Document:

Form of Employee Matters Agreement

 Exhibit 10.19 
 FORM OF 
 EMPLOYEE MATTERS AGREEMENT 
 BETWEEN 
 BRISTOL-MYERS SQUIBB COMPANY 
 AND 
 MEAD JOHNSON NUTRITION COMPANY

 DATED AS OF 
             , 2009 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
	 1.1
	    	Acquired Rights Directive	  	1
	 1.2
	    	Affiliate	  	1
	 1.3
	    	Agreement	  	2
	 1.4
	    	Ancillary Agreements	  	2
	 1.5
	    	BEP-RIP	  	2
	 1.6
	    	BEP-SIP	  	2
	 1.7
	    	BMS	  	2
	 1.8
	    	BMS Employee	  	2
	 1.9
	    	BMS Group	  	2
	 1.10
	    	BMS Master RIP Trust	  	3
	 1.11
	    	BMS Master SIP Trust	  	3
	 1.12
	    	BMS Stock Plan	  	3
	 1.13
	    	BMSPR	  	3
	 1.14
	    	BMS WCP	  	3
	 1.15
	    	Cash Bonus and Commission Plans	  	3
	 1.16
	    	COBRA	  	3
	 1.17
	    	Confidential Employee Benefit Letter	  	3
	 1.18
	    	DCR Plan	  	3
	 1.19
	    	Deferred Compensation Plan	  	3
	 1.20
	    	DOL	  	3
	 1.21
	    	ERISA	  	4
	 1.22
	    	Flexible Spending Accounts	  	4
	 1.23
	    	FMLA	  	4
	 1.24
	    	Foreign BMS Employee	  	4
	 1.25
	    	Foreign BMS Transferred Employee	  	4
	 1.26
	    	Foreign Mead Johnson Employee	  	4
	 1.27
	    	Foreign Mead Johnson Transferred Employee	  	4
	 1.28
	    	Foreign Plan	  	4
	 1.29
	    	Former BMS Employee	  	4
	 1.30
	    	Former Mead Johnson Employee	  	5
	 1.31
	    	Fringe Benefits	  	5
	 1.32
	    	HCR Plan	  	5
	 1.33
	    	Health and Welfare Plans	  	5
	 1.34
	    	Health Plans	  	6
	 1.35
	    	HMO	  	6
	 1.36
	    	Inactive Foreign BMS Employee	  	6
	 1.37
	    	Inactive Mead Johnson Employee	  	6
	 1.38
	    	IPO	  	6
	 1.39
	    	IPO Registration Statement	  	6
	 1.40
	    	IRS	  	6

  

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	 1.41
	    	Leased Worker	  	6
	 1.42
	    	Leave of Absence Programs	  	6
	 1.43
	    	Liabilities	  	7
	 1.44
	    	Life Insurance Plan	  	7
	 1.45
	    	Long-Term Disability Plan	  	7
	 1.46
	    	Material Feature	  	7
	 1.47
	    	Mead Johnson	  	7
	 1.48
	    	Mead Johnson Business	  	7
	 1.49
	    	Mead Johnson Employee	  	8
	 1.50
	    	Mead Johnson Group	  	8
	 1.51
	    	Mead Johnson Master RIP Trust	  	8
	 1.52
	    	Mead Johnson Master SIP Trust	  	8
	 1.53
	    	Mead Johnson PR	  	8
	 1.54
	    	Mead Johnson PR RIP Trust	  	8
	 1.55
	    	Mead Johnson PR SIP Trust	  	8
	 1.56
	    	Mead Johnson Retiree	  	8
	 1.57
	    	Mead Johnson Transferred Employee	  	9
	 1.58
	    	Mead Johnson WCP Claims	  	9
	 1.59
	    	Non-Qualified Plans	  	9
	 1.60
	    	Non-U.S. Reorganization Plan	  	9
	 1.61
	    	Option	  	9
	 1.62
	    	Outsource	  	9
	 1.63
	    	Participating Company	  	9
	 1.64
	    	PBGC	  	9
	 1.65
	    	Performance Incentive Plan	  	9
	 1.66
	    	Person	  	9
	 1.67
	    	Plan	  	10
	 1.68
	    	Plan Transfer Agreement	  	10
	 1.69
	    	PR Code	  	10
	 1.70
	    	QDRO	  	10
	 1.71
	    	QMCSO	  	10
	 1.72
	    	Restricted Stock	  	10
	 1.73
	    	Restricted Stock Unit	  	10
	 1.74
	    	Retiree Programs	  	10
	 1.75
	    	Retirement Plans	  	10
	 1.76
	    	Return Date	  	11
	 1.77
	    	RIP	  	11
	 1.78
	    	Separation	  	11
	 1.79
	    	Separation Agreement	  	11
	 1.80
	    	Separation Date	  	11
	 1.81
	    	Severance Plan	  	11
	 1.82
	    	Short-Term Disability Plan	  	11
	 1.83
	    	SIP	  	12
	 1.84
	    	Subsidiary	  	12
	 1.85
	    	Transferred Entity	  	12
	 1.86
	    	Transition Agreement	  	12

  

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	 1.87
	    	Unemployment Insurance Program	  	12
	 1.88
	    	U.S. Code	  	12
	 1.89
	    	U.S. Mead Johnson Employee	  	12
	 1.90
	    	U.S. Mead Johnson Transferred Employee	  	13
		
	 ARTICLE II GENERAL PRINCIPLES
	  	13
	 2.1
	    	Assumption of Liabilities	  	13
	 2.2
	    	Mead Johnson Plans	  	14
	 2.3
	    	Mead Johnson’s Participation in BMS Plans	  	15
	 2.4
	    	BMS’s Participation in Mead Johnson Plans	  	16
	 2.5
	    	Terms of Participation by Mead Johnson Transferred Employees in Mead Johnson Plans	  	17
	 2.6
	    	Responsibility of BMS and Mead Johnson	  	18
		
	 ARTICLE III EMPLOYMENT TRANSFER MATTERS FOR MEAD JOHNSON EMPLOYEES
	  	18
	 3.1
	    	Continuation of Employment	  	18
	 3.2
	    	Acquired Rights Directive	  	20
	 3.3
	    	Collective Bargaining and Works Council Agreements	  	20
	 3.4
	    	Terms of Mead Johnson Employment	  	20
	 3.5
	    	Employees with Work Visas or Permits; License to Do Business	  	20
		
	 ARTICLE IV EMPLOYMENT TRANSFER MATTERS FOR FOREIGN BMS EMPLOYEES IN HONG KONG AND THAILAND
	  	21
	 4.1
	    	Continuation of Employment	  	21
	 4.2
	    	Employees with Work Visas or Permits; License to Do Business	  	22
		
	 ARTICLE V DEFINED BENEFIT PLANS
	  	23
	 5.1
	    	U.S. and Puerto Rico Retirement Income Plans	  	23
	 5.2
	    	Mexico Pension Plan	  	23
	 5.3
	    	Hong Kong Retirement Plan and Provident Fund	  	24
	 5.4
	    	Taiwan Pension Plan	  	24
	 5.5
	    	Netherlands Retirement Plans	  	25
	 5.6
	    	Philippines Retirement Plan	  	25
	 5.7
	    	Canada Retirement Plan	  	25
	 5.8
	    	France Retirement Indemnities Plan	  	26
	 5.9
	    	Key International Pension Plan	  	26
	 5.10
	    	Other Foreign Pension Plans	  	26
		
	 ARTICLE VI DEFINED CONTRIBUTION PLANS
	  	27
	 6.1
	    	U.S. and Puerto Rico Savings and Investment Programs	  	27
	 6.2
	    	Thailand Savings Plan/Provident Fund	  	27
	 6.3
	    	Portugal Defined Contribution Plan	  	28
	 6.4
	    	France Defined Contribution Profit-Sharing Plan	  	28
	 6.5
	    	Brazil Defined Contribution Plan	  	28
	 6.6
	    	Spain Defined Contribution Plan	  	29
	 6.7
	    	Other Foreign Savings Plans	  	29

  

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	 ARTICLE VII NON-QUALIFIED AND OTHER PLANS
	  	29
	   7.1
	    	Benefit Equalization Plans	  	29
	   7.2
	    	Deferred Compensation Plan	  	30
	   7.3
	    	Termination Indemnity Plans	  	30
		
	 ARTICLE VIII HEALTH AND WELFARE PLANS
	  	31
	   8.1
	    	Life Insurance Liabilities	  	31
	   8.2
	    	Health and Welfare Plan Liabilities	  	31
	   8.3
	    	Claims for Health and Welfare Plans	  	32
	   8.4
	    	Post-Separation Transitional Arrangements	  	33
	   8.5
	    	Vendor Arrangements	  	33
	   8.6
	    	Flexible Spending Account Spin-Off	  	34
	   8.7
	    	COBRA	  	34
	   8.8
	    	Disability Plans & Travel Accident Insurance	  	34
	   8.9
	    	Leave of Absence Programs and FMLA	  	35
	   8.10
	    	Retiree Programs	  	36
	   8.11
	    	BMS Workers’ Compensation Program	  	36
		
	 ARTICLE IX EQUITY AND OTHER PERFORMANCE COMPENSATION
	  	37
	   9.1
	    	BMS Performance Incentive Plan	  	37
	   9.2
	    	BMS Options and Stock Appreciation Rights	  	37
	   9.3
	    	BMS Restricted Stock and Restricted Stock Units	  	38
	   9.4
	    	Cash Bonus and Commission Plans	  	38
	   9.5
	    	Retention Bonus	  	38
	   9.6
	    	Separation Pay	  	38
		
	 ARTICLE X FRINGE AND OTHER BENEFITS
	  	39
	 10.1
	    	Tuition Assistance Program	  	39
	 10.2
	    	BMS-Owned Automobiles	  	40
	 10.3
	    	Automobile Allowances	  	40
	 10.4
	    	Employee Assistance Program	  	40
	 10.5
	    	Relocation Benefits	  	40
	 10.6
	    	Vacation Benefits	  	41
	 10.7
	    	Expatriate Allowances	  	41
	 10.8
	    	Statutory Benefits	  	41
		
	 ARTICLE XI EMPLOYMENT-RELATED MATTERS
	  	41
	 11.1
	    	Independent Contractors	  	41
	 11.2
	    	Non-Solicitation	  	42
	 11.3
	    	Confidentiality and Proprietary Information	  	42
	 11.4
	    	Payroll and Withholding	  	42
	 11.5
	    	Personnel and Pay Records	  	43
	 11.6
	    	Unemployment Insurance Program	  	44
	 11.7
	    	Employment and Employee Benefits Litigation	  	44
	 11.8
	    	U.S. WARN Act and Other Notices	  	45
	 11.9
	    	Hiring of Leased Workers and Former Employees	  	45

  

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	 ARTICLE XII ADMINISTRATIVE PROVISIONS
	  	46
	 12.1
	    	Transitional Services Agreement	  	46
	 12.2
	    	Payment of Liabilities, Plan Expenses and Related Matters	  	46
	 12.3
	    	Sharing of Participant Information	  	46
	 12.4
	    	Reporting and Disclosure Communications to Participants	  	47
	 12.5
	    	Audits Regarding Vendor Contracts	  	47
	 12.6
	    	Requests for Regulatory Opinions	  	47
	 12.7
	    	Fiduciary Matters	  	47
	 12.8
	    	Consent of Third Parties	  	48
		
	 ARTICLE XIII GENERAL PROVISIONS
	  	48
	 13.1
	    	Cooperation	  	48
	 13.2
	    	Effect if Separation Does Not Occur	  	48
	 13.3
	    	Relationship of Parties	  	49
	 13.4
	    	Affiliates	  	49
	 13.5
	    	Incorporation of Separation Agreement Provisions	  	49
	 13.6
	    	No Third Party Remedies	  	49
	 13.7
	    	Governing Law	  	49
	 13.8
	    	Severability	  	49
	 13.9
	    	Amendment	  	49
	 13.10
	    	Termination	  	50
	 13.11
	    	Conflict	  	50
	 13.12
	    	Counterparts	  	50

  

 v 

 EMPLOYEE MATTERS AGREEMENT 
 This EMPLOYEE MATTERS AGREEMENT (this “Agreement”) is entered into on
            , 2009, between BRISTOL-MYERS SQUIBB COMPANY (“BMS”), a Delaware corporation, and MEAD JOHNSON NUTRITION COMPANY (“Mead Johnson”), a
Delaware corporation. Capitalized terms used herein (other than the formal names of BMS Plans, as defined below, and related trusts of BMS) and not otherwise defined, shall have the respective meanings assigned to them in Article I hereof.

 WHEREAS, the Board of Directors of BMS has determined that it is in the best interests of BMS and its shareholders to separate BMS’s
existing businesses into two (2) independent businesses, BMS and the Mead Johnson Business, in accordance with that certain Separation Agreement, dated as of the date hereof, by and between BMS and Mead Johnson (the “Separation
Agreement”); 
 WHEREAS, in furtherance of the foregoing, BMS and Mead Johnson have agreed to enter into this Agreement, which is an
Exhibit to the Separation Agreement, to allocate between them assets, liabilities and responsibilities with respect to certain employee compensation, benefit plans and programs, and employment matters; 
 WHEREAS, the foreign subsidiaries of BMS and Mead Johnson, as applicable, have or will enter into separate agreements to specify the terms under which
BMS and Mead Johnson agree to allocate between them all assets, liabilities and responsibilities relating to, and arising from the separation of the Mead Johnson Business from BMS; 
 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Wherever used in this Agreement, the following terms shall have the meanings indicated below, unless a different meaning is plainly required by the
context. The singular shall include the plural, unless the context indicates otherwise. Headings of sections are used for convenience of reference only, and in case of conflict, the text of this Agreement, rather than such headings, shall control:

 1.1 Acquired Rights Directive. “Acquired Rights Directive” means European Union Council Directive 2001/23/EC. 

1.2 Affiliate. “Affiliate” means, with respect to BMS, any other entity directly or indirectly controlling or controlled by or under
direct or indirect common control with BMS, and with respect to Mead Johnson, any other entity directly or indirectly controlling or controlled by or under direct or indirect common control with Mead Johnson. For purposes of this definition,
“control” when used with respect to any specified entity means the power to direct the management and policies of such entity, directly or indirectly, whether through the ownership of 

  

 1 

 
voting securities, by contract or otherwise and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
Unless the context otherwise requires, reference to BMS and its Affiliates shall not include the affiliates of BMS that will be transferred to Mead Johnson after giving effect to the Separation, and reference to Mead Johnson and its Affiliates shall
include only those affiliates of Mead Johnson that will be transferred to Mead Johnson or will remain with Mead Johnson, as the case may be, after giving effect to the Separation, in each case including the actions taken pursuant to the Non-U.S.
Reorganization Plans. 
 1.3 Agreement. “Agreement” means this Employee Matters Agreement, including all the Addendums,
Schedules and Exhibits hereto, and all amendments made hereto from time to time. 
 1.4 Ancillary Agreements. “Ancillary
Agreements” means all of the underlying agreements, documents and instruments referred to, contemplated by, or made a part of the Separation Agreement. 
 1.5 BEP-RIP. “BEP-RIP,” when immediately preceded by “BMS,” means the Bristol-Myers Squibb Company-Benefit Equalization Plan – Retirement Income Plan (as amended and restated effective
January 1, 2007). When immediately preceded by “Mead Johnson,” “BEP-RIP” means the non-qualified supplemental excess benefit retirement plan to be established by Mead Johnson pursuant to Section 2.2 to assume the
Liabilities of U.S. Mead Johnson Transferred Employees that were accrued under the BMS BEP-RIP prior to the Separation Date in accordance with Section 7.1. 
 1.6 BEP-SIP. “BEP-SIP,” when immediately preceded by “BMS,” means the Bristol-Myers Squibb Company-Benefit Equalization Plan – Savings and Investment Program (as amended and restated
effective January 1, 2007). When immediately preceded by “Mead Johnson,” “BEP-SIP” means the non-qualified supplemental excess benefit retirement plan to be established by Mead Johnson pursuant to Section 2.2 to assume
the Liabilities of U.S. Mead Johnson Transferred Employees that were accrued under the BMS BEP-SIP prior to the Separation Date in accordance with Section 7.1. 
 1.7 BMS. “BMS” means Bristol-Myers Squibb Company, a Delaware corporation. In all such instances in which BMS is referred to in this Agreement, it shall also be deemed to include a reference to each
member of the BMS Group, unless it specifically provides otherwise. 
 1.8 BMS Employee. “BMS Employee” means an employee
other than a Mead Johnson Employee who, on the Separation Date, is: (i) either actively employed by, or on leave of absence from, any member of the BMS Group, or (ii) an employee or group of employees designated as BMS Employees by BMS and
Mead Johnson, by mutual agreement in writing, in each case whether employed within or outside the United States. 
 1.9 BMS Group.
“BMS Group” means BMS and each Subsidiary and Affiliate of BMS (or any predecessor organization thereof), excluding all members of the Mead Johnson Group. 
  

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 1.10 BMS Master RIP Trust. “BMS Master RIP Trust” means the Bristol-Myers Squibb Company
Master Retirement Trust. Assets of the BMS RIP and BMSPR RIP are held in the BMS Master RIP Trust. 
 1.11 BMS Master SIP Trust.
“BMS Master SIP Trust” means the Bristol-Myers Squibb Company Savings Plan Master Trust. Assets of the BMS SIP and BMSPR SIP are held in the BMS Master SIP Trust. 
 1.12 BMS Stock Plan. “BMS Stock Plan” means the BMS 2007 Stock Award and Incentive Plan, the BMS 2002 Stock Incentive Plan, the BMS 1997
Stock Incentive Plan, the BMS TeamShare Stock Option Plan and any other plan, program or arrangement, pursuant to which employees and other service providers hold BMS Options, BMS Restricted Stock, BMS Restricted Stock Units or other BMS equity
incentives. 
 1.13 BMSPR. “BMSPR” means Bristol-Myers Squibb Puerto Rico, Inc., a Delaware corporation. 
 1.14 BMS WCP. “BMS WCP” means the BMS workers’ compensation program, comprised of the various arrangements established by a member
of the BMS Group to comply with the workers’ compensation requirements of the states in which the members of the BMS Group conducts business. 
 1.15 Cash Bonus and Commission Plans. “Cash Bonus and Commission Plans,” when immediately preceded by “BMS,” means the BMS annual cash bonus and commission programs listed on Section 1.15 of the
Schedules. 
 1.16 COBRA. “COBRA” means the continuation coverage requirements for “group health plans” under
Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, and as codified in U.S. Code Section 4980B and ERISA Sections 601 through 608. 
 1.17 Confidential Employee Benefit Letter. “Confidential Employee Benefit Letter” means the letter between BMS and Mead Johnson that
sets forth certain confidential employee benefit and compensation information. 
 1.18 DCR Plan. “DCR Plan,” when
immediately preceded by “BMS,” means the BMS dependent care reimbursement plan. When immediately preceded by “Mead Johnson,” “DCR Plan” means the dependent care reimbursement plan to be established by Mead Johnson
pursuant to Section 2.2 to accept a spin-off of the BMS DCR Plan dependent care reimbursement accounts of U.S. Mead Johnson Transferred Employees in accordance with Section 8.6. 
 1.19 Deferred Compensation Plan. “Deferred Compensation Plan,” when immediately preceded by “BMS,” means the BMS deferred
compensation plans and programs, as identified on Section 1.19 of the Schedules. 
 1.20 DOL. “DOL” means the
United States Department of Labor. 
  

 3 

 1.21 ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time. 
 1.22 Flexible Spending Accounts. “Flexible Spending Accounts,” when immediately preceded by
“BMS,” means the BMS HCR Plan, and the BMS DCR Plan. When immediately preceded by “Mead Johnson,” Flexible Spending Accounts means the Mead Johnson HCR Plan, and the Mead Johnson DCR Plan to be established by Mead Johnson
pursuant to Section 2.2 to accept a spin-off of the flexible spending reimbursement accounts of U.S. Mead Johnson Transferred Employees under the respective BMS Flexible Spending Accounts in accordance with Section 8.6. 
 1.23 FMLA. “FMLA” means the Family and Medical Leave Act of 1993, as amended from time to time. 
 1.24 Foreign BMS Employee. “Foreign BMS Employee” means any BMS Employee who is listed (by name or by category and number) in the
Confidential Employee Benefit Letter and is: (i) either actively employed by, or on leave of absence from, any member of the BMS Group on the Separation Date, (ii) an Inactive Foreign BMS Employee, or (iii) any other employee or group
of employees designated as Foreign BMS Employees (as of the specified date) by BMS and Mead Johnson by mutual agreement in writing. 
 1.25
Foreign BMS Transferred Employee. “Foreign BMS Transferred Employee” means each (i) Foreign BMS Employee whose employment transfers from a member of the Mead Johnson Group to a member of the BMS Group by operation of law and
(ii) Foreign BMS Employee who accepts an offer of employment from any member of the BMS Group. 
 1.26 Foreign Mead Johnson
Employee. “Foreign Mead Johnson Employee” means any Mead Johnson Employee in the Mead Johnson Business who is not on the United States or Puerto Rico payroll immediately prior to the Separation Date. 
 1.27 Foreign Mead Johnson Transferred Employee. “Foreign Mead Johnson Transferred Employee” means each (i) Foreign Mead Johnson
Employee who is employed by a Transferred Entity, (ii) Foreign Mead Johnson Employee whose employment transfers from a member of the BMS Group to a member of the Mead Johnson Group by operation of law and (iii) Foreign Mead Johnson Employee who
accepts an offer of employment from any member of the Mead Johnson Group. 
 1.28 Foreign Plan. “Foreign Plan,” when
immediately preceded by “BMS,” means a Plan maintained by a member of the BMS Group for the benefit of its employees outside the U.S. and Puerto Rico. When immediately preceded by “Mead Johnson,” “Foreign Plan” means a
Plan to be established, or that is already established, by Mead Johnson for the benefit of its employees outside the U.S. and Puerto Rico. 
 1.29 Former BMS Employee. “Former BMS Employee” means an individual (a) who, prior to the Separation Date, either (i) was actively employed by any member of the BMS Group (excluding any Former Mead Johnson
Employee) or (ii) was an employee or a member of a group of employees designated as Former BMS Employees by BMS and Mead Johnson, by mutual agreement in writing, and (b) who retired or resigned from the BMS Group or whose employment with
the BMS Group otherwise terminated prior to the Separation Date. 
  

 4 

 1.30 Former Mead Johnson Employee. “Former Mead Johnson Employee” means (a) a Mead
Johnson Retiree and (b) any other individual whose employment with the BMS Group or the Mead Johnson Group terminated prior to the Separation Date and who (a) as of such individual’s employment termination date was devoting 100% of
his or her working time to the Mead Johnson Business, or (ii) as of such individual’s employment termination date was devoting at least 40% of his or her working time to the Mead Johnson Business and either (I) after the
individual’s termination of employment, the individual’s position was immediately or subsequently filled by an individual who is listed as a Mead Johnson Employee in the Confidential Employee Benefit Letter or (II) if the
individual’s position was eliminated or not re-filled, such individual is designated as a Former Mead Johnson Employee by BMS and Mead Johnson by mutual agreement following good-faith negotiations between BMS and Mead Johnson, taking into
account the following factors: (A) whether the individual devoted at least 75% of the individual’s total working time over the duration of employment to the Mead Johnson Business, in which case it shall be presumed that such individual was
a Former Mead Johnson Employee unless strong contravening factors exist; (B) whether the individual’s compensation and other overhead expenses attributable to the individual were allocated in the corporate budget to the Mead Johnson
Business over the duration of the individual’s employment; and (C) whether the individual reported to a Mead Johnson Employee or a Former Mead Johnson Employee. Notwithstanding the foregoing, BMS and Mead Johnson shall use commercially
reasonable efforts to come to an agreement about whether any individual formerly employed by the BMS Group should be treated as a Former Mead Johnson Employee for purposes of this Agreement. 
 1.31 Fringe Benefits. “Fringe Benefits,” when immediately preceded by “BMS” means the BMS employee assistance program, the
educational assistance program and other fringe benefits, plans, programs and arrangements sponsored and maintained by BMS (as described in Article X and the related sections of the Schedules attached thereto). When immediately preceded by
“Mead Johnson,” “Fringe Benefits” means the fringe benefits, plans, programs and arrangements to be established by Mead Johnson pursuant to Section 2.2 and Article X that correspond to the respective BMS Fringe Benefits.

 1.32 HCR Plan. “HCR Plan,” when immediately preceded by “BMS,” means the BMS health care reimbursement plan.
When immediately preceded by “Mead Johnson,” “HCR Plan” means the health care reimbursement plan to be established by Mead Johnson pursuant to Section 2.2 to accept a spin-off of the BMS HCR Plan health care reimbursement
accounts of U.S. Mead Johnson Transferred Employees in accordance with Section 8.6. 
 1.33 Health and Welfare Plans.
“Health and Welfare Plans,” when immediately preceded by “BMS,” means the BMS Health Plans, the BMS Flexible Spending Accounts, and the health and welfare plans listed on Section 1.33 of the Schedules established and
maintained by BMS for the benefit of employees and retirees of the members of the BMS Group, and such other welfare plans or programs as may apply to such employees and retirees as of the Separation Date. When immediately preceded by “Mead
Johnson,” “Health and Welfare Plans” means the Mead Johnson Health Plans, the Mead Johnson Flexible Spending Accounts, and the health and welfare plans to be established by Mead Johnson pursuant to Section 2.2 and Article VIII
that correspond to the respective BMS Health and Welfare Plans. 
  

 5 

 1.34 Health Plans. “Health Plans,” when immediately preceded by “BMS,” means
the health plans listed on Section 1.34 of the Schedules established and maintained by BMS for the benefit of employees and retirees of the members of the BMS Group and such other health plans or programs, including medical, prescription
drug, dental and vision plans and programs, as may apply to such employees and retirees as of the Separation Date. When immediately preceded by “Mead Johnson,” “Health Plans” means the health plans, programs and arrangements to
be established by Mead Johnson pursuant to Section 2.2 and Article VIII that correspond to the respective BMS Health Plans. 
 1.35
HMO. “HMO” means a health maintenance organization that provides benefits under the BMS Health Plans or the Mead Johnson Health Plans. 
 1.36 Inactive Foreign BMS Employee. “Inactive Foreign BMS Employee” means any Foreign BMS Employee who is not actively at work on the Separation Date because he is on approved short-term disability
leave in accordance with the applicable BMS or Mead Johnson Short-Term Disability Plan. 
 1.37 Inactive Mead Johnson Employee.
“Inactive Mead Johnson Employee” means any employee who is listed (by name or by category and number) in the Confidential Employee Benefit Letter and who is not actively at work on the Separation Date because he is on approved short-term
disability leave in accordance with the applicable BMS Short-Term Disability Plan excluding U.S. Mead Johnson Employees who were on the Puerto Rico payroll at the time they incurred the eligible disability. 
 1.38 IPO. “IPO” means the initial public offering of Mead Johnson common stock pursuant to a registration statement on Form S-1 in
accordance with the Securities Act of 1933, as amended. 
 1.39 IPO Registration Statement. “IPO Registration Statement”
means the registration statement on Form S-1 to be filed with the SEC in accordance with the Securities Act of 1933, as amended, registering the shares of common stock of Mead Johnson to be issued in the IPO, together with all amendments
thereto. 
 1.40 IRS. “IRS” means the United States Internal Revenue Service. 
 1.41 Leased Worker. An individual whose services are provided under a contract between the service recipient and a leasing or staffing agency.

 1.42 Leave of Absence Programs. “Leave of Absence Programs,” when immediately preceded by “BMS,” means the
personal, medical, military and FMLA leave (and other leaves of absence required by applicable law) offered from time to time under the personnel policies and practices of BMS. When immediately preceded by “Mead Johnson,” “Leave of
Absence Programs” means the leave of absence programs to be established by Mead Johnson pursuant to Sections 2.2 and 8.9 that correspond to the respective BMS Leave of Absence Program. 
  

 6 

 1.43 Liabilities. “Liabilities” means all benefit obligations, debts, liabilities,
guarantees, assurances, commitments and other obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or
however arising (including, without limitation, whether arising out of any Contract or tort based on negligence or strict liability) and whether or not the same would be required by generally accepted principles and accounting policies to be
reflected in financial statements or disclosed in the notes thereto (including but not limited to obligations and commitments arising from any claim for wrongful dismissal, constructive dismissal, unfair dismissal or notice of termination of
employment, pay in lieu of notice of termination, termination indemnities, other indemnities, damages arising from breach of an employee’s employment agreement, payments required be made under applicable law or collective bargaining agreement
with respect to the termination of the employment of an employee (including payments with respect to accrued wages, vacation or overtime or under a bonus plan or other plan, program or obligation)). For this purpose, “Contract” means any
contract (including a Plan), agreement (including an employment or collective bargaining agreement), instrument or other commitment that is binding on any Person or any part of its property under applicable law. 
 1.44 Life Insurance Plan. “Life Insurance Plan,” when immediately preceded by “BMS,” means the life insurance programs, plans
and arrangements established and maintained by BMS for the benefits of employees and retirees of the members of the BMS Group. When immediately preceded by “Mead Johnson,” “Life Insurance Plan” means the life insurance programs,
plans and arrangements to be established by Mead Johnson pursuant to Section 2.2 that correspond to the BMS Life Insurance Plan. 
 1.45
Long-Term Disability Plan. “Long-Term Disability Plan,” when immediately preceded by “BMS,” means the BMS Long-Term Disability Plan. When immediately preceded by “Mead Johnson,” “Long-Term Disability
Plan” means the long-term disability plan to be established by Mead Johnson pursuant to Section 2.2 and Article VIII that corresponds to the BMS Long-Term Disability Plan. 
 1.46 Material Feature. “Material Feature” means any feature of a Plan that could reasonably be expected to be of material importance, in
the aggregate, to the sponsoring employer or the participants (or their dependents or beneficiaries) of that Plan, which could include, depending on the type and purpose of the particular Plan, the class or classes of employees eligible to
participate in such Plan; the nature, type, form, source and level of benefits provided under such Plan; and the amount or level of contributions, if any, required to be made by participants (or their dependents or beneficiaries) to such Plan.

 1.47 Mead Johnson. “Mead Johnson” means Mead Johnson Nutrition Company, a Delaware corporation. In all such instances in
which Mead Johnson is referred to in this Agreement, it shall also be deemed to include a reference to each member of the Mead Johnson Group, unless it specifically provides otherwise. 
 1.48 Mead Johnson Business. “Mead Johnson Business” means (a) the business and operations of the business entities of BMS currently
known as Mead Johnson Nutritionals, as described in the IPO Registration Statement and as such business and operations will continue 

  

 7 

 
following the Separation Date, and any related infrastructure organizations, and (b) except as otherwise expressly provided in the Separation Agreement,
any terminated, divested, or discontinued businesses or operations that at the time of termination, divestiture or discontinuation primarily related to the Mead Johnson Business as then conducted. 
 1.49 Mead Johnson Employee. “Mead Johnson Employee” means any regular employee who is listed (by name or by category and number) in the
Confidential Employee Benefit Letter and is: (i) either actively employed by, or on leave of absence from any member of the Mead Johnson Group on the Separation Date (including any person who is hired by a member of the Mead Johnson Group
between the date hereof and the Separation Date); (ii) either actively employed by, or on a leave of absence from any member of the BMS Group on the Separation Date (including any person who is hired by a member of the BMS Group between the
date hereof and the Separation Date) and whose services primarily relate to the Mead Johnson Business; (iii) an Inactive Mead Johnson Employee; (iv) employed for the Mead Johnson Business in Puerto Rico and is on approved short-term
disability leave in accordance with the applicable BMS Short-Term Disability Plan on the Separation Date; or (v) any other employee or group of employees designated as Mead Johnson Employees (as of the specified date) by BMS and Mead Johnson by
mutual agreement in writing. 
 1.50 Mead Johnson Group. “Mead Johnson Group” means Mead Johnson and each Subsidiary and
Affiliate of Mead Johnson as of the Separation Date, or that is contemplated to be a Subsidiary or Affiliate of Mead Johnson after the Separation Date pursuant to the Non-U.S. Reorganization Plan other than any Subsidiary or Affiliate that is
contemplated not to be controlled by Mead Johnson pursuant to the Non-U.S. Reorganization Plan. 
 1.51 Mead Johnson Master RIP Trust.
“Mead Johnson Master RIP Trust” is defined in Section 5.1. 
 1.52 Mead Johnson Master SIP Trust. “Mead Johnson
Master SIP Trust” is defined in Section 6.1. 
 1.53 Mead Johnson PR. “Mead Johnson PR” means Mead Johnson
Nutrition (Puerto Rico) Inc., a Delaware corporation. 
 1.54 Mead Johnson PR RIP Trust. “Mead Johnson PR RIP Trust” is
defined in Section 5.1. 
 1.55 Mead Johnson PR SIP Trust. “Mead Johnson PR SIP Trust” is defined in Section 6.1.

