Document:

Sanofi Pharma Bristol-Myers Squibb Bylaws

 Exhibit 10.1 
 This text is a free translation from the French language and is supplied solely for information purposes. 
 Only the original version in the French language has legal force. 
  
  
 SANOFI PHARMA BRISTOL-MYERS SQUIBB 
 Commercial partnership with capital of 50,000 francs 
 Headquarters: 32-34, rue Marbeuf, 75008 Paris, France 
 Register of Commerce and Companies of Paris B 408 017 929 
 BYLAWS 
 Updated June 6, 1997 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

					
		  	ARTICLE 1	  	
		  	CORPORATE FORM	  	
		
	ARTICLE 1 Corporate Form	  	1
			
		  	ARTICLE 2	  	
		  	CORPORATE NAME	  	
		
	ARTICLE 2 Corporate Name	  	1
			
		  	ARTICLE 3	  	
		  	CORPORATE PURPOSE	  	
		
	ARTICLE 3 Corporate Purpose	  	1
			
		  	ARTICLE 4	  	
		  	HEADQUARTERS	  	
		
	ARTICLE 4 Headquarters	  	2
			
		  	ARTICLE 5	  	
		  	TERMS	  	
		
	ARTICLE 5 Terms	  	2
			
		  	ARTICLE 6	  	
		  	DEFINITIONS	  	
		
	ARTICLE 6.1 Terms Defined	  	2
	ARTICLE 6.2 Additional Terms Defined	  	3
			
		  	ARTICLE 7	  	
		  	CONTRIBUTIONS – HOLDINGS	  	
		
	ARTICLE 7.1 Initial Capital Contributions	  	3
	ARTICLE 7.2 Holdings: Capital	  	3
	ARTICLE 7.3 Capital Increase	  	4
			
		  	ARTICLE 8	  	
		  	REPRESENTATION OF THE SHARES –	  	
		  	INDIVISIBILITY RIGHTS AND OBLIGATIONS OF THE PARTNERS	  	
		
	ARTICLE 8.1 Representation of the shares	  	4
	ARTICLE 8.2 Indivisibility of the shares	  	4
	ARTICLE 8.3 Rights and obligations of the Partners	  	4

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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		  	ARTICLE 9	  	
		  	DISTRIBUTIONS TO THE PARTNERS	  	
	ARTICLE 9 Distributions to the Partners	  	4
			
		  	ARTICLE 10	  	
		  	 ACCOUNTING – AUDITORS – CORPORATE ACCOUNTS – APPROVAL OF THE
 ANNUAL ACCOUNTS
	  	
		
	ARTICLE 10.1 Books and Records	  	4
	ARTICLE 10.2 Place and Right of Inspection	  	5
	ARTICLE 10.3 Fiscal Year	  	5
	ARTICLE 10.4 Auditors	  	5
	ARTICLE 10.5 Financial Statements	  	5
	ARTICLE 10.6 Bank Accounts and Investment	  	5
			
		  	ARTICLE 11	  	
		  	MANAGEMENT OF THE COMPANY	  	
		
	ARTICLE 11 Management of the Company	  	5
			
		  	ARTICLE 12	  	
		  	DECISIONS OF THE PARTNERS	  	
		
	ARTICLE 12.1 General Meeting	  	6
	ARTICLE 12.2 Amendments of Bylaws	  	6
	ARTICLE 12.3 Invitation	  	6
			
		  	ARTICLE 13	  	
		  	TRANSFERS OF SHARES	  	
	ARTICLE 13.1 No Transfer	  	6
	ARTICLE 13.2 New Partners	  	7
	ARTICLE 13.3 Effective Date of the Transfer	  	7

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purposes. 
 Only the original version in the French language has legal force. 
  

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		  	ARTICLE 14	  	
		  	DISSOLUTION	  	
		
	ARTICLE 14.1 Dissolution	  	7
	ARTICLE 14.2 Effects of the Dissolution	  	7
	ARTICLE 14.3 Liquidating Partner	  	8
			
		  	ARTICLE 15	  	
		  	MISCELLANEOUS	  	
		
	ARTICLE 15.1 Tax Status	  	8
	ARTICLE 15.2 Disputes	  	8
	ARTICLE 15.3 Publications	  	8
	ARTICLE 15.4 Internal Regulation	  	8

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 BETWEEN THE UNDERSIGNED: 
  

	1.	Sanofi Participations, a corporation with capital of 250,000 francs headquartered at 32-34, rue Marbeuf, 75008 Paris, France, recorded with the Register of Commerce and Companies of
Paris under number B 407 571 725 (“Partner Sanofi”), a subsidiary indirectly held wholly by Sanofi, a corporation with capital of 2,624,217,125 francs headquartered at 32-34 rue Marbeuf, 75008 Paris, France, recorded with the
Register of Commerce and Companies of Paris under number B 732 059 332 (“Sanofi”), and 

  

	2.	BMS Investco S.A.S., a simplified corporation with capital of 250,000 francs, headquartered at 1, Parvis de la Defense, La Grande Arche Nord, 92800 Puteaux, recorded with the
Register of Commerce and Companies of Nanterre under number B 407 846 195 (“Partner BMS”), a subsidiary directly and indirectly held wholly by Bristol-Myers Squibb Company, a company of the State of Delaware (United States of
America) headquartered at 345 Park Avenue, New York, New York 10022 (“BMS”). 

 ARTICLE 1 – CORPORATE FORM 

 The Partners form a commercial partnership (the “Company”) governed by the Bylaws and by law No. 66-537 of
July 24, 1996 and decree No. 67-236 of March 23, 1967, and by any other legal or regulatory provisions in force. The form of the Company may be modified by a unanimous decision of the Partners; it being understood that such
modification will not lead to the creation of a new legal person. 
 ARTICLE 2 – CORPORATE NAME 
 The corporate name of the Company is: SANOFI PHARMA BRISTOL-MYERS SQUIBB. The name must be preceded or immediately followed by the words “commercial
partnership” or the initials “SNC” in all acts and documents issued by the Company and intended for third parties. The activity of the Company may be conducted under any other corporate name determined in writing by the Partners in
accordance with applicable laws. 
 ARTICLE 3 – CORPORATE PURPOSE 
 The purpose of the Company will be (a) to conduct all activities related to the development, manufacture and marketing of Products in Territory A and
(b) to conclude, make and execute all contracts and other commitments and engage in all activities that may be necessary or desirable in order to pursue its corporate purpose. 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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 ARTICLE 4 – HEADQUARTERS 
 The headquarters of the Company is located at 32-34, rue Marbeuf, 75008 Paris, France. The headquarters may be transferred to another place in the same department or in a neighboring department by a simple decision of
the Manager(s), it being understood, however, that the headquarters cannot be transferred to any other place without the unanimous agreement of the Partners. 
 ARTICLE 5 – TERM 
 The term of the Company is 99 years from June 6, 1997, barring
early or anticipated dissolution or extension decided upon by the Partners at the latest 24 months before its expiration. 
 ARTICLE 6 –
DEFINITIONS 
  

	6.1	Terms Defined. When used in the Bylaws, the following terms will have the meaning indicated: 

 “Partners” means Partner Sanofi and Partner BMS and each of their successors and assignees; with the understanding, however, that
any Partner who has no participation will be presumed to have withdrawn from the Company as a Partner. 
 “Clopidogrel” means
the new chemical molecule discovered and patented by Sanofi and known under the code SR 25990C whose unregistered international name is Clopidogrel Hydrogenosulphate. 
 “Irbesartan” means the new chemical molecule discovered and patented by Sanofi known under the code SR 47436 whose unregistered international name is Irbesartan. 
 “Person” means any individual, partnership, company, including an association or commercial association, joint venture,
association, trust or any other entity or any government, agency, or their political subdivisions as well as any syndicate or group presumed to be a person under Section 13(d) of the US Securities and Exchange Act of 1934 as amended.

 “Product” means a Clopidogrel Product or an Irbesartan Product and “Products” means a Clopidogrel Product
and an Irbesartan Product. 
 “Clopidogrel Product” means the product or products whose active principle is Clopidogrel or
any salt, ester, metabolite or pro-drug thereof. 
 “Irbesartan Product” means the product or products whose active
principle is Irbesartan or any salt, ester, metabolite or pro-drug thereof. 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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 “Subsidiary”, referring to a Person, means any other Person who controls, is controlled or is under
common control with such Person; however, it is understood that concerning Sanofi, the definition of Subsidiary excluded Elf Aquitaine and any person not controlled by Sanofi which would be a Subsidiary of Sanofi by the mere fact of its being
controlled by Elf Aquitaine. For the purposes of this definition “control” means (a) the direct or indirect power to guide the management of a Person or to veto any significant decision related to the management of a Person, in
each of these cases, be it by exercising voting rights, by contract or by any other means, (b) direct or indirect possession of holdings (excluding shares in a partnership) representing at least 40% of the voting rights of a Person or
(c) possession of at least 50% of the shares of an association. The Partners confirm that each Co-Promotion Entity of Territory A must be considered a Subsidiary of Sanofi. 
 “Bylaws” means these bylaws, as amended, if applicable. 
 “Territory A” means the
countries and geographic zones described in Annex 1.1. enclosed herewith. 
  

