Document:

EXHIBIT 4.02

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE CO., HAS AN INTEREST HEREIN.

 

REPAYMENT OF THE NOTES IS NOT PROTECTED BY ANY
FEDERAL AGENCY OR THE SECURITIES INVESTOR PROTECTION CORPORATION

 

	
  NO. R-

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  CUSIP
  NO. 5249087N4

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ISIN
  NO. US5249087N47

  	
   

  	
   

  

 

LEHMAN BROTHERS HOLDINGS
INC.

 

7.50% SUBORDINATED NOTE
DUE 2038

 

                Lehman
Brothers Holdings Inc., a corporation duly organized and existing under the
laws of the State of Delaware (herein referred to as the “Company”), for value
received, hereby promises to pay to CEDE & CO., or registered assigns,
at the office or agency of the Company in the Borough of Manhattan, the City of
New York, the principal sum of
                                  
DOLLARS on May 11, 2038, in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of
public and private debts, and to pay interest on said principal sum at said
office or agency, in like coin or currency, at the rate per annum specified in
the title of this Note until the principal hereof becomes due and payable, and
on any overdue principal and (to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
same rate per annum during the period in which such principal is overdue,
compounded semi-annually, to the registered holder of this Note, until payment
of said principal sum has been made or duly provided for.

 

 

1

 

 

                The
Stated Maturity of the Note shall be May 11, 2038.  Interest on this Note (computed as set forth
herein) shall be payable semi-annually in arrears on May 11 and November 11
of each year (each an “Interest Payment Date”), commencing November 12,
2008, from the Interest Payment Date next preceding the date of this Note to
which interest has been paid or duly provided for. Interest on this Note shall
be payable to the holder in whose name the Note is registered at the close of
business on the applicable Record Date. The Record Date for any Interest
Payment Date for the Note will be the date, whether or not a Business Day, 15
calendar days immediately preceding the Interest Payment Date. Notwithstanding
the foregoing, any Interest Payment Date that would otherwise be a day that is
not a Business Day shall instead be the next succeeding Business Day, and no
additional interest shall accrue as a result of such delayed payment. Interest
on the Note shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

                REFERENCE
IS MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF.
SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH
FULLY SET FORTH AT THIS PLACE.

 

                This
Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee
under the Indenture referred to on the reverse hereof.

 

 

 

2

 

 

                IN
WITNESS WHEREOF, LEHMAN BROTHERS HOLDINGS INC. has caused this instrument to be
signed by its Chairman of the Board, its Vice Chairman, its President, its
Chief Financial Officer, one of its Vice Presidents or its Treasurer by manual or
facsimile signature under its corporate seal, attested by its Secretary or one
of its Assistant Secretaries by manual or facsimile signature.

 

	
   

  	
  LEHMAN BROTHERS HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

                This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

 

Dated:

 

	
   

  	
  THE BANK OF NEW YORK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

3

 

 

 (Reverse of Note)

 

LEHMAN BROTHERS HOLDINGS
INC.

 

 

7.50% SUBORDINATED NOTE,
DUE 2038

 

                This
Note is one of a duly authorized series of Securities of the Company designated
as the 7.50% Subordinated Notes Due 2038 of the Company (herein called the “Notes”),
limited (except as otherwise provided in the Indenture referred to below) in
aggregate principal amount to $2,000,000,000. 
The Notes are one of an indefinite number of series of debt securities
of the Company (herein collectively called the “Securities”), issued or
issuable under and pursuant to an indenture, dated as of February 1, 1996,
as amended and supplemented from time to time and as amended and supplemented
with respect to the Notes herein by the Sixteenth Supplemental Indenture dated
as of May 9, 2008 between the Company and the Trustee (as so amended and
supplemented, the “Indenture”), between the Company and The Bank of New York,
successor trustee to JPMorgan Chase Bank, N.A., as Trustee (herein called the “Trustee”),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a description of rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the holders of the
Notes.  The separate series of Securities
may be issued in various aggregate principal amounts, may mature at different
times, may bear interest (if any) at different rates, may be subject to
different redemption provisions or repayment or repurchase rights (if any), may
be subject to different sinking, purchase or analogous funds (if any), may be
subject to different covenants and Events of Default, as defined in the
Indenture, and may otherwise vary as provided in the Indenture.

