Document:

Exhibit 10.1

 

CONFIDENTIAL

 

FORM OF

 

CONTINGENT VALUE RIGHTS AGREEMENT

 

by and between

 

BRISTOL-MYERS SQUIBB COMPANY

 

and

 

[TRUSTEE]1

 

Dated as of [______], [____]

 

 

		1	Note to Draft: Trustee to be determined in accordance
with the Merger Agreement.

 

     

     

    

 

TABLE OF CONTENTS

 

	Article 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.1	Definitions	1
	Section 1.2	Compliance and Opinions	8
	Section 1.3	Form of Documents Delivered to Trustee	9
	Section 1.4	Acts of Holders	9
	Section 1.5	Notices, etc., to Trustee and Company	10
	Section 1.6	Notice to Holders; Waiver	11
	Section 1.7	Conflict with Trust Indenture Act	11
	Section 1.8	Effect of Headings and Table of Contents	12
	Section 1.9	Benefits of Agreement	12
	Section 1.10	Governing Law	12
	Section 1.11	Legal Holidays	12
	Section 1.12	Separability Clause	13
	Section 1.13	No Recourse Against Others	13
	Section 1.14	Counterparts	13
	Section 1.15	Acceptance of Trust	13
	Section 1.16	Termination	13
	 	 	 
	Article 2 SECURITY FORMS	13
	Section 2.1	Forms Generally	13
	 	 	 
	Article 3 THE SECURITIES	14
	Section 3.1	Title and Terms	14
	Section 3.2	Registrable Form	15
	Section 3.3	Execution, Authentication, Delivery and Dating	15
	Section 3.4	[Intentionally Omitted]	16
	Section 3.5	Registration, Registration of Transfer and Exchange	16
	Section 3.6	Mutilated, Destroyed, Lost and Stolen Securities	19
	Section 3.7	Payments with respect to CVRs	19
	Section 3.8	Persons Deemed Owners	19
	Section 3.9	Cancellation	19
	Section 3.10	CUSIP Numbers	20
	 	 	 
	Article 4 THE TRUSTEE	20
	Section 4.1	Certain Duties and Responsibilities	20
	Section 4.2	Certain Rights of Trustee	21
	Section 4.3	Notice of Default	22
	Section 4.4	Not Responsible for Recitals or Issuance of Securities	22
	Section 4.5	May Hold Securities	22
	Section 4.6	Money Held in Trust	23
	Section 4.7	Compensation and Reimbursement	23
	Section 4.8	Disqualification; Conflicting Interests	23
	Section 4.9	Corporate Trustee Required; Eligibility	24
	Section 4.10	Resignation and Removal; Appointment of Successor	24

 

    i

     

    

 

	Section 4.11	Acceptance of Appointment of Successor	25
	Section 4.12	Merger, Conversion, Consolidation or Succession to Business	26
	Section 4.13	Preferential Collection of Claims Against Company	26
	 	 	 
	Article 5 HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE AND COMPANY	26
	Section 5.1	Company to Furnish Trustee Names and Addresses of Holders	26
	Section 5.2	Preservation of Information; Communications to Holders	26
	Section 5.3	Reports by Trustee	27
	Section 5.4	Reports by Company	27
	 	 	 
	Article 6 AMENDMENTS	28
	Section 6.1	Amendments Without Consent of Holders	28
	Section 6.2	Amendments with Consent of Holders	28
	Section 6.3	Execution of Amendments	29
	Section 6.4	Effect of Amendments; Notice to Holders	29
	Section 6.5	Conformity with Trust Indenture Act	30
	Section 6.6	Reference in Securities to Amendments	30
	 	 	 
	Article 7 COVENANTS	30
	Section 7.1	Payment of Amounts, if any, to Holders	30
	Section 7.2	Maintenance of Office or Agency	30
	Section 7.3	Money for Security Payments to Be Held in Trust	31
	Section 7.4	Certain Purchases and Sales	32
	Section 7.5	Books and Records	32
	Section 7.6	Listing of CVRs	32
	Section 7.7	Product Transfer	32
	Section 7.8	Diligent Efforts	32
	Section 7.9	Confidentiality	33
	Section 7.10	Non-Use of Name	33
	Section 7.11	Notice of Default	33
	 	 	 
	Article 8 REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT	34
	Section 8.1	Event of Default Defined; Waiver of Default	34
	Section 8.2	Collection by the Trustee; the Trustee May Prove Payment Obligations	35
	Section 8.3	Application of Proceeds	37
	Section 8.4	Suits for Enforcement	37
	Section 8.5	Restoration of Rights on Abandonment of Proceedings	37
	Section 8.6	Limitations on Suits by Holders	38
	Section 8.7	Unconditional Right of Holders to Institute Certain Suits	38
	Section 8.8	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	38
	Section 8.9	Control by Holders	39
	Section 8.10	Waiver of Past Defaults	39

 

    ii

     

    

 

	Section 8.11	The Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	39
	Section 8.12	Right of Court to Require Filing of Undertaking to Pay Costs	40
	 	 	 
	Article 9 CONSOLIDATION, MERGER, SALE OR CONVEYANCE	40
	Section 9.1	Company May Consolidate, etc., on Certain Terms	40
	Section 9.2	Successor Person Substituted	40
	Section 9.3	Opinion of Counsel to the Trustee	41
	Section 9.4	Successors	41
	 	 	 
	Article 10 SUBORDINATION	41
	Section 10.1	Agreement to Subordinate	41
	Section 10.2	Liquidation; Dissolution; Bankruptcy	42
	Section 10.3	Default on Senior Obligations	42
	Section 10.4	When Distribution Must Be Paid Over	43
	Section 10.5	Notice by Company	43
	Section 10.6	Subordination Effective Notwithstanding Deficiencies with Respect to Senior Obligations: Waiver of Right to Contest Senior Obligation: Reinstatement of Subordination Provisions	43
	Section 10.7	Subrogation	44
	Section 10.8	Relative Rights	44
	Section 10.9	Subordination May Not Be Impaired by Company	45
	Section 10.10	Distribution or Notice to Representative	45
	Section 10.11	Rights of the Trustee	45
	Section 10.12	Authorization to Effect Subordination	45
	Section 10.13	Amendments	45

 

Annex A — Form of Global Security

 

Note: This table of contents shall not, for any purpose, be
deemed to be a part of this CVR Agreement.

 

    iii

     

    

 

Reconciliation and tie between Trust Indenture Act of 1939 and
Contingent Value Rights Agreement, dated as of [____], [___].

 

	Trust Indenture Act Section	 	Agreement Section
	Section 310	(a)(1)	 	4.9
	 	(a)(2)	 	4.9
	 	(a)(3)	 	Not Applicable
	 	(a)(4)	 	Not Applicable
	 	(a)(5)	 	4.9
	 	(b)	 	4.8, 4.10
	 	(c)	 	Not Applicable
	 	 	 	 
	Section 311	(a)	 	4.13
	 	(b)	 	4.13
	 	(c)	 	Not Applicable
	 	 	 	 
	Section 312	(a)	 	5.1, 5.2(a)
	 	(b)	 	5.2(b)
	 	(c)	 	5.2(c)
	 	 	 	 
	Section 313	(a)	 	5.3(a)
	 	(b)	 	5.3(a)
	 	(c)	 	5.3(a), 8.11
	 	(d)	 	5.3(b)
	 	 	 	 
	Section 314	(a)	 	5.4, 7.11
	 	(b)	 	Not Applicable
	 	(c)(1)	 	1.2(a)
	 	(c)(2)	 	1.2(a)
	 	(c)(3)	 	Not Applicable
	 	(d)	 	Not Applicable
	 	(e)	 	1.2(b)
	 	(f)	 	Not Applicable
	 	 	 	 
	Section 315	(a)	 	4.1(a), 4.1(b)
	 	(b)	 	8.11
	 	(c)	 	4.1(a)
	 	(d)	 	4.1(c)
	 	(d)(1)	 	4.1(a), 4.1(b)
	 	(d)(2)	 	4.1(c)(ii)
	 	(d)(3)	 	4.1(c)(iii)
	 	(e)	 	8.12
	 	 	 	 
	Section 316	(a)(last sentence)	 	Not Applicable
	 	(a)(1)(A)	 	8.9
	 	(a)(1)(B)	 	8.10

 

    iv

     

    

 

	Trust Indenture Act Section	 	Agreement Section
	 	(a)(2)	 	Not Applicable
	 	(b)	 	8.7
	 	(c)	 	Not Applicable
	 	 	 	 
	Section 317	(a)(1)	 	8.2
	 	(a)(2)	 	8.2
	 	(b)	 	7.3
	 	 	 	 
	Section 318	(a)	 	1.7

 

Note: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of this CVR Agreement.

 

    v

     

    

 

THIS CONTINGENT VALUE
RIGHTS AGREEMENT, dated as of [_____], [____] (this “CVR Agreement”), by and between Bristol-Myers Squibb Company,
a Delaware corporation (the “Company”), and [Trustee], a [______], as trustee (the “Trustee”),
in favor of each person who from time to time holds one or more Contingent Value Rights (the “Securities” or
“CVRs”) to receive cash payments in the amounts and subject to the terms and conditions set forth herein.

 

WITNESSETH:

 

WHEREAS, this CVR Agreement
is entered into pursuant to the Agreement and Plan of Merger, dated as of January 3, 2019 (as amended, supplemented or otherwise
modified in accordance with its terms, the “Merger Agreement”), by and among the Company, Burgundy Merger Sub,
Inc., a Delaware corporation and wholly owned Subsidiary of the Company (“Merger Sub”), and Celgene Corporation,
a Delaware corporation (“Celgene”);

 

WHEREAS, pursuant to
the Merger Agreement, Merger Sub will merge with and into Celgene (the “Merger”), with Celgene being the surviving
corporation in the Merger and becoming a wholly-owned Subsidiary of the Company;

 

WHEREAS, the CVRs shall
be issued in accordance with and pursuant to the terms of the Merger Agreement; and

 

WHEREAS, a registration
statement on Form S-4 (No. 333-[_____]) with respect to the CVRs has been prepared and filed by the Company with the Commission
(as defined below) and has become effective in accordance with the Securities Act of 1933, as amended.

 

NOW, THEREFORE, in
consideration of the foregoing premises and the consummation of the transactions contemplated by the Merger Agreement, it is covenanted
and agreed, for the equal and proportionate benefit of all Holders of the Securities, as follows:

 

Article
1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1           Definitions.
For all purposes of this CVR Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)          the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 

(b)          all
capitalized terms used in this CVR Agreement without definition shall have the respective meanings ascribed to them in the Merger
Agreement;

 

(c)          all
other terms used herein which are defined in the Trust Indenture Act (as defined herein), either directly or by reference therein,
have the respective meanings assigned to them therein;

 

     

     

    

 

(d)          the
words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this CVR Agreement as a whole and not to any particular Article, Section or other subdivision; and

 

(e)          whenever
the words “include”, “includes” or “including” are used in this CVR Agreement,
they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed
by those words or words of like import.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Aggregate
Milestone Payment” shall have the meaning set forth in Section 3.1(c) of this CVR Agreement.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Security, the
rules and procedures of the Depositary that apply to such transfer or exchange.

 

“BB2121”
means a chimeric antigen receptor (“CAR”) T cell therapy targeting B-cell maturation antigen (BCMA).

 

“BB2121 Milestone”
means the first approval by the FDA of a biologic license application (BLA) that grants Celgene, the Company or any of their respective
Affiliates (or their respective successors and assigns) the right to commercially manufacture, market and sell BB2121 in the United
States in accordance with applicable Law for the treatment of relapsed/refractory multiple myeloma in humans.

 

“BB2121 Milestone
Target Date” means March 31, 2021.

 

“Board of
Directors” means the board of directors of the Company or any other body performing similar functions, or any duly authorized
committee of that board.

 

“Board Resolution”
means a copy of a resolution certified by the chairman of the Board of Directors, the chief executive officer, the secretary or
any assistant secretary of the Company, to have been duly adopted by the Board of Directors and to be in full force and effect
on the date of such certification, and delivered to the Trustee.

 

“Business
Day” means any day (other than a Saturday or a Sunday) on which banking institutions in The City of New York, New York
are not authorized or obligated by Law or executive order to close and, if the CVRs are listed on a national securities exchange,
electronic trading network or other suitable trading platform, such exchange, electronic network or other trading platform is open
for trading.

 

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

 

    2

     

    

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act (as defined herein),
or if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at such time.

 

“Common Stock”
shall have the meaning set forth in the Recitals of this CVR Agreement.

 

“Company”
means the Person (as defined herein) named as the “Company” in the first paragraph of this CVR Agreement, until a successor
Person shall have become such pursuant to the applicable provisions of this CVR Agreement, and thereafter “Company”
shall mean such successor Person. To the extent necessary to comply with the requirements of the provisions of Trust Indenture
Act Sections 310 through 317, inclusive, to the extent that they are applicable to the Company, the term “Company”
shall include any other obligor with respect to the Securities for the purposes of complying with such provisions.

 

“Company Request”
or “Company Order” means a written request or order signed in the name of the Company by the chairman of the
Board of Directors, the chief executive officer, any President or Vice President, the secretary or any assistant secretary or any
other individual duly authorized to act on behalf of the Company for such purpose or for any general purpose, and delivered to
the Trustee.

 

“Confidential
Information” shall have the meaning set forth in Section 7.9 of this CVR Agreement.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date of execution of this CVR Agreement is located at [________].

 

“CVRs”
shall have the meaning set forth in the Preamble of this CVR Agreement.

 

“CVR Agreement”
means this instrument as originally executed and as it may from time to time be supplemented or amended pursuant to the applicable
provisions hereof.

 

“Default Interest
Rate” means a rate equal to the sum of three percent (3%) plus the prime rate of interest quoted in the Money Rates section
of The Wall Street Journal (New York Edition), or similar reputable data source, calculated daily on the basis of a three
hundred sixty-five (365) day year or, if lower, the highest rate permitted under applicable Law.

 

“Depositary”
shall have the meaning set forth in Section 3.2 of this CVR Agreement.

 

“Diligent
Efforts” means, with respect to any Product, efforts of a Person to carry out its obligations in a diligent manner using
such effort and employing such resources normally used by such Person in the exercise of its reasonable business discretion relating
to the research, development or commercialization of a product, that is of similar market potential at a similar stage in its development
or product life, taking into account issues of market exclusivity (including patent coverage, regulatory and other exclusivity),
safety and efficacy, product profile (including tolerability and convenience), the competitiveness of alternate products in the
marketplace or under development, the launch or sales of one or more generic or biosimilar products, actual or likely pricing/reimbursement
for the product, the likely timing of the product’s entry into the market, the likelihood of regulatory approval of the product
and applicable labeling, and the profitability of the applicable product, and other relevant factors, including technical, commercial,
legal, scientific, and/or medical factors, based on conditions then prevailing.

 

    3

     

    

 

“Direct Registration
Securities” means Securities, the ownership of which is recorded on the Direct Registration System. The terms “deliver,”
“execute,” “issue,” “register,” “surrender,” “transfer” or “cancel,”
when used with respect to Direct Registration Securities, shall refer to an entry or entries or an electronic transfer or transfers
in the Direct Registration System.

 

“Direct Registration
System” means the system for the uncertificated registration of ownership of securities established by the Security Registrar
and utilized by the Security Registrar pursuant to which the Security Registrar may record the ownership of CVRs without the issuance
of a certificate, which ownership shall be evidenced by periodic statements issued by the Security Registrar to the Holders entitled
thereto.

 

“Event of
Default” shall have the meaning set forth in Section 8.1 of this CVR Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exchange
Act Documents” shall have the meaning set forth in Section 5.4(a) of this CVR Agreement.

 

“FDA”
means the United States Food and Drug Administration or any successor agency.

 

“Global Securities”
means global securities in registered form, substantially in the form set forth in Annex A.

 

“Governmental
Entity” means any domestic (federal or state), or foreign court, commission, governmental body, regulatory or administrative
agency or other political subdivision thereof.

 

“Holder”
means a Person in whose name a Security is registered in the Security Register.

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global Security through a Participant.

 

“Initial Milestone
Target Date” means December 31, 2020.

 

“JCAR017”
means a CAR T cell therapy targeting CD-19.

 

“JCAR017 Milestone”
means the first approval by the FDA of a biologic license application (BLA) that grants Celgene, the Company or any of their respective
Affiliates (or their respective successors and assigns) the right to commercially manufacture, market and sell JCAR017 in the United
States in accordance with applicable Law for the treatment of any relapsed-refractory diffuse large B cell lymphoma in humans.

 

    4

     

    

 

“Junior Obligations”
has the meaning set forth in Section 10.1.

 

“Law” means any foreign,
federal, state, local or municipal laws, rules, judgments orders, regulations, statutes, ordinances, codes, decisions, injunctions,
orders, decrees or requirements of any Governmental Entity.

 

“Majority Holders” means,
at the time of determination, Holders of at least a majority of the Outstanding CVRs.

 

“Merger” shall have the
meaning set forth in the Recitals of this CVR Agreement.

 

“Merger Agreement” shall
have the meaning set forth in the Recitals of this CVR Agreement.

 

“Merger Sub”
shall have the meaning set forth in the Recitals of this CVR Agreement.

 

“Milestone”
means the satisfaction of all (but not less than all) of the following: (i) the BB2121 Milestone has occurred on or prior to the
BB2121 Milestone Target Date; (ii) the JCAR017 Milestone has occurred on or prior to the Initial Milestone Target Date; and (iii)
the Ozanimod Milestone has occurred on or prior to the Initial Milestone Target Date.