	6.2	Additional Terms Defined. The following additional terms defined will have the meaning indicated in the articles of the Bylaws listed below: 

 

			
	 Term Defined
	  	 Definition Article

	Partners’ Meeting	  	10.5
	General Meeting	  	12.1
	Partner BMS	  	Recitals
	Partner Sanofi	  	Recitals
	BMS	  	Recitals
	Fiscal year	  	10.3
	Manager / Managers	  	11.1
	Sanofi	  	Recitals
	Company	  	Article 1
	Transfer	  	13.1

 ARTICLE 7 – CONTRIBUTIONS – HOLDINGS 
  

	7.1	Initial Capital Contributions. Upon the registration of the Company on July 10, 1996, Partner BMS and Partner Sanofi made a cash contribution, respectively, of
24,950 francs and 25,050 francs. 

  

	7.2	 Holdings: Capital. The holding of Partner Sanofi is 50.1% and the holding of Partner BMS is 49.9%. The aforementioned contributions indicate
that the Capital of the Company is 50,000 francs, allocated to 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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each Partner according to its holding. It is divided into 50,000 shares with a par value of 1 franc each allocated to each Partner according to its
contribution, i.e.: 

 - 25,050 shares for Partner Sanofi, 
 - 24,950 shares for Partner BMS. 
  

	7.3	Capital Increase. The capital may be increased by a decision of the Partners made in Partners’ Meeting at the proposal of the Manager(s).

 ARTICLE 8 REPRESENTATION OF THE SHARES – INDIVISIBILITY – RIGHTS AND OBLIGATIONS OF THE PARTNERS 
  

	8.1	Representation of the shares. The shares cannot be represented by negotiable certificates. 

  

	8.2	Indivisibility of the shares. The shares are indivisibles concerning the Company which acknowledges only one owner for each of them. 

  

	8.3	Rights and obligations of the Partners, Each Partner has a proportional right to its holding in the capital of the Company, in the profits of the Company and all the
assets. Each Partner responds indefinitely and jointly for the corporate debts. However, in the relations between them, each of the Partners responds for the corporate debts only in proportion to its holding in the capital. 

ARTICLE 9 DISTRIBUTIONS TO THE PARTNERS 
 The Partners may, upon proposal of the Manager(s), distribute the distributable profits and decide on the distribution of amounts taken from the reserves available when these amounts are not necessary for the continued operation of the
Company. 
 ARTICLE 10 – ACCOUNTING – AUDITORS – CORPORATE ACCOUNTS – APPROVAL OF THE ANNUAL ACCOUNTS 
  

	10.1	Books and Records. At any time during the term hereof, the Manager(s), at the expense of the Company, will keep (i) accounting books and records to reflect
accurately and fairly, with reasonable detail, all issues relating to the Company, including, without limitation, all income, expenses, assets and liabilities and (ii) an adequate system of internal control of the accounts. The accounts of the
Company will be held in accordance with the French accounting plan and reprocessed in accordance with the U.S. GAAP. The Company will not maintain its accounts for a period exceeding ten years (except for records to be kept for a longer period under
the law). 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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	10.2	Place and Right of Inspection. The books and records of the Company will be kept and maintained at all times in France, in one or more locations approved by the
Manager(s). Each Partner and its authorized representatives will have the right to inspect, examine, copy and audit the books, registers, records, securities and other documents of the Company at any reasonable time, for any purpose reasonably
related to the holding of such Partner. The Company does not charge a Partner for any inspection, review, copy or audit other than the current costs of the Company caused by them. 

  

	10.3	Fiscal Year. The fiscal year of the Company (“Fiscal Year”) will start on January 1 and end on December 31 of each year.

  

	10.4	Auditors. The Partners may or must, if they are forced by law, appoint one or more auditors from one or several internationally renowned audit companies selected by
the Manager(s). Each auditor will be appointed for a period of six (6) Fiscal Years expiring at the close of the Partners’ Meeting held to review the accounts of the sixth Fiscal Year. 

  

	10.5	Financial Statements. The Manager(s) will draw up, in accordance with applicable laws and regulations, an inventory and the financial statements of the Company
(balance sheet, income statement and annex) and a written management report to be submitted for approval at the Partners’ Meeting within six (6) months after the close of each of the Fiscal Years (the “Partners’
Meeting”). The financial statements, management report and the text of the resolutions submitted to the Partners’ Meeting will be sent to the Partners at least fifteen (15) days before the Partners’ Meeting. During the same
period, the inventory will be made available to the Partners at the headquarters of the Company. 

  

	10.6	Bank Accounts and Investment. The funds of the Company will be deposited into an account or accounts in one or more French banks selected by the Manager(s).
Withdrawals will be made by persons designated by the Partners. The funds of the Company whose disbursement is not provided will be invested by the Manager(s) in accordance with and under the guidance of the Partners. 

 ARTICLE 11 – MANAGEMENT OF THE COMPANY 
 (a) The Company will be managed and administered by one or more Managers appointed by the Partners among candidates nominated by Partner Sanofi and chosen among the Subsidiaries of Sanofi, and in regard to the head pharmacist Manager only
among employees and/or officers of Sanofi. The term “Manager” and “Managers” as used in these bylaws means individuals and legal persons, if applicable, Partners or not, appointed under this article 11.1.

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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	(b)	If the activities of the Company require the appointment of a head pharmacist, the Partners will designate a Manager, natural person, who will be the head pharmacist of the Company
and will have only the necessary powers to make decisions to substantially meet the applicable regulations. 

  

	(c)	The Manager(s) will be responsible for the daily management of the Company. In relations with third parties, the Manager(s) will have the power to execute all management acts within
the corporate purpose of the Company as defined in article 3 hereof. 

  

	(d)	Each Manager will be appointed for a renewable term of one year. The dismissal or resignation of a Manager will not cause the dissolution of the Company. 

ARTICLE 12 DECISIONS OF THE PARTNERS 
  

	12.1	General Meeting. The will of the Partners is expressed by the collective decisions made in General Meeting (hereinafter referred to as the “General
Meeting”). Unless otherwise specified in the law on companies or these bylaws, these decisions will be valid if adopted by simple majority. In addition, except for those relating to the approval of the annual accounts which must be made in
General Meeting, all other decisions may be validly made by written consultation of the Partners. 

  

	12.2	Amendments of Bylaws. Unless expressly set forth otherwise in the Bylaws, any amendment of the Bylaws may be made only by the General Meeting deciding unanimously.

  

	12.3	Invitation. The General Meeting is called by the Manager(s) by registered letter with acknowledgement of receipt, sent at least 15 business days before the meeting to
each of the Partners and containing the indication of the day, time and place and the agenda of the meeting. It may be called under the same conditions by any Partner. It is validly held upon verbal invitation if all Partners are present or legally
represented. 

 ARTICLE 13 – TRANSFERS OF SHARES 
  

	13.1	No Transfer. No share of the Company may be sold, assigned, transferred, pledged or encumbered with surety, in full or in part, directly or indirectly, by
operation of law or otherwise (including, without limitation thereto, by merger or distribution) (any such sale, assignment, transfer, pledge or surety being hereinafter referred to as a “Transfer”), without the prior unanimous
agreement of the Partners (which will not be unreasonably withheld). Unless otherwise agreed by the Partners, any Transfer of any proposed holding in violation of this article 13 will be null and void. 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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	13.2	New Partners. No Person will become Partner within the meaning and under the terms hereof unless such Person is ready to expressly assume and agree to be bound by all
stipulations of the Bylaws. All costs and expenses reasonably incurred by the Company and related to a Transfer and, if applicable, for the admission of a Person as Partner following these bylaws will be paid by the transferor.

  

	13.3	Effective Date of the Transfer. Any Transfer under this article 13 will be made in writing and will be enforceable against the Company only after notification
to it or after its acceptance by notarized document under the conditions set forth in article 1690 of the Civil Code. Such Transfer will be effective against third parties only after application of the procedures required by applicable law and
registration of such Transfer in the Register of Commerce and Companies with jurisdiction. 

 ARTICLE 14 – DISSOLUTION

  

	14.1	Dissolution. The Company will be dissolved and its business liquidated in the event of the first of the following events: 

  

	 	(i)	written agreement of each of the Partners to dissolve the Company; 

  

	 	(ii)	suspension of the marketing of any Products for safety problems; and 

  

	 	(iii)	expiration of the term of the Company in accordance with article 5 hereof. 

  

	14.2	Effects of the Dissolution. In all cases of dissolution of the Company, the business of the Company will be completed and the Company will be dissolved as soon as
practicable thereafter and the following operations will be carried out: 

 (a) the liquidator appointed by Partner Sanofi will
prepare a report outlining the remaining assets and liabilities of the Company at the date of dissolution, a copy of which must be delivered to each Partner; 
 (b) the net proceeds of the liquidation, after covering corporate liabilities and charges, are used to reimburse the accounts of the Partners, if any, and the amount of their rights in the capital; and 
 (c) the balance, if any, constituting the liquidation surplus and distributed between the Partners in proportion to their holding in the Company and, if
the results show liquidation losses, they will be borne by the Partners in the same proportion. 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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	14.3	Liquidating Partner. Partner Sanofi will designate the liquidator. 

