SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CLEMENS PETER J IV

(Last)

(First)

(Middle)

211 COMMERCE STREET

SUITE 800

(Street)

NASHVILLE

37201

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CAREMARK RX INC [ CMX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVP-Finance & Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $.001 par value	05/13/2004		M		10,000	A	$12	14,827.857	D
Common Stock, $.001 par value	05/13/2004		S		10,000	D	$33.2	4,827.857	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$32.03							05/10/2005⁽¹⁾	05/10/2014	Common Stock, $.001 par value	40,000		40,000	D
Stock Option	$12	05/13/2004		M			10,000	02/06/1995⁽²⁾	02/06/2005	Common Stock, $.001 par value	10,000	$0	0	D
Stock Option	$16.625							07/24/1996⁽²⁾	07/24/2006	Common Stock, $.001 par value	4,750		4,750	D
Stock Option	$3							09/21/1998⁽³⁾	09/21/2008	Common Stock, $.001 par value	16,000		16,000	D
Stock Option	$3							09/21/1998⁽³⁾	09/21/2008	Common Stock, $.001 par value	19,250		19,250	D
Stock Option	$3							09/21/1998⁽³⁾	09/21/2008	Common Stock, $.001 par value	1,000		1,000	D
Stock Option	$4.1875							04/08/1999⁽³⁾	04/08/2009	Common Stock, $.001 par value	25,000		25,000	D
Stock Option	$5.0625							10/13/1999⁽³⁾	10/13/2009	Common Stock, $.001 par value	50,000		50,000	D
Stock Option	$12.25							01/12/2001⁽³⁾	01/12/2011	Common Stock, $.001 par value	50,000		50,000	D
Stock Option	$13.21							11/07/2001⁽³⁾	11/07/2011	Common Stock, $.001 par value	50,000		50,000	D
Stock Option	$18.15							03/31/2003⁽³⁾	03/31/2013	Common Stock, $.001 par value	20,000		20,000	D

Explanation of Responses:

1. Option vests in five equal annual installments beginning on the "Date Exercisable" above.

2. 20% of these options are exercisable on the grant date, and 20% are exercisable on each anniversary of the grant date.

3. 34% of these options are exercisable on the grant date, and 33% are exercisable on each of the 1st and 2nd anniversaries of the grant date.

	/s/ Peter J. Clemens IV	05/17/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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