 

“Milestone
Payment” means nine dollars ($9.00) per CVR.

 

“Milestone
Payment Date” means, with respect to the Milestone, the date that is selected by the Company that is no later twenty
(20) Business Days following the first date on which the Milestone is achieved.

 

“Milestone
Payment Record Date” shall have the meaning set forth in Section 3.1(c) of this CVR Agreement.

 

“Officer’s
Certificate” when used with respect to the Company means a certificate signed by the chairman of the Board of Directors,
the chief executive officer, any President or Vice President, the secretary or any assistant secretary or any other individual
authorized to act on behalf of the Company delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company.

 

“Outstanding”
when used with respect to Securities means, as of the date of determination, all Securities theretofore authenticated, as applicable,
and delivered under this CVR Agreement, except: (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee
for cancellation and (ii) Securities in exchange for or in lieu of which other Securities have been authenticated, as applicable,
and delivered pursuant to this CVR Agreement, other than any such Securities in respect of which there shall have been presented
to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands the Securities are
valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite
Outstanding Securities have given any request, demand, direction, consent or waiver hereunder, Securities owned by the Company
or any Affiliate of the Company, whether held as treasury securities or otherwise, shall be disregarded and deemed not to be Outstanding.

 

    5

     

    

 

“Ozanimod”
means a small molecule sphingosine 1-phosphate receptor modulator, which binds to sphingosine 1-phosphate receptors 1 and 5.

 

“Ozanimod
Milestone” means the first approval by the FDA of a new drug application (NDA) that grants Celgene, the Company or any
of their respective Affiliates (or their respective successors and assigns) the right to commercially manufacture, market and sell
Ozanimod in the United States in accordance with applicable Law for the treatment of relapsing multiple sclerosis in humans.

 

“Participant”
means, with respect to the Depositary, a Person who has an account with the Depositary.

 

“Party”
shall mean the Trustee, the Company and/or Holder(s), as applicable.

 

“Paying Agent”
means any Person authorized by the Company to pay the amount determined pursuant to Section 3.1, if any, on any Securities
on behalf of the Company.

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, limited liability company,
unincorporated organization or government or any agency or political subdivision thereof.

 

“President”
when used with respect to the Company or the Trustee, means any president, whether or not designated by a number or a word or words
added before or after the title of “president.”

 

“Products” means each
of (a) BB2121, (b) JCAR017 and (c) Ozanimod.

 

“Representatives”
shall have the meaning set forth in Section 7.9 of this CVR Agreement.

 

“Responsible
Officer” when used with respect to the Trustee means any officer assigned to the Corporate Trust Office and also means,
with respect to any particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because
of his knowledge of and familiarity with the particular subject.

 

“Securities”
shall have the meaning set forth in the Preamble of this CVR Agreement.

 

“Security
Register” shall have the meaning set forth in Section 3.5(a) of this CVR Agreement.

 

“Security
Registrar” shall have the meaning set forth in Section 3.5(a) of this CVR Agreement.

 

    6

     

    

 

“Senior Obligations”
means any existing or future obligations of the Company, including the principal of, premium (if any), interest (including any
interest accruing subsequent to the filing of a petition of bankruptcy at the rate provided for in the documentation with respect
thereto, whether or not such interest is an allowed claim under applicable Law) on, and all other amounts owing thereon, (i) with
respect to borrowed money, (ii) evidenced by notes, debentures, bonds or other similar debt instruments, (iii) with respect
to the net obligations owed under interest rate swaps or similar agreements or currency exchange transactions, (iv) reimbursement
obligations in respect of letters of credit and similar obligations, (v) in respect of capital leases, or (vi) guarantees
in respect of obligations referred to in clauses (i) through (v) above; unless, in any case, the instrument creating or evidencing
the same or pursuant to which the same is outstanding provides that such obligations are pari passu to or subordinate in right
of payment to the Securities.

 

Notwithstanding the foregoing, “Senior
Obligations” shall not include:

 

		(A)	Junior Obligations;

 

		(B)	trade debt incurred in the ordinary course of business;

 

		(C)	any intercompany indebtedness between the Company and any
of its Subsidiaries or Affiliates;

 

		(D)	indebtedness of the Company that is expressly subordinated
in right of payment to Senior Obligations;

 

		(E)	indebtedness or other obligations of the Company that by
its terms ranks equal or junior in right of payment to the Junior Obligations;

 

		(F)	indebtedness of the Company that, by operation of Law,
is subordinate to any general unsecured obligations of the Company; or

 

		(G)	indebtedness evidenced by any guarantee of indebtedness
ranking equal or junior in right of payment to the Junior Obligations.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, association, partnership or other business entity
of which more than fifty percent (50%) of the total voting power of shares of Voting Securities is at the time owned or controlled,
directly or indirectly, by: (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or
more Subsidiaries of such Person.

 

“Tax”
means any federal, state, local or foreign income, profits, gross receipts, license, payroll, employment, severance, stamp, occupation,
premium, windfall profits, environmental, customs duty, capital stock, franchise, sales, social security, unemployment, disability,
use, property, withholding, excise, transfer, registration, production, value added, alternative minimum, occupancy, estimated
or any other tax of any kind whatsoever, together with any interest, penalty or addition thereto, imposed by any Governmental Entity
responsible for the imposition of any such tax, whether disputed or not.

 

    7

     

    

 

“Tax Return”
means any return, report, declaration, claim or other statement (including attached schedules) relating to Taxes.

 

“Termination
Date” shall have the meaning set forth in Section 1.16 of this CVR Agreement.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended from time to time.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this CVR Agreement, until a successor Trustee shall
have become such pursuant to the applicable provisions of this CVR Agreement, and thereafter “Trustee” shall mean such
successor Trustee.

 

“Vice President”
when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word
or words added before or after the title of “vice president.”

 

“Voting Securities”
means securities or other interests having voting power, or the right, to elect or appoint a majority of the directors, or any
Persons performing similar functions, irrespective of whether or not stock or other interests of any other class or classes shall
have or might have voting power or any right by reason of the happening of any contingency.

 

Section 1.2           Compliance
and Opinions.

 

(a)          Upon
any application or request by the Company to the Trustee to take any action under any provision of this CVR Agreement, the Company
shall furnish to the Trustee an Officers’ Certificate stating that, in the opinion of the signor, all conditions precedent,
if any, provided for in this CVR Agreement relating to the proposed action have been complied with and an Opinion of Counsel stating,
subject to customary exceptions, that in the opinion of such counsel all such conditions precedent, if any, have been complied
with, except that, in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this CVR Agreement relating to such particular application or request, no additional certificate or
opinion need be furnished.

 

(b)          Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this CVR Agreement shall include:
(i) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions
herein relating thereto; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of each such individual,
he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether
or not such covenant or condition has been complied with; and (iv) a statement as to whether, in the opinion of each such individual,
such condition or covenant has been complied with.

 

    8

     

    

 

Section 1.3           Form
of Documents Delivered to Trustee.

 

(a)          In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

(b)          Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information
with respect to such factual matters is in the possession of the Company.

 

(c)          Any
certificate, statement or opinion of an officer of the Company or of counsel may be based, insofar as it relates to accounting
matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company.
Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that
such firm is independent.

 

(d)          Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this CVR Agreement, they may, but need not, be consolidated and form one instrument.

 

Section 1.4           Acts
of Holders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this CVR Agreement to be given or
taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to
the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this CVR Agreement and (subject to Section
4.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.4. The Company
may set a record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or
consent authorized or permitted under this CVR Agreement. If not previously set by the Company, (i) the record date for determining
the Holders entitled to vote at a meeting of the Holders shall be the date preceding the date notice of such meeting is mailed
to the Holders, or if notice is not given, on the day next preceding the day such meeting is held, and (ii) the record date for
determining the Holders entitled to consent to any action in writing without a meeting shall be the first date on which a signed
written consent setting forth the action taken or proposed to be taken is delivered to the Company. If a record date is fixed,
those Persons who were Holders of Securities at such record date (or their duly designated proxies), and only those Persons, shall
be entitled to take such action by vote or consent or, except with respect to clause (d) below, to revoke any vote or consent previously
given, whether or not such Persons continue to be Holders after such record date. No such vote or consent shall be valid or effective
for more than one hundred twenty (120) days after such record date.

 

    9

     

    

 

(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the
Trustee deems sufficient.

 

(c)          The
ownership of Securities shall be proved by the Security Register. Neither the Company nor the Trustee nor any agent of the Company
or the Trustee shall be affected by any notice to the contrary.

 

(d)          At
any time prior to (but not after) the evidencing to the Trustee, as provided in this Section 1.4, of the taking of any action
by the Holders of the Securities specified in this CVR Agreement in connection with such action, any Holder of a Security the serial
number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented
to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Section
1.4, revoke such action so far as concerns such Security. Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Holder of any Security shall bind every future Holder of the same Security or the Holder of every Security
issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, suffered
or omitted to be done by the Trustee, any Paying Agent or the Company in reliance thereon, whether or not notation of such action
is made upon such Security.

 

Section 1.5           Notices,
etc., to Trustee and Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this CVR Agreement to be made upon, given or furnished to, or filed with:

 

(a)          the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed, in
writing, to or with the Trustee at its Corporate Trust Office; or

 

(b)          the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder if in writing and mailed, first-class postage
prepaid, to the Company addressed to it at:

 

Bristol-Myers Squibb Company

430 E. 29th Street, 14th Floor

New York, New York 10016

Attn: Executive Vice President,
General Counsel

 

    10

     

    

 

with copies to (which shall not
constitute notice):

 

Bristol-Myers Squibb Company

Route 206 & Province Line Road

Princeton, New Jersey 08540

Attn: Senior Vice President and
Deputy General Counsel, Transactional Practice Group

and

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attn: David Fox, P.C.

Daniel Wolf, P.C.

Jonathan Davis, P.C.

 

or at any other address previously
furnished in writing to the Trustee by the Company.

 

Section 1.6           Notice
to Holders; Waiver.

 

(a)          Where
this CVR Agreement provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the Holder’s
address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor
any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Where this CVR Agreement provides for notice in any manner, such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver.

 

(b)          In
case by reason of the suspension of regular mail service or by reason of any other cause, it shall be impracticable to mail notice
of any event as required by any provision of this CVR Agreement, then any method of giving such notice as shall be satisfactory
to the Trustee shall be deemed to be a sufficient giving of such notice.

 

Section 1.7           Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required
to be included in this CVR Agreement by any of the provisions of the Trust Indenture Act, such required provision shall control.

 

    11

     

    

 

Section 1.8           Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

 

Section 1.9           Benefits
of Agreement. Nothing in this CVR Agreement or in the Securities, express or implied, shall give to any Person (other than
the Parties hereto and their successors hereunder, any Paying Agent and the Holders) any benefit or any legal or equitable right,
remedy or claim under this CVR Agreement or under any covenant or provision herein contained, all such covenants and provisions
being for sole benefit of the Parties hereto and their successors, any Paying Agent and of the Holders.

 

Section 1.10         Governing
Law. THIS CVR AGREEMENT AND ALL SUITS, ACTIONS, PROCEEDINGS, CLAIMS AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) BASED
UPON, ARISING OUT OF OR RELATING TO THIS CVR AGREEMENT, THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS CVR AGREEMENT OR THE
SECURITIES, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. EACH OF THE COMPANY,
THE TRUSTEE AND EACH OF THE HOLDERS BY THEIR ACCEPTANCE OF THE SECURITIES, HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION
OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH
OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION, PROCEEDING, CLAIM OR CAUSE OF ACTION (WHETHER IN CONTRACT
OR TORT) BASED UPON, ARISING OUT OF OR RELATING TO THIS CVR AGREEMENT, THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS CVR AGREEMENT
OR THE SECURITIES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION
OF THE AFORESAID COURTS. EACH OF THE COMPANY AND THE TRUSTEE AGREES THAT PROCESS MAY BE SERVED UPON THEM IN ANY MANNER AUTHORIZED
BY THE LAWS OF THE STATE OF NEW YORK FOR SUCH PERSONS AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER
APPLICABLE LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO SUCH SERVICE OF PROCESS, THE LAYING OF THE VENUE OF ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

Section 1.11         Legal
Holidays. In the event that the Milestone Payment Date shall not be a Business Day, then (notwithstanding any provision of
this CVR Agreement or the Securities to the contrary) payment on the Securities need not be made on such date, but may be made,
without the accrual of any interest thereon, on the next succeeding Business Day with the same force and effect as if made on the
Milestone Payment Date.

 

    12

     

    

 

Section 1.12         Separability
Clause. In case any provision in this CVR Agreement or in the CVRs shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 1.13         No
Recourse Against Others. A director, officer, employee, agent or representative of the Company or any Affiliate of the Company
or the Trustee shall not have any liability for any obligations of the Company or the Trustee under the Securities or this CVR
Agreement or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security
each Holder waives and releases all such liability and all such claims. The waiver and release are part of the consideration for
the issue of the Securities.

 

Section 1.14         Counterparts.
This CVR Agreement shall be signed in any number of counterparts with the same effect as if the signatures to each counterpart
were upon a single instrument, and all such counterparts together shall be deemed an original of this CVR Agreement.

 

Section 1.15         Acceptance
of Trust. [________], the Trustee named herein, hereby accepts the trusts in this CVR Agreement declared and provided, upon
the terms and conditions set forth herein.

 

Section 1.16         Termination.
This CVR Agreement will, automatically and without any further action of any Party, terminate and be of no force or effect, and
the Parties hereto shall have no liability or obligations hereunder, at the following time (the “Termination Date”):
(a) if as of the end of the day on the Initial Milestone Target Date, either the JCAR017 Milestone or the Ozanimod Milestone
has not occurred, 12:01 a.m. New York City time on the calendar day following the Initial Milestone Target Date, (b) if both
the JCAR017 Milestone and the Ozanimod Milestone have occurred on or prior to the Initial Milestone Target Date but, as of the
end of the day on the BB2121 Milestone Target Date, the BB2121 Milestone has not occurred, 12:01 a.m. New York City time on the
calendar day following the BB2121 Milestone Target Date or (c) if the Milestone has been achieved, the calendar day following
the date on which the Trustee has paid the Milestone Payment to the Holders in accordance with Section 3.1(c); provided,
however, that (A) Sections 1.5, 1.6, 1.7, 1.8, 1.9, 1.10, 1.12,
1.13, 4.7, 7.5, 7.9, 7.10, Article 8, this Section 1.16 and Section 1.1
(to the extent related to the foregoing) shall survive termination of this CVR Agreement in accordance with their terms; and (B) the
termination of this Agreement shall not relieve any Party of any liability arising from any material breach of its obligations
under this CVR Agreement occurring prior to the Termination Date.

 

Article
2 

SECURITY FORMS

 

Section 2.1           Forms
Generally.

 

(a)          (i)
The Global Securities and the Trustee’s certificate of authentication shall be in substantially the forms set forth in Annex
A, attached hereto and incorporated herein by this reference, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this CVR Agreement and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may
be required by Law or any rule or regulation pursuant thereto, all as may be determined by the officers executing such Global Securities,
as evidenced by their execution of the Global Securities. Any portion of the text of any Global Security may be set forth on the
reverse thereof, with an appropriate reference thereto on the face of the Global Security.

 

    13

     

    

 

(ii)         The
Global Securities shall be typewritten, printed, lithographed or engraved on steel engraved borders or produced by any combination
of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Securities
may be listed, all as determined by the officers executing such Global Securities, as evidenced by their execution of such Global
Securities.

 

(b)          The
Direct Registration Securities shall be uncertificated and shall be evidenced by the Direct Registration System maintained by the
Security Registrar.

 

Article
3 

THE SECURITIES

 

Section 3.1           Title
and Terms.

 

(a)          The
aggregate number of CVRs which may be authenticated, as applicable, and delivered under this CVR Agreement is limited to a number
equal to [_____], except for Securities authenticated, as applicable, and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities pursuant to Section 3.5, 3.6 or 6.6. From and after the Merger Effective
Time, the Company shall not be permitted to issue any CVRs that have the right to receive any portion of the Milestone Payment,
except as provided and in accordance with the terms and conditions of the Merger Agreement.

 

(b)          The
Securities shall be known and designated as the “Series B Contingent Value Rights” of the Company.

 

(c)          If
the Milestone is achieved, then, on or prior to the Milestone Payment Date, the Company shall pay, or cause to be paid, to the
Trustee, by wire transfer to the account designated in writing by the Trustee, an amount equal to the product of (A) the Milestone
Payment, multiplied by (B) the number of Securities Outstanding as of such time (the “Aggregate Milestone Payment”),
and the Trustee shall promptly (and in any event within two (2) Business Days of the receipt of the Aggregate Milestone Payment
from the Company) pay to each Holder of record of the Securities as of 5:00 p.m. New York City time, three (3) Business Days prior
to the Milestone Payment Date (the “Milestone Payment Record Date”) an amount equal to the product of (x) the
Milestone Payment, multiplied by (y) the number of Securities held of record by such Holder as of the Milestone Payment
Record Date. Subject to Section 1.16, the Company’s obligations to pay the Milestone Payment shall terminate in its
entirety on the Termination Date.

 

(d)          The
Holders of the CVRs, by acceptance thereof, agree that no joint venture, partnership or other fiduciary relationship is created
hereby or by the Securities.

 

    14

     

    

 

(e)          Other
than in the case of interest on amounts due and payable after the occurrence of an Event of Default, no interest or dividends shall
accrue on any amounts payable in respect of the CVRs.