 ARTICLE 15 – MISCELLANEOUS 
  

	15.1	Tax Status. The Company will not opt for its liability to tax on companies. 

  

	15.2	Disputes. All the disputes among the partners which arise from the present bylaws will be definitively adjudicated following the regulation of the International
Chamber of Commerce by three (3) arbitrators named in accordance with this regulation. The arbitration procedure will be conducted in English in Paris, France. The president of the arbitral tribunal will be neither a citizen of the United
States of America nor of France. 

  

	15.3	Publications. All powers are given by the partners to the bearer of an original copy of the present bylaws in order to carry out all the formalities of publication
that will be necessary. 

  

	15.4	Internal Regulation. The bylaws will be, by mutual agreement among the partners, completed and made explicit by an interior regulation. 

 Signed in Canne, France, on June 6, 1997. 
  

			
	SANOFI PARTICIPATIONS
		
	by	 	 /s/ [signature illegible]

	
	BMS INVESTCO S.A.S.
		
	by	 	 /s/ [signature illegible]

 171319v8 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 ANNEX 1.1 
 TERRITORY A1 

  

			
	 Europe:
  
 Albania
 Germany
 Andorra
 Austria
 Belgium
 Bulgaria
 Cyprus
 Denmark
 Spain
 Finland
 France (including Martinique, Guadeloupe, French Guinea, New Caledonia,
French Polynesia, Reunion and other departments and overseas territories)
 Gibraltar
 Greece
 Greenland
 Hungary
 Ireland
 Iceland
 Italy
 Latvia
 Lithuania
 Liechtenstein 
 Luxembourg
 Malta and Gozo
 Monaco
 Norway
 Netherlands
 Poland
 Portugal
 Republic of Ireland
	 	 Czech Republic
 Romania
 United Kingdom (England, Wales, Scotland, Isle of Man, Alderney, Northern Ireland, Channel Islands)
 San Marino
 Slovakia
 Sweden
 Switzerland
 former USSR (Europe)
 Russia
 Ukraine
 Belarus
 Moldova
 Estonia
 Latvia
 Lithuania
 Vatican (State and City)
 Former Yugoslavia (including Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia and Slovenia)
  
 Africa:
  
 Algeria
 Angola
 Benin
 Botswana
 Burkina Faso
 Burundi
 Cameroon
 Cape Verde
 Comoros
 Congo
 Ivory Coast
 Djibouti

  

	1
	 Territory A is considered to include any new territory created by division, consolidation or change in the name of the countries listed below.

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 2 
  

			
	 Africa (continued)
  
 Egypt
 Eritrea
 Ethiopia
 Gabon
 Gambia
 Ghana
 Guinea
 Guinea-Bissau
 Equatorial Guinea
 Kenya
 Lesotho
 Liberia
 Libya
 Madagascar
 Malawi
 Mali
 Morocco
 Mauritania
 Mayotte
 Republic of Mauritius
 Mozambique
 Namibia
 Niger
 Nigeria
 Central African Republic
 Rwanda
 Western Sahara
 St. Helena
      Ascension
      Tristan Da Cunha
 Sao Tome & Principe
 Senegal
 Seychelles
 Sierra Leone
 Somalia
 South Africa
 Presídios Espagnole:
      Ceuta
      Melilla

 Sudan
 Swaziland
 Tanzania
 Chad
 Togo
 Tunisia
	 	 Africa (continued)
  
 Uganda
 Zaire
 Zambia
 Zimbabwe
  
 Asia:
  
 Afghanistan
 Bahrain
 Bangladesh

 Bhutan
 Brunei
 China (including Tibet, Taiwan, Macao)
 South Korea
 Hong Kong
 India
 Indonesia
 Israel
 Jordan
 Cambodia
 Kuwait
 Laos
 Lebanon
 Malaysia
 Maldives
 Mongolia
 Myanmar
 Nepal
 Oman
 Pakistan

Philippines
 Qatar
 Saudi Arabia
 Singapore
 Sri Lanka
 Syria
 Thailand
 Turkey
 United Arab
Emirates
 Former USSR (RSFSR, Armenia, (Hayastan),
           Azerbaijan, Georgia,
           Turkmenistan, Uzbekistan,
           Tajikistan, Kazakhstan, Kyrgyzstan)
 Vietnam
 YemenSanofi Pharma Bristol-Myers Squibb Internal Regulation

 Exhibit 10.2 
 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED 
 SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION 
 This text is a free translation from the French language and is supplied solely for information purposes.

 Only the original version in the French language has legal force. 

	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	 SANOFI PHARMA BRISTOL-MYERS SQUIBB
  
 Commercial partnership with capital of 50,000 francs
  
 Headquarters: 32-34, rue Marbeuf, 75008 Paris, France
 Register of Commerce and Companies of Paris B 408 017 929
  
 INTERNAL REGULATION
  
 of June 6, 1997 effective January 1, 1997

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 TABLE OF CONTENTS 
  

					
	ARTICLE 1
	DEFINITIONS
			
	ARTICLE 1.1	  	Terms Defined	  	1
	ARTICLE 1.2	  	Additional Terms Defined	  	5
	
	ARTICLE 2
	TERRITORY MANAGEMENT COMMITTEE
			
	ARTICLE 2.1	  	Territory Management Committee	  	6
	ARTICLE 2.2	  	Composition and Decision Making	  	7
	ARTICLE 2.3	  	Delegation	  	7
	
	ARTICLE 3
	POWERS AND OBLIGATIONS OF THE MANAGER(S)
			
	ARTICLE 3.1	  	Powers	  	7
	ARTICLE 3.2	  	Financial Statements	  	7
	ARTICLE 3.3	  	Actions for Patents and Trademarks	  	9
	
	ARTICLE 4
	EXPLOITATION MODALITIES
			
	ARTICLE 4.1	  	Distribution	  	9
	ARTICLE 4.2	  	Marketing Strategy	  	10
	ARTICLE 4.3	  	Non-Promotional Countries	  	11
	ARTICLE 4.4	  	Administrative and Exploitation Services	  	11
	ARTICLE 4.5	  	Development Services	  	11
	
	ARTICLE 5
	ADVERSE EVENT REPORTING
			
	ARTICLE 5.1	  	Reporting Obligation	  	11
	ARTICLE 5.2	  	Reporting Procedure	  	12

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

					
		  	ARTICLE 6	  	
		  	DISSOLUTION	  	
			
	ARTICLE 6.1	  	Dissolution	  	13
	ARTICLE 6.2	  	End of the Marketing of a Product	  	13
	ARTICLE 6.3	  	The effects of the Dissolution: Cancellation	  	13
			
		  	ARTICLE 7	  	
		  	MISCELLANEOUS	  	
			
	ARTICLE 7.1	  	Notifications	  	14
	ARTICLE 7.2	  	Governing law	  	15
	ARTICLE 7.3	  	Forced Performance	  	16
	ARTICLE 7.4	  	Disputes	  	16
	ARTICLE 7.5	  	Headings	  	16
	ARTICLE 7.6	  	Relative effect	  	16
	ARTICLE 7.7	  	Severability	  	16
	ARTICLE 7.8	  	Transfer	  	16
	ARTICLE 7.9	  	Acceptances	  	16
	ARTICLE 7.10	  	Whole Agreement	  	17
	ARTICLE 7.11	  	Waivers and Modifications	  	17
	ARTICLE 7.12	  	Exclusion of Creditors	  	17
	ARTICLE 7.13	  	Duplicates	  	17
	ARTICLE 7.14	  	Effective Date	  	17
	ARTICLE 7.15	  	Applicable Language	  	17
	ARTICLE 7.16	  	Terms Starting with a Capital Letter	  	17
			
		  	ANNEXES	  	
			
	ANNEX 1.1	  	Territory A	  	
	ANNEX 2.2 (b)	  	Rules of the Territory Management Committee	  	
	ANNEX 3.2 (a) (ii) -1	  	Annual Budget Objectives	  	`
	ANNEX 3.2 (a) (ii) -2	  	Long-term Plans of Territory A	  	

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 BETWEEN THE UNDERSIGNED: 
  

	1.	Sanofi Participations, a corporation with capital of 250,000 francs headquartered at 32-34 rue Marbeuf, 75008 Paris, France, recorded with the Register of Commerce and Companies of
Paris under number B 407 571 725 (“Partner Sanofi”), a subsidiary indirectly held wholly by Sanofi; a corporation with capital of 2,624,217,125 francs headquartered at 32-34 rue Marbeuf, 75008 Paris, France, recorded with the
Register of Commerce and Companies of Paris under number B 732 059 332 (“Sanofi”), and 

  

	2.	BMS Investco S.A.S., a simplified corporation with capital of 250,000 francs, headquartered at 1, Parvis de la Defense, La Grande Arche Nord, 92800 Puteaux, recorded with the
Register of Commerce and Companies of Nanterre under number B 407 846 195 (“Partner BMS”), a subsidiary directly and indirectly held wholly by Bristol-Myers Squibb Company, a company of the State of Delaware (United States of
America) headquartered at 345 Park Avenue, New York, New York 10022 (“BMS”). 

 RECITALS

 The Partners constituted between them the commercial partnership Sanofi Pharma Bristol-Myers Squibb (the “Company”).

 As part of an operation intended for the joint development and marketing, by the two Partners of the Company, of pharmaceutical products
obtained from two new molecules Irbesartan and Clopidogrel, which were discovered and patented by Sanofi and developed by BMS, the Partners completely amended the Bylaws of the Company in order to allow for the performance of this new activity.

