•New Year's Day            Tuesday, January 1

•Memorial Day               Monday, May 26

•Independence Day        Friday, July 4

•Labor Day                    Monday, September 1

•Thanksgiving Day         Thursday, November 27

•Christmas Day             Thursday, December 25

Caremark (generally) awards benefit eligible employees with 10 holidays each year, including six formally observed holidays and four floating holidays, as outlined below:

•New Year’s Day*

•Memorial Day

•Independence Day

•Labor Day

•Thanksgiving Day

•Christmas Day

When a Company-observed holiday falls on a Saturday, that holiday will be observed on the previous Friday. When a holiday falls on a Sunday, it will be observed on the following Monday, with the exception of New Year's Day*.

*When New Year’s Day falls on a weekend, as it does in 2006, it becomes another floating holiday. All employees employed with Caremark as of January 1st of the new year, will be eligible for one extra Floating Holiday.

Employees employed as of January 1 of the current plan year are granted four floating holidays. Floating holidays for employees hired throughout the year are prorated as follows:

•Hired January - March: four floating holidays

•Hired April - June: three floating holidays

•Hired July - September: two floating holidays

•Hired October - December: zero floating holidays

•Floating Holidays should be scheduled in advance and taken during the calendar year (Jan-Dec).

•Floating Holidays may not be taken until after your first paycheck has been processed.

•Floating Holidays may not be carried over into the following calendar year.

•Floating Holidays must be taken in full day increments by salaried employees, and in one hour increments by hourly employees.

•Floating Holidays are prorated for part-time employees according to their scheduled hours in PeopleSoft**.

•Floating Holidays are not paid out at the time of termination, and once notice is given, floating holidays may not be used during the notice period.

**Company Observed and/or Floating Holiday Proration (based on standard work hours in PeopleSoft):

•20 to 29 Hours: 4 Hours

•30 to 35 Hours: 6 Hours

•36 + Hours: 8 Hours

Holidays will be paid at the employee’s customary straight time earnings.

•An employee must have worked and been in a paid status, for at least the last full scheduled working day before, and have worked the first full scheduled working day immediately following Companyobserved holidays in order to be eligible for holiday pay. In the case of unscheduled time off, before, or after a Company-observed holiday, the holiday may not be paid unless medical documentation supports the absence. This practice applies to Caremark formally observed holidays only.

•An employee on a paid leave of absence will receive pay for the holiday according to his/her effective pay status. Employees on an extended unpaid leave of absence will not be eligible to receive holiday pay.

Questions regarding Holidays and Floating Holidays should be directed to your local Human Resources department.

First published September 28, 2006

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