 

(f)          The
Parties hereto agree to treat the CVRs for all Tax purposes as additional consideration for the shares of Common Stock, the Company
Stock Options, the Company RSU Awards, the Company PSU Awards and Company RSAs, as applicable, pursuant to the Merger Agreement,
and none of the Parties hereto will take any position to the contrary on any Tax Return or for other Tax purposes except as otherwise
required by applicable Law. The Company shall report imputed interest on the CVRs pursuant to Section 483 of the Code, except as
otherwise required by applicable Law.

 

(g)          The
CVRs and any interest thereon may be sold, assigned, pledged encumbered or in any manner transferred or disposed of, in whole or
in part, only in compliance with applicable United States federal and state securities Laws and, to the extent applicable, in accordance
with Section 3.5.

 

(h)          The
Holder of any CVR is not, and shall not, by virtue thereof, be entitled to any rights of a holder of any Voting Securities or other
equity security or other ownership interest of the Company, in any constituent company to the Merger or in any of their respective
Affiliates, either at Law or in equity, and the rights of the Holders are limited to those contractual rights expressed in this
CVR Agreement.

 

(i)          Except
as provided in this CVR Agreement, none of the Company or any of its Affiliates shall have any right to set-off any amounts owed
or claimed to be owed by any Holder to any of them against such Holder’s Securities or the Milestone Payment or other amount
payable to such Holder in respect of such Securities.

 

Section 3.2           Registrable
Form. The Securities shall be issuable only in registered form. The CVRs shall be issued initially in the form of (a) one or
more permanent Global Securities, deposited with the Trustee, as the custodian for The Depository Trust Company, its nominees and
successors (the “Depositary”), or (b) one or more Direct Registration Securities. Each Global Security will
represent such of the outstanding CVRs as will be specified therein and each shall provide that it represents the aggregate number
of outstanding CVRs from time to time endorsed thereon and that the aggregate number of outstanding CVRs represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges and/or issuances as provided and in accordance
with the terms and conditions of the Merger Agreement.

 

Section 3.3           Execution,
Authentication, Delivery and Dating.

 

(a)          The
Global Securities shall be executed on behalf of the Company by its chairman of the Board of Directors, its chief executive officer,
any President or Vice President or any other individual duly authorized to act on behalf of the Company for such purpose or any
general purpose, but need not be attested. The signature of any of these individuals on the Global Securities may be manual or
facsimile.

 

    15

     

    

 

(b)          Global
Securities bearing the manual or facsimile signatures of individuals who were, at the time of execution, the proper officers of
the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the authentication and delivery of such Global Securities or did not hold such offices at the date of such Global Securities.

 

(c)          At
any time and from time to time after the execution and delivery of this CVR Agreement, the Company may deliver a Company Order
for the authentication, as applicable, and delivery of Securities, and the Trustee, in accordance with such Company Order, shall
authenticate, as applicable, and deliver such Securities as provided in this CVR Agreement and not otherwise. In the case of Global
Securities, such Company Order shall be accompanied by Global Securities executed by the Company and delivered to the Trustee for
authentication in accordance with such Company Order.

 

(d)          Each
Global Security shall be dated the date of its authentication.

 

(e)          No
Global Security shall be entitled to any benefit under this CVR Agreement or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee,
by manual or facsimile signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Global Security has been duly authenticated and delivered hereunder and that the Holder is entitled
to the benefits of this CVR Agreement.

 

(f)          Direct
Registration Securities need not be authenticated, and shall be valid and obligatory for all purposes and shall entitle each Holder
thereof to all benefits of this CVR Agreement.

 

Section 3.4           [Intentionally
Omitted].

 

Section 3.5           Registration,
Registration of Transfer and Exchange.

 

(a)          The
Company shall cause to be kept at the office of the Trustee a register (the register maintained in such office and in any other
office or agency designated pursuant to Section 7.2 being herein sometimes referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities. The Trustee is hereby initially appointed “Security Registrar” for the purpose
of registering Securities and transfers of Securities as herein provided.

 

(b)          (i)
A Global Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the
Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Securities will be exchanged by the Company for Direct Registration Securities
if (1) the Company delivers to the Security Registrar notice from the Depositary that it is unwilling or unable to continue to
act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor
Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary, (2) the Company in
its sole discretion determines that the Global Securities (in whole but not in part) should be exchanged for Direct Registration
Securities and delivers a written notice to such effect to the Security Registrar or (3) an Event of Default has occurred and is
continuing and the Security Registrar has received a request from the Depositary to issue Direct Registration Securities. Upon
the occurrence of either of the preceding events in (1) or (2) above, Direct Registration Securities shall be issued in such names
as the Depositary shall instruct the Trustee. Global Securities also may be exchanged or replaced, in whole or in part, as provided
in Section 3.6 hereof. Every Global Security authenticated and delivered in exchange for, or in lieu of, a Global Security
or any portion thereof, pursuant to this Sections 3.5 or 3.6 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Security. A Global Security may not be exchanged for another Global Security other than as provided
in this Section 3.5(b)(i), however, beneficial interests in a Global Security may be transferred and exchanged as provided
in Section 3.5(b)(ii) or (iii) hereof.

 

    16

     

    

 

(ii)         The
transfer and exchange of beneficial interests in the Global Securities will be effected through the Depositary, in accordance with
the provisions of this CVR Agreement and the Applicable Procedures. Beneficial interests in any Global Security may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in Global Security. No written orders or instructions
shall be required to be delivered to the Security Registrar to effect the transfers described in this Section 3.5(b)(ii).

 

(iii)        If
any holder of a beneficial interest in a Global Security proposes to exchange such beneficial interest for a Direct Registration
Security or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Direct Registration Security,
then the Security Registrar will cause the aggregate number of CVRs represented by the applicable Global Security to be reduced
accordingly pursuant to Section 3.5(b)(vi) hereof, and the Security Registrar will deliver to the Person designated in the
instructions a Direct Registration Security in the appropriate number of CVRs. Any Direct Registration Security issued in exchange
for a beneficial interest pursuant to this Section 3.5(b)(iii) will be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest requests through instructions to the Security Registrar
from or through the Depositary and the Participant or Indirect Participant.

 

(iv)        A
Holder of a Direct Registration Security may exchange such Direct Registration Security for a beneficial interest in a Global Security
or transfer such Direct Registration Security to a Person who takes delivery thereof in the form of a beneficial interest in a
Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Security Registrar will cancel the
applicable Direct Registration Security and increase or cause to be increased the aggregate number of CVRs represented by one of
the Global Securities.

 

    17

     

    

 

(v)         Upon
request by a Holder of Direct Registration Securities and such Holder’s compliance with the provisions of this Section
3.5(b)(v), the Security Registrar will register the transfer or exchange of Direct Registration Securities. Prior to such
registration of transfer or exchange, the requesting Holder must present to the Security Registrar a written instruction of transfer
in form satisfactory to the Security Registrar duly executed by such Holder or by its attorney, duly authorized in writing. A
Holder of Direct Registration Securities may transfer such Direct Registration Securities to a Person who takes delivery thereof
in the form of Direct Registration Securities. Upon receipt of a request to register such a transfer, the Security Registrar shall
register the Direct Registration Securities pursuant to the instructions from the Holder thereof.

 

(vi)        At
such time as all beneficial interests in a particular Global Security have been exchanged for Direct Registration Securities or
a particular Global Security has been repurchased or canceled in whole and not in part, each such Global Security will be returned
to or retained and canceled by the Security Registrar in accordance with Section 3.9 hereof. At any time prior to such cancellation,
if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Security or for Direct Registration Securities, the aggregate number of CVRs represented
by such Global Security will be reduced accordingly and an endorsement will be made on such Global Security by the Security Registrar
or by the Depositary at the direction of the Security Registrar to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Security, such other Global Security will be increased accordingly and an endorsement will be made on such Global Security
by the Security Registrar or by the Depositary at the direction of the Security Registrar to reflect such increase.

 

(vii)       (A)
To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Securities
upon receipt of a Company Order in accordance with Section 3.3 hereof or at the Security Registrar’s request.

 

(B)         No
service charge will be made to a Holder of a beneficial interest in a Global Security or to a Holder of a Direct Registration Security
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith.

 

(C)         All
Global Securities and Direct Registration Securities issued upon any registration of transfer or exchange of Global Securities
or Direct Registration Securities will be the valid obligations of the Company, evidencing the same rights, and entitled to the
same benefits under this CVR Agreement, as the Global Securities or Direct Registration Securities surrendered upon such registration
of transfer or exchange.

 

    18

     

    

 

(D)         The
Trustee will authenticate Global Securities in accordance with the provisions of Section 3.3 hereof.

 

Section 3.6           Mutilated,
Destroyed, Lost and Stolen Securities.

 

(a)          If
(i) any mutilated Global Security is surrendered to the Trustee, or (ii) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Global Security, and there is delivered to the Company and the Trustee such
security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Company or
the Trustee that such Global Security has been acquired by a bona fide purchaser, the Company shall execute and, upon delivery
of a Company Order, the Trustee shall authenticate, as applicable, and deliver, in exchange for any such mutilated Global Security
or in lieu of any such destroyed, lost or stolen Global Security, a new CVR, in the form of either a Global Security or a Direct
Registration Security, of like tenor and amount of CVRs, bearing a number not contemporaneously outstanding.

 

(b)          In
case any such mutilated, destroyed, lost or stolen Global Security has become or is to become finally due and payable within fifteen
(15) days, the Company in its discretion may, instead of issuing a new CVR, pay to the Holder of such Security on the Milestone
Payment Date all amounts due and payable with respect thereto.

 

(c)          Every
new Security issued pursuant to this Section 3.6 in lieu of any destroyed, lost or stolen Global Security shall constitute
an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Global Security shall
be at any time enforceable by anyone, and shall be entitled to all benefits of this CVR Agreement equally and proportionately with
any and all other Securities duly issued hereunder.

 

(d)          The
provisions of this Section 3.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Global Securities.

 

Section 3.7           Payments
with respect to CVRs. Payment of any amounts pursuant to the CVRs shall be made in such coin or currency of the United States
of America as at the time is legal tender for the payment of public and private debts. The Company may, at its option, pay such
amounts by wire transfer or check payable in such money.

 

Section 3.8           Persons
Deemed Owners. Prior to the time of due presentment for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name any Security is registered as the owner of such Security for the
purpose of receiving payment on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

Section 3.9           Cancellation.
All Securities surrendered for payment, registration of transfer or exchange shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for
cancellation any Global Securities previously authenticated and delivered hereunder which the Company may have acquired in any
manner whatsoever, and all Global Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated
in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this CVR Agreement.
All cancelled Global Securities held by the Trustee shall be destroyed and a certificate of destruction shall be issued by the
Trustee to the Company, unless otherwise directed by a Company Order.

 

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Section 3.10         CUSIP
Numbers. The Company in issuing the CVRs may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in notices to the Holders as a convenience to the Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the CVRs or as contained in
any notices and that reliance may be placed only on the other identification numbers printed on the CVRs, and any such notice shall
not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the
“CUSIP” numbers.

 

Article
4 

THE TRUSTEE

 

Section 4.1           Certain
Duties and Responsibilities.

 

(a)          With
respect to the Holders, the Trustee, prior to the occurrence of an Event of Default (as defined in Section 8.1) with respect
to the Securities and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such
duties and only such duties as are specifically set forth in this CVR Agreement and no implied covenants shall be read into this
CVR Agreement against the Trustee. In case an Event of Default with respect to the Securities has occurred (which has not been
cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this CVR Agreement, and use the same
degree of care and skill in their exercise, as a reasonably prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs.

 

(b)          In
the absence of bad faith on its part, prior to the occurrence of an Event of Default and after the curing or waiving of all such
Events of Default which may have occurred, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee which conform to the requirements of
this CVR Agreement; but in the case of any such certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this CVR Agreement.

 

(c)          No
provision of this CVR Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that (i) this Subsection (c) shall not be construed to limit the
effect of Subsections (a) and (b) of this Section 4.1; (ii) the Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent
facts; and (iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders pursuant to Section 8.9 relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this
CVR Agreement.

 

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(d)          Whether
or not therein expressly so provided, every provision of this CVR Agreement relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 4.1.

 

Section 4.2           Certain
Rights of Trustee. Subject to the provisions of Section 4.1, including the duty of care that the Trustee is required
to exercise upon the occurrence of an Event of Default:

 

(a)          the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and the
Trustee need not investigate any fact or matter stated in the document;

 

(b)          any
request or direction or order of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order
and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution and the Trustee shall not be liable
for any action it takes or omits to take in good faith reliance thereon;

 

(c)          whenever
in the administration of this CVR Agreement the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officers’ Certificate and the Trustee shall not be liable for any action
it takes or omits to take in good faith reliance thereon or an Opinion of Counsel;

 

(d)          the
Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice
or Opinion of Counsel;

 

(e)          the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this CVR Agreement at the request
or direction of any of the Holders pursuant to this CVR Agreement, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request
or direction;

 

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(f)          the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or
other paper or document, but the Trustee in its discretion may make such further inquiry or investigation into such facts or matters
as it may see fit, and if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine
the pertinent books and records of the Company, personally or by agent or attorney, as may be reasonably necessary for such inquiry
or investigation and in a manner so as to not unreasonably interfere with the normal business operations of the Company or any
of its Affiliates; provided, however, that Company shall not be required to provide any books or records to the extent
that the provision thereof (i) would, as reasonably determined based on the advice of outside counsel, jeopardize any attorney-client
privilege or (ii) would contravene any Law or any contract or agreement to which the Company or any of its Affiliates is subject
or bound;

 

(g)          the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

 

(h)          the
Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably believed by
it to be authorized or within the discretion or rights or powers conferred upon it by this CVR Agreement; and

 

(i)          the
Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice thereof has been received by such Responsible Officer at the offices of the Trustee
and such notice references the CVRs and this CVR Agreement and the fact that such notice constitutes notification of default.

 

Section 4.3           Notice
of Default. If a default occurs hereunder with respect to the Securities, the Trustee shall give the Holders notice of any
such default actually known to it as and to the extent applicable and provided by the Trust Indenture Act; provided, however,
that in the case of any default of the character specified in Section 8.1(b) with respect to the Securities, no notice to
Holders shall be given until at least thirty (30) days after the occurrence thereof. For the purpose of this Section 4.3,
the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default
with respect to the Securities.

 

Section 4.4           Not
Responsible for Recitals or Issuance of Securities. The Trustee shall not be accountable for the Company’s use of the
Securities. The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall
be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this CVR Agreement or of the Securities.

 

Section 4.5           May
Hold Securities. The Trustee, any Paying Agent, Security Registrar or any other agent of the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities, and, subject to Sections 4.8 and 4.13, may otherwise
deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar or such other
agent.

 

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Section 4.6           Money
Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by Law. The Trustee shall be under no liability for interest on any money received by it hereunder, except as otherwise agreed
by the Trustee in writing with the Company.

 

Section 4.7           Compensation
and Reimbursement. The Company agrees:

 

(a)          to
pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder in such amount as the Company
and the Trustee shall agree from time to time (which compensation shall not be limited by any provision of Law in regard to the
compensation of a trustee of an express trust);

 

(b)          except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable and out-of-pocket expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this CVR Agreement (including the
reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to the Trustee’s negligence, bad faith or willful misconduct; and

 

(c)          to
indemnify the Trustee and each of its agents, officers, directors and employees (each an “indemnitee”) for,
and to hold it harmless against, any loss, liability or reasonable and out-of-pocket expense (including reasonable and out-of-pocket
attorneys’ fees and expenses) incurred without negligence, bad faith or willful misconduct on its part, arising out of or
in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the reasonable
and out-of-pocket costs and expenses of defending itself against any claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder. The Company’s payment obligations pursuant to this Section 4.7 shall survive
the termination of this CVR Agreement. When the Trustee incurs reasonable and out-of-pocket expenses after the occurrence of an
Event of Default specified in Section 8.1(c) or 8.1(d) with respect to the Company, the expenses are intended to
constitute expenses of administration under bankruptcy Laws.

 

Section 4.8           Disqualification;
Conflicting Interests.

 

(a)          If
applicable, to the extent that the Trustee or the Company determines that the Trustee has a conflicting interest within the meaning
of the Trust Indenture Act, the Trustee shall immediately notify the Company of such conflict and, within ninety (90) days after
ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this CVR Agreement. The Company shall take prompt
steps to have a successor appointed in the manner provided in this CVR Agreement.

 

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(b)          If
the Trustee fails to comply with Section 4.8(a), the Trustee shall, within ten (10) days of the expiration of such ninety
(90) day period, transmit a notice of such failure to the Holders in the manner and to the extent provided in the Trust Indenture
Act and this CVR Agreement.

 

(c)          If
the Trustee fails to comply with Section 4.8(a) after written request therefore by the Company or any Holder, then any Holder
of any Security who has been a bona fide Holder for at least six (6) months may on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of such Trustee and the appointment of a successor Trustee.

 

Section 4.9           Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which satisfies the applicable requirements
of Sections 310(a)(1) and (5) of the Trust Indenture Act and has a combined capital and surplus of at least one hundred fifty million
dollars ($150,000,000). If such corporation publishes reports of condition at least annually, pursuant to Law or to the requirements
of a supervising or examining authority, then for the purposes of this Section 4.9, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 4.9,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article 4.

 

Section 4.10         Resignation
and Removal; Appointment of Successor.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article 4 shall become
effective until the acceptance of appointment by the successor Trustee under Section 4.11.