 The Partners decided by mutual consent, under the terms of article 15.4 of the Bylaws of the Company, to issue this internal regulation
whose object is to complete and explain the Bylaws (hereinafter the “Internal Regulation”). 
 ARTICLE 1 – DEFINITIONS 

  

	1.1	Terms Defined. When used in the Internal Regulation, the following terms will have the meaning indicated: 

 “Territory A Framework Agreement” means the Territory A Framework Agreement between BMS, Sanofi and Sterling dated July 29, 1993 for
the marketing of the Products in Territory A. 
  

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 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

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 “Puerto Rico Purchase and Sale Agreement” means the Purchase and Sale Agreement to be
executed between the Company and the Subsidiary (Subsidiaries) of BMS for the sale of the chemically active substances to such Subsidiary (Subsidiaries) and the purchase of finished packaged products from such Subsidiary (Subsidiaries). 

“Development Agreement” means the Development Agreement between BMS, Sanofi and Sterling dated July 29, 1993. 
 “Supply Agreement for Irbesartan” means the Supply Agreement for Irbesartan to be executed between the Company, Bristol-Myers Squibb
Sanofi Pharmaceuticals Holding Partnership, a partnership of the State of Delaware, BMS and Sanofi for the supply of the chemically active substances of Irbesartan. 
 “License and Supply Agreement for Clopidogrel” means the License Agreement of Intellectual Property and Supply of Clopidogrel dated today between the Company and Sanofi concerning the license of
certain patents, trademarks and know-how for Clopidogrel and the Clopidogrel Products of Sanofi to the Company and the supply of the chemically active substances of Clopidogrel in exchange for payment to Sanofi of the Royalty for Discovery and
Payment of the Supply (as such terms are defined therein). 
 “Know-How License Agreement” means the Know-How License
Agreement of the Product dated today between the Company, Sanofi and BMS concerning the license of the know-how developed by Sanofi and BMS pursuant to the Development Agreement, the use of corporate names by the Company and the development of
Irbesartan and Clopidogrel as of the date hereof in exchange for the payment of the Royalty for Discovery (as the term is defined therein). 
 “License Agreement for Irbesartan” means the License Agreement of Intellectual Property dated today between the Company and Sanofi concerning the license of certain patents, trademarks and know-how for Irbesartan and the
Irbesartan Products of Sanofi to the Company in exchange for the payment to Sanofi of the Royalty for Discovery (as this term is defined therein). 
 “Toll Manufacturing Agreements” means (i) the Toll Manufacturing Irbesartan Agreement to be executed for the production of chemically active substances of Irbesartan into finished, packaged Irbesartan Products, if
applicable and (ii) the Toll Manufacturing Clopidogrel Agreement to be executed for the production of Clopidogrel chemically active substances into finished, packaged Clopidogrel Products, if applicable. 
 “Alliance Support Agreement” means the Alliance Support Agreement of Territory A between Sanofi and BMS dated as of today.

  

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 “Partners” means Partner Sanofi and Partner BMS and each of their successors and
assignees; with the understanding, however, that any Partner who has no participation will be presumed to have withdrawn from the company as a Partner. 
 “Government Authority” means any state, administrative, or judicial, local, national, or supra-national authority. 
 “Clopidogrel” means the new chemical molecule discovered and patented by Sanofi and known under the code SR 25990C whose unregistered international name is Clopidogrel Hydrogenosulphate. 

“Co-Marketing” means for each Product and for each country of Territory A, the marketing of this Product in this country under two or
several trademarks by the Marketing Entities concerned. 
 “Finance Committee” has the meaning given in the Alliance
Support Agreement. 
 “License Steering Committee” has the meaning presented in the Know-How License Agreement.

 “Functional Committees” means the Functional Committees of the Alliance (as defined in the Alliance Support
Agreement) and the Functional License Committees (as defined in the Know-How License Agreement). 
 “Strategic Alliance
Committee” has the meaning given in the Alliance Support Agreement. 
 “Co-Promotion” means, for each product
and for each country of Territory A, the marketing of this Product in this country under a single trademark by the Marketing Entity concerned. 
 “Application for New Drug” means the application to be filed with the competent government authority in any country in order to obtain marketing authorization for a new drug in that country. 
 “Elf Aquitaine” means Société Nationale Elf Aquitaine, a corporation under French law. 
 “Adverse Events” means any negative symptom experienced while or after taking a Product, known to one of the Partners or one of its
Subsidiaries, whether or not considered to be triggered by a drug, including without limitation thereto any side effect, injury, poisoning or allergic reaction, or significant failure of an expected pharmacological action, and symptomatic overdose
case, or reactions of abuse or withdrawal. 
  

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 “Serious Adverse Events” means any Side Effect endangering life to the extent that such
Side Effect exposes the patient to a deadly risk requiring or extending hospitalization or causing permanent disability, birth defect, cancer or death. 
 “Marketing Work Group” has the meaning presented in the Know-How License Agreement. 
 “Irbesartan” means the new chemical molecule discovered and patented by Sanofi known under the code SR 47436 whose unregistered international name is Irbesartan. 
 “Non-Promotional Countries” means the countries in Territory A where the use of the individual promotion by sales personnel is not a
significant factor in order to achieve the consumption of the product or make sales, or in which sales are made by tender or by a comparable non-promotional sales method, as determined from time to time by the Finance Committee. 
 “Person” means any individual, partnership, company, including an association or commercial association, joint venture,
association, trust or any other entity or any government, agency, or their political subdivisions as well as any syndicate or group presumed to be a person under Section 13(d) of the US Securities and Exchange Act of 1934 as amended.

 “Safety Problem” as well as the reference to the “safety problem” in article 14.1 of the Bylaws, has the
meaning presented in the Alliance Support Agreement. 
 “Product” means a Clopidogrel Product or an Irbesartan Product
and “Products” means a Clopidogrel Product and an Irbesartan Product. 
 “Clopidogrel Product” means the
product or products whose active principle is Clopidogrel or any salt, ester, metabolite or pro-drug thereof. 
 “Irbesartan
Product” means the product or products whose active principle is Irbesartan or any salt, ester, metabolite or pro-drug thereof. 
 “Subsidiary”, referring to a Person, means any other Person who controls, is controlled or is under common control with such Person; however, it is understood that concerning Sanofi, the definition of Subsidiary
excludes Elf Aquitaine and any person not controlled by Sanofi which would be a Subsidiary of Sanofi by the mere fact of its being controlled by Elf Aquitaine. For the purposes of this definition “control” means (a) the direct
or indirect power to guide the management of a Person or to veto any significant decision related to the management of a Person, in each of these cases, be it by exercising voting rights, by contract or by any other means, (b) direct or
indirect possession of holdings 

  

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(excluding shares in a partnership) representing at least 40% of the voting rights of a Person or (c) possession of at least 50% of the shares of an
association. The Partners confirm that each Co-Promotion Entity of Territory A must be considered a Subsidiary of Sanofi. 
 “Bylaws” means the Bylaws of the Company updated on June 6, 1997. 
 “Sterling” means Sterling
Winthrop, Inc., a company of the State of Delaware. 
 “Territory A” means the countries and geographic zones described in
Annex 1.1. enclosed herewith. 
 “Net Sales” means, for any given period and for any Product, the gross amounts billed by the
Marketing Entities to any Person (except for transfers between any Party and its Subsidiaries only for purposes of resale, the use for promotional purposes or clinical tests), less (i) quantity and/or price rebates, deductions and/or
discounts actually granted or given, (ii) freight carriage and insurance expenses for shipping (if they are identified separately in invoices), (iii) sales taxes related directly to the sale to the extent that they are included in the
gross billing price (but not including the taxes based on revenue arising from these sales) and (iv) the amounts paid back or credited for rejection, expiration or return of such Product. 
  

	1.2	Additional Terms Defined. The following additional terms defined will have the meaning indicated in the articles of the Internal Regulation listed below:

  

			
	 Term Defined
	  	Definition Article
	Distribution Agreements	  	4.2 (c)
	Co-Marketing Distribution Agreement	  	4.2 (c)
	Co-Promotion Distribution Agreement	  	4.2 (b)
	Development Service Agreement	  	4.5
	Marketing and Exploitation Service Agreement	  	4.2 (b)
	Service Agreement with the Company	  	4.4
	Partner BMS	  	Recitals
	Notification Partner	  	5.2
	Partner Sanofi	  	Recitals
	BMS	  	Recitals
	Territory Management Committee	  	2.1
	Co-Promotion Entity	  	4.2 (b)
	Marketing Entity	  	4.1
	Notifications	  	7.1

  

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	 Annual Budget Objectives
	  	3.2
	 Marketing Plan
	  	4.2
	 Long-Term Plans
	  	3.2
	 Revised Projection
	  	3.2
	 Internal Regulation
	  	Recitals
	 Sanofi
	  	Recitals
	 Company
	  	Recitals

 ARTICLE 2 – TERRITORY MANAGEMENT COMMITTEE 
  

	2.1	Territory Management Committee. Subject to the general control and decisions of the Strategic Alliance Committee, of the License Steering Committee and of the
Functional Committees, pursuant to this article 2.1, the strategy for the management and exploitation of the Company will be determined by the Partners in a Territory Management Committee (the “Territory Management Committee”) which
will be responsible for: 

  

	 	(i)	following and ensuring the application of the policies and strategies approved by the Strategic Alliance Committee and the License Steering Committee and the Functional Committees
and ensuring that the action of the Company and its beneficiaries and sub-licensees is compliant with these policies and strategies; 

  

	 	(ii)	providing indications and ensuring the coordination of the Co-Promotion Entities and the other Marketing Entities concerning the matters of policy and Production;

  

	 	(iii)	accumulating the Annual Budget Objectives and the Long-Term Plans of the Co-Promotion Entities in a form that is substantially that of Annexes 3.2 (a)(ii)-1 and 3.2
(a)(ii)-2 enclosed; 

  

	 	(iv)	following up on the accumulated budgets of the Co-Promotion Entities within a [*] variation margin and informing the two Partners of any differential outside this variation margin;

  

	 	(v)	following up on the sales and market shares of each of the Products in each country of Territory A; 

  

	 	(vi)	checking the Marketing plans of the Marketing Entities and production and supply plans for Territory A; and 

  

	 	(vii)	approving the distribution of the sales effort between the local Subsidiaries of the Partners in each country where there is Co-Promotion, such as that offered by such local
Subsidiaries. 