 1.56 Mead Johnson Retiree. “Mead Johnson Retiree” means any individual who is: (i) a former employee of a member of
the BMS Group who retired from the Mead Johnson Business on or before the Separation Date in accordance with the terms of the applicable BMS or Mead Johnson Retirement Plan, or (ii) a former employee of a member of the Mead Johnson Group as of
the Separation Date who retired from the Mead Johnson Business in accordance with the terms of the applicable BMS or Mead Johnson Retirement Plan. Notwithstanding the foregoing, “Mead Johnson Retiree” shall not, unless otherwise expressly
provided to the contrary in this Agreement, include: (i) an individual who is a BMS Employee at the Separation Date, or 

  

 8 

 
(ii) a former employee of a member of the BMS Group or Mead Johnson Group as of the Separation Date whose employment with the Mead Johnson Business
terminated prior to satisfying the retirement qualifications of the applicable BMS or Mead Johnson Retirement Plan. 
 1.57 Mead Johnson
Transferred Employee. “Mead Johnson Transferred Employee” means any Foreign Mead Johnson Transferred Employee and U.S. Mead Johnson Transferred Employee. 
 1.58 Mead Johnson WCP Claims. “Mead Johnson WCP Claims” is defined in Subsection 8.11(b)(i). 
 1.59 Non-Qualified Plans. “Non-Qualified Plans” when immediately preceded by “ BMS,” means the BMS BEP-RIP, the BMS BEP-SIP, the BMS Deferred Compensation Plan, and any other deferred compensation or excess
benefit plan, program or arrangement maintained by BMS for the benefit of employees and retirees of the BMS Group. When immediately preceded by “Mead Johnson,” “Non-Qualified Plans” means the excess benefit plans, programs, or
arrangements to be established by Mead Johnson pursuant to Section 2.2 to assume the Liabilities of Mead Johnson Transferred Employees that were accrued under the applicable BMS Non-Qualified Plan prior to the Separation Date in accordance with
Article VII. 
 1.60 Non-U.S. Reorganization Plan. “Non-U.S. Reorganization Plan” means the local transfer agreements,
assignments, assumptions, novations and other documents executed by the foreign subsidiaries of BMS and Mead Johnson as shall be necessary to carry out the plan of reorganization described in Section 1.01 of the Schedules to the Separation
Agreement to effect the purposes of the Separation Agreement with respect to BMS and Mead Johnson’s respective operations outside the U.S. 
 1.61 Option. “Option” when immediately preceded by “BMS” means an option to purchase BMS common stock pursuant to a BMS Stock Plan. 
 1.62 Outsource. “Outsource” is defined in Subsections 8.3(b) and 8.11(b)(iii) for purposes of each such respective section. 
 1.63 Participating Company. “Participating Company” means: (a) BMS; (b) any Person (other than an individual) that BMS has
approved for participation in, has accepted participation in, and which is participating in, a Plan sponsored by BMS; or (c) any Person (other than an individual) which, by the terms of such Plan, participates in such Plan or any employees of
which, by the terms of such Plan, participate in or are covered by such Plan. 
 1.64 PBGC. “PBGC” means the Pension Benefit
Guaranty Corporation. 
 1.65 Performance Incentive Plan. “Performance Incentive Plan,” when immediately preceded by
“BMS,” means the BMS Employee Incentive Plan, BMS Management Incentive Plan, BMS Performance Incentive Plan, the BMS International Field Bonus Plan, and the BMS Senior Executive Performance Incentive Plan. 
 1.66 Person. “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, and a governmental entity or any department, agency or political subdivision thereof. 
  

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 1.67 Plan. “Plan,” means any written or unwritten plan, policy, program, payroll
practice, arrangement, contract, trust, insurance policy, or any agreement or funding vehicle providing compensation or benefits to employees, former employees or directors of BMS or Mead Johnson. 
 1.68 Plan Transfer Agreement. Plan Transfer Agreement means the agreement between BMS and Mead Johnson, in substantially the form attached hereto
as Exhibit A, setting forth the procedures and assumptions applicable to the transfer of assets or Liabilities or both, as applicable, from the BMS RIP to the Mead Johnson RIP, from the BMSPR RIP to the Mead Johnson PR RIP, from the BMS SIP
to the Mead Johnson SIP, from the BMSPR SIP to the Mead Johnson PR SIP, from the BMS BEP-RIP to the Mead Johnson BEP-RIP, and from the BMS BEP-SIP to the Mead Johnson BEP-SIP or the respective trusts underlying such Mead Johnson Plans. 

1.69 PR Code. “PR Code” means the Puerto Rico Internal Revenue Code of 1994, as amended from time to time. 
 1.70 QDRO. “QDRO” means a domestic relations order which qualifies under U.S. Code Section 414(p) and ERISA Section 206(d) and
which creates or recognizes an alternate payee’s right to, or assigns to an alternate payee, all or a portion of the benefits payable to a participant under any of the Retirement Plans. 
 1.71 QMCSO. “QMCSO” means a medical child support order which qualifies under ERISA Section 609(a) and which creates or recognizes
the existence of an alternate recipient’s right to, or assigns to an alternate recipient the right to, receive benefits for which a participant or beneficiary is eligible under any of the Health Plans. 
 1.72 Restricted Stock. “Restricted Stock” when immediately preceded by “BMS” means shares of BMS common stock that are subject
to transfer restrictions or to employment and/or performance vesting conditions, pursuant to a BMS Stock Plan. 
 1.73 Restricted Stock
Unit. “Restricted Stock Unit” when immediately preceded by “BMS” means a contractual right to receive shares of BMS common stock or the cash value thereof, which right is subject to transfer restrictions or to employment
and/or performance vesting conditions, pursuant to a BMS Stock Plan. 
 1.74 Retiree Programs. “Retiree Programs,” when
immediately preceded by “BMS,” means the BMS Plans that permit certain retirees and Former BMS Employees, and their eligible spouses, domestic partners, and dependents to continue to receive coverage and benefits for a designated period of
time after retirement. When immediately preceded by “Mead Johnson,” “Retiree Programs” means such continuation programs to be established by Mead Johnson pursuant to Sections 2.2 and 8.10 that correspond to the BMS Retiree
Programs. 
 1.75 Retirement Plans. “Retirement Plans,” when immediately preceded by “BMS,” means the BMS RIP, the
BMSPR RIP, the BMS SIP, the BMSPR SIP, the Key International 

  

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Pension Plan and the other defined contribution and defined benefit plans maintained by BMS. When immediately preceded by “Mead Johnson,”
“Retirement Plans” means all defined contribution and defined benefit plans to be established by Mead Johnson pursuant to Section 2.2, including the defined contribution and defined benefit Key International Pension Plans and those
other plans that are to accept a spin-off of the assets and Liabilities relating to benefits accrued by Mead Johnson Transferred Employees under the respective BMS Retirement Plan in accordance with Sections 5.1 and 6.1. 
 1.76 Return Date. “Return Date” means the date on which an Inactive Mead Johnson Employee returns to active employment with Mead
Johnson, which date shall be no later than six (6) months after the Separation Date. 
 1.77 RIP. “RIP,” when
immediately preceded by “BMS,” means the BMS Retirement Income Plan, a defined benefit plan. When immediately preceded by “BMSPR,” “RIP” means the BMSPR Retirement Income Plan, a defined benefit plan. When immediately
preceded by “Mead Johnson,” “RIP” means the defined benefit plan funded by a trust that is qualified under U.S. Code Section 401(a) and exempt from taxation under U.S. Code Section 501(a)(1), to be established by Mead
Johnson pursuant to Section 2.2 to accept a spin-off of the assets and Liabilities relating to benefits accrued by US Mead Johnson Transferred Employees under the BMS RIP prior to the Separation Date in accordance with Section 5.1. When
immediately preceded by “Mead Johnson PR,” “RIP” means the defined benefit plan funded by a trust that is qualified and exempt from taxation under PR Code Section 1165(a), and pursuant to ERISA Section 1022(i)(1), under
U.S. Code Section 501(a), to be established by Mead Johnson PR pursuant to Section 2.2 to accept a spin-off of the assets and Liabilities relating to benefits accrued by US Mead Johnson Transferred Employees under the BMSPR RIP prior to
the Separation Date in accordance with Section 5.1. 
 1.78 Separation. “Separation” has the meaning given to it in the
Separation Agreement. 
 1.79 Separation Agreement. “Separation Agreement” is defined in the Recitals. 
 1.80 Separation Date. “Separation Date” means the respective date listed on Section 1.81 of the Schedules for each country
whereby (i) the Mead Johnson Employees will be transferring to a new Mead Johnson entity, (ii) the Mead Johnson Employees will remain in the current entity and the Foreign BMS Employees will be transferred to a new BMS entity, or
(iii) the Transferred Entity will be deemed to be part of the Mead Johnson Group. 
 1.81 Severance Plan. “Severance
Plan,” when immediately preceded by “BMS,” means the BMS Severance Plan, the BMS Senior Executive Severance Plan, the BMSPR Severance Plan and any other severance programs, plans and arrangements established and maintained by BMS for
the benefits of employees and retirees of any member of the BMS Group. When immediately preceded by “Mead Johnson,” “Severance Plan” means the severance program(s) to be established by Mead Johnson pursuant to Section 2.2.

 1.82 Short-Term Disability Plan. “Short-Term Disability Plan,” when immediately preceded by “BMS,” means the
BMS Short-Term Disability Plan (or, where an employee works 

  

 11 

 
in a state that offers a statutory state short-term disability plan, then “Short-Term Disability Plan” refers to the alternative voluntary state
disability plan offered under the Short-Term Disability Plan). When immediately preceded by “Mead Johnson,” “Short-Term Disability Plan” means the short-term disability plan to be established by Mead Johnson pursuant to
Section 2.2 and Article VI that corresponds to the BMS Short-Term Disability Plan. 
 1.83 SIP. “SIP,” when immediately
preceded by “BMS,” means the BMS Savings and Investment Program, a defined contribution plan. When immediately preceded by “BMSPR,” “SIP” means the BMSPR Savings and Investment Program, a defined contribution plan. When
immediately preceded by “Mead Johnson,” “SIP” means the defined contribution plan funded by a trust that is qualified under U.S. Code Section 401(a) and exempt from taxation under U.S. Code Section 501(a)(1), to be
established by Mead Johnson pursuant to Section 2.2 to accept a spin-off of the assets and Liabilities relating to benefits accrued by U.S. Mead Johnson Transferred Employees under the BMS SIP prior to the Separation Date in accordance with
Section 6.1. When immediately preceded by “Mead Johnson PR,” “SIP” means the defined contribution plan funded by a trust that is qualified and exempt from taxation under PR Code 1165(a), and pursuant to ERISA
Section 1022(i)(1), under U.S. Code Section 501(a), to be established by Mead Johnson PR pursuant to Section 2.2 to accept a spin-off of the assets and Liabilities relating to benefits accrued by U.S. Mead Johnson Transferred
Employees under the BMSPR SIP prior to the Separation Date in accordance with Section 6.1. 
 1.84 Subsidiary.
“Subsidiary” means, with respect to any specified Person, any corporation, any limited liability company, any partnership or other legal entity of which such Person or its Subsidiaries owns, directly or indirectly, more than fifty percent
(50%) of the stock or other equity interest entitled to vote on the election of the members of the board of directors or similar governing body. Unless the context otherwise requires, reference to BMS and its Subsidiaries shall not include the
subsidiaries of BMS that will be transferred to Mead Johnson after giving effect to the Separation, including the actions taken pursuant to the Non-U.S. Reorganization Plans. 
 1.85 Transferred Entity. “Transferred Entity” is any entity listed on Section 1.86 of the Schedules. 
 1.86 Transition Agreement. “Transition Agreement” is defined in Section 12.1. 
 1.87 Unemployment Insurance Program. “Unemployment Insurance Program,” when immediately preceded by “BMS,” means the group
unemployment insurance policies purchased by BMS from time to time. When immediately preceded by Mead Johnson, “Unemployment Insurance Program” means any group unemployment insurance policies to be established by Mead Johnson pursuant to
Section 2.2. 
 1.88 U.S. Code. “U.S. Code” means the United States Internal Revenue Code of 1986, as amended from time
to time. 
 1.89 U.S. Mead Johnson Employee. “U.S. Mead Johnson Employee” means a Mead Johnson Employee who is on the U.S.
or Puerto Rico payroll immediately prior to the Separation Date. 
  

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 1.90 U.S. Mead Johnson Transferred Employee. “U.S. Mead Johnson Transferred Employee”
means each (i) U.S. Mead Johnson Employee who is employed by a Transferred Entity, (ii) U.S. Mead Johnson Employee whose employment transfers from a member of the BMS Group to a member of the Mead Johnson Group by operation of law and
(iii) U.S. Mead Johnson Employee who accepts an offer of employment from a member of the Mead Johnson Group. For this purpose “employed by” is deemed to mean that such employee’s wages are reported under an Employee
Identification Number of a member of the Mead Johnson Group. 
 ARTICLE II 
 GENERAL PRINCIPLES 
 2.1 Assumption of Liabilities. 
 (a) In General. 
 (i)
Except as specified otherwise in this Agreement, BMS hereby assumes and agrees to pay, perform, fulfill and discharge all of the following: (A) all Liabilities that arise on or after the Separation Date relating to employment, compensation,
employee benefits, severance or termination of any BMS Employee, Foreign BMS Transferred Employee, Former BMS Employee or current or former consultant, independent contractor or Leased Employee of the BMS Group or any of their respective dependents
or beneficiaries; (B) all Liabilities that arise prior to the Separation Date relating to employment, compensation, employee benefits, severance or termination of any BMS Employee, Former BMS Employee or current or former consultant,
independent contractor or Leased Employee of the BMS Group (other than consultants, independent contractors and Leased Employees providing services primarily to the Mead Johnson Business) or any of their respective dependents or beneficiaries;
(C) all Liabilities that arise prior to the Separation Date relating to employment, compensation, employee benefits, severance or termination of any Mead Johnson Employee, Former Mead Johnson Employee or current or former consultant,
independent contractor or Leased Employee of the Mead Johnson Group (excluding any Transferred Entity) or any of their respective dependents or beneficiaries, to the extent such Liabilities are due and payable prior to the Separation Date; and
(D) all other Liabilities relating to, arising out of, or resulting from obligations, liabilities and responsibilities expressly assumed or retained by any member of the BMS Group or a BMS Plan pursuant to this Agreement. 
 (ii) Except as specified otherwise in this Agreement, Mead Johnson hereby assumes and agrees to pay, perform, fulfill and discharge all of
the following: (A) all Liabilities that arise on or after the Separation Date relating to employment, compensation, employee benefits, severance or termination of any Mead Johnson Employee, Mead Johnson Transferred Employee, Former Mead Johnson
Employee or current or former consultant, independent contractor or Leased Employee of the Mead Johnson Group or any of their respective dependents or beneficiaries; (B) all Liabilities that arise prior to the Separation Date relating to
employment, compensation, employee benefits, severance or termination of any Mead Johnson Employee, Former Mead Johnson Employee or current or former consultant, independent contractor or Leased 

  

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Employee of a Transferred Entity or any of their respective dependents and beneficiaries; (C) all Liabilities that arise prior to the Separation Date
relating to employment, compensation, employee benefits, severance or termination of any Mead Johnson Employee, Former Mead Johnson Employee or current or former consultant, independent contractor or Leased Employee of the Mead Johnson Group
(excluding any Transferred Entity) or any of their respective dependents or beneficiaries, to the extent such Liabilities are due and payable on or after the Separation Date; and (D) all other Liabilities relating to, arising out of, or
resulting from obligations, liabilities and responsibilities expressly assumed or retained by any member of the Mead Johnson Group or a Mead Johnson Plan pursuant to this Agreement. 
 (b) Consultation with Works Councils and Unions. BMS hereby assumes and agrees to pay, perform, fulfill and discharge all Liabilities and
responsibilities relating to the obligation of the members of the BMS Group to inform and consult with any works council or union or employee representatives, including any such obligation under the Acquired Rights Directive or transfer of
undertakings in the applicable jurisdiction prior to the Separation Date that relate to any Mead Johnson Employees. Mead Johnson hereby assumes and agrees to pay, perform, fulfill and discharge all Liabilities and responsibilities relating to the
obligation of the members of the Mead Johnson Group to inform and consult with any works council or union or employee representatives, including any such obligation under the Acquired Rights Directive or transfer of undertakings in the applicable
jurisdiction on and after the Separation that relate to any Mead Johnson Employees. 
 2.2 Mead Johnson Plans. 
 (a) Establishment of Mead Johnson Plans. 
 Subsection 2.2(a) of the Schedules sets forth Mead Johnson’s intended qualified retirement plan designs for the U.S. Mead Johnson Transferred Employees, effective as of the Separation Date. Except as specified otherwise in
this Agreement or Subsection 2.2(a) of the Schedules, effective as of the Separation Date or such other date(s) as BMS and Mead Johnson may mutually agree in writing, Mead Johnson shall adopt the Mead Johnson Health and Welfare Plans
(including Mead Johnson Retiree Programs), the Mead Johnson Retirement Plans, the Mead Johnson Fringe Benefits, the Mead Johnson Performance Incentive Plan, the Mead Johnson Cash Bonus and Commission Plans and such other Plans as are directly
associated with Mead Johnson’s U.S. and foreign payroll system or as otherwise may be determined to be appropriate by Mead Johnson. All such Plans shall meet the requirements of applicable law (including, with respect to the Mead Johnson Health
and Welfare Plans, laws regarding continuity of benefits). 
 (b) Mead Johnson Under No Obligation to Maintain Plans. Except as
specified otherwise in this Agreement, nothing in this Agreement shall preclude Mead Johnson, at any time after the Separation Date, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Mead
Johnson Plan, any benefit under any Mead Johnson Plan or any trust, insurance policy or funding vehicle related to any Mead Johnson Plan (other than as required by applicable law, employment contract, collective bargaining agreement, trade union
agreement or works council agreement). 
  

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 (c) Transfers of Plan Assets. Except as specified otherwise in this Agreement, nothing in this
Agreement shall require BMS to transfer any, or shall require any member of the Mead Johnson Group or any Mead Johnson Plan to assume any assets or Liabilities of any member of the BMS Group or any BMS Plan (other than as required by applicable law,
employment contract, collective bargaining agreement, trade union agreement or works council agreement). 
 2.3 Mead Johnson’s
Participation in BMS Plans. 
 (a) Participation in BMS Plans. Mead Johnson shall become a Participating Company in the BMS Plans
set forth in Subsection 2.3(a) of the Schedules, in effect as of the Separation Date, to the extent that Mead Johnson has not yet established a comparable Plan as of such date. Effective as of any date on or after the Separation Date (or
such other date as BMS or Mead Johnson may mutually agree upon in writing), any other member of the Mead Johnson Group may, at its request and with the written consent of BMS and Mead Johnson, become a Participating Company in any or all of the BMS
Plans, to the extent that Mead Johnson has not yet established a comparable Plan. 
 (b) BMS’s General Obligations as Plan
Sponsor. To the extent that Mead Johnson is a Participating Company in any BMS Plan(s), BMS shall continue to administer, or cause to be administered, in accordance with their terms and applicable law, such BMS Plan(s), and shall have the sole
and absolute discretion and authority to interpret the BMS Plan(s), as set forth therein, and discretion and authority to engage other entities to provide services to the BMS Plan(s) and to delegate its administrative responsibilities over BMS
Plan(s) to other entities. BMS shall not, without first providing at least thirty (30) calendar days’ written notice to Mead Johnson, amend any Material Feature of any BMS Plan in which Mead Johnson is a Participating Company, except to
the extent such amendment would not affect any benefits of Mead Johnson Transferred Employees under such Plan or as may be necessary or appropriate to comply with applicable law. Nothing in this Subsection 2.3(b) shall prevent BMS from amending
any Material Feature of any BMS Plan in which Mead Johnson is a Participating Company, provided that the notice required under this Subsection 2.3(b) is timely given. 
 (c) Mead Johnson’s General Obligations as a Participating Company. Mead Johnson shall perform, with respect to its participation in the BMS
Plans, the duties of a Participating Company as set forth in each such Plan or any procedures adopted pursuant thereto, including (without limitation): (i) cooperating fully with BMS Plan auditors, benefit personnel and benefit vendors;
(ii) preserving the confidentiality of all financial arrangements BMS has or may have with any vendors, claims administrators, trustees or any other entity or individual with whom BMS has entered into an agreement relating to the BMS Plans;
(iii) preserving the confidentiality of participant information (including, without limitation, health information in relation to FMLA leaves) to the extent not specified otherwise in this Agreement; and (iv) to the extent requested by the
claims administrator of the applicable BMS Plans, assisting in the administration of claims. Mead Johnson agrees to timely reimburse BMS for all direct costs and expense incurred by BMS relating to the participation of the Mead Johnson Transferred
Employees in the BMS Plans. 
  

 15 

 (d) Termination of Participating Company Status. Except as otherwise may be mutually agreed upon
by BMS and Mead Johnson, effective as of the Separation Date or such other date as of which Mead Johnson establishes a comparable Plan (as specified in Section 2.2 or otherwise in this Agreement), Mead Johnson shall automatically cease to be a
Participating Company in the corresponding BMS Plan. 
 2.4 BMS’s Participation in Mead Johnson Plans. 
 (a) Participation in Mead Johnson Plans. BMS shall become a Participating Company in the Mead Johnson Plans set forth in Subsection 2.4(a)
of the Schedules, in effect as of the Separation Date, to the extent that BMS has not established a comparable Plan as of such date. Effective as of any date on or after the Separation Date (or such other date as BMS or Mead Johnson may mutually
agree upon in writing), any other member of the BMS Group may, at its request and with the written consent of BMS and Mead Johnson, become a Participating Company in any or all of the Mead Johnson Plans, to the extent that BMS has not established a
comparable Plan. 
 (b) Mead Johnson’s General Obligations as Plan Sponsor. To the extent that BMS is a Participating Company in
any Mead Johnson Plan(s), Mead Johnson shall continue to administer, or cause to be administered, in accordance with their terms and applicable law, such Mead Johnson Plan(s), and shall have the sole and absolute discretion and authority to
interpret the Mead Johnson Plan(s), as set forth therein, and discretion and authority to engage other entities to provide services to the Mead Johnson Plan(s) and to delegate its administrative responsibilities over Mead Johnson Plan(s) to other
entities. Mead Johnson shall not, without first providing at least thirty (30) calendar days’ written notice to BMS, amend any Material Feature of any Mead Johnson Plan in which BMS is a Participating Company, except to the extent such
amendment would not affect any benefits of BMS Employees under such Plan or as may be necessary or appropriate to comply with applicable law. Nothing in this Subsection 2.4(b) shall prevent Mead Johnson from amending any Material Feature of any
Mead Johnson Plan in which BMS is a Participating Company, provided that the notice required under this Subsection 2.4(b) is timely given. 
 (c) BMS’s General Obligations as Participating Company. BMS shall perform, with respect to its participation in the Mead Johnson Plans, the duties of a Participating Company as set forth in each such Plan or any procedures
adopted pursuant thereto, including (without limitation): (i) cooperating fully with Mead Johnson Plan auditors, benefit personnel and benefit vendors; (ii) preserving the confidentiality of all financial arrangements Mead Johnson has or
may have with any vendors, claims administrators, trustees or any other entity or individual with whom Mead Johnson has entered into an agreement relating to the Mead Johnson Plans; (iii) preserving the confidentiality of participant
information (including, without limitation, health information in relation to FMLA leaves) to the extent not specified otherwise in this Agreement; and (iv) to the extent requested by the claims administrators of the applicable BMS Plan,
assisting in the administration of claims. BMS agrees to timely reimburse Mead Johnson for all direct costs and expense incurred by Mead Johnson relating to the participation of the BMS Employees in the Mead Johnson Plans. 
  

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 (d) Termination of Participating Company Status. Except as otherwise may be mutually agreed upon
by BMS and Mead Johnson, effective as of the Separation Date or such other date as of which BMS establishes a comparable Plan, BMS shall automatically cease to be a Participating Company in the corresponding Mead Johnson Plan. 
 (e) Participation in Mead Johnson Plans in the Philippines and Malaysia. On and after the Separation Date, the BMS Employees in Malaysia set forth
on Subsection 2.4(e) of the Schedules (“BMS Malaysia Employees”) shall continue to participate in the Mead Johnson Plans in Malaysia on the same terms and conditions that similarly situated Mead Johnson Employees in
Malaysia are participating in such Plans, provided that such period of participation shall end no later than December 31, 2009. On and after the Separation Date, the BMS Employees in the Philippines set forth on Subsection 2.4(e) of the
Schedules (“BMS Philippines Employees”) shall continue to participate in the Mead Johnson Plans in the Philippines on the same terms and conditions that similarly situated Mead Johnson Employees in the Philippines are
participating in such Plans, provided that such period of participation shall end no later than December 31, 2009. BMS shall provide Mead Johnson at least thirty (30) calendar days written notice of its desire that Mead Johnson terminate
the participation of BMS Malaysia Employees and BMS Philippines Employees, provided that such notice or notices shall be provided no later than December 1, 2009. In the event that BMS does not provide timely notice to Mead Johnson, BMS shall
indemnify Mead Johnson for all Liabilities related thereto. Mead Johnson agrees to terminate the participation of BMS Malaysia Employees and the BMS Philippines Employees as of the date provided in such notice. BMS agrees to (A) timely
reimburse Mead Johnson for all direct costs and expenses incurred by Mead Johnson as it relates to (i) the continued participation of the BMS Philippines Employees in the respective Mead Johnson Plans after the Separation Date, (ii) the
continued employment of the BMS Philippines Employees after the Separation Date and (iii) the severance and indemnity costs and expenses to terminate the BMS Malaysia Employees and the BMS Philippines Employees; and (B) indemnify Mead Johnson
for all Liabilities relating to the BMS Malaysia Employees and the BMS Philippines Employees, provided, however, that BMS shall not be obligated to reimburse Mead Johnson for any costs or expenses incurred by Mead Johnson as it relates to the
continued employment of the BMS Malaysia Employees from and after the Separation Date until December 31, 2009, including compensation expenses and costs and expenses relating to the participation of the BMS Malaysia Employees in the applicable Mead
Johnson Plans. 
 2.5 Terms of Participation by Mead Johnson Transferred Employees in Mead Johnson Plans. 
 (a) Non-Duplication of Benefits. As of the Separation Date or such later date that applies to the particular Mead Johnson Plan established
thereafter, the Mead Johnson Plans shall be, with respect to Mead Johnson Transferred Employees, in all respects the successors in interest to, and shall not provide benefits that duplicate benefits provided by, the corresponding BMS Plans. BMS and
Mead Johnson shall agree on methods and procedures, including amending the respective Plan documents, to prevent BMS Employees and Mead Johnson Transferred Employees from receiving duplicate benefits from the BMS Plans and the Mead Johnson Plans.

 (b) Service Credit. Except as specified in Subsection 2.2(a) of the Schedules or otherwise in this Agreement, Mead
Johnson shall credit service accrued by Mead Johnson Transferred Employees with, or otherwise recognized for purposes of benefit plans, programs, policies or arrangements by BMS as of the Separation Date (or such later date to the extent any Mead
Johnson Transferred Employee continues to participate in a BMS benefit plans, programs, policies or arrangements) for all purposes (other than for benefit accrual purposes under any defined benefit pension plan of Mead Johnson unless required by
applicable law, employment 

  

 17 

 
contract, collective bargaining agreement, trade union agreement or works council agreement or as otherwise provided in this Agreement or the Schedules
thereto) under the benefit plans, programs, polices and arrangements (including any pension, 401(k), savings, profit-sharing, medical, dental, life insurance, vacation, bonus, seniority payment, post-retirement health and life insurance, equity,
severance, indemnification or separation pay plans and benefits) of Mead Johnson. The service crediting provisions shall be subject to any respectively applicable “service bridging,” “break in service,” “employment
date,” or “eligibility date” rules under the Mead Johnson Plans and the BMS Plans. 
 (c) Assumption of Liabilities.
The provisions of this Agreement for the transfer of assets relating to BMS Plans to Mead Johnson and/or the appropriate Mead Johnson Plans are based upon the understanding of the parties that Mead Johnson and/or the appropriate Mead Johnson Plan
will assume all Liabilities of the corresponding BMS Plan to or relating to Mead Johnson Transferred Employees, as provided for herein. If any such Liabilities are not effectively assumed by Mead Johnson and/or the appropriate Mead Johnson Plan,
then the amount of transferred assets shall be recomputed accordingly, taking into account the retention of such Liabilities by such BMS Plan, and assets shall be transferred from Mead Johnson and/or the appropriate Mead Johnson Plan to BMS and/or
the appropriate BMS Plan so as to place Mead Johnson and/or the appropriate Mead Johnson Plan in the position it would have been in, had the initial asset transfer been made in accordance with such recomputed amount of assets. 
 2.6 Responsibility of BMS and Mead Johnson. 
 (a) BMS Responsibility. BMS shall be solely responsible to Mead Johnson for ensuring that each member of the BMS Group complies with the applicable terms of this Agreement. 
 (b) Mead Johnson Responsibility. Mead Johnson shall be solely responsible to BMS for ensuring that each member of the Mead Johnson Group complies
with the applicable terms of this Agreement. 
 ARTICLE III 
 EMPLOYMENT TRANSFER MATTERS FOR MEAD JOHNSON EMPLOYEES 
 3.1 Continuation of Employment.

 (a) In General. Where applicable law or rules provide for the transfer of employment of any Mead Johnson Employee in connection with
the Separation, Mead Johnson and BMS shall take or cause to be taken such actions as are required under applicable law to accomplish such transfer of employment of such Mead Johnson Employee to the appropriate member of the Mead Johnson Group. Where
applicable law or rules do not provide for the transfer of employment of any Mead Johnson Employee in connection with the Separation, Mead Johnson shall, or shall cause one of its Affiliates to, offer all such Mead Johnson Employees at-will
employment (to the extent permitted by applicable law) in accordance with the provisions of this Agreement, commencing on the Separation Date. 
  

 18 

 (b) Offers of Employment. To the extent not provided for by operation of law, Mead Johnson shall,
and shall cause its Affiliates to, offer at-will employment (to the extent permitted by applicable law) to the Mead Johnson Employees (including Inactive Mead Johnson Employees who within six months after the Separation Date (or such other period as
may be required by applicable law) become ineligible for continued benefits under the applicable BMS Short-Term Disability Plan and become eligible to return to active status with Mead Johnson), in accordance with the provisions of this Agreement,
at least fifteen (15) calendar days prior to the Separation Date (or such longer period required by applicable law, applicable collective bargaining agreement, trade union agreement or works council agreement), commencing on the Separation
Date; provided that in the case of Inactive Mead Johnson Employees, such offer shall be effective immediately upon any such Employee’s ability to return to active work. Except as otherwise provided in this Agreement, each offer of employment by
Mead Johnson or its Affiliate to each Mead Johnson Employee shall in each case provide a base salary (or wages) no less favorable than the base salary (or wages) provided to such Mead Johnson Employee immediately prior to the Separation Date. Prior
to the Separation Date, Mead Johnson shall set forth on Subsection 3.1(b) of the Schedules the employee benefits that shall be provided to Mead Johnson Transferred Employees on the Separation Date on a country-by-country basis.