 

(b)          The
Trustee, or any trustee or trustees hereafter appointed, may resign at any time by giving written notice thereof to the Company.
If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within thirty (30) days after
the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

 

(c)          The
Trustee may be removed at any time by an act of the Majority Holders, delivered to the Trustee and to the Company.

 

(d)          If
at any time:

 

(i)          the
Trustee shall fail to comply with Section 4.8 after written request therefor by the Company or by any Holder who has been
a bona fide Holder of a Security for at least six (6) months, or

 

(ii)         the
Trustee shall cease to be eligible under Section 4.9 and shall fail to resign after written request therefor by the Company
or by any such Holder, or

 

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(iii)        the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any case, (A) the Company, by
a Board Resolution or an action of the chief executive officer of the Company, may remove the Trustee, or (B) the Holder of any
Security who has been a bona fide Holder of a Security for at least six (6) months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, the Company, by a Board Resolution or an action of the chief executive officer of the Company, shall promptly appoint a
successor Trustee. If, within one year after any removal by the Majority Holders, a successor Trustee shall be appointed by act
of the Majority Holders delivered to the Company and the retiring Trustee, then the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with Section 4.11, become the successor Trustee and supersede the
successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Majority
Holders and accepted appointment within sixty (60) days after the retiring Trustee tenders its resignation or is removed, the retiring
Trustee may, or, the Holder of any Security who has been a bona fide Holder for at least six (6) months may on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(f)          The
Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee by mailing
written notice of such event by first-class mail, postage prepaid, to the Holders of Securities as their names and addresses appear
in the Security Register. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office.
If the Company fails to send such notice within ten (10) days after acceptance of appointment by a successor Trustee, it shall
not be a default hereunder but the successor Trustee shall cause the notice to be mailed at the expense of the Company.

 

Section 4.11         Acceptance
of Appointment of Successor.

 

(a)          Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee; but, upon request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder. Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts.

 

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(b)          No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article 4.

 

Section 4.12         Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall
be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, by sale or
otherwise shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article 4, without the execution or filing of any paper or any further act on the part of any of the Parties
hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by
merger, conversion, sale or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities; and such certificate
shall have the full force which it is anywhere in the Securities or in this CVR Agreement provided that the certificate of the
Trustee shall have; provided that the right to adopt the certificate of authentication of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or consolidation.

 

Section 4.13         Preferential
Collection of Claims Against Company. If and when the Trustee shall be or shall become a creditor, directly or indirectly,
secured or unsecured, of the Company (or any other obligor upon the Securities), excluding any creditor relationship set forth
in Section 311(b) of the Trust Indenture Act, if applicable, the Trustee shall be subject to the applicable provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

Article
5 

HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE AND COMPANY

 

Section 5.1           Company
to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee (a) promptly
after the issuance of the Securities, and semi-annually thereafter, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders as of a recent date, and (b) at such times as the Trustee may request in writing, within
thirty (30) days after receipt by the Company of any such request, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders as of a date not more than fifteen (15) days prior to the time such list is furnished;
provided, however, that if and so long as the Trustee shall be the Security Registrar, no such list need be furnished.

 

Section 5.2           Preservation
of Information; Communications to Holders.

 

(a)          The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in
the most recent list furnished to the Trustee as provided in Section 5.1 and the names and addresses of Holders received
by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section
5.1 upon receipt of a new list so furnished.

 

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(b)          The
rights of the Holders to communicate with other Holders with respect to their rights under this CVR Agreement and the corresponding
rights and privileges of the Trustee shall be as provided by Section 312(b)(2) of the Trust Indenture Act, if applicable.

 

(c)          Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee shall be deemed to be in violation of Law or held accountable by reason of the disclosure of any such information as to
the names and addresses of the Holders made pursuant to the Trust Indenture Act (if applicable) regardless of the source from which
such information was derived.

 

Section 5.3           Reports
by Trustee.

 

(a)          Within
sixty (60) days after December 31 of each year commencing with the December 31 following the date of this CVR Agreement, the Trustee
shall transmit to all Holders such reports concerning the Trustee and its actions under this CVR Agreement as may be required pursuant
to the Trust Indenture Act to the extent and in the manner provided pursuant thereto. The Trustee shall also comply with Section
313(b)(2) of the Trust Indenture Act, if applicable. The Trustee shall also transmit by mail all reports as required by Section
313(c) of the Trust Indenture Act, if applicable.

 

(b)          A
copy of each such report shall, at the time of such transmission to the Holders, be filed by the Trustee with each stock exchange,
if any, upon which the Securities are listed, with the Commission and also with the Company. The Company will promptly notify the
Trustee when the Securities are listed on any stock exchange.

 

Section 5.4           Reports
by Company.

 

(a)          The
Company shall file with the Trustee, within fifteen (15) days after the Company files or furnishes the same with the Commission,
copies of an annual report filed on Form 10-K or a quarterly reports filed on Form 10-Q and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe)
which the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act (such annual
and quarterly reports and required information, documents and other reports, together the “Exchange Act Documents”).

 

(b)          Delivery
of the reports, information and documents described in Section 5.4(a) shall not constitute constructive notice of any information
contained therein or determinable there from, including the Company’s compliance with any of its covenants or other obligations
hereunder as to which the Trustee is entitled to rely exclusively on Officer’s Certificates.

 

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Article
6 

AMENDMENTS

 

Section 6.1           Amendments
Without Consent of Holders. Without the consent of any Holders, the Company and the Trustee, at any time and from time to time,
may enter into one or more amendments hereto or to the Securities, for any of the following purposes:

 

(a)          to
convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities any property or assets;

 

(b)          to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
herein and in the Securities;

 

(c)          to
add to the covenants of the Company such further covenants, restrictions, conditions or provisions as the Company and the Trustee
shall consider to be for the protection of the Holders of Securities, and to make the occurrence, or the occurrence and continuance,
of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement
of all or any of the several remedies provided in this CVR Agreement as herein set forth; provided, that in respect of any
such additional covenant, restriction, condition or provision, such amendment may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate
enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may
limit the right of the Majority Holders to waive such an Event of Default;

 

(d)          to
cure any ambiguity, or to correct or supplement any provision herein or in the Securities which may be defective or inconsistent
with any other provision herein; provided, that such provisions shall not materially reduce the benefits of this CVR Agreement
or the Securities to the Holders;

 

(e)          to
make any other provisions with respect to matters or questions arising under this CVR Agreement; provided, that such provisions
shall not adversely affect the interests of the Holders;

 

(f)          to
make any amendments or changes necessary to comply or maintain compliance with the Trust Indenture Act, if applicable; or

 

(g)          make
any other change that does not adversely affect the interests of the Holders.

 

Promptly following any amendment of this
CVR Agreement or the Securities in accordance with this Section 6.1, the Trustee shall notify the Holders of the Securities
of such amendment; provided that any failure so to notify the Holders shall not affect the validity of such amendment.

 

Section 6.2           Amendments
with Consent of Holders. With the consent of the Majority Holders, by Act of said Holders delivered to the Company and the
Trustee, the Company (when authorized by a Board Resolution or the chief executive officer of the Company) and the Trustee may
enter into one or more amendments hereto or to the Securities for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this CVR Agreement or to the Securities or of modifying in any manner the rights of the
Holders under this CVR Agreement or to the Securities; provided, however, that no such amendment shall, without the
consent of the Holder of each Outstanding Security affected thereby:

 

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(a)          modify
in a manner adverse to the Holders (i) any provision contained herein with respect to the termination of this CVR Agreement or
the Securities, (ii) the time for payment and amount of the Milestone Payment, or otherwise extend the time for payment of the
Securities or reduce the amounts payable in respect of the Securities or modify any other payment term or payment date;

 

(b)          reduce
the number of CVRs, the consent of whose Holders is required for any such amendment; or

 

(c)          modify
any of the provisions of this Section 6.2, except to increase the percentage of Holders from whom consent or approval is
required or to provide that certain other provisions of this CVR Agreement cannot be modified or waived without the consent of
the Holder of each Security affected thereby.

 

It shall not be necessary
for any Act of Holders under this Section 6.2 to approve the particular form of any proposed amendment, but it shall be
sufficient if such Act shall approve the substance thereof.

 

Section 6.3           Execution
of Amendments. In executing any amendment permitted by this Article 6, the Trustee (subject to Section 4.1) shall
be fully protected in relying upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted
by this CVR Agreement. The Trustee shall execute any amendment authorized pursuant to this Article 6 if the amendment does
not adversely affect the Trustee’s own rights, duties or immunities under this CVR Agreement or otherwise. Otherwise, the
Trustee may, but need not, execute such amendment.

 

Section 6.4           Effect
of Amendments; Notice to Holders.

 

(a)          Upon
the execution of any amendment under this Article, this CVR Agreement and the Securities shall be modified in accordance therewith,
and such amendment shall form a part of this CVR Agreement and the Securities for all purposes; and every Holder of Securities
theretofore or thereafter authenticated, as applicable, and delivered hereunder shall be bound thereby.

 

(b)          Promptly
after the execution by the Company and the Trustee of any amendment pursuant to the provisions of this Article 6, the Company
shall mail a notice thereof by first class mail to the Holders of Securities at their addresses as they shall appear on the Security
Register, setting forth in general terms the substance of such amendment. Any failure of the Company to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such amendment.

 

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Section 6.5           Conformity
with Trust Indenture Act. Every amendment executed pursuant to this Article 6 shall conform to the applicable requirements
of the Trust Indenture Act, if any.

 

Section 6.6           Reference
in Securities to Amendments. If an amendment changes the terms of a Security, the Trustee may require the Holder of the Security
to deliver it to the Trustee. Global Securities authenticated and delivered after the execution of any amendment pursuant to this
Article 6 may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided
for in such amendment. If the Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee,
on the on hand, and the Board of Directors or the chief executive officer of the Company, on the other hand, to any such amendment
may be prepared and executed by the Company, as applicable, and authenticated, as applicable, and delivered by the Trustee in exchange
for Outstanding Securities. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of
such amendment.

 

Article
7 

COVENANTS

 

Section 7.1           Payment
of Amounts, if any, to Holders. The Company will duly and punctually pay the amounts, if any, on the Securities in accordance
with the terms of this CVR Agreement. Such amounts shall be considered paid on the Milestone Payment Date if on or prior to such
date the Company makes, or causes to be made, the payment required pursuant to Section 3.1(c) of this CVR Agreement. Notwithstanding
any other provision of this CVR Agreement, the Company or any of its Affiliates, the Trustee or the Paying Agent, shall be entitled
to deduct and withhold, or cause to be deducted and withheld, from any amounts payable or otherwise deliverable pursuant to this
CVR Agreement to any Person, such amounts as are required to be deducted and withheld therefrom under the Code, or any provision
of state, local or foreign Tax Law. To the extent that amounts are so deducted and withheld by the Company or any of its Affiliates,
the Trustee or the Paying Agent, such withheld amounts shall be (a) paid over to the applicable Governmental Entity in accordance
with applicable Law and (b) treated for all purposes of this CVR Agreement as having been paid to the Person in respect of which
such deduction and withholding was made by the Company or any of its Affiliates, the Trustee or the Paying Agent, as the case may
be. The consent of Holder shall not be required for any such withholding.

 

Section 7.2           Maintenance
of Office or Agency.

 

(a)          As
long as any of the Securities remain Outstanding, the Company will maintain in the Borough of Manhattan, The City of New York,
an office or agency (i) where Securities may be presented or surrendered for payment, (ii) where Securities may be surrendered
for registration of transfer or exchange and (iii) where notices and demands to or upon the Company in respect of the Securities
and this CVR Agreement may be served. The office or agency of the Trustee at [Address], New York, New York [Zip Code] shall be
such office or agency of the Company, unless the Company shall designate and maintain some other office or agency for one or more
of such purposes. The Company or any of its Subsidiaries may act as Paying Agent, registrar or transfer agent; provided that such
Person shall take appropriate actions to avoid the commingling of funds. The Company will give prompt written notice to the Trustee
of any change in the location of any such office or agency. If at any time the Company shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

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(b)          The
Company may from time to time designate one or more other offices or agencies (in or outside of The City of New York) where the
Securities may be presented or surrendered for any or all such purposes, and may from time to time rescind such designation; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office
or agency in the Borough of Manhattan, The City of New York for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and any change in the location of any such office or agency.

 

Section 7.3           Money
for Security Payments to Be Held in Trust.

 

(a)          If
the Company or any of its Subsidiaries shall at any time act as the Paying Agent, it will, on or before the Milestone Payment Date
segregate and hold in trust for the benefit of the Holders all sums held by such Paying Agent for payment on the Securities until
such sums shall be paid to the Holders as herein provided, and will promptly notify the Trustee of any default by the Company in
making payment on the Securities.

 

(b)          Whenever
the Company shall have one or more Paying Agents for the Securities, it will, on or before the Milestone Payment Date deposit with
a Paying Agent a sum in same day funds sufficient to pay the amount, if any, so becoming due; such sum to be held in trust for
the benefit of the Persons entitled to such amount, and (unless such Paying Agent is the Trustee) the Company will promptly notify
the Trustee of such action or any failure so to act.

 

(c)          The
Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section 7.3, that (i) such Paying Agent will hold
all sums held by it for the payment of any amount payable on Securities in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will notify the Trustee of the sums
so held and (ii) that it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities)
to make any payment on the Securities when the same shall be due and payable.

 

(d)          Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment on any Security and
remaining unclaimed for one year after the Milestone Payment Date shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money shall thereupon cease.

 

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Section 7.4           Certain
Purchases and Sales. Nothing contained herein shall prohibit the Company or any of its Subsidiaries or Affiliates from acquiring
in open market transactions, private transactions or otherwise, any Securities.

 

Section 7.5           Books
and Records. During the term of this Agreement and for a period of three (3) years after the Termination Date, the Company
shall use commercially reasonable efforts to keep, and shall cause its Subsidiaries to use commercially reasonable efforts to keep,
true, complete and accurate records in reasonably sufficient detail to enable the Holders to determine if the Company has complied
with its obligations under this CVR Agreement.

 

Section 7.6           Listing
of CVRs. The Company hereby covenants and agrees to use reasonable best efforts to cause the Securities to be approved for
listing (subject to notice of issuance) for trading on the New York Stock Exchange or other national securities exchange and will
use its reasonable best efforts to maintain such listing for so long as any CVRs remain Outstanding.

 

Section 7.7           Product
Transfer. If the Company or its Affiliates, directly or indirectly, by a sale or swap of assets, merger, reorganization, joint
venture, lease, license or any other transaction or arrangement, sells, transfers, conveys or otherwise disposes of its respective
rights in and to any Product to a third party (other than the Company or any of its Subsidiaries), then the applicable Milestone
for such Product (e.g., if the Product is BB2121, then the BB2121 Milestone) shall be deemed to have been satisfied for all purposes
under this CVR Agreement as of the earlier of the entry into a definitive agreement with respect to, and the consummation of, the
transaction or arrangement involving such sale, transfer, conveyance or other disposition; provided, that if such sale,
transfer, conveyance or other disposition is permitted by Section 9.1, then Section 9.1 shall govern. For the purposes
of clarification, and subject to Section 7.8, the Company may use contract research organizations, contract manufacturing
organizations, contract sales organizations, subcontractors and distributors in the ordinary course of business to perform research,
development, manufacturing and commercialization activities (including granting an appropriate sublicense to the extent necessary),
without triggering the applicable Milestone.

 

Section 7.8           Diligent
Efforts. The Company shall use Diligent Efforts to achieve the Milestone.

 

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Section 7.9          Confidentiality.
The Trustee and the Holders hereby agree that any confidential or non-public information they receive from or on behalf of the
Company or any Affiliate of the Company, which receipt arises out of the transactions contemplated by this CVR Agreement (the “Confidential
Information”), shall: (a) not be used for any purpose other than for purposes permitted under this CVR Agreement; (b)
not be used directly or indirectly in any way that is for competitive purposes; and (c) not be disclosed by, and be kept confidential
by, such Trustee and the Holders and its directors, officers, members, managers, employees, affiliates and agents (collectively,
“Representatives”); provided, however, that any such Confidential Information may be disclosed
only to their Representatives who (i) need to know such Confidential Information and (ii) are bound in writing to a non-disclosure
agreement no less restrictive than this Section 7.9. It is understood that such Representatives shall be informed by the
Trustee or the applicable Holder of the confidential nature of such Confidential Information, and that the Trustee or such Holder,
as applicable, shall be responsible for any disclosure or use made by its Representatives in breach of obligations under this CVR
Agreement to the same extent as if such disclosure or use had been made directly by the Trustee or such Holder, as applicable.
Each of the Trustee and the Holders will as soon as practicable notify the Company of any breach of this CVR Agreement of which
they become aware, and will use commercially reasonable efforts to assist and cooperate with the Company in minimizing the consequences
of such breach. “Confidential Information” shall not include any information that is (A) publicly available other than
because of or related to any disclosure by the Trustee or the Holders or any of their respective Representatives or (B) is lawfully
disclosed to the Trustee or Holders by sources (other than the Company or its Affiliates) rightfully in possession of the Confidential
Information on a non-confidential basis. If the Trustee, Holders or their respective Representatives are legally required or requested
to disclose any Confidential Information, they will in advance of such disclosure, unless otherwise prohibited by Law, promptly
notify the Company in writing of such request or requirement so that the Company may seek to avoid or minimize the required disclosure
and/or obtain an appropriate protective order or other appropriate relief to ensure that any Confidential Information so disclosed
is maintained in confidence to the maximum extent possible by the person receiving the disclosure, or, in the Company’s discretion,
to waive compliance with the provisions of this CVR Agreement. In any such case, the Trustee and the Holders agree to cooperate
and use reasonable efforts to avoid or minimize the required disclosure and/or obtain such protective order or other relief. If,
in the absence of a protective order or the receipt of a waiver hereunder, the Trustee, Holders or their respective Representatives
are legally obligated to disclose any Confidential Information, they will disclose only so much thereof to the party compelling
disclosure as they believe in good faith, on the basis of advice of counsel, is required by Law. The Trustee and Holders shall
give the Company prior written notice of the specific Confidential Information that they believe they are required to disclose
under such circumstances. All Confidential Information disclosed by or on behalf of the Company or any of its Affiliates shall
be, and shall remain, the property of the Company or such Affiliate.