  

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	2.2	Composition and Decision Making. (a) The Territory Management Committee will permanently have ten (10) members, five (5) of whom will be appointed by
the Sanofi Partner and five (5) will be appointed by the BMS Partner. The members appointed by the Sanofi Partner will be persons filling the positions of (i) President of Sanofi Winthrop, (ii) President of Sanofi Region A,
(iii) President of Sanofi Region B, (iv) Controller of Sanofi Pharma, and (v) Vide President of Alliance Management, Sanofi Pharma. The members appointed by the BMS Partner will be the persons filling the positions of
(i) President of BMS France; (ii) President of BMS International Pharmaceutical Group, (iii) President, BMS European Pharmaceutical Group, (iv) Vice President, Finance, BMS U.S. Pharmaceutical Group, and (v) Vice President
Alliance Management. If one of these positions was modified or eliminated, the Partner concerned will appoint a person whose position is substantially similar to the position modified or eliminated. 

 (b) The Territory Management Committee will adopt procedural rules substantially in the form of Annex 2.2(b) enclosed, which will govern the
international operations of the Territory Management Committee. These rules may be modified only by the unanimous vote of the members of the Territory Management Committee unless otherwise set forth herein or in these rules, in the event of deadlock
or tie in the vote in the Territory Management Committee due to the controlling participation of the Sanofi Partner in the Company, a member appointed by the Sanofi Partner will have deciding vote, with the understanding that any decision concerning
article 2.1(a)(vii) hereof will be made only by consensus between the representatives of the Sanofi Partner and BMS Partner members of the Territory Management Committee. 
  

	2.3	Delegation. By express decision voted upon unanimously, the Territory Management Committee may establish any subcommittee and delegate its powers to such subcommittee
under the conditions it deems appropriate; it is understood, however, that each of the Partners will have the right to appoint an equal number of members in each subcommittee. 

 ARTICLE 3 POWERS AND OBLIGATIONS OF THE MANAGER(S) 
  

	3.1	Powers. The manager(s) will be responsible for the implementation of the decisions, under the control of the Partners acting by simple majority, and will perform his
(their) obligations under the control of the Partners acting by simple majority, which will be subject to the control of the Territory Management Committee. 

  

	3.2	Financial Statements. (a) The manager(s) will prepare and deliver to the Partners, with the help of the latter, pursuant to the applicable laws and regulations,
at the expense of the Company: 

  

	 	(i)	 within 30 days after the end of each calendar month, a declaration listing for the previous months and for the corporate Financial Year until the last day of that
month (x) financial statements accumulated country by country for the Co-Promotion Entities of Territory A, (y) and the Net Sales of Products in the 

  

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countries of Territory A where there is no Co-Marketing of the Products and (z) the marketing and development expenses covered by the Company in the
Territory; 

  

	 	(ii)	at the latest by November 15 of each Financial Year, (x) the total annual budgets accumulated for the following Financial Year for the sales and profits before taxes for
Co-Promotion entities (the “Annual Budget Objectives”) for each Product and projections for accumulated sales and accumulated profits before taxes for the Co-Promotion Entities for the three following Financial Years (the
“Long Term Plans”) for each Product, which budget objectives and projections will be substantially in the form of Annex 3.2 (a) (ii)-1 and 3.2 (a) (ii)-2 enclosed; with the understanding that the profit
before taxes must be calculated by accumulating the profits before taxes of the Co-Promotion Entities for each Product and the Net Sales will be calculated by accumulating the sales of the Co-Promotion Entities for each Product according to the
accounting method established by the Finance Committee; and (y) a statement listing, (1) for each of the countries where there is Co-Promotion of Products, the Net Sales and profits before taxes expected for each Product for the following
Financial Year and the projections of Net Sales and profits before taxes for each Product for the three following Financial Years, and (2) for each country where there is Co-Marketing of Products, the Net Sales of each Product expected for the
following Financial Year and the projections for each Product for the three Financial Years to come and (z) the annual budget of the Company; 

  

	 	(iii)	during the months of April, July, and October of each Financial Year, a statement providing the revised annual projections of the accumulated sales and profits before taxes of the
Co-Promotion Entities for each Product for that Financial Year (which will be calculated in the same fashion as and by comparison to the Annual Budget Objectives for said Financial Year approved by the Strategic Alliance Committee), revised, if
necessary, to take into account the actual results of the ongoing year as at the date of preparation and all other pertinent factors as well as an explanation of any substantial revision in projections concerning the amounts of the budgets approved
by the Strategic Alliance Committee (each a “Revised Projection”); 

  

	 	(iv)	as soon as possible and in any case within sixty (60) days from the end of each Financial Year, a copy of the annual accumulated and audited financial statements of the
Company; and 

  

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	 	(v)	as soon as possible and in any case within thirty (30) days from the end of each tax quarter, a copy of the unaudited quarterly financial statements of the Company;

 with the understanding that concerning paragraph (i) above, the Manager(s) will provide, under the control of the
Partners acting by simple majority, to the Strategic Alliance Committee the data, but only for information and concerning paragraphs (ii) and (iii) above, the Manager(s) will provide, under the control of the Partners acting by simple
majority, the data to the Strategic Alliance Committee, which will have only the power to approve the Annual Budget Objectives, the Long Term Plans and the budget of the Company. 
 (b) Each Partner will provide, as soon as possible, (i) all additional financial information to the Company as requested by the other Partner for the
preparation of its tax returns; and (ii) the other information reasonably requested in writing by the other Partner, including any information requested by this Partner or its Subsidiaries for the needs or legal requirements of notification
imposed under American or French law, securities or other applicable laws. 
 (c) The Manager(s) will also report as soon as possible to the
Partners and the latter will transmit to the Strategic Alliance Committee that it appears from the Revised Projection (or if they reach this conclusion at any time), that the accumulated annual profit before tax of the Co-Promotion Entities of
Territory A will be lower than [*] or more than [*] of the accumulated annual profit before tax projected by the Annual Budget Objective approved by the Strategic Alliance Committee. 
  

	3.3.	Actions for Patents and Trademarks. The Manager(s), at the request of one or the other of the Partners, must file suit or act in the name of the Company (i) for
counterfeit against a third party for impairment of any patent or any trademark given under license [by] the Company, (ii) to defend against an action filed by a third party against the Company, a Partner or one of their respective Subsidiaries
for counterfeit of a patent and/or trademark related to Irbesartan, Clopidogrel or one of the two Products in Territory A or (iii) to defend against any action filed by a third party because of the invalidity or nullity of a patent filed in the
name of the Company. The costs and expenses of such action or defense will be paid by the Company and any settlement will be decided upon by mutual consent between the Partners. 

 ARTICLE 4 – EXPLOITATION MODALITIES 
  

	4.1	 Distribution. In each country of Territory A (other than Non-Promotional Countries), one or several entities selected by the Strategic Alliance
Committee (each being a “Marketing Entity”) will be responsible for the marketing, promotion, sale and distribution of the Products. Each Marketing Entity will buy the finished Products of the Company under a distribution agreement

  

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pursuant to article 4.2(b)-(c) hereof with the modifications required by local law and commercial practice including, without limitation thereto, any
requirement of the local law under which a Marketing Entity is prohibited from buying finished products and may purchase only chemically active substances and will place the products on the market directly or using the services of the local
Subsidiaries of the Partners. 