 (c) No Termination of Employment. No provision of this Agreement, the Separation Agreement, or any Ancillary Agreement shall be
construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any Mead Johnson Employee, Mead Johnson Transferred Employee or other future, present or former employee of BMS or Mead Johnson under
any BMS Plan or Mead Johnson Plan or applicable law or otherwise. Without limiting the generality of the foregoing: (i) neither the Separation, nor the termination of the Participating Company status of Mead Johnson or any member of the Mead
Johnson Group is intended to cause any employee to incur a termination of employment; and (ii) no transfer of employment between BMS and Mead Johnson before the Separation Date is intended to be a termination of employment for any purpose
hereunder. The members of the Mead Johnson Group shall use commercially reasonable efforts to make the offers of employment described in Subsection 3.1(b) on terms and conditions sufficient to avoid statutory severance or similar obligations
under applicable law, except to the extent such severance or similar obligations arise without regard to such terms. 
 (d) Assumption of
Liability; Indemnity. Notwithstanding any other provision of this Agreement to the contrary, if applicable law requires a member of the BMS Group to make any payment or provide any benefit to any Mead Johnson Employee in the event no member of
the Mead Johnson Group offers to provide such Mead Johnson Employee with a specified level of compensation or benefits, then Mead Johnson and its Affiliates shall offer to provide such level of compensation or benefits to the extent necessary to
prevent any member of the BMS Group from being so obligated to such Mead Johnson Employee. Mead Johnson shall assume and be solely responsible for all Liabilities with respect to claims made by any Mead Johnson Employee for severance, indemnity or
other termination pay or other benefits (i) relating to or resulting from Mead Johnson’s failure to offer employment to any Mead Johnson Employee (or failure to continue the employment of any Mead Johnson Employee of a Transferred Entity)
or failure to offer or continue employment on terms and conditions which would preclude any claims of constructive dismissal or similar claims under any applicable law or other failure to comply with the terms of this Agreement, (ii) where such
severance, indemnity or termination 

  

 19 

 
pay or other benefits are required to be paid under applicable law upon the Separation without regard to such terms and conditions or such continuation of
employment or (iii) where such severance, indemnity or termination pay or notice or benefits are required to be paid to a Mead Johnson Employee due to a Mead Johnson Employee’s refusal to accept the offer of employment from the new Mead
Johnson entity. From and after the Separation Date, Mead Johnson shall indemnify and hold harmless BMS and its Affiliates against all losses which BMS may suffer or incur as a result of any claim, action or any proceeding made by any Mead Johnson
Employee against BMS or its Affiliates from and after the Separation Date or arising from any breach of Mead Johnson’s obligations under this Subsection 3.1(d). Mead Johnson shall promptly reimburse BMS for any separation payments
described in this Subsection 3.1(d) that BMS makes. 
 3.2 Acquired Rights Directive. BMS and Mead Johnson acknowledge and agree
that under the provisions implementing the Acquired Rights Directive, each contract of employment between BMS or any other member of the BMS Group and a Foreign Mead Johnson Transferred Employee and, subject to applicable law, any labor or
collective bargaining agreement or works council agreement shall have effect for the Foreign Mead Johnson Transferred Employees employed primarily in Europe as if originally made between Mead Johnson or another member of the Mead Johnson Group and
the Foreign Transferred Employee or between Mead Johnson or another member of the Mead Johnson Group and the other parties to the labor or collective bargaining agreements or works council agreements, as the case may be. 
 3.3 Collective Bargaining and Works Council Agreements. Except as set forth on Section 3.3 of the Schedules, effective as of the
Separation Date, Mead Johnson shall assume any labor or collective bargaining agreements or trade union agreements in effect with respect to any Foreign Mead Johnson Transferred Employee. Where required to do so under applicable law, Mead Johnson
shall also assume any works council agreements in effect with respect to any Foreign Mead Johnson Transferred Employee. 
 3.4 Terms of
Mead Johnson Employment. The annual cash base salary of Mead Johnson Employees and Mead Johnson Transferred Employees as of the Separation Date shall remain the same as or greater than the annual cash base salary that was in place immediately
prior to the Separation Date when the Mead Johnson Employee or Mead Johnson Transferred Employee was employed by a member of the BMS Group, as applicable, and Mead Johnson shall assume all Liabilities arising in accordance with all employment
agreements, supplemental benefit agreements and other agreements entered into between a Mead Johnson Transferred Employee and a member of the BMS Group and shall indemnify and hold harmless BMS and each member of the BMS Group against any such
Liabilities. Notwithstanding the foregoing, each Mead Johnson Employee and Mead Johnson Transferred Employee shall be required at the request of Mead Johnson to execute a new agreement regarding confidential information and proprietary developments
in a form approved by Mead Johnson. In addition, nothing in the Separation Agreement, this Agreement or any Ancillary Agreement should be construed to change the at-will status of any of the employees of the BMS Group or the Mead Johnson Group.

 3.5 Employees with Work Visas or Permits; License to Do Business. Notwithstanding anything to the contrary in Section 3.1:
(i) Mead Johnson Employees who, on the Separation Date, are employed pursuant to a work or training visa or permit which authorizes 

  

 20 

 
employment only by the a member of the BMS Group shall remain employed by such member of the BMS Group until the visa or permit is amended or a new visa or
permit is granted to authorize employment by a member of the Mead Johnson Group; and (ii) in the event that any Affiliate of Mead Johnson is not licensed to do business in its primary place of business, the Mead Johnson Employees at such place
of business shall remain employed by a member of the BMS Group until such license is granted. At the time such amended or new visa or license to do business is issued, such Mead Johnson Employees shall become employees of a member of the Mead
Johnson Group with substantially similar rights as all other Mead Johnson Employees. During the period from the Separation Date until the amended or new visa or permit or license to do business is issued, such employee shall continue to participate
in BMS Plans and Mead Johnson shall, as and when invoiced by BMS, promptly reimburse BMS for its direct and indirect costs and expenses relating to compensation, employment and benefits. 
 ARTICLE IV 
 EMPLOYMENT TRANSFER MATTERS FOR FOREIGN BMS EMPLOYEES IN 

HONG KONG AND THAILAND 
 4.1
Continuation of Employment. 
 (a) BMS’ Offers of Employment in Hong Kong and Thailand. BMS shall, and shall cause its
Affiliates to, offer employment to the Foreign BMS Employees in Hong Kong and Thailand at least fifteen (15) calendar days prior to the Separation Date (or such longer period required by applicable law, applicable collective bargaining
agreement, trade union agreement or works council agreement), commencing on the Separation Date. Except as otherwise provided in this Agreement, each offer of employment by BMS or its Affiliate to each Foreign BMS Employee shall in each case provide
a base salary (or wages) no less favorable than the base salary (or wages) provided to such Foreign BMS Employee immediately prior to the Separation Date. 
 (b) No Termination of Employment. No provision of this Agreement, the Separation Agreement, or any Ancillary Agreement shall be construed to create any right, or accelerate entitlement, to any compensation or
benefit whatsoever on the part of any Foreign BMS Employee or Foreign BMS Transferred Employee under any BMS Plan or Mead Johnson Plan or applicable law or otherwise. Without limiting the generality of the foregoing: (i) the Separation is not
intended to cause any employee to incur a termination of employment; and (ii) no transfer of employment between Mead Johnson and BMS before the Separation Date is intended to be a termination of employment for any purpose hereunder. The members
of the BMS Group shall use commercially reasonable efforts to make the offers of employment described in Subsection 4.1(a) on terms and conditions sufficient to avoid statutory severance or similar obligations under applicable law, except to
the extent such severance or similar obligations arise without regard to such terms. 
  

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 (c) Assumption of Liability; Indemnity. Notwithstanding any other provision of this Agreement to
the contrary, if applicable law requires a member of the BMS Group to make any payment or provide any benefit to any Foreign BMS Employee in the event no member of the BMS Group offers to provide such Foreign BMS Employee with a specified level of
compensation or benefits, then BMS and its Affiliates shall offer to provide such level of compensation or benefits to the extent necessary to prevent any member of the Mead Johnson Group from being so obligated to such Foreign BMS Employee. BMS
shall assume and be solely responsible for all Liabilities with respect to claims made by any Foreign BMS Employee for severance, indemnity or other termination pay or other benefits (i) relating to or resulting from BMS’s failure to offer
employment to any Foreign BMS Employee (or failure to continue the employment of any Foreign BMS Employee) or failure to offer or continue employment on terms and conditions which would preclude any claims of constructive dismissal or similar claims
under any applicable law or other failure to comply with the terms of this Agreement, (ii) where such severance, indemnity or termination pay or other benefits are required to be paid under applicable law upon the Separation without regard to
such terms and conditions or such continuation of employment or (iii) where such severance, indemnity or termination pay or notice or benefits are required to be paid to a Foreign BMS Employee due to a Foreign BMS Employee’s refusal to
accept the offer of employment from the new Mead Johnson entity. From and after the Separation Date, BMS shall indemnify and hold harmless Mead Johnson and its Affiliates against all losses which BMS may suffer or incur as a result of any claim,
action or any proceeding made by any Foreign BMS Employee against BMS or its Affiliates from and after the Separation Date or arising from any breach of BMS’s obligations under this Section 4.1. BMS shall promptly reimburse Mead Johnson
for any separation payments described in this Subsection 4.1(c) that Mead Johnson makes. 
 4.2 Employees with Work Visas or Permits;
License to Do Business. Notwithstanding anything to the contrary in Section 4.1(a): (i) Foreign BMS Employees who, on the Separation Date, are employed pursuant to a work or training visa or permit which authorizes employment only by a
member of the Mead Johnson Group shall remain employed by such member of the Mead Johnson Group until the visa or permit is amended or a new visa or permit is granted to authorize employment by a member of the BMS Group; and (ii) in the event
that any Affiliate of BMS is not licensed to do business in its primary place of business, the Foreign BMS Employees at such place of business shall remain employed by a member of the Mead Johnson Group until such license is granted. At the time
such amended or new visa or license to do business is issued, such Foreign BMS Employees shall become employees of a member of the BMS Group with substantially similar rights as all other Foreign BMS Employees. During the period from the Separation
Date until the amended or new visa or license to do business is issued, such employee shall continue to participate in Mead Johnson Plans and BMS shall, as and when invoiced by Mead Johnson, promptly reimburse Mead Johnson for its direct and
indirect costs and expenses relating to compensation, employment and benefits. 
  

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 ARTICLE V 
 DEFINED BENEFIT PLANS 
 5.1 U.S. and Puerto Rico Retirement Income Plans. 
 (a) Transfers of Benefit Obligations and Assets from the BMS RIP. Effective as of the Separation Date, Mead Johnson shall establish, or cause to be
established, the Mead Johnson RIP and a separate master trust which is intended to be qualified under U.S. Code Section 401(a) and exempt from taxation under U.S. Code Section 501(a)(1) (the “Mead Johnson Master RIP
Trust”), to hold the assets of the Mead Johnson RIP and to accept as an investor, the Mead Johnson PR RIP Trust (as defined below). In accordance with the Plan Transfer Agreement, following the Separation Date, certain benefit obligations
allocable to U.S. Mead Johnson Transferred Employees participating in the BMS RIP shall be assigned to and assumed by the Mead Johnson RIP, the assets of the BMS RIP shall be allocated between the BMS RIP and the Mead Johnson RIP, and the Trustee of
the BMS Master RIP Trust shall transfer to the Trustee of the Mead Johnson Master RIP Trust the assets allocated to the Mead Johnson RIP. Notwithstanding any provision to the contrary, the parties shall make their best efforts to conclude such
assignments and assumptions of benefit obligations and transfers of assets prior to January 1, 2010. 
 (b) Transfers of Benefit
Obligations and Assets from the BMSPR RIP. Effective as of the Separation Date, Mead Johnson shall establish, or cause to be established, the Mead Johnson PR RIP and a separate trust which is intended to be qualified and exempt from taxation
under PR Code Section 1165(a), and pursuant to ERISA Section 1022(i)(1), under U.S. Code Section 501(a) (the “Mead Johnson PR RIP Trust”), to hold the assets of the Mead Johnson PR RIP. In accordance with the Plan
Transfer Agreement, following the Separation Date, certain benefit obligations allocable to U.S. Mead Johnson Transferred Employees participating in the BMSPR RIP shall be assigned to and assumed by the Mead Johnson PR RIP, the assets of the BMSPR
RIP shall be allocated between the BMSPR RIP and the Mead Johnson PR RIP, and the Trustee of the BMS Master RIP Trust shall transfer to the Trustee of the Mead Johnson PR RIP Trust the assets allocated to the Mead Johnson PR RIP. Notwithstanding any
provision to the contrary, the parties shall make their best efforts to conclude such assignments and assumptions of benefit obligations and transfers of assets prior to January 1, 2010. 
 (c) No Separation from Service. Neither the Separation nor the IPO shall constitute a separation from service or a termination of employment under
the BMS RIP, the BMSPR RIP, the Mead Johnson RIP or the Mead Johnson PR RIP, each of which shall provide that no distribution of retirement benefits shall be made to any U.S. Mead Johnson Transferred Employee on account of the Separation and IPO.

 5.2 Mexico Pension Plan. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson Mexico pension plan.
The Liabilities under the Pension Plan for the Personnel of Bristol-Myers Squibb de Mexico, S de R.L. de C.V. as of the Separation Date attributable to Foreign Mead Johnson Transferred Employees participating in such Plan shall be transferred to and
assumed by the Mead Johnson Mexico pension plan by operation of law. The amount of Liabilities subject to such transfer and assumption shall be calculated as provided in 

  

 23 

 
Section 5.2 of the Schedules, subject to applicable law, by the trustees of the Plan in consultation with the Plan’s actuarial firm. The
terms and conditions of the transfer and assumption shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer and assumption as soon as
practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. BMS shall have no obligation to make any payment or asset transfer to Mead
Johnson in connection with Mead Johnson’s assumption of Liabilities hereunder. 
 5.3 Hong Kong Retirement Plan and Provident
Fund. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson Hong Kong mandatory provident fund scheme. The assets and Liabilities under the BMS Hong Kong Retirement Plan as of the Separation Date attributable to
Foreign Mead Johnson Transferred Employees shall be transferred to and assumed by the Mead Johnson Hong Kong mandatory provident fund scheme. The amount of the accrued benefits subject to distribution shall be calculated as provided in
Section 5.3 of the Schedules, subject to applicable law, by the trustees of the Plan in consultation with the Plan’s actuarial firm. In addition, the assets under the current BMS Hong Kong Mandatory Provident Fund Scheme as of the
Separation Date in the accounts of Foreign Mead Johnson Transferred Employees participating in such scheme shall be transferred to the Mead Johnson Hong Kong mandatory provident fund scheme as provided in Section 5.3 of the Schedules,
subject to applicable law and the consent of such Foreign Mead Johnson Transferred Employees. In addition, the assets and Liabilities under the BMS Hong Kong Retirement Plan as of the Separation Date attributable to Foreign BMS Employees and the
assets under the BMS Hong Kong Mandatory Provident Fund Scheme as of the Separation Date attributable to Foreign BMS Employees shall be transferred to and assumed by an Affiliate of BMS, which shall be established in Hong Kong as of the Separation
Date. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish these distributions and transfers as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and
obtain such approvals as may be necessary or advisable. 
 5.4 Taiwan Pension Plan. Effective as of the Separation Date, Mead Johnson
shall establish the Mead Johnson Taiwan pension plan. The Liabilities under the BMS Taiwan Pension Plan as of the Separation Date attributable to Foreign Mead Johnson Transferred Employees participating in such Plan shall be transferred to and
assumed by the Mead Johnson Taiwan pension plan. The assets under the BMS Taiwan Pension Plan as of the Separation Date attributable to Foreign Mead Johnson Transferred Employees participating in such Plan shall be transferred to the Mead Johnson
Taiwan pension plan if and when such transfer is approved by the applicable Taiwan governmental authorities (the “Taiwan Pension Authorities”). Pending the decision of the Taiwan Pension Authorities, such assets shall remain in the
custody of the BMS Taiwan Pension Plan. The amount of assets and Liabilities subject to the transfer and assumption shall be calculated as provided in Section 5.4 of the Schedules, subject to applicable law, by the trustees of the Plan
in consultation with the Plan’s actuarial firm (the “Taiwan Pension Liability”). The terms and conditions of the transfer and assumption of assets shall be approved by BMS and Mead Johnson or their respective designees. BMS and
Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer and assumption as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals
as may be necessary or advisable. In the event 

  

 24 

 
the Taiwan Pension Authorities do not approve the transfer of the assets contemplated by this Section 5.4, then BMS shall have no obligation to make any
payment or asset transfer to Mead Johnson in connection with its assumption of Liabilities under the BMS Taiwan Pension Plan. 
 5.5
Netherlands Retirement Plans. Mead Johnson shall establish the Mead Johnson Netherlands retirement plan for the benefit of Foreign Mead Johnson Transferred Employees employed by Mead Johnson B.V. (MJ Nijmegan) and Foreign Mead Johnson
Transferred Employees employed by Bristol-Myers Squibb B.V. (MJ Woerden) immediately prior to the Separation Date. The assets and Liabilities under the BMS Netherlands Pension Schemes 1A and 1B as of the Separation Date attributable to Foreign Mead
Johnson Transferred Employees employed by Bristol-Myers Squibb B.V. (MJ Woerden) immediately prior to the Separation Date shall be transferred to and assumed by the Mead Johnson Netherlands retirement plan. The assets and Liabilities under the BMS
Netherlands Pension Schemes 1A and 1B as of the Separation Date attributable to Foreign Mead Johnson Transferred Employees employed by Mead Johnson B.V. (MJ Nijmegan) immediately prior to the Separation Date shall be also transferred to and assumed
by the Mead Johnson Netherlands retirement plan. The amount of assets and Liabilities subject to the transfers and assumptions shall be calculated as provided in Section 5.5 of the Schedules, subject to applicable law, by the trustees of
the Plan in consultation with the Plan’s actuarial firm. The terms and conditions of the transfers and assumptions shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially
reasonable efforts to accomplish these transfers and assumption as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable.
Except for the retirement benefits with respect to Foreign Mead Johnson Transferred Employees employed by Mead Johnson B.V. (MJ Nijmegan) and Foreign Mead Johnson Transferred Employees employed by Bristol-Myers Squibb B.V. (MJ Woerden), BMS shall be
solely responsible for all retirement benefits for any other individual under the BMS Netherlands Pension Schemes 1A and 1B. The actions described in this Section 5.5 are subject to approval by the applicable works council, as necessary, and
shall be executed in accordance with applicable law. 
 5.6 Philippines Retirement Plan. Effective as of the Separation Date, Mead
Johnson shall continue in effect the Mead Johnson Philippines, Inc. Multi-Employer Retirement Plan. The assets and Liabilities under the Mead Johnson Philippines, Inc. Multi-Employer Retirement Plan as of the Separation Date attributable to Foreign
Mead Johnson Employees, Former Mead Johnson Employees and Former BMS Employees participating in such Plan shall remain in the Mead Johnson Philippines, Inc. Multi-Employer Retirement Plan, and the trust of such Plan shall pay out all benefits
thereunder in accordance with the terms of the Mead Johnson Philippines, Inc. Multi-Employer Retirement Plan document and trust instrument. 
 5.7 Canada Retirement Plan. Effective as of the Separation Date, Mead Johnson shall assume the Mead Johnson Canadian pension plan, which shall be established prior to the Separation Date with an effective date of January 1,
2008. The assets and Liabilities under the Pension Plan for Employees of Bristol-Myers Squibb Canada as of January 1, 2008 attributable to Foreign Mead Johnson Transferred Employees participating in such Plan shall be transferred to and assumed
by the Mead Johnson Canadian pension plan, subject to the approval of the applicable Canadian governmental authorities (the “Canadian Pension Authorities”). The amount of assets and Liabilities subject to the transfer and assumption
shall be calculated as 

  

 25 

 
provided in Section 5.7 of the Schedules, subject to applicable law, by the Plan’s actuarial firm. The terms and conditions of the transfer
and assumption shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer and assumption as soon as practicable following the Separation Date
and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. 
 5.8
France Retirement Indemnities Plan. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson France retirement indemnities plan, as required by local law. The assets and Liabilities under the Bristol-Myers Squibb
France End of Career Indemnity Plan as of the Separation Date attributable to Foreign Mead Johnson Transferred Employees participating in such Plan shall be transferred to and assumed by the Mead Johnson France retirement indemnities plan. The
amount of assets and Liabilities subject to the transfer and assumption shall be calculated as provided in Section 5.8 of the Schedules, subject to applicable law, by the trustees of the Plan in consultation with the Plan’s
actuarial firm. The terms and conditions of the transfer and assumption shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer and
assumption as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. The actions described in this Section 5.8 are
subject to approval by the applicable works council, as necessary, and shall be executed in accordance with applicable law. 
 5.9 Key
International Pension Plan. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson Key International Pension Plan, an unfunded defined benefit plan. The Liabilities under the BMS Key International Pension Plan as of
the Separation Date attributable to Foreign Mead Johnson Transferred Employees participating in such Plan shall be transferred to and assumed by the Mead Johnson Key International Pension Plan. BMS shall assume all Liabilities under the BMS Key
International Pension Plan for all Former Mead Johnson Employees (other than Mead Johnson Transferred Employees) and all Mead Johnson Employees who do not become Mead Johnson Transferred Employees. The amount of Liabilities subject to the transfer
and assumption shall be calculated as provided in Section 5.9 of the Schedules, subject to applicable law, by the trustees of the Plan in consultation with the Plan’s actuarial firm. The terms and conditions of the transfer and
assumption shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer and assumption as soon as practicable following the Separation Date and
to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. BMS shall not be obligated to make any payment or asset transfer to Mead Johnson in connection with Mead Johnson’s
assumption of Liabilities hereunder. 
 5.10 Other Foreign Pension Plans. To the extent permitted under applicable law, BMS and Mead
Johnson agree to use commercially reasonable efforts to transfer the assets and/or Liabilities under the retirement plans listed on Section 5.10 of the Schedules as of the Separation Date attributable to Foreign Mead Johnson Transferred
Employees participating in such plan, and to cause such assets and/or Liabilities to be assumed by, such other plans as are indicated on Section 5.10 of the Schedules. The terms and conditions of the transfer and assumption shall be

  

 26 

 
approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer
and assumption as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. 
 ARTICLE VI 
 DEFINED CONTRIBUTION PLANS

 6.1 U.S. and Puerto Rico Savings and Investment Programs. 
 (a) Transfers of Benefit Obligations and Assets from the BMS SIP. Effective as of the Separation Date, Mead Johnson shall establish, or cause to be
established, the Mead Johnson SIP and a separate master trust which is intended to be qualified under U.S. Code Section 401(a) and exempt from taxation under U.S. Code Section 501(a)(1) (the “Mead Johnson Master SIP
Trust”), to hold the assets of the Mead Johnson SIP. In accordance with the terms of the Plan Transfer Agreement, following the Separation Date, certain benefit obligations of the BMS SIP shall be assigned to and assumed by the Mead Johnson
SIP, and the Trustee of the BMS Master SIP Trust shall transfer certain assets allocable to U.S. Mead Johnson Transferred Employees participating in the BMS SIP to the Trustee of the Mead Johnson Master SIP Trust. Notwithstanding any provision to
the contrary, the parties hereto shall make their best efforts to conclude such assignments and assumptions of benefit obligations and transfers of assets prior to January 1, 2010. 
 (b) Transfers of Benefit Obligations and Assets from the BMSPR SIP. Effective as of the Separation Date, Mead Johnson shall establish, or cause to
be established, the Mead Johnson PR SIP and a separate trust which is intended to be qualified and exempt from taxation under PR Code Section 1165(a), and pursuant to ERISA Section 1022(i)(1), under U.S. Code Section 501(a) (the
“Mead Johnson PR SIP Trust”), to hold the assets of the Mead Johnson PR SIP. In accordance with the terms of the Plan Transfer Agreement, following the Separation Date, certain benefit obligations of the BMSPR SIP shall be assigned
to and assumed by the Mead Johnson PR SIP, and the Trustee of the BMS Master SIP Trust shall transfer certain assets allocable to U.S. Mead Johnson Transferred Employees participating in the BMSPR SIP to the Trustee of the Mead Johnson PR SIP Trust.
Notwithstanding any provision to the contrary, the parties hereto shall make their best efforts to conclude such assignments and assumptions of benefit obligations and transfers of assets prior to January 1, 2010. 
 (c) No Separation from Service. Neither the Separation nor the IPO shall constitute a separation from service or a termination of employment under
the BMS SIP, the BMSPR SIP, the Mead Johnson SIP or the Mead Johnson PR SIP, each of which shall provide that no distribution of retirement benefits shall be made to any U.S. Mead Johnson Transferred Employee on account of the Separation and IPO.

 6.2 Thailand Savings Plan/Provident Fund. Effective as of the Separation Date, BMS shall establish the BMS Thailand savings
plan/provident fund with the same fund manager as is used by the current Bristol-Myers Squibb Thai Ltd. Group of Companies Registered Provident Fund. The assets under the Bristol-Myers Squibb Thai Ltd. Group of Companies Registered 

  

 27 

 
Provident Fund as of the Separation Date in the accounts of Foreign BMS Transferred Employees participating in such Plan shall be transferred to the BMS
Thailand savings plan/provident fund as provided in Section 6.2 of the Schedules, subject to applicable law. The amount of the transfer and the terms and conditions of the transfer shall be approved by BMS and Mead Johnson or their
respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain
such approvals as may be necessary or advisable. 
 6.3 Portugal Defined Contribution Plan. Effective as of the Separation Date, Mead
Johnson shall establish the Mead Johnson Portugal defined contribution plan. The assets under the Bristol-Myers Squibb Portugal Secure Retirement Plan as of the Separation Date attributable to Foreign Mead Johnson Transferred Employees participating
in such Plan shall be transferred to the Mead Johnson Portugal defined contribution plan as provided in Section 6.3 of the Schedules, subject to applicable law, provided such transfer does not result in any material adverse tax
consequences to the trust holding the assets of the Bristol-Myers Squib Portugal Secure Retirement Plan. The amount of the transfer and the terms and conditions of the transfer shall be approved by BMS and Mead Johnson or their respective designees.
BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may
be necessary or advisable. The actions described in this Section 6.3 are subject to approval by the applicable works council, as necessary, and shall be executed in accordance with applicable law. 
 6.4 France Defined Contribution Profit-Sharing Plan. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson France
defined contribution profit-sharing plan, an unfunded plan to hold the profit-sharing contributions to Foreign Mead Johnson Employees. The Liabilities under the Bristol-Myers Squibb France Group Savings Plan as of the Separation Date attributable to
Foreign Mead Johnson Transferred Employees participating in such Plan shall be transferred to the Mead Johnson France defined contribution profit-sharing plan as provided in Section 6.4 of the Schedules, subject to applicable law. The
amount of the transfer and the terms and conditions of the transfer shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer as soon as
practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. The actions described in this Section 6.4 are subject to approval by the
applicable works council, as necessary, and shall be executed in accordance with applicable law. 
 6.5 Brazil Defined Contribution
Plan. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson Brazil defined contribution plan. As soon as practicable after the Separation Date, all Foreign Mead Johnson Transferred Employees participating in the BMS
PREV (Brazil) Retirement Plan shall be given the opportunity to elect to transfer the balance of their accounts under the Plan to the Mead Johnson Brazil defined contribution plan, as provided in Section 6.5 of the Schedules, subject to
applicable law. The amount of the transfer and the terms and conditions of the transfer shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use 

  

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commercially reasonable efforts to accomplish this transfer as soon as practicable following the Separation Date and to cooperate with each other to make
such filings and disclosure and obtain such approvals as may be necessary or advisable. 
 6.6 Spain Defined Contribution Plan.
Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson Spain defined contribution plan. The assets under the BMS Spain Long-Term Savings Plan as of the Separation Date attributable to Foreign Mead Johnson Transferred
Employees participating in such Plan shall be transferred to the Mead Johnson Spain defined contribution plan as provided in Section 6.6 of the Schedules, subject to applicable law and consent of the Foreign Mead Johnson Transferred
Employees, to the extent applicable. The amount of the transfer and the terms and conditions of the transfer shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts
to accomplish this transfer as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. The actions described in this
Section 6.6 are subject to approval by the applicable works council, as necessary, and shall be executed in accordance with applicable law. 
 6.7 Other Foreign Savings Plans. BMS and Mead Johnson agree to transfer the assets of the savings plans listed on Section 6.7 of the Schedules as of the Separation Date attributable to Foreign Mead Johnson Transferred
Employees participating in such plans to such other plans and arrangements as are listed on Section 6.7 of the Schedules, subject to applicable law, approval of the applicable works council, to the extent required, and consent of the
Foreign Mead Johnson Transferred Employees, to the extent applicable. The amount of the transfer and the terms and conditions of the transfer shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use
commercially reasonable efforts to accomplish this transfer as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable.

 ARTICLE VII 
 NON-QUALIFIED
AND OTHER PLANS 
 7.1 Benefit Equalization Plans. 
 (a) Establishment of Mead Johnson Benefit Equalization Plans. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson BEP-RIP and the Mead Johnson BEP-SIP. All deferral and
distribution elections that were in effect with respect to Mead Johnson Employees under the BMS BEP-RIP and BMS BEP-SIP on the Separation Date shall be carried over and remain in effect under the Mead Johnson BEP-RIP and BEP-SIP after the Separation
Date for the remainder of the period or periods for which such elections are by their terms applicable. 
  

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 (b) Assumption of Liabilities by Mead Johnson Benefit Equalization Plans. 
 (i) Effective as of the Separation Date, the BMS BEP-RIP shall assign to, and the Mead Johnson BEP-RIP shall assume and be solely
responsible for, all Liabilities for or relating to the benefits of the U.S. Mead Johnson Transferred Employees that were accrued under the BMS BEP-RIP as of the Separation Date pursuant to the Plan Transfer Agreement. 
 (ii) Effective as of the Separation Date, the BMS BEP-SIP shall assign to, and the Mead Johnson BEP-SIP shall assume and be solely
responsible for, all Liabilities for or relating to the benefits of the U.S. Mead Johnson Transferred Employees that were accrued under the BMS BEP-SIP as of the Separation Date pursuant to the Plan Transfer Agreement. 
 (c) Canadian Plan. Effective as of the Separation Date, Mead Johnson shall establish the Mead Johnson Canada Supplemental Retirement Plan as set
forth in Subsection 7.1(c) of the Schedules. The Liabilities under the Supplemental Retirement Plan for Employees of Bristol-Myers Squibb Canada as of the Separation Date attributable to Foreign Mead Johnson Transferred Employees
participating in such Plan shall be transferred to and assumed by the Mead Johnson Canada Supplemental Retirement Plan. The Liabilities subject to the transfer and assumption shall be calculated as provided in Subsection 7.1(c) of the
Schedules, subject to applicable law. The amount of the transfer and the terms and conditions of the transfer and assumption shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially
reasonable efforts to accomplish this transfer and assumption as soon as practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable.