 

Section 7.10         Non-Use
of Name. Neither the Trustee nor the Holders shall use the name, trademark, trade name, or logo of the Company, its Affiliates
or their respective employees, agents or representatives in any publicity or news release relating to this CVR Agreement or its
subject matter, without the prior express written permission of the Company.

 

Section 7.11         Notice
of Default. The Company shall file with the Trustee written notice of the occurrence of any Event of Default or other default
under this CVR Agreement within five (5) Business Days of its becoming aware of such Event of Default or other default.

 

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Article
8 

REMEDIES OF THE TRUSTEE AND HOLDERS

ON EVENT OF DEFAULT

 

Section 8.1           Event
of Default Defined; Waiver of Default. “Event of Default” with respect to the Securities, means each one
of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of Law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body):

 

(a)          default
in the payment by the Company pursuant to the terms of this CVR Agreement of all or any part of the Milestone Payment after a period
of ten (10) Business Days after the Milestone Payment shall become due and payable on the Milestone Payment Date; or

 

(b)          material
default in the performance, or breach in any material respect, of any covenant or warranty of the Company in respect of the Securities
(other than a covenant or warranty in respect of the Securities, a default in whose performance or whose breach is elsewhere in
this Section 8.1 specifically dealt with), and continuance of such default or breach for a period of ninety (90) days after
there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Majority
Holders, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or

 

(c)          a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary
case under any applicable bankruptcy, insolvency or other similar Law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee or sequestrator (or similar official) of the Company or for any substantial part of its property or
ordering the winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period
of ninety (90) consecutive days; or

 

(d)          the
Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar Law now or hereafter in effect,
or consent to the entry of an order for relief in an involuntary case under any such Law, or consent to the appointment of or taking
possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Company or for
any substantial part of its property, or make any general assignment for the benefit of creditors.

 

If an Event of Default
described above occurs and is continuing, then, and in each and every such case, either the Trustee by notice in writing to the
Company or the Trustee upon the written request of the Majority Holders by notice in writing to the Company (and to the Trustee
if given by the Majority Holders), shall bring suit to protect the rights of the Holders, including to obtain payment for any amounts
then due and payable, which amounts shall bear interest at the Default Interest Rate from the date such amounts were due and payable
hereunder until payment is made to the Trustee.

 

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The foregoing provisions
of this Section 8.1, however, are subject to the condition that if, at any time after the Trustee shall have begun such
suit, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided,
the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all amounts which shall have become due (with interest
upon such overdue amount at the Default Interest Rate to the date of such payment or deposit) and such amount as shall be sufficient
to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred
and all advances made, by the Trustee, and if any and all Events of Default under this CVR Agreement shall have been cured, waived
or otherwise remedied as provided herein, then and in every such case the Majority Holders, by written notice to the Company and
to the Trustee, may waive all defaults with respect to the Securities, but no such waiver or rescission and annulment shall extend
to or shall affect any subsequent default or shall impair any right consequent thereof.

 

Section 8.2           Collection
by the Trustee; the Trustee May Prove Payment Obligations. The Company covenants that in case default shall be made in
the payment of all or any part of the Securities when the same shall have become due and payable, whether at the Milestone Payment
Date or otherwise, then upon demand of the Trustee, the Company will pay to the Trustee for the benefit of the Holders of the Securities
the whole amount that then shall have become due and payable on all Securities (with interest from the date due and payable to
the date of such payment upon the overdue amount at the Default Interest Rate); and in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each
predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances
made, by the Trustee and each predecessor Trustee, except as a result of its negligence, bad faith or willful misconduct.

 

The Trustee may in
its discretion proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this CVR Agreement or in aid of the exercise of any power granted herein, or to enforce any other remedy.

 

In case the Company
shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any action or proceedings at Law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final
decree against the Company or other obligor upon such Securities and collect in the manner provided by Law out of the property
of the Company or other obligor upon such Securities, wherever situated, the moneys adjudged or decreed to be payable.

 

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In any judicial proceedings
relative to the Company or other obligor upon the Securities, irrespective of whether any amount is then due and payable with respect
to the Securities, the Trustee is authorized:

 

(a)          to
file and prove a claim or claims for the whole amount owing and unpaid in respect of the Securities, and to file such other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation
to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses
and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence,
bad faith or willful misconduct) and of the Holders allowed in any judicial proceedings relative to the Company or other obligor
upon the Securities, or to their respective property;

 

(b)          unless
prohibited by and only to the extent required by applicable Law, to vote on behalf of the Holders in any election of a trustee
or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing
similar functions in comparable proceedings; and

 

(c)          to
collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received
with respect to the claims of the Holders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian
or other similar official is hereby authorized by each of the Holders to make payments to the Trustee, and, in the event that the
Trustee shall consent to the making of payments directly to the Holders, to pay to the Trustee such amounts as shall be sufficient
to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result
of its negligence, bad faith or willful misconduct, and all other amounts due to the Trustee or any predecessor Trustee pursuant
to Section 4.6. To the extent that such payment of reasonable compensation, expenses, disbursements, advances and other
amounts out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien
on, and shall be paid out of, any and all distributions, dividends, moneys, securities and other property which the Holders may
be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities, or the rights of any Holder thereof, or
to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding except, as aforesaid, to vote for
the election of a trustee in bankruptcy or similar person.

 

All rights of action
and of asserting claims under this CVR Agreement, or under any of the Securities, may be enforced by the Trustee without the possession
of any of the Securities or the production thereof and any trial or other proceedings instituted by the Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit
of the Holders.

 

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In any proceedings
brought by the Trustee (and also any proceedings involving the interpretation of any provision of this CVR Agreement to which the
Trustee shall be a party) the Trustee shall be held to represent all the Holders, and it shall not be necessary to make any Holders
of such Securities parties to any such proceedings.

 

Section 8.3           Application
of Proceeds. Any monies collected by the Trustee pursuant to this Article 8 in respect of any Securities shall be applied
in the following order at the date or dates fixed by the Trustee upon presentation of the several Securities in respect of which
monies have been collected and stamping (or otherwise noting) thereon the payment in exchange for the presented Securities if only
partially paid or upon surrender thereof if fully paid:

 

FIRST: To the payment of costs
and expenses in respect of which monies have been collected, including reasonable compensation to the Trustee and each predecessor
Trustee and their respective agents and attorneys and of all expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee, except as a result of its negligence, bad faith or willful misconduct, and all other amounts due
to the Trustee or any predecessor Trustee pursuant to Section 4.7;

 

SECOND: To the payment of the
whole amount then owing and unpaid upon all the Securities, with interest at the Default Interest Rate on all such amounts, and
in case such monies shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities, then to the payment
of such amounts without preference or priority of any security over any other Security, ratably to the aggregate of such amounts
due and payable; and

 

THIRD: To the payment of the
remainder, if any, to the Company or any other person lawfully entitled thereto.

 

Section 8.4          Suits
for Enforcement. In case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this CVR Agreement by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any of such rights, either at Law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in this CVR Agreement or in aid of the exercise of
any power granted in this CVR Agreement or to enforce any other legal or equitable right vested in the Trustee by this CVR Agreement
or by Law.

 

Section 8.5           Restoration
of Rights on Abandonment of Proceedings. In case the Trustee or any Holder shall have proceeded to enforce any right under
this CVR Agreement and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined
adversely to the Trustee or to such Holder, then and in every such case the Company and the Trustee and the Holders shall be restored
respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and
the Holders shall continue as though no such proceedings had been taken.

 

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Section 8.6           Limitations
on Suits by Holders. Subject to the rights of the holders under Section 8.7, no Holder of any Security shall have any
right by virtue or by availing of any provision of this CVR Agreement to institute any action or proceeding at Law or in equity
or in bankruptcy or otherwise upon or under or with respect to this CVR Agreement, or for the appointment of a trustee, receiver,
liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given
to the Trustee written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Majority
Holders shall have made written request upon the Trustee to institute such action or proceedings in its own name as trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to
be incurred therein or thereby and the Trustee for fifteen (15) days after its receipt of such notice, request and offer of indemnity
shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have
been given to the Trustee pursuant to Section 8.9. For the protection and enforcement of the provisions of this Section
8.6, each and every Holder and the Trustee shall be entitled to such relief as can be given either at Law or in equity.

 

Section 8.7           Unconditional
Right of Holders to Institute Certain Suits. Notwithstanding any other provision in this CVR Agreement and any provision of
any Security, the right of any Holder of any Security to receive payment of the amounts payable in respect of such Security on
or after the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section 8.8           Powers
and Remedies Cumulative; Delay or Omission Not Waiver of Default.

 

(a)          Except
as provided in Section 8.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by Law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at Law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other appropriate right or remedy.

 

(b)          No
delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default
or an acquiescence therein; and, subject to Section 8.6, every power and remedy given by this CVR Agreement or by Law to
the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or
by the Holders.

 

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Section 8.9           Control
by Holders.

 

(a)          The
Majority Holders shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any power conferred on the Trustee with respect to the Securities by this CVR Agreement; provided
that such direction shall not be otherwise than in accordance with Law and the provisions of this CVR Agreement; and provided
further that (subject to the provisions of Section 4.1) the Trustee shall have the right to decline to follow any such
direction if the Trustee, being advised by counsel, shall determine that the action or proceeding so directed may not lawfully
be taken or if the Trustee in good faith by its board of directors, the executive committee, or a committee of directors or Responsible
Officers of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal liability
or if the Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such direction
would be unduly prejudicial to the interests of Holders of the Securities not joining in the giving of said direction.

 

(b)          Nothing
in this CVR Agreement shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and
which is not inconsistent with such direction or directions by Holders.

 

Section 8.10         Waiver
of Past Defaults.

 

(a)          In
the case of a default or an Event of Default specified in clause (b), (c) or (d) of Section 8.1, the Majority Holders may
waive any such default or Event of Default, and its consequences except a default in respect of a covenant or provisions hereof
which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver,
the Company, the Trustee and the Holders of the Securities shall be restored to their former positions and rights hereunder, respectively;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

(b)          Upon
any such waiver, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of
Default arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this CVR Agreement;
but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

 

Section 8.11         The
Trustee to Give Notice of Default, But May Withhold in Certain Circumstances. The Trustee shall transmit to the Holders, as
the names and addresses of such Holders appear on the Security Register (as provided under Section 313(c) of the Trust Indenture
Act, if applicable), notice by mail of all defaults which have occurred and are known to the Trustee, such notice to be transmitted
within ninety (90) days after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice
(the term “default” for the purposes of this Section being hereby defined to mean any event or condition which is,
or with notice or lapse of time or both would become, an Event of Default); provided that, except in the case of default in the
payment of the amounts payable in respect of any of the Securities, the Trustee shall be protected in withholding such notice if
and so long as the board of directors, the executive committee, or a trust committee of directors or trustees and/or Responsible
Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

 

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Section 8.12         Right
of Court to Require Filing of Undertaking to Pay Costs. All Parties to this CVR Agreement agree, and each Holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this CVR Agreement or in any suit against the Trustee for any action taken, suffered or omitted by
it as the Trustee, the filing by any party litigant in such suit of an undertaking to pay the reasonable out-of-pocket costs of
such suit, and that such court may in its discretion assess reasonable out-of-pocket costs, including reasonable out-of-pocket
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 8.12 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than ten percent (10%) of the
Securities Outstanding or to any suit instituted by any Holder for the enforcement of the payment of any Security on or after the
due date expressed in such Security.

 

Article
9 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section 9.1           Company
May Consolidate, etc., on Certain Terms. The Company covenants that it will not merge or consolidate with or into any other
Person or sell or convey all or substantially all of its assets to any Person, unless (a) either (i) the Company shall be the continuing
Person or (ii) the successor Person, or the Person that acquires by sale or conveyance substantially all the assets of the Company
shall be a Person organized under the Laws of the United States of America or any State thereof, any member of the European Union
or the United Kingdom and shall expressly assume, by an assignment and assumption agreement, executed and delivered to the Trustee,
in substantially the form attached hereto as Annex B, the due and punctual payment of the Milestone Payment and the due
and punctual performance and observance of all covenants and conditions of this CVR Agreement to be performed or observed by the
Company and (b) the Company, such successor Person or Person that acquires by sale or conveyance substantially all the assets of
the Company, as the case may be, shall not, immediately after such merger or consolidation, or such sale or conveyance, be in default
in the performance of any such covenant or condition in any material respect.

 

Section 9.2           Successor
Person Substituted.

 

(a)          In
case of an assumption pursuant to Section 9.1(a)(ii), such assuming Person shall succeed to and be substituted for the Company
with the same effect as if it had been named herein. Such assuming Person may cause to be signed, and may issue either in its own
name (or, if it is the successor to the Company or substantially all assets of the Company, in the name of the Company prior to
such succession) any or all of the Securities issuable hereunder, in the case of Global Securities, which theretofore shall not
have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation instead of the
Company and subject to all the terms, conditions and limitations in this CVR Agreement prescribed, the Trustee shall authenticate
and shall deliver any Securities which previously shall have been signed and delivered to the Trustee for authentication, and any
Securities which such assuming Person thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of
the Securities so issued shall in all respects have the same legal rank and benefit under this CVR Agreement as the Securities
theretofore or thereafter issued in accordance with the terms of this CVR Agreement as though all of such Securities had been issued
at the date of the execution hereof.

 

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(b)          In
case of any such assumption, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter
to be issued as may be appropriate.

 

(c)          In
the event of any such assumption, the assigning Person shall be discharged from all obligations and covenants under this CVR Agreement
and the Securities and may be liquidated and dissolved.

 

Section 9.3           Opinion
of Counsel to the Trustee. The Trustee, subject to the provisions of Sections 4.1 and 4.2, shall receive an Officer’s
Certificate and Opinion of Counsel, prepared in accordance with Section 1.2 and Section 1.3, as conclusive evidence
that any such consolidation, merger, sale or conveyance, and any such assumption, and any such liquidation or dissolution, complies
with the applicable provisions of this CVR Agreement, and if a supplemental agreement is required in connection with such transaction,
such supplemental agreement complies with this Article and that there has been compliance with all conditions precedent herein
provided for or relating to such transaction.

 

Section 9.4           Successors.
All covenants, provisions and agreements in this CVR Agreement by or for the benefit of the Company, the Trustee or the Holders
shall bind and inure to the benefit of their respective successors, assigns, heirs and personal representatives, whether so expressed
or not. The Company may assign this CVR Agreement without the prior written consent of the other Parties to this CVR Agreement
to one or more of its direct or indirect Subsidiaries, provided, however, that, subject to Section 9.2(a)
and (b), in the event of any such assignment the Company shall remain subject to its obligations and covenants hereunder,
including but not limited to its obligation to make the Milestone Payment.

 

Article
10 

SUBORDINATION

 

Section 10.1         Agreement
to Subordinate. The Company agrees, and each Holder by accepting a Security hereunder agrees, that the Milestone Payment, all
other obligations under this CVR Agreement and the Securities and any rights or claims relating thereto (collectively, the “Junior
Obligations”) are subordinated in right of payment, to the extent and in the manner provided in this Article 10,
to the prior payment in full in cash or cash equivalents of all Senior Obligations of the Company (whether outstanding on the date
hereof or hereafter created, incurred, assumed or guaranteed), and that the subordination is for the benefit of the holders of
such Senior Obligations.

 

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Section 10.2         Liquidation;
Dissolution; Bankruptcy. Upon any distribution to creditors of the Company in a liquidation or dissolution of the Company or
in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property, in an
assignment for the benefit of creditors or any marshaling of the Company’s assets and liabilities:

 

(a)          holders
of Senior Obligations will be entitled to receive payment in full in cash or cash equivalents of all Senior Obligations of the
Company (including interest after the commencement of any bankruptcy proceeding at the rate specified in the applicable Senior
Obligation, whether or not permitted under such bankruptcy proceedings) before the Holders will be entitled to receive any payment
of any kind with respect to the Junior Obligations; and

 

(b)          until
all Senior Obligations of the Company (as provided in clause (a) above) are paid in full in cash or cash equivalents, any distribution
to which Holders would be entitled but for this Article 10 will be made to holders of Senior Obligations of the Company,
as their interests may appear.