  

	4.2	Marketing Strategy. 

 (a) The marketing
strategy of each Product in each country of Territory A will be presented in a marketing plan (the “Marketing Plan”) prepared by the Marketing Entity in this country in accordance with and pursuant to the policies and strategies
established by the Marketing Work Group (including and without limitation thereto those presented in the general marketing plan centrally financed for each Product developed by the Marketing Work Group) and reviewed by the Territory Management
Committee not later than thirty (30) days after the registration date of the Application for New Drug in the country, in the case of the Clopidogrel Products and as soon as possible after the date hereof in the case of the Irbesartan Products.
Each Marketing Plan will contain a description of the basic marketing strategy in said country, provisional annual budgets and statements of profit and loss for the Product over the first three (3) calendar years after the launch, provisions
for the detailing of the Product, marketing strategy and provisions for the contribution of the Partners and their Subsidiaries to sales resources. 
 (b) Should the Strategic Alliance Committee determine that there will be Co-Promotion of the Products in the country of Territory A, a Marketing Entity in the form of joint venture (a “Co-Promotion
Entity”) will be established in this country. The form and structure of each Co-Promotion entity will be determined by the Finance Committee. 50.1% of the voting rights, profit and losses of each Co-Promotion entity will be the property of
the Subsidiary directly or indirectly held with a majority by Sanofi, and 49.9% of the voting rights, profits and losses of each Co-Promotion Entity will be the property of a Subsidiary directly or indirectly held with majority by BMS. Each
Co-Promotion Entity will be the exclusive distributor of the Products in its territory and will enter into a distribution contract with the Company in the form agreed upon by the Partners (a “Co-Promotion Distribution Agreement”)
and will hire the local Subsidiaries of Sanofi and BMS to provide marketing and exploitation services pursuant to a Marketing and Exploitation Service Agreement in a form agreed upon between the Partners (a “Marketing and Exploitation
Service Agreement”) each with the modifications required by local law and commercial practices, including, without limitation thereto, any requirement of the local law under which a marketing entity is prohibited from buying finished
products and may buy only chemically active substances. 
 (c) Should the Strategic Alliance Committee determine that there will be
Co-Marketing of the Products in the countries of Territory A, the Strategic Alliance Committee will designate the Subsidiaries directly or indirectly held with majority 

  

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by Sanofi and BMS to be co-exclusive distributors of the Products in said country and each of those Subsidiaries will enter into a distribution agreement
with the Company in the form agreed between the Partners (the “Co-Marketing Distribution Agreement” and, with the “Co-Promotion Distribution Agreement,” the “Distribution Agreements”) each with the
modifications required by local law and commercial practices, including, without limitation thereto, any requirement of the local law under which a Marketing Entity is prohibited from buying finished Products and can buy only chemically active
ingredients. In any country of Territory A where there is Co-Marketing, the Co-Marketing Distribution Agreements to be executed with the Co-Marketing Entities will be identical (except for the parties) and will be executed simultaneously. Where
possible, each Partner will exclusively use the sales, marketing, promotion and distribution resources or those of its Subsidiaries in each country of Territory A where there is Co-Marketing of Products. 
 (d) The Strategic Alliance Committee may determine that there will be no Co-Promotion or Co-Marketing of the Products in any country in Territory A and,
to the extent that special circumstances so require, may consider the promotion in that country by a Subsidiary of a single Partner, a sub-license to a third party, the distribution or any other agreements. 
  

	4.3	Non-Promotional Countries. In Non-Promotional Countries, the local Subsidiaries of the Partners will not be obligated to execute Distribution Agreements to market and
sell the Products in that country, but if they execute similar agreements, they will have the right to receive a fair compensation for the use of their resources. The Finance Committee will prepare and submit to the Territory Management Committee
for implementation a decision concerning the alternative distribution agreements with the local Subsidiaries for these countries including, without limitation thereto, the rate of such fair compensation. 

  

	4.4	Administrative and Exploitation Services. The administrative and exploitation services needed by the Company will be provided pursuant to a service agreement to be
executed between the Company and a Subsidiary of the Partner Sanofi in a form to be agreed upon by the Partners (the “Service Agreement with the Company”). 

  

	4.5	Development Services. The development services required for the Products will be provided under a Development Service Agreement to be executed between the Company, a
Subsidiary of the Partner Sanofi and a Subsidiary of the Partner BMS in a form to be agreed upon by the Partners (the “SNC Service Agreement”) (the “Development Service Agreement”). 

 ARTICLE 5 – ADVERSE EVENT REPORTING 
  

	5.1	 Reporting Obligation. The Partner BMS and the Partner Sanofi will each make sure, in the marketing of the Products in Territory A, themselves and
their respective Subsidiaries will examine and analyze all Adverse 

  

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Events and Serious Adverse Events. Each Partner will require from its Subsidiaries, sub-licensees and distributors compliance with all requirements of the
local law related to the reporting and of the Adverse Events and Serious Adverse Events and each Partner will require its Subsidiaries, sub-licensees and distributors to keep it informed of these events. 

  

	5.2	Reporting Procedure. (a) In order to inform each Partner of these events, each Partner will report: 

  

	 	(i)	In the case of the Clopidogrel Products, to Sanofi at: 

 Sanofi Pharma 
 82, avenue Raspail 
 94255 Gentilly Cedex, France 
 Attention: [omitted] 
 Fax: [omitted] 
  

	 	(ii)	In the case of the Irbesartan Products, to BMS at: 

 Bristol-Myers Squibb Company 
 P.O. Box 4000 
 Route 206 & Province Line Road 
 Princeton, NJ 08543 USA 
 Attention: Vice President, Worldwide Safety and Surveillance 
 Fax: [omitted] 
 all Adverse Events and Serious Adverse Events anywhere in the world, with the understanding that the
les Serious Adverse Events will be reported to the Person concerned, as indicated above, within three (3) business days after the time a Partner becomes aware of such event (a “Reporting Partner”) and must be reported by fax as
indicated above. The Reporting Partner must communicate the other Adverse Events every month. The Reporting Partner will quickly notify the Person concerned, as indicated above, of any claim received by him, sufficiently detailed and within
sufficient time to allow the Person concerned to comply with all regulatory requirements imposed on such person in any country. Each Partner will also notify the Person concerned of any regulatory development (for example, proposed recalls, labeling
and other changes in the fields of registration) affecting any of the Products in any country of Territory A. Both the Partner Sanofi and the Partner BMS will have the right to review and/or request copies of all information and reporting forms
issued or received by the Person concerned. The procedures may be modified from time to time by the Regulation Committee (as this term is defined in the Know-How License Agreement). 
  

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 (b) Pursuant to the Alliance Support Agreement, BMS will determine the reporting procedure of the
Adverse Events and Serious Adverse Events concerning the Irbesartan Products to the appropriate Government Authorities and Sanofi will determine the reporting procedure of the Adverse Events and Serious Adverse Events concerning the Clopidogrel
Products to the appropriate Government Authorities. 
 ARTICLE 6 – DISSOLUTION 
  

	6.1	Dissolution. Notwithstanding the causes of dissolution set forth in the Bylaws, the Company will also dissolve and its activity liquidated when suspending the
marketing of the two Products for Safety Problems according to Section 7.04 of the Alliance Support Agreement. 

  

	6.2	End of the Marketing of a Product. If the marketing of a Product ends in Territory A by the action of Sanofi or BMS pursuant to Section 7.04 of the Alliance
Support Agreement, the Partners will amend the Bylaws of the Company to eliminate any reference to the development, purchase, sale, marketing, promotion or commercialization of this Product. 

  

	6.3	The effects of the Dissolution: Cancellation. Notwithstanding the effects of the dissolution described in the Bylaws, in case of dissolution of the Company,

 (a) the Partners must cancel and guarantee the cancellation by their respective Subsidiary(ies) of the Service Agreement of
the Company, the Development Agreement, as well as the agreements of the Marketing Entities concerning the Products (including, without limitation, the Distribution Agreements between the Company and each Marketing Entity) and except in the event of
dissolution due to a Security Problem, the Company will assign or give under license all remaining assets of the Company as well as its rights and obligations under the License and Supply Agreement of Clopidogrel, the License Agreement of
Irbersartan, the Supply Agreement of Irbersartan, the Know-How License Agreement, the Puerto Rico Purchase and Sale Agreement and the Toll Manufacturing Agreement, except for the rights on the corporate names and trademarks, including the terms
“Sanofi,” “BMS,” or “Bristol-Myers Squibb,” with the understanding, however, that the obligations to supply chemically active substances or finished Products established in said agreements will continue to be
applied for one year after the assignment or license; 
 (b) the proceeds of this sale will be allocated as follows in the priority order
indicated: 
  

	 	(i)	to the payment of the debts and liabilities of the Company and liquidation expenses; 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 14 
  

	 	(ii)	the balance, if any, to the placement in escrow of the amounts that the Partners deem reasonably necessary for contingent liabilities not liquidated or not foreseen or the
obligations of the Company or Partners arising from or related to the Company. By mutual decision of the partners, these amounts may be deposited in a bank chosen by them and authorized to act as escrow agent for withdrawals intended to cover the
debts and obligations described above, and at the expiration of this period as established by the Partners to distribute the balance as indicated in paragraph (iii) below; and 

  

	 	(iii)	the balance, if any, to the Partners proportionally to their respective holding. 