 

                Payment
of the principal of and interest on this Note is, to the extent provided in the
Indenture, subordinated and subject in right of payment to the prior payment in
full when due of the principal of (and premium, if any) and interest, if any,
on all Senior Debt, as defined in the Indenture and this Note is issued subject
to the provisions of the Indenture with respect thereto.  In addition, upon the dissolution,
winding-up, liquidation or reorganization of the Company, this Note is, to the
extent provided in the Indenture, subordinated and subject in right of payment
to the prior payment in full when due of the principal of (and premium, if any)
and interest, if any, on all Other Financial Obligations, as defined in the
Indenture. Each registered holder of this Note, by accepting the same, (a) agrees
to and shall be bound by such provisions, (b) authorizes and expressly
directs the Trustee on his or her behalf to take such action as may be
necessary or appropriate to effectuate the subordination so provided and (c) appoints
the Trustee as his or her attorney-in-fact for any and all such purposes.  Each registered holder hereof, by his or her
acceptance hereof, hereby waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder
of Senior Debt and Other Financial Obligations, whether now outstanding or
hereafter incurred, and waives reliance by each such holder upon said
provisions.

 

                As
provided in the Indenture and subject to certain limitations therein set forth,
the Company may at its option redeem the Notes in whole or from time to time in
part at any time.

 

                As provided in the Indenture and subject to certain
limitations therein set forth, the Company will pay to a Holder who is a United
States Alien such Additional Amounts as may be necessary so that every net
payment of principal of and interest on the Notes, after deduction or
withholding for or on account of any present or future tax, assessment or other
governmental charge imposed upon such Holder, or by reason of the making of such
payment, by the United States or any taxing authority thereof or therein, will
not be less than the amount provided for in the Notes to be then due and
payable.

 

 

A-4

 

 

                As
provided in the Indenture and subject to certain limitations therein set forth,
the Notes may be redeemed at the option of the Company in whole if the Company
determines that as a result of any change in or amendment to the laws or
treaties, or any regulations or rulings promulgated thereunder, of the United
States or of any political subdivision or taxing authority thereof or therein
affecting taxation, or any proposed change in such laws, treaties or
regulations or rulings, or any change in the official application, enforcement
or interpretation of such laws, treaties or regulations or filings (including a
holding by a court of competent jurisdiction in the United States) or any other
action (other than an action predicated on law generally known on or before the
date specified in such Note except for proposals before the Congress before
such date) taken by any taxing authority or a court of competent jurisdiction
in the United States, or the official proposal of any such action, whether or
not such action or proposal was taken or made with respect to the Company, (A) the
Company has or will become obligated to pay any Additional Amounts referred to
in the foregoing paragraph pursuant to the Indenture on the Note or (B) there
is a substantial possibility that the Company will be required to pay such
Additional Amounts.

 

                The
Indenture contains provisions permitting the Company and the Trustee, with the
consent of the holders of not less than 66-2/3% in aggregate principal amount
of each series of the Securities at the time Outstanding to be affected (each
series voting as a class), evidenced as provided in the Indenture, to execute
supplemental indentures adding any provisions to, or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental indenture
or modifying in any manner the rights of the holders of the Securities of all
such series; provided, however, that no such supplemental indenture shall,
among other things, (i) change the fixed maturity of any Security, or
reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon or reduce any premium payable on redemption, or
make the principal thereof, or premium, if any, or interest thereon payable in
any coin or currency other than that hereinabove provided, or amend the
Indenture to modify its provisions relating to the subordination of each
Security in a manner adverse to the holder thereof, without the consent of the
holder of each Security so affected, or (ii) change the place of payment
on any Security, or impair the right to institute suit for payment on any
Security, or reduce the aforesaid percentage of Securities, the holders of
which are required to consent to any such supplemental indenture, without the
consent of the holders of each Security so affected.  It is also provided in the Indenture that,
prior to any declaration accelerating the maturity of any series of Securities,
the holders of a majority in aggregate principal amount of the Securities of
such series Outstanding may on behalf of the holders of all the Securities of
such series waive any past default or Event of Default under the Indenture with
respect to such series and its consequences, except a default in the payment of
interest, if any, on or the principal of, or premium, if any, on any of the
Securities of such series.  Any such
consent or waiver by the holder of this Note shall be conclusive and binding
upon such holder and upon all future holders and owners of this Note and any
Notes which may be issued in exchange or substitution herefor, irrespective of
whether or not any notation thereof is made upon this Note or such other Notes.

 

                As
provided in the Indenture and subject to certain limitations therein set forth,
in case an Event
of Default with respect to the Notes shall have occurred and be continuing, the
principal hereof may be declared, and upon such declaration shall become due
and payable, in the manner, with the effect and subject to the conditions
provided in the Indenture.