 

Section 10.3         Default
on Senior Obligations. The Company may not make any payment or distribution to any Holder in respect of Junior Obligations
or acquire from any Holder for cash or property any Junior Obligations:

 

(a)          if
any default on any Senior Obligations exceeding twenty-five million dollars ($25,000,000) in aggregate principal amount would occur
as a result of such payment, distribution or acquisition;

 

(b)          during
the continuance of any payment default in respect of any Senior Obligations (after expiration of any applicable grace period) exceeding
twenty-five million dollars ($25,000,000) in aggregate principal amount;

 

(c)          if
the maturity of any Senior Obligations representing more than twenty-five million dollars ($25,000,000) in aggregate principal
amount is accelerated in accordance with its terms and such acceleration has not been rescinded; or

 

(d)          following
the occurrence of any default (other than a payment default, and after the expiration of any applicable grace period) with respect
to any Senior Obligations with an aggregate principal amount of more than twenty-five million dollars ($25,000,000), the effect
of which is to permit the holders of such Senior Obligations (or a trustee or agent acting on their behalf) to cause, with the
giving of notice if required, the maturity of such Senior Obligations to be accelerated, for a period commencing upon the receipt
by the Trustee (with a copy to the Company) of a written notice of such default from the representative of the holders of such
Senior Obligations and ending when such Senior Obligations are paid in full in cash or cash equivalents or, if earlier, when such
default is cured or waived.

 

    42

     

    

 

Section 10.4         When
Distribution Must Be Paid Over.

 

(a)          In
the event that the Trustee or any Holder receives any payment of any Junior Obligations at a time when such payment is prohibited
by this Article 10, such payment will be held by the Trustee or such Holder, in trust for the benefit of, and will be paid
forthwith over and delivered, upon written request, to, the holders of Senior Obligations of the Company as their interests may
appear or their representative under the agreement, indenture or other document (if any) pursuant to which such Senior Obligations
may have been issued, as their respective interests may appear, for application to the payment of all such Senior Obligations remaining
unpaid to the extent necessary to pay such Senior Obligations in full in accordance with their terms, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Obligations.

 

(b)          Any
amount received by any Holder as a result of direct or indirect credit support for the Junior Obligations from any Affiliate of
the Company shall be treated as payments received by such Holder from the Company that are subject to the provisions of this Article
10.

 

(c)          With
respect to the holders of Senior Obligations, the Trustee undertakes to perform only those obligations on the part of the Trustee
as are specifically set forth in this Article 10, and no implied covenants or obligations with respect to the holders of
Senior Obligations will be read into this CVR Agreement against the Trustee. The Trustee will not be deemed to owe any fiduciary
duty to the holders of Senior Obligations, and will not be liable to any such holders if the Trustee pays over or distributes to
or on behalf of Holders or the Company or any other Person money or assets to which any holders of Senior Obligations are then
entitled by virtue of this Article 10, except if such payment is made as a result of the willful misconduct or gross negligence
of the Trustee.

 

Section 10.5         Notice
by Company. The Company will promptly notify the Trustee of any facts known to the Company that would cause a payment of any
Junior Obligations to violate this Article 10, but failure to give such notice will not affect the subordination of the
Junior Obligations to the Senior Obligations as provided in this Article 10.

 

Section 10.6         Subordination
Effective Notwithstanding Deficiencies with Respect to Senior Obligations: Waiver of Right to Contest Senior Obligation: Reinstatement
of Subordination Provisions.

 

(a)          The
Holders hereby agree that subordination provisions contained in this Article 10 are unconditional, irrespective of the validity,
regularity or enforceability of the Senior Obligations, the absence of any action to enforce the same, any waiver or consent by
any holder of Senior Obligations with respect to any provisions thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense.
Without limiting the foregoing, and notwithstanding anything to the contrary contained elsewhere in this CVR Agreement, in the
event that the amount of Senior Obligations are reduced or diminished for any reason (other than as a result of the payment in
cash or cash equivalents thereof), whether because of the applicability of fraudulent conveyance or other applicable Laws, or any
other invalidity or limitation on the amount of Senior Obligations, the subordination provisions thereof shall apply to the full
amount of Senior Obligations (without giving effect to any reduction, invalidity or diminution thereof), and the turnover provisions
hereunder shall be fully enforceable with respect to the full amount of Senior Obligations (without giving effect to any such reduction,
invalidity or diminution thereof), even if the effect thereof is that there will be no (or a limited amount of) Senior Obligations
to which the Junior Obligations are subrogated after the payment in full in cash of any of the remaining Senior Obligations (without
giving effect to any reductions, invalidity or diminution thereof, except for reductions as a result of payments thereof in cash
or cash equivalents).

 

    43

     

    

 

(b)          The
Trustee and the Holders agree that they shall not (and hereby waive any right to) take any action to contest or challenge (or assist
or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including
in any proceeding commenced by or against any Person under any provision of Title 11 of the United States Code, as now and hereinafter
in effect, or any successor statute or under any other state or federal bankruptcy or insolvency Law, assignments for the benefit
of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization,
arrangement, or other similar relief), the validity or enforceability of the Senior Obligations.

 

(c)          If
any payment made or in respect to the Senior Obligations must be disgorged or returned for any reason, the Senior Obligations shall
be reinstated hereunder and for all purposes of this Article 10 (including the turnover provisions hereof) such payment
shall be deemed to have never been made with respect to the Senior Obligations.

 

Section 10.7         Subrogation.
After all Senior Obligations are paid in full in cash or cash equivalents and until the Junior Obligations are paid in full, Holders
will be subrogated to the rights of holders of Senior Obligations to receive distributions applicable to Senior Obligations to
the extent that distributions otherwise payable to the Holders have been applied to the payment of Senior Obligations. The Holders
by accepting the Securities acknowledge that to the extent that the Senior Obligations are determined to be unenforceable, or the
Senior Obligations are subordinated to other obligations of the Company, such subrogation rights may be impaired.

 

Section 10.8         Relative
Rights. This Article 10 defines the relative rights of Holders and holders of Senior Obligations. Nothing in this CVR
Agreement will:

 

(a)          impair,
as between the Company and Holders, the obligations of the Company under this CVR Agreement and the Securities; or

 

(b)          affect
the relative rights of Holders and creditors of the Company other than their rights in relation to holders of Senior Obligations.

 

    44

     

    

 

(c)          If
the Company fails because of this Article 10 to pay any amounts due in respect of the Securities on a due date in violation
of Section 8.1, the failure is still an Event of Default.

 

Section 10.9         Subordination
May Not Be Impaired by Company. No right of any holder of Senior Obligations to enforce the subordination of the Junior Obligations
may be impaired by any act or failure to act by the Company or any Holder or by the failure of the Company or any Holder to comply
with this CVR Agreement.

 

Section 10.10       Distribution
or Notice to Representative. Whenever a distribution is to be made or a notice given to holders of Senior Obligations, the
distribution may be made and the notice given to their representative in accordance with the terms of the instrument or other agreement
governing such Senior Obligations. Upon any payment or distribution of assets of the Company referred to in this Article 10,
the Trustee and the Holders will be entitled to rely upon any order or decree made by any court of competent jurisdiction or upon
any certificate of such representative or of the liquidating trustee or agent or other Person making any distribution to the Trustee
or to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the
Senior Obligations and other obligations of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article 10.

 

Section 10.11       Rights
of the Trustee. Notwithstanding the provisions of this Article 10 or any other provision of this CVR Agreement, the
Trustee will not be charged with knowledge of the existence of any facts that would prohibit the making of any payment or distribution
by the Trustee, and the Trustee may continue to make payments on the Securities, unless the Trustee has received at its address
for notice specified in Section 1.5 at least five (5) Business Days prior to the date of such payment written notice of
facts that would cause the payment of any Junior Obligations to violate this Article 10. Only the Company or a representative
of Senior Obligations may give the notice. Nothing in this Article 10 will impair the claims of, or payments to, the Trustee
under or pursuant to Section 4.7. The Trustee in its individual or any other capacity may hold Senior Obligations with the
same rights it would have if it were not the Trustee.

 

Section 10.12       Authorization
to Effect Subordination. Each Holder, by the Holder’s acceptance of the Securities, authorizes and directs the Trustee
on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided
in this Article 10, and appoints the Trustee to act as such Holder’s attorney-in-fact for any and all such purposes.
If the Trustee (or any other Person acting on behalf of and at the direction of the Majority Holders) does not file a proper proof
of claim or proof of debt in the form required in any proceeding referred to in Section 8.2 hereof at least thirty (30)
days before the expiration of the time to file such claim, the representatives of the Senior Obligations are hereby authorized
to file an appropriate claim for and on behalf of the Holders of the Securities.

 

Section 10.13       Amendments.
The provisions of this Article 10 are expressly made for the benefit of the holders from time to time of the Senior Obligations,
and may not be amended or modified without the written consent of the representatives of the holders of all Senior Obligations.

 

[Signature Page Follows]

 

    45

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
caused this CVR Agreement to be duly executed, all as of the day and year first above written.

 

	 	BRISTOL-MYERS SQUIBB COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[____________], as the Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to CVR Agreement]

 

     

     

    

 

ANNEX A

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE CONTINGENT VALUE RIGHTS AGREEMENT (THE “CVR AGREEMENT”) HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE CVR AGREEMENT, 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 THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
CVR AGREEMENT.

 

UNLESS AND UNTIL IT
IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DIRECT REGISTRATION FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT 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 OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”)
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

BRISTOL-MYERS
SQUIBB COMPANY

 

	No.	Certificate for	Contingent Value Rights
	CUSIP	[________]	 

 

This certifies that
__________, or registered assigns (the “Holder”), is the registered holder of the number of Contingent Value
Rights (“CVRs” or “Securities”) set forth above. Each CVR entitles the Holder, subject to
the provisions contained herein and in the CVR Agreement referred to on the reverse hereof, to payments from Bristol-Myers Squibb
Company, a Delaware corporation (the “Company”), in an amounts and in the forms determined pursuant to the provisions
set forth on the reverse hereof and as more fully described in the CVR Agreement referred to on the reverse hereof. Such payments
shall be made by the Company on the Milestone Payment Date, as defined in the CVR Agreement referred to on the reverse hereof,
in accordance with the terms of the CVR Agreement.

 

    	 	A-1	 

     

    

 

Payment of any amounts
pursuant to this CVR certificate shall be made only to the registered Holder (as defined in the CVR Agreement) of this CVR certificate.
Such payment shall be made in the Borough of Manhattan, The City of New York, or at any other office or agency maintained by the
Company for such purpose, in such coin or currency of the United States of America as at the time is legal tender for the payment
of public and private debts; provided, however, the Company may pay such amounts by wire transfer or check payable in such
money. [Trustee] has been initially appointed as Paying Agent at its office or agency in the Borough of Manhattan, The City of
New York.

 

Reference is hereby made to the further
provisions of this CVR certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of authentication
hereon has been duly executed by the Trustee referred to on the reverse hereof by manual signature, this CVR certificate shall
not be entitled to any benefit under the CVR Agreement, or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated:[•]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Form
of Reverse of CVR certificate]

 

1.          This
CVR certificate is issued under and in accordance with the Contingent Value Rights Agreement, dated as of [______], [____] (the
“CVR Agreement”), between the Company and [Trustee], a [_______], as trustee (the “Trustee,”
which term includes any successor Trustee under the CVR Agreement), and is subject to the terms and provisions contained in the
CVR Agreement, to all of which terms and provisions the Holder of this CVR certificate consents by acceptance hereof. The CVR Agreement
is hereby incorporated herein by reference and made a part hereof. Reference is hereby made to the CVR Agreement for a full statement
of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the Trustee and
the Holders of the CVRs. All capitalized terms used in this CVR certificate without definition shall have the respective meanings
ascribed to them in the CVR Agreement. Copies of the CVR Agreement can be obtained by contacting the Trustee.

 

2.          On
the Milestone Payment Date, the Company shall make the payments required by Section 3.1(c) of the CVR Agreement to the Trustee,
for further distribution by the Trustee to the Holders in accordance with Section 3.1(c) of the CVR Agreement.

 

3.          In
the event of any conflict between this CVR certificate and the CVR Agreement, the CVR Agreement shall govern and prevail.

 

    	 	A-2	 

     

    

 

4.          The
Milestone Payment, if any, and interest thereon, if any, shall be payable by the Company in such coin or currency of the United
States of America as at the time is legal tender for the payment of public and private debts; provided, however,
that such amounts may be paid check or wire transfer payable in such money. [Trustee] has been initially appointed as Paying Agent
at its office or agency in the Borough of Manhattan, The City of New York.

 

5.          If
an Event of Default occurs and is continuing, either the Trustee may or the Majority Holders, by notice to the Company and to the
Trustee shall bring suit in accordance with the terms and conditions of the CVR Agreement to protect the rights of the Holders,
including to obtain payment of all amounts then due and payable, with interest at the Default Interest Rate from the date of the
Event of Default through the date payment is made or duly provided for.

 

6.          No
reference herein to the CVR Agreement and no provision of this CVR certificate or of the CVR Agreement shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay any amounts determined pursuant to the terms hereof and
of the CVR Agreement at the times, place and amount, and in the manner, herein prescribed.

 

7.          Each
Milestone Payment or any other right, claim or payment of any kind under this CVR certificate, if any, shall be subordinated in
right of payment, as set forth in Article 10 of the CVR Agreement, to the prior payment in full in cash or cash equivalents of
all Senior Obligations whether outstanding on the date of the CVR Agreement or thereafter incurred.

 

8.          As
provided in the CVR Agreement and subject to certain limitations therein set forth, the transfer of the CVRs represented by this
CVR certificate is registrable on the Security Register, upon surrender of this CVR certificate for registration of transfer at
the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of New York, 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 his attorney duly authorized in writing, and thereupon one or more new CVR certificates or Direct Registration
Securities, for the same amount of CVRs, will be issued to the designated transferee or transferees. The Company hereby initially
designates the office of [Trustee] at [Address], New York, New York [Zip Code] as the office for registration of transfer of this
CVR certificate.

 

9.          As
provided in the CVR Agreement and subject to certain limitations therein set forth, this CVR certificate is exchangeable for one
or more CVR certificates or Direct Registration Securities representing the same number of CVRs as represented by this CVR certificate
as requested by the Holder surrendering the same.

 

10.         No
service charge will be made for any registration of transfer or exchange of CVRs, but the Company may require payment of a sum
sufficient to cover all documentary, stamp or similar issue or transfer taxes or other governmental charges payable in connection
with any registration of transfer or exchange.

 

11.         Prior
to the time of due presentment of this CVR certificate for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name this CVR certificate is registered as the owner hereof for all purposes,
and neither the Company, the Trustee nor any agent shall be affected by notice to the contrary.

 

    	 	A-3	 

     

    

 

12.         Neither
the Company nor the Trustee has any duty or obligation to the holder of this CVR certificate, except as expressly set forth herein
or in the CVR Agreement.

 

    	 	A-4	 

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Global Securities referred
to in the within-mentioned CVR Agreement.

 

[__________], as the Trustee

 

Dated:[•]

 

	 	By:	 
	 	 	Authorized Signatory

 

    	 	A-5	 

     

    

 

Annex
B

 

Form of Assignment
and Assumption Agreement

 

ASSIGNMENT AND ASSUMPTION
AGREEMENT, made as of [_____], [_____] (this “Agreement”), between Bristol-Myers Squibb Company, a Delaware
corporation (“Assignor”), and [_____], a [___] (“Assignee”). Unless otherwise defined herein,
capitalized terms used in this Agreement shall have the meanings given to them in the CVR Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, Assignor and
[Trustee], as trustee (the “Trustee”) are parties to a Contingent Value Rights Agreement dated as of [____],
[_____] (the “CVR Agreement”); and

 

WHEREAS, Assignor and
Assignee desire to execute and deliver this Agreement evidencing the assignment to Assignee of due and punctual payment of the
Milestone Payment and the performance and observance of every covenant of the CVR Agreement of Assignor to be performed and observed
and the assumption thereof by Assignee.

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
Assignor and Assignee hereby agree as follows:

 

		1.	Assignment. Effective as of [______] (the “Assignment
Date”), Assignor hereby assigns to Assignee, and Assignee hereby accepts the assignment of, the due and punctual payment
of the Milestone Payment and the performance and observance of all covenants and conditions of the CVR Agreement on the part of
Assignor to be performed or observed.

 

		2.	Assumption. Effective as of the Assignment Date,
Assignee hereby assumes the due and punctual payment of the Milestone Payment and the performance and observance of all covenants
and conditions of the CVR Agreement on the part of Assignor to be performed or observed.

 

		3.	Successors and Assigns. This Agreement shall be
binding upon and shall inure to the benefit of the respective parties hereto and their respective successors and assigns.

 

		4.	Governing Law. This Agreement shall be governed
by, construed and enforced in accordance with the laws of New York, without giving effect to the principles of conflicts of laws
thereof.

 

		5.	Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same
instrument.

 

    	 	B-1	 

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed, all as of the day and year first above written.

 

	 	BRISTOL-MYERS SQUIBB COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[ASSIGNEE]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	B-2Exhibit 10.2

 

CELGENE CORPORATION

 

 

Executive Severance Plan

(Effective December 17, 2018)

 

 

1.          Purpose.
The purpose of this Celgene Corporation Executive Severance Plan (this “Plan”) is to provide certain Severance
Payments and Benefits (as defined below) to designated key executives and employees of the Company in the event of a termination
of their employment in certain specified circumstances. This Plan has been adopted in the form set forth herein effective as of
December 17, 2018 (the “Effective Date”). This Plan is intended to be a top hat welfare benefit plan under ERISA.

 

2.          Definitions.
The following definitions are applicable for purposes of this Plan, in addition to terms defined in Section 1 above:

 

a)         “Accrued
Obligations” means, for an Eligible Employee, the Eligible Employee’s (i) base salary otherwise payable through
the Date of Termination, (ii) any annual cash bonus earned by the Eligible Employee for a prior fiscal year but not paid to the
Eligible Employee as of the Date of Termination, (iii) unreimbursed business expenses reimbursable under Company policies then
in effect, and (iv) earned and accrued vacation pay, if applicable, to the extent not theretofore paid.

