the Company or an Affiliate, on the one hand, and Optionee, on the other hand (an “Applicable Employment Agreement”), in which instance the relevant terms of such Applicable Employment Agreement shall be incorporated herein and deemed to be a part of this Option Agreement, and, in the event of any conflict between the terms of this Option Agreement regarding the vesting or forfeiture of the Option, and the terms of an Applicable Employment Agreement (if any), the terms and provisions of the Applicable Employment Agreement shall govern. In addition, any references in any such Applicable Employment Agreement to the Prior Plans shall also be deemed to refer to the Plan as appropriate.

13. Governing Law . To the extent federal law does not otherwise control, this Option Agreement shall be governed by the laws of Delaware, without giving effect to principles of conflicts of laws.

SCHEDULE 1 TO EXHIBIT A

CERTAIN TERMINATIONS AND CHANGE IN CONTROL PROVISIONS UNDER THE

STOCK OPTION AGREEMENT

I. Certain Terminations of Employment

(A) Death. If Optionee’s employment terminates because of his or her death, then the Option, to the extent it has not expired or been terminated, shall vest and become exercisable in full, and may be exercised by the Optionee’s Successor at any time, or from time to time, within one year after the date of Optionee’s death.

(B) Disability . If Optionee’s employment terminates because of Disability, then the Option, to the extent it has not expired or been terminated, shall vest and become exercisable in full, and Optionee or Optionee’s Successor may exercise such Option at any time, or from time to time, within one year after the date of Optionee’s Disability.

(C) Retirement . If Optionee’s employment terminates because of Retirement (as defined below), any portion of the Option that has not vested as of the date of Retirement shall terminate as of such date, and the unvested portion of the Option shall be forfeited to the Company without payment therefor. In such case, the Optionee may exercise vested Options, to the extent not expired, at any time, or from time to time, within one year after the date of Retirement. For purposes of this Option Agreement, the term “Retirement” means a termination of employment after the attainment of age 60 and five (5) years of continuous service with the Company or any of its Affiliates.

(D) Termination for Cause . Upon termination of Optionee’s employment by the Company or an Affiliate for Cause, the Option, to the extent not previously exercised, shall immediately terminate.

(E) Expiration of Term . Any portion of the Option that is, or becomes, exercisable upon termination of employment which is not exercised within the applicable period set forth in the Option Agreement (including this Schedule 1) or pursuant to an Applicable Employment Agreement shall terminate as of the end of the applicable period; provided, however, that the Company may cause, or authorize its third-party vendor to cause, any remaining vested portion of the Option to automatically be exercised on the last date of the applicable period, to the extent it has not previously been exercised or forfeited. Notwithstanding the foregoing, or any other provision of the Plan, the Option Agreement, the Grant Notice, this Schedule 1, or an Applicable Employment Agreement to the contrary, in no event shall the Option be exercisable after expiration of the Term.

II. Change in Control

(A) Acceleration of Vesting Upon Change in Control After Which No Public Market for Company or Exchange Stock Exists

1. Acceleration of Vesting . Upon the occurrence of a Change in Control after which there will not be a generally recognized U.S. public market for the Company’s Common Stock, for common stock for which the Company’s Common Stock is exchanged or for the common stock of a successor or acquirer entity, the Option, to the extent it has not expired or been terminated, shall, to the extent not yet exercisable, vest and become exercisable in full.

2. Company Payment . Upon the occurrence of a Change in Control transaction after which there will be no generally recognized U.S. public market for the Company’s Common Stock on the Change in Control Date, for common stock for which the Company’s Common Stock is exchanged, or for the common stock of a successor or acquirer entity, the Option shall be automatically cancelled without further action by the Company or the Optionee, and the Company shall provide payment in connection with such cancellation at a per share price equal to the excess (if any) of the Change in Control Price (as defined below) over the exercise price of the Option. The Change in Control Price shall mean the value, expressed in dollars, as of the date of receipt of the per share consideration

received by the Company’s stockholders whose stock is acquired in a transaction constituting a Change in Control. In case all or part of such consideration shall be in a form other than cash, the value of such consideration shall be as determined in good faith by a majority of the Incumbent Board, or if there shall be none, by a majority of the Board of Directors based on a written opinion by a nationally recognized investment banking firm, whose determination shall be described in a statement furnished to Participants.