 

                No
reference herein to the Indenture and no provisions of this Note or of the
Indenture shall alter or impair the obligations of the Company, which is
absolute and unconditional, to pay the principal and interest of this Note at
the place, at the time and in the coin or currency herein prescribed.

 

                The
Company may omit to comply with any term, provision or condition set forth in Section 801
of the Indenture, and any such omission with respect to such Section shall
not be an Event of Default, in each case with respect to the Notes, provided
that the conditions of Section 1009 of the Indenture have been satisfied.

 

 

5

 

 

The covenant set forth in Section 1005
of the Indenture shall not apply to the Notes.

 

Notwithstanding the provisions of Section 401(a)(B) of
the Indenture, the Company may satisfy and discharge the entire indebtedness on
all the Notes as provided therein only when the Notes are by their terms due
and payable within one year.

 

                The
Company, the Trustee, and any agent of the Company or of the Trustee may deem
and treat the registered holder hereof as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notation of
ownership or other writing hereon), for the purpose of receiving payment hereof,
or on account hereof, and for all other purposes, and neither the Company nor
the Trustee nor any agent of the Company or of the Trustee shall be affected by
any notice to the contrary.  All such
payments made to or upon the order of such registered holder shall, to the
extent of the sum or sums paid, effectually satisfy and discharge liability for
moneys payable on this Note.

 

                The
Notes are issuable in registered form without coupons in denominations of
$1,000 and any multiple of $1,000.  At
the option of the holders thereof, either at the office or agency to be
designated and maintained by the Company for such purpose in the Borough of
Manhattan, The City of New York, pursuant to the provisions of the Indenture or
at any of such other offices or agencies as may be designated and maintained by
the Company for such purpose pursuant to the provisions of the Indenture, and
in the manner and subject to the limitations provided in the Indenture, but
without the payment of any service charge, except for any tax or other
governmental charges imposed in connection therewith, Notes may be exchanged
for an equal aggregate principal amount of Notes of like tenor and of other
authorized denominations.

 

                As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Note is registrable in the Security Register, upon
surrender of this Note for registration of transfer at the office or agency of
the Company in any place where the principal of this Note is payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
holder hereof or such holder’s attorney duly authorized in writing, and
thereupon one or more new Notes of this series of like tenor and of authorized
denominations and for the same aggregate principal amount will be issued to the
designated transferee or transferees.

 

                No
recourse for the payment of the principal of or the interest on this Note, or
for any claim based hereon or otherwise in respect hereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in the
Indenture or any indenture supplemental thereto or in any Note, or because of
the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, officer or director as such, past, present or
future, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issue hereof, expressly waived and released.

 

                THE
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

                All
items used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

 

 

6

 

The following abbreviations, when used in the inscription on the face
of the within Note, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM –

  	
  as tenants in common

  
	
   

  	
   

  
	
  TEN ENT –

  	
  as tenants by their entireties

  
	
   

  	
   

  
	
  JT TEN –

  	
  as joint tenants with right of survivorship and
  not as tenants in common

  
	
   

  	
   

  
	
  UNIF GIFT MIN ACT – 

  	
   

  	
  Custodian

  	
   

  	
  under Uniform Gifts to

  
	
   

  
	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  	
   

  
	
   

  
	
  Minors Act

  	
   

  	
   

  
	
   

  
	
   

  	
  (State)

  	
   

  
	
   

  
	
  Additional abbreviations may also be used though not in the above
  list.

  
													

 

 

 

7

 

 

ASSIGNMENT

 

	
  FOR VALUE RECEIVED, the undersigned hereby sells,
  assigns and transfers unto

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

 

	
  (Please insert social security or other
  identifying number of Assignee)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

 

 

	
  (Name and address of Assignee, including zip code,
  must be printed or typewritten.)

  
	
   

  
	
  the within Note, and all rights thereunder, hereby
  irrevocably constituting and appointing

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  	
  to transfer the said Note on the books of the
  Company, with full power of substitution in the premises.

  
	
   

  

 

	
  Date:

  	
   

  	
   

  

 

	
   

  	
  Signature:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NOTICE: The signature to this assignment must
  correspond

  
	
   

  	
  with the name as it appears upon the face of the
  within Note in

  
	
   

  	
  every particular, without alteration or
  enlargement or any change whatever.