 

b)         “Affiliate”
means with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, the specified Person.

 

c)         “Base
Severance Amount” means, for an Eligible Employee, the sum of (i) the greater of (1) the Eligible Employee’s annual
base salary as of the Date of Termination (disregarding any reduction thereto that serves as the basis for the Eligible Employee’s
resignation for Good Reason) and (2) to the extent applicable, the Eligible Employee’s annual base salary at the time of
the first occurrence of a Change in Control within the two (2) years preceding the Date of Termination, plus (ii) the greater of
(1) the Eligible Employee’s target annual cash incentive opportunity for the fiscal year of the Company during which the
Date of Termination occurs (disregarding any reduction thereto that serves as the basis for the Eligible Employee’s resignation
for Good Reason) and (2) to the extent applicable, the Eligible Employee’s target annual cash incentive opportunity for the
fiscal year of the Company during which a Change in Control first occurs within the two (2) years preceding the Date of Termination
(such greater amount, the “Target Bonus”).

 

d)         “Benefit
Continuation Period” means, for an Eligible Employee, the period commencing on the Eligible Employee’s Date of
Termination and ending on the expiration of the Eligible Employee’s Severance Continuation Period.

 

e)         “Benefit
Plans” means all medical, dental and vision benefit plans of the Company, as may be in effect from time to time.

 

f)          “Board”
means the Board of Directors of Celgene Corporation.

 

     

     

    

 

g)         “Cause”
means (i) at any time at which clause (ii) of this Section 2(g) does not apply, an Eligible Employee’s dishonesty, fraud,
insubordination, willful misconduct, refusal to perform services (for any reason other than illness or incapacity), material violation
of Company policy, material breach of an employment or similar agreement, misappropriation of Company property, or materially unsatisfactory
performance of his or her duties for the Company that has not been cured within ten (10) days after a written demand for substantial
performance is delivered to the Eligible Employee by the Committee (or its designee), which demand specifically identifies the
manner in which the Committee believes that the Eligible Employee has not substantially performed the Eligible Employee’s
duties, in each case as determined by the Committee or (ii) on or within two years following the date of a Change in Control, an
Eligible Employee’s dishonesty, fraud, insubordination, willful misconduct, refusal to perform services (for any reason other
than illness or incapacity), material violation of Company policy, material breach of an employment or similar agreement, or misappropriation
of Company property; provided, that (1) in the event of a dispute concerning the application of this Section
2(g)(ii), no claim by the Company that Cause exists shall be given effect unless the Board determines that it has been established
by clear and convincing evidence that Cause exists and a resolution to that effect is adopted by the affirmative vote of not less
than seventy five percent (75%) of the entire membership of the Board (after reasonable notice to the Eligible Employee and an
opportunity for the Eligible Employee, together with the Eligible Employee’s counsel, to be heard by the Board) and (2) for
purposes of this proviso, references to the “Board” shall, at any time at which the Company is not the ultimate parent
entity of the controlled group that includes the Company, mean the board of directors of the ultimate parent entity of such controlled
group.

 

h)         “CEO”
means the Company’s Chief Executive Officer.

 

i)          “Change
in Control” shall have the meaning ascribed to such term in the Celgene Corporation 2017 Stock Incentive Plan (Amended
and Restated as of April 19, 2017), as may be amended from time to time, and any successor to that plan. Notwithstanding the foregoing,
a Company transaction that does not constitute a change in control event under Code Section 409A shall not be considered a Change
in Control for purposes of this Plan.

 

j)          “CIC
Termination” means an Eligible Employee’s (i) Qualifying Termination that occurs on, or within two years following,
the date of a Change in Control or (ii) Qualifying Termination that is a termination of employment without Cause which the Eligible
Employee reasonably demonstrates was (A) at the request of a third party that has taken steps reasonably calculated to effect a
Change in Control or (B) otherwise arose in connection with, or in anticipation of, a Change in Control (regardless of whether
a Change in Control actually occurs).

 

k)         “COBRA”
means the continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B and ERISA Sections 601 through 608, each as amended
from time to time, including rules thereunder and successor provisions and rules thereto.

 

l)          “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations, and administrative
guidance issued thereunder.

 

m)        “Code
Section 409A” means Section 409A of the Code.

 

n)        “Committee”
means the Management Compensation and Development Committee of the Board.

 

o)         “Company”
means Celgene Corporation, a Delaware corporation, including all of its Affiliates, collectively (and any successors or assigns
thereto), and any successor that assumes the obligations of the Company under this Plan, by way of merger, acquisition, consolidation
or other transaction.

 

     

     

    

 

p)         “Date
of Termination” means, for an Eligible Employee, the Eligible Employee’s “separation from service”
as defined in Treasury Regulation § 1.409A-1(h).

 

q)         “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

r)          “Eligible
Employee” means an employee of the Company who (i) has been designated by the Committee (or its delegate) as a participant
in this Plan, and (ii) has timely and properly executed and delivered a Participation Agreement to the Company.

 

s)         “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

t)          “Excise
Tax” has the meaning specified in Section 7.

 

u)         “Good
Reason” means, for an Eligible Employee, the occurrence of any of the following events, unless the Eligible Employee
has consented thereto:

 

		(i)	a material reduction in the Eligible Employee’s (1)
annual base salary or (2) target annual cash incentive compensation opportunity and target annual equity incentive compensation
opportunity, in the aggregate;

		(ii)	a material diminution in the Eligible Employee’s duties
and responsibilities (other than temporarily while the Eligible Employee is physically or mentally incapacitated or as required
by applicable law);

		(iii)	a material adverse change in the Eligible Employee’s
reporting relationships; or

		(iv)	a relocation of an Eligible Employee’s primary work
location that results in an increase to the Eligible Employee’s one-way commute by 30 miles or more;

 

provided, that
an Eligible Employee shall not be deemed to terminate employment for Good Reason unless (I) within ninety (90) days after the initial
occurrence of the event triggering Good Reason, the Eligible Employee delivers written notice to the Company of his or her intention
to terminate his or her employment for Good Reason which specifies in reasonable detail the circumstances claimed to give rise
to the Eligible Employee’s right to terminate employment for Good Reason, (II) the Company fails to cure or correct such
conduct or condition within thirty (30) days following receipt of such notice, and (III) the Eligible Employee’s Date of
Termination occurs within ninety (90) days after the end of the cure period described in clause (II).

 

v)         “JAMS”
has the meaning specified in Section 12(f).

 

w)        “Participation
Agreement” means an individual agreement (a form of which is shown in Appendix A) provided by the Company to an
Eligible Employee, which documents the employee’s eligibility to participate in the Plan and has been signed and accepted
by the employee.

 

x)         “Person”
means an individual, corporation, partnership, limited liability company, association, trust, other entity, group or organization
include a governmental authority.

 

y)         “Qualifying
Termination” means termination of an Eligible Employee’s employment with the Company that is either (i) initiated
by the Company without Cause or (ii) initiated by the Eligible Employee for Good Reason. Termination due to death or disability
shall not be treated as a Qualifying Termination. In addition, if, prior to a Change in Control, the Company determines after an
Eligible Employee’s Date of Termination that the Eligible Employee’s employment could have been terminated for Cause,
the Eligible Employee’s termination shall not be treated as a Qualifying Termination and the Eligible Employee shall reimburse
the Company for all Severance Payments and Benefits previously paid under the Plan.

 

     

     

    

 

z)           “Reduced
Amount” has the meaning specified in Section 7(a).

 

aa)         “Release”
has the meaning specified in Section 6.

 

bb)        “Release
Period” has the meaning specified in Section 6.

 

cc)         “Severance
Factor” means, for each Eligible Employee, the factor specified in the Eligible Employee’s Participation Agreement.

 

dd)        “Severance
Continuation Period” means, for an Eligible Employee, the Eligible Employee’s Severance Factor multiplied by 12
months.

 

ee)         “Severance
Payments and Benefits” means all benefits provided or payments made by the Company to or for the benefit of an Eligible
Employee under this Plan.

 

3.           Eligibility.
An Eligible Employee shall be eligible for Severance Payments and Benefits under this Plan, subject to the terms and conditions
described herein, only if he or she experiences a Qualifying Termination and is an Eligible Employee on his or her Date of Termination.

 

4.           Administration.

 

		a)	This Plan shall be interpreted, administered and operated
by the Committee, which shall have complete authority, subject to the express provisions of this Plan, to interpret this Plan,
to prescribe, amend and rescind rules and regulations relating to this Plan, and to make all other determinations necessary or
advisable for the administration of this Plan. Such authority shall include the powers to resolve ambiguities, inconsistencies,
and omissions, and to correct any scrivener’s error. The Committee may delegate any of its duties hereunder to a subcommittee,
or to such person or persons from time to time as it may designate. All decisions, interpretations and other actions of the Committee
shall be final, conclusive and binding on all parties who have an interest in this Plan.

 

		b)	Notwithstanding anything in this Plan to the contrary, upon
or after a Change in Control, neither the Committee nor any other person shall have discretionary authority in the administration
of the Plan, and any court or tribunal that adjudicates any dispute, controversy, or claim in connection with benefits under this
Plan will apply a de novo standard of review to any determinations made by the Committee or the Company. Such de novo standard
shall apply notwithstanding the grant of full discretion hereunder to the Committee or any person or characterization of any decision
by the Committee or by such person as final, binding or conclusive on any party.

 

5.           Termination
of Employment for any Reason. Subject to the terms and conditions hereof, in the event of termination of an Eligible Employee’s
employment with the Company for any reason:

 

a)          The
Company shall pay the Eligible Employee the Accrued Obligations, payable on the dates such amounts would have been payable under
the Company’s policies if the Eligible Employee’s employment had not terminated.

 

     

     

    

 

b)          All
outstanding equity-based awards held by the Eligible Employee as of the Date of Termination shall be governed by the terms and
conditions of the applicable equity plan(s) (including without limitation the Celgene Corporation 2017 Stock Incentive Plan (Amended
and Restated as of April 19, 2017) and/or the Celgene Corporation 2014 Equity Incentive Plan) and the applicable equity award agreement(s).

 

c)          The
Eligible Employee’s benefits and rights under the Company’s benefit plans shall be determined in accordance with the
applicable provisions of such plans, in each case as in effect and amended from time to time.

 

6.           Qualifying
Termination. In addition to the payments and benefits set forth in Section 5, if an Eligible Employee’s termination of
employment with the Company is a Qualifying Termination, the Eligible Employee shall also be entitled to receive the following
payments and benefits, subject to the Eligible Employee timely executing a release and termination agreement in a form to be provided
by the Company no later than five (5) days after termination (and which shall include a one-year post-termination non-competition
covenant, which may be waived, in whole or in part, by the Committee in its sole discretion) (the “Release”),
and such Release becoming effective, enforceable and irrevocable no later than 50 days following the Eligible Employee’s
Date of Termination (such period, the “Release Period”):

 

a)          A
cash amount equal to the product of the Eligible Employee’s Severance Factor multiplied by the Eligible
Employee’s Base Severance Amount, payable in a lump sum on the Company’s first regularly scheduled payroll date
following the expiration of the Release Period; provided, that to the extent the Eligible Employee’s
right to receive the cash amount under this Section 6(a) replaces the Eligible Employee’s right to receive other cash
severance that constitutes non-exempt deferred compensation for purposes of Code Section 409A under another plan, arrangement
or agreement of the Company, the cash amount payable under this Section 6(a) shall be paid on the payment date(s) applicable
to such other cash severance to the extent necessary to avoid the imposition of an additional tax under Code Section
409A.

 

b)          If
the Eligible Employee timely elects to continue coverage under the Company’s Benefit Plans pursuant to COBRA, the Company
shall either provide the elected level of coverage at active employee rates through the end of the Benefit Continuation Period
or pay to the Eligible Employee a monthly cash payment in lieu of subsidized coverage. Such monthly payment shall equal the excess
of (i) the total COBRA premium for the elected level of Benefit Plan coverage for the month, over (ii) the active employee rate
for such coverage for such month. Such payment shall be made each month that starts after the Date of Termination (or, if later,
the first month for which the Company does not make available subsidized coverage), without any requirement to furnish documentation
of expenses incurred; provided that payments under this Section 6(b) shall cease to be required upon the earliest of (I) the last
day of the Benefit Continuation Period, (II) the Eligible Employee’s death, or (III) discontinuation of the Eligible Employee’s
coverage under any Company Benefit Plan due to failure to make required contributions.

 

c)          During
the eighteen (18)-month period commencing on the Eligible Employee’s Date of Termination, the Eligible Employee shall be
eligible for reasonable outplacement services furnished by the Company commensurate with the Eligible Employee’s level and
position. The outplacement benefits shall be provided in kind; cash shall not be paid in lieu of outplacement benefits nor will
Severance Payments and Benefits be increased if the Eligible Employee declines or does not use the outplacement benefits.

 

     

     

    

 

d)          If
the Qualifying Termination is a CIC Termination:

 

		i.	a cash amount equal to the product of (A) the greater of
(x) the Target Bonus and (y) the annual bonus for the fiscal year of the Company in which the Date of Termination occurs to which
the Eligible Employee would be entitled based on the actual level of achievement of the applicable performance goals through the
Date of Termination, and (B) a fraction, the numerator of which is the number of days between the first day of the fiscal year
of the Company in which the Date of Termination occurs and the denominator of which is the total number of days in such fiscal
year, payable in a lump sum on the Company’s first regularly scheduled payroll date following the expiration of the Release
Period; and

 

		ii.	the Eligible Employee’s outstanding equity awards granted
under the Company’s equity plans (A) that are subject to time-based vesting conditions will vest in full and, if applicable,
become exercisable in full, or (B) that are subject to performance-based vesting conditions shall vest based on the level of performance
specified in the applicable award agreement for an involuntary termination within two years following a Change in Control.

 

7.           Effect
of Federal Excise Tax.

 

a)          Cut-Back
to Maximize Retained After-Tax Amounts. In the event the Company determines that any benefit provided or payment made by
the Company to or for the benefit of an Eligible Employee, whether paid or payable or distributed or distributable pursuant to
the terms of an agreement, plan, program, arrangement of the Company or otherwise (a “Payment”) would constitute
a “parachute payment” (as defined in section 280G(b)(2) of the Code, each a “Parachute Payment”)
and subject the Eligible Employee to an excise tax imposed by Code Section 4999 (or any comparable provision of state law) or any
interest or penalties related to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then the Company shall reduce the Payments to an amount that
is one dollar less than the smallest amount that would give rise to the Excise Tax (the “Reduced Amount”), but
only if, after taking into account all income and employment taxes, such Reduced Amount would be greater than the net after-tax
value (after taking into account the Excise Tax and all income and employment taxes) of the unreduced Payments. Any determination
required under this Section 7 shall be made by an independent accounting firm of nationally recognized standing selected by the
Company prior to the Change in Control (the “Accounting Firm”) that gives rise to the application of the Excise
Tax. All determinations made by the Accounting Firm under this Section 7 shall be binding upon the Company and the Eligible Employee.

 

b)          Implementation
Rules. If the Payments must be reduced as provided in Section 7(a), any reduction in Payments required by this provision
will occur in the following order: (i) cash payments that may not be valued under Treas. Reg. § 1.280G-1, Q&A-24(c) (“24(c)”),
(ii) equity-based payments that may not be valued under 24(c), (iii) cash payments that may be valued under 24(c), (iv) equity-based
payments that may be valued under 24(c) and (v) other types of benefits. With respect to each category of the foregoing, such reduction
shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Code Section 409A
and next with respect to payments that are deferred compensation, in each case, beginning with payments or benefits that are to
be paid the farthest in time from the Accounting Firm’s determination. If two or more long-term incentive awards are granted
on the same date, each award will be reduced on a pro-rata basis. The Eligible Employee shall be advised of the determination as
to which Payments will be reduced and the reasons therefor, and the Eligible Employee and his or her advisors will be entitled
to present information that may be relevant to this determination. In no event shall such reduction be effected in a manner that
triggers an additional tax under Code Section 409A.

 

     

     

    

 

c)           To
the extent requested by the Eligible Employee, the Company shall cooperate with the Eligible Employee in good faith in valuing,
and the Accounting Firm shall take into account the value of, services provided or to be provided by the Eligible Employee (including
the Eligible Employee’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant,
before, on or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final
regulations under Section 280G of the Code), such that payments in respect of such services may be considered reasonable compensation
within the meaning of Q&A-9 and Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt
from the definition of the term “parachute payment” within the meaning of Q&A-2(a) of the final regulations under
Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G of the Code.

 

8.           Other
Provisions Applicable to Severance Payments and Benefits.

 

a)           Deferrals
Included in Salary and Bonus. All references in this Plan to salary and annual incentive amounts mean those amounts before
reduction pursuant to any plan or other arrangement for deferral of compensation.

 

b)          Transfers
of Employment. Anything in this Plan to the contrary notwithstanding, a transfer of employment from the Company to an Affiliate
or vice versa shall not be considered a termination of employment for purposes of this Plan.