(B) Option Assumption Upon Other Change in Control Transactions . Upon the occurrence of a Change in Control after which there will be a generally recognized U.S. public market for the Company’s Common Stock, for common stock for which the Company’s Common Stock is exchanged, or for the common stock of a successor or acquirer entity (such publicly traded stock, “Public Shares”), then the outstanding Options shall be assumed, exchanged or substituted for by a successor or acquirer entity such that following the Change in Control, the Option relates to such Public Shares and (except as provided below) remains subject to the same terms and conditions that were applicable to the Option immediately prior to the Change in Control. Upon the occurrence of a Change in Control, the following vesting provision shall apply.

1. Termination of Employment within Two Years of the Change in Control Date . If within two (2) years following the Change in Control Date, either (a) the employment of Optionee is terminated without Cause or (b) Optionee terminates employment due to a Constructive Termination, then, notwithstanding the provisions hereof, the outstanding Options shall vest in full on the date of such termination and shall remain exercisable for the remainder of the Term.

2. Certain Pre-Change in Control Terminations . If Optionee is either a Senior Executive or a Vice President and the employment of Optionee is terminated without Cause within 90 days prior to the Change in Control Date, then notwithstanding the provisions hereof, the outstanding Options held by such Optionee as of the date of his or her termination of employment shall vest in full on the Change in Control Date and shall remain exercisable for the remainder of the Term.

3. Defined Terms . For purposes of this Schedule 1,

(a) “Constructive Termination” means,

i. with respect to an Optionee who is a Senior Executive or a Vice President, a change in employment conditions that results in such Optionee not having or continuing to have Comparable Employment relative to Optionee’s employment immediately preceding the Change in Control Date; and

ii. with respect to an Optionee who is a Senior Executive, an adverse change in the level of position to which Optionee reports; and

iii. with respect to an Optionee who is neither a Senior Executive nor a Vice President, (1) a material reduction in the Optionee’s aggregate compensation (including salary, bonus and other benefit plans, including option plans) from that in effect immediately preceding the Change in Control Date or (2) the relocation of the Optionee’s principal place of employment to a location more than fifty (50) miles from the Optionee’s principal place of employment immediately preceding the Change in Control Date;

Notwithstanding anything herein to the contrary, a Constructive Termination shall not occur unless Optionee gives written notice to the Company (or, if applicable, the successor of the Company) within thirty (30) days of the occurrence of any of the events listed under a Constructive Termination and such event remains uncured thirty (30) days after the receipt of such notice. Such termination shall occur immediately following expiration of the cure period to the extent such event remains uncured.

(b) “Comparable Employment” shall mean employment with the Company and its Affiliates or any successor to the Company’s business following a Change in Control pursuant to which:

i. the responsibilities and duties of Optionee are substantially the same as before the Change in Control (such changes as are a necessary consequence of the fact that the securities of the Company are no longer publicly traded if the Company’s securities cease to be publicly traded as a consequence of the Change in Control shall not be considered a change in responsibilities or duties), and the other terms and conditions of employment following the Change in Control do not impose on Optionee obligations materially more burdensome than those to which Optionee was subject prior to the Change in Control;

ii. the aggregate compensation (including salary, bonus and other benefit plans, including option plans) of Optionee is substantially economically equivalent to or greater than Optionee’s aggregate compensation immediately prior to the Change in Control Date. In making such determination (A) there shall be taken into account all contingent or unvested compensation, under performance-based compensation plans or otherwise, with appropriate adjustment for rights of forfeiture, vesting rules and other contingencies to payment, and (B) any compensation payable by reason of the Change in Control shall be disregarded; and

iii. the Optionee’s principal place of employment is not relocated to a location more than fifty (50) miles from the Optionee’s principal place of employment immediately preceding the Change in Control.

(c) “Vice President” or “Senior Executive” shall mean an Optionee who either (i) held the position of Vice President or higher as of the Change in Control Date or (ii) held a position of Vice President or higher for the majority of the 12-month period prior to the Change in Control Date (or, if Optionee has been employed by the Company or its Affiliates for less than 12 months, then the majority of the entire period of employment).