 7.2 Deferred Compensation Plan. BMS shall determine the amount of Liabilities under the BMS Deferred Compensation Plan as of the
Separation Date attributable to Mead Johnson Transferred Employees, and shall administer the deferral of bonuses and performance incentive payments attributable to performance prior to January 1, 2009. Except as provided in the preceding
sentence, effective as of the Separation Date, Mead Johnson shall assume all responsibilities and obligations attributable to such Liabilities and timely reimburse BMS for all direct costs and expenses incurred by BMS relating to the participation
of Mead Johnson Transferred Employees in the BMS Deferred Compensation Plan. 
 7.3 Termination Indemnity Plans. Effective as of the
Separation Date, Mead Johnson shall establish unfunded Mead Johnson Termination Indemnity Plans for Foreign Mead Johnson Transferred Employees who are on the payrolls of any of the countries listed on Section 7.3 of the Schedules. The
Liabilities under the BMS Termination Indemnity Plans as of the Separation Date attributable to such Foreign Mead Johnson Transferred Employees participating shall be transferred to and assumed by the applicable Mead Johnson Termination Indemnity
Plan. BMS shall assume all Liabilities under the BMS Termination Indemnity Plans for all Former Mead Johnson Employees (other than Foreign Mead Johnson Transferred Employees) and all Foreign Mead Johnson Employees who do not become Foreign Mead
Johnson Transferred Employees. The amount of Liabilities subject to the transfer and assumption shall be calculated as provided 

  

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in Section 7.3 of the Schedules, subject to applicable law, by the trustees of the Plan in consultation with the Plan’s actuarial firm. The
terms and conditions of the transfer and assumption shall be approved by BMS and Mead Johnson or their respective designees. BMS and Mead Johnson agree to use commercially reasonable efforts to accomplish this transfer and assumption as soon as
practicable following the Separation Date and to cooperate with each other to make such filings and disclosure and obtain such approvals as may be necessary or advisable. 
 ARTICLE VIII 
 HEALTH AND WELFARE PLANS 
 8.1 Life Insurance Liabilities. 
 (a)
Assumption of Liabilities. Except as specified otherwise in this Agreement and subject to applicable law, the BMS Life Insurance Plans shall retain all Liabilities with respect to claims incurred (A) prior to the Separation Date by Mead
Johnson Employees and their dependents (other than Mead Johnson Employees of a Transferred Entity) and (B) on or after the Separation Date and prior to the Return Date by Mead Johnson Inactive Employees and their dependents, as are covered
under the terms of such Plans. Except as specified otherwise in this Agreement and subject to applicable law, the Mead Johnson Life Insurance Plans shall assume all Liabilities with respect to claims incurred (A) prior to, on and after the
Separation Date by Mead Johnson Employees of the Transferred Entities and their dependents, (B) on or after the Return Date by Mead Johnson Inactive Employees and their dependents, and (C) on or after the Separation Date by all other Mead
Johnson Transferred Employees and their dependents. For these purposes, a claim shall be deemed to have occurred on the date of the death of the insured person. 
 (b) Retiree Programs. Notwithstanding any other provision of this Agreement to the contrary, Mead Johnson agrees to provide or cause to be provided (i) to each U.S. Mead Johnson Transferred Employee (and
his or her eligible dependents) who is eligible to retire on or immediately prior to the Separation Date with retiree life insurance benefits and coverage under the BMS Life Insurance Plans or such other BMS Retiree Program providing life insurance
benefits that is applicable to such U.S. Mead Johnson Transferred Employee immediately prior to the Separation Date, and (ii) to each U.S. Mead Johnson Transferred Employee (and his or her eligible dependents) who retires on or after the
Separation Date and satisfies the eligibility requirements for retiree life insurance coverage set forth in the applicable Mead Johnson Retiree Program retiree life insurance benefits and coverage under the Mead Johnson Life Insurance Plans or such
other Mead Johnson Retiree Program providing life insurance benefits that is applicable to such U.S. Mead Johnson Transferred Employee after the Separation Date. 
 8.2 Health and Welfare Plan Liabilities. 
 (a) Assumption of Liabilities. Except as specified
otherwise in this Agreement and subject to applicable law, employment contract, collective bargaining agreement, trade union agreement or works council agreement, the BMS Health and Welfare Plans (including the BMS Flexible Spending Accounts) shall
retain all Liabilities with respect to 

  

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claims incurred (i) prior to the Separation Date by Mead Johnson Employees and their dependents (other than Mead Johnson Employees of a Transferred
Entity) and (ii) on or after the Separation Date and prior to the Return Date by Mead Johnson Inactive Employees and their dependents, as are covered under the terms of such Plans. Except as specified otherwise in this Agreement and subject to
applicable law, the Mead Johnson Health and Welfare Plans (including the Mead Johnson Flexible Spending Accounts) shall assume all Liabilities with respect to claims incurred (i) prior to, on and after the Separation Date by Mead Johnson
Employees of the Transferred Entities and their dependents, (ii) on or after the Return Date by Mead Johnson Inactive Employees and their dependents, and (iii) on or after the Separation Date by all other Mead Johnson Transferred Employees
and their dependents. For these purposes, a claim shall be deemed to have occurred at the time professional services, equipment or prescription drugs covered by the applicable plan are obtained by the insured person or, in the event of a Flexible
Spending Account, when the charge or expense giving rise to the claim is incurred. 
 (b) Retiree Programs. Notwithstanding any other
provision of this Agreement to the contrary, Mead Johnson agrees to provide or cause to be provided to (i) each U.S. Mead Johnson Employee (and his eligible dependents) who is eligible to retire on or immediately prior to the Separation Date
with retiree health insurance benefits and coverage under the BMS Health and Welfare Plans or such other BMS Retiree Program providing health insurance benefits that is applicable to such U.S. Mead Johnson Employee immediately prior to the
Separation, (ii) each Foreign Mead Johnson Transferred Employee (and his or her eligible dependents) employed primarily within Belgium, Canada or France who is eligible to retire on or immediately prior to the Separation Date with retiree
health insurance benefits and coverage under the BMS Health and Welfare Plans or such other BMS Retiree Program providing health insurance benefits that is applicable to such Foreign Mead Johnson Employee immediately prior to the Separation, and
(iii) each Mead Johnson Transferred Employee employed primarily in the United States, Belgium, Canada or France (and his or her eligible dependents) who retires on or after the Separation Date and satisfies the eligibility requirements for
retiree health insurance coverage set forth in the applicable Mead Johnson Retiree Program retiree health insurance benefits and coverage under the Mead Johnson Health and Welfare Plans or such other Mead Johnson Retiree Program providing health
insurance benefits that is applicable to such Mead Johnson Transferred Employee after the Separation Date. 
 8.3 Claims for Health and
Welfare Plans. 
 (a) Administration of BMS Claims. BMS shall administer claims incurred under the BMS Health and Welfare Plans by
Mead Johnson Employees before the Separation Date. Any determination made or settlements entered into by BMS with respect to such claims shall be final and binding. BMS shall transfer to Mead Johnson, effective as of the Separation Date,
responsibility for administering all claims incurred by Mead Johnson Transferred Employees before the Separation Date (including any claims that were administered by BMS as of, on, or after the Separation Date). Mead Johnson shall have sole and
absolute discretionary authority to make any necessary determinations with respect to such claims, including entering into settlements with respect to such claims. 
 (b) Outsourcing of Claims. BMS shall have the right to engage a third party administrator, vendor, or insurance company to administer (“HC Outsource”) claims incurred 

  

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under the BMS Health and Welfare Plans, including claims incurred by Mead Johnson Employees and Mead Johnson Transferred Employees before the Separation
Date. BMS may determine the manner and extent of such HC Outsourcing, including the selection of one or more third party administrators, vendors, or insurance companies and the ability to transfer the liability for such claims to one or more
independent insurance companies. Mead Johnson shall use its commercially reasonable best efforts to procure HC Outsourcing arrangements with its third party administrators, vendors or insurance companies as necessary to permit Mead Johnson, as of
the Separation Date or such other date as Mead Johnson and BMS may mutually agree upon, to HC Outsource claims under the Mead Johnson Health and Welfare Plans. 
 8.4 Post-Separation Transitional Arrangements. 
 (a) Coverage and Contribution Elections. As of
the Separation Date or such other date as BMS and Mead Johnson may mutually agree, Mead Johnson shall cause the Mead Johnson Health and Welfare Plans (including the Mead Johnson Flexible Spending Accounts) to recognize and maintain all coverage and
contribution elections made by Mead Johnson Employees and Mead Johnson Transferred Employees under the BMS Health and Welfare Plans (including the BMS Flexible Spending Accounts) and apply such elections under the Mead Johnson Health and Welfare
Plans for the remainder of the period or periods for which such elections are by their terms applicable. The transfer or other movement of employment between BMS to Mead Johnson at any time upon or before the Separation Date shall neither constitute
nor be treated as a “status change” or termination of employment under the BMS Health and Welfare Plans or the Mead Johnson Health and Welfare Plans, and all waiting periods and pre-existing condition exclusions and actively-at-work
requirements shall be waived with respect to the Mead Johnson Transferred Employees who were not subject to any such waiting periods, exclusions or requirements under a BMS Health and Welfare Plan in which such Employee participate immediately prior
to the Separation Date. 
 (b) Coverage Limits. On and after the Separation Date, Mead Johnson shall use commercially reasonable
efforts to cause the Mead Johnson Health Plans to recognize and give credit for (A) all amounts applied to deductibles, out-of-pocket maximums, co-payments and other applicable benefit coverage limits with respect to which such expenses have
been incurred by Mead Johnson Transferred Employees under the BMS Health Plans for the remainder of the calendar year in which the Separation Date occurs, and (B) all benefits paid to Mead Johnson Transferred Employees under the BMS Health
Plans for purposes of determining when such persons have reached their lifetime maximum benefits under the Mead Johnson Health Plans. 
 8.5
Vendor Arrangements. Mead Johnson shall use its commercially reasonable best efforts to procure, effective as of the Separation Date or such other date as BMS and Mead Johnson mutually agree upon, such: (a) third party administrative
services contracts, (b) group insurance policies and (c) HMO agreements, as are necessary to permit the timely establishment and maintenance of the Mead Johnson Health and Welfare Plans. In each case, Mead Johnson shall, as of the Separation
Date or such other date as BMS and Mead Johnson mutually agree upon, establish, adopt and/or implement such contracts, agreements or arrangements. 
  

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 8.6 Flexible Spending Account Spin-Off. As soon as practicable after the Separation Date, the
members of the BMS Group shall cause to be transferred from the BMS Health and Welfare Plans to the Mead Johnson Health and Welfare Plans a cash amount equal to the excess, if any, of (i) the aggregate accumulated contributions to the BMS
Flexible Spending Accounts by U.S. Mead Johnson Transferred Employees prior to the Separation Date during the calendar year during which the Separation occurs over (ii) the aggregate reimbursement payouts made to such U.S. Mead Johnson
Transferred Employees prior to the Separation Date during such calendar year. The members of the Mead Johnson Group shall cause the Mead Johnson Flexible Spending Accounts to accept a spin-off of the flexible spending reimbursement accounts of each
U.S. Mead Johnson Transferred Employee who had a BMS Flexible Spending Account immediately prior to the Separation Date. 
 8.7 COBRA.
BMS shall be responsible for compliance with the health care continuation coverage requirements of COBRA and the BMS Health and Welfare Plans with respect to Mead Johnson Employees and qualified beneficiaries (as such term is defined under COBRA)
who become eligible and elect to receive continuation health care coverage prior to the Separation Date. Mead Johnson shall be responsible for providing BMS with all necessary employee change notices and related information for covered dependents,
spouses, qualified beneficiaries, and alternate recipients pursuant to QMCSO, in accordance with applicable BMS COBRA policies and procedures. Effective as of the Separation Date, Mead Johnson shall be solely responsible for compliance with the
health care continuation coverage requirements of COBRA and the Mead Johnson Health and Welfare Plans for Mead Johnson Transferred Employees and their qualified beneficiaries. 
 8.8 Disability Plans & Travel Accident Insurance. 
 (a) Disability Plans. Except as specified otherwise in this Agreement and subject to applicable law, employment contract, collective bargaining agreement, trade union agreement or works council agreement,
(i) the BMS Short-Term Disability Plans and Long-Term Disability Plans shall retain all Liabilities with respect to claims incurred prior to the Separation Date for all employees of any member of the Mead Johnson Group other than Mead Johnson
Employees of a Transferred Entity, (ii) the BMS Long-Term Disability Plans shall retain all Liabilities with respect to long-term disability claims incurred on and after the Separation Date for all employees of any member of the Mead Johnson
Group other than Mead Johnson Employees of a Transferred Entity, (iii) the BMS Short-Term Disability Plans shall retain all Liabilities with respect to short-term disability claims incurred on and after the Separation Date for Inactive Mead
Johnson Employees (except as set forth below), and (iv) the Mead Johnson Short-Term Disability Plans shall retain all Liabilities with respect to claims incurred on and after the Separation Date by Mead Johnson Transferred Employees on the
Puerto Rico payroll. For these purposes, a claim shall be deemed to have occurred at the time of the injury, sickness or other event giving rise to the claim by the insured person for disability benefits. During the period from the Separation Date
until the Return Date of any such Inactive Mead Johnson Employee, BMS shall continue to provide such employees with disability coverage under the applicable BMS Plan to the extent consistent with the terms of such Plan, and Mead Johnson shall, as
and when invoiced by BMS, promptly reimburse BMS for the sum of (i) its direct and indirect costs of providing such benefit and (ii) 50% of the base salary of any such Inactive Mead Johnson Employee while such employee is receiving
benefits under the BMS Short-Term 

  

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Disability Plans. In the event such Inactive Mead Johnson Employee becomes covered under a BMS Long-Term Disability Plan, Mead Johnson shall promptly
reimburse BMS upon timely invoice by BMS of its direct costs to providing long-term disability benefits to such employee. In the event such Inactive Mead Johnson Employee becomes covered under a BMS Long-Term Disability Plan, thereafter is able to
return to employment with BMS after receiving benefits under the applicable BMS Long-Term Disability Plan and BMS does not have a position of employment available for which such employee is qualified, then all severance and separation expenses
relating to any such Inactive Mead Johnson Employee shall be promptly reimbursed by Mead Johnson upon timely invoice by BMS. 
 (b) Travel
Accident Insurance. Except as specified otherwise in this Agreement and subject to applicable law, BMS business travel accident policies shall retain all Liabilities with respect to claims incurred (A) prior to the Separation Date by Mead
Johnson Employees (other than Mead Johnson Employees of a Transferred Entity) and (B) on or after the Separation Date and prior to the Return Date by Mead Johnson Inactive Employees, as are covered under the terms of such policies. Mead Johnson
shall use its commercially reasonable best efforts to procure business travel accident insurance effective as of the Separation Date or such other date as BMS and Mead Johnson mutually agree upon. Except as specified otherwise in this Agreement and
subject to applicable law, employment contract, collective bargaining agreement, trade union agreement or works council agreement, the Mead Johnson business travel accident policies shall assume all Liabilities with respect to claims incurred
(i) prior to, on and after the Separation Date by Mead Johnson Employees of the Transferred Entities, (ii) on or after the Return Date by Mead Johnson Inactive Employees and (iii) on or after the Separation Date by all other Mead
Johnson Transferred Employees. For these purposes, a claim shall be deemed to have occurred at the time of the accident involving the insured person. 
 8.9 Leave of Absence Programs and FMLA. 
 (a) Allocation of Responsibilities After Separation
Date. Effective as of the Separation Date, (i) Mead Johnson shall honor all terms and conditions of leaves of absence that have been granted by BMS to any Mead Johnson Employee under a BMS Leave of Absence Program or FMLA or other
applicable law regarding leaves of absence before the Separation Date, including such leaves that are to commence after the Separation Date; (ii) Mead Johnson shall be solely responsible for administering leaves of absence and complying with
FMLA and other applicable laws regarding leaves of absence with respect to Mead Johnson Employees and Mead Johnson Transferred Employees; and (iii) Mead Johnson shall recognize all periods of service of Mead Johnson Employees and Mead Johnson
Transferred Employees with the members of the BMS Group, as applicable, to the extent such service is recognized by the members of the BMS Group for the purpose of eligibility for leave entitlement under the BMS Leave of Absence Programs and FMLA
and other applicable laws; provided, however, that no duplication of benefits shall be required by the foregoing, except to the extent otherwise required by applicable law. 
 (b) Disclosure. As soon as administratively practicable after the Separation Date, BMS shall provide to Mead Johnson copies of all records
pertaining to the BMS Leave of Absence Programs and FMLA and leaves of absence pursuant to other applicable laws with respect to all Mead Johnson Employees and Mead Johnson Transferred Employees to the extent such records have not been previously
provided. 
  

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 8.10 Retiree Programs. As soon as administratively practicable after the Separation Date, BMS
shall provide Mead Johnson, though hard copy, electronic format or such other mechanism as is appropriate under the circumstances, with a list detailing all Mead Johnson Transferred Employees who are, to the best knowledge of BMS, eligible to
participate in the BMS Retiree Programs as of the Separation Date, and the type of coverage and level of coverage for which they are eligible, as applicable. Effective as of the Separation Date, Mead Johnson shall be solely responsible for the Mead
Johnson Retiree Programs for Mead Johnson Transferred Employees. 
 8.11 BMS Workers’ Compensation Program. 
 (a) Assumption of Liabilities. Except as specified otherwise in this Agreement and subject to applicable law, BMS shall retain all Liabilities with
respect to workers’ compensation claims incurred (i) prior to the Separation Date by Mead Johnson Employees (other than Mead Johnson Employees of a Transferred Entity) and (ii) on or after the Separation Date and prior to the Return
Date by Mead Johnson Inactive Employees and their dependents, as are covered under the terms of such plans. Effective as of the Separation Date, Mead Johnson shall use its commercially reasonable best efforts to procure workers’ compensation
insurance policies on behalf of the U.S. Mead Johnson Transferred Employees in all states and Puerto Rico. Except as specified otherwise in this Agreement and subject to applicable law, Mead Johnson shall assume all Liabilities with respect to
workers’ compensation claims incurred (A) prior to, on and after the Separation Date by Mead Johnson Employees of the Transferred Entities, (B) on or after the Return Date by Mead Johnson Inactive Employees and (C) on or after
the Separation Date by all other Mead Johnson Transferred Employees. For these purposes, a claim shall be deemed to have occurred at the time of the injury, sickness or other event giving rise to the claim by the covered person for benefits.

 (b) Administration of Claims. 
 (i) Through the Separation Date or such other date as BMS and Mead Johnson may mutually agree in writing, BMS shall continue to be responsible for the administration of all workers’ compensation claims that are,
or have been, incurred before the Separation Date by Mead Johnson Employees (“Mead Johnson WC Claims”) and have been historically administered by BMS or its third party administrator. 
 (ii) Effective as of the Separation Date or such other date as BMS and Mead Johnson may mutually agree, (A) Mead Johnson shall, to
the extent legally permissible under the applicable state’s workers’ compensation laws, be responsible for the administration of all Mead Johnson WC Claims, and BMS shall be responsible for the administration of all Mead Johnson WC Claims
not administered by Mead Johnson pursuant to this Subsection 8.11(b)(ii). Any determination made, or settlement entered into, by or on behalf of either party or its insurance company with respect to Mead Johnson WC Claims for which it is
administratively responsible shall be final and binding upon the other party. Mead Johnson shall promptly reimburse BMS for any and all direct and indirect costs and expenses related thereto. 
  

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 (iii) Each party shall fully cooperate with the other with respect to the administration
and reporting of Mead Johnson WC Claims, the payment of Mead Johnson WC Claims determined to be payable, and the transfer of the administration of any Mead Johnson WC Claims to the other party as determined under Section 8.11(b)(ii) above.
Either party shall have the right to transfer the administration of claims to a third-party administrator (“WC Outsource”) any Mead Johnson WC Claims for which it is administratively responsible. Mead Johnson shall use its
commercially reasonably best efforts to procure WC Outsourcing arrangements with its third party administrators, vendors, or insurance companies as necessary to permit Mead Johnson, as of the Separation Date or such other date as Mead Johnson and
BMS may mutually agree upon, to WC Outsource Mead Johnson WC Claims. 
 ARTICLE IX 
 EQUITY AND OTHER PERFORMANCE COMPENSATION 
 9.1 BMS Performance Incentive
Plan. 
 Except as specified otherwise in this Agreement and subject to applicable law, BMS shall retain all Liabilities under the BMS
Performance Incentive Plans and related BMS administrative guidelines and procedures with respect to the Mead Johnson Transferred Employees, to the extent such Liabilities relate to performance periods prior to January 1, 2008. Mead Johnson
shall assume all Liabilities under the BMS Performance Incentive Plans and related BMS administrative guidelines and procedures with respect to the Mead Johnson Transferred Employees, to the extent such Liabilities relate to the annual performance
periods commencing on January 1, 2008 and on each anniversary thereof. BMS shall calculate the amounts payable to such Mead Johnson Transferred Employees under the BMS Performance Incentive Plans for the 2008 performance period, and shall
direct Mead Johnson to make such payments after the end of the applicable performance period pursuant to the terms and conditions of the BMS Performance Incentive Plans. Mead Johnson and BMS shall cooperate in the execution of this
Subsection 9.1. 
 9.2 BMS Options and Stock Appreciation Rights. 
 (a) Options. At the Separation Date, each outstanding BMS Option held by Mead Johnson Transferred Employees, whether vested or unvested shall be
continue to be exercisable for BMS common stock, subject to the same terms and conditions set forth in the BMS Stock Plans and as provided in the respective option agreements governing such BMS Option as of the Separation Date. 
 (b) Stock Appreciation Rights. At the Separation Date, each BMS Stock Appreciation Right held by Mead Johnson Transferred Employees, whether
vested or unvested, shall continue to be redeemable for BMS common stock or the cash value thereof, subject to the same terms and conditions set forth in the BMS Stock Plans and in the respective stock appreciation rights agreement governing such
BMS Stock Appreciation Right as of the Separation Date. 
  

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 9.3 BMS Restricted Stock and Restricted Stock Units. 
 (a) Restricted Stock. At the Separation Date, BMS Restricted Stock held by Mead Johnson Transferred Employees shall continue to be subject to the
same terms and conditions (including the same vesting schedule and circumstances) set forth in the BMS Stock Plans and in the respective restricted stock agreement governing such BMS Restricted Stock as of the Separation Date. 
 (b) Restricted Stock Units. At the Separation Date, each BMS Restricted Stock Unit held by Mead Johnson Transferred Employees shall continue to be
a right to receive BMS common stock or the cash value thereof, subject to the same terms and conditions (including the same vesting schedule and circumstances) set forth in the BMS Stock Plans and in the respective restricted stock unit agreement
governing such BMS Restricted Stock Unit as of the Separation Date. 
 9.4 Cash Bonus and Commission Plans. 
 Except as specified otherwise in this Agreement or set forth on Section 9.4 of the Schedules and subject to applicable law, BMS shall retain
all Liabilities under the BMS Cash Bonus and Commission Plans (excluding any performance incentive bonus) and related administrative guidelines and procedures of BMS with respect to the Mead Johnson Transferred Employees, to the extent such
Liabilities relate to performance prior to January 1, 2008. Except as specified otherwise in this Agreement and subject to applicable law, employment contract, collective bargaining agreement, trade union agreement or works council agreement,
Mead Johnson shall retain all Liabilities under the BMS Cash Bonus and Commission Plans (excluding any performance incentive bonus) and related administrative guidelines and procedures of BMS with respect to the Mead Johnson Transferred Employees,
to the extent such Liabilities relate to performance after December 31, 2007. BMS shall calculate the amounts payable to such Mead Johnson Transferred Employees under the BMS Cash Bonus and Commission Plans for the 2008 fiscal year, and shall
direct Mead Johnson to make such payments after the end of the applicable fiscal year pursuant to the terms and conditions of the BMS Cash Bonus and Commission Plans. Mead Johnson and BMS shall cooperate in the execution of this Subsection 9.4.

 9.5 Retention Bonus. BMS shall retain the economic obligations under the retention bonus arrangements of the members of the BMS
Group that are payable before the Separation Date and are identified on Section 9.5 of the Schedules. Mead Johnson shall assume the economic obligations under the retention bonus arrangements of the members of the BMS Group and the Mead
Johnson Group that are payable at any time on or after the Separation Date and are identified on Section 9.5 of the Schedules. 
 9.6 Separation Pay. 
 (a) U.S. Mead Johnson Employees. Except as specified otherwise in this Agreement, Mead Johnson
shall assume and be solely responsible for all Liabilities with respect to cash severance benefits attributable to the termination of employment, prior to, on or after the 

  

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Separation Date of (i) U.S. Transferred Mead Johnson Employees, (ii) U.S. Mead Johnson Employees who do not become U.S. Transferred Mead Johnson
Employees as of the Separation Date because no member of the Mead Johnson Group gives such U.S. Mead Johnson Employees offers of employment or such U.S. Mead Johnson Employees reject the offers of employment by the members of the Mead Johnson Group,
and (iii) U.S. Mead Johnson Employees whose employment is terminated by the members of the BMS Group at the direction or request of a member of the Mead Johnson Group, in each case to the extent such individual is eligible for severance
pursuant to the terms of the applicable BMS or Mead Johnson severance pay plan or policy as in effect as of the date of the employee’s termination of employment. Any severance payable to any U.S. Mead Johnson Employee who does not become a U.S.
Mead Johnson Employee on the Separation Date shall be no less than the cash severance that would be payable to such U.S. Mead Johnson Employee or U.S. Mead Johnson Transferred Employee under the applicable BMS or Mead Johnson separation pay plan or
policy if his employment were to be terminated immediately before the Separation Date. Mead Johnson shall promptly reimburse BMS for any separation payments described in this Subsection 9.6(a) that BMS voluntarily makes (to the extent such
payment does not exceed the minimum amount to which the Mead Johnson Employee would be entitled under the terms of the applicable separation pay plan or policy as in effect as of the date of his termination of employment) or makes at the direction
of Mead Johnson. Nothing herein shall be construed as giving any U.S. Transferred Employee any right to continued employment with any member of the Mead Johnson Group. 
 (b) Foreign Mead Johnson Employees. Except as specified otherwise in this Agreement and subject to applicable law, Mead Johnson shall assume and be solely responsible for all Liabilities with respect to
severance and other separation benefits with respect to (i) Foreign Transferred Mead Johnson Employees, (ii) Foreign Mead Johnson Employees who do not become Foreign Transferred Mead Johnson Employees as of the Separation Date because no
member of the Mead Johnson Group gives such Foreign Mead Johnson Employees offers of employment, such Foreign Mead Johnson Employees reject the offers of employment by the members of the Mead Johnson Group or such Foreign Mead Johnson Employees are
unable to become Mead Johnson Employees because of applicable law, and (iii) Foreign Mead Johnson Employees whose employment is terminated by the members of the BMS Group at the direction or request of a member of the Mead Johnson Group, in
each case to the extent such individual is eligible for severance pursuant to the terms of the applicable BMS or Mead Johnson pay plan or policy as in effect as of the date of the employee’s termination of employment. Mead Johnson shall
promptly reimburse BMS for any separation payments described in this Subsection 9.6(b) that BMS voluntarily makes or makes at the direction of Mead Johnson. Nothing herein shall be construed as giving any Foreign Transferred Employee any right
to continued employment with any member of the Mead Johnson Group following the Separation Date other than as required by applicable law, employment contract, collective bargaining agreement, trade union agreement or works council agreement, or as
expressly provided in this Agreement. 
 ARTICLE X 
 FRINGE AND OTHER BENEFITS 
 10.1 Tuition Assistance Program. Effective as of the Separation
Date or such other date as Mead Johnson and BMS may mutually agree in writing, Mead Johnson shall establish a 

  

 39 

 
Mead Johnson tuition assistance program for Mead Johnson Employees. Mead Johnson shall cease to be a Participating Company in the BMS tuition assistance
program coincident with Mead Johnson’s establishment of the Mead Johnson tuition assistance program. At such time, any and all outstanding approved reimbursements under the BMS tuition assistance program for Mead Johnson Transferred Employees
shall be made by Mead Johnson. Furthermore, effective as of the Separation Date, Mead Johnson shall assume and be solely responsible for all Liabilities with respect to tuition assistance provided to Mead Johnson Transferred Employees by the members
of the BMS Group immediately prior to the Separation Date, which benefits are listed on Section 10.1 of the Schedules. If any Mead Johnson Transferred Employee becomes obligated under the terms of the BMS or Mead Johnson tuition
assistance program to repay the amount of tuition assistance received from BMS or Mead Johnson, then such repayment shall be made to Mead Johnson. 
 10.2 BMS-Owned Automobiles. As of the Separation Date or such other date as BMS and Mead Johnson may mutually agree, BMS shall transfer to Mead Johnson title to all BMS-owned automobiles that are primarily intended for the operation
of the Mead Johnson Business or are intended for the primary use of Mead Johnson Employees, subject to applicable law, and Mead Johnson shall assume all Liabilities with respect to such automobiles. BMS and Mead Johnson shall use their commercially
reasonable best efforts to determine the terms and conditions pursuant to which BMS may be entitled to use such automobiles after such date, and shall cooperate in the execution of all documentation necessary to effectuate such transfer of title.

 10.3 Automobile Allowances. Effective as of the Separation Date and subject to applicable law, Mead Johnson shall establish an
automobile allowance program for those Foreign Mead Johnson Transferred Employees who received an automobile allowance from a member of the BMS Group immediately prior to the Separation. Mead Johnson shall assume and be solely responsible for all
Liabilities with respect to automobile allowances provided to Mead Johnson Transferred Employees by a member of the BMS Group immediately prior to the Separation, which benefits are listed on Section 10.3 of the Schedules.

 10.4 Employee Assistance Program. Mead Johnson shall use its commercially reasonable best efforts to procure, effective as of the
Separation Date or such other date as BMS and Mead Johnson may mutually agree, contracts and/or arrangements with Mead Johnson’s vendors providing for an employee assistance program. Mead Johnson shall cease to be a Participating Company in the
BMS employee assistance program coincident with Mead Johnson’s establishment of the Mead Johnson employee assistance program. Mead Johnson shall reimburse BMS for any and all direct and indirect costs and expense related to its participation in
the BMS employee assistance program on and after the Separation Date and BMS’s procurement of any and all contracts and/or arrangements on behalf of Mead Johnson. 
 10.5 Relocation Benefits. 
 (a) General. With respect to each Mead Johnson Transferred Employee
who is in the process of undergoing a relocation or is on expatriate assignment as of the Separation Date and would be entitled to receive relocation benefits from BMS under the terms of the applicable BMS relocation benefit program, Mead Johnson
shall provide relocation benefits that 

  

 40 

 
are substantially identical in all Material Features to the comparable BMS benefits as in effect on the Separation Date. Effective as of the Separation Date,
Mead Johnson shall assume and be solely responsible for all Liabilities with respect to relocation benefits due to Mead Johnson Transferred Employees on and after the Separation Date (including, but not limited to, relocation benefits arising prior
to the Separation Date), which benefits are listed on Subsection 10.5(a) of the Schedules. If any Mead Johnson Transferred Employee becomes obligated under the terms of a BMS or Mead Johnson relocation benefit arrangement to repay the
amount of relocation benefits received from BMS or Mead Johnson, then such repayment shall be made to Mead Johnson. 
 (b) Employee in
Chile. Effective as of the Separation Date, Mead Johnson shall assume and be solely responsible for all Liabilities with respect to relocation benefits due to a certain Mead Johnson Employee working primarily in Chile on and after the Separation
Date, which benefits are listed on Subsection 10.5(b) of the Schedules 
 10.6 Vacation Benefits. Mead Johnson shall
assume and honor all vacation days accrued but not yet taken by Mead Johnson Transferred Employees as of the Separation Date (including banked vacation). 
 10.7 Expatriate Allowances. Effective as of the Separation Date, Mead Johnson shall assume and be solely responsible for all Liabilities with respect to expatriate allowances (including foreign or U.S. tax
payments and tax equalization payments) provided to Mead Johnson Transferred Employees and their beneficiaries by the members of the BMS Group immediately prior to the Separation and all Liabilities for expatriate allowances due to Mead Johnson
Transferred Employees on and after the Separation Date, as set forth on Section 10.7 of the Schedules. 
 10.8 Statutory
Benefits. Effective as of the Separation Date, Mead Johnson shall assume and be solely responsible for all Liabilities with respect to statutory benefits provided to Mead Johnson Transferred Employees and their beneficiaries by the members of
the BMS Group immediately prior to the Separation Date. 
 ARTICLE XI 
 EMPLOYMENT-RELATED MATTERS 
 11.1 Independent Contractors. Effective as
of the Separation Date, (i) Mead Johnson shall assume, or shall cause its Affiliates to assume, all contracts, obligations and liabilities with respect to independent contractors and Leased Workers working for the Mead Johnson Business on the
Separation Date listed on Section 11.1 of the Schedules. Mead Johnson shall indemnify and hold the members of the BMS Group harmless against any such contracts, liabilities, obligations or any and all losses which any member of the BMS
Group may suffer or incur as a result of any claim, action or other proceeding made by such independent contractor or Leased Worker against the members of the BMS Group from and after the Separation Date or arising from any breach of Mead
Johnson’s obligations under this Section 11.1. 
  