 

c)          Continuation
of Benefits During Release Period. Any Severance Payment or Benefit that would otherwise have been made to an
Eligible Employee but that is conditioned upon the execution and effectiveness of the Release shall be paid or provided on
the first regular payroll date following the expiration of the Release Period, subject to the execution and effectiveness of
the Release; provided that any in-kind benefits provided pursuant to this Plan shall continue in effect after the Date
of Termination pending the execution and effectiveness of the Release, subject to the Eligible Employee being required to
reimburse the Company for the full cost of providing such in-kind benefits in the event the Release does not become effective
and irrevocable by the end of the Release Period; provided further that any equity awards that become vested pursuant
to Section 6(d)(ii) and that constitute deferred compensation within the meaning of, and subject to, Code Section 409A, shall
be settled at the time or times specified in the applicable award agreement to the extent required in order to avoid the
imposition of an additional tax under Code Section 409A, subject to the Eligible Employee being required to repay the Company
for the full value of any such equity awards paid to the Eligible Employee if the Release does not become effective and
irrevocable by the end of the Release Period.

 

9.           Other
Plans and Policies; Non-Duplication of Payments or Benefits.

 

a)          Superseded
Agreements and Rights. This Plan constitutes the entire understanding between the Company and the Eligible Employee relating
to Severance Payments and Benefits to be paid or provided to the Eligible Employee by the Company, and supersedes and cancels all
prior agreements and understandings with respect to the subject matter of this Plan.

 

b)          Non-Duplication
of Payments and Benefits. An Eligible Employee shall not be entitled to any Severance Payment or Benefit under this Plan
which duplicates a payment or benefit received or receivable by the Eligible Employee under any employment or severance agreement,
or any other plan, program or arrangement of the Company or any severance required by applicable law or regulation. If an Eligible
Employee has a right to payments or benefits that duplicate the Severance Payment or Benefit under this Plan, the benefit under
this Plan shall be reduced, dollar for dollar, by the amount of the duplicate payment(s) and benefit(s).

 

10.         Special
Rules for Compliance with Code Section 409A. This Section 10 serves to ensure compliance with applicable requirements of Code
Section 409A. If the terms of this Section 10 conflict with other terms of this Plan, the terms of this Section 10 shall control.

 

     

     

    

 

a)          All
payments that may be made and benefits that may be provided pursuant to this Plan are intended to comply with or be exempt from
the requirements of Code Section 409A and this Plan shall be interpreted accordingly.

 

b)          Separate
Payments. Each installment in a series of Severance Payments and Benefits shall be deemed a separate payment for purposes of
Code Section 409A.

 

c)          Six-Month
Delay Rule. If an Eligible Employee is a “specified employee” (as determined by the Committee or its designee in
accordance with Treasury Regulation § 1.409A-1(i)) as of his or her Date of Termination, then all Severance Payments that
are subject to the requirements of Code Section 409A (determined after taking into account the “short-term deferral”
rule in Treasury Regulation § 1.409A-1(b)(4), the “two-year, two-time” rule described in Treasury Regulation §
1.409A-1(b)(9), and any other available exception from such requirements) shall be subject to the six-month delay rule of Code
Section 409A(a)(2)(B)(i). Each payment that is subject to such six-month delay rule shall be made, without interest, on the later
of (i) the Company’s first payroll date that is at least six months after the Eligible Employee’s Date of Termination
(or, if earlier, as soon as practicable after the Eligible Employee’s death) or (ii) the date when such payment would otherwise
be due under the terms of the Plan.

 

d)          Continued
Benefits. To the extent required by Code Section 409A, any reimbursement or in-kind benefit provided under this Plan
shall be provided in accordance with the following: (i) the amount of expenses eligible for reimbursement, or in-kind
benefits provided during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other calendar year; (ii) any payments in lieu of the
benefits shall be paid no later than the end of Eligible Employee’s taxable year next following Eligible
Employee’s taxable year in which the benefit or expense was due to be paid; and (iii) any right to reimbursements or
in-kind benefits under this Plan shall not be subject to liquidation or exchange for another benefit.

 

e)           General
Compliance. In addition to the foregoing provisions, the terms of this Plan, including any authority of the Company and rights
of the Eligible Employee which constitute a deferral of compensation subject to Code Section 409A, shall be limited to those terms
permitted under Code Section 409A without resulting in a tax penalty to Eligible Employee, and any terms not so permitted under
Code Section 409A shall be modified and limited to the extent necessary to avoid tax under Code Section 409A but only to the extent
that such modification or limitation is permitted under Code Section 409A. The Company and its employees and agents make no representation
and are providing no advice regarding the taxation of the payments and benefits under this Plan, including with respect to taxes,
interest and penalties under Code Section 409A and similar liabilities under state and local tax laws. No indemnification or gross-up
is payable under this Plan with respect to any such tax, interest, or penalty under Code Section 409A or similar liability under
state or local tax laws applicable to any Eligible Employee.

 

11.         Claims
Procedures.

 

a)           Initial
Claims. An Eligible Employee who believes he or she is entitled to a payment under this Plan that has not been received may
submit a written claim for benefits under this Plan within 60 days after the Eligible Employee’s Date of Termination. Claims
shall be addressed and sent to:

 

Management Compensation
and Development Committee

c/o General Counsel

Celgene Corporation

86 Morris Avenue

Summit, NJ 07901

 

     

     

    

 

If the Eligible Employee’s
claim is denied, in whole or in part, the Eligible Employee will be furnished with written notice of the denial within 90 days
after the Committee’s receipt of the Eligible Employee’s written claim, unless special circumstances require an extension
of time for processing the claim, in which case the decision period may be extended by up to an additional 90 days. If such an
extension of time is necessary, written notice of the extension will be furnished to the Eligible Employee before the termination
of the initial 90-day period and will describe the circumstances requiring the extension and the date by which a decision is expected
to be rendered. Written notice of the denial of the Eligible Employee’s claim will contain the following information:

 

		(i)	the reason or reasons for the denial of the Eligible Employee’s
claim;

		(ii)	references to the Plan provisions on which the denial of
the Eligible Employee’s claim was based;

		(iii)	a description of any additional information or material required
by the Committee to reconsider the Eligible Employee’s claim (to the extent applicable) and an explanation of why such material
or information is necessary; and

		(iv)	a description of this Plan’s review procedures and
time limits applicable to such procedures, including a statement of the Eligible Employee’s right to bring a civil action
under Section 502(a) of ERISA following a benefit claim denial on review.

 

b)          Appeal
of Denied Claims. If the Eligible Employee’s claim is denied, the Eligible Employee (or his or her authorized representative)
may file a request for review of the claim in writing with the Committee. This request for review must be filed no later than 60
days after the Eligible Employee has received written notification of the denial.

 

		(i)	Such request for review may include any comments, documents,
records and other information relating to his or her claim for benefits.

		(ii)	The Eligible Employee has the right to be provided with,
upon request and free of charge, reasonable access to and copies of all pertinent documents, records and other information that
is relevant to his or her claim for benefits.

		(iii)	The review of the denied claim will take into account all
comments, documents, records and other information that the Eligible Employee submitted relating to his or her claim, without
regard to whether such information was submitted or considered in the initial denial of his or her claim.

 

c)           Committee’s
Response to Appeal. The Committee will notify the Eligible Employee of its decision within 60 days after the Committee’s
receipt of the Eligible Employee’s written claim for review; provided that the Committee may extend the review period by
up to 60 additional days, if the Committee notifies the Eligible Employee in writing of the need for an extension (and the reason
therefor) before the end of the initial 60-day period. If the Committee makes an adverse decision on appeal, the Committee shall
communicate its decision in a writing that includes:

 

		(i)	the reason or reasons for the denial of the Eligible Employee’s appeal;

		(ii)	reference to the Plan provisions on which the denial of the Eligible Employee’s appeal is
based;

		(iii)	a statement that the Eligible Employee is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, this Plan and all documents, records and other information relevant to his or her claim for
benefits; and

		(iv)	a statement describing the Eligible Employee’s right to bring an action under Section 502(a)
of ERISA.

 

     

     

    

 

d)          Exhaustion
of Administrative Remedies. The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising
under this Plan. As to such claims and disputes:

 

		(i)	no claimant shall be permitted to commence any arbitration
or legal action to recover benefits or to enforce or clarify rights under this Plan or under any provision of law until these
claims procedures have been exhausted in their entirety;

		(ii)	failure to submit a claim, appeal, or any required information
by the applicable deadline under these claims procedures shall result in forfeiture of the benefits being claimed;

		(iii)	in any arbitration or legal action, all explicit and implicit
determinations by the Committee (including, but not limited to, determinations as to whether the claim, or a request for a review
of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law; and

		(v)	no legal action or arbitration may be commenced by the Eligible Employee later than 180 days subsequent
to the date of the written response of the Committee to an Eligible Employee’s request for review pursuant to Section 11(c).

 

12.         Miscellaneous.

 

a)          Assignment;
Non-transferability. No right of an Eligible Employee to any payment or benefit under this Plan shall be subject to assignment,
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Eligible
Employee or of any beneficiary of the Eligible Employee. The terms and conditions of this Plan shall be binding on the successors
and assigns of the Company.

 

b)          Withholding.
The Company shall have the right to deduct from all payments hereunder all taxes that the Company determines are required by law
to be withheld therefrom. Regardless of the amount withheld, the recipient of payments, benefits, or other income (including imputed
income) under the Plan shall be solely responsible for all taxes owed with respect to such payments, benefits, and other income.

 

c)           No
Right To Employment. Nothing in this Plan shall be construed as giving any person the right to be retained in the employment
of the Company, nor shall it affect the right of the Company to dismiss an Eligible Employee without any liability except as required
by this Plan.

 

d)          Amendment
and Termination. The Company, by action of the Committee, reserves the right to amend or terminate this Plan at any time, without
advance notice to any Eligible Employee and without regard to the effect of the amendment or termination on any Eligible Employee
or on any other individual. Any amendment or termination of this Plan will be in writing. Notwithstanding the foregoing, (i) any
termination of the Plan, or amendment that materially adversely affects the rights of any Eligible Employee under the Plan, in
each case, that is approved by the Committee prior to a Change in Control, shall not be effective with respect to any applicable
Eligible Employee until the first anniversary of the date that such Eligible Employee receives written notice from the Company
of such termination or amendment and (ii) the Company may not, without an Eligible Employee’s written consent, terminate
this Plan, or amend this Plan in any way that adversely affects the rights of any Eligible Employee, in each case, either (1) in
anticipation of a specific contemplated Change in Control or (2) at any time following a Change in Control. Any action of the Company
in amending or terminating this Plan will be taken in a non-fiduciary capacity. In no event shall any amendment or termination
of this Plan affect the Severance Payments or Benefits payable under this Plan to any Eligible Employee whose employment termination
date has occurred prior to the effective date of the amendment or termination of this Plan.

 

     

     

    

 

e)        Governing
Law. THE VALIDITY, CONSTRUCTION, AND EFFECT OF THIS PLAN AND ANY RULES AND REGULATIONS RELATING TO THIS PLAN SHALL BE DETERMINED
IN ACCORDANCE WITH THE LAWS (INCLUDING THOSE GOVERNING CONTRACTS) OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO PRINCIPLES
OF CONFLICTS OF LAWS, AND APPLICABLE FEDERAL LAW. If any provision hereof shall be held by a court or arbitrator of competent jurisdiction
to be invalid and unenforceable, the remaining provisions shall continue to be fully effective.

 

f)         Arbitration.
To the fullest extent permitted by law, any and all disputes, claims, and causes of action, in law or equity, arising from or
relating to this Plan (including the Release, except as specifically provided in the Release) or its enforcement,
performance, breach or interpretation, shall be resolved by final, binding, and confidential arbitration held in the state
and county where the Eligible Employee principally worked immediately prior to the Eligible Employee’s termination and
conducted through Judicial Arbitration & Mediation Services (“JAMS”) in accordance with the
then-current JAMS Employment Arbitration Rules & Procedures (and no other JAMS rules). Judgment may be entered on the
arbitrator’s award in any court having jurisdiction. Nothing in this Section 12(f) is intended to prevent either the
Eligible Employee or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion
of any such arbitration. For purposes of settling any dispute or controversy arising hereunder or for the purpose of entering
any judgment upon an award rendered by the arbitrator, the Company and the Eligible Employee hereby consent to the
jurisdiction of any or all of the following courts: (i) the United States District Court for the District of New Jersey or
(ii) any of the courts of the State of New Jersey. The Company and the Eligible Employee hereby waive, to the fullest extent
permitted by applicable law, any objection which it may now or hereafter have to such courts’ jurisdiction and any
defense of inconvenient forum with respect to such courts. The Company and the Eligible Employee hereby agree that a
judgment upon an award rendered by the arbitrator may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. This Section 12(f) shall not apply to any claims of violation of any federal or state
employment discrimination laws.

 

g)        No
Duty to Mitigate. No employee shall be required to mitigate, by seeking employment or otherwise, the amount of any payment
that the Company becomes obligated to make under this Plan, and, except as expressly provided in this Plan, amounts or other benefits
to be paid or provided to an Eligible Employee pursuant to this Plan shall not be reduced by reason of the Eligible Employee’s
obtaining other employment or receiving similar payments or benefits from another employer.

 

h)        Employment
at Will. Nothing contained in this Plan shall give any employee the right to be retained in the employment of the Company or
shall otherwise modify the employee’s at will employment relationship with the Company. This Plan is not a contract of employment
between the Company and any employee.

 

i)         Legal
Fees. The Company agrees to pay as incurred (within 30 days following the Company’s receipt of an invoice from the Eligible
Employee), at any time from the date of a Change in Control through the Eligible Employee’s remaining lifetime, to the fullest
extent permitted by applicable law, all legal fees and expenses that the Eligible Employee may reasonably incur as a result of
any contest (regardless of the outcome thereof) by the Company, the Eligible Employee or others of the validity or enforceability
of, or liability under, any provision of this Agreement or any guarantee of performance thereof whether such contest is between
the Company and the Eligible Employee or between either of them and any third party (including as a result of any contest by the
Eligible Employee about the amount of any payment pursuant to this Plan and any IRS audit).

 

     

     

    

 

j)         Complete
Statement of Plan. This Plan document (which incorporates each Eligible Employee’s Participation Agreement by reference)
contains a complete statement of the Plan’s terms and supersedes all prior statements with respect to the Plan’s terms.
No other evidence, whether written or oral, shall be taken into account in interpreting the provisions of the Plan. In the event
of a conflict between a provision in this Plan document and any booklet, brochure, presentation, or other communication (whether
written or oral), the provision of this Plan document shall control.

 

     

     

    

 

Appendix A

Celgene Corporation Executive Severance
Plan

Form of Participation Agreement

 

Celgene Corporation (the “Company”)
is pleased to inform you, ________________, that you are eligible to participate in the Company’s Executive Severance Plan (the “Plan”).
A copy of the Plan is included with this Participation Agreement or has previously been delivered or made available to you. Your
participation in the Plan is subject to all of the terms and conditions of the Plan and this Participation Agreement. Capitalized
terms used and not defined herein have the meanings ascribed to such terms in the Plan.

 

In order to actually become a participant
in the Plan (an “Eligible Employee” as described in the Plan), you must complete and sign this Participation Agreement
and return it to Andrea Tuck, VP, Global Compensation & Benefits as soon as possible.

 

The Plan describes in detail the circumstances
under which you may become eligible for Severance Payments and Benefits. As described more fully in the Plan, you may become eligible
for certain Severance Payments and Benefits under Section 6 of the Plan only if you voluntarily terminate your employment with
the Company for Good Reason or the Company terminates your employment for a reason other than Cause and other than as a result
of your disability or death (each, a “Qualifying Termination”). As more fully described in the Plan, your severance
benefit is based on your annual base salary and bonus opportunity multiplied by a “Severance Factor.”

 

Your Severance Factor is equal to ____x.
However, if your Date of Termination occurs (1) on, or within two years following, the date of a Change in Control or (2) due to
your termination of employment without Cause and you reasonably demonstrate that such termination of employment (a) was at the
request of a third party that has taken steps reasonably calculated to effect a Change in Control or (b) otherwise arose in connection
with, or in anticipation of, a Change in Control (regardless of whether a Change in Control actually occurs) (each of (1) and (2),
a “CIC Termination”), your Severance Factor will instead be ____x.

 

In addition, the Plan entitles you to benefits
continuation coverage at active employee rates for ____ months after your Date of Termination (or ________ months, if your Qualifying
Termination constitutes a CIC Termination), subject to the terms and conditions of the Plan.

 

In order to receive Severance Payments
and Benefits under the Plan, you will be required to execute and not revoke a Release (which will include a one-year post-termination
non-competition covenant, which may be waived, in whole or in part, by the Committee in its sole discretion) when you terminate
employment. Also, as explained in the Plan, your Severance Payments and Benefits (if any) will be reduced if necessary to avoid
“golden parachute” excise taxes under the Internal Revenue Code, but this reduction will occur only if the reduction
is economically beneficial to you.

 

By your signature below, you and the Company
agree that your participation in the Plan is governed by this Participation Agreement and the provisions of the Plan. Your signature
below confirms that: (1) you have received a copy of the Plan; (2) you have carefully read this Participation Agreement and the
Plan; (3) decisions and determinations by the Committee under the Plan will be final and binding on you and your successors; and
(4) the Plan and this Participation Agreement constitute the entire understanding between you and the Company relating to non-equity
severance compensation to be paid or provided to you by the Company, and supersede and cancel all prior agreements and understandings
with respect to non-equity severance compensation (including without limitation any offer letter between you and the Company).

 

     

     

    

 

In the event of any conflict between this
Participation Agreement and the terms of the Plan as in effect from time to time, the terms of the Plan shall control.

 

	CELGENE CORPORATION	 	[ELIGIBLE EMPLOYEE NAME]
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Name	 	Date
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	[Enclosure: Celgene Corporation Executive Severance Plan]

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