 ARTICLE 7 – MISCELLANEOUS 
  

	7.1	Notifications. All notifications, claims, requests, warnings and other communications (hereinafter collectively called the “Notifications”)
must be in writing and will be delivered in person, by courier, by fax (against receipt) or by registered letter (with acknowledgment of receipt) to the Persons and addresses below: 

 In the case of the Company, to: 
 Sanofi
Pharma Bristol-Myers Squibb 
 32-34 rue Marbeuf 
 75008 Paris, France 
  

			
	Attention:	  	Legal Director
	Fax:	  	[omitted]
	Attention:	  	Assistant Legal Director
	Fax:	  	[omitted]
	Attention:	  	Vice President, Alliance Management
	Fax:	  	[omitted]

 In the case of the Partner BMS, to: 
  

			
	BMS lnvestco S.A.S.
	La Grande Arche Nord
	92044 Paris La Defense Cedex, France
	Attention:	  	President
	Fax:	  	[omitted]

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 15 
  

			
	with copy to:
	
	Bristol-Myers Squibb Company
	P.O. Box 4000
	Route 206 & Province Line Road
	Princeton, NJ 08543 USA
	Attention:	  	Vice President and Senior Counsel,
		  	Pharmaceutical Research Institute,
		  	Worldwide Franchise Management
		  	Business Development
	Fax:	  	[omitted]
	Attention:	  	Vice President. Alliance Management
	Fax:	  	[omitted]
		
	and:	  	
	
	Shearman & Sterling
	599 Lexington Avenue
	New York, New York 10022 USA
	Attention:	  	[omitted]
	Fax:	  	[omitted]

 In the case of the Partner Sanofi, to: 
  

			
	Sanofi
	32-34 rue Marbeuf
	75008 Paris, France
	
	with copy to:
	
	Cleary, Gottlieb, Steen & Hamilton
	41 avenue de Friedland
	75008 Paris, France
	Attention:	  	[omitted]
	Fax:	  	[omitted]

 Each of the Partners may designate another addressee (and/or change its address) for Reporting by
a Reporting made according to this article. All Reportings made according to this article will be reputed to have been made on the date of their receipt in the event of personal delivery by overnight courier or fax, or ten (10) business days
after mailing in the event of registered letter or mailing with acknowledgment of receipt. 
  

	7.2	Governing law. This Internal Regulation, as well as the related rights and obligations, are subject to French law. 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 16 
  

	7.3	Forced Performance. Each of the Partners acknowledges that the lack of performance of one of the obligations hereunder will cause irreparable damage. Consequently, the
forced performance of these obligations may be required to the full extent allowed by law; it is understood, however, that the powers of the arbitrators (under this article 7.3) will be limited to enforcing the obligations set forth in this
Internal Regulation in its current language. 

  

	7.4	Disputes. Any disagreements between the Partners arising from the Internal Regulation will be finally settled according to the Regulation of the International Chamber
of Commerce by three (3) arbitrators appointed according to this Regulation. The arbitral proceedings will be conducted in English in Paris, France. The President of the arbitral tribunal will be neither a US nor a French citizen.

  

	7.5	Headings. All headlines and subheadings of the Internal Regulation are for convenience only, and none of them will be reputed to affect the meaning or influence the
interpretation hereof. 

  

	7.6	Relative effect. The Internal Regulation is not binding or benefiting for any party except the Partners and their successors and authorized assignees, and no express
or implicit provision is intended or will be reputed to give rights, advantages or any remedy to any person, of any nature whatsoever 

  

	7.7	Severability. Should one of the legal and regulatory conditions [sic], the validity and application of the other conditions and provisions of the Internal Regulation
will not be affected and will remain fully valid and in effect provided the substance of the transactions hereunder is not materially affected. Whenever it is determined that one of the conditions or provisions of the Internal Regulation is null,
contrary or incompatible with legal and regulatory provisions, the Partners undertake to negotiate in good faith the modification of the Internal Regulation in order to achieve as reliably as possible the original intent of the Partners in order to
conduct the transactions hereunder according to the initial intent of the Partners. 

  

	7.8	Transfer. This agreement may be assigned by one of the Partners only to a Subsidiary of Sanofi or BMS in case of reorganization (including to an entity that becomes a
Subsidiary as part of such reorganization) causing the takeover of all or almost all marketing and/or production functions of this Partner in Territory A, in which case the rights may be assigned and the obligations may be delegated to this
Subsidiary. 

  

	7.9	Acceptances. All acceptances or authorizations of the acts or issues required by the Internal Regulation must be given in writing and concern only the specific act or
issue for which the consent or authorization is given, and may not relieve one of the Partners from the obligation to obtain, if applicable, the consent or authorization required by the Internal Regulation for another act or another issue.

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 17 
  

	7.10	Whole Agreement. The Internal Regulation with the Bylaws expressing the whole agreement between the Partners as to its object, they cancel and replace all prior
contracts concerning this object and not indicated herein or in the Bylaws. 

  

	7.11	Waivers and Modifications. No modification of the Internal Regulation is valid unless it is in writing and signed by the two Partners and refers expressly to the
Internal Regulation or Bylaws mentioning the intent of the Partners to modify the Internal Regulation or the Bylaws. Any waiver of any of the conditions hereof must be made in writing, signed by the Partner intending to waive, referring expressly to
the condition waived by it, and no waiver may constitute waiver of any other violation of the same condition or of any other condition or provision hereof. 

  

	7.12	Exclusion of Creditors. The provisions of the Internal Regulation are deemed to govern the relations between the Partners and the relations between the Partners and
the Company. The Internal Regulation is not deemed to benefit the creditors which are not Partners and no right may be given to non-Partner creditors hereunder. 

  

	7.13	Duplicates. The Internal Regulation may be signed in several counterparts, each constituting an original, but the whole will constitute a single instrument.

  

	7.14	Effective Date. The Internal Regulation will enter into effect on January 1, 1997 even though it is signed on June 6, 1997. 

  

	7.15	Applicable Language. The Partners acknowledge that the Internal Regulation may be translated into English. The Partners agree that the French version of the Internal
Regulation will be the decisive version for any issue. 

  

	7.16	Terms Starting with a Capital Letter. The terms starting with capital letters not defined in this Internal Regulation will have the meaning given to them in the
Bylaws. 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 18 
  

 Made in Cannes, France, on June 6, 1997, effective as of 1997. 
  

			
	SANOFI PARTICIPATIONS
		
	by	 	 /s/ [signature illegible]

	
	BMS INVESTCO S.A.S.
		
	by	 	 /s/ [signature illegible]

 172486v4 
  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

  

 ANNEX 1.1 
 TERRITORY A1 

  

			
	 Europe:
  
 Albania
 Germany
 Andorra
 Austria
 Belgium
 Bulgaria
 Cyprus
 Denmark
 Spain
 Finland
 France (including Martinique, Guadeloupe, French Guinea, New Caledonia,
French Polynesia, Reunion and other departments and overseas territories)
 Gibraltar
 Greece
 Greenland
 Hungary
 Ireland
 Iceland
 Italy
 Latvia
 Lithuania
 Liechtenstein
 Luxembourg
 Malta and Gozo
 Monaco
 Norway
 Netherlands
 Poland
 Portugal
 Republic of Ireland
	 	 Czech Republic
 Romania
 United Kingdom (England, Wales, Scotland, Isle of Man, Alderney, Northern Ireland, Channel Islands)
 San Marino
 Slovakia
 Sweden
 Switzerland
 former USSR (Europe)
 Russia
 Ukraine
 Belarus
 Moldova
 Estonia
 Latvia
 Lithuania
 Vatican (State and City)
 Former Yugoslavia (including Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia and Slovenia)
  
 Africa:
  
 Algeria
 Angola
 Benin
 Botswana
 Burkina Faso
 Burundi
 Cameroon
 Cape Verde
 Comoros
 Congo
 Ivory Coast
 Djibouti

  

	1
	 Territory A is considered to include any new territory created by division, consolidation or change in the name of the countries listed below.

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

  

			
	 Africa (continued)
  
 Egypt
 Eritrea
 Ethiopia
 Gabon
 Gambia
 Ghana
 Guinea
 Guinea-Bissau
 Equatorial Guinea
 Kenya
 Lesotho
 Liberia
 Libya
 Madagascar
 Malawi
 Mali
 Morocco
 Mauritania
 Mayotte
 Republic of Mauritius
 Mozambique
 Namibia
 Niger
 Nigeria
 Central African Republic
 Rwanda
 Western Sahara
 St. Helena
 Ascension
 Tristan Da Cunha
 Sao Tome & Principe
 Senegal
 Seychelles
 Sierra Leone
 Somalia
 South Africa
 Presídios Espagnole:
 Ceuta

 Melilla
 Sudan
 Swaziland
 Tanzania
 Chad
 Togo
 Tunisia
	  	 Africa (continued)
  
 Uganda
 Zaire
 Zambia
 Zimbabwe
  
 Asia:
  
 Afghanistan
 Bahrain
 Bangladesh

 Bhutan
 Brunei
 China (including Tibet, Taiwan, Macao)
 South Korea
 Hong Kong
 India
 Indonesia
 Israel
 Jordan
 Cambodia
 Kuwait
 Laos
 Lebanon
 Malaysia
 Maldives
 Mongolia
 Myanmar
 Nepal
 Oman
 Pakistan
 Philippines
 Qatar
 Saudi Arabia

 Singapore
 Sri Lanka
 Syria
 Thailand
 Turkey
 United Arab Emirates
 Former USSR (RSFSR, Armenia, (Hayastan)
 Azerbaijan, Georgia,
 Turkmenistan, Uzbekistan,
 Tajikistan, Kazakhstan, Kyrgyzstan)
 Vietnam
 Yemen

	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  
	  

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

  

 ANNEX 2.2(b) 
 Rules of the Territory Management Committee 
 The following rules were adapted according to
the bylaws updated on January 1, 1997 between Partner Sanofi and Partner BMS (the “Bylaws”) concerning the operation of the Territory Management Committee (the “Committee”) and may not be amended or modified
other than by unanimous vote of the Committee only. All terms starting with a capital letter but not defined in this document will have the meaning given to them in the bylaws, as amended from time to time. 
  