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 11.2 Non-Solicitation. 
 (a) Non-Solicitation of Mead Johnson Employees. For sixty (60) calendar days after the IPO, BMS will not, and will cause its Affiliates not to,
directly or indirectly solicit for employment or hire or employ or seek to entice away from Mead Johnson or its Affiliates any Mead Johnson Transferred Employee, subject to applicable law. Notwithstanding the foregoing, the members of the BMS Group
may (i) engage in general solicitations of employment not specifically directed toward any Mead Johnson Transferred Employee, provided that they may hire any Mead Johnson Transferred Employee who responds to such a solicitation only if such
Mead Johnson Transferred Employee has been involuntarily terminated without cause so as to no longer be employed by any member of the Mead Johnson Group at the time he or she responds to such solicitation, (ii) solicit for employment, hire or
employ any Mead Johnson Transferred Employee who has been involuntarily terminated without cause so as to no longer be employed by the Mead Johnson Business at the time of the BMS Group member’s first contact with him or her, and
(iii) rehire any such Mead Johnson Transferred Employee where required by applicable law, collective bargaining agreement or works council agreement. 
 (b) Non-Solicitation of BMS Employees. For sixty (60) calendar days after the IPO, Mead Johnson will not, and will cause its Affiliates not to, directly or indirectly solicit for employment or hire or employ or
seek to entice away from BMS or its Affiliates any BMS Employee, subject to applicable law. Notwithstanding the foregoing, the members of the Mead Johnson Group may (i) engage in general solicitations of employment not specifically directed
toward any BMS Employee, provided that they may hire any BMS Employee who responds to such a solicitation only if such BMS Employee has been involuntarily terminated without cause so as to no longer be employed by any member of the BMS Group at the
time he or she responds to such solicitation, (ii) solicit for employment, hire or employ any BMS Employee who has been involuntarily terminated without cause so as to no longer be employed by the BMS Group at the time of the Mead Johnson Group
member’s first contact with him or her, and (iii) rehire any such BMS Employee where required by applicable law, collective bargaining agreement or works council agreement. 
 11.3 Confidentiality and Proprietary Information. No provision of the Separation Agreement or any Ancillary Agreement shall be deemed to release
any individual for any violation of the BMS non-competition guidelines or any agreement or policy pertaining to confidential or proprietary information of any member of the BMS Group, or otherwise relieve any individual of his or her obligations
under such non-competition guidelines, agreement or policy. 
 11.4 Payroll and Withholding. 
 (a) Accrued Payroll. BMS shall retain all Liabilities related to payroll with respect to the Mead Johnson Transferred Employees, to the extent such
Liabilities relate to service prior to the Separation Date, and shall pay such amounts on or after the Separation Date in accordance with its standard payroll practices. Effective as of the Separation Date, Mead Johnson shall establish its own
payroll system for Mead Johnson Transferred Employees. 
  

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 (b) Income Reporting, Withholding. Mead Johnson shall perform the income reporting and withholding
function under its own employer identification number for Mead Johnson Transferred Employees and its service providers, commencing with service periods beginning on or after the Separation Date. 
 (c) Delivery of, and Access to, Documents and Other Information. Concurrently with the Separation Date, BMS shall cause to be delivered to Mead
Johnson the employee information set forth on all withholding certificates executed by BMS Employees designated as Mead Johnson Employees as of the Separation Date. For such period as BMS and Mead Johnson may mutually agree in writing, BMS shall
make reasonably available to Mead Johnson all forms, documents or information, no matter in what format stored, relating to compensation or payments made to any employee or service provider of Mead Johnson. Such information may include, but is not
limited to, information concerning employee payroll deductions, payroll adjustments, records of time worked, tax records (e.g., Forms W-2, 1099, W-4, 940 and 941 and applicable counterparts in other jurisdictions), and information concerning
garnishment of wages or other payments. 
 (d) Consistency of Tax Positions; Duplication. BMS and Mead Johnson shall individually and
collectively make commercially reasonable best efforts to avoid unnecessarily duplicated federal, state or local payroll taxes, insurance or workers’ compensation contributions, or unemployment contributions arising on or after the Separation
Date. BMS and Mead Johnson shall take consistent reporting and withholding positions with respect to any such taxes or contributions. 
 11.5
Personnel and Pay Records. Notwithstanding anything to the contrary in the Separation Agreement, to the extent permitted by applicable law, the original of all records created prior to the Separation Date (or such later date of transfer of
employment, as applicable) set forth in the personnel files of the Mead Johnson Transferred Employees (including, but not limited to, information regarding such employee’s ranking or promotions, the existence and nature of garnishment orders or
other judicial or administrative actions or orders affecting the employee’s compensation, and performance evaluations) shall remain with the Transferred Entity or be transferred to the applicable member of the Mead Johnson Group (as of the
Separation Date or such later date of transfer of employment, as applicable). The originals of all personnel records of all Former Mead Johnson Employees who were not employed by a Transferred Entity shall remain with the applicable member of the
BMS Group; provided that Mead Johnson shall be provided with a copy of all employee health and safety records required by applicable law to be maintained by the Transferred Entities, and BMS shall permit Mead Johnson or its Affiliates or successors
or their authorized representatives to have full access to all such personnel records to the extent reasonably necessary in order for the members of the Mead Johnson Group or its successors to respond to a subpoena, court order, audit, investigation
or otherwise as required by applicable law or in connection with any pending or threatened lawsuits, actions, arbitrations, claims, complaints, investigations or other proceedings. Mead Johnson or its Affiliates (or their respective successors)
shall retain the personnel records for a period of at least ten (10) years following the Separation Date. The members of the Mead Johnson Group shall permit BMS and its authorized representatives to have full access upon reasonable notice
during normal business hours to all the personnel records during the ten (10) year retention period in order for the members of the BMS Group to respond to a subpoena, court 

  

 43 

 
order, audit or investigation, to obtain data for pension or other benefits, or otherwise as required by applicable law, and the members of the Mead Johnson
Group shall provide BMS, upon the reasonable request of BMS and at the expense of BMS, with copies of such personnel records. 
 11.6
Unemployment Insurance Program. No later than the Separation Date, Mead Johnson shall use its commercially reasonable best efforts to procure an agreement with an unemployment insurance vendors to provide unemployment insurance, including,
without limitation, administration of all unemployment compensation claims of Mead Johnson Transferred Employees and Mead Johnson Employees, regardless of whether such claims were filed before, on, or after the Separation Date. 
 11.7 Employment and Employee Benefits Litigation. 
 (a) Pending Claims to be Transferred to Mead Johnson. On the Separation Date, Mead Johnson shall assume full legal responsibility from BMS for the claims identified in Subsection 11.7(a) of the
Schedules and shall thereupon assume the defense of these claims. From and after the Separation Date, Mead Johnson shall indemnify, defend and hold harmless BMS from and against any Liability incurred by BMS after the Separation Date relating to
any of the foregoing claims and shall reimburse BMS for any reasonable attorneys’ fees (other than the cost of in-house counsel to provide legal services to BMS) and other expenses reasonably incurred by BMS subsequent to the Separation Date in
connection with investigating and/or defending against any of the foregoing claims. 
 (b) Pending Claims to be Jointly Defended by BMS
and Mead Johnson. BMS and Mead Johnson shall jointly defend the claims identified in Subsection 11.7(b) of the Schedules. As to the foregoing claims, Mead Johnson shall indemnify and hold harmless BMS against any Liability incurred
by BMS after the Separation Date relating to any of the claims identified in Subsection 11.7(b) of the Schedules and/or settlements of the claims identified in Subsection 11.7(b) of the Schedules, provided, however, that BMS
shall not compromise or settle any such claim relating to Mead Johnson Employees or independent contractors or Leased Workers providing services primarily to the Mead Johnson Group without the prior consent of Mead Johnson, which consent shall not
be unreasonably withheld or delayed, and provided further, however, that such compromise or settlement shall release Mead Johnson in full from any further Liability with respect to such claim. 
 (c) New and Future Claims. 
 (i) Except as provided in Subsections 11.7(a) and (b), Mead Johnson shall assume and be solely responsible for all Liabilities relating to employment- and benefits-related claims relating to Mead Johnson Employees, Former Mead Johnson
Employees, Mead Johnson Transferred Employees or current or former independent contractors or Leased Workers providing services primarily to the Mead Johnson Business. Notwithstanding the foregoing, BMS shall assume and be solely responsible for all
Liabilities relating to claims against, or with respect to benefits under, the BMS RIP, the BMSPR RIP, the BMS SIP and the BMSPR SIP brought by or relating to any Mead Johnson Employee, Former Mead Johnson Employee or independent contractor or
Leased Worker providing services primarily to the Mead Johnson Business or an 

  

 44 

 
individual who formerly provided services as an independent contractor or Leased Worker primarily to the Mead Johnson Business if such claims primarily arise
from or relate to an act or omission of any member of the BMS Group in its capacity as sponsor of, or fiduciary with respect to, such plans or of a fiduciary appointed by any member of the BMS Group with respect to the applicable plan or plans.

 (ii) Except as provided otherwise in this Section 11.7, BMS shall retain and be solely responsible for all Liabilities
relating to employment- and benefits-related claims against BMS, an Affiliate of BMS, the BMS RIP, the BMSPR RIP, the BMS SIP or the BMSPR SIP relating to BMS Employees, Former BMS Employees and independent contractors and Leased Employees providing
services primarily to the BMS Group (other than independent contractors and Leased Workers who provided services primarily to the Mead Johnson Business). Notwithstanding the foregoing, Mead Johnson shall assume and be solely responsible for all
Liabilities relating to claims against, or with respect to benefits under, the BMS RIP, the BMSPR RIP, the BMS SIP and the BMSPR SIP brought by or relating to any Mead Johnson Employee, Former Mead Johnson Employee or independent contractor or
Leased Worker providing services primarily to the Mead Johnson Business or an individual who formerly provided services as an independent contractor or Leased Worker primarily to the Mead Johnson Business, if such claims do not arise primarily from
or relate to an act or omission of any member of the BMS Group in its capacity as sponsor of, or fiduciary with respect to, such plans or of a fiduciary appointed by any member of the BMS Group with respect to the applicable plan or plans.

 11.8 U.S. WARN Act and Other Notices. Mead Johnson agrees to provide any required notice under the Worker Adjustment and Retraining
Notification Act (“WARN”) and any similar state or other applicable law and otherwise to comply with any such requirement with respect to any “plant closing” or “mass layoff” (as defined in WARN) or similar event
occurring on or after the Separation Date and affecting Mead Johnson Employees. With regard to applicable laws other than those of the United States, Mead Johnson agrees to provide notice and to inform and consult with workers, their representative
bodies and any relevant governmental entities as required by applicable law in relation to the Separation and IPO. Mead Johnson shall indemnify and hold harmless the members of the BMS Group against any such Liabilities relating to the obligations
of the members of Mead Johnson Group under this Section 11.8. 
 11.9 Hiring of Leased Workers and Former Employees. Mead Johnson
shall not (a) engage any Former BMS Employee or Former Mead Johnson Employee, including any such retiree, who while employed was on the U.S. or Puerto Rico payroll, as a Leased Worker or independent contractor within eighteen (18) months after
the date on which such individual left active service with the BMS Group or the Mead Johnson Group or (b) rehire a Former BMS Employee or Former Mead Johnson Employee who while employed was on the U.S. or Puerto Rico payroll within eighteen
(18) months after the date on which such individual retired or terminated employment with the BMS Group or Mead Johnson if such individual obtained a complete distribution of his or her benefits from the BMS RIP or BMSPR RIP in a single sum.

  

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 ARTICLE XII 
 ADMINISTRATIVE PROVISIONS 
 12.1 Transitional Services Agreement. On or prior to the
Separation Date, BMS and Mead Johnson will enter into a transitional services agreement covering the provisions of various human resources services (the “Transition Agreement”). 
 12.2 Payment of Liabilities, Plan Expenses and Related Matters. 
 (a) Shared Costs. Mead Johnson shall pay its share, as determined by BMS in good faith and in accordance with the trust declaration and Plan documents, of any contributions made to any trust maintained in
connection with a BMS Plan while Mead Johnson is a Participating Company in that BMS Plan. BMS shall provide Mead Johnson with reasonable documentation of the contributions due and the calculation of Mead Johnson’s share thereof. BMS shall pay
its share, as determined by Mead Johnson in good faith and in accordance with the trust declaration and Plan documents, of any contributions made to any trust maintained in connection with a Mead Johnson Plan while BMS is a Participating Company in
that Mead Johnson Plan. Mead Johnson shall provide BMS with reasonable documentation of the contributions due and the calculation of BMS’s share thereof. 
 (b) Contributions to Trusts. With respect to BMS Plans to which Mead Johnson Employees and Mead Johnson Transferred Employees make contributions, BMS shall use reasonable procedures to determine Mead Johnson
Liabilities associated with such Plans, taking into account such contributions, settlements, refunds and similar payments. With respect to Mead Johnson Plans to which BMS Employees and Foreign BMS Transferred Employees make contributions, Mead
Johnson shall use reasonable procedures to determine BMS Liabilities associated with such Plans, taking into account such contributions, settlements, refunds and similar payments. 
 (c) Administrative Expenses Not Chargeable to a Trust. To the extent not charged pursuant to the Transition Agreement or another Ancillary
Agreement, and to the extent not otherwise agreed to by BMS and Mead Johnson in writing, and to the extent not chargeable to a trust established in connection with a BMS Plan, Mead Johnson shall be responsible, through either direct payment or
reimbursement to BMS, for its allocable share of expenses incurred by BMS in the administration of (i) the BMS Plans while Mead Johnson participates in such Plans, and (ii) the Mead Johnson Plans, to the extent BMS administers such Plans.
For this purpose, Mead Johnson’s allocable share of such expenses shall be that portion of the total of such expenses as the number of Mead Johnson Employees and Mead Johnson Transferred Employees who are participants in the applicable Plan
bears to the total number of participants in such Plan. 
 12.3 Sharing of Participant Information. In addition to the
responsibilities and obligations of BMS and Mead Johnson specified in the Separation Agreement and the schedules thereto, BMS and Mead Johnson shall share, or cause to be shared, all participant information that is necessary or appropriate for the
efficient and accurate administration of each of the BMS Plans and the Mead Johnson Plans during the respective periods applicable to such Plans as 

  

 46 

 
Mead Johnson and BMS may mutually agree, subject to applicable laws of privacy, confidentiality and data protection. Subject to such laws, BMS and Mead
Johnson and their respective authorized agents shall be given reasonable and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the other party or its agents, to the extent
necessary or appropriate for such administration. 
 12.4 Reporting and Disclosure Communications to Participants. While Mead Johnson
is a Participating Company in the BMS Plans, Mead Johnson shall take, or cause to be taken, all actions necessary or appropriate to facilitate the distribution of all BMS Plan-related communications and materials to employees, participants and
beneficiaries, including (without limitation) summary plan descriptions and related summaries of material modification(s), summary annual reports, investment information, prospectuses, notices and enrollment material for the BMS Plans and Mead
Johnson Plans. Mead Johnson shall reimburse BMS for the costs and expenses relating to the copies of all such documents provided to Mead Johnson, except to the extent such costs are charged pursuant to the Transition Agreement (or are otherwise
addressed in this Agreement) or pursuant to an Ancillary Agreement. Mead Johnson shall assist, and shall cause each other applicable member of the Mead Johnson Group to assist, BMS in complying with all reporting and disclosure requirements of ERISA
and other applicable law, including the preparation of Form Series 5500 annual reports for the BMS Plans, where applicable. 
 12.5
Audits Regarding Vendor Contracts. From the period beginning on the Separation Date and ending on such date as BMS and Mead Johnson may mutually agree in writing, BMS and Mead Johnson and their duly authorized representatives shall have the
right to conduct joint audits with respect to any vendor contracts that relate to both the BMS Health and Welfare Plans and the Mead Johnson Health and Welfare Plans. The scope of such audits shall encompass the review of all correspondence, account
records, claim forms, canceled drafts (unless retained by the bank), provider bills, medical records submitted with claims, billing corrections, vendor’s internal corrections of previous errors and any other documents or instruments relating to
the services performed by the vendor under the applicable vendor contracts. BMS and Mead Johnson shall agree on the performance standards, audit methodology, auditing policy and quality measures, reporting requirements, and the manner in which costs
incurred in connection with such audits will be shared. 
 12.6 Requests for Regulatory Opinions. BMS and Mead Johnson shall make such
applications to regulatory agencies, including the IRS and DOL, as may be necessary or appropriate. Mead Johnson and BMS shall cooperate fully with one another on any issue relating to the transactions contemplated by this Agreement for which BMS
and/or Mead Johnson elects to seek a determination letter or private letter ruling from the IRS, an advisory opinion from the DOL or other ruling from a local regulatory agency. 
 12.7 Fiduciary Matters. BMS and Mead Johnson each acknowledge that actions contemplated to be taken pursuant to this Agreement may be subject to
fiduciary duties or standards of conduct under ERISA or other applicable law, and no party shall be deemed to be in violation of this Agreement if such party fails to comply with any provisions hereof based upon such party’s good faith
determination that to do so would violate such a fiduciary duty or standard. 
  

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 12.8 Consent of Third Parties. If any provision of this Agreement is dependent on the consent of
any third party (such as a vendor) and such consent is withheld, BMS and Mead Johnson shall use their commercially reasonable best efforts to implement the applicable provisions of this Agreement. If any provision of this Agreement cannot be
implemented due to the failure of such third party to consent, BMS and Mead Johnson shall negotiate in good faith to implement the provision in a mutually satisfactory manner. 
 ARTICLE XIII 
 GENERAL PROVISIONS 
 13.1 Cooperation. 
 (a) Duties of
Mead Johnson. Following the Separation, Mead Johnson shall cooperate, and shall cause its Affiliates (including the Transferred Entities) to cooperate, fully with the members of the BMS Group in the prosecution, defense and settlement of any
claims for which any member of the BMS Group retains Liability under this Agreement. Such cooperation shall include (i) affording the applicable member of the BMS Group, its counsel and its other representatives reasonable access, upon
reasonable written notice during normal business hours, to all relevant personnel, properties, books, contracts, commitments and records, (ii) furnishing promptly to the applicable member of the BMS Group, its counsel and its other
representatives such information as they reasonably requested, and (iii) providing any other assistance to the applicable member of the BMS Group, its counsel and its other representatives as they reasonably request. BMS shall reimburse Mead
Johnson for reasonable costs and expenses incurred in assisting BMS pursuant to this Subsection 13.1(a) (including reasonable fees of outside counsel, but excluding the cost of in-house counsel to provide legal services to BMS and the cost of
any individual’s time lost from work). 
 (b) Duties of BMS. Following the Separation, BMS shall cooperate, and shall cause its
Affiliates to cooperate, fully with the members of the Mead Johnson Group in the prosecution, defense and settlement of any claims for which any member of the Mead Johnson Group assumes Liability under this Agreement. Such cooperation shall include
(i) affording the applicable member of the Mead Johnson Group, its counsel and its other representatives reasonable access, upon reasonable written notice during normal business hours, to all relevant personnel, properties, books, contracts,
commitments and records, (ii) furnishing promptly to the applicable member of the Mead Johnson Group, its counsel and its other representatives such information as they reasonably request, and (iii) providing any other assistance to the
applicable member of the Mead Johnson Group, its counsel and its other representatives as they reasonably request. Mead Johnson shall reimburse BMS for reasonable costs and expenses incurred in assisting Mead Johnson pursuant to this
Subsection 13.1(b) (including reasonable fees of outside counsel to BMS, but excluding the cost of in-house counsel to provide legal services to BMS and the cost of any individual’s time lost from work). 
 13.2 Effect if Separation Does Not Occur. Subject to Section 13.10, if the Separation does not occur, then all actions and events that are,
under this Agreement, to be taken or occur effective as of the Separation Date shall not be taken or occur except to the extent specifically agreed by Mead Johnson and BMS in writing. 
  

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 13.3 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the
parties or any third party as creating the relationship of principal and agent, partnership or joint venture between the parties, the understanding and agreement being that no provision contained herein, and no act of the parties, shall be deemed to
create any relationship between the parties other than the relationship set forth herein. 
 13.4 Affiliates. Each of BMS and Mead
Johnson shall cause to be performed, and hereby guarantee the performance of, any and all actions of the members of the BMS Group or the Mead Johnson Group, respectively. 
 13.5 Incorporation of Separation Agreement Provisions. The following provisions of the Separation Agreement are hereby incorporated herein by reference, and unless otherwise expressly specified herein, such
provisions shall apply as if fully set forth herein (references in this Section to an “Article” or “Section” shall mean Articles or Sections of the Separation Agreement, and, except as expressly set forth below, references in the
material incorporated herein by reference shall be references to the Separation Agreement): Section 2.08 (relating to Disclaimer of Representations and Warranties); Article V (related to Release of Claims and Indemnification);
Article VII (relating to Exchange of Information and Confidentiality); Article VIII (relating to Dispute Resolution); and Article XI (relating to Miscellaneous). 
 13.6 No Third Party Remedies. Nothing in this Agreement is intended or shall be intended to entitle any person other than the parties hereto and
their respective transferees and permitted assigns to any claim, cause of action, remedy or right of any kind. 
 13.7 Governing Law.
To the extent not preempted by applicable federal law, this Agreement shall be governed by, construed and interpreted in accordance with the laws of the State of New York, irrespective of the choice of law principles of the State of New York, as to
all matters, including matters of validity, construction, effect, performance and remedies. 
 13.8 Severability. If any term or other
provision of this Agreement is determined to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible and in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the
fullest possible extent. 
 13.9 Amendment. The Boards of Directors of Mead Johnson and BMS may mutually agree to amend the provisions
of this Agreement at any time or times, either prospectively or retroactively, to such extent and in such manner as such Boards mutually deem advisable. Each Board may delegate its amendment power, in whole or in part, to one or more Persons or
committees as it deems advisable. 
  

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 13.10 Termination. This Agreement may be terminated at any time prior to the Separation Date by
and in the sole discretion of BMS without the approval of Mead Johnson. This Agreement may be terminated at any time on after the Separation Date and before the IPO Date by mutual consent in writing of BMS and Mead Johnson. 
 13.11 Conflict. In the event of any conflict between the provisions of this Agreement and the Separation Agreement, any Ancillary Agreement, or
Plan, the provisions of this Agreement shall control. 
 13.12 Counterparts. This Agreement may be executed in two or more
counterparts each of which shall be deemed to be an original, but all of which together shall constitute but one and the same Agreement. 
  

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 IN WITNESS WHEREOF, each of the parties have caused this Agreement to be executed on its behalf by its
officers thereunto duly authorized on the day and year first above written. 
  

			
	BRISTOL-MYERS SQUIBB COMPANY
		
	By:	 	  

	Name:	 	  

	Title:	 	
	
	MEAD JOHNSON NUTRITION COMPANY
		
	By:	 	  

	Name:	 	  

	Title:	 	

  

 51Form of Separation Agreement

 Exhibit 10.20 
  

 
  
 FORM OF SEPARATION AGREEMENT 
 by and among

 BRISTOL-MYERS SQUIBB COMPANY, 
 MEAD JOHNSON NUTRITION COMPANY 
 and 
 MJN RESTRUCTURING HOLDCO, INC. 
 Dated as of
            , 2009 
  
  
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	ARTICLE I
	
	Definitions
	
	ARTICLE II
	
	The Separation
			
	 SECTION 2.01.
	  	 Transfer of Assets and Assumption of Liabilities
	  	16
	 SECTION 2.02.
	  	 MJN Assets
	  	18
	 SECTION 2.03.
	  	 MJN Liabilities
	  	19
	 SECTION 2.04.
	  	 Termination of Agreements
	  	22
	 SECTION 2.05.
	  	 Documents Relating to Other Transfers of Assets and Assumption of Liabilities
	  	23
	 SECTION 2.06.
	  	 Other Ancillary Agreements
	  	23
	 SECTION 2.07.
	  	 The Non-U.S. Plan
	  	23
	 SECTION 2.08.
	  	 Representations and Warranties
	  	23
	 SECTION 2.09.
	  	 Financing Arrangements
	  	24
	 SECTION 2.10.
	  	 Governmental Approvals and Consents
	  	25
	 SECTION 2.11.
	  	 Novation of Assumed MJN Liabilities
	  	26
	 SECTION 2.12.
	  	 Novation of Assumed Liabilities other than MJN Liabilities
	  	27
	 SECTION 2.13.
	  	 Value Added Tax
	  	28
	
	ARTICLE III
	
	The IPO and Actions Pending the IPO
			
	 SECTION 3.01.
	  	 The IPO
	  	28
	 SECTION 3.02.
	  	 Proceeds of the IPO
	  	28
	 SECTION 3.03.
	  	 Charter; By-laws
	  	29
	
	ARTICLE IV
	
	Closing of the Separation Transactions
			
	 SECTION 4.01.
	  	 Separation Date
	  	29
	
	ARTICLE V
	
	Mutual Releases; Indemnification
			
	 SECTION 5.01.
	  	 Release of Pre-Closing Claims
	  	29
	 SECTION 5.02.
	  	 Indemnification by MJN
	  	31

					
	 SECTION 5.03.
	  	 Indemnification by BMS
	  	32
	 SECTION 5.04.
	  	 Indemnification Obligations Net of Insurance Proceeds and Other Amounts; Shared Contract Liabilities
	  	33
	 SECTION 5.05.
	  	 Procedures for Indemnification of Third Party Claims
	  	34
	 SECTION 5.06.
	  	 Additional Matters
	  	35
	 SECTION 5.07.
	  	 Limitations on Cross Indemnities for Shared Sites
	  	35
	 SECTION 5.08.
	  	 Remedies Cumulative
	  	36
	 SECTION 5.09.
	  	 Survival of Indemnities
	  	36
	
	ARTICLE VI
	
	Certain Business Matters
			
	 SECTION 6.02.
	  	 Certain Business Matters
	  	36
	 SECTION 6.03.
	  	 Late Payments
	  	36
	
	ARTICLE VII
	
	Exchange of Information; Confidentiality
			
	 SECTION 7.01.
	  	 Agreement for Exchange of Information; Archives
	  	37
	 SECTION 7.02.
	  	 Ownership of Information
	  	38
	 SECTION 7.03.
	  	 Compensation for Providing Information
	  	38
	 SECTION 7.04.
	  	 Record Retention
	  	38
	 SECTION 7.05.
	  	 Limitations of Liability
	  	38
	 SECTION 7.06.
	  	 Other Agreements Providing for Exchange of Information
	  	38
	 SECTION 7.07.
	  	 Production of Witnesses; Records; Cooperation
	  	38
	 SECTION 7.08.
	  	 Confidentiality
	  	39
	 SECTION 7.09.
	  	 Protective Arrangements
	  	40
	
	ARTICLE VIII
	
	Dispute Resolution
			
	 SECTION 8.01.
	  	 Disputes
	  	40
	 SECTION 8.02.
	  	 Escalation; Mediation
	  	40
	 SECTION 8.03.
	  	 Court Actions
	  	41
	
	ARTICLE IX
	
	Further Assurances and Additional Covenants
			
	 SECTION 9.01.
	  	 Further Assurances
	  	42
	 SECTION 9.02.
	  	 No Use of Certain Names; Transitional License
	  	43
	 SECTION 9.03.
	  	 Limitation on Dividends and Distributions from BMS Vietnam Company Ltd
	  	44

  

 2 

					
	ARTICLE X
	
	Termination
			
	 SECTION 10.01.
	  	 Termination by Mutual Consent
	  	45
	 SECTION 10.02.
	  	 Effect of Termination
	  	45
	
	ARTICLE XI
	
	Miscellaneous
			
	 SECTION 11.01.
	  	 Counterparts; Entire Agreement; Corporate Power
	  	45
	 SECTION 11.02.
	  	 Governing Law
	  	45
	 SECTION 11.03.
	  	 Assignability
	  	45
	 SECTION 11.04.
	  	 Third Party Beneficiaries
	  	46
	 SECTION 11.05.
	  	 Notices
	  	46
	 SECTION 11.06.
	  	 Severability
	  	47
	 SECTION 11.07.
	  	 Force Majeure
	  	47
	 SECTION 11.08.
	  	 Publicity
	  	47
	 SECTION 11.09.
	  	 Expenses
	  	47
	 SECTION 11.10.
	  	 Headings
	  	48
	 SECTION 11.11.
	  	 Survival of Covenants
	  	48
	 SECTION 11.12.
	  	 Waivers of Default
	  	48
	 SECTION 11.13.
	  	 Specific Performance
	  	48
	 SECTION 11.14.
	  	 Amendments
	  	48
	 SECTION 11.15.
	  	 Interpretation
	  	48
	 SECTION 11.16.
	  	 Submission to Jurisdiction; Waivers
	  	49
	 SECTION 11.17.
	  	 Special Damages
	  	49

  

			
	 SCHEDULES

		
	 Schedule 1.01(a)
	  	Other MJN Contracts
	 Schedule 1.01(b)
	  	Non-U.S. Plan
	 Schedule 2.01(c)(i)
	  	Delayed Transfer Assets
	 Schedule 2.01(c)(ii)
	  	Delayed Transfer Liabilities
	 Schedule 2.01(c)(iii)
	  	Delayed Transfer Agreements
	 Schedule 2.01(d)
	  	BMS Shared Contracts
	 Schedule 2.01(e)
	  	MJN Shared Contracts
	 Schedule 2.02(a)(i)
	  	MJN Assets
	 Schedule 2.02(a)(iii)
	  	Capital Stock of Transferred Subsidiaries and Other Third Parties
	 Schedule 2.02(b)(i)
	  	Excluded Assets
	 Schedule 2.02(b)(iii)
	  	Excluded Contracts
	 Schedule 2.03(a)(i)
	  	MJN Liabilities
	 Schedule 2.03(b)(i)
	  	Excluded Liabilities
	 Schedule 2.03(b)(iv)
	  	Excluded Environmental Liabilities
	 Schedule 2.04(a)
	  	Intercompany Accounts Payable and Receivable
	 Schedule 2.04(b)(ii)
	  	Excluded Terminated Agreements
	 Schedule 11.09
	  	Expenses

  

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	 EXHIBITS
	  	 
	 Exhibit A
	  	Amended and Restated Certificate of Incorporation of Mead Johnson Nutrition Company
		
	 Exhibit B
	  	Amended and Restated By-laws of Mead Johnson Nutrition Company

  

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 FORM OF SEPARATION AGREEMENT 
 THIS SEPARATION AGREEMENT, dated as of , 2009, is by and among BRISTOL-MYERS SQUIBB COMPANY, a Delaware corporation
(“BMS”), MEAD JOHNSON NUTRITION COMPANY, a Delaware corporation (on or after the Separation Date, “MJN”) and MJN RESTRUCTURING HOLDCO, INC., a Delaware corporation (prior to the Separation Date,
“MJN”). Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Article I hereof. 
 R E C I T A L S 
 WHEREAS, the Board of Directors of BMS has determined that it is in the best interests of
BMS and its stockholders to separate the Mead Johnson Business from that of BMS; 
 WHEREAS, in furtherance of the foregoing, it is
appropriate and desirable to transfer the MJN Assets to MJN and its Subsidiaries and to cause MJN and its Subsidiaries to assume the MJN Liabilities, all as more fully described in this Agreement and the Ancillary Agreements; 
 WHEREAS, the Board of Directors of BMS has further determined that it is appropriate and desirable, on the terms and conditions contemplated hereby, to
cause MJN to offer and sell for its own account in the IPO a limited number of shares of Class A Common Stock; and 
 WHEREAS, it is
appropriate and desirable to set forth the principal corporate transactions required to effect the Separation and the IPO and certain other agreements that will govern certain matters relating to the Separation, the IPO and the relationship of BMS,
MJN and their respective Subsidiaries following the IPO. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained in this Agreement, the parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. For the
purpose of this Agreement the following terms shall have the following meanings: 
 “Action” means any demand, action, suit,
countersuit, arbitration, inquiry, proceeding or investigation by or before any federal, state, local, foreign or international Governmental Authority or any arbitration or mediation tribunal. 
  