  
	
   

  	
   

  
	
  Signature(s) Guaranteed:

  	
   

  	
   

  
					

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION
SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

 

 

8Exhibit 10.22

 

AMENDMENT TO

 

LICENSE, DEVELOPMENT, AND
COMMERCIALIZATION AGREEMENT

 

This Amendment to License, Development, and Commercialization Agreement
(the “Amendment”)
is entered into this 29th day of February, 2008, (the “Amendment Effective
Date”) by and between ARYx Therapeutics, Inc., a Delaware
corporation having offices at 6300 Dumbarton Circle, Fremont, CA 94555 (“ARYx”), and Procter & Gamble Pharmaceuticals, Inc.,
an Ohio corporation having offices at One Procter & Gamble Plaza,
Cincinnati, Ohio 45202 (“P&G”).

 

RECITALS

 

WHEREAS, AYRx
and P&G are parties to that certain License, Development, and
Commercialization Agreement (“Agreement”), which was executed on June 30, 2006;

 

WHEREAS, pursuant
to Section 8.2(a)(ii) of the Agreement, P&G is required to deliver to
ARYx a written analysis of the data and results from the Definitive QTc Study
(as such term is defined in the Agreement), along with a notification of the
milestone event arising from such data and results (as described in Section 8.2(a)(ii)
and Exhibit H), unless P&G exercises its right to terminate within a
specified time period following the QTc Milestone Date (as such term is defined
in the Agreement);

 

WHEREAS, in a
letter dated February 22, 2008, ARYx and P&G agreed to extend the foregoing
time period by five (5) business days to allow the Parties to discuss the data
and results from the Definitive QTc Study;

 

WHEREAS, based
on this discussion, P&G and ARYx now desire to amend the Agreement to set a
new QT Milestone Date to permit a manual analysis of the data and results of
the Definitive QTc Study, all under the terms and conditions set forth below.

 

Now THEREFORE, the Parties agree as follows:

 

1.             All capitalized terms in this
Amendment that are not otherwise defined herein shall have the meanings given
to such terms in the Agreement.

 

2.             As soon as practicable after the
Amendment Effective Date, the Parties shall submit the data from the Definitive
QTc Study to a Third Party for manual analysis (the
“Study Analyses”),  where
the identity of such Third Party and the details of such manual analysis have
been mutually agreed by the Parties prior to the Amendment Effective Date and
documented in written minutes circulated between the Parties.

 

3.             Notwithstanding Section 1.81
of the Agreement, the term “QTc Milestone
Date” shall mean the
date on which P&G receives the results of the Study Analyses.  This new definition shall apply to all
instances of “QTc Milestone Date” in the Agreement, including without
limitation in Sections 4.3(c), 8.2(a)(ii), and 14.3(b); provided, however, that
to the extent

 

 

that
ARYx receives the results of the Study Analyses prior to or at the same time as
P&G, P&G obligations under Section 8.2(a)(ii) with respect to the
disclosure of raw, analyzable data shall be inapplicable.

 

4.             Any references in the Agreement to
the data or results from the Definitive QTc Study shall be interpreted to
include the results of the Study Analyses.  For the avoidance of doubt, all original data
and results from the Definitive QTc Study shall be evaluated in light of, and
to the extent appropriate based on sound statistical and regulatory principles
and data analysis methodologies, shall be superseded by, the results of the
Study Analyses.

 

5.             This Amendment amends the terms of
the Agreement as expressly provided above, and the Agreement, as so amended and
including all of its other terms and provisions that are not amended, remains
in full force and effect.  The validity,
performance, construction, and effect of this Amendment shall be governed by
the laws of the State of Delaware, without regard to conflicts of law
principles that would provide for application of the law of another
jurisdiction.  This Amendment may be
executed in counterparts, all of which taken together shall be regarded as one
and the same instrument.

 

 

IN
WITNESS WHEREOF, the Parties have executed this Amendment to License,
Development, and Commercialization Agreement through their duly authorized
representatives as of the Amendment Effective Date.

 

	
  ARYX THERAPEUTICS, INC.

  	
   

  	
  PROCTER & GAMBLE

  PHARMACEUTICALS, INC.

  
	
  By:

  	
  /s/ Paul Goddard             2/29/08

  	
   

  	
  By:

  	
   /s/ Thomas
  M Fran             2/29/08

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  PAUL GODDARD

  	
   

  	
  Name:

  	
     Thomas M Fran

  
	
   

  	
   

  	
   

  
	
  Title: 

  	
  CEO

  	
   

  	
  Title:

  	
       President,
  Global Health Care

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