	1.	President and Co-President. The meetings of the Committee will be presided over by a president (the “President”) and in his absence by a co-president
(the “Co-President”). Partner Sanofi and Partner BMS will appoint, respectively, the President and the Co-President. 

  

	2.	Ordinary Meetings. The Committee will provide in the resolutions for the holding of ordinary meetings and will establish the time and place of these meetings;
however, it is understood that these meetings will be held once per calendar quarter. It is not necessary to give notice of ordinary meetings; however, it is understood that if the time or place of ordinary meetings are established or
changed, a notice in this regard will quickly be sent by mail to each member of the Committee who was not present at the meeting where the decision was made, sending it to such member at his usual place of activity, at the most, 10 days after the
date of the meeting during which the decision was made. The meetings will take place in Paris, New York, or any other place reasonably chosen by the President. 

  

	3.	Extraordinary Meetings. The extraordinary meetings of the Committee will be held upon invitation from or by decision of the President or Co-President or any two
members of the Committee. Unless otherwise agreed by all members of the Committee, a notice of each extraordinary meeting will be sent by fax (with confirmed acknowledgment of receipt) to each member of the Committee addressing it to this member at
his usual place of activity at the latest 10 days before the date scheduled for the meeting. This notice must indicate the time, place, and agenda of the meeting. Unless otherwise provided, any member of the Committee who attends a meeting in person
will be presumed to have waived receiving notice of such meeting. Extraordinary meetings will be held in Paris, New York, or any other place reasonably chosen by the President. 

  

	4.	 Quorum and Decision Making Method. In each meeting of the Committee, the presence of a majority of the members of the Committee, including at least
three (3) members appointed by Partner Sanofi and at least three (3) members appointed by Partner BMS will be necessary to constitute a quorum for the operations. In the absence of the quorum, the majority of those present at the time and
place of any meeting may postpone the meeting from date to date but not beyond 30 days after the date of this 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 2 
  

	 	 
meeting, by written notice to the absent members, until a quorum is present, and the postponed meeting is held. Unless otherwise agreed by all the members of
the Committee or as specified in the Association Agreement, the majority vote of all the members of the Committee present or represented in any meeting in which a quorum is present is necessary to decide on any issue mentioned in the meeting.

  

	5.	Resignation of the Members of the Committee. Any member of the Committee may resign at any time with written notice of resignation to the President and
Co-President. Unless otherwise set forth in this notice, this resignation takes effect upon its receipt by the President and the Co-President and the acceptance of the resignation will not be necessary for it to become effective.

  

	6.	Revocation of a Member of the Committee. Either one of the Partners will have the right, with written notice to the other Partner, at any time, to replace any or all
the members designated by it in the Committee or fill any vacancies left by a member designated by it, without the consent of the other Prater; with the understanding, however, that any newly appointed person will be the person replacing the
member of the Committee revoked in the position listed in article 11.2 (a) of the bylaws which was filled by this member of the Committee or, if one of these positions was modified or eliminated, in a position substantially similar to the
position modified or eliminated. 

  

	7.	Remuneration of the Members of the Committee. The members of the Committee will not receive any remuneration for their services as such, be it in the form of
salary or fixed payment to attend the meetings. No stipulation hereof will be interpreted as a prohibition for a member of the Committee to serve the Partner represented by him on the Committee in another capacity for remuneration from such Partner
for this purpose. 

  

	8.	Decisions without Meeting. Subject to the stipulations (a) of the bylaws and (b) of the applicable laws and regulations, any decision which could not
be made according to these rules by a vote of the members of the Committee in a meeting of the Committee may be made without meeting if all the members of the Committee consent and the document(s) is (are) entered in the minutes of the Committee.

  

	9.	Telephone Meetings and Videoconferences. The committee may hold, and any member of the Committee may participate in, a Meeting of the Committee by
teleconference, videoconference with similar communication allowing all the members participating in the Meeting to hear and speak to each other and the participation in a meeting according to this paragraph 9 will constitute a case of presence in
person at the Meeting. 

  

	10.	Powers of Attorney. Any member of the Committee may, to the extent authorized by the applicable law, authorize another person belonging to the senior management of
Sanofi or BMS to act in its stead by a power of attorney duly signed and by the presence of such authorized person which will be equivalent to his own presence in person at the meeting. 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

 3 
  

	11.	 Minutes. The Committee will have written records in good and due form of the outcome of its meetings and will report on them to each member of the
Committee. These written records will be kept in English. A written report on each meeting of the Committee, including the main recommendations, will be delivered to all the members of the Committee and all persons designated by the Partners within
30 days following the date of the meeting and will be presumed approved in the absence of an objection by the 15th day following the date of delivery. 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

  

 ANNEX 3.2(a)(ii)-1 
 ANNUAL BUDGET OBJECTIVES2 
  

																	
	 PROCEEDS
 ($000s)
	  	 	  	Total Territory	  	Company5
Territory A	  	Total Local
Joint Ventures	  	Country 12	  	Country 22	  	Country 32	  	Country 42
	 Net Sales34
	  		  		  		  		  		  		  		  	
	 Standard Cost of Sales
	  		  		  		  		  		  		  		  	
	 Other Cost of Sales
	  		  		  		  		  		  		  		  	
	 ICP
	  		  		  		  		  		  		  		  	
	 Management Cost of Sales
	  		  		  		  		  		  		  		  	
	 Management Gross Margin
	  		  		  		  		  		  		  		  	
	 Distribution
	  		  		  		  		  		  		  		  	
	 Management Gross Margin
	  		  		  		  		  		  		  		  	
	 Direct Product Expenses
	  		  		  		  		  		  		  		  	
	 Samples
	  		  		  		  		  		  		  		  	
	 Advertising/Promotion
	  		  		  		  		  		  		  		  	
	 Clinicals
	  		  		  		  		  		  		  		  	
	 Salesforce
	  		  		  		  		  		  		  		  	
	 Other Direct Costs
	  		  		  		  		  		  		  		  	
	 Allocated Costs
	  		  		  		  		  		  		  		  	
	 Marketing
	  		  		  		  		  		  		  		  	
	 Medical
	  		  		  		  		  		  		  		  	
	 Administration
	  		  		  		  		  		  		  		  	
	 Other Income/Expense
	  		  		  		  		  		  		  		  	
	 Interest
	  		  		  		  		  		  		  		  	
	 Other
	  		  		  		  		  		  		  		  	
	 JV Profit/Loss Before Selling
	  		  		  		  		  		  		  		  	
	 Effort Remuneration
	  		  		  		  		  		  		  		  	
	 Selling Effort Remuneration
	  		  		  		  		  		  		  		  	
	 JV Profit/Loss
	  		  		  		  		  		  		  		  	

  

	1
	 Was prepared by management for information. 

	2
	 Transmitted for information only. 

	3
	 Only these elements are submitted for approval. 

	4
	 Information on sales will also be provides for the countries in which Co-Marketing is carried out. 

	5	 Includes Central R&D, central
marketing, and other direct costs of the company. 

	*	To be filled out. 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION 

 This text is a free translation from the French language and is supplied solely for information
purposes. 
 Only the original version in the French language has legal force. 
  

  

 ANNEX 3.2(a)(ii)-2 
 LONG TERMS PLANS1 
 TERRITORY A 
  

											
	 PROCEEDS
 ($000s)
	  	 	  	Budget
1997	  	1998	  	Projection
1999	  	2000
	 Net Sales23
	  		  		  		  		  	
	 Standard Cost of Sales
	  		  		  		  		  	
	 Other Cost of Sales
	  		  		  		  		  	
	 ICP
	  		  		  		  		  	
	 Management Cost of Sales
	  		  		  		  		  	
	 Management Gross Margin
	  		  		  		  		  	
	 Distribution
	  		  		  		  		  	
	 Management Gross Margin
	  		  		  		  		  	
	 Direct Product Expenses
	  		  		  		  		  	
	 Samples
	  		  		  		  		  	
	 Advertising/Promotion
	  		  		  		  		  	
	 Clinicals
	  		  		  		  		  	
	 Salesforce
	  		  		  		  		  	
	 Other Direct Costs
	  		  		  		  		  	
	 Allocated Costs
	  		  		  		  		  	
	 Marketing
	  		  		  		  		  	
	 Medical
	  		  		  		  		  	
	 Administration
	  		  		  		  		  	
	 Other Income/Expense
	  		  		  		  		  	
	 Interest
	  		  		  		  		  	
	 Other
	  		  		  		  		  	
	 JV Profit/Loss Before Selling
	  		  		  		  		  	
	 Effort Remuneration
	  		  		  		  		  	
	 Selling Effort Remuneration
	  		  		  		  		  	
	 JV Profit/Loss
	  		  		  		  		  	

  

	1
	 Was prepared by management for information. 

	2
	 Only these elements are submitted for approval. 

	3
	 Includes Central R&D, central marketing, and other direct costs of the company. 

	*	To be filled out. 

  

 * CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION

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