 5 

 “Affiliate” of any Person means a Person that controls, is controlled by, or is under
common control with such Person. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting
securities or other interests, by contract or otherwise. 
 “Agreement” means this Separation Agreement, including all of
the Schedules and Exhibits hereto. 
 “Ancillary Agreements” means the Transitional Services Agreement, the Tax Matters
Agreement, the Employee Matters Agreement, the Manufacture and Supply Agreements, the IP Assignments, the Contribution Agreements, the Asset Purchase Agreement, the agreements and other documents comprising the Non-U.S. Plan, the Transfer Documents
and other related agreements thereto. 
 “Asset Purchase Agreement” means the Asset Purchase Agreement, dated
September 30, 2008, by and between MJC and ERS. 
 “Assets” means assets, properties and rights (including goodwill),
wherever located (including in the possession of vendors or other third parties or elsewhere), whether real, personal or mixed, tangible, intangible or contingent, in each case whether or not recorded or reflected or required to be recorded or
reflected on the books and records or financial statements of any Person, including the following: 
 (a) all accounting and
other books, records and files whether in paper, microfilm, microfiche, computer tape or disk, magnetic tape or any other form; 
 (b) all apparatus, computers and other electronic data processing equipment, fixtures, machinery, other equipment, furniture, office equipment, automobiles, motor vehicles and other transportation equipment, special and general tools, test
devices, prototypes and models and other tangible personal property; 
 (c) all inventories of materials, parts, raw
materials, supplies, work-in-process and finished goods and products; 
 (d) all interests in real property of whatever
nature, including easements, whether as owner, mortgagee, lessor, sublessor, lessee, sublessee or otherwise; 
 (e) all
interests in any capital stock or other equity interests of any other Person, all bonds, notes, debentures or other securities issued by any other Person, all loans, advances or other extensions of credit or capital contributions to any other Person
and all other investments in any Person; 
 (f) all license agreements, leases of personal property, open purchase orders for
raw materials, supplies, parts or services, unfilled orders for the manufacture and sale of products and other contracts, agreements or commitments; 
  

 6 

 (g) all deposits, letters of credit and performance and surety bonds; 
 (h) all written technical information, data, specifications, research and development information, engineering drawings, operating and
maintenance manuals, and materials and analyses prepared by consultants and other third parties; 
 (i) all domestic and
foreign patents, copyrights, trade names, trademarks, service marks and registrations and applications for any of the foregoing, mask works, trade secrets, inventions, other proprietary information and licenses from third Persons granting the right
to use any of the foregoing; 
 (j) all computer applications, programs and other software, including operating software,
network software firmware, middleware, design software, design tools, systems documentation and instructions; 
 (k) all cost
information, sales and pricing data, customer prospect lists, supplier records, customer and supplier lists, customer and vendor data, correspondence and lists, product literature, artwork, design, development and manufacturing files, vendor and
customer drawings, formulations and specifications, quality records and reports and other books, records, studies, surveys, reports, plans and documents; 
 (l) all prepaid expenses, trade accounts and other accounts and notes receivable; 
 (m) all
rights under contracts or agreements, all claims or rights against any Person arising from the ownership of any Asset, all rights in connection with any bids or offers and all claims, choices in action and similar rights, whether accrued or
contingent; 
 (n) all rights under insurance policies and all rights in the nature of insurance, indemnification, recovery or
contribution; 
 (o) all licenses, permits, approvals, consents, registrations and authorizations which have been obtained
from any Governmental Authority; 
 (p) cash or cash equivalents, bank accounts, lock boxes and other deposit arrangements;
and 
 (q) interest rate, currency, commodity or other swap, collar, cap or other hedging or similar agreements or
arrangements. 
 “BMS” has the meaning set forth in the preamble hereto. 
 “BMS Business” means: (a)(i) the business and operations of BMS that manufactures, markets, distributes and sells pharmaceuticals
or consumer medicines on a worldwide basis, and (ii) all other businesses (including the businesses and operations 

  

 7 

 
related to the Excluded Assets) not otherwise included in the Mead Johnson Business, and (b) except as otherwise expressly provided herein, any
terminated, divested or discontinued businesses or operations that at the time of termination, divestiture or discontinuation primarily related to the BMS Business (as described in the foregoing clause (a)) as then conducted. 
 “BMS Group” means BMS and each Person (other than any Person in the MJN Group) that is an Affiliate of BMS immediately after the
Separation Date. 
 “BMS Indemnitees” has the meaning set forth in Section 5.02. 
 “BMS Names” has the meaning set forth in Section 9.02. 
 “BMS Shared Contract” means those contracts set forth on Schedule 2.01(d). 
 “BMS Transfer Document” has the meaning set forth in Section 2.05. 
 “Buyer” means the direct or indirect Subsidiary of BMS or MJN, as applicable, buying assets under any Local Asset Purchase Agreement.

 “Class A Common Stock” means the Class A Common Stock, $0.01 par value per share, of MJN. 
 “Class B Common Stock” means the Class B Common Stock, $0.01 par value per share, of MJN. 
 “Closing Date” means the first time at which any shares of Class A Common Stock are sold to the Underwriters pursuant to the IPO in
accordance with the terms of the Underwriting Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Commission” means the U.S. Securities and Exchange Commission. 
 “Common Stock” means the Class A Common Stock and the Class B Common Stock. 
 “Consents” means any consents, waivers or approvals from, or notification requirements to, any third parties. 
 “Contribution Agreements” means, collectively, (i) the Contribution Agreement, dated August 22, 2008, by and between BMS and
ERS, (ii) the Contribution Agreement, effective as of January 31, 2009, by and between BMS and MJN Restructuring Holdco, Inc., and (iii) the Contribution Agreement, effective as of January 31, 2009, by and between MJN
Restructuring Holdco, Inc. and Mead Johnson & Company. 
  

 8 

 “Default VAT” has the meaning set forth in Section 2.13. 
 “Delayed Transfer Assets” means any MJN Assets that are expressly provided in this Agreement or any Ancillary Agreement to be
transferred to MJN, its successor or any Person in the MJN Group after the Separation Date, including the Assets set forth or described in Schedule 2.01(c)(i). 
 “Delayed Transfer Liabilities” means any MJN Liabilities that are expressly provided in this Agreement or any Ancillary Agreement to be assumed by MJN, its successor or any Person in the MJN Group
after the Separation Date, including the Liabilities set forth or described in Schedule 2.01(c)(ii). 
 “Employee Matters
Agreement” means the Employee Matters Agreement, dated as of the Separation Date, by and between BMS and Mead Johnson Nutrition Company. 
 “Environmental Law” means any applicable federal, state, local, foreign or international statute, ordinance, rule, regulation, code, notice of liability or request for information, license, permit, authorization, approval,
consent, common law doctrine (including tort and nuisance law), order, judgment, decree, injunction, or requirement, now or hereafter in effect, relating to pollution, or protection of human or occupational health and safety (including as it relates
to hazardous, toxic or deleterious chemicals, materials, substances or wastes, noise, odor or vibration) or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata, soil and sediments). 
 “Environmental Liabilities” means all Liabilities (including all removal, remediation or monitoring costs, investigatory costs, response
costs, natural resources damages, property damages, personal injury damages, costs of compliance with any product take back requirements or with any settlement, judgment or other determination of Liability and indemnity, contribution or similar
obligations and all costs and expenses, interest, fines, penalties or other monetary sanctions in connection therewith) relating to, arising out of or resulting from any (a) actual or alleged (i) compliance or noncompliance with any
Environmental Law, (ii) generation, use, storage, management, treatment, transportation, distribution, emission, discharge or disposal of any Hazardous Material, or (iii) presence, Release or threatened Release of, or exposure to, any
Hazardous Material (including any exposure to Hazardous Materials of any current or former employee or independent contractor), or (b) any contract, agreement, or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing. 
 “Environmental Work” has the meaning set forth in Section 5.07. 
 “ERISA” has the meaning set forth in Section 2.08(b). 
 “ERS” means E.R. Squibb & Sons, L.L.C., a Delaware limited liability company. 
 “Escalation Notice” has the meaning set forth in Section 8.02(a). 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder. 
  

 9 

 “Excluded Assets” has the meaning set forth in Section 2.02(b). 
 “Excluded Employee Assets” shall mean the employee-related Assets retained by BMS with respect to its employee retirees and deferred
vested former employees, as set forth in the Employee Matters Agreement. 
 “Excluded Employee Liabilities” means the
employee-related Liabilities retained by BMS with respect to its employee retirees and deferred vested former employees, as set forth in the Employee Matters Agreement. 
 “Excluded Environmental Liabilities” has the meaning set forth in Section 2.03(b). 
 “Excluded Liabilities” has the meaning set forth in Section 2.03(b). 
 “Existing Note” means
the $2,000,000,000 intercompany note due 2018 between ERS and MJC. 
 “Governmental Approvals” means any notices, reports or
other filings to be made, or any consents, registrations, approvals, permits or authorizations to be obtained from, any Governmental Authority. 
 “Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority.

 “Group” means either the MJN Group or the BMS Group, as the context requires. 
 “Hazardous Material” means any hazardous, toxic or deleterious chemical, material, substance or waste, including radioactive, explosive,
medical or biohazardous materials or wastes, petroleum and its byproducts and distillates, solvents or solvent-based materials, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, or urea formaldehyde foam insulation, or
noise, odor or vibration. 
 “Indemnifying Party” has the meaning set forth in Section 5.04(a). 
 “Indemnitee” has the meaning set forth in Section 5.04(a). 
 “Indemnity Payment” has the meaning set forth in Section 5.04(a). 
 “Information” means information in written, oral, electronic or other tangible or intangible forms, stored in any medium, including
studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks,
diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memoranda and other materials prepared by attorneys or under their
direction (including attorney work product), and other technical, financial, employee or business information or data. 
  

 10 

 “Insurance Policies” means the insurance policies written by insurance carriers,
including those affiliated with BMS, pursuant to which MJN or one or more of its Subsidiaries (or their respective officers or directors) will be insured parties after the Separation Date. 
 “Insurance Proceeds” means those monies: 
 (a) received by an insured from an insurance carrier; 
 (b) paid by an insurance carrier on
behalf of the insured; or 
 (c) received (including by way of setoff) from any third party in the nature of insurance,
contribution or indemnification in respect of any Liability; 
 in each such case net of any applicable premium adjustments (including reserves and
retrospectively rated premium adjustments) and net of any costs or expenses incurred in the collection thereof. 
 “Intercompany
Notes” means, collectively, (i) the $750,000,000 intercompany note due 2014 between ERS and MJC, (ii) the $500,000,000 intercompany note due 2016 between ERS and MJC, and (iii) the $500,000,000 intercompany note due 2019
between ERS and MJC. 
 “IP Assignments” means, collectively, (i) the Assignment of Trademarks, effective as of
January 31, 2009, by and between BMS and MJN, (ii) the Assignment of Domain Names, effective as of January 31, 2009, by and between BMS and MJN, and (iii) the Assignment of Patents, effective as of January 31, 2009, by and
between BMS and MJN. 
 “IPO” means the initial public offering by MJN of shares of Class A Common Stock pursuant to
the IPO Registration Statement. 
 “IPO Document” has the meaning set forth in Section 5.02. 
 “IPO Registration Statement” means the registration statement on Form S-l (File No. 333-156298) filed under the Securities
Act, pursuant to which the Class A Common Stock to be issued in the IPO will be registered, together with all amendments thereto. 
 “Liabilities” means any and all losses, claims, charges, debts, demands, actions, causes of action, suits, damages, obligations, payments, costs and expenses, reckonings, indemnities and similar obligations, covenants,
controversies, guarantees, make whole agreements and similar obligations, and other liabilities and requirements, including all contractual obligations, whether absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or
unaccrued, known or unknown, 

  

 11 

 
whenever arising, and including those arising under any law, rule, regulation, Action, threatened or contemplated Action (including the costs and expenses of
demands, assessments, judgments, settlements and compromises relating thereto and attorneys’ fees and any and all costs and expenses, whatsoever reasonably incurred in investigating, preparing or defending against any such Actions or threatened
or contemplated Actions), order or consent decree of any Governmental Authority or any award of any arbitrator or mediator of any kind, and those arising under any contract, commitment or undertaking, including those arising under this Agreement or
any Ancillary Agreement, in each case, whether or not recorded or reflected or required to be recorded or reflected on the books and records or financial statements of any Person. 
 “Lien” means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction,
right-of-way, covenant, condition, easement, encroachment, restriction on transfer, or other encumbrance of any nature whatsoever. 
 “Local Asset Purchase Agreements” means the asset purchase agreements in respect of assets of business operated outside the U.S. entered into among Persons in the BMS Group and Persons in the MJN Group, including the
non-U.S. asset purchase agreements set forth or described in Schedule 1.01(b). 
 “Local Contribution Agreements” means
the contribution agreements contributing stock of Persons in the MJN Group that are non-U.S. Persons entered into among Persons in the BMS Group and/or Persons in the MJN Group, including the contribution agreements set forth or described in
Schedule 1.01(b). 
 “Local Stock Purchase Agreements” means the stock purchase agreements in respect of stock of
entities in the MJN Group that are non-U.S. Persons entered into among Persons in the BMS Group and Persons in the MJN Group, including the non-U.S. stock purchase agreements set forth or described in Schedule 1.01(b). 
 “Manufacture and Supply Agreements” means, collectively, (i) the Manufacture and Supply Agreement, dated as of the date hereof, by
and between Mead Johnson & Company, a Delaware corporation, and Bristol-Myers Squibb Company, a Delaware corporation, (ii) the Manufacture and Supply Agreement, dated as of the date hereof, by and between Mead Johnson Nutricionales
(Mexico) S. de R.L. de C.V., a Mexico corporation, and Bristol-Myers Squibb de Mexico S. de R.L. de C.V., a Mexico corporation, and (iii) the Manufacture and Supply Agreement, dated as of the date hereof, by and between Mead Johnson Nutrition
(Ecuador) Cia. Ltda., an Ecuador corporation, and Bristol-Myers Squibb Ecuador Cia. Limited, an Ecuador corporation. 
 “Mead Johnson
Business” means: (a)(i) the business and operations of the Mead Johnson Nutritionals segment of BMS that involves the manufacturing and marketing of products, including infant formula and children’s nutritional products, on a
worldwide basis, and (ii) such other businesses and operations relating thereto currently carried on by the Mead Johnson Nutritionals segment of BMS, and (b) except as otherwise expressly provided herein, any terminated, divested or
discontinued businesses 

  

 12 

 
or operations that at the time of termination, divestiture or discontinuation primarily related to the Mead Johnson Business (as described in the foregoing
clause (a)) as then conducted, but in each case, excluding the businesses and operations related to the Excluded Assets. 
 “MJC” means Mead Johnson & Company, a Delaware corporation. 
 “MJN” has the meaning set
forth in the preamble hereto. 
 “MJN Assets” has the meaning set forth in Section 2.02(a). 
 “MJN Balance Sheet” means the consolidated balance sheet of the Mead Johnson Nutritionals segment of BMS as of September 30, 2008.

 “MJN Contracts” means the following contracts and agreements to which BMS or any of its Affiliates is a party or by which
it or any of its Affiliates or any of their respective Assets is bound, whether or not in writing, except for any such contract or agreement that is contemplated to be retained by BMS or any Person in the BMS Group pursuant to any provision of this
Agreement or any Ancillary Agreement: 
 (a) any supply or vendor contracts or agreements listed that relate primarily to the
Mead Johnson Business; 
 (b) any contract or agreement entered into in the name of, or expressly on behalf of, any division,
business unit or Person in the MJN Group; 
 (c) any contract or agreement, including any joint venture agreement, that
relates primarily to the Mead Johnson Business; 
 (d) federal, state and local government and other contracts and agreements
that relate primarily to the Mead Johnson Business; 
 (e) any contract or agreement representing capital or operating
equipment lease obligations reflected on the MJN Balance Sheet; 
 (f) any contract or agreement that is otherwise expressly
contemplated pursuant to this Agreement or any of the Ancillary Agreements to be assigned to MJN or any Person in the MJN Group; and 
 (g) (i) any guarantee, indemnity, representation, warranty or other Liability of any Person in the MJN Group or the BMS Group in respect of any other MJN Contract, any MJN Liability or the Mead Johnson Business (including guarantees of
financing incurred by customers or other third parties in connection with purchases of products or services from the Mead Johnson Business), and (ii) the contracts, agreements and other documents listed or described on Schedule 1.01(a)).

  

 13 

 “MJN Employee Assets” means the employee-related Assets retained by MJN with respect to
its employee retirees and deferred vested former employees, as set forth in the Employee Matters Agreement. 
 “MJN Employee
Liabilities” means the employee-related Liabilities retained by MJN with respect to its employee retirees and deferred vested former employees, as set forth in the Employee Matters Agreement. 
 “MJN Group” means MJN, its successor, each Subsidiary of MJN and each other Person that is either controlled directly or indirectly by
MJN immediately after the Separation Date or that is contemplated to be controlled by MJN pursuant to the Non-U.S. Plan (other than any Person that is contemplated not to be controlled by MJN pursuant to the Non-U.S. Plan). 
 “MJN Indemnitees” has the meaning set forth in Section 5.03(a). 
 “MJN Liabilities” has the meaning set forth in Section 2.03(a). 
 “MJN Shared Contract” means those contracts set forth on Schedule 2.01(e). 
 “MJN Shared Contract Liability” means any Liability related to, arising out of or resulting from an MJN Shared Contract. 
 “MJN Transfer Document” has the meaning set forth in Section 2.05. 
 “Non-MJN Assets” means any assets of BMS or any Person in the BMS Group other than MJN Assets. 
 “Non-U.S. Plan” means the series of transactions, agreements and other arrangements, including the Local Asset Purchase Agreements, the
Local Contribution Agreements and the Local Stock Purchase Agreements, pursuant to which the non-U.S. Assets and Liabilities of BMS and its Affiliates have been or will be transferred between the parties hereto or thereto, including the agreements
set forth or described in Schedule 1.01(b) (as such Schedule may be supplemented by mutual consent of the parties prior to the Separation Date). 
 “NYSE” means The New York Stock Exchange, Inc. 
 “Person” means an
individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability entity, any other entity and any Governmental Authority. 
 “Prime Rate” means the rate which                  (or
any successor thereto or other major money center commercial bank agreed to by the parties hereto) announces from time to time as its prime lending rate, as in effect from time to time. 
 “Proceeding” has the meaning set forth in Section 11.16. 
  

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 “Prospectus” means each preliminary, final or supplemental prospectus forming a part of
the IPO Registration Statement. 
 “Release” means any release, spill, emission, leaking, dumping, injection, pouring,
deposit, disposal, discharge, dispersal, leaching or migration into or through the environment (including ambient air, surface water, groundwater, land surface or subsurface strata, soil and sediments) or within any building, structure, fixture or
equipment. 
 “Revolving Credit Facility” means, collectively, the one or more revolving credit facilities, in an aggregate
principal amount of up to $500,000,000, to be entered into by Mead Johnson Nutrition Company, as borrower, the lenders named therein, and any other agents and lending banks from time to time party thereto, as may be amended, modified, restated or
replaced at any time. 
 “Securities Act” means the Securities Act of 1933, as amended, together with the rules and
regulations promulgated thereunder. 
 “Seller” means the BMS or MJN direct or indirect Subsidiary selling assets under any
Local Asset Purchase Agreement. 
 “Separation” has the meaning set forth in Section 4.01. 
 “Separation Date” has the meaning set forth in Section 4.01. 
 “Shared Contract Liability” means any Liability related to, arising out of or resulting from an MJN Shared Contract or a BMS Shared
Contract. 
 “Shared Site” means any current or former site that is or was owned or leased by either BMS or MJN and, during
the time of such ownership or lease, contained both Mead Johnson Business operations, operated by MJN or any other Person in the MJN Group, and BMS Business operations, operated by BMS or any other Person in the BMS Group. For purposes of this
Agreement, the party which owned or leased or otherwise controlled the site during the period of such dual operations shall be considered the “host” and the other party shall be considered the “guest.” 
 “Significant Subsidiary” has the meaning set forth in Section 2.08(b). 
 “Subsidiary” means, when used with respect to any Person, (a) a corporation in which such Person or one or more Subsidiaries of
such Person, directly or indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding shares of all classes and series of capital stock of such corporation entitled generally to vote in
such election; and (b) any other Person (other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or indirectly, has (i) a majority ownership interest or (ii) the power to elect or direct the
election of a majority of the members of the governing body of such first-named Person. 
  

 15 

 “Tax Matters Agreement” means the Tax Matters Agreement, dated as of the Separation
Date, by and between BMS and Mead Johnson Nutrition Company. 
 “Taxes” has the meaning set forth in the Tax Matters
Agreement. 
 “Taxing Authority” has the meaning set forth in the Tax Matters Agreement. 
 “Third Party Claim” has the meaning set forth in Section 5.05(a). 
 “Transfer Document” has the meaning set forth in Section 2.05. 
 “Transitional Services Agreement” means the Transitional Services Agreement, dated as of the Separation Date, by and between BMS and
Mead Johnson Nutrition Company. 
 “Underwriters” means the underwriters for the IPO. 
 “Underwriting Agreement” means the underwriting agreement to be entered into among Mead Johnson Nutrition Company and the Underwriters
with respect to the IPO. 
 “VAT” means any value added tax, goods and services tax, similar indirect tax or any tax
analogous thereto. 
 ARTICLE II 
 The Separation 
 SECTION 2.01. Transfer of Assets and Assumption of Liabilities. (a) On the Separation Date, BMS
shall contribute, assign, transfer, convey and deliver to MJN, and agree to cause its applicable Subsidiaries to contribute, assign, transfer, convey and deliver to MJN, and MJN shall acquire from BMS and its applicable Subsidiaries, all of
BMS’s and such Subsidiaries’ respective rights, titles and interests in all MJN Assets, other than the Excluded Assets and the Delayed Transfer Assets. 
 (b) On the Separation Date, MJN shall assume, and agree to pay, perform, satisfy, discharge or otherwise defend on a timely basis all of the MJN Liabilities other than the Excluded Liabilities and the Delayed Transfer
Liabilities, in accordance with their respective terms, regardless of (i) when or where such Liabilities arose or arise, (ii) whether the facts on which they are based occurred on, prior to or subsequent to the Separation Date,
(iii) when, where or against whom such Liabilities are asserted or determined, (iv) whether asserted or determined on, prior to or subsequent to the Separation Date, or (v) whether arising from or alleged to arise from negligence,
recklessness, violation of law, fraud or misrepresentation by any Person in the BMS Group. 
  

 16 

 (c) Each of the parties hereto agrees that the Delayed Transfer Assets, including the Assets set forth or
described in Schedule 2.01(c)(i), will be contributed, assigned, transferred, conveyed and delivered, and the Delayed Transfer Liabilities, including the Liabilities set forth or described in Schedule 2.01(c)(ii), will be accepted and
assumed, in accordance with the terms of the agreements that provide for such contribution, assignment, transfer, conveyance and delivery, or such acceptance or assumption, after the Separation Date or as otherwise set forth on
Schedule 2.01(c)(iii). Following such contribution, assignment, transfer, conveyance and delivery of any Delayed Transfer Asset, or the acceptance and assumption of any Delayed Transfer Liability, the applicable Delayed Transfer Asset or
Delayed Transfer Liability shall be treated for all purposes of this Agreement and the Ancillary Agreements as an MJN Asset or an MJN Liability, as the case may be. 
 (d) On and after the Separation Date, BMS shall make available to the MJN Group the benefits and rights under each BMS Shared Contract to the extent such benefits and rights have historically been and currently are
provided to the Mead Johnson Business; provided, however, that (i) no Person in the MJN Group shall take any action, or refrain from taking any action, if (A) such action or inaction is reasonably likely to or does result in
a breach on the part of any Person in the BMS Group under any BMS Shared Contract and (B) such Person in the MJN Group would otherwise be obligated to take or not take such action under the BMS Shared Contract had such Person become severally
liable under the BMS Shared Contract on the Separation Date, (ii) each Person in the MJN Group shall cooperate with BMS and, at BMS’s request, take such actions that are reasonably necessary or desirable to ensure that BMS is able to
perform its obligations constituting Shared Contract Liabilities under such BMS Shared Contract, and (iii) to the extent any Liability under a BMS Shared Contract is either (x) specifically allocated to the Mead Johnson Business or
(y) related to the benefits and rights made available to the MJN Group under such BMS Shared Contract, such Shared Contract Liabilities shall be, as between BMS and MJN, the responsibility of MJN. It is understood that, unless otherwise
mutually agreed, there will not be a novation or assignment of the Shared Contract Liabilities and that MJN shall perform its obligations hereunder by taking all such actions as are reasonably necessary or desirable to ensure that the BMS is able to
perform all of the obligations constituting Shared Contract Liabilities under each BMS Shared Contract. 
 (e) On and after the Separation
Date, MJN shall make available to the BMS Group the benefits and rights under each MJN Shared Contract to the extent such benefits and rights have historically been provided and currently are to the BMS Group; provided, however, that
(i) no Person in the BMS Group shall take any action, or refrain from taking any action, if (A) such action or inaction is reasonably likely to or does result in a breach on the part of any Person in the MJN Group under any MJN Shared
Contract and (B) such Person in the BMS Group would otherwise be obligated to take or not take such action under the MJN Shared Contract had such Person become severally liable under the MJN Shared Contract on the Separation Date,
(ii) each Person in the BMS Group shall cooperate with MJN and, at MJN’s request, take such actions that are reasonably necessary or desirable to ensure that MJN is able to perform its obligations constituting Shared Contract Liabilities
under such MJN Shared Contract, and (iii) to the 

  

 17 

 
extent any Liability under an MJN Shared Contract is either (x) specifically allocated to the BMS Group or (y) related to the benefits and rights
made available to the BMS Group under such MJN Shared Contract, such MJN Shared Contract Liabilities shall be, as between BMS and MJN, the responsibility of BMS. It is understood that, unless otherwise mutually agreed, there will not be a novation
or assignment of the MJN Shared Contract Liabilities and that BMS shall perform its obligations hereunder by taking all such actions as are reasonably necessary or desirable to ensure that MJN is able to perform all of the obligations constituting
Shared Contract Liabilities under each MJN Shared Contract. 
 (f) In the event that at any time or from time to time, any party hereto (or
Person in of such party’s respective Group), shall receive or otherwise possess any Asset that is allocated to any other Person pursuant to this Agreement or any Ancillary Agreement, such party shall use its commercially reasonable efforts to
promptly transfer, or cause to be transferred, such Asset to the Person so entitled thereto. Prior to any such transfer, the Person receiving or possessing such Asset shall hold such Asset in trust for any such other Person. 
 SECTION 2.02. MJN Assets. (a) For purposes of this Agreement, “MJN Assets” shall mean (without duplication): 
 (i) any and all Assets that are expressly contemplated by this Agreement or any Ancillary Agreement (or Schedule 2.02(a)(i) or any other
Schedules hereto or thereto) as Assets to be transferred to MJN or any other Person in the MJN Group, including any MJN Employee Assets (other than Excluded Employee Assets); 
 (ii) any rights of any Person in the MJN Group under any of the Insurance Policies; 
 (iii) (A) any MJN Contracts, (B) all issued and outstanding capital stock of the Subsidiaries of BMS set forth or described in
Schedule 2.02(a)(iii), and (C) the shares of capital stock of certain entities held by BMS as set forth or described in Schedule 2.02(a)(iii); 
 (iv) any Assets reflected in the MJN Balance Sheet as Assets of MJN and its Subsidiaries, subject to any dispositions of such Assets subsequent to the date of the MJN Balance Sheet; and 
 (v) any and all Assets owned or held immediately prior to the Separation Date by BMS or any of its Subsidiaries that are related primarily
to the Mead Johnson Business. The intention of this clause (v) is only to rectify any inadvertent omission of transfer or conveyance of any Assets that, had the parties given specific consideration to such Asset as of the Separation Date
hereof, would have otherwise been classified as an MJN Asset. No Asset shall be deemed to be an MJN Asset solely as a result of this clause (v) if such Asset is within the category or type of 

  

 18 

 
Asset expressly covered by the subject matter of an Ancillary Agreement. In addition, no Asset shall be deemed an MJN Asset solely as a result of this clause
(v) unless a claim with respect thereto is made by MJN on or prior to the first anniversary of the Separation Date. 
 Notwithstanding the foregoing,
the MJN Assets shall not in any event include the Excluded Assets referred to in Section 2.02(b). 
 (b) For the purposes of this
Agreement, “Excluded Assets” shall mean (without duplication): 
 (i) the Assets set forth or described in
Schedule 2.02(b)(i); 
 (ii) any and all Assets that are expressly contemplated by this Agreement or any Ancillary
Agreement (or the Schedules hereto or thereto) as Assets to be retained by BMS or any other Person in the BMS Group; 
 (iii)
the Excluded Employee Assets; 
 (iv) any contract or agreement set forth or described in Schedule 2.02(b)(iii); and

 (v) all other Assets of BMS that are not MJN Assets. 
 SECTION 2.03. MJN Liabilities. (a) For the purposes of this Agreement, “MJN Liabilities” shall mean (without duplication with
2.03(b)): 
 (i) any and all Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement (or
Schedule 2.03(a)(i) or any other Schedules hereto or thereto) as Liabilities to be assumed by MJN or any Person in the MJN Group, and all agreements, obligations and Liabilities of any Person in the MJN Group under this Agreement or any of the
Ancillary Agreements; 
 (ii) all Liabilities, including any MJN Employee Liabilities (other than Excluded Employee
Liabilities), primarily relating to, arising out of or resulting from: 
 (A) the operation of the Mead Johnson Business, as
conducted at any time prior to, on or after the Separation Date (including any Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, manager, member, employee or agent (whether or not such act or
failure to act is or was within such Person’s authority)); 
 (B) the operation of any business conducted by any Person
in the MJN Group at any time after the Separation Date (including any 

  

 19 

 
Liability relating to, arising out of or resulting from any act or failure to act by any director, officer, manager, member, employee or agent (whether or
not such act or failure to act is or was within such Person’s authority)); or 
 (C) any MJN Assets (including any MJN
Contracts and any real property and leasehold interests), 
 in any such case whether arising before, on or after the
Separation Date; 
 (iii) all Environmental Liabilities; 
 (A) at any Shared Site where BMS is the “host,” to the extent directly (i) caused by MJN or any other Person in the MJN
Group or specifically related to the operation of the Mead Johnson Business at the site or (ii) related to any fixtures, machinery, equipment, infrastructure or other Assets specifically installed or constructed by or for MJN or any other
Person in the MJN Group (regardless of ownership), in each case, whether occurring or arising before, on or after the Separation Date; 
 (B) at any Shared Site where MJN is the “host,” to the extent not directly (i) caused by BMS or any other Person in the BMS Group or specifically related to the operation of the BMS Business at the site
or (ii) related to any fixtures, machinery, equipment, infrastructure or other Assets specifically installed or constructed by or for BMS or any other Person in the BMS Group at the site (regardless of ownership), in each case, whether
occurring or arising before, on or after the Separation Date; 
 (C) at any location that is not a Shared Site, relating to,
arising out of or resulting from: (i) the operation of the Mead Johnson Business, as conducted at any time prior to, on or after the Separation Date (including any Environmental Liability relating to, arising out of or resulting from any act or
failure to act by any director, officer, manager, member, employee or agent (whether or not such act or failure to act is or was within such Person’s authority)); or (ii) the MJN Assets (including any real property and leasehold interests,
fixtures, machinery, equipment or infrastructure), in any such case whether arising before, on or after the Separation Date; or 
 (D) relating to, arising out of or resulting from any of the terminated, divested or discontinued business and operations of the Mead Johnson Business. 
 (iv) all Liabilities relating to, arising out of or resulting from the Intercompany Notes or the Revolving Credit Facility; 
  

 20 

 (v) all Liabilities relating to, arising out of or resulting from any of the terminated,
divested or discontinued businesses and operations of the Mead Johnson Business; 
 (vi) all Liabilities reflected as
liabilities or obligations of MJN in the MJN Balance Sheet, subject to any discharge of such Liabilities subsequent to the date of the MJN Balance Sheet; and 
 (vii) all MJN Shared Contract Liabilities, whether arising before, on or after the Separation Date. 
 Notwithstanding the foregoing, the MJN Liabilities shall not include the Excluded Liabilities referred to in Section 2.03(b) below. 
 (b) For the purposes of this Agreement, “Excluded Liabilities” shall mean: 
 (i) any and all Liabilities that are expressly contemplated by this Agreement or any Ancillary Agreement (or Schedule 2.03(b)(i) or any
other Schedules hereto or thereto) as Liabilities to be retained or assumed by BMS or any other Person in the BMS Group, and all agreements and obligations of any Person in the BMS Group under this Agreement or any of the Ancillary Agreements;

 (ii) any and all liabilities relating to, arising out of or resulting from any Excluded Assets; 
 (iii) any Excluded Employee Liabilities; 
 (iv) any Environmental Liabilities: 
 (A) at any Shared Site where BMS is the
“host,” to the extent not directly (i) caused by MJN or any other Person in the MJN Group or specifically related to the operation of the Mead Johnson Business at the site or (ii) related to any fixtures, machinery, equipment,
infrastructure or other Assets specifically installed or constructed by or for MJN or any other Person in the MJN Group at the site (regardless of ownership), in each case, whether occurring or arising before, on or after the Separation Date;

 (B) at any Shared Site where MJN is the “host,” to the extent directly (i) caused by BMS or any other
Person in the BMS Group or specifically related to the operation of the BMS Business at the site or (ii) related to any fixtures, machinery, equipment, infrastructure or other Assets specifically installed or constructed by or for BMS or any
other Person in the BMS Group at the site (regardless of ownership), in each case, whether occurring or arising before, on or after the Separation Date; or 
  

 21 

 (C) set forth or described in Schedule 2.03(b)(iv) (the “Excluded
Environmental Liabilities”). 
 (v) Shared Contract Liabilities that are not MJN Shared Contract Liabilities; and

 (vi) all other Liabilities of BMS that are not MJN Liabilities. 
 SECTION 2.04. Termination of Agreements. (a) Except as set forth in Section 2.04(b), in furtherance of the releases and other provisions
of Section 5.01 hereof, MJN and each Person in the MJN Group, on the one hand, and BMS and each Person in the BMS Group, on the other hand, hereby terminate any and all agreements, arrangements, commitments or understandings, whether or not in
writing, between or among MJN and any Person in the MJN Group, on the one hand, and BMS and any Person in the BMS Group, on the other hand, effective as of the Separation Date. No such terminated agreement, arrangement, commitment or understanding
(including any provision thereof which purports to survive termination) shall be of any further force or effect after the Separation Date. Except as otherwise set forth or described in Schedule 2.04(a), (i) all intercompany accounts receivable
owed by BMS or any U.S. Person in the BMS Group to MJN or any U.S. Person in the MJN Group shall be offset by all intercompany accounts payable owed by MJN or any U.S. Person in the MJN Group to BMS or any U.S. Person in the BMS Group, (ii) any
net accounts receivable shall be used to offset the balances of the foreign intercompany notes that remain outstanding following the IPO to the extent the net proceeds from the IPO are insufficient to fully repay the foreign intercompany notes as
described in the IPO Registration Statement, and (iii) the remainder of any net accounts receivable shall be paid as a dividend of unwanted assets from MJN or any U.S. Person in the MJN Group, as the case may be, directly or indirectly to ERS.
Each party shall, at the reasonable request of any other party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. 
 (b) The provisions of Section 2.04(a) shall not apply to any of the following agreements, arrangements, commitments or understandings (or to any of the provisions thereof): (i) this Agreement and the
Ancillary Agreements (and each other agreement or instrument expressly contemplated by this Agreement or any Ancillary Agreement to be entered into by any of the parties hereto or any Person in their respective Groups); (ii) any agreements,
arrangements, commitments or understandings set forth or described in Schedule 2.04(b)(ii); (iii) any agreements, arrangements, commitments or understandings to which any Person other than the parties hereto and their respective Affiliates is a
party (it being understood that to the extent that the rights and obligations of the parties and the Persons in their respective Groups under any such agreements, arrangements, commitments or understandings constitute MJN Assets or MJN Liabilities,
they shall be assigned pursuant to Section 2.01); (iv) the Intercompany Notes, (v) the Revolving Credit Facility, and (vi) any other agreements, arrangements, commitments or understandings that this Agreement or any Ancillary
Agreement expressly contemplates will survive the Separation Date. 
  

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 SECTION 2.05. Documents Relating to Other Transfers of Assets and Assumption of Liabilities. In
furtherance of the assignment, transfer and conveyance of MJN Assets and the assumption of MJN Liabilities set forth in Section 2.01(a) and (b) simultaneously with the execution and delivery hereof or as promptly as practicable thereafter,
(i) BMS shall execute and deliver, and shall cause its Subsidiaries to execute and deliver, such bills of sale, stock powers, certificates of title, deeds, assignments of contracts, assignment of trademarks, assignment of domain names,
assignment of patents, and other instruments of transfer, conveyance and assignment (collectively, the “BMS Transfer Documents”) as and to the extent necessary to evidence the transfer, conveyance and assignment of all of BMS’s
and its Subsidiaries’ right, title and interest in and to the MJN Assets to MJN, and (ii) MJN shall execute and deliver, to BMS and shall cause its Subsidiaries to execute and deliver, such bills of sale, stock powers, certificates of
title, assumptions of contracts and other instruments of assumption (collectively, the “MJN Transfer Documents”, and together with the BMS Transfer Documents, the “Transfer Documents”) as and to the extent necessary
to evidence the valid and effective assumption of the MJN Liabilities by MJN. 
 SECTION 2.06. Other Ancillary Agreements. On or prior
to the Separation Date, except as provided in Section 2.07, each of BMS and MJN will execute and deliver all Ancillary Agreements to which it is a party. 
 SECTION 2.07. The Non-U.S. Plan. Each of BMS and MJN shall take, and shall cause each Person in its respective Group to take, all commercially reasonable actions as may be necessary to consummate the
transactions contemplated by the Non-U.S. Plan (whether on, prior to or after the Separation Date). Notwithstanding anything in this Agreement or in any Ancillary Agreement to the contrary, no party shall be entitled to receive or retain any Asset
unless such party shall have paid any consideration contemplated to be paid by it in connection therewith pursuant to the Non-U.S. Plan. 
 SECTION 2.08. Representations and Warranties. (a) Each of BMS (on behalf of itself and each Person in the BMS Group) and MJN (on behalf of itself and each Person in the MJN Group) understands and agrees that, except as expressly
set forth herein or in any Ancillary Agreement, no party to this Agreement, any Ancillary Agreement or any other agreement or document contemplated by this Agreement, any Ancillary Agreement or otherwise, is representing or warranting in any way,
express or implied, as to the Assets, businesses or Liabilities transferred or assumed as contemplated hereby or thereby, as to any Consents required in connection therewith, as to the value or freedom from any Liens of, or any other matter
concerning, any Assets of such party, or as to the absence of any defenses or right of setoff or freedom from counterclaim with respect to any claim or other Asset, including any accounts receivable, of any party, or as to the legal sufficiency of
any assignment, document or instrument delivered hereunder to convey title to any Asset or thing of value upon the execution, delivery and filing hereof or thereof. Except as may expressly be set forth herein or in any Ancillary Agreement, all such
Assets are being transferred on an “as is”, “where is” basis (and, in the case of any real property, by means of a quitclaim or similar form deed or conveyance) and the respective transferees shall bear the economic and legal
risks that (i) any conveyance 

  

 23 

 
shall prove to be insufficient to vest in the transferee good and marketable title, free and clear of any Lien, and (ii) any necessary Consents or
Governmental Approvals are not obtained or that any requirements of laws or judgments are not complied with. 
 (b) Notwithstanding the
foregoing Section 2.08(a), BMS represents and warrants and agrees with MJN that as of the Separation Date: 
 (i) The IPO
Registration Statement, when it became effective, did not contain and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading based upon information relating to BMS furnished to MJN in writing by BMS expressly for use therein. 
 (ii) All material federal, state, local and foreign tax returns required to be filed by MJN and its “significant subsidiaries”, as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act (each, a
“Significant Subsidiary”), through the Separation Date have been filed and all taxes shown on such returns have been paid. All material taxes due or claimed to be due from MJN and its Significant Subsidiaries have been paid, other
than taxes currently payable without penalty or interest and taxes being contested in good faith and by appropriate proceedings and in, each case, for which adequate reserves have been established on the books and records of MJN and its Significant
Subsidiaries in accordance with generally accepted accounting principles. No material tax deficiency has been proposed, asserted or, to the knowledge of BMS, threatened against MJN or any of its Significant Subsidiaries or any of their respective
properties or assets. 
 (iii) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by BMS for employees or former employees of MJN has to BMS’s knowledge been maintained in material compliance with its terms
and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has
occurred with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no
“accumulated funding deficiency” as defined in Section 412 of the Code has been incurred, whether or not waived. 
 SECTION
2.09. Financing Arrangements. (a) Prior to or concurrently with the Closing Date, BMS agrees to cause ERS to forgive $250,000,000 of the Existing Note, and MJN agrees to cause MJC to issue the Intercompany Notes by amending and restating
the Existing Note. MJN and BMS agree to cause MJC and ERS, as the case 

  

 24 

 
may be, to take all commercially reasonable actions as may be necessary to consummate the issuance of the Intercompany Notes. MJN will pay all fees and
expenses associated with the Intercompany Notes. 
 (b) To the extent the net proceeds from the IPO are insufficient to fully repay the
foreign intercompany notes as described in the IPO Registration Statement, BMS agrees to make a cash contribution to MJN in an amount equal to the shortfall prior to or concurrently with this offering. 
 (c) Prior to or concurrently with the Closing Date, MJN intends to enter into the Revolving Credit Facility. MJN and BMS agree to take all commercially
reasonable actions as may be necessary to consummate the entry into the Revolving Credit Facility. MJN will pay all fees and expenses associated with the entry into the Revolving Credit Facility. 
 SECTION 2.10. Governmental Approvals and Consents. (a) To the extent that the Separation requires any Governmental Approvals or Consents, the
parties will use their commercially reasonable efforts to obtain any such Governmental Approvals and Consents. 
 (b) If and to the extent
that the valid, complete and perfected transfer or assignment to the MJN Group of any MJN Assets would be a violation of applicable laws or require any Consent or Governmental Approval in connection with the Separation or the IPO, then, unless BMS
shall otherwise mutually determine, the transfer or assignment to the MJN Group of such MJN Assets shall be automatically deemed deferred and any such purported transfer or assignment shall be null and void until such time as all legal impediments
are removed and such Consents or Governmental Approvals have been obtained and the failure to so transfer or assign any such MJN Assets shall not be a breach of the obligations of BMS pursuant to Section 2.01 hereof. Notwithstanding the
foregoing, such Asset shall be deemed an MJN Asset for purposes of determining whether any Liability is an MJN Liability. 
 (c) If the
transfer or assignment of any MJN Assets intended to be transferred or assigned hereunder including pursuant to the Non-U.S. Plan, is not consummated on the Separation Date, whether as a result of the provisions of Section 2.10(b) or for any
other reason, then, to the extent permitted by applicable law and subject to compliance with Section 2.12(b) by the Person to whom the MJN Asset was to be transferred, the Person in the BMS Group retaining such Asset shall thereafter hold such
Asset for the use and benefit insofar as reasonably possible, of the Person entitled thereto (at the expense of the Person entitled thereto). In addition, the Person in the BMS Group retaining such MJN Asset shall take such other actions as may be
reasonably requested by the Person to whom such MJN Asset is to be transferred in order to place such Person, insofar as reasonably possible, in the same position as if such MJN Asset had been transferred as contemplated hereby and so that all the
benefits and burdens relating to such MJN Asset, including possession, use, risk of loss, potential for gain and dominion, control and command over such Assets, are to inure from and after the Separation Date to the MJN Group. Notwithstanding the
foregoing, if following a 

  

 25 

 
request from BMS, MJN fails to discharge any due and outstanding MJN Liability related to an MJN Asset being held by a Person in the BMS Group, or otherwise
fails to reasonably assure BMS that such MJN Liability will be promptly discharged, then such Person in the BMS Group, in addition to any other rights and remedies BMS may have hereunder, shall no longer be required to hold such MJN Asset for the
benefit of MJN and, subject to Section 2.10(d), may retain such MJN Asset for its own use and benefit. 
 (d) If and when the Consents
and Governmental Approvals, the absence of which caused the deferral of transfer of any MJN Asset pursuant to Section 2.10(b), are obtained, the transfer of the applicable MJN Asset shall be effected in accordance with the terms of this
Agreement; provided, however, that MJN has satisfied its obligations pursuant to Section 2.12(b). 
 (e) The Person in the
BMS Group retaining an MJN Asset due to the deferral of the transfer of such MJN Asset shall not be obligated, in connection with the foregoing, to expend any money unless the necessary funds are advanced by the Person entitled to the MJN Asset,
other than non-material out-of-pocket administrative expenses, attorneys’ fees and recording or similar fees reasonably necessary to protect the value of an MJN Asset and where, due to time sensitivity, it is not practicable to first seek
advancement of such funds. Such amounts shall be promptly reimbursed by MJN or the Person in the MJN Group entitled to such MJN Asset. 
 SECTION 2.11. Novation of Assumed MJN Liabilities. (a) Each of BMS and MJN, at the request of the other, shall use its commercially reasonable efforts to obtain, or to cause to be obtained, any consent, substitution, approval or
amendment required to novate or assign to the applicable Person in the MJN Group all obligations under agreements, leases, licenses and other obligations or Liabilities of any nature whatsoever that constitute MJN Liabilities (other than any MJN
Liability that constitutes a Shared Contract Liability), or to obtain in writing the unconditional release of all parties to such arrangements other than any Person in the MJN Group, so that, in any such case, MJN and its Subsidiaries will be solely
responsible for such Liabilities; provided, however, that neither BMS nor MJN shall be obligated to pay any consideration therefor to any third party from whom such consents, approvals, substitutions, amendments and releases are
requested; provided further, however, that any legal fees or other administrative costs associated with obtaining such consents, approvals, substitution, amendments and releases shall be borne by MJN. Without limiting the foregoing,
MJN shall use its commercially reasonable efforts to obtain, or to cause to be obtained, any consent, substitution, approval or amendment required to novate or assign to the applicable person in the MJN Group all obligations or Liabilities of any
nature whatsoever under the ISDA Master Agreement dated as of January 11, 2008, between BMS and Citibank, N.A. or other hedging agreements that constitute MJN Liabilities. 
 (b) If BMS or MJN is unable to obtain, or to cause to be obtained, any such required consent, approval, release, substitution or amendment, the
applicable Person in the BMS Group shall continue to be bound by such agreements, leases, licenses and other obligations that constitute MJN Liabilities and, unless not permitted by law or the terms thereof, MJN shall, as agent or subcontractor for
BMS or such other Person, as 

  

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the case may be, pay, perform and discharge fully all such obligations or other Liabilities of BMS or such other Person that constitute MJN Liabilities, as
the case may be, thereunder from and after the Separation Date. MJN shall indemnify each BMS Indemnitee, and hold each of them harmless against any Liabilities arising in connection therewith. Subject to the last sentence of Section 2.10(c),
BMS shall, without further consideration, pay or remit, or cause to be paid or remitted, to MJN promptly all money, rights and other consideration received by it or any Person in its respective Group in respect of such performance. If and when any
such consent, approval, release, substitution or amendment shall be obtained or such agreement, lease, license or other rights or obligations shall otherwise become assignable or able to be novated, BMS shall thereafter assign, or cause to be
assigned, all its rights, obligations and other Liabilities thereunder or any rights or obligations of any Person in its Group to MJN without payment of further consideration and MJN shall, without the payment of any further consideration, assume
such rights and obligations. 
 SECTION 2.12. Novation of Assumed Liabilities other than MJN Liabilities. (a) Each of BMS and
MJN, at the request of the other, shall use its commercially reasonable efforts to obtain, or to cause to be obtained, any consent, substitution, approval or amendment required to novate or assign all obligations under agreements, leases, licenses
and other obligations or Liabilities of any nature whatsoever that do not constitute MJN Liabilities, or to obtain in writing the unconditional release of all parties to such arrangements other than any Person in the BMS Group, so that, in any such
case, the Persons in the BMS Group will be solely responsible for such Liabilities; provided, however, that neither BMS nor MJN shall be obligated to pay any consideration therefor to any third party from whom such consents, approvals,
substitutions and amendments are requested; provided further, however, that any legal fees or other administrative costs associated with obtaining such consents, approvals, substitution and amendments shall be borne by BMS. 

(b) If BMS or MJN is unable to obtain, or to cause to be obtained, any such required consent, approval, release, substitution or amendment, the
applicable Person in the MJN Group shall continue to be bound by such agreements, leases, licenses and other obligations and, unless not permitted by law or the terms thereof, BMS shall cause a Person in the BMS Group, as agent or subcontractor for
such Person in the MJN Group, to pay, perform and discharge fully all the obligations or other Liabilities of such Person in the MJN Group thereunder from and after the Separation Date. BMS shall indemnify each MJN Indemnitee and hold each of them
harmless against any Liabilities arising in connection therewith. MJN shall cause each Person in the MJN Group without further consideration, to pay and remit, or cause to be paid or remitted, to BMS or to another Person in the BMS Group specified
by BMS promptly all money, rights and other consideration received by it or any Person in the MJN Group in respect of such performance. If and when any such consent, approval, release, substitution or amendment shall be obtained or such agreement,
lease, license or other rights or obligations shall otherwise become assignable or able to be novated, MJN shall promptly assign, or cause to be assigned, all its rights, obligations and other Liabilities thereunder or any rights or obligations of
any Person in the MJN Group to BMS or to another Person in the BMS Group specified by BMS without payment of further consideration and BMS, without the payment of any further consideration shall, or shall cause such other Person in the BMS Group to,
assume such rights and obligations. 
  

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 SECTION 2.13. Value Added Tax. (a) Subject to Section 2.13(b), BMS and MJN agree that
any VAT payable with respect to the transactions contemplated by any Local Asset Purchase Agreement shall, as between Seller and Buyer, be payable by Buyer in addition to the purchase price stated in such agreement and Buyer shall, immediately upon
written demand being made by Seller (such demand being accompanied by a valid VAT tax invoice issued by Seller to Buyer and reasonable evidence of Seller’s liability to account for such VAT), pay to Seller the amount of VAT payable in respect
of that transaction. If the relevant Tax Authorities subsequently determine that a supply should have been exempt, subject to a reduced rate of VAT or zero-rated for VAT purposes, either as the supply of a going concern or otherwise, Seller shall
repay to Buyer the amount of any VAT previously paid by Buyer to the extent that Seller has actually received a refund from the relevant Taxing Authority. 
 (b) If the parties to any Local Asset Purchase Agreement agree that the transaction evidenced by such agreement meets the requirements for VAT exemption or zero-rating for VAT purposes as the supply of a going
concern, then the provisions of Section 2.13(a) shall not apply and instead MJN and BMS (on behalf of the parties to any such agreement) agree that (i) such agreement evidences the supply of a going concern by Seller for VAT purposes and
(ii) the transaction evidenced by such agreement is exempt or zero-rated (as applicable) for VAT purposes. If it later is ascertained or determined that the transaction is subject to VAT, the VAT will, as between Seller and Buyer, be payable by
Buyer in addition to the purchase price stated in such Local Asset Purchase Agreement and Buyer shall, immediately upon written demand being made by Seller (such demand being accompanied by a valid VAT tax invoice issued by Seller to Buyer and
reasonable evidence of Seller’s liability to account for such VAT), pay to Seller the amount of VAT payable in respect of that transaction. Buyer shall also pay to Seller, on written demand being made, any additional tax, penalty or interest
levied on Seller in relation to such VAT (any such additional tax, penalty or interest, “Default VAT”), provided that the liability of Buyer to pay to Seller Default VAT shall only extend to Default VAT that has arisen up until the
time that Buyer has paid to Seller an amount in cleared funds which, if paid by Seller to the relevant Taxing Authority, would ensure that no further liability for Default VAT would accrue in relation to the VAT payable in respect of this
transaction. 
 ARTICLE III 
 The IPO and Actions Pending the IPO 
 SECTION 3.01. The IPO. BMS and MJN shall use their commercially reasonable
efforts to consummate the IPO. 
 SECTION 3.02. Proceeds of the IPO. The IPO will be a primary offering of Class A Common Stock
and the net proceeds of the IPO will be used as described in the Prospectus. 
  

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 SECTION 3.03. Charter; By-laws. Prior to the effectiveness of the IPO Registration Statement, BMS
and MJN will each take all actions that may be required to provide for the adoption by MJN of the Amended and Restated Certificate of Incorporation of MJN substantially in the form attached as Exhibit A and the Amended and Restated By-laws of
MJN substantially in the form attached as Exhibit B. 
 ARTICLE IV 
 Closing of the Separation Transactions 
 SECTION 4.01. Separation Date.
The closing of the transactions set forth in Article II (the “Separation”) shall take place at the offices of Cravath, Swaine & Moore LLP, 825 Eighth Avenue, New York, New York 10019, at 9:00 a.m. New York time on the date
(the “Separation Date”) set for the pricing of the IPO. 
 ARTICLE V 
 Mutual Releases; Indemnification 
 SECTION 5.01. Release of Pre-Closing
Claims. (a) Except as provided in Section 5.01(c) and Section 5.03, effective as of the Separation Date, MJN does hereby, for itself and for each of its Subsidiaries that is in the MJN Group as of the Separation Date, release and
forever discharge BMS and each of its Subsidiaries that are in the BMS Group, and all Persons who at any time prior to the Separation Date have been stockholders, directors, officers, managers, members or agents of any Person in the BMS Group (in
each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns, from any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether
arising under any contract or agreement, by operation of law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have
existed in each case on or before the Separation Date, including in connection with the transactions and all other activities to implement the Separation and the IPO. 
 (b) Except as provided in Section 5.01(c) and Section 5.02, effective as of the Separation Date, BMS does hereby, for itself and for each of its Subsidiaries that is in the BMS Group, release and forever
discharge MJN and each of its Subsidiaries that is in the MJN Group as of the Separation Date, and all Persons who at any time prior to the Separation Date have been stockholders, directors, officers, managers, members or agents of any Person in the
MJN Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators successors and assigns, from any and all Liabilities whatsoever, whether at law or in equity (including any right of
contribution), whether arising under any contract or agreement, by operation of law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions
existing or alleged to have existed in each case on or before the Separation Date, including in connection with the transactions and all other activities to implement the Separation and the IPO. 
  

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 (c) Nothing contained in Section 5.01(a) or (b) shall impair any right of any Person to enforce
this Agreement, any Ancillary Agreement or any agreements, arrangements, commitments or understandings that are specified in Section 2.04(b) or the applicable Schedules thereto not to terminate as of the Separation Date or Section 2.06, in
each case in accordance with its terms. Nothing contained in Section 5.01(a) or (b) shall release any Person from: 
 (i) any Liability provided in or resulting from any agreement among any Persons in the BMS Group or the MJN Group that is specified in Section 2.04(b) or the applicable Schedules thereto as not to terminate as of the Separation Date,
or any other Liability specified in such Section 2.04(b) as not to terminate as of the Separation Date; 
 (ii) any
Liability assumed, transferred, assigned or allocated to the Group of which such Person is a member in accordance with, or any other Liability of any Person in any Group under, this Agreement or any Ancillary Agreement; 
 (iii) any Liability for the sale, lease, construction or receipt of goods, property or services purchased, obtained or used in the
ordinary course of business by a Person in one Group from a Person in the other Group prior to the Separation Date; 
 (iv)
any Liability for unpaid amounts for products or services or refunds owing on products or services due on a value-received basis for work done by a Person in one Group at the request or on behalf of a Person in the other Group; 
 (v) any Liability that the parties may have with respect to indemnification or contribution pursuant to this Agreement for claims brought
against the parties by third Persons, which Liability shall be governed by the provisions of this Article V and, if applicable, the appropriate provisions of the Ancillary Agreements; or 
 (vi) any Liability the release of which would result in the release of any Person other than a Person released pursuant to this
Section 5.01. 
 (d) MJN shall not, and shall not permit any Person in the MJN Group, to make any claim or demand, or commence any
Action asserting any claim or demand, including any claim of contribution or any indemnification, against BMS or any Person in the BMS Group, or any other Person released pursuant to Section 5.01(a), with respect to any Liabilities released
pursuant to Section 5.01(a). BMS shall not, and shall not permit any Person in the BMS Group, to make any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or any indemnification against
MJN or any Person in the MJN Group, or any other Person released pursuant to Section 5.01(b), with respect to any Liabilities released pursuant to Section 5.01(b). 
  

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 (e) It is the intent of each of BMS and MJN, by virtue of the provisions of this Section 5.01, to
provide for a full and complete release and discharge of all Liabilities existing or arising from all acts and events occurring or failing to occur or alleged to have occurred or to have failed to occur and all conditions existing or alleged to have
existed in each case on or before the Separation Date, between or among MJN or any Person in the MJN Group, on the one hand, and BMS or any Person in the BMS Group, on the other hand (including any contractual agreements or arrangements existing or
alleged to exist between or among any such Persons on or before the Separation Date), except as expressly set forth in Section 5.01(c). At any time, at the request of any other party, each party shall cause each Person in its respective Group
to execute and deliver releases reflecting the provisions hereof. 
 SECTION 5.02. Indemnification by MJN. Except as provided in
Section 5.04, MJN shall, and shall cause each of its Subsidiaries that is in the MJN Group as of the Separation Date, to jointly and severally indemnify, defend and hold harmless BMS, each Person in the BMS Group and each of their respective
directors, officers, managers, members and employees, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “BMS Indemnitees”), from and against any and all Liabilities of the BMS
Indemnitees relating to, arising out of or resulting from any of the following items (without duplication and including any such Liabilities asserted by way of setoff, counterclaim or defense or enforcement of any Lien): 
 (i) the failure of MJN or any other Person in the MJN Group or any other Person to pay, perform or otherwise promptly discharge any MJN
Liabilities in accordance with their respective terms, whether prior to or after the Separation Date; 
 (ii) any material
breach by MJN or any Person in the MJN Group of this Agreement or any Ancillary Agreement that does not contain its own indemnification provisions; and 
 (iii) any untrue statement or alleged untrue statement of a material fact contained in any registration statement (or any amendment thereto) relating to such registration, including all documents incorporated therein
by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material
fact contained in the IPO Registration Statement or Prospectus or any other document filed by MJN or any Person in the MJN Group, including all documents incorporated therein by reference, with the Commission or otherwise used in connection with the
IPO or the transactions contemplated thereby (collectively, the “IPO Documents”), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, except that the indemnities set forth in this paragraph do not apply to statements or omissions in any IPO Documents based upon the representations and 

  

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warranties of BMS set forth in Section 2.08(b). In connection with the foregoing, MJN shall, and shall cause each of its Subsidiaries that is in the MJN
Group as of the Separation Date, to jointly and severally indemnify, defend and hold harmless each BMS Indemnitee: 
 (A)
against any and all losses, liabilities, claims, damages, judgments and reasonable expenses whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, investigation or proceeding by any Governmental
Authority, commenced or threatened, or of any other claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of MJN; and 

(B) against any and all reasonable expense whatsoever, as incurred (including reasonable fees and disbursements of counsel) incurred
in investigating, preparing or defending against any litigation, investigation or proceeding by any Governmental Authority, commenced or threatened, in each case whether or not such Person is a party, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (iii) above; 
 provided, however, that the indemnity contained in this subparagraph (iii) does not apply to any BMS Indemnitee with respect to any loss, liability, claim, damage, judgment or expense to the extent
arising out of any untrue statement or omission or alleged untrue statement or omission (A) made in reliance upon and in conformity with written information furnished to MJN by such BMS Indemnitee expressly for use in an IPO Document, or
(B) if such untrue statement or omission or alleged untrue statement or omission was corrected in an amended or supplemented registration statement or prospectus and MJN had furnished copies thereof to the BMS Indemnitee from which the Person
asserting such loss, liability, claim, damage, judgment or expense purchased the securities that are the subject thereof on a timely basis prior to the date of sale by such BMS Indemnitee to such Person. 
 Notwithstanding anything to the contrary herein, in no event will any BMS Indemnitee have the right to seek indemnification from any Person in the MJN
Group with respect to any claim or demand against any Person in the BMS Group for the satisfaction of the Excluded Liabilities. 
 SECTION
5.03. Indemnification by BMS. Except as provided in Section 5.04, BMS shall, and shall cause each of its Subsidiaries that is in the BMS Group as of the Separation Date, to jointly and severally indemnify, defend and hold harmless MJN
and each of their respective directors, officers, managers, members and employees, and each of the heirs, executors, successors and assigns of any of the foregoing (collectively, the “MJN Indemnitees”), from and against any and all
Liabilities of the MJN Indemnitees relating to, arising out of or resulting from any of the following items (without duplication and including any Liabilities asserted by way of setoff, counterclaim or defense or enforcement of any Lien):

 (i) the failure of BMS or any other Person in the BMS Group or any other Person to pay, perform or otherwise promptly
discharge any Excluded Liabilities, whether prior to or after the Separation Date; and 
  

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 (ii) any material breach by BMS or any Person in the BMS Group of this Agreement or any
Ancillary Agreement that does not contain its own indemnification provisions. 
 Notwithstanding anything to the contrary herein, in no event
will any MJN Indemnitee have the right to seek indemnification from any Person in the MJN Group with respect to any claim or demand against any Person in the BMS Group for the satisfaction of the MJN Liabilities. 
 SECTION 5.04. Indemnification Obligations Net of Insurance Proceeds and Other Amounts; Shared Contract Liabilities. (a) The parties intend
that any Liability subject to indemnification or reimbursement pursuant to this Article V will be net of Insurance Proceeds that actually reduce the amount of the Liability. Accordingly, the amount which any party (an “Indemnifying
Party”) is required to pay to any Person entitled to indemnification hereunder (an “Indemnitee”) will be reduced by any Insurance Proceeds theretofore actually recovered by or on behalf of the Indemnitee in respect of the
related Liability. If an Indemnitee receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying Party in respect of any Liability and subsequently receives Insurance Proceeds, then the Indemnitee will
pay to the Indemnifying Party an amount equal to the excess of the Indemnity Payment received over the amount of the Indemnity Payment that would have been due if the Insurance Proceeds had been received, realized or recovered before the Indemnity
Payment was made. 
 (b) An insurer who would otherwise be obligated to pay any claim shall not be relieved of the responsibility with
respect thereto or, solely by virtue of the indemnification provisions hereof, have any subrogation rights with respect thereto, it being expressly understood and agreed that no insurer or any other third party shall be entitled to a
“wind-fall” (i.e., a benefit such insurer or other third party would not be entitled to receive in the absence of the indemnification provisions) by virtue of the indemnification provisions hereof. Nothing contained in this Agreement or
any Ancillary Agreement shall obligate any Person in any Group to seek to collect or recover any Insurance Proceeds. 
 (c) If an
indemnification claim is covered by the indemnification provisions of an Ancillary Agreement, the claim shall be made under the Ancillary Agreement to the extent applicable and the provisions thereof shall govern such claim. In no event shall any
party be entitled to double recovery from the indemnification provisions of this Agreement and any Ancillary Agreement. 
  

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 SECTION 5.05. Procedures for Indemnification of Third Party Claims. (a) If an Indemnitee
shall receive notice or otherwise learn of the assertion by a Person (including any Governmental Authority) who is not a Person in the BMS Group or the MJN Group of any claim or of the commencement by any such Person of any Action (collectively, a
“Third Party Claim”) with respect to which an Indemnifying Party may be obligated to provide indemnification to such Indemnitee pursuant to Section 5.02 or 5.03, or any other Section of this Agreement, such Indemnitee shall
give such Indemnifying Party written notice thereof within 20 days after becoming aware of such Third Party Claim. Any such notice shall describe the Third Party Claim in reasonable detail. Notwithstanding the foregoing, the failure of any
Indemnitee or other Person to give notice as provided in this Section 5.05(a) shall not relieve the related Indemnifying Party of its obligations under this Article V, except to the extent that such Indemnifying Party is actually prejudiced by
such failure to give notice. 
 (b) An Indemnifying Party may elect to defend (and, unless the Indemnifying Party has specified any
reservations or exceptions, to seek to settle or compromise, so long as such settlement or compromise contains an unconditional release of each Indemnitee, whether or not a party to such Third Party Claim), at such Indemnifying Party’s own
expense and by such Indemnifying Party’s own counsel, any Third Party Claim. Within 30 days after the receipt of notice from an Indemnitee in accordance with Section 5.05(a) (or sooner, if the nature of such Third Party Claim so requires),
the Indemnifying Party shall notify the Indemnitee of its election whether the Indemnifying Party will assume responsibility for defending such Third Party Claim, which election shall specify any reservations or exceptions. After notice from an
Indemnifying Party to an Indemnitee of its election to assume the defense of a Third Party Claim, such Indemnitee shall have the right to employ separate counsel and to participate in (but not control) the defense, compromise, or settlement thereof,
but the fees and expenses of such counsel shall be the expense of such Indemnitee; provided, however, in the event that (i) the Indemnifying Party has elected to assume the defense of the Third Party Claim but has specified, and
continues to assert, any reservations or exceptions in such notice or (ii) the Third Party Claim involves injunctive or equitable relief, then, in any such case, the reasonable fees and expenses of one separate counsel for all Indemnitees shall
be borne by the Indemnifying Party. 
 (c) If an Indemnifying Party elects not to assume responsibility for defending a Third Party Claim, or
fails to notify an Indemnitee of its election as provided in Section 5.05(b), such Indemnitee may defend such Third Party Claim at the cost and expense of the Indemnifying Party. 
 (d) Unless the Indemnifying Party has failed to assume the defense of the Third Party Claim in accordance with the terms of this Agreement, no Indemnitee
may settle or compromise any Third Party Claim without the consent of the Indemnifying Party. 
 (e) No Indemnifying Party shall consent to
entry of any judgment or enter into any settlement of any Third Party Claim unless the settlement involves only monetary relief which the Indemnifying Party has agreed to pay and includes a full and unconditional release of the Indemnitee.

  

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 SECTION 5.06. Additional Matters. (a) Any claim on account of a Liability which does not
result from a Third Party Claim shall be asserted by written notice given by the Indemnitee to the related Indemnifying Party. Such Indemnifying Party shall have a period of 30 days after the receipt of such notice within which to respond thereto.
If such Indemnifying Party does not respond within such 30-day period, such Indemnifying Party shall be deemed to have refused to accept responsibility to make payment. If such Indemnifying Party does not respond within such 30-day period or rejects
such claim in whole or in part, such Indemnitee shall be free to pursue such remedies as may be available to such party as contemplated by this Agreement. 
 (b) In the event of payment by or on behalf of any Indemnifying Party to any Indemnitee in connection with any Third Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such
Indemnitee as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating to such Third Party Claim against any claimant or plaintiff asserting such Third Party Claim or against any other Person.
Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim. 
 (c) In the event of an Action in which the Indemnifying Party is not a named defendant, if either the Indemnified Party or Indemnifying Party shall so
request, the parties shall endeavor to substitute the Indemnifying Party for the named defendant, if at all practicable. If such substitution or addition cannot be achieved for any reason or is not requested, the named defendant shall allow the
Indemnifying Party to manage the Action as set forth in this Section, and the Indemnifying Party shall fully indemnify the named defendant against all costs of defending the Action (including court costs, sanctions imposed by a court,
attorneys’ fees, experts fees and all other external expenses), the costs of any judgment or settlement, and the cost of any interest or penalties relating to any judgment or settlement. 
 SECTION 5.07. Limitations on Cross Indemnities for Shared Sites. Notwithstanding any provision to the contrary herein, any BMS Indemnitee, on the
one hand, or any MJN Indemnitee, on the other hand, shall only be entitled to any indemnification or reimbursement from the other party pursuant to this Article V for any Environmental Liabilities relating to, arising out of or resulting from
any (a) environmental assessment, investigation, testing or sampling (including of any ambient air, surface water, groundwater, land surface or subsurface strata, soil and sediments or at or within any building, structure, fixture or equipment)
at any Shared Site, or any part thereof, in the absence of an order by a relevant Governmental Authority or in reasonable response to an immediate, imminent and substantial threat to human health or the environment as required under Environmental
Laws or to an emergency event or condition involving personnel or property at such site to the extent: (i) the scope, protocol and schedule of any such environmental assessment, investigation, testing or sampling or any response, remediation or
monitoring activities (“Environmental Work”) is mutually 

  

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determined by the parties in consultation using good faith efforts; (ii) the “guest” at such site is afforded a reasonable opportunity to
review and comment on all written communications, correspondence and data relating to such Environmental Work, and to attend and participate in discussions, meetings, negotiations and settlements with any Governmental Authority; (iii) any such
environmental assessment, investigation, testing or sampling is completed within five (5) years after the date hereof; and (iv) the costs associated with such claim for indemnification do not exceed the costs required to comply with the
minimum applicable standards and/or requirements under Environmental Law; or (b) reuse, recycling, or resale of any equipment unless the owner of such equipment specifically approves the equipment for reuse, recycling or resale. 
 SECTION 5.08. Remedies Cumulative. The remedies provided in this Article V shall be cumulative and, subject to the provisions of Article VIII,
shall not preclude assertion by any Indemnitee of any other rights or the seeking of any and all other remedies against any Indemnifying Party. 
 SECTION 5.09. Survival of Indemnities. The rights and obligations of each of BMS and MJN and their respective Indemnitees under this Article V shall survive the sale or other transfer by any party of any Assets or businesses or the
assignment by it of any Liabilities. 
 ARTICLE VI 
 Certain Business Matters 
 SECTION 6.02. Certain Business Matters. (a) No Person in any
Group shall have any duty to refrain from (i) engaging in the same or similar activities or lines of business as any Person in the other Group, (ii) doing business with any potential or actual supplier or customer of any Person in the
other Group, or (iii) engaging in, or refraining from, any other activities whatsoever relating to any of the potential or actual suppliers or customers of any Person in the other Group. 
 (b) Each of BMS and MJN is aware that from time to time certain business opportunities may arise which more than one Group may be financially able to
undertake, and which are, from their nature, in the line of more than one Group’s business and are of practical advantage to more than one Group. 
 SECTION 6.03. Late Payments. Except as expressly provided to the contrary in this Agreement or in any Ancillary Agreement, any amount not paid when due pursuant to this Agreement (and any amounts billed or
otherwise invoiced or demanded and properly payable that are not paid within 30 days of such bill, invoice or other demand) shall accrue interest at a rate per annum equal to the Prime Rate plus 2%. 
  

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 ARTICLE VII 
 Exchange of Information; Confidentiality 
 SECTION 7.01. Agreement for Exchange of Information;
Archives. (a) Each of BMS and MJN, on behalf of its respective Group, agrees to provide, or cause to be provided, to the other Group, at any time before or after the Separation Date, as soon as reasonably practicable after written request
therefor, any Information in the possession or under the control of such respective Group which the requesting party reasonably needs (i) to comply with reporting, disclosure, filing or other requirements imposed on the requesting party
(including under applicable securities or tax laws) by a Governmental Authority having jurisdiction over the requesting party, (ii) for use in any other judicial, regulatory, administrative, tax or other proceeding or in order to satisfy audit,
accounting, regulatory, litigation, tax or other similar requirements, in each case other than claims or allegations that one party to this Agreement has against the other, or (iii) subject to the foregoing clause (ii), to comply with its
obligations under this Agreement; provided, however, that in the event that any party determines that any such provision of Information could be commercially detrimental, violate any law or agreement, or waive any attorney-client
privilege, the parties shall take all commercially reasonable measures to permit the compliance with such obligations in a manner that avoids any such harm or consequence. 
 (b) After the Separation Date, MJN or BMS, as applicable, shall have access during regular business hours (as in effect from time to time) to the
documents and records that relate to the Mead Johnson Business that are located in archives retained or maintained by BMS or that relate to the BMS Business that are located in archives retained or maintained by MJN, as applicable. MJN or BMS, as
applicable, may obtain copies (but not originals) of documents for bona fide business purposes and may obtain objects for exhibition purposes for reasonable periods of time if required for bona fide business purposes; provided,
however, that MJN or BMS, as applicable, shall cause any such objects to be returned promptly in the same condition in which they were delivered to such party and shall comply with any rules, procedures or other requirements, and shall be
subject to any restrictions (including prohibitions on removal of specified objects) that are then applicable to the providing party. MJN or BMS, as applicable, shall pay the applicable fee or rate per hour for archives research services (subject to
increase from time to time to reflect rates then in effect) for the providing party generally. Nothing herein shall be deemed to restrict the access of the providing party to any such documents or objects or to impose any liability on the providing
party if any such documents or objects are not maintained or preserved by such party. 
 (c) After the Separation Date, each of BMS and MJN
(i) shall maintain in effect at its own cost and expense adequate systems and controls to the extent necessary to enable the Persons in the other Group to satisfy their respective reporting, accounting, audit and other obligations, and
(ii) shall provide, or cause to be provided, to the other party (in such form as the providing party retains such Information for its own use) all financial and other data and Information as such requesting party determines necessary or
advisable in order to prepare its financial statements and reports or filings with any Governmental Authority. 
  

 37 

 SECTION 7.02. Ownership of Information. Any Information owned by one Group that is provided to a
requesting party pursuant to Section 7.01 shall be deemed to remain the property of the providing party. Unless specifically set forth herein, nothing contained in this Agreement shall be construed as granting or conferring rights of license or
otherwise in any such Information. 
 SECTION 7.03. Compensation for Providing Information. The party requesting Information agrees to
reimburse the other party for the reasonable costs, if any, of creating, gathering and copying such Information, to the extent that such costs are incurred for the benefit of the requesting party. Except as may be otherwise specifically provided
elsewhere in this Agreement, such costs shall be computed in accordance with the providing party’s standard methodology and procedures. 
 SECTION 7.04. Record Retention. To facilitate the possible exchange of Information pursuant to this Article VII and other provisions of this Agreement after the Separation Date, the parties agree to use their commercially reasonable
efforts to retain all Information in their respective possession or control on the Separation Date in accordance with the policies of BMS as in effect on the Separation Date or such other policies as may be reasonably adopted by the appropriate
party after the Separation Date. No party will destroy, or permit any of its Subsidiaries to destroy, any Information which the other party may have the right to obtain pursuant to this Agreement prior to the third anniversary of the Separation Date
without first using its commercially reasonable efforts to notify the other party of the proposed destruction and giving the other party the opportunity to take possession of such information prior to such destruction; provided,
however, that in the case of any Information relating to taxes, employee benefits or environmental liabilities, such period shall be extended to the expiration of the applicable statute of limitations (giving effect to any extensions
thereof). 
 SECTION 7.05. Limitations of Liability. Except as otherwise provided in Article V, no party shall have any liability to
any other party in the event that any Information exchanged or provided pursuant to this Agreement is found to be inaccurate in the absence of willful misconduct by the party providing such Information. No party shall have any liability to any other
party if any Information is destroyed after commercially reasonable efforts by such party to comply with the provisions of Section 7.04. 
 SECTION 7.06. Other Agreements Providing for Exchange of Information. The rights and obligations granted under this Article VII are subject to any specific limitations, qualifications or additional provisions on the sharing,
exchange, retention or confidential treatment of Information set forth in any Ancillary Agreement. 
 SECTION 7.07. Production of
Witnesses; Records; Cooperation. (a) After the Separation Date, except in the case of an adversarial Action by one party or Persons in its Group against another party or Person in its Group, each party hereto will 

  

 38 

 
use its commercially reasonable efforts to make available to each other party, upon written request, the then current directors, officers, employees, other
personnel and agents of the Person in its respective Group as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, to the extent that any such Person (giving consideration to
business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any Action in which the requesting party may from time to time be involved,
regardless of whether such Action is a matter with respect to which indemnification may be sought hereunder. The requesting party shall bear all costs and expenses in connection therewith. 
 (b) If an Indemnifying Party chooses to defend or to seek to compromise or settle any Third Party Claim, the other party shall make available to such
Indemnifying Party, upon written request then current directors, officers, employees, other personnel and agents of the Persons in its respective Group as witnesses and any books, records or other documents within its control, to the extent that any
such Person (giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with such defense, settlement or compromise, or
such prosecution, evaluation or pursuit, as the case may be, and shall otherwise reasonably cooperate in such defense, settlement or compromise, or such prosecution, evaluation or pursuit, as the case may be. 
 (c) Without limiting the foregoing, the parties shall cooperate and consult to the extent reasonably necessary with respect to any Actions. 

(d) The obligation of the parties to provide witnesses pursuant to this Section 7.07 is intended to be interpreted in a manner so as to
facilitate cooperation and shall include the obligation to provide as witnesses employees and other officers without regard to whether the witness or the employer of the witness could assert a possible business conflict (subject to the exception set
forth in the first sentence of Section 7.07(a)). 
 (e) In connection with any matter contemplated by this Section 7.07 the parties
will enter into a mutually acceptable joint defense agreement so as to maintain to the extent practicable any applicable attorney-client privilege or work product immunity of any Person in any Group. 
 SECTION 7.08. Confidentiality. (a) Subject to Section 7.09, each of BMS and MJN, on behalf of itself and each Person in its respective
Group, agrees to hold, and to cause its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives to hold, in strict confidence, with at least the same degree of care that applies to the
confidential and proprietary information of BMS pursuant to policies in effect as of the Separation Date, all Information concerning the other Group that is either in its possession (including Information in its possession prior to the Separation
Date) or furnished the other Group or its respective directors, officers, managers, members, employees, agents, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement or otherwise, and shall not use

  

 39 

 
any such Information other than for such purposes as shall be expressly permitted hereunder or thereunder, except, in each case, to the extent that such
Information has been (i) in the public domain through no fault of such party or any Person in such Group or any of their respective directors, officers, managers, members, employees, agents, accountants, counsel and other advisors and
representatives, (ii) later lawfully acquired from other sources by such party (or any Person in such party’s Group) which sources are not themselves bound by a confidentiality obligation or (iii) independently generated without
reference to any proprietary or confidential Information of the other party. 
 (b) Each party agrees not to release or disclose, or permit
to be released or disclosed, any Information of the other Group to any other Person, except its directors, officers, managers, members, employees, agents, accountants, counsel and other advisors and representatives who need to know such Information
(who shall be advised of their obligations hereunder with respect to such Information), except in compliance with Section 7.09. 
 SECTION 7.09. Protective Arrangements. In the event that any party or any Person in its Group either determines on the advice of its counsel that it is required to disclose any Information pursuant to applicable law (including
pursuant to any rule or regulation of the Commission) or receives any demand under lawful process or from any Governmental Authority to disclose or provide Information of any other party (or any Person in any other party’s Group) that is
subject to the confidentiality provisions hereof, such party shall notify the other party prior to disclosing or providing such Information and shall cooperate at the expense of such other party in seeking any reasonable protective arrangements
(including by seeking confidential treatment of such Information) requested by such other party. Subject to the foregoing, the Person that received such a request or determined that it is required to disclose Information may thereafter disclose or
provide Information to the extent required by such law (as so advised by counsel) or by lawful process or such Governmental Authority; provided, however, that such Person provides the other party upon request with a copy of the
Information so disclosed. 
 ARTICLE VIII 
 Dispute Resolution 
 SECTION 8.01. Disputes. Except as otherwise specifically provided in any Ancillary Agreement,
the procedures for discussion, negotiation and mediation set forth in this Article VIII shall apply to all disputes, controversies or claims (whether arising in contract, tort or otherwise) that may arise out of or relate to, or arise under or in
connection with this Agreement, or the transactions contemplated hereby (including all actions taken in furtherance of the transactions contemplated hereby on or prior to the Separation Date), or the commercial or economic relationship of the
parties relating hereto or thereto, between or among any Person in the BMS Group and the MJN Group. 
 SECTION 8.02. Escalation;
Mediation. (a) It is the intent of the parties to use their respective commercially reasonable efforts to resolve expeditiously any dispute, 

  

 40 

 
controversy or claim between or among them with respect to the matters covered hereby that may arise from time to time on a mutually acceptable negotiated
basis. In furtherance of the foregoing, any party involved in a dispute, controversy or claim may deliver a notice (an “Escalation Notice”) demanding an in person meeting involving representatives of the parties at a senior level of
management of the parties (or if the parties agree, of the appropriate strategic business unit or division within such entity). A copy of any such Escalation Notice shall be given to the General Counsel, or like officer or official, of each party
involved in the dispute, controversy or claim (which copy shall state that it is an Escalation Notice pursuant to this Agreement). Any agenda, location or procedures for such discussions or negotiations between the parties may be established by the
parties from time to time; provided, however, that the parties shall use their commercially reasonable efforts to meet within 30 days of the Escalation Notice. 
 (b) If the parties are not able to resolve the dispute, controversy or claim (except those relating to Environmental Liabilities, which are addressed in Section 8.02 below) through the escalation process referred
to above, then the matter shall be referred to mediation. The parties shall retain a mediator to aid the parties in their discussions and negotiations by informally providing advice to the parties. Any opinion expressed by the mediator shall be
strictly advisory and shall not be binding on the parties, nor shall any opinion expressed by the mediator be admissible in any other proceeding. The mediator may be chosen from a list of mediators previously selected by the parties or by other
agreement of the parties. Costs of the mediation shall be borne equally by the parties involved in the matter, except that each party shall be responsible for its own expenses. Mediation shall be a prerequisite to the commencement of any action by
either party. 
 (c) If the parties are not able to resolve any technical or factual dispute, controversy or claim relating to Environmental
Liabilities through the escalation process referred to above, then the parties shall jointly retain a technical mediator, such as a third-party environmental consultant or other person with specific technical expertise in the matter involved in the
dispute, controversy or claim to aid the parties in their discussions and negotiations. The technical mediator shall provide informal advice to the parties and, if requested by both parties, shall also provide a written opinion letter or report
summarizing the matter in dispute, identifying any significant assumptions or informational gaps underlying that summary, and setting forth the conclusions and recommendations of the technical mediator. Unless mutually agreed by the parties in
writing, any opinion expressed by the technical mediator shall be strictly advisory and shall not be binding on the parties, nor shall any opinion expressed or delivered by the technical mediator be admissible in any other proceeding. The technical
mediator may be chosen from a list of experts previously selected by the parties or by other agreement of the parties. Costs related to the technical mediator’s work, including any investigation, data-gathering or sampling recommended by the
technical mediator, shall be borne equally by the parties involved in the matter, except that each party shall be responsible for its own expenses. Technical mediation shall be a prerequisite to the commencement of any action by either party.

 SECTION 8.03. Court Actions. (a) In the event that any party, after complying with the provisions set forth in
Section 8.02 above, desires to commence an 

  

 41 

 
Action, such party, subject to Section 11.16, may submit the dispute, controversy or claim (or such series of related disputes, controversies or claims)
to any court of competent jurisdiction. 
 (b) Unless otherwise agreed in writing, the parties will continue to provide service and honor all
other commitments under this Agreement during the course of dispute resolution pursuant to the provisions of this Article VIII, except to the extent such commitments are the subject of such dispute, controversy or claim. 
 ARTICLE IX 
 Further Assurances and
Additional Covenants 
 SECTION 9.01. Further Assurances. (a) In addition to the actions specifically provided for elsewhere
in this Agreement, each of the parties hereto shall use its commercially reasonable efforts, prior to, on and after the Separation Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary,
proper or advisable under applicable laws, regulations and agreements to consummate and make effective the transactions contemplated by this Agreement, including the Non-U.S. Plan. 
 (b) Prior to, on and after the Separation Date, each party hereto shall cooperate with the other party, and without any further consideration, but at the
expense of the requesting party, to execute and deliver, or use its commercially reasonable efforts to cause to be executed and delivered, all instruments, including instruments of conveyance, assignment and transfer (including any Transfer
Documents), and to make all filings with, and to obtain all consents, approvals or authorizations of, any Governmental Authority or any other Person under any permit, license, agreement, indenture or other instrument (including any Consents or
Governmental Approvals), and to take all such other actions as such party may reasonably be requested to take by such other party hereto from time to time, consistent with the terms of this Agreement, including the Non-U.S. Plan, in order to
effectuate the provisions and purposes of this Agreement and the transfers of the MJN Assets and the assignment and assumption of the MJN Liabilities and the other transactions contemplated hereby. Except as otherwise specifically provided in any
Ancillary Agreement and without limiting the foregoing and Section 2.10, BMS will, at the reasonable request, cost and expense of MJN, take such other actions as may be reasonable necessary to vest in the applicable Person in the MJN Group good
and marketable title, free and clear of any Lien, if and to the extent it is practicable to do so and so long as no Person in the BMS Group is materially adversely affected by taking such other actions. 
 (c) On or prior to the Separation Date, BMS and MJN in their respective capacities as direct and indirect stockholders of their respective Subsidiaries,
shall each ratify any actions which are reasonably necessary or desirable to be taken by BMS, MJN or any other Subsidiary of MJN or BMS, as the case may be, to effectuate the transactions contemplated by this Agreement. 
  

 42 

 (d) BMS and MJN, and each of the Persons in their respective Groups, waive (and agree not to assert
against any of the others) any claim or demand that any of them may have against any of the others for any Liabilities or other claims relating to or arising out of: (i) the failure of MJN or any Person in the MJN Group, on the one hand, or of
BMS or any Person in the BMS Group, on the other hand, to provide any notification or disclosure required under any state property transfer requirements or other Environmental Law in connection with the Separation or the other transactions
contemplated by this Agreement, including the transfer by any Person in any Group to any Person in the other Group of ownership or operational control of any Assets not previously owned or operated by such transferee or the Governmental Approvals
required under Environmental Law for such Assets or operations, or (ii) any inadequate, incorrect or incomplete notification or disclosure under any such state property transfer requirements or other Environmental Law by the applicable
transferor. To the extent any Liability to any Governmental Authority or any third Person arises out of any action or inaction described in clause (i) or (ii) above, the transferee of the applicable or relevant Asset hereby assumes and
agrees to pay any such Liability. 
 (e) Prior to the Separation Date, if one or both of the parties identifies any commercial or other
service that is needed to assure a smooth and orderly transition of the businesses in connection with the consummation of the transactions contemplated hereby, and that is not otherwise governed by the provisions of this Agreement or any Ancillary
Agreement, the parties will cooperate in determining whether there is a mutually acceptable arm’s-length basis on which the other party will provide such service. 
 (f) After the Separation Date, upon reasonable written notice, the parties shall furnish or cause to be furnished to each other and their employees, counsel, auditors and representatives reasonable access, during
normal business hours, to such information and assistance relating to the Mead Johnson Business, the MJN Assets and the MJN Liabilities as is required by applicable law, including Section 404 of the Sarbanes-Oxley Act of 2002, or is reasonably
necessary for financial reporting and accounting matters (including with respect to the preparation of any financial statements), letters of representation, reports or forms, the preparation and filing of any Tax returns or the defense of any Tax
claim or assessment. Each party shall reimburse the other for reasonable out-of-pocket costs and expenses incurred in assisting the other pursuant to this Section 9.01(f). Neither party shall be required by this Section 9.01(f) to take any
action that would unreasonably interfere with the conduct of its business or unreasonably disrupt its normal operations. 
 SECTION 9.02.
No Use of Certain Names; Transitional License. (a) MJN shall as soon as reasonably practicable, and in any event within one hundred eighty (180) days after the Closing Date, revise sales and product literature, packaging and
labeling to (i) delete all references to the BMS Names and (ii) delete all references to the customer service address or phone number of BMS or any Person in the BMS Group; provided, however, that, for a period of eighteen
(18) months from the Separation Date, MJN and any Person in the MJN Group may continue to distribute sales and product literature and inventory constituting MJN Assets that uses any of the BMS Names, 

  

 43 

 
addresses or phone numbers to the extent that such sales and product literature and inventory constituting MJN Assets exists on the Separation Date or is
manufactured within the ninety (90)-day period after the Separation Date, and BMS hereby grants to MJN the limited right and a royalty-free paid-up license to use BMS’s trademarks, trade dress, copyrights and other intellectual property owned
by BMS (and covenants to cause each of the Persons in the BMS Group to grant MJN the limited right and a royalty-free paid-up license to use such Person’s trademarks, trade dress and copyrights under any copyrights and other intellectual
property owned by such Person) that have been used in connection with the manufacture, distribution, marketing and sale of the products of MJN, to the extent necessary to allow MJN to use such sales and product literature and inventory constituting
MJN Assets. In no event shall MJN use any BMS Names, addresses or phone numbers after the Separation Date in any manner or for any purpose different from the use of such BMS Names, addresses or phone numbers by the Business during the ninety
(90)-day period preceding the Separation Date. “BMS Names” means “Bristol-Myers”, “Bristol-Myers Squibb”, “Bristol-Myers Squibb Company”, “E.R. Squibb & Sons”, “E.R.
Squibb”, and “Squibb”, any variations and derivatives thereof and proprietary UPC codes relating thereto and any other logos or trademarks of BMS or of Persons in the BMS Group not included in the intellectual property constituting
MJN Assets. 
 (b) As soon as reasonably practicable, and in any event within ten (10) business days following the Separation Date, to
the extent necessary, MJN shall cause each Person in the MJN Group to change its corporate name to a name not including, or, in the reasonable judgment of BMS, not confusingly similar to, any of the BMS Names. As soon as reasonably practicable, and
in any event within ten (10) business days following the Separation Date, to the extent necessary, MJN shall cause each Person in the MJN Group to amend or terminate any certificate of assumed name or d/b/a filing by such Person so as to
eliminate their right to use any of the BMS Names or any name that, in the reasonable judgment of BMS is confusingly similar to any of the BMS Names. 
 (c) Notwithstanding Sections 9.02(a) and 9.02(b), MJN shall be entitled to use BMS Names to accurately reference entities and products which historically bore such names in historical descriptions of the Mead Johnson
Business and its operations; provided, however, that BMS shall have the right to review and approve any such use prior to its use, such approval not to be unreasonably withheld. 
 SECTION 9.03. Limitation on Dividends and Distributions from BMS Vietnam Company Ltd. If the transfer of the shares of BMS Vietnam Company Ltd., a
Vietnam company, to MJ Nutrition Holdings (Singapore) Pte Ltd, a Singapore company, or any other Person in the MJN Group, is not consummated on or prior to the Separation Date, whether as a result of the provisions of Section 2.10(b) or for any
other reason, then after the Separation Date BMS shall not permit BMS Vietnam Company Ltd., directly or indirectly, to make a declaration or payment of any dividends or any other distributions of any sort in respect of its capital stock or other
cash payment out of the ordinary course of business to BMS or any Person in the BMS Group without the written consent of MJN. 
  

 44 

 ARTICLE X 
 Termination 
 SECTION 10.01. Termination by Mutual Consent. This Agreement may be terminated
at any time prior to the Separation Date by the mutual consent of BMS and MJN. 
 SECTION 10.02. Effect of Termination. In the event
of any termination of this Agreement, no party to this Agreement (or any of its directors, officers, members or managers) shall have any Liability or further obligation to any other party. 
 ARTICLE XI 
 Miscellaneous 
 SECTION 11.01. Counterparts; Entire Agreement; Corporate Power. (a) This Agreement may be executed in one or more counterparts, all of which
shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 
 (b) This Agreement, the Ancillary Agreements, the Exhibits, the Schedules and appendices hereto and thereto contain the entire agreement between the
parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter and there are no agreements or
understandings between the parties with respect to such subject matter other than those set forth or referred to herein or therein. 
 (c)
Each party represents on behalf of itself as follows: 
 (i) each such Person has the requisite corporate or other power and
authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 
 (ii) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable in
accordance with the terms thereof. 
 SECTION 11.02. Governing Law. This Agreement shall be governed by and construed and interpreted
in accordance with the laws of the State of New York, irrespective of the choice of laws principles of the State of New York, except to the extent the substantive laws of the State of Delaware are mandatorily applicable under Delaware law.

 SECTION 11.03. Assignability. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted 

  

 45 

 
assigns; provided, however, that no party hereto may assign its respective rights or delegate its respective obligations under this Agreement
without the express prior written consent of the other party or parties hereto. 
 SECTION 11.04. Third Party Beneficiaries. Except
for the indemnification rights under this Agreement of any BMS Indemnitee or MJN Indemnitee in their respective capacities as such, and except as expressly set forth in Section 2.01(b), (a) the provisions of this Agreement are solely for
the benefit of the parties and are not intended to confer upon any Person (including employees of the parties hereto) except the parties any rights or remedies hereunder, and (b) there are no third party beneficiaries of this Agreement and this
Agreement shall not provide any third person (including employees of the parties hereto) with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 
 SECTION 11.05. Notices. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given when
(a) delivered in person or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as follows: 
 If to BMS, to: 
 with a copy to: 
 If to Mead Johnson Nutrition Company to: 
 with a copy to: 
  
  

 46 

 If to MJN Restructuring Holdco, Inc. to: 
 with a copy to: 
 Any party may, by notice
to the other party, change the address to which such notices are to be given. 
 SECTION 11.06. Severability. If any provision of this
Agreement or the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons or
circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the
original intent of the parties. 
 SECTION 11.07. Force Majeure. No party shall be deemed in default of this Agreement to the extent
that any delay or failure in the performance of its obligations under this Agreement results from any cause beyond its reasonable control and without its fault or negligence, such as acts of God, acts of civil or military authority, embargoes,
epidemics, war, riots, insurrections, fires, explosions, earthquakes, floods, unusually severe weather conditions, labor problems or unavailability of parts, or, in the case of computer systems, any failure in electrical or air conditioning
equipment. In the event of any such excused delay, the time for performance shall be extended for a period equal to the time lost by reason of the delay. 
 SECTION 11.08. Publicity. Prior to the Separation, each of the parties shall consult with each other prior to issuing any press releases or otherwise making public statements with respect to the Separation, the
IPO or any of the other transactions contemplated hereby and prior to making any filings with any Governmental Authority with respect thereto. 
 SECTION 11.09. Expenses. Except as expressly set forth in this Agreement, BMS and MJN shall each be responsible for their own internal fees, costs and expenses and fees, costs and expenses of their own counsel. All other third party
fees, costs and expenses paid or incurred in connection with the IPO and the Separation will be paid by MJN. Notwithstanding the foregoing, BMS will invoice MJN monthly with reasonable supporting details for the fees set forth and described in
Schedule 11.09, and MJN will reimburse BMS in cash within 35 days pursuant to such invoice. 
  

 47 

 SECTION 11.10. Headings. The article, section and paragraph headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 SECTION 11.11.
Survival of Covenants. The covenants, representations and warranties contained in this Agreement, and liability for the breach of any obligations contained herein, shall survive the Separation and the IPO and shall remain in full force and
effect. 
 SECTION 11.12. Waivers of Default. Waiver by any party of any default by the other party of any provision of this Agreement
shall not be deemed a waiver by the waiving party of any subsequent or other default, nor shall it prejudice the rights of the other party. 
 SECTION 11.13. Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are or are to be thereby aggrieved shall
have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The
parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is
waived. Any requirements for the securing or posting of any bond with such remedy are waived. 
 SECTION 11.14. Amendments. No
provisions of this Agreement shall be deemed waived, amended, supplemented or modified by any party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the party against whom it is
sought to enforce such waiver, amendment, supplement or modification. 
 SECTION 11.15. Interpretation. Words in the singular shall be
held to include the plural and vice versa and words of one gender shall be held to include the other genders as the context requires. The terms “hereof”, “herein” and “herewith” and words of similar import shall, unless
otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules, Exhibits and Appendices hereto) and not to any particular provision of this Agreement. Article, Section, Exhibit, Schedule and Appendix references
are to the Articles, Sections, Exhibits, Schedules and Appendices to this Agreement unless otherwise specified. The word “including” and words of similar import when used in this Agreement shall mean “including, without
limitation”, unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive. 
  

 48 

 SECTION 11.16. Submission to Jurisdiction; Waivers. With respect to any suit, action or proceeding
relating to this Agreement (collectively, a “Proceeding”), each party to this Agreement irrevocably (a) consents and submits to the exclusive jurisdiction of the courts of the States of New York and Delaware and any court of
the United States located in the Borough of Manhattan in New York City or the State of Delaware; (b) waives any objection which such party may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim
that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party; and (c) consents to the service of process at
the address set forth for notices in Section 11.05 herein; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable law. 
 SECTION 11.17. Special Damages. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, AND EXCEPT AS PROVIDED BELOW, IN NO EVENT
WILL EITHER PARTY OR ANY PERSON IN ITS GROUP BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS SUFFERED BY AN INDEMNITEE, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, IN CONNECTION WITH ANY
DAMAGES ARISING HEREUNDER OR THEREUNDER; PROVIDED, HOWEVER, THAT TO THE EXTENT AN INDEMNIFIED PARTY IS REQUIRED TO PAY ANY DAMAGES, INCLUDING SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS
(OTHER THAN DAMAGES OR LOST PROFITS CONSTITUTING EXCLUDED LIABILITIES), TO A PERSON WHO IS NOT IN EITHER GROUP IN CONNECTION WITH A THIRD PARTY CLAIM, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES AND WILL NOT BE SUBJECT TO THE LIMITATION SET FORTH IN
THIS SECTION 11.17. 
  

 49 

 IN WITNESS WHEREOF, the parties have caused this Separation Agreement to be executed by their duly
authorized representatives. 
  

			
	BRISTOL-MYERS SQUIBB COMPANY,
		
	by	 	  

	Name:	 	
	Title:	 	
	
	MEAD JOHNSON NUTRITION COMPANY,
		
	by	 	  

	Name:	 	
	Title:	 	
	
	MJN RESTRUCTURING HOLDCO, INC.,
		
	by	 	  

	Name:	 	
	Title:	 	

